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Since May, a cholera outbreak in Nigeria’s Borno has killed 74 people and infected thousands.
Medecins Sans Frontieres, an aid group, said that a cholera outbreak in Nigeria's Borno state, which began in early May, has caused the death of at least 74 individuals and infected over 7,000 others, overwhelming local health facilities. MSF reported 7,850 suspected cases across 14 local governments areas by June 7, citing data from the state health ministry. Infections were increasing 'dramatically each day,' according to MSF. The outbreak strains an already fragile healthcare system in a area at the center of a 17 year Islamist insurgency. There are also problems with water and sanitation and mass displacement. MSF has, in collaboration with the Ministry of Health, set up a cholera-treatment centre in Maiduguri, the capital, to help support the response. Bienfait Tombola is the MSF medical coordinator of the surge response for Maiduguri. MSF reported that it had treated 7,439 patients on average, with 230 admissions a day. More than 500 cases were recorded just on June 5, the most since the response started. The 'waterborne disease' cholera thrives in places without clean water or sanitation. MSF reported that authorities are planning a vaccination program, as the aid group continues to increase treatment, hygiene, and surveillance in order to contain the outbreak. (Reporting from Adewale Klawole, Maiduguri. Writing by Elisha B. Gbogbo. Editing by Alex Richardson.)
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Karen Braun: The role of China in US agriculture has changed.
Last month, the prospect of renewed Chinese demand for U.S. agricultural products sparked excitement on?grain market. However, enthusiasm has faded and no immediate purchases have been made. It was not surprising that the initial reaction was bullish. China has been a driving force in U.S. agricultural growth, helping to drive record soybean exports and grain prices, as well as emerging as a major purchaser of everything from beef to corn. The trade agreement last month, which included at least $17 billion of U.S. agricultural sales beyond existing soybean agreements, revived hopes that China could once again be a major driver of growth for American farm exports. The dynamics have changed over the years due to trade tensions, and South America’s growth. China's importance to U.S. agricultural production remains high, but its contribution varies depending on the commodity. SOYBEANS: China left the U.S. market, not the soybeans China's dependence upon U.S. soyabeans has declined dramatically over the past few years, but its influence on the global soybean markets has not. Since nearly two decades, the Asian buyers' share of global imports remained fairly constant at around 60%. Chinese purchases of U.S. soya beans have dropped sharply from record levels earlier in this decade, as Brazil increased production and exported more. According to the U.S. Department of Agriculture, the volume of U.S. soyabean exports to China in the 2025/26 crop season that ends on August 31 is expected to drop by almost 50% compared to the previous year, to a record low of 19 years. Industry estimates show that by the end May, China had met more than 90% its needs for 2025/26. This pace is on par with the previous year, thanks to an increase in South American purchases. Recent trade deals suggest that U.S. soyabean exports to China may double in 2026/27. However, the overall picture of soybean exports is not as rosy. The USDA projections indicate that U.S. exports of soybeans to other countries would drop to a record low in 2026/27 if China's assumed share is excluded. This could be because the demand for U.S. beans from one partner might impact the demand from the others. CORN: HEALTHIER IF CHINA IS NOT INCLUDED? It couldn't have been more different in the case of U.S. corn imports. Chinese purchases accounted for nearly one-third (or 2,75 billion bushels) of U.S. Corn shipments in 2020/21. Many at the time considered China to be crucial for furthering export growth. This record was broken without Chinese participation in 2024/25, and 2025/26 is expected to see shipments reach a new high of 3.3 million bushels. Mexico, for example, is a reliable long-term buyer of corn from the United States. USDA's forecast does not indicate that China will be a significant buyer of corn in 2026/27. This doesn't mean that the Chinese demand is no longer important or that it would not have positive market implications. If China were to return as a major buyer of corn, would the total U.S. exports increase further or would higher prices displace existing demand as it appears to be happening for soybeans. BEEF: TRADE DEAL WEAKNESSES EXPOSED Beef is a product that falls between corn and soybeans, but presents different tradeoffs. China was a major customer of U.S. beef importers just a few short years ago. U.S. officials want to bring that