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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said Monday that an "absolute and complete" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "On the assumption everything works as it is supposed to, which it will, i would like to congratulate Israel and Iran for having the stamina, courage, and intelligence to end, what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures e-minis increased slightly after trading resumed. Comments ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH "If this is true, then I'd say it's a positive for the market, and futures are moving in that direction." Talk is cheap when it comes to these things. I do think that the market, and the rest the world, would prefer to see this issue resolved peacefully and not escalate any further than we have already seen. "I think the market's action this afternoon was in this direction. Hopefully, this is the next move in this direction so that we won't need to worry about the next escalation which will never be pretty." JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly a positive step, but I do not think that it will be a catalyst for launching the next bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Trump Administration to open up undeveloped forests for mining and logging
The U.S. Department of Agriculture announced on Monday that it will end a Clinton-era ban on logging, mining, and roads in undeveloped forest areas so they can better manage fire risk. This move was opposed by environmentalists. USDA stated that the change would allow for nearly 59,000,000 acres (23.9,000,000 hectares) to be managed better in terms of fire risk. This move aligns with the goal of President Donald Trump to remove environmental regulations, which he claims are a roadblock to industry. The Western Governor's Association met in Santa Fe, where Agriculture Secretary Brooke Rollins made an announcement at the meeting. Rollins, during a briefing to the press at the meeting, said: "After repealing this rule we will go back to common sense forest management to make sure our forests are around for generations to come." The U.S. Forest Service, a division of Agriculture's Department of Agriculture, is responsible for managing the U.S. Forest Service. According to USDA, the Roadless Rule affects about 30% of Forest Service land. Trump is not the only one who has tried to reverse the policy. In 2020, the Trump administration exempted Alaska’s Tongass Forest from the Roadless Rule. This was a decision that President Joe Biden reversed in 2023. The Tongass National Forest is the largest national forest in the United States. USDA stated that the move would allow the lands be managed locally. USDA reported that the Roadless Rule prevents road construction on about 60% of forest land in some states, including Utah and Montana. Rollins, in his speech at the meeting said that "this misguided rule" prohibits the Forest Service to thin and cut trees for the prevention of wildfires. He added that the average area of U.S. forests burned by wildfires each year has doubled since this rule was implemented thirty years ago. Michelle Lujan Grisham, the New Mexico governor, reacted to Rollins' claim that the Roadless Rule was responsible for the rise in the area of wildfires over the last three decades. Lujan Grisham, Western Governors Meeting: "Climate Change is the most serious problem with fuel and these destructive fires", Lujan Grisham said to the applause of the audience. Earthjustice, an environmental group, criticized the rule by saying that wildfires tend to begin more often in landscapes with roads. The roadless rule has been protecting 58 million acres in our most wild national forests from clearcutting since more than a decade. The Trump administration wants to remove these forest protections so that the timber industry makes huge profits from unrestrained logging," Drew Caputo is Earthjustice's Vice President of Litigation for Lands, Wildlife and Oceans. These are lands that all Americans own, not just the timber industry. Reporting by Andrew Hay, Santa Fe; Nichola Groom, San Marino (California); and Chris Reese & Stephen Coates.
