The Chinese post-Covid recovery continues to stutter with services activity growing at its slowest pace in five months. Meanwhile, Beijing has said it will no longer exploit its own rare material resources only to be subject to U.S. restrictions in producing semi-conductors. Tesla and BYD both post record Q2 deliveries as the EV race in China gathers momentum. We are live in Vienna for the Opec Seminar where despite Russian and Saudi Arabian production cuts to come, a price rally has failed to materialise. Brent pulls back as concerns over a Chinese slowdown and higher rates mount. And U.S. markets are back online today following yesterday’s 4th July celebrations as investors await the latest Fed minutes over its decision to pause its rate hiking cycle.  

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