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As flooding worsens, thousands of homes are submerged in China's South.
On Tuesday, widespread floods caused by Typhoon Narra intensified in?southern China. Homes and shops were flooded and thousands of people had to be relocated. Chongzuo authorities, located in China's Guangxi province, known for its giant limestone mountains and waterfalls, evacuated over 15,000 people when water levels exceeded a 2008 record. China has relocated 54,000 people from Guangxi due to rising floodwaters, according to state television. Narra, the tropical storm that landed Tuesday evening in China's southern province of Hainan, after spending several days lingering above the Beibu Gulf (also known as the Gulf of Tonkin) located on the northwestern part of the South China Sea, dumped heavy rains over Guangxi, and the neighboring provinces of Hainan, and Guangdong. State?media reported that heavy rain is expected to continue across southern China and parts of Vietnam through Wednesday. Areas of Guangxi and Guangdong will receive torrential rainfall, while Hainan, Fujian, and Hainan are also forecast to experience it. Chongzuo was flooded by river water, which reached the roofs of buildings and power lines. Chongzuo authorities issued a notice on Monday ordering all tourist and business operations to stop and asking evacuated residents to avoid high-risk zones. TYPHOON SAUDEL APPROACHES JAPAN AND TAIWAN While a separate weather system in Taiwan's south and east caused one death and four missing, the medium-strength typhoon Saudel was moving towards southern Japan. The Japanese weather agency warned that Typhoon Saudel would bring strong winds, high seas and destructive gusts to the southwest islands of Okinawa Prefecture as it approached. The Central Weather Administration of Taiwan said that Saudel will pass northwards and begin to dump water in the island's north on Friday. Its intensity is expected to gradually decrease and its storm force wind?radius shrink. It added that there was uncertainty regarding the timing and the extent of the typhoon’s rain impact. The government of southern and eastern Taiwan reported one death and four people missing due to a tropical storm that caused flooding in the cities of Tainan, which has more than 4,000,000 residents, and Kaohsiung. In the three days between Sunday and Tuesday, Kaohsiung received almost a metre of rain, which is more than the rainfall that fell during the devastating Typhoon Morakot in 2009, which killed about 700 people and damaged up to $3 billion. From late Thursday into early Friday, Saudel will hit the coast of the province of Fujian in the southeast Chinese region.
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Copper prices fall on stronger dollar and uncertainty about U.S. rates
Copper prices fell on Tuesday due to a stronger dollar and the uncertainty surrounding U.S. rates of interest. Benchmark three-month?copper?on the London Metal Exchange?was down 0.2% to $14,245.50 per metric ton at 0915 GMT after adding 0.4% during the previous session. EwaManthey, commodities analyst at ING, said that the recent drop in copper is more of a cooling down from an extreme situation than a deterioration of 'fundamentals. Investors are awaiting new policy signals from the U.S., but the LME inventory levels have reduced the current tightness. Stocks in warehouses are not registered with the LME Stocks have recovered by 17% since mid-August after falling by nearly 50% over the past 2-1/2 months. The squeeze on inventories sent the premium for cash LME copper over three-month contracts The price of a ton peaked at $545 on August 17 but has since fallen to $71. A firmer dollar index also slowed the appetite for base metals, as it made commodities priced in U.S. dollars more expensive to buyers of other currencies. Concerns about tariffs and the apparent impasse of talks to end Middle East conflict have also led to fears that U.S. rates will remain high for longer. By dampening the economy, higher interest rates can affect growth-dependent materials like copper, which is used for power and construction. The most traded copper contract at the Shanghai Futures Exchange rose 0.2% to 107.980 yuan (16,060.80 dollars) per ton. Other metals include LME aluminium, which fell by?0.8%, to $3.203 per ton. Zinc remained unchanged at $3.836, while lead slipped 0.2% to $1.907.50, nickel dropped 0.9% to $16,870, and tin declined 0.1% to $55,675.
