Morning Brief: July 11

• Bitcoin has updated its historical maximum. At the moment, the value of the cryptocurrency reached $ 118,661 thousand. The exchange rate increased by almost $5,000 per night.

• For the first time in history, solar panels became the main source of energy in the European Union in June. The share of solar energy in the region's energy mix rose to 22.1% last month, or 45.4 TWh. Nuclear power plants and wind turbines accounted for 22% and 16%, respectively. The reason for the record is the increase in capacity and high solar activity. Against this background, electricity prices in France fell below 0 due to a sharp increase in the surplus in the grid.

• OPEC has lowered its forecasts for global oil demand for the next four years. The organization also raised its long-term expectations, given the growing consumption in developing countries. In 2025, global oil demand is 105 million barrels per day. According to OPEC's forecast, by 2026 this figure will increase to 106.3 million barrels per day, and by 2029 it will reach 111.6 million.

• The BRICS summit in Rio de Janeiro prompted Trump to impose 50% tariffs on Brazil. The main trigger for the US president is the efforts of the BRICS countries to de-dollarize. Brazilian President Lula responded by saying that Brazil can do without trade with the United States and will look for other partners to replace it. If no agreement can be reached, Brazil will impose reciprocal trade duties on U.S. products from August 1.

• The United States is imposing 35% duties on Canadian imports from August 1, citing retaliatory tariffs from Ottawa. Donald Trump said that the reason was the actions of Canada and the problem with fentanyl. The President noted that changes are possible with cooperation in the fight against the substance. He also warned that further increases in Canadian tariffs would lead to an increase in U.S. duties. 

• The volatility of the US dollar has decreased, but analysts believe that it may become a «risky» currency again. The reasons include political instability, trade tariffs, Fed independence, fiscal concerns, and asset diversification. The fall in the exchange rate due to Trump's threats caused rumors about the loss of the status of a safe haven asset. In the short term, the dollar remains unstable.