business back after the recent trade agreement. The U.S. beef market has reached "record" highs and the cattle herd in the United States is at a low level not seen for 75 years. U.S. officials have highlighted China's appetites for lesser-valued cuts and variety meats, implying that Chinese consumers buy products Americans do not consume as often. This portrayal is incomplete and leaves out important details. In the past, U.S. exports of beef to China were largely products that were consumed domestically, as is also seen in other U.S. buyers. China is a major buyer of U.S. cuts and offal. Although the Chinese demand for lower-value cuts may benefit U.S. ranchers in some ways, it also increases competition for limited supplies. It may be worth examining the idea that beef exports to China could increase without impacting on the domestic market. NEW MARKET, OLD THINKING? Soybeans and corn, as well as beef, help explain why China’s role in U.S. Agriculture cannot be defined with a single narrative. But grain markets react to Chinese purchases as if the effects are universal across all sectors. Even though purchase commitments are not a guarantee, they can still cause sharp movements in futures and speculative positions. The prospect of renewed Chinese purchases helped to push speculators’ combined positions in U.S. grain and oilseeds at record bullish levels. This was a logical reaction: a stronger Chinese economy has usually led to better prospects for U.S. agricultural production for the last two decades. Now, however, the impact is less clear. The markets will continue to react to China related developments. However, the most important question is not whether China matters but rather where it matters. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Buy the chip for MORNING BID AMERICAS
What's important in the U.S. and international markets today by Mike Dolan Editor-at-Large of?Finance and Markets Relief rally, dip buying or dead cat bounce? Whatever you call Wall 'Street's modest recovery on Monday, it is clear that the gains were concentrated in tech megacaps which have been at the forefront of the AI boom. Yesterday, 60% of S&P 500 closed in the red. In terms of Monday's individual moves, Marvell Technology saw its stock rise by 9% after it was included in the S&P 500. Below, I will go into more detail. Check out my most recent column about whether AI can become a utility. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. What does Monday's rebound mean for us? With all the IPO hoopla, it's difficult to ignore the AI juggernaut. Elon Musk’s SpaceX will list by the end of this week. OpenAI announced on Monday that it has also?confidentially' filed for an IPO. The market will absorb a record amount of issuance this summer with Anthropic and SpaceX also expected to list. China's overnight May trade data showed that it was?riding on the AI boom, as its export growth exceeded expectations and jumped almost 20% year-onyear. The huge demand for tech and memory chips, as well as the high prices of those memory chips are to blame. This is the flipside of the AI boom. It's potential inflationary fallout, and the way it complicates things for the Federal Reserve and other central bankers. The ECB is expected to raise interest rates this week and the Bank of Japan will likely follow suit this month. Iran and Israel have both announced that the latest missile exchange has been suspended for the time being. This allowed oil prices, which had risen up to 5% in the morning, to lose some of their gains. It also took some edge off of Fed rate hike bets. This also helps to explain the modest stock recovery on Monday. On Tuesday, Asian shares rallied, and U.S. Futures edged up before the bell while oil prices continued to fall. The focus of today's data diary will be on housing. Wednesday, the U.S. consumer prices and Oracle results will follow after the bell. Chart of the Day SpaceX plans to raise $75 billion this week in its debut equity listing. It is aiming for a valuation of $1.75 trillion, which would put it among the 10 most valuable U.S. listed?firms. However, only 7%?of?its listed?shares will be freely tradable when launch takes place on June 12th. S&P Global, which last week decided not to change its criteria, including the requirement that a company be profitable, excluded SpaceX from the S&P 500 despite the fact that the sale was reportedly oversubscribed by two times and had reserved as much as 30 percent, or $22.5billion, for retail investors. MSCI, the index provider, confirmed Monday that it would continue to apply its existing rules regarding early inclusion of large IPOs into its Global Standard Indexes. This will likely allow SpaceX to 'join. Watch today's events EDT), May existing home sales (10 a.m. EDT), May existing home sales (10 a.m. EDT) * U.S. 3-year note auction (1 ?p.m. EDT) Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent those of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Mike Dolan).
