Armenia and Azerbaijan Engulfed in Legal Disputes at the Hague

Armenia and Azerbaijan are engaged in a convoluted peace process in the Caucasus. But they are still tangled in a bitter fight in The Hague. Over several days of hearings in mid-April, the United Nations’ International Court of Justice (ICJ), based at the Dutch seat of government, weighed the merits of an Azerbaijani motion claiming the ICJ does not have jurisdiction over a three-year-old suit brought by Armenia. That suit demands that Azerbaijan face judgment for an array of war crimes, including fomenting hatred of Armenians that resulted…

Read more at: https://oilprice.com/Geopolitics/International/Armenia-and-Azerbaijan-Engulfed-in-Legal-Disputes-at-the-Hague.html

How Long Will the Gold Rally Last?

Via Metal Miner Month-on-month, the Global Precious Metals MMI (Monthly Metals Index) rose by 8.25%. However, shortly after April 1, precious metal prices, particularly gold and silver, began surging as investors flocked to purchase as many gold bullions as possible. The reasons for this newfound “gold rush” include inflation hedging, anticipation of interest rate cuts, and geopolitical uncertainty. Indeed, these factors continue to send investors flocking to the classic precious metals safe haven. But just how long will the rally last?…

Read more at: https://oilprice.com/Metals/Gold/How-Long-Will-the-Gold-Rally-Last.html

Venezuela Looks to Crypto for Oil Sales As Sanctions Return

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency.  Using Tether, pegged to the U.S. dollar, PDVSA is seeking to hasten the use of digital currency for oil export transactions to avoid having revenues from oil sales frozen in foreign bank accounts, Reuters reported on Monday, citing three unnamed sources.  The Venezuelan state-run oil…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Looks-to-Crypto-for-Oil-Sales-As-Sanctions-Return.html

Could the Conflict Between Iran and Israel Turn Nuclear?

If Iran decides to respond to a suspected Israeli strike on its territory on April 19, it might not have to pull its punches like it did the last time. Tehran’s telegraphed barrage against Israel last week was written off by many as a failure. But Iran has many arrows in its quiver should its standoff with Israel continue to escalate. Experts say that Iran has more sophisticated weaponry at its disposal, can bring its proxies into the fight, and, unlike its attack on April 13, can utilize the element of surprise. And the ultimate threat — officially…

Read more at: https://oilprice.com/Geopolitics/International/Could-the-Conflict-Between-Iran-and-Israel-Turn-Nuclear.html

What’s The Next Move In The Israel-Iran Standoff And What Will Oil Do?

There is always the possibility that Israel now does “take the win” as U.S. President Joe Biden advised Israeli Prime Minister, Benjamin Netanyahu, albeit before Israel launched missile and drone attacks on nuclear- and military-related facilities in Iran’s Isfahan province and in its East Azerbaijan provincial city of Tabriz. There is also the possibility that if Israel does this, then Iran might desist from further direct attacks on Israel from its own territory, after it did so for the first time in multiple attacks on 13 April.…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Whats-The-Next-Move-In-The-Israel-Iran-Standoff-And-What-Will-Oil-Do.html

Kurdish Media Allege OPEC Request for Resumption of Oil Exports to Turkey

Just a week after the Iraqi federal government announced it was repairing its own oil pipeline to Turkey, which would override a Kurdish oil pipeline that has been offline amidst a three-way diplomatic dispute between Baghdad, Erbil and Ankara, Iraqi media report that OPEC is urging Baghdad to resume Kurdish oil exports to Turkey.  According to Kurdistan24 news agency, citing an unnamed source in the Iraqi Federal Oil Ministry, OPEC has requested that Iraqi Federal Oil Minister Hayyan Abdul Ghani approve oil exports from Kurdistan to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kurdish-Media-Allege-OPEC-Request-for-Resumption-of-Oil-Exports-to-Turkey.html

Weak Diesel Prices Reflect Global Economic Slowdown

Back in September last year, Bloomberg reported that refineries around the world were struggling to keep up with demand for diesel fuel. That imbalance led to soaring diesel prices, with the fuel gaining 60% in Europe and topping $140 per barrel in the U.S. At the time, there were warnings that economic activity roaring back after the pandemic and the 2022 energy crunch would lead to a diesel fuel shortage and drive higher inflation. Only that didn’t happen. Because since then, diesel prices have fallen and now the warnings are…

