China in 2024: Economic Trials and Geopolitical Maneuvering

It’s that time again. As a new year begins, here’s a look ahead at the big things that I’m following for the upcoming year for China across Eurasia. But before unpacking all of that lower down, let’s examine two big issues that will shape China’s year as a whole: its struggling economy and Taiwan. Finding Perspective: 2023 was mostly bad news for the Chinese economy. The post-pandemic recovery never really took hold. Adding to that is a property crisis that has real estate giants on the brink of collapse, foreign direct…

Read more at: https://oilprice.com/Geopolitics/International/China-in-2024-Economic-Trials-and-Geopolitical-Maneuvering.html

Gasoline Prices Surge in Uzbekistan as Tax Break Ends

The price of Uzbekistan’s most sought-after automobile gasoline, AI-80, has significantly risen since January 1 after the temporary suspension of excises on the fuel was allowed to expire. Prices at private gas stations currently stand at around 8,800 sums ($0.71) per liter. The zero-excise tax rate on local and imported AI-80 was introduced in December 2022 amid restrictions on the operations of gas stations selling methane, which is periodically in short supply in peak consumption periods. Many motorists in Uzbekistan run their cars on both methane…

Read more at: https://oilprice.com/Energy/Gas-Prices/Gasoline-Prices-Surge-in-Uzbekistan-as-Tax-Break-Ends.html

Pemex Gives Processing Forecast for Newest Oil Refinery

Mexico’s state-run oil company Pemex said on Thursday that its newest refinery—with a nameplate processing capacity of 340,000 bpd, will process 243,000 bpd this year before achieving full capacity in 2025. The country’s newest refinery has been hailed as one of Mexico’s President Andres Manuel Lopez Obrador’s critical achievements on the country’s quest to sever the yoke of imported fuels—a large chunk of which comes from the United States. According to a presentation given by Pemex CEO Octavio Romero,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pemex-Gives-Processing-Forecast-for-Newest-Oil-Refinery.html

Chinese Group Becomes No. 1 Cobalt Producer on DRC Output Hike

In the race for key raw materials for lithium-ion batteries, China now appears to be leading the cobalt push, with its CMOC Group boosting production up over 170% in the Democratic Republic of Congo (DRC) and propelling it past Swiss-based Glencore.  According to CMOC in a Thursday report, cobalt production rose 174% in 2023 to reach 55,526 metric tons, compared to the most recent third-quarter 2023 data showing Glencore cobalt output guidance at a maximum of 42,000 tons, according to Reuters.  CMOC said it expected additional increases…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Group-Becomes-No-1-Cobalt-Producer-on-DRC-Output-Hike.html

Tech Trade War Looms as China Restricts Rare Earth Exports

Via Metal Miner   Overall, 2023 proved volatile for the Rare Earths MMI, with the sector experiencing sharp declines at the beginning of the year. This mainly stemmed from decreased Chinese production, supply chain disruptions, and the numerous nations seeking non-Chinese sources of rare earth metals. During Q2 and Q3, price action remained sideways, but global supply dynamics continued to witness further strain. Meanwhile, Australia, the U.S., and several other nations continued to push their rare earths game to seek independence from Chinese…

Read more at: https://oilprice.com/Metals/Commodities/Tech-Trade-War-Looms-as-China-Restricts-Rare-Earth-Exports.html

Germany Off Track on Climate Goals Despite Emissions Plunging To 1950s Levels

Germany’s greenhouse gas emissions dropped in 2023 to their lowest levels since the 1950s, but Europe’s biggest economy is off track on its climate goals as most of the emission reductions were short-term effects from an industrial slowdown, think tank Agora Energiewende said on Thursday. German emissions fell to 673 million tons of carbon dioxide (CO2) last year—down by 46% compared to the reference year 1990, and settling at their lowest level since the 1950s. Emissions were about 49 million tons of CO? below the annual…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Off-Track-on-Climate-Goals-Despite-Emissions-Plunging-To-1950s-Levels.html

From Black Gold to Tech Marvel: Coal’s New Role in Electronics

A joint research effort from the University of Illinois Urbana-Champaign, the National Energy Technology Laboratory, Oak Ridge National Laboratory and the Taiwan Semiconductor Manufacturing Company has shown how coal can play a vital role in next-generation electronic devices. Coal is an abundant resource in the United States that has, unfortunately, contributed to air pollution through its use as a combustible fossil fuel. As the country transitions to other means of energy production, it will be important to consider and reevaluate coal’s…

