China’s EV Exports Soar Despite Domestic Sales Slowdown

Just when you thought the EV market couldn’t get more saturated or competitive in China, sales have once again slowed and the country’s market leader, BYD, is once again implementing price cuts. Sales of BEVs were up 18.2% in January-February compared to 20.8% for 2023, according to China Passenger Car Association reported by Reuters. When added to hybrids and new energy vehicles, sales were up 37.5% in the period, compared to 36.2% for all of 2023, proving that the EV market continues to gravitate toward. Reuters noted that overall passenger vehicles…

Read more at: https://oilprice.com/Energy/Energy-General/Chinas-EV-Exports-Soar-Despite-Domestic-Sales-Slowdown.html

Petrobras Attempts To Salvage Market Value

A few days after losing $14 billion in market value, Brazil’s state-run oil company, Petrobras, said it may dole out a special dividend after all, CEO Jean-Paul Prates said Monday, which could be the subject of a vote during April’s meeting of shareholders.  Brazil’s shares crashed on Friday, shaving $14 billion off the company’s market value after it disappointed investors by skimping on its dividend, with the ramifications spilling beyond Petrobras and into the wider Brazilian stock market. Also contributing to the 11%…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Petrobras-Attempts-To-Salvage-Market-Value.html

Mined Diamond Industry Faces Turmoil as Lab-Grown Gems Capture Market

It’s no secret that lab-grown diamonds are disrupting the mined diamond industry, but recent results from international diamond miners suggest the shift may be happening faster than analysts anticipated. Underlying EBITDA for DeBeers, the world’s second-largest diamond miner, fell by 95 per cent year on year in 2023. At Vale, an international miner, the underlying EBITDA of diamonds fell by 56 per cent year on year.  Demand for mined diamonds has “collapsed”, according to Max Spicer, sales consultant at London Diamonds,…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Mined-Diamond-Industry-Faces-Turmoil-as-Lab-Grown-Gems-Capture-Market.html

U.S. Remains World’s Largest Oil Producer for Sixth Year in a Row

The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the Energy Information Administration (EIA).  The U.S. also set a monthly global production record in December, hitting 13.3 million bpd that month.  The potential for any other country to beat this monthly record in the short term is very low, according to the EIA, based on capacity. The only…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Remains-King-of-Oil-Output-Crown-for-Sixth-Year.html

Carbon Tariffs to Reshape Aluminum Market Dynamics in the EU

Via Metal Miner The European aluminum manufacturing industry is under attack from two short- and medium-term threats, both of which have the potential to significantly impact aluminum consumers across the region. Threat #1: Potential Russian Aluminum Ban, Aluminum Manufacturing Shortage The first threat is the widely debated possibility of the EU banning Russian aluminum. While the UK has already banned imports of Russian primary and semi-finished aluminum, the EU has left it up to member states and their consuming industries to self-sanction.…

Read more at: https://oilprice.com/Metals/Commodities/Carbon-Tariffs-to-Reshape-Aluminum-Market-Dynamics-in-the-EU.html

UK Energy Watchdog Opens Probe into Abuse of Dominant Position

The Office of Gas and Electricity Markets (Ofgem), the UK’s energy market regulator, has opened an investigation into an unnamed company for alleged abuse of dominant position. “The opening of this investigation does not imply we have made any findings about whether there has been an infringement of competition law,” said Ofgem, which is investigating via its Gas and Electricity Markets Authority (GEMA). “GEMA has launched an investigation under Chapter II of the Competition Act 1998 into suspected breaches of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Energy-Watchdog-Opens-Probe-into-Abuse-of-Dominant-Position.html

Gold Continues To Climb As Fed Hints at Rate Cuts

Authored by Ven Ram, Bloomberg cross-asset strategist, Gold is still hovering near a nominal record, but the scope for further gains from here may be limited. Bullion approached $2,200 an ounce last week, annexing a new record, though stated in real terms, gold is still shy of its previous peak set more than a decade ago. Even at current levels, an investor who bought gold at the end of 2012, when it was trading around $1,675 an ounce, would still be sitting on losses of more than 3% after adjusting for the corrosive effect of inflation on the…

