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Landslide in Sudan wipes out village, killing more than 1,000
The armed group in control of the region said that at least 1,000 people had been killed by a landslide in the Darfur region's mountainous Jebel-Marra area. Only one person survived. In a press release, the Sudan Liberation Movement/Army headed by Abdelwahid Mohamed Nour stated that a landslide had struck Tarseen on August 31, after a week's worth of heavy rain. SLM/A has appealed for the United Nations to assist in recovering the bodies of the victims including women, men and children. The statement stated that "Tarseen - famed for its orange production - has been completely leveled to the ground." The SLM/A is neutral in the fight between the Sudanese Army and the paramilitary Rapid Support Forces, which are the main adversaries in Sudan's Civil War. Both sides are battling for control of al-Fashir - the capital of North Darfur, which has been under siege by RSF forces and is suffering from famine. Residents from al-Fashir, as well as the surrounding areas, have sought refuge in Jebel Marra. However, food, medical supplies, and shelter are not enough, and hundreds of thousands of people have been exposed by the rain. Tawila is amidst a cholera epidemic, which has affected most of the residents who have fled. More than half of the Sudanese are suffering from hunger crisis and millions have been forced to leave their homes. This leaves them particularly vulnerable to Sudan's annual floods. Sudan's army controlled government expressed condolences to the family and offered its assistance. The newly installed RSF-controlled RSF, which controls areas around Jebel Marra did not comment immediately. Khalid Abdelaziz (Reporting and writing by Enas Alasray, Nafisa Eltahir, Stephen Coates)
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Cyprus increases desalination in response to worsening droughts
The Saint Nicholas Church in the hills over Limassol is normally submerged by the Kouris Reservoir. It offers a stark view of the water crisis that has been escalating in Cyprus. The building's belfry has been exposed, and it is surrounded by arid earth. Cyprus, located in the extreme east of the Mediterranean Sea, has always been a place where drought is a constant. Climate change has made dry spells a constant challenge, and authorities are turning more to desalination in order to meet the rising water demand. The annual rainfall in Nicosia has decreased by 15% over the last 90 years. Temperatures in Nicosia, however, have increased by 1.8 degrees Celsius during the past century - double the global average. On September 1, the island reservoirs were only 14.7% full. The demand for water in Cyprus has tripled since 1990 due to population growth and tourism. Cyprus has a population just under one million and receives nearly three million tourists each year. Yianna Oikonomidou is the senior executive engineer of the Water Development Department. She said that by 2023, the deficit will reach 66 million cubic meters - more than 266,000 Olympic-sized swimming pools. She said, "It shows just how large the problem is and why we're trying to solve it with non-conventional methods such as desalination and re-use treated water, which aligns perfectly with the principles of the circular economy." In 1997, desalination began in Cyprus and today it covers 70% of the country's drinking water requirements. This summer, authorities installed mobile plants from the United Arab Emirates. They plan to install more next year. The government's ultimate goal is to have desalination meet household and commercial needs. Maria Panayiotou, Minister for Agriculture, Environment and Natural Resources, said, "Our goal is to stop relying on the weather." She said that the current administration has adopted a policy of keeping desalination plants running regardless of the season. "Rain, or no rain, Cyprus has to cover its water needs and we can only do that by utilizing the technology available to us. We must also improve our networks, and develop a water-consciousness to minimise waste." Some criticise the use of seawater, even as desalination plant hums along the coast. "It's very expensive... and can cause damage if you're not careful," warned MP CharalambosTheopemptou. He is the chair of Parliament's Environment Committee. The fisherman complained about "no life" and depleted stock in the areas where desalination brine is discharged. The Agriculture Ministry claims that monitoring has shown no negative impact. Scientists warn that the island faces greater risks. Desertification is accelerated by farming practices such as growing water-intensive plants. Michael Loizides is a chemical and environment engineer at the AKTI Project and Research Centre. His group has been involved in a pilot funded by the EU that seeks sustainable ways to stop land degradation. For example, composting can restore soil and improve water storage. "Cyprus faces a dire situation. "We have to be innovative and creative," he said. (Reporting and editing by Frances Kerry, Michele Kambas)
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The price of iron ore rises on the back of a recovery in demand after China's military display
Iron ore futures prices rose on Tuesday, after falling to an all-time low the previous session. This was boosted by the hope of a recovery in demand after the conclusion of the military parade of China, the world's largest consumer. After the parade, the production control will be lifted. Analysts at Zijin Tianfeng Futures say that ore demand will likely rebound in the future, as the impact on hot metal production is only temporary. They are referring to China’s military parade to commemorate World War II's end on September 3. As of 0701 GMT, the benchmark October iron ore traded on Singapore Exchange was trading at $102,35 per metric ton. The day's most traded January iron ore contract at China's Dalian Commodity Exchange ended 0.06% higher, closing the daytime trading at 771.5 Yuan ($107.86). Prices of the main steelmaking ingredient are expected to be impacted by a decline in hot metal production, an indicator of iron ore consumption, by almost 2% by the end of this week, as opposed to a previous weekly drop of only 0.3%. Iron ore consumption has been stable, supported by a high hot metal production, which is much higher than it was a year ago despite recent softening. Coking coal, coke and other steelmaking components have declined by 0.8% and 0.44% respectively. The benchmark steel prices on the Shanghai Futures Exchange have been moving sideways. Rebar fell 0.16%; hot-rolled coils dropped 0.36%; wire rod rose 0.34%, and stainless steel gained 0.666%. Jianhua Wang of consultancy Mysteel said that steel prices would continue to be under pressure in September. She cited weak fundamentals as well as a persistent increase in inventories.
