In Earth's history, there was a rather eventful day around 66 million years ago when an asteroid made a dramatic impact on Mexico's Yucatan Peninsula. This extraordinary event led to a global catastrophe that resulted in the extinction of three-quarters of Earth's species and marked the end of the era of dinosaurs.

This cosmic collision set off a chain of immediate consequences, including wildfires, earthquakes, a colossal shockwave in the atmosphere, and massive waves in the oceans. However, what may have dealt the final blow to many species was the subsequent climate catastrophe that unfolded in the years that followed. The skies became shrouded in debris, and temperatures plummeted, making it extremely challenging for life to thrive.

In a recent study, researchers shed light on the crucial role that dust, produced from the pulverized rock ejected into the atmosphere during the impact, played in these extinctions. This dust had a profound impact, essentially choking the atmosphere and preventing plants from carrying out photosynthesis, the process crucial for their survival.

The sheer amount of dust generated in this cataclysmic event was staggering, totaling approximately 2,000 gigatonnes, which is more than 11 times the weight of Mount Everest. To better understand the impact of this dust, researchers conducted paleoclimate simulations using sediment samples from a paleontological site in North Dakota called Tanis. These samples provided valuable evidence of the post-impact conditions, particularly the extensive dust fallout.

The simulations revealed that this fine-grained dust could have blocked photosynthesis for up to two years by rendering the atmosphere opaque to sunlight. Furthermore, it remained in the atmosphere for a prolonged period of 15 years, according to planetary scientist Cem Berk Senel, the lead author of the study published in the journal Nature Geoscience.

While previous research had emphasized two other factors—sulfur released after the impact and soot from wildfires—this study highlighted the larger role played by dust. This dust, composed of silicate particles ranging from 0.8 to 8.0 micrometers, formed a global cloud layer originating from the granite and gneiss rock shattered during the impact that created the Chicxulub crater in the Yucatan, measuring 112 miles (180 km) wide and 12 miles (20 km) deep.

The aftermath of this catastrophic event resulted in a significant drop in Earth's surface temperatures, with a chilling decrease of about 27 degrees Fahrenheit (15 degrees Celsius). It was a period of darkness and cold that lasted for years, described by planetary scientist and study co-author Philippe Claeys of Vrije Universiteit Brussel as an "impact winter."

This impact winter had far-reaching consequences, as global temperatures plummeted, and the primary productivity of land and aquatic plants, essential for food production, collapsed. This led to a cascading effect of extinctions. As plants perished, herbivores starved, and carnivores found themselves without prey. In the oceans, the decline of tiny phytoplankton disrupted entire food webs.

"While the sulfur remained in the atmosphere for about eight to nine years, soot and silicate dust lingered for approximately 15 years after the impact. It took even longer for the planet to fully recover from the impact winter, with pre-impact temperature conditions returning only after about 20 years," added Özgür Karatekin, a planetary scientist and study co-author from the Royal Observatory of Belgium.

The asteroid, estimated to be 6-9 miles (10-15 km) wide, brought an abrupt end to the Cretaceous Period. Dinosaurs, with the exception of their bird descendants, vanished from the Earth, along with the marine reptiles and many other species. The primary beneficiaries of this cataclysm were the mammals, which were previously minor players in the world of life but were given the opportunity to become the dominant life forms.

"Biotic groups that were not adapted to survive in the dark, cold, and food-deprived conditions for almost two years would have faced massive extinctions," explained Karatekin. "Species that could enter a dormant phase—such as through seeds, cysts, or hibernation in burrows—and adapt to a generalist lifestyle not dependent on a specific food source generally fared better, like small mammals."

In the absence of this catastrophic event, dinosaurs might still reign supreme on Earth today. "Dinosaurs ruled the Earth and were thriving when the meteorite struck," noted Claeys. "Without the impact, it's likely that mammals, including us, would have had little chance to become the dominant life forms on this planet."

Source: Reuters (Reporting by Will Dunham)

On October 30th, Tesla (TSLA.O) experienced a modest decline of approximately 5%, following an announcement by key supplier Panasonic Holdings (6752.T) that it had reduced automotive battery production in the third quarter of the year. This news has sparked discussions about the state of the electric vehicle (EV) market on a global scale.

Panasonic cited a slowdown in the adoption of high-end EVs in North America as the primary reason for its production decrease, echoing sentiments expressed by Tesla CEO Elon Musk earlier this month, who had raised concerns about the impact of sustained higher borrowing costs on vehicle demand.

Edward Moya, a senior market analyst at Oanda, noted, "Panasonic's caution regarding soft demand for Tesla's Model S and Model X vehicles has raised concerns about the global economic outlook, possibly being less robust than previously assumed."

In a separate development on the same day, General Motors reached a tentative agreement with the United Auto Workers union, following similar agreements made by Ford Motor and Stellantis, potentially putting an end to disruptions that some analysts believed might have provided Tesla with a competitive advantage.

During the period of the UAW strike, Tesla shares did experience a decline of 34%, while Ford Motor and General Motors saw declines ranging from 30% to 33%. Conversely, Stellantis's shares witnessed a 33% increase.

Tesla investor Gary Black pointed to chipmaker Onsemi's (ON.O) pessimistic outlook as a contributing factor to the weakness in Tesla shares. He noted, "ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers."

Onsemi CEO Hassane El-Khoury expressed concerns about their top European clients clearing their inventory and emphasized the "increasing risk to automotive demand due to high interest rates."

The ongoing weak demand is adding pressure to Tesla's gross margin, which contracted from 25.1% to 17.9% between July and September, partly due to the company's aggressive price cuts that sparked a price competition in key markets such as China.

