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Extreme heat can be dangerous to your health
Europe, Asia, and parts of America are all experiencing scorching temperatures. What are the health risks? Heat can affect health in a number of ways. Heat exhaustion can cause dizziness, headaches and shaking. It is not serious if the person cools off within 30 minutes. Heatstroke is more severe when the core body temperature exceeds 105 degrees Fahrenheit (40,6 degrees Celsius). This is a medical crisis that can cause organ damage or death. Rapid breathing, confusion, seizures and nausea are all symptoms. Who is at Risk? Some people are at greater risk, including babies, older people and people who are active or more exposed (such as homeless people). Heat can also exacerbate existing conditions such as respiratory, cardiovascular and diabetes. According to a study published in The Lancet in 2021, there are an estimated 500,000 deaths worldwide each year due to excessive heat. However, data from low-income countries is not available. Climate change is responsible for 68% (24,400) of the estimated heat deaths that will occur in 2025. This study focused on 854 European Cities. Temperatures increased up to 3.6 C. Heat?waves can kill silently and without warning. "We don't see the impact they've had on human health until months after the death statistics are published," said Liz Stephens, professor of climate risk and resilience in Britain's University of Reading. RISKS LESS OBVIOUS Smoke from wildfires can also pose a serious health risk. This includes inflammation and tissue damage. A number of studies show that heat can also lead to low-birthweight babies and pregnant women. The timing of events is important Experts believe that more deaths occur in the early summer, when bodies haven't had a chance to "acclimatize". It is also important to consider the location. People are more at risk when they are in areas where they aren't used to heat like parts of Europe. There are still limits. People all over the world, especially those in physically demanding jobs, are at risk in extreme heat caused by climate changes. "It's more important than ever to put measures in place to limit harm on our health," Dr. Modi?Mwatsama said, the head of capacity for Wellcome, an international health charity based in London. She stated that this included providing shade, painting buildings white and investing in early warning?systems to detect climate-sensitive infectious disease like cholera. What You Can Do As temperatures rise to dangerous levels on the continent, several countries have issued warnings. Spain's weather agency warned that outdoor activities during the hottest time of the day can pose significant health risks. This is especially true for older people and those with medical conditions. Scientists are urging workers to take frequent breaks, adjust their clothing and check on isolated and older individuals. They warn that heatstroke can be a medical emergency and requires immediate treatment. (Reporting and editing by Jennifer Rigby, Kate Turton)
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Energy Fuels signs $1.9 billion contract with VAC for the construction of a mine-to magnet supply chain
Energy Fuels announced on Tuesday that it would purchase a German magnet manufacturer Vacuumschmelze GmbH, for $1.9 billion, in cash and stock. This will create an integrated supply chain from a rare earth mine through to fabricated magnets for customers in the defense, automotive, and technology industries. Energy Fuels shares fell 6.2% during pre-market trading. The U.S., Europe, and other countries are working together to reduce reliance on China, the world's largest rare earth miner, processor, and magnet manufacturer. Rare earth magnets are used in electric cars, defense systems and robotics. They also appear in semiconductors, data centers, and semiconductors. Energy Fuels has agreed to purchase 100% of Vacuumschmelze GmbH (VAC) from U.S. based private equity firm Ara Partners in exchange for $718 millions in cash and 65.853 new Energy Fuels common shares. Energy Fuels announced that the deal will combine its rare-earth mining and processing operations, with VAC's magnetic manufacturing capabilities. This will create a supply chain they control from mine to magnet. The U.S. Office of Strategic Capital has given a conditional commitment of up to $725m for a 20-year loan. This is aimed at speeding up the expansion of the White Mesa Mill in Utah and construction of the American Metals Plant. Ross Bhappu, CEO of Energy Fuels, said: "Together, we will enhance global rare-earth supply chains and magnet supply chain, providing a reliable and secure source for critical materials, from mines to highly valuable permanent magnets." After the?completion?of the transaction?which is expected in early 2027?, VAC becomes a fully owned subsidiary of Energy Fuels. (Reporting and editing by Tasim Zaid in Bengaluru, Pooja M. Menon from Bengaluru)
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MORNING BID AMERICAS-SpaceXhaust