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Centrica confirms extension of life for two UK nuclear reactors until 2028
British Gas's owner Centrica announced on Tuesday that the lifespan of two nuclear power plants in the UK in which it holds a 20% stake has been extended to 2028. Centrica has announced that Heysham 1 & Hartlepool, operated by the French utility EDF, will now be able to produce electricity until March 2028. Britain wants to reduce its dependence on natural gas plants that currently supply around a third its power by 2030. In order to improve energy security, and to meet climate goals, the country is also looking to build new nuclear power plants to replace its aging fleet. Centrica anticipates that the total number of life extensions announced by December 2024 will add 12 terawatt hours (TWh) to its electricity production between 2026 and 2030. The expected closure date of March 2030 for the Heysham 2 nuclear plant and Torness is unchanged. In July, Centrica purchased a 15% share in the proposed Sizewell C Investors including EDF, Canadian pension fund La Caisse, and the UK Government have joined forces to build a nuclear plant in Eastern England.
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India's palm oil imports in August surged 16% to a 13-month high, ahead of the festive season
Five dealers report that India's palm-oil imports rose to a record high in August, largely due to the competitive price of soyoil, which encouraged refiners and retailers to increase purchases before the festive season. India's increasing imports of palm oil, the largest buyer of vegetable oil in the world, is expected to support Malaysian palm futures and help Indonesia reduce their inventories. According to dealers, palm oil imports increased 16% to 993,00 metric tons in August, marking the highest level since July 2024. Dealer estimates show that soyoil imports fell 28% in August, month-on-month, to 355,000 tonnes, the lowest in six months. Meanwhile, sunflower oil imports rose 27%, to 255,000 tons, a seven-month-high. They said that India imported 6,000 tonnes of canola oil in August for the first time since nearly five years. Dealers estimate that the increase in palm oil and soybean oil imports boosted India's total edible oils imports by 3.6% in August to 1.6 millions tons, compared to a month ago. This was the highest level for 13 months. They said that the import figures do not include duty-free shipments from Nepal. Rajesh Patel of GGN Research, a trader in edible oils, stated that refiners have increased their palm oil purchases during the past two month period, because the tropical oil was still cheaper than soyoil. In India, the demand for edible oils, especially palm oil, increases during festival seasons due to an increase in sweets and fried food consumption. A Mumbai-based dealer at a global trading house said that India's palm and soy oil imports will likely remain over 900,000 metric tons in September. Soyoil imports should also exceed 450,000 metric tons. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine. GGN Research estimates that Nepal imported 95,000 tonnes of edible oil in August, compared to 86,000 tonnes in July.