Read more at: https://oilprice.com/Energy/Energy-General/Weak-Diesel-Prices-Reflect-Global-Economic-Slowdown.html

Slump in Coal Production Drags Down Poland’s Economic Recovery

A 26% plunge in coal mining weighed on Poland’s industrial output in March 2024, casting a shadow over the expectations that the biggest emerging-market economy in Europe would grow by the expected 3% this year. Coal mining output slumped by 25.9% year-over-year in March, contributing to a 6% decline in Poland’s industrial production last month, government data showed on Monday. This was the steepest decline in Poland’s industrial output since April 2023, per Bloomberg’s estimates. It was also much worse than expectations…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Slump-in-Coal-Production-Drags-Down-Polands-Economic-Recovery.html

Is a Full-Blown Trade War Between the U.S. and China Looming?

By John Liu, Zhu Lin and Abhishek Vishnoi, Bloomberg Markets Live reporters and strategists China’s most promising industries are facing a growing threat of trade restrictions from Western governments, blurring the outlook for stocks that have the potential to fuel the nation’s market growth. The sectors under scrutiny by Europe and the US are as wide-ranging as electric vehicles, wind and solar projects, medical devices and chips, but have one thing in common: they are of strategic importance to President Xi Jinping’s bid for…

Read more at: https://oilprice.com/Geopolitics/International/Is-a-Full-Blown-Trade-War-Between-the-US-and-China-Looming.html

Gazprom Shut Down Dozens of Natural Gas Wells Ahead of Spring Floods

Russia’s natural gas giant Gazprom had to shut down more than two dozen producing wells during the spring floods in the Orenburg region to keep the gas-producing wells from flooding, the local Gazprom unit said. River and floodwaters rose early this month in the Orenburg region in southwestern Russia near the Ural River in the worst flooding in the area in 80 years. Water levels in the Ural jumped well above the river’s bursting point.       To avoid flooding of operating wells, Gazprom’s local…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-Shut-Down-Dozens-of-Natural-Gas-Wells-Ahead-of-Spring-Floods.html

Saudi Aramco Eyes Stake in Chinese Petrochemical Firm

Saudi oil giant Aramco is proceeding with plans to boost its downstream presence in its most important export market, China, with discussions to buy a minority stake in a Chinese petrochemical company. Aramco has entered into discussions with Hengli Group Co., Ltd. regarding the potential acquisition of a 10% stake in Hengli Petrochemical Co., subject to due diligence and required regulatory clearances, the Saudi firm said in a statement on Monday. Hengli Petrochemical International Pte. Ltd and Aramco signed on Monday a Memorandum of…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Aramco-Eyes-Stake-in-Chinese-Petrochemical-Firm.html

Biden Administration Backs Rooftop Solar With $7 Billion Grant

U.S. President Joe Biden is announcing on Monday $7 billion in grants to help more than 900,000 low-income households install residential solar power, the White House said. President Biden will mark today’s Earth Day by traveling to Prince William Forest Park in Triangle, Virginia, and is expected to highlight the Administration’s progress “in tackling the climate crisis, cutting costs for everyday Americans, and creating good-paying jobs,” the White House said. The $7 billion in grants will come from the Environmental…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Backs-Rooftop-Solar-With-7-Billion-Grant.html

Biden Unlikely to Strictly Enforce Sanctions on Iranian Oil Ahead of Elections

Despite a new package of sanctions against Iran targeting financial institutions, ports, vessels, and refineries that knowingly process Iranian oil shipments, the U.S. Administration is unlikely to “strongly enforce” the restrictions in an election year, Amrita Sen, founder and research director of Energy Aspects, told Bloomberg Television in an interview. “I think all sanctions are sanctions on paper, with anything that remotely causes oil prices to go up, I don’t believe they will enforce it strongly,” the research…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Unlikely-to-Strictly-Enforce-Sanctions-on-Iranian-Oil-Ahead-of-Elections.html

