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France sends water-bombers to combat wildfires outside Paris
The fire was brought under control by more than 400 French firefighters who worked through the night. Two waterbombing aircraft were sent to the scene on Monday, as western Europe suffered a heatwave. The fire started along a highway near Fontainebleau. This is home to one France's most famous royal palaces. It was once used as a hunting lodge for monarchs and an autumn retreat. The flames scorched over 800 hectares (1.980 acres) by midnight, fanned on by hot winds. The fire, which was only 70 km (43.5 miles), from Paris forced the closure of the A6 highway connecting Paris to Lyon and the South. Other smaller fires also caused disruptions to high-speed train services. The French fire service stated on X that "the fight continues today." Residents have been warned that Canadair planes will scoop water out of the Seine River, which runs through central Paris. European countries are concerned about the increasing frequency of heatwaves, and temperatures that break records. Scientists say that climate change is to blame for the recent fires in Europe. Wildfires have already scorched thousands of hectares in France, Spain and Portugal. A blaze in Spain's Almeria province, located in the south-east of the country, has claimed 13 lives. This includes a British woman aged 93 who died from burns. This summer, Western Europe has been sweltering in temperatures for the third time. The heatwave that occurred in late June is likely to have killed thousands, as countries reported more than 10,000 "excess deaths". In France, Spain, and Britain, power supplies were disrupted and schools closed. Temperature records were broken. This kind of excess is not common at this time of the year. It's?high", said Lasse Vestergaard. Chief physician at Denmark's Statens Serum Institut. EuroMOMO is a Europe-wide mortality monitoring system. Vestergaard said that it was difficult to explain the high mortality rate by anything other than extreme heat.
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Gulf markets are in the red as hostilities escalate
The major Gulf stock markets fell on Monday as hostilities increased in the region. Iran also announced that it had closed the Strait of Hormuz - a strategically important waterway - causing oil prices to rise and rekindling global inflation fears. Central Command reports that U.S. forces launched a second wave of strikes on Iran Sunday. They used precision munitions to target dozens of locations in multiple locations. Iran's Revolutionary Guards claimed Monday that they had "retaliated" by attacking U.S. bases in Kuwait, Bahrain and other countries. U.S. president Donald 'Trump' said on Sunday that commercial traffic was still allowed through the Strait of Hormuz, despite Iran declaring earlier that the waterway had been closed after it struck a vessel that Iran claimed had taken an unauthorized route. The growing conflict has 'cast new uncertainty on the future of the interim U.S. Iran agreement signed last week, which sought to reopen strait after 60 more days of negotiation and end the war. Saudi Arabia's benchmark oil index fell 0.2%. Saudi Aramco dropped 0.5%. Brent crude futures rose $3.10 or 4.08% to $79.11 at 0325 GMT. Dubai's main stock index fell 1.4%. This was mainly due to a 2.6% drop in the number one lender, Emirates NBD.DU, and a 1.4% decline in blue-chip developer Emaar Properties. In Abu Dhabi the index dropped 0.5% with the?Abu Dhabi Islamic Bank falling 2.1%. The United Arab Emirates’?defence minister said on Sunday that its air defence systems were responding in response to a threat from a missile. Qatar's stock exchange closed as it mourned the death of Sheikh Hamad Bin Khalifa Al Thani, His Highness Father Emir.
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CEE ECONOMY - Romanian inflation starts to fall, but domestic and international politics pose risks
The central bank is expected to hold interest rates through 2027, as they weigh domestic political instability, currency weaknesses and geopolitical risk. Data from the National Statistics Board revealed on Monday that consumer prices dropped to 10.42% in June from 10.85% in may, and were below analyst expectations of 10.55%. Prices increased 0.06% from the previous month. Central bank officials expect inflation to drop sharply during the third quarter, once the effects of the higher electricity and tax increases implemented last year in order to reduce the biggest?budget gap in the European Union have faded. Political uncertainty following the collapse of the pro-European government and the failure to reach an agreement on a new majority in parliament, as well as the breakdown of the interim agreement to end the conflict between the United States & Iran, increased risks for inflation. Inflation is expected to return to its target range of 1.5%-3.5% in the third quarter next year. It held its benchmark interest rate, the EU's most high, at 6.5% earlier this month. This was done to balance political uncertainty and expected?falls? in inflation against a shrinking economic. The four parties that made up the pro-European broad government coalition in Romania, which collapsed in May, have not yet agreed on a new cabinet formula. This prolonged policy deadlock threatens the country's ability to access EU funds as well as its sovereign credit rating. It is currently rated on the 'last rung' of investment grade. The central bank is not expected to reduce interest rates until the first quarter next year, according to analysts polled earlier this month. (Reporting and editing by Sumana Niandy, Kirsty Donovan; Luiza Ilie is the reporter.
