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France and Spain battle to contain wildfires when temperatures soar once again
The temperatures were expected to rise again in France and Spain on Wednesday, in the fourth heatwave of summer. This will increase the risk of wildfires, which have already forced people to evacuate in large numbers, burned through forests, and killed wildlife. Weather agency AEMET in Spain said temperatures 'were expected to hit 40 degrees Celsius on Wednesday, 104 degrees Fahrenheit, at least six regions were on orange alert. This is the second highest level. Meteo France predicts that temperatures in France's southwest, which has been devastated by fires, will rise from 33 C to 42 C. Dry winds in the morning from the southwest and in the afternoon from the west are likely to fan the flames. French firefighters managed to keep a major fire west of Bordeaux under control overnight, but officials warned that the blaze was not yet out. Firefighter Commander Matthieu Jomain said to reporters that "as we speak the situation is stable, but the fire still is not under control." "We are, of course, vigilant today, given the forecasted weather conditions with an increase in temperatures and wind speed in the afternoon." Fire kills deer in Spanish forest The heatwaves in Europe have been unprecedented this year. Climate change caused by humans is causing the heat to increase and the droughts to worsen, allowing wildfires spread more quickly. Heatwaves that are more frequent and intense cause thousands of deaths in excess and disrupt?everyday living, from slowing down road and rail traffic to affecting river shipping. Drone footage from El Tiemblo in Spain's Avila Province, near Madrid, shows charred carcasses of deer in a forest that has been reduced to ashes. Cintia, a Madrid resident who goes by Cintia, was horrified at the scene she saw in El Tiemblo. She has visited this place many times. "We love the wildlife, everything around us. We used to feed the animals, because they are from here. "They belong to this country," she said. "And look at where it is now." VILLAGERS TRY PROTECTING THEIR HOMES Forests have been affected in a wide range of ways. Wildfires in the Landes region west of Bordeaux have destroyed 42,000 hectares (104, 000 acres) of pine trees. About 220,000 people were evacuated, including tourists and locals, because the fire threatened Cap Ferret Peninsula on the Atlantic Coast, which is only accessible via one road. On specially chartered ferries, hundreds of people left. The flames were as close as 9 miles (15 km) away from the Bordeaux metropolitan area. Several companies in the suburbs closed their doors to prevent the fires spreading. Volunteers in Lanton, a village also in the southwest of France, ravaged by wildfires have tried to protect their community with buckets of water. It's really hard because we have few resources. "We try to help people in any way we can with the little resources we have," said 29-year-old local pastry chef Jonathan Segalas Talous on Tuesday. "We want to stay here. We've been living here for many years. We will do everything in our power to help. "We help." Meteo France stated that the danger level in southwest France is likely to drop from Thursday due to thunderstorms, cooler temperatures, and higher humidity. FIRE IN CASTELLON RAGES FOR FIFTH DATE Authorities in Spain said that the situation in central provinces Avila and Madrid had improved, but the fire in eastern Castellon was still out of control, despite having burned over 10,000 hectares due to weather conditions. Castellon residents who were evacuated are still unable return to their homes. As the fire entered its fifth day, regional authorities estimated that the perimeter of fire was 75.5 km. Madrid's emergency services reported on?X, that the wildfire had not spread over night. Firefighting crews "kept trying to consolidate the perimeter of the fire and extinguish any remaining hot spots" to prevent it from re-igniting. Fernando Grande-Marlaska, the Interior Minister, said that evacuees were returning to their homes in 15 towns of Madrid and Avila. (Additional reporting from Leonardo Benassatto, Yves Herman, Emma Pinedo and David Latona in Madrid, Inti, Kate Abnett, and Sudip, Kar-Gupta, in Brussels; Janis Laizans, in Bordeaux; Writing and editing by Alison Williams; Ingrid Melander)
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Sources say that ADNOC, the UAE's oil company, sold crude to Asian refiners at a premium in its seventh tender.
