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In the largest aerial attack in August, Russian strikes kill and injure one person
A Russian overnight attack in western Ukraine killed one person and injured at least 18 others, Ukrainian officials reported on Thursday. Emergency services and local authorities from the western Zakarpattia area reported that a missile attack in Mukachevo injured 15 people and damaged storage facilities. The national television broadcast a picture of the region's Governor Myroslav Biletskyi standing next to the smoke-filled building, who claimed that the plant produced consumer electronics. Meanwhile, the Foreign Minister Andrii Sybiha posted a message on X condemning the strike. He called it "a fully civilian facility with nothing to do either with the defense or military." This is not the first Russian assault on American business in Ukraine. There were also attacks on Boeing offices earlier this year in Kyiv. According to the governor Maksym Kzytskyi, in the western city Lviv the attack resulted in the death of one person, three other injuries, and the destruction of 26 homes. The Ukrainian Air Force reported that Russia used 574 missiles and drones during the overnight attack, which was the largest so far this August. Sybiha stated that "efforts to force Russia to stop the war are critical." The strike occurred at a moment when U.S. president Donald Trump was making intense efforts to end the Russian war in Ukraine. Russia denies that it is targeting civilians but has used drones and missiles to attack Ukrainian towns and villages far away from the frontlines of the conflict. Since the 2022 invasion by Moscow, thousands of civilians have been killed, with the vast majority being Ukrainians. ? (Reporting and editing by Christian Schmollinger, Tomasz Janowowski)
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Aluminium prices rise on reduced stocks and improved China demand
Aluminium was the best performing metal on Thursday, as signs of improved demand from China's top consumer and lower inventories boosted sentiment. The Shanghai Futures Exchange's most traded aluminium contract rose by 0.49% to 20,620 yuan (2,872.83 dollars) per metric tonne. As of 0700 GMT, the benchmark three-month aluminum on London Metal Exchange had not changed much, at $2,575 per ton. The price of aluminium has been supported by the improvement in spot demand. This, coupled with the destocking of certain products, was said under condition of anonymity because he wasn't authorized to speak to journalists. Analysts at Guosen Futures stated on Thursday that the earlier pullback had increased buying interest in spot markets, which has limited the price's downside potential. After the United States, aluminium prices fell for three sessions in a row this week. Widen Imports of metal products are subject to a 50% tariff. Analysts at Galaxy Futures wrote in a Thursday note that lower aluminum stocks would also support Shanghai prices despite any possible downside risks. A higher global supply has, however, limited further price increases. The International Aluminium Institute (IAI), which released data on Wednesday, showed that the global primary aluminium production in July increased 2.5% compared to last year. Investors are also closely monitoring the U.S. Federal Reserve chair Jerome Powell's Friday speech for clues to bets about a rate reduction. The dollar price of metals could increase due to a weaker U.S. dollar. SHFE copper fell 0.05%. Nickel and tin both dropped 0.33%. Zinc advanced 0.16%. Lead gained 0.09%. LME metals have lost ground. Lead fell 0.58%. Zinc dropped 0.43%. Tin fell 0.07%. $1 = 7.1776 Chinese Yuan (Reporting and editing by Sonia Cheema, Harikrishnan Nair and Lewis Jackson)
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Iron ore prices rise as China's demand worries fade
Iron ore futures recovered on Thursday, as the production cut mandated ahead of a Chinese military parade seemed to be less severe than expected and shorter. This eased demand concerns. The daytime trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.78% higher, closing at 772.5 Yuan ($107.63). By 0704 GMT, the benchmark September iron ore price on Singapore Exchange had risen 0.55% to $100.30 per ton. The benchmarks fell for six consecutive sessions, up to Wednesday. This was due to concerns about demand as steelmakers at the top Chinese production hub Tangshan had been required by Beijing officials to reduce production in order for air quality there be improved for the military parade commemorating World War II on September 3. Analysts said that the impact of the production restrictions in Tangshan will be minimal, as the length is shorter than anticipated. One analyst, who spoke on condition of anonymity because he was not authorized to speak with the media, predicted that hot metal production, a measure of iron ore consumption, would likely remain stable this week. This will support ore prices. According to the National Bureau of Statistics, China's crude steel production has fallen 3.3% on an annual basis. Coking coal and coke, which are both steelmaking components, have also lost ground. All steel benchmarks at the Shanghai Futures Exchange fell. The rebar fell 0.03%. Hot-rolled coil dropped 0.44. Wire rod fell 0.15%. Stainless steel lost 0.27%. ($1 = 7.1776 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Subhranshu Shu)
