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  Bloomberg

  Forget China, The Hot Money in Mining Is Suddenly Saudi

  (Bloomberg) -- A $2.6 billion deal announced last week has set the stage for a potentially landmark shift in the metal and mining investment landscape: the arrival of Saudi Arabia as a pivotal player. Most Read from BloombergLots of US Homeowners Want to Move. They Just Have Nowhere to GoAsia’s Richest Families Fuel Race for Lucrative Finance JobsBurning Ship’s Operator Says Almost 500 EVs Are on BoardChina Stops Short of Direct Consumer Support to Spur EconomyStocks Waver as Risk Appetite Cools

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  The Wall Street Journal

  Oil Prices Head for Biggest Monthly Climb In Over a Year

  Crude prices are on track for their biggest one-month advance since January last year, as traders brace for cuts by Saudi Arabia and Russia to tighten supplies. Brent crude futures, the global oil benchmark, have risen 13% in July to about $85 a barrel.

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  Reuters

  Oil to drift lower as slower growth offsets OPEC+ cuts: Reuters poll

  Oil prices will stall this year as weak economic growth is expected to curb demand and offset the impact of OPEC+ production cuts on supply, a Reuters poll showed on Monday. U.S. crude was seen averaging $77.20 a barrel in 2023, down from the previous month's $78.38 forecast, and $78.25 in 2024. "We expect the impact of high interest rate levels to start curbing economic growth more strongly over H2 2023," data and analytics firm Kpler said, maintaining "a comparatively bearish view on the market".

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  Reuters

  Analysis-Oil inventory drops set stage for higher prices

  Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months. JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies. Both the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) expect oil demand to outpace supply this year, leading to overall inventory draws to the tune of 400,000 to 500,000 barrels per day (bpd), mostly accounted for by the second half of the year.

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  Bloomberg

  Has America’s Air Travel Boom Peaked?

  (Bloomberg) -- The air travel boom in the US appears to be fading.Most Read from BloombergLots of US Homeowners Want to Move. They Just Have Nowhere to GoAsia’s Richest Families Fuel Race for Lucrative Finance JobsBurning Ship’s Operator Says Almost 500 EVs Are on BoardChina Stops Short of Direct Consumer Support to Spur EconomyStocks Waver as Risk Appetite Cools; Yen Falls: Markets WrapPurchases by US consumers directly from major domestic airlines declined across the board in the second quarte

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  Reuters

  Toyota to boost EV development and technology in China

  Toyota will strengthen development of electric vehicle technology in China, the automaker said on Monday, as it looks to catch up with increasingly tough domestic competition in the world's largest auto market. It recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries. China was once regarded by foreign automakers as an opportunity for almost boundless growth.

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  Reuters

  Chinese firms ramp up investment in S.Korea to get US EV tax credits

  Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. Five battery materials plants worth about 5.6 trillion won ($4.4 billion) in total have been announced this year by Chinese companies and local partners in South Korea, including battery firms POSCO Future M and SK On, according to a Reuters review of project announcements. The deals follow the introduction of the U.S.'s Inflation Reduction Act (IRA), which requires at least 40% of the value of critical minerals used in an auto battery to be sourced from the United States or a free trade partner to qualify for a $3,750 tax credit per vehicle.

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  Reuters

  Vietnam food assoc official says no immediate plan to curb rice exports

  HANOI (Reuters) -Vietnam has no immediate plans to restrict rice exports, a senior official of the country's food association said on Monday, after India's export curbs sparked worries about global supplies of the staple. "At the moment, Vietnamese companies are exporting rice normally," said Nguyen Ngoc Nam, chairman of the Vietnam Food Association, which represents the country's rice processors and exporters and works closely with the government. India, which accounts for 40% of world rice exports, ordered a halt to its largest export category more than a week ago to calm domestic prices, which have climbed to multi-year highs in recent weeks as erratic weather threatened production.

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  Reuters

  Japan factory output rises 2% in June as demand buoys manufacturers

  Many countries, including Japan, are relying on domestic consumption to underpin growth while the risk of global recession persists. "Production is likely to continue to pick up on the back of resilient domestic demand, particularly for private consumption," said Taro Saito, executive research fellow at NLI Research Institute. "However, the pace of recovery is likely to be moderate due to continued sluggish export growth caused by slowdown in overseas economies."

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  FreightWaves

  Borderlands: BNSF Railway rethinks plan to build Texas logistics center after community opposition

  This week in Borderlands: BNSF Railway rethinks its plan to build a Texas logistics center after community opposition; Paschall Truck Lines adds a new cross-border terminal; Niagara Bottling will build a logistics center in Central Texas; and the Commerce Department honors three Texas-based export businesses. The post Borderlands: BNSF Railway rethinks plan to build Texas logistics center after community opposition appeared first on FreightWaves.

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  Bloomberg

  Traders Brace for $102 Billion Wave of Treasury Bond Sales

  (Bloomberg) -- The US Treasury is set this week to begin a ramp-up in issuance of longer-dated securities that’s likely to stretch into next year, forced by a rapidly deteriorating budget deficit and soaring interest rates.Most Read from BloombergLots of US Homeowners Want to Move. They Just Have Nowhere to GoAsia’s Richest Families Fuel Race for Lucrative Finance JobsBurning Ship’s Operator Says Almost 500 EVs Are on BoardChina Stops Short of Direct Consumer Support to Spur EconomyStocks Waver