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Twelve people have died in wildfires that raged through southern Spain, according to the emergency agency
The Emergency Agency of Andalucia announced early Friday that 12 people had died in a blaze in Almeria, southern Spain. Antonio Sanz, Minister of Presidency, health, and Emergencies, called the fire the "most devastating fire in our region to date"? and described the situation as "unprecedented". Six deaths were reported earlier due to the wildfire. In a recent post on X, Juanma Moreno wrote: "Our deepest sympathies to the families of the six people that lost their lives at Los Gallardos. And?the affection of all of us for?the municipalities that were affected by the fire." Los Gallardos, a municipality in the Almeria Province of southern Spain's Andalusia region, is known for its wildfires. This blaze comes after a wildfire that was burning out of hand in southern France earlier this week, which forced the evacuation of more than 10,000 people from a dozen small?towns? and villages near Spain's border. The early summer heatwaves in western Europe between?May? and?June? have parched large areas of land, making it particularly vulnerable to fires this year. The World 'Meteorological Organisation has stated that Europe is warming at a rate more than double the global average. This makes prolonged heat events increasingly likely. (Reporting and editing by Kim Coghill in Bengaluru, and Lincoln Feast.
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Gold prices to drop this week as Gulf attack reinforces rate-hike betting
Gold prices rose on Friday as the dollar weakened, but were on course for a weekly decline on fears that the escalating tensions between the U.S. and Iran could fuel inflation. This would keep the U.S. Federal Reserve in a hawkish policy direction. As of 0303 GMT spot gold was up by 0.2%, at $4,128,92 per ounce. It is heading for a weekly decline of over 1%. U.S. Gold Futures for August Delivery were unchanged at $4,139.50. Dollars were at their lowest level in a week, which made greenbacks priced bullion more accessible to holders of other currencies. Tim Waterer is the chief market analyst for KCM Trade. He said that gold?is consolidating today after yesterday's gains. Traders are hesitant to commit further upside due to the?prevailing uncertainties over US-Iran relationships. Oil prices are on course for a weekly gain as U.S. armed forces and Iran continue to exchange strikes. Iranian armed forces launched attacks on U.S.?military?infrastructures in Gulf states after U.S. strikes against Iran's eastern and southern provinces. The recent round of strikes have fueled inflation concerns, and reinforced the likelihood that the U.S. Federal Reserve will raise interest rates in this year. According to CME’s FedWatch tool, the markets are now pricing in a 64% probability of a September rate hike. This is up from 54% just a week ago. Gold is often seen as an inflation hedge, but it can lose its appeal when interest rates are high. "I think gold will continue to be attractive on dips, as long as oil remains at current levels." Waterer said that a sharp rise in oil prices could rekindle inflation and interest-rate fears, which would hurt gold. The minutes of the Fed's meeting in June, which were released earlier this week, revealed that policymakers are increasingly concerned about inflation. HSBC cut their average gold price predictions for 2026-2027 on 'Thursday. They cited a hawkish change in 'U.S. Expectations about monetary policy and a stronger dollar were cited as reasons for HSBC's downward revision of its average gold price forecasts for 2026 and 2027. Silver spot rose 0.8%, to $60.46 an ounce. Platinum gained 1.6%, to $1.636.68. Palladium increased 1.6%, to $1.267. All three metals are on course for a loss this week.