What's important in U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets Big Tech began the week on a downhill slope, with Alphabet and Amazon each falling around 5%, due to a combination of worries: rising debt, interest rate expectations, and lofty AI expenditure. Even SpaceX, who began debt-raising plans 'of their own on Monday, clocked a loss of 16%. Below, I'll go into more detail. Check out my most recent column about why Britain's new government must deliver or risk further political instability and economic woe. Listen to the most recent episode of Morning Bid's daily podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. SPACEXHAUST The Nasdaq and S&P 500 fell on Monday as a result of a stumbling megacap, but chipmakers fared much better ahead of Micron's quarterly results, which are due to be released Wednesday. The recent trend of buying the stocks that are benefiting from the AI spending spree and selling the ones doing the spending seemed to be repeating itself. The hawkish outlook of the Fed on interest rates weighed heavily on stock prices, as a rate increase for September is now fully priced-in, and there's a 50% chance that two rate increases will be made by the end of this year. In the wake of this news, tech stocks around the globe fell. South Korea's KOSPI index, which was a high-flying index, dropped nearly 10% overnight, mainly due to warnings regarding the continued weakness of the Korean won. Wall Street futures were in the red just before the bell rang, and Nasdaq's futures fell more than 2%. The yen has continued to flirt with the 40-year-lows it reached two years ago. This is due to the Fed-fueled?dollar strength, which has surpassed the impact of the Bank of Japan's rate hike last week. Reports of contact between Tokyo officials and Washington officials regarding the issue of the yen's stability have kept the fear of intervention alive. Brent crude traded at $77/bbl in the early hours of Tuesday, as oil prices fell below $80 per barrel. The price drop came as more evidence of oil flowing through the Strait of Hormuz was emerging and the U.S. lifted sanctions against Iran for 60-days on Monday following initial peace talks. The UK markets were relatively unaffected by the?resignation of British Prime Minister Keir starmer on Monday. The focus is now on how soon his likely successor Andy Burnham will be appointed, and who Burnham may choose as finance ministry. The U.S. and global business surveys will be released on Tuesday, but the oil price drop since the U.S. Iran memorandum was announced last week came after the polls. Chart?of?the-day SpaceX stock reversed all of its initial trading gains, and fell below its first print, after a 17% fall on Monday. The company announced debt-raising plans, while other Big Tech Megacaps also swooned. After-hours trading saw the shares fall?another 2%. Retail investors who invested tens or even hundreds of millions in the stock will be concerned by the sudden reversal. It also threatens to undermine the new $2 trillion market valuation of the company. Watch today's events * U.S. June S&P ?Global PMIs (9:45 a.m. EDT) * U.S. 2-year note auction (1 p.m. EDT) Want to receive the 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 a company that, in accordance with the Trust Principles and its commitment to independence, integrity, and unbiasedness, adheres to these values. (By Mike Dolan).
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Source: India will monitor Chinese imports of steel before deciding further curbs.
India will continue to monitor the?steel? imports until at least two more months, before deciding whether or not further measures are required to reduce the flow of shipments from China. A source with first-hand knowledge said that India would be monitoring the?steel? imports until at least two?more?months. New Delhi imposed an import tariff of three years on certain products in December to stop cheap shipments from China. India, which is the second largest crude steel producer in the world, was a net importer of finished steel for the?second consecutive month in May. Imports totaled 0.7 million metric tonnes, which was above the average over the past?six-month period, according to a government document. The government report stated that exports of finished steel were 0.5 million metric tons in May, which was below the average for the past six months. The source declined to identify herself due to the sensitive nature the issue. Source: There is no decision on whether anti-dumping dutys or other measures will be taken. The federal Ministry of Steel failed to respond to an email requesting comments. China's imports reached a two-year high in April. In April, China’s finished steel exports from India to China more than doubled. They were the highest they had been for at least two years. This led to concerns from India's steelmakers, who were concerned that the imposition of import duties had not been enough to protect them against cheap imports. Sources said that the steel ministry also requested that the finance ministry remove a provisional antidumping duty on low ash metallurgical coal, a raw material for steelmaking. However, no final decision had been made. India's steel ministry made the request, citing insufficient domestic supplies and high prices, according to a government report. The Finance Ministry did not reply to an email seeking comment. (Reporting and editing by Barbara Lewis; reporting by Neha Arora)
