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Canada wildfire smoke blankets US Midwest and Northeast with dangerous orange haze
On Thursday, heavy smoke from wildfires burning in Canada covered a large swath across the U.S., from the Midwest to the Northeast. Officials warned residents that they should avoid breathing the unhealthy, acrid air and stay inside as much as possible. Detroit, according to IQAir's monitoring, had the worst air quality in the world on 'Thursday. ', with a 600 reading, which is twice as high as the U.S. Environmental Protection Agency considers "hazardous". Federal data revealed dangerous levels of smoke in Minnesota, Michigan and northern Illinois. The smoke also reached northern Ohio, and even into Ontario. Minneapolis, Milwaukee, and Toronto recorded hazardous readings. From Minnesota to Maryland, ten states recorded at least one location with an "unhealthy?"?reading. Smoke was expected to increase throughout the day. Local officials in New York warned residents to stay indoors, as the air was filled with acrid smoke and the sky was orange. New York's dangerous weather conditions came just days before Sunday's?FIFA World Cup Final? in New Jersey, which will be watched by more than 80,000 people. At an event held on Thursday, New York City mayor Zohran Mamdani stated that "today is expected be the worst day for this event". At 'unhealthy levels', everyone, including people with heart disease, asthma, and older adults, may experience health effects. Today, all New Yorkers should take precautions. Mayor said that the city will be giving away free KN95 masks in hundreds of libraries, firehouses and police precincts. According to?government?data, as of?Thursday, 858 fires were active across Canada. 111 were considered out of control. The majority of fires are in central provinces like Manitoba, Saskatchewan and Ontario. So far in Canada, wildfires have consumed approximately 2.4 million acres (5.9 millions?acres). Experts in climate change say that rising global temperatures are driving a rise in wildfires across the globe. Wildfire smoke is more toxic than regular 'air pollution' because it can last in the air for weeks. Wildfire smoke has been linked to increased rates of cancer, heart attacks, strokes and pregnancy complications. Reporting by Joseph Ax, Andrew Hay, Caroline Stauffer, Wa Lone, and Mark Porter in Toronto.
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Chevron signs MOUs for West Qurna 2 oilfield and Nassiriya oilfields in Iraq
According to a senior Chevron executive, Chevron plans to sign memorandums with the Iraqi Government on Friday to advance its interests in the West Qurna 2 oilfield and Nassiriya. The executive stated that the?company continues to talk with Iraq about producing technical studies and evaluating potential pipeline routes for transporting crude oil out of Iraq and bypassing the Strait of Hormuz. Ali al-Zaidi visited Chevron Houston's headquarters on Thursday, as part of his five-day visit to the U.S. that included a Tuesday meeting with President Donald Trump. Iraqi government seeks to secure U.S. partnership during this week's trip to the U.S. To help increase its oil production. Chevron began exclusive negotiations with Iraq in February for West 'Qurna 2 - one of the largest oilfields in the world, which currently produces?460,000 barrels a day. The agreement will help advance commercial terms, and eventually lead to a final agreement that allows Chevron?to take over the oilfield?, said the senior executive. Chevron signed a?principle agreement with Iraq in August last year to develop the?Nassiriya oilfield?project?which consists of four oil exploration blocks, in addition to other oil producing fields. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
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Retail sales in the US are held back by lower gasoline prices, but the underlying momentum is still there
Retail sales in the U.S. increased slightly in June, as lower gasoline prices lowered receipts at service station. However, households increased their purchases of motor vehicles, and they spent more online, confirming economists' view that consumer spending "accelerated" in the second quarter. Other data released on Thursday showed that the labor market was stable, and that first-time claims for unemployment benefits?dropped to a 2-month low. The data had no impact on the near-term outlook for monetary policy. Economists expect that the Federal Reserve will keep interest rates at their current level later this month. Ellen Zentner is the chief economist at Morgan Stanley Wealth Management. She said that despite challenges, consumers continue to spend and the labor markets show no signs of weakness. This type of data will not move the Fed in any direction, but it highlights the continued resilience of the U.S. economy." The Commerce Department's Census Bureau reported that retail sales increased 0.2% in June, the lowest gain in five month after a 1.0% increase in May which was upwardly revised. The Commerce Department's Census Bureau reported that the increase in retail sales, which is mainly goods and not adjusted for inflation was in line economists' expectations. It followed an earlier 0.9% rise in May. In June, sales rose 6.7% compared to the same month last year despite budgets being squeezed by higher import tariffs as well as more recently due to the Middle East conflict. The spending continues to be driven primarily by households with higher incomes, whose wealth has been boosted by the stock market rally. The generous tax refunds of this year provided a cushion for consumers, who