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Former Australia PM: US should focus on economic relations to compete with China.
Scott Morrison of Australia, who testified at a U.S. Congress hearing on countering China, urged the U.S. "to double down" on their economic engagement in Indo-Pacific, where Beijing has asserted influence. Morrison, speaking on Wednesday, said that economic security was the primary focus for many countries in Southeast Asia. U.S. leadership and Western investment give the region a choice. He said that when China was active in a country, it wasn't the U.S. and other allied interest that should be absent. Instead, they should double down on their efforts to be present even more to give them that choice. Morrison was asked to address the Select Committee on the Strategic Competition Between the United States of America and the Chinese Communist Party. He spoke about the experience his government had with China's unofficial trade sanction of $20 billion after Australia demanded an investigation into the origins the COVID-19 Pandemic. Beijing lifted the sanctions after Morrison lost an election in 2022. Anthony Albanese’s Labor government then sought to stabilize ties with Australia’s largest trading partner. Morrison said that the U.S. and its Quad Allies, which include Australia and Japan, should work together to create a supply chain of rare earths and minerals needed for defence equipment. This includes the submarines powered by nuclear power Australia purchases from the United States as part of the AUKUS agreement. He said that "processed rare earths are essential to these things, whether they're going into nuclear submarines or F-35s." He said that deals similar to the one struck by the U.S. Department of Defense this month to support U.S. rare earth magnets manufacturer MP Materials should be extended to partners and allies. China showed its power by withholding rare earth magnet exports and upsetting global markets before changing course. Morrison stated that the Australian public's awareness of China's potential threat is "somewhat at risk". He cited a Lowy Institute survey showing more Australians view China as an economic partner rather than a threat to security. Reporting by Kirsty Neeham in Sydney, Editing by Raju Gopikrishnan
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Gold prices flatten as trade tensions ease and dollar weakness offsets support
The gold price held steady after a sharp fall in the previous session. This was due to easing trade tensions, which overshadowed support from a lower dollar. As of 0138 GMT spot gold was unchanged at $3,387.15 an ounce after falling 1.3% the previous session. U.S. Gold Futures fell 0.1% to $3.492.50. "We saw gold prices seem to be building up for a bullish run yesterday, until news on the trade front came out, triggering profit-taking," Brian Lan, managing Director at GoldSilver Central in Singapore. "We have seen that the dollar has also declined quite a lot, and this supports gold as well. This is, in my opinion, a minor retracement. "We are still bullish on the gold market." In a move to show progress in the fight against tariffs, U.S. president Donald Trump has struck a deal with Japan to lower tariffs on automobile imports. According to officials of the European Commission, the European Union and the United States have reached an agreement on a trade deal similar to that between the two countries. The agreement would impose a 15% tariff on European imports while waiving duty on certain items. The risk sentiment on financial markets increased as a result of the progress made in trade negotiations and the hope that there could be more deals in the future. The U.S. Dollar Index fell to its lowest level in more than two weeks, lowering the price of gold for holders of other currencies. Investors are also anticipating a rate announcement from the European Central Bank, due later that day. The U.S. Weekly Jobless Claims Numbers on Thursday, and S&P Global’s Flash PMI Data will also be watched to gauge the economic health before the Federal Reserve’s monetary policy announcement next week. Spot silver fell 0.3% per ounce to $39.16, platinum remained at $1,411.53, and palladium dropped 1% to $1265.50.
