10 May 2023 Market Close & Major Financial Headlines: Wall Street Major Indexes Trims Losses In Late Afternoon After Traders Rationalized CPI Inflation In April 2023 Not As Bad As It Could Have Been

A Battery Breakthrough That Could Solve A Major Problem For The West

Texas A&M University chemical engineers have discovered a 1,000% difference in the storage capacity of metal-free, water-based battery electrodes. Chemical engineering professor Dr. Jodie Lutkenhaus and chemistry assistant professor Dr. Daniel Tabor have published their findings about lithium-free batteries in Nature Materials. Water based or aqueous batteries are different from lithium-ion batteries that contain cobalt. The group’s goal of researching metal-free batteries stems from having better control over the domestic supply chain…

Read more at: https://oilprice.com/Energy/Energy-General/A-Battery-Breakthrough-That-Could-Solve-A-Major-Problem-For-The-West.html

U.S. Inflation Slips Below 5% But Still Higher Than Fed’s Target

U.S. inflation slipped below 5% in the month of April, marking the 10th straight month of declines as prices for milk, airline tickets, and new cars fell. However, U.S. consumer prices increased in April on higher gasoline costs and rents, with CPI rising 4.9% year-on-year. Although that marks a sharp decline since hitting a 40-year high of 9.1% last June, prices are still rising at more than twice the Federal Reserve’s target rate of 2%, potentially ensuring that the central bank won’t be increasing or cutting rates any time soon. “There’s a little…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Inflation-Slips-Below-5-But-Still-Higher-Than-Feds-Target.html

America’s Largest Wind Farm Is Finally Moving Forward

The largest wind project in the Western Hemisphere is finally ready to begin construction. After nearly two decades on the drawing board, the 3,500-megawatt (MW) wind farm will break ground on a sprawling territory across New Mexico’s counties of Torrance, Lincoln, and San Miguel. When completed, the wind farm will be able to supply energy to consumers in New Mexico, Arizona, and California. The project is expected to come online in 2026 – nearly 20 years after it was initially proposed. The SunZia project’s California-based renewable…

Read more at: https://oilprice.com/Energy/Energy-General/Americas-Largest-Wind-Farm-Is-Finally-Moving-Forward.html

WTI Crude Sheds 2% As Global Demand Concerns Weigh

Recession fears rose to the forefront again on Wednesday following a surprise build in U.S. crude oil inventories that has shaved over a dollar off Brent and WTI prices in afternoon trading.On Wednesday at 1:45 p.m., Brent crude was trading down 1.86% at $76.00 per barrel, for a $1.44 loss on the day, while West Texas Intermediate was trading down 2.13% at $72.14 per barrel, for a loss of $1.57 on the day. Despite the ongoing draws in gasoline and distillates, the market is interpreting the Energy Information Administration’s (EIA) data showing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/WTI-Crude-Sheds-2-As-Global-Demand-Concerns-Weigh.html

China’s Commodity Imports Are Under Pressure

Futures are limping lower after overnight China reported that export growth moderated from 14.8% in March to 8.5% in April, slightly better than market expectations, and unchanged from the 1Q23 average, while Imports unexpectedly collapsed, badly missing expectations. Both export and import value declined sharply in April in sequential terms (exports: -5.4% sa non-annualized, imports: -5.1%, USD-denominated). The sequential decline in exports is in line with historical patterns for this year’s earlier-than-normal Lunar New Year.  According…

Read more at: https://oilprice.com/Finance/the-Economy/Chinas-Commodity-Imports-Are-Under-Pressure.html

The World Shouldn’t Just Abandon Coal Mines

As coal mines are being decommissioned at a more rapid rate, in a move away from the most polluting forms of fossil fuels, governments worldwide are considering how these sites may be used for other energy operations. When coal mines close down, hundreds of workers in the region inevitably lose their jobs, with a negative knock-on effect on the local economy. However, if governments and private companies can find a way to reuse these sites for green energy projects, there could be a significant opportunity to re-train workers in new jobs, use existing…

Read more at: https://oilprice.com/Energy/Energy-General/The-World-Shouldnt-Just-Abandon-Coal-Mines.html