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James Hardie Australia shares plunge the most in two days on a weak forecast
James Hardie shares listed in Australia fell by more than 11% Thursday, and are on track for their largest two-day decline ever after the fibre cement manufacturer forecasted 2026 earnings that were below analyst expectations. The company cited a weak North America marketplace as a reason. The share price has dropped 36% in the last two days to A$28.34, losing more than A$9 Billion ($5.78 Billion) in market value. This sell-off reflects broader investor dissatisfaction with Australia listed companies that have failed to meet their targets. The selling began on Wednesday, after the company announced that it would have adjusted operating earnings between $1.05 billion and $1.15 billion in fiscal 2026. This was below Visible Alpha's consensus estimate of $1.23billion. The midpoint of forecast range is also just barely above the $1.1 billion that the company earned during fiscal 2025. James Hardie, based in Dublin, is facing a slowdown on its biggest market North America. Weaker-than-expected activity for single-family housing construction during the summer has worsened the demand for repairs and remodelling. North American fibre cement sales dropped 12% in the first quarter to $641.80 million, and adjusted net income fell to $126.9 from $177.6 millions a year ago. The stock is down nearly half this year. It's now 42.7% due to a decline in single-family home sales across the U.S., which has been caused by higher borrowing costs and increased inventory levels. Macquarie analysts highlighted James Hardie’s stretched balance sheets in a note. They questioned the sustainability of their share buyback program amid $5.1 billion drawn debt that is pressing its finances. CSL shares fell nearly 20% over the past two trading sessions, as the biotech company abandoned its main margin restoration goal for the blood plasma division. This is the second time that Australian investors have been disappointed by earnings-related issues.
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Norway's GDP grows faster than expected during Q2
Statistics Norway (SSB), on Thursday, reported that the Norwegian economy grew faster than expected in its second quarter. The first-quarter data was also revised upwards. In a press release, SSB stated that "the expansion in the first halves of 2025 follows a longer period in which the Norwegian economy has grown at a slower pace." The central bank and the economists polled had predicted growth of 0.3%. The growth rate for the first quarter was revised up to 1.2%, from 1.0%. The Norwegian crown currency rose against the Euro to 11,90 at 0607 GMT, up from 11,92 before the release of data. Norges Bank kept interest rates the same last week On Hold Analysts predicted that the rate would be 4.25% and reiterated their plans to reduce borrowing costs in the second half of this year. The most common measure of the Norwegian economy's performance is the Mainland GDP. This excludes oil and gas production which can have a volatile impact. (Reporting and editing by Terje Sollvik and Anna Ringstrom).
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As markets prepare for Jackson Hole, the dollar drifts and Asian stocks are mixed.
Investors were preparing for three days worth of market-moving information from the Federal Reserve annual symposium at Jackson Hole. The event will begin later that day. The main focus of the traders is on Fed Chairman Jerome Powell’s Friday speech as they try to gauge whether a rate cut in September could be imminent. The underlying momentum of equities remained strong, with Australia's benchmark index rising 0.9% and hitting a new record. Other indexes have lost some ground, but are still not too far off their recent highs. The Nikkei index, which reached an all-time high on Tuesday in Japan, fell 0.6%. The KOSPI in South Korea rose 0.7%. The KOSPI fell to a low of six weeks on Wednesday but is still not far from the four-year-high reached on July 31. Michael Brown, Senior Research Strategist at Pepperstone, said: "I am still an equity bull and I buy dips. This recent swoon is more an example of some of the froth that has been taken off the market's top." "Strong earnings, a resilient economy and a calmer tone in trade should all keep the road of least resistance up, while any possible Fed easing will probably also provide a help." Hong Kong's Hang Seng fell 0.1%, while blue chips in mainland China gained 0.7%. The price of the STOXX50 futures in Europe increased by 0.1%. Nasdaq Futures were 0.1% higher after a 0.7% drop for the Nasdaq composite