also tapped into their savings and sought bargains. The Federal Reserve's Beige Book Report on Wednesday stated that consumer spending had increased in early July. It also noted that "several district noted declines in discretionary spending or trading down to a more affordable variety." The average receipts at service station dropped by 5.3% in June after rising 2.6% in May. The average gasoline price dropped to $4.18 per gallon from $4.61 a month earlier, according to data from the US Energy Information Administration. The modest reduction in gas prices, which was due to a decline in oil prices, as a tentative ceasefire between Iran and the United States took hold, allowed money to be spent elsewhere. The truce ended last week, and renewed hostilities between the United States and Iran have caused oil and gasoline to rise again. Auto dealerships saw an increase of 1.9% in receipts. Amazon Prime Day boosted sales at non-store retailers by 1.9%. Other retailers offered similar promotions. Sales at electronics and appliance stores increased by 0.8%. The FIFA World Cup likely contributed to the 1.3% increase in sales at sporting goods, book, music instrument, and hobby stores. Food services and drinking establishments, the only service category included in the report rose by only 0.1%. Furniture stores saw flat sales, but building materials and garden equipment stores experienced a slight increase of?0.1%. Sales at health and personal care stores fell 0.8%. Clothing, food and beverage retailers also saw a decrease in sales. The declines may be due to retailers lowering prices in order to attract more customers, or consumers refusing higher prices. U.S. shares opened lower. The dollar edged higher against a basket currency. U.S. Treasury rates were higher. LABOR MARKET STABLE Retail sales, excluding automobiles and gasoline, building materials, food services, and other items, increased by 0.5% in June after a 0.8% increase, which was upwardly revised, in May. Core retail sales, which are closely related to the consumer spending component in gross domestic product (GDP), were reported as having increased by 0.7% in May. Economists predict that consumer spending, which makes up more than two thirds of the GDP, will pick up in the second quarter, after nearly stalling during the quarter January-March. According to the Atlanta Fed model, GDP growth is expected to be 1.3% annually in the April-June quarter. The economy grew by 2.1% in the first quarter. Separately, a report by the Labor Department shows that initial claims for unemployment benefits for the state fell 8,000 to 208,000 seasonally adjusted for the week ending July 11. This is the lowest level for the month of May. Economists expected 217,000 claims in the latest week. After surging in May, and remaining elevated until mid-June, claims have now?retreated. The recent drop in claims is likely due to the fact that big automakers like General Motors, Ford and Toyota have opted out of the summer shutdowns at their assembly plants for maintenance and retooling. The number of claims is at a level that economists believe is consistent with a labor market that they describe as "slow fire, slow hire". The claims report revealed that the number of people who received unemployment benefits following an initial week, which is a proxy for employment, dropped by 16,000, to a seasonally-adjusted 1.805 millions during the week ending July 4.
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Wildfire smoke poses serious health risks
Smoke containing noxious gases, particulates and other harmful substances is causing a pungent haze to blanket millions of people around the globe. What you need to know about wildfire smoke. What is contained in wildfire smoke? Wildfire smoke is more toxic than regular air pollution and can linger for weeks in the air. It can also travel thousands of kilometers. Wildfires are not limited to burning vegetation. They can also burn vehicles, buildings and their contents. Wildfire smoke contains not only soil particles and biological materials but also metals, plastics, and other synthetic materials. What are the known health effects? Kent Pinkerton is co-director of the Center for Health and the Environment, University of California Davis. He said that in laboratory experiments, wildfire smoke caused more tissue damage and inflammation than air pollution. Wildfire smoke has been linked to increased rates of heart attacks and strokes. It also increases emergency room visits due to asthma. In Maryland, a study conducted in 2023 found that wildfire smoke from up to 2,100 km away was responsible for a spike of heart and lung diseases. Wildfires have also been associated with eye and skin conditions. Wildfire exposure during pregnancy is associated with miscarriage and low birth weight. Californian researchers found that wildfire exposure and placental cellular damage are linked. In a separate study, wildfire smoke inhalation during the third trimester was linked to an increased risk of autism. Exposure can have long-lasting effects. Heart disease rates in Australia remained high for more than two and a half years after the Hazelwood coal mine?fire of 2014. Respiratory illnesses remained high for another five years. In a study published in 2026, wildfire smoke was linked to increased risks of lung, colorectal and breast cancers, as well as blood and bladder cancers. The risks increased with the amount of pollution from the fires. Researchers in California found that exposure to the Camp Fire of 2018 in California led to changes in brain activity and cognition six to twelve months later. Multiple studies now link