Currency Markets - The EUR/USD currency pair has risen above 1.1700 due to expectations of a Federal Reserve interest rate cut in September, driven by weaker-than-expected US economic data, including only 22,000 jobs added in August compared to the anticipated 75,000 [2] - The CME FedWatch tool indicates a 92% probability of a 25-basis-point rate cut by the Fed at its upcoming September meeting, contributing to the softening of the US dollar and providing momentum for the euro [2] - The NZD/USD currency pair has strengthened above 0.5750, influenced by the risk of a US government shutdown and the performance of the Chinese economy, which is significant for New Zealand as its largest trading partner [3] Political and Trade Tensions - Hungary and Slovakia are opposing the European Union's plan to phase out Russian oil and gas by 2027, citing national sovereignty and economic stability concerns [6] - The European Commission is preparing to introduce tariffs on Russian oil imports still flowing into the EU via Hungary and Slovakia [6] Agricultural Sector - US soybean markets are facing a downturn due to harvest concerns and a bleak export outlook, with China placing zero new crop export orders for the 2025/26 marketing year due to retaliatory tariffs, raising the total duty rate on US soybeans to 34% [7] - From January to August 2025, US soybean exports to China totaled only 218 million bushels, a significant decline from 985 million bushels in all of 2024, with no shipments recorded in June, July, or August [7] - In contrast, Brazil has seen a record export of 2.474 billion bushels of soybeans to China during the same period [7] Corporate Partnerships and Green Initiatives - Isuzu Motors Limited and Toyota Motor Corporation have announced a joint venture to develop next-generation fuel cell route buses, with production set to begin in fiscal year 2026 [10] - Ireland has launched an Offshore Wind Energy Clearing House to accelerate its renewable energy ambitions, aiming for 20GW in offshore assets by 2040 [11] - A major oil port in China's Shandong province will implement measures to ban "shadow fleet" vessels and older tankers, effective November 1, to address environmental concerns and increasing US sanctions pressure [12] Youth Employment Initiatives - The UK government is set to announce a "youth guarantee" aimed at eliminating long-term youth unemployment, offering guaranteed paid work placements, apprenticeships, or college places to young people on Universal Credit for 18 months without "earning or learning" [13]