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Drilling rigs sit unused on a companies lot located in the Permian Basin area on March 13, 2022 in Odessa, Texas.

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This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Losing week for stocks
U.S. stocks were mixed Friday, with the Dow Jones Industrial Average the only major index to eke out a gain. Europe’s Stoxx 600 index sank 1.09%, weighed down by a 2.1% drop in technology stocks. Meanwhile, the U.K. surprised with a better-than-expected 0.2% growth in gross domestic product during the second quarter.

Higher producer costs
U.S. wholesale prices rose 0.3% in July. That’s more than economists had expected and the biggest monthly increase since January. On a year-over-year basis, the producer price index was up 0.8%. The PPI tends to reflect price changes before they filter into the consumer price index, so this could dampen the enthusiasm over July’s cooler-than-expected CPI.

Jail for SBF
FTX founder Sam Bankman-Fried headed to jail Friday after a judge revoked his bail over alleged witness tampering. Government prosecutors said Bankman-Fried had sent over 100 emails to the media, including private diary entries of his ex-girlfriend, Coraline Ellison, to the New York Times. Bankman-Fried’s expected to remain in custody until his criminal trial on Oct. 2.

Nvidia’s incredible year
Nvidia’s shares are up 180% this year, beating every other stock in the S&P 500 and making Nvidia the fifth-most valuable U.S. company. But that gives its stock a current price-to-earnings ratio of 220, a multiple more than three times higher than Tesla’s. CNBC’s Kif Leswing explains the trajectory behind Nvidia’s ascent, and where the chipmaker could go from here.

[PRO] Week of the consumer
The U.S. consumer is in focus this week. July’s retail sales data comes out Tuesday. Alongside that will be earnings reports from a range of retailers, ranging from big-box merchandisers like Target, discount shops like TJX Companies and luxury retailers like Tapestry, which owns Coach and Kate Spade. They’ll give a snapshot of whether the consumer can continue propping up the U.S. economy.

The bottom line

There’s a new narrative in markets.

The Nvidia-fueled rally that began in May seems to be petering out. Expectations of bumper earnings are now baked into stock prices — and investors are realizing how expensive artificial intelligence stocks are. The VanEck Semiconductor ETF was down 5.2% for the week, its worst since October 2022.

At the same time, the U.S. economy is growing so much more than anticipated that Wall Street thinks a recession isn’t happening this year. Economists, according to a Philadelphia Federal Reserve poll, are also revising upwards their growth forecasts.

A robust economy means higher demand for goods and services. One barometer of that is oil. Indeed, prices for oil have rallied for seven consecutive weeks, the first time since June 2022. To be sure, that’s largely because of supply constraints for now, but increased demand will surely translate into higher prices soon.

That’s good news for investors in energy stocks, which led the market Friday, last week, this month and this quarter, as CNBC’s Scott Schnipper observed. The VanEck Oil Services ETF rose 2% last week, handily beating the VanEck Semiconductor ETF.

But that’s bad news for investors wary of interest rates. Higher commodity prices and demand might mean the Federal Reserve may not pause — or cut — rates as soon as markets expect. The hotter-than-expected PPI reading adds credence to this new narrative.

Markets were shaken. The S&P 500 lost 0.1% and the Nasdaq Composite slid 0.6%, giving both indexes their second straight losing week. For the Nasdaq, that’s its longest down streak since December. The Dow Jones Industrial Average, however, managed to eke out a 0.3% increase to advance 0.6% for the week.

The week ahead is dominated by consumer spending data, which can be fuzzy because it tends to fluctuate by season and sentiment. Prepare for more volatility.

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World surges past 40% clean power in record renewables boom

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World surges past 40% clean power in record renewables boom

Renewables and nuclear provided 40.9% of the world’s power generation in 2024, passing the 40% mark for the first time since the 1940s, according to a new global energy think tank Ember report. 

