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Five people have been killed in Gaza by escalating Israeli attacks, say medics
Israeli strikes in Gaza Strip killed 'at least five Palestinians on Thursday, according to Palestinian health officials. Meanwhile, a U.S. research group reported an increase in Israeli attacks that was unprecedented since the last truce came into effect in October. Two people were killed by an Israeli airstrike near the Tuffah neighborhood in the northern part of the enclave. A third was killed when Israeli tanks shelled the Zeitoun area in eastern Gaza City. A medic said that an airstrike on a tent camp for displaced persons in west Gaza City killed a person and injured several others, while a car in Khan Younis in the south was attacked, killing another. Witnesses reported that an attack on a building in Nuseirat Refugee Camp in central Gaza caused damage to many nearby homes. The Israeli military did not comment immediately on the incidents. Gazan health officials report that the deaths bring to more than 1,100 Palestinians killed in Israeli attacks, mostly civilians. Hamas doesn't usually reveal its losses. "The people of Gaza as a whole have never experienced a moment or day of ceasefire. Jibril Khattab, the relative of one of those who died, said in Gaza City's Al Shifa Hospital that this ceasefire was an illusion. "Nowhere in Gaza is safe," added Khattab. RISE OF ATTACKS The ceasefire has stopped major fighting but not the near-daily Israeli attacks. In the same time period, militants have killed four Israeli soldiers in Gaza. ACLED, a conflict monitor that tracks Israeli attacks on Gaza, reported an increase in airstrikes in June of more than 40, the highest total since the ceasefire. Nasser Khour, ACLED Middle?East's Assistant Research Manager, said that Israeli Prime Minister Benjamin Netanyahu was under increasing pressure from within his own country to adopt a more aggressive security posture against Hamas. He was referring to the Israeli legislative elections in October. Israel claims that its strikes are aimed at stopping attacks by militants in Gaza. Hamas controls a small strip of land along the coast where nearly all Gaza's two million residents live, mostly in tents or damaged buildings. According to Israeli statistics, Hamas-led fighters killed 1,200 people in their attack on Israel on October 7, 20,23. Gaza's health ministry reported that Israel's offensive following the Gazan invasion killed over 73,000 Palestinians. Nidal al Mughrabi reports and writes from Cairo. Dawoud Alkas contributed additional reporting from Gaza. Editing by Andrei Khalip.
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US retail sales increase marginally in June
Retail sales in the United States increased slightly in June, as lower gas prices affected receipts at service stations. However, bargain-hunting shoppers continued to drive spending. The Commerce Department's?Census Bureau reported on Thursday that retail sales increased?0.2% in June after an upwardly-revised 1.0% increase in May. The economists who were surveyed predicted that retail sales - which are mainly goods and not adjusted for inflation - would rise by 0.2% in June after an earlier reported 0.9% increase. Estimates ranged between a 0.4% decline and a 1.0% rise. The average gasoline price dropped to $4.18 per gallon from $4.61 a month earlier, according to data from the U.S. Energy Information Administration. The modest reduction in gas prices, which was due to a decline in oil prices, as a tentative ceasefire between Iran and the United States took hold, allowed money to be spent elsewhere. The truce broke down last week, and renewed hostilities between the United States and Iran have caused oil and gasoline to rise again. Retail sales excluding automobiles and gasoline, building materials, food services, and other items rose 0.5% in June, after a 0.8% increase in May, which was revised upwards. Core retail sales, also known as core retail sales, are the most closely related to consumer spending in terms of gross domestic products. They were reported previously to have increased by 0.7%. Amazon Prime Day, which took place at the end of this month, was likely to have boosted core retail sales. Other retailers also offered competing promotions. It is also possible that the FIFA World Cup helped boost receipts in restaurants and bars. In a report released on Wednesday, Bank of America Institute said that an analysis of card data revealed that spending at value grocery stores and discount clothing retailers had begun to increase again in the early part of this year. They added that "price conscious consumers are increasingly turning to general merchandise shops for discounts and deals." The 'Middle East conflict' and higher import tariffs have put pressure on household budgets. Higher-income households continue to drive spending, as their wealth has been boosted by the stock market rally. Bank of America Institute reported that lower-income families were the ones who had spent more at discount clothing stores, with five times as much spending in 2026. The Federal Reserve's Beige Book Report on Wednesday said that consumer spending had increased in early July. It also noted that "several district reported declines in discretionary purchases or trading down to cheaper varieties." Economists expect consumer spending to pick up in the second quarter, after nearly stalling during the quarter January-March. According to the Atlanta Fed model, GDP growth is expected at a rate of 1.3% annually in the quarter April-June. The economy grew by 2.1% in the first three months. (Reporting and editing by Chizu Nomiyama; Lucia Mutikani)
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Gold prices fall as inflation worries are revived by tensions in the Middle East