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Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said that on Monday a "completely and totally" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "I would like to congratulate Israel and Iran on their stamina, courage, and intelligence to put an end to what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures rose slightly after trading resumed. Comments JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly an incrementally positive, but I do not think that it will be a catalyst for a new bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
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Ukrainian forces attack an oil depot in Russia’s Rostov Region
The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the attack are being clarified." The facility is used to supply fuel and lubricants for Russian units in the Russian-occupied Luhansk region and Donetsk region on the eastern front of the war. Ukrainian forces have engaged in cross border attacks including energy targets. The General Staff stated that the aim was to curb Russia's ability to continue the war in Ukraine, which has been going on for more than three years. Ukrainian military bloggers reported earlier on the raid at the oil depot. They said that fuel tanks were engulfed by a fire. (Reporting and Editing by Rosalba o'Brien, Ron Popeski)
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Barrick Mining employees meet with Malian court appointed administrator in capital at the reopening of office
Two people familiar with the matter said that Malian tax officials reopened Barrick Mining’s office in the capital, under the supervision of a court appointed administrator. The office had been closed in April due to alleged nonpayment of taxes. This is the first major development since the Malian court, on 16 June, placed the Canadian miner’s Loulo-Gounkoto complex under state control. It was a major escalation in the long-running dispute over taxes. Barrick said that it would appeal the decision. It appointed former Malian Health Minister, Soumana Maadji as its provisional administrator. Makadji, who is expected soon to resume operations at the complex, held a staff meeting at the Bamako Office on Monday afternoon. According to one of the attendees, he said that he would be visiting the mine site on Wednesday. The mines will be able finance themselves once production resumes and gold sales resume. Three people with knowledge of the situation said that he also met with subcontractors Monday. Barrick's and Mali's Mines Ministry spokespeople did not immediately reply to requests for comments. Barrick and government have been negotiating since 2023 about the implementation of the new mining code, which raises taxes and grants the government a larger share in gold mines. The Loulo-Gounkoto mine complex has been closed since mid-January, after the Malian military government seized Barrick's stocks and blocked its gold exports. Barrick's Bamako main office has been closed for several months. (Reporting and editing by Joe Bavier, Tomaszjanowski and Tomasz Crowe)
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Chios, a Greek island, declares an emergency after wildfires continue to rage.
Greece declared a state-of-emergency on Chios Island on Monday. Hundreds of firefighters are battling the wildfires on the island for the second day, as the winds continue to rage, causing more power outages and evacuations of residents. The climate conditions on Chios are not conducive, and we have constant new fronts. He confirmed that an additional 170 firefighters would be added to 11 teams of approximately 190 firefighters who had been deployed on the island, located in the northeastern Aegean, to try to stop the fire from spreading into homes and areas where mastiha is produced, a natural resin made from mastic tree sap. Kefalogiannis stated that thirty more vehicles would be added to the 38 already deployed vehicles, with 13 helicopters, four water bomber aircraft and other support. The wind gusts made it difficult to put out the wildfires that have destroyed forest and pastures as they rage towards the north west and south of Chios Town, the capital of the island, forcing power cuts and forcing hundreds to flee. Kefalogiannis stated that the authorities would investigate the causes of fires which broke in different geographic parts of the island. Greece, located at the southernmost tip of Europe, has suffered from frequent wildfires that have affected its economy and environment in recent years. Scientists say this is due to a rapidly changing climate. The government has spent hundreds millions of Euros to compensate farmers and households for damages caused by extreme weather conditions and to upgrade firefighting equipment. In anticipation of a difficult fire season, the government has hired 18,000 firefighters, a record.
