Today's Top News:
1. Hottest day on record globally. As we source data from around the world, we are focusing on the risks associated with global warming. Global average temperatures rose to a record of 16.9 degrees Celsius in 2016, reaching 17 degrees this year. This summer has put millions of people around the world at risk, with China in the midst of a scorching heatwave, Beijing breaking records, last month's heatwave in India linked to deaths in some impoverished areas, and the UK just experiencing its hottest June on record.
2. Japan's nuclear wastewater plan approved. The International Atomic Energy Agency has completed a two-year assessment of Japan's plan to discharge wastewater from the Fukushima nuclear disaster site and deemed it compliant with global safety standards. Not everyone is happy though, with China's foreign ministry warning last month that the sea "is not Japan's private sewer". How much contaminated water needs to be processed remains to be seen, with the process likely to take around 40 years.
3. Moderna to announce billions in China investment. U.S. pharma giant Moderna is set to announce its first investment in China as early as Wednesday. According to local media Yicai, Moderna is likely to undertake multiple projects in collaboration with Chinese partners, with a total investment of around one billion dollars, and is actively communicating with Chinese regulatory bodies.
4. Tesla China production up nearly 20%. Tesla's production in China in June rose by nearly 20%, making a contribution to the company's record quarterly sales. The company shipped 93,680 cars from its Shanghai plant last month. With Tesla lowering prices on its Model 3 and Model Y SUVs, built in China, sales momentum has been gradually picking up. Meanwhile, rival BYD is building its first electric vehicle factory outside of China in Brazil, in a bid to expand its geographic reach amid a surge in global sales. The company is also planning investments in Thailand and Vietnam.
5. Quiet holiday. Asian stocks opened lower after the U.S. market holiday. Futures in Hong Kong, Japan and Australia all declined, as contracts for the S&P 500 and Nasdaq 100 indexes also edged lower. Global stock trading was relatively quiet Tuesday as U.S. markets observed the Independence Day holiday. Asian investors will be watching for the Caixin China PMI for additional clues to the health of the Chinese economy. Chinese stocks have underperformed global and regional benchmarks this year, with the currency also under downward pressure.
1. Xi Jinping's metal restrictions may backfire.2. Twitter's plight comes at a ripe time for Meta's commentary.3. Consultancy fees on $64 billion bank transactions come to just 0.0002%.4. Odey's hedge fund empire crashes after sexual assault allegations.5. Australia's fossil fuel giant seriously underestimated methane leakage.6. Number of counterfeit designer watches on the rise.
Most of the global commodity prices have dropped significantly this year to absorb the supply shock caused by Russia's invasion of Ukraine in February 2022. Agricultural products are the only exception, with prices generally steady and relatively high compared to other raw materials. This is partly because food and fertilizers are more likely to be affected by war, interrupting supplies from key agricultural regions. But there is also a clear connection to the impact of climate change on global farmers. This can only add to concerns about a slowdown in economic growth and an uptick in inflation, partly due to rising wage demands to ensure that workers can afford enough food, if these essentials stay at a high price.