China’s Credit Growth Boosts Confidence In Iron Ore Markets

Via Metal Miner According to this report, the most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trading 2.41% higher at 851.5 yuan (US$116.80) a metric ton. The next day, the iron ore price index surged by 4%, surpassing US $117 per ton. Trader optimism largely fueled the price jump, as many felt encouraged by the surprising economic data and the anticipation of additional stimulus measures for the country’s property sector (the impact of this on 2024 metal prices is covered in the 2024 Annual…

Read more at: https://oilprice.com/Metals/Commodities/Chinas-Credit-Growth-Boosts-Confidence-In-Iron-Ore-Markets.html

China And U.S. Dominate Global Seaport Trade

According to the World Bank, global seaport trade traffic reached 841 million TEUs (20-foot container equivalent units) in 2021. In this infographic, Visual Capitalist’s Freny Fernandes and Winifred Amase use that data to highlight the countries with the highest seaport trade traffic. China Leads All Seaport Trade Traffic With a third of the world’s total seaport trade traffic surrounding its many ports, it’s no surprise to see China on top of the list. In addition to owning seven of the world’s 10 busiest ports, the country also…

Read more at: https://oilprice.com/Energy/Energy-General/China-And-US-Dominate-Global-Seaport-Trade.html

Cost-Effective Chromium: The Next Big Thing In Green Energy?

University of Basel chemists have succeeded in replacing the rare elements osmium and ruthenium with a significantly cheaper metal. In terms of their properties, the new materials are very similar to those used in the past. Expensive noble metals often play a vital role in illuminating screens or converting solar energy into fuels. We’re familiar with the chromium material from everyday applications such as chromium steel in the kitchen or chrome-plated motorcycles. Soon, however, the element may also be found in the screens of ubiquitous…

Read more at: https://oilprice.com/Energy/Energy-General/Cost-Effective-Chromium-The-Next-Big-Thing-In-Green-Energy.html

Headline Inflation Up On ‘Huge’ Hike In Energy Prices

The U.S. consumer price index (CPI) for August rose 3.7% year-over-year, according to the Depart of Labor, with the increase largely accounted for by a spike in gasoline prices, while CPI data overall showed a decrease in inflation.  The August CPI data is up from a 3.2% increase in July, year-over-year.  Core CPI prices, which exclude food and energy, rose 4.3%, down from 4.7% in July, though still more than double the Federal Reserve’s target of 2%. While this is the biggest monthly jump in inflation since January, it does not…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Headline-Inflation-Up-On-Huge-Hike-In-Energy-Prices.html

Political Turmoil Clouds Georgia’s EU Future

It is fair to say that Brussels reacted with incredulity at the latest move by the Georgian government to commence impeachment proceedings against that Caucasus country’s president, Salome Zurabishvili, for visiting foreign countries without government approval. It follows her visits to Brussels for talks with the European Council President Charles Michel on September 1 and then going on to meet with other state and government heads in the bloc. Several diplomats I spoke to on background said they didn’t quite understand why a president of a country…

Read more at: https://oilprice.com/Geopolitics/International/Political-Turmoil-Clouds-Georgias-EU-Future.html

Over 5,000 Feared Dead In Storm Daniel As Libya Reopens Ports

Libya’s four oil export ports reopened on Wednesday following their closure in the face of Storm Daniel, which swept through the Mediterranean, causing extensive damage in Libya’s east, where officials are reporting over 5,000 deaths.  On Wednesday, the Libyan National Oil Company (NOC) confirmed that the eastern oil export ports of Ras Lanuf, Zueitina, Brega and Es Sider had all been reopened, with the exception of one mooring at Es Sida, which had been closed the week prior for maintenance. While production was not affected,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Over-5000-Feared-Dead-In-Storm-Daniel-As-Libya-Reopens-Ports.html

Faster, Cleaner Lithium Extraction Technique Could Boost Clean Energy Future

Princeton University Engineering School researchers have developed a new approach that slashes the land and time needed to extract lithium from brine, which could dramatically expand access to the critical mineral. The researchers say their system can improve production at existing lithium facilities and unlock sources previously seen as too small or diluted to be worthwhile. Today producing the silvery-white metal comes with significant environmental costs. Among them is the vast amount of land and time needed to extract lithium from briny water,…