Sweden Wants EU to Sanction Russia’s Shadow Fleet and Ban Its LNG

The next round of EU sanctions against Russia over the invasion of Ukraine should include measures to address the shadow fleet of tankers helping Russia move its oil and a ban on EU imports of Russian LNG, Sweden’s foreign minister said on Monday.   “Adopting the 14th sanctions package is one of the most important things,” Swedish Foreign Minister Tobias Billstrom said arriving at an EU foreign ministers’ meeting in Luxembourg, as carried by Reuters. “We will see to it that we both include an import ban on…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sweden-Wants-EU-to-Sanction-Russias-Shadow-Fleet-and-Ban-Its-LNG.html

Tesla Set for Worst Quarterly Results in 7 Years

Tesla is expected to report for the first quarter of 2024 its lowest quarterly profit margins since early 2017 amid a price war in the electric vehicle sector and a slowdown in demand, analysts say. Elon Musk’s EV manufacturer is set to release its financial results for the first quarter on April 23 and gross margins are expected at their lowest in years, the Financial Times reports. Dan Levy, an analyst at Barclays, expects Tesla to have also booked “modestly negative” free cash flow, FT notes. This would be the first negative…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Set-for-Worst-Quarterly-Results-in-7-Years.html

Dow closes more than 200 points higher, S&P 500 snaps 6-day losing run as tech resurges: Live updates

Wall Street is looking for a rebound week after key tech stocks such as Nvidia struggled.

Read more at: https://www.cnbc.com/2024/04/21/stock-futures-rise-slightly-with-sp-500-nasdaq-on-six-day-losing-streak.html

Tesla shares slide to 15-month low ahead of earnings, as Wall Street frets over price cuts, layoffs

Tesla’s stock dropped for a seventh straight day on Monday, ahead of a highly anticipated earnings report from the electric vehicle company.

Read more at: https://www.cnbc.com/2024/04/22/tesla-shares-fall-to-15-month-low-after-price-cuts-and-layoffs.html

Luxury real estate prices just hit an all-time record

Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.

Read more at: https://www.cnbc.com/2024/04/22/luxury-real-estate-prices-hit-an-all-time-record.html

Donald Trump set to receive $1.25 billion worth of Trump Media stock in DJT earnout bonus

Former President Donald Trump is already the majority shareholder in Trump Media, which trades under the ticker DJT.

Read more at: https://www.cnbc.com/2024/04/22/djt-trump-set-to-get-millions-more-trump-media-shares.html

Mark Zuckerberg says Meta will offer its virtual reality OS to hardware companies, creating iPhone versus Android dynamic

The move will create new hardware devices that run the same operating system and software as Quest 3 and Quest Pro.

Read more at: https://www.cnbc.com/2024/04/22/mark-zuckerberg-says-meta-will-offer-its-virtual-reality-os-to-hardware-companies.html

Bitcoin rises past $66,000 in the days following the network’s fourth halving: 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, Nico Cordeiro, CIO of quant digital asset hedge fund Strix Leviathan, weighs in on bitcoin’s performance following the latest halving and explains what will likely be the next catalysts for the crypto market.

Read more at: https://www.cnbc.com/video/2024/04/22/bitcoin-rises-past-66000-in-days-following-network-fourth-halving-cnbc-crypto-world.html

These companies spending big to grow their businesses are primed to outperform, Goldman says

Investors typically reward companies investing for growth when economic growth is accelerating, if history is any guide, Goldman said.

Read more at: https://www.cnbc.com/2024/04/22/these-companies-spending-big-to-grow-their-businesses-are-primed-to-outperform-goldman-says.html

Activist investor Jana has ‘significant’ stake in Wolfspeed, urges semi manufacturer to consider sale

Activist investor Jana Partners has a built a “significant” position in semiconductor firm Wolfspeed, according to a Monday letter to Wolfspeed’s board viewed by CNBC.

Read more at: https://www.cnbc.com/2024/04/22/activist-investor-jana-has-stake-in-wolfspeed-urges-sale.html

What investors should know about the UAW’s organizing drive of VW

The historic vote could have wide-ranging impacts on other automakers, organized labor and the overall U.S. automotive industry.

Read more at: https://www.cnbc.com/2024/04/22/uaw-vw-organizing-drive-what-investors-should-know.html

Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand

Longtime mall retailer Express filed for bankruptcy and plans to close nearly 100 stores as an investor group looks to save it from extinction.

