Moody’s cut credit ratings of several small to mid-sized US banks on Monday and said it may downgrade some of the nation’s biggest lenders, warning that the sector’s credit strength will likely be tested by funding risks and weaker profitability.

Indian wheat prices surged to a six-month high on Tuesday due to limited supplies and robust demand ahead of the festival season, dealers said.

Rice planting in India could fall by 5 percent as New Delhi’s decision to ban non-basmati white rice exports will cut farm income and encourage growers to switch to other crops, a leading farmers’ group with close ties to the ruling Bharatiya Janata Party said.

China’s imports and exports fell much faster than expected in July as weaker demand threatens recovery prospects in the world’s second-largest economy, heightening pressure for authorities to release fresh stimulus to steady growth.

China’s imports from Russia dropped in July, the first monthly decline since February 2021, with imports of oil and other goods having continued to rise steadily after the outbreak of conflict in Ukraine, Chinese customs data showed on Tuesday.

German inflation eased in July, the federal statistics office said on Tuesday, confirming preliminary data.

British food price inflation is likely to fall to around 10 percent later this year but will need to drop further for overall consumer price inflation (CPI) to return to its 2 percent target, Bank of England (BoE) Chief Economist Huw Pill said on Monday.

Thailand is benefiting from India's rice export ban and has no reason to halt its own shipments as it has sufficient output for exports and domestic consumption, its commerce minister said on Monday.

Moody's cut credit ratings of several small to mid-sized U.S. banks on Monday and said it may downgrade some of the nation's biggest lenders, warning that the sector's credit strength will likely be tested by funding risks and weaker profitability.

German industrial output plunged in June, official data showed Monday, with the economy ministry warning of a gloomy outlook as high energy prices and interest rates took their toll.

Now that regulators in Washington have unfurled a hefty reform package of post-financial crisis capital regulations, banking industry advisers are honing in on what they consider most disruptive, including risk management requirements that could affect real estate lending, consumer credit and wealth management.

Since China opened to foreign investment in 1978 under Deng Xiaoping, global firms have ploughed in hundreds of billions of dollars to buy and build factories for market access and cheap labour, bolstering the Chinese currency.

The dollar rose on Monday after a mixed US jobs report on Friday sent the US currency to a one-week low, with market focus turning to inflation data from the world’s two largest economies due this week.

China’s exports likely contracted further in July, as manufacturers in the world’s second-largest economy struggled for buyers in markets grappling with high inflation and rising interest rates, a Reuters poll showed on Monday.

China’s state-controlled Shaanxi Yanchang Petroleum Group is expected to double its purchases of Russian ESPO blend this year to about one million metric tons, according to two sources familiar with the plant’s operations.

Oil prices hovered near their highest levels since mid-April after top producers Saudi Arabia and Russia pledged to extend supply cuts through September, further tightening supplies.

The dollar was on the defensive on Monday after a mixed US jobs report provided little directional conviction and as market focus turned to inflation data from the world's two largest economies due this week.

China’s direct economic losses from natural disasters surged to 41.18 billion yuan ($5.74 billion) in July, more than in January to June combined, driven by severe weather as two powerful typhoons hit the country in one month.

Surging US crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows.

Factory worker Lubna Babar was made redundant at the beginning of the year, a victim of a crisis in the Pakistan textile industry that has seen it lose ground to more nimble Asian competitors.