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Australian shares remain unchanged after renewed Gulf Conflict Unsettles Sentiment
Australian shares closed?flat? on Monday, as losses in miners offset gains in energy stocks. Meanwhile, Middle East tensions escalated and Iran's claims that it had shut the Strait of Hormuz dampened risk appetite. S&P/ASX 200 index ended unchanged at 8,808.50 after falling by 0.4% in the previous session. The benchmark index fell by 0.4% last week. The renewed attacks in the Gulf this weekend have clouded the prospects for the 'interim U.S. Iran deal' signed in June. This agreement aims to reopen a key route used by a fifth or the world’s?oil? and LNG shipments, and bring an end to the conflict following 60 days of negotiations. David Tuckwell is the chief investment officer of ETF Shares. He said that a slight index drop after a Hormuz declaration was more like a sign of fatigue than panic. Australian gold miners dropped 1.9% as bullion prices declined. The broader mining sub index also fell, with Rio Tinto, the bellwether, falling 0.3%. Tuckwell said that despite the weekend's escalation, a decline in bullion prices suggested investors weren't fleeing traditional safe-haven investments. The technology stocks were also under a lot of pressure, falling as much as 3,1%, to a new two-week low. Xero and Siteminder fell?4%, and?4%, respectively. Utility stocks fell 1.6%. This was their biggest drop in a single week. The energy sector rose by 0.7%, reaching its highest level in the last three weeks. This was due to concerns about disruptions to energy shipping through the Strait of Hormuz. The New Zealand benchmark S&P/NZX?index dropped 0.5% to 13,723.20. Fonterra, the world's largest dairy company, lowered its forecast of milk prices for the 2026/27 year due to lower prices. This sent its shares down by 1.2% and to their lowest levels in a week. (Reporting by Anjali Singh in Bengaluru; Editing by Nivedita Bhattacharjee)
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Sinopec intensifies aviation fuel drive with CNAF restructuring
Sinopec, China's largest jet fuel distributor said that it has completed a restructuring of China National Aviation Fuel. Sinopec, China’s largest?refiner by capacity, stated that the restructuring of CNAF will strengthen China's aviation oil supply security as well as support the sector's low-carbon and green transition. The company stated that jet fuel will be a major growth driver for China's refined oil demand. The deal will create a 'integrated aviation fuel business, at a time where China's aviation oil consumption is on the rise, but its gasoline and diesel demands are declining, due to a slowing economy and a growing number of electric vehicles and trucks. The drop in fuel consumption has been accelerated by the increased oil prices and supply risks due to the war with Iran. Sinopec, citing S&P Global's forecasts, said China's jet-fuel consumption will rise from 39.28 million tonnes to 591 million barrels by 2040. The merger will also increase the global competitiveness for China's aviation industry, according to?Sinopec. The company stated that "major international aviation fuel suppliers tend to be integrated petrochemical and oil companies... China's jet-fuel production, sales, and refueling are split between a number of different firms, which limits overall competitiveness." Sinopec stated that the restructuring will allow the two companies to integrate the entire jet fuel value chain including production, supply and sales. This will help 'cut transaction costs, increase service capabilities and improve global competitiveness. Jet fuel is 7.88 barrels per ton. (Reporting and editing by Sam Li, Lewis Jackson)
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Wall Street Journal, July 13,
These are the most popular?stories from the Wall Street Journal. These?stories have not been verified and we cannot vouch for their accuracy. Regis Resources has said that it will not match Genesis Minerals' bid of US$3.9 billion for Vault Minerals, because a planned merger between the two gold-mining firms would no longer meet their thresholds in terms of value and return. Shein, the fast-fashion retailer, has cleared a major hurdle in its long-awaited Hong Kong initial public offer. The listing could be valued at over $40 billion according to people who are familiar with this matter. According to sources familiar with the case, the U.S. Justice Department has opened an investigation into allegations that Shawn Fain abused his position as president of the United Auto Workers union by attempting to obtain a financial benefit for his fiancee. - U.S. Senator Mitch McConnell has revealed that his long absence from the Senate is due to his recovery 'from a fall, and then a bout of pneumonia. He broke a silence of weeks about his hospitalization which had fueled speculation. (Compiled by Bengaluru Newsroom)
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Sources say that Indian naphtha prices are rising as Gulf and Russian supplies become tighter.
