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Medical reports say that Israeli tanks killed 59 people trying to reach food aid in Gaza.
Israeli tanks opened fire on a crowd of people trying to reach trucks with aid in Gaza, Tuesday. According to doctors, at least 59 were killed in the most violent incident yet as residents in Gaza struggle to find food. A video shared on social networks showed a dozen bodies mangled in a street of Khan Younis, in the southern Gaza Strip. Israeli forces, which have been at war in Gaza with Hamas militants since October 2023 acknowledged that they had fired in the area. They said they were investigating the incident. Israeli tanks fired at least two shells, according to witnesses interviewed by. The crowd was gathered along the eastern main road in Khan Younis with the intention of receiving food from the aid trucks using the route. "All of a suddenly, they let us go forward and forced everyone to gather. And then shells began falling, tank-shells," said Alaa an eyewitness interviewed by at Nasser hospital, where injured victims were sprawled out on the floor or in corridors because of the lack of room. "Nobody is showing mercy to these people." People are being torn to pieces to feed their children. "Look at these people. They are being torn apart to get flour for their children." Palestinian medics reported that at least 59 were killed, and 221 injured in the incident. At least 20 of those in critical condition. The injured were rushed to the hospital by civilian cars, donkey carts and rickshaws. This was the highest death toll on a single-day since Gazan aid began in May. The Israeli military released a statement saying: "Earlier today a group was identified near an aid distribution vehicle that became stuck in the vicinity of Khan Younis and close to IDF soldiers operating in the region. The IDF has been made aware of reports that a number were injured by IDF fire after the crowd approached. Details of the incident are being reviewed. The IDF regrets the harm caused to those not involved in the incident and works to minimise that harm as much as is possible while maintaining safety for our troops." At least 14 more people died in Israeli airstrikes and gunfire elsewhere in the densely-populated enclave. Tuesday's death toll is now at least 73. Since late May, the health ministry reported that 397 Palestinians who were trying to receive food aid had been killed, and over 3,000 others wounded. This was just the latest of a series of large-scale killings that have occurred almost daily in recent weeks, since Israel lifted its total blockade over the area it had controlled for nearly three months. Israel is channeling much of the aid that it now allows into Gaza via a new U.S. and Israeli-backed organization, the Gaza Humanitarian Foundation. This group operates a few distribution sites within areas guarded Israeli forces. The United Nations has rejected the system, calling it inadequate, dangerous and in violation of rules on impartiality. Israel claims it's needed to stop Hamas fighters diverting aid. Hamas, however, denies this. Gaza authorities claim that hundreds of Palestinians were killed while trying to reach GHF locations. In a late-night press release, the GHF announced that it had distributed over three million meals without incident at its four distribution centers. Gaza war began in October 2023 when Palestinian Hamas militants launched an attack on Israel. According to Israeli allies, they killed 1,200 people, and took 251 hostages. Gaza's Health Ministry reports that Israel's military attack on Gaza in October 2023 killed or injured nearly 55,000 Palestinians. It also displaced nearly the entire 2.3 million population and caused a food crisis. Gaza Palestinians, who have been watching the air war between Israel, and Iran, a long-time Hamas supporter, since last week, are now a little more aware of what is happening. Gaza residents circulated images showing buildings in Israel destroyed by Iranian missiles. Some said they were happy to see Israelis feeling the same fear of airstrikes they had endured for more than 20 months. Nidal Al-Mughrabi is responsible for reporting and writing. Hatem Khaled in Gaza, Hussam Al-Masri and Dawoud Ab alkas contributed additional reporting; editing by Alex Richardson and William Maclean.