Trade sources reported on Wednesday that Abu Dhabi National Oil Co had sold 12 million barrels of spot crude at a premium to Asian refiners, trading firms and other companies in its most recent tender. The renewed U.S. - Iran hostilities have disrupted the?supplies, and this has sparked an 'impulsive buying spree. Since the fighting between Iran and the United States intensified in the first half of this month, oil?flows have dropped sharply through the Strait of Hormuz. ADNOC uses a shuttle fleet to move crude oil out of the Gulf of Oman and onto other tankers, despite exports slowing this month. Asian refiners are increasing their purchases of alternative grades and ADNOC cargoes as shipments have been delayed. Indian Oil Corp bought 2 million barrels Upper Zakum crude for loading in August at a flat rate or $1 more than the Dubai prices of August on a delivered-basis. Sources said that Chinese majors, including?Sinopec’s trading arm Unipec and PetroChina, each bought 2,000,000 barrels of Upper Zakum at a premium of $3 to $4 per barrel over September Dubai quotations. Sources said that the cargoes would be delivered between September and October. Idemitsu Kosan, a Japanese refiner, bought 2,000,000 barrels of Das crude on a free-onboard basis at a price premium of about $1 per barrel over September Dubai prices. Companies rarely comment on the?trades. This was the seventh tender issued by the United Arab Emirates since June began. ADNOC has offered Murban and Upper Zakum crudes for loading between August to October. Uncertainty remained as to whether Murban cargoes had been awarded. A trader claimed that ADNOC wanted a premium around $10 per barrel for the grade. ADNOC has now sold more than 86,000,000 barrels of crude oil through seven tenders. According to Kpler data, before the war the UAE exported 103 and?95 millions barrels of crude oil for January and February, respectively. ADNOC, according to a trader, has asked South Korean buyers for better bids before Wednesday afternoon in order to finalize the sales.
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Copper prices drop ahead of Fed rate announcement
Copper prices slid on Wednesday as demand concerns and a?strong dollar weighed down ahead of the end of the Federal Reserve's meeting in the United States. Benchmark three-month Copper on the London Metal Exchange fell?0.13%?to $13,667 per metric ton at 0700 GMT. The Shanghai Futures Exchange's most traded copper contract closed the daytime trade down 0.15%, at 104 890 yuan (15,494.96) per ton. Markets have increased the odds that rates will increase in September. The Fed is expected hold rates at their current level on Wednesday. According to CME FedWatch, traders see a 70% chance of no change in rates this week and 76% of an increase in September. Daniel Hynes, ANZ's strategist, said that investors in copper remained worried about tighter monetary policies. High rates could reduce economic activity, and the demand for copper. They would also support the dollar while making commodities more expensive for holders of other currencies. The fall in AI stocks has also affected expectations for rising copper demand. Hynes stated that the sentiment has been affected by the recent selloff of AI stocks. This week, shares in Asian chipmakers have suffered a blow, as valuations are feared ahead of important earnings by big tech companies. The copper price was boosted due to the AI infrastructure construction, where it is a key?commodity. Aluminium posted the largest gain on SHFE. The most active contract ended the day at 23,455 Yuan per ton, up 1.03%. Rupankar RM is the head of AL Circle's market research and data analytics. He said that the overnight?rise? in SHFE aluminum appeared to be more driven by sentiment and a?futures position than a?stronger physical need. Rupankar added that "the futures rally is yet to be validated by stronger demand in the physical market." He also suggested that broader macro-economic developments could have influenced sentiment. The LME counterpart was up 0.46% to $3,162 per ton. Other LME metals include zinc, which grew by 0.15%. Lead gained 0.29%. Nickel grew by 1.18%. Tin climbed by 1.09%. On the SHFE, meanwhile, lead climbed 0.86% while nickel grew 0.08%. Tin also gained 0.72%.
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Eni buys back more shares as profits in the second quarter reach a 3-year high
Eni, the Italian energy group, increased its share buyback program by EUR600 million on Wednesday to EUR3.4 billion ($3.9 billion), after reporting better-than-expected second quarter results. The company's adjusted profit net more than doubled from EUR2,09 billion to EUR2.3 billion in the period April-June, surpassing the analyst consensus of EUR2,09 billion that was compiled by?group and reaching its highest level in 3 years. Eni has said that it may pay an additional dividend in the fourth-quarter if Brent oil prices remain substantially higher than its forecasts. The results were boosted by a growth in the upstream business of the group, the progress made at the biofuel division Enilive, and the spike in energy prices caused by the conflict between Iran and the United States. The company's full-year target was raised to 5%, up from the previous 3% to 4%. Eni's E&P division's adjusted proforma earnings (EBIT), before interest and taxes, came in at EUR4.77billion. This was higher than the analysts' estimated EUR3.01billion. Claudio Descalzi, CEO of the company, said that they were scaling up their E&P operations for the next phase of growth and value creation. He mentioned the launch of a joint venture between Indonesia and Malaysia called Searah as well as several project advances and expansion into new geographical areas.
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As the heatwave intensifies, firefighters in Bordeaux are battling fires.
