CHINA arrived in New Delhi on a special plane to attend the 18th BRICS summit at the invitation of Indian Prime Minister Modi.

After Yemen’s Houthi forces seized Red Sea port Mocha, vessel transits through the Bab al-Mandeb Strait fell to single digits on the 10th. As of 1500 local time on the 10th, six ships transited the strait, versus 30 on the 9th, 26 on the 8th and 29 on the 7th. Of the six, five departed carrying grain, crude oil, coal and fertilizer; one vessel entered. The Bab al-Mandeb links the Red Sea and the Gulf of Aden and handles roughly 12% of global trade.

CITIGROUP expects the Fed to hike in September and to begin cutting rates before mid-2027.