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HIGHLIGHTS-Tennis-French Open day four
Highlights from the French Open's fourth day on Wednesday (times GMT). 1040 BENCIC THRU?THIRD RUND Belinda Bencic, the 11th seed from Switzerland, was the first woman to reach 'the third round' after she defeated American Caty McNally 6-4 6-0. Play Under Way 0909 The temperatures at Roland Garros were hot, and are expected to reach 32 degrees Celsius in Paris. Iga Swiatek will face Sara Bejlek on Court Philippe Chatrier, a Czech player who is ranked third. Novak Djokovic, a 24-time Grand Slam winner, will play Valentin Royer in the afternoon. READ MORE Svitolina plays down title talk, Zverev aims for a strong performance against Machac at the French Open Sabalenka and Osaka bring style to Paris, but Medvedev is undone Sinner breezes through to the second round of French Open Pegula fails to make it past the first round of French Open Osaka embraces role of entertainer following another grand walk-on Boisson's injury-ravaged performance at Roland Garros disappoints the French women Kouame, a teenager, becomes the youngest male Grand Slam winner in 17 years. Medvedev shocked by wildcard Walton at French Open first round FRENCH OPEN ORDER OF ?PLAY ON WEDNESDAY (prefix number denotes seeding): COURT PHILIPPE CHARTIER (play starts at?1000 GMT). Sara Bejlek (Czech ?Republic) v 3-Iga Swiatek (Poland) 7-Elina Svitolina (Ukraine) v Kaitlin Quevedo (Spain) Valentin Royer (France) v 3-Novak Djokovic (Serbia) Tomas Machac, (Czech Republic), vs.?2-Alexander Zverev, (Germany). COURT SUZANNE LEENGLEN (play starts at 0900 GMT). 8-Alex ?De Minaur (Australia) v Alexander Blockx (Belgium) Yuliia Starodubtseva (Ukraine) v 2-Elena Rybakina (Kazakhstan) 13-Jasmine Paolini (Italy) v Solana Sierra (Argentina) 15-Casper Ruud v?Hamad Mejdovic (Serbia). COURT SIMONNE MATHIE (play starts at?09:00 GMT) Caty McNally, U.S. vs.?11-Belinda Bencic, Switzerland Camilo Ugo Carabelli (Argentina) v 11-Andrey Rublev 32-Ugo Humbert (France) v Quentin Halys (France) 8-Mirra andreeva v Marina Bassols Ribera, Spain (Reporting from Suramya Kaushik in Bengaluru and Rohith Nirra in Bengaluru. Editing by Christian Radnedge).
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China's PDD misses quarterly revenue estimates on softer demand
PDD Holdings, the Chinese ecommerce giant, missed Wednesday's market expectations?for its quarterly revenue, as persistent economic weakness slowed demand for?the company’s domestic discount marketplace, Pinduoduo. In premarket trading in the United States, shares of the company that operates Temu, an international e-commerce platform, dropped more than 5%. Chinese retailers are struggling to attract customers as the prolonged property crisis and worries about wage growth and jobs have reduced consumer spending power. This has impacted demand for companies like PDD. PDD faces stiff competition from JD.com, Alibaba and other rivals who are offering steep discounts and promotions to attract customers. Temu has emerged as a popular platform for consumers to purchase everything from homeware to shoes at affordable prices. This is capturing the demand of lower-income households worldwide. Temu's model of delivering cheap goods directly to customers from China, while generating strong growth in some markets, is facing increasing regulatory scrutiny. According to LSEG data, PDD reported total revenue of 106.23 bn yuan (15.67 bn) for the first quarter ended in March. This compares with an average analyst estimate of 109.33 bn yuan. The net income attributable to ordinary shareholders was 12.5 billion yuan. This is down 15% from the previous year due to higher?research and development?expenses, as well as increased order fulfillment and payment-processing fees.
