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Exports of China's electric trucks are soaring due to the Iran war
China's?exports of electric trucks to other Asian nations have soared. This is in addition to an increase in domestic sales, as the?higher fuel costs as a result of the Iran War accelerate regional electrification. China's rapid adoption of etrucks - from lighter vehicles to tractors-trailers - has shielded the 'world's largest auto market' from the conflict. Other countries are now scrambling for a chance to catch up. China's heavy etruck exports have more than doubled in the last four months since the U.S. and Israel started the war, on February 28. They now total 16,823 vehicles. The majority of the trucks were shipped to South and Southeast Asia. South Asia saw a five-fold increase in shipments, while Southeast Asia saw a nearly three-fold increase. The war opens the door to markets for Chinese E-Trucks South and Southeast Asia are particularly dependent on the Middle East for oil, and Iran's ?closure of the Strait of Hormuz has triggered some of the biggest jumps in diesel prices, according to GlobalPetrolPrices.com, creating an opening for China, the world's largest e-truck maker. Diesel prices are up ?48% in Sri Lanka since the start of the war and 57% in the Philippines, according to GlobalPetrolPrices.com, while the fuel is 15% higher in China, government data shows. Zhaoting Yue is the vice president for international marketing of Sany, which makes the world's largest electric heavy trucks. The exports are still relatively small compared to the number of trucks in regional fleets, which is in the millions. If growth continues and is similar to the adoption of e-trucks in China, then it may be possible to reduce diesel consumption and carbon emissions. In China, e-truck sales have increased from a near-zero percentage in 2021 to 30% last year. 140,000 e trucks were sold in the first six months of 2018. Diesel consumption in China started to fall last year. Yue said that Sany had previously concentrated on Europe, but now is focusing on Southeast Asia to develop cheaper models. He said that in June the company had shipped its biggest single order of 880 heavy trucks. The contract, however, was not public. Yue stated that before oil prices rose in these countries, it could have taken 28 months for buyers to recover their investment in a heavy electric truck. "Now it only takes 18 months." Sany added that he expects rapid growth in Asia, Africa, and Latin America for at least the next 12 months. FUEL-PRICE SURGE WILL 'FOCUS MINDS' Electric delivery vans have become more common in the United States and Europe. However, the introduction of larger e trucks has been much slower. Tesla, for instance, promised to revolutionise trucking's economics with its electric semi almost a decade earlier, but has now dropped its goal of achieving "volume production" by this year. According to the Centre for Research on Energy and Clean Air, China's electric truck fleet can save 141 million barrels this year by not burning diesel. This is more than 3% and equal to its entire imports from Kuwait. The Helsinki-based centre estimates that China's etruck exports in the first six months of the year replaced fuel at a rate of 1.6 millions barrels per annum. The high cost of the trucks and the lack of charging infrastructure are obstacles to adoption. According to Daniel?Bleakley of Australian electric trucking company New Energy Transport, the cost of an e-truck in Australia is about A$500,000 (about $350,000). However, the fuel savings are so great that they can reduce operating costs by as much as 70% when compared with diesel. Yue said that to boost the charging infrastructure of its trucks,?Sany sells customers systems which can generate and store energy, as well charge their trucks. Lauri Myllyvirta, CREA's co-founder, stated that the rapid adoption of Chinese electric cars will help expand charging networks as well as provide a boost for truck adoption. He said that high fuel prices would focus the minds of businesses and make them move quickly.
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Croatian firefighters also battle a fire that has engulfed a Greek resort.