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Actis observes a growing interest from investors in sustainable infrastructure in emerging areas
Actis, the London-based global investor in infrastructure, has seen a growing intra-trade between growth markets, and an increased interest from investors in sustainable infrastructure projects. This is because global capital is reallocating away from developed markets, such as the U.S., to emerging markets, according to its chairman. Torbjorn Cesar, senior partner at Actis, stated in an interview in Singapore on Monday that the global economic activity has been increasingly centered on Asia and Latin America due to population growth, strong energy demand, and a boom of digital infrastructure. He said that Actis was looking to harness growth through investments in the energy sector. This includes renewable assets such as solar, wind, and hybrid projects combining battery storage. He added that it is also investing heavily in transmission lines and data centres. Why it's Important: The global markets experienced some swings during the first few months of U.S. President Donald Trump’s administration. His April 2 decision to increase tariffs to trading partners caused some investors to pull out of American assets. Despite a slight decrease in volatility, some investors believe that the threat of tariff disruptions will not go away any time soon. CONTEXT: Actis announced in May that it had raised $1.7 billion to fund its second long-term infrastructure fund. General Atlantic acquired Actis in October of last year. According to a press release from earlier this year, the combination increased General Atlantic's assets managed to $108 billion. KEY QUOTES "The demand for electricity is huge." When you look at markets across Latin America, the Middle East, Eastern Europe and Asia (what we call'most of world'), it is not just about energy transition. Although that is very important, there is also a need for energy addition because electricity demand continues to grow. "It is growing along with economic activity and growth in demographics. In terms of population growth, there is a huge need for new energy," Caesar said. (Reporting from Yantoultra NGi)
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Wall Street to open at lower levels as Middle East conflict continues
Wall Street's major indexes are on course for a lower opening on Tuesday, as the Israel/Iran conflict enters its fifth day. This has dented global investor confidence in advance of the Federal Reserve’s upcoming decision on monetary policy. The air war between Israel and Iran, which began Friday with Israel attacking Iran's nuclear facility, has raised fears that it could cause bottlenecks in oil exports to the oil-rich Middle East. Wall Street believes that the situation will be contained. "The market is paying attention, but there is no panic at the moment," said Larry Tentarelli of Blue Chip Daily Trend Report, chief technical analyst. Energy stocks in the United States rose in premarket trade as oil prices continued to rise due to uncertainty. Chevron, Exxon, Occidental Petroleum, and Devon Energy all gained 0.7%. The rise in oil prices coincides with the Fed's decision to maintain interest rates on Wednesday. According to CME Group’s FedWatch tool, money market movements show that traders are pricing about 48 basis point rate cuts by 2025. There is a 59% probability of a rate cut of 25 bps in September. At 8:49 am. At 8:49 a.m. ET, Dow Eminis had fallen 204 points or 0.48%. S&P 500 Eminis had dropped 27.25 or 0.45% and Nasdaq Eminis fell 108.25 or 0.5%. The data on Tuesday revealed U.S. retail sales dropped More than expected in May Retail sales dropped 0.9% in May, while economists had predicted a 0.7% drop. The U.S. Senate Republicans released late Monday proposed changes to the President Donald Trump’s sweeping tax cut bill, which had passed through the House of Representatives earlier this year. Solar stocks dropped after Senate changes to Trump’s tax-cut legislation revealed that solar, wind, and energy tax credit credits would be phased out by 2028. Enphase Energy, a manufacturer of solar inverters that makes Enphase Energy shares, has seen its share price drop by 21%. Solar panel suppliers Sunrun and SolarEdge Technologies both dropped by 31.3%. First Solar lost nearly 17.6%. The shares of nuclear energy companies have risen after the Senate extended credit for nuclear energy until 2036. Oklo shares rose 5.2%, while Nano Nuclear Energy shares rose 4.3%. A rise in U.S. Treasuries, as investors seek out traditional safe-havens amid increased geopolitical unrest, has pushed down yields across the curve. The yields on the benchmark 10 year fell by about 5 basis points, to 4.40%. Eli Lilly, among other players, fell 0.4% following its agreement to purchase Verve Therapeutics up to $1.3 Billion. Verve shares soared by over 75%. T-Mobile dropped 4.3% as Japan's SoftBank raised a total of $4.8 billion by selling 21.5 million shares of the wireless carrier at $224 per share, according to an. (Reporting from Kanchana Chakravarty in Bengaluru and Sukriti. Gupta, with editing by Maju Samuel.)
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Solar stocks fall on Senate proposal of phase-out tax credits by 2028
U.S. Solar stocks fell in premarket trade on Tuesday, after a Senate committee proposed to phase out solar and wind credits by 2028. This proposal was part of President Donald Trump's tax-and spending bill. Enphase Energy, a manufacturer of solar inverters, was one of the largest decliners among S&P 500 companies. Its stock fell 20.9% from $36.35 to $36.35. SolarEdge Technologies and Sunrun, both solar panel suppliers, each fell more than 30%. First Solar fell 17.3%. A Senate committee circulated a draft bill that amends Trump's 'One Big, Beautiful Bill Act', which the House narrowly approved last month. Pavel Molchanov, an analyst at Raymond James, said: "At first glance, provisions of the Investment Tax Credit/Production Tax Credit for solar and wind appear worse than industries had hoped. However, not in the same manner as the House Bill." The draft bill of the committee proposes to reduce solar and wind incentives by 60% in 2026, and then eliminate them altogether in 2028. According to current law, credits would not begin to phase out until 2032. Citi strategists stated that they "remain in favor of residential solar" and called the proposal a "slight improvement" compared to the House version, but "far restrictive than the initial bill". Solar firms in the U.S. are already struggling with a weak residential demand. High interest rates, as well as metering reforms implemented in California have reduced credits for excess electricity sent to grid. Sunrun shares have fallen 27% over the last year while Enphase Energy has dropped 63%. Invesco's Solar ETF dropped by 22.8% in the last year. The Senate proposal, however, will extend tax credits for geothermal, hydro, and nuclear energy through the year 2036. Nano Nuclear Energy, Oklo, and Sam Altman's nuclear startup Nano Nuclear Energy all saw their shares rise. Diverging versions of the House and Senate may complicate efforts for Trump to pass his top domestic priority before a July 4 self-imposed deadline. (Reporting from Shashwat Chandhan and Pooja menon in Bengaluru, Editing by Devika Syamnath.)
