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More actively traded October Brent crude futures rose $1.02, or 1.2%, to settle at $85.43 a barrel. The September Brent contract, which expired at settlement on Monday, rose 0.7% to close at $85.56 a barrel. U.S. West Texas Intermediate crude futures rallied $1.22, or 1.5%, to $81.80 a barrel. Reuters GraphicsPump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick OxfordSaudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September.

Persons: Goldman Sachs, Brent, WTI, Nick Oxford, Edward Moya, Phil Flynn, Shariq Khan, Natalie Grover, Florence, Mohi Narayan, Christina Fincher, Louise Heavens, David Evans, Nick Macfie, Paul Simao Organizations: Saudi, . West Texas, Midland , Texas U.S, REUTERS, Organization of Petroleum, Reuters, Strategic Petroleum Reserve, Futures, Thomson Locations: Riyadh, OPEC, Goldman Sachs BENGALURU, Midland , Texas, Nick Oxford Saudi Arabia, Saudi, U.S, India, Bengaluru, London, Florence Tan, Singapore, New Delhi

☆ Fed raises interest rates, leaves door open to another increase - Reuters News
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +9 min

The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase. The Fed raised (the Fed funds target rate) by a quarter point and the vote was unanimous, and the move puts rates at a 22-year high." "We think recent data is consistent with the US policy rate peaking in July, as core CPI inflation slowed sharply in June. "Fed Chair Powell is going to suggest that for the time being that they need to assess more information for inflation. "Markets are for the most part becoming more confident the Fed won't have to raise rates in September.

Persons: GENNADIY GOLDBERG, J Powell, they've, They're, Powell, we've, ELLEN HAZEN, ” MICHAEL BROWN, JACK ABLIN, BRIAN JACOBSEN, MENOMONEE, ” PETER CARDILLO, Jackson, GURPREET GILL, GOLDMAN, QUINCY KROSBY, ” EDWARD MOYA, We'll, we'll Organizations: YORK, Federal Reserve, U.S, Treasury, Fed, Dow, Global Finance, Markets, Thomson Locations: U.S, WELLESLEY , MASSACHUSETTS, PALM BEACH , FLORIDA, WISCONSIN, GOLDMAN SACHS, CHARLOTTE, NORTH CAROLINA

Summary China to step up policy adjustments amid tortuous recoveryPOLL-US crude, product inventories seen down last weekComing up: API data on U.S. crude stocks at 4:30 p.m. ETJuly 25 (Reuters) - Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Still, bearish data in the euro zone and U.S. underlined weakness across the global economy. Later on Tuesday, industry data on U.S. crude inventories is expected. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Edward Moya, Jerome Powell, Christine Lagarde, Stephanie Kelly, Shri Navaratnam, Stephen Coates Organizations: U.S, West Texas, Organization of, Petroleum, Energy, OANDA, Fed, European Central Bank, ECB, Reuters, Thomson Locations: China, Russia, OPEC, U.S

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

BoJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing the policy, five sources familiar with the matter said. The report added there was no consensus within the central bank and the decision could still be a close call. The dollar gained 1.24% to 141.81 yen , after earlier reaching 141.95, the highest since July 10. The greenback is on track for its best weekly percentage gain against the Japanese currency since October at 2.22%. The pound is on track for a 1.75% weekly fall, its largest since early February.

