2024-07-08 07:28
Gold rose to its highest level since May 22 on Friday PBOC refrains from gold purchases for a second month Fed Powell, US inflation data due this week July 8 (Reuters) - Gold slipped on Monday as investors booked profits after soft U.S. jobs data fuelled prices to a more than a one-month high on rising expectations that the Federal Reserve will begin cutting interest rates in September. Spot gold fell 0.6% to $2,376.40 per ounce as of 1223 GMT, after rising to its highest level since May 22 on Friday. U.S. gold futures eased 0.5% to $2,384.80. Data last week pointed to a slackening labour market that keeps the U.S. central bank on course to start cutting interest rates soon. Markets are currently pricing in a 72% chance of the Fed cutting interest rates in September as well as another cut in December. [FEDWATCH New Tab, opens new tab] "We should not forget gold had a nice rally last Friday, so some profit taking and a stronger dollar post the French elections are weighing on gold today," UBS analyst Giovanni Staunovo said. "Lower U.S. interest rates are likely to support more inflows into gold ETFs (exchange-traded funds), which likely has the room to push the yellow metal to $2,600/oz by the end of the year." This week investors' focus will be on Fed Chair Jerome Powell's semi-annual Congressional testimony, comments from a series of Fed officials, and U.S. inflation data. "If we get another downside surprise in inflation data, which we have seen pretty consistently in U.S. data, then that's going to be a tailwind for gold," said Kyle Rodda, a financial market analyst at Capital.com. Elsewhere, top consumer China's central bank refrained from gold purchases to its reserves for a second consecutive month in June. "Monthly data based on IMF reporting don't catch the full picture of central bank activity, so I would not be surprised if the final data from the World Gold Council indicates solid central bank activity in the second quarter of this year," UBS' Staunovo said. Spot silver fell 0.4% to $31.09, platinum edged 1.6% lower to $1,010.10 and palladium dropped 21.3% to $1,012.94. Sign up here. https://www.reuters.com/markets/commodities/gold-lingers-near-one-month-high-fed-rate-cut-bets-2024-07-08/
2024-07-08 07:25
BEIJING, July 8 (Reuters) - Chinese authorities are considering ordering large-scale investigations of energy storage plants for fire risks, in a sign of tighter standards for China's booming battery energy storage industry, the 21st Century Business Herald reported on Monday. Prompted by recent disasters at energy storage facilities, authorities have already carried out safety inspections at some energy storage manufacturers, developers and operators, the report said. A June 26 fire at a lithium battery factory in Seoul, sparked by battery explosions, killed 23 people, most of them Chinese migrant workers, making it one of the deadliest industrial accidents in recent years. In March, following a fire at a commercial energy storage facility in China's Wenzhou, in eastern Zhejiang province, the local National Development and Reform Commission (NDRC) ordered a round of inspections and fire safety upgrades. Many of China's energy storage plants at renewables facilities, built to fulfil local government mandates, have been little used and could unknowingly pose safety risks, the 21st Century report added, citing a person with knowledge of the matter. Looking to boost the use of renewable electricity by smoothing out fluctuations in wind and solar generation, China has in recent years built the world's largest battery energy storage fleet, mostly using lithium ion batteries. But fire risk remains a concern with the technology, especially with lower-quality batteries, experts say. The NDRC did not immediately respond to a faxed request for comment on Monday. The Ministry of Emergency Management could not immediately be reached for comment. Sign up here. https://www.reuters.com/markets/commodities/china-may-investigate-energy-storage-plants-fire-risks-local-media-says-2024-07-08/
2024-07-08 06:56
Hurricane Beryl makes landfall near Texas Iranian voters pick moderate Masoud Pezeshkian as president French election to leave parliament divided July 8 (Reuters) - Oil prices edged lower on Monday after gaining for four weeks as supply disruption worries eased on hopes of a ceasefire deal in Gaza, but the potential impact of Hurricane Beryl on supplies kept the slide in check. Brent crude futures were down 42 cents, or 0.5%, at $86.12 a barrel, as at 1230 GMT. U.S. West Texas Intermediate (WTI) crude was at $82.64 a barrel, down 52 cents, or 0.63%. Talks over a U.S. ceasefire plan to end the nine-month-old war in Gaza are under way and being mediated by Qatar and Egypt. If anything concrete comes from the ceasefire talks, it will take some of geopolitical bid out of the market for now, said IG analyst Tony Sycamore. "Oil did not take advantage of the weaker dollar, coming under some selling pressure on rising expectations of a ceasefire in the Middle East," said Charalampos Pissouros, senior investment analyst at brokerage XM. Meanwhile, in the U.S., Hurricane Beryl made landfall near Matagorda, Texas on Monday. Ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for hurricane. Texas produces the most oil and natural gas than any area of the U.S. "Weekly settlement prices suggest that investors liked what they saw in spite of the pre-weekend profit-taking in oil, which continues this morning on the prospect of the resumption of ceasefire talks between Israel and Hamas and the closure of Texan ports", said PVM analyst Tamas Varga. Port closures could bring a temporary halt to crude and liquefied natural gas exports, oil shipments to refineries and motor fuel deliveries from those plants. "While this puts some offshore oil and gas production at risk, the concern when the storm makes landfall is the potential impact it could have on refinery infrastructure," ING analysts led by Warren Patterson said in a note. WTI gained 2.1% last week after data from the Energy Information Administration showed stockpiles for crude and refined products fell in the week ended June 28. IG's Sycamore said there is also a good chance of U.S. data showing another large weekly draw in U.S. oil inventories amid peak driving season. Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies. Sign up here. https://www.reuters.com/markets/commodities/oil-little-changed-investors-eye-impact-storm-beryl-texas-2024-07-08/
2024-07-08 06:55
Lightning kills 12 people in India's Bihar state Mumbai receives 300 mm of rain in six hours Train services, flight operations disrupted MUMBAI, July 8 (Reuters) - Heavy rains flooded roads and railway lines on Monday in India's financial capital Mumbai, disrupting flights and forcing the closure of schools and colleges. Just ahead of the morning rush hour, more than 300 mm (11.8 inches) of rain lashed the city of 12 million in the six hours through 7:00 a.m (0130 GMT), civic officials said in a statement. More heavy showers were forecast, accompanying a high tide of 4.40 metres (14 ft) in the coastal city. "There is heavy traffic on the roads and rail lines too have been affected," Eknath Shinde, chief minister of Maharashtra, the western state whose capital is Mumbai, said on X, urging people to stay indoors. Mumbai commuters waded through knee-deep water that partially submerged vehicles in many areas, while traffic clogged the city's Eastern and Western Express highways. Water on the tracks forced railway authorities to cancel some long-distance trains. Television images showed some suburban passenger trains halted on inundated lines and some commuters walking on tracks to reach their destination. "Mumbai and rain-induced flooding is an annual occurrence. My BMW car is stuck in the floodwater," Anil Bore told ANI news agency, in which Reuters has a minority stake. WIDESPREAD FLOODING India's seasonal monsoon rains, which start at the end of May, bring respite after a scorching summer but have also triggered widespread flooding in recent years. In Bihar state in the east, separate cases of lightning strikes killed 12 people, taking the toll from such incidents to 20 since the start of July, a state government official said. More than 2 million people have also been affected by rivers flooding in northeastern Assam, where the Kaziranga National Park, home to the rare one-horned rhinoceros, was inundated. Six of the animals drowned, authorities said on Sunday. Assam authorities said 66 people have died in floods and rain-related incidents since May. Flooding has also affected 31 villages in Uttar Pradesh state on the Nepal border, the state government said. Torrential monsoon rains have triggered floods and landslides in Nepal, where at least 11 people were killed. In Bangladesh, more than 2 million people were affected by the third wave of flooding since May, with 300,000 stranded in the north, officials from the disaster management ministry said. With heavy rain forecast in coming days, the situation could deteriorate, officials added. "We're definitely seeing more rain this year. It's making it tough for people, especially in low-lying areas, to secure their belongings and reach shelters in time," said Liakath Ali, head of climate change programme at development agency BRAC. Just 10 days after record-breaking showers in New Delhi caused the fatal collapse of an airport roof, Monday's Mumbai rains also disrupted air travel. Airport authorities had to suspend runway operations for more than an hour from 2:22 a.m., airport sources said. More than 430 flights were delayed and 49 cancelled, Flightradar24, a website that tracks flight data, showed. Airlines IndiGo (INGL.NS) New Tab, opens new tab, SpiceJet (SPJT.BO) New Tab, opens new tab and Air India were among those reporting disruptions. Sign up here. https://www.reuters.com/world/india/monsoon-rains-flood-indias-financial-capital-mumbai-2024-07-08/
2024-07-08 06:42