Read more at: https://oilprice.com/Energy/Energy-General/From-Black-Gold-to-Tech-Marvel-Coals-New-Role-in-Electronics.html

Freezing Weather To Test Europe’s Natural Gas Supply Resilience

Following a warm autumn and a milder start to the winter, a prolonged cold snap will grip most of northwestern Europe later this week to last for most of January and to test Europe’s natural gas supply and energy infrastructure. Some of the biggest gas-consuming countries, Germany, the UK, and France, will see later this week temperatures plunging to below seasonal averages as freezing weather will settle on most of Europe for most of January, according to weather forecasters polled by Bloomberg.  Northwest Europe will see below-average…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Freezing-Weather-To-Test-Europes-Natural-Gas-Supply-Resilience.html

Average U.S. Natural Gas Prices Plunged by 62% in 2023

Record-high natural gas production, flat demand, and high inventories resulted in U.S. benchmark natural gas prices averaging $2.57 per million British thermal units (MMBtu) in 2023, down by around 62% compared to the 2022 average, the U.S. Energy Information Administration (EIA) said on Thursday. The monthly average Henry Hub price was below $3.00 per MMBtu in every month last year, except January, with the lowest monthly average in May at $2.19 per MMBtu, according to the data from Refinitiv Eikon cited by the EIA. In the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Average-US-Natural-Gas-Prices-Plunged-by-62-in-2023.html

China Plans Major EV Charging Network in Central Asia

China is moving forward with a variety of investment and infrastructure projects in Central Asia designed to boost exports to the region and beyond. In Uzbekistan, Chinese executives are seeking to tighten their grip on the electric vehicle market. The Chinese firm Henan Suda signed a deal earlier in December with Uzbekistan’s Energy Ministry to build upwards of 50,000 electric vehicle charging stations around the country by 2033. Already in 2024, 2,500 charging stations are to be constructed. The project is projected to serve about 700,000…

Read more at: https://oilprice.com/Energy/Energy-General/China-Plans-Major-EV-Charging-Network-in-Central-Asia.html

Germany Slashed Natural Gas Imports by 33% in 2023

Germany imported the equivalent of 968 terawatt hours (TWh) of natural gas in 2023, down by 32.6% from the 1.437 TWh imports in 2022, as consumption also dropped, the country’s energy regulator Bundesnetzagentur said on Thursday.   Norway was Germany’s top natural gas supplier last year, delivering as much as 43% of the imported gas, followed by the Netherlands with 26% and Belgium, 22%, the Federal Network Agency Bundesnetzagentur said.  Germany’s now four operational LNG import terminals – started…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Slashed-Natural-Gas-Imports-by-33-in-2023.html

Very Large Product Builds Push Oil Lower Despite Crude Draw

Crude oil prices moved lower today after the Energy Information Administration reported substantial fuel inventory builds for the week to December 29. In crude oil, the authority estimated an inventory decline of 5.5 million barrels for the last week of 2023. This compared with a weekly inventory draw of 6.9 million barrels for the previous week, when fuel inventories posted mixed inventory changes with gasoline stocks falling and middle distillate inventories swelling. A day before the EIA released its report, the American Petroleum Institute…

Read more at: https://oilprice.com/Energy/Crude-Oil/Very-Large-Product-Builds-Push-Oil-Lower-Despite-Crude-Draw.html

APA Acquires Callon Petroleum in $4.5 Billion Permian Deal

APA Corporation will buy Permian oil and gas producer Callon Petroleum Company in an all-stock transaction valued at around $4.5 billion, including Callon’s net debt, as the merger and acquisition activity in the U.S. shale patch continues.  Callon’s assets will provide additional scale to APA’s operations across the Permian Basin, most notably in the Delaware Basin, where Callon has nearly 120,000 acres, the companies said in a joint statement on Thursday. On a pro forma basis, total company production would exceed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/APA-Acquires-Callon-Petroleum-in-45-Billion-Permian-Deal.html