French firefighters brought under control a major fire west of Bordeaux, which had forced?massive evacuations overnight. This was ahead of the forecasted rising temperatures and wind that are expected to stoke fires on Wednesday. The Gironde prefect, Sophie Brocas, posted on X on Wednesday at 0400 GMT that "the night was quiet; the fire is still under control today morning." She said this after several small flare-ups were quickly put under control. After a prolonged dry spell brought on by a series heatwaves, the wildfire that raged in the Landes?area, west of Bordeaux - a popular tourist destination - has destroyed 42,000 hectares of mainly pine?tree forest. Fire crews, with the help of European colleagues, managed to put out the fire after battling it for a whole week. The fourth heatwave of the summer is expected to make conditions even more volatile. According to Meteo-France the temperature in the region is expected to reach 42 degrees Celsius on Wednesday. Dry winds blowing from the southwest early in the morning, and the west late in the afternoon, are also likely to ignite flames. France is experiencing a 'wildfire season unprecedented in its history. The fire area has already exceeded the previous record of 2022. The Landes is covered with?pine forest, which becomes highly flammable if it gets dry. A few hundred houses were destroyed by the fire. About 220,000 people were evacuated, including tourists and local residents. The fire was threatening the Cap Ferret Peninsula?on the Atlantic Coast, which is only accessible via one road. On specially chartered ferries, hundreds of people left. As firefighters put out a small fire near the town of Biscarrosse, several thousand people were allowed to return. The flames were as close as nine miles (15 km) away from the Bordeaux metropolitan area. Several companies in the suburbs closed their doors to prevent the fires spreading. Reporting by Inti landauro, Editing by Michael Perry
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MORNING BID EUROPE - Chip rout moves to pAnIc territories
Ankur Banerjee gives us a look at what the future holds for European and global markets The rout of chip stocks did not ease investor 'fears about AI risks despite the 'blockbuster earnings SK Hynix reported. This set a'stage for this week’s results from Big Tech companies. SK 'Hynix's 'April-June' operating profit soared by more than sixfold (557%) yet it still missed analysts' high estimates. This coincided with investors' concerns about the sustainability and long-term return of chip demand. The earnings of Microsoft and Meta, two members of the "Magnificent 7", later in the day will be an important test for the AI trade which has shaped the global markets. Alphabet spooked last week's investors with their negative cash flow reports. They highlighted the tug of war between the need to invest a lot in AI infrastructure, and the need for a steady cash flow. South Korea's KOSPI fell 12%, prompting a 20-minute trading stop, which is becoming more common. This follows a 10% drop in the previous session. The index is still the best performing in the world this year, but it is facing a decline of 35% in July. This is its worst performance month. Oil prices also jumped in other markets after the U.S. Central Command announced the interception by the U.S. of Iranian ballistic missiles. This shattered the calm that had prevailed over the last few days. The fear of inflation and a declining oil supply weighed heavily on the mood ahead of an important U.S. Federal Reserve decision. Investors have?priced in a 'one-out-of three chance of a rate hike. Policymakers are increasingly vocal about their concerns over inflation. Market participants still expect the central bank to remain steadfast. All eyes will be on Fed Chair Kevin Warsh's comments and any hints he may give about rates. The earnings report in Europe will provide clarity as to the state of the corporate health, while the war in the Middle East is not likely to end anytime soon. The following are key developments that may influence the markets on Wednesday. * Earnings of Danone, Hermes L'Oreal UBS Airbus Meta Microsoft Qualcomm * Fed policy decision by Ankur Banerjee (Singapore; edited by Christopher Cushing).
