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NATO allies discuss Hormuz tensions and mission with Gulf Arabs
On Tuesday, NATO foreign ministers are scheduled to meet their Gulf Arab counterparts in order to discuss the current stalemate regarding the reopening of the Strait of Hormuz. This will include a Franco-British initiative for a multilateral maritime mission which Iran has rejected so far. Ministers from Bahrain Kuwait Qatar and United Arab Emirates will attend the meeting, which is taking place on the sidelines a NATO summit being held in Ankara. This comes after weeks of tensions along the Strait of Hormuz despite a temporary U.S. Iran peace agreement. SHOWING SUPPORT FOR GULF ARAB NATIONS UKMTO, the United Kingdom Maritime Trade Operations agency, reported early on Tuesday morning that a 'tanker' was hit east of Oman Limah. Axios had reported that Iran's Revolutionary Guards had fired at least two rockets at commercial vessels?transiting through the Strait of Hormuz. Maxime Prevot, the Belgian Foreign Minister, said that the Iranians had targeted the Gulf countries directly this spring, including Bahrain, Kuwait and Qatar. "Their stability is inextricably tied to ours." He added that the issue goes beyond just the Strait of Hormuz, no matter how important it is for "Europe's security of energy". TRUMP CRITICIZES NATO ON HORMUZ After the United States and Israel launched a military operation against it in February, Iran began blocking the waterway. The passage is still difficult despite the mid-June interim agreement, which has driven up oil prices and shipping costs, as well as put pressure on global supply chain. NATO allies avoided direct involvement in this conflict and instead focused on plans outside of the alliance to reopen this strait through which a fifth or more of the world’s oil supplies normally pass. Donald Trump, who is due to arrive in Ankara on Tuesday evening, has criticized NATO allies' reluctance?to contribute to efforts to reopen this waterway. IRANIAN BACKING IS NEEDED FOR THE FRANCO BRITISH MISSION The European nations said that they did not want to get involved in the war which was started without their consent, but were ready to help secure the Strait after the war. France and Britain are leading efforts to form a coalition of?roughly 12 countries? that will guarantee safe passage across the Strait when tensions subside or the conflict is settled. However, any long-term agreement would require Iranian consent. Iran has consistently opposed any 'foreign military presence' in the region and dismissed last week remarks made by French President Emmanuel Macron indicating that the mission would continue. In the area, several NATO allies operate warships, minehunters and support vessels. Paris and London are hoping to announce an initial mission within the next few days in the Gulf of Oman. This waterway connects the Arabian Sea with the Strait of Hormuz, and is bordered by Iran and the UAE. A Franco-British statement issued on July 3 stated that "The Sultanate of Oman agreed to work with United Kingdom and France in order to ensure the safety of navigation within its sovereign territorial waterways." (Reporting and editing by Andrei Khalip, John Irish)
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could have an impact on individual stocks or the markets in?France or Benelux. French airline 'Air - France' has extended the suspension of flights to Beirut to July 20, and suspended flights from Dubai to July 6. Flights to Riyadh, Tel -Aviv and Riyadh have been resumed. EIFFAGE: French group Eiffage has acquired 80% of the construction businesses of 'Baatz Group in Luxembourg. This business generated EUR142 million revenue by 2025. EPC Groupe: French construction company EPC Groupe has won a contract for underground work as part of "a hydroelectric project" in France. The project is expected to last 24 months. OLYMPIQUE LYONNAIS has extended the contract of midfielder Corentin tolisso until 2029. SAINT-GOBAIN : French building materials firm Saint-Gobain has acquired Xypex - a leader in waterproofing solutions - and is expected to complete the deal in Q4 of 2026. Pan-European market ?data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ ?STOXX ?index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top ?25 European pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. ?Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
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Graffiti artist accused for scaling Australian bridge tower to paint giant cartoon bird
The Australian police arrested an Australian man on Tuesday for allegedly climbing a tower of a cantilever bridge that is 460 feet high and painting a cartoon bird. Instagram footage posted from Bolte bridge, near the city's business district, shows a man hanging his legs off the top of the tower. In subsequent posts he requested lower taxes in Australia, and that a?peanut butter sandwich delivered by drone be sent to him before he came down. The police were unable to comply with the demand, and a lane was closed on the bridge. This caused commuters' traffic to be disrupted. Paul Hogan is an acting sergeant at the?Victoria Police. He said that a 22-year old?man had been arrested after descending from a tower. The man is accused of spray painting an exterior wall. "As the morning progressed, the man allegedly did not follow the police's direction to come down," said he. According to a police statement, significant resources were deployed at the site, including uniformed officers, highway patrol agents, a critical event response team, as well as Search & Rescue and Water Police. The graffiti on this bridge is reminiscent of a symbol called 'Pam the Bird', which has appeared on many buildings in Melbourne over the past few years, including the heritage-listed Flinders Street Railway?station. The police report did not mention what finally convinced the man to come back down. The Instagram account posted: "The audacity of flying a drone with no sandwich." (Reporting and editing by Michael Perry, Edwina Gibbs and Alasdair pal in Sydney)