Read more at: https://oilprice.com/Energy/Energy-General/Faster-Cleaner-Lithium-Extraction-Technique-Could-Boost-Clean-Energy-Future.html

Builds In Crude, Fuel Inventories Weigh On Oil Prices

Crude oil prices ticked lower today after the Energy Information Administration reported an inventory build of 4 million barrels for the week to September 8. This compared with a draw of 6.3 million barrels for the previous week, which in turn followed another massive inventory decline of 10.6 million barrels for the week before that. Those large draws were made during peak demand season and there is a chance that now inventory draws may moderate or possibly even reverse as demand declines seasonally. In fuels, meanwhile, the EIA estimated a gasoline…

Read more at: https://oilprice.com/Energy/Crude-Oil/Builds-In-Crude-Fuel-Inventories-Weigh-On-Oil-Prices.html

Britain’s Wind Power Capacity Overtakes Gas For The First Time

Britain has now installed more wind capacity than any other type of power source, with wind power capacity overtaking combined-cycle gas power stations for the first time and ending more than a century of fossil fuels dominating the electricity system, a new report prepared for power group Drax showed on Wednesday.    As of June 2023, Britain’s fleet of wind farms reached 27.9 gigawatts (GW) of capacity, exceeding the gas-powered stations total capacity of 27.7 GW, according to the study prepared by experts from Imperial College…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Britains-Wind-Power-Capacity-Overtakes-Gas-For-The-First-Time.html

Russia’s Oil Export Revenues Jumped In August As Prices Rose

Russia’s oil export revenues jumped to $17.1 billion in August, up by $1.8 billion compared to July, as higher oil prices more than offset lower export volumes, the International Energy Agency (IEA) said on Wednesday in its Oil Market Report for September.   Oil prices started climbing into the $80-$85 a barrel range for Brent Crude last month, before jumping into the low $90s in early September after Saudi Arabia and Russia extended their oil supply cuts until the end of 2023. Total Russian crude and fuel exports fell by an estimated…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Export-Revenues-Jumped-In-August-As-Prices-Rose.html

Slumbering U.S. Supervolcano Holds $1.5 Trillion Worth Of Lithium

An ancient supervolcano along the Nevada-Oregon border contains what could be the world’s largest single deposit of lithium. The findings could reshape the West’s supply of the critical metal — and might even change the geopolitical game with China.  Researchers from Lithium Americas Corporation, GNS Science, and Oregon State University published their findings in the Journal for Science Advances on Aug. 31. They found the McDermitt Caldera, a caldera measuring 28 miles long and 22 miles wide, on the Nevada-Oregon border, contains…

Read more at: https://oilprice.com/Energy/Energy-General/Slumbering-US-Supervolcano-Holds-15-Trillion-Worth-Of-Lithium.html

Gunvor Returns To Metals As Oil Traders Expand Into Energy Transition Materials

After seven years on the sidelines, oil trader Gunvor Group Ltd is back into the metals trading business as more commodity trading houses are betting on metals amid the energy transition. Gunvor has hired veteran metals trader Ivan Petev to head its new base metals business, anonymous sources with knowledge of the matter have told Bloomberg. Petev has previously worked in the commodity trading business at VTB Capital in Switzerland, as well as at Castleton Commodities International and at JPMorgan Chase & Co. Gunvor halted its metals trading…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gunvor-Returns-To-Metals-As-Oil-Traders-Expand-Into-Energy-Transition-Materials.html

IEA: OPEC+ Production Cuts To Send Oil Prices And Volatility Surging

Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday.    So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to offset part of the OPEC+ cuts.   “But from September onwards, the loss of OPEC+ production, led by Saudi Arabia, will drive a significant supply shortfall through the fourth…

Read more at: https://oilprice.com/Energy/Energy-General/IEA-OPEC-Production-Cuts-To-Send-Oil-Prices-And-Volatility-Surging.html

