In Today's Digital Newspaper Turkey agreed to support Sweden's NATO bid in a breakthrough for the military alliance's push to strengthen its defenses following Russia's invasion of Ukraine. Meanwhile, Ukrainian President Volodymyr Zelenskyy scolded NATO for not setting a clear timeline on his country's bid to join the military alliance, even as its chief, Jens Stoltenberg said he will push for a fast-track process for Kyiv.
Mountain Valley Pipeline Construction blocked by Fourth Circuit. Water crossing permits issued for the Mountain Valley Pipeline have been put on holding pending an appeal by environmental groups that argue the project puts protected species at risk, according to a ruling issued Monday by the Fourth Circuit. More in Energy section.
The American Carbon Alliance was launched in Urbandale, Iowa, with the aim of harnessing the potential of carbon capture technology to strengthen the rural communities and America's agricultural economy. More in Policy section. Australia and the European Union's negotiations to conclude a free-trade agreement are at an impasse over Canberra's concerns that the bloc is offering insufficient access to the nation's agricultural exports.
MARKET FOCUS Equities today: Asian and European stock markets were mixed to firmer in overnight trading. U.S. Dow opened around 140 points higher. Wednesday brings the closely watched consumer price index reading for June, while data about wholesale inflation comes out Thursday. Most international markets rallied overnight thanks to news of more Chinese government support for the property sector and steady EU inflation data. In Asia, Japan flat. Hong Kong +1%. China +0.6%. India +0.4%.
Additionally, the SEC proposed increasing the minimum liquidity requirements for daily and weekly liquid assets to 25% and 50%, respectively. This change is anticipated to provide more robust buffers against sudden large-scale redemptions. These proposed rules were first introduced in December 2021, and the SEC is now voting on them post a period of public comments. The final rules are expected to deviate from the originally proposed versions.U.K. wage growth remains elevated.
Broadly, the Eurozone's inflation rate has dwindled to a 17-month low, registering at 5.5%. Nevertheless, key indicators are still high, with levels above the ECB's 2% target. Current interest rates within the bloc are set at 3.5%. • Berkshire Hathaway Energy agreed to buy Dominion Energy Inc.'s stake in a Maryland liquefied natural gas export project for $3.3 billion. The deal gives Berkshire control of one of just seven operational U.S. facilities.
Moreover, this strike threatens a substantial portion of the potash trade, already disturbed by sanctions on Russian and Belarusian supplies. This impact could hit Southern Hemisphere farmers the hardest. • Rice prices in Asia have surged to the highest in more than two years as importers build up stockpiles on fears that the onset of El Niño will parch plantations and damage crops. A benchmark grade in the region, Thai white rice 5% broken, has climbed about 15% in the past four months to $535 a ton, the strongest since early March 2021, according to data from the Thai Rice Exporters Association. Bloomberg.
Both nations are the two largest investors in clean energy. Major divisions remain over the rate each should halt their dangerous fossil fuel emissions. — China's state-run media indicated the potential for additional policies aimed at bolstering the real estate segment, signaling a response to the intensifying stress in the country's $12 trillion onshore credit market. Chinese authorities have recently helped prop up the struggling property market, and reports hint at the possible development of supplementary support measures for the same, coupled with initiatives to stimulate business confidence.
— Update on China's change to soybean inspections. On Monday we reported China's customs agency will require importers to stage imported soybeans at specific warehouses before they get quarantine permission for the shipments to enter the domestic market. That will only pertain to imported soybeans at the Qianhai Mercantile Exchange, according to Reuters.
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