Key Currency Exchange Rates for Friday, 7/9/21

SCA's electric timber truck continues to transport timber between Gimonäs timber terminal and Obbola paper mill outside Umeå. It has now been in operation for over 1.5 years. – Everything is working as intended, and we receive inquiries from haulage companies and others who want to learn more about heavy electric vehicle transport, says Mikael Sundelin, Head of Business Development at Industrial Supply. Since SCA's unique electric timber truck was put into operation in June 2022, it has covered a distance of 4,600 kilometers, equivalent to more than one lap around the globe. Over a year of operation, the electric timber truck contributes to reducing carbon dioxide emissions by approximately 55,000 kg per year. With a capacity to carry 80 tons, the electric timber truck's daily task is to transport timber between Gimonäs timber terminal and Obbola paper mill outside Umeå. The round trip covers a distance of 30 km, and it completes approximately six rounds per day. The truck needs to be charged about two times during a working day.

Futures fell as much as 1.1 percent in New York and are set for a 2.6 percent drop this week. Trump ordered his administration to consider levies on an additional $100 billion in imports from the Asian nation, spurring a flight from risk assets on concern a full-blown trade war will deter global economic growth. That was only a day after both American and Chinese officials signaled they’re willing to talk about the escalating conflict. “We now have to start looking at the U.S.-China trade war as a downward geopolitical risk,” said Olivier Jakob, managing director at consultants Petromatrix GmbH. “This is starting to not be funny anymore, and there is a risk to reach a point where global asset markets become tired of the White House wars and move back into cash.” Click Read More below for additional information.

Futures were little changed in New York after rising 3.7 percent the previous two sessions. Libya declared force majeure, a legal clause that allows the suspension of deliveries, on supplies from the Sharara field after it was blocked on Sunday, National Oil Corp. Chairman Mustafa Sanalla said. Drillers targeting crude trimmed the rig count by five to 763, the second decline this month, according to data Friday from Baker Hughes Inc. “The fragility of Libya’s production increase” was highlighted by the problem at Sharara, said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “Considering that the political situation and security issues remain unresolved, production gains can be quickly reversed.” Click Read More below for more of the story.