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MORNING BID AMERICAS-Weekend wars
What's important in U.S. and Global Markets Today By Mike Dolan, Editor at Large, Finance and Markets Is the Middle East conflict over? The world markets, which assumed that the Middle East conflict had ended and been resolved, were rudely surprised over the weekend when the United States launched new strikes against Iran in response to the attacks on Gulf shipping. Oil markets were unable to react to the news in early trading this morning, when both sides agreed to cease hostilities and restart peace talks. Below, I'll go into more detail. 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. WEEKEND WARS The weekend wars didn't have much of an impact on crude prices, which continued their slide back to pre-war levels as we entered the week. Parts of the oil markets are already experiencing oversupply because of a return of Gulf shipping. Brent crude traded at $73 per barrel on Monday morning after losing more than 10% the previous week. The wobbly technology sector is still on edge, after the selloffs and whipsaws of last week, which were largely caused by?profit taking after a spectacular quarterly for chip stocks. On this front, real concerns still linger. Apple's soaring costs of memory and reports that OpenAI's IPO could be delayed despite Micron Technology's dazzling earnings report. These worries, combined with the uncertainty surrounding the peace agreement, kept Asia markets on edge?on Sunday, with major indices closing lower. Wall Street futures were in the black before the bell, and European shares held their ground early in trading. The dollar is poised to make its largest monthly gain in over a year against major counterparts, fueled by Federal Reserve rate hike bets. Friday is Independence Day in the United States, and Thursday's release of the June payrolls will shorten this week. This should provide a better indication of the Fed's policy outlook. On Wednesday, the new Fed chair Kevin Warsh is scheduled to deliver a keynote speech at the European Central Bank annual symposium, which begins today in Sintra. Andy Burnham, who is the frontrunner to be the next UK Prime Minister, will deliver his first key note speech on a government plan on Monday morning. He is expected to present a "long-term vision" for improving living standards and giving greater power to local authorities. Chart of the Day The U.S. Dollar is headed for its largest monthly gain in almost a year ahead of?key U.S. employment data later in this holiday-shortened weekend, with futures still betting on an interest rate rise by the Fed in October. The yen is at the other end of the dollar stick, as it continues to hover around 40-year lows. CFTC data indicates that speculative yen short positions have reached extremes not seen since 2024. Watch today's events The ECB annual forum is underway in Portugal Want to receive Morning Bid in your email every morning? 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 freedom from bias. (By Mike Dolan).
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Aluminum prices fall as Middle East fears about supply ease
Aluminum?prices fell on Monday, as traders reported that fears had diminished about the possibility of a wider conflict arising from the weekend's?tit for tat strikes between Iran and the U.S. Benchmark 'aluminum' on the London Metal Exchange fell 0.5% to $3,163 per metric ton as of 0954 GMT. On Tuesday, talks will resume in Qatar regarding the dispute between Washington and Tehran over the Strait of Hormuz. This is a major shipping route. Britannia Global Markets stated in a report that "the situation is still fluid, and any new disruption could quickly tighten the availability of... aluminum." The suspension of the trade across the Strait caused a'significant disruption to the aluminium market. The Middle East is home to 9% of the global aluminum smelting capacities. Prices soared to $3,787.50 in early March, the highest they've been since March 2022, due to disruptions in supply. Prices of metals used in construction, transport and packaging have fallen 16% since then. The premium for the LME cash aluminium contract has dropped from a 19 year high to a discount. . Support for aluminum is at the 200-day moving median, which is currently around $3.160. On the upside, resistance is found at the 100-day Moving Average around $3.410. Metals markets in other countries are focusing on the dollar's higher value, which makes metals priced in dollars more expensive for holders with other currencies. Dollar is on track to?have its biggest monthly gain in the past year. This is due to the growing likelihood of rate increases?in America, as a result of inflationary pressures. Alastair Munro is a senior base metals analyst at broker Marex. He said that a hawkish U.S. rate backdrop initially drove the sell-off across the?energys and precious spaces before the industrial metals suite came under pressure last weekend. Three-month copper fell 0.2%?to $13,335 per ton. Zinc slipped by 0.2%?to $3,466,?lead rose 0.2%?to $1,907?tin?climbed by 0.3%?to $50,720?and nickel?lost 0.3%?to $16,635. This week, China's top industrial metal consumer will release its manufacturing PMIs. Reporting by Pratima Dasai. Mark Potter edited the article.
