Morning Briefing: July 15, 2023

NEW YORK 

Here’s a rundown of all the news you need to start your Saturday with, including heat waves in Europe, the latest on the extension of the Black Sea grain deal and the ASEAN-US conference in Jakarta.

TOP STORIES

• Heat waves in Europe causing strong winds, heavy rain in UK

Heat waves in Europe are directing low-pressure systems toward the UK, resulting in unusually strong winds and heavy rain across the country, according to the Met Office.

Meanwhile, the European Space Agency announced on Thursday that Italy, Spain, France, Germany, and Poland were facing a heat wave on the continent, with the possibility of record-breaking temperatures.

Italy on Friday put over 15 cities on red alert due to expected heat waves this weekend.

Türkiye will experience a record-breaking heat wave this week, with temperatures in the southeastern region bordering Syria expected to reach 50 C (122 F) in the following days, setting a new record for the hottest day in the country’s recorded history, an expert predicted.

• Turkish president voices hope for Black Sea grain deal extension

Turkish President Recep Tayyip Erdogan on Friday voiced hope that the parties to the Black Sea grain deal will extend the agreement set to expire on Monday.

“We are preparing to host (Russian President Vladimir) Putin in Türkiye in August. We are of the same mind on the extension of the Black Sea grain corridor,” he said.

Russia is still deliberating on its further actions regarding the grain deal, Kremlin spokesman Dmitry Peskov said on Friday.

The agreement, initially signed in July of last year in Istanbul by Türkiye, the UN, Russia, and Ukraine, aimed to resume grain exports from Ukrainian ports. These exports had been halted due to the conflict between Russia and Ukraine that began in February. On May 18, the deal was extended for an additional 60 days, ensuring the continuation of grain exports under the agreement.

• At ASEAN, US calls for preserving ‘freedom of navigation’ in South China Sea

US Secretary of State Antony Blinken on Friday called for upholding “freedom of navigation” in the disputed South China Sea.

“We share a vision of an Indo-Pacific that is free, open, prosperous, secure, connected, and resilient,” Blinken told foreign ministers of the Association of Southeast Asian Nations (ASEAN) in Jakarta, the Indonesian capital.


Washington has increased its reach in the wider Asia-Pacific, particularly with Quad – a loose security alliance with Japan, India and Australia.

NEWS IN BRIEF

• Five Palestinians were injured in attacks by Jewish settlers in different parts of the occupied West Bank, according to media reports.

• The International Court of Justice in The Hague (ICJ) ruled on Thursday in favor of Colombia in the last of the country’s legal disputes against Nicaragua over their maritime boundaries and entitlements in the Caribbean.

• Israeli President Isaac Herzog strongly condemned the Swedish authorities on Friday for allowing the public burning of a copy of the Jewish holy book Torah, while the Ashkenazi chief Rabbi also wrote to the Swedish prime minister, urging him to cancel the planned desecration on Saturday.

• Russian lawmakers on Friday passed a bill prohibiting gender change.

• India on Friday successfully launched its third lunar exploration mission, aiming to land a rover on the Moon.

• Nigeria has declared a state of emergency over food security and inflation in the country, the country’s president announced Friday.

SPORTS

• Türkiye qualify for Volleyball Nations League semis over strong win against Italy

Turkish women booked their place at the Volleyball Nations League semifinals over an emphatic 3-0 win against Italy on Thursday.

Türkiye won the quarterfinal match with the sets of 25-20, 25-15, and 25-18.

In the semifinal, Türkiye will play against host nation US on Sunday in Arlington, Texas. Poland will take on China in the other semifinal match.

The women’s final will be held on July 17.

• Top football clubs please their investors in 1st half

Prominent football clubs, which are publicly traded, pleased their investors in the stock markets in the first half of the year.

Despite rising global inflation, monetary tightening steps by central banks, ongoing geopolitical risks and increasing recession concerns, investors demand for the world’s leading public football clubs soared in the stock markets.

English team Manchester United brought in 4.5% of its investors during this period.

The shares of German team Borussia Dortmund also rose 17.8% in the first half of the year.

The shares of Celtic, the Scottish League champion, also gained 16.6%.

BUSINESS AND ECONOMY

American benchmark West Texas Intermediate (WTI) traded at the same time at $76.75 per barrel, down 0.18% from the previous session’s close of $76.89 per barrel.

Brent oil hit $83.06 per barrel on Thursday, the highest level since April 25, while WTI hit $77.93 per barrel, the highest level since April 26, due to lower-than-expected US Consumer Price Index data. The index bolstered market sentiment due to increased demand in the world’s largest oil consumer.

• Russian oil firms to decide whether to reduce output or exports: Deputy PM

  Russian oil companies will decide whether to reduce their oil output or exports in line with the country’s planned cutback in oil exports in August, Russia’s TASS news agency quoted Deputy Prime Minister Alexander Novak as saying on Thursday.

  In July, Russia announced that it would reduce oil exports by 500,000 barrels per day (bpd) in August in order to ensure market stability.

  Its decision came on the same day that Saudi Arabia and Algeria said they would cut output by 1 million bpd and 20,000 bpd respectively.

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