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AMERICAS MORNING BID- Out of the blue chip
What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets The chips are blue. The scramble to buy AI stocks seems to have no limits. Micron Technology, a memory chip manufacturer, briefly joined the $1 trillion club in Wall Street on Wednesday. Memory chips are in high demand and there is a shortage. Both companies have seen their shares increase by about 10 times over the past year. Below, I'll go into more detail. Check out my most recent column about why rising bond rates could have a negative impact on stocks in the near future. Listen to the most recent episode of Morning Bid's daily podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. The race for chips continues unabated, as Micron's and SK Hynix shares both surged by 20 percent this week. SK Hynix has now reached the same milestone as fellow South Korean chip company Samsung. Samsung also hit $1 trillion earlier this month. The?shares of both companies rose again on Wednesday following a landmark agreement on bonuses for Samsung employees. This deal avoids a damaging strike and certain memory-chip workers are 'in line' for bonuses exceeding $400,000. Samsung will set aside an important portion of its chip division's profits to pay for the bonuses. South Korea's KOSPI Index soared by over 3% Wednesday, led primarily by SK Hynix and Samsung. On Wall Street, optimism about the stock market continued as the S&P 500 closed at record highs on Tuesday. Goldman Sachs, meanwhile, has raised its year-end estimate for the S&P 500 to 8,000 compared with 7,600. This is a 6% increase based on continued corporate earnings. U.S. stocks futures rose before the bell Wednesday while European shares rose after the opening. The Conference Board's index of U.S. Consumer Confidence eased less than expected this month, a stark contrast to the University of Michigan's survey last week. The Iran standoff was largely unchanged, but hopes of a diplomatic breakthrough continued, despite Tehran's description of recent U.S. attacks as a?gross violation?of the two sides' ceasefire. Early on Wednesday morning, oil prices dropped by about 3%. This reversed some of the 4% increase from Tuesday. Isabel Schnabel, a member of the European Central Bank's board, said that rates should be raised next month - even if a U.S./Iran peace plan was agreed. Schnabel said that "looking through" was not an option because of the magnitude of the energy crisis. Chart of the Day SK Hynix surpassed $1 trillion for the first-time on Wednesday. Micron Technology, a U.S. listed company, briefly surpassed that threshold on Tuesday. Samsung Electronics also reached this milestone on May 6th. Samsung's shares rose 3%, SK Hynix shares closed 9% higher and SK Hynix shares closed 9% higher. Samsung avoided a strike by avoiding a 9% increase in its stock price. Micron stock has risen more than 1,200% in price since April of last year. Watch today's events * U.S. 5-year note auction (1 p.m. EDT), 2-year floating rate note auction (11:30 a.m. EDT) * ?U.S. All three speakers: Governor Lisa Cook, Fed Vice-Chair Philip Jefferson and Dallas Fed President Lorie?Logan Want to receive "the Morning Bid" in your email every morning? Subscribe to the newsletter. Follow us on LinkedIn, X and ROI. The opinions expressed here are the author's. These opinions do not represent the views of News. News is committed to the Trust Principles and a commitment to independence, integrity, and neutrality.
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German power prices rise as heatwave and lower wind supply demand increases
German power prices for the day ahead jumped by 29% on Wednesday as a heatwave across Europe increased cooling needs, and lower wind generation meant more expensive electricity sources such as coal-fired plants and gas-fired ones would be required to meet demand. This week has seen temperatures in Europe that are higher than normal, increasing the demand for air conditioners and cooling systems. Engie's EnergyScan cited exceptionally warm weather over the period as a?dominant factor. It noted that cooling degree days - a measure for demand for air conditioners - were at their highest levels in decades. The warm weather pattern is also expected to continue through the weekend. This will keep demand high, and the strong solar output will ease the pressure on the grid at midday. The data from LSEG showed that the German wind power production was 'forecast' to drop by 9.7 gigawatts per day, to 4.4 GW by Thursday. Residual load, which includes non-renewable power generation sources, is expected to rise by 8.2 GW up to 23.5 GW. Forecasters DWD and MeteoFrance have predicted temperatures in Germany to reach 30 degrees Celsius (86deg F) on Thursday. In France, they predict temperatures to rise above 30C at midday.
