South Korea pounded by heavy rains, 1 dead and over 100 evacuated

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• South Korea pounded by heavy rains, 1 dead and over 100 evacuated

  Safety ministry reports that one person died and over 100 people were evacuated after torrential rains pounded South Korea on Thursday. The Ministry of the Interior and Safety reported that as of Thursday morning some areas of the South Chungcheong Region, south of the capital Seoul, had received over 400 millimetres (15,7 inches) of rainfall since Wednesday. According to the Korea Forest Service, the Korea Forest Service has raised the alert level of landslide dangers to the highest possible level in several areas including Chungcheong due to heavy rains. The Yonhap News Agency reported that two people who were trapped in a South Chungcheong landslide had been rescued. (Reporting and editing by Joyce Lee, Ju-min Park, and Jack Kim)

• Dollar soars as Fed rate cuts bets are lowered, causing Asia shares to struggle

  The Asian stock market was under pressure Wednesday, while the dollar rose to its strongest level against the yen in early April. This is after U.S. Inflation suggested that tariffs were pushing up prices, dampening expectation for Federal Reserve policy ease. The yield on U.S. Treasury bonds reached its highest level in over a month. This lifted the dollar, especially against the yen. However, tech shares remained resilient following a 4% rally in artificial-intelligence darling Nvidia overnight. Brent crude has remained at $69 per barrel. The data released on Tuesday shows that U.S. consumer price rose by 0.3% in the month of June. This was in line with expectations, but it was also the biggest gain since January. Economists attribute the increase in prices of goods like coffee and home furnishings, to the Trump administration’s increasing import tariffs. The Fed has kept interest rates at the same level as it waited to see if the tariffs would have an inflationary effect, which Jerome Powell said he anticipated in the summer. Taylor Nugent is a senior economist with National Australia Bank. In a podcast, he said: "We know that Fed Chair Powell and a few colleagues are waiting for the tariff effects to be seen. This data has bolstered that view." Nugent stated that the markets have seen "a pretty significant reduction in Fed expectations" regarding rate cuts. The traders are currently pricing in a 43 basis point rate cut for the remainder of this year. There is a 56.5% chance of achieving a quarter-point reduction in September. Investors will be closely monitoring the producer price data, due on Wednesday. They are looking for any signs that inflationary pressures may also be building in factories. As of 0127 GMT, Australia's benchmark equity index and South Korea's KOSPI both lost about 0.6%. Blue chips in Mainland China fell 0.1%. The Nikkei, Japan's technology and exporter-heavy index, was flat following a series of small gains and losses. Nvidia's success and the weakening yen were both supportive. Taiwan's benchmark index rose 0.5%, while Hong Kong's Hang Seng gained 0.8%. Both added to the 1.6% rally on Tuesday. U.S. S&P futures declined by 0.2% after a 0.4% drop in the cash index overnight. Earnings season is another important factor for investors, aside from the Fed and President Donald Trump's tariffs. JPMorgan Chase's and Citigroup's results were better than expected, but the market reaction was mixed. Wells Fargo lowered its net interest income forecast for 2025, despite exceeding expectations in the second quarter. Goldman Sachs Morgan Stanley, and Bank of America are among the banks that will be reporting earnings on Wednesday. The 10-year Treasury yields in the United States rose to a record high of 4.495% Wednesday, the highest level since June 11. The dollar remained close to its multi-week high versus major peers. The dollar index was barely changed at 98.545, after reaching a high of 98.699 for the first since June 23. The U.S. dollar was unchanged at 148.785 Japanese yen and had earlier risen to 149.04 yen for the first since April 3 in the wake of Trump's "Liberation Day tariff announcement". The euro has risen 0.1% to $1.1612 in an attempt to recover from the three-week low reached on Tuesday of $1.1593. Bitcoin, the cryptocurrency, added about 1% this week to $117 696. It stabilised after its 6% drop earlier in the week from its all-time high of $123,153.22 on Monday. Gold increased by 0.3% to $3,332. Brent crude futures dropped 5 cents, to $69.16 per barrel. U.S. West Texas Intermediate futures also fell 9 cents, to $66.69 per barrel. Both contracts closed more than $1 lower the previous session.

