New Wall Street-Backed Crypto Exchange Sends Bitcoin Soaring

EDX Markets, a newcomer to the cryptocurrency exchange landscape, has made a notable entry with backing from some of Wall Street’s biggest institutions including Citadel Securities, Fidelity Investments, and Charles Schwab. The company recently unveiled the launch of its digital asset market on June 20, marking its official entry into the industry, Cointelegraph reported. According to the announcement, the exchange hopes to attract “industry leaders” by incorporating best practices from traditional finance and offering unique advantages, including…

Read more at: https://oilprice.com/Energy/Energy-General/New-Wall-Street-Backed-Crypto-Exchange-Sends-Bitcoin-Soaring.html

Stainless Steel Prices Dip Despite Nickel Rebound

Via AG Metal Miner The Stainless Monthly Metals Index (MMI) broke to the downside from May to June, with stainless steel prices falling 10.15% After falling over 14% throughout May, nickel prices began to rebound during the first half of June. Since prices remain within their short-term range without an established trend, uncertainty and volatility may increase in the coming weeks.  LME Loses Benchmark Status for Part of Nickel Market Just over 15 months after the historic March 2022 nickel squeeze, the LME lost its…

Read more at: https://oilprice.com/Metals/Commodities/Stainless-Steel-Prices-Dip-Despite-Nickel-Rebound.html

Uzbekistan And Russia Ink Crucial Gas Deal

Uzbekistan has reached a deal with Russia’s Gazprom to buy 2.8 billion cubic meters of natural gas annually over the coming two years as part of a broader effort to prevent winter-time shortages. The Energy Ministry said in a statement on June 19 that daily deliveries of 9 million cubic meters of gas will start from October 1. The ministry said in its statement that the tariff will be based on market rates and prices within Uzbekistan. While short of the 6 billion cubic meters per year deal that the Russian media had forecast earlier…

Read more at: https://oilprice.com/Energy/Natural-Gas/Uzbekistan-And-Russia-Ink-Crucial-Gas-Deal.html

German Coal Plant To Get Massive Clean Energy Facelift

Germany’s giant power firm, LEAG, has announced it will transform its lignite-fired thermal power plants into Europe’s largest green energy hub, with a capacity between 7 GW and 14 GW. The company has a target to install between 7 GW and 14 GW of wind and solar energy capacity, and another 3 GWh of storage capacity and 2 GW for green hydrogen production in the Lusatia region in Eastern Germany by 2040. It’s one of a series of developments that prove that Europe remains committed to the clean energy transition despite the global…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/German-Coal-Plant-To-Get-Massive-Clean-Energy-Facelift.html

Modi Heads To Washington To Talk Oil, Arms, And India’s Sovereignty

White House National Security Council spokesman John Kirby said there will be “deliverables” on the defense cooperation front when Indian Prime Minister Narendra Modi visits Washington later this week, but declined to provide details. Kirby acknowledged at a briefing on June 20 that India would be pressed regarding its Russian oil and arms purchases during the state visit, adding that Ukraine is “without question” going to be a topic of discussion. However, he emphasized that the United States would make Indian sovereignty…

Read more at: https://oilprice.com/Geopolitics/International/Modi-Heads-To-Washington-To-Talk-Oil-Arms-And-Indias-Sovereignty.html

Court Dismisses $5.1B Environmental Claim Against Biggest Kazakh Oil Project

A regional court in Kazakhstan has dismissed a claim of $5.1 billion brought by the Kazakh Environmental Protection Ministry against North Caspian Operating Company (NCOC), the operator of the largest offshore oil project in the country, Kashagan. The court’s ruling in favor of the consortium comprising supermajors, including ExxonMobil, was made public after hearings were held in May and June, Upstream reported on Wednesday. Kazakhstan’s massive oilfield Kashagan, which pumps around 400,000 barrels per day (bpd), is operated by…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Court-Dismisses-51B-Environmental-Claim-Against-Biggest-Kazakh-Oil-Project.html

China Close To Signing 27-Year LNG Supply Deal With Qatar

China National Petroleum Corporation (CNPC) and QatarEnergy are expected to sign a 27-year agreement, which will allow China to purchase 4 million metric tons of liquefied natural gas (LNG) a year, Reuters reported on Tuesday. Sources familiar with the deal told Reuters that CNPC also will take an equity stake in the eastern expansion of Qatar’s North Field LNG project. The stake is the equivalent of 5 percent of one LNG train with a capacity of 8 million tonnes per year. Despite selling equity shares in the…

