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Fire at senior living facility in Massachusetts leaves multiple dead and many injured
A spokesperson for the Massachusetts state fire department confirmed on Monday that multiple people were killed and numerous others injured in a fire at a Fall River assisted living facility on Sunday. "We will not release the exact number until we have received updates about some patients' condition. This is a tragic event for the city of Fall River, and for the families affected. In an email, Jake Wark, spokesperson for the Massachusetts Fire Department said that his heart was with them. Wark stated that approximately 50 firefighters attended the incident to tackle the fire at Gabriel House assisted living facility. He added that firefighters rescued many occupants but several residents were declared deceased at the scene. Many others were transported to hospital. Investigations are underway to determine the cause and origin of the fire. Reporting by Gnaneshwarrajan and ShivaniTanna in Bengaluru, editing by Toby Chopra
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G20's Financial Watchdog Lays Out Climate Plan But Presses Pause Amid Divisions
The G20 financial stability watchdog released a new plan to combat climate risks on Sunday, but has paused any further policy work in the wake of a U.S. retreat that has tested attempts to advance a united policy on climate-related financial risks. The U.S. withdrew from several groups that were exploring the impact of climate change-related policy changes and flooding, wildfires, and other factors on financial stability. The G20 Financial Stability Board has pledged in its medium-term plan to increase coordination and data-sharing on climate-related risks. It said that while there had been progress in integrating climate risks into the financial system, some members, including central bank governors, and ministers were eager to stop further climate work. The FSB updated its climate roadmap for 2021, which was presented to the G20 Finance Ministers in South Africa. "As we move forward, the FSB... will make decisions about which projects it will undertake, if any." Last week, it was reported that U.S. Treasury secretary Scott Bessent would not attend the G20. Next year, the United States will lead the G20 group that it helped to found after the global financial crises. The FSB stated that it would continue to examine climate-related issues each year, and would concentrate on its role as a facilitator of international work on risks related to climate. The watchdog stated that it had no plans to undertake any additional significant policy work in order to integrate climate-related financial risk into its supervision and regulatory work. It said that many of its members are working on this issue. The FSB published a report on the effectiveness of transition plans in promoting financial stability earlier this year. In 2024, it will present a review of the supervisory and regulatory activities on financial risks related to nature. The FSB said that it would leave the decision to the annual work program process, rather than identifying these vulnerabilities as a priority. The report details progress made by international standard-setters and global banking regulators, such as the Basel Committee, on climate disclosure since 2023. The report also outlined efforts to provide banks and businesses with forward-looking data in order to quantify the economic losses caused by climate shocks, such as heatwaves.
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RIA reports that OPEC expects a'very high' demand for oil in the third quarter, followed by a tight balance.
According to a Russian report, OPEC's secretary general stated that the oil market will be "very strong" in the third quarter, and the supply-demand ratio will remain tight in the months following. Eight members of the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are undoing years of reductions that were aimed at supporting the markets. Five sources have confirmed that OPEC+ producers will approve a major increase in September oil production. Haitham Ghais, quoted by the Russian RIA news agency on Monday, told journalists at the sidelines of the OPEC seminar held in Vienna last week that the organization expected a demand increase of 1.3 millions barrels per year year-on-year in 2025 because of a strong world economy. According to the report, he stated, "We are seeing a very strong growth in demand, especially during the third quarter." "We'll also see good growth in the fourth quarter, and balances will be tight." "This is one of the most fundamental reasons why the Group of Eight countries are bringing barrels back onto the market," said he. Al Ghais made his comments as OPEC lowered its forecasts of global oil demand for the next four-year period due to the slowing Chinese economy, while also raising its long-term outlook based on the rising consumption in developing countries. OPEC's 2025 World Oil Outlook, published on Thursday, predicts that global demand will average 105 millions barrels of oil per day in 2019. The OPEC expects the demand to increase to an average of 106.3 million barrels per day in 2026, and then to 111.6 millions bpd by 2029. (Reporting and editing by Olesya Almakhova and Vladimir Soldatkin)
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Iron ore futures are rising on the back of strong China trade data
Iron ore futures rose on Monday, boosted by positive trade data from China, but gains were restricted by production cuts in key steelmaking regions of the second largest economy. The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.26% higher, at 766.5 Yuan ($106.92). As of 0717 GMT, the benchmark August iron ore traded on Singapore Exchange was $0.37% higher. Everbright Futures, a broker, says that macro-news has boosted iron ore prices and fueled demand. Iron ore imports by China, the world's largest consumer of iron ore, rose 8% in June compared to a month ago as some miner increased shipments in order to meet quarterly targets. This was after a slump in first quarter due cyclones that hit Australia, the top supplier. Stronger-than-expected steel demand also boosted appetite for iron ore. Exports from China grew in June, while imports recovered. This was due to exporters speeding up shipments ahead of the August deadline. Anthony Albanese - Australia's Prime Minister - reaffirmed on Monday his commitment to work with China in order to address global excess capacity of steel and promote a sustainable, market driven sector. Galaxy Futures said that the steel industry continues to grow, boosted by investor optimism amid supply-side reforms. Meanwhile, robust demand in manufacturing has supported prices. Everbright reported that environmental protection restrictions in the province of Hebei, a major hub for steel production, caused a drop in blast furnace output by 10,400 tonnes per month. According to Chinese consultancy Mysteel, the authorities have also given notices to steelmakers in Shanxi, a coal-rich province, to reduce their crude steel production by 6 million tonnes this year. Coking coal and coke were both up 1.15 % and 1.09% respectively. The Shanghai Futures Exchange saw a rise in most steel benchmarks. Rebar rose 0.16%; hot-rolled coil grew 0.09%; wire rod rose 1.1%; and stainless steel fell 0.24%. $1 = 7.1687 Chinese yuan (Reporting and editing by Harikrishnan Nair, Subhranshu S. Sahu).