Residents and tourists fled by sea and land from villages in northern Greece's Halkidiki on Thursday, as a wildfire was fanned by strong winds and engulfed trees and houses near a resort during the holiday season. Local media reported that heavy gusts made firefighting on Croatia's Dalmatian Coast difficult. A major highway in the Lokva Rogoznica region south of Omis was closed due to an blaze. In Europe, "successive" heatwaves have intensified the drought, dried out vegetation and strained water resources, contributing to wildfires in Spain, France, Greece, which scorched land on a scale never seen before. People wearing face masks in Greece, some clutching pets or children, boarded dingies or boats at the seaside village of Siviri, as the fire burned through a forest. Large columns of smoke turned a cloudless sky dark gray. Flames scorched holiday apartments with balconies facing the sea as they approached from the inland. The coastguard said that over 300 people were evacuated from Siviri by boat. Siviri is located on a peninsula of olive groves, woodlands, and beaches, south of Greece's largest city, Thessaloniki. In a press release, the statement said that patrol and fireboats?and fishing boats were involved in this operation. More than 140 firefighters battled?flames on both sides the main road between Siviri and?the town Kassandreia. In a post on X, the fire brigade stated that nine aircraft and seven helicopters had also been deployed. Traffic was stopped and one firefighter injured. Giannis Artopios, a fire brigade spokesperson, told the?Protothema portal that "our effort is focused on extinguishing a fire and ensuring the safety of people." Local media reports in Croatia showed flames bursting out of trees around a main road, and along the coast. The reports cited the fire department to say that evacuations were underway.
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Hacking group claims massive data theft by Shell, Philips GE, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, FiServ, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserver, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fiserv, Fise
According to a post on the group's website, a prolific hacking group that exploits?software vulnerabilities in order to attack multiple targets at once claimed they had?stolen data from almost 50 companies around the world, including Philips, GE, Fiserv, and Shell. Shell confirmed that it was aware of an "incident" which occurred recently, while Philips said it had been targeted. This confirms a report by Dutch media outlet BNR on Thursday. Shell's spokesperson stated that "we are working with our teams of security experts and relevant experts" to investigate the current situation. Philips has 'identified and contained an attempted cybersecurity compromise on a specific enterprise data server,' Philips stated in a statement. The incident did not affect customer environments. Fiserv's spokesperson said that the company was aware of the claims made by the threat actor, but that "based on the comprehensive review we have done to date", there is no evidence that any customer data, banking or transactional information, or personal information, has been compromised. GE couldn't be reached immediately for a comment. We could not independently verify claims made by the hacking group about the type of data they stole and the amount. The hackers didn't respond to our request for comments. Although it is not known how the hackers gained access to the companies, Ransom ISAC, a group that shares industry information, published a warning on July 22, warning the hacking group of exploiting vulnerabilities in PTC Windchill, and FlexPLM software, used in manufacturing and engineering processes. PTC, based in Boston, did not respond immediately to a comment request. The company has posted multiple security alerts on its website dating back to June 18 urging customers to apply a patch to fix a vulnerability, and providing details about an unknown attacker who is attacking their products. Brandon Parsons, Ascent Solutions' threat intelligence manager and author of the RansomISAC advisory, says that some companies started receiving Cl0p?notices on July 19-20. He said the group targets vulnerabilities in software packages, rather than specific companies. They are "professional data extortionists." Charlotte Van Campenhout and A.J. Vicens, Kirby Donovan, and Shri Navaratnam edited the article.