Read more at: https://oilprice.com/Energy/Natural-Gas/China-Close-To-Signing-27-Year-LNG-Supply-Deal-With-Qatar.html

Private Equity To Revive Asian M&A With A Focus On Oil And Gas

Dealmaking in Southeast Asia and private equity transactions are likely to give a significant boost to Asian mergers and acquisitions, which have recorded a big decline so far in the year.   According to preliminary data from Refinitiv, total M&A value in the continent through June dropped 41% year on year to just $362 billion, the lowest level since 2013.  Choe Tse Wei, managing director of strategic advisory at Singapore’s DBS Group, says geopolitical chaos has led to shifts in Chinese outbound investment away from North…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Private-Equity-To-Revive-Asian-MA-With-A-Focus-On-Oil-And-Gas.html

Morningstar: Anti-ESG Funds Are Falling Out Of Fashion

The investor pushback against “woke capitalism” has led to the proliferation of funds that market themselves as opposed to environmental, social, or governance (ESG). A new report via Morningstar reveals even though anti-ESG funds gained momentum in late 2022, popularity for the funds has since waned.  Morningstar said anti-ESG funds peaked at around $377 million during the third quarter of 2022, more than five times the previous quarterly record. Total new deposits fell to $188 million in the fourth quarter and were about the same…

Read more at: https://oilprice.com/Energy/Energy-General/Morningstar-Anti-ESG-Funds-Are-Falling-Out-Of-Fashion.html

Energy Regulator Claims Canadian Oil Production Will Plunge 76% By 2050

The Canada Energy Regulator has issued a grim outlook that the country’s oil production will plunge 76% by 2050 thanks to the world moving to the clean energy transition, marking the first time the regulator has provided a long-term forecast for Canada’s crude output. The energy regulator has also predicted that global fossil fuel usage will decline by 65% between now and 2050.  The short-term investment outlook for Canada’s Oil Patch is just as bearish, with analysts predicting that earnings for the industry will decline…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Energy-Regulator-Claims-Canadian-Oil-Production-Will-Plunge-76-By-2050.html

Venezuela Defies Expectations As Economy Rebounds

In less than a decade, the economy of what was once South America’s wealthiest country, Venezuela, collapsed. The oil-rich country, which once pumped over three million barrels of petroleum daily, slumped into the worst economic collapse of modern times to occur outside of war. For the decade between 2012 and 2022, Venezuela’s gross domestic product plummeted by a whopping 300%, falling from $372 billion to $93 billion. It wasn’t until 2021 that the OPEC member’s economy finally returned to growth after being almost…

Read more at: https://oilprice.com/Energy/Crude-Oil/Venezuela-Defies-Expectations-As-Economy-Rebounds.html

Exxon Discusses Returning Unexplored Offshore Oil Blocks To Guyana

ExxonMobil and the government of Guyana are discussing which unexplored offshore blocks the U.S. supermajor should return to the country under its 2016 exploration and production contract, Reuters reported on Wednesday, quoting sources close to the talks. Under the original contract from 2016, Exxon should return in 2023 a total of 20% of the offshore acres that have been awarded to the Exxon and Hess Corp-led consortium and that have remained unexplored to this date. Areas will include some parts of the Stabroek block, in which Exxon has made…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-Discusses-Returning-Unexplored-Offshore-Oil-Blocks-To-Guyana.html

Oil Prices Flat Ahead Of Powell’s Brief To Congress

Oil prices were flat early on Wednesday as Fed Chair Jerome Powell is set to brief Congress on the U.S. economy today and tomorrow. As of 7:57 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, was up 0.01% at $71.16, and the international benchmark, Brent Crude, traded at $75.83, slightly down by 0.04% on the day. Prices have been seesawing today as the market expects Powell to give a detailed rationale of last week’s Fed decision to hold interest rates unchanged after 10 consecutive Fed meetings that ended with rate hikes. Powell’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Flat-Ahead-Of-Powells-Brief-To-Congress.html