U.S. Overtakes Qatar to Become World’s Top LNG Exporter

The United States has become the world’s largest exporter of liquefied natural gas, surpassing Qatar and Australia for the first time. This development is at odds with the Biden administration’s goal of becoming the world’s climate leader.  Bloomberg data compiled through Dec. 31 shows the US exported 91.2 million metric tons of LNG in 2023. This is a record for the Western country and was made possible by the restart of the Freeport LNG export terminal in Texas, which was closed for months after an explosion rocked the facility in June 2022. …

Read more at: https://oilprice.com/Energy/Natural-Gas/US-Overtakes-Qatar-to-Become-Worlds-Top-LNG-Exporter.html

Canada’s Energy and Mining Sectors Poised for M&A Surge in 2024

The energy and mining sectors are set to drive a rebound in Canada’s mergers and acquisitions (M&A) activity in 2024 after a lackluster 2023 in which rising interest rates hampered deal-making, banking industry executives told Reuters.  Last year, deal-making activity in North America and globally dropped amid uncertainties about the economy.  Canadian deal-making was off to the slowest start since the same period in 2020, PwC said in the middle of last year.  “The slow start in 2020 was largely due…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadas-Energy-and-Mining-Sectors-Poised-for-MA-Surge-in-2024.html

Peloton shares surge 15% as it partners with TikTok to offer short-form fitness classes, other content

Peloton is partnering with TikTok as part of its larger strategy to change its public perception and attract a broader array of customers.

Read more at: https://www.cnbc.com/2024/01/04/peloton-partners-with-tiktok-on-classes-content.html

Friday’s jobs report will be a big signal for a market looking for good news

When the December jobs report hits Friday morning, markets will be looking for a number that hits a sweet spot.

Read more at: https://www.cnbc.com/2024/01/04/fridays-jobs-report-will-be-a-big-signal-for-a-market-looking-for-good-news.html

NCAA and ESPN ink 8-year, $920 million media rights deal

The agreement between the NCAA and ESPN has an annual value of $115 million, nearly triple that of the current deal.

Read more at: https://www.cnbc.com/2024/01/04/ncaa-and-espn-ink-8-year-920-million-media-rights-deal.html

Walgreens stock plunges after drugstore chain slashes quarterly dividend nearly in half

Walgreens cut its dividend to 25 cents per share to “strengthen [its] long-term balance sheet and cash position,” said CEO Tim Wentworth.

Read more at: https://www.cnbc.com/2024/01/04/walgreens-wba-earnings-q1-2024.html

These are Wells Fargo’s top stock ideas for the first quarter

The stock market may have had a dismal start to the year, but there are still several opportunities for a good return over the next few months.

Read more at: https://www.cnbc.com/2024/01/04/these-are-wells-fargos-top-stock-ideas-for-the-first-quarter.html

Mobileye shares plunge after chipmaker warns of order pullback

The auto chipmaker, majority owned by Intel, warned that customer order numbers would fall short of the year-ago quarter, citing excess inventory.

Read more at: https://www.cnbc.com/2024/01/04/mobileye-shares-plunge-after-chipmaker-warns-of-order-pullback.html

SpaceX charged with illegally firing workers who spoke critically of Elon Musk — Read the full complaint

A federal agency has charged SpaceX with illegally firing employees after they wrote an open letter critical of Musk.

Read more at: https://www.cnbc.com/2024/01/04/spacex-charged-with-illegally-firing-workers-critical-of-elon-musk.html

Jeffrey Epstein court files: ‘There’s lots more to come,’ victim’s lawyer says

Many more documents containing names of people associated with sex predator Jeffrey Epstein are expected to be released in a New York court in coming days.

Read more at: https://www.cnbc.com/2024/01/04/more-jeffrey-epstein-court-documents-and-names-to-be-released.html

High earners have a little-known option to boost 401(k) plan savings: It’s ‘the best place’ to save more, expert says

If your goal is to save the most money possible in your 401(k) this year, these tips can help.

Read more at: https://www.cnbc.com/2024/01/04/how-high-earners-can-maximize-their-401k-contributions-in-2024.html

Bitcoin bounces back above $44,000 amid volatile start to 2024: 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, Ari Redbord of TRM Labs takes a look back at last year’s court hearings and trials against some of the biggest names in the industry. He also discusses what to expect in 2024.