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Richard White, co-founder of Australia's WiseTech, steps down from his position as executive chairman
Australia's WiseTech Global?admitted on Tuesday that Richard White, co-founder, would step down from his executive position, effective immediately. Raelene Murphy was appointed independent chair. Murphy, who was appointed to the board of directors at the beginning of '09, became the lead independent director before taking on her new position in May. As of 0028 GMT, shares of WiseTech had risen by as much as 8.2%. They were trading at A$38.28. White stated that recent media attention to WiseTech is a distraction from its strength. "Further I am aware that personal attacks against me in the media, which are not connected to the performance of our Company but have the potential to encourage short-selling activity." Since allegations about White’s personal life were first made public in late 2024, shares in the company have been under pressure. Late in June, reports said that the Australian Federal Police was investigating White for alleged allegations that he had exploited an?immigrant's status? for sex as well as provided false information on a visa application.
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Data shows that Japan-owned supertankers are heading to the Strait of Hormuz, carrying Saudi Arabian crude oil.
Shipping data from LSEG & Kpler revealed that two more Japanese-owned supertankers, carrying 'Saudi Arabian crude, were headed to the Strait of Hormuz on Tuesday to 'exit the gulf, joining a fleet previously stranded ships who left a day before. LSEG data revealed that one of the tankers was owned and managed by Nippon Yusen KK, and the other by Kawasaki Kisen Kaisha. Kpler data revealed that each of the tankers?loaded two million barrels Saudi crude on 1 March. The 'companies' did not immediately respond to requests for comment. This latest move would increase the volume of crude on board vessels linked to Japan that leave the Strait of Hormuz this week from 16 million barrels, thus reducing the amount of stranded oil in the Gulf. Six very large crude carriers, loaded with 12,000,000 barrels of Middle Eastern crude, two chemical tanks, a vehicle transporter, and a container ship, all linked to Japan, left the Strait on 'Monday. The tankers were carrying crudes that came from 'Saudi Arabia, United Arab Emirates and Qatar. They were loaded between late February and early March. Mitsui O.S.K., a Japanese shipping company, manages the majority of these vessels. Lines (MOL). Lines (MOL).
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The death toll in Venezuela earthquakes has risen to 3,535, while thousands of people remain displaced
Authorities announced on Monday that the death toll in Venezuela's twin earthquakes has risen to 3,535. Nearly 18,000 people are still homeless, more than a month after the disaster hit the capital and coastal areas. Jorge Rodriguez, a top lawmaker in Venezuela, said that the latest official count showed 16,740 injured people and 17,854 without housing following the June 24 earthquakes. The quakes measured magnitudes of 7.2 and 7.4 and were seconds apart. New figures show the extent of the catastrophe in and around Caracas, La Guaira - the area most affected by the quakes - as well as the damage to the surrounding areas. Venezuela's vice president for social affairs said that at least 12,800 people were staying in 80 shelters throughout Caracas and La Guaira. HEALTH RISKS OF TEMPORARY SHELDERS Dr. Mauricio Calderon, an advisor to the Emergency Operations Center at the Pan American Health Organization, in Washington, warned about the growing health risks in these temporary sites. Cerpa said that the establishment of temporary camps or shelters is a common event following an earthquake. These health risks are due to overcrowding and limited ventilation. They also include issues with water and sanitation, inadequate food handling, and improper waste management. Cerpa stated that the immediate priority is to address "respiratory infection, diarrhea, skin disease, wound infections and dengue as well as vaccine-preventable illnesses such as tetanus measles rubella diphtheria pertussis polio and tetanus." Delcy Rodriguez, the acting president of Venezuela, has defended her government's handling the disaster in the face of growing frustration among Venezuelans. They have described it as inadequate and late. International rescue committees and other global humanitarian organizations have also criticised the government's reaction. Rodriguez announced that security forces had been deployed as soon as the earthquakes occurred and a new unit was being created to help deal with future emergencies and natural disasters. AUTHORITIES BURROW EARTHQUAKE VICTIMS Witnesses saw forensic workers and trucks transporting coffins on Monday in La Guaira, while machines dug trenches at an open area marked with white crosses where authorities were burying bodies. The Ministry of Communication and Information of Venezuela did not respond immediately to a comment request. Some graves were marked with numbers and some with names, according to photos published in the Spanish newspaper El Pais. Cerpa stated that PAHO and World Health Organization provided?technical guides and body bags as well as three refrigerated container for body management in the port of La Guaira as well as two crematoriums at other locations. The United Nations has said that it will continue to increase its aid operations in coordination and cooperation with the government of Caracas. U.N. spokesperson Stephane Dujarric said to reporters that "some search and rescue teams continue to be deployed in affected areas while other specialized engineering and medical teams continue to arrive." Cerpa said that the national health authorities are evaluating vaccination campaigns for temporary shelters on the basis of risk, vaccine availability, and national guidelines.
