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US Dollar stocks fall after Fed keeps rates unchanged
The dollar fell on Wednesday, U.S. stock prices extended their losses, and interest-rate-sensitive two-year Treasury yields declined after the Federal Reserve kept interest rates unchanged. Meanwhile, oil?prices soared in response to renewed attacks across Middle East. The ?Fed's decision was largely expected, but three of the 12 members ?of ?the policy-setting Federal Open Market Committee dissented from the move that left the benchmark interest rate in the 3.50%-3.75% range in favor of a quarter-percentage-point hike. After major airstrikes resumed, oil prices rose by about 8%. This raises the possibility of further disruptions in already strained global energy supplies. This rally was boosted by data from the industry showing a decline in U.S. oil inventories. Bill Merz is the head of capital market research and portfolio development at U.S. Bank Wealth Management, Minneapolis. Oil prices rose, and expectations were raised that the U.S. The central bank may raise rates this week despite the fact that inflation in June was lower than expected. JP Powers said that this was expected after the June inflation print showed progress. "But with each meeting, we are creating more uncertainty than ever before." Fed funds futures traders now price in 60% odds that a rate increase will occur in September. The bigger question is how much pressure they will have to exert in order to raise rates in September. The market is expecting the next rate hike in September, as the inflation rate is high and crude oil prices are surging. The Dow Jones Industrial Average dropped 2.2% to 51,594.86, while the S&P 500 fell 1.5% to 7,316.39, and the Nasdaq Composite declined 1.7% to 24,442.94. The MSCI All Country World Price Index dropped by 1.1%, to its lowest level in June 2011. The yield on the benchmark U.S. 10 year notes increased 7.53 basis to 4.679%. This is due to concerns over future inflation. The dollar index (which measures the greenback versus a basket including the yen, the euro and others) fell by 0.45%, while the euro rose by 0.54% to $1.1447. Worries about tech giants The global markets have been volatile in the past month, as investors questioned the sustainability of AI spending. This is due to signs that U.S. major companies continue to invest billions of dollars into AI at the expense free cash flow. Meta missed earnings on Wednesday and lowered its annual capital budget forecast range as the social media giant focuses on building data centers to increase its AI computing power. The focus is now on returns, not spending plans. Investors are looking for evidence that AI capex generates revenues right now and also strengthens the future growth prospects," said Gina Martin Adams. Gina Martin Adams is chief market strategist at HB Wealth. As China's competition intensifies in both the race to develop advanced chip technology and its cheaper AI models, investors are becoming more scrutinizing. Amazon.com and Apple are expected to release earnings this week. Even though SK Hynix reported a six-fold increase in its quarterly profit, it fell short of expectations. Its shares dropped 9.6%. South Korea's KOSPI fell 6% in a single day after falling more than 10% and reaching a new three-month low. South Korea will impose additional restrictions on leveraged single-stock exchange-traded fund (ETFs) in response. This includes a cap on an individual's investments of up to 20%. The pan-European STOXX 600 fell by 0.3% while the FTSEurofirst 300 index in Europe fell by 0.4%.
