Key Takeaways
- Toyota Motor (TM) global sales fell 5.3% in July, marking a sixth straight month of decline as China sales plunged 24.3% due to rising fuel costs and EV competition.
- King Harald V of Norway has died at age 89; his son, Crown Prince Haakon, succeeds him as King Haakon VIII amid a period of national mourning.
- Elon Musk’s Starlink has secured a 10-year license from the UAE to provide satellite internet services, expanding its footprint in the Middle East.
- French Finance Minister Roland Lescure warned of "extremely difficult" harvests in several regions due to extreme weather, threatening the country's agricultural output.
- Aluminum producers are seeking $310/t premiums for Q4 shipments to Japan, a 22% decrease from the current quarter, reflecting cooling physical demand.
Toyota Sales Slide Amid China’s EV Pivot
Toyota Motor (TM) reported a 5.3% year-on-year decline in global sales for July, totaling 912,683 units. The slump was primarily driven by a 24.3% collapse in the Chinese market, where the company is struggling against a rapid consumer shift toward domestic electric vehicles (EVs).
Rising gasoline prices in China have severely dampened demand for traditional internal combustion engine (ICE) and hybrid vehicles. While Toyota Motor (TM) saw a 15% increase in global electrified vehicle sales, this was not enough to offset the losses in its largest markets, including a 44.5% drop in the Middle East.
Norway Mourns the Death of King Harald V
The Royal Palace in Oslo announced the passing of King Harald V on Friday at the age of 89. The monarch, who had reigned since 1991, died peacefully at Oslo University Hospital following a battle with haemolytic anaemia.
His son, Crown Prince Haakon, has immediately ascended the throne as King Haakon VIII. The transition comes at a sensitive time for the Norwegian monarchy, which remains a central pillar of national identity despite recent family controversies.
Starlink Secures 10-Year UAE License
The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) has granted a formal license to SpaceX’s Starlink to provide satellite internet services. The license is valid for 10 years, allowing the company to offer high-speed, low-latency connectivity across the Emirates.
This move follows successful integrations of Starlink on major carriers like Emirates and flydubai. The service is expected to provide critical infrastructure for remote areas and maritime operations, further diversifying the UAE’s digital economy.
Climate Shocks Threaten French Agriculture
French Finance Minister Roland Lescure warned that harvests will be "extremely difficult" in several regions following a summer of record-breaking heat and drought. The Agriculture Ministry expects the corn harvest to be the lowest since 1980, with a projected 35% decline in volume.
The agricultural crisis is expected to weigh on France’s GDP, which was already revised downward to 0.0% growth for the second quarter. Analysts suggest that these climate-driven supply shocks could lead to renewed inflationary pressure on food prices across the Eurozone.
Aluminum Premiums Retreat on Weak Demand
A major global aluminum producer has opened negotiations for October-December shipments to Japan with a sought premium of $310 per metric ton. This figure represents a 22% drop from the $395/t settled in the previous quarter.
The downward revision reflects a "tug-of-war" between producers and Japanese buyers, who are citing high inventories and sluggish demand in the automotive and construction sectors. As Japan is Asia’s largest importer of the metal, this settlement will likely set the benchmark for regional pricing through the end of 2026.
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.