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LME stock tightens up as copper prices rise, dollar falls
The dollar fell on Tuesday after Israel and Iran agreed to stop their attacks against each other. Meanwhile, visible metal inventories outside of the United States tightened further. The benchmark three-month copper price on the London Metal Exchange increased 0.8% by 0951 GMT to $13,728 per metric ton, but was hampered by the 21-day moving median at $13,735. The U.S. Dollar Index was down by 0.2%. However, the markets are waiting for Wednesday's U.S. Inflation data to get clues about the Federal Reserve. Dollar-priced materials become more appealing to buyers who use other currencies when the U.S. dollar is weaker. COMEX copper contract prices are also higher than the LME benchmark, which is a result of the premium. This was done to support copper prices before the Department of Commerce made a possible recommendation on import tariffs. The premium is driving inflows into COMEX stocks in the U.S. while stocks available in LME-registered warehouses are not. According to the daily LME data they were at 228,650 tonnes, which is the lowest level since February 19. Analysts at Morgan Stanley expect that President Donald Trump will make a decision about U.S. import tariffs in the second half 2026 after receiving an update from domestic markets by June 30. A 15% tariff announced in advance for January 2027 will drive COMEX copper and LME spreads higher, and tighten LME margins. Morgan Stanley stated that if tariffs are not implemented, they would remove about 2.5% of global annualized copper demand from the U.S. Analysts estimate that the U.S. has "over-imported" copper by 260,000 tons in the past year. The country holds over a year's worth of "normal" refined copper imports. Aluminium fell by 0.8% on the LME to $3,575.50, after having hit a low of $3.570.5 in three weeks, despite Iran and Israel agreeing to stop their attacks. Tehran continues to block shipping through the Strait of Hormuz. Zinc rose by 1.1% to $3575.50. Goldman Sachs stated that Boliden’s Garpenberg Mine could "structurally re-set to a lower?level of production for longer" after a seismic event in March. Lead dropped 0.1% to $1987. Nickel was down 0.6% to $18,230. Tin rose 1.4% to $50,880. Nickel and lead hit their lowest levels since May 21 and respectively April 23 earlier in the session. (Reporting and editing by Jonathan Ananda; Additional reporting by Solomon Cefai)
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After a multi-day hunting spree, a wild black bear is captured in Japan.
After a multi-day search that engulfed the nation and closed local schools, Utsunomiya in Japan captured a?wild black bear? on Tuesday. After its first bear sighting Saturday night, the city closed all 94 municipal primary schools and middle schools for a second consecutive day on Tuesday. An official reported that authorities decided to close schools again on Wednesday because of a report about a second bear possibly roaming around the city. In Japan, bear attacks, especially in urban areas have increased. The government has set up a taskforce to help reduce these incidents. According to the Environment Ministry, in fiscal 2025 the country recorded a record number of casualties including 13 fatalities. Utsunomiya in Tochigi prefecture is about 100 km north of Tokyo. Police cars and other vehicles that were involved in the search immediately?blocked the area when the bear reappeared in a residential 'area early Tuesday afternoon. Police officers walked around for a little more than an hour with long sticks, while others held metal shields. They were accompanied by national broadcasters who showed live footage from helicopters. The adult bear, estimated to weigh 100 kg (220 pounds), was shot with tranquiliser guns, then loaded into a cage and driven off. Officials said that the city has yet to decide on what to do. Iwaki in Fukushima Prefecture is 100 km northeast of the incident. On Tuesday, classes were suspended at three schools in an area where a black-bear had been spotted just a day earlier. At least four people were injured in a bear attack last week in Fukushima. Security footage showed the animal chasing and hurling a man to the ground in one incident. Asiatic black bears have been 'listed as vulnerable species worldwide, but the number of these bears in Japan has tripled since 2012. This is due to a decline in hunting. Climate change has reduced the harvest of natural bear foods like acorns and birchnuts. The depopulation of rural regions and the proliferation abandoned farmland has encouraged them to seek food near human settlements.