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Seven people have been killed in Russian attacks on Ukraine's Dnipro and Zaporizhzhia, according to officials
Five people were killed by a Russian missile attack in a private business located in the city of 'Dnipro, in the southeast Ukraine, and two more in Zaporizhzhia in southern Ukraine, Ukrainian officials said on Monday. Regional Governor?Oleksandr?Hanzha stated on Telegram that another 28?people were injured in the attack at?Dnipro. He posted a blurred picture of a body next to a staircase and a picture of a broken window in a building. The Ukrainian police confirmed that an emergency and rescue mission was still underway following the attack. Ivan Fedorov, the regional governor, said that a separate Russian drone attack in southern city?Zaporizhzhia injured six people, including a young child. Russia did not?comment? on the attacks. The war that Moscow has waged in Ukraine for the past five years has resulted in tens of thousands of deaths. Ukraine has also targeted civilians during its?attacks against Russia or Russian-occupied areas, but on a smaller scale. Both sides deny targeting civilians. (Reporting and editing by Gareth Jones, Peter Graff, and Anna Pruchnicka)
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Ambassador Carney says that RPT-China Geely will ship the first Lotus EVs in Canada by July, under Carney-Xi's deal.
Wang Di, China's embassy to Canada, said that the Lotus electric cars from Geely Holding Group will be arriving in Canada by next month as a result of an agreement signed between Chinese President Xi Jinping and Prime Minister Xi Carney. The vehicles will be the 'first' Chinese-owned, manufactured and sold vehicles under an agreement that allows for up to 49,000 Chinese electric cars to enter Canada at a reduced rate of tariffs each year. Carney is trying to diversify Canada’s trade away form the United States. Wang stated that "Geely EVs are coming to Canada next month, and there will be a ceremony in Montreal when the cars arrive." Lotus Cars has not responded to a comment request. The Department of Global Affairs at Canada's Foreign Affairs said that it could not comment on any specific shipments due to commercial confidentiality. Wang stated that other Chinese brands such as Chery, BYD and others are working with Canadian government agencies in order to complete the necessary steps to ship their products to Canada. Canadian officials previously said that some cars were delivered earlier to allow the companies to test them in Canadian conditions. Wang, through an interpreter, said: "I hope that in the autumn of this year, other Chinese brands EVs will finish the procedures and enter the Canadian'market". Stella Li, BYD's Executive Vice President, recently said that the company was likely to start selling next year. Tesla, based in the United States, has already imported Chinese made vehicles into Canada. Canada is also looking to attract joint ventures and investments in the country's electric vehicle supply chain. Wang said Chinese electric vehicle makers were interested to set up joint ventures but first would focus on "building sales" and "gauging the market demand". Carney's decision to allow Chinese EV imports? was criticized by some U.S. officials. Trade expected to spike Carney said that Canada will increase its exports by 50% to China by 2030 during his visit to China in January. Wang Yi, China's minister of foreign affairs, said that exports to China could grow by 100 percent last month. Wang stated that to double Canadian exports in China, they will need to increase by nearly 15% per year for the next five. Wang also noted that Canadian exports are already up 27.5% since Carney’s visit. He said: "As we move forward, as our economic and trading cooperation continues to unlock?the potential of our economies, and continue to leverage the complementary strengths that we have. I think we could go beyond 100%, and maybe, reach 200%," Wang said Canada can supply China with 22 million metric tonnes of crude oil annually, up from 15 million tons last year. He stated that he thought China had "great potential" to purchase liquefied gas from Canada without providing any further details. Wang said that Canada, which is a major exporter of canola and peas, as well as beef, only supplies 2% to China's agricultural imports. This shows the vast market Canada has. He said that as long as we stay on the right track and move in the right direction at the correct pace, there is a great deal of potential to grow our business. China reduced tariffs on some Canadian products in March, but kept duties on canola and pork at 100%. The tariff relief for products such as canola meal and peas expires by the end of this year. This creates uncertainty for exporters. Wang refused to confirm whether China would continue the tariff suspension on pork or canola oil. "We will not be able to solve any problem as long as the two countries respect mutual respect, equality and reciprocity." He warned Carney that his government must adhere to the principles of mutual trust, find common ground and seek mutually beneficial outcomes. He said that if these principles were not followed there would be negative consequences. Reporting by PromitMukherjee and Maria Cheng; Editing by Caroline Stauffer & Rod Nickel