Spot premiums for Indian naphtha have risen to levels seen last in late March as tight supplies from the Middle East and Russia, and renewed concerns about U.S.-Iran tensions, drove demand from Far East buyers. Multiple trade sources reported?on Monday that Indian state refiners Bharat Petroleum Corp. and Hindustan Petroleum Corp. sold about '63,000-65,000 tonnes (567,000-585,00 barrels) or naphtha through tenders last week, at prices similar to those seen in late March. BPCL sold a total of 36,000-37,000 tonnes of?naphtha on a 'free-on-board' (FOB basis) to Middle East quotes for loading between July 30 and 31. HPCL sold 27,000-28,000 tons of light distillate on a FOB basis at a premium price of $68 per ton compared to Middle East quotes for loading during July 25-27, two sources confirmed. The premiums have increased from just a little above $40 per ton in the previous week. A Mumbai-based trader reported that the Middle East's and Russia's tight supplies have increased demand for Indian naphtha by buyers in the Far East. Oil companies do not usually comment on trading. (Reporting by Mohi Narayan; Editing by Harikrishnan Nair)
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Jet fuel in Europe is running out as tensions with Iran escalate
Europe imported 'jet fuel' from the U.S., Asia and other regions. It also increased its refiners output and drew on stock to keep planes in the air. Yet it remains the most vulnerable region as Middle East tensions increase the risk of supply disruption. Britain, France and Germany are especially vulnerable on a continent that is more dependent than others on Middle Eastern oil shipments through the Strait of Hormuz due to decades of refinery closings. The Strait was reopened to a limited extent in June after U.S. and Israeli airstrikes launched a war against Iran. Strikes by both sides threatened a fragile ceasefire in July. According to data from Energy Aspects, dated 18 June, a deficit of 600,000 barrels per day is expected in Europe in the third quarter. This compares with surpluses in the United States of 116,000 barrels per day and Asia-Pacific of 425,000 barrels per day. Energy Aspects reported that inventories in the United States were 99 million barrels, while the European stockpiles stood at 38 millions barrels. Calculations show that Europe has less than 30 day's supply to cover demand -- the tightest market of all the major jet fuel markets. According to the latest data from the International Energy Agency, the jet fuel stock at the end May was 10% higher than the previous year, and refinery production rose 30%. These figures also indicated only a one-month 'leeway. Janiv Shah, an analyst at Rystad, said: "We still expect some tightness until August at this rate." The European Commission also acknowledges that the situation could worsen. EU Energy Commissioner Dan Jorgensen stated in June that the bloc was facing tighter jet-fuel stocks as the holiday season approached. He also said that Brussels would coordinate the release of national reserves, if necessary. CARGOES FROM SOUTH KOREAN TO CANADA Up until the outbreak of war in the Middle East at the end February, Europe relied on Middle East jet fuel for about half of its imports. Analysts had predicted that the worst hit countries would be African ones, who sourced almost all of their jet fuels from the Middle East. According to Kpler, a commodities intelligence company, data shows that they have increased their imports of Nigerian refinery Dangote, as well India and Oman. Europe has so far avoided a shortage of supplies by turning to other sellers such as Canada. Kpler data shows that in June, Europe imported the most jet fuel since October 2025. Kuwait, Canada and South Korea were also among the top exporters of goods to Europe. In June, imports from India reached their highest level since February. Nearly 25,000 barrels of Kuwaiti oil per day are due to arrive for the first time in early March via a ship-to ship transfer on board the Proteus Harvonne in August. Kuwait was a major jet supplier to the region before the flow of jets was interrupted. Italian refiners have increased their jet fuel production 10% in the first 4 months of this year. According to UNEM, the Italian fuel producers' association, imports of both countries fell by 6%. This allowed domestic production to cover nearly 70% in March and April. Industry sources claim that Eni, which produces around half of Italy's jet-fuel, increased production by importing semifinished products from outside Europe. The jet fuel price in Northwest?Europe has fallen from $215.32 a barrel at the end of March to $133.27, which eases pressure on airlines. Fuel accounts for 20% to 25% of airline operating costs. Analysts say that immediate discounts on air tickets are unlikely as the demand for flights is high and the capacity is limited. This is especially true after many airlines cut flights in order to maximize fuel supplies.
