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The D-backs are on a mission to win another game against the Rockies
Arizona Diamondbacks seemed to have given up the season by the time of the trade deadline. However, they have made an unexpected surge in the National League Wild-Card race. Arizona has won its last seven games, moving closer to.500. It will try to win a fourth consecutive game when it plays the Colorado Rockies in Denver on Friday. The D-backs' Brandon Pfaadt will face Colorado's Tanner Gordon (2-4, 8.37) in a rematch from a Sunday matchup at Phoenix. Arizona won Thursday's first game of the four-game current series by a score of 8-2. Pfaadt has a 3-2 record with a 5.26 ERA over five career starts, including a 1-2 mark with a a 6.30 ERA during two appearances this year. Pfaadt won on Sunday, despite allowing only three runs in five innings. Ketel Marte had three RBIs and was one of his offensive heroes in the 13-6 win. Marte is on fire since the start of August. He hit go-ahead ninth-inning home runs to win two consecutive games in Texas this week. He has been on base in every game he's played this month. His.354 average (17-for-48) includes three home runs and 14 RBIs. His average has risen nine points, to.296. He also has 23 home runs on the season. Marte, after hitting a three-run homer that gave Arizona a win of 6-4 over the Rangers on Wednesday, said: "My body's good. I'm healthy." "I just have to believe it." "That's what kind of player am I?" D-backs offense has improved in recent times. Arizona has scored one run or more in each of its last 12 games. It has also scored 15 runs, a major league record, in the opening inning. Colorado has suffered four defeats against the Diamondbacks. This includes a three-game rout in Arizona at last weekend. The Rockies won two out of three games at St. Louis before the current series began. Their modest two-game winning streak was ended on Thursday. Gordon's short career has seen him get beaten up by the Dbacks. He is 0-2 and has a 21.94 ERA. On Sunday, he gave up 10 hits and 12 runs in 4 2/3 innings. He got only two outs in his first start against Diamondbacks on August 14, 2024. Colorado has lost 8 of the 10 games it played with the Diamondbacks in this year. Arizona has scored 33-16 against the Rockies in four matches this month. They are averaging 7.7 runs per match this season. The Rockies must win 10 of their 41 remaining games in order to prevent matching the Chicago White Sox (411-121) in 2024 for the most losses in a single season by a major-league team in modern times. Colorado had a record of 22-74 after the All-Star Break, but started the second half with a score of 8-6. This put it on track to surpass 42 victories. However, nine losses over the last 11 games has slowed this momentum. Hunter Goodman, catcher of the team, said: "The results may not have always been there but this team isn't going to quit." "It's not like we quit. We show up every day and we try to improve." Field Level Media
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African Union calls for adoption of world map that shows continent's true sizes
The African Union (AU) has endorsed a campaign to stop governments and international organizations from using the 16th century Mercator world map in favor of one which more accurately depicts Africa's size. The projection was created by Gerardus Mercator to aid navigation. It distorts the sizes of continents, enlarging the areas near poles such as North America and Greenland, while shrinking Africa, and South America. Selma Haddadi, deputy chairperson of the AU Commission, said that the Mercator map gave the false impression that Africa is "marginal" despite the fact it's the second largest continent in the world by area and has over a billion inhabitants. The AU is composed of 55 member countries. She said that stereotypes like these influence the media, education, and policy. Critics of the Mercator Map are not new. However, the 'Correct the Map' campaign, led by advocacy groups Africa No Filter, and Speak Up Africa, has reignited the debate. They urge organisations to adopt 2018 Equal Earth, a projection that tries to show countries in their true size. Moky Makura is the executive director of Africa No Filter. He said that "the current size of Africa's map is incorrect." It's the longest disinformation and misinformation campaign in history, and it must stop. Fara Ndiaye said that the Mercator affects Africans' pride and identity, particularly children who may encounter it in early school. "We are actively working to promote a curriculum in which the Equal Earth project will be the standard for all (Africans) classrooms," Ndiaye stated, adding that she hoped this would be used by global institutions including those based in Africa. Haddadi stated that the AU endorsed this campaign and added that it was in line with the AU's goal to "reclaim Africa's proper place on the world stage", amid increasing calls for reparations. Haddadi said that the AU would advocate for a wider adoption of maps and discuss collective action with member states. Mercator projections are still used by many, including schools and tech companies. Google Maps changed from Mercator to a globe view on desktop in 2018. Users can still choose to switch back to Mercator if desired. The Mercator projection is still the default on the mobile app. Correct The Map wants organizations like the World Bank or the United Nations adopting the Equal Earth map. World Bank spokesperson stated that they use Winkel-Tripel for static maps, and Equal Earth on web maps. The campaign has said that it sent a request UN-GGIM, the UN's geospatial agency. UN spokesperson stated that the request must be approved and reviewed by an expert committee once it is received. Other regions support the AU. Dorbrene o'Marde, Vice-Chair of the Caribbean Community Reparations Commission (CARICOM), endorsed Equal Earth, a rejection to Mercator map’s "ideology" of power and dominance. (Reporting from London by Catarina demony and Dakar by Ayen deng Bior; Additional reporting and editing by Ngouda dione and Will Russel)
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EEX anticipates that the volume of Japanese power derivatives trading will double by 2025
A top executive at the European Energy Exchange said that it expects its trading volumes in Japanese power derivatives will double this year, and then continue to grow as clients seek options to manage risk. Steffen Riediger is the director of business development for EEX Asia’s power derivatives. He said that derivatives volumes will increase from 72 terawatt hours (TWh), in 2024 to 150-160 TWh this year. He said that "retailers are becoming more active and this type of activity at home encourages international investors and activities." He said that half of EEX’s 105 Japanese derivatives clients are international players. All 10 major Japanese generators, he added, were active traders alongside a growing group of power retailers. In an interview with Riediger this week, he said that "over time, these utility companies, the retail firms in Japan also start to hedge in the market because they must." Riediger noted that there is plenty of room for growth as the current volume of power derivatives trades are still a small fraction of actual demand. He also pointed out that European markets usually trade twice or three times their annual consumption. Mark Potter edited the report by Sudarshan Varadahan.