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Daimler Truck reports that concerns about rare earth supplies have led to an increase in inventory.
After a press conference in Gothenburg, Tuesday, CEO Karin Radstrom said that Daimler Truck had increased its inventory in the short-term due to difficulties in obtaining key raw materials in China. Radstrom noted that the COVID-19 pandemic chip crisis had shown how vehicle manufacturers could no longer depend as heavily on "just-in-time" deliveries. She said that the German truck manufacturer has since increased its stock levels of semiconductors and other items, even though this requires more capital. Radstrom told journalists that "with everything going on around the world, this strategy seems like a good one and necessary." Due to the new export regulations from China, the automotive industry is concerned that supply of rare Earths will be cut off soon. Exporters are required to apply for export licenses since April. These licences are being approved slowly. China is the dominant market for raw materials used in electric motors and window mechanisms. Radstrom stated that the current situation is a major concern for Daimler’s purchasing department. The company is closely watching the issue. Radstrom said that so far there has been no production interruption. Reporting by Ozan Egenay and Marie Mannes; Editing by Jan Harvey
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Kenyans protest the death of a blogger and one person is killed
Nairobi, the capital of Kenya, saw one death on Tuesday as protests were sparked after the death of a journalist in police custody. The death has sparked accusations of extrajudicial killings committed by security forces. The journalist found the body of the man on the ground, with a head wound that was bleeding. The cause of his death and who he was were not known. Muchiri Nyaga, Kenya's Police spokesperson, said that he did not know of the death. Albert Ojwang, a 31-year old blogger and teacher who died on June 8, was the victim of a protest that began a year earlier when proposed tax hikes sparked it. Kenya's chief of police apologized after an autopsy revealed that Ojwang died from assault. Police fired tear gas as demonstrators marched through the streets of Nairobi, Kenya on Tuesday. Unidentified motorcyclists also fought with protesters and dispersed them, a journalist reported. The local broadcaster NTV showed a video of bikers shouting, "No protests." Amnesty International Kenya's chapter posted on X about the presence of dozens motorbikes, with two hooded riders whipping protesters. The bikers could not be identified immediately. William Ruto, the President of Kenya, said that Ojwang died "at police hands" last week. He called this "heartbreaking" and "inacceptable." Stop Killing Us Ojwang's arrest was part of a probe sparked by a formal complaint made by Eliud Lagat. Kenyan broadcaster Citizen TV reported that demonstrations also broke out in Kenya's second-largest city Mombasa, on Tuesday. The channel showed protesters holding placards with slogans such as "Stop Killing Us" and "Ruto Must Stop Killing Us." Last week, hundreds demonstrated in Nairobi against the death of a blogger. Police fired tear gas and set vehicles on fire. Lagat, deputy chief of police, announced on Monday that he has temporarily stepped down pending completion of the investigation into Ojwang’s death. In connection with this investigation, two senior officers, a closed circuit television technician and another officer were arrested. (Additional reporting from Edwin Waita. Humphrey Malalo. Edwin Okoth. Thomas Mukoya. Writing by Elias Biryabarema. Editing by Bernadette B. Baum. Andrew Cawthorne.
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Pictet fined for money laundering by Switzerland
The Swiss Attorney General's Office handed a former wealth management at Pictet Bank an eight-month prison term with a suspended sentence, and fined the bank for money laundering during a Petrobras investigation. Pictet has been ordered to pay $2,5 million for failing to take reasonable and necessary steps to prevent transfers made from a Brazilian official's account to conceal their criminal origin. The Swiss government announced this in a press release. Since years, Swiss prosecutors are working to identify assets in a massive international corruption case involving the Brazilian state-run Petrobras and bringing forward prosecutions. Pictet issued a statement saying, "We confirm this matter has been resolved. It involves several financial institutions." The private bank said that the action "represents neither an admission or an acceptance of responsibility on the part Pictet, and does not relate to its asset-management, asset-service or alternative assets entities." The payments were made from a bank account in the name an offshore company whose owner was a Petrobras worker between June 2010 and may 2013, the Swiss government stated. The government said that the former Pictet Manager approved transfers of assets originating from corrupt payments made for the operation and maintenance of oil rigs. These assets totaled over $4.1 million. The government claimed that Pictet's incompetence was responsible for the alleged aggravated money-laundering. The so-called Car Wash investigation in Brazil, also known as Lava Jato in Portuguese, began with the arrest in 2014 of a currency trader and grew into the biggest corruption scandal in the country, where hundreds of officials, politicians, and executives were convicted.
