At first glance, the market reaction to the outbreak of war following U.S. and Israeli strikes on Iran appeared deeply counterintuitive.

Silver has seen one of the sharpest pullbacks in recent years within just a few weeks. From the high of US$97.30 on March 2, the price fell to US$61.21 by March 23, losing around 37%. For the market, this was an abrupt break from the previous momentum.

On Tuesday, Eastern Time, Chicago Fed President Goolsbee warned that the energy shock stemming from the Middle East conflict is threatening the US Fed’s dual mandate, complicating its monetary policy outlook and potentially delaying interest rate cuts—echoing earlier remarks by Fed Governor Barr that inflation risks and oil prices support keeping rates unchanged for longer. Specifically, the energy price shock poses risks to both sides of the US Fed’s dual mandate, making the trade-off between controlling inflation and supporting economic growth more complex. “The new shock has undoubtedly disrupted the US Fed’s plans... and inflation was already uncomfortably high even before the shock occurred,” Goolsbee said bluntly. Goolsbee noted that central bank policymakers around the world lack clear historical experience to draw on in dealing with the current mix of geopolitical risks and inflationary pressures, and therefore “this is a bad situation for central banks.” Goolsbee stressed that the current path of interest rates at central banks around the world still depends heavily on how the conflict evolves, especially its impact on energy markets. As for the US Fed, he said he is not yet able to judge whether it will be able to cut interest rates again, because that outlook depends on the duration of the conflict and the extent to which rising oil prices affect overall inflation. “Only if inflation shows improvement can one realistically expect rates to fall this year,” he added, further reinforcing the US Fed’s data-dependent stance. The US Fed’s Internal Stance Is Turning More Cautious These remarks by Goolsbee were highly consistent with earlier comments by Fed Governor Michael Barr. Barr had previously also emphasized that, given that US inflation remains above target and elevated oil prices are further pushing up inflation, interest rates may need to remain unchanged “for some time.” In addition, Barr likewise pointed out that although the US labour market appears to be stabilizing, US Fed officials need to see clear evidence of sustained disinflation before considering interest rate cuts. Taken together, these comments highlight the US Fed’s increasingly cautious shift in stance. As geopolitical developments exert a growing influence on the US inflation outlook, the combination of persistent price pressures and external shocks has reinforced expectations that high inflation will last longer, while also creating uncertainty over the feasibility of further policy easing in the near term. For markets, the key point is that after the Russia-Ukraine shock several years ago, energy-driven inflation risks have now been firmly incorporated into the US Fed’s reaction function. As a result, US Fed rate expectations may remain sensitive not only to economic data, but also to developments in the Middle East conflict and their impact on oil prices.

(Kitco Commentary) - Gold slipped on Thursday as a record coordinated oil reserve release from the International Energy Agency introduced a note of policy resolve into markets that had been pricing in unmitigated supply chaos.

Indonesia, as a crucial emerging market in Southeast Asia, possesses massive potential for the development of the photovoltaic (PV) industry. According to assessments by the Ministry of Energy and Mineral Resources, Indonesia's potential PV power generation capacity reaches up to 207 GW. This article will provide an in-depth insight into the actual dynamics and industrial landscape of the current Indonesian PV market.

According to Electric Union New Media, the proposal for the outline of the 15th Five-Year Plan, reviewed and adopted at the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, explicitly states the need to "focus on institutional and mechanism obstacles hindering high-quality development" and "accelerate the improvement of markets and pricing mechanisms adapted to the new-type energy system."

[Cui Dongshu: China accounted for 68% of the world's NEV market share and 12% of the overseas new energy market share for self-owned brands from January to April this year.] From January to April 2025, global auto sales reached 30.26 million units, with NEV sales reaching 6.18 million units. The global sales proportion of new energy vehicles in the broad sense reached 27.6% of global auto sales from January to April 2025, an increase of 1.3 percentage points compared to the full year of 2024. Meanwhile, the proportion of new energy vehicles in the narrow sense reached 20.4%, showing a relatively strong performance. The NEV market share reached 20.4% from January to April 2025, with battery electric vehicles (BEVs) accounting for 13.5%, plug-in hybrid electric vehicles (PHEVs) accounting for 6.9% of the auto market, and hybrid electric vehicles (HEVs) accounting for 7.2%, indicating an increase in the proportion of HEVs.