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Oil prices drop as stocks are hit by the Fed's rate reality check
Investors expect the Federal Reserve will take more aggressive measures to combat inflation even after a 16% decline in oil prices this month. STOXX 600 dropped 1.2% under pressure of 'declines by?European chip-equipment manufacturers, following declines in tech shares in Japan and South Korea. Seoul's KOSPI Index fell 10%, its biggest one-day drop since March. Futures on Nasdaq are down over 2.5%. This suggests that Monday's 1.3% decline could continue into the second day. SpaceX shares fell by nearly 17% on Monday after the company tapped the bond markets following its blockbuster IPO earlier this month. Alphabet, Meta Platforms, and Microsoft all also suffered losses. S&P 500 futures fell 1.5%. Chris Weston, research director at Pepperstone Group in Melbourne, said: "These markets are anything but dull." "The former generals in the market seem to have lost their momentum. Investors are now moving into areas that are more defensive and less AI-focused, with more predictable cash flow. Brent crude futures fell below $76 per barrel on Tuesday for the first since early March, as vessels continued to transit the Strait of Hormuz and oil prices were almost back at pre-war levels. Normally, a drop in oil prices would boost stocks, but now investors are focused on what the rise in energy costs will mean for the Federal Reserve and central bank policies. Kevin Warsh, the new chair of the Federal Reserve, is expected to be much more aggressive in his approach to inflation. The 2-year Treasury yields - which are most sensitive to changes in inflation expectations and interest rates - have risen to their highest level in 16 months, trading at 4.188%. Longer-dated yields also rose sharply. "The adjustment in U.S. Yields creates a more difficult backdrop for risk assets?near-term after strong gains made in recent months," MUFG Currency Strategist Lee Hardman said. Investors are almost ready to price in a rate hike by September, according to the money markets. In this context, the dollar has reached a one-year high against a basket of currencies. The Japanese yen has suffered a lot from this strength. On Tuesday, it was flat at 161.47 against the dollar after a volatile session on Monday. Satsuki Katayama, the Japanese Finance Minister, said that she met with U.S. Treasury Sec. Scott Bessent online a day before to discuss global financial markets. Analysts said this indicated an increased risk of Tokyo intervening in order to prop up the yen. On the 10th anniversary since the Brexit vote, which saw Britain leave the European Union and the euro, the pound is down 0.3% at $1.3215. Sterling fell on Monday after British Prime Minister Keir starmer announced he would "resign", paving the path for what will be an orderly transfer to Andy Burnham. Gold fell 2%, to $4,100 per ounce, as expectations of rate increases in the U.S. this year increased. Bitcoin fell by 3.1%, to just below $63,000. Ether dropped almost 5%, to $1,650. (Reporting from Singapore by Gregor Stuart Hunter; Additional reporting in Tokyo by Rocky Swift; Editing by Jacqueline Wong Jamie Freed Thomas Derpinghaus
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Copper falls due to fears of US rate hikes and a strong dollar
The price of copper fell on Tuesday due to concerns about potential 'growth headwinds' from anticipated Federal Reserve interest rate increases as?well? as a stronger U.S. dollar. dollar. Benchmark three-month?copper?on the London Metal Exchange?was down 1.36% to $13,463 per metric ton at 0701 GMT. The Shanghai Futures Exchange's most traded copper contract fell 1.07% to 103,580 Yuan ($15,277.29) per ton. Many banks predict that the Fed will increase interest rates in this year because of persistent inflation and the hawkish attitude of new chair Kevin Warsh. A higher rate?can dampen the outlook for industrial metals that are growth-sensitive by increasing borrowing costs, and stifling economy activity. A stronger ?U.S. Copper was also affected by a stronger dollar. A rise in the dollar makes greenback-denominated commodities more expensive for buyers using ?other currencies. National Bureau of Statistics data showed that the refined copper production in China increased 2.2% on an annual basis to 1.26 million tons. This added to the pressure. Aluminum prices fell 3.54% and 2.23% respectively on the LME, as traders weighed up the supply from the Gulf against the stronger output of China and the rising Chinese exports. The Iran war disrupted shipments across the Strait of Hormuz, and has cut Gulf production to levels well below those pre-war. IAI data show that global primary aluminum output increased 3.5% on a month-to-month basis to 6.2 millions tons in May, largely due to stronger Chinese production. China's exports?of?aluminium wire, which is increasingly used to ship aluminium overseas because it has a tax advantage over unwrought material, tripled in April to reach 50,224 tonnes. "However the?aluminium markets is expected to remain deficit this year," ING analyst wrote in a report. Zinc fell?2.16% among?other LME Metals. Lead lost 1.04%. Nickel dropped 2.25%. Tin dropped 3.87%. On the SHFE, lead fell 0.15%, tin dropped 4,1%, and nickel dropped 1.68 %.