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US metal tariffs of 50% on copper are causing a spike in prices
The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) were range bound on Monday, as investors assessed trade talks between the U.S. with its major trading partners and a tariff of 50% on copper imports. The LME's three-month copper price rose 0.14% by 0702 GMT to $9,674 a metric ton, while the SHFE's most traded copper contract fell 0.17%, to 78400 yuan (10,935.67). Donald Trump, the U.S. president, announced on Saturday that he will impose a tariff of 30% on imports from Mexico and the EU from August 1. He also issued similar warnings to other countries. They have less than three weeks left to negotiate framework agreements to lower the tariff rate. The tariff is in addition to a 50% duty on imports of copper, which will also be effective August 1. It's unclear where the copper demand will be with all these tariffs. "We're wondering if China, the world's largest copper consumer and producer will also stock up, since it is vital to both the military and the economy," said a Shanghai-based futures company metals analyst. Copper stocks in SHFE monitored warehouses As of July 11, the number of tons remained low at 81 462 tons, a 4% drop on a weekly basis. SHFE aluminium dropped 1.45% to 20 415 yuan per ton and LME Aluminium fell 0.69%, to $2 585. The Shanghai analyst stated that "China's lower exports of unwrought aluminum and products in June were kind of expected, as the U.S. doubled aluminium import duties to 50% early in June and summer in China is a season with low consumption." Exports of unwrought aluminum and its products from China fell by 19.84% in June compared to the same period last year. The volume between January and June was also down by 8%. LME lead dropped 0.45% to $ 2,012.5 per ton. Zinc eased 0.13% at $2,735. Tin gained 0.15% at $33,700. Nickel was up 0.08% at $15,210. SHFE tin rose 0.41% to 266,720 Yuan per ton. Zinc fell 0.67% to 22250 Yuan and lead dropped 0.12% to 17085 Yuan. Click or to see the latest news in metals, and other related stories.
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Shares of India's Ola Electric rise as forecasts show margins improving
India's Ola Electric forecast improved gross margins in fiscal 2026, after posting a smaller sequential loss for its first quarter. This was helped by the stronger sales of their newer, cost-efficient scooters. After the results, the shares of the company that was listed in August, last year, rose over 14% and were on course to end a five session losing streak. The Bengaluru-based company's loss for the June quarter was lower than the 8.7 Billion rupees of the previous quarter. SoftBank-backed company said it expected gross margins to increase to 35%-40% in the current financial year. This is up from 20,5% last year. Revenues are projected to be between 42 billion to 47 billion rupees compared to 46.65 million rupees for fiscal 2025. The company also announced that it had developed motors free of rare earths. These are expected to be used in the first quarter of December. Ola announced that it had accelerated its program in April after global shortages of rare earths. China's restrictions on rare earth exports have Disrupted Global auto companies are warning about a severe shortage of parts. In the motors of electric scooters, rare-earth magnets have been used. Ola Electric's automotive unit reported positive earnings before taxes, depreciation, and amortization in June. The segment is expected to be positive during the second quarter. The quarterly sales volume was 68,192, which is just a little bit higher than the 65,000 unit forecast in May. Gross margins in the auto sector rose from 13.8% to 25,6% during the previous quarter.