Read more at: https://www.cnbc.com/video/2024/01/04/bitcoin-bounces-back-above-44000-amid-volatile-start-2024-cnbc-crypto-world.html

‘Mnuchin has not been in the room’: Trump Treasury secretary absent from 2024 campaign

Former Treasury Secretary Steven Mnuchin has kept his distance from former President Donald Trump, depriving his 2024 campaign of a key economic advisor.

Read more at: https://www.cnbc.com/2024/01/04/treasury-secretary-steven-mnuchin-yet-to-help-trump.html

Trump received at least $7.8 million in payments from foreign governments as president, House Democrats say

Democrats on the House Oversight Committee obtained information about the payments during two of the four years Trump served as president.

Read more at: https://www.cnbc.com/2024/01/04/trump-received-at-least-7point8-million-in-payments-from-foreign-governments-as-president-house-democrats-say.html

These factors could lift dividend-paying stocks in the first half of 2024, Barclays says

Utilities had a rough go of 2023 as companies navigated higher interest rates, but a bounce back could be around the corner, the bank said.

Read more at: https://www.cnbc.com/2024/01/04/these-factors-could-lift-dividend-paying-stocks-in-the-first-half-of-2024-barclays-says.html

“The System Is Not Going To Let Trump Win” – Dems’ Real Puppet Isn’t Gavin, It’s Nikki: Tucker And Vivek

With establishment favorite Nikki Haley overtaking long-time runner-up Ron DeSantis in the latest polls, the mainstream media is going wild about the chances of the woman-warmonger toppling Trump somehow.

For context…

However, Trump’s massive lead is not stopping the deep state from doing everything it can to promote Haley, and that prompted Vivek Ramaswamy and Tucker Carlson to expose some reality behind her sudden success.

Tucker starts by pointing out the dilemma Democratic megadonors face with Joe Biden’s declining popularity and Kamala Harris’s unpopularity, suggesting that these donors might be attempting to subvert the Republican Party by backing a candidate like Nikki Haley.

“Strip away all the outward characteristics, and Nikki Haley is identical in her priorities to Joe Biden and the people who back Joe Biden,” Carlson said.

Haley, whose campaign raised $24 million between October and December, has received recen …

Read more at: https://www.zerohedge.com/political/system-not-going-let-trump-win-dems-real-puppet-isnt-gavin-its-nikki-tucker-and-vivek

McDonald’s CEO Says Global Boycott Fueled By “Misinformation” Has Caused “Meaningful Business Impact”

Some Western brands in countries where pro-Palestinian sentiment has been traditionally strong have been battered with boycotts as consumers turn to local alternatives following Israel’s large-scale invasion of the Gaza Strip in late October.

McDonald’s locations across the Middle East have been hit the hardest with boycotts since McDonald’s Israel on X said it would give out 100,000 free meals.

That’s the moment when boycotts hit McDonald’s operators across the Middle East.

Bloomberg data in late October into early November shows the number of news headlines featuring “Boycott McDonald’s” surged after the McDonald’s Israel’s X post and the IDF’s subsequent invasion of Gaza on Oct. 27.

Read more at: https://www.zerohedge.com/markets/mcdonalds-ceo-says-global-boycott-fueled-misinformation-has-caused-meaningful-business

Magnificent Seven’s January Start Gives Clues To Market’s Year

Authored by Simon White, Bloomberg macro strategist,

The first week of the year’s performance in the seven largest S&P 500 stocks has some utility for gauging full-year results in the broad index.

Cameron Crise on Wednesday looked at how year-to-date returns in the S&P relate to full-year returns.

Following on from this, I thought I would look at how the first week of the year’s returns in the top seven stocks correlate with their full-year returns, and similarly for the remaining stocks in the index.

The results are shown in the table below.

Read more at: https://www.zerohedge.com/markets/magnificent-sevens-january-start-gives-clues-markets-year

Watch: Triple-Felon Flies Across Vegas Courtroom, Attacks Lady Judge

Watch: Triple-Felon Flies Across Vegas Courtroom, Attacks Lady JudgeA Wednesday sentencing hearing in Las Vegas suddenly looked like football practice, as the defendant leapt over the judge’s bench and tackled her to the floor in a brazen blitz captured on video.

Playing the role of an aging quarterback with a weak offensive line was 62-year-old Judge Mary Kay Holthus. The walk-on defensive tackle was 30-year-old Deobra Redden, who’d already pleaded guilty to attempted battery with substantial bodily harm and was in court to learn his punishment.