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GRAINS and soybeans slump due to 'greenhouse weather' in US
Chicago soybean futures eased Monday as favorable weather conditions in the U.S. took the attention away from the U.S. strike on Iran that occurred over the weekend. By 11:40 CST ( 1640 GMT), November soybeans had fallen 13-1/2 cents to $10.47 per bushel. Chicago corn fell due to weather pressure and wheat also declined with an accelerating harvest. Midwest Market Solutions president Brian Hoops said that the forecast for the week ending July 2 shows a warm and wet weather across the U.S. Corn Belt. Hoops said that the weather would create a "near greenhouse effect" with benefits for corn, soybeans and other crops. These favorable conditions have outweighed the impact of the initial surge in oil prices after the U.S. attacked Iranian nuclear sites on the weekend. After reaching a five month high, oil prices dropped 1% on Sunday as traders assessed the impact of the U.S. Airstrikes on the transit of gas and oil through the Strait of Hormuz. Because it is used as a biofuel to replace fossil fuel, the price of soyoil is closely linked to crude oil. Karl Setzer, a partner at Consus Ag Consulting said that "the lack a story about the weather on the U.S. crops is more negative than any potential explosion between the U.S. After hitting contract lows earlier, September corn fell 7-1/4 cents per bushel to $4.18-1/4. September wheat was 13-cents lower at $5.70-12 a bushel. Analysts predict that the weather in the United States will be favorable for harvesting wheat in the next few weeks. Hoops said that "Hotter, drier conditions are forecast for winter wheat Plains. This should advance the harvest of winter wheat, while good rains are forecast for spring wheat belt." Terry Reilly is a senior agricultural strategist with Marex. Renee Hickick in Chicago; Additional reporting by Ella Cao, Lewis Jackson and Sybille De La Hamaide in Beijing and Paris; Editing and production by Jan Harvey
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ERG will produce the critical mineral gallium next year in Kazakhstan
Eurasian Resources Group announced in a press release that it plans to invest $20 millions in Kazakhstan to produce the critical mineral gallium from the bauxite ores they process to make alumina. Gallium is listed as a critical mineral by the United States and European Union. It is required for the production of semiconductors and radar systems in aerospace and defense. Kazakhstan would become the second-largest gallium producer in the world, after China, if ERG's plan is implemented. ERG CEO Shukhrat Ibragimov stated that "ERG intends to become a major player on the global gallium market, beginning production in 2026, to supply OECD nations, with a goal to expand annual volumes to up to 15 metric tonnes per year." According to the U.S. Geological Survey, global gallium production reached 760 tons in 2013. The majority of the gallium was produced in China, with very small quantities coming from Japan and Korea. In response to Washington's crackdown on China’s chip industry, China banned the import of gallium (gallium), germanium (germanium) and antimony from the United States in December last year. The ban is only applicable to the United States. However, China has been steadily introducing export licensing regimes to these three metals in the 18 months prior to suspension. Aluminium is smelted using alumina. (Reporting and editing by Barbara Lewis; Pratima Deai)
White House: Trump to hold Wednesday press conference on auto tariffs
At a Wednesday press conference, U.S. president Donald Trump will reveal plans to implement long-promised duties on automobile imports. This move will intensify the global trade conflict Trump started upon regaining control of the White House in this year.
The White House did not provide any details about the anticipated tariffs. This includes whether or not there will be carveouts made for parts and vehicles produced under the U.S. Canada-Mexico Agreement. This regional trade agreement was negotiated by Trump during his first term, which allows for largely free trade with two of the largest U.S. trade partners.
Trump has himself suggested that tariffs may be as high as "in the vicinity of 25%."
Trump said Monday that tariffs could be imposed on imported cars this week. This is ahead of plans for reciprocal tariffs to be announced next week against the countries responsible the majority of the U.S. Trade deficit. Trump and his advisers on economics have promised that they will announce these levies and perhaps some additional sectoral duties, on April 2.
Former U.S. officials and industry experts expect that the administration will use an investigation Trump conducted during his first term to justify the new taxes.
The news of the presser sent shares of U.S. listed automakers tumbling on fears that tariffs could send shockwaves through an auto industry already reeling under uncertainty due to Trump's rapid-fire threats of tariffs and his occasional reversals.
According to the Center for Automotive Research, tariffs could increase the cost of cars for consumers by thousands, affecting new vehicle sales, and result in job loss, as the U.S. auto industry is heavily dependent on imported parts.
In 2024, the U.S. will import $474 billion in automotive products, including $220 billion worth of passenger cars. Mexico, Japan South Korea Canada and Germany were all close U.S. Allies.
Cox Automotive, a provider of automotive services, forecasted on Wednesday that, if no tariff carveouts are granted to the auto industry, the price of an American-made vehicle would increase by $3,000 and the cost for a vehicle from Canada or Mexico by $6,000 if the tariffs were not waived. (Reporting from Doina and David Lawder, both in Washington; Additional reporting from Kalea in Detroit; Writing by Dan Burns, Editing by Matthew Lewis.)
(source: Reuters)