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Firefighters gaining ground against flames in Spokane, Washington
Firefighters who had made great progress against a cluster?of blazes near Spokane in Washington scrambled to secure their gains on Wednesday as they awaited a return of hot and dry weather?in the coming days. Officials confirmed that crews had created buffer zones around three fires which threatened?the state's second most populous city. Since Saturday, the blazes destroyed hundreds of homes and forced thousands to leave. Authorities said that full containment of the fire, which involves clearing a large area of combustible plants from around its perimeter, is still not achieved. The Spokane area fire command stated that "with primary containment lines in place, crews will focus on strengthening these lines by aggressively mopping-up and extinguishing heat pockets near homes and other buildings to reduce the risk?of?additional damages." Spokane Fires ranked No. The Spokane fires were ranked as the No. According to the National Interagency Fire Center, there were 94 major fires burning across 13 U.S. States, with the majority of these in the West and Oregon and Washington. Aaron Farinacci (37), a local resident who had served prison time for manslaughter in Arizona after killing his father, was arrested and charged on Tuesday with arson. Benjamin Cossel is a spokesperson of the Fire Command. He said that the cause of two other fires remained unknown. However, unlike many of those raging in the Northwest, none of these Spokane blazes were caused by lightning. The Spokane area fires have scorched over 10,000 acres (4.047 hectares), on the northern edge of the city. This is home to approximately 230,000 people west of Rocky Mountain foothills, near the Idaho border. As the flames spread across entire neighborhoods, firefighters were forced to defend themselves as the fires moved quickly. Cossel stated that at least 700 structures, most of which were homes, have been destroyed or heavily damaged. He said that no casualties had been reported and, as of Wednesday, the 14 people who were initially reported missing from a fire zone are now safe. The cooling trend on Monday and Tuesday, as well as the calmer winds, helped firefighting planes and ground crews make great strides towards putting out the blazes. Cossel told me by phone that "we're cautiously optimistic" about the weekend. Forecasts predict temperatures in the upper 90s Fahrenheit from midweek to the weekend, with relative humidities of low teens. Interagency Fire Center tallied 45184 wildfires in the United States this year, which is the highest number for the time of year since at least 10 years. Nearly 5.5 million acres were charred - the highest amount from January 1 to August 5 in 2022. Scientists attribute the conditions that have led to increased wildfire activity, particularly prolonged drought and extreme temperatures, in North America, Europe, and elsewhere, in recent years. This is primarily due to heat-trapping gas emissions from fossil fuel burning.
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Nasdaq is down, but stocks are mixed; US oil prices ease on Iran talks
The major stock indexes were mixed on Wednesday. SpaceX shares and Advanced Micro Devices declined, and U.S. oil prices eased as signs of progress towards a peace agreement with Iran emerged. Two?regional? officials and a senior Iranian source said that a proposed agreement between Iran, Oman and the United States to end the five-month war between Iran and America would give Tehran control of ships entering the Gulf via the Strait of Hormuz. This is one of the largest concessions to Iran yet. U.S. West Texas Intermediate Futures dropped 55 cents or 0.73% to $75.22 per barrel. Brent crude futures rose nine cents or 0.11% to settle at $79,45. Gold prices reached their highest level for almost seven weeks. Spot gold rose 4.16% to $4,245.40 per ounce. SpaceX shares fell 13.6%. On its first earnings call as an open company, the company announced faster than expected returns on its AI investments. However, investors were still concerned about how long Starlink could continue to fund costly investments. Shares of Advanced Micro Devices fell after the company's results exceeded analysts' expectations but failed to meet investors' high expectations. The Dow Jones reached a new record high on Wall Street amid the Iran negotiations. S&P 500 closed lower, but the Nasdaq saw its first drop in five sessions. Adam Sarhan of 50 Park Investments, New York said that tech shares are?easing off after recent sharp gains. He said that "tech stocks?have come a long way in a short time." "Short-term, we're a bit overbought." The semiconductor index fell by 1.4% on Wednesday, but is still up over 6% this week. The Dow Jones Industrial Average climbed 263.24 points or 0.49% to 54,349.12; the S&P 500 dropped 12.97 points or 0.17% to 7,723.55; and the Nasdaq Composite declined 221.55 points or 0.83% to 26,363.44. The MSCI index of global stocks rose by 3.85 points or 0.34% to 1,149.54. The pan-European STOXX 600 ended the day?up 0.04% and a new all-time high. The drugmaker Novo Nordisk was down, despite a positive second-quarter profit beat. This was due to disappointing sales of the Wegovy weight loss pill. HSBC's shares fell a day following its results as investors digested the analysts' reactions to the numbers. Treasury yields dropped as oil prices fell. The focus of traders was also on the economic data that will culminate with Friday's employment report. The yield on the benchmark 10-year U.S. notes dropped 1.23 basis points, to 4.615%. The U.S. ADP report on private employment showed a gain of 44,000 positions in July. This is down from the 95,000 new jobs added in June, and about 25,000 below expectations. Wages increased 4.4% compared to a year earlier. Fed funds futures traders are now pricing in 55% of a rate hike during the Federal Reserve meeting on September, down from 68% Monday. The Japanese yen has stabilized after a 'historic' intervention in the currency markets. The yen rose just?0.01% to 157.73 dollars per dollar. Japan and the U.S.?launched an unusual joint yen buying intervention last week, and pledged to take further action as necessary to support this currency. The dollar index fell by 0.18%, measuring the greenback in relation to a basket of currencies, including the yen, the euro and others. Caroline Valetkevitch reported from New York, and Nell Mackenzie from London. Wayne Cole contributed additional reporting; Mark Potter, Jan Harvey, and Daniel Wallis edited the story.