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Stocks rise as traders reduce rate hike bets, oil prices drop
Oil prices dropped more than 2% on Thursday, as investors reduced their bets about a U.S. interest rate hike. Higher inventories and lower global demand expectations offset geopolitical worries. U.S. producer price data, which remained unchanged in July, reduced the expectations for a Federal Reserve rate increase next month. This helped tech stocks propel the S&P 500 up to an intraday high. The report was released on Wednesday, following the consumer price index, which showed that U.S. prices increased 3.4% over the past 12 months, as expected by economists. The traders have reduced their bets for a rate hike in September, putting a probability of 65% that the Fed will remain on hold next week compared to 50% on Wednesday. After reaching a peak of two months, gold prices dropped. U.S. Treasury yields continued to decline following the producer price data. The MSCI index of stocks around the world rose by 5.90 points or 0.51% to 1,160.43. WALL STREET TECH BOOSTS The Dow Jones Industrial Average rose by 69.72 or 0.13% to 53,839.99. The S&P 500 rose by 50.49 or 0.65% to 7,798.99. And the Nasdaq Composite was up 214.54 or 0.81% to 26,803.03. Mohit Kumar, a Jefferies economist, said that the earnings season for AI infrastructure names has been very strong. He also noted that there are no signs of a slowdown in "capex". He also said that Jefferies had an over-weight position in the AI industry. He said that the Fed's refusal to raise interest rates and the high amount of cash in circulation should continue to support risky investments. Investors waited for euro zone inflation figures after a good earnings season. Energy and mining stocks were also impacted by lower commodity prices. The STOXX 600?pan-European closed at 659.24, with little change. The benchmark fell from its record highs of the previous session. The MSCI broadest Asia-Pacific index outside Japan closed at 0.96%, and emerging market shares rose by 0.83% to 1,695.93. US-IRAN DEADLOCK Washington and Tehran exchanged accusations over Thursday's deal to reopen Strait of Hormuz. The United States said Iran failed to fulfill its obligations, and Iran countered that Washington did not deliver on the end of a blockade of Iranian port. Brent crude futures closed down 2.15 % at $87.07 per barrel, following a rally of six sessions. U.S. crude finished?down 2.4 % at $81.25 per barrel after rising for five sessions. The Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast of world oil demand growth for 2026. Energy prices will 'have a greater impact on the economies of Japan and the Eurozone, which are both major energy importers. The United States, however, is considered to be'relatively immune from oil shocks. CURRENCIES AND BONDS The dollar index, which measures greenbacks against a basket including the yen, and euro, increased 0.03% at 99.98. The euro rose 0.02% to $1.1526. The yields on the benchmark U.S. 10 year notes dropped 4.73 basis points to 4.645%, and 30-year bonds fell 2.81 basis point to 5.2189% Analysts say that the U.S. budget deficit, which has risen to $432 billion, is likely to increase long-term borrowing rates. Evelyne Gómez-Liechti, Mizuho's strategist, said: "I am still cautious about chasing rallies in U.S. Treasuries, especially at the back end where fiscal concerns, oil-related term premium and supply are hard to dismiss." The Japanese yen fell?0.08%, to 159.55 dollars. The producer price index in Japan, which increased 7.2% from a year ago, confirmed that expectations of a Bank of Japan interest rate hike next month were earlier than expected. Gold spot fell 1.28%, to $4,350.72 per ounce, after reaching its highest level since early June. U.S. Gold futures fell 1.1% and settled at $4,420.40. (Reporting from Chris Prentice, New York, and Stefano Rebaudo, Milan; editing by Sharon Singleton and Andrew Heavens, Susan Fenton, and Aurora Ellis.)
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Gold falls on profit-taking following inflation data
Investors locked in gains on Thursday as gold prices fell by more than 1%. This was after the U.S. inflation figures were in line with expectations. This dampened expectations of a Federal Reserve rate increase next month. By 12:58 am EDT (1658 GMT), spot gold had fallen 1.2%, to $4.354.58 an ounce. The session began with prices at $4,449.39, their highest since June 5. U.S. gold futures fell 1.1% and settled at $4,420.40. "4,500 is an important resistance level for gold." Bob Haberkorn is a senior market strategist for StoneX. He said that we 'touched' it twice, and gold fell from there. The U.S. Producer Price Index remained unchanged in July, as a decline in goods prices offset an increase in service costs. This