• Report: World faces up to $39 trillion of economic losses due to disappearing wetlands

  According to a report released by the Convention on Wetlands on Tuesday, the destruction of wetlands around the world, which are vital for fisheries, farming and flood control could result in a loss of $39 trillion by 2050. According to an intergovernmental report, 22% of freshwater systems, such as rivers, lakes and peat lands, and coastal marine ecosystems, including mangroves, coral reefs and coastal systems, have disappeared since the 1970s. This is the fastest rate of loss for any ecosystem. The declines are a result of pressures such as land-use changes, pollution, agricultural expansions, invasive species and climate change impacts, including rising sea levels and drought. Hugh Robertson is the main author of the report. He said, "The extent of the loss and degradation exceeds what we can afford not to acknowledge." The report recommended annual investments between $275 billion and $550 billion in order to reverse threats to remaining wetlands. It also stated that current spending is a "substantial underestimate" without providing figures. According to a report, 411 million hectares, or half a billion soccer pitches, of wetlands have been lost. A quarter of those remaining wetlands is now in a degrading state. The economic benefits of wetlands include flood control, water purification, and carbon storage. This is important as the water levels increase and hurricanes and tropical storms intensify because of climate change. The fishery, agriculture and cultural industries also benefit from these products. The report is launched a week ahead of the Victoria Falls, Zimbabwe meeting of the Parties to the Convention on Wetlands. This global agreement was signed by 172 countries in 1971, with the goal of protecting the ecosystem. The group includes China, Russia, and the United States. It is not clear if each nation will send delegates. The report stated that the deterioration of wetlands is most acute in Africa, Latin America and the Caribbean but worsens in Europe and North America. In Zambia, Cambodia, and China, rehabilitation projects are underway.

• New York Times Business News - July 17,

  These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in the United States will face a 19% tariff. Donald Trump, the U.S. president, said that he spoke to Coca-Cola Company on Wednesday about adding "REAL cane-sugar to Coke" to the United States. The company agreed to add it. President Trump presented a draft letter to fire Federal Reserve Chairman Jerome Powell in a meeting on Tuesday evening with about a dozen House Republicans. He asked them if he should and indicated that he would. (Compiled by Bengaluru Newsroom)

• G20 Finance chiefs meet in South Africa under a tariff cloud

  The G20 finance chiefs are meeting in South Africa this Thursday, under the shadow cast by President Donald Trump’s tariff threats. Questions will be raised about their ability to work together and tackle global challenges. Since years, the club has been hampered by disagreements among its key players, exacerbated in part by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity Equality Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding climate change action. The G20 is a group that aims to coordinate policy, but its agreements are not binding. U.S. Treasury Sec. Scott Bessent won't attend the two-day gathering of finance ministers, central bank governors and other officials in Durban. This is his second absence at a G20 meeting in South Africa in this year. Bessent skipped the Cape Town meeting in February, when several officials from China and Japan were absent. Washington will assume the rotating G20 presidency at the end the year. Michael Kaplan, acting U.S. undersecretary of state for international affairs, is Washington's representative at the meetings. G20 delegate who requested anonymity said that Bessent's lack of presence was not ideal, but the United States were engaging in discussions about trade, global economy, and climate language. The finance ministers of India, France and Russia will also miss the Durban Meeting. Lesetja Kganyago, the governor of South Africa's Central Bank, said that it was important to represent. What matters is that there is a person with a mandate behind the flag, and is everyone represented by someone behind the banner? Kganyago said. U.S. officials are not saying much about their plans to assume the presidency in the next year. However, a source who is familiar with Washington's plans says that Washington will reduce the number non-financial groups and streamline the summit agenda. Brad Setser said that he was expecting it to be a "scaled-back G20, with less expectations of substantive results." 'TURBULENT TIMES' Trump's tariff policy has rewritten the rules of global trade. The tariffs will be implemented on August 1 with a 10% base rate on all U.S. imported goods and rates up to 50% on steel, aluminium and autos. The threat of further tariffs of 10% on BRICS countries -- eight of which are G20 members -- raised concerns about fragmentation in global forums. German sources in the German Finance Ministry said that on Tuesday, Durban would be a meeting to strengthen global relationships during "turbulent" times. Duncan Pieterse, South Africa's Treasury director general, said that the group hoped to release the first communiqué under the South African G20 Presidency by the end the meetings. The G20 last issued a communique that was agreed upon by all members in July 2024. They agreed on the necessity to resist protectionism, but did not mention Russia's invasion into Ukraine. Reporting by Olivia Kumwenda Mtambo, Kopano Goko, Colleen GOKO, Philip Blenkinsop in Durban and Andrea Shalal, Washington. Writing by Olivia Kumwenda Mtambo. Editing by Philippa FELTCHER

