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Trump says he’s in no rush to respond to the attacks on Saudi oil facilities

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President Donald Trump said Monday he’s in no rush to respond to a coordinated attack that hit Saudi Arabia’s oil industry over the weekend.

The largest oil processing facility at Abqaiq and the nearby oil field was attacked on Saturday, knocking out 5.7 million barrels of daily crude production or more than 50% of the kingdom’s oil output. The disruption sent Brent oil prices soaring, posting its biggest jump on record.

“It’s certainly looking that way at this point,” Trump responded to a question on whether Iran was responsible for the attacks. “I don’t want war with anybody but we are prepared more than anybody … We have a lot of options but we are not looking at options right now.”

“That was a very large attack and it could be met with an attack many, many times larger very easily by our country, but we are going to find out who definitively did it first,” he added.

Iranian president Hassan Rouhani said Monday the attacks on Aramco were a “reciprocal response” to the aggression against Yemen.

A Saudi-led military coalition said the attack was carried out by “Iranian weapons” and did not originate from Yemen.

The most recent comment from Trump contrasts his attitude expressed on Sunday when he said in a tweet the U.S. is “locked and loaded” after the attacks on Saudi’s oil supply.

Trump also said he was authorizing the release of oil from the Strategic Petroleum Reserve to keep the markets “well-supplied.”

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How to stay safe while flying and staying in hotels during a pandemic

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Australian retailers suffer worst quarter in 20 years, exports shine

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Shoppers walk past a retail store in Australia.

Brendon Thorne | Getty Images

Australia’s retailers are facing a consumption drought as the country’s second biggest state locks down to fight the coronavirus and as data showed sales volumes suffered their biggest plunge in two decades in the second quarter.

Retail sales adjusted for inflation slipped 3.4% in the June quarter, Tuesday’s data from the Australian Bureau of Statistics showed, the steepest decline since the introduction of the goods and services tax in 2000. Analysts were expecting a 3.2% fall in the quarter.

The larger-than-expected drop suggests consumer spending will be a drag on gross domestic product growth in the June quarter.

The sales downturn was driven by cafes & restaurants, off 29.1%, and clothing, footwear and personal accessory, down 22%. There were also losses in food retailing.

The slump in volumes contrasts with value-based retail numbers, with June seeing a solid 2.7% jump in monthly sales and May recording a stellar 16.9% rise as shops, restaurants and pubs fully reopened across large parts of Australia.

Economists warned the outlook was clouded by a second wave of coronavirus infections in the state of Victoria, with weekly spending data by the country’s major banks already showing signs of moderation.

Victoria declared a “state of disaster” this week following a relentless surge in coronavirus infections since late June.

In contrast to retailers, Australia’s exporters have been going gangbusters thanks to demand from China for iron ore and other resources, while imports have been hammered by the lockdowns.

Separate data on Tuesday showed the trade surplus swelled to A$8.2 billion in June, taking the total for the second quarter to a whopping A$23.4 billion.

Exports rose 3% in June underpinned in part by sharply rising prices for iron ore and gold, providing a windfall to miners’ earnings and government tax receipts.

Exports to China alone hit an historic high of A$14.6 billion for the month, bringing the rolling 12-month total to A$151 billion.

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New Delhi cannot fully cut off economic ties with Beijing

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India China tensions: New Delhi cannot fully cut off economic ties with Beijing