Wind Generates More Power Than Gas In The UK For 3 Straight Months

The UK’s growing fleet of wind turbines generated more electricity than gas-fired power stations in the first three months of this year, according to new data released by Drax. Almost a third (32.4 per cent) of the UK’s electricity was supplied from wind power during the first quarter of 2023, outpacing gas which delivered 31.7 per cent.   It is the first time wind has provided the largest share of power in any quarter in the history of the country’s electricity grid. The findings have been released ahead of the next installment…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/For-The-First-Time-Ever-Wind-Generates-More-Power-Than-Gas-In-UK-For-3-Straight.html

Will The U.S. And Turkmenistan Finally Grow Closer?

In April 2023, U.S. Secretary of State Antony Blinken met Rasit Meredow, the Foreign Minister of the Republic of Turkmenistan for a working meeting in Washington, D.C. The meeting followed the Blinken-Meredow meeting at the U.S.-Central Asia (C5+1) ministerial meeting in Astana, Kazakhstan in February 2023. The U.S. statement on the meeting lacked detail but highlighted the officials discussed the need to “rapidly reduce methane emissions from the oil and gas sector,” which is a priority for in the U.S. administration’s climate…

Read more at: https://oilprice.com/Geopolitics/Asia/Will-The-US-And-Turkmenistan-Finally-Grow-Closer.html

Turkey Defers $600-Million Payment For Russian Energy To 2024

Turkey has opted to defer until 2024 as much as $600 million in payments to Russia for natural gas deliveries, anonymous sources told Reuters on Wednesday. Last week, Turkey’s Energy Minister Fatih Donmez said that the country had reached a deal with Russian gas giant Gazprom to defer part of the payments Turkey owes for natural gas supplies after the price jump last year. Turkey, a major importer of energy products, has seen its public finances deteriorate since the beginning of the energy crisis and the Russian invasion of Ukraine, which…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Turkey-Defers-600-Million-Payment-For-Russian-Energy-To-2024.html

Oil Falls Further On EIA Inventory Report

Crude oil prices fell further today after the Energy Information Administration reported an inventory build of 3 million barrels for the week to May 5. This compared with an inventory draw of 1.3 million barrels estimated for the previous week. A day before the EIA released its latest figures, the American Petroleum Institute reported a build in inventories of 3.62 million barrels contrary to expectations of another draw, pressuring prices. At 462.6 million barrels, U.S. crude oil inventories are 1% below the five-year…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Falls-Further-On-EIA-Inventory-Report.html

Luxury EV Maker Lucid Reports Another Loss Despite Saudi Funding

Luxury electric vehicle maker Lucid this week reported a widening loss and revenues below estimates for the first quarter of 2023, despite receiving funding of around $2.4 billion from the sovereign wealth fund of Saudi Arabia, its majority investor. Lucid’s first-quarter revenue stood at $149.4 million, below an average analyst estimate of $209.9 million provided by Refinitiv. The net loss at Lucid widened to $779.5 million for the first quarter of 2023 from a loss of $81.3 million for the same period of 2022. The losses were…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Luxury-EV-Maker-Lucid-Reports-Another-Loss-Despite-Saudi-Funding.html

Texas Natural Gas Prices Turn Negative

Mild spring weather with low gas demand combined with pipeline maintenance to drag spot natural gas prices at the Waha hub in West Texas into negative territory this week. Next-day prices for Wednesday at the Waha hub in the Permian closed on Tuesday at -$0.35 per million British thermal units (MMBtu), per data from Refinitiv cited by Reuters. The last time prices at Waha sank to below zero was in October 2022, as spot prices were facing pressure from the unfortunate combination of unseasonably warm weather, flourishing production,…

Read more at: https://oilprice.com/Energy/Natural-Gas/Texas-Natural-Gas-Prices-Turn-Negative.html

Russia Reports Attempted “Terrorist Attack” On Druzhba Oil Pipeline

Russian pipeline monopoly operator Transneft said on Wednesday that there was an attempt at a “terrorist attack” on a filling station of the Druzhba oil pipeline in Russia’s Bryansk region bordering Ukraine.  “Yes, indeed, early this morning there was an attempt to commit a terrorist act against the Druzhba oil pipeline system at the Bryansk filling station,” Transneft’s representative Igor Demin told Russian news agency TASS, confirming an earlier report from a Telegram channel with links to Russia’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Reports-Attempted-Terrorist-Attack-On-Druzhba-Oil-Pipeline.html