• Canada announces new tariffs on imported steel in order to protect domestic industry

  Mark Carney, Canada's Prime Minister, said on Wednesday that Canada would introduce a tariff-rate quota to protect its domestic steel industry. The quota will be for countries with whom it has free trade agreement, but not the United States. Canada will also implement an additional 25% tariff on all steel imports from non-U.S. nations that contain steel melted and pour in China by the end of July. Carney's response is in response to complaints made by the domestic steel industry. The industry had complained that other countries divert steel to Canada, making the Canadian industry uncompetitive because of U.S. Tariffs. The Canadian steel industry asked the government for tougher antidumping measures in order to protect its domestic industry. U.S. president Donald Trump raised import duties on aluminum and steel to 50%, up from 25% in the beginning of this month. Canada is the largest supplier of steel to the United States. Carney said that domestic steel companies will be given priority in government procurement, and he introduced a C$1billion fund to assist steel companies in advancing projects in industries like defence. Carney stated on Wednesday that the measures would make Canadian steel producers more competitive, by protecting them from trade diversion due to a rapidly changing global steel environment. (Divyarajagopal in Toronto and Ryan Patrick Jones; Editing by Caroline Stauffer).

• Gold as a safe-haven amid geopolitical turmoil

  Gold prices in safe-havens rose on Wednesday. The rise was boosted by the persistent conflict and uncertainty surrounding tariffs. Softer U.S. producer price also contributed to the increase. As of 1337 GMT (937 EDT), spot gold was up 0.2% at $3,328.14 an ounce. U.S. Gold Futures edged down 0.1% to $3,333.60. Geopolitical issues are still at the forefront of the market. There is more uncertainty in the market with Israeli strikes and U.S. being hawkish about trade tariffs," said Jim Wyckoff a Kitco Metals senior analyst. I expect gold to trade in the range of $3,250-$3,476 over the next few months. According to a witness, in the Middle East, a Israeli airstrike struck next to the Syrian presidential palace, the capital Damascus. U.S. president Donald Trump said on Tuesday that the U.S. will impose a tariff of 19% on Indonesian goods. The European Commission is preparing to target $84.1bn worth of U.S. products for possible tariffs, if the trade talks with Washington do not succeed after Trump threatened to impose 30 percent tariffs on EU imports last week. The unexpectedly flat U.S. Producer Prices in June compared to a 0.3% increase in May, also added support for gold. This follows data released on Tuesday, which showed that overall consumer prices increased by 0.3% from 0.1% to 0.3% in May. Gold is more valuable in uncertain times, and low interest rates are a great way to boost its value. India's gold exports fell by 40% in June compared to a year earlier, and reached their lowest level for more than two-years, due to the high prices. Silver spot was unchanged at 37.73 dollars per ounce. This is near the 14-year high that was recorded on Monday. Palladium rose by 1.8%, to $1,227.75, while platinum gained 1.6%, to $1393.51. (Reporting by Sarah Qureshi in Bengaluru; Editing by Shreya Biswas)

