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On July 26, Australian Prime Minister Barnes stated that he would raise the issue of tariffs with US President Trump. This comes after Washington imposed new tariffs on trading partners, including Australia. The Labor government, led by Barnes, has called the tariffs unreasonable and expressed its desire for their removal. When asked if he would discuss the issue with Trump, Barnes replied, "Of course." "We will raise this issue at all levels of the Australia-US relationship, and in fact, we have already done so."July 26 – According to Politico, as the US-Iran conflict continues, Arab countries suffering retaliatory attacks from Tehran are attempting to unite and find a path to peace. However, long-standing contradictions are hindering this process. In recent weeks, senior officials from the UAE and Saudi Arabia have publicly posed for photos together, demonstrating a thaw in relations; Jordan and six members of the Gulf Cooperation Council (GCC) have also held talks at the US State Department and Capitol Hill; and the GCC has issued several joint statements condemning Irans attacks. However, several Arab diplomats, current and former US officials, and people familiar with the regional situation say that while these countries all want to ensure the Strait of Hormuz remains open, their differing priorities in how to achieve this goal are hindering substantial progress. These differences include a series of conflicting interests, such as which countries possess alternative shipping lanes, which countries have the deepest infrastructure ties with Iran, and which countrys economy will suffer the greatest losses in the current crisis. An Iraqi official stated, "They are working together to visit the U.S. Congress and the State Department to coordinate their messaging. But they are not on the same page." The Gulf Cooperation Council (GCC), comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, already had numerous internal divisions before the current conflict, and the war with Iran is further amplifying these contradictions. "They have many issues to resolve, and this war has exacerbated the existing divisions in the Gulf region," said David Schenker, former U.S. State Department director for Middle East affairs.July 26 - Queensland, Australia, confirmed a case of highly pathogenic H5N1 avian influenza on July 25. This is the fourth state in the country to confirm a case of H5N1 avian influenza since June.July 26 - Japanese media reported on the 25th that the temperature in Mie Prefecture in central Japan reached 40.2 degrees Celsius that afternoon. This marks the fifth consecutive day that Japan has experienced temperatures above 40 degrees Celsius, setting a new record for the longest such streak since records began in 2010.The Korea Automobile and Mobility Industry Association (KAMA) predicts that domestic car sales in South Korea will increase by 2.7% year-on-year in the second half of the year, reaching 865,000 vehicles, with total sales for the year reaching 1.71 million vehicles.

Gold And Copper Fall As China's Uncertainty Strengthens The Dollar

Skylar Williams

Nov 07, 2022 14:13

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China's reaffirmation of its zero-COVID policy heightened worries of a slowing economy and boosted the yuan, sending gold and copper prices to fall on Monday, erasing significant gains from the previous session.


In the early Asian trading session, spot gold fell 0.4% to $1,674.12 per ounce, while gold futures fell 0.5% to $1,677.30 per ounce. Following the announcement of stronger-than-expected U.S. nonfarm payrolls data for October, gold prices increased significantly on Friday, while the dollar fell.


On Monday, however, the dollar reversed its previous declines, with the dollar index increasing 0.2%. Chinese health officials said over the weekend that the government remained "unwaveringly" committed to its stringent zero-COVID policy, damping expectations of a U-turn that had prompted a big stock market increase the previous week.


The decision augurs future supply chain and economic problems emerging from the country, which boosted the dollar. Since growing interest rates have raised the potential cost of holding gold, the dollar has significantly overtaken gold as a safe haven.


The Federal Reserve has declared that it would continue to increase interest rates to battle inflation, which is expected to exert downward pressure on gold over the next several months. The positive employment report released last week gives the central bank greater room to raise interest rates.


This week's focus is on the U.S. inflation numbers for October, which are anticipated to show that price pressures remained around their highest levels in forty years. The Fed is likely to take further aggressive measures in response to such a reading.


China, the world's largest importer of the industrial metal, is anticipated to lower its demand for copper on Monday, leading copper prices to drop significantly. Copper futures decreased by 2% to $3,62.35 per ounce, erasing Friday's significant increase.


This year, China's zero-COVID policy halted the nation's economic development and hampered its appetite for imports of raw materials. It is predicted that commodity markets will continue to collapse as a consequence of the nation's reaffirmation of its commitment to the program.


In spite of this, copper prices are anticipated to increase substantially in the coming months as a result of a tighter supply, especially as Chile, the world's largest copper producer, reduces production.


In addition to sanctions imposed by the United States on Russian exporters, rising demand in the electric vehicle industry is expected to constrain supply.

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