overnight. S&P futures were unchanged after the cash index fell 0.2%. Fed Chair Powell said that he was reluctant to reduce rates due to the expected price pressures caused by tariffs this summer. The traders increased their bets on a September reduction after a surprising weak payrolls report was released at the beginning of this month. They were also encouraged by consumer price data, which showed that tariffs had little impact on prices. The policy picture was complicated by a higher-than-expected reading of producer prices last week. Minutes from the Fed's meeting in July, where policymakers voted for rates to remain unchanged, were released overnight. They suggested that Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman were the only two Fed officials who pushed for a cut. This led traders to reduce odds for a Fed rate cut of a quarter point on September 17 from 84% just 24 hours before. They currently price in a total 53 basis points of easing for the remainder of the year. Donald Trump has again put pressure on the central banks overnight. This pressure will remain at the forefront of traders' minds. Investors were alarmed by his push to gain more control over the Fed earlier this year, which sent the dollar plummeting. Trump, who had earlier this week attacked Powell for not cutting interest rates in 2018, now targets Fed Governor Lisa Cook. He demands her resignation amid allegations that she committed wrongdoing in connection with mortgages she holds on properties in Georgia and Michigan. Cook stated that she "had no intention" of being pushed to step down. Rodrigo Catril is a strategist with National Australia Bank. He said that Trump's effort to confirm Stephen Miran would add a vote in support of rate cuts for September. If he were to remove Cook from the Fed Board, four out of seven members could be on board to lower rates. Trump nominated Council of Economic Advisers chair Miran to be a Fed Governor earlier this month following the resignation of Adriana Kulgler. Currency has mostly taken recent developments in stride. The dollar index remained steady at 98.281 Thursday after reaching its highest level since August 12 (98.441) a day before. The yields on U.S. Treasury two-year bonds, which are sensitive to expectations about monetary policy, increased slightly to 3.7518%, while the yields on 10-year bonds remained unchanged at 4.2926%. The yields on Japanese government bonds have increased. For the first time in late 1999, the yield for 20 years has risen to 2,655% and that of the 10-year bond is now at 1,610%. This is the highest yield since October 2008. Investors are cautious about increased fiscal spending, amid pressure on the Japanese Prime Minister to step down. The dollar was little changed at 147.38 Japanese yen. The Euro and Sterling were both flat at $1.1645 each and $1.3454 respectively. Gold prices fell 0.3%, to $3338 an ounce. Prices of oil edged up as the U.S. crude oil and fuel inventory declined more than expected, supporting expectations for steady demand. Brent crude futures rose 0.5% to $67.16 per barrel after rising 1.6% the previous session. U.S. West Texas Intermediate crude futures (WTI) rose 0.5% to 63.305 after gaining 1.4% on Wednesday.
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James Hardie Australia shares plunge the most in two days on weak forecast
James Hardie shares listed in Australia fell by more than 11% Thursday, and are on track for their largest two-day decline ever after the fibre cement manufacturer forecasted 2026 earnings below analysts' expectations citing weak North America markets. The share price has dropped 36% in the last two days to A$28.34, losing more than A$9 Billion ($5.78 Billion) in market value. This selloff reflects broader investor dissatisfaction with Australia-listed firms that have failed to meet their targets. The selling began on Wednesday, after the company announced that it would have adjusted operating earnings between $1.05 billion and $1.15 billion in fiscal 2026. This was below Visible Alpha's consensus estimate of $1.23billion. The midpoint of forecast range is also just barely above the $1.1 billion that the company earned during fiscal 2025. James Hardie, based in Dublin, is facing a slowdown on its biggest market North America. Weaker-than-expected activity for single-family housing construction during the summer has worsened the demand for repairs and remodelling. North American fibre cement sales dropped 12% in the first quarter to $641.80 million, and adjusted net income fell to $126.9 from $177.6 millions a year ago. The stock is down nearly half this year. It's now 42.7% due to a decline in single-family home sales across the U.S., which has been caused by higher borrowing costs and increased inventory levels. CSL shares fell nearly 20% over the past two trading sessions, as the biotech company abandoned its main margin restoration goal for the blood plasma division. This is the second time that Australian investors have been disappointed by earnings-related issues.