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China builds up a crude-oil war chest amid Middle East tensions, says Russell
China continues to accumulate crude oil stocks, despite the fact that it refines less crude oil than it can produce or import. The world's largest oil importer can now buy less in the coming months, as prices rise due to Middle East tensions. Calculations based on data from the Chinese government show that the surplus crude in China reached 1.4 million barrels a day (bpd), the third consecutive month where it was above the 1,000,000 bpd mark. Since June 13, when Israel launched airstrikes against Iran, Tehran has responded with missiles and drones. Brent futures have risen almost 6% in the last week since the end of June, to around $73.58 per barrel on Tuesday. Refineries in China have responded to rapid increases in crude oil prices by reducing their imports or using stored oil. Due to the two-month lag between cargoes being arranged and their delivery, any reduction in China's imports is likely to be noticeable only from August. China's ability to reduce imports and lower prices is not dependent on the crude oil price. China does not reveal the volume of crude oil flowing in or out of its strategic and commercial stockspiles. However, an estimate can still be made by subtracting the amount processed from the total crude available through imports and domestic production. According to data released by the government on Monday, refiners processed 13.92 millions bpd during May. This is down from 14.12million bpd recorded in April, and 1.8% less than one year ago. In May, crude imports fell to 10.97 million barrels per day (bpd) from 11.69 in April. Domestic production rose slightly to 4.35 in May from 4.31 in April. After subtracting the refinery output of 13.92 millions bpd, the total crude oil available for refiners is 15.32 million barrels per day. This leaves a surplus of about 1.4 million barrels per day. The surplus crude was 990,000 barrels per day (bpd) in the first five of the year. This is up from 880,000 barrels per day for the first four. China's refiners used up their inventories for the first time since 18 months in the first two-month period of 2025. They processed about 30,000 barrels per day more than they could get from crude imports or domestic production. The massive surpluses of March, April, and May have reversed this earlier draw. Not all this excess crude has likely been stored, as some is processed in plants that are not included in the official data. Even if you ignore the gaps in official data, there is no doubt that since March China has imported crude oil at a rate far greater than what it requires to meet its own domestic fuel needs. Imports, Prices The strong crude imports that LSEG Oil Research expects to arrive in June of 11,72 million bpd is a good indication of the price-sensitive nature of China's refiners. The increase is due to the decline in crude oil prices since the cargoes for June would have been purchased. Brent futures fell from a six week high of $75.47 per barrel on April 2, to a low of $58.50 per barrel, a four year low on May 5. This prompted Chinese refiners sucked up cargoes. The majority of these shipments are expected to arrive in June and early July, giving the impression that China's demand for crude oil is improving. The weak numbers for refinery processing show that China may be storing crude. Due to the high prices due to Middle East tensions it is likely that refiners would also cut their purchases and seek discounted oil from sanctioned suppliers such as Russia and Iran. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist, who is also an author.
Gold prices steady as markets focus on Middle East conflict and Fed decision
Gold prices were unchanged on Tuesday, as investors assessed the conflict between Israel & Iran and looked forward to this week's U.S. Federal Reserve policy meeting.
As of 0851 GMT, spot gold was unchanged at $3,383.01 per ounce. U.S. Gold Futures dropped 0.5% to $3401.30.
Israel and Iran traded attacks for the fifth day in a row on Tuesday.
Donald Trump, the president of the United States, has called for an evacuation of Iran’s capital Tehran. He also cut short his trip from Canada to Canada's G7 summit. Separately, a report stated that he asked his National Security Council in the Situation Room to be ready.
Han Tan, Exinity Group's chief market analyst, said that the markets are waiting to see if hostilities between Israel & Iran will escalate or remain contained.
Gold still retains a bias to surge upwards when signs of an escalating Middle East conflict are present, given its status as a preferred safe haven in recent years.
Sources claim that Iran has asked Oman and Qatar to encourage Trump to press Israel to agree to a ceasefire. In return, Iran is offering flexibility on nuclear talks.
Bullion with zero-yield is seen as a hedge to geopolitical or economic unrest and thrives in low-interest environments.
Wednesday is the day for the U.S. Central Bank's rate announcement and Jerome Powell, its chair. The market is currently pricing in two rate cuts before the end of this year.
Citi has lowered both its short-term targets and long-term ones for gold. It said that the prices of gold could fall below $3,000 an ounce in late 2025 or even early 2026 due to a declining investment outlook and a better global growth outlook.
Palladium dropped 0.4%, to $1,025.44, while platinum remained unchanged at $1246.59. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Joe Bavier)
(source: Reuters)