Persons: Edward Moya, Moya, Kenneth Broux, Broux, Masato Kanda, Jerome Powell, Powell, Scherrmann, Karen Brettell, Iain Withers, Angus MacSwan, Jonathan Oatis Organizations: YORK, Reuters, Bank of Japan, FX, Societe Generale, Ministry of Finance, Federal Reserve, European Central Bank, Thomson Locations: Europe, New York, United States, U.S, London

☆ Premarket stocks: Markets and consumers are in an upbeat mood. Here's why
▼ + stars: | 2023-07-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Stocks and consumer sentiment are rising in tandem after slumping last year, in another sign of growing optimism that the economy could dodge a recession. Consumer sentiment tracked by the University of Michigan jumped 13% in July, notching its second consecutive month of improvement. That comes after stocks and consumer sentiment tumbled in 2022 as sticky inflation and the Federal Reserve’s aggressive pace of interest rate hikes spurred fears that the US economy would tip into a recession. “Consumer sentiment reached levels consistent with the lows of some past recessions last summer,” wrote Lori Calvasina, head of US equity strategy at RBC Capital Markets. Still, consumer sentiment could decline if more people lose their jobs, paychecks and spending power.

Persons: CNN —, ”, Lori Calvasina, Ed Moya, Moya, Jon Ekoniak, Pete Muntean, Vanessa Yurkevich, Robert Travis, “, ” Read, Michelle Toh, Kan, Read Organizations: CNN Business, Bell, CNN, University of Michigan, RBC Capital Markets, OANDA, JPMorgan Chase, Citigroup, Bordeaux Wealth Advisors, UPS, Teamsters, United Parcel Service, Independent Pilots Association, Brotherhood of Teamsters, South, Starbucks Asia Locations: That’s, BlackRock, Wells Fargo, South Korean, Hong Kong, Indonesia, South Korea, Philippines

Brent futures rose $1.13, or 1.4%, to settle at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.60, or 2.2%, to settle at $75.75. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Energy traders expect "the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households," said Edward Moya, senior market analyst at data and analytics firm OANDA. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the EIA on Wednesday. Analysts in a Reuters poll forecast a 2.4-million barrel draw from U.S. crude stocks during the week ended July 14.

Persons: Edward Moya, Kristalina Georgieva, Gelber, Natalie Grover, Stephanie Kelly, Andrew Hayley, David Holmes, Jan Harvey, Jonathan Oatis Organizations: . Federal, U.S, West Texas, ING, Energy, Monetary, U.S . Energy Information Administration, American Petroleum Institute, Associates, World Meteorological Organization, Thomson Locations: China, U.S, Europe, Asia, London, New York, Beijing

Both Brent crude futures and U.S. West Texas Intermediate crude futures , were trading slightly lower. Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said. Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024.

Persons: Brent, Edward Moya, Sudarshan Varadhan, Katya Golubkova, Jamie Freed, Muralikumar Anantharaman, Kim Coghill Organizations: Shell, Brent, . West Texas, ANZ Research, OANDA, of, Petroleum, National Australia Bank, U.S ., U.S . Federal, Thomson Locations: Libya, Nigeria, SINGAPORE, Saudi Arabia, Russia, TOKYO

Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said. Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024. U.S. consumer prices rose modestly in June at the smallest annual increase rate in more than two years as inflation continued to subside.

Persons: Edward Moya, Katya Golubkova, Jamie Freed, Muralikumar Organizations: Shell, Brent, . West Texas, ANZ Research, OANDA, of, Petroleum, National Bank of Australia, U.S ., U.S . Federal, Thomson Locations: Libya, Nigeria, SINGAPORE, Saudi Arabia, Russia, TOKYO

July 12 (Reuters) - Oil nudged higher on Wednesday, extending gains for a second session, as planned supply cuts by the world's biggest oil exporters and hopes for higher demand in the developing world offset wider economic concerns globally. Brent futures rose 6 cents to $79.46 a barrel by 0356 GMT, and U.S. West Texas Intermediate (WTI) crude rose 6 cents to $74.88 a barrel. On Tuesday, the U.S. EIA projected demand would outpace supply by 100,000 bpd in 2023 and by 200,000 bpd in 2024. "The short-term crude demand outlook shouldn't be that bad, as everyone is taking a vacation that requires some travel this summer," Moya added. Higher rates can slow economic growth and reduce oil demand.