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India's gold tax hike spurs smuggling, squeezes refineries and banks
India's sharp rise in gold import tariffs has fueled a surge in smuggling, which could reach 100 metric tonnes this year. This is because smugglers can now slash prices on the grey market, allowing them to undercut refiners and banks. India, which is the second largest gold market in the world after China, increased import tariffs by more than doubling to 15% to reduce demand, to cut the trade deficit, and to ease pressure on rupee. They said that the move created an opportunity for gold smugglers to compete with legitimate importers by offering prices they cannot match. A Mumbai-based head of the bullion division at a private bank that imports gold said the grey market discount had exceeded $200 per ounce or more than 4 percent. He added that banks could not offer a discount even as low as $10, much less one with three digits. He declined to give his name because he wasn't authorized to speak with the media. Another dealer, who declined to identify himself because he wasn't authorised to talk to the media, also said that the recent revival of the grey market indicates illegal imports may exceed 100?tons by 2026. Four other dealers interviewed shared the view that illegal gold imports may exceed 100 tons by 2026. 100 tons of gold are worth $14.35 billion at current prices. This implies a loss of $2.65 billion due to lost tariffs and sales taxes. The bullion dealers claim that smugglers are able to offer steep discounts as they don't pay any taxes on gold. This includes import tariffs, goods and services tax, and other taxes totaling 18.45%. "It's possible to make a profit of over 2.5 million rupees (roughly $26,121.25) by bringing in one kilogram of gold, the equivalent of a large iPhone. The second dealer stated that it is only natural for people to try and make quick money. Even if grey market operators sell at a discount of 4%, they still make a killing, said a bullion dealer in Kolkata. Smuggling tarnishes the legal market. Gold smuggling dropped from 156.1 tons to 69.2 tons in 2023, to a further 20.4 tons in 2025 after India cut import duties on gold. World Gold Council data shows that, in the decade prior to the duty reduction, an average of about 108 metric tonnes of precious metal was smuggled each year into the country. India imported 45.6 tonnes of gold in April. However, imports could have been halved by May, as banks and refiners cut back on overseas purchases due to deep discounts. This was confirmed by a bullion dealer in Hyderabad. The grey market has disrupted the legal trade. Domestic discounts on legal silver have risen to over $100 per ounce, as stocks imported prior to the duty increase are being sold at steep discounts. New Delhi imposes a 0.65% less?import tax on gold dore - a semi pure alloy - than it does on refined gold. However, the change in tariffs has affected the alloy as well. Gold refiners usually operate with margins around 0.65%. "With discounts well above that level and refiners having little incentive to import dore," Jose stated.
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Gold prices steady as US interest rates remain unchanged despite lower oil prices
Gold prices held steady on Tuesday as concerns over U.S. rate hikes offset support from lower oil price?due to easing Middle East tensions. As of 0850 GMT, spot gold remained unchanged at $4.327.22 per ounce. In the previous session, gold fell to its lowest since March 23. U.S. Gold Futures for August Delivery?were down by 0.3% to $4,351.30. Gold prices have stabilised following a two-day decline that saw them break below the key technical support. "However, rising expectations of more U.S. interest rate hikes continue creating a challenging background for bullion," Saxo Bank Analyst?Ole Hansen stated. After an appeal by the U.S., Iran and Israel announced that they had stopped their attacks against each other. President Donald Trump. The rise in crude oil prices increases the risk of inflation and higher interest rates. Gold is often viewed as an inflation hedge, but it loses its appeal in high interest rate environments as a non yielding asset. Investors are now awaiting the May U.S. Consumer Price Index data (CPI), which will be released on Wednesday, and the Producer Price Index data (PPI), on Thursday. This is to get clues about the Federal Reserve's future moves. A robust jobs report from last week boosted the odds of a rate increase this year. Hansen stated that "tomorrow's U.S. CPI is key, as it is expected to surpass 4% for the first time in nearly three years. And the 17th June FOMC meeting is also important, because the market will be looking at the comments and intentions of the new Fed chair." According to the CME FedWatch, traders are now pricing in more than 70% of a Fed rate increase in December. Since October 2023, spot gold has been trading below the 200-day moving average. Analysts at Citi stated in a Monday note that "the?breakout beneath the 200-dMA?is?widely regarded as a negative signal, which?points?to further downward potential in the short term." Silver spot rose by 0.4%, to $68.48 an ounce. Platinum gained 0.3%, to $1759.88. Palladium rose 1.7%, to $1225.74. (Reporting and editing by Janane Vekatraman in Bengaluru)