Read more at: https://oilprice.com/Metals/Gold/Gold-Continues-To-Climb-As-Fed-Hints-at-Rate-Cuts.html

Morocco to Allocate 1 Million Hectares to Green Hydrogen Projects

Morocco is looking to attract green hydrogen investments by allocating 1 million hectares of public land to projects, the government said on Monday. The first stage of the hydrogen project development will include providing investors with a total of 300,000 hectares of plots of land ranging from 10,000 to 30,000 hectares, according to the size of the expected projects, Morocco said.    The so-called “Morocco Offer” to boost green hydrogen development is also based on a competitive infrastructure that is planned, deployed,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Morocco-to-Allocate-1-Million-Hectares-to-Green-Hydrogen-Projects.html

$8 Billion in Alberta Renewable Projects in Jeopardy

Over $8 billion in investments in renewable energy are now at risk in the wake of a ban on some renewable projects by Canada’s Alberta province, according to a new study by an Alberta-based clean energy think tank, Reuters reports.  The study, by the Pembina Institute, also said the ban puts 6.3 gigawatts of solar and wind power capacity at risk, noting that a total of 36 out of 111 solar and six out of 34 wind projects could be negatively impacted.  Alberta initially announced the moratorium on renewable energy projects in August,…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/8-Billion-in-Alberta-Renewable-Projects-in-Jeopardy.html

Shell’s LNG Trading Head to Step Down Weeks After Posting $2.4 Billion Profit

Just weeks after posting $2.4 billion in trading profits from liquefied natural gas (LNG) in the fourth quarter of last year, the long-time head of Shell’s LNG, natural gas and power trading unit, Steve Hill, is stepping down, the supergiant announced on Monday.  Hill will officially step down from his position as head of Shell Energy on March 28 and hand control over to a successor that has yet to be announced, Reuters reports.  Hill has held this position since 2016, when Shell acquired BG Group in a $53-billion deal. He has led…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shells-LNG-Trading-Head-to-Step-Down-Weeks-After-Posting-24-Billion-Profit.html

Saudi Aramco Hikes 2023 Dividend To $98 Billion Despite Lower Profit

Saudi Arabia is receiving record income from its cash cow, the state oil giant Aramco, which raised its total 2023 dividend payment by 30% to nearly $98 billion.     Saudi Aramco, the world’s largest oil firm by both production and market capitalization, reported on Sunday a 25% drop in earnings for 2023 due to lower oil prices and lower oil sales. The Kingdom was restricting output by around 1.5 million barrels per day (bpd) for the better part of last year—500,000 bpd from cuts by several OPEC+ members that began in…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Aramco-Hikes-2023-Dividend-To-98-Billion-Despite-Lower-Profit.html

U.S. Gasoline Prices Rise for the Second Consecutive Week

U.S. gasoline prices rose for a second week in a row, to average $3.40 per gallon on Monday, up by 6.2 cents from a week ago, amid rising demand, ongoing refinery maintenance, and the switch to summer gasoline, GasBuddy said today. Still, the national average price of regular gasoline is 4.5 cents per gallon lower than a year ago, said GasBuddy, which has compiled price data from more than 12 million individual price reports covering over 150,000 gas stations. The national average price of diesel, on the other hand, has fallen by 1.3…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Rise-for-the-Second-Consecutive-Week.html

Declining Demand for EVs Is Weighing on the Nickel Market

Nickel prices are proving a headache for miners across the world: oversupply of the metal plus low electric vehicle (EV) demand has created a profit-stealing two-year price slide. Anglo American’s nickel revenues fell by around 23 percent in 2023, according to its latest earnings report. The EBITDA for nickel at Vale fell by 56 percent over the same period, from £1,924mn to £668m.  The nickel price is down 27 percent year on year.  How have prices fallen so far, so quickly? Oversupply from Indonesia  Part of the…

Read more at: https://oilprice.com/Metals/Commodities/Declining-Demand-for-EVs-Is-Weighing-on-the-Nickel-Market.html