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Copper prices rise as trade talks and US tariffs details are revealed
The London Metal Exchange and Shanghai Futures Exchange saw copper prices rise on Thursday as traders watched the progress of U.S. Trade Talks with trading partners and details regarding the U.S. 50 percent tariff on imported copper. The three-month copper price on LME rose 0.05% by 1100 GMT to $9,935 per ton, while the most traded copper contract on SHFE grew 0.04%, to 79.840 yuan ($11150.99) per ton. Two European diplomats stated on Wednesday that the European Union and U.S. were moving towards a trade agreement which could include a U.S. base tariff of 15% on EU goods, as well as possible exemptions. This would potentially move President Donald Trump toward another major trade deal, following the one with Japan. In the case of copper, Chilean mining ministers and the chairman Codelco, the world's largest copper producer, both said that they had not received any details about the 50% tariffs on copper which the U.S. will impose on August 1. Chile is the main source of refined copper imported by the United States. A Shanghai-based metals expert at a futures firm said that it was "hard to predict the direction of copper prices with so many different scenarios after". Copper stocks will be depleted by Wednesday at COMEX registered warehouses Totaled 245,508 tonnes, or 163% more than at the end of February when U.S. announced a probe on copper imports. SHFE metals were in a range, and showed signs of cooling from Wednesday's enthusiasm following Beijing's announcement about stabilizing industrial growth. SHFE aluminium was down 0.41% at 20,760 yuan per ton. Lead traded at 16,905 Yuan. Nickel gained 0.23%, zinc 0.26%, and tin increased 1.79%. LME aluminium fell 0.17%, to $2.646.5 per ton. Zinc rose 0.12%, to $2.865.5. Nickel also increased 0.12%, to $15.590. Lead traded at $2.032. Click or to see the latest news in metals, and other related stories. Data/Events (GMT) 0645 France Business climate Mfg Overall 0715 France Flash Composite Manufacturing, Services PMI 0730 Germany Flash Composite Manufacturing, Services PMI 0800 EU Flash Composite Manufacturing, Services PMI 0830 UK Flash Composite Manufacturing, Services PMI 0700 UK CBI Business Outlook Q3 1215 EU Refinancing rate, Deposit rate July 1230 Initial Jobless Clm 19, July, w/e 201345 US S&P Global Svcs PMI Flash 0745 1400 US
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Fire in Cyprus leaves two dead and homes burning
A massive wildfire ravaged southern Cyprus, destroying houses and threatening local communities in the midst of an intense heatwave. Firefighters struggled to contain a blaze that erupted midday on Wednesday in a mountainous area north of Limassol, a southern city. The fire was sparked by high winds and scorching temperatures. Two people died in an abandoned vehicle overnight, and authorities continue to try to rescue people trapped in Lofou village, which is about 26 kilometers (16 miles) away from Limassol. The situation is extremely difficult, and the firefront is massive. "All forces have been mobilised," Cypriot president Nikos Christodoulides said to reporters earlier. On Wednesday, temperatures on the island soared to 43 degrees Centigrade (90.4 Fahrenheit), triggering a yellow weather alert. Conditions are expected worsen on Thursday with temperatures reaching 44 degrees, the highest of the year. After a brief pause due to darkness, firefighting aircraft are expected to resume operations at first light. The fire brigade reported that homes were on fire in the Souni and Zanakia communities at dawn Thursday. Konstantinos Letymbiotis, the government spokesperson, said that Cyprus had requested assistance through the Civil Protection Mechanism of the European Union. Spain is expected to send at least two aircrafts on Thursday. Jordan has also offered assistance. Cyprus has been suffering from a prolonged drought that has pushed water resources to critical levels. The area affected is located just north of Cyprus’s largest reservoir, Kouris. On Wednesday, it was only at 15.5% capacity. (Written by Michele Kambas, edited by Christopher Cushing).
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The Australian dollar and Asian shares are both rising on the back of trade optimism
The Australian dollar and shares in Asia rose to an eight-month peak on Thursday, as the demand for higher yielding investments was boosted by optimism about earnings and trade. Tokyo's Topix index of shares reached an all-time record, after Wall Street set new records overnight. A trade agreement between Japan and the U.S. had stoked speculation that more deals were likely to be announced soon in order to avoid sweeping tariffs. Nasdaq futures and S&P futures both rose after Alphabet, the parent company of Google, beat expectations to start off "Magnificent Seven' earnings season. The U.S. also has agreements with the Philippines, Indonesia and the European Union. In a podcast, Brian Martin, ANZ’s head of G3 Economics, stated that "worst-case concerns about tariffs" in the U.S. have probably subsided to some extent. However, tariffs continue to rise and this is a barrier for consumers. According to European Commission officials, the EU and U.S. have reached a deal on a trade agreement that would impose 5% tariffs on European imports while waiving duty on certain items. Treasury Secretary Scott Bessent announced that U.S. officials and Chinese officials would meet in Stockholm, Sweden next week. The second quarter earnings season in the U.S. is in full swing. 23% of companies in the S&P 500 have already reported. LSEG data shows that 85% of those companies have surpassed Wall Street expectations. The Magnificent Seven, whose performance has pushed indexes up to previous peaks are the focus of attention for guidance regarding spending and returns on artificial intelligence (AI). Alphabet's capital expenditure plans were increased as it beat expectations and cited the massive demand for cloud computing services. Tesla, the electric car manufacturer, posted its worst quarter-on-quarter sales decline in over a decade. Its profit also fell short of analyst expectations. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.3%. Japan's Topix index surged for the second day in a row, rising by 1.4% and surpassing its previous record set last year. The Australian dollar (a common proxy for risk-taking sentiment) was trading at $0.66. This is just a few cents off the $0.6604 it had earlier reached, which marked its highest level since November 2024. The U.S. Dollar dropped by 0.1% to 146.38 Japanese yen. U.S. crude rose 0.4% to $65.5 per barrel. Gold spot traded at $3.390.84 an ounce, up by 0.1%. Early trades saw the pan-region Euro Stoxx50 futures jump 1.3% to 5,435, and German DAX Futures rise 1.3%. The S&P 500 E-minis and Nasdaq Contracts rose 0.4%.
