MARKET MOVEMENTS:
–Brent crude oil is down 0.5% to $68.82 a barrel
–European benchmark gas is down 2.9% to EUR34.82 a megawatt-hour
–Gold futures are down 0.1% to $3,355.30 a troy ounce
–LME three-month copper futures are down 0.3% to $9,609.50 a metric ton
TOP STORY:
OPEC Expects Progress on Trade, Holds Oil-Demand Outlook Steady
The Organization of the Petroleum Exporting Countries said it expects global trade tensions to ease in the coming weeks and kept its oil-demand forecast unchanged as it continues to ramp up output.
The Vienna-based cartel said economic growth in the second half of the year could exceed expectations, citing resilient fundamentals and optimism that the U.S. will strike trade agreements with most partners.
"Expectations remain that a basic framework of bilateral arrangements will be reached over the coming month, potentially delaying the implementation of reciprocal tariffs and allowing further negotiations to finalize comprehensive deals," OPEC said in its closely watched monthly report.
OTHER STORIES:
GE Vernova to Add Jobs Amid Pennsylvania Expansion
GE Vernova plans to create about 700 new jobs over the next two years as part of an expansion of its operations in Pennsylvania.
The energy company said Tuesday that 250 of the new roles will come to its leading grid solutions factory in Charleroi, Penn., and be centered on manufacturing more high-voltage switchgear products that are critical to the nation's electrical grids.
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Thames Water Swings to Loss, Warns Turnaround Will Take at Least a Decade
Thames Water swung to a pretax loss on credit loss provisions and restructuring costs, and warned that it will take at least a decade to turn the business around.
The embattled U.K. water utility said Tuesday that its pretax loss for the year ended March 31 was 1.65 billion pounds ($2.22 billion) compared with a 157 million-pound profit the prior year. Meanwhile, it posted an adjusted pretax loss of 6 million pounds compared with a 204 million-pound profit in fiscal 2024.
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Apple Strikes $500 Million Deal to Buy Rare Earths From U.S. Supplier
Apple said it will buy $500 million worth of rare-earth magnets from MP Materials, expanding its U.S. supply chain at a time the Trump administration has been pressuring it to do so.
MP will supply Apple with magnets that it produces in a Texas facility, and use recycled materials processed at a site MP will build in California. Such magnets go into the iPhone component that buzzes and vibrates to provide tactile feedback, known as a haptic engine. They are also used in audio equipment and microphones inside various Apple products.
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America's Biggest Rare-Earth Producer Makes a Play to End China's Dominance
FORT WORTH-At an industrial site in this Texas city, men dressed in head-to-toe protective gear dip giant ladles into a well of molten metal heated to 1,800 degrees Fahrenheit. They're making something the U.S. has hardly, if ever, produced at commercial scale in recent decades: rare-earth metals.
The factory is the most visible mark of MP Materials' high-stakes, billion-dollar bet that an American company can take on China's dominance over the metals-and the magnets they power in everything from cars and smartphones to missile systems.
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Rio Tinto Names Iron Ore Chief Simon Trott as CEO
Rio Tinto has named iron ore boss Simon Trott as its next chief executive, opting for his experience in running the mining giant's most profitable operations as the company seeks to strengthen its growing business.
Trott, 50, will succeed Jakob Stausholm on Aug. 25, said the miner, which announced plans for a new CEO in May, surprising investors. The Australian executive has worked for Rio Tinto for more than two decades.
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China's Lithium Producers Shares Fall After Earnings Guidance
Shares of China's lithium producers fell Tuesday after companies warned that lower prices of the key battery material would weigh on earnings.
Ganfeng Lithium shares were 6% lower at HK$24.30, equivalent to around US$3.10, midday in Hong Kong, trimming its year-to-date gain to 21%. Tianqi Lithium shares were 2.6% lower at HK$29.90, and shares of Chengxin Lithium Group were down 4.7% in Shenzhen.
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Tesla Makes Indian Debut in Bid to Revive Slowing Sales
Tesla has made its debut in India, rolling out its Model Y for a starting price of nearly $70,000 as it seeks to tap new markets amid slowing global sales.
The U.S. electric-vehicle leader marked its entry into the Indian market at an event in Mumbai, where a senior director showcased the Model Y and presented a brief on the carmaker's vision and planned innovations for India, an Indian government official said in a post on X on Tuesday.
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China Slaps Export Curbs on EV Battery Technology
China on Tuesday tightened its grip on the global electric-vehicle battery industry, introducing new export licensing for crucial component manufacturing technologies.