European Commission Vows To Help The EU’s Wind Industry

The European Commission is set to propose a European Wind Power package to help get the bloc’s flailing wind industry back on the track of growth to help accelerate its decarbonization targets, European Commission President Ursula von der Leyen said in the 2023 State of the Union Address on Wednesday. The EU risks missing wind power capacity installation targets and losing the supply chain to competition in traditionally low-cost Chinese manufacturing. Moreover, inflation, higher interest rates, and supply chain issues have made materials…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Commission-Vows-To-Help-The-EUs-Wind-Industry.html

UAE’s ADNOC Looks To Boost Its Oil Trading Business In Europe

Abu Dhabi National Oil Company (ADNOC) plans to expand its oil, fuels, and LNG trading business in Europe as it looks to boost its global presence in the downstream and fuel supply, anonymous sources familiar with the plans told Bloomberg on Wednesday.    ADNOC, which pumps nearly all the crude in one of OPEC’s top producers, the United Arab Emirates (UAE), wants to expand its trading business and compete for supply to Europe and Africa, taking advantage of the EU bans on imports of Russian crude and fuels, according to Bloomberg’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAEs-ADNOC-Looks-To-Boost-Its-Oil-Trading-Business-In-Europe.html

Dow slips a second day after August’s slightly hotter core inflation reading: Live updates

The major averages all posted losses during Tuesday’s main trading session.

Read more at: https://www.cnbc.com/2023/09/12/stock-market-today-live-updates.html

Here’s every major reveal from the Detroit Auto Show

Tense negotiations with the UAW made for a subdued Detroit Auto Show, but all three Detroit automakers brought new or updated models to unveil.

Read more at: https://www.cnbc.com/2023/09/13/detroit-auto-show-naias-2023-reveals-from-f-gm-stla.html

Google is cutting hundreds of jobs in its recruiting organization

Google says it will face slower hiring the next several quarters and has a decreasing need for recruiters

Read more at: https://www.cnbc.com/2023/09/13/google-is-cutting-hundreds-of-jobs-in-its-recruiting-organization.html

MGM Resorts says cyberattack could have material effect on company

MGM Resorts filed a report with the SEC acknowledging the three-day outage but is continuing to refer to it as a cybersecurity issue.

Read more at: https://www.cnbc.com/2023/09/13/mgm-resorts-cyberattack-and-outage-stretches-into-third-day.html

A key question as a true bitcoin ETF gets closer to reality: How much will it cost?

The high number of proposed bitcoin funds could help lower the fees paid by investors.

Read more at: https://www.cnbc.com/2023/09/13/a-key-question-as-a-true-bitcoin-etf-gets-closer-to-reality-how-much-will-it-cost.html

Mila Kunis-backed ‘Stoner Cat’ NFT animated series fined $1 million by SEC: 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, Rene Reinsberg of Celo breaks down the company’s new wallet in partnership with Opera.

Read more at: https://www.cnbc.com/video/2023/09/13/mila-kunis-stoner-cat-nft-series-fined-1-million-sec-crypto-world.html

Amazon rolls out generative AI tool to help sellers write product listings

The company has been experimenting with AI applications for its e-commerce business, including using the technology to summarize product reviews.

Read more at: https://www.cnbc.com/2023/09/13/amazon-rolls-out-generative-ai-tool-to-help-sellers-write-product-listings.html

GOP Sen. Mitt Romney says he will not run for reelection

In Congress, Romney distinguished himself as one of former President Donald Trump’s few outspoken Republican critics.

Read more at: https://www.cnbc.com/2023/09/13/gop-sen-mitt-romney-says-he-will-not-run-for-reelection.html

Marvel visual effects artists unanimously vote to unionize as Hollywood strikes rage on

Marvel Studios VFX artists have unanimously voted to unionize in response to tight deadlines and heavy workloads.

Read more at: https://www.cnbc.com/2023/09/13/marvel-vfx-artists-unanimously-vote-to-unionize.html

Trump, Meadows offer quid pro quo on speedy trial to sever Georgia election case from co-defendants

Donald Trump is accused with 18 other people of illegally conspiring to reverse his loss in the 2020 Georgia election to President Joe Biden.

