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Two people are killed in Gaza by Israeli strikes, say medics
Health officials in the Gaza Strip said that Israeli airstrikes killed at least 2 Palestinians on Tuesday. Medical personnel reported that an Israeli airstrike?killed? a man in the?Mawasi neighborhood of Khan Younis, in southern Gaza. Israeli military claimed they targeted a Hamas terrorist. In the evening of Tuesday, another Israeli strike hit a tent camp housing displaced families. One person was killed and five were injured, according to medics. The Israeli military didn't immediately comment on the incident. Israel has carried out repeated strikes in Gaza after a U.S. mediated 'ceasefire' with Hamas last October. It claims it targets militants that threaten its forces or took part in the october 2023 attack on Israel. Hamas accuses Israel of violating a ceasefire. Nikolay Mladenov is the Board of Peace Envoy for Gaza appointed by Donald Trump, who has stated that both sides have violated this agreement. According to the figures released by both sides, since the ceasefire went into effect eight months ago more than 1,070 Palestinians - many of whom were civilians - and four Israeli soldiers, have been killed in Gaza. Hamas doesn't disclose how many of its fighters were killed. Israeli troops patrol what Benjamin Netanyahu, Prime Minister of Israel, describes as a 'buffer zone to deter Hamas attack. Netanyahu has said that Israel will not leave the territory. Israel's aerial and ground bombardment of Gaza has displaced almost the entire 2 million-strong population. Most of them now live in tents, or in damaged buildings on a small coastal strip governed by Hamas. (Reporting and editing by Gareth Jones. Nidal al Mughrabi)
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Aluminum prices rise on Middle East tensions
Aluminum prices increased on Tuesday, as markets considered the potential for a tightening of supply amid Middle East tensions. Benchmark 'three-month' aluminium at the London Metal Exchange rose 0.5% by 1009 GMT to $3,129 per metric ton, nearing resistance from the 200-day average of $3,161. A ship was struck overnight in the Strait of Hormuz, and Iran announced that there would be no peace talks unless Donald Trump stopped threatening to restart war. As optimism grew over the prospect of Gulf supply via Hormuz, aluminum prices fell 16% in June, their biggest monthly drop since 2008. Aluminium is still oversold on the short-term. Alastair M. Munro is a senior base metals analyst at Marex. He said that turnover was averaging a lower level than usual and that interest in the market had waned following recent risk reductions. Analysts expect that the global supply of metals used in construction, transport and packaging will be deficient this year. Continuing outflows of stocks from?the LME registered warehouses also provide support. Total stocks The lowest level since September 2022 is 292,425 tonnes. Other LME metals fell by 0.1%, to $13,388.50 a ton. The market has been trading in a tight range for the past week, as it awaits Washington's decision on potential import tariffs on refined copper. Meanwhile, outflows of LME stocks to the U.S. are continuing. China's Yangshan Copper Premium The price of a ton of?which reflects the buying appetite amongst the world's biggest consumer?rose by 8%, to $80, its highest level in 13 months. Zinc fell 0.1% to $3,586.50, after reaching a two-week high at $3,600. Lead rose 0.5% to $1.889.50. Tin gained 0.4% to $53,105, and nickel dropped 0.3% to $15,360. (Reporting and additional reporting by Solomon Cefai, Editing by Diti pujara.)
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TotalEnergies CEO discusses signing of exploration contract in Syria
DAMASCUS/PARIS 7 July - Patrick Pouyanne, the Chief Executive Officer of TotalEnergies, will meet with his syrian counterparts to discuss signing a contract for exploration on Tuesday, he said. Pouyanne, a member of a French delegation accompanying French president Emmanuel Macron to Syria on Tuesday was 'overshadowed' by bomb attacks that took place in Damascus. Total and the Syrian Petroleum Company signed a "memorandum" of understanding (MOU) in May to explore an offshore block off the Mediterranean. In the wake of U.S. and Israeli war against Iran, it has recently talked about the need for pipelines to be built through 'Syria' to transport oil from Iraq. We have partnered with?other companies in order to explore the offshore area of Syria. Pouyanne stated that we will be discussing it with our Syrian counterparts today to determine if a contract can be reached. He added, "Of course, we'd prefer to find oil, but most of the discoveries in the eastern Mediterranean -- such as those made in Israel and Cyprus -- are gas." The CEO reiterated that Syria has risen in importance as a transit route for Iraqi crude oil.
