A 60-day U.S.-Iran ceasefire signed in mid-June has lifted tanker movements through the Strait of Hormuz to 242 vessels a week, up from about 60 during the conflict but still well below the pre-war level of 700-plus. The recovery remains uneven, with too few westbound ballast crude tankers available to load. The Middle East-to-China TD3C freight index is still at $313,000 per day versus a long-run average of less than $100,000 per day, keeping transport costs elevated. About 9 million barrels per day of potential capacity has been voluntarily curtailed due to shipping uncertainty, a shortfall that could widen the global supply gap if it does not return.

High temperatures and a lack of rain are threatening sugar production in France, Europe’s largest sugar beet producer, with no rainfall forecast. Beet development has slowed and quality is uneven, with some crops wilting while others are holding up. Growers also warn yellows disease spread by aphids could return and further hit yields. France’s beet growers’ association said an extended dry spell could become a “catastrophe,” and international sugar prices have risen sharply.

The UK Court of Appeal has upheld a High Court ruling allowing more than 5,000 alleged missold motor finance claims to be managed collectively under eight ‘omnibus’ claim forms. The case involves eight motor finance firms, including Black Horse, accused of failing to adequately disclose commission arrangements with car dealers. The court said individual claims are typically worth about £1,000 each, making separate lawsuits commercially unrealistic. With the Financial Conduct Authority’s redress scheme still facing legal challenges and an unclear timetable, the ruling leaves consumers with a clearer route through the courts.

SoftBank has completed a second $10 billion investment into OpenAI as part of its $30 billion overall commitment. The New York Times reported that OpenAI is considering delaying its IPO until 2027, cooling sentiment around the deal. Japan’s Nikkei fell 4% on Friday, while SoftBank shares slid more than 12% in the same session.

Australia’s Albanese government launched the Solar Sharer scheme on July 1, 2026, requiring power retailers to provide customers with three hours of free electricity each day from 11am to 2pm. Retailers must keep prices in the rest of the day within regulated caps, but rates outside the free window have typically increased as a result. Several retailers have warned some households could end up with higher overall bills, particularly if they cannot significantly shift their electricity use. The mandatory reform applies in NSW, south-east Queensland and South Australia, with Victoria set to start a similar scheme in October.

On July 1, spot gold fell 0.8% to $3,974.75 an ounce, after touching an intraday low of $3,942.99, the weakest level since last November. Silver, platinum and palladium also declined. The drop followed a sharp rise in U.S. Treasury yields, with the 10-year at 4.465%, and a market-implied 67% chance of a Fed rate hike by September, compounded by Cleveland Fed President Beth Hammack signaling a preference for further tightening.

Sterling fell 0.23% to $1.3234, snapping a four-day run of gains. The pound ended June down 0.2% and was down 1.6% in the first half of the year. The dollar’s advance was supported by rising U.S. Treasury yields ahead of upcoming employment data and market focus on comments from new Fed Chair Kevin Warsh. In the UK, uncertainty over Labour Prime Minister Keir Starmer’s expected exit and the possibility of Andy Burnham succeeding him added to concerns about the recovery under fiscal constraints.

Zinc futures on the Multi Commodity Exchange (MCX) fell by Rs 3.85 per kg to Rs 360.35 per kg on July 1, a decline of 1.06%. The July contract recorded turnover of 1,080 lots. Analysts said weaker physical demand from consuming industries prompted market participants to cut long positions, weighing on prices.