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Gold falls on profit-taking following rally to more than three-month high
Gold prices eased Tuesday, after reaching a high of more than three months earlier in the session. Profit-taking and an 'a?firmer dollar? curbed gains before U.S. Inflation data and comments from Federal Reserve chairman Kevin Warsh. After reaching its highest level since the 14th of May, spot gold fell 0.4% to $4,634.76 an ounce at 0937 GMT. U.S. Gold futures fell 0.2% to $4689.70. Gold's movement today is due to profit-taking, as the dollar has recovered some of the losses from last week that were caused by the buyback announcement," Saxo Bank's Ole Hansen explained. He was referring to U.S. Treasury Department decision to double liquidity support buybacks for longer-dated bonds and notes. Hansen continued, "The reasons investors are falling in love with gold again haven't gone away. They will continue to be supported in the upcoming months." The dollar gained some strength Tuesday after?falling down to a lower level than the previous three months following the announcement of the Treasury buyback. This was due to the resurgence of the debasement market, which made greenback-priced gold more expensive for overseas buyers. The markets are now watching the U.S. The Personal Consumption expenditure inflation report, which will be released on Wednesday, and the inaugural speech of the Fed's Warsh during the annual Jackson Hole Symposium on Friday are both important indicators to gauge the Fed’s monetary policy. According to the CME FedWatch Tool, traders are pricing in a 40% probability of a U.S. rate hike in September and a 60% likelihood that the Fed will keep rates unchanged. Bullion is less attractive to investors in a high-interest rate environment, as it doesn't yield any interest. According to the World Gold Council, ETFs backed by gold attracted a?inflow of 46.7 tons ($6.4 billion), the highest weekly demand for 10 months. Iran has vowed to respond in kind to the U.S. economic sanctions that they claim will cut off Iran's lifeline. Spot silver dropped by 1.4%, to $68.00 an ounce. Platinum fell 1.5%, to $1,848.17. Palladium dropped 2.4%, to $1,324.56.
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Bitcoin continues to grow despite US sanctions against Iran
Investors in global share and bond markets were calmer on Tuesday, as they shrugged off U.S. plans to extend sanctions against Iran?and started preparing for the results of Nvidia, the world's most valuable company. U.S. Treasury Sec. Scott Bessent warned on Monday that countries would face secondary sanctions if they did not cut financial ties to Iran as part of the "economic D-Day," which was dubbed by some as an "economic D-Day." However, the Treasury Department stopped just short of imposing actual penalties. The report that the U.S. Treasury may use its cash account to fund increased U.S. government debt buybacks also contributed to a modest overnight drop in oil prices as well as benchmark government bond rates. European shares opened?0.3% higher, as investors were comforted by the less-than-feared U.S. statement. However, this was partially due to the fact that defence stocks rose on the expectation that the conflict would continue for many more months. The dollar was also higher in the currency market against the Euro and Japanese Yen. However, traders were more interested in the break down of the traditional correlation? with bond yields. Michael Metcalfe of State Street Global Markets said that the rise in yields over the last month and the weakness of the dollar were signs that a return to a "negative bias towards the greenback" could be on the way. "There's a concern about the fiscal situation in the U.S., and you get this classic dollar weakness, and higher yields," said he, adding that upcoming days will be interesting, as the Federal Reserve holds its annual Jackson Hole Conference. The global cryptocurrency market is another area where "dollar debasement", as it's called, has fueled fears. Bitcoin has crossed the $80,000 mark for the first since mid-May, as a 2% increase overnight took its rise in the last 10 day past 30%. Gold fell 0.6% from $4,624 to $4,624, but is still at its highest level since May. It's up 15% in a month. The benchmark yield for the euro zone, Germany's 10-year bond, remained flat at 3,242%. It is still near the 15-year record of 3,275% that was reached last week. The French 30-year bond yields are at 4.894%, having reached an 18-year peak on Monday. NVIDIA LOOMS Large Investors are well aware of how difficult it will be for Nvidia to meet high expectations. Analysts expect quarterly revenues to nearly double, to $92 billion. Full-year earnings are expected to range between $103 billion and $105 billion. According to Fabian Yip, a IG market analyst, "judging from Nvidia?s track record, it wouldn't surprise me if they met the headline numbers." "But, I think that the piece people are trying understand is whether or not there are concerns about the circular deals driving its growth and if this growth percentage is sustainable for the next quarters." Wall Street futures were pointing towards the Nasdaq and S&P 500, as well as Dow Jones Industrial, all edging slightly higher after a modest pullback since mid-August. Overnight, MSCI’s broadest Asia-Pacific share index outside Japan gained 0.4%, with South Korea and Taiwan both gaining, while Japan’s Nikkei ended 0.5% higher. China's blue-chip CSI300 index fell 0.2%. Alibaba's $10.2 billion discount on shares launched in early December weighed heavily on the tech sentiment.