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Gold gains more than 1%, but focus shifts to Middle East tensions
Gold prices rose by more than 1% 'Thursday, as bargain hunters emerged after the price fell to a one-week low. Investors also kept an eye on developments in Middle East. Gold spot rose by 1.3%, to $4130.58 an ounce at 2:05 pm EDT (1805 GMT) after Wednesday's drop to its lowest price since July 1. U.S. Gold Futures for August Delivery settled 1.4% higher, at $4.140.80 an ounce. After yesterday's drop, there is a lot of bargain-hunting going on. Bob Haberkorn is a senior market strategist with StoneX. He said that the Fed will be the primary driver of gold in the short-term. Haberkorn said that if the Fed adopts a more dovish approach to interest rates then gold and silver will move higher. If it indicates a need to increase rates further, both metals are likely to be under pressure. The geopolitical situation is also tense. After U.S. airstrikes in Iran's eastern and southern provinces, the?Iranian military launched attacks against U.S. infrastructure in Gulf neighbouring states. The war may cause higher energy prices, which can lead to inflationary pressures. This could also fuel expectations that central banks will raise interest rates. Gold is often seen as a hedge to inflation. However, rising interest rates tend to make gold less attractive by increasing the appeal for assets that pay interest. According to the CME FedWatch Tool, traders are pricing in a 62% probability of a rate hike in September. The minutes of the Federal Reserve's June meeting showed that inflation was a growing concern. A few policymakers saw grounds for an increase in rates before the central bank decided to hold them. Investors will also closely follow?next weeks inflation data as well as Fed Chair Kevin Warsh’s congressional testimony to gain further insight on the direction of monetary policy. In a Thursday note, HSBC reduced its average 'gold price forecasts' for 2026-2027 to $4,560 and $5,925 respectively. Silver spot gained 3.4%, to $60.25 an ounce. Platinum rose 2.3%, to $1,615.25, while palladium rose 3.3%, to $1,253.25. (Reporting by Sukanya Mitra in Bengaluru; Editing by Joe Bavier, Diti Pujara and Jonathan Ananda)
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US EPA suggests easing Biden heavy truck emissions regulations
The U.S. Environmental Protection Agency (EPA)?on Wednesday proposed to ease heavy-truck and engines emissions regulations?adopted by Democratic President Joe Biden under 2023. This will allow for the sale of certain engines that don't meet the stricter tailpipe?rules. The EPA has proposed reducing the requirements for emissions warranties and allowing additional time to implement longer regulatory useful lives. The EPA has noted that certain 2027 medium- and heavy-duty engines have faced technical challenges. It proposes allowing manufacturers to sell their current products until they complete the development of 2027 compliant engines. EPA stated that even after its proposed changes the reduction in smog-forming Nitrogen?oxides would still be almost 90% of the forecasted Biden emission standards. EPA Administrator Lee Zeldin'said that the existing requirements are unworkable and would increase costs, resulting in fewer options. According to him, the rule will'save up to $6,000 per truck or $12 billion. Environmental groups claim that the proposed changes will increase pollution and harm the public's health. Environmental Defense Fund said in a press release that the Trump EPA's proposal to weaken clean air protections would result in more health problems and higher costs. "EPA should abandon its proposal and maintain strong pollution protections for new heavy duty vehicles. The Trump administration is taking a number actions to reverse Biden regulations to require cleaner and more electric vehicles. Last month, ?the EPA sent the Republican-controlled Congress landmark California vehicle emissions rules for potential repeal, ?its latest effort ?to prevent tougher state tailpipe requirements. Trump's administration also passed rules that make it easier for automakers sell more gasoline powered cars and trucks while making it costlier to buy electric vehicles. The White House also significantly weakened federal tailpipe regulations. Congress passed legislation to end penalties in 2025 for vehicles not meeting tailpipe'standards. This saved automakers hundreds of millions if dollars for selling cars that were not compliant with pollution rules. In February, the EPA repealed a scientific conclusion that greenhouse gas emissions are harmful to human health and removed federal tailpipe emission standards for cars.
