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Smoke from Canadian wildfires spreads to a third of the US
Forecasters reported that smoke from wildfires burning across three Canadian provinces covered a third or more of the U.S. Wednesday. However, the air quality was not affected except for New England, parts of New York State and the Midwest. According to the National Weather Service Weather Prediction Center, College Park, Maryland, the haze that brought dangerous levels of particulate pollutants to Minnesota the day before, stretched from Dakotas to Ohio Valley to the Northeast, and even as far as Georgia. The haze was particularly thick in New York, New England and the Midwest. Marc Chenard, National Weather Service, said that in many areas the air quality is not affected by the smoke. "But air quality problems are present as far south as New York, Connecticut and other areas where the smoke is thicker in the lower atmospheric layer." Since the beginning of May, scores of wildfires are burning across Canada. As of Tuesday afternoon, there were more than 212 fires burning across Canada, of which half were out-of-control, according to Canadian Interagency Forest Fire Centre. As of Tuesday afternoon, more than 212 active fires were burning in the country. According to the Canadian Interagency Forest Fire Centre, so far 2 million hectares (5.9 million acres) has burned. The majority of fires occurred in west-central Manitoba, Saskatchewan, and Alberta. Yang Liu is a professor at Emory University, Atlanta. She teaches environmental health. Liu stated that "it will affect everyone, at some level. All walks of life." "It's bad." He said that the smoke contains small, toxic particles smaller than 1/40th the width of an average human hair. These particles can enter the lungs or even dissolve in the bloodstream. Williamstown, Massachusetts was one of the worst places for air pollution in the U.S. Northeast Wednesday morning. It is located near the borders of Vermont and New York. According to IQAir's website, which monitors air pollution around the globe, it registered a reading of 228. This is considered "very unhealthy". According to the website, an air quality rating below 50 is "good," readings between 100-300 are "unhealthy" or "very unhealthy," and anything higher is "hazardous." Other parts of the U.S. Northeast had much lower ratings, with New York City registering a 56 on Wednesday and Washington registering a 55. On Wednesday morning, air quality in certain parts of the Midwest also improved. Ely, near Minnesota’s border with Manitoba registered a “moderate” reading of 65 on Wednesday, down from a previous reading of 336. Minneapolis, the third-worst air quality city in the country on Tuesday with a reading of 168, now registers at 96.
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The union warns that more than 500 jobs are at risk as Stellantis switches oil suppliers in Italy
A trade union warned on Wednesday that more than 500 jobs were at risk after Stellantis, an Italian automaker, switched from Malaysia's Petronas brand to France's Total. Stellantis did not respond to a request for comment immediately. Petronas is the owner of the Selenia motor oil brand, an Italian supplier that was previously a part of Fiat and sold products under the name "Olio Fiat". Stellantis, a new company created in 2021 by the merger of Fiat-Chrysler and France's PSA (maker of Peugeot and Citroen vehicles), was formed from the merger between Fiat-Chrysler and France's PSA. Also included in the group are Opel and Jeep. The Uilm union announced in a press release that Selenia had lost its "historical" contract of supply with Stellantis, after 112 production years. The result of a competitive bid led to the change. Uilm said that Petronas had announced the decision in a meeting held with its employees. He added that this affected the job security of 450 Fiat workers in Turin, Fiat's home town, and 70 others in Naples in southern Italy. The union has pledged that it will use "all tools available" to protect Petronas employees and other auto suppliers, who are "under severe stress" as a result of Stellantis' decision. The FIM-CISL union reported in January that Stellantis, Italy's only major automaker and the country's sole manufacturer, had a production level of around 475,000 cars in 2016, the lowest since 1956. Reporting by Giulio Pieovaccari, Alvise Armellini and Keith Weir.