• Wall Street to open cautiously ahead of US inflation data

  The European stock market was mixed on Wednesday, and Wall Street futures fell as traders were wary of signs that U.S. Tariffs could cause inflation. Wall Street fell on Tuesday night and U.S. Treasury rates rose as U.S. Consumer Price Data for June showed higher prices for certain goods. This led investors to reduce their expectations of U.S. Federal Reserve interest rate cuts. After President Donald Trump said on Tuesday that he would soon send out letters informing smaller countries about their U.S. Tariff rates, the threat of additional tariffs weighed heavily on market sentiment. Trump announced on Saturday that he would impose a 30 percent tariff on imports coming from Mexico and Europe starting August 1. At 1003 GMT the MSCI World Equity Index was down by 0.1% for the day. It had been knocked from a record high in the previous session following the inflation data. The pan-European STOXX 600 fell 0.1%, while London's FTSE 100 rose 0.2%. The rate of inflation in Britain's consumer prices rose unexpectedly to its highest level in more than a year. After the data, the pound gained a little against the dollar. U.S. index futures indicated a lower opening for Wall Street. The traders will monitor the U.S. Producer Price Data, which is due on Wednesday to determine the extent of inflationary pressures. Vas Gkionakis is a senior economist and strategist with Aviva Investors. It is very likely, but it's best to wait to see when and how much. The Fed has kept interest rates at the same level as it awaited indications on the inflationary effect of tariffs that Chair Jerome Powell said he anticipated in the summer. Traders bet that the Fed is going to start reducing rates in September. Trump has attacked Powell for not reducing rates sooner. This has caused investor concerns about the central bank's ability to remain independent. The dollar index, which was at 98.547 on Wednesday and little changed from Tuesday, showed that the U.S. Dollar, after hitting multi-week highs on Tuesday, has cooled. The euro rose 0.2% to $1.1615. The benchmark yield on the German Bund was unchanged at 2.707%, while the yield on the U.S. 10-year Treasury fell from its previous high of 4.4753%. Investors also pay attention to earnings reports. Goldman Sachs Morgan Stanley, and Bank of America are among the banks that will report earnings on Wednesday. Brent crude futures were around $68.5 per barrel as investor caution over the economic impact of U.S. Tariffs was outweighed by signs of a stronger Chinese crude demand. Gold rose 0.5% to $3,338.75 per ounce.

• Dollar soars as Fed rate cuts bets are lowered, causing Asia shares to struggle

  The Asian stock market was under pressure Wednesday, while the dollar rose to its strongest level against the yen in early April. This is after U.S. Inflation suggested that tariffs were pushing up prices, reducing expectations of Federal Reserve policy ease. The yield on U.S. Treasury bonds reached its highest level in over a month. This lifted the dollar, especially against the yen. Tech shares, however, remained resilient after a 4% rise in the artificial intelligence darling Nvidia over night. Brent crude has remained at $69 per barrel. The data released on Tuesday shows that U.S. consumer price rose by 0.3% in the month of June. This was in line with expectations, but it was also the biggest gain since January. Economists attribute the increase in prices of goods like coffee and home furnishings, to the Trump administration’s increasing import tariffs. The Fed has kept interest rates at the same level as it awaited indications on the inflationary effect of tariffs that Chair Jerome Powell said he anticipated in the summer. Taylor Nugent is a senior economist with National Australia Bank. In a podcast, he said: "We know that Fed Chair Powell and a few colleagues are waiting for the tariff effects to be seen. This data has bolstered that view." Nugent stated that as a result of this, the markets have seen "a fairly substantial trimming of Fed expectation" regarding rate cuts. This has led to a decline in so-called risky assets, such as equity. Traders are currently pricing in 44 basis points in U.S. interest rate reductions this year. The odds of a quarter point cut in September is 56.5%. Investors will be closely monitoring the producer price data, due on Wednesday. They are looking for any signs that inflationary pressures may also be building in factories. The KOSPI, the South Korean equity index, fell 1% and Australia's benchmark equity index lost 0.8%. Hong Kong's Hang Seng remained flat, after a loss of early gains. The Nikkei, Japan's technology and exporter-heavy stock index, was little changed despite a series of small gains and losses. A weaker yen provided support. Taiwan's tech heavy benchmark increased by 0.9%. U.S. S&P futures eased by 0.2% after a 0.4% drop for the cash index overnight. The STOXX50 futures for Europe fell 0.3%. Earnings season is also a major focus for investors, beyond the Fed and President Donald Trump's tariffs. JPMorgan Chase's and Citigroup's results were better than expected, but the market reaction was mixed. Wells Fargo lowered its net interest income forecast for 2025, despite exceeding expectations in the second quarter. Goldman Sachs Morgan Stanley, and Bank of America are among the banks that will be reporting earnings on Wednesday. The 10-year Treasury yields in the United States rose to a record high of 4.495% Wednesday, the highest level since June 11. The dollar remained close to its multi-week high versus major peers. The dollar index is little changed at 98.525, after reaching a high of 98.699 for the first since June 23. The U.S. dollar was unchanged at 148.835 Japanese yen and had earlier risen to 149.19 for the first since April 3 in the wake of Trump's "Liberation Day tariff announcement". The euro rose 0.2% to $1.1619 in an attempt to recover from the three-week low reached on Tuesday of $1.1593 Bitcoin, the cryptocurrency, added about 1%, to $117.890. It stabilised after its 6% drop earlier this week, from Monday's high of $123,153.22. Gold increased by 0.5%, trading at $3,338 per ounce. Brent crude futures dropped 18 cents, to $68.89 per barrel. U.S. West Texas Intermediate futures were down 31 cents at $66.83. Both contracts closed more than $1 lower the previous session.