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US stocks continue to fall after Fed maintains rates
?U.S. Stocks remained lower for the day. Interest-rate sensitive yields on 2-year Treasury notes reversed an earlier rise and the dollar fell?on Wednesday, after the Federal Reserve kept interest rates steady. This was a move which economists had expected. The ?decision to leave the benchmark interest rate in the 3.50%-3.75% range drew dissents from three of the 12 members of the policy-setting Federal Open Market Committee that "preferred" a quarter-percentage-point hike at this meeting. The recent rise in oil prices, due to the return of the war against Iran, had some expecting that the U.S. Central Bank would raise rates this week. The U.S. central bank is still raising rates despite the fact that June's inflation data was lower than expected. JP Powers is chief investment officer of TWA Wealth Partners. He said that this was expected after the June inflation print revealed some progress. "But with each meeting, we are now creating more uncertainty than ever before." The Dow Jones Industrial Average fell 1.55% to 51,928.87. The S&P 500 dropped 0.50% to 7391.31 while the Nasdaq Composite declined 0.37% to 24784.10. The yield on the interest rate-sensitive 2-year Treasury note was unchanged at 4.277%. The yield on the benchmark U.S. 10 year notes increased 3.67 basis points, to 4.641%. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) fell by?0.25%, falling from 101.17. The oil prices rose by around 7% as major airstrikes resumed across the Middle East. This quelled hopes of an imminent end to the?Iran war. The rally was exacerbated by data from the 'industry showing a decline in U.S. oil inventories. Bill Merz is the head of capital market research and portfolio development at U.S. Bank Wealth Management, Minneapolis. EARNINGS TO SET TONE Investors will also be waiting for a wave key earnings. Microsoft and Meta are due to report their results after the close of markets, followed by Amazon.com, and Apple later in this week. The global markets have been volatile this month, as investors question whether the AI spending boom will last. This is despite signs that U.S. major companies are continuing to invest billions in the technology and continue to drain cash from their free flow. "The focus is shifting away from budgets to return on investment." Investors are looking for evidence that AI capex generates revenues right now and also strengthens 'the future growth prospects,' said Gina Martin Adams, chief strategist at HB Wealth. As China's competition intensifies in both the race to develop advanced chip technology and its cheaper AI models, investors are paying more attention. The expectations have become so inflated that SK Hynix shares fell 9.61% despite a six-fold increase in its quarterly profit. South Korea's KOSPI - which has become emblematic for the wild swings of AI sentiment - fell almost 6% in a single day, after falling more than 10% and reaching a three month low. South Korea's finance ministry announced on Wednesday that it would introduce new restrictions on leveraged exchange-traded products, such as ETFs with single stocks. These will include a cap on individual investors who invest in these products. The pan-European STOXX 600 fell by 0.29% while Europe's FTSEurofirst 300 fell by 0.36%. The MSCI All Country World Price Index was down 0.45% in the last few days and had earlier dropped to its lowest level since 11 June.
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Official Israeli source: Trump and Netanyahu discussed all options, including an attack on Iran.
?U.S. In their meeting on Wednesday, President Donald Trump and Israeli Premier Benjamin Netanyahu discussed all possible ways to stop Iran's nuclear program, including diplomacy, pressure from the economy and force. The official told reporters in a press conference after the two men had met at the White House, on Tuesday that Netanyahu did not inform Trump of Israel's preference for an attack against Iran. The official stated that Trump's decision was final. The official stated that Trump had 'three options, all of which were discussed in detail: a deal, continuing the blockade, economic pressures and a massive strikes. Officials said there was evidence that?Iran’s clerical leaders have been rattled? by rising inflation, but that the impact on the global economy and the oil markets were also taken into consideration. The oil prices soared on Wednesday, one of the biggest spikes since the beginning of the war on February 28. This was due to a joint Israeli and U.S. aerial campaign against Iran. Tehran responded by launching strikes on Israel and Gulf States. Israel did not take part in the two-week U.S. airstrikes this month, which prompted Tehran to respond by firing on U.S. military bases. However, it has warned Tehran that it will strike back if attacked. The United States and Saudi Arabia attacked Iran-backed paramilitary groups on Wednesday. Trump promised to "beat the fucking sh*t" out of Iran after it fired at U.S. soldiers days after he stopped?air strikes. Iran has confirmed that it fired at U.S. bases in Jordan, as well as ships in the Strait of Hormuz. It also rejected an Omani proposal for a joint management of the Strait.