Africa Needs $700 Billion In Clean Energy Investment

Africa will need financing of around $700 billion in the next decade to expand green energy development and the mining of key energy transition metals such as cobalt, copper, and lithium, a top executive at Africa’s top lender by assets said. Hundreds of millions of people in Africa do not have access to electricity, and renewables could be part of the solution, analysts say. At the same time, Africa has resources such as cobalt in the Democratic Republic of Congo, copper in Zambia, platinum and manganese in South Africa, and lithium deposits…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Africa-Needs-700-Billion-In-Clean-Energy-Investment.html

Pakistan Wants To Pay In Chinese Yuan For Russia’s Crude Oil

Cash-strapped Pakistan hopes it can pay for future Russian crude oil deliveries in Chinese yuan, Pakistani Minister of Power, Khurram Dastgir Khan, told Bloomberg in an interview published on Wednesday. Pakistan has so far ordered just one crude oil cargo from Russia, expected to arrive this month. Pakistan expects to receive in May its first cargo loaded with discounted Russian crude after placing its first order for oil from Moscow under a new bilateral deal, Pakistan’s Petroleum Minister Musadik Malik told Reuters at the end of April.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pakistan-Wants-To-Pay-In-Chinese-Yuan-For-Russias-Crude-Oil.html

Disney’s streaming losses improve even as subscriber numbers decline

Disney is also in the process of laying off thousands of employees under CEO Bob Iger’s restructuring plan.

Read more at: https://www.cnbc.com/2023/05/10/disney-dis-earnings-report-q2-2023.html

Here’s everything Google just announced: A $1,799 folding phone, A.I. in Search and more

Google shows off what it’s been working on over the past year — and this cycle is expected to be particularly heavy on artificial intelligence.

Read more at: https://www.cnbc.com/2023/05/10/google-io-2023-live-updates.html

Nasdaq closes 1% higher Wednesday after inflation data is cooler than anticipated: Live updates

Traders reacted to the latest CPI reading, which could influence what the Fed does next.

Read more at: https://www.cnbc.com/2023/05/09/stock-market-today-live-updates.html

Here’s the inflation breakdown for April 2023, in one chart

Inflation moderated for the 10th consecutive month in April. Households will likely see continuing price relief in food, energy and housing, economists said.

Read more at: https://www.cnbc.com/2023/05/10/april-2023-cpi-inflation-report.html

CNBC Pro Talks: Top money manager Jenny Harrington’s best income-generating dividend strategies

During this bout of market uncertainty, investors are looking for safety, turning to defensive stocks, bonds or staying in cash. But dividend plays often go overlooked as a source of returns. Gilman Hill Asset Management CEO and “Halftime Report” trader Jenny Harrington joins CNBC Pro Talks to break down her best dividend investments and answer your questions.

Read more at: https://www.cnbc.com/video/2023/05/10/cnbc-pro-talks-top-money-manager-jenny-harringtonas-best-income-generating-dividend-strategies.html

Carl Icahn’s company stock falls 15% after prosecutors seek financial information

Federal investigators contacted Icahn Enterprises last Wednesday seeking information about corporate governance and other materials.

Read more at: https://www.cnbc.com/2023/05/10/carl-icahns-company-stock-tumbles-after-prosecutors-seek-financial-information.html

Microsoft skips salary increases for full-time employees this year

Now that it’s in cost-saving mode, Microsoft is foregoing salary increases this year after giving raises to some employees in 2022 to meet inflation.

Read more at: https://www.cnbc.com/2023/05/10/microsoft-skips-salary-increases-for-full-time-employees-this-year.html

FDA advisors recommend sale of birth control pill without a prescription

FDA scientists raised concerns about whether the general public will understand the drug label and use HRA Pharma’s Opill in the right way.