longer-term exposure to wildfire smoke with increased dementia risk. Californian data also shows an increase in fungus?infections following exposure to wildfire smoke, probably due to the spores present in the smoke. Is there a safe level of inhaled particles? Doug Brugge who chairs the Department of public health sciences at University of Connecticut School of Medicine said, "The bad news, there is no safe level" of wildfire smoke particles inhaled. The higher the exposure level, the greater the risk, but these particles can still make people sick even at levels lower than the national safety standard. Inflammatory responses can be triggered by any amount of particles inhaled. The most vulnerable are children, the elderly, and those with chronic diseases. Keith Bein, Air Quality Research Center, University of California Davis, says that even in healthy adults, certain effects of exposure, such as sore throats or excessive phlegm and coughing, headaches, and brain fog, can occur immediately and persist for a long time after the smoke plume has disappeared. What can you do to mitigate the risks? Experts recommend wearing N95 masks in the presence of wildfire smoke and limiting outdoor activity, particularly strenuous sports. Dr. Jasvinder Sing, a specialist in lung medicine at Medstar Franklin Square Medical Center Baltimore. Indoor air purifiers capable of trapping particles smaller than 2.50 microns are also recommended by experts. Brugge stated that air purifiers reduced exposure to air pollution and, in studies, the blood pressure and cognitive effects of it. UC Davis provides'simple instructions' for those who can not afford to buy an air purifier. The EPA offers online instructions on how to reduce exposure to wildfire smoke. Are people safe indoors? Experts claim that the smoke from wildfires can enter buildings at high concentrations. Singh stated that the average concentration of wildfire pollutants indoors is half what it is outside. He said that if a building has poor sealing, it can have a concentration of up to 70% more than what is outside. Through drafty doors and windows, old buildings can expose people to higher levels of pollution. The EPA recommends that people refrain from indoor activities which can cause fine particles to be released into the air. This includes smoking cigarettes, frying food or broiling it, or burning incense or candles. Bein compared the indoor exposure to wildfire smoke with second-hand smoke. He said that "the particles... end up all over - on clothes, walls, surfaces and are still outgassing", i.e. being released into air, "after the plume has gone." What is unknown? Climate change will likely lead to more frequent wildfires, which means people will be exposed to them more frequently. The health effects of multiple seasons have not been determined. Bein stated that it is difficult to predict the number of fires, the duration and the type of smoke from the fires. Researchers are examining the effects of smoke particles on water supplies, crops or livestock. They also examine the effects of wildfire smoke in utero and the effects of extreme heat. Researchers warn that nutrients carried by wildfire smoke can contribute to algal blooms in the downwind area, which could have implications for drinking-water reservoirs and lake ecosystems. Reporting by Nancy Lapid, Editing by Mark Porter
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India's SBI Funds Management raises $31 billion at the country's fourth most-bid IPO
India's SBI Funds Management drew bids worth ?3 trillion Indian rupees ($31.14 billion), making the asset manager's $1.03 billion initial public ?offering (IPO) the country's fourth-most-subscribed issue. The $278.5 millions raised by anchor investors, such as BlackRock, sovereign wealth funds in Singapore, Abu Dhabi and Norway, is included in the IPO subscription numbers. India's primary stock market made a strong return with the IPO that closed on Thursday. This was after a subdued start to the year. India will see a flurry of public offerings during the second half of the year. Reliance Jio's mega listing and the National Stock Exchange are expected before 2026. SBI Funds Management is India's leading asset manager. It's a joint venture of the largest Indian lender, State Bank of India, and Europe's largest asset management company, Amundi. The two companies oversee funds totaling 12.5 trillion rupees (131 billion dollars) as at March 2026. Exchange data revealed that institutional investors were the main buyers of SBI Funds Management shares. They bid for 25?billion dollars worth of shares - 140 times more than what was offered for them. The amount set aside for SBI shareholders and retail investors was subscribed to 3.6 and 9.5 times respectively. Stocks are expected to start trading on 21 July. Data from PRIME Database shows that SBI Funds' IPO is behind Reliance Power and LG Electronics India in terms of the number of bids received. Analysts at Aditya Birla Money said in a July 14 note that the asset manager was well positioned to 'capitalise on their market leadership, strong network of distribution and robust profitability. India's IPOs this year are worth less than $4 billion, compared to the $21.8 billion of last year. According to the Prime Database, activity will pick up in 2026's second half, when 251 companies plan to raise 5.17 billion dollars or 4.93 trillion rupees. The heavy bidding for SBI Funds IPO'signals investors are willing?to commit?fresh capital?to quality franchises. This can help revive sentiments in the upcoming pipeline of (IPOs)", said Dhiraj Rielli, managing director at HDFC Securities.
