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Swiss cinemas provide seniors with a place to escape the heat wave
Daniel 'Gillieron', 82 sat down in the Nord-Sud Cinema of Geneva, anticipating a?free?film, and a?longer ac blast, as the heatwave blasted the streets. The senior citizen was among hundreds who attended free daytime films organised by regional authorities and cinemas to give seniors a break. MeteoSuisse, a Swiss weather agency, predicts temperatures in the city to reach as high as 36?Celsius this week (97 degrees Fahrenheit). The manager of three participating cinemas, Laurent Dutoit said, "The more hot it gets, the better the cinema is as a refuge." Since Thursday, around?650 people took up the offer. Gillieron stated that the air-conditioned theater was a great way to enjoy a movie. The month of June will be one of the warmest on record in Switzerland. This is due to a heatwave which has been sweeping across Europe. In lowland regions, daytime temperatures reached 35 C. Some areas exceeded 36 C. MeteoSuisse's forecaster,?Elie Kirchner, said: "It really underscores the exceptional nature? of this heatwave which is... very long and intense." Heatwaves are?also earlier this year than normal. Temperatures in Switzerland usually soar around the second half July and first half August. (Reporting and editing by Andrew Heavens; Olivia Le Poidevin)
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Dollar gains as Fed hikes rates and gold falls to a two-week low
Investors weighed conflicting signals about U.S. peace talks with Iran as they assessed the varying signals from U.S. and Iran. Gold spot fell 0.7%, to $4,081.24 an ounce, at 0751 GMT. It had earlier fallen to its lowest level since June 11. U.S. Gold Futures for August Delivery declined by 1.2% to $4.098.70. Donald Trump, the U.S. president, said on Tuesday that Iran agreed to nuclear inspections in "infinity" while Tehran claimed it had not made such a concession during negotiations. This raises questions about whether their fragile peace agreement will survive. Both sides disagreed over the details of a clause that would give Iran access to frozen funds in foreign accounts. Tastylive's head of global macro,?Ilya?Spivak, said: "What we are witnessing is the evolution of the pressure gold was under as a result of the war." The dollar has risen, gold has fallen, and bonds have fallen. The price of gold has dropped by about 23% in the last few months since the U.S. and Israel's war against Iran began late February. This is because rising inflationary pressure has led to the expectation of an interest rate increase by the U.S. Federal Reserve. Gold is traditionally viewed as a hedge against inflation, but it becomes less attractive as an asset that does not yield in an environment with high interest rates. Dollar has reached a record high, more than a year ago. This makes bullion expensive for buyers from abroad. According to CME FedWatch Tool, traders are betting on three Fed rate increases in this year, as opposed to one before the Fed meeting last week. Investors are now awaiting the U.S. Personal Consumption Spending data, the Fed’s preferred inflation measure, which is due on Thursday. Spivak explained that if we focus primarily on inflation, we will be heading in the direction of $3.800. We'll then have a discussion about whether we should test $3.500 next. Silver spot fell by 0.4%, to $61.80 an ounce. Platinum lost 0.6%, to $1.641.35, while palladium fell 1.3%, to $1.221.71. (Reporting and editing by Subhranshu sahu in Bengaluru, Rashmi aich and Ronojoy Mazumdar.
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Australia intensifies bird flu testing after second state reports case
Australian authorities increased surveillance and testing of animals and wildlife on Wednesday, after a second state confirmed a case. Peter Malinauskas, the state premier of South Australia, confirmed that a migratory pigeon had tested positive for avian influenza. This comes days after two cases were confirmed in Western Australia near Esperance. Australia's agriculture minister, Julie Collins, stated that there is currently no danger to humans. She said that chicken meat and eggs prepared in the normal way are perfectly safe. Drone surveys and ground-based surveillance are conducted at sea-lion breeding sites on South Australia's West and Far West Coasts. Testing frequency has also been increased in areas of high risk. Western Australia?on Wednesday?anticipated a third case?of the virus?after 11 samples?were sent?for testing?in the state?following dozens?of reports?of sick or dead birds? Collins stated that the restrictions have now been lifted, but with some caveats. Australia's biggest export market is Papua-New Guinea, which will buy A$44,38, 000 worth of goods by 2023. Collins stated that her department received information from PNG indicating that the suspension was lifted, but with certain exceptions. The two countries are continuing to work together on this issue. Australia was the only continent to have not had a mainland case confirmed. However, the virus was detected in the sub-Antarctic island of Heard Island, late 2025. The?human?infections are rare. However, the spread of avian flu has affected the poultry industry in many countries. This has led to a disruption of the supply and price for eggs and meat. Australia's efforts to combat?bird influenza have included tightening farm biosecurity and increasing testing of shore birds. It has also vaccinated susceptible species and conducted simulations.