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SAIL and Krakatau Steel to invest $350 Million in a stainless steel plant
Two Indian sources said that India's state run Steel Authority of India and Indonesia's Krakatau Steel are planning to invest up to $350 million in a stainless-steel slab plant in Indonesia. Sources said that the?plant?will have a?capacity of?500,000 metric tonnes and will be operational in the next three to five years. SAIL and Krakatau Steel have signed a preliminary joint venture agreement in Indonesia to produce stainless steel plates. This was done during the visit of Indian Prime Minister Narendra Modi to Indonesia earlier this month. Sources said that SAIL will send a "technical" team to Indonesia in the next month to produce a feasibility study. After this, both companies will finalise details such as the equity structure, timeline for government approvals, and other details. Sources declined to be identified because the discussions aren't public. SAIL didn't respond to an email sent Monday seeking comment. Krakatau Steel?did not respond to an email request for comments made on Tuesday. Sources?said that the proposed plant's capability could be?expanded once it becomes operational. One source said that partnering with Krakatau Steel could help SAIL obtain nickel at a lower price, which is a crucial raw material for stainless steel production. Indonesia produces more than half of the world's nickel. The second source said that SAIL would consume all the output from the planned Indonesian facility, and then bring the stainless steel plates to its Salem plant to be rolled and finished. Salem is located in Tamil Nadu, a southern Indian state. Sources said that the state-run steelmaker would primarily sell the finished product to Indian clients, with a small portion?possibly being exported to Europe and the Middle East. According to commodities consultancy BigMint, SAIL was India’s third largest?steel manufacturer in the fiscal year ending March 2025. It held a 10.1% market share. India, which is the second largest producer of crude steel in the world after China, has identified Indonesia as well as more than a dozen?countries to cooperate with the steel industry. This will boost exports and ensure key raw materials. BigMint data shows that India's finished steel consumption has increased by 55% in the last five years. This is more than double the increase in production of 42%. Indian steelmakers are "pivoting" to the domestic market in order to offset weaker imports from Europe and Britain, but Chinese steel is sabotaging that strategy. (Reporting from New Delhi by Neha Arora; Additional reporting in Jakarta by Fransiska Nanangoy; Editing by Mayank Bhadwaj, Christian Schmollinger).
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Stocks fall as Mideast conflict reignites and Fed decision looms
U.S. stock prices fell, while oil and Treasury yields rose, as the fighting in the Iran war resumed just hours before the highly anticipated 'Federal Reserve interest rate decision due later on Wednesday. Although the Fed is expected to keep rates unchanged, traders have priced in roughly 34% of a rate hike. This is because rising oil prices are reigniting concerns over inflation which remains above the U.S. Central Bank's annual target of 2%. The markets have fully priced in a Fed rate hike for the September meeting. Chris Low, FHN Financial's chief economist, said that if oil prices continue to rise in September, then the Fed will determine that the shock has lasted for long enough to warrant a rate increase, or increases. The market also believes that some participants will make the case for rate hikes today...and there's a good chance they can convince a majority to support them. After major airstrikes resumed, oil prices rose more than 6%. This quelled hopes of an imminent end to Iran's war. This rally was exacerbated by data from the industry showing a decline in U.S. crude inventories. The Fed chairman Kevin Warsh prefers to give less "forward guidance" on the Fed's probable monetary path. The yield on the benchmark U.S. 10 year notes increased 2.45 basis points from late Tuesday to 4.629%. The Dow Jones Industrial Average dropped 1.37% to 52 024.98, the S&P 500 declined 0.62% at 7,382.73 while the Nasdaq Composite was down 0.83% at 24,670.23. EARNINGS TO SET TONE Investors will also be waiting for a wave key earnings. Microsoft and Meta are due to report their results after the close of markets, followed by Amazon.com, and Apple later in this week. Investors have questioned the sustainability of AI spending boom amid signs that U.S. major companies are continuing to invest billions in the technology and continue to drain free cash flow. The focus is now on returns from investment, not spending plans. Investors are looking for evidence that AI capex generates revenues right now and also strengthens future growth prospects, said Gina Martin 'Adams, Chief Market Strategist at HB Wealth. As China's competition intensifies in both the race to develop advanced chip models and Chinese firms rolling out cheaper AI models, there is a growing concern. Even a six-fold increase in SK Hynix’s quarterly profit failed to meet expectations, sending the shares tumbling by 9.61%. South Korea's KOSPI fell almost 6% in a single day, after falling more than 10% and reaching a three-month high. South Korea is responding by introducing additional 'curbs' on leveraged single-stock exchange-traded fund, or ETFs. This includes a cap that would limit an individual investor's investment to 20% of total assets. The pan-European STOXX 600 fell by 0.21% while Europe's FTSEurofirst 300 fell by 0.28%. The MSCI All Country World Price Index dropped by 0.57%, to its lowest level since June 26.