Read more at: https://www.cnbc.com/2023/09/13/trump-waives-georgia-election-speedy-trial-to-sever-from-co-defendants.html

Major League Pickleball merger with PPA is back on after a falling out threatened the deal

The agreement by Major League Pickleball and the PPA to merge follows weeks of drama surrounding the competing leagues.

Read more at: https://www.cnbc.com/2023/09/13/major-league-pickleball-ppa-merger-back-on.html

Tipping in restaurants falls for the first time in years. Blame ‘tip fatigue’

Tipping at full-service restaurants hit a three-year low, according to a recent report. Tip fatigue is largely to blame.

Read more at: https://www.cnbc.com/2023/09/13/tip-fatigue-tipping-in-restaurants-fell-for-the-first-time-since-2020.html

After Birkenstock’s ‘Barbie’ bump, iconic footwear brand seeks a big part in IPO market

Iconic footwear brand Birkenstock is planning to go public at a time when tech IPOs including Arm and Instacart are hoping to give the IPO market a jolt.

Read more at: https://www.cnbc.com/2023/09/13/buy-birkenstock-ipo-crocs-allbirds-and-an-uneven-footwear-market.html

The Fed Is Losing Money And You’re Going To Foot The Bill

The Fed Is Losing Money And You’re Going To Foot The BillAuthored by Michael Maharrey via SchiffGold.com,

The Federal Reserve is losing money.

That means the American taxpayer is losing money.

In most instances, a business bleeding red ink has a big problem and could ultimately go under. Not so for the Fed. In fact, losing money isn’t a problem for the central bank at all. But it is a big problem for the US government.

According to the Federal Reserve’s quarterly report for Q2, the central bank reported a loss of $57.3 billion through the first half of the year. The Fed is on pace to lose over $100 billion in 2023.

Rising interest rates are a big problem for the Fed, as they are for other banks. The central bank earns interest income on the bonds it holds on it …

Read more at: https://www.zerohedge.com/markets/fed-losing-money-and-youre-going-foot-bill

UAW Boss May Unleash ‘Targeted Strikes’ On Automakers

UAW Boss May Unleash ‘Targeted Strikes’ On AutomakersTalks between United Auto Workers and Detroit’s “Big Three” automakers – General Motors, Ford, and Stellantis, appear stalled on Wednesday morning as the deadline for a new four-year labor deal with automakers quickly approaches.

UAW boss Shawn Fain is set to speak to the 146,000 members during a Facebook Live event at 1700 ET regarding the ongoing labor negotiations with Ford, General Motors, and Stellantis. According to Bloomberg, Fain is expected to discuss a potential strike strategy.

AP News reports the Facebook Live event could have the union boss shed more light on “targeted strikes at a small number of factories run by each of Detroit’s three automakers if they can’t reach contract agreements by a Thursday night deadline.”

Strikes at parts plants could spark production halts at multiple assembly factories. We detailed Tuesday a large enough strike could plunge

Read more at: https://www.zerohedge.com/markets/uaw-boss-may-unleash-targeted-strikes-automakers

The Biden Administration Misleads Public On Vast Expanses Of Land Needed For ‘Net Zero’

The Biden Administration Misleads Public On Vast Expanses Of Land Needed For ‘Net Zero’Authored by James Varney via RealClear Wire,

The Biden administration is misleading the country about the amount of land that will be required to meet its ambitious renewable energy goals, RealClearInvestigations has found.

Avian murder deviceThe Department of Energy’s official line – echoed by many environmental activists and academics – is that the vast array of solar panels and wind turbines required to meet Biden’s goal of “100% clean electricity” by 2035 will require “less than one-half of one percent of the contiguous U.S. land area.” This topline number translates into 15,000 of the lower 48’s roughly 3 million square miles.