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PJM claims that emergency electricity conservation during the US heatwave kept power demand below record levels
PJM, the operator of America's largest power grid, said on Monday that the emergency conservation measures taken last week 'likely prevented electricity demand from exceeding a record set in 2006 as scorching temperatures gripped the eastern U.S. PJM is unable to meet the soaring demand caused primarily by energy-hungry new data centers. The soaring demand for electricity is primarily due to the expansion of energy-hungry data centers. This has led to fears about reliability during extreme weather conditions and increased prices in capacity markets that are designed ensure there's enough power available during peak demand times. According to preliminary data, PJM's peak instantlyaneous load on July 2 was 162,700 megawatts between 5 p.m. - 6 p.m. The total was still not far from the 2006 record of 165.600 MW. If PJM had not taken ?emergency electricity-reduction actions, like activating a so-called "demand response" program that pays participating users ?to lower their usage, the ?peak load would have been even higher, and would likely have surpassed the all-time PJM record, the operator said. PJM serves approximately 67 million Americans. Mid Atlantic and Midwest had warned of a possible demand that could surpass or challenge its all-time record for summer peak power, 165.6 gigawatts set in 2006. Weather forecasters called it a "heat-dome", but a hot and dry high pressure wave pushed temperatures dangerously high across eastern?U.S. Over the Independence Day Weekend. The heatwave caused homes and businesses to increase their air conditioning, increasing electricity consumption. The preliminary data shows that demand was 154,976MW between the hours of 5 pm and 6 pm on July 3, 145.098MW between 4pm and 5pm on July 4, 134,332MW between 6pm and 5pm on July 5, and a total of 134,332MW between 6pm and 5pm on July 5. The operator said that the load peaked Thursday and then dropped on subsequent days. They cited slightly milder temperatures and lower electricity consumption on weekends and holidays because businesses and other institutions are closed. (Reporting by Anjana Anil in Bengaluru; editing by Laila Kearney, Liz Hampton and David Gregorio)
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S&P 500 and Nasdaq end sharply higher after Broadcom rally
Broadcom - and other chip stocks - rallied on Monday as investors 'bought shares of companies that are related to artificial intelligence, which?are hoped to drive a robust second quarter earnings season. Broadcom's stock jumped when Apple and the chipmaker agreed to extend their agreement through 2031 for the development and supply of a range custom chips. After two consecutive sessions of losses, the Philadelphia SE Semiconductor Index gained. This is a market where a lot people are left out. Jake Dollarhide is the chief executive officer at Longbow Asset Management, located in Tulsa. He said that if you are not invested in certain technology names or semiconductors, you will miss out on this entire rally. "I believe it's an extremely?tenuous rallie. The risk is there, especially if the Fed keeps raising interest rates. SK Hynix, a South Korean company, was scheduled to debut this week on Nasdaq. This is due to the massive demand from investors for AI-related chips. Microsoft shares dropped after the tech giant announced it would cut about 2,1% of its workforce - or 4,800 jobs. The market says that Microsoft cannot afford its entire CapEx, and there is no 'clear' return on capital invested yet. Thomas Hayes is the chairman of Great Hill Capital LLC. He said that laying off employees in order to moderate CapEx spending was perceived as a bad thing. The Institute for Supply Management reported that its non-manufacturingPurchasing Managers Index edged down to 54.0 last month, which was in line with expectations. The preliminary data shows that the S&P 500 rose 55.10 points or 0.74% to 7,538.34, and the Nasdaq Composite climbed 288.49 or 1.12% to 26,121.16. The Dow Jones Industrial Average increased 159.68, or 0.29, points to 53,053.59. The S&P 500 has gained about 10% by 2026 and the Nasdaq about 12%. Investors have high expectations as major U.S. firms are set to report quarterly earnings within the next