Gold prices fell on Thursday, as tensions in the Middle East increased inflation concerns and added uncertainty to 'the trajectory of U.S. Interest Rates. Spot gold dropped 0.8% per ounce to $4.026.71 by 1132 GMT. U.S. Gold futures fell 0.5% to $4.032.00. "Gold is still a geopolitical and inflationary product." The continued U.S. attacks against Iran, and the disruptions of the Strait of Hormuz are supporting oil prices and maintaining inflationary risks," said Nikos Tzabouras a senior analyst at Jefferies owned Tradu.com. After reimposing its naval blockade, the U.S. launched a second wave of attacks against Iran's missile and coastal defense sites. Meanwhile, Iran struck back at U.S. military bases in neighboring countries. The latest escalation follows a fragile ceasefire that collapsed days ago, fueling concerns about the Strait of Hormuz. Crude oil is set to rise by a significant amount each week. Energy prices are rising, which is fueling inflation fears. This will lead to higher interest rates. Gold's appeal as an asset that does not yield returns will be diminished. Data from the CME FedWatch Tool shows that traders are pricing in a 51% probability of a rate increase in September. Fed Chair Kevin Warsh declared this week his determination to bring down inflation without specifying how. Data released on Tuesday revealed that U.S. consumer prices fell in June. This prompted spot gold to rise?more than 2 percent immediately following the report. The producer price index also declined according to data released on Wednesday. The Fed can now relax its policy because the CPI and PPI are no longer as high. This will allow bullion to resume its recovery. This 'cooling of inflation' may be short-lived, as oil prices are expected to rise again. Tzabouras said that a de-escalation of the (peace) negotiations or re-starting them would be best for gold. Market participants are now awaiting remarks from Dallas Fed president Lorie Logan and Fed vice chair Philip Jefferson. They will speak later today. Silver spot fell 2.2%, to $56.55 an ounce. Platinum dropped 1.3%, to $1.652.61, while palladium declined 2.3%, to $1.283.63. (Reporting by Sukanya Mitra in Bengaluru; Editing by Diti Pujara)
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Sources say that Iran has told the Houthis they must close their Red Sea Gateway if US strikes power grid.
Three sources said that Iran had asked the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?the United States struck Iranian power infrastructure. This poses a powerful new threat to global oil supplies. Two senior Iranian sources, as well as a'regional source' familiar with the issue, said that the idea was discussed within the Islamic Republic leadership and the message had been'sent' to Iran's Houthi ally. Sources said that the Houthis were recently informed of Tehran's request. This was not previously reported. They didn't give any further details about how the message was delivered or if it came after U.S. president Donald Trump's Tuesday threat to attack Iranian energy infrastructure. The Iranian foreign ministry as well as a Houthi spokesperson were not able to immediately respond to the request. HOUTHIS DEPLOY DRONES NEAR BAB EL-MANDEB, SAYS SOURCE A source close the Houthis claimed that the group was ready to launch an attack on shipping near Bab el-Mandeb strait in Yemen's mountains overlooking Hodeidah, and the Gulf of Aden. They were awaiting orders to start. A threat to the Red Sea, and the Bab el-Mandeb entrance it contains, could exacerbate the 'global energy crisis' triggered by Iran closing the Strait of Hormuz. It also highlights the explosive dangers of a new war. The Hormuz Strait is already closed, so any Houthi attack on vessels or ports located in the Red Sea would disrupt both of the Middle East's main oil export routes at the same time, opening up a new front for the Middle East energy crisis as well as Iran's larger conflict with the United States. Sources close to the Houthis claim that representatives of Iran's Islamic Revolutionary Guard Corps will?control decisions on when the Bab el-Mandeb strait is closed. The Houthis have fired missiles towards Saudi Arabia in a sign that tensions are rising in the region. They accused the kingdom of bombing a?airport?under their authority on Monday. This broke a four-year ceasefire in the conflict between Saudi Arabia and the group. Torbjorn Solvedt is the principal Middle East analyst at Verisk Maplecroft. He said that the recent flare-up in the Middle East between Saudi Arabia and the Houthis came at the wrong time. He said that if fighting intensifies, and spills into the Red Sea export infrastructure or shipping, the only alternative route to export oil from the region will be threatened. Two sources in the region close to Riyadh have said that the kingdom takes the threats of Iran and the Houthis seriously. They also stated that Riyadh is aware that the Yemeni group has been closely coordinating with Iran on the Red Sea. The conflict began February 28 when Israel and United States attacked Iran. This led Tehran to close the Strait of Hormuz. It was the main route for energy supply before the war, which accounted for around one-fifth of the global total. Since the fragile truce that was signed between Washington and Tehran in June, tensions have risen. This has rekindled fears of a full-scale conflict and disrupted energy flows across the Strait. Source: Closure of the Red Sea would not be difficult. Since then, a significant amount of Gulf Oil has been diverted into the Red Sea via a Saudi pipeline. The waterway now transports?around 7 percent of the world's energy supply. During the Gaza War, when the Houthis attacked the shipping, major shipping companies diverted cargoes onto the longer and more expensive route around Africa. Saudi Arabia diverts 70% of its energy through the port of Yanbu on the Red Sea. Any direct attacks there could also cause a major