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James Wood and the Nationals aim for a 3-game sweep at Cleveland
James Wood has been on fire and the Washington Nationals have had their best start to a season since 2021. The Cleveland Guardians have felt the pain first-hand at their ballpark. Washington can complete a?three-game road sweep on Wednesday, when Nationals righty Miles Mikolas (0-3, 6.17 ERA), faces Guardians' righty Gavin Williams (7-3 3.25). Wood has pounded Cleveland pitching for their first two interleague games, going 7-for-9, with two homers, three RBIs and four runs. Wood, 23, will return to the top of the lineup in the afternoon's finale. Blake Butera, Washington's manager, said: "His ability to work walks and lay off pitches is incredible." "He's a lot of fun to watch." Wood is the leading major leaguer with 49 runs. He also leads the National League in on-base percentage (.413) and walks (46). He has been batting.369 in his last 17 games and is 24-for-65. The Nationals are two games above.500, matching their previous season's high. Washington has not?been over the break-even point this late into a calendar year since July 1, 2020, when the team was 40-39 and lost 58 of the final 83 games before finishing last in the NL East. Butera stated that "winning baseball games is fun." The Nationals rotation has also been impressive in recent times, with a 1.00 ERA - over the last six games - and 39 strikeouts compared to seven walks. Mikolas pitched five scoreless innings in his last outing on May 22, against the Atlanta Braves. In his three career appearances, he has a 1.01 ERA and a 1-1 record against Cleveland. The Guardians are comfortably leading the American League Central. However, their starting pitching has been a mess. Tanner Bibee, Joe Cantillo, and others have combined to throw just five innings over the last two days. They were hammered for six home runs and 11 total runs. Cantillo's two-inning outing on Tuesday was the shortest of his career. He lost?6-3. In the second inning, he gave up two runs to KeibertRuiz. He also allowed Wood to hit a home run for two runs. Bibee set a franchise record on Monday by dishing out five home runs in a 10-2 win. "I didn’t do my work and that can’t happen," said a?Cantillo whose 18 walks in May were the most allowed by a major leaguer. "Especially after Monday, I didn't allow us to win the match." Williams was brilliant in his two previous?starts. He struck out 18 batters without walking and allowed only two runs to be scored over 14 innings. This will be his first game against the Nationals. In 20 interleague appearances, he is 7-7 and has a 3.98 ERA. Williams, also known as "Big Rig", loves the sun and has the sixth best career ERA of all active starters in the daylight (minimum '30 starts). Williams' 2.83 is only behind?Jacob deGrom (2.02), Drew Rasmussen (2.14), Paul Skenes (2.55) Garrett Crochet (2.73), and Tarik Skubal (2.82). Stephen Vogt, the Guardians' manager, said: "It has been two hard losses but we are back to it on Wednesday." Washington's lineup makes you work. You can't get the other team to chase if you don't pound on their zone. Field Level Media
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Cambodians are now more motivated than ever to tap into $300 billion of energy resources, due to the global fuel crisis
Cambodia's energy minister stated on Wednesday that the oil shock caused by the conflict in Iran has prompted Cambodia to resolve its maritime dispute with Thailand and unlock underwater energy resources worth $300 Billion. The grip of Iran on the Strait of?Hormuz - the conduit for a fifth of global oil supplies - has made the conflict in the region the worst ever global energy crisis. In an interview, the Minister of Mines and Energy Keorottanak said that Cambodia relies on renewable energy, including hydropower and solar power, to help it weather this current crisis. However, its hopes for industrialisation are based on fossil fuel assets. He said that before the crisis, all nations might have taken energy security for granted. "But, the ongoing crisis, and especially the pressure coming from the Strait of Hormuz has brought the energy security of every nation to sharper focus." "But the?ongoing crisis, especially the pressure from Strait of Hormuz has only brought energy security to any nation into sharper focus." Both countries claim an area of around 27,000 sq km (10,400 sq miles) in Gulf of Thailand which is estimated to contain around 11 trillion cubic foot of natural gas and large quantities of oil. TotalEnergies and other international oil and gas companies are interested in potentially beginning offshore exploration activities, if neighbours can settle their differences over "a patch of ocean" in the Gulf of Thailand. He said that harnessing oil and natural gas resources could be a win for both Thailand and Cambodia. UN CONCILIATION NEXT STEP The Thai government unilaterally terminated this month a 25 year-old agreement that was to be used for joint offshore exploration. Despite protests by Cambodia, it argued the framework had not made any progress. Keo Rottanak stated that the move by Thailand has forced Cambodia to use a mandatory conciliation process in accordance with the United Nations Convention on the Law of the Sea to come to an agreement on the maritime border. He said that Cambodian officials plan to contact the Thai government to discuss this mechanism. Thailand's Foreign Ministry did not respond immediately to any questions. A panel of conciliators helps