few weeks. According to LSEG 'I/B/E/S, analysts expect S&P companies to increase their earnings an aggregate of 24% in the'second quarter. The tech sector is expected to see earnings jump by around 65%. Delta Air Lines, PepsiCo and other companies are expected to release their results in the coming week. According to CME's FedWatch, traders see a 25% probability of a 25 basis-point rate increase at the central banks July 29 meeting following a less-than-expected job report last week. After the Fed's first meeting under Kevin Warsh, hawkish bets were on the rise. Minutes are due Wednesday. Fed Governor Christopher Waller stated?on Monday? that forward guidance is a "valuable tool" which can accelerate the impact of monetary policies under the right circumstances. However, it can be problematic when used rigidly. O'Reilly Automotive shares fell after Bloomberg News reported Thursday that the auto part retailer had sent a cash bid to purchase Genuine Parts. Genuine Parts fell as well. Reporting by Ragini Mathematics and Avinash P from Bengalur, and Noel Randewich from San Francisco. Editing by Pooja Deai and David Gregorio.
Saudi Arabia is considering expanding oil pipelines to the Red Sea, according to sources
Saudi Arabia may expand the capacity of its crude?oil pipeline to the western Red Sea coast, according to five sources familiar with the matter. This would allow the kingdom, and perhaps neighbours, to 'transport' more oil without having to cross the Strait of Hormuz. The East-West Pipeline was constructed in the early 1980s, and it has been crucial ever since the Iran War and the subsequent halt of shipping through the Strait of Hormuz.
The ship can carry up to 7,000,000 barrels of crude per day to the Red Sea Port of Yanbu. In May, Aramco's CEO said that approximately 5 million barrels per day are exported and 2 million barrels per day feed refineries along the west coast.
Talks with neighbouring countries
Sources said that the kingdom has begun preliminary discussions with its neighbours regarding the expansion of the capacity?of the pipeline by as much as 2 million bpd.
Uncertainty surrounded Aramco’s capacity expansion plans. Would they involve upgrading existing infrastructure, or building a new pipeline? According to one source, the capacity increase will include a second smaller pipe for oil products.
Kuwait, Bahrain, and Qatar lack routes to bypass Hormuz, while Iraq's pipeline from Turkey is plagued by disputes and frequent shutdowns and runs below capacity.
Kuwait Petroleum Corporation CEO, Sheikh Nawaf Al-Sabah, told the Atlantic Council Global Energy Forum that "we are in discussion with our brothers in Saudi Arabia and the emirates about how to expand their pipeline system to accommodate Kuwaiti barges."
Two sources stated that the expansion could be between 1 and 2 million bpd. Refined products are also being considered. Another source stated that it would take years and cost billions to change the Saudi crude pricing mechanism.
Iran's blockade forced Gulf producers shut down as much as 12,000,000 bpd. Prices soared. After a preliminary U.S./Iran agreement last month, flows?have partially resumed but remain below prewar levels.
Kuwait declared force majeure back in March, and Bahrain's refinery Sitra was hit by Iranian missiles multiple times.
The recent talks between Saudi Arabia, Kuwait, and Qatar about new pipelines reflect a broader strategic reality. "The conflict has focused regional minds on the dangers of relying on Hormuz alone," said Zaid Bebagi, managing director at Hardcastle Advisory in London.
Aramco refused to comment, while the Saudi Arabian and Bahraini government communication offices,?the Iraqi Oil Ministry and QatarEnergy didn't respond to immediate requests for comments.
Qatar, which exports primarily LNG, faces greater technical obstacles and is looking at several alternatives, including Saudi Arabia, according to three sources.
The UAE has finished half of the 'new West-East Pipeline, which will double crude oil capacity from Fujairah to Fujairah once it is operational in next year. The existing Abu Dhabi pipeline can carry up to 1.8 millions bpd.
One industry source stated that an expansion by Saudi Arabia could indicate the next phase in the Saudi-UAE rivalry will be a race for the top of oil production and, therefore, a race towards the bottom prices.
(source: Reuters)