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India's Vedanta says Trump's tariffs damaging, seeks import curbs
Vedanta, an Indian conglomerate that converts metals into oil, said Wednesday that President Donald Trump’s decision to double the aluminium tariffs from 25% to 50% is a threat to Indian industry which already struggles with soaring imports. The global markets have been shaken by the latest round of Trump's tariffs on steel and aluminium, which went into effect on Wednesday. Vedanta's spokesperson said that the 50% tariff announced by Trump was damaging to India's aluminium industry. The industry is already being pressured from a surge in imports, which threatens to create excess and put domestic market access at risk. The Indian government was urged by the miner, the largest producer of aluminium in the country, to impose tariffs on imports. The spokesperson stated that "..duty guardrails should also be in place for the aluminum industry, which has invested more than 20 billion dollars to date in setting up the current domestic primary aluminum capacity." According to data from the government, India's total aluminum exports dropped 19% in fiscal year ending March 2025 to 2,24 million metric tonnes. Separately the country's federal minister of steel said earlier this year that Trump's tariffs on steel would have a minimal impact on the local industry as India, which is the second largest crude steel producer in the world, does not export significant quantities to the U.S. India implemented a temporary 12% tariff on certain steel imports in April. This is known locally as a "safeguard duty" and was imposed to stop a rush of cheap shipments, primarily from China.
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The top steel and aluminum importers in the US
U.S. President Donald Trump's increased tariffs on imported steel and aluminum - key materials used in industries ranging from construction to packaging - kicked in on Wednesday, pushing duties to 50% from 25% previously. While the tariffs are aimed at encouraging investment in domestic production, they have already fuelled higher costs for steel and aluminum consumers, while undermining manufacturing. Given limited capacity to ramp up domestic output, U.S. import volumes are likely to be unaffected unless the price increases undercut demand, putting the spotlight on firms reliant on these shipments. Here is a breakdown of the imports of both metals into the U.S. and the firms that ship them: ALUMINUM About half of all aluminum used in the U.S. is imported, with the vast majority coming from Canada, which exported 3.2 million tons of the metal to the country last year. In 2024, total U.S. imports of aluminum articles were valued at $27.4 billion, according to data from the Observatory of Economic Complexity (OEC), with Canada, China and Mexico the top three suppliers. Data from the Aluminum Association shows that transportation, packaging, construction, electrical and consumer durables sectors import the most amount of aluminum by volumes. According to U.S. CBP Bill of Lading data and shared by OEC, these firms were the top importers in 2024: ES Windows LLC: A leading importer of aluminum products for architectural applications like windows and facades. It accounted for 18.4% of shipments Netherlands-headquartered IKEA Group: Designs and sells ready-to-assemble furniture, home accessories and kitchen appliances. It accounted for 6.34% of shipments. Global automotive manufacturer Nissan, discount retail chain Dollarama and disposable beverage and food supplies firm Lollicup: Each accounted for over 3% of total aluminum shipments last year. Other major importers were Costco, Samsung, and Boeing. About a quarter of all steel used in the U.S. is imported, the bulk of it from neighbours Mexico and Canada. In 2024, total U.S. imports of iron and steel articles were valued at $49.7 billion, according to data from OEC, with China, Mexico, and Canada being the top suppliers. According to U.S. CBP Bill of Lading data and shared by OEC, these were the top importing companies of 2024: Iron & Steel Articles: IKEA accounted for 5.85% of total imports. SIGMA Corp accounted for 3.94% Stelfast, which makes industrial fasteners like bolts and nuts etc, made up 3.32% of shipments. CrimsonLogic, a global technology firm, accounted for 3.21% of shipments. Other notable companies include German technology firm ZF Friedrichshafen, Continental Materials, Stihl and Cosentino. Basic Iron & Steel Electronics manufacturing company TPV Tech accounted for 18.9% of shipments Valbruna Stainless accounted for 12.8% Brose Mechatronic Systems accounted for 5.89% Multinational engineering and technology company Robert Bosch made up 8.89% of shipments (Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D'Silva)
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Treasury yields fall as investors focus on tariff talks