The extreme heat is threatening Italy's Parmesan Heartland
Farmers in Italy's Emilia-Romagna used to open their barn windows at night to cool their cows during the summer.
As temperatures soar to new records, these windows are kept open 24 hours a day to protect cows and their milk. This is the basis of the centuries-old Parmigiano reggiano cheese production in the area.
Nicola Bertinelli is the president of the Parmigiano Reggiano Consortium and also runs the dairy farm his family established in Parma, Italy, in 1895.
COSTS GO UP AS THE CHEESE AGE
When temperatures reach 40 degrees Celsius, cows will spend more time lying, eat less, and produce up to 10% less of their milk. Milk is one of only three ingredients in Parmigiano, along with salt and rennet.
Only five?provinces are allowed to produce authentic Parmigiano Reggiano, mainly in Emilia-Romagna, and the cows there must only be fed with grasses and hay.
Bertinelli told the 54-year-old that if it didn't rain grass wouldn't grow and hay couldn't be produced. It was also impossible to get the milk required to make cheese.
These extra cooling measures have sent energy costs skyrocketing.
Warehouse managers are also facing higher bills as cheese wheels are aged for at least a year, and sometimes even three years.
In the provinces Reggio Emilia, and Modena, the Magazzini Generali delle Tagliate unit of Credito Emiliano has two warehouses that store more than 500,000 Parmigiano Reggiano wheels worth over EUR300 million.
MGT Director Giancarlo R. Ravanetti stated that during this summer's heatwaves our daily energy consumption increased by approximately 30%.
He added that "to make our facilities energy efficient as possible, we improved our cooling systems, boilers and building insulation, and increased renewable energy generation."
"WE DON'T WANNA BE THE LAST GENERALITY TO EAT IT"
Bank of Parmigiano is the collective name for the climate-controlled warehouses in the region. Technology and tradition are intertwined behind their walls.
To eliminate defects, each wheel of Parmigiano Reggiano is subjected to a strict quality inspection. This includes X-ray scanning. Experts tap the cheese with small hammers to listen for any flaws.
Ravanetti stated that "the human factor is still key and the real strength of this entire process."
Paolo Ganzerli is the international sales director of?food group GranTerre. The company, which has a consolidated revenue in 2025 of EUR1.87billion, shares Ravanetti’s concern about increasing bills.
He said that if extreme events become more intense and last longer, they would have a negative impact on the quality and quantity of milk. But they would also lead to increased costs.
It's a big deal.
The Parmigiano Reggiano industry generates a revenue of approximately EUR4.5 billion ($5.15billion) per year. It employs thousands of people and is the engine for the local economy.
Exports will account for more than half of global sales of Parmigiano Reggiano in 2025. The United States is its biggest foreign market.
Ganzerli stated that Parmigiano Reggiano has been around for "more than 800 years."
"We don't wish to be the last to eat it." ($1 = 0.8744 euro) (Written by Sara Rossi and edited by Andrew Heavens).
(source: Reuters)