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Wall Street rises and oil prices fall as Middle East conflict returns
Wall Street surged Thursday, despite a drop in oil prices. Investors focused more on the strength of technology shares and the economy as compared to concerns about a renewed military campaign in the Middle East. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all rose in midday trading. The MSCI index of global stocks was up by 0.72%. Stocks rose in spite of renewed conflict in Middle East. Both the U.S. & Iran announced military strikes in Gulf, as their fragile interim peace agreement frayed. The oil prices that jumped on Wednesday when the U.S. announced its strikes, fell on Thursday, as investors awaited more clarity. U.S. crude oil was down by 2.14% last week at $71.94 per barrel. Brent fell by 2.44% to $76.12 a barrel. U.S. data on Thursday painted a mixed image. The number of Americans who filed for unemployment benefits dropped last week. However, a separate report showed that home sales had unexpectedly declined as house prices reached a record-high. The Labor Department reported on Thursday that initial claims for state unemployment benefits fell by 2,000, to 215,000 seasonally-adjusted for the week ending July 4. The economists polled had predicted 218,000 claims for this latest week. The National Association of Realtors' report found that tight inventories were driving up prices, complicating sales and highlighting the affordability issues facing many potential homeowners in the U.S. Last month home sales fell?2.4% to a seasonal adjusted annual rate of 4,09 million units. The economists surveyed by predicted that home resales will increase to a rate 4,20 million units. Treasury markets saw benchmark 10-year U.S. Treasury Yields drop to 4.535% for the day. They had started the month at around 4.40%. The dollar index, which measures greenbacks against a basket including the yen, euro and yen, fell 0.14% at 100.88. The pound rose 0.17%, to $1.3409 after hitting a low of seven months in late June. TECH FOCUS Global mood was also boosted by a report that China may allow limited access to AI leaders Nvidia's chips H200 and reports that SK Hynix’s $28 billion U.S. listing of shares was more than'seven times' oversubscribed. South Korean chipmaker plans to price their American Depositary Receipts (ADRs) at $149 in order to raise $26.5 billion. The IPO of SpaceX, the record-breaking $85.7 Billion IPO, last month, was the second largest share sale in the world. In midday trading the Philadelphia SE Semiconductor Index gained 4.6%, indicating that it will be a second consecutive day of gains. The June FOMC minutes released on Wednesday, the first under new Federal Reserve Chairman Kevin Warsh showed some concerns over inflation. According to CME FedWatch, the implied probability that a Fed rate hike will occur this year has increased to 87%. John Williams, the New York Fed president, said on Thursday that he didn't expect sustained increases in energy prices throughout the year. As oil prices fell, gold edged up to $4132.78 per ounce. (Editing by Ni Williams, Ros Russell and Tomasz Janowsk; Additional reporting by Stella Qiu and Marc Jones, Sydney)
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New York takes legal action against 3M, DuPont and others for toxic "forever chemicals" in consumer products
New York filed a lawsuit against 3M, DuPont, and other companies on Thursday, accusing them of harming the environment, and causing people to be sick, by selling toxic "forever chemicals", which were used in consumer products. Letitia J., the state's attorney general, accused the companies for hiding risks associated with chemicals called PFAS. This was done even though they were phasing some of these chemicals out. She said that the defendants did not do anything to reduce the public nuisance caused by their manufacturing and selling of chemicals for many decades. Chemours and Corteva, who were once part of DuPont, are also defendants. James wants companies to pay for cleanup, properly warn consumers of the risks and pay civil fines, damages and restitution. The defendants didn't immediately respond to comments. James stated in a?statement that "for far too long our communities have unfairly borne the costs to protect people from these toxic chemicals forever and clean up their contamination." I look forward to ensuring that the companies responsible for PFAS contamination are held accountable. The lawsuit was filed at a state-level court in Albany, New York state's capital. CHEMOURS SETTLEMENT WITH U.S. DREW CRITICISM Per- and polyfluoroalkyl substance, also known as PFAS, is found in hundreds consumer and commercial products, including non-stick pans, stain-resistant clothes, and cosmetics. The "forever chemical" label is given to them because they are not easily broken down in the body or environment. PFAS are linked to adverse health effects such as higher cholesterol, lower birth weight, reduced immunity response to vaccines and kidney and testicular carcinoma. 