Investors watched the progress of trade negotiations, and awaited Friday's crucial employment report. The dollar dropped and gold remained unchanged. All three indexes of the stock market were slightly higher than their European counterparts in the early trading. Sam Stovall is the chief investment strategist at CFRA Research, a New York-based firm. The markets will be in a sideways motion until July, when we can better gauge the impact of tariffs on Q2 earnings and economic growth. We'll also have a clearer idea of what could happen to the rest of this year. The top European negotiator said that trade talks between the United States are moving forward. He added that the U.S. tariffs on metals have doubled since Wednesday. This is not helping the negotiations. China's restrictions on vital mineral exports has caused concern among automakers around the world, who are concerned that shortages could disrupt global supply chains. Trump said in a post on social media that Xi was "extremely difficult to deal with" and suggested that a quick resolution to trade disputes between the two world's largest economies may prove elusive. Stovall stated that "Tariff threats keep interest rates high, and investors are worried about the slowing global economy." ADP, a payroll processor, reported that the U.S. Private Sector added 37,000 new jobs in the last month. This is 69.2% less than what analysts expected to see on Friday from the Labor Department, which will release a more comprehensive report. Survey data also showed that the U.S. service sector contracted last month. Prices paid, an inflation indicator, reached their highest level since November 20,22. The Dow Jones Industrial Average rose by 47.33 points or 0.12% to 42,568.56, while the S&P 500 gained 11.49 points or 0.19% to 5,981.86. The Nasdaq Composite also rose by 36.59 points or 0.19% to 19,436.37. After Berlin approved a tax relief package for corporations, European stocks rose and Germany’s benchmark index reached a new record high. This was despite survey data showing that euro zone business activity is stagnating and Germany’s services sector has posted its biggest contraction in over two years. The MSCI gauge of global stocks rose by 0.49%. The pan-European STOXX 600 Index was up 0.56%. Europe's FTSEurofirst 300 index grew by 0.54%. The Nikkei soared 0.80% to 37,747.45, while the MSCI broadest Asia-Pacific share index outside Japan closed at 1.31%. The dollar shook amid trade talks, mixed economic data and uncertainty. The index, which measures the dollar's performance against a basket including the yen, the euro and other currencies, fell by 0.41%, to 98.76. Meanwhile, the euro rose 0.52%, at $1.1429. The dollar fell 0.67% against the Japanese yen to 143.03. Investors watched for signs that tariff talks were progressing and looked forward to payrolls data. The yield on the benchmark 10-year U.S. notes dropped 8.3 basis points, to 4.377% from 4.46% at late Tuesday. The 30-year bond rate fell 8.1 basis point to 4.9019%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 6.8 basis points, to 3.889%. Crude prices fluctuated and ended the day slightly higher, as OPEC+ production increases offset supply concerns arising out of Canada's wildfires. U.S. crude climbed 0.03% to $63.43 per barrel. Brent dropped to $65.47 a barrel, down by 0.24% for the day. Investors waited for employment and trade data to see if they could gain ground on the dollar. Spot gold increased 0.85% to $3380.37 per ounce. U.S. Gold Futures increased 0.4% to $3363.50 per ounce.
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Gold as a safe-haven increases on weaker dollar and simmering global uncertainties
Gold prices rose Wednesday, helped by a weaker dollar and persistent geopolitical conflicts on multiple fronts. Investors remain alert as the market remains range-bound, awaiting new catalysts. As of 10:43 am, spot gold increased 0.9%, to $3,381.32 per ounce. ET (1143 GMT). U.S. Gold Futures rose to $3,406.80. Gold is now cheaper for those who hold other currencies than the U.S. Dollar index. Gold is a popular investment because of the geopolitical uncertainties surrounding Iran, Syria, Russia and China. The market sentiment is high and traders are not expecting gold to rise as fast, but there's still plenty of upside," Daniel Pavilonis said, senior strategist at RJO Futures. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, said that Russia was concerned by the rising tensions in the region and the possibility of a full-scale conflict. Pavilonis said that the market was "just kind of sideways" and needed some stronger signals. This would mean a geopolitical escalation, which could open up the way to buy more gold for inflationary purposes. On Wednesday, U.S. president Donald Trump said that his Chinese counterpart Xi Jinping was tough and "extremely difficult to make a bargain with." This comes just days after Trump accused China of breaking an agreement to reduce tariffs and trade barriers. Washington also doubled the tariffs on imports of steel and aluminum and asked trading partners to make their "best offer" in order to avoid further import levies beginning early July. The data released on Wednesday shows that private employers in the United States added the least number of workers in more than two years in the month of May. However, this may understate the gradual ease in the face uncertainty caused by the Trump tariffs. The U.S. Non-Farm Payrolls Report, due out on Friday, is expected to give a critical insight into Federal Reserve policy. Fed officials are maintaining a cautious approach amid ongoing trade tensions, and the uncertainty of the economy. In a low interest rate environment, gold, which is a safe haven during periods of economic and political uncertainty, tends thrive. Other than that, silver spot remained at $34.50 per ounce. Platinum rose 1.3% to 1,088.31, and palladium fell 0.9% to 1,000.94.