Read more at: https://www.cnbc.com/2023/05/10/birth-control-fda-committee-vote-on-pill-without-prescription.html

Rep. Santos says ‘I will not resign’ after pleading not guilty to criminal charges

Prosecutors allege George Santos spent campaign money on personal expenses, received fraudulent unemployment benefits and reported false data to the House.

Read more at: https://www.cnbc.com/2023/05/10/gop-rep-george-santos-criminally-charged-with-money-laundering-fraud-theft-and-making-false-statements.html

Palantir dumps $50 million gold investment two years after buying precious metal

After buying $50 million worth of gold bars in 2021, the company said in its quarterly filing on Tuesday that it sold that investment for a minor gain.

Read more at: https://www.cnbc.com/2023/05/10/palantir-dumps-50-million-gold-investment-two-years-after-buying-bars.html

Why missing one $2 expense could derail your whole national park trip

Some of the most popular U.S. national parks have instituted advance reservations to access popular hikes and roads, including the park itself.

Read more at: https://www.cnbc.com/2023/05/10/national-park-trips-you-may-need-advance-reservations-and-permits.html

Here’s why sodium-ion batteries are shaping up to be a big technology breakthrough

Although still in its infancy, the global market for sodium-ion batteries is expected to be worth over $11 billion by 2033.

Read more at: https://www.cnbc.com/2023/05/10/sodium-ion-batteries-shaping-up-to-be-big-technology-breakthrough.html

House holds joint crypto hearing, and ex-Coinbase worker sentenced to prison: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Marty Bent, the founder of the Bitcoin focused media company TFTC.io and the director of Cathedra Bitcoin, discusses the impact of the proposed 30% tax on bitcoin miners.

Read more at: https://www.cnbc.com/video/2023/05/10/congress-joint-hearing-crypto-regulation-ex-coinbase-worker-sentenced-cnbc-crypto-world.html

US City To Roll Out Guaranteed Basic Income

Authored by Martin Armstrong via ArmstrongEconomics.com,

The “Rise Up Cambridge: Cash Payments for Families with Kids” will provide low-income households with a monthly check for $500 to test guaranteed basic income.

Those eligible are families with children who earn under 250% of the federal poverty level ($75K for a family of four).

The 18-month program will not be based on a lottery like other guaranteed basic income rollouts, and anyone eligible may apply.

The city has allotted $22 million for the initiative and expects around 2,000 families to apply.

The money to fund the program will primarily come from the American Rescue Plan, distributing our Federal tax dollars to others, and some independent donors will pitch in too.

This program is only eligible for people with children under 21 and will not make a noticeable dent in the homeless population, nor will it help the elderly who live alone. That said, families with children already receive the most in Federal funds and if they’re living in high-cost Cambridge, chances are they’re receiving income elsewhere.

The cost of living in Cambridge is 73% higher than the national average. The median rental price is around $4,277 per month, …

Read more at: https://www.zerohedge.com/personal-finance/us-city-roll-out-guaranteed-basic-income

Another One Dies: MTV News To Shut Down As Paramount Slashes Workforce

First BuzzFeed, then Vice News, and now MTV News. One by one, the dominos are falling as woke “media giants” are winding down operations as ad revenue craters.

According to The Hollywood Reporter and Variety, Paramount Global slashed its US workforce by 25% and ended its iconic music video network’s news division after three decades.

Chris McCarthy, who heads Paramount Media Networks, MTV, and Showtime, wrote in a memo to staff Tuesday, “However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers.”

 “As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%,” McCarthy said. “

He …

Read more at: https://www.zerohedge.com/markets/another-one-dies-mtv-news-shut-down-paramount-slashes-workforce

TikTok’s QVC-Style Shopping Feature On App Faces Mounting Delays

TikTok, the popular Chinese ByteDance-owned short-video app, delayed plans to roll out its e-commerce initiative across the US over increasing concerns by merchants of a future ban by the Biden administration.

People familiar with the matter told The Wall Street Journal that ByteDance delayed the launch of “TikTok Shop” this spring for a possible June launch. They said the launch date could be pushed back even further due to mounting concerns by merchants of a potential ban as the Biden administration recently demanded the Chinese company sell the video app or face an outright ban in the US.

