The World's Most Profitable Nickel Plants Face Cost Challenge
The price of sulfur, a chemical used to produce acid, has more than tripled in price over the past year, driven by increased demand. That's a headache for producers in Indonesia that use high-pressure acid leaching, known as HPAL. The breakthrough technique enables the smelters to extract metal from low-grade ore with chemicals, avoiding the need for blast furnaces.
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EU and Japan agree to work together to promote free trade and economic security
TOKYO (AP) — Leaders of the European Union and Japan launched an alliance Wednesday aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China. The agreement followed a meeting among European Commission President Ursula von der Leyen, European Council President António Costa and Japanese Prime Minister Shigeru Ishiba. It comes just as Tokyo and Washington reached a new trade deal, which places 15% tariffs on Japanese cars and other goods imported into the U.S., down from an initial 25%. The leaders agreed to launch 'competitiveness alliance" aimed at stepping up trade, economic security and cooperation in innovation, energy and other areas, according to a joint statement released by the EU. The leaders also supported 'a stable and predictable rules-based free and fair economic order,' and reaffirmed the importance of Japan-EU cooperation to uphold multilateral trading system with the World Trade Organization at its core, as well as with other multilateral cooperation efforts. The EU and Japan also agreed to strengthen defense industry cooperation and to start talks on an information security agreement. Japan and the EU have been stepping up their security and defense cooperation amid growing global tensions and conflicts, including Russia's war on Ukraine, conflicts in the Middle East and increasingly assertive China's military activity in Asia, recognizing that challenges in Europe and Indo-Pacific are inseparable. Mari Yamaguchi, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Stocks Supported as US Announces a Trade Deal with Japan
The S&P 500 Index ($SPX) (SPY) today is up +0.27%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.45%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.17%. September E-mini S&P futures (ESU25) are up +0.21%, and September E-mini Nasdaq futures (NQU25) are down -0.15%. Stock indexes today are mixed, with the Dow Jones Industrials posting a 2-week high. Stocks found support today on some positive trade news that has boosted market sentiment. President Trump announced a trade deal with Japan late Tuesday, which will impose 15% tariffs on imports from Japanese, lower than the previously announced 25% rate set to take effect on August 1. The deal also creates a $550 billion fund for Japan to invest in the US. Japan also agreed to purchase 100 Boeing aircraft, increase its purchases of US rice by 75%, and buy $8 billion in other agricultural products, while raising its defense spending with American firms to $17 billion annually, from $14 billion. More News from Barchart Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer Dear Microsoft Stock Fans, Mark Your Calendars for July 30 Dear QuantumScape Stock Fans, Mark Your Calendars for July 23 Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. However, the Nasdaq 100 index is under pressure today due to weakness in auto-related chip makers, with Texas Instruments down more than -10% after company executives on an earnings call said there isn't a "true broad recovery" in the automotive sector as automotive customers who ship into the US are cautious due to tariffs. US MBA mortgage applications rose +0.8% in the week ended July 18, with the purchase mortgage sub-index up +3.4% and the refinancing sub-index down -2.6%. The average 30-year fixed rate mortgage rose +2 bp to 6.84% from 6.82% in the prior week. Recent trade news has put some downward pressure on stocks. Last Wednesday, President Trump announced that he intends to send a tariff letter to more than 150 countries, notifying them that their tariff rates could be 10% or 15%, effective August 1. Also, President Trump recently announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. In addition, Mr. Trump said that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. The markets this week will focus on any tariff news along with the announcement of any new trade deals. Later today, Jun existing home sales are expected to fall -0.7% m/m to 4.00 million. After today's close, Alphabet and Tesla will release their quarterly earnings. On Thursday, weekly initial unemployment claims are expected to climb by +5,000 to 226,000. Also, the July S&P US manufacturing PMI is expected to slip -0.2 to 52.7. Finally, on Thursday, June new home sales are expected to climb +4.3% m/m to 650,000. On Friday, June capital goods new orders nondefense ex-aircraft and parts are expected to increase by +0.2% m/m. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17. The markets are absorbing a heavy slate of quarterly corporate earnings results this week. About one-fifth of the companies in the S&P 500 are expected to report their Q2 earnings results this week. Early results now show S&P 500 earnings are on track to rise +3.2% for the second quarter, better than the pre-season expectations of +2.8% y/y, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research. Overseas stock markets today are higher. The Euro Stoxx 50 is up +1.04%. China's Shanghai Composite rose to a new 9.5-month high and closed up +0.01%. Japan's Nikkei Stock 225 rallied to a 1-year high and closed up sharply by +3.51%. Interest Rates September 10-year T-notes (ZNU25) today are down -7 ticks. The 10-year T-note yield is up +2.8 bp to 4.372%. T-notes are retreating today after the announcement of a trade deal between Japan and the US reduced safe-haven demand for government debt. Supply pressures are also weighing on T-notes as the Treasury will auction $13 billion of 20-year T-bonds later today. Easing inflation expectations are limiting losses in T-notes as the US 10-year breakeven inflation rate fell to a 1-week low today of 2.388%. European government bond yields today are moving higher. The 10-year German bund yield is up +1.8 bp to 2.608%. The 10-year UK gilt yield is up +4.4 bp to 4.613%. Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at Thursday's policy meeting. US Stock Movers Power producers are climbing today after PJM Interconnection LLC predicted that the AI boom will prompt businesses and households served by the largest US power grid to spend a record $16.1 billion to ensure electricity supplies, which could support utility profit margins. Vistra (VST) is up more than +8% and Constellation Group (CEG) is up more than +6% to lead gainers in the Nasdaq 100. Also, Talen Energy (TLN) is up more than +7%, and NRG Energy (NRG) is up more than +5%. Weakness in shares of automotive and industrial chipmakers is limiting gains in the Nasdaq 100, with Texas Instruments (TXN) down more than -12% to lead losers in the Nasdaq 100 after company executives on an earnings call said there isn't a "true broad recovery" in the automotive sector as automotive customers who ship into the US are cautious due to tariffs. Also, Microchip Technology (MCHP) is down more than -8%, ON Semiconductor (ON) is down more than -5%, and NXP Semiconductors (NXPI) and Analog Devices (ADI) are down more than -3%. In addition, Global Foundries (GFS) is down more than -2%. Lamb Weston Holdings (LW) is up more than +15% to lead gainers in the S&P 500 after reporting Q4 net sales of $1.68 billion, stronger than the consensus of $1.59 billion. GE Vernova (GEV) is up more than +11% after reporting Q2 revenue of $9.11 billion, stronger than the consensus of $8.80 billion. Thermo Fisher Scientific (TMO) is up more than +10% after reporting Q2 revenue of $10.86 billion, above the consensus of $10.69 billion, and forecasting full-year sales of $43.6 billion-$44.2 billion, the midpoint above the consensus of $43.7 billion. Lennox International (LII) is up more than +9% after reporting Q2 adjusted EPS of $7.82, well above the consensus of $6.89. TE Connectivity Plc (TEL) is up more than +8% after reporting Q3 net sales of $4.53 billion, better than the consensus of $4.33 billion, and forecasting Q4 net sales of $4.55 billion, above the consensus of $4.42 billion. Manhattan Associates (MANH) is up more than +15% after reporting Q2 revenue of $272.4 million, better than the consensus of $263.7 million, and boosting its full-year revenue forecast to $1.07 billion-$1.08 billion from a previous forecast of $1.06 billion-$1.07 billion, higher than the consensus of $1.06 billion. Capital One Financial (COF) is up more than +3% after reporting Q2 net revenue of $12.49 billion, above the consensus of $11.84 billion. Fiserv (FI) is down more than -20% to lead losers in the S&P 500 after reporting Q2 organic revenue grew +8.00%, below the consensus of +8.91%. Otis Worldwide (OTIS) is down more than -11% after reporting Q2 net sales of $3.60 billion, below the consensus of $3.71 million, and cutting its full-year net sales