• Wall Street opens at higher levels after inflation and bank results

  U.S. stocks opened higher on Monday, and Treasury yields dipped as investors digested a slight increase in inflation that was expected, along with a number of positive quarterly results for big banks. After the U.S. consumer price index data showed that U.S. prices rose 0.3% in June, the S&P 500 and Nasdaq opened 0.5% higher, respectively. This was in line with expectations, but it was the biggest gain since January. The data is likely to be the beginning of an increase in inflation caused by tariffs, which has made the Federal Reserve wary about resuming interest rate reductions. However, it did not give any reason for the Federal Reserve to become more cautious. U.S. Futures were earlier boosted after Nvidia, a megacap company, announced that it would resume the sale of its H20 chip to China. This sent its shares up by around 4%. The Stoxx 600 Europe index rose 0.3%, the last increase. The traders continued to bet that the Federal Reserve will cut rates more than likely in September. They continue to price a 60% probability of a rate reduction after the data. Benchmark 10-year Treasury Yields fell around 2 basis points, to 4.41%. Nick Rees is the head of macro-strategy at Monex Europe. He said, "The market reacts to the month-on-month CPI core which was marginally below expectations but slightly." This sets up a major fight between the Fed, and the President. This gives the Fed enough reason to at least refrain from cutting in June, and to be a bit nervous about cutting in Septembre. But just enough for Trump to believe they should. Donald Trump, the U.S. president, has said that interest rates in the U.S. should be much lower. Investors also processed results from JPMorgan Chase, Citigroup, and Wells Fargo, which exceeded expectations. However, the market's reaction was mixed, with Wells Fargo dropping 3% after it cut its net interest income guidance for 2025, while Citi was up 3% and JPMorgan was up 1%. According to LSEG, profits for the S&P 500 are expected to increase 5.8% over the past year. The forecast has changed dramatically since Trump's trade war began in early April, when it was predicted that growth would be 10.2%. TRADE WAR The big picture of trade was also in the spotlight on Tuesday, following the threat by U.S. president Donald Trump over the weekend that he would impose 30% tariffs on the European Union (EU) and Mexico as of August 1, which is above the initial 20% tariffs imposed on the EU in April. Trump, however, said that he would be open to more negotiations, despite investor predictions of lower final tariff levels. Japan is reportedly also trying to schedule high level talks with the U.S. on Friday. Andrzej szczepaniak is a senior Europe economist with Nomura. "However, it is likely that this will be seen as a tool for bargaining ahead of the 1 August. This is in line with what investors thought about most of Trump's letters to trading partners from last week." JAPANESE ELSTION Investors are not only focused on U.S. politics. The upcoming Japanese election for the upper house of parliament is causing a stir in the Japanese government bonds market, which has spilled over to other markets. According to polls, the ruling coalition could lose its majority of the upper chamber to opponents who support more spending. The 10-year benchmark yield rose to 1,595%, its highest level since October 2008, as a result of concerns about the impact on Japan’s already fragile finances. In recent days, higher Japanese yields also pushed long-dated European yields and even U.S. rates higher. However, Germany's 30-year rate, which had hit a two-year-high on Monday, fell 6 basis points to 3.19% on Tuesday. In Asia, the data also showed that China's economy slowed down less than expected during the second quarter as a result of its resilience to U.S. Tariffs. The currency markets were relatively quiet on Tuesday. The dollar gained 0.4% against the Japanese yen, but the euro was unchanged at $1.1665. Spot gold was unchanged at $3,351 an ounce. Spot silver, however, was up 0.3%, to $38.14 an ounce. Brent futures were $69.18 per barrel, while U.S. Futures were $67.0.