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Canadian company produces first direct air capture Carbon Credits in North America
Canada's Deep Ski?became a first North American company to provide verified carbon removing credits?from direct air capture. It announced on Monday that it had provided credits to Microsoft Canada and Royal Bank of Canada. DAC is different from carbon capture and storage, which stores CO2 before it reaches our atmosphere. DAC cleans up existing emissions by removing carbon from the air. Deep Sky CEO, Alex?Petre, said in an interview that "this shows Canada is building and taking risks.?And it puts us at the forefront of innovation in carbon removal." Climeworks is the only company to have generated DAC credits. Their Iceland facility is also the largest DAC complex in the world. Scientists have stated that DAC is crucial to stabilizing climate. However, the technology is costly and difficult to scale. Carbon removal credits of high quality and verified are in demand around the world. Many tech companies have committed to climate change but they are increasing greenhouse gas emissions in order to fuel the AI data centers boom. They have spent collectively hundreds of millions of dollar buying credits from projects that capture and store carbon. People continue to sign contracts because they really want this to work. Petre said that very few projects had been completed. Deep Sky's Alberta Pilot Facility, which began operating last summer, is designed to enable multiple DAC companies, to deploy and refine their technologies. The credits are the result of Deep Sky injecting 14 tons of carbon underground in May, as verified by London's climate tech certification company Isometric. Microsoft and RBC continue to receive quarterly credits. Deep Sky?also holds carbon credit agreements with TD Bank, Lufthansa, and France's Engie. The companies have not revealed financial terms. Petre stated that once Deep Sky's Alberta testing hub is fully operational, the company will develop a large scale commercial DAC project for Canada. Reporting by Amanda Stephenson, Calgary Editing Rod Nickel
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Gold drops as Gulf tensions fuel inflation concerns and Fed rate hike bets
Gold fell on Monday, as recent hostilities in the Gulf increased inflation fears that fueled expectations of a rate hike by the U.S. Federal Reserve. This pushed the non-yielding material down. As of 857 GMT, spot gold was down by 0.9% to $4,049.90 an ounce. U.S. Gold Futures for August Delivery lost 0.8%, to $4.063.50/oz. Bullion experienced a weekly drop of 1.7% on Friday, and was on course for a monthly decline of over 10%. A U.S. official announced on Sunday that Iran and the United States had agreed to cease recent hostilities and resume talks about their dispute over the Strait of Hormuz. Iran fired missiles and drones early Sunday morning at U.S. military bases in Kuwait and Bahrain, after Donald Trump had threatened to 'terminate the Islamic Republic' if they did not comply with an agreement that ended the war. Investors are still uncertain about the outcome of U.S. - Iran peace talks, said ActivTrades Analyst Ricardo Evangelista. He added that new flare-ups may increase energy prices, fuel inflation fears, and strengthen central bank expectations. Crude oil prices were higher today. Gold is often seen as a hedge to inflation but its appeal diminishes in an environment of high interest rates because it doesn't yield any interest. CME's FedWatch tool shows that the markets are pricing in 3 Fed rate hikes for this year, with a 61% probability of one in September. Investors will now be watching for the U.S. Nonfarm Payrolls and June's ADP Employment Data, due this week, in order to gauge the Fed's policy. "A stronger-than-expected U.S. non-farm payrolls reading later ?this week could reinforce expectations ?of a more hawkish Federal Reserve, creating ?the conditions for a sustained break below $4,000," said Evangelista. Silver fell by nearly 2%, to $57.99 an ounce. Platinum fell by 1.1%, to $1595.51, and palladium rose to $1231.15. (Reporting by Sumit Saha in Bengaluru; Editing Harikrishnan Nair)
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Official of the Central Bank says that Ukraine's attack on Russian refineries is likely to impact GDP growth in 2026.