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Gold drops over 2%, dollar remains firm in expectation of Fed rate hikes
The gold price fell by more than 2% on Monday, as a result of a stronger U.S. Dollar and expectations that the Federal Reserve will raise interest rates this year. Investors also assessed U.S. - Iran peace talks. Globally, stocks fell amid worries about AI-related valuations of shares and the threat of higher interest rates. The dollar was near an all-time high while crude fell by 1%, making gold more expensive for buyers holding other currencies. As of 0753 GMT, spot gold was down by 2.2%, at $4,099.84 an ounce. U.S. gold futures for August delivered fell 2% to $4117.70. Spot silver fell 5%, to $61,90 an ounce. Platinum lost 3%, to $1,628.55, and palladium dropped 2.9%, to $1,229.28. Tim Waterer, KCM Trade's chief market analyst, said that while gold had benefited from lower oil prices, it was not able to do the same for the U.S. Dollar, which is continuing to rise on expectations of Fed rate increases. According to the CME FedWatch Tool (a tool that helps traders price in the hawkish monetary policies of the new Fed Chair Kevin Warsh), there is now an 88% probability of a rate increase in December. This was up from 61% prior to the Fed meeting held last week. Chicago Fed President Austan Goolsbee stated that with the labor market stable, his focus is on determining whether the too-high level of inflation will remain the same or decline, as the effects from 'high tariffs' fade and if there is a resolution to the Middle East conflict. The United States has?waived sanctions on Iran for 60 days after the first talks under a nascent peace deal. The?U.S. has?waived its sanctions against Iran for 60-days after the first talks in a fledgling peace deal. Officials reported that the fighting in Lebanon had ceased under the agreement designed to end?hostilities throughout the region. JD Vance, the U.S. vice president, said that talks with Iranian officials had laid a "good foundation" for a final deal. Iran however denied having begun discussions about its nuclear program. Investors await U.S. The Fed's preferred measure of inflation, Personal Consumption Spending, is due Thursday. This data will provide further clues about monetary policy. (Reporting and editing by Subhranshu sahu in Bengaluru, and Mrigank dhaniwala.)
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UN Chief calls on AI companies to be transparent about environmental costs
On Tuesday, the United Nations urged major artificial intelligence companies to disclose their full environmental costs and use renewable energy in their data centres. He also launched a transparency project for the sector. Environmental groups have criticized the rapid growth of data centres to fuel AI for their excessive energy and water use and lack of transparency. In a speech at London Climate Action Week, U.N. Secretary General Antonio Guterres stated that by 2030 they could use enough power to satisfy the basic needs for all 1.3 billion sub-Saharan Africans for an entire year. As he launched the U.N. AI Environmental Transparency Initiative, he called on AI companies to measure and?disclose? their water, carbon and lands use impacts as well as commit to powering data centres with'renewable energy' by 2030. He said that if AI is going to be a part of building a better world, it has to be open about the costs it incurs now. AI firms currently rely on voluntary net zero commitments and targets for renewable electricity to decarbonise operations. Many are also turning towards gas or touting the nuclear power source as a new energy?source. Guterres stated that the world is still not on track to reach global climate goals, and criticized voices who call for increased fossil fuel use. He said that deploying more renewable power projects to electrify buildings, transport and industry was one of the fastest ways to reduce emissions and stop relying on imported fossil fuels. CALL FOR ACTION ON METHANE Guterres launched an action call on methane emission, which included asking fossil-fuel companies to fix any leaks and stop flaring routinely. He said that methane, a powerful greenhouse gas, is responsible for around a third of the current global warming. Guterres announced that he will convene world leaders ahead of the U.N. Climate Conference (COP31) in Turkey will help to drive forward a just transition away from fossil-fuels. (Reporting by Susanna Twidale, Editing by Raju Gopikrishnan).
Aluminium prices fall to a three-month low due to Gulf supply prospects
The price of aluminum fell to its lowest level in nearly three months on Tuesday, as the United States granted Iran an?60-day sanction waiver following initial peace talks. This improved prospects for a resumed Gulf shipping through the Strait of Hormuz.
By 0944 GMT the benchmark three-month aluminum on the London Metal Exchange had fallen 3.0% to $3,262.50 per metric ton after having hit $3,225.5 - its lowest level since March 26.
Ole Hansen is the head of commodity strategy at Saxo Bank. He said that "aluminum prices have been impacted by expectations?that Middle Eastern supplies may gradually improve following recent geopolitical events."
On Monday, oil and LNG tanker traffic through Hormuz began to?increase, raising expectations of disrupted aluminum deliveries from the Gulf, which normally account for 9%?of global supply.
The LME Cash Contract for the Three-Month Forward has been lowered to ease concerns about the availability of?aluminium for immediate delivery.
Other LME metals saw copper, zinc, and tin reach their lowest levels since June 11 while lead?and nickel reached their lowest level since mid-April. This was due to a general risk reduction in all asset classes, mainly because of a fall in global stock prices, primarily as a result of expectations that the Federal Reserve will take more aggressive measures?to combat inflation.
Hansen stated that "the?weakness was particularly pronounced" in metals related to energy transition and increasing power demand as investors reduced their exposure to growth themes cyclical.
The U.S. Dollar rose to its highest levels in over a year, adding to the pressure. A stronger ?U.S. The dollar makes metals priced in dollars more expensive for buyers who use other currencies.
LME copper fell 1.7% to $14,410.50. Zinc lost 3.2% at $3,492.50. Lead eased by 1.2% to $2,941. Tin dropped 4.4% to $51,810. Nickel was down 2.5% to $17,315. (Reporting and additional reporting by Solomon Cefai, Editing by Eileen Soreng).
(source: Reuters)