As TikTok has more than 150 million users in the US and more than a billion worldwide, it has rolled out a QVC-style shopping feature called TikTok Shop across Asia and parts of Europe. The new service allows mercha …

Read more at: https://www.zerohedge.com/technology/tiktoks-qvc-style-shopping-feature-app-faces-mounting-delays

Newsom Breaks Silence, Says Cali Reparations “About More Than Cash Payments”

Authored by Jonathan Turley,

For months, we have been discussing how Democratic politicians would deal with massive reparation demands after campaigning for years on such payments being a moral imperative. As proposals rose to as much as $5 million a person, Newsom went silent. Now, California’s Reparations Task Force has issued recommendations for reparation payments as well as a slew of other benefits for black citizens.

Newsom has finally responded by what sounded like the common birthday card that reads “I couldn’t afford a present so I gave you this card instead.”

With California billions in the red, Newsom appears to be sending up a trial balloon on offering heartfelt apologies, promises of reform, and no cash.

Read more at: https://www.zerohedge.com/political/newsom-breaks-reparations-silence-says-about-more-cash-payments

John Lewis will always be owned by staff, says boss

Dame Sharon White says the firm will keep its employee-owned structure ahead of a vote of confidence.

Read more at: https://www.bbc.co.uk/news/business-65520696?at_medium=RSS&at_campaign=KARANGA

How worried should I be about the US economy?

Bank failures, job cuts and a stalled out stock market – is the world’s largest economy in trouble?

Read more at: https://www.bbc.co.uk/news/business-65487054?at_medium=RSS&at_campaign=KARANGA

US inflation below 5% for first time in two years

Prices rose 4.9% over the 12 months to April, the latest figures show.

Read more at: https://www.bbc.co.uk/news/business-65547974?at_medium=RSS&at_campaign=KARANGA

​Thyrocare among 7 companies with promoter pledge of over 50%​

For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/thyrocare-among-7-companies-with-promoter-pledge-of-over-50/articleshow/100138798.cms

Tech View: Nifty forms long-legged doji candle on daily chart. What should traders do on Thursday?

Indian markets saw a muted session as investors focussed on individual stocks, with the Karnataka Assembly elections as a backdrop. The benchmark Nifty index settled 49.15 points higher at 18,315.10, following a day of gain and loss swings. A long-legged doji pattern emerged on the daily chart, suggesting investors should exercise caution at the highs. No reversal pattern has been spotted so far, yet a decisive move above the 18,300-18,400 range would unlock upside targets of 18,600-18,700 in the near term.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-long-legged-doji-candle-on-daily-chart-what-should-traders-do-on-thursday/articleshow/100133312.cms

Balanced portfolio strategy is key while making equity investments. Mid & smallcap stocks offer opportunities

A balanced portfolio strategy and active search for GARP opportunities on a bottom-up basis are advised by experts for Indian investors to capitalise on the pockets of strong earnings recovery, according to a report by Tata Mutual Fund. An early cycle valuation of mid and small-sized banks offers strong earning momentum and returns for investors, whilst increasing exposure in capital goods/industrial sectors and stabilised sectors like IT and FMCG also present opportunities. Despite global uncertainties in IT spending, the report suggests investors should look for value with triggers and an earnings upgrade cycle.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/balanced-portfolio-strategy-is-key-while-making-equity-investments-mid-smallcap-stocks-offer-opportunities/articleshow/100138212.cms

Beth Pinsker: Here’s how to buy short-term Treasury bills and still have a long-term investment plan

Money gurus are hot on T-bills, but they’re spending millions. You need a different kind of plan for a regular-sized portfolio.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F1-85BC74936D80%7D&siteid=rss&rss=1

Market Extra: Wall Street cheers latest inflation report, but some say it could spell trouble for stocks down the road

Wall Street embraced the U.S. April consumer-price index, a closely watched inflation gauge published Wednesday, with cautious optimism.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F1-1EA29595948E%7D&siteid=rss&rss=1

Grocery prices are rising more slowly, but food insecurity is surging among low-income Americans

The end of the pandemic-era SNAP expansion, and a new tax season are hitting low-income households.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F1-4ABDE1964710%7D&siteid=rss&rss=1