Iron ore prices were almost 1% higher in China, as the commodity continued to recover from last week's retreat. The metal's recent decline has been driven by lower demand from steelmakers amid weakening Chinese construction activities in the summer and partial steel production suspension ahead of the Chinese Communist Party's 100th anniversary.
Huatai Futures points out that despite the rebound momentum, demand risks still remain for the coming months amid expectations of steel production curbs from Beijing, which would restrain steel output and consequently pressure demand for iron ore.
TODAY'S TOP HEADLINES
China PBOC to Make Monetary Policy More Targeted, Flexible
China's central bank said in its latest monetary policy meeting that it would make policy more targeted and flexible while keeping the economy's leverage ratio stable.
It comes after China reported a strong rebound from the coronavirus pandemic, giving Beijing room to address structural problems and mounting debt.
Raees Cajee, Blamed by Investors for Billions of Dollars in Crypto Losses, Says Fraction Is Missing
A South African cryptocurrency entrepreneur, pursued by investors who allege that billions of dollars of their digital assets have vanished, says that less than $5 million is missing.
Raees Cajee, 21, and his 18-year old brother Ameer founded Africrypt in 2019, setting it up as a fund that invested in bitcoin and other crypto-tokens. But in April, Africyrpt said its systems were hacked and tokens were stolen. Lawyers hired by disgruntled investors say as much as $3.6 billion may be missing.
Bitcoin Price Climbs After Mexican Billionaire Urges People to Buy
Bitcoin's price rose after billionaire Ricardo Salinas Pliego said his bank was working toward becoming the first Mexican lender to accept the cryptocurrency.
The price of bitcoin climbed to $34,805.19 Monday, up 8% from where it stood at 5 p.m. ET Friday, according to CoinDesk. The digital currency has lost almost half its value since it hit an all-time high of over $63,381.20 in mid April, during a wave of speculation spurred on by celebrity advocates including Tesla Inc. Chief Executive Elon Musk.
Biden to Highlight Infrastructure Deal's Roads and Bridges, Not Legislative Path
WASHINGTON-President Biden plans to open a sales pitch this week for the roads, bridges and broadband at the center of the bipartisan infrastructure deal, seeking to shift the focus away from its complicated legislative path in Congress and his own messaging stumbles.
Mr. Biden will travel to La Crosse, Wis., on Tuesday to highlight ways he believes the plan negotiated with Republicans and Democrats would bolster the economy and help families and small businesses. Wisconsin is a top presidential battleground and was narrowly carried by Mr. Biden in 2020. It is also home to Sen. Ron Johnson (R., Wis.), one of the most vulnerable Republican senators seeking re-election next year.
Clean Energy ETFs Take a Hit, but Money Keeps Flowing In
Investors have lost a bundle this year betting on solar-panel and wind-turbine makers. Their response: to double down.
A year ago, green stocks and the funds that track them rallied tremendously after the market's recovery from a pandemic-induced swoon.
Delta Variant of Covid-19 Surges Across Unvaccinated Africa
JOHANNESBURG-The more-transmissible Delta variant of the coronavirus is surging across Africa, the continent with the least vaccines and weakest healthcare systems, feeding fears among epidemiologists and political leaders of a public-health disaster that could echo the tragedy that unfolded in India in the spring.
The speed of the takeover of the variant, which was first identified in India and is forcing governments around the globe to tighten restrictions on social and economic activities, has shocked health experts in Africa, a continent that-in part thanks to its younger population-has recorded fewer Covid-19 deaths than other regions. Some are warning that previous infection from another strain of the virus may not protect against Delta, leaving swaths of the population that were believed to be immune once again vulnerable.
Vaccine Mix Study Suggests Combinations Safe and Effective
Alternating a dose of Covid-19 vaccine made by Pfizer Inc. with one from AstraZeneca PLC is safe and provides a strong immune response against the disease, a new study shows.
Researchers said the findings support the practice of mixing vaccines in certain circumstances. The U.K.-funded study found that mixing the Pfizer and AstraZeneca doses improved on the immune response provided by a two-dose regimen of the AstraZeneca shot. Alternating the shots provided less of a key immune response, however, than that provided by two doses of the Pfizer shot.
Iran-Backed Militias Fire Rockets in New Attack Aimed at U.S. Forces
U.S. troops in northeast Syria came under rocket fire Monday night after Iran-backed militias vowed revenge for U.S. airstrikes earlier that day in Iraq and Syria, a sign that fighting may be evolving into sustained confrontation.
A spokesman for the U.S.-led coalition, Col. Wayne Marotto, said that multiple rockets had been fired at U.S. troops and that American forces responded by firing artillery at the rocket launching positions. There were no U.S. injuries, he added.
Morgan Stanley, Goldman Sachs Boost Shareholder Payouts
The largest U.S. banks said they would boost payouts to shareholders after the Federal Reserve affirmed they are healthy enough to do so.
Five of the six largest banks lifted their dividends on Monday, collectively raising the per-share payouts 40% from levels they held steady or cut during the coronavirus-induced economic collapse. They also committed to buying tens of billions of dollars of their own stock.
Government Antitrust Lawsuits Against Facebook Thrown Out by Federal Judge
WASHINGTON-A federal judge dismissed antitrust lawsuits against Facebook Inc. filed by the U.S. government and most states, a major win for the company before the cases even got off the ground.
U.S. District Judge James Boasberg in Washington on Monday granted the social-media giant's requests to dismiss lawsuits filed by the Federal Trade Commission and state attorneys general in December. The dismissals, which came in a pair of rulings, came before any pretrial proceedings had progressed.
Write to paul.larkins@dowjones.com
Expected Major Events for Tuesday
04:30/NED: Jun Producer confidence survey
06:00/DEN: Jun Business tendency survey
06:00/UK: Jun Nationwide House Price Index
06:45/FRA: Jun Consumer confidence survey
06:45/FRA: May Housing starts
07:00/SWE: Jun Monthly Business Tendency Survey
07:00/SWE: Jun Consumer Tendency Survey
07:00/SPN: May Retail Sales
07:00/HUN: May Employment & unemployment
07:00/SPN: Jun Flash Estimate CPI
07:00/SVK: Jun Business tendency survey
07:00/SVK: Jun Economic sentiment indicator
07:30/SWE: May Foreign trade
08:00/ICE: May PPI
08:00/ICE: Jun CPI
08:00/GER: Jun Bavaria CPI
08:00/GER: Jun Brandenburg CPI
08:00/GER: Jun Hesse CPI
08:00/GER: Jun Baden-Wuerttemberg CPI
08:30/GER: Jun North Rhine Westphalia CPI
08:30/UK: May Monetary & Financial Statistics
08:30/UK: May Bank of England effective interest rates
08:30/UK: May Money and Credit - Lending to Individuals, Lending to Businesses, Broad Money and Credit
09:00/LUX: Apr Trade
09:00/CYP: Apr Industrial Production Index
09:00/EU: Jun Business & Consumer Surveys - Business Climate Indicator & Economic Sentiment Indicator
09:00/GER: Jun Saxony CPI
09:30/BEL: Jun CPI
10:00/FRA: 1Q ILO Unemployment and Labour Market-related indicators
10:00/POR: May Retail trade
12:00/GER: Jun Provisional CPI
23:01/UK: Jun Shop Price Index
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
06-29-21 0027ET