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MORNING BID AMERICAS-Chip dip
Anna Szymanski is the Editor-in-Charge of Open?Interest. U.S. chips stocks made a strong comeback Monday but this momentum was halted on Tuesday as concerns over the durability of AI chip frenzy affected Asian trading. Samsung Electronics''shares' fell by nearly 7% Tuesday, despite a 19-fold increase in its second-quarter operating profits. SK Hynix's shares also dropped, dragging South Korea's chip heavy KOSPI Index down around 5%. Below, I'll go into more detail. Listen to the Morning Bid podcast to hear the market's reaction to Samsung’s stunning results. Subscribe to the Morning Bid daily podcast and hear our journalists discuss all of the latest news in finance and markets seven days a weeks. CHIP DIP The chip rally in the US was triggered by the news that Broadcom had extended a contract with Apple to provide custom chips for iPhones through 2031. S&P 500, Nasdaq and other major markets closed higher during the rally. Nasdaq Futures were lower by more than 1% on Tuesday morning, after the turmoil in Asia trading. The decline in Asian tech shares on Tuesday may indicate that the benefits of soaring demand for chips are already priced in. Meanwhile, concerns about the sustainability of this boom continue to grow. Remember that Samsung's stock price has more than tripled in the past year, and SK Hynix has also more than doubled. Microsoft's shares fell nearly 1% Monday after the company announced it would be cutting 4,800 jobs to restructure their gaming division. This follows a 20% decline in the share price of the company in the first half of 2026. In FX, on Tuesday the yen rose slightly but remained at a 40-year low of 162 to the dollar. Traders were alert for any possible intervention by Japan's government. Brent crude traded at $73 per barrel after reports that Iran had fired missiles on commercial ships in the Strait of Hormuz. The NATO summit will also begin in Ankara on Tuesday. European defence spending, which is a priority for leaders, will be discussed as they try to show how they intend to meet President Donald Trump's increased NATO spending target. On Wednesday, President Trump will meet with Ukrainian President Volodymyr Zelenskiy. This meeting is sure to be a highlight. Trump repeated his familiar claim that the end of the Ukraine war is 'close. Chart of the Day NATO leaders began unveiling multi-billion dollars arms deals in Ankara on Tuesday, to show that they are heeding U.S. requests to spend more money to defend Europe. NATO Secretary General Mark Rutte stated on Monday that "staggering increases" in European countries' defence spending were due to both fears of Russia and President Trumps' "forceful" encouragement. Watch today's events * U.S. trade balance for May (8:30 am EDT), auction of 3-year notes (1 pm EDT) SpaceX to join Nasdaq100 index NATO Summit begins in Ankara Want to receive the Morning Bid every morning in your email? Sign up here for the newsletter. On our website you will find information about ROI. You can also follow us on LinkedIn or X. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is committed to independence, integrity and freedom from bias, as outlined in the Trust Principles. (By Anna Szymanski, Additional writing by Al Reed and Editing by Hugh Lawson).
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China's gold reserves have risen the most since 2023, despite a decline in bullion.
Official data released on Tuesday showed that China's central banks reported its biggest monthly increase in gold reserves for more than two and a half years in June, even though bullion prices fell. The People's Bank of China reported that the central bank of China continued to purchase gold for the 20th consecutive month. Its reserves reached 75.44 million fine troy ounces at the end of the month compared to 74.96 million a month before. This was the largest monthly increase since October 2023 when the holdings increased by 740,000 pounds. Data showed that the value of gold reserves in the country had declined to $303.72 Billion at the end last month. This is down from $340.75 Billion in May. Gold prices fell sharply in June, but the rise was still significant. In June, spot gold fell?11.65%, the most since October 2008. It briefly broke below $4,000 per ounce. Dollar strengthened, and traders priced in the possibility that Federal Reserve interest rates would remain high. Concerns about a'sticky' inflation were also raised by the Iran war.