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Iron ore prices rebound from multi-month lows due to dip buying
Iron ore prices rebounded on Wednesday after hitting multi-month lows the day before. This was aided by traders who bought dips and covered shorts as demand for iron ore in China, the top consumer of the commodity, remains resilient. After touching a low of 11 months on Tuesday, the most-traded contract for iron ore on China's Dalian Commodity Exchange closed daytime trading up 0.74% to 744 yuan (109.35 dollars) per metric ton. As of 0805 GMT the benchmark July 'iron ore' on the Singapore Exchange had risen by 0.84% to $98.25 per ton after Tuesday's near four-month low. In anticipation of a seasonal slowdown in demand and a rising supply, Dalian and Singapore have seen their prices decline by 6.6% and 7.7% respectively in the last month. According to data from Mysteel, lower prices have fueled the buying interest of some steelmakers and traders. The daily transaction volume for seaborne cargoes has risen by 87% from Tuesday's previous day. Analyst Cao Ying at SDIC Futures said: "It is a normal correction after persistent price drops... iron ore may still find support in the short-term as hot metal production remained high." Mysteel data shows that hot metal production, a typical indicator of iron ore consumption, was 2.42 million metric tons last week. This is the highest level since September 2025. A number of 'traders' closed their'short positions, as the improved buying interest on the spot market helped portside prices. This will then permeate the futures market, according to another analyst who spoke under condition of anonymity because he was not authorized to speak with the media. Coking coal, coke and other steelmaking components, both fell by 1.03%?and 0.31% respectively. The steel benchmarks at the Shanghai Futures Exchange have moved in a narrow range. Rebar and hot-rolled coil were barely changed. Wire rod increased by 0.12%, and stainless steel fell 1.57 percent.
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Dollar gains as Fed hikes rates and gold falls to a two-week low
Investors weighed conflicting signals about the U.S. - Iran peace talks as they assessed rising bets that U.S. interest rates would rise. Gold spot fell 0.5% at 0609 GMT to $4,088.97 an ounce, after hitting its lowest level since June 11. U.S. gold for August delivery fell 1% to $4106.30. Donald Trump, the U.S. president, said on Tuesday that Iran agreed to nuclear inspections indefinitely. However Tehran claimed it had not made any such concessions during negotiations. This raises questions about their fragile peace agreement. Both sides disagreed on the specifics of a provision which would give Iran access to frozen funds in overseas accounts. Ilya Spivak is head of global macro at Tastylive. The dollar has risen, gold has fallen, and bonds have fallen. The price of gold has dropped by about 23% in the last few months since the U.S. and Israel's war against Iran began late February. This is due to mounting inflationary pressure, which has led to the expectation of an interest rate increase from the U.S. federal reserve. Gold is often seen as an inflation-hedging asset, but it can lose its appeal in a high interest-rate environment as a non yielding asset. Dollars have reached a record high of more than one year, causing bullion to be more expensive for buyers from abroad. According to CME FedWatch Tool, traders are betting on three Fed rate hikes this year compared to one before the Fed meeting last week. Investors are now awaiting the U.S. The Fed's preferred measure of inflation, Personal Consumption Spending data, is due on Thursday. This will provide further clues about monetary policy. Spivak stated that if we focus primarily on inflation, we will be heading in the direction of $3.800. We'll then have a discussion about a possible test at $3.500. Silver spot rose by 0.2%, to $62.17 an ounce. Platinum gained 0.1%, to $1,652.55, while palladium was up 0.1%, to $1,238.34. (Reporting and editing by Subhranshu sahu, Rashmi aich, and Pablo Sinha from Bengaluru)
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SoftBank's son says that talking about a bubble would be blasphemy to AI.