Persons: Edward Moya, OANDA's, Moya, Laura Sanicola, Trixie Yap, Sonali Paul, Clarence Fernandez Organizations: U.S . West Texas, Saudi, EIA, International Energy Agency, American Petroleum Institute, Reuters, Energy Information Administration, Thomson Locations: Brent, U.S, Saudi Arabia, Russia, China

☆ Oil prices steady as supply cuts counter economic headwinds
▼ + stars: | 2023-07-11 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices, which were also supported by the U.S. dollar hitting a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Anxiety is still palpable that recession fears could lead to downgrades in oil demand," said PVM analyst Tamas Varga. Seperately on Tuesday several sources told Reuters that top buyer China again requested less supply from the world's biggest oil exporter, Saudi Aramco (2222.SE). Meanwhile, the secretary general of OPEC on Tuesday told a Nigerian oil and gas conference that global energy demand is forecast to rise 23% by the end of 2045.

Persons: Brent, Edward Moya, Tamas Varga, Seperately, Natalie Grover, Arathy Somasekhar, Jason Neely, David Goodman Organizations: Saudi, . West Texas, U.S, U.S . Federal, International Energy Agency, Reuters, China, OPEC, Tuesday, Thomson Locations: Russian, Saudi Arabia, Russia, U.S, China, Saudi Aramco, Nigerian, London

Summary Supply cuts by Saudi Arabia, Russia lift benchmark pricesDollar falls to 2-month low, adding support to marketTightening cycle coming to an end, U.S. Fed officials sayJuly 11 (Reuters) - Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Supply cuts by the world's biggest oil exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Any weak economic forecasts by U.S. banks kicking off their earnings season, however, could weigh on prices, he said. Saudi Arabia last week said it would extend its 1 million barrels-per-day (bpd) cut at least to August, and Russia said it would cut its oil exports next month by 500,000 bpd.

Persons: recouping, Edward Moya, Moya, Arathy Somasekhar, Tom Hogue Organizations: Fed, Brent, U.S . West Texas, U.S ., U.S . Federal Reserve, Energy, Traders, American Petroleum Institute, Analysts, Consumer, Thomson Locations: Saudi Arabia, Russia, U.S, China

“That’s pretty significant for us,” Mr. Smith said. “Even for Phoenix standards.”“People certainly need to be taking precautions to protect themselves from the heat,” Mr. Smith added. “People need to keep in mind that heat is the No. More than half of the heat-associated deaths occurred in the month of July, according to the report, and 107 of the deaths occurred on days with an excessive heat warning. Still, throughout the region, people are finding ways to make do and assessing how much of the heat this year is extraordinary, and how much just feels like summer in the South and the Southwest.

Persons: Mr, Lojero, Isaac Smith, “, ” Mr, Smith Organizations: National Weather Service, Weather Service, Phoenix, Maricopa County Department of Public Health Locations: Arizona, U.S, Maricopa

July 7 (Reuters) - Oil prices rose slightly on Friday and were on track for their second straight weekly gain, as resilient demand resulted in a larger-than-expected fall in U.S. oil stocks, offsetting fears of higher U.S. interest rates. Both benchmarks were set to gain about 2% for the second straight week. "The crude demand outlook is starting to look better as we enter peak summer travel in the U.S., and as the Saudis were able to raise prices to Europe and Asia," said Edward Moya, an analyst at OANDA. That comes as top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Edward Moya, Moya, Sudarshan Varadhan, Muralikumar Organizations: Brent, U.S, West Texas Intermediate, OANDA, Energy Information Administration, Federal, Thomson Locations: U.S, Europe, Asia, OANDA ., Saudi Arabia, Russia, OPEC, China, Singapore, Houston

☆ The ‘Great Resignation’ Is Over. Can Workers’ Power Endure?
▼ + stars: | 2023-07-06 | by ( Ben Casselman | More About Ben Casselman | ) www.nytimes.com time to read: +1 min

Wage growth has slowed, especially in the low-paying service jobs where it surged as turnover peaked in late 2021 and early 2022. Employers, though still complaining of labor shortages, report that it has gotten easier to hire and retain workers. Ms. Richardson compared the labor market to a game of musical chairs: When the economy began to recover from pandemic shutdowns, workers were able to move between jobs freely. “Everyone knows the music is about to stop,” Ms. Richardson said. Ms. Moya, 38, became one of the millions of Americans to start a small business during the pandemic.