Alexei Zabotkin said that the Russian economy will likely be affected by Ukrainian drone attacks against Russian oil refineries in the second half. Kyiv's increasing frequency of drone attacks has caused fuel shortages throughout Russia, the world's largest oil producer. Queues at petrol stations and restrictions on what each customer can purchase have been seen. Russia's refinery industry has reduced petrol production by 25% in the first half of this year, compared with last year. President Vladimir Putin asked officials to look for ways to boost the growth of the?Russian Economy. Zabotkin said to reporters that "of course,?the situation in which the fuel sector is operating below full capacity for a few months will take away from this year's results of GDP." The central bank predicts GDP growth between 0.5% to 1.5% by 2026. Zabotkin stated that central bank officials would monitor the impact of rising fuel prices in domestic markets and update their inflation forecasts. Currently, they are between 4.5% and 5.5 %. He stated that the 'central bank will pay special attention to the effect on the population's expectations of inflation, an important factor that it takes into consideration when deciding rates. The next important rate meeting will be held by the?central banks on July 24. It cut ?the rate by a smaller-than-expected ?25 basis points to 14.25% at ?a meeting on June 19, noting inflation risks due to declining fuel production. Reporting by Elena Fabrichnaya, Writing by Lucy Papachristou, Gleb Bryanski and Andrew Osborn Editing.
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The 5-week U.S.-Israeli air campaign has destroyed some of Iran's most treasured monuments.
The ancient city of Isfahan was shaken by a first wave of blasts. Minarets and domes were swaying in the famous square. Two days later, another bombing in Isfahan's city center left the 400-year-old palace complex covered with debris. The Israeli airstrikes on March 7 and 9 shook monuments in Naqsh-e Jahan Square and Chehel Sotoun Palace - two of Iran's most prized cultural complexes. Plaster and broken tiles still crunch underfoot in some places, two weeks after the airstrikes. Rasoul Mosavi said, "These buildings felt like a part of us", his head still covered in gauze after the explosion. He guided journalists through the museum, where he worked as a guard for 16 year. "This place is dear to me." The intended target was less than 200 metres away from the roof: the Isfahan Governor's Building, which had been partially destroyed but appeared empty when struck. Before the U.S.-Israeli war on Iran ended, journalists had rare access in March to the palace, Naqsh-e Jahan Square and its surrounding area, and two palaces in Tehran. The journalists saw for themselves how the war had damaged Iran's historical sites, some of which are protected by an international treaty administered under the U.N. cultural agency UNESCO. The journalists reported damage to 11 historic buildings. Experts who monitor the impact of war on world heritage sites confirmed damage to the Trans-Iranian Railway in Isfahan and the Jameh Mosque, as well as a 1,800-year-old castle near prehistoric caves where humans settled as far back as 63,000-years ago. In the two decades that?the United States, its allies, and their coalition partners fought in Iraq, Syria Libya, and Afghanistan on ground and by air, there were no damage done to sites of cultural heritage listed by UNESCO at the time. UNESCO is yet to send teams to sites listed in its register and relies on satellite imagery to assess 'the damage. UNESCO has'verified' damage to seven sites, including two that are on the international list, four cultural properties with national significance, and a religious place. UNESCO said it had not been consulted before or during war, but that "all parties to the conflict" were provided with coordinates for critical sites. The world body called on all parties to conflict to respect international law and take all necessary steps to protect cultural heritage. The damage ranged from broken glass, cracked tile and shook foundations to shattered walls and shattered tiles. Bomb shock waves that radiated out at a speed nearly 20 times greater than sound were the main culprits. According to Wes Bryant a former U.S. Air Force targeting specialist, those waves can cause serious damage to structures up to a kilometer from the explosion itself. Israel Defense Forces confirmed that they had targeted the Governor's Office in Isfahan. This is located adjacent to the UNESCO listed palace complex. The Israeli Defense Forces also confirmed that it struck a base of the Islamic Revolutionary Guard Corps on March 7, a little more than a kilometer away from the historical sites. IDF stated that the IDF operated in accordance with International Law and only targeted military objectives. Israel's attacks, according to the statement, "were generally based on reliable information, operational verification and established approval processes and, when appropriate, legal review and were carried out conformément to applicable international law." Eight experts in Middle Eastern Archaeology and Preservation of Heritage Sites said that the reporting shows a shift in