Bank of America Set to Expand Its Energy Transition Business

Bank of America is looking to expand its business related to the energy transition, boosting carbon trading, and power and natural gas markets trading, senior executives have told Bloomberg. Banks in the United States and Europe are looking to boost exposure to trading products and financing projects that are deemed of key importance to the energy transition. Bank of America (BofA) will hire people for trading roles as client demand for energy transition-related products is rising. The U.S. banking giant is already expanding its exposure to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Bank-of-America-Set-to-Expand-Its-Energy-Transition-Business.html

EQT to Create a $35-Billion Integrated Natural Gas Company Via Acquisition

EQT Corporation has entered into a merger agreement to buy Equitrans Midstream Corporation and create an integrated U.S. natural gas company with an initial enterprise value exceeding $35 billion, the top American natural gas producer said on Monday.   In the latest merger deal in the U.S. oil and gas industry, EQT will combine with Equitrans, which has strategically located infrastructure assets in the Marcellus and Utica regions and is a shareholder in the Mountain Valley Pipeline project, expected to carry natural gas from northwestern…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EQT-to-Create-a-35-Billion-Integrated-Natural-Gas-Company-Via-Acquisition.html

S&P 500 closes lower for a second session as tech-fueled rally cools: Live updates

Investors last week took profits in some market leaders as high valuations have many concerned stocks could be due for a pullback.

Read more at: https://www.cnbc.com/2024/03/10/stock-market-today-live-updates.html

A key inflation reading is due out Tuesday morning. Here’s what to expect

On a year-over-year basis, headline inflation is expected to show a 3.1% gain and core inflation a 3.7% increase in February.

Read more at: https://www.cnbc.com/2024/03/11/a-key-inflation-reading-is-due-out-tuesday-morning-heres-what-to-expect.html

The global trade system has already started planning for potential Trump win, new China tariffs

Shipping companies are sending more trade through Mexico in a global logistics shift likely to increase in a second Trump presidency with more China tariffs.

Read more at: https://www.cnbc.com/2024/03/11/global-supply-chain-starts-planning-for-a-trump-win-new-china-tariffs.html

Why Friday’s key Nvidia reversal could mark the start of a broader stock market unwind

A break in mega-cap companies such as Nvidia could mean a reversal in the broader market, which has rallied this year on the strength of its AI names.

Read more at: https://www.cnbc.com/2024/03/11/why-fridays-key-nvidia-reversal-could-mark-the-start-of-a-broader-market-unwind.html

ETFs have brought big price swings back to bitcoin but could still help dampen volatility in the long term

A big selling point of bitcoin ETFs was their potential to reduce bitcoin’s notorious volatility. So far, however, big swings are back in crypto.

Read more at: https://www.cnbc.com/2024/03/11/etfs-have-brought-more-short-term-volatility-to-bitcoin-but-may-help-long-term.html

‘Not on my watch’ — Biden blasts Trump over suggested cuts to Social Security, Medicare

President Joe Biden and his campaign seized on a comment about cutting Social Security, Medicare and Medicaid that Donald Trump made during a CNBC interview.

Read more at: https://www.cnbc.com/2024/03/11/biden-blasts-trump-over-social-security-medicare-cut-ideas.html

Bitcoin rises to another record, ether breaks through $4,000

Bitcoin extended recent gains and climbed to another record to start the week as ether hit a more than two-year high.

Read more at: https://www.cnbc.com/2024/03/11/bitcoin-btc-tops-71000-as-uk-fca-opens-door-to-crypto-etns.html

Trump says a TikTok ban would empower Meta, slams Facebook as ‘enemy of the people’

“Without TikTok, you can make Facebook bigger, and I consider Facebook to be an enemy of the people,” Donald Trump said in a CNBC interview Monday.

Read more at: https://www.cnbc.com/2024/03/11/trump-says-a-tiktok-ban-would-empower-meta-slams-facebook-as-enemy-of-the-people.html

Bitcoin breaks through $72,000 to hit fresh record: 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, speaking from the South by Southwest conference in Texas, Sandy Carter, COO of Unstoppable Domains, discusses the state of web3 adoption and how developers are bringing blockchain and AI together.