Read more at: https://www.cnbc.com/2024/04/22/express-files-for-bankruptcy-plans-to-close-nearly-100-stores.html

High-speed rail system from Las Vegas to Southern California breaks ground

Brightline West aims to be operational in 2028, when Los Angles hosts the Summer Olympics.

Read more at: https://www.cnbc.com/2024/04/22/high-speed-rail-from-las-vegas-to-southern-california-breaks-ground.html

Carrier, the century-old inventor of the air conditioner, is moving on to the home heat pump

Carrier is pivoting to capture the booming market for climate-friendly home heat pumps as federal and state government offer tax credits and rebates.

Read more at: https://www.cnbc.com/2024/04/22/century-old-inventor-of-air-conditioner-is-moving-on-to-home-heat-pump.html

Bitcoin’s next gen tokens are here. Inside the Silicon Valley hacker house where 17 coders helped build the new memecoin market

Bitcoin coders at popup hackathon prepared for big launches on blockchain after the halving, and a cryptocurrency market now valued at over $2.4 trillion.

Read more at: https://www.cnbc.com/2024/04/22/inside-a-silicon-valley-hacker-house-coding-for-bitcoins-new-tokens.html

Governments Could Stop Inflation If They Wanted… They Will Not

Authored by Daniel Lacalle,

Inflation is no coincidence. It is a policy. Governments, along with their so-called experts, attempt to persuade you that inflation stems from anything other than the consistent, albeit slower, rise in aggregate prices year after year. Issuing more currency than the private sector demands, thus eroding its purchasing power and creating a constant annual transfer of wealth from real wages and deposit savings to the government.

Oil prices are not a cause of inflation but a consequence. Prices increase as more units of the currency used to denominate the commodity shift to relatively scarce assets. Therefore, oil prices do not cause inflation; they are one of the signals of currency debasement. Furthermore, if oil prices caused inflation, we would go from inflation to deflation quickly, not from elevated inflation to slower price increases.

The same goes fo …

Read more at: https://www.zerohedge.com/political/governments-could-stop-inflation-if-they-wanted-they-will-not

Stocks Surge In Massive Squeeze As Traders Frontrun End of Buyback Blackout Period

After the worst week for stocks since the March 2023 bank crisis, and after 6 consecutive weeks of Nasdaq declines, not to mention dealer gamma collapsing and CTAs still facing billions in forced selling, market sentiment was near-apocalyptic… at least until we reminded traders this morning that the cavalry was, indeed, coming when – just as spoos bottomed a little over 5,000 – we posted that the buyback blackout period that had snuffed bullish sentiment a month ago, was to end this Friday.

The rest, as they say, is history and stocks are now about 60 points higher at session highs…

… driven by the biggest short squeeze in a month.

Read more at: https://www.zerohedge.com/markets/stocks-surge-massive-squeeze-traders-frontrun-end-buyback-blackout-period

Tesla Q1 Preview: Investors Brace For “Worst Results In 7 Years”, AI Pivot, Cybertruck, Robotaxis In Focus

Tesla is slated to report earnings tomorrow and, as FT notes, investors are bracing for the “worst results in 7 years” from the EV manufacturer.

Analysts predict that Tesla will post revenues of $22.3 billion for Q1, representing a year-over-year decline of 4.4%. This anticipated drop in revenue aligns with poor Q1 delivery data, where deliveries decreased by 8.5% year-over-year, marking the first annual decline in deliveries since 2020.

Expectations for Tesla’s 2024 full year earnings are lower than those of 2023. Current forecasts by FactSet suggest Tesla’s EPS will be $2.67 for 2024, reflecting a decrease of over 14% from the previous year’s $3.12. Furthermore, since the close of 2023, consensus estimates for Tesla’s 2024 EPS have decreased by 30%.

As we’ve noted, Tesla missed its Q1 d …

Read more at: https://www.zerohedge.com/markets/tesla-q1-earnings-preview-investors-brace-worst-results-7-years-ai-pivot-cybertruck

White House Condemns “Antisemitic” Protests At Columbia University

“I am horrified and disgusted with the antisemitism being spewed at and around the Columbia University campus,” said New York City Mayor Eric Adams in a thread on X.

“Hate has no place in our city, and I have instructed the NYPD to investigate any violation of law they receive a report about and will arrest anyone found to be breaking the law.”

