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The Apple Fire near Banning, California, on Aug. 1. Photo: Josh Edelson/AFP via Getty Images

California Gov. Gavin Newsom declared a statewide emergency Tuesday to address multiple wildfires that are scorching the state during an extreme heat wave.

Why it matters: At least 30 wildfires are currently ablaze across California. Nearly a dozen of the fires started over the past two days thanks to excessive heat and lightning from a tropical storm system in the Pacific Ocean, the Los Angeles Times reports.

What he's saying: “We are deploying every resource available to keep communities safe as California battles fires across the state during these extreme conditions,” Newsom said. “California and its federal and local partners are working in lockstep to meet the challenge and remain vigilant in the face of continued dangerous weather conditions.”

  • The emergency order aims to ensure that resources are available to combat the fires.

Go deeper... In photos: California hit by blackouts and wildfires amid heat wave

Go deeper

Oct 25, 2020 - World

Spain declares new state of emergency as COVID-19 cases surge

Photo: Gabriel Bouts/AFP via Getty Image

Spanish Prime Minister Pedro Sánchez on Sunday announced a new state of emergency that imposes a curfew in an effort to combat a rising number of coronavirus cases.

Driving the news: The mandate comes less than a week after Spain became the first nation in Western Europe to exceed 1 million COVID-19 cases.

Over 300,000 Californians affected by PG&E blackouts

High tension towers in Los Angeles. Photo: Apu Gomes/AFP via Getty Images

Pacific Gas & Electric (PG&E) announced Sunday that it would begin power shut-offs for roughly 361,000 California customers due to dry weather that could risk wildfire spread.

Where it stands: Cal Fire identified two new fire incidents late on Sunday that have spread through 70 acres. Two other major fires in the state are 80% and 30% contained.

Dion Rabouin, author of Markets
44 mins ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.