Renewables added a record 858 TWh in 2024, 49% more than the previous high in 2022. Solar was the largest contributor for the third year running, adding 474 TWh to reach a share of 6.9%. Solar was the fastest-growing power source (+29%) for the 20th year in a row. 

Solar has doubled in just three years, providing more than 2,000 TWh of electricity in 2024. Wind generation also grew to 8.1% of global electricity, while hydro – the single largest renewable source – remained steady at 14% of global electricity.

“Solar power has become the engine of the global energy transition,” said Phil MacDonald, Ember’s managing director. “Paired with battery storage, solar is set to be an unstoppable force. As the fastest-growing and largest source of new electricity, it is critical in meeting the world’s ever-increasing demand for electricity.”

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Ember’s sixth annual Global Electricity Review, published today, provides the first comprehensive overview of the global power system in 2024 based on country-level data. It’s published alongside the world’s first open dataset on electricity generation in 2024, covering 88 countries that account for 93% of global electricity demand, as well as historical data for 215 countries.

What drove the rising power demand

The analysis finds that fossil fuels also saw a small 1.4% increase in 2024 due to surging electricity demand, pushing global power sector emissions up 1.6% to an all-time high.

Heatwaves were the main driver of the rise in fossil generation, accounting for almost a fifth (+0.7%) of the increase in global electricity demand in 2024 (+4.0%), mainly through additional use of cooling. Without these temperature effects, fossil fuel generation would have risen by only 0.2%, as clean electricity generation met 96% of the demand growth not caused by hotter temperatures.

“Amid the noise, it’s essential to focus on the real signal,” continued MacDonald. “Hotter weather drove the fossil generation increase in 2024, but we’re very unlikely to see a similar jump in 2025.”

Aside from weather effects, the increasing use of electricity for AI, data centers, EVs, and heat pumps is already contributing to global demand growth. Combined, the growing use of these technologies accounted for a 0.7% increase in global electricity demand in 2024, double what they contributed five years ago. 

Clean power will grow faster than demand

Ember’s report shows that clean generation growth is set to outpace faster-rising demand in the coming years, marking the start of a permanent decline in fossil fuel generation. The current expected growth in clean generation would be sufficient to meet a demand increase of 4.1% per year to 2030, which is above expectations for demand growth. 

“The world is watching how technologies like AI and EVs will drive electricity demand,” said MacDonald. “It’s clear that booming solar and wind are comfortably set to deliver, and those expecting fossil fuel generation to keep rising will be disappointed.”

Beyond emerging technologies, the growth trajectories of the world’s largest emerging economies will play a crucial role in defining the global outlook. More than half of the increase in solar generation in 2024 was in China, with its clean generation growth meeting 81% of its demand increase in 2024. India’s solar capacity additions in 2024 doubled compared to 2023. These two countries are at the forefront of the drive to clean power and will help tip the balance toward a decline in fossil generation at a global level.

Professor Xunpeng Shi, president of the International Society for Energy Transition Studies (ISETS), said: “The future of the global power system is being shaped in Asia, with China and India at the heart of the energy transition. Their increasing reliance on renewables to power demand growth marks a shift that will redefine the global power sector and accelerate the decline of fossil fuels.”

Read more: Made-in-America solar just got a big win in Louisiana


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Nissan’s new LEAF EV was caught at a Tesla Supercharger in Canada

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Nissan's new LEAF EV was caught at a Tesla Supercharger in Canada

The next-gen LEAF is almost here, and it’s looking better than ever. This isn’t the electric hatch you are used to seeing. Nissan’s new LEAF EV has more range, a fresh crossover design, and yes, it can finally charge up at Tesla Superchargers with an NACS port. With the official reveal just around the corner, someone already spotted the new LEAF at a Tesla charger in Canada.

Nissan is launching the new LEAF in the US and Canada

A little over a week ago, we finally got our first look at the third-generation LEAF. Nissan’s iconic electric hatch has grown into a “sleek and spacious family-friendly crossover.”