In a revision of a list of technology export restrictions, China's commerce ministry said the government is restricting exports of technology used in battery cathode materials production and non-ferrous metal refinery or processing.
MARKET TALKS:
Oil Futures Lose Ground With U.S. Tariffs, Sanctions on Hold
0929 ET - Oil futures are lower with the market taking U.S. threats of Russia sanctions in stride given the 50-day deadline that President Trump gave for Russia to reach an agreement with Ukraine, and the August 1 deadline for the latest tariff threats to go into effect. "For now, the tariff factor is largely on hold until August 1 while possible sanctions have generally been sidelined," Ritterbusch says in a note. The "see-saw price action" like that seen yesterday could continue the rest of the month "given vast uncertainties surrounding the Trump tariffs and sanction strategies," the firm adds. WTI is off 0.5% at $66.62 a barrel and Brent is down 0.3% at $69.01. (anthony.harrup@wsj.com)
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Grains Lower After USDA Reports Improved Crop Conditions -- Market Talk
0918 ET - The condition of crops in the U.S. mostly showed improvement over the past week, said the USDA in its Crop Progress report. Corn condition stayed at 74% good-or-excellent condition for the week ended July 13. But soybean condition rose four points to 70% good or excellent, and spring wheat climbed four points to 54% good or excellent. The report confirms that the weather that has pressured grain futures this summer has been positive for growth. Analysts say this is expected to continue. "Weather conditions remain favorable for corn, soybean, and spring wheat crops in the United States," says Argus in a note. CBOT corn falls 1% pre-market, soybeans slide 0.1%, and wheat falls 0.6%. (kirk.maltais@wsj.com)
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U.S. Natural Gas Futures Slip After Rally -- Market Talk
0915 ET - U.S. natural gas futures edge down as overnight weather forecasts lost some heat. Monday's rally "may have run its course after neither Asian nor European traders jumped in to carry the momentum overnight, and weather failed to firm," Gary Cunningham of Tradition Energy says in a note. Demand in the power sector is slightly above normal, "but not enough to give the bulls a reason to push us higher as heat is trimmed out of the Northeast outlooks." Nymex natural gas is down 0.3% at $3.455/mmBtu. (anthony.harrup@wsj.com)
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Gold Retreats After U.S. Inflation Picks Up in June -- Market Talk
1322 GMT - Gold prices struggle to hold onto gains after key U.S. data showed inflation picked up in June as expected, potentially signaling companies are starting to pass on tariff costs to consumers. Futures are down 0.1% at $3,357.50 a troy ounce following a 0.5% rise earlier in the session. The CPI report revealed consumer prices rose 2.7% on year last month, faster than May's 2.4% increase and in line with economists' expectations. The data is usually closely monitored by the Federal Reserve, which has been cautious in its approach to interest-rate cuts amid concerns that President Trump's tariffs could fuel inflation. Gold tends to perform well in a low interest-rate environment, which makes it attractive compared to yield-bearing assets like bonds. (giulia.petroni@wsj.com)
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Rio Tinto CEO Choice Signals Miner Isn't Looking at Transformative M&A -- Market Talk
1122 GMT - Selecting Simon Trott as the next CEO for Rio Tinto signals the miner is content with its current strategy for creating value, and it isn't looking at transformative, large-scale M&A, says Stephen Butel, a portfolio manager at Platypus Asset Management. Butel tells WSJ that Platypus, which holds Rio stock, is happy with Trott's appointment. Trott is currently Rio Tinto's iron ore chief. "Additionally, the fact that Simon has run the company's largest division will ensure that the business doesn't forget that its western Australian assets are at the heart of its business," Butel says.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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Rio Tinto's Internal CEO Pick Surprises Given Appetite for Change of Direction -- Market Talk
1057 GMT - Rio Tinto's choice of an internal candidate as CEO comes as a bit of a surprise, AJ Bell's Dan Coatsworth says. This is because there seemed to be an appetite for a change in direction and big push for acquisitions at the top of the company, the analyst writes in a note. An external candidate may have found it easier to make changes but Simon Trott does have extensive mining experience, he adds. This is something the board was reportedly looking for, Coatsworth says. There was speculation last year that Rio Tinto considered rivaling BHP when it went for Anglo American, the analyst notes. With chatter of a potential merger with Glencore, it seems the miner wants to go large on M&A activity once again, he adds. Rio Tinto's London shares trade up 0.2% at 4435.55 pence. (adam.whittaker@wsj.com)
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Rio Tinto Unlikely to Face Big Management Shakeup After Internal CEO Pick -- Market Talk
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July 15, 2025 10:33 ET (14:33 GMT)
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