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BHP and CATL work together to reduce emissions by using more batteries
BHP, the world's largest listed miner, announced on Monday that it had signed preliminary agreements with China's battery giants CATL & BYD in order to explore battery options for mining equipment & transport across all its global operations. The companies will research and develop joint battery solutions for heavy equipment, such as locomotives and mining trucks. BHP's Western Australian operations transport millions of tons iron ore from mine sites all the way to the coast. Both companies will be involved in the study of battery recycling and fast charging infrastructure. The new products could also be a model for reducing emissions in the entire mining industry. This strategic relationship represents a further step forward in BHP’s efforts to reduce greenhouse gases (GHG) emissions from its operations, and will enable it to support further developments in the global resources industry," said Chief Procurement Office Rashpal Bhatti in a press release. Last year, Bhatti was promoted to the position of chief procurement officer at BHP's South Australian copper operations. He had previously worked to reduce emissions by the company's maritime division by using ships powered by liquefied gas to transport ore. BHP, in its quest to reduce diesel consumption, will explore with BYD FinDreams Battery options for developing electric vehicles to be used at mine sites. In recent years, the issue of high power costs has become a pressing concern for metals producers such as BHP. Trafigura, Glencore and others are evaluating the viability their Australian operations. BHP's mid-term goal is to reduce its operational emissions from 2020 by at least 30 percent by 2030. It also supports the development of technologies that can reduce emissions intensity by 30 percent by the end the decade. Its goals are still the least aggressive of all the major mining companies. Rio Tinto is committed to halving their operational emissions by 2030. Australian iron ore mining company Fortescue aims for net zero emissions without offsets by that date.
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Palm oil prices rise as Dalian crude and the weakening ringgit support.
Malaysian palm futures continued to rise on Monday. They tracked stronger edible oils in Dalian and crude oil, and were supported by the weaker ringgit. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 32 ringgit or 0.77% to 4,206 Ringgit ($989.41). Darren Lim said that the firm crude oil prices continue to support edible oil markets worldwide. The slight weakening of the ringgit has also maintained buying interest, making Malaysian Palm Oil more competitive abroad. Dalian's palm oil contract, which is the most active contract in Dalian, gained 0.62%. Chicago Board of Trade soyoil prices rose by 0.02%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. Oil prices increased, adding to gains that exceeded 2% on Friday as investors viewed further U.S. Sanctions against Russia, which may have an impact on global supplies. However, a surge in Saudi production and tariff uncertainty tempered gains. Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger. The palm ringgit's trade currency, the dollar, has weakened by 0.02%, making the commodity more affordable for buyers who hold foreign currencies. Data from the industry regulator showed that Malaysian palm oil stocks increased by 2.41%, reaching a 18-month high at 2.03 million tonnes at the end June. According to data provided by cargo surveyor Intertek Testing Services, and inspection company AmSpec Agri Malaysia, exports of Malaysian products containing palm oil during the period July 1-10 rose between 5.3% to 12% compared to a month ago. Technical analyst Wang Tao stated that palm oil could test support at 4,134 Ringgit per metric tonne and a breakdown would trigger a fall towards the range of 4,034-40558 Ringgit. ($1 = 4.2510 ringgit)
MORNING BID EUROPE - The art of using tariffs to grab headlines
Wayne Cole gives us a look at what the future holds for European and global markets.
The tariffs seem to be a convenient way for Trump to dominate the news cycle. He is not interested in months of complex, tortuous trade negotiations aimed at a mutually beneficial outcome. Why would you do that, when you could tweet a 30% threat of tariffs on a Saturday morning to dominate the news for a whole weekend?
Assuming that this is a negotiation tactic primarily, the markets in Asia have only eased modestly. S&P futures are down about 0.4%, while most regional indexes are only marginally lower.
The euro has lost a small amount, but European futures are down by 0.7%. It's difficult to imagine how Brussels will ever be able to satisfy Trump's requests, partly because it isn't clear what Trump wants. The EU tariffs against U.S. products are so small that there is not much to be cut. However, granting exemptions to domestic taxes and regulation is politically risky.
The market's stoic response could also be a clever ruse. Investors believe Trump will be willing to ease up on tariffs if the need arises. Trump may think that the markets are on his side now, with U.S. stock prices at record highs, and bond yields down from their peak.
It seems that, at any rate the U.S. effective tariff rate will be similar to the Smoot-Hawley levy that so greatly contributed to the Great Depression. We'll see if Trump was right and that the majority of professional economics were wrong.
The U.S. deficit in trade is not yet solved. China reported today that its trade surplus with the U.S. increased by 48% to nearly $27 billion in June, and its exports exceeded forecasts.
Trump found time to continue his feud against Fed Chair Jerome Powell. He said it would be a "great thing" for Powell to step down, eight years after Trump nominated Powell.
Kevin Hassett, White House economist adviser, warned Trump over the weekend that renovation costs overruns at Washington's Fed headquarters could be grounds for firing Powell.
Analysts believe that a Trump nominee for Fed chief will do what he wants by aggressively reducing interest rates, but whether the other FOMC members would agree with this assumption is still in question.
Investors will likely demand compensation to compensate for the increased risk of inflation. This is what happened in Turkey.
Market developments on Monday that may have a significant impact
Piero Cipollone, ECB Board member, appears before the Committee on Economic and Monetary Affairs of European Parliament
(source: Reuters)