problem for oil markets. According to a regional source, Iran's clerical leaders are trying to put pressure on the United States by raising the cost of global trade, and threatening the Red Sea shipping, as well as the flow of Saudi Arabian oil exports along the waterway. This is part of what the source called "Iranian Thinking." Source: Closing the strait wouldn't be difficult. "Anyone?with a rifle firing can interrupt the ship." You don't need sophisticated missiles in order to disrupt the shipping. Iran sees the Houthis in its "Axis of Resistance", a regional alliance that includes Hezbollah, Lebanon and Iraqi Shiite armed group that has already joined the conflict between Tehran and Washington. The Houthi rebels are not yet a part of the fight. The United States claims that Iran provided weapons, training and funding to the Houthis, including through Hezbollah. Tehran has denied this accusation. Reporting by Parisa hafezi in Dubai; Samia Nakhoul and Mohammed Ghobari, in Beirut; Jonathan Saul, in London. Writing by Parisa hafezi. Editing by William Maclean.
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Minister says that Cameroon's mining revenues surpass oil revenue at $1.75 billion
Cameroon's mines minister stated that the country expects its gold sector and newly restructured mining projects to generate annual revenues of 1 trillion CFA Francs ($1.75billion) within the next few years, surpassing the oil sector. Cameroon relies on crude oil exports to generate revenue and foreign currency. In its efforts to diversify its economy, the government is stepping up efforts to attract foreign investment to the largely untapped sector of mining. Fuh Calistus Gentlery, Mines Minister, said at a Wednesday press conference that five major projects had been put into production or commissioning. The Minim-Martap bauxite project, the Bipindi-Grand-Zambi and Kribi-Lobe Iron Ore?projects and the Bidzar Marble Project, as well as the Colomine Gold Mine, are all included. Gentry stated that additional iron ore projects at Mbalam, Nkout, and Ngovayang as well as the Mborguene, and Bibemi, gold projects are expected to progress in 2026. African countries such as Ivory Coast, Senegal and others are turning more and more to mining to diversify their economies and boost exports. They also want to attract investment from other sectors. The revenue forecast for Cameroon is also driven by the sweeping overhaul that has been made to the gold sector. This is aimed at capturing large volumes of production which authorities discovered had bypassed official systems. Gentry claimed that 80% to 90% of the gold produced by semi mechanised miners escaped state collection prior to the reform drive. The authorities have taken 137 companies before the courts and revoked semi-mechanised mine permits while they conduct compliance reviews. He said that the government is expecting tax and customs reassessments of 95 billion CFA Francs for 2025 output and about 300 billion CFA Francs for 2026 production, and joint enforcement operations to begin on August 1. In the long term, 'Gentry' said that planned development of rare Earths and other critical minerals would double the?annual contributions from the mining sector to around 2 trillion CFA Francs. This would position mining as the key growth engine for the Central African Economy.
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Five people have been killed in Gaza by escalating Israeli attacks, say medics
At least five 'Palestinians' were killed by Israeli strikes in the Gaza Strip, Palestinian officials reported. A U.S. research group also reported an increase in Israeli attacks, to levels that had not been seen since the last truce was implemented in October. Two people were killed by an Israeli airstrike near the Tuffah neighborhood in the northern part of Gaza City, and a third person was killed when Israeli tanks shelled the Zeitoun area in eastern Gaza City. One person was killed and several others injured in an airstrike on a tent camp for displaced persons in western Gaza City, while a vehicle attack in Khan Younis in the south killed another. Witnesses reported an airstrike on a residential building at?Deir Al-Balah, in central Gaza. Israeli military officials did not comment immediately on any of the incidents. Gazan health officials say that the deaths bring to more than 1,100 Palestinians killed in Israeli attacks, mainly civilians, since an October ceasefire agreement between Israel and Hamas was signed to end war. Hamas doesn't usually reveal its losses. Despite the ceasefire, Israeli attacks continue to occur almost daily. In the same time period, militants in Gaza have killed four Israeli soldiers. ACLED, a conflict monitor that tracks Israeli attacks on Gaza, reported an increase in air-and drone strikes against Hamas, and other militants, to more than 40 in the month of June. This is the highest total monthly since the ceasefire. Nasser Khour, ACLED Middle East's Assistant Research Manager, said that Israeli Prime Minister Benjamin Netanyahu was under increasing pressure from his own people to adopt a more aggressive security posture against Hamas. He was referring to Israel’s legislative elections in October. Israel claims its strikes are aimed at stopping attacks by militants in Gaza. Hamas controls a tiny strip of land on the coast where nearly all Gaza's two million residents live, mostly in tents and damaged buildings. According to Israeli statistics, Hamas-led fighters killed 1200 people in their attack on Israel's border on October 7, 2023. Gaza's health ministry reported that Israel's offensive following the Gazan invasion killed over 73,000 Palestinians. (Reporting and editing by Nidal Al-Mughrabi)
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Syria's state news agency reports that it has foiled an attempt to smuggle arms to Hezbollah in Iraq.