forecast to $114.5 billion to $14.6 billion from a previous estimate of $14.6 billion to $14.8 billion, weaker than the consensus of $14.72 billion. Unity Software (U) is down more than -4% after BTIG downgraded the stock to sell from neutral with a price target of $25. Northern Trust Corp (NTRS) is down more than -3% after reporting Q2 provision for credit losses of $16.5 million, well above the consensus of $4.31 million. AT&T (T) is down more than -1% after forecasting full-year adjusted EPS of $1.97-$2.07, below the consensus of $2.09. Hilton Worldwide Holdings (HLT) is down more than -1% after cutting its full-year net income forecast to $1.64 billion to $1.68 billion from a previous forecast of $1.71 billion to $1.75 billion. Earnings Reports (7/23/2025) Alphabet Inc (GOOGL), Amphenol Corp (APH), AT&T Inc (T), Boston Scientific Corp (BSX), Chipotle Mexican Grill Inc (CMG), CME Group Inc (CME), Crown Castle Inc (CCI), CSX Corp (CSX), Fiserv Inc (FI), Freeport-McMoRan Inc (FCX), GE Vernova Inc (GEV), General Dynamics Corp (GD), Globe Life Inc (GL), Hasbro Inc (HAS), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Lamb Weston Holdings Inc (LW), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Molina Healthcare Inc (MOH), Moody's Corp (MCO), NextEra Energy Inc (NEE), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Otis Worldwide Corp (OTIS), Packaging Corp of America (PKG), Raymond James Financial Inc (RJF), Rollins Inc (ROL), ServiceNow Inc (NOW), TE Connectivity PLC (TEL), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), T-Mobile US Inc (TMUS), United Rentals Inc (URI). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
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Real-time payments: The new standard for cross-border finance
Real-time payments (RTPs) are quickly becoming the heartbeat of modern finance. Their promise goes far beyond speed, offering financial institutions unprecedented transparency, lower operational costs, and improved liquidity management. GlobalData research predicts there will be 575.1 billion real-time transactions by 2028 – accounting for 27.1% of all electronic payments globally. This boom signals a dramatic shift in how money moves. For institutions handling cross-border payments, RTPs are becoming the infrastructure standard – a crucial enabler of efficiency, resilience, and inclusion. As financial ecosystems race to deliver seamless services, the institutions that adopt real-time infrastructure will be best positioned to compete, scale, and serve their customers in ways traditional payment rails cannot. Real-time, real-world impact The narrative around RTPs is shifting from domestic convenience to international transformation. In Southeast Asia, cross-border RTP corridors like Singapore's PayNow and Thailand's PromptPay have redefined expectations, enabling consumers and businesses to send funds instantly and securely across borders. India's UPI link-up with the UAE further reflects how real-time connectivity is unlocking new trade and remittance opportunities. These bilateral integrations represent more than technical progress – they show how real-time rails can serve as the foundation for regional economic development. By bypassing correspondent banking chains and reducing reliance on pre-funded Nostro accounts, RTPs reduce settlement friction and cut costs, making payments more accessible for SMEs, diaspora communities, and fintech challengers alike. Beyond transfers, RTPs are also transforming liquidity management. Financial institutions can now optimise cash positions in real time, without waiting for batch settlements or end-of-day reconciliations. This improves capital efficiency and gives even smaller institutions tools once limited to global banks – enabling fairer competition across the board. Three forces shaping the future of RTPs Interoperability and regulatory convergence: Despite the progress, global RTP adoption remains uneven. Differing regulatory frameworks, AML requirements, and data standards often stand in the way of full interoperability. But signs of convergence are emerging. The EU's Instant Payments Regulation (IPR) is pushing institutions to support instant transfers, with the removal of the €100,000 cap in 2025 set to accelerate adoption. In the US, the launch of FedNow is laying the groundwork for more competition and cross-rail integrations. Risk and fraud management: The speed of RTPs introduces a paradox: while faster settlement boosts efficiency, it also reduces the window to detect and prevent fraud. Financial institutions must now pair