The Global LNG Market Is Reacting To Higher Natural Gas Prices In Europe

Europe’s benchmark natural gas prices and supply and demand fundamentals have been reflected in the global and Asian prices of LNG in recent weeks, Rystad Energy said in a note on Wednesday. Prices in Europe have increased in the past two weeks due to outages and maintenance at gas processing plants in Norway, which is now the single-largest supplier of gas to Europe after Russia cut off deliveries to many EU customers following the Russian invasion of Ukraine. After weeks of falling prices amid subdued LNG demand globally and weak demand…

Read more at: https://oilprice.com/Energy/Energy-General/The-Global-LNG-Market-Is-Reacting-To-Higher-Natural-Gas-Prices-In-Europe.html

Japanese Mitsui Doesn’t Plan To Exit Russian Sakhalin-2 LNG

Japanese trading house Mitsui & Co doesn’t plan to exit its minority shareholding in the Sakhalin-2 LNG project in Russia as the export facility continues to export liquefied natural gas to Japan. “We have decided last year to keep our stake in the Sakhalin-2 after consulting with the Japanese government as the project supplies about 9% of Japan’s LNG imports,” Mitsui’s senior executive managing officer, Toru Matsui, said at the company’s annual general meeting, as carried by Reuters. The Sakhalin-2 LNG project…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japanese-Mitsui-Doesnt-Plan-To-Exit-Russian-Sakhalin-2-LNG.html

Powell expects more Fed rate hikes ahead as inflation fight ‘has a long way to go’

Noting that inflation has cooled but “remains well above” the Fed’s 2% target, Powell said the central bank still has more work to do.

Read more at: https://www.cnbc.com/2023/06/21/powell-expects-more-fed-rate-hikes-ahead-as-inflation-fight-has-a-long-way-to-go.html

FTC sues Amazon over ‘deceptive’ Prime sign-up and cancellation process

The agency claims Amazon used so-called “dark patterns” to steer users to enroll in Prime without their consent.

Read more at: https://www.cnbc.com/2023/06/21/ftc-sues-amazon-over-deceptive-prime-sign-up-and-cancellation-process.html

Stocks close lower for third straight day, Nasdaq drops 1% as investors’ optimism wanes: Live updates

Investors took a breather from last week’s market rally.

Read more at: https://www.cnbc.com/2023/06/20/stock-market-today-live-updates.html

Weekly mortgage demand was flat, even as interest rates drop for the third straight week

The average rate on the most popular mortgage, the 30-year fixed, fell for the third straight week

Read more at: https://www.cnbc.com/2023/06/21/weekly-mortgage-demand-flat-interest-rates-drop-for-the-third-straight-week.html

These stocks had a huge first half. Wall Street believes the rest of the year could be even better

These stocks have already had a strong first half of the year, but analysts think more gains are ahead.

Read more at: https://www.cnbc.com/2023/06/21/these-stocks-had-a-huge-first-half-wall-street-believes-the-rest-of-the-year-could-be-even-better.html

Supreme Court Justice Samuel Alito takes heat for trip on private jet owned by hedge-fund billionaire

Supreme Court Justice Samuel Alito did not disclose a private jet ride he took to Alaska on a plane owned by Paul Singer, ProPublica revealed in a new report.

Read more at: https://www.cnbc.com/2023/06/21/supreme-court-justice-samuel-alito-took-ride-on-paul-singer-plane.html

Google accuses Microsoft of unfair practices in Azure cloud unit

Google filed a letter with the FTC, accusing Microsoft of overly restrictive licensing terms and said the company’s influence poses cybersecurity risks.

Read more at: https://www.cnbc.com/2023/06/21/google-accuses-microsoft-of-anticompetitive-practices-in-azure-cloud.html

Bitcoin pops above $30,000 as WisdomTree and Invesco join the bitcoin ETF rush: 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, Zac Townsend of Meanwhile, a life insurer that operates solely in cryptocurrency, weighs in on financial institutions moving forward with crypto projects despite the SEC’s recent crackdown on exchanges.

Read more at: https://www.cnbc.com/video/2023/06/21/bitcoin-pops-wisdomtree-invesco-join-bitcoin-etf-rush-cnbc-crypto-world.html

Ukraine war live updates: Putin says new nuclear missiles ready to deploy soon; West pledges billions to help rebuild Ukraine

International leaders, officials and investors are in London on Wednesday for a two-day “Ukraine Recovery Conference.”