countries to settle their disputes. Timor-Leste used this procedure in 2016 when it agreed on permanent maritime borders with Australia. LONG ROAD Ahead He said that a quick resolution of the border dispute was vital, given the time needed for exploration and the development. He said that if you wait another decade, your chances of getting financing for oil and gas exploration and exploitation are unlikely to be good. "And large companies are aware of this." TotalEnergies didn't immediately respond to our request for a comment. After years of delays, Cambodia produced its first crude oil in late 2020, as part of a joint venture between the Cambodian government and KrisEnergy. The Singapore-listed company announced its liquidation only months later. This cast a shadow on a sector the Cambodian Government is keen to revive. Keo Rottanak, speaking of Cambodia and Thailand, said that it would take time for the parties to increase their financial resources and technological capabilities. (Reporting and editing by Gus Trompiz/Keith Weir; reporting by DevjyotGhoshal)
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Chinese coking coal prices fall as supply concerns are outweighed by demand concerns
China's coking coal prices fell Wednesday, as concerns about steel demand outweighed supply worries triggered by the?deadly mining accident that occurred in a northern Shanxi Province. This had been a catalyst for a two-session rally. As heavy rains in some southern regions disrupted logistics and temporarily lowered steel consumption, the demand for steel has shown signs of easing. Data from the state-backed Steel Association showed that China's daily crude output is expected to drop 0.9% from its?first 10 days level. This suggests a fall in the intake of feedstock. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading?down 1.16 % at $187.65 per metric ton. The DCE coke contract with the highest volume fell 1.08%, to 1,877.5 Yuan per ton. In a recent note, Ge Xin of?consultancy Lange Steel stated that "the steel market will embrace a seasonally low demand in June." Steel exports were also hit by escalating trade barriers globally, the carbon tax and increased competition from competitors. Prices for the two feedstocks used in steelmaking rose this week, as supply concerns grew after a series of strict safety inspections carried out at coal mines following the Friday gas explosion that claimed 82 lives. Analysts at Everbright Futures said that steel margins were squeezed due to?higher prices for feedstock and sluggish downstream demand, which put pressure on the prices of ingredients. The price of iron ore was mixed. The?most-active DCE contract fell 0.32%, to?781.5 Yuan per ton. Meanwhile, the benchmark June ore at the Singapore Exchange rose 0.17%, to $105.2 per ton as of 0828 GMT. The steel benchmarks at the Shanghai Futures Exchange were mostly lower. Rebar fell 0.73%, while hot-rolled coil dropped 0.5%. Wire rod also declined 1.09%, and stainless steel gained 0.81%. $1 = 6.7839 Chinese Yuan (Reporting and editing by Mrigank Dahniwala; Amy Lv, Lewis Jackson)
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London copper reaches near a two-week peak, while aluminium is steady near a four-year high
London copper prices reached a two-week high on Wednesday as lower oil prices eased concerns about inflation and slowed economic growth. Aluminium prices also remained near their highest levels in more than four years due to supply concerns. The price of three-month copper at the London Metal Exchange was up 0.3% to $13,660.50 per metric tonne by 0701 GMT after reaching its highest level since May 15, earlier in the day. The Shanghai Futures Exchange's most traded copper contract was down 0.4% to 104,680 Yuan ($15.424.74) per tonne. Brent crude oil fell this week and was trading at its lowest level in over a month. This eased some concerns about inflation and global slowdown. It also supported demand for copper which is widely considered to be a bellwether of the health and strength of the global economic system. Copper's popularity is also boosted by the expectation of an AI boom, which will require large quantities of copper to power data centres. Ilya Spirak, global macro head at Tastylive, said: "The main tension in the markets is whether the AI buildout narrative will continue to diverge from the inflation fears triggered?by?the U.S. Iran war and its dramatic effects." Iran claimed on Tuesday that the U.S. violated a truce by attacking targets near the contested Strait of Hormuz. This could complicate efforts to end the war. The price of three-month aluminium at the London Metal Exchange increased by 0.1%, to $3.677 per metric ton. In the previous session, prices?rose to a high not seen since March 24, 2022. The price of alumina, the main feedstock for aluminium, has been rising. Also there is a tightening market because of a reduced supply by Gulf producers. In the morning session, the September alumina contracts on the Shanghai Futures Exchange rose over 1% to their highest level since April 28. The LME Aluminium Cash Contract premium has also remained high despite the reduced aluminium production from Gulf producers. As of Tuesday, the price per ton was $73 Nickel fell by 0.2%, tin dropped by 0.6%, and zinc held steady on the LME. Nickel reached its highest level since May 14 during the session. Lead was hovering near a 4-month high. Aluminium, among other SHFE metals rose by 0.3%, while zinc fell 1.1%. Lead increased 0.1%. Nickel gained 0.8%, and tin declined 0.8%.
