North Korea, SpaceX, Australia: This Week's Top Trending Financial Tweets - Week 26
#7. Australia’s iron ore export
As a result of bad weather and output setbacks, Australia’s iron ore export is expected to fall for the first time in eighteen years, Bloomberg reports. This is increasing the global shortage and boosting prices - which are already at a 5-year high.
Australia is the world’s largest iron ore shipper and has cut its 2019 forecast to 814 million tons from 867 million tons in March, according to the same Bloomberg article.
Australia's iron ore exports to drop for the first time in 18 years https://t.co/FcNt38Y7t7— Bloomberg (@business) June 30, 2019
#6. Vietnam - EU trade deal
On Sunday, the European Union signed a landmark free trade deal with Vietnam, Reuters reports. This is the first deal of this kind with a developing country in Asia and opens the way for tariff reductions on 99% of goods between the EU and Vietnam.
One thing is still necessary for the deal to go through though: the European Parliament needs to approve it - according to the same Reuters article this is not a given since some lawmakers are concerned about Vietnam’s human rights record.
#5. SpaceX aims Starship launch by 2021
As you may remember, SpaceX only recently started launching Falcon Heavy commercial missions. But the company keeps going and is now set on launching Starship, TechCrunch reports.
The latter will have more lift capacity than the Falcon Heavy rocket and is meant to be the spacecraft that enables SpaceX to reach its goal of running crewed missions to Mars. SpaceX hopes to start commercial service for its Starship rocket by 2021.
#4. Spontaneous Trump - Kim summit
Donald Trump became the first sitting US president to step into the demilitarized zone between North and South Korea this week. He convened there with Mr. Kim, emerging from the meeting with the commitment to jump-start nuclear talks, the Wall Street Journal reports.
Those talks ended rather abruptly in February during a summit held in Vietnam.
Trump and Kim, joined by several members of their nuclear envoy, held a closed-door meeting that lasted nearly an hour before emerging with an agreement to jump-start nuclear talks https://t.co/mDVfxlzg38— The Wall Street Journal (@WSJ) June 30, 2019
#3. Long road ahead for China & the US
While things may move forward on the North Korea front, there still is a long way ahead for the US and China before they will reach a deal to end their trade war, Yahoo Finance reports.
On Saturday, Chinese President Xi Jinping and US President Donald Trump met on the sidelines of the G20 summit in Osaka. But while they agreed to a ceasefire and a return to talks, there is no guarantee that an agreement will be reached, according to the same Yahoo Finance article.
#2. Oil production cuts impact Saudi growth
Oil production cuts had an effect on Saudi Arabia’s economic growth during the first quarter of 2019, Reuters reports. The country’s growth more than halved to 1.66% which was in line with expectations of only a small pick up.
The Saudi economy has suffered the past few years because of the low oil prices and austerity measures that are meant to reduce the country’s large budget deficit, according to the same Reuters article.
#1. Solar installations keep rising
Between 2014 and 2018, global solar installations more than doubled and 16 nations are expected to install at least 1 gigawatt of photovoltaics in 2019, BloombergNEF says in its Q1 market outlook.
While China has dominated the global market with a share of 40% the past few years, BNEF predicts a 12% drop in 2019 compared to 2018. Instead, countries like Spain, Australia and Mexico will increase their part of the cake, according to Bloomberg.
Global solar installations more than doubled from 2014 to 2018, and 16 nations are expected to install at least 1 gigawatt of photovoltaics this year. https://t.co/fkxXipl51I— Bloomberg LP (@Bloomberg) June 27, 2019
And voila, the 26th week of 2019 all captured in Tweets. As always, we'll continue to track Twitter and bring you the top financial micro-messages from the web. See you back here next week.