Masayoshi Son, founder of SoftBank and CEO Masayoshi Son, told SoftBank shareholders on Wednesday that artificial?intelligence is still in its early stages. Any talk of a bubble would be "an insult to AI." Son?said that calling 'AI' a bubble was blasphemy. It's only the beginning. "The potential of AI will be unlocked." SoftBank's stock price was boosted by Son’s 100% bet on OpenAI, despite investors' doubts about the sustainability of this rally. Son's career has seen many market ups and downs, including the dotcom bubble and the COVID-19 Pandemic when his portfolio was in the "valley the coronavirus". SoftBank has also invested in robotics and is building data centers in the U.S. Son said that his group is seeking to invest. He said that if (TEPCO), joined our group, he would be able to increase the power supply in Japan and bring AI data centres there. Son did not provide any additional information, but said that SoftBank had begun manufacturing robots in its "physical AI factory" and would make an announcement about the matter soon. Son stated, "I believe we are the first company in the world that has robots producing robots on a large scale." Son can use the shareholder meeting to explain his vision of the business and answer questions from retail investors. Son said that SoftBank was a goose that lays golden eggs and returned to this comparison. He said, "Eggs don't lay eggs. The goose lays the egg." "SoftBank Group lays the eggs." He was also upset about the difference between the market capitalisation, which is around?37 trillion ($229 billion), and the assets of the company, which are worth?74 trillion?yen. How long will it take me to persuade you that the goose has done a good job? Son asked. The entrepreneur said that he would lead the company well into his 70s in order to achieve "artificial intelligence," which he defines by being a?10,000-times smarter than humans. Son: "I've become more greedy." I would like to accomplish more in the next 10 or 15 years. I will remain healthy for as long as I am able. Son was asked to nominate a shareholder who called herself "a simple housewife" to the board. She said, "You are a visionary and skilled artist." I would like to see my son become as talented and creative as you. Son replied, "I'll remember that."
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Trump demands investigation into 'gouging of gasoline prices'
Donald Trump, the U.S. president, said that the Department of Justice was to investigate oil companies who had not reduced gasoline prices in line with the falling crude costs. He also accused these 'companies' of "gouging customers". Trump didn't name any companies in the post he made on social media, which was posted after midnight. The White House or the Justice Department (DOJ), which is responsible for the administration of the law, did not respond to an inquiry outside normal business hours. Data showed that the U.S.-Iran diplomatic relationship has resulted in a drop in gasoline prices for Americans. This is the sixth consecutive week of falling gas prices. Trump, however, said that the drop in gasoline prices is?neither sufficient nor proportional to declines in crude costs. "Gasoline Prices better go down much faster than what I am seeing!" Trump's post comes at a time when consumers are concerned about high gasoline prices. At the same time, Trump and his fellow Republicans are fighting to maintain a narrow majority in Congress during November's midterm election. GasBuddy data show that the average price for gasoline in the U.S. is $3.906 per galon as of early Wednesday morning, down by more than 14% since the peak in may. In comparison, the price of crude oil has fallen by 23% over the same time period. The U.S. reached an interim peace agreement with Iran and reopened the Strait of Hormuz through which one-fifth of the global oil supply passed before the war started. Since their 'peak' in March, the?U.S. Crude prices have fallen by about 40%. "The Oil Companies do not drop their prices at the pumps in proportion to the lower prices that they pay for Oil. These prices are falling like a stone! Trump stated in a Truth Social post that customers were being "gouged". "I have ordered the DOJ to begin investigating this immediately." The pump prices are still significantly higher than $2.764 per gallon, which was recorded in January. This was more than a full month before the Iran Conflict began.