Read more at: https://www.cnbc.com/video/2024/03/11/bitcoin-breaks-through-72000-hit-fresh-record-cnbc-crypto-world.html

E. Jean Carroll lawyer suggests third Trump defamation lawsuit possible after new comments

Donald Trump posted a $91.6 million bond to secure the judgment in favor of E. Jean Carroll while he appeals that verdict in New York.

Read more at: https://www.cnbc.com/2024/03/11/trump-again-attacks-e-jean-carroll-as-he-appeals-rape-defamation-penalties.html

Trump claims he has ‘never been a fan’ of Ken Langone, Home Depot co-founder who backed Nikki Haley

Trump said he had “never been a fan” of billionaire Ken Langone, the Home Depot co-founder who backed his primary challenger, Nikki Haley.

Read more at: https://www.cnbc.com/2024/03/11/trump-claims-he-has-never-been-a-fan-of-ken-langone.html

Princess of Wales apologizes for confusion after media retracts photo on manipulation concerns

Reuters, one of the agencies to withdraw the image, said part of Princess Charlotte’s cardigan sleeve showed evidence of editing.

Read more at: https://www.cnbc.com/2024/03/11/princess-of-wales-news-agencies-retract-manipulated-kate-image.html

A trio of tech companies announced new dividends. Here’s what it means for the sector

“We saw three major high-profile tech-based businesses that have just initiated,” said Morgan Stanley’s Charlie Gaffney.

Read more at: https://www.cnbc.com/2024/03/11/a-trio-of-tech-companies-announced-new-dividends-heres-what-it-means-for-the-sector.html

Grayscale, Coinbase Sit Down With SEC Over Spot Ether ETF

Authored by Ana Paula Pereira via CoinTelegraph.com,

Grayscale and Coinbase met with the SEC on March 6 to address concerns about the conversion of Grayscale’s Ethereum Trust into a spot ETF…

Crypto firms Grayscale and Coinbase recently met with United States Securities and Exchange Commission (SEC) officials to discuss a rule change for the launch of spot Ether exchange-traded funds (ETFs).

Grayscale is seeking to convert its Ethereum Trust – which tracks the market price of Ether – into an ETF, similar to the conversion of its Bitcoin Trust to an ETF in January. The meeting, held on March 6, followed the end of the commenting period for the proposal and addressed concerns about possible market manipulation should the fund be approved.

Read more at: https://www.zerohedge.com/crypto/grayscale-coinbase-sit-down-sec-over-spot-ether-etf

Saudi Aramco Hikes 2023 Dividend To $98 Billion Despite Lower Profit

In what may be an early signal that the cadence of “unexplained” oil supply-linked terrorism incidents is about to see a significant increase (wink wink), on Sunday, Saudi oil giant Aramco raised its total 2023 dividend payment by 30% to nearly $98 billion, assuring that Saudi Arabia continues to receive record income from its golden, or rather oil black, goose….even as the world’s largest oil firm by both production and market capitalization reported a 25% drop in earnings for 2023 due to lower oil prices, OilPrice reported.

The Kingdom has been restricting output by around 1.5 million barrels per day (bpd) for the better part of last year—500,000 bpd from cuts by several OPEC+ members that began in May 2023, and another 1 million bpd in extra voluntary production restri …

Read more at: https://www.zerohedge.com/commodities/saudi-aramco-hikes-2023-dividend-98-billion-despite-lower-profit

Pittsburgh Police Are No Longer Responding To “Non-Emergency” Calls; Report

Authored by Steve Watson via Modernity.news,

WPXI Channel 11 out of Pittsburgh reports that police will no longer be responding to calls that are not deemed to be “in-progress emergencies,” meaning theft, harassment, criminal mischief, and burglary alarms will essentially be ignored.

Pittsburgh in about 5 hours pic.twitter.com/FrgeS1K0cF

— zerohedge (@zerohedge) March 11, 2024

Such calls will Instead be redirected to an answering machine, according to the report which also notes that from 3 am to 7 am, the city’s six police stations will operate without desk officers present.

