BHP CEO Mike Henry has continued pressuring the debt-heavy Queensland Labor government over its contentious decision to raise mining royalties in the coal-rich state. Henry reiterated that recent policies from the state (and federal) government would compel the global mining giant to pull investment from the region, despite major opportunities in critical mineral mining. “Capital…
Global Mining CEO Says Chile Easier to Deal With Than the Queensland Government
June 27, 2023
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Closing Prices for Crude Oil, Gold, and Other Commodities (June 26)
June 26, 2023
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Benchmark U.S. crude oil for August delivery rose 21 cents to $69.37 a barrel Monday. Brent crude for August delivery rose 33 cents to $74.18 a barrel. Wholesale gasoline for July delivery rose 2 cents $2.54 a gallon. July heating oil rose 3 cents to $2.44 a gallon. July natural gas rose 6 cents to…
How Major US Stock Indexes Fared June 26
Stocks drifted lower as Wall Street’s pullback from its recent rally carried into a second week. The S&P 500 fell 0.4 percent Monday. The index remains close to its highest level in a year. Tech stocks were the heaviest weights on the market and helped drag the Nasdaq to a loss of 1.2 percent. The…
Stock Market Today: Wall Street Drifts to Start What Could Be a Quiet Week
NEW YORK—Stock indexes drifted lower Monday as Wall Street’s pullback from its big recent rally carried into a second week. The S&P 500 fell 19.51 points, or 0.4 percent, to 4,328.82. It’s still close to its highest level in a year, reached a couple weeks ago. Technology stocks were the heaviest weights on the market…
3 Factors Continue to Drive Foreign Investment out of China: Experts
June 26, 2023
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Foreign investments have continued to flee China as the country’s economy remains sluggish. Experts pointed out three major factors causing it. Since last December when Beijing abandoned the restrictive “Zero-COVID” policy, foreign investors were optimistic about the Chinese market. Foreign investment poured back into China in the first few months of this year, but this…
Here’s What the USDA Revealed to the American People About Future Food Shortages
The nationwide crop failure isn’t a secret anymore, and it shouldn’t have surprised anyone—but it did. Here are the facts: The USDA recently released a report with shocking statistics that captured the nation’s attention. In summary, the agency revealed that countless crops from last season won’t be harvested this season. The culprit? Record-breaking droughts and…
ANALYSIS: India Embraces Opportunity as Multinational Companies Shift Production out of China
June 26, 2023
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India, with the world’s largest population and a huge market, is benefiting from the global trend of “derisking” from China. Market research firm IMA India released its “2023 Global Operations Benchmarking Survey” in May, which surveyed 100 business leaders representing international B2B (business to business) companies in India. It showed that 88 percent of CEOs preferred…
Gold’s Drop Under $2,000 Is a Buying Opportunity, According to UBS and Other Analysts
A series of recent losses have seen gold retreat back from its level of $2,000 per ounce. However, Swiss bank UBS is among those who see a buying opportunity and a return to that price range. Gold is now sitting 4 percent below its year-to-date high reached in May 2023, noted a team of UBS…
Wall Street Kicks Off Week on Mixed Note as Rate Worries Persist
Wall Street opened mixed on Monday, pressured by investor fears the Federal Reserve’s aggressive monetary tightening will hurt the U.S. economy and a decline in Pfizer after its decision to drop the development of a weight loss drug. The Dow Jones Industrial Average (.DJI) rose 3.36 points, or 0.01 percent, at the open to 33,730.79….
Drop in German Business Morale Points to Longer Recession
June 26, 2023
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BERLIN—German business morale worsened for the second consecutive month in June, a survey showed on Monday, indicating that Europe’s largest economy faces an uphill battle to shake off recession. The Ifo institute said its business climate index fell to 88.5 this month from 91.5 in May. A Reuters poll of analysts had predicted a smaller…
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