It's worth noting that Tesla's valuation, trading at approximately 56 times its 12-month forward earnings estimates, stands in stark contrast to Ford and General Motors, with LSEG data showing them at 5.6 times and 4.1 times, respectively.

While Tesla has shown impressive growth and innovation in the EV space, recent market dynamics have led to its shares underperforming compared to those of GM, Ford, and Stellantis.

Source: Reuters (Reporting by Chavi Mehta and Akash Sriram)

China's daily crude steel production took a step back in mid-October, as Chinese steelmakers faced challenges due to narrow profit margins. However, despite the reduction in output, the absence of government-mandated production cuts prevented any significant boost in steel prices.

As of late October, the Chinese government had refrained from imposing strict limits on steel production for 2023. This led market observers to anticipate that mandatory production cuts might not be in the cards this year. Consequently, any output declines in the fourth quarter were expected to be relatively modest, potentially resulting in total crude steel output for 2023 surpassing 2022 levels.

With abundant steel production but sluggish domestic demand, some industry experts anticipated that Chinese steel prices would remain subdued, while iron ore costs continued to remain high. They cautioned that the pressure on steel profit margins could persist throughout the remainder of 2023.

In the period from October 11 to October 20, China's daily pig iron and crude steel output decreased by 0.5% and 0.7%, respectively, compared to early October, according to data from the China Iron and Steel Association. This brought the daily averages for pig iron and crude steel output from October 1 to October 20 to 2.371 million metric tons and 2.726 million metric tons, down by 0.6% and 0.4% from September's daily averages. However, these figures were still 3.8% and 6% higher than the previous year, based on calculations by S&P Global Commodity Insights using CISA and NBS data.

On October 20, finished steel inventories at steel mills and spot markets monitored by CISA stood at 25.51 million metric tons, which was about 3% lower than the same period in the previous year but still 10% higher than in 2021.

To align China's 2023 crude steel output with 2022 levels for decarbonization goals, daily crude steel production needed to drop to an average of 2.269 million metric tons over November and December, representing a 17% reduction from October, according to calculations by S&P Global. However, some industry sources argued that achieving such a significant reduction in just two months seemed almost impossible, especially considering that economic growth remained a top government priority.

"Steel profit margins are less than ideal, but most steel mills are hesitant to scale back production. Their strategy is to maintain high production levels until other mills are unable to sustain losses and are forced to cut production first," explained one market insider.

Without an expansion in steel output, it was unlikely that Chinese steel prices and profit margins would see improvement, according to some trading experts. They also pointed out that domestic steel demand might continue to be lackluster due to a downturn in the property sector, rising local government debt, and sluggish consumer spending.

On October 24, China announced plans to issue Yuan 1 trillion ($136.7 billion) worth of sovereign bonds to support infrastructure development. However, industry experts expected only a limited short-term boost in steel demand, as a portion of the bonds would be used to repay or replace existing local government debt, while the remainder would primarily fund water conservation projects with relatively low steel demand.

The challenging market conditions had left Chinese rebar producers facing losses of around Yuan 200 per metric ton, while hot-rolled coil producers were hovering around breakeven or slight losses, as per market sources. The combination of high steel production and sluggish domestic demand had kept iron ore import prices elevated but had depressed steel prices for much of 2023, according to S&P Global data. During October 1-25, average Chinese domestic rebar prices were 8% lower year-on-year at Yuan 3,785 per metric ton ($517 per metric ton), while the average IODEX CFR CHINA 62% Fe over the same period was 25% higher at $118 per metric ton.

Source: spglobal

On October 26th, President Vladimir Putin expressed his vision for Russia's cutting-edge orbital station, which he views as the natural progression in space exploration following the International Space Station (ISS). With enthusiasm, he outlined plans to activate the initial segment of this station by 2027 during a meeting with leaders from the space industry. In the same breath, Putin affirmed Russia's unwavering commitment to its lunar program, undeterred by the setback experienced in August—a lunar mission failure after a 47-year hiatus.

Putin emphasized that Moscow's decision to extend its participation in the aging ISS until 2028 was a temporary measure, indicating the need for a comprehensive space station in the future. He stated, "As the International Space Station's resources dwindle, we must not only consider a single segment but the entire station for operational use," underlining his aspirations for the new Russian orbital station. "By 2027, the first segment should be launched into orbit."

The President stressed the importance of timely development to ensure Russia's standing in the realm of crewed spaceflight, urging that the project should take into account the latest advancements in science and technology while possessing the potential to tackle future missions.

Yuri Borisov, the head of Russia's space agency, Roscosmos, echoed Putin's sentiments, emphasizing the necessity of maintaining Russia's capabilities in human spaceflight. He noted, "The ISS is approaching the end of its operational life, expected around 2030." Borisov added, "If we don't embark on ambitious efforts to create a Russian orbital station by 2024, there's a risk we may lose our capability due to the time gap—where the ISS will no longer exist, and the Russian station won't be ready."

President Putin assured the public that he was fully briefed on the technical mishaps that led to the Luna-25 craft's crash landing on the moon's south pole in August. He emphasized the continued commitment to the lunar program, stating, "Mistakes happen; it's a shared learning experience in the realm of space exploration." He expressed optimism about applying these lessons to future endeavors.

Borisov mentioned the possibility of advancing the next moon launch to 2026, a year earlier than initially planned, reflecting Russia's determination to overcome setbacks and reach for the stars.

Source: Reuters (Reporting by Ron Popeski)