He went on:

“We will not be a city of lawlessness, and those professional agitators seeking to seize the ongoing conflict in the Middle East to sow chaos and division will not succeed.”

But added:

I do, however, want to be abundantly clear: Columbia University is a private institution on private property, which means the NYPD cannot have a presence on campus unless specifically requested by senior university officials.

For the safety of all New Yorkers, I urge Columbia’s senior administration officials to improve and maintain an open line of communication with the NYPD to ensure the safety of all students and staff on campus.

Adams concluded, providing ‘context’:

“As mayor of the city with the largest Jewish community in the world outside of Israel, the pain these protests are causing Jews across the globe is not lost on me, especially as we start Passover tomorrow evening.

I also see and hear the pain of those protesting in support of …

Read more at: https://www.zerohedge.com/political/white-house-condemns-antisemitic-protests-columbia-university

Homeowner pain as major banks hike mortgage rates

Lenders respond over views the Bank of England may not cut interest rates as soon as previously thought.

Read more at: https://www.bbc.co.uk/news/business-68874847

Smart motorways: How safe are they?

BBC Panorama finds the technology behind England’s smart motorways stops working on a regular basis.

Read more at: https://www.bbc.co.uk/news/uk-68865188

FTSE 100 stock index closes at new all-time high

A weak pound and hopes of easing tensions in the Middle East drive up the UK’s top stock index.

Read more at: https://www.bbc.co.uk/news/business-68877506

Nifty may test 25,800 in run-up to election results, says Prabhudas

PL has picked 7 largecap counters viz. HDFC Bank, ICICI Bank, Larsen & Toubro (L&T), Max Healthcare Institute, Maruti Suzuki, Reliance Industries (RIL) and Siemens. In the mid and smallcap universe, the top buys include the likes of Astral, Can Fin Homes, Eris Lifesciences, Grindwell Norton, Navneet Education, Praj Industries, RR Kabel, Safari Industries (India), Sunteck Realty and TCI Express.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-may-test-25800-in-run-up-to-election-results-says-prabhudas-picks-17-stocks-to-buy/articleshow/109500964.cms

​​14 equity MFs deliver up to 98% in 1 year. Do you own any?

Around 14 equity mutual funds gave over 70% returns in the last one- year horizon, an analysis of past performance showed. There were around 271 active equity schemes in the market that have completed one year, according to the data by ACE MF.

Read more at: https://economictimes.indiatimes.com/mf/analysis/14-equity-mutual-funds-deliver-up-to-98-in-one-year-do-you-own-any/stellar-returns/slideshow/109500756.cms

​Portfolio Watch: Dolly Khanna adds stake in 7 stks, picks 3 new in March qtr

​Dolly Khanna is a Chennai-based large investor, who is known for lesser-known picks that tend to go on to overperform in the stock market. She has been investing in the stock markets since 1996. Her portfolio is managed by her husband Rajiv Khanna. Here’s a look at stocks where she increased her stake in Q4: (Source: Trendlyne)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/dolly-khanna-adds-stake-in-7-stocks-picks-3-new-in-march-quarter/portfolio-watch/slideshow/109502134.cms

Why more Americans are opting for Israeli wine instead of Manischewitz this Passover

This year, many are looking to the burgeoning wine industry in Israel for their Seder sips

Read more at: https://www.marketwatch.com/story/for-passover-this-year-jewish-americans-are-buying-more-israeli-wine-than-usual-c82f2ecc?mod=mw_rss_topstories

Treasury yields finish little changed as geopolitical tensions cool

Rates on U.S. government debt finished little changed on Monday after no major escalation in Middle East tensions over the weekend.

Read more at: https://www.marketwatch.com/story/bond-yields-rise-as-geopolitical-tensions-cool-67f90d83?mod=mw_rss_topstories

Brent oil ends at a more than 3-week low as Middle East tensions appear to ease

Global oil prices ended Monday at their lowest since late March as Middle East tensions appeared to ease, calming concerns over the potential for oil-supply disruptions.

Read more at: https://www.marketwatch.com/story/oil-prices-slip-but-remain-above-86-a-barrel-as-middle-east-tensions-suggest-no-imminent-escalation-ad6639d2?mod=mw_rss_topstories