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Hungary's Paks Nuclear Plant will shut down one reactor due to a drop in the Danube water levels
Operator MVM announced that the Paks nuclear plant in Hungary will shut down one of the 'four reactors' at a time of?1300 GMT on Wednesday due to record low water levels along the Danube River, which provides cooling water for the facility. On Monday, the plant had already cut output by 254 Megawatts at another unit. The plant operates four Russian-built nuclear reactors with a combined 2 gigawatts of capacity. It produces almost?half of Hungary’s electricity. The shutdown on Wednesday will reduce production to?about 60 percent of its capacity. It follows?contingency steps taken in June, during a heatwave record. Authorities exempted this plant from temperature limits for discharged cooling waters. The water levels along the Danube are now at new record lows. This has disrupted cargo and river cruises on one of Europe's most busy?waterways. The Environment Minister Laszlo Gajdos stated earlier on Wednesday that the Hungarian water management authorities are ready to assist in ensuring cooling water supplies for the plant. He said that the authorities had placed four pumping pontoons, and two floating cranes near Paks in preparation for a possible deployment as water levels are expected to continue to drop over the next few days. Reporting by Gergely szakacs and Anita Komuves. Mark Potter edited the article.
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NextEra and Brookfield plan a $100 billion Kentucky datacenter campus
NextEra Energy and Brookfield are building a $100 billion campus of data centers at an 'ex-uranium enrichment site' in Paducah, Kentucky. The soaring demand for electricity in the United States is driving companies to invest heavily into artificial intelligence data centres and other technologies that strain an aging U.S. electric grid. NextEra is the largest U.S. power company and will provide 2.6 GW in battery storage and 2 gigawatts (GW) of natural gas to support the datacenter. Brookfield, on the other hand, will own and operate the 1.8 GW campus. One gigawatt can power approximately 750,000 homes. The campus will be built on the Department of Energy’s Paducah Site. This site was originally constructed in 1952 for the production of enriched uranium, but it was closed down later. NextEra said the project complies with the Trump Administration's "Ratepayer Protection Pledge" which seeks?to ensure that companies building and using data centres?pay over?and above normal rates to avoid costs being passed on to average households. Brookfield CEO Bruce Flatt said in a statement that "the Department of Energy Paducah Site will be the seed of a plan to invest 100 billion dollars?in AI Infrastructure". The project should be completed in 2032. Reporting by Vallari Shrivastava, Bengaluru. Editing by Tasim Zaid
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Allied Gold's $4 Billion sale to China's Zijin falls through, lands a $295 M investment
Zijin Gold & Allied 'Gold has scrapped its planned C$5.5 Billion ($3.90 Billion) buyout. Instead, the?Chinese?company took a 9.2% share for around $295 M. In premarket trading, shares of Allied Gold listed in the U.S. fell by nearly 15%. The companies announced on Wednesday that they had mutually agreed to allow the deadline of July 29 to expire as "there was no reasonable likelihood" that the remaining conditions would be met in a reasonable time frame. Allied also cited broader external factors affecting trans-border transactions at this scale but did not provide any further?details. Zijin Gold operates mining operations in Asia, Africa and South America, while the Canadian firm has gold mines,?development and development projects on the Ivory Coast, Mali, and Ethiopia. In January, Zijin announced its agreement to purchase Allied for C$44 a share. ZIJIN?REMAINS INVESTOR Zijin has agreed to purchase approximately 12.8 million newly-issued Allied shares for?C$32.55 each in a private placing for the '9.2% stake. The transaction is expected to close around August 10. Allied stated that it 'expects' to use the proceeds - including the completion and ramping up of the Kurmuk Mine in Ethiopia and the expansion of the Sadiola Mine?in Mali - to advance growth initiatives. It also said they expect the proceeds -including increasing production – at their Ivory Coast operations, and funding exploration across the business. ($1 = 1.4098 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Vijay Kishore)
Bear attacks are rising in Japan. Aging hunters are on the front line.