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Fuel demand worries raised by Chinese and US data cause oil to fall
Oil prices dropped on Friday, as concerns about fuel demand were heightened by the economic data coming out of the U.S., China and Russia. Brent crude futures dropped 39 cents or 0.58% to $66.45 per barrel at 0750 GMT. U.S. West Texas Intermediate Crude Futures fell 42 cents or 0.66% to $63.54. WTI and Brent are expected to fall 0.5% each for the week. Data released by the Chinese government on Friday revealed that factory output growth had fallen to its lowest level in eight months and retail sales were growing at their slowest rate since December. This weighed on sentiment, despite a stronger oil flow. Data released by the government on Friday shows that throughput in Chinese refineries increased 8.9% from June, when it was at its highest level since September 2023. China's oil exports were up last month despite the higher throughput. This suggests a lower demand for domestic fuel. The prospect of interest rates in the United States rising for a longer period of time and forecasts of an increasing oil surplus also contributed to the negative sentiment. Bank of America analysts stated in a note published on Thursday that they are increasing their forecast of the oil surplus, citing the growing supply from OPEC+. This group is made up of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies. Analysts now predict an average surplus between July 2025 and June 2026 of 890 000 barrels per day. This forecast comes after predictions made earlier in the week by the International Energy Agency, which said that the oil market appears "bloated" following the OPEC+ increase. In the U.S. the Federal Reserve has been hesitant to reduce interest rates due to the higher than expected inflation and the weaker jobs data. Lower interest rates boost economic activity and are therefore positive for oil demand. Investors also await the Friday meeting between Trump and Putin, where a ceasefire is on the agenda. Trump has said that he believes Russia will end the Ukraine conflict. A ceasefire may lead to a relaxation of sanctions against Russian oil. (Reporting and editing by Muralikumar Aantharaman, Christian Schmollinger and Laila Howe)
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As markets wait for Trump-Putin meetings, global stocks are nearing record highs
Investors awaited the outcome of Donald Trump's meeting with Vladimir Putin in Alaska, and the U.S. Retail data which could provide clues about the health and performance of the largest economy on earth. Early trading in Europe saw the MSCI All Country World Index consolidate recent gains. The MSCI All Country World Index was up by 0.2% last at 953.4. This is just shy of Wednesday's record of 954.21. Wall Street futures also rose by a small amount, around 0.1-0.2%. The White House announced that the Trump-Putin summit will be held at 11:00 Alaska time (1900 GMT), despite the uncertainty surrounding the U.S. President's hopes for a ceasefire in Ukraine. Trump said that a second meeting with Ukrainian President Volodymyr Zelenskiy may follow if talks are successful. There is still a slight risk premium on European markets due to the war. "Any type of resolution will eventually pare back that," said Shaniel RAMJEE, co-head multi-asset Pictet Asset Management. He added that oil and commodity prices may also react. "But I believe that the market has learned not to expect much from these discussions. Zelenskiy, and the Europeans will not be invited to any final negotiations. They will have to be included in any final negotiations." Investors will also be watching the U.S. Retail data that is due to come out later. An unexpected rise in producer prices on Thursday heightened inflation fears and reduced market expectations of Federal Reserve rate reductions this year. Mike Houlahan is the director of Electus Financial Ltd. in Auckland. The yield on the 10-year U.S. Treasury was unchanged at 4,287% after the previous day’s rise of 5 basis points in response to the PPI data. Dollar index, which tracks greenbacks against a basket six major currencies was trading at 97.965. The Japanese GDP data released Friday showed that the economy expanded by 1.0% annually in the April-June period, exceeding analyst expectations. The dollar fell 0.4% to 147.16 yen. Brent crude fell 0.7% to $63.52 a barrel. Gold rose 0.2% per ounce to $3,342. The cryptocurrency markets have stabilised since bitcoin reached a record of $124,480.82 last Thursday. The digital currency rose 0.9%.