Inquire Now Save on participation costs and secure early-bird registration Participation Benefits ● Access to the main forum and various sub-forums during the conference ● Business meals and coffee breaks during the conference ● One high-level cocktail reception ● On-site business negotiations and 1V1 meeting services The conference is unprecedented in scale, setting a new record 6 Major Forums 30+ Countries and Regions 1000+ Top-tier Participants 80+ World-class Guest Speakers 30+ Leading Exhibitors Inquire Now Previous Participants Previous Participating and Exhibiting Companies Inquire Now Conference Agenda Monday, November 3 Morning: Main Forum 08:00-09:00 Registration and Networking 09:00-09:20 Opening Ceremony 09:20-09:40 Keynote Speech - Interpretation of Critical Raw Materials Act: The Future of European Battery Metals (European Commission) 09:40-10:00 Keynote Speech - Implementation of the EU Battery Passport and the Path to Carbon Footprint Traceability 10:00-10:50 Panel Discussion - The Necessity of Policy Support for Sino-European Battery Project Cooperation 10:50-11:20 Coffee Break & Networking 11:20-11:40 Keynote Speech - ESG Roadmap: Europe's Path to Energy Independence 11:40-12:30 Panel Discussion - Key Comparisons: The Role and Future Trends of NCM and LFP Batteries in the Transformation of the European Battery Market 12:30-13:30 Lunch & Networking Afternoon: Special Session on EV & ESS Battery Technologies 13:30-14:20 Panel Discussion - Building an International Alliance of Gigafactories: Constructing and Maintaining Transnational Strategies through Corporate Collaboration 14:20-14:40 Keynote Speech - Mass Production of Solid-State Batteries: Balancing Cost, Scale, and Performance 14:40-15:30 Panel Discussion - Advances in Next-Generation EV Battery Application Technologies 15:30-16:00 Coffee Break 16:00-16:20 Keynote Speech - The Evolution of EV Batteries in the European Market 16:20-16:40 Keynote Speech - Technological Advances and Future Trends of Silicon-Based Battery Materials 16:40-17:30 Panel Discussion - Cutting-Edge Technologies: New Material Research to Enhance Battery Energy Density 17:30-17:50 Keynote Speech - Market Trends of Lithium Iron Manganese Phosphate (LFMP) Batteries: From Lab to Commercialization 18:30-20:30 Cocktail Reception Tuesday, November 4 Morning: Raw Materials Forum 08:30-08:50 Keynote Speech - SMM Shares Price Drivers and Future Market Forecasts 08:50-09:40 Panel Discussion - Policy Drivers for European Battery Raw Material Self-Sufficiency: Supply Chain Challenges and Opportunities 09:40-10:00 Keynote Speech - Opportunities in Morocco: Synergistic Development of the Phosphate Industry and Emerging Energy Markets 10:10-10:30 Coffee Break 10:30-10:50 Keynote Speech - Current Status of Lithium Mining in Europe: Achieving Economic Growth and Environmental Responsibility 10:50-11:10 Keynote Speech - Exploring the Potential of Direct Lithium Extraction (DLE): Transforming Mining Methods for Sustainable Development 11:10-12:00 Panel Discussion - Innovations and Advances in Lithium Mining and Processing Technologies 12:20-13:30 Lunch Afternoon: Recycling Forum 13:00-13:20 Keynote Speech - Policies and Practices to Meet EU's New Battery Regulations on Recycling Requirements 13:20-14:10 Panel Discussion - Battery Recycling and the Circular Economy: How is Europe Building a Closed-Loop Supply Chain? 14:10-14:30 Individual Speech - Evaluation Methods for Lithium Battery Waste and Future Economic Benefit Forecast 14:50-15:10 Individual Speech - Enhancing Recycling and Processing Capabilities in Europe to Address the Upcoming Wave of Battery Retirement 15:10-15:40 Tea Break 15:40-16:00 Individual Speech - Localization Process of Hydrometallurgy Technology in Europe 16:00-16:50 Roundtable Discussion - Recycling Innovation: New Technologies Promote Low Processing Costs and High Recovery Rates 16:50-17:10 Individual Speech - Exploring Solutions to Safety Risks in the Recycling and Storage Process of End-of-Life Batteries 17:10-18:00 Roundtable Discussion - Building a Solid Pathway for Foreign Lithium Battery Supply Chains to Enter the European Market Scan the QR code to inquire about conference details