indicates that inflationary pressures may persist. The data follows Wednesday's Consumer Price Report, which showed that U.S. inflation increased 3.4% over the 12-month period ending in July, down from 3.5% during June, and in line economists' expectations. According to CME FedWatch?Tool, the markets now price a 35% probability of a rate increase at the September meeting. This is down from 40% after the PPI results. Fed policymakers will not feel any urgency to increase rates next month, after the inflation rate has cooled down for a second month in a row. Beth Hammack, the president of Cleveland's Federal Reserve, reiterated on Wednesday that rates must be raised "right away". Low interest rates can reduce the 'opportunity cost' of holding non-yielding gold. Independent analyst Tai Wong stated that "(Gold's) price rose by a solid 9% in one week, behind Chinese and Retail buying. We are seeing some profit taking?around the 100-day moving average." Oil prices fell on Thursday, as investors reassessed the prospects of a weaker global economy this year due to supply disruptions. A SEC filing revealed that Bank of Korea held a $250-million stake in a U.S. listed?gold ETF at the end of June. (Reporting by Sukanya Mitra and Anjana Anil in Bengaluru; Editing by Shailesh Kuber and Diti Pujara) (Reporting by Sukanya Mitra and Anjana Anil in Bengaluru; Editing by Shailesh Kuber and Diti Pujara)
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Stocks rise as traders reduce rate hike bets, oil prices drop
Oil prices fell as a result of higher inventories, lower global demand forecasts and reduced geopolitical worries. Global equities rose on Thursday. U.S. Producer Price?Data, which was unchanged from July, has reduced expectations of a Federal Reserve rate increase next month. This helped tech stocks to propel the S&P 500 intraday to a record high. The traders have reduced their bets for a rate hike in September, pricing a probability of 65% that the Fed will remain on hold next week compared to 50% on Wednesday. After the producer prices data, gold prices and U.S. Treasury rates continued to decline. The MSCI index of global stocks rose by 5.33 points (0.46%) to 1,159.86. TECH BOOSTS THE WALL STREET The Dow Jones Industrial Average rose 47.53, or 0.61 percent, to 7,796.03, while the S&P 500 rose 48.53, or 0.61 percent, to 7,796.03. And the Nasdaq Composite climbed 209.79, or 0.79% to 26,798.27. Mohit Kumar, a Jefferies economist, stated that the earnings season for AI infrastructure names has been very strong. The bank also maintained an overweight position within the AI sector. He added that "the background of high cash levels in the system, and Fed not increasing (Jefferies' view), should continue to support risks assets." Investors waited for euro zone inflation figures after a strong earnings season. Energy and mining shares were also affected by lower commodity prices. The STOXX 600, the pan-European index of stock markets, closed at 659.24. The benchmark fell from its record highs of the previous session. Emerging market stocks rose by 0.85% and closed at 1,696.17. US-IRAN DEADLOCK Washington and Tehran exchanged accusations over Thursday's deal to reopen Strait of Hormuz. The United States said Iran failed to fulfill its obligations, and Iran countered that Washington did not deliver on the end of a blockade of Iranian port. Brent crude futures, however, fell by 1.48%, to $87.66 a barrel, after beginning the week with an 5% increase. U.S. crude fell 1.67% to $81.00. The Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast of world oil demand growth for 2026. The euro zone and Japan are both major energy importers. However, the United States appears to be relatively immune from oil shocks. CURRENCIES AND BONDS The dollar index (which measures the greenback's value against a basket of currencies including the yen and euro) rose by 0.01%, to 99.96. Meanwhile, the euro gained 0.03%, at $1.1528. The yield on the benchmark U.S. 10 year notes dropped 4.73 basis points, to 4.645%. And the 30-year bond also fell 3.13 basis point?to 5.157%. Analysts say that the U.S. budget deficit, which has risen to $432 billion, will likely add upward pressure to long-term borrowing costs. Evelyne Gómez-Liechti, Mizuho's strategist, said that the PPI data, along with jobless claims and the 30-year U.S. Treasury Auction, would be the next test. The Japanese yen fell 0.05% to 159.48 dollars per dollar. The producer price index in Japan, which increased 7.2% from a year ago, confirmed that Bank of Japan will raise interest rates sooner than expected next month. Spot gold dropped 0.92%, to $4,366.64 per ounce. Reporting by Chris Prentice, in New York, and Stefano Rebaudo, in Milan. Editing by Sharon Singleton and Andrew Heavens; Susan Fenton, Aurora Ellis, and Sharon Singleton.