3M has agreed to pay up to $450m to New Jersey over a 25-year period to settle claims that its chemicals contaminated the drinking water of the state. Chemours settled with the U.S. Government for $450 million last month to settle charges that its chemicals contaminated waterways in New Jersey, North Carolina, and West Virginia. Chemours settlement, though the first of its kind for the federal government to settle pollution claims against a PFAS maker, was deemed inadequate by some environmental groups. North Carolina Governor Josh Stein, and Attorney General Jeff Jackson, both Democrats called the agreement reached with President Donald Trump's Administration a "backroom" deal that did "virtually" nothing to help residents of their state. Trump's U.S. Environmental Protection Agency announced in May that it would rollback some of the limits set by former President Joe Biden in 2024 for PFAS levels in drinking water. Reporting by Jonathan Stempel, New York; editing by Chizu Nomiyama, David Gregorio
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The strategic oil reserves will support the crude demand until 2028
Analysts and officials have said that governments are planning to purchase millions of barrels by 2028 in order to replenish 'emergency reserves' depleted due to drawdowns. This is to fill a void?in the global supply caused by a U.S.-Israeli attack on Iran. They say that this could increase demand for crude oil, which would absorb a portion of the global surplus expected after OPEC+ decided to increase production. The government has reduced emergency reserves following supply disruptions related to the conflict that have removed estimated 1.5 billion barrels of global inventories in this year. Calculations based on International Energy Agency (IEA), OPEC, and U.S. Department of Energy's data. After disruptions in Strait of Hormuz pushed crude prices dramatically higher, the IEA coordinated a 400-million barrel release. Brent crude reached $126 per barrel by?late April, and U.S. Crude approached $120 at the beginning of March. According to the commodities analysis firm?Kpler, replenishing these reserves could result in 664,000 barrels of daily demand by the third quarter of 2027. This would help absorb some of next year's excess supply as OPEC+ unwinds production cuts. This would reduce price drops. Christopher Haines is the head of oil for Energy Aspects. Michelle Brouhard of Kpler, the head of policy and geopolitical risks, stated that refueling reserves would generate 506,000 bpd more crude demand by 2026's fourth quarter, with further growth next year. US TO START FILLING FIRST The United States has promised to release 172 millions barrels through the IEA program. It is expected that it will begin receiving oil later this year under exchange agreements which require companies to return loaned barrels and additional barrels in addition to a premium. US has signed contracts to lend 133 million barrels out of the 172 millions so far. The Department of Energy reported on Monday that U.S. Strategic Reserves fell by 6.2 millions barrels, to 319.5 Million in the week ending July 3. This is the lowest level since April 1983. Chris Wright, the U.S. Energy secretary, said at an event held by Next in late June that the government expected to receive on average 1.28 barrels per barrel released as part of exchange agreements. Wright stated that the returns would be able to boost SPR inventories above 400 million barrels. Washington is also exploring ways to increase stocks beyond 500 millions barrels. Former U.S. Energy Information Administration Administrator Jay Hakes said that the United States could replenish its reserves faster than other countries, because exchange agreements allowed stocks to return back to pre-war level without additional government expenditure. Naveen Das is a senior oil analyst at Kpler. He said that for other IEA member countries, the outlook is more flexible and based on 2027. Analysts predict that countries such as Japan and South Korea will replenish their reserves gradually. However, the efforts to do so may depend on the oil price and government spending decisions. ASIA EXPANDS ITS STOCKPILING Analysts said that lower oil prices may encourage China to stockpile more oil, creating a new source of demand alongside the restocking of reserves by IEA nations. Michael Haigh is the global head of commodities at Societe Generale. He said that historically, when Brent crude prices fall below the 12-month moving-average, China begins to?buy and fill SPR. Brent front-month contracts were trading at around $78 a bar on Thursday. This was slightly higher than their 12-month moving median of $76.59 a bar, according to LSEG 'data. In response to the Middle East energy crisis, several Asian countries -- who rely on Gulf supplies -- are increasing?storage capacities. China is building eleven new strategic oil storage facilities, and India plans to expand the strategic petroleum reserves capacity at Chandikhol and Padur. Japan is helping the Philippines develop a national system of strategic petroleum reserves.