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Portugal, Brazil seek Brazilian investors for sustainable fuel plants in Europe
Portugal and Brazil are looking to attract Brazilian investors to build one or more advanced biofuel - and sustainable aviation fuel plants. Maria Graca Carvalho said she would discuss the project, which targets the domestic and European market, when she meets her Brazilian counterpart next week in Brasilia. Carvalho says that the company wants to take advantage of Brazil's biofuels expertise and Portugal's role as a European gateway in order to meet the growing demand for low carbon fuels. BRAZIL HAS AN 'SIGNIFICANT' EXPERTISE, MINISTER SAYS Carvalho stated that the project had the support of Brazilian President Luiz inacio Lula da Silveira. She said that Brazil, which she called a "very-close" partner of Portugal, was the country's biggest oil supplier and accounted for 44% imports. Carvalho, a reporter at the time, said that Brazil has been a leader in biofuels for many years. It also has a significant amount of technological expertise in SAF and advanced biofuels. We want to provide Portugal with the opportunity to establish one or two fuel plants. She said, "We are looking into a joint venture that would allow us to produce for both the Portuguese and European markets." Any deal can be handled by a foreign investment agency She confirmed that she will visit plants in?Brazil this week. She added that any potential investment in similar plants in Portugal would be handled by AICEP, Portugal's foreign investments agency. Portugal's advanced-biofuels industry has just begun.?Galp is building a 270,000 ton-per-year plant in Sines that will begin producing SAF in 2026. Carvalho stated that Algeria was Portugal's second-largest supplier of oil after Brazil. Nigeria and the U.S. are the two major natural gas suppliers. This means the country is not dependent on the Gulf region but remains vulnerable to global energy prices swings. (Reporting and editing by Jan Harvey; Sergio Goncalves)
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Zijin begins Congo lithium exports, according to sources
Five sources with knowledge of the matter said that China's Zijin had begun exporting lithium concentrate from its Manono Project in Democratic Republic of Congo. A source with first-hand knowledge of the situation said that "exports began in June, as planned." "They are shipping all of their products to China." These shipments are Congo's very first lithium exports. They extend China's dominance in the critical minerals?sector of the country, where CMOC, Huayou Cobalt and other major players already play a significant role. Zijin's and Congo's Mines Ministry did not respond immediately to requests for comment. Manono Lithium, a company that acquired a portion of the project from AVZ Minerals, has been at the center of a dispute since Congo revoked the permit of Australian miner AVZ. Zijin owns?54.9% of the venture, while Cominiere, the state-owned miner, holds 35.1%. The Congolese government has 10%. The U.S.-backed KoBold Metals which holds the adjacent Manono licence has stated that it will not move forward with the development of the project until all legal disputes regarding the project have been resolved. SHIPPING IN TRANSIT TO CHINA An executive in the mining industry said that initial exports are likely to be trial shipments, after technical problems delayed commissioning of a processing plant. Exports started in June, but were limited. One trader estimated volumes of just a few thousand metric tonnes. The project, according to a second trader, has already produced thousands of tons of concentrated oil. However, much of the concentrate is still?likely in transit' and may not arrive in China until October. A source who visited the site in June reported that trucks were transporting concentrate from Manono, to the lakeside town of Kalemie to be shipped to China via Tanzania. In a notice dated July 9, the?company stated that Manono’s processing plant?started producing in May 2026 - a full month ahead of schedule. The smelter, and other downstream facilities, are expected to be online by December, speeding up the project’s ramp-up. Zijin targets 30,000 metric tonnes of lithium carbonate equivalent from Manono by 2026. According to the company, this project will process about 5 million tons ore per year and produce 1 million tonnes of spodumene. (Reporting from Maxwell Akalaare Adombila and Amy Lv)
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As US interest rate hikes are boosted by Middle East tensions, gold falls 2%