Scan the QR code to inquire about conference details Previous guest speakers Scan the QR code to inquire about conference details Previous participating enterprises and exhibitors Scan the QR code to inquire about conference details Detailed conference schedule Monday, November 3 Morning 08:00-09:00 Registration and Networking 09:00-09:20 Opening Ceremony 09:20-09:40 Keynote Speech - Interpretation of Critical Raw Materials Act: The Future of Battery Metals in Europe (European Commission) 09:40-10:00 Keynote Speech - Implementation of the EU Battery Passport and the Path to Carbon Footprint Traceability 10:00-10:50 Panel Discussion - The Necessity of Policy Support for Sino-European Battery Project Collaboration 10:50-11:20 Coffee Break & Networking 11:20-11:40 Keynote Speech - ESG Roadmap: Europe's Path to Energy Independence 11:40-12:30 Panel Discussion - Key Comparisons: The Role and Future Trends of NCM and LFP Batteries in the Transformation of the European Battery Market 12:30-13:30 Lunch & Networking Afternoon: Special Session on EV & ESS Battery Technologies 13:30-14:20 Panel Discussion - Building an International Alliance of Gigafactories: Constructing and Maintaining Transnational Strategies through Corporate Collaboration 14:20-14:40 Keynote Speech - Mass Production of Solid-State Batteries: Balancing Cost, Scale, and Performance 14:40-15:30 Panel Discussion - Advances in Next-Generation EV Battery Application Technologies 15:30-16:00 Coffee Break 16:00-16:20 Keynote Speech - The Evolution of EV Batteries in the European Market 16:20-16:40 Keynote Speech - Technological Advances and Future Development Trends of Silicon-Based Battery Materials 16:40-17:30 Panel Discussion - Cutting-Edge Technologies: Research on New Materials to Enhance Battery Energy Density 17:30-17:50 Keynote Speech - Market Trends of Lithium Iron Manganese Phosphate (LFMP) Batteries: From Laboratory to Commercialization 18:30-20:30 Cocktail Reception Scan the QR code to inquire about conference details Tuesday, November 4 Morning: Raw Materials Forum 08:30-08:50 Keynote Speech - SMM Shares Price Drivers and Future Market Forecasts 08:50-09:40 Panel Discussion - Policy Drivers for Achieving Self-Sufficiency in European Battery Raw Materials: Supply Chain Challenges and Opportunities 09:40-10:00 Keynote Speech - Opportunities in Morocco: Synergistic Development of the Phosphate Industry and Emerging Energy Markets 10:10-10:30 Coffee Break 10:30-10:50 Keynote Speech - The Current State of Lithium Mining in Europe: Achieving Economic Growth and Environmental Responsibility 10:50-11:10 Keynote Speech - Exploring the Potential of Direct Lithium Extraction (DLE): Transforming Mining Methods for Sustainable Development 11:10-12:00 Panel Discussion - Innovations and Advances in Lithium Mining and Processing Technologies 12:20-13:30 Lunch Afternoon: Recycling Forum 13:00-13:20 Keynote Speech - Policies and Practices to Meet the Recycling Requirements of the EU's New Battery Regulations 13:20-14:10 Panel Discussion - Battery Recycling and the Circular Economy: How is Europe Building a Closed-Loop Supply Chain? 14:10-14:30 Individual Speech - Assessment Methods for Lithium Battery Waste and Future Economic Benefit Forecast 14:50-15:10 Individual Speech - Enhancing Recycling and Processing Capabilities in Europe to Address the Impending Wave of Battery Retirement 15:10-15:40 Tea Break 15:40-16:00 Individual Speech - Localization Process of European Hydrometallurgy Technology 16:00-16:50 Roundtable Discussion - Recycling Innovation: New Technologies Promote Low Processing Costs and High Recovery Rates 16:50-17:10 Individual Speech - Exploring Solutions to Safety Risks in the Recycling and Storage Process of End-of-Life Batteries 17:10-18:00 Roundtable Discussion - Building a Solid Pathway for Foreign Lithium Battery Supply Chains to Enter the European Market Scan the QR code to inquire about conference details