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Hold off Sparks, Liberty shoots the lights out
Breanna Stewart, who scored 29 of her total game points in the second period, also came away with an?important steal at the end to help the visiting New York Liberty defeat the Los Angeles Sparks 113-109 on Tuesday. Los Angeles (16-12) took advantage of a New York (16-12), which had a run of?20-4 midway through the second quarter. The lead lasted for most the third period. Sabrina Ionescu's 27 points, and her 21 points in each of the previous six games, helped the Liberty to never fall behind by more than nine points. New York was able to take control of the game by going on a 23-8 run that spanned both the third and the fourth quarters. Stewart was the driving force behind the crucial spurt that included a game-winning basket right before the end of the third quarter. The Sparks (10-17), which suffered their sixth consecutive loss, scored seven points in 51 seconds in the final quarter to reduce an 11-point gap to four. Los Angeles had the chance to close the gap on New York by one possession after Ionescu's traveling call. But Stewart's fourth theft of the evening gave New York back the ball. Stewart's last assist went to Rebecca Allen who nailed a 3-pointer, effectively putting the game out of reach for the Liberty. Allen's bucket was the final shot in a 17-of-32 (53.1%) performance from New York's deep range, which included Ionescu's 5-of-9 effort from beyond the arc. Han Xu, Mariane Fauthoux and Rebekah Gardner each scored 13 points after coming off the bench. Rebekah Garden, who scored?15 with two 3-pointers, came off the bench and made two 3-pointers. Los Angeles also shot well beyond the arc, with Nneka?Ogwumike making a pair late triples that helped the Sparks get within three points of the lead in the final minutes. Rae Burrell hit 4-of-8 three-pointers to score a team high 24 points. Erica Wheeler (17) also went 4-of-5 beyond the arc. Los Angeles shot 16-of-30 (51.6%) from outside the arc. Ariel Atkins and Dearica Hamby each scored 12 points for the Sparks. Cameron Brink, who came off the bench to score 11, was able to reach double figures in four of her last six games. Field Level Media
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SAIL and Krakatau Steel to invest $350 Million in stainless steel plant
Two Indian sources said this week that India's state run Steel Authority of India (SAIL) and Indonesia's Krakatau Steel are planning to invest up to $350 million into a'stainless-steel slab plant' in Indonesia. Sources said that the plant is expected to become operational in the next 3 to 4 years. SAIL and Krakatau Steel have signed a preliminary joint venture agreement in Indonesia to produce stainless steel plates during the visit of Indian Prime Minister Narendra Modi. Sources said that SAIL will'send a technical team next month to Indonesia to prepare a feasibility study. After this, the two companies will finalise details such as the equity structure, timelines for government approvals, and other details. Sources declined to identify themselves because the discussions aren't public. SAIL didn't respond to an email sent Monday asking for comment. Krakatau Steel failed to respond to an email?requesting comment made on Tuesday. Sources said that the capacity of the?proposed plant could be increased after it becomes operational. One source said that SAIL would consume the entire production of the planned Indonesian plant and bring the stainless-steel slabs to Salem for rolling and finishing. Salem is located in Tamil Nadu, a southern Indian state. Sources said that the state-run steelmaker would?primarily supply finished products to Indian clients, while a smaller percentage may be exported to Middle East and Europe. According to commodities consultancy BigMint, SAIL was India's third largest steel producer during the fiscal year ending March 2025. It had a 10.1% share of the domestic market. India, which is the second largest producer of crude steel in the world after China, has identified Indonesia as well as more than a dozen countries to cooperate with the steel industry. The goal?to boost exports and secure raw materials? Data from BigMint showed that the consumption of finished steel in India has increased by 55% in the last five years. This is more than the production increase, which was only?42%. Indian steelmakers are turning to the domestic market to offset lower exports due to tighter imports from Europe and Britain, but Chinese steel is sabotaging that strategy. (Reporting from New Delhi by Neha Arora; Additional reporting in Jakarta by Fransiska Nanangoy; Editing and Mayank Bhardwaj by Christian Schmollinger).
Sources say that Russia will extend the ban on diesel exports but it could be lifted quickly if conditions improve.
Two sources who are familiar with the discussions on Wednesday said that Russia is planning to extend its diesel export ban by one month. However, the restriction could be lifted mid-August, if domestic supply improves.
The ban was introduced by Russia from July 8 until July 31, as part of an overall package of measures designed to support the domestic market for fuel after repeated Ukrainian drone strikes on oil refineries caused fuel shortages and price increases.
Moscow has already placed restrictions on the export of jet fuel and gasoline.
Alexander Novak, the Deputy Prime Minister, said last week that the gasoline export restrictions would be extended to the end of the year. The diesel export ban, however, will be lifted as the market recovers.
The ministry of energy declined to comment before a decision by the government on this ban.
The ban has caused a global uproar in the energy market, causing shortages and a rise in prices, even for countries that do not buy diesel from Moscow.
The ban on Russian diesel imports was a result of domestic?shortages?caused by Ukrainian drone attacks.
According to?Kpler?, the average daily loading of diesel and gasoil from Russia was 234,000 barrels between July 1 and 10. This is down from 400,000 barrels in June. In 2025 this will average to about 817,000 barrels.
The Russian export ban reduces global diesel supply, forcing regular buyers like Brazil and Turkey to compete against European countries and other importers of U.S. cargoes. Reporting by. Mark Potter (Editing by Mark Potter).
(source: Reuters)