In Today's Digital Newspaper U.S. Secretary of State Antony Blinken spoke to China's foreign minister, Qin Gang, ahead of an expected visit to Beijing. Qin urged America to"stop interfering" in China's affairs, while Blinken advocated for communication"to avoid miscalculation and conflict". Blinken's planned visit to China in February was postponed after a suspected Chinese spy balloon was shot down over American territory. More in China section.
Jared Bernstein, a top economic adviser to President Biden, was narrowly confirmed by the Senate Tuesday night to serve as chairman of the White House's Council of Economic Advisers . The Biden administration's spring regulatory agenda outlines the potential timeline for several livestock-related actions. Details in Livestock section. Equities today: Global stock markets. In Asia, Japan +1.5%. Hong Kong -0.6%. China -0.1%. India +0.1%. In Europe, at midday, London +0.5%. Paris +0.9%. Frankfurt +0.6%. The U.S. Dow is currently down around 150 points.
Nvidia, a chipmaker, ended trading on Tuesday with a valuation over $1 trillion, becoming the seventh American company to do so. Shares in the firm have risen 181% this year, driven by booming demand for its semiconductors, which power generative artificial-intelligence systems. Nividia's stock closed at $410.22, having risen 3.9% over the day. Its market capitalization stood at around $1.01 trillion. • U.S. producer price index for May is expected to fall 0.1% from the prior month.
Yellen maintained that even traditional allies, like France using non-dollar transactions, have not found meaningful workarounds for using the dollar as a reserve currency. She also noted that the gradual increase in the share of other assets in countries' reserve holdings is a natural progression in a growing global economy.
• IEA: Oil demand to peak this decade as EVs boom. Rising demand for crude oil is set to slow to a trickle within five years and peak before the end of the decade, as electric-vehicle uptake surges and developed nations rapidly transition to cleaner sources of energy, according to a prominent energy forecaster.
— The U.S. previously warned Ukraine in June not to attack the Nord Stream pipelines, which transport Russian natural gas to Europe. This followed a tip from the Dutch military intelligence service concerning a Ukrainian plot to target the pipelines. CIA officials took the warning seriously, but questioned whether Kyiv had the capacity to carry out such an underwater attack. Despite this, the pipelines were struck on Sept. 26. Ukraine has denied any involvement in the incident.
The communication comes after a series of high-level exchanges between Beijing and Washington amidst strained ties, which worsened after an alleged Chinese spy balloon was shot down in U.S. airspace earlier this year. Currently, the proposed pipeline network is at a much larger scale than existing pipelines that carry carbon dioxide from ethanol. Three carbon pipeline companies anticipate construction to begin in 2024. State officials across the Midwest grapple with whether and how to approve the pipeline projects, leading to legislative battles over property rights and eminent domain.
EPA previously had agreed to finalize mandates for 2023, 2024 and 2025 by June 14 under a settlement agreement with the group. — The Securities and Exchange Commission plans to release their final rule on the controversial climate reporting rule in October, according to the Biden administration's spring regulatory agenda. The original target for finalizing the rule was 2022, but the comment period was extended until November 2022. The rule will primarily focus on reporting requirements for Scope 1 , Scope 2 , and Scope 3 .
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