U.S. Targeting Practices and Priorities away from Protecting Internationally Recognized Historical Landmarks. The Pentagon has changed its policies to protect cultural sites after two decades of widespread criticism over an American military installation in the ruins the ancient city Babylon. Bryant stated that in recent wars historical landmarks were included on the "no-strike lists". He said this was because they had to be considered a military necessity such as saving the lives of soldiers and also receive high-level approval from officials, including the White House. The sites that were damaged included the Golestan Palace in Tehran, the Naqsh-e Jahan Square in Isfahan and the Chehel Sotoun Complex. These sites have been confirmed by visits. Mehrnoush Soroush is the director of Center for Ancient Middle Eastern Landscapes at University of Chicago, which tracks damaged?cultural site in Iran. Her team has also confirmed damage to Jameh Mosque, in Isfahan, and the Andimeshk Railway Station along the Trans-Iranian Railway. This UNESCO-listed route connects the Caspian Sea, in the northeast, with the Gulf. Soroush as well as UNESCO confirmed the extensive damage to Falak-ol-Aflak - an ancient fortress located in the Khorramabad valley of western Iran. Photos of window damage were verified. Israel's military warned Iranian citizens to avoid trains in early April, and Israel's official statement said that the Qom rail bridge was damaged to stop Iran from moving weapons. Iran's UNESCO rep provided a list to the U.N. Cultural body of 134 cultural sites that it claimed were damaged by war. Despite not being listed on the UNESCO list, these sites are among Iran's most popular tourist destinations, bringing millions of tourists every year. Only the railway was directly affected by the UNESCO site. Iran has marked its culturally most significant sites, such as the bazaar of Isfahan and the fortress located in the Khorramabad Valley with large blue shields. The Sa'dabad Complex, in Tehran, houses 18 historic palaces. The shields are an internationally recognised symbol that indicates their protected status as cultural property. It's unbelievable. This was something I would never have imagined in my wildest dreams. Farshid Emami is an associate professor in the Department of Art History at Rice University, Texas. He has written a book about Isfahan Architecture. The Pentagon has declined to comment. Operation Epic Fury, the Trump administration's name for its war against Iran, was designed around four key objectives: destroy Iran’s ballistic missiles; demolish production facilities; sink their navy and weaken their proxy forces. "Unlike Iran the United States doesn't target civilians." The gloves are off The 1954 Hague Convention is a treaty that protects cultural heritage and explicitly protects Isfahan sites during war. International law considers the intentional targeting of cultural property to be a war crime. Any strikes against nearby targets should be carefully weighed up against any possible damage. UNESCO's designation only covers a minority of the culturally significant monuments and buildings in a country. Some countries place more importance on their landmarks being listed by this U.N. agency. Iran has 27 sites listed, compared to 55 in Italy and just one in Uganda and Costa Rica. The most prominent example of damage in Iraq during a U.S. led war was the ancient city Babylon. It was listed as a UNESCO world heritage site by 2019. Coalition forces used Babylon from 2003 to 2004 as a base, digging trenches at the site and installing infrastructure. Saddam Hussein had already damaged it before they arrived. Iraq also suffered cultural losses due to ground combat. These included the destruction of Mosul's old city and the looting of antiquities after the U.S. invasion. Trump withdrew America from UNESCO twice, in 2017 and 2025. He cited its support for divisive, woke cultural and social issues. The 2025 action will take effect this year. In 2017, U.S. coalition forces led by the United States bombed Raqqa's walls, which date back to the 8th century, as a way of supporting ground troops that were fighting ISIS. Stephennie Mulder is a professor of Islamic architecture and art at the University of Texas at Austin. She said, "As terrible as it was, I feel like that time felt like a golden age compared to the current situation, where the gloves have been taken off and no one cares." She is one of more than 400 researchers and scholars who signed the letter circulated in mid-April, condemning the destruction to Iranian cultural sites by the United States. Israel reported damage caused by an Iranian attack in Tel Aviv’s White City. This is a collection modernist buildings with Bauhaus influences from the 1930s, which are also listed on UNESCO's list. The U.N. said that it was conducting an investigation. Pete Hegseth, the U.S. Secretary of Defense, has dismissed military engagement rules in large part. He claims that there will be "no mercies" shown to enemies. In April, President Donald Trump said that Iran's entire civilization would be destroyed if the country did not end its conflict. Both did not make a direct mention of heritage sites. CULTURAL JEWEL Isfahan, even by Iranian