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According to RIA Novosti, a drone strike by Ukraine on Nizhny Kamsk, Russia, has killed 12 people and injured 39.On August 10th, SenseTime (00020.HK) announced that it has recently secured a multi-million yuan education contract with the Saudi National School Bus Operations and Management Authority to jointly develop a nationwide smart school bus integrated digital management platform centered on artificial intelligence. This platform will serve over 1.2 million students in Saudi Arabia, constructing an end-to-end digital management system covering the entire process of commuting to and from school. It will achieve integrated upgrades in school bus operation, safety supervision, service collaboration, and data governance, providing crucial support for the digitalization of education and the modernization of public services in Saudi Arabia.Futures Commentary by Everbright Futures: Market sentiment was alternately dominated by US macroeconomic data and geopolitical tensions, with gold experiencing its strongest weekly performance this year last week. Since the second half of the year, gold price movements have shown signs of desensitization to US-Iran geopolitical tensions, with market focus primarily on whether the Federal Reserve "dares" to raise interest rates. Previously, US economic data showed resilience, but inflation data was somewhat stubborn, leading to a surge in expectations of a rate hike, particularly with the probability of a rate hike at the Feds September meeting rising. However, with the weakening performance of US stocks at their high levels and the instability of employment data, the market questioned the Feds, especially Warshs, "hawkish" approach. The unexpectedly weak non-farm payroll data directly shattered previous market pricing in a September rate hike, causing US Treasury yields and the dollar to weaken in tandem, reinforcing the view that the US is struggling between high debt and persistent inflation. Furthermore, while previous outflows from gold ETFs dealt a blow to the market, data from the World Gold Council showed that central banks made a record net purchase of 289 tons of gold in the second quarter, with the Peoples Bank of China increasing its gold purchases for five consecutive months, further boosting market confidence. Therefore, overall, the view that the current position is the bottom range for gold is becoming more solidified, and it is advisable to buy on dips. In the short term, attention should be paid to whether there is a risk of profit-taking due to short-term emotional euphoria after golds continuous rise.The Central Bank of Uzbekistan reported that its gold and foreign exchange reserves totaled $64.347 billion in July (up from $63.757 billion previously).Euro Stoxx 50 futures fell 0.02%, German DAX futures fell 0.02%, and UK FTSE 100 futures fell 0.39%.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."