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Dalian iron ore falls by a weekly average on China's property demand concerns
Dalian iron ore contracts fell on Friday, posting a loss for the week as a result of weaker property demand and lower outdoor construction activity. The January contract for iron ore most traded on China's Dalian Commodity Exchange closed 1.08% down at 776 Yuan ($108.03). This contract fell 0.96% in the past week. As of 0706 GMT, the benchmark September iron ore price on Singapore Exchange was down 0.04% at $102,05 per ton. The contract has fallen 0.05% this week. China's crude output of steel fell to a low for seven months in July. It was down 4% compared to June, and marked a second consecutive monthly decline. High temperatures and heavy rains restricted outdoor construction. China's new homes prices dropped 0.3% in July compared to the previous month. Demand remains muted, despite local governments offering more incentives for homebuying. In the first seven month of this year, property investment dropped 12% from the previous year. The declines in the number of people living in Tier-one, Tier-two and Tier-three cities are decreasing. In recent months, the central government has continued to call for market stabilisation. This could be a sign of further policy support. Analysts at ANZ said that a recent drop in steel production has helped to improve profitability in the sector. This has pushed margins up and given iron ore prices more room to rise. ANZ reported that Beijing's renewed emphasis on reducing the overcapacity of iron ore could sustain this rally and provide further support for iron ore prices. Coking coal and coke, which are used in the steelmaking process, rose by 0.33% and 0.49 %, respectively. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Hot-rolled coils gained 0.2%, rebar fell 0.41%, stainless steel dropped 0.54% and wire rod was down 0.61%. ($1 = 7.1833 Chinese yuan). (Reporting and editing by Sonia Cheema, Subhranshu Sahu).
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South Africa is nearing a decision on steel tariffs amid an import influx
Next week, the South African government will publish the preliminary results of its review on steel tariffs. This is a major step towards protecting the local industry against increased imports. In March, the International Trade Administration Commission initiated a review in response to a directive from the minister. South Africa's Steel Industry faces many challenges. One of them is the influx low-cost imports from China due to its overcapacity. The tariffs imposed by Donald Trump in the United States have disrupted trade this year. In South Africa, a depressed demand as well as energy and logistical challenges have exacerbated the problem. Next week, we'll be publishing a gazette. This gazette will contain preliminary findings from the review, ITAC Chief Commissioner Ayabonga Cwe said on Thursday at an auto parts conference. The review is being conducted as the government engages in discussions with ArcelorMittal South Africa. This company has announced that it intends to close down its long-sealing operations, which are vital for the local construction, mining and automotive industries. The government has a number of complaints, including a flood cheap steel imported from China. Cawe stated that ITAC received 150 responses to the review. Over 600 tariff codes have been reviewed. ITAC must determine if its current steel duties provide adequate protection, if more steel products should be imported under control and a declaration of emergency is needed to trigger wider safeguard measures. Mark Potter edited the report by Nqobile Dudla.
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Qatar reduces the October term price of al-Shaheen crude oil, according to sources
QatarEnergy lowered its term price for al-Shaheen oil loadings in October. It now stands at $2.52 per barrel, a dollar higher than the Dubai quotations, according to sources on Friday. This was a drop of 81 cents compared to the high of $3.33 per barrel in September for oil loading, which was a five-month-high. The price reduction followed a drop in spot premiums on Middle East crude this month. This was due to rising supply, as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies continued their policy of increasing output to regain market share. Qatar sold al-Shaheen to CNOOC OQ and Idemitsu Kosan for a premium of $2.30-2.55 a barrel over Dubai prices, according to the sources. Sources claim that Qatar also awarded PTT a Qatar Marine crude oil cargo with a premium of $1.70 per barrel and OQ a Qatar Land crude cargo for a premium $2.05 per barrel. Companies rarely comment on business deals. Each cargo is a 500,000 barrels.
China's independent refiner Changyi gets 2025 crude import quota, sources say
Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil.
Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year.
Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry, which sets quotas for exports, did not respond to phone calls nor faxed requests for comments.
After the acquisition in May, Changyi restarted the 160,000 bpd crude plant in Weifang, but the unit has been running very slowly as the refiner has not been able to import crude oil without the government's quota.
As they struggle to make a profit, independent refiners in Shandong process mostly crude oil from Iran and Russia. These grades are cheaper than the conventional grades of Middle East, Africa, and Brazil.
Sources said that Changyi purchased 1 million barrels for September loading of Brazilian crude Tupi with the new quota.
Changyi will not use the new permits to their full potential, say traders. Non-sanctioned products are more expensive.
Sources said that the new quota was still tied to the former owner of Changyi, Sinochem. This prevents the Shandong refiners from buying sanctioned oil. Sinochem has for a long time avoided buying barrels sanctioned.
Sinochem has not responded to an email requesting comment.
Changyi was one of three Sinochem plants in Shandong declared bankrupt last year by local courts due to debts and taxes. (Reporting from Trixie Yap in Singapore, Chen Aizhu in Beijing and Siyi Lu in Singapore. Editing by Tom Hogue.)
(source: Reuters)