After the U.S. market closed on Tuesday, Tesla released its Q1 earnings report. Despite the expected dismal data, the company still sent some optimistic signals to investors, such as its plan to launch a new car model in H1 2025. During the earnings call, Tesla CEO Elon Musk stated that he would reduce his time at the Department of Government Efficiency (DOGE) and allocate more time and energy to Tesla's business. He also expressed optimism about Tesla's business prospects. Following Musk's remarks, Tesla's stock price rose over 5% in after-hours trading. Is Musk Returning to Tesla from DOGE? Tesla's earnings report showed that its Q1 revenue was $19.34 billion, significantly lower than the $21.3 billion in the same period last year (Bloomberg estimated $24.3 billion). Tesla's adjusted earnings per share were $0.27, compared to the previous expectation of $0.44. Although the earnings data was not impressive, Musk's remarks still boosted market confidence. Musk stated during the earnings call: "Starting early next month, in May, I will significantly reduce the time I allocate to the Department of Government Efficiency." Musk mentioned that he would continue to spend one or two days a week at DOGE but would allocate "more time" to Tesla. After Musk disclosed this news, Tesla's stock price rose 5% in after-hours trading. Musk: "Lower Tariffs" Are Better for the Market Tesla attributed its sales decline to trade uncertainties. The company stated that due to the uncertainty of Trump's tariffs, it would revisit its 2025 guidance in the Q2 financial update and canceled its long-term growth forecast. The company stated in its announcement: "As rapidly evolving trade policies adversely affect Tesla and our peers' global supply chains and cost structures, uncertainties in the automotive and energy markets continue to increase... This trend, coupled with shifting political sentiment, could significantly impact demand for our products in the short term." Musk stated during the earnings call, he had told Trump that "lower tariffs" would be better for the country, but the final decision on tariffs would still depend on Trump. New Affordable EV to Begin Production in H1 Previously, Tesla had committed to launching an affordable EV in H1 2025. The company claimed that this car model would restore a 50% growth rate based on 2023 levels. However, recent foreign media reports suggested that Tesla's plan to launch the affordable EV might have been delayed to later this year. During the latest earnings call, Tesla stated that the affordable car is still planned to begin production in H1 2025, while the robotaxi Robotaxi is expected to start mass production in 2026—addressing two major investor concerns about Tesla's profitability. Musk added during the call that the company is focused on deploying autonomous robotaxi tests in Austin in June, claiming that Tesla's cars are much cheaper than competitors like Waymo's EVs, as Waymo's EVs include expensive sensor suites. Tesla's Tomorrow Will Be Better For Tesla's main automotive business, the biggest concern is demand. In early April, Tesla reported Q1 deliveries of 336,600 units, far below the expected 390,300 units, marking the worst quarter since Q2 2022. In stark contrast, Tesla's competitors saw significant sales growth as consumers purchased other EV brands in advance to avoid tariffs starting April 2. In addition to declining sales and a 50% stock price drop, existing Tesla owners are seeking to sell their vehicles in large numbers, while Tesla cars are being vandalized across the U.S. Musk acknowledged during the earnings call, that Tesla has indeed faced some "tough times" recently, but he remains optimistic about the company's future. "Tesla's future is better than ever. The company's value lies in achieving sustainable abundance with our affordable AI robots. If you ask, what is the ideal future you can imagine? That's what you want. You want everyone to live in abundance in a sustainable way, in a way that benefits the environment. Essentially, it's a happy future, the happiest future you can imagine."