Key Takeaways
- The Democratic Republic of Congo (DRC) has banned all exports of copper and cobalt concentrates effective immediately, forcing miners to process minerals domestically to capture higher value.
- Eurozone retail sales fell 0.3% in June, missing economist estimates of a 0.1% gain and highlighting persistent weakness in European consumer demand.
- China has launched a formal security probe into Palo Alto Networks (PANW), signaling escalating tech tensions and pressuring the company’s shares in pre-market trading.
- French utility EDF (EDF) warned of production cuts at its Golfech nuclear site starting August 12 due to high temperatures in the Garonne River, which limit reactor cooling capabilities.
- Donald Trump has privately endorsed Vice President JD Vance as the 2028 GOP heir, telling donors "we need to elect" him to ensure the continuity of the movement.
DRC Shakes Global Battery Supply Chain with Export Ban
The Democratic Republic of Congo (DRC), the world’s largest producer of cobalt and a top-tier copper supplier, has issued a blanket ban on the export of copper and cobalt concentrates. The order, signed by the Ministers of Mines, Foreign Trade, and Economy, aims to mandate domestic refining and prevent the "export of value" to foreign smelters, particularly those in China.
While the ban is effective immediately, the government has introduced a new tax on mining by-products using a 55% valuation coefficient to further bolster state revenue. Major operators such as Glencore (GLEN), CMOC Group, and Zijin Mining are expected to face significant operational shifts, though the Minister of Mines retains the authority to grant one-year "strategic" waivers on a case-by-year basis.
Eurozone Consumer Spending Stalls in June
Economic data released Thursday revealed a surprise contraction in Eurozone retail sales, which dropped 0.3% month-on-month in June. This figure fell well short of the 0.1% growth expected by analysts, reversing a revised 0.4% gain in May. On an annual basis, sales grew by only 0.7%, missing the 1.0% forecast and suggesting that high interest rates continue to dampen household spending.
The decline was led by a 0.5% drop in food, drinks, and tobacco sales, while non-food products fell by 0.4%. Germany and Finland recorded some of the sharpest monthly decreases, at -1.1% and -1.5% respectively, fueling concerns that the bloc’s largest economies are struggling to find a growth floor.
China Targets Palo Alto Networks in New Security Probe
Beijing has intensified its regulatory scrutiny of U.S. technology by launching a cybersecurity probe into products sold by Palo Alto Networks (PANW). The move follows reports that Chinese authorities have instructed domestic firms to phase out Western cybersecurity software in favor of local alternatives to ensure "national security."
Shares of Palo Alto Networks fell approximately 2.2% in pre-market trading following the announcement. This probe is seen as a retaliatory or protective measure amid ongoing "tech supremacy" competition between the U.S. and China, potentially affecting other firms like Fortinet (FTNT) and Check Point Software (CHKP).
Climate Pressures Force Nuclear Curtailments in France
French energy giant EDF (EDF) has notified markets that production restrictions are likely at its Golfech nuclear plant starting Wednesday, August 12. A persistent heatwave has pushed the temperature of the Garonne River toward regulatory limits, preventing the plant from discharging cooling water without risking ecological damage.
This marks the latest in a series of heat-related outages for EDF this summer, which have already seen over 5 GW of nuclear capacity sidelined or restricted. With nuclear power providing roughly 70% of France's electricity, these climate-driven curtailments are contributing to volatility in European power prices, which recently spiked toward €200 per megawatt-hour.
Trump Signals 2028 Succession Plan
In the political arena, former President Donald Trump has reportedly begun consolidating support for Vice President JD Vance as his successor. According to reports from The Washington Post, Trump told a group of donors that the party "needs to elect" Vance in 2028 to maintain the current administration's policy trajectory.
While Trump has also praised Secretary of State Marco Rubio as part of a "dream team," his private comments suggest Vance has secured the "heir apparent" status. Recent polling among GOP donors shows Vance leading other potential 2028 contenders with 40% support, significantly ahead of Rubio’s 14%.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.