RTP with advanced fraud analytics – using AI and real-time transaction scoring to identify anomalies before funds clear. Solutions that incorporate behavioural analysis, geo-location triggers, and multi-layered verification are becoming essential. Alternative digital rails: As traditional RTPs scale, stablecoins and blockchain-based systems are emerging as complementary rails. Stablecoins like USDC and USDT provide instant, transparent settlement across borders – with the added benefit of 24/7 availability. As Clear Junction has seen in our own product rollouts, demand for regulated, fiat-backed digital payment methods is rising fast. These tools aren't just for crypto companies anymore – they're becoming mainstream infrastructure for businesses that require speed, visibility, and control across jurisdictions. Unlike RTPs, which typically operate within domestic or regional banking frameworks, stablecoins operate on global, decentralised networks. This makes them especially attractive for international payments that require continuous uptime, predictable settlement speed, and finality. Businesses dealing with round-the-clock marketplaces – such as crypto exchanges, ecommerce platforms, and cross-border B2B services – can benefit from the always-on nature of stablecoins. That said, stablecoins and RTPs are not in competition – they serve different but complementary purposes. RTPs excel in providing structured, regulated, and bank-integrated pathways, often with deeper consumer protections and established dispute resolution mechanisms. Stablecoins, meanwhile, offer programmable capabilities, faster global reach, and operational efficiency, especially in underbanked or high-cost corridors. The real power lies in how these systems integrate. The next generation of financial infrastructure will not rely solely on traditional rails or decentralised alternatives but will combine the best of both. Institutions that embrace hybrid models – using RTP for regulated domestic flows and stablecoins for agile, cross-border liquidity – will gain an edge in both compliance and customer experience. Clear Junction is actively building these bridges, supporting clients who want to offer stablecoin-based services without stepping outside regulatory frameworks. Our infrastructure is designed to enable fiat-to-stablecoin conversion, on-chain settlement, and compliance-aligned transaction monitoring. This gives institutions confidence to operate in the shifting landscape. Why cross-border RTP infrastructure is a competitive advantage Real-time payments are transforming operations and reshaping how financial institutions position themselves globally. In a world where every second counts, speed becomes strategy. With real-time capabilities, institutions can: Serve customers instantly, reducing churn and boosting satisfaction Streamline treasury operations through real-time cash forecasting Support embedded finance use cases with precise, programmable money flows Meet compliance obligations with enhanced transparency and auditability Importantly, RTPs also support financial inclusion. By removing delays and reducing fees, they empower individuals – especially in emerging markets – to participate more fully in the global financial system. Migrant workers, small businesses, and digitally underserved populations all stand to gain from systems designed around instant access and equitable participation. Our role in this evolution is to provide the backbone infrastructure that makes real-time financial services possible – even in markets where traditional players hesitate to innovate. We focus on enabling interoperability, ensuring compliance, and empowering clients with tools that are resilient, scalable, and future proof. From faster payments to smarter financial systems The rise of real-time payments marks a new era in cross-border finance – one where speed, security, and simplicity converge. The institutions that embrace RTP infrastructure today will be the ones leading tomorrow's financial services landscape. We believe that RTP innovation must be both inclusive and intentional. It's not enough to move faster; we must move better – with infrastructure that's transparent, interoperable, and designed to elevate the entire ecosystem. The future of finance is being written in milliseconds, and those ready to operate in real time will shape what comes next. Nina Papazyan, Director of Product and Banking Relationships, Clear Junction "Real-time payments: The new standard for cross-border finance" was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
