Yellen in China | USTR Tai in Mexico | Europe: Diesel price surge, no reason to block glyphosate renewal
The U.S auto industry is showing signs of recovery, with an alignment between its production and inventory levels with robust consumer demand. The diesel market in Europe has experienced a surge, highlighting its susceptibility to shortages following the halt of imports from Russia earlier this year. Russian agricultural bank Rosselkhozbank said it was not considering setting up a subsidiary that could connect to the SWIFT global payments system, Interfax reported.
Adding to this, the Copernicus Climate Change Service, a research agency sustained by the European Union, disclosed that June has been the hottest on record. As per the climate scientists at Copernicus, the record-setting temperatures can be attributed to the industrial emissions of greenhouse gases over a span of several decades, coupled with the development of an intense El Niño weather pattern in the Pacific Ocean.
U.S. equities yesterday: All three major indices ended the session with losses with only the Nasdaq able to spend some time in positive territory early in the session. The Dow ended down 129.83 points, 0.38%, at 34,288.64. The Nasdaq was down 15.12 points, 0.18%, at 13,791.65. The S&P 500 declined 8.77 points, 0.20%, at 4,446.82.
The volatility seen in week-to-week figures is mitigated in the four-week moving average, which showed a decrease of 3,500, bringing it to 253,250. In terms of unadjusted figures, claims saw an increase of 20,838, reaching 250,556. Noteworthy upticks were seen in Michigan and New York. During the Federal Open Market Committee meeting on June 13-14, most Fed officials agreed on the pause in the growth of the Fed funds rate, maintaining its target range at 5 to 5-1/4%. The pause allows officials more time to assess the economy's progress towards the Committee's goals of employment and price stability. Nevertheless, they believed additional rate increases may still be needed this year.
The Fed staff maintains its prediction of a mild recession in the forecast later this year. Both the labor and product markets' tight resource utilization is expected to ease by 2025 with real output going below the potential output estimation and the unemployment rate surpassing its natural rate. • Iran’s oil exports have hit a five-year high in recent months as the country sells more to China and other countries, adding large volumes of discounted crude to a global energy market already struggling amid concerns over demand.
— Grain Gates LLC, a company created in the wake of the Ukraine invasion, has become Russia’s top wheat trader in the space of a year. It has links to Demetra, the country’s No. 2 wheat exporter last season, and is run by the firm’s former head of trading, Ilya Aliev. Bloomberg. Upshot: From a strategic viewpoint, this step to present Xi as a proponent for peace could work in favor of China, says one China watcher. It could help establish more constructive relations with European states and the European Union, effectively aiding China's broader geopolitical ambitions. It remains to be seen how this diplomatic maneuver from China will influence the geopolitics of the region.
Yellen got a foretaste of her Beijing reception while meeting on Monday with China’s ambassador to the U.S., Xie Feng. Xie"raised China’s main concerns in economic & trade areas, and required the U.S. side to take them seriously and take actions to resolve them," Liu Pengyu, the embassy’s spokesperson, tweeted on Tuesday.
Meanwhile, South Korea intends to increase testing measures but has not imposed any additional bans on Japanese products. Li suggested that as close neighbors, China and Japan should work towards a more harmonious relationship, aimed at strengthening bilateral ties, which is essential given how closely their economies are intertwined. This sentiment was, however, not officially conveyed by China in their public statement.
• This week’s talks between U.S. Trade Representative Katherine Tai, Canadian Trade Minister Mary Ng, and Mexican Economy Minister Raquel Buenrostro will allow them to assess the state of the agreement and discuss a series of disputes. Issues include U.S. and Canadian concerns about Mexican energy and biotech policies, U.S. concerns on Canadian dairy barriers, and Canadian objections to U.S. softwood lumber duties. Another issue is auto rules of origin regulations.
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