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Gold falls on profit-taking following inflation data
Gold prices fell by nearly 1% on Thursday, as investors locked-in?gains? after the price spiked to two-months highs. This was due to U.S. data showing inflation that was consistent with expectations. By 12:58 am EDT (1658 GMT), spot gold had fallen 0.9%, to $4366.38 an ounce. The session began with prices at $4,449.39, their highest since June 5. U.S. Gold Futures fell 1% to $4423.60. "4,500 is an important resistance level for gold." Bob Haberkorn is a senior market strategist for StoneX. He said that we touched the 4,500 level twice, and gold fell from there. The U.S. Producer Price Index remained unchanged in July, as a decline in goods prices offset an increase in service costs. This indicates that inflationary pressures may persist. The data follows Wednesday's Consumer Price Report, which showed that U.S. inflation increased 3.4% over the 12-month period ending in July, down from a previous 3.5% increase in June, and in line economists' expectations. According to CME FedWatch Tool, the markets now price a 34% probability of a rate increase at the September meeting. This is down from 40% after the PPI results. Fed policymakers will not feel compelled to raise rates in the next month, after inflation has cooled down for a second month. Beth Hammack, the President of the Cleveland Fed, reiterated on Wednesday that rates must be raised "right away". Low interest rates can reduce the 'opportunity cost' of holding non-yielding gold. Independent analyst Tai Wong stated that "(Gold's) price rose by 9% in one week, behind Chinese and Retail buying. We are seeing some profit taking?around the 100-day moving average." Oil prices fell on Thursday, as investors reassessed the prospects of a weaker global economy this year due to supply disruptions. A SEC filing revealed that Bank of Korea held a $250-million stake in a US-listed gold ETF at the end of June. Silver spot fell 0.9%, to $64.72 an ounce. Platinum dropped 1.8%, to $1724.45, while palladium fell 3.4%, to $1323.31. (Reporting by Sukanya Mitra and Anjana Anil in Bengaluru; Editing by Shailesh Kuber and Diti Pujara)
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Sources say that China's state owned CMRG has asked some traders to purchase iron ore through its platform
Sources say that China's iron ore buyer, the state-owned company, has asked some domestic traders to purchase cargoes through its trading platform. This is a move designed to strengthen?its control over pricing and trading of this key ingredient in steelmaking. China Mineral Resources Group informed about a dozen of traders that they could buy iron ore through the state-owned company's online platform at a Thursday meeting, according to three sources who were familiar with the matter and spoke under the condition of anonymity. CMRG, which was created in 2022 in order to give Beijing greater pricing?power on the iron ore markets where China 'is the top -consumer, is looking to add more transactions to its platform in order to gain a better understanding of prices, according to one source. CMRG didn't immediately respond to a comment request. Iron ore is usually purchased by traders directly from the miner or through public trading platforms like Corex or globalORE. Steelmakers are the main users of CMRG to purchase cargoes. Sources said that the'state-owned buyer' did not provide many details to the meeting attendees, including the date when traders would be able to utilise the platform. A second source said that it would be difficult to convince traders to make this change in the near future, because CMRG doesn't have enough cargoes to meet all the needs.
How a storm of suits paralysed wind mills in northwest Spain
Jose Maria Cofreces is the owner of a guesthouse in northwestern Galicia, one of Spain's. most picturesque regions and a significant tourist draw.
It is also among the windiest parts of the nation, and. that has made it a magnet for developers of giant wind turbines. that can stand greater than 50-storey tower blocks.
Cofreces is among those at the lead of opposition in. Galicia. Echoing the tactics of rural communities across Europe,. the protesters have utilized the courts to obstruct plans they say. encroach on their way of living and the environment.
Part of what we offer here is the landscape, he said. Wind. farms imply having the mountains drilled, filled with holes and. great deals of concrete.
The wind farm that would tower above his property would. comprise 12 170-metre (558 ft) tall turbines, if the designers'. hopes materialise.
It is one of 72 - with a general capability of around 2. gigawatts (GW), based on more than 2 billion euros ($ 2.04. billion) in investments, that were approved by the regional. government. They were then halted by the greatest local court,. mostly in the last year, after residents and environmental groups. submitted numerous claims.
European governments are under pressure to support the. European Union's ambitious green energy targets, consisting of a. considerable growth of wind energy capacity.
In Europe, Spain lags only Germany for wind power. generation capacity, however its plans to double the amount by the. end of the decade have been slowed by the regional opposition, as. well as licensing bottlenecks.
In Galicia, there's a total paralysis, Juan Virgilio. Marquez, basic director of Spanish wind group AEE, said.