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Oil nears four-month low, Asian stocks under pressure
On Wednesday, Asian stocks struggled to find direction as 'crude oil' prices continued their declines near a?four-month low. Analysts warned of renewed volatility due to the stretched AI valuations. MSCI's broadest Asia-Pacific share index outside Japan closed up 0.4%, after swinging between gains and losses. South Korean shares, that plunged 10% in Tuesday's sharpest drop since March, rallied by 3.5%. Japan's Nikkei fell 0.4%, and Taiwan stocks lost 1,9%. Michael McCarthy, a market analyst with Moomoo Securities Australia, said that the price action on markets in the past seven trading days has been alarming. Not only when it fell, but it also rose. When markets move so quickly, either in one direction or the other, this is a sign that there's instability. On Wednesday, oil prices dropped more than 1%, continuing this week's losses, and trading at a level near four-month lows. This was due to signs that additional oil tankers stuck in the Gulf will be moving out of the Strait of Hormuz. The durability of the?agreement remains uncertain. Both the U.S.A. and Iran gave conflicting reports on the terms of their peace agreement, which included key elements like nuclear inspections and the control of the Strait of Hormuz. Yoshitaka Araya, Monex Securities, said that the gap between Washington and Tehran's perceptions "could be a cause of concern in the future". European futures mostly fell, following the lead of Asia. Euro Stoxx futures for the entire region and German DAX were both down 0.3%. FTSE futures fell by 0.67%. U.S. Futures were mostly stable, with S&P E-minis rising by 0.1%, Nasdaq E-minis increasing by 0.2%, and Dow E Minis remaining flat. The yield on the benchmark U.S. 10 year notes dropped 0.6 basis points, to 4.487%. Micron Technology will release its earnings later on Wednesday. This could provide clues about the future of the memory and AI chip sector, after this year's explosive rally. The dollar index rose 0.07% to 101.46. The dollar's strength is weighing heavily on the yen. It traded at 161.53 and has kept markets?on edge about a possible currency intervention to support the battered Japanese yen. The summary of opinions from the Bank of Japan meeting, where the central bank raised interest rates to a new 31-year high of 1.00 percent, was released on Wednesday. It showed that policymakers discussed the mounting inflation risk, and some called for faster interest rate increases in order to bring borrowing costs closer to levels deemed neutral for the economy. The euro fell 0.15% to $1.1364 while sterling dropped to $1.3192. Spot gold continued to decline, dropping 1.1% to $4.064.01 per ounce. It reached a two-week-low as expectations of higher rates reduced the appeal for non-yielding investments. Bitcoin gained 0.2%, reaching $62,499.52. Ether fell 0.2% to $1.658.09. (Reporting and editing by Satoshi Sugyama; Lincoln Feast.
South Korean shares surge as retail investors rush in to buy
South Korea's benchmark stock index staged a sharp recovery on Wednesday. It recovered more than 3% following a?drop of nearly 10% a day before, as retail investors rushed to purchase the?dip.
The benchmark KOSPI closed at 8,471.02 after rising up to 4.55%.
Samsung Electronics led the index upwards, rising 9.84% following a report in the media that the chipmaker planned a share-buyback program worth around 90 trillion won ($58.4billion). Peer SK -Hynix rose by 0.98%.
Seo Sang Young, a Strategist at Mirae Asset Securities Co., explained that the rebound was a huge recovery of the double-digit losses from the previous session.
Seo stated that retail investors are driving the volatility in the markets. They were waiting for opportunities to enter the market because of FOMO.
"More volatility is ahead as Micron will soon report earnings while the U.S. waits for inflation and job data."
Global index provider MSCI kept South Korea in its emerging-market category, citing long-standing accessibility issues related to the onshore foreign exchange market in its annual market-classification review ?on Tuesday.
The impact of MSCI’s decision was limited on the market today, because it was raised?last Monday," Kim Joon Young, an analyst with iM Securities said. He added that the previous'session was a temporary reversal driven by high volatility both ways.
516 of the 918 issues traded advanced while 367 declined.
The foreigners sold shares worth 4.6 trillion Won.
On the onshore settlement platform, the won fell 0.56% in value on the day to 1,541.8 dollars.
The benchmark 10-year yield dropped by 0.9 basis point to 4.169%, while the?most liquid' three-year Korean Treasury?bond yield increased by 0.4 basis points. $1 = 1,542.3400 won (Reporting and editing by Jacqueline Wong; Jihoon Lee, Cynthia Kim)
(source: Reuters)