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India is the one country where the IEA forecasts coal output to grow this year, with production set to top 1 billion tons for the first time. Prime Minister Narendra Modi needs to meet growing energy demand while reducing reliance on expensive imports.
Thanks to a combination of Chinas energy insecurity — pushing Beijing back to trusted power sources — plus rising Indian demand, the continued fallout from the war in Ukraine and faltering international programs to wean developing economies off fossil fuels, coal is proving remarkably resilient. Output hit a record last year, and producers are preparing for a future where they will be required for decades yet to balance renewable energy.
Wall Street was closed overnight and the local results season has taken centre stage. (Available for non-subscribers after 10am)
Powell has hinted the Fed might be done, without committing. S&P up 1% (Available for non-subscribers after 10am)
One billionaire managed to spin the US bond market last night but it was not ultimately sufficient to save stocks. S&P down -0.2%. (Available for non-subscribers after 10am)