The region did not install a single megawatt (MW) of new. wind capacity in 2022 and 2023 and simply 69 MW in between 2020 and. 2023, the current available information from AEE show.
ENDANGERING HERITAGE
Apart from pitching protesters against federal governments, the. opposition is likewise at odds with numerous residents, research has. found.
Three-quarters of Galicians desire more wind energy, according. to a September poll by Galician market research company Sondaxe.
On the other side of the argument, protesters throughout Europe. have actually coalesced into organised motions, like those in Galicia,. where they have actually launched sophisticated legal difficulties, typically. financed by crowdfunding projects, experts and industry. insiders stated.
Christoph Zipf of market association WindEurope said the. groups know the weak links in the permitting procedure and target. them, then share successful experiences with each other.
That leads to greater opportunities for these tasks to be. stopped, he stated.
In East German local elections in September, the. reactionary AfD celebration made opposition to renewable resource jobs. a focus of its effective campaign.
On the Italian island of Sardinia, local opposition to wind. led the authorities to pass a law in September that eco-friendly. designers state rendered more than 90% of the island's territory. off limits to their tasks.
Back to Galicia, 243 claims have actually targeted 90 of the 137. scheduled jobs with permits, consisting of the 72 stalled so far,. according to data from the local federal government. Overall,. suits and administrative appeals impact 98 wind jobs.
The copycat legal challenges say the Galician regional. federal government - that awards allows for tasks under 50 MW - did. not give enough weight to environmental threats and did not. adequately ensure public participation while doing so.
In 72 cases, Galicia's highest court ordered preventive. suspensions on procedural or ecological grounds. The local. government has actually attracted Spain's Supreme Court.
The Galician court also asked the European Court of Justice. in June to rule on whether Galician and Spanish laws comply with. EU access to information guidelines in the permitting procedure.
Till a ruling, whose timing doubts, developers will. be wary of progressing even with projects that are not. suspended, Marquez said.
Belen Rodriguez of Galician activist group Adega, which has. effectively blocked some 20 jobs, said the opposition was. the item of a circumstance that overwhelmed us.
We had no choice however to go to court, she stated, including that. their earlier attempts to make representations in the. administrative procedure were neglected.
' CRITICAL UNCERTAINTY'
Sustainable designers with billions of euros in financial investments. at stake are under pressure, as intensive energy users, such as. U.S. aluminium giant Alcoa, look for big volumes of clean energy. through long-term supply agreements to make sure competitive and steady. rates.
Some of the wind parks in legal limbo should have started. operating in 2015, providing energy to Alcoa's complex in the. region that utilizes almost a 1,000 people.
Alvaro Dorado Baselga, vice president for energy at Alcoa,. told Reuters in an emailed statement that competitive and stable. power rates are vital for business and described the. delays as a source of vital uncertainty threatening its. viability.
A Deloitte report for the local wind lobby released in. October 2023 found that 32 commercial projects prepared for. Galicia would require over 6 billion euros' worth of financial investments. and create more than 7,000 direct jobs a year mostly depend on. low-cost renewable energy supply.
Paula Uria, the regional federal government's director general for. renewable resource, stated the 137 parks with authorizations would add 3 GW. of wind capability.
AEE, the Spanish wind group, approximates that the addition of. such capability would produce around 4,800 jobs over 5 years.
The circumstance in the region is challenging to comprehend,. Uria said, as the local court is blocking projects that,. under the same guidelines, have actually moved forward somewhere else in Spain.
From this year, she said developers will have the ability to demand. a new, faster approval treatment for parks hit by suits.
The regional parliament also approved in December rules it. quotes could cause the replacement of 3,000 aging wind. turbines with as few as 400 modern-day ones, minimizing the influence on. the landscape, although it has likewise exasperated the industry.
At an occasion in Galicia in November, Joaquin Garcia-Boto,. Advancement Director at EDP Spain, summed up the state of mind: impeding. renewables in Galicia, he stated, may be killing the goose that. lays the golden eggs. ($ 1 = 0.9794 euros)
(source: Reuters)