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Albemarle's quarterly profit exceeds expectations due to rising lithium prices
Albemarle's quarterly profit was higher than expected on Wednesday due to a rise in the price of the ultra-lightweight metal. The results showed an improvement in market conditions after a glut of lithium forced the company and its peers to reduce staff last year. Albemarle reported that the average price they?received? for their lithium increased 61% and its'sales volume? increased 11%. In a recent statement, CEO Kent Masters stated that "we continue to see resilient demand fundamentals across all of our core markets including energy storage, electrical vehicles, and semiconductors." The company's second quarter net income was $480 million or $3.52 a share. This compares to $22.9 million for the same period last year. Albemarle earned $3.75 per share excluding one-time items. According to IBES data derived from LSEG, analysts had expected earnings of $3.24 a share. In Wednesday's after-hours trading, shares gained 1% and reached $120. The company, based in Charlotte, North Carolina plans to hold a conference call to discuss results on Thursday. (Reporting and editing by Nia Freed and Jamie Freed; Ernest Scheyder)
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Iran talks and lower bond yields set gold on course for its largest daily increase since February
The gold price climbed to its highest level in nearly seven weeks on March 3. It is on track to be the largest daily increase?since the beginning of February, due to the lower Treasury yields and the?hopes of progress regarding the opening of the Strait of Hormuz. By 2:15 pm, spot gold had risen 4.4% to $4253.36 an ounce. ET (1815 GMT), it had reached $4,264.93 - its highest level since June 18 - and was above the 50 day moving average which now supports gold at $4,160. U.S. Gold Futures for December Delivery rose by 3.7%, to $4,305.20 an ounce. Early adopters are returning to precious metals, as the likelihood of rate increases has decreased since last week. The dollar is down sharply, which also helps. "The Iran pause" also helps," said Tai Wong, a metals trader. The dollar was trading near its six-week-lows against other major currencies. Meanwhile, the yield on U.S. 10 year notes hovered around a one-week-low after President Donald Trump stated that his administration had held "very good conversations" with Iran in a day-long negotiation, giving rise to hopes of resolving the five-month conflict. Falling yields make gold cheaper for overseas buyers, while the lower dollar makes it cheaper for domestic buyers. Gold is still down 24% from its record high of $5594.82 reached in January. It has also fallen 19% since the Iran War sparked fears about energy inflation, and boosted bets for interest rate hikes. According to the World Gold Council, the demand for gold by central banks in the first half of 2026 will be the lowest it has been since 2022. Gold-backed exchange traded funds saw a total outflow of 45 tons during the second quarter. Bullion had its steepest quarterly decline since 2013 - falling 14%. J.P.Morgan stated in a report that with central bank purchases muted, retail attention elsewhere, and subdued demand in Asia rates-sensitive ETFs are back as the marginal demand for gold prices. Wong stated that "for the metals industry to really gain steam,?rate reductions must be priced in but, for the moment, this is a story of 2027 at the very earliest." Silver spot rose 4.4%, to $62.11 an ounce after reaching its highest level since July 6. Palladium rose 1.5%, to $1373.24, and platinum gained 0.2%, to $1740.04 an ounce. The metals reached their highest levels since June 17 and 2, respectively, in relation to the Iran peace negotiations. Standard Chartered's Suki Cooper said that palladium and platinum have been priced with many headwinds, including concerns about the slowing of auto production and the growing market share of electric vehicles. She believes that platinum will be in short supply this year, and palladium will become a surplus by 2026. (Reporting from Sukanya Mittra and Noel John, in Bengaluru; and Polina Devitt, in London. Additional reporting by Anjana Anil. Editing by Shailesh Kumar and Joyjeet Das.
