Chinese battery giant CATL reported record second-quarter revenue of 147.79 billion yuan and net profit of 22.5 billion yuan, up 56.92% and 36.5% year-on-year respectively. However, these figures slightly missed market estimates, attributed to weakening EV demand in China. The company also announced a plan to buy back up to 40 billion yuan in shares.
Southeast Asian governments face renewed energy shocks and trade disruptions due to revived US-Iran hostilities, prompting ASEAN foreign ministers to express grave concern and urge an immediate cessation of fighting.
The Philippine economy faces fragility due to internal political turmoil, a corruption scandal, energy shocks, and extreme weather, despite inflation easing to 6.4% in June. ING's report highlights ongoing economic pressures, suggesting the central bank may not yet declare victory over inflation.
The IMF has lowered its 2026 global growth forecast to 3% due to the energy shock from the US-Iran war, despite a tech-driven boom. Inflation is also expected to rise. Oil prices surged amid renewed US strikes on Iran.
The IMF has lowered its 2026 global economic growth forecast to 3% due to the energy shock from the Iran war, which caused oil prices to surge. However, booming AI investment is partially offsetting the impact.
UK's likely next Prime Minister, Andy Burnham, faces a critical decision on expanding North Sea oil drilling or focusing on renewables, amidst a global energy crisis exacerbated by the Iran war and Russia's conflict in Ukraine. Business leaders and some unions back drilling for energy security and jobs, while others advocate for clean energy. Key fields like Rosebank and Jackdaw are central to the debate.
A report by Asia Group concludes China is the sole Asian winner from the Strait of Hormuz crisis, weathering global commodity shocks due to large oil stockpiles and rapid renewable energy expansion, while other Asian economies face exposure to soaring energy prices.
European Central Bank board member Gabriel Makhlouf warned that a temporary agreement to end the Middle East conflict might not immediately end the global energy shock, potentially prolonging inflationary pressures due to energy infrastructure damage. Meanwhile, the US Federal Reserve begins a new phase under Kevin Warsh, with expectations of holding interest rates steady amid rising inflation and a strengthening labor market.
The IMF forecasts lower Eurozone growth (0.9% in 2026) and higher inflation (2.8%) due to the ongoing Iran conflict's energy price shock, impacting consumer confidence and supply chains. Egypt's gold market faces volatility, while US stocks rose amid geopolitical fears.
Germany's economic recovery is weaker than anticipated, with experts at DIW halving their growth forecast to 0.5% for the year. Energy prices and structural issues are blamed, while public spending props up growth.
Germany is on the brink of recession due to an energy shock from the Iran war, with economists predicting economic contraction. Meanwhile, police have conducted raids targeting an international drug ring, arresting a key suspect. The German army also held its first combat drill in Lithuania.
Indonesia's rupiah has fallen to a record low against the US dollar, surpassing 18,000, driven by surging energy costs from the US-Israel war and proposed US import duties. A narrowing trade surplus and high dollar demand exacerbate the situation, despite central bank interventions.
A local councillor argues that UK local governments, like Kensington and Chelsea, are not doing enough to support residents with the cost of living, particularly regarding renewable energy and energy efficiency initiatives.
Oil prices dropped significantly on hopes of a US-Iran deal to reopen the Strait of Hormuz. However, analysts warn Asian economies may struggle to recover quickly from the energy shock due to backlogs and depleted inventories.
The Aberdeen South by-election on June 18 is a pivotal contest on North Sea oil politics. Reform UK and Scottish Conservatives are campaigning on reviving oil and gas production, challenging the SNP's net zero commitments. The outcome could signal a wider debate on the economic burden of net zero ahead of a UK general election.
Oil prices fluctuated Tuesday as US-Iran talks showed progress, but US military strikes in Iran and clashes in the Strait of Hormuz added uncertainty. WTI crude fell 5.46% to $91.33, while Brent crude rose 2.35% to $98.40.
Southeast Asian leaders are revitalizing plans for a unified electricity grid, first conceived in 1997. The initiative aims to enable seamless cross-border energy flow, requiring system redesign to integrate new technologies and manage renewable energy variability, according to a new Ember report.
An Unimpresa study reveals Italy weathered the energy crisis better than France and Germany, with lower fuel prices and smaller percentage increases compared to the EU average, thanks to political courage and fiscal intervention.
UK government announces cost of living measures like VAT cuts & free bus rides, but they fail to address energy import shocks. Rising energy bills and global crises threaten household finances, highlighting the need for faster transition to clean power and greater state-led resilience.
IEA Executive Director Fatih Birol warns UK oil reserves may dwindle by July-August, potentially causing price shocks due to the US-Iran war. He urges reopening the Strait of Hormuz and highlights the current crisis's severity, surpassing previous energy shocks.
The International Energy Agency warns oil markets could enter a "red zone" by July-August due to dwindling stocks and reduced Middle East exports. IEA chief Fatih Birol highlighted the need to reopen the Strait of Hormuz and suggested releasing more strategic reserves. He also noted geopolitical influences on energy prices and Iran's limited storage capacity.
The European Commission has halved its growth forecast for Germany in 2026 to 0.6% due to high energy prices stemming from the Iran war. The EU and Eurozone forecasts were also lowered, with the bloc's economy particularly vulnerable to the energy shock.
The head of the International Energy Agency warned that oil markets may enter a 'red zone' in July or August due to depleting global stocks and rising demand during the summer travel season. The IEA chief highlighted the Strait of Hormuz reopening as crucial and expressed concern for food security in Asia and Africa.
China and Japan significantly reduced their U.S. Treasury holdings in March due to the Middle East war's impact on energy prices and local currencies. Other foreign holders also sold, with overall holdings falling, though the UK increased its stake.