Persons: ”, Nela Richardson, Ms, Richardson, ” Aubrey Moya, —, Moya Organizations: Employers

☆ Where 9-Year-Olds Do 60 M.P.H.
▼ + stars: | 2023-07-06 | by ( Scott Rossi | Maria Jimenez Moya | ) www.nytimes.com time to read: +1 min

As mechanics tinkered with vehicles, drivers talked strategy with their coaches and tried to memorize the curves of the racetrack at the Speedsportz Racing Park outside Houston. “I imagine it in my brain,” said Mikey Collins as he waited for his heat to start on the last weekend in April. “I envision it and try to do laps.”Mikey isn’t a professional racecar driver, yet — he’s only 9. But for lots of kids who dream of racing professionally, this is where it all starts: steering go-karts around a twisting track at 60 to 70 miles an hour, flying just inches over the ground. Like lots of drivers, Mikey started young, when he was just 5, on his local track in Orlando, Fla.

Persons: “, ”, Mikey Collins, ” Mikey isn’t, Mikey Organizations: Texas, Prix, ” Locations: Houston, Orlando, Fla, Texas

July 5 (Reuters) - Survivors of a 2019 massacre at a Texas Walmart that killed 23 people and wounded 22 others addressed the white nationalist shooter directly at a sentencing hearing on Wednesday, including one young victim who reportedly told him, "I want you dead." The shooter, Patrick Crusius, 24, who admitted to targeting Hispanics, will also be allowed to address the court. The shooter also faces prosecution from the state of Texas that could result in the death penalty. The shooter, wearing a blue prison jumpsuit, glasses and shaggy long hair, showed no emotion and avoided looking at victims, reporters said. At the time of the guilty plea in February, Spencer told reporters, "There are no winners in this case.

Persons: David Guaderrama, Patrick Crusius, Crusius, Genesis Davila, Davila, Thomas Hoffman, Alexander Hoffman, Raul Moya, I've, it's, Joe Spencer, Spencer, Daniel Trotta, Matthew Lewis, Jacqueline Wong Organizations: Texas Walmart, U.S, District, Dallas Morning News, AK, Thomson Locations: Texas, El Paso, Hell, Romanian, Carlsbad , California

The SEC raised the same concerns with Nasdaq (NDAQ.O) over a recent filing for a spot bitcoin ETF from BlackRock (BLK.N), the person said. According to Cboe's Fidelity bitcoin ETF filing, The company's platform represented roughly half of U.S. dollar-bitcoin trading in May. The recent filings for bitcoin ETFs by BlackRock and Fidelity have sent the price of bitcoin soaring more than 20% since June 15 to one-year highs. "It's not surprising to hear that the SEC is pushing back a little bit," he said of the bitcoin ETF applications. The SEC has rejected dozens of spot bitcoin ETF applications in recent years, including one from Fidelity in January 2022.