Gold dropped 2% on?Thursday as Middle East tensions increased oil prices, U.S. Treasury yields, and inflation concerns. Gold spot was down as much as 2.5% earlier, at $4,001.17 an ounce, by 926 am EDT (1326) GMT. U.S. Gold Futures fell?1.1% at $4,005.20. Oil prices increased by over 1% after concerns about Middle East energy supplies grew. Iran had asked Yemen's Houthis if they were ready to shut down the Red Sea oil routes if the U.S. attacked Iranian power infrastructure. The higher oil prices fuel inflation fears, increasing expectations of high interest rates. Gold's appeal as an asset that doesn't yield returns is also diminished. Bart Melek is the global head of commodity strategies at TD Securities. He said that gold prices are under pressure because "oil prices have yet again moved up." With Brent?levels higher than before, there's a continued expectation that U.S. rates will go higher. According to CME FedWatch Tool, traders are pricing in a 56% probability that the Federal Reserve is going to raise rates in September. The yields on the benchmark U.S. Treasury 10-year note have been moving higher. The U.S. Dollar gained 0.2% making gold more expensive for overseas buyers. Fed Chair Kevin Warsh declared this week his determination to bring down?inflation without?specifically indicating how. Data released Tuesday revealed that U.S. consumer prices fell in June. Meanwhile, Wednesday's data showed a decrease in the producer price index. Even if the Fed adopts a more dovish position, the persistently high price of energy would make it hard for them to do so. Investors are also choosing the dollar over zero-yielding metals, according to Fawad Rasaqzada of Forex.com. Silver spot fell 2.8%, to $56.17 an ounce. Platinum dropped 0.9%, to $1.658.65. Palladium was down 2.7%, to $1.279.25. (Reporting and editing by Diti Pjara in Bengaluru)
Oil prices are down as chipmakers pressure equity markets worldwide
Investors sold off chip stocks on Thursday, while oil futures lost earlier gains as U.S. and Iranian attacks intensified. Chip stocks?fell - from Asia to the U.S. - as investors who had heavily invested in technology stocks related artificial intelligence were not impressed by TSMC's 77% higher than expected earnings growth.
This tells you that the AI trade no longer is priced on growth. The price is based on perfection. Gene Goldman is the chief investment officer of Cetera, a California-based company. "Any earnings report that is merely good, rather than flawless, will be sold," he said. Retail sales in the United States increased slightly in June, as lower gas prices affected receipts at service station. However, consumers continued to spend. The 0.2% increase in sales was in line the average economist's expectation.
Goldman explained that after two days of U.S. equity gains based on weak inflation data, Thursday's trade was "the market catching a breath, not changing their mind." Wall Street was at 12:13 pm. At 1613 GMT (1613 ET), the Dow Jones Industrial Average rose by 9.02 points. The S&P 500 dropped 27.64 points or 0.36% to 7,544.76. And the Nasdaq Composite lost 250.25 points or 0.95% to 26,018.97.
The Philadelphia semiconductor index fell more than 4% on Tuesday, marking its second consecutive day of declines.
MSCI's global stock index rose 0.3% or 3.23 points to 1,124.91, while the pan-European STOXX 600 index fell 0.01%. South Korea's volatile KOSPI fell by more than 6% earlier, while Japan's Nikkei ended nearly 3% lower.
IRAN AND THE US EXCHANGE MORE ATTACKS Iran, and the United States, exchanged fire Thursday, intensifying the attacks that have been ongoing since the weekend, and all but tearing up the ceasefire that paused the fighting last month. Iran has signalled it will use its influence to pressure Houthi allies from Yemen, who are also a key oil route, to close the Bab al-Mandeb Strait, at the mouth of Red Sea.
Oil prices have retreated from their earlier gains. U.S. crude fell 0.3% to $79.37 per barrel while Brent traded at $84.91, down 0.1% for the day. U.S. Treasury Yields rose as economic data on consumer health and labor market didn't change investor expectations about the direction of interest rate hikes from the Federal Reserve.
The yield on the benchmark U.S. 10 year notes increased 2.84 basis points from 4.545% to 4.573% late Wednesday. Meanwhile, the 30-year bond rate rose 2.11 basis point to 5.1041%.
The yield on the 2-year note, which moves typically in line with Fed expectations of interest rates, increased 3.6 basis points, to 4.164%. The dollar rose against major peers, but was still at a month-low. This is due to expectations that the U.S. will continue to be resilient and the Fed will keep rates unchanged this month.
The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.24%, reaching 100.70. Meanwhile, the euro fell?0.17% to $1.1444.
The dollar gained 0.15% against the Japanese yen to 162.42. The pound fell 0.4%, to $1.348. This is a drop from the high of two months that it reached on Wednesday. Precious metals fell. Spot gold fell 1.1% to $4.014.81 per ounce, and spot silver dropped 2.3% to $66.43 per ounce. (Reporting from Sinead carew in New York; Marc Jones in London; Stella Qiu, in Sydney. Editing by Thomas Derpinghaus Joe Bavier David Gaffen.
(source: Reuters)