A gunshot rang out on a recent morning in a meadow in northern Japan. The brown bear plunged in the cage, viewed by a handful of city officials and hunters.
The bear had been roaming around a nearby home and eating its way through surrounding cornfields, so authorities and hunters in Sunagawa city had set a trap with a deer carcass to entice the starved creature.
For me, it's constantly a bit deflating when a bear gets caught, Haruo Ikegami, 75, who heads the local hunters' association, informed Reuters hours beforehand.
Japan is coming to grips with a growing bear problem. A diminishing band of aging hunters is on the front line.
A record 219 people were victims of bear attacks, 6 of them deadly, in the 12 months through March 2024, while more than 9,000 black and brown bears were caught and chosen over that period, according to Japan's environment ministry ( To see the full story, go to )
Both types' environments have been broadening; the ministry. price quotes that the number of brown bears in Hokkaido, Japan's. northern island, more than doubled to about 11,700 in the 3. decades through 2020. (It doesn't keep price quotes on black bears,. the majority of which reside on the main island of Honshu, though a widely. cited 2023 analysis by Japan's Yomiuri Shimbun paper. estimated their numbers at roughly 44,000, a threefold increase. since 2012.). Restrictions on searching practices and higher focus on. preservation added to a rise in bear sightings over. current decades, according to Japan's Forest Research and. Management Organisation. With Japan's rural areas experiencing. fast group decline, bears are venturing closer to towns. and towns and into deserted farmland, an environment. ministry professional panel said in February. But bear proficiency among local governments is spotty, and. Japan's reliance on leisure hunters to safeguard settlements. looks unsustainable as its population ages, according to Reuters. interviews with practically 2 lots individuals, including specialists,. hunters, officials and locals.
Numerous called for modifications to the way Japan handles human-bear. dispute to deal with security concerns while ensuring a future for. the bears.
In Hokkaido cities and towns like Sunagawa, Naie, Iwamizawa. and Takikawa, which Reuters checked out in October, some homeowners. question what will occur when hunters can no longer get the job done.
Toru Yoshino, a 66-year-old chicken farmer in Sunagawa, stated. he was terrified by a bear that would wander into his farm a. couple of years ago. As regional authorities weighed how to respond, they. ultimately depended on the hunters' association, the Sunagawa. Ryoyukai, to neutralise the risk, he said.
Sunagawa's city government informed Reuters that efforts to. catch the bear were complicated by its proximity to homes and. deliberations about what to do when the animal was caught.
Although some hunters stalk bears as a pastime, Ikegami. reckons few are thrilled about choosing caught bears for. city governments.
I don't desire individuals to think of searching as something. fashionable. What we do is tough. It's a huge problem to take. a life, he stated.
The problem is both psychological and financial. The hunter that shot. the bear in Sunagawa would get about 8,000 yen (about $50),. maybe enough to cover fuel and expenditures but little else,. Ikegami stated.
Hunters likewise risk clashing with authorities. Ikegami's guns. were seized by Hokkaido authorities in 2019 after they deemed. his effort to shoot a bear near a house was ill-judged. He is. battling in court to have the weapons returned. The Hokkaido. safety authorities involved in the matter declined to deal with. Reuters questions about the case.
In response to increased bear attacks, Japanese government. officials this year proposed relaxing rules around weapon use to. make it much easier for hunters to shoot bears in city locations.
City governments of Sunagawa, Takikawa and Iwamizawa informed. Reuters that regional and nationwide authorities might go further. to resolve the issue. This might include promoting the. recruitment of hunters and enhancing their conditions, among. other concepts.
Japan's environment ministry stated it subsidises efforts to. train local authorities and conduct bear drills in towns, however. added that local distinctions in human-bear disputes called. for custom-made methods. The Hokkaido government's wildlife. bureau said it ran different initiatives to incentivise and. recruit hunters, including marketing events and training. individuals in how to manage brown bears.