• Natural disasters cost China $7.6 billion dollars in H1 2025

  An official of the Emergency Response Ministry said that natural disasters in China during the first half 2025 caused direct economic losses of 54.11 yuan (7.55 billion dollars) and affected over 23 million people. The most devastating events were a powerful earthquake in Tibet and deadly landslides that occurred in the provinces of the southwest. Flooding in the south was also widespread. Shen Zhanli said at a press briefing that 307 people were killed or missing and 620,000 had to be evacuated due to natural disasters. A total of 29,600 homes were destroyed, an increase of 28.7% from the previous year, and 2.19 million hectares (hectares) of crops suffered damage. According to a calculation of the economic losses, they were 41.9% lower than in the same period of last year. Flooding, drought, and extreme temperatures caused China 93.16 trillion yuan (the highest half-year figure for 2019). The ministry reported that floods were the main cause of damage this year, with 51 billion yuan worth of losses. China's flood control scheme has been expanded to include direct payments from the government as well as payment for livestock losses. Extreme weather is a growing threat to the world's second largest economy, and meteorologists have linked it to climate change. In recent weeks, torrential rains have flooded large areas of the country and exposed infrastructure problems such as a lack of air conditioning and outdated flood defences. Last week, dozens of rivers in southwest China were above safe levels. More than 10,000 people had to be evacuated from the remains of the former typhoon Danas. The sweltering summer heat and the resulting surge in demand for air conditioners has stretched China's electricity grid to its maximum capacity, pushing it to a new record. The Ministry of Environment warned that typhoon and flood prevention would be difficult from the second half July to the first half August as rains become more intense and concentrated in the north, and typhoon activities intensify.

• Stocks rise ahead of important US earnings and data as trade talks loom

  On Tuesday, shares rose worldwide and the dollar retained most of its gains from July as investors entered a crucial week that will include U.S. earnings data, inflation figures and trade negotiations in a fairly optimistic mood. Donald Trump, the U.S. president, threatened to impose 30 percent tariffs on Europe and Mexico starting August 1, which is higher than the 20 percent he originally proposed for the EU in April. Trump, however, said that he would be open to more negotiations, despite investor predictions of lower final tariff levels. Japan is also trying to schedule high level talks with the U.S. on Friday. Andrzej szczepaniak is a senior Europe economist with Nomura. "However, it is likely that this will be seen as a tool for bargaining ahead of the 1 August. This is in line with what investors thought about most of Trump's letters to trading partners from last week." This view will only be challenged in a material way as we approach 1 August. The MSCI world share index rose by 0.16% Tuesday, just a hair away from the all-time highs set last week. The STOXX 600 index in Europe rose by 0.2%, lagging behind the broad APAC ex Japan benchmark of 1%. Nasdaq Futures gained 0.6% after Nvidia announced it would resume its sales of H20 chips into China. Earnings and Inflation Now, the focus shifts to the U.S. earning season that begins on Tuesday with major bank reports of their second-quarter results. According to LSEG, S&P profits are expected rise 5.8% over the past year. The forecast has deteriorated sharply from the early April prediction of 10.2% growth before Trump's trade war. Investors are also looking at the U.S. Inflation data due Tuesday to see if there is any impact from tariffs. Recent data has shown that tariffs have had little effect on the broader price pressures. However, this week's data will show an increase in gasoline costs and higher prices for certain tariff-sensitive products. The stock market also saw a boost on Tuesday, as oil prices fell after Trump gave Russia a deadline of 50 days to end its war in Ukraine or face energy sanctions. This eased immediate supply concerns. Brent futures fell last by 0.2%. JAPANESE ELSTION Investors are not only focused on U.S. politics. The upcoming Japanese election for the upper house of parliament is causing a stir in the Japanese government bonds market, which is spreading to other markets. According to polls, the ruling coalition could lose its majority of the upper chamber to opponents who support more spending. The 10-year benchmark yield rose to 1,595%, its highest level since October 2008, as a result of concerns about the impact of the crisis on Japan's finances. In recent days, higher Japanese yields also pushed long-dated European yields and even U.S. rates higher. However, Germany's 30-year rate, which had hit a two-year-high on Monday, fell 5 basis points to 3.20% on Tuesday. The benchmark 10-year Treasury yield in the U.S. fell by 1 basis point to 4.42%. In Asia, the data also showed that China's economy slowed down less than expected during the second quarter as a result of its resilience to U.S. Tariffs. On the currency markets, there was a slight weakening of the dollar against European currencies. The euro and the pound were both up by around 0.2%, at $1.1684 each, and $1.13449, respectively. The euro and pound both rose around 0.2% from their previous lows of over two weeks. Spot silver rose 0.3% to 38.25 dollars per ounce. Gold gained 0.5% to $3361 an ounce.