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Prices of oil rise on US trade optimism and drop in crude stocks
Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures rose 24 cents or 0.4% to $68.75 per barrel at 0032 GMT. U.S. West Texas Intermediate Crude Futures rose 25 cents or 0.4% to $65.50 a barrel. Following President Donald Trump’s deal with Japan, the markets closely monitored developments in U.S. - European Union trade negotiations. In exchange for $550 billion in loans and investments destined for the United States, the agreement reduces auto import duties and spares Tokyo new levies. Hiroyuki Kikakuwa, Chief Strategist of Nissan Securities Investment (a division of Nissan Securities), said that the optimism of progress in tariff talks with the U.S. helped avoid a worst case scenario. He added that the uncertainty surrounding U.S. China trade talks, and peace negotiations between Ukraine, and Russia, is limiting future gains. WTI, he predicted, will likely stay in a range between $60, and $70. Two European diplomats stated on Wednesday that both the EU and U.S. were moving towards a trade agreement that could include an U.S. base tariff of 15% on EU goods, as well as possible exemptions. This could pave the way for a second major trade deal following the Japan agreement. The U.S. Energy Information Administration reported that U.S. crude oil inventories dropped by 3.2 millions barrels last week to 419,000,000 barrels. This was more than analysts expected in a poll, which predicted a draw of 1.6 million barrels. Geopolitical tensions remain in the spotlight. On Wednesday, Russia and Ukraine discussed further prisoner exchanges in Istanbul, but the two sides are still far apart over ceasefire terms, and even a meeting of their leaders is possible. Two industry sources reported on Wednesday that foreign oil tankers are temporarily banned from loading in Russia's major Black Sea ports because of new regulations. This effectively stops exports through a consortium owned by U.S. Energy Majors. On Tuesday, the U.S. Energy Secretary said that sanctions against Russian oil could be considered to end the conflict in Ukraine. The EU agreed on Friday to its 18th package of sanctions against Russia. This included a lower price cap for Russian oil. (Reporting and editing by Jacqueline Wong; Yuka Obayashi)
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Study says India's export engine is facing carbon headwinds due to the tightening of net-zero regulations
A study released on Thursday by Net Zero Tracker (a coalition of Oxford-based research groups) showed that India's exports were becoming more vulnerable to climate risks. Over two-thirds of shipments outbound are now subject to stricter net-zero regulations. According to Reserve Bank of India data, India exported goods worth $824.9 Billion in 2024-25. Exports made up about a fifth (or more) of India's gross domestic product. Carbon border adjustment mechanisms (tariffs on greenhouse gases associated with the production of certain imported products) are being implemented by the UK and European Union to tighten their carbon policies. Net Zero Tracker stated that "high carbon emissions are quickly becoming a trade threat and India's exported are already being pressured to decarbonise." "For India, it is clear that the challenge lies in maintaining and growing export competitiveness as well as reducing embodied emission across sectors." According to Net Zero Tracker, coal is responsible for nearly three-fourths of India's electrical grid. This increases emissions in both goods and services including the IT and professional service sectors. According to the study, rival exporting nations are supplying the exact same markets with up to 20 times greater efficiency in carbon terms. This is largely because of cleaner energy systems. India is currently negotiating with its key trading partners including the UK, the U.S. and Canada. Carbon border adjustment mechanisms set to come into effect in Europe by 2026 could impose tariffs for carbon-intensive imports. This would threaten India's ability to access these markets, according to Net Zero Tracker. India has committed to reach zero net emissions by 2070. Earlier this year, it released a draft taxonomy for sustainable finance to direct investment to low-carbon industries. Before the COP30 Climate Summit in Brazil, this November, a new national emission-reduction goal is expected.
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Lynas Rare Earths Q4 revenues beat estimates; enters magnet agreement with JS Link
Lynas Rare Earths, based in Australia, beat expectations for the fourth quarter revenue on Thursday. This was due to a higher average selling price of all rare earth products. It also announced that it had signed a deal with Korea's JS Link for magnet manufacturing. Barrenjoey reports that the world's biggest producer of rare Earths outside China reported sales revenue of A$170.2m ($112,33m) for the third quarter ending June 30. This is up from A$136.6m a year ago and beats Visible Alpha's consensus estimate of A$155m. Lynas announced separately a deal to create a value chain for rare earth permanent magnets in Malaysia with JS Link, a Korean permanent magnet manufacturer. It said that the collaboration included plans for a 3,000 ton neodymium-magnet manufacturing facility near Lynas advanced materials plant in Kuantan. Lynas is supplying light and heavy rare-earth materials to support the production. However, this non-binding contract has yet to be finalized. Lynas' average selling price during the quarter was A$60.2, compared to A$42.3, a kilogram sold a year ago. The company also flagged improved production across facilities, with quarterly production of neodymium-praseodymium (NdPr) oxide boosted by a new line at Lynas Malaysia. The total rare-earth dioxide (REO), or the amount of REO produced, was 3,212 tons for the quarter ending June 30, compared to 2,188 tons reported one year earlier.
