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July 29th - Despite some speculation that the Federal Reserve might unexpectedly raise interest rates on Wednesday, Fundstrat Global Advisors market strategist Tom Lee believes this is unlikely, primarily based on recent progress on inflation. The latest inflation data shows that housing costs and other key components are slowing, giving the Fed room to keep rates unchanged. Therefore, it would be surprising if the Fed, which always emphasizes data collection, concluded that inflationary pressures remain strong based solely on surface observations. Admittedly, inflation has not yet returned to 2%, but the impact of tariffs and rising oil prices are distorting these figures. However, the Fed may consider further reducing its asset holdings on its balance sheet.TSMC (TSM.N): Raw material supply is normal.On July 29th, CSPC Pharmaceutical Group (01093.HK) announced in Hong Kong that its Phase II clinical trial (SYH2062-003) for the treatment of essential hypertension in adults, developed by the Group, has been officially launched at its first center in China. This product specifically silences the angiotensinogen (AGT) gene, inhibits the expression of the corresponding protein, and alleviates excessive activation of the renin-angiotensin system (RAAS), thereby exerting an effective pathway inhibition and long-term blood pressure control effect.On July 29, CSPC Pharmaceutical Group (01093.HK) announced in Hong Kong that CRB-701 (SYS6002), which the Group licensed to Corbus Pharmaceuticals, Inc. for development, has been approved by the U.S. Food and Drug Administration to initiate a registration clinical trial (trial code: TEMPO-1) for second-line treatment of oropharyngeal squamous cell carcinoma.Italian oil company Eni: Refineries will operate at maximum capacity in the third quarter.

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."


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