The Syrian authorities announced on Thursday that they had foiled a smuggling attempt of advanced weapons and missiles from Iraq across the border. According to an Interior Ministry official quoted by the state news agency SANA, the shipment seemed to be destined for the militant group Hezbollah. General Authority of Ports and Customs in Syria said that the shipment of drones and rockets was hidden inside one of the oil tanker trucks heading to Baniyas. The shipment was discovered during routine inspections at the al-Tanf crossing between Syria, Iraq and Syria. Customs officers then conducted a thorough search of the suspected vehicle. Hezbollah didn't immediately respond to a comment request. The Baniyas Route has become a?more important?corridor between Iraq and Syria for fuel movement. Last month, it was reported that Iraq is preparing to expand its exports to Syria to include crude and naphtha. This would build on the existing arrangement whereby fuel oil can be transported by land to Baniyas to be exported. Iraqi officials said that the initiative was part of the government's strategy to diversify export routes beyond the Gulf. Donald Trump, the U.S. president, said that he spoke to Syrian President Ahmed al-Sharaa in June about fighting Hezbollah which is currently fighting Israel in Lebanon. Former rebels now running Syria fought against Hezbollah during a civil conflict when it sent fighters to Syria's former president, Bashar al-Assad. Lebanese President Joseph Aoun’s office said Sharaa assured him that Syria would not interfere in Lebanon's domestic affairs. (Reporting and editing by Kevin Liffey, Sharon Singleton and Feras Daatey)
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Energy profits drive European earnings to highest level in three years
According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years. LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in. The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year. This is due to higher oil and natural gas prices after disruptions in shipping through the Strait of Hormuz. Revenue is expected increase by 11.1% annually, compared to the previous estimate of 10.5% a week ago. ASML, the most valuable company in Europe, helped boost sentiment on Wednesday after it reported earnings that exceeded expectations and raised its 2026 sales forecast. The week of July 20 is expected to see 52 companies report their quarterly earnings. This includes Swiss drugmaker Novartis, Italian bank UniCredit and German software giant SAP.
Sources say that China will launch a second futures contract for lithium this year to gain more price power.
Sources say that China plans to launch its second Lithium futures contract by the end of the year. The move is part of a drive to increase hedging options for 'its vast electric vehicle battery supply chain' and to gain a greater global price control over battery metal.
Two sources familiar with the matter said that the Guangzhou Futures Exchange was working on the launch a futures contract for lithium hydroxide, which would complement the existing lithium hedge tool and challenge rival bourses.
One source said that the new futures on lithium could be launched in October. Another said they would likely list in the fourth quarter.
Both sources requested anonymity because they were not authorized to speak with media.
Guangzhou's bourse began offering lithium carbonate futures in July 2023. Trading was opened to overseas investors this month as part of Beijing’s effort to exert more influence on global commodity prices.
The U.S. COMEX cash-settled lithium hydroxide futures remain the benchmark for international comparisons.
While lithium carbonate and hydroxide are both used in electric vehicles, the ?latter is typically used to make nickel-cobalt-manganese (NCM) and nickel-cobalt-aluminium batteries for premium long-range EVs.
GFEX has not responded to an email request for comment sent outside of normal business hours.
According to filings made by the Guangzhou Exchange in June, Chinese lithium producers Chengxin Lithium and Yahua Group have been preparing applications to become delivery warehouses of lithium hydroxide for that exchange.
Analysts, who spoke on condition of anonymity, said that these moves "suggested" that the preparations for launching new lithium futures were progressing well.
Kevin Zhou, Yahua’s marketing director, stated that his company wanted to list their lithium hydroxide brand as an item on the Guangzhou stock exchange. Reporting by London-based Tom Daly and staff. Mark Potter edited the article.
(source: Reuters)