Read more at: https://www.cnbc.com/2023/06/21/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Why the Supreme Court still hasn’t decided on Biden’s student loan forgiveness

Millions of Americans with student debt are awaiting a Supreme Court ruling on the legality of a Biden administration policy to forgive large amounts of loans.

Read more at: https://www.cnbc.com/2023/06/21/why-supreme-court-hasnt-decided-on-bidens-student-loan-forgiveness.html

Inside China’s spy war on American corporations

Intelligence and law enforcement officials are issuing a stark warning to American companies: The Chinese government wants to replace you.

Read more at: https://www.cnbc.com/2023/06/21/inside-chinas-spy-war-on-american-corporations.html

U.S. Coast Guard to bring more ships, vessels to search for lost Titanic tourist submersible

Rescuers have been racing against the clock because even under the best of circumstances the vessel could run out of oxygen by Thursday morning.

Read more at: https://www.cnbc.com/2023/06/21/canadian-aircraft-detects-underwater-noises-in-search-for-sub-near-titanic.html

Senators call PGA Tour, Saudi officials to testify about proposed deal

Senators called on officials from the PGA Tour, Saudi investment fund and LIV Golf to testify about the proposed PGA-LIV Golf deal

Read more at: https://www.cnbc.com/2023/06/21/senators-call-pga-tour-saudi-officials-to-testify-about-proposed-deal.html

Will The 2024 Election Be Secure? Presidential Candidates Weigh In

Authored by Lawrence Wilson  via The Epoch Times (emphasis ours),

Ballot harvesting. Stuffing ballot boxes. Tampering with voting equipment. Stealing ballots. Censoring candidates. These were some of the concerns raised, notably by former President Donald Trump, in the aftermath of the 2020 election.

A woman casts her ballot for the 2020 US Elections at an official Orange County ballot drop-box at the Orange County Registrar’s Office in Santa Ana, Calif., on Oct. 13, 2020. (Frederic J. Brown/AFP via Getty Images)As we approach 2024, how great a concern is election security for the 2024 presidential candidates? The Epoch Times submitted questions to major candidates in both parties to f …

Read more at: https://www.zerohedge.com/political/will-2024-election-be-secure-presidential-candidates-weigh

“Wake-Up Call”: Anheuser-Bush Exec Says Lessons Learned, Predicts Comeback

Authored by Jack Phillips via The Epoch Times (emphasis ours),

An executive with Bud Light maker Anheuser-Busch said the boycott against the brand was a “wake-up call” and claimed the light beer will make a comeback.

Cans of Bud Light chill in a refrigerator in Oakland, Calif., on April 28, 2023. (Jeff Chiu/AP Photo)Bud Light, in a social media promotional campaign, produced a beer can with transgender activist Dylan Mulvaney in early April, drawing immediate backlash. Some country singers and conservative influencers suggested that consumers not purchase the beer, causing sales to drop in every consecutive week following the Mulvaney backlash.

“It’s tough …

Read more at: https://www.zerohedge.com/political/wake-call-anheuser-bush-exec-says-lessons-learned-predicts-comeback

Durham Goes Off On FBI, CIA, Schiff During Wednesday Testimony

Update (1351ET): More bombshells from Durham on Wednesday, where he told the House Judiciary Committee that the CIA knew that Hillary Clinton approved a plan to smear then-candidate Donald Trump with Russia allegations in order to distract from her classified email scandal, and that the FBI did not “sufficiently scrutinize information it received,” nor “apply the same standards to allegations it received about the Clinton and Trump campaigns.”

“The FBI was too willing to accept and use politically funded and uncorroborated opposition research, such as the Steele dossier,” said Durham, adding “The FBI relied on the dossier and FISA applications, knowing there was likely material originating from a political campaign or political opponent.”

🚨BREAKING: John Durham testifies before House Judiciary Committee: “The FBI was too willing to accept and use politically funded and uncorroborated opposition research such as the Steele Dossier.” pic.twitter.com/bi4mHvQPoN

— Benny Johnson (@bennyjohnson) June 21, 2023

Durham said that it’s “going to take time to rebuild the public’s confidence in the institution,” referring to the FBI following its mishandling of the Russia collusion probe.

