Australia – Almost Nobody Is Buying Green Hydrogen – Bloomberg.
What’s happening now
Hydrogen has had plenty of hype as a carbon-free fuel. From the deserts of Australia and Namibia to the wind-blasted straits of Patagonia, companies and governments worldwide plan to build almost 1,600 plants to make it. There’s only one problem: the vast majority of those projects don’t have a single customer stepping up to buy the fuel.
The deputy of Australia’s central bank wants to avoid getting overly confident in forecasting the economy. The RBA’s recent forecasting errors on inflation showed price pressures had been somewhat stickier than expected, Andrew Hauser, the Bank’s No. 2, said in a speech Monday titled Beware False Prophets. A similar pattern was seen in market expectations, suggesting the surprises weren’t limited to the central bank, he added.
Tens of thousands of workers in the Pilbara are preparing to negotiate potential wage rises as representatives from the Western Mine Workers Alliance — a coalition between the Mining and Energy Union and Australian Workers Union — survey members over a campaign to raise wages and lock in new contracts.
Miners in the region are feeling the heat literally too. Though the Pilbara is a vital supply hub for crucial commodities, companies are also grappling with implications of the fact that temperatures above 40C are forecast to become increasingly frequent as time goes on.
What happened overnight
Stocks struggled for direction ahead of US inflation data, with the latest geopolitical developments curbing the appetite for risk. Just a week after the panic selling that shook trading around the globe, the S&P 500 was flat.
An Iranian attack against Israel has grown even more likely, and may come as soon as this week, US officials said. Allied leaders have sought to head off the potential for all-out war as a result and the Pentagon deployed more forces to the region.
Nadine Ahn says she could have been the first woman to run Royal Bank of Canada before she was fired over a personal relationship with a colleague. Ahn was sacked on April 5 by Canada’s largest bank, which said she’d violated its code of conduct with an “undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases.”
What to watch
(All times Sydney)
- 10:30 a.m.: Australia Aug. Consumer Confidence
- 11:30 a.m.: Australia July Business Confidence
- 11:30 a.m.: Australia 2Q Wage Price Index
One more thing…
China’s gold medal haul at the Paris Olympics — tying the US at 40 for its best performance against the Americans since 2008 — is being touted by state-run media as the latest sign the country can rival the US on the global stage.
READ the latest news shaping the hydrogen market at Hydrogen Central
Australia – Almost Nobody Is Buying Green Hydrogen – Bloomberg. source