Persons: Cboe, Coinbase, Binance, it's, John Reed Stark, bitcoin, Ed Moya, It's, Carolina Mandl, John McCrank, Manya, Michelle Price, Shinjini Ganguli, Alexander Smith, David Gregorio Our Organizations: Fidelity, U.S . Securities, Exchange Commission, SEC, Nasdaq, WisdomTree, Coinbase, Cboe, BlackRock, ., Internet, Manya Saini, Thomson Locations: BlackRock, Nasdaq, Manhattan, New York, Bengaluru

☆ Spanish archaeologists plan rescue of 2,500-year-old Phoenician shipwreck
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

[1/3] A diver from Valencia University maps and assesses the state of a 2,500-year-old Phoenician vessel that is submerged 60 meters from the beach of Mazarron, Spain, June 20, 2023. Jose A Moya/Regional Government of Murcia/Handout via REUTERSMADRID, June 30 (Reuters) - A group of Spanish archaeologists have made detailed diagrams of a 2,500-year-old Phoenician shipwreck to help work out how best to recover it from the sea before a storm destroys it forever. Later this year, the experts will recommend how to protect and retrieve the wreck, possibly as early as next summer. It now lies under about 1.7 metres (5.6 ft) of crystal-clear Mediterranean water, surrounded by sandbags and a metal structure built for protection. Reporting by Emma Pinedo, editing by Inti Landauro and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose A Moya, Carlos de Juan, Emma Pinedo, Inti Landauro, Philippa Fletcher Organizations: Valencia University, Regional Government of, REUTERS, University of Valencia, University of Valencia - Institute of Nautical Archaeology, Reuters, Thomson Locations: Mazarron, Spain, Regional Government of Murcia, Handout, REUTERS MADRID, Spanish, Murcia, la, Lebanon, Syria

☆ Lopez extends career by a day at least with emotional Mallorca win
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

SANTA PONSA, Spain June 27 (Reuters) - Spanish veteran Feliciano Lopez extended his career by at least one more day with an emotional victory at the Mallorca Open on Tuesday -- the final event of his 26-year career. The 41-year-old left-hander was cheered on by friend and compatriot 22-time Grand Slam champion Rafa Nadal during his 6-3 7-5 victory over Max Purcell. Lopez, who reached a career high ranking of 12 and holds the record for appearing in 79 successive Grand Slam main draws, will face Australian Jordan Thompson on Wednesday. "It's a really special win for me, probably one of the most special wins of my career so far, to be honest," Lopez, who has more than 500 ATP singles wins, said on court at the Santa Ponsa Country Club after his win. I have another opportunity tomorrow, and this is very overwhelming, I have to say," Lopez added after only his second ATP Tour win this year.

Persons: Feliciano Lopez, Rafa Nadal, Max Purcell, Lopez, Jordan Thompson, Nadal, Carlos Moya, Martyn Herman, Toby Davis Organizations: Mallorca, Santa, Country Club, Davis, ATP Tour, Thomson Locations: SANTA PONSA, Spain, Spanish, Mallorca

☆ Dollar pulls back from 15-month high vs rouble as Russia assessed
▼ + stars: | 2023-06-26 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

NEW YORK, June 26 (Reuters) - The dollar rose against the rouble on Monday, although it was off the 15-month high hit earlier in the session, while the Japanese yen gained modestly against the greenback following comments from the country's top currency diplomat. The Russian rouble weakened 0.90% versus the greenback at 84.40 per dollar after hitting its weakest level since March 2022. Rouble opens at 15-month low vs dollarThe dollar was softer against the yen, after Vice Finance Minister for International Affairs Masato Kanda said Japan was not ruling out any options in possible responses to excessive currency moves. The Japanese yen strengthened 0.11% versus the greenback at 143.52 per dollar. The Bank of Japan last intervened in the yen when it traded around 145 per dollar.