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Oil rises despite Samsung's record profits; stocks fall despite tech slide
Investors remain concerned about the sustainability and the AI-driven rally. Oil prices also rose on renewed Middle East tensions. Samsung Electronics expects a 19-fold increase in operating profit?in April to June?to 89.4 trillion dollars. This marks the third consecutive quarter that Samsung Electronics has achieved record operating profits. The results did not reassure investors but rather triggered heavy sales of Samsung and rival SK Hynix, weighing down South Korea's Kospi as well as other tech-heavy Asian market. Investors are increasingly questioning whether artificial intelligence-related profit growth can be sustained in the event that supply bottlenecks for key components like memory chips improve. Kathleen Brooks said that these results are a record-breaking achievement for Samsung. However, rather than appease the markets, they have raised fears about the sustainability of the AI chip boom. Morgan Stanley said in a Monday note that the recent weakness of U.S. semiconductor shares signaled a widening of the market gains. Investors are likely to shift their attention towards AI hyperscalers, as well as consumer discretionary and transport stocks. SK Hynix will list on Nasdaq in a $28 Billion listing this week, making it one of the largest share sales ever. The chipmaker is looking to 'capitalise on AI boom. The shares of this company, which had risen as high as 350% in the past year when they peaked two weeks ago, have fallen by about 30% since then amid a global sell-off. Oil and gas stocks rose as crude prices increased amid signs of a slowdown in the U.S./Iran peace talks. Axios, citing US officials, reported that the Iranian Revolutionary Guards had fired at least 2 missiles on commercial ships passing through the Strait of Hormuz Monday. Reports said that the ships sustained significant damage but no injuries. Brent crude futures increased by?1%, to $72 per barrel. U.S. S&P E-minis fell 0.3%. Nasdaq E-minis dropped 1.2%. Dow E-minis declined 0.02%. NATO MEETING Donald Trump of the United States, who has called on Europe to increase defence spending, and has clashed over Greenland and the Iran War, will attend a NATO summit in Turkey starting Tuesday. Trump stated on Monday that the U.S. will either "reach a?deal with Iran" or "finish the job," renewing a threat of military action, as Tehran shows defiance after the funeral of the former Supreme Leader Ayatollah Ali Khamenei. The dollar index, which compares the U.S. dollar to six other currencies, remained unchanged at 100.88. The euro fell 0.03% to $1.1436. The yen has recovered from near its 40-year low of 162?per dollar and is now up by 0.17% to 161.79 per dollars. Traders were on the alert for any signs of intervention by Japanese authorities. After a strong demand for?super-long term debt, the yields on Japanese government bonds fell from multidecade highs. The yield on U.S. 10-year benchmark notes increased by 1.62 basis points, to 4.495% from 4.479% on Monday. Investors will learn more about the new Federal Reserve chair Kevin Warsh's approach to monetary policy on Wednesday when the minutes of the Federal Open Market Committee meeting, the first published under his leadership, are released. Satoshi Sugiyama contributed additional reporting from Tokyo. (Editing by Lincoln Feast, Mark Potter and Mark Potter).
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Report: Woman suspected of being involved in the Monaco bombing shot dead near Kyiv
Ukrainska Pravda reported on Tuesday that the body of a Ukrainian woman suspected in carrying out a bombing attack against a wealthy Ukrainian businessman who was living in Monaco last weekend?was discovered near Ukraine's capital Kyiv. The Ukrainian news outlet cited sources from law enforcement to report that the woman was shot. Her body was discovered close to 11:00 p.m. local (2000 GMT), on Monday. Anastasiia Bérezovska (39), was listed as the main suspect in an Interpol Red?Notice. It stated that she was Ukrainian and spoke German. She was also wanted by authorities in Monaco, for attempted murder, placing explosives in public places with criminal intent, and criminal conspiracies. Monaco's deputy prosecution said last week that the attacker fled Monaco on foot, then drove to Germany via Italy and several European countries. Sources claim that Vadym, a Ukrainian, and his son, as well as his partner, were injured in the attack last Monday. Ukrainska Pravda reported, citing a source within the law enforcement agencies that two "suspects" had been arrested in connection with this 'case. Ukrainska Pravda reported that one of them is an officer of the Main Directorate of Intelligence. The other is a former law enforcement officer. HUR and the Ukrainian police did not respond immediately to a comment request. Yermolaiev received Cypriot citizenship in 2019 and was placed under Ukrainian sanctions in 2023. Ukrainian media said this was because Yermolaiev had been doing business with Russian-occupied Crimea. Reporting by Anna Pruchnicka, Gdansk. Editing by Daniel Flynn and Aiden Lewis.