US Mobile Home Parks Weather Climate Change with Resident Ownership
Mobile homes communities are more resilient when they work together
Extreme weather is more likely to affect parks
California Mobile Home Parks in High-Risk Zones 37%
Rachel Parsons
Early July is when the forecast predicts that temperatures will regularly exceed 42 C throughout the summer.
The mobile home is one of sixty manufactured homes that make up Comunidad Nuevo Lago. It's located eight miles south of Fresno, in the scorching Central Valley.
Perez Sierra stated, "We want the space to be greener so that people can enjoy the area because mobile homes get very hot."
Residents weren't allowed to plant shade trees until last year, when they formed a co-operative and purchased the land that their homes are on from a commercial property firm.
Experts say that resident ownership could help low-income residents of mobile home parks (or MHPs) in the United States to strengthen their resilience against heat, flooding and other weather extremes caused by climate change.
Residents can decide to make infrastructure improvements, such as erecting a storm shelter or planting trees to guard against these hazards, by joining a cooperative.
Out of the 43,000 mobile homes parks in the United States, Comunidad Nuevo lago is among more than 300 communities that have joined forces to form a cooperative.
Low-income residents can rent prefabricated housing at affordable rates, and for some it is their only opportunity to own a house.
Mobile homes, as compared to traditional site-built homes, are more exposed to extreme weather hazards such as tornadoes and floods. This is largely due their location. In the west of the United States, heat and wildfires pose the greatest threat.
C.J. said that manufactured housing in California is more prevalent in the hotter parts of the state as well as rural areas. Gabbe is a Santa Clara University professor whose research has been focused on mobile homes and extreme climate zones.
He said that "those would be the places where we'd expect a higher wildfire risk in the future."
Ovens in Summer
According to U.S. Census figures, 22 million Americans live in manufactured housing, the majority of which is located in specially-built parks.
Renters and homeowners of these homes have lower household incomes than the average. Research shows that in California, these households have an average head age of 63 compared to 51 for traditional housing.
Gabbe said that older, low-income residents were more susceptible to the dangers associated with sizzling temperatures.
Gabbe explained that the stigma of poverty led local governments to pass zoning laws prohibiting mobile homes from being placed in residential areas. "They were often allowed in places where they weren't seen or heard," he said.
He said that 37% of California’s MHPs are in zones at high risk for wildfires or deadly heat.
The roofs of many homes in Comunidad Nuevo lago are made from corrugated steel, which turns them into ovens during the summer.
Gabbe stated that MHP residents spend more than double their average income on electricity because of the lack of insulation in these homes.
Some neighbors of Perez Sierra are replacing their old homes to increase their climate resilience.
Nicholas Salerno is the chief program officer of Resident Owned Communities (ROC USA), the nonprofit organization that assisted Comunidad Nuevo Lago in purchasing its land.
Salerno, Texas has seen MHPs install storm shelters and adequate drainage systems in flood-prone areas in Texas under ROC's resident ownership model.
Priorities of the Resident
MHPs have traditionally been owned and operated as a result of individuals living on the site. This pattern has changed over the past 15 years as private equity firms have bought thousands of parks.
These firms cut back on services to increase the value of real estate. They also raise site rental fees, which is the amount a homeowner has to pay for a small plot of land.
Perez Sierra reported that the site rents at Comunidad Nuevo Lago nearly quadrupled after a commercial realty brokerage bought the park from its individual owners in 2019.
The community now votes its priorities, guided by the five-member resident board.
It intends to invest in more trees, and investigate options for solar power and a pool.
Board President Jesus Felipe Sierra Lopez pointed out lead trees (guaje, in Spanish) that grew from the tiny gardens.
He said: "Anytime you see a large tree like that you know there are people living in Oaxaca."
Most of the community is based in southern Mexico and works in agriculture, mainly in the Central Valley. The Central Valley is covered in almond and grapevine groves.
Lopez stated that the stability of ownership has given residents a greater sense of optimism, even when faced with climate change.
Perez Sierra is a young person who works in a non-profit organisation. She represents the younger generation, which wants to remain in the park.
Perez Sierra said that residents and guests gathered under mature trees to enjoy the shade.
It's "Oh, you're still living in the trailer park," as if you hadn't moved.
(source: Reuters)