Under questioning from House Judiciary Committee Chairman Jim …

Read more at: https://www.zerohedge.com/markets/our-findings-were-sobering-john-durham-gives-fiery-testimony-fbi-abuses-schools-schiff

Elon Musk Is Setting Tesla’s Sights On France, Italy, And India

As Tesla stock continues its non-stop rally higher, Elon Musk has been busy working on expanding Tesla’s global footprint and goodwill over the last several weeks.

This week it was first reported that the EV maker could wind up erecting its next Gigafactory in France, with Car and Driver reporting that Musk “has been spending time in Europe this month as the electric automaker is searching for a place to build another Gigafactory in the EU”.

Musk met not only with French president Emmanuel Macron for the second time in a month, he also spent time with Italian prime minister Giorgia Meloni.

France’s digital minister, Jean-Noël Barrot, told CNBC: “It will be great to have a Tesla factory in France, there has been a lot of effort and energy to make sure this is possible, and this can happen. We have also invested in an . . . entire sector of electric batteries, so we will try to convince him that France is the best possible …

Read more at: https://www.zerohedge.com/markets/elon-musk-setting-teslas-sights-france-italy-and-india

Interest rate rise expected after UK inflation shock

Prices continue to rise much faster than expected, with UK inflation remaining at 8.7% in May.

Read more at: https://www.bbc.co.uk/news/business-65966723?at_medium=RSS&at_campaign=KARANGA

UK inflation shock: This is really grim

Investors are now questioning whether the Bank is in full command over soaring prices.

Read more at: https://www.bbc.co.uk/news/business-65974092?at_medium=RSS&at_campaign=KARANGA

Warning homeowners face 20% drop in disposable income

Some 1.4 million mortgage holders will see their disposable income fall by more than 20%, a think tank says.

Read more at: https://www.bbc.co.uk/news/business-65966725?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Thursday

Indian equities reached a new record closing high and rose by 0.21% for Nifty, with Sensex increasing 0.31%, supported by foreign investor inflows focused on financial services, PSU Bank, and oil and gas. However, there are concerns about global issues and a delayed monsoon, with net selling by FIIs and the dampened sentiments due to UK CPI inflation came in higher than expected. In the US and European markets, the situation is also shaky with tech companies signaling positive candle with minor upper and lower shadows. Meanwhile, Suzlon Energy, HFCL, NALCO, and ITC counters are showing signs of bearishness.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-thursday/articleshow/101170087.cms

Major sectoral indices trump last year’s show, rise up to 19%

ETMarkets’ analysis showed that major sectors, barring Oil & Gas, managed to rise up to 19% in the first half of CY23. ​

Read more at: https://economictimes.indiatimes.com/markets/web-stories/h1cy23-vs-h1cy22-major-sectoral-indices-trump-last-years-show-rise-up-to-19/articleshow/101166027.cms

Power stocks shine amid market consolidation: Is it a cause for concern?

Power stocks have been defying the downward trend of the overall market, surging to new heights due to their stability, the ongoing global shift towards renewable energy sources, and investor focus on environmental, social and governance (ESG) factors. The Government of India’s ambitious target of achieving 450 GW of renewable energy capacity by 2030, coupled with initiatives such as the PM-KUSUM and Green Energy Corridor projects, have further contributed to this trend.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/power-stocks-shine-amid-market-consolidation-is-it-a-cause-for-concern/articleshow/101170401.cms

In One Chart: Here’s how investors will know if the stock-market rally has legs, even if the S&P 500 slides further

The S&P 500 is set to log its third-straight daily drop on Wednesday, its first such losing streak since May 4, according to FactSet data, but that doesn’t mean the index’s “bullish breakout” is canceled. More likely, it’s just getting started.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7218-3A094BE1DE97%7D&siteid=rss&rss=1

Investors are still evaluating ‘one-of-a-kind’ Virgin Galactic, says space consulting firm Caelus Partners

“The recent stock moves reflect the difficulty for investors trying to evaluate a one-of-a-kind company,” says Micah Walter-Range of Caelus Partners.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7218-79944C2B6C27%7D&siteid=rss&rss=1

Nearly 22 million households spend more than they can afford on rent, Harvard report says

Low-income households and households of color are especially affected.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7218-6D40EE085FF4%7D&siteid=rss&rss=1