The war in Iran will accelerate China's switch to electric trucks over diesel
Analysts and automakers predict that the rise in diesel prices caused by the Iran War will accelerate the electrification process of China's heavy trucks fleet this year and help to reduce fuel consumption in the world's biggest oil importer. Over the past two years, electric?heavy trucks have grown from a niche to nearly a quarter of all new heavy truck purchases by 2025. This is thanks to government subsidies and cheap refuelling. The growth of last year was particularly pronounced in the fourth quarter, as buyers believed that the trade-in subsidies would soon end.
According to CVWorld.cn, new-energy heavy trucks, which are mainly electric, started this year with a similar boom. Sales grew 45% on an annual basis to 44,000 units, accounting for over a quarter of segment sales.
CVWorld.cn also said that it expects sales of heavy electric vehicles to increase 30% in April, due to a stronger seasonal demand as well as higher oil prices.
Min Ji, a senior analyst at S&P Global Mobility said that the war in China has pushed up fuel prices, and this will lead to accelerated replacement of traditional trucks. The company plans to revise its forecasts for electric truck sales by the end of this month. Electric heavy trucks have a range of about 300 km (186 mi), and are mainly used for short trips between industrial sites, and transport hubs. However, long-distance corridors continue to expand and manufacturers such as Sany now market trucks with a range of up 600 km. The rapid introduction of liquefied natural gas and electric trucks has also reversed the decades-long growth of the use of gasoline and diesel in China.
Several energy consultants now expect diesel consumption to decline faster than originally forecast.
GL Consulting predicts that diesel consumption will fall by 4.3% in this year, compared to a forecast of 4.1% before the war. Rystad Energy forecasts a 5% drop in diesel demand this year. This is faster than the 4% decline they predicted before the war. It's equivalent to an additional decrease of around 40,000 barrels a day.
MOVE OVERSEAS AND SAVE MONEY
The economics of buying an EV truck are more compelling because the price of diesel in China has risen 27% since the Iran War began on February 28, the highest it's been in four years.
In China, electric heavy trucks can cost up to 500,000 yuan (about $73,500), and diesel versions more than 300,000. But buyers are able to save nearly half of that price with a trade-in program that was extended from April to the end of the year.
The EV trucks are a lot cheaper to run. GL Consulting estimates that lifetime costs for an electric truck – including purchase price, fuel and operation costs over a million kilometers – are half of a diesel-equivalent at current?fuel rates. These lower costs also drive an export boom into Europe, which is the second largest electric truck market in the world, but it still lags behind China. According to the International Energy Agency, China will sell 160,000 electric trucks in 2024. In Europe, however, they'll only be less than 25,000. In March, it was reported that up to 12 Chinese manufacturers, including the top-selling Sany brand, planned to sell their products in Europe at a price of up to one third less than what is currently being charged.
Chen Dong, the Deputy General Manager of Sany, told reporters in April that Sany was already anticipating that the market for electric tractor trucks would increase by 50%, to 250,000 units.
Chen stated that the odds of reaching this goal are on the rise, due to rising oil prices.
(source: Reuters)