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Rare tornado in southwestern France injures dozens, damages homes
Authorities?said that a 'tornado' swept through an Aude region village late on Monday night, destroying homes, and injuring 39 people. They described it as a "rare" and "traumatic" event. Officials said that two of the injured were in critical condition, and that around 300 homes in the village of Pomas had been damaged. Officials said that everyone in the village was evacuated until authorities could verify whether or not homes were safe to live in. BFM TV reported that Severine, a Pomas-resident who declined to give her name, said: "It was as if death itself had fallen upon us." She said that her family's car was shaken before they were able to speed up and escape the tornado. She said that the family fled because it was a matter of survival. People helped them sort through the rubble to salvage what they could. Verified social media footage also shows the tornado swirling over the nearby village Verzeille, in Aude late Monday. The windows of many homes in its path were smashed. This week, the intense heatwave of this summer gave way to thunderstorms across southern France. The local prefecture reported that as of Tuesday morning, 1,400 households were still without power in the area. Marie-Helene Bouissac, a senior official at the city's government, told reporters that this was an "exceptional event" and it had been traumatic for everyone. France has dozens of tornadoes per year. This is far less than the United States, where more than 1,000 tornadoes are reported each year. According to Meteo-France, the official weather forecaster in France, tornadoes are usually mild. Reporting by Sudip K. Gupta, Dominique Vidalon and Ingrid Melander. Writing by Ingrid Melander. Editing by Lincoln Feast. Conor Humphries, Edwina Gibbs.
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Gold falls on profit-taking following rally to over 3-month peak
The price of gold eased on Tuesday, after reaching a high that was more than three months ago. Profit-taking and the stronger dollar tempered gains in advance of important U.S. data on inflation and comments from Federal Reserve chairman Kevin Warsh. After reaching its highest level in May 14 at 0808 GMT earlier, spot gold fell 0.6% to $4624.87 an ounce. U.S. Gold Futures fell 0.4% to $4681.50. Ole Hansen, analyst at Saxo Bank, said that the gold's movement?today was primarily due profit-taking. The dollar recovered some of the losses from last week following the announcement about the buyback. Hansen added, "The reasons investors are falling in love with gold once again haven't gone away. They will continue to support the coming months." The recent gold rally was triggered by the announcement that the U.S. Treasury Department would "double the size" of its liquidity support operations, which will include the purchase of longer-dated bonds and notes. This sent the dollar to a three-month-low last week. The U.S. Dollar gained some strength Tuesday, amid a renewed debasement market. This made greenback-priced gold more expensive for overseas buyers. Markets are now awaiting data from the Personal Consumption Expenditures Report (PCE) due out on Wednesday and Fed Chairman Warsh’s inaugural speech at the annual Jackson Hole Symposium on Friday in order to gauge the policymaker's monetary stance. According to the CME FedWatch Tool, traders are pricing in a 42 percent chance of an interest rate increase in September and a 58 percent chance that the Fed will leave rates unchanged. Investors are less likely to be interested in bullion when interest rates are high, as it does not generate any returns. According to the World Gold Council, gold-backed ETFs received inflows of 46.7 metric tonnes ($6.4 billion) in the last week. This was their highest weekly demand in ten months. Iran has vowed to respond in kind to the U.S. economic sanctions, which the Americans claim will cut off Iran's lifeline. Silver spot fell by 1.6%, to 67.84 dollars per ounce. Platinum dropped 1.4%, to $1.849.27. Palladium dropped 1.8%, to $1.332.75.
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Gold Fields warns of Ghana license risk after half-year profits surge
Gold Fields CEO says uncertainty over the renewals of its mining leases in Ghana weighs on the 'valuation' of the company. The 'South African miner' posted an 81% increase in profit for the first half year, driven by increased gold prices and production. Gold Fields' Tarkwa mining leases in Ghana expire on April 2027. The company has yet to receive formal replies to its renewal request submitted in November 2025. The statement said that "there is still uncertainty about the timing, outcome and terms of any negotiated agreement to extend the Tarkwa Leases." Mike Fraser, CEO of Gold Fields said that uncertainty affected the value of Gold Fields shares. He said they were trading at a lower price than their peers. Fraser said: "We believe that the market has discounted this asset now?in our portfolio." Fraser added that there were "many influences" on the decision-making, but did not elaborate. The company stated that it would consider 'all options available', including exercising legal rights under leases. Fraser stated that "this is the last alternative that we will pursue. But we had to make it clear to our investors that if necessary, we would certainly take these pathways to protect value." Officials from Ghana's Mines Ministry and the Minerals Commission, the sector regulator for the mining industry, did