Chemicals
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Brazil’s inflation slows to 4.64pc in June
Brazil’s inflation slows to 4.64pc in June
Sao Paulo, 10 July (Argus) — Brazil's inflation slowed to an annual 4.64pc in June, with lower motor fuel prices helping offset higher electricity bills. The consumer price index IPCA decelerated from 4.72pc in May , national statistics agency IBGE said on Friday, after accelerating from 4.39pc in April. Housing costs, appointed as the largest contributors to the monthly gain in the index in June, decelerated to 5.85pc from 6.22pc a month earlier, mostly thanks to electricity bills and tax readjustments for power supply in some southern states. Food and beverage costs, which weigh heavily on the index, contributed the most with the monthly decrease in the IPCA, decelerating to an annual 3.82pc in June from 3.87pc in May. Lower prices for coffee, fruits and meat drove the result, IBGE said. Transport costs slowed to 3.95pc in the month from 4.05pc in May. Lower prices for ethanol, diesel, gasoline and compressed natural gas (CNG) weighed on motor fuel costs, despite an increase in airfares. The annual gain for June was down from 5.35pc in June 2025. Inflation expectations, as calculated by the central bank's Focus survey, remain above target at 5.3pc for 2026 and recently ticked up to 4.18pc for 2027. Brazil's central bank lowered its target rate to 14.25pc in June. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US resumes strikes on Iran after Hormuz attacks
US resumes strikes on Iran after Hormuz attacks
Washington, 7 July (Argus) — The US military carried out strikes on targets in Iran on Tuesday following Iranian attacks on vessels traveling along the southern portions of the strait of Hormuz. The US began "launching a series of powerful strikes against Iran", the Central Command, which oversees the Middle East-based US forces, said at 5:15pm ET. The US and Iran last exchanged fire on 27-28 June, also following Iranian attacks on vessels attempting to pass through Hormuz. Iran attacked three vessels traveling along the southern portions of the strait of Hormuz in the last day, including an LNG tanker and a very large crude carrier. The UK Maritime Trade Organization (UKMTO) subsequently raised the threat level in the Mideast Gulf waterway to "severe". The US and Iran signed an interim deal on 18 June that called for Hormuz to fully reopen to commercial traffic and for Tehran to receive sanctions relief. But the key terms of that deal are already unraveling well ahead of the 21 August deadline the two countries set to hash out final details of a peace agreement. Traffic through Hormuz held steady at around 30pc of pre-war levels in the week before the latest flare up of hostilities. The US administration earlier on Tuesday revoked an authorization allowing purchases of Iranian crude, refined products and petrochemicals. Tehran has been keen to preserve its control over the strait of Hormuz and has been attacking ships crossing close to the coast of Oman, in a section of the strait where the US and the International Maritime Organization have encouraged transits. President Donald Trump, who is in Ankara, Turkey, to attend a NATO summit, said on Tuesday, before the US attacks began, that "we have had some very good discussions" with Iran. US benchmark WTI crude futures rose on Tuesday after the spate of Iranian attacks and were trading above $72/bl before the US began the latest round of attacks against Iran. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US revokes authorization to buy Iranian oil
US revokes authorization to buy Iranian oil
Washington, 7 July (Argus) — US sanctions enforcers on Tuesday revoked an authorization allowing purchases of Iranian crude and refined products, as the US-Iran interim deal signed last month begins to fracture. The US will not allow purchases of Iranian crude, oil products and petrochemicals effective immediately, according to a license issued Tuesday by the Treasury Department's Office of Foreign Assets Control (OFAC). Buyers that contracted for Iranian oil since OFAC allowed such sales on 22 June will have until 17 July to wind down Iran-related transactions. All funds due to be paid to Tehran will have to be deposited in escrow accounts, according to the terms of the updated OFAC license. The license replaces the authorization issued last month, which was due to expire on 21 August. The US and Iran signed an interim deal on 18 June promising to refrain from force and to fully reopen the strait of Hormuz, but the countries' militaries have subsequently clashed intermittently over Tehran's continued assertion of control over the critical Mideast Gulf waterway. Iran's forces on Monday resumed indiscriminate attacks against vessels attempting passage through Hormuz via a route skirting Oman's coast. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US trade gap in May widest in 14 months
US trade gap in May widest in 14 months
Houston, 7 July (Argus) — The US trade deficit in May widened to the most in more than a year, as exports of industrial supplies and consumer goods fell and imports rose. The deficit in goods and services widened to a seasonally adjusted $77.6bn in May from $54.6bn in April, the Bureau of Economic Analysis reported Tuesday. It was the widest deficit since it reached $133bn in March 2025. The wider deficit suggests net trade will subtract about 2 percentage points from GDP growth in the second quarter, according to Oxford Economics, as imports subtract from GDP growth. But strong business investment and inventory accumulation should keep annual GDP growth above 2pc in the quarter, Oxford said. The deficit in goods widened in May to $106.5bn, up from $83bn in April and the widest since $159bn in March 2025. The services surplus widened to $28.9bn. US president Donald Trump in February imposed 10pc tariffs on goods from most trading partners using Section 122 duties that expire on 24 July after the Supreme Court struck down most of the tariffs he began declaring in April 2025. The Tax Foundation estimates tariffs will increase taxes on Americans by about $700/household in 2026. US exports of goods fell to $210bn in May from $222bn the prior month, while goods imports rose to $317bn in May from $305bn in April. Services exports rose to $107bn while services imports edged up to $78bn. Exports of industrial supplies — including energy, metals and fertilizer — fell to $83bn in May, with exports of nonmonetary gold more than halved to $5.7bn. Capital goods exports fell by $3.5bn to $66.9bn, while auto and parts exports were little changed at about $13bn. Consumer goods exports fell by $2bn to $20.7bn. Imports of food rose, as did imports of industrial supplies and capital goods except autos. Auto imports were at about $37bn. Consumer good imports rose to nearly $60bn. Energy trade US exports of energy-related petroleum products and crude were at $34.7bn in May compared with imports of $19.6bn, without seasonal adjustments. Unadjusted exports of crude rose to 5.71mn b/d in May, up from 5.57mn b/d in April and 4.31mn b/d in February. Crude imports fell to 5.58mn b/d in May from 5.92mn b/d in April, but fell from 6.36mn b/d in February. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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