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Iran talks and lower bond yields set gold on course for its largest daily increase since February
Due to lower Treasury yields, and the 'hopes' for progress in opening the Strait of Hormuz, gold prices rose a record high on Wednesday. By 12:50 pm, spot gold had risen 4.1% per ounce to $4242.96. At 1650 GMT, gold had reached $4,258.99 - its highest level since June 18 - and was above the 50 day moving average. It now stands at $4,160. U.S. Gold futures for delivery in December rose by 3.6%, to $4.303 per ounce. Early adopters are returning to precious metals, as the probability of rate hikes has decreased since last week. The dollar is down sharply, which also helps. "The Iran pause" also helps," said Tai Wong, an independent metals dealer. The dollar fell to six-week-lows against other currencies and the yield on U.S. 10 year notes was at one-week-lows after President Donald Trump claimed that his administration had held "very good talks" with Iran in a five-month-long conflict. Falling yields make gold cheaper for overseas buyers, while the lower dollar makes it cheaper for domestic buyers. Gold is still down around 24% from its record high of $5,595 reached in January. It has also fallen 19% since the Iran War sparked fears of energy inflation, and boosted bets for interest rate increases. According to the World Gold Council, the demand for gold by central banks in the first half of 2026 will be the lowest it has been since 2022. The World Gold Council reported that the outflows of gold-backed exchange traded funds reached 45 tons during the second quarter. This was when bullion experienced its steepest quarterly drop since 2013. J.P.Morgan stated in a report that with central bank purchases muted, retail attention elsewhere, and subdued demand for physical gold in Asia, the rates-sensitive ETF is now the main driver of gold prices. Wong stated that "for the metals industry to really gain steam, rate cuts must be priced in but for now, this is a story of 2027 at the very earliest." After reaching its highest level since July 6, spot silver increased 4.4% to $62,106 per ounce. Palladium increased 0.9%, to $1365.34, while platinum fell 0.2%, to $1730.94. The metals reached their highest levels since June 17 and 2, respectively, in relation to the Iran peace negotiations. Standard Chartered's Suki Cooper said that palladium and platinum have been priced with many headwinds, including concerns about slowing auto production and the growing EV market share. She also noted the potential for growth in recycling. She believes that platinum will be in short supply this year, and palladium will become a surplus by 2026. (Reporting from Sukanya Mittra and Noel John, in Bengaluru; and Polina Devitt in London. Additional reporting by Anjana Anil. Editing by Shailesh Kumar and Joyjeet Das.
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Dealmaking in the US oil and gas upstream sector plunges during the second quarter due to volatility
Enverus, an analytics firm, said that the volatility of oil prices has tempered investor confidence and led to a four-fold decline in dealmaking in the U.S. Upstream Oil and Gas Sector in the second quarter this year. "Crude price volatility linked to the Iran conflict, and a softer gas outlook, likely widened bid-ask and complicated valuations. This pushed the announced?value down to its lowest quarterly total in years," Andrew Dittmar said, principal analyst at Enverus Intelligence. The Bureau of Land Management, in a record-breaking lease sale in May, made the most money, earning around $4 billion from the sale of oil and gas drilling rights on federal lands, mostly in Texas and New Mexico. The sale included 33,530 acres in New Mexico’s Permian Basin, which is part of America's most prolific oilfield. According to Enverus, the BLM assets were subject to fierce competition due to a shortage of drilling sites that produced more oil. Shell's sale of its Na Kika platform in June to subsidiaries of Talos Energy and Ridgewood Energy, which totaled around $1.7 billion, came in second. The assets are expected to produce 37,000 barrels per day of oil equivalent by?2025. The second quarter's dealmaking value was the weakest it has been since 2020. That is when the COVID-19 epidemic wiped out oil demand, and prices fell to multi-year lows. According to LSEG's data, Brent?crude?futures closing prices fluctuated from a high of $118 a barrel to a low $72 a barrel between April and June as the Iran war continues to disrupt global energy flows. (Reporting and editing by Liz Hampton, Barbara Lewis and Georgina McCartney)
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Iran talks and lower bond yields set gold on course for its largest daily increase since February