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Bonds are in decline as stocks benefit from the tech dip buying
Investors rushed to purchase the latest dips in tech stocks on Tuesday, while oil prices dropped?after Israel & Iran agreed to temporarily halt their?attacks against each other. In Europe, ASML and Infineon led the STOXX 600 to a?up?0.5%. U.S. Stock Futures grew 0.4% to 0.6% as shares of a wide range of companies gained in premarket trading. These included Nvidia and Eli Lilly, which all rose around 0.6%. OpenAI, the maker of ChatGPT, filed a confidential U.S. IPO on Monday. This was just days before SpaceX made its highly anticipated debut in the market this week. Wall Street CEOs and bankers are ecstatic about these mega-cap listing, but on the street, there's a growing sense of caution, according to XTB Research Director Kathleen Brooks. The IPO is not the most interesting part of the SpaceX IPO. What is more?interesting is the future earnings reports that SpaceX will have to produce to justify a valuation of 56 times forward earnings. Oracle's results on Wednesday will be the next major test for technology. Apple shares failed to benefit from the long-delayed AI revamp of Siri that was unveiled during Apple's annual Worldwide Developers Conference. Investors are also concerned about the rising risks of borrowing costs. According to LSEG, U.S. Treasury 10-year yields are now above 4.5%. Also, 30-year yields spent more days in the 5% range this year than any other year since 2007. The Middle East is experiencing high tensions and the maritime traffic in the Strait of Hormuz has been below normal, keeping oil prices at $90 per barrel. Bank of America analysts said that "inflation is still sticky enough to cause 46 of 68 central banks around the world to exceed their targets. This helps explain why bonds are being repriced for tighter policies and why long-duration investments, private credit and several EM currency are struggling." Our Global Breadth Rule indicates that nearly half of the equity markets are already overbought. This is led by Korea and Taiwan, as well as Finland. The possibility that the Federal Reserve will raise rates to combat inflationary increases this year has weakened bonds and increased the dollar. It has gained about 2 percent in the past four weeks. The May payrolls report on Friday helped to cement the idea that at least one rate hike is possible this year. Data on the?U.S. Consumer prices due on Wednesday are expected to reveal that energy costs continued to drive headline inflation up in May. Futures prices indicate a 60% chance of a Fed rate rise as early as October. A quarter-point increase is also almost fully priced in for December. The markets are fully priced in for the European Central Bank to raise the rate by a quarter point, from 2.25% to 2.35% at its meeting on Thursday. They also see the key interest rate reaching 2.5% or even 2.75% before the year is out. The unexpected strength of U.S. jobs?kept dollar at 160.2 yen. This is above the 160 mark, which many believe will trigger more Japanese buying. Satsuki Katayama, the Finance Minister, said on Tuesday that officials are "always ready to take decisive actions." The?euro last rose 0.1% to $1.1546. This is just above the nine-week low at $1.15. Meanwhile, the pound edged upwards from a three-week low at $1.338. Brent crude futures dropped 1.75 percent to $92.60 per barrel. Oil prices have fallen from the four-year highs of late April, but they are still 30% higher than in late February. Futures for delivery of crude oil in six months time are also 21% higher. Wayne Cole (Reporting; editing by Kevin Buckland Himani Sarkar, and Thomas Derpinghaus).
Mbappe plays practice game with mask and grabs objectives
France captain Kylian Mbappe took part in a practice match on Saturday in his very first competitive action considering that breaking his nose, scoring twice against the under21 side of German club Paderborn, where the French are based for the European Champion.
Mbappe was called on the bench but did not play in Friday's 0-0 draw with the Netherlands in France's second Group D game after fracturing his nose in the 1-0 win over Austria in their first video game last Monday. He was hurt in a collision with Austria's Kevin Danso.
Mbappe used a mask versus Padereborn's academy players, and played in the entire match, comprised of 2 30-minute halves. He also contributed two assists.
The 25-year-old Mbappe had actually utilized the mask before in two training sessions ahead of the clash versus the Dutch but this was the first time using it in a video game circumstance.
France, who are probably through to the next stage of the tournament in Germany, complete their group schedule versus Poland in Dortmund on Tuesday.
(source: Reuters)