standards, is a cultural gem, compared to Rome, Athens, or Kyoto. Isfahan is also home to a nuclear site in Iran. It sits on a vast plain of the high Iranian plateau, and straddles a river called Zayanderud. This Persian word means "life-giving". The river divides the city, with the northern part being older and home to historical sites and the southern section, which has wealthier neighborhoods and more modern residential complexes. Residents gathered around the monuments and heritage sites near the Chehel Sotoun Palace in the Naqsh-e Jahan Square. This square is the largest in the city, measuring 14 soccer fields. It is also one of three UNESCO World Heritage Sites. Isfahan, like many other large cities in Iran, was engulfed by protests this year when anger over dire economic circumstances boiled over. The protests led to the largest crackdown since 1979's Islamic Revolution, which resulted in thousands of deaths, injuries, and prison sentences. Trump's desire to see the Iranian regime overthrown was cited as one of the main reasons for the launch "Operation Epic Fury", which took place in late February. According to video footage, some of the Isfahan demonstrations and clashes between government forces and protesters took place in the Naqsh-e Jahan Square, and the bazaar was briefly closed during a general. Israeli bombs targeted IRGC targets on March 7th, 300 meters away from the 400-year-old Si-o-se-pol Bridge over the River. Former residents of Isfahan claim that the complex was used as a detention facility by the elite military force. Israel's military admitted that the base was targeted. Witnesses said that when bombs rained on the IRGC, blast waves reverberated a kilometer from the site, shaking Naqsh-e Jahan Square. On March 9, two days later, another volley of bullets aimed at the governor's offices shook again the square and the adjacent Chehel-Sotoun Palace Complex. Mosavi, an elderly security guard was wrapping up his shift in the Museum of Decorative Arts. The museum was converted from a '17th century royal palace. He said that he was at work because of a "queasy inner feeling". Only 10 minutes later, twin explosions followed jets flying overhead. The museum's windows were mostly shattered. The main hall's ceiling collapsed revealing the bones of the building. Mannequins dressed in traditional Iranian clothing were surrounded by plaster and glass. The entire top floor of the Governor's Office, located less than 200 metres away, has been destroyed. The strike did not injure the governor. The team was not allowed to enter the building but met the governor at a café in the bazaar. Mosavi displayed twisted gray metal fragments, which he and his employees referred to as shrapnel, at the entrance of the Museum. The fragments were similar to those found at the Sa'dabad Complex in Tehran, an 18th century site that was struck by bombs in March. According to the U.S. Committee of the Blue Shield and two former military targeting experts, heritage sites like schools or hospitals are usually on the no-strike list compiled and maintained by military and intelligence agencies. According to international law, any collateral damage must be proportional to the expected military benefit of striking a site close to a heritage or cultural site. Patty Gerstenblith is the head of the U.S. Committee of the Blue Shield. The group has trained the American military to protect cultural sites in wartime. Gerstenblith, along with other experts, said that when Mosul and Raqqa was reclaimed by Islamic State the Blue Shield committee prepared and distributed informational material to the troops before the event. She added that without more information she couldn't judge if the Iranian strikes were appropriate from a military standpoint. According to a document, Isfahan heritage officials made an initial assessment of the damage caused by the bombings at Naqsh-e Jahan Square. It was impossible to independently verify those findings. Emami, an architectural historian from Rice University, stated that a thorough investigation was needed to confirm structural damage. The bombings that occurred in Ali Qapu Palace early in March caused a tremor on a terrace which overlooked the large square, the music chamber, the marble fountain and the 18 wooden columns. Heritage officials took pictures of the crumbling wall, the cracks in the building's body, and the shattered glasses. In the initial Iranian assessment, more than 70% the glass of windows and doors were broken and the plaster on two porches was separated from the main structure. Ali Bordbar ran outside of his small carpet store in the bazaar when the bombings occurred on March 7. The bombings caused the two minarets at the southern edge to shake. Bordbar said that it took hundreds of years for this site to be built. In a single moment, it could be destroyed. The employees of the Naqsh-e Jahan complex brought in a bag filled with blue tiles that fell off when they visited the Shah Mosque. The Iranian damage assessment for the Isfahan Heritage Sites included a picture of a crack on one of the walls of the mosque. A silver engraver at the bazaar stated that the economic effects of lost tourism revenues due to war are as devastating as the