Persons: Vladimir Putin, Yevgeny Prigozhin, Putin, Edward Moya, Rouble, International Affairs Masato Kanda, jawboning, Moya, Christine Lagarde, Sterling, Chuck Mikolajczak, Mark Heinrich Our Organizations: YORK, Russian, International Affairs, Bank of Japan, European Central Bank, ECB, Central Banking, Thomson Locations: New York, Russian, Japan, Sintra, Asia, China, Beijing

☆ Dollar pulls back from 15-month high vs ruble as Russia assessed
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar rose against the ruble on Monday, although it was off the 15-month high hit earlier in the session, while the Japanese yen gained modestly against the greenback following comments from the country's top currency diplomat. The Russian ruble weakened 0.90% versus the greenback at 84.40 per dollar after hitting its weakest level since March 2022. The Japanese yen strengthened 0.11% versus the greenback at 143.52 per dollar. The Bank of Japan last intervened in the yen when it traded around 145 per dollar. In Asia, the dollar rose 0.40% versus the offshore Chinese yuan to $7.2442 after hitting a 7-month high as investors braced for potentially more support measures as China returned on Monday from a holiday.

Persons: Vladimir Putin, Yevgeny Prigozhin, Putin, Edward Moya, International Affairs Masato Kanda, jawboning, Moya, Christine Lagarde, Sterling Organizations: U.S, Russian, International Affairs, Bank of Japan, European Central Bank, ECB, Central Banking Locations: New York, Japan, Sintra, Asia, China, Beijing

☆ In Texas, Heat That Can Make You Faint
▼ + stars: | 2023-06-25 | by ( David Montgomery | Maria Jimenez Moya | ) www.nytimes.com time to read: 1 min

Kevin Randal, a construction worker in Houston, has his routine. Mr. Randal, 60, who works on air conditioning, roofing, flooring and kitchens, spent Saturday inside an attic, drenched in sweat in 100 degree temperatures, fixing an air conditioning unit. He takes breaks every 20 minutes, drinks a mix of lime juice, salt and water to keep him hydrated and takes little sips of water to prevent nausea and throwing up, he said. “If you don’t calculate time correctly, you will faint,” Mr. Randal said, adding, “The heat comes and goes, and the jobs come and go with it.”But for now, the heat is mostly coming and staying. An onslaught of record heat that shows no sign of easing has united all strata of society with the same fundamental purpose of staying cool, comfortable and safe, while putting particular strains on the poor and those without air conditioning.

Persons: Kevin Randal, Randal, Mr Locations: Houston

Spot gold was up 0.8% to $1,927.90 per ounce by 10:25 a.m. EDT (1425 GMT), after dropping to a more than three-month low earlier in the session. Benchmark 10-year Treasury yields slipped to a 10-day low, reducing the opportunity cost of owning non-yielding gold. Spot silver rose 0.9% to $22.44 per ounce, but was set for its biggest weekly drop since October 2022. Platinum was down 0.3% to $920.38, on course for its worst week since August 2022. Palladium could extend this year's near 30% price decline as the rapid rise of electric vehicles threatens to hammer demand for the autocatalyst metal.

Persons: Edward Moya, Jerome Powell, Phillip Streible, Mary Daly, Barbara Lewis Organizations: Treasury, Federal Reserve, Blue, San Francisco Fed, Reuters, Palladium, Thomson Locations: U.S, Chicago, Bengaluru

SP Angel analyst John Meyer said that with global EV sales expected to reach around 15 million vehicles this year, sales of palladium, chiefly used to neutralise harmful car emissions, could be impaired by 1.5 million-2.25 million ounces. While there are still few battery-powered vehicles in the heavy-duty market, exhaust-free electric vehicles are eating into the palladium-focused light vehicle market, Johnson Matthey said. Palladium prices could fall to the $1,250 level, Edward Moya, senior market analyst at OANDA, said. "The reason why people are more pessimistic about palladium than platinum is due to adoption of EVs," he said. "There's a lack of interest in the palladium market.

Persons: John Meyer, Johnson, Wilma Swarts, PGMs, Johnson Matthey, Edward Moya, palladium's bearishness, Tai Wong, Bart Melek, Ashitha, Seher Dareen, Arundhati Sarkar, Brijesh Patel, Arpan Varghese, Jan Harvey Organizations: Palladium, SP, Metals, TD Securities, Thomson Locations: Ukraine, New York, China, Bengaluru

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