The gold price rose to its highest level in nearly seven weeks on Wednesday and was on track to post the largest daily increase since February due?to lower Treasury rates and hopes of progress regarding opening the Strait of Hormuz. By 11:04 am, spot gold had risen 4.4% per ounce to $4256.85. The spot gold price rose 4.4% to $4,256.85 per ounce at 11:04 a.m. ET (1504 GMT), after reaching $4,258.99 - its highest level since June 18 - and breaking above the 50 day moving average. It now stands at $4,160. U.S. Gold Futures for December Delivery rose by 4% to $4317.40. The early adopters have returned to precious metals, as the probability of rate increases has decreased since last week. The dollar is down sharply, which helps. "The Iran pause also helps," said Tai Wong an independent metals dealer. The dollar fell to six-week-lows against other major currencies and the yield on U.S. 10 year notes was at one-week-lows. President Donald Trump had said that his administration held "very good talks" with Iran in a full-day of negotiations. This fueled hopes that?the five month conflict might be approaching. Gold is down by 24% from its record high of $5 595 in January, and 19% since the beginning of the Iran War, which fueled concerns about energy inflation, and reinforced bets for interest rate hikes. According to the World Gold Council, the demand for gold by central banks in the first half of 2026 will be the lowest it has been since 2022. The World Gold Council reported that the outflows of gold-backed exchange traded funds totalled 45 tonnes in the second quarter. This was when bullion experienced its steepest quarterly decline since 2013. J.P.Morgan stated in a recent note that with central bank purchases?muted?, retail interest elsewhere focused and subdued demand for physical gold in Asia, the rates-sensitive ETF is now the main driver of gold prices. Wong stated that "for the metals industry to really gain steam, rate cuts must be priced in, but for now, this is a story of 2027 at the very earliest." Silver spot rose 4.9%, to $62.44 an ounce after reaching its highest level since the 6th of July. Palladium rose 1.6% to $1.374.75, while platinum remained at $1.735.28. The prices are the highest they have been since June 17th and June 2nd, respectively. Standard Chartered's Suki Cooper said that "Platinum & palladium has priced in many headwinds" since the beginning of the conflict. These include concerns?over a slowing in auto production, a growing market share EVs & the potential for recycling growth. She believes that platinum will be in short supply this year, and palladium will become a surplus by 2026. (Reporting from Sukanya Mittra and Noel John, in Bengaluru; and Polina Devitt, in London. Additional reporting by Anjana Anil. Editing by Shailesh Kumar and Joyjeet Das.
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Gold jumps over 3% due to weaker dollar. Eyes on Mideast developments
Gold prices jumped by over 3% in?Wednesday's trading, mainly due to a weaker dollar. The?dollar fell and Treasury yields dropped, as markets watched developments in the Middle East to get fresh signals about inflation and interest rates outlook. By 09:44 am EDT (1344 GMT), spot gold had risen 3%, to $4199.78 an ounce. Bullion reached its highest level since the 22nd of June earlier in the session. U.S. gold futures increased 2.6% to $4260.80. Tai Wong is an independent metals dealer. He said, "Two consecutive days of lower yields combined with a week of softer dollars seem to have cleared the way for gold and silver." The U.S. Dollar was at its lowest level against the Japanese currency since?three months. This made dollar-priced gold more affordable to overseas buyers. Meanwhile, yields on U.S. 10 year notes were hovering?near a one-week-low. The ADP National Employment Report showed that the growth of private payrolls in the United States slowed down in July. Payrolls increased by 44,000, which was below what economists expected, who had predicted a gain of 70,000. In an interview with CNBC, Minneapolis Fed President Neel Kahkari said that he believed now was the right time to begin slowly increasing interest rates. According to the CME FedWatch Tool, traders?are pricing in about a 57% probability of a rate increase at the central bank's meeting on September. Due to its non-yielding characteristics, higher interest rates may reduce the appeal of bullion. Donald Trump, the U.S. President, said that his administration has had "very positive discussions" with Iran. This fuels expectations for a quick end to this five-month conflict. Spot'silver' rose by 4.2%, to $62.05 an ounce. Platinum gained 0.5%, to $1.725.58, reaching its highest price since June 17. Palladium also climbed 0.5%, to $1.359.80 and reached its highest price since early June. (Reporting by Sukanya Mitra in Bengaluru; Editing by Shailesh Kuber)
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
(source: Reuters)