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Daily Update — July 28, 2026

El Niño's Impact on Asian Rice Markets; Private Markets Landscape; and Geopolitical Risks for Asian Refined Markets

Today is Tuesday, July 28, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Sustainability

Listen: El Niño and agriculture: How are Asian rice markets navigating weather risks?

 

The National Oceanic and Atmospheric Administration forecast a high likelihood of El Niño developing in 2026, which could disrupt global weather patterns. This renewed weather volatility is putting a spotlight on Asian rice markets’ supply security, price trends and export flows. With rice demand remaining robust, market participants are monitoring risks from monsoons, diminished water availability and rising input costs in major producing countries.

 

In this episode of the "Commodities Focus" podcast, Ayushi Baloni and Muskan Aggarwal of Platts, part of S&P Global Energy, and S&P Global Energy CERA analyst Dipanshi Agarwal joined host Asim Anand to explore how El Niño is reshaping Asian rice markets. This is the first episode of a four-part podcast series discussing El Niño's impact on agriculture.

Private Markets

Listen: Unpacking the State of the Market (With David Hedalen, Head of Private Markets Strategy & Research at Aviva Investors)

 

In this episode of the "Private Markets 360°" podcast, Aviva Investors' David Hedalen joined hosts Jocelyn Lewis and Chris Sparenberg to share insights on his team's research approach across private markets. In particular, he discussed leveraging proprietary and third-party data to guide investment decisions, portfolio construction and regional perspectives, especially in European markets.

 

Hedalen delved into Aviva's "insurance-backed buy-and-maintain" strategy for private debt, highlighted the importance of transparency and discussed key findings from the company's private markets survey of 500 institutional investors. He also examined the emergence of evergreen funds for defined contribution investors and explored how infrastructure is evolving as it converges with real estate.

Supply Chain

Listen: Asia product markets in focus amid Strait of Hormuz uncertainty

 

A resurgence of tensions around the Strait of Hormuz has brought supply security, freight costs and export flows back into focus across Asian refined products markets. Although demand for gasoline, gasoil, jet fuel and naphtha has been resilient, market participants are weighing the risk of potential disruptions to Middle Eastern exports and their effects on regional trade flows.

 

In this episode of the "Oil Markets" podcast by Platts, part of S&P Global Energy, Wanda Wang, Rachelle Teo and Joshua Ong from the Asian oil products editorial team joined Associate Editorial Director Jonathan Nonis to explore how renewed geopolitical uncertainty is shaping Asian fuel markets. The discussion also examined the impact on supply, freight and arbitrage economics, as well as how buyers and sellers are navigating an increasingly volatile trading landscape.

In case you missed it

  • Spending on consumer services — including arts, sports, health and beauty, restaurants, travel, and tourism — has been hit especially hard by the Middle East war, according to Purchasing Managers' Index survey data. A modest recovery seen in June is now at risk due to a renewed surge in energy prices.
  • Tesla reported in its second-quarter shareholder update that capital expenditures surged to $5.79 billion, marking a 142% increase year over year and more than doubling quarter over quarter.
  • The Democratic Republic of Congo will enforce a law requiring international mining companies to transfer 10% equity to Congolese nationals, with 5% allocated to company employees.

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