Ecological group WWF said in an email that to preserve. Japan's bear population, authorities need to take actions. including establishing human-wildlife buffer zones and creating. a national protection and management strategy. It declined to. comment specifically on the culling of bears in Japan.
While its numbers have been growing in Japan, the Asiatic. black bear is noted as susceptible on the IUCN's red list of. threatened species globally. The brown bear is listed as least. concern.
AGING
Bear hunting was profitable until the 1980s, and conceal and. bile were traded for high costs. However with growing ecological. awareness and modifications to regulations and consumer tastes, the. practice has fallen out of favour.
Japan released some 218,500 searching licences in the 2020. fiscal year, less than half of the 517,800 it released in 1975,. according to main data. While about 98% of those issued in. 1975 were for shooting, that figure dropped to 42% in 2020, the. latest information. The staying licences are for trapping. About. 60% of licence holders were aged over 60, according to 2020. data.
Searching is pricey, unappealing, and tiring, the. hunters say.
Traps need to be checked daily while bears lurk close by. Rifle owners need to follow Japan's strict guns laws and. buy ammunition and weapon storage.
Those difficulties came to a head previously this year in Naie,. where hunter Tatsuhito Yamagishi, 72, implicated the local. federal government of taking hunters for granted, without investing in a. longer-term option.
When we grow old and have no option but to give up, this. reliance on the hunters' association is not going to work,. Yamagishi stated.
Naie's city government declined to talk about the conflict. with Yamagishi however stated officials were taking actions to address. the bear problem, including working with certified hunters from. outside the area.
Some specialists, including Koji Yamazaki, a professor at Tokyo. University of Agriculture who studies bears, said depopulation. and a decrease in the quantity of managed farmland in current. decades might have led bears to end up being bolder about approaching. towns. Clearer separation in between habitats would help people. and bears coexist, he said.
Yoshikazu Sato, teacher of farming at Rakuno Gakuen. University, stated bears appeared to be raising cubs more detailed to. human settlements, causing young bears not to fear individuals as. much as in the past. Climate change-driven shifts in the ripening and. blooming of fruits, nuts and leaves might drive bears to raid. crops when their typical food sources are low, he added.
What we need is a daily, consistent effort to make certain. that bears do not go into human areas, Sato said.
MONSTER WOLF
Katsuo Harada, an 84-year-old hunter, stated that ultimately,. Japan should produce a system where hunters are paid enough to. support a family. Unless they're paid correctly, we can't. support the next generation of hunters, he stated.
Harada carries the scars of a bear attack more than 20 years. earlier, when the animal sank its teeth into his skull.
It sounded like it was munching on some raw radish, he. stated.
He fought off the bear, and his searching pals called for. aid. The subsequent surgery took 16 hours, he said.
Harada is now part of a non-profit organisation, Farming. Support Hokkaido, that helps communities keep problematic. wildlife at bay.
If I do not keep doing my job, there may be casualties,. Harada said.
Japan's environment ministry in September cautioned about the. possibility of a surge in bear attacks towards year-end, when. the animals usually scavenge for food to store up fat for. hibernation. In 2023, bear sightings and attacks peaked in. October, according to official information. With Japan's population aging and shrinking, some companies are. turning to technology to handle bears.
Propped on four rods, the Beast Wolf robot offered by. Sapporo-based Wolf Kamuy gives off roars, barks and dangers from a. loudspeaker, set off by a sensing unit.
Priced at about 400,000 yen (roughly $2,550) and powered by. solar power, the gleaming-eyed beast has shown some. success in warding off bears, though its sensing unit can be activated. by other animals, stated company vice-president Yuji Ohta.
But Yamagishi, the hunter in Naie, said it takes years of. analysing pawprints and dung and learning to read bears' signs. to comprehend how to trap them, adding that human knowledge will. remain essential to managing the issue.
Yamagishi believes it would take three to five years to train. a brand-new generation of hunters.
Already, we'll all be retired, he said.
(source: Reuters)