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Gazprom and CNPC Sign Agreement to Increase Gas Supplies to China, RIA Reports
Russia's RIA reported that Gazprom, the Russian energy company, and China National Petroleum Corporation have signed an agreement to increase the annual gas supply to China through the Power of Siberia Pipeline as well as the Far Eastern Route. Reports last month indicated that China wanted to purchase more Russian gas via an existing pipeline, as the talks between two countries failed to progress. The agreements were signed by Russian President Vladimir Putin during his visit to China. He is scheduled to attend on Wednesday a military display on Tiananmen square to mark the official end of World War Two following Japan's surrender. RIA, citing Gazprom CEO Alexei Miller said that Gazprom has agreed with CNPC to increase their supply to 44 billion cubic meters (bcm), from 38 bcm, a year. The two parties have also agreed to raise gas supplies through the Far Eastern route from 10 to 12 BCM. Miller said that a legal binding memorandum had been signed to construct the Power of Siberia 2 gas pipeline from Russia to China, and the Soyuz Vostok Transit Gas Pipeline through Mongolia. Miller added that Gazprom and CNPC signed a memorandum today on strategic cooperation. This marks a new phase in the work we do with CNPC for new projects. (Reporting and editing by Guy Faulconbridge in Melbourne, Lidia Kelly reported from Melbourne)
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Reliance is leading the rise in India's benchmark stock prices ahead of the tax council meeting
India's equity benchmarks rose Tuesday in a rally that was led by Reliance Industries. Investors were also looking ahead to the GST Council meeting this week. As of 10:17 a.m. IST, the NSE Nifty rose 0.41% and the BSE Sensex grew 0.41%. The gains are on top of Monday's gains, when benchmark indexes rose 0.8%. Sentiment was buoyed by the better-than expected GDP data, and expectations for GST rate reductions. The GST council is scheduled to meet September 3-4 and plans to reduce consumption tax on at least 175 products, ranging from consumer electronics to hybrid cars, by 10 percentage points. All 16 major sectors saw gains. Small-caps and midcaps both rose by 0.7%. Reliance Industries gained 2.2% after Morgan Stanley increased its price target. The company said that it stands to benefit the most from China’s drive to curb overcapacity and price wars within energy and solar supply chain. Reliance led the Energy and Oil and Gas indexes by about 1.2%. Siddhartha Khemme, Motilal Oswal Financial Services' head of wealth management research, said that the domestic macro-background and demand environment are still positive, but tariffs of 50% could limit gains. He added that "despite the tariff worries, markets are resilient due to expectations of a U.S. interest rate cut in September and optimism about GST reforms." Sugar stocks like Balrampur Chini and Triveni Engineering as well as Shree Renuka, Dalmia Bharat Sugar and Dalmia Bharat Sugar have risen between 4% to 13% since the government permitted unrestricted production of ethanol from sugarcane products from 2025/26. Phoenix Mills rose 4% following Motilal's upgrade of the stock from "buy" to "buy", citing new mall launches as growth prospects. Puravankara's unit gained 3% following a 309 million rupee ($309m) order to redevelop a housing society.
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SMG Swiss Market Place, an online property portal, announces its intention to flotation
SMG Swiss Marketplace Group, an online platform for real estate and auto sales, announced on Tuesday its intention to float. This is a sign that the European IPO market has been reviving after a long period of stagnation. TX Group owns 30.7% of SMG. TX Group stated that the timing of its planned IPO is dependent on market conditions. Further information will be provided in due time. The company did not specify how many shares will be offered in the floatation, but stated that it has no intention of selling any of its stock. TX Group said that it was confident in SMG Swiss Marketplace Group's long-term prospects, both in terms of cash flow and the development of value. It will not be selling any shares in the planned IPO. It usually takes four weeks after such an announcement before the company's stock can be publicly traded. Capital markets experts predict that SMG shares will attract interest. The company's valuation is estimated to be between 4 and 5 billion Swiss Francs ($4,99 to $6,24 billion), at least 20% being sold to external investors. The company has a number of property websites in Switzerland including Immoscout24 and homegate.ch, as well Autoscout24 which is for car buyers.
MONDAY BID EUROPE - Nestle in a sticky situation similar to euro zone inflation
Ankur Banerjee gives us a look at what the future holds for European and global markets
Nestle, the maker of Kitkats and a major player in the data world, will be the focus of investors' attention after it abruptly fired its CEO.
According to economist estimates, euro zone inflation was likely stable at 2.0% in August. Last week, data from Germany, France Italy and Spain showed that inflation was close to the European Central Bank target.
Market watchers expect the ECB to leave its key interest rate unchanged at 2% during its policy meeting in July, and they also expect that it will do so this month. Discussions about further reductions are expected to resume in autumn.
NESTLE UPHEAVALL
Nestle fired Laurent Freixe a year and a half after he became CEO because he failed to disclose a romantic relationship involving a subordinate.
This dismissal came one year after the abrupt departure of Mark Schneider, and two-and-ahalf months after Paul Bulcke, the longtime chair, announced that he would retire in 2026. It was one of the most turbulent times in the history.
Nestle stock has dropped more than 17% in the last 12 months, while the pan-European STOXX 600 index is up 5%. Beware of fireworks when the market opens.
WAGE WAGERS FOR RATE-CUTTING
The broader market was also struggling to find direction, as investors prepared for the U.S. employment report due on Friday. This will have an impact on the Federal Reserve’s policy in the near future. Investors expect the Federal Reserve to cut rates by 25 basis points at its meeting in September.
Investors have been wary of President Donald Trump's relentless attacks on the Fed. His efforts to fire Lisa Cook, the Governor at the Federal Reserve Bank, raised the possibility that he would make more dovish appointments.
The comments of Treasury Secretary Scott Bessent have stoked concerns about the Fed’s credibility and independence.
"The Fed should have independence." Bessent stated in an interview that the Fed is independent but that he also believes they have made many mistakes.
Gold has broken above $3,500 per ounce, a new record. The dollar is still under pressure from rate-cut bets. Metal is up 33% after rising 27% in the previous year.
The following are the key developments that may influence Tuesday's markets:
Euro zone inflation data for august
(source: Reuters)