Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
2024 Expected to be the Hottest Year on Record
According to the European Union's Copernicus Climate Change Service (C3S), 2024 is "virtually certain" to surpass 2023 as the hottest year since global records began. This announcement comes just ahead of the COP29 climate summit in Azerbaijan, where countries are expected to discuss increasing funding to combat climate change.
Record Temperatures Driven by Climate Change
From January to October, global temperatures were significantly above average, and only an unprecedented drop in temperatures would prevent 2024 from becoming the hottest year recorded. C3S Director Carlo Buontempo emphasized that the main cause of this record is climate change, which is impacting all continents and ocean basins.
2024 will also mark the first time the planet exceeds a 1.5°C increase in global temperature compared to the 1850-1900 pre-industrial period. This milestone highlights the urgency of addressing climate change, as carbon emissions from fossil fuels remain the primary driver.
Urgent Action Needed at COP29
ETH Zurich climate scientist Sonia Seneviratne expressed concern over the slow pace of global climate action and urged governments at COP29 to accelerate efforts to reduce fossil fuel dependence. The 2015 Paris Agreement aims to limit global warming to 1.5°C, but C3S now predicts the world will exceed this limit around 2030.
Extreme Weather Events Intensified by Climate Change
The impact of rising temperatures is already evident. In October, catastrophic flooding in Spain, severe wildfires in Peru, and devastating floods in Bangladesh underscored the increasing frequency of extreme weather events driven by climate change.