Multiple-felon defendant Deobra Redden, just seconds before suddenly giving way to violent impulses

According to court documents, Redden last April threatened “to bust the kneecaps” of a man, “resulting in substantial bodily harm.” Redden was sent to a state behavioral facility, but then declared competent for trial in October. He was previously impris …

Read more at: https://www.zerohedge.com/political/watch-triple-felon-flies-across-vegas-courtroom-attacks-lady-judge

Average mortgage rate lowest for nearly seven months

Major lenders have started the year with rate cuts and brokers expect more to follow suit.

Read more at: https://www.bbc.co.uk/news/business-67881353?at_medium=RSS&at_campaign=KARANGA

Sainsbury’s increases pay as supermarkets battle for staff

About 120,000 workers at the supermarket will see their wages increase by more than 9% from March.

Read more at: https://www.bbc.co.uk/news/business-67883985?at_medium=RSS&at_campaign=KARANGA

Carrefour to halt Pepsi sales over price rises

The French supermarket put notices on shelves to inform customers of the decision.

Read more at: https://www.bbc.co.uk/news/business-67884603?at_medium=RSS&at_campaign=KARANGA

Paytm, Zomato among 6 companies that saw highest PE exits in 2023

In 2023, Indian equities experienced a stellar bull run, outshining all emerging market counterparts. The robust secondary market presented PE and VC firms with a golden opportunity for profitable exits, thanks to a consistent influx of flows, notably from DIIs. Consequently, 2023 witnessed record-breaking PE and VC exits via secondary markets in India’s equity history. In total, 78 companies saw PE exits, totalling Rs 975 billion. Here are 6 such significant deals. (Source: Nuvama)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/exit-route-paytm-zomato-among-6-companies-that-saw-most-pe-exits-in-2023/done-for-good/slideshow/106546956.cms

Sugar Cosmetics turned profitable in December; looking at 2-3 years’ timeline for IPO: Vineeta Singh

Vineeta Singh says: “A few months back, we launched with Kareena a brand called Quench which is a skincare brand. So colour cosmetics is a Rs 10,000-crore market where Sugar plays and now Quench which is a skincare brand in partnership with Kareena Kapoor Khan is going to play in the Rs 25000 crore skincare market and that opens up opportunities to grow.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/sugar-cosmetics-turned-profitable-in-december-looking-at-2-3-years-timeline-for-ipo-vineeta-singh/articleshow/106538948.cms

There is room for at least 20-25% upside in PSU stocks: Siddhartha Khemka

Siddhartha Khemka says: “We believe that in the next two years, FY24-25, the Nifty earnings would continue to grow at 18-20% which should drive the returns from the market. We do not expect much re-rating as we are near the mean of around 20 times. So the earnings will drive the returns and that is what we believe investors should look for.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/there-is-room-for-at-least-20-25-upside-in-psu-stocks-siddhartha-khemka/articleshow/106542870.cms

Nasdaq logs longest losing streak in over a year as the S&P 500 falls for a fourth day to extend the dismal 2024 start

U.S. stocks finished mostly lower on Thursday, with the technology-heavy Nasdaq Composite booking its fifth straight session of losses, as a fresh batch of labor-market data sparked renewed concerns about the Federal Reserve’s monetary-tightening path in 2024.

Read more at: https://www.marketwatch.com/story/s-p-500-futures-nudge-higher-after-weak-start-to-the-year-4bee85e1?mod=mw_rss_topstories

Retirement-reinvention programs can cost a fortune. These options slash the cost 90%.

There are many programs designed to help older workers figure out how to make the most of their retirement.

Read more at: https://www.marketwatch.com/story/retirement-reinvention-programs-can-cost-a-fortune-here-are-some-more-affordable-alternatives-3b5e9e9f?mod=mw_rss_topstories

This earnings season will be the first big test of the market’s year-end rally. The forecasts don’t look great.

As JPMorgan Chase and Delta lead off the earnings parade next Friday, analysts are wary about a year that’s likely to be defined by continued high prices that will force shoppers to be more selective.

Read more at: https://www.marketwatch.com/story/this-earnings-season-will-be-the-first-big-test-of-the-markets-year-end-rally-the-forecasts-dont-look-great-80fc4ef8?mod=mw_rss_topstories