The US and Canada will be the first to see the reimagined LEAF later this year. It will join the Ariya in Nissan’s North American EV lineup as it looks to spark growth in one of its most important markets.

Based on the CMF-EV platform, the same one underpinning the Ariya, Nissan promises the new LEAF will have “significant range improvements.” Although no other details were revealed, Nissan’s vehicle programs chief, Francois Bailly, told TopGear.com that it’s expected to have WLTP driving range of up to 373 miles (600 km).

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It will likely be lower on the EPA scale, but anything even close to 300 miles would be a major improvement over the current 212 EPA-estimated miles offered on the 2025 LEAF SV Plus.

Nissan-new-LEAF-EV
Nissan’s new LEAF EV (Source: Nissan)

The next-gen LEAF will also be Nissan’s first EV to feature an integrated NACS charging port. With its official debut later this year, the new model is out for testing and was just caught testing at a Tesla Supercharger in Canada.

Nissan’s next-gen LEAF charging at a Tesla Supercharger in Canada ahead of its debut (Source: KindelAuto)

If you didn’t know what vehicle it is, the LEAF is hardly recognizable. The new image from KindelAuto gives us a closer look at the new crossover design. It almost looks like a Tesla sitting in front of the charger.

The new LEAF is one of 10 new and refreshed Nissan vehicles set to launch in the US and Canada. It will arrive later this year, followed by the fourth-gen Rogue in 2026, which will be available as a PHEV for the first time.

Nissan-new-LEAF-EV
Nissan’s upcoming lineup for the US, including the new LEAF EV and “Adventure Focused” SUV (Source: Nissan)

Nissan also plans to build a new “adventure-focused SUV” at its Canton, Mississippi, plant in late 2027. The teaser shows what appears to be a rugged electric Xterra. We’ll have to wait for more details on that one.

Nissan will reveal additional info about the upcoming LEAF mid-year. Check back soon for more updates.

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Barcelona’s new electric commuter ferry runs for 21 hours on a single charge

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Barcelona's new electric commuter ferry runs for 21 hours on a single charge

The Port of Barcelona launched the Ecocat Tres, a highly efficient, all-electric commuter ferry powered by Molabo’s ARIES i50 electric motors.

Ecocat Tres is the latest zero-emission ferry in Bus Nàutic’s growing electric fleet, providing clean transportation between the Drassanes and Llevant wharves. In just its first three months, the Bus Nàutic service logged over 125,000 sustainable trips. Operated by ALSA and backed by the Port of Barcelona, the initiative offers locals and visitors an eco-friendly way to travel, cutting down on road congestion and air pollution in the bustling city.

Built by Spanish shipbuilder Metaltec Naval, Ecocat Tres is a 15-meter aluminum catamaran that carries up to 84 passengers. It even includes a rooftop deck, offering extra seating and a breezy ride across the port. The ferry runs every 15 to 30 minutes for at least 12 hours each day, with the entire trip taking about 10 minutes.

Under the deck are two powerful 48V Molabo ARIES i50 motors, enabling the electric ferry to hit a top speed of 12 knots. Cruising at its regular operational speed of 5 knots, Ecocat Tres can run efficiently for up to 21 hours on a single charge, making it highly reliable for daily commuters.

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Molabo’s motors have a low-voltage setup, which makes them safer to maintain compared to traditional high-voltage electric systems. Passengers also enjoy a smoother, quieter ride thanks to significantly reduced noise and vibrations onboard. Azimut Marine supplied the full propulsion and energy system, which includes two ARIES 50 kW electric drives, 36 batteries providing a total of 216 kWh, fast chargers, and integrated solar panels. Impressively, solar power alone can cover up to 40% of the ferry’s energy needs.

Ecocat Tres will cut around 90 tons of CO2 emissions each year, making a positive impact on Barcelona’s ambitious climate goals.

Port of Barcelona president José Antonio Carbonell said, “This 100% electric, zero-emission passenger ferry is helping us reshape mobility in the port and accelerate the decarbonization of our operations.”


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