CAIRO, July 8 (Reuters) - Israeli forces pounded Gaza City early on Monday and columns of tanks advanced into the heart of the city from different directions in what residents said was one of the heaviest attacks since Oct 7. The Gaza Civil Emergency Service said it believed dozens of people were killed but emergency teams were unable to reach them because of ongoing offensives in Daraj and Tuffah in the east and Tel Al-Hawa, Sabra, and Rimal further west. Israeli tanks had so far been stationed in some areas of Tel Al-Hawa and Sabra but hadn't advanced deep into the three other districts, which residents said had been bombed throughout the night into the early morning hours. Several multi-floor buildings have been destroyed, they added. One of the Israeli tank thrusts, residents said, was from an eastern direction, pushing people towards the western road near the Mediterranean. "The enemy is behind us and the sea is in front of us, where we will we go?" said Abdel-Ghani, one Gaza City resident, who did not give his full name. "Tank shells and missiles from the planes are falling on the roads and houses like hell from a volcano. People are running in all directions and no one knows where to go," Abdel-Ghani told Reuters via a chat app. The Israeli military said in a statement it had been mounting an operation against militant infrastructure in the Gaza Strip, and that it had taken out of action more than 30 fighters who posed a threat to Israeli troops. The new Israeli offensive comes as Egypt, Qatar and the United States stepped up efforts to mediate a ceasefire agreement between Israel and the Palestinian militant group Hamas as the Gaza war entered its tenth month. Gaza residents said tanks advanced from at least three directions and reached the heart of Gaza City, backed by heavy Israeli fire from the air and ground. That forced thousands of people out of their homes to look for safer shelter, which for many was impossible to find, and some slept on the roadside. Medics at the Al-Ahli Arab Baptist Hospital in Gaza City had to evacuate patients to the already crowded and under-equipped Indonesian Hospital in the northern Gaza Strip, Palestinian health officials said. The war was triggered on Oct. 7 when fighters led by Hamas, which controlled Gaza, attacked southern Israel, killing 1,200 people and taking around 250 hostages, according to Israeli figures. More than 38,000 Palestinians have been killed in Israel's military offensive, according to Gaza health officials. Hopes among Gaza residents of a pause in the fighting had revived after Hamas accepted a key part of a U.S. ceasefire proposal, prompting an official in the Israeli negotiating team to say there was a real chance of a deal. Hamas has dropped a demand that Israel first commit to a permanent ceasefire before it would sign an agreement. Instead, the militant group said it would allow negotiations to achieve that throughout the six-week first phase, a Hamas source told Reuters on Saturday. But Israeli Prime Minister Benjamin Netanyahu insisted the deal must not prevent Israel from resuming fighting until its war objectives are met. Those goals were defined at the start of the war as dismantling Hamas' military and governing capabilities, as well as returning Israeli hostages. U.S. Central Intelligence Agency Director William Burns is to meet with the Qatari prime minister and the Israeli and Egyptian intelligence chiefs on Wednesday in Doha, said a source familiar with the issue who asked not to be further identified. Sign up here. https://www.reuters.com/world/middle-east/israeli-tanks-storm-gaza-city-districts-residents-report-heavy-fire-2024-07-08/
2024-07-08 06:28
BRUSSELS, July 8 (Reuters) - Last month was the hottest June on record, the EU's climate change monitoring service said on Monday, continuing a streak of exceptional temperatures that some scientists said puts 2024 on track to be the world's hottest recorded year. Every month since June 2023 - 13 months in a row - has ranked as the planet's hottest since records began, compared with the corresponding month in previous years, the European Union's Copernicus Climate Change Service (C3S) said in a monthly bulletin. The latest data suggest 2024 could outrank 2023 as the hottest year since records began after human-caused climate change and the El Nino natural weather phenomenon both pushed temperatures to record highs in the year so far, some scientists said. "I now estimate that there is an approximately 95% chance that 2024 beats 2023 to be the warmest year since global surface temperature records began in the mid-1800s," said Zeke Hausfather, a research scientist at Berkeley Earth. The changed climate has already unleashed disastrous consequences around the world in 2024. More than 1,000 people died in fierce heat during the haj pilgrimage last month. Heat deaths were recorded in New Dehli, which endured an unprecedentedly long heatwave, and amongst Greek tourists. Friederike Otto, a climate scientist at Imperial College London's Grantham Institute, said there was a "high chance" 2024 would rank as the hottest year on record. "El Nino is a naturally occurring phenomenon that will always come and go. We can't stop El Nino, but we can stop burning oil, gas, and coal," she said. The natural El Nino phenomenon, which warms the surface waters in the eastern Pacific Ocean, tends to raise global average temperatures. That effect subsided in recent months, with the world now in neutral conditions before cooler La Nina conditions are expected to form later this year. Greenhouse gas emissions from burning fossil fuels are the main cause of climate change. Despite promises to curb global warming, countries have so far failed collectively to reduce these emissions, pushing temperatures steadily higher for decades. In the 12 months ending in June, the world's average temperature was the highest on record for any such period, at 1.64 degrees Celsius above the average in the 1850-1900 pre-industrial period, C3S said. Sign up here. https://www.reuters.com/business/environment/2024-could-be-worlds-hottest-year-june-breaks-records-2024-07-08/