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Oil gains as demand for oil increases
The oil prices continued to rise on Thursday. This was boosted by strong signs of demand in the U.S. and uncertainty about efforts to end war in Ukraine. Brent crude futures reached a new two-week high early in the trading session and were up by 27 cents or 0.40% to $67.11 per barrel at 0442 GMT. U.S. West Texas Intermediate crude futures (WTI), which are based in the United States, rose by 29 cents or 0.46% to $63.01 a barrel. Both contracts rose over 1% during the previous session. The U.S. Energy Information Administration reported on Wednesday that U.S. crude oil inventories dropped by 6 million barrels to 420.7 million last week, compared with a poll expectation of a 1.8-million barrel draw. The EIA reported that gasoline stocks fell by 2.7m barrels versus the expected 915,000 barrels. This indicates a steady demand for summer travel. This was also seen by a spike in the average four-week consumption of jet fuel, which reached its highest level since 2019. Daniel Hynes said that the price of crude oil rebounded on Thursday as strong demand from the U.S. boosted confidence. Hynes warned, however, that "some bearish sentiment remains apparent as traders continue monitoring negotiations to end Russia’s war against Ukraine." Analysts and traders expect the oil price to drop once a peace agreement is signed, but if there are no further concrete steps in the negotiations then this could undermine the market. Russia warned on Wednesday, as U.S. military planners and Europeans started to explore post-conflict guarantees for Ukraine's security, that any attempt to resolve the issue without Moscow's involvement was a "road leading nowhere". As long as the efforts to bring peace in Ukraine continue, Western sanctions against Russian oil will remain in effect. The market is still at risk of more sanctions and tariffs for Russian oil purchasers. Russia is adamant that it will continue to supply crude oil to India, even after the United States warned against this. Russian diplomats in India said the country expected to continue to supply oil to India, despite the warnings of the United States. Donald Trump, the U.S. president, announced that an additional 25% tariff would be applied to Indian goods starting August 27, due to their purchases of Russian crude. The European Union also sanctioned Indian refiner Nayara Energy which is supported by Russian oil company Rosneft. Indian refiners initially refused to buy Russian oil, but officials from state-run Indian Oil (Indian Oil) and Bharat Oil (Bharat Petroleum) have now bought Russian crude in September and October for delivery. They resumed purchases after the discounts were widened. (Reporting from Siyi Liu and Katya Glubkova, in Tokyo; editing by Christian Schmollinger & Tom Hogue).
It's time to get rid of capital gains tax on your house.
The original version of this article was published in On The Money, a newsletter that shares personal finance insights and tips from the United States every two weeks. Subscribe here to get it free.
It's time to get rid of capital gains tax on your house.
My humble opinion: The most important personal finance story! This week, President Donald Trump has announced that he is considering eliminating capital gains taxes from home sales.
Trump told reporters at the Oval Office that if the Fed lowered the rates, then we wouldn't have to do anything. "But we're thinking of no tax on capital gain on houses."
According to current law, homeowners may exclude up $250,000 (single filers), or $500,000 for joint filers (increased gains) from the sale of their primary residence. These thresholds are unchanged since 1997.
According to a study by the National Association of Realtors, 34% of homeowners (30 million) have equity in their home that exceeds the $250,000 threshold. More than 10% (8 millions) have equity enough to go beyond the $500,000 limit.
Recently, Congress passed legislation to make permanent the tax cuts that were passed during Trump's first term in office. The bill also fulfills Trump's election promises by including new tax breaks for seniors, auto loans, tips, overtime pay and seniors.
Who could benefit from the end of capital gains tax on home sales?
Would you be more likely to sell your home if capital gains tax were eliminated? Would you be more inclined to sell your house? Let me know what you think by writing to me.
It's a Gas
Recently, have you noticed lower gas prices?
U.S. gas prices may fall below $3 per gallon for the first summer in four years, as bad weather has dampened fuel demand. Imports have also risen to fill up inventories.
Gasoline is at a low price, which is great news for Americans who are traveling this summer. After Russia's invasion of Ukraine in 2022, consumers faced record-high prices at the pump.
The summer is usually the U.S.'s peak gasoline season, but this year the demand has been lower. The U.S. gasoline demand is expected to drop permanently from its 2018 peak due to the increased use of fuel-efficient cars and changes in driving habits following the pandemic.
What will be the impact of lower gas prices on your driving habits and how?
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Are you holding too much technology?
Are you bursting at the seams with technology stocks in your portfolio?
Due to the recent strong performance of technology stocks, equity investors may be overweighting them. The Magnificent 7 stocks have risen by almost 25% over the last year, compared to 17% growth for the Nasdaq Composite Index.
The performance of the Magnificent 7 (which includes Google, Tesla and others) has been mixed in recent years. They have all recovered since April after a fallout following Donald Trump’s "Liberation Day", which announced sweeping tariffs around the world.
According to LSEG Datastream, the group accounted for one-third the weight of S&P 500 on Friday due to its massive market cap. This is their biggest combined presence since the beginning of the year.
My retirement portfolio is made up of target-date funds that are rebalanced regularly. The tech sector is at 24% which is slightly lower than the average.
Have you rebalanced your portfolio recently? Tell me what you think about the Magnificent 7 or the tech sector in general! (by Lauren Young)
(source: Reuters)