However,

Read more at: https://www.zerohedge.com/political/biden-administration-misleads-public-vast-expanses-land-needed-net-zero

“It’s Sad” – Jeff Gundlach Laments Former Bond King’s Bellicose Rant

“It’s Sad” – Jeff Gundlach Laments Former Bond King’s Bellicose RantWe warned yesterday that Jeff Gundlach wouldn’t take Bill Gross’ bitching – about who the real ‘Bond King’ is – lying down.

But he played his cards well – reflecting of tone of sadness for the grumpy old man clinging to his past successes.

Gross criticized Gundlach yesterday on a Bloomberg podcast, saying he wasn’t anywhere near being crowned a “bond king.”

Gundlach responded calmly to questions about the remarks as part of a panel at the Future Proof conference for the wealth management industry in Huntington Beach, California:

“It’s sad for somebody that’s been out of the business for 10 years and is still trying to exorcise the demons,” adding, in a wonderfully patronizing manner:

“But I hope he’s doing fine.”

Gross had mocked Gundlach’s firm having ‘only $55 billion AU …

Read more at: https://www.zerohedge.com/markets/its-sad-jeff-gundlach-laments-former-bond-kings-bellicose-rant

Wilko brand set to be bought by The Range in £5m deal

The Range will own the Wilko brand and website and could choose to sell some of its products in its shops.

Read more at: https://www.bbc.co.uk/news/business-66800612?at_medium=RSS&at_campaign=KARANGA

Rick Stein defends £2 chip shop condiments charge

Some customers have objected to price hikes being applied to some sauces, saying they were “disappointed”.

Read more at: https://www.bbc.co.uk/news/business-66795225?at_medium=RSS&at_campaign=KARANGA

Patisserie Valerie: Four face fraud charges over collapse

The Serious Fraud Office said the collapse of the chain in 2019 led to “devastating” job losses.

Read more at: https://www.bbc.co.uk/news/business-66800002?at_medium=RSS&at_campaign=KARANGA

Breakout Stocks: How Ajanta Pharma, Titan Company and KEC International are looking on charts for Thursday’s trade

After Tuesday’s correction in the small and midcap space, many pharma stocks gave a good up move by forming a new all-time high on Wednesday. Ajanta Pharma gave an excellent breakout in daily and weekly timeframe but gave back gains in the second half

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-ajanta-pharma-titan-company-and-kec-international-are-looking-on-charts-for-thursdays-trade/articleshow/103638134.cms

MFs love these 10 smallcap stks the most. Do you own any?

An analysis by ETMarkets shows the smallcap stocks which are held by the most number of mutual fund schemes. Herein we list 10 such smallcaps that are being held by highest number of MF schemes. (Data Source: Ritesh Presswala | ACE MF)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mfs-love-these-10-smallcap-stocks-the-most-do-you-own-any/popular-choice/slideshow/103637264.cms

MF Tracker: Marico, Dr Reddy’s, BHEL, Tanla Platforms among 30 stocks offloaded in August

In the largecap segment, selling was prominent in the consumer space. Pidilite Industries, Marico, Berger Paint, Tata Consumer Products, and Trent were among the largecap bets that saw the highest selling by MFs last month, according to a report by ICICIdirect.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mf-tracker-marico-dr-reddys-bhel-tanla-platforms-among-30-stocks-offloaded-in-august/articleshow/103636793.cms

Market Snapshot: Dow falls 100 points after higher-than-expected August inflation report

U.S. stock indexes trade mostly higher Wednesday afternoon as investors focus on the latest consumer-price index data showing price pressures picked up in August, but likely not by enough to prompt a September rate hike.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7261-C8B66DBDE95D%7D&siteid=rss&rss=1

The Ratings Game: Unity Software’s new game developer fees result in ‘PR disaster,’ stock falls

Unity Software Inc. shares fell Wednesday after the game-engine company introduced new fees based on how often a developer’s game is downloaded.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7262-7D93E8038AED%7D&siteid=rss&rss=1

Financial Face-Off: Apple’s iPhone 15 vs. iPhone 13: Is the upgrade worth it?

Apple’s yearly iPhone upgrades aren’t as dramatic as they once were. Are this year’s improvements enough to justify a new phone?

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725F-F515E4AD819C%7D&siteid=rss&rss=1