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Hudbay Minerals, Canada's Hudbay Minerals, suspends Snow Lake operations because of wildfires
Hudbay Minerals, a Canadian mining company, announced on Wednesday that it has temporarily suspended its operations in Snow Lake (Manitoba) due to wildfires. The company also said that exploration activities have been suspended in the Flin Flon region and Snow Lake area as efforts to mitigate fires are being undertaken. The company believes that its infrastructure in Snow Lake and Flin Flon is not at risk. Rob Carter, Hudbay Canada's Senior Vice President, said: "We will monitor the situation and ensure a safe return of full operations as quickly as it is recommended." The company took these actions after the local authorities had issued an early evacuation warning for Snow Lake, Tuesday. Hudbay Manitoba's operations produced 7,7 million pounds (7.2%) of the total company production in the first quarter 2025. The wildfires that raged in Central and Western Canada prompted Manitoba to declare a state-of-emergency last week and urge thousands of people living in the northern and eastern areas of the province, to evacuate. Fires have erupted across large areas of the western part of Canada's North due to unusually dry and hot conditions. Flames are devouring hundreds of thousands hectares (hectares) of bushland and forest that is as dry as tinder. Wildfires in Alberta have also caused the temporary shut down of oil and gas production. Cenovus Energy has reduced its non-essential workers at its Foster Creek plant. (Reporting and editing by Anil D’Silva, Leroy Leo and Pooja Menon from Bengaluru)
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Mexico will announce "measures" next week if there is no agreement on US metals duties
Claudia Sheinbaum, the president of Mexico's government, said that if the United States and Mexico cannot reach an agreement on the tariffs for steel and aluminum announced Wednesday, Mexico will take measures the following week. She called the U.S. announcement that it would raise metals tariffs from 25% to 50% in March a "unfair measure", during her morning press conference. She cited the free-trade agreement Mexico and Canada have with the United States. Sheinbaum, however, said that Mexico would not respond with "an eye for a eye." She said, "It's not about revenge or retaliation in English." It is about protecting our jobs and businesses. On Tuesday, late in the evening, U.S. president Donald Trump signed an executive order. Starting Wednesday, the tariffs will be activated. According to reports, the Trump administration wants other countries to submit their "best offer" in order to prevent punishing import duties from going into effect early July. Draft letter to the Negotiating Partners "Seen by" Sheinbaum reported that Economy Minister Marcelo Ebrard will hold discussions with high-level U.S. government officials this week. (Reporting and editing by Raul Cortes, Aida Pelaez Fernandez and Sarah Morland).
ONS: UK inflation jumps higher than expected to 3.5% in April
Official figures released on Wednesday showed that British inflation rose to 3.5% annually in April, up from 2.6%.
In a poll of economists, a reading of 3,3% was predicted for April. The Bank of England had projected an inflation rate of 3.4% earlier in the month.
Gas, water, and electricity prices all increased in April, along with taxes for employers.
In a recent statement, the BoE stated that inflation will peak at 3,5% in this year.
Some central bank officials disagree with the key assumption, that the rise in inflation won't have long-term effects on pricing behavior.
Huw Pill, BoE's Chief Economist, said that the rate of interest rate reductions had been too rapid given the still high wage pressures and inflation. However his vote to hold borrowing costs this month was more likely to be a "skip" than a stop.
Interest rate futures indicate that there is an 85% probability that the BoE won't cut interest rates next month. By the end of the year, less than two 0.25-percentage-point cuts are priced in.
In a split vote on May 8, the BoE cut interest rates by one quarter point, to 4.25%. Two members of its Monetary Policy Committee voted for a larger cut and two, including Pill, voted against it. (Reporting and editing by MuvijaM; Andy Bruce)
(source: Reuters)