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Aluminium prices rise on concerns about supply, but buyers remain cautious
Aluminium prices rose a little bit on Tuesday, after initially struggling to find a direction. Buyers, still shaken by the price drop in June, were cautious, despite waning stocks and concerns about'supply shortages. Aluminum prices stabilised in the past week, after being battered over the previous week by the expectation of returning Middle East supply and the declining Gulf war risk premium. The prices were supported by renewed supply concerns as well as macroeconomic conditions. Benchmark three-month aluminum on the London Metal Exchange increased?0.24% at $7,123 per metric ton as of 0700 GMT. It had hit a session high of $3.136 earlier in the day. In June, the price of aluminium fell by?16%, its largest monthly drop since 2008. In its fourth consecutive session of gains, the most traded aluminium contract at the Shanghai Futures Exchange rose 0.46% to 22940 yuan (3,374.47) per ton. Analysts at Sucden Financial wrote that despite the signs of fading downside momentum, "buyers?remain cautious" despite its modest gains. Copper prices fell 0.29% at the LME, and 0.11% at the SHFE. The White House did not make any announcements last week, disappointing traders who were expecting to hear about potential tariffs for refined copper. The market was in a wait-and see mode. Copper has been supported by tariff considerations that have pushed material into U.S. Warehouses. This is in addition to the prospects for demand growth due to AI infrastructure, grid upgrade, and electric vehicles. The U.S. Futures Regulator released data overnight that showed that speculators reduced their bullish positions on Comex during the week ending June 30. The other industrial metals fluctuated as well, but SHFE Zinc, which rose 1.12%, was an exception. The Sucden analysts stated in a?note that zinc is supported by the near-term tightness. Other LME metals saw a 0.15% decrease in zinc, 0.13% increase in lead, 0.16% decline in nickel, and 0.12% drop for tin. Lead was unchanged, nickel was flat, and tin was up 0.21%.
Trinidad increases revenue from LNG sales following contract revamp
Stuart Young, the energy minister of Trinidad and Tobago (the largest producer in Latin America and Caribbean) said that the government is generating more revenue through LNG exports. The cargoes are sold at a price between 15 and 55 percent above the Henry Hub, he added.
After five years of negotiation, the increase is a result of a revamped contract in late 2023, which set new financial conditions for participants in Atlantic LNG, the country's flagship LNG project.
Prior to the revamp, LNG production in Trinidad barely reached prices near Henry Hub for cargoes that were sold to customers throughout Europe, Asia, and South America.
The country has pressed producers, particularly offshore, to deliver the first output of new projects in order to increase gas supplies to Atlantic LNG. A lack of gas has caused one of the liquefaction train's at the facility to remain idle in recent years.
Young said that Shell's Manatee and BP Cypre are two of the most important gas projects offshore. Both are expected to produce up to one billion cubic feet of gas by 2028.
Trinidad launched last month its largest ever auction of deepwater oil and natural gas exploration and production zones in an effort to ensure future output.
The Trinidadian government hopes that the new administration under Donald Trump will preserve two important U.S. licences for joint projects in Venezuela, which are expected to provide gas for LNG production as well as exports from this Caribbean nation.
As many European countries continue to impose carbon taxes on the import of petrochemicals, a larger revenue from LNG exports may help offset a predicted hit in sales of ammonia or methanol.
Carbon taxes have been implemented in more than 20 European nations, mainly since 2023, to reduce carbon emission.
David Cassidy said that the European Union has a unique decarbonization strategy. No one else is following it, he added.
(source: Reuters)