Only around 20 officers will be available for overnight shifts to cover the entire city, the report further notes, stating that the decision has been taken due to “understaffing.”

Fallout from a ‘defund the police’ mentality – Pittsburgh cops will no longer respond to calls that are not deemed to be “in-progress emergencies,” m …

Read more at: https://www.zerohedge.com/political/pittsburgh-police-are-no-longer-responding-non-emergency-calls-report

Zelensky Rips The Pope, Rejects Call For Peace Talks

In his Sunday night address to the nation, Ukrainian President Volodymyr Zelensky rejected Pope Francis’ calls for Kiev to enter peace negotiations with Russia to end the war. Days ago the Pope told a Swiss broadcaster that Ukraine must have the “the courage of the white flag” and that negotiations must happen “before things get worse.”

Zelensky didn’t mention Francis by name, but he clearly took shots at the leader of the world’s Catholics. “They support us with prayer, with their discussion and with deeds,” the Ukraine president said. “This is indeed what a church with the people is.”

“Not 2,500km away, somewhere, virtual mediation between someone who wants to live and someone who wants to destroy you,” he continued with the dig. European media described Zelensky’s comments as a sharp rejection of the call for negotiations.

Read more at: https://www.zerohedge.com/geopolitical/zelensky-rips-pope-rejects-call-peace-talks

Vinyl and air fryers added to inflation measure

Vinyl music sales – led by Taylor Swift’s success – return to the basket of goods used to track prices.

Read more at: https://www.bbc.co.uk/news/business-68515100

‘HMRC gave me £49,000 tax relief, but wants it back’

Some UK start-ups who received tax breaks for innovation are being pursued to repay the money.

Read more at: https://www.bbc.co.uk/news/business-68435936

Reddit aims for $6.4bn valuation in shares sale

The social media website is one of the most popular in the world but struggles to make a profit.

Read more at: https://www.bbc.co.uk/news/technology-68535381

Wondering whether to invest in Futures or Options? Here’s a guide for you

In Futures, it is obligatory to buy/sell at a future date. Meanwhile, an Options buyer has the right to buy/sell.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/wondering-whether-to-invest-in-futures-or-options-heres-a-guide-for-you/slideshow/108402842.cms

Tata, Mahindra, Adani or Reliance? Which group could be a big trade in next 3-5 years?

According to Sandip Sabharwal, large group stocks like Tatas, Mahindra Group, Adanis, and Reliance have performed well. He believes if the economy sustains 7-8% growth, many companies and groups will continue to thrive. However, he is cautious about HDFC Bank and warns investors tobe wary of the overvaluation in smallcaps.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/tata-mahindra-adani-or-reliance-which-group-could-be-a-big-trade-in-next-3-5-years/articleshow/108383602.cms

Tech View: No panic till Nifty holds above 22,000. What should traders do on Tuesday

Nifty has been facing a lot of resilience around 22,500-525 on an immediate basis and there is a tug-of-war between the bulls and the bears for this make-or-break resistance level. As long as Nifty is holding above 22K, there is no major sense of panic as of now.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-no-panic-till-nifty-holds-above-22000-what-should-traders-do-on-tuesday/articleshow/108396838.cms

Dow ekes out gain ahead of critical inflation data due this week

U.S. stocks end near unchanged Monday, as investors await key inflation readings due this week.

Read more at: https://www.marketwatch.com/story/s-p-500-futures-slip-a-day-before-crucial-cpi-report-a715129c?mod=mw_rss_topstories

Trump’s TikTok flip-flop and what it means for Chinese stocks

The former president’s rhetoric on China was tougher than his actions, experts say.

Read more at: https://www.marketwatch.com/story/trumps-tiktok-flip-flop-and-what-it-means-for-chinese-stocks-98426529?mod=mw_rss_topstories

2- and 10-year Treasury yields jump by most in a week ahead of Tuesday’s CPI data

Rates on U.S. government debt finished higher on Monday ahead of this week’s consumer-price index report for February.

Read more at: https://www.marketwatch.com/story/bond-yields-mixed-as-uncertain-jobs-report-gives-way-to-cpi-data-bb25599d?mod=mw_rss_topstories