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Gold gains more than 1%, but focus shifts to Middle East tensions
Gold prices rose by more than 1% on Thursday, as investors sought bargains after the price fell to its lowest level in a week. Gold spot gained 1.2%, to $4.126.49 an ounce at 11:35 am EDT (1535 GMT), following a Wednesday drop to its lowest price since July 1. U.S. Gold Futures for August Delivery climbed 1.4% to $4137.20 an ounce. After yesterday's drop, there is some bargain-hunting going on. Bob Haberkorn is a senior market strategist with StoneX. He said that the Fed will be the primary driver of?gold in the short-term. Haberkorn said that if the Fed signals it needs to?further increase rates?, then both metals are likely to be under pressure. The 'geopolitical front' saw the Iranian armed forces launch attacks on U.S. military installations in Gulf neighbouring states after U.S. airstrikes in Iran’s eastern and southern provinces. This put pressure on a ceasefire agreement that had been in place for three weeks. The war may cause higher energy prices, which can lead to inflationary pressures. This could also fuel expectations that central banks will raise interest rates. Gold is often seen as a hedge against inflation. However, rising rates can make gold less attractive by increasing the appeal for interest-bearing investments. According to the CME FedWatch Tool, traders are pricing in a 63% probability of a rate increase in September. The minutes of the Federal Reserve's meeting in June revealed a growing concern over inflation. A few policymakers saw grounds for an increase before the central bank decided to hold rates. Investors will also closely monitor the Fed's Kevin Warsh congressional testimony and next week's data on inflation to get a better idea of the direction that monetary policy is heading. HSBC lowered its gold price forecasts by?$4,560 and $4,592 for 2026 and 2027, respectively. They were previously $4,864 or $5,000. (Reporting by Sukanya Mitra in Bengaluru; Editing by Joe Bavier and Dita Pujara) (Reporting by Sukanya Mitra in Bengaluru; Editing by Joe Bavier and Diti Pujara)
Japan's Nikkei gains 2% as AI rally lifts yen and bonds
The Nikkei index rose on Friday due to a rally of AI-related stocks. Also, the currency and bond markets in Japan advanced as a result of a possible reorientation in the investment strategies by Japan's large pension funds.
The benchmark Nikkei 225 rose by 2% to 69,121.02 while the Topix grew by 0.76%, reaching 4,050.82.
The yield on Japan’s 10-year government bonds fell by 10 basis points to 2.775%. This is a decline from the three-decade high. The yen gained 0.43% versus the dollar to 161.69.
Wall Street tech shares soared after Micron Technology announced plans to invest over $250 billion in the U.S.A. through 2035.
Shuutarou Yasuda is a market analyst with Tokai Tokyo Intelligence Laboratory. He said that Japanese stocks were influenced by the overnight rally in U.S. tech stocks. The market became optimistic about the U.S.-Iran peace talks and oil prices dropped.
The Nikkei gained the most thanks to chip-related stocks, with Sumco soaring 15.40% and Advantest gaining 8.54%. SoftBank Group, an investment conglomerate in the tech sector, rose 11.33%.
The rise in bond prices and currency follows comments made by Finance Minister Satsuki Catayama, who said on Thursday that the Government would investigate measures to encourage pension funds to increase their investments in domestic financial assets.
Bonds and the yen both experienced a boost in sentiment as the prospect of Japan's biggest pension investors investing more money into local markets was raised.
"Katayama’s remarks helped reverse the?selling trends of Japanese government bonds and the yen," Masahito. Sugawara said, a senior analyst at Daiwa Securities. "Now, half of the assets held by Japanese pension funds is invested in foreign assets. The market bet that a possible change in asset allocation would favor Japanese assets.
Fast Retailing?fell 4.23% in a single day, its steepest drop since November 2025. Tokio marine Holdings lost 3.02%.
The Nikkei225 saw 116 stocks advance against 107 declining ones, while two stocks remained unchanged.
(source: Reuters)