not respond immediately to requests for comments. Isaac Andrews?Tandoh, CEO of the commission, denied in May that the government had delayed the lease renewals. He said that officials met with Gold Fields during that month. He said that the leases would not automatically be extended, saying the company must first present their development plans to the technical committee of the commission and the ministers. Tarkwa, Gold Fields' second-largest producer of gold, was behind Salares Norte, in Chile, during the first half 2026. Its 192,000 ounces accounted for 15% of Gold Fields' total output. Earnings Rise Johannesburg-based miner reported headline earnings of $2.08 per share for the six-month period ending June 30. This is up from $1.15 per share a year ago. It announced that it would pay out a 16.25 rand ($1.01) dividend per share. This is a 132% increase over the interim payout last year. The gold?price has been supported by the safe-haven purchase and?more recently, a weaker Dollar. Gold Fields gold production was 12 percent higher in the first half 2026 compared to the previous period. It kept its full-year guidance of 2.4 to 2.6 millions ounces. (1 dollar = 16.0186 rand). (Reporting and editing by Thomas Derpinghaus and Subhranshu Sahu; Emelia Sithole Matarise and Thomas Derpinghaus)
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Copper prices fall as the stronger dollar offsets new supply problems
The price of copper fell on Tuesday as the 'dollar strengthened and worries about the global economy growth overshadowed 'new supply concerns triggered by a large number of stock withdrawal requests at?the London Metal Exchange. Benchmark 'three-month' copper on the London Metal Exchange fell 0.18% to $14,247.5 per metric ton at 0701 GMT. The Shanghai Futures Exchange's most traded copper contract edged up 0.21% to 107.980 yuan (16,060.80 dollars) per ton. Red metal and other industrial metals were weighed down due to a stronger dollar, concerns about interest rates, and cautious economic sentiment. This is a reversal from Monday's gains, which were a result of a large increase in LME Copper warrant cancellations - meaning metal?marked to be withdrawn from warehouses - that "stoked new concerns about supply shortages", Daniel Hynes said, senior commodity analyst at ANZ. The dollar index was up by 0.13%. A stronger dollar makes greenback-denominated commodities more ?expensive for buyers using other ?currencies. Concerns about the U.S. interest rate rising longer due to tariff worries and the apparent deadlock in Middle East peace talks have been raised. According to CME's FedWatch, traders were pricing in 42% of a rate increase at the Federal Reserve meeting on September, up from 36%?a week ago. Interest rates that are too high can dampen economic activity and impact on industrial materials like copper, which is used for power and construction. The dreary?conditions?also?helped aluminum shrug off the news that the derailment a Russian aluminium producer Rusal had operated in?Guinea, which had suspended exports of alumina from a 600,000.ton per year refinery?there. The LME fell by 0.54% and the SHFE eased by 0.13%. Other LME metals saw a slight increase in zinc, a slight decrease in lead, a loss of 0.48% for nickel, and 0.08% for tin. Zinc added 0.44% to the SHFE. Lead dropped 0.15%. Nickel lost 0.8%. Tin lost 0.4%.
Gold falls on profit-taking following rally to more than three-month high
Gold slowed on Tuesday, after hitting a high of more than three months earlier in the session. Profit-taking and an 'advanced dollar' tempered gains as investors awaited U.S. data on inflation and comments from Federal Reserve chairman Kevin Warsh. After reaching its highest level since the 14th of May, spot gold fell 0.2% to $4,640.40 an ounce at 1128 GMT. U.S. futures for gold were unchanged at $4,696.10. Gold's movement today is due to profit-taking, as the dollar has recovered some of the losses from last week that were caused by the buyback announcement," Saxo Bank's Ole Hansen explained. He was referring to U.S. Treasury Department decision to double liquidity support buybacks for longer-dated bonds and notes.
Hansen continued, "The reasons investors are falling in love with gold again are not going away. They will continue to be supported in the upcoming months."
The dollar gained some strength Tuesday after?falling down to a lower level than the previous three months following the announcement of the Treasury buyback. This was due to the resurgence of the debasement market, which made greenback-priced gold more expensive for overseas buyers. The markets are now watching the U.S. The Personal Consumption expenditure inflation report, which will be released on Wednesday, and the inaugural speech of the Fed's Warsh during the annual Jackson Hole Symposium on Friday are both important indicators to gauge the Fed’s monetary policy.
According to the CME FedWatch Tool, traders are pricing in a 40% probability of a U.S. rate hike in September and a 60% likelihood that?the Fed?will leave rates unchanged.
Bullion is less attractive to investors in a high-interest rate environment, as it doesn't yield any interest.
According to the World Gold Council, ETFs backed by gold attracted a?inflow of 46.7 tons ($6.4 billion), the highest weekly demand for 10 months. Geopolitically, Iran has vowed to respond to the U.S. sanctions that they claim will cut off Iran's lifeline. Spot silver dropped by 1.3%, to $68.03 an ounce. Platinum fell by 1.4%, to $1,849.18. Palladium was down at $1,327.50.
(source: Reuters)