property damage or shattered glass. The engraver stated, "This war paralyzed our nation." The main alleys of the bazaar were nearly empty during the two days that I visited in late March. Only a few young men ran and cycled through them. Artists and musicians were setting up their stands in the bazaar, and some visitors started to arrive. Iranians avoid speaking with foreign journalists for fear of being arrested or worse. Some expressed their dismay at the destruction of historic sites while others had more nuanced opinions. Saeed, 32, who runs a sweets shop in the bazaar said that airstrikes had broken all the windows and the glass in his well-organized sweet shop. He declined to give his opinion on the war, as did many Iranians. He said, "We're waiting for a good ending." I WAS SHOCKED The Golestan Palace is a centuries-old complex of royal buildings in Tehran. It's located just a few steps from the city's famous old bazaar. The protests began last December with the shopkeepers of the labyrinthine market. The 'labor strikes' quickly spread from the heartland of Iran’s economy, the old bazaar, to universities and cities throughout the country. The next step was a brutal Iranian crackdown. This was followed by weeks of bombing and the assassination of the supreme ruler in the 'opening salvo of war. The night of March 1, American forces and Israelis struck Tehran's judicial building adjacent to the ancient Palace, which was a sea debris with wooden artwork and mirrors falling from the ceiling. As journalists stepped on glittering glass shards, a sharp cracking noise echoed from the ceiling of the palace. UNESCO has expressed its "concerns", over the damage to the site. The morning of the attack was described by an archeology worker who had worked at the palace for almost 30 years. She cried as she recalled the experience. She said, under condition of anonymity, "I was shocked and frozen to the spot in front of all that glass when I first came here." She said that the blast waves had caused the most damage to the space in the throne. The hall of mirrors, a few meters away was a sea of glass, which had previously adorned the walls and ceilings, as well as the pillars, of the room. The team was denied access to the third part of a palace, which employees claimed had been damaged in blasts during the strikes on March 1. This area is prohibited, according to them, because it is adjacent to the government office that was targeted by the U.S. and Israel attacks. This building is associated with the Iranian judicial authority. Tehran's judiciary is known for sending young Iranian men and woman who dared to criticize the regime to prison and even executions. Nearly 300 meters from the palace was the judicial building which came under attack. The female employee who visited the palace two weeks after the destruction expressed her fears of damage that was invisible to her. The employee stated that two employees were injured, but only in a minor way. She suddenly announced that everyone should leave the room immediately after 15 minutes. She ran ahead, pointing at the ceiling, which she warned could collapse at any time. Maggie Michael M.B. (Reporting) Pell, Mari Saito, and Ryan McNeill. Additional reporting by Mayaan Lubell. Alaa Al-Marjani, Haider Kadhim Nour. Edited and produced by Lornant Hinnant, Sarah Cahlan.
Iron ore prices fall on China demand fears and Sino-US tensions
Iron ore futures prices fell on Thursday, as traders considered the impact of trade tariffs between China and the United States. They also weighed concerns about a possible slowdown in demand from China's top consumer.
The September contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 2.17% lower, at 697.5 Yuan ($96.43).
As of 0318 GMT, the benchmark June iron ore traded on Singapore Exchange fell 1.19% to $97.15 per ton.
Analyst Zhuo Guqiu at Jinrui Futures said that the price drop of steelmaking components was more dramatic than steel.
China Metallurgical News, a state-backed publication, cited officials of the steel association to say that the relevant authorities were actively advancing national crude steel production control.
China announced its plans to restructure the giant steel industry in March. However, it did not specify when or how much production would be cut.
This statement from the Steel Association has confirmed such expectations. Hot metal production is also expected to reach a high point soon.
Iron ore demand is usually gauged by the hot metal production, which is a blast-furnace product.
Coking coal and coke, which are used to make steel, also fell by 2.35% and 2.58 %, respectively.
The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 1%, hot-rolled steel coil dropped 0.87% and wire rod decreased 0.72%. Stainless steel gained 0.12%.
The iron market has seen a significant drop in demand despite Beijing's injection of a number of monetary stimuli on Wednesday to try and mitigate the damage that the trade war between the United States and China had caused.
The stimulus package is not a good sign for Sino-U.S. Trade Talks, as it suggests a readiness for the worst-case scenario. An analyst said this under condition of anonymity due to the sensitive nature of the issue.
(source: Reuters)