China’s Steel Market Tactics Under Scrutiny as Steel Demand Increases

Via Metal Miner New China tariffs may soon change the country’s steel market tactics. China continues to sit on a stockpile of steel, and it has no idea what to do with most of it. The exception, however, seems to be dumping it into foreign markets for cheap under the guise of “exportation.” China remains unable to use the bulk of this steel for its own infrastructure needs due to a decline in consumption and a stagnating economy. Therefore, export seems to be the best way out. This is especially beneficial as steel production…

Read more at: https://oilprice.com/Metals/Commodities/Chinas-Steel-Market-Tactics-Under-Scrutiny-as-Steel-Demand-Increases.html

Gas Prices Likely to Keep Falling Ahead of Peak Driving Season

With election-year prices at the pump a key campaign factor for U.S. presidential hopefuls, new projections indicate that the typical spring price spikes, which culminate in the Memorial Day driving weekend, will fall back earlier than previously anticipated. According to AAA, the nationwide average price for a gallon of gasoline on Wednesday was $3.66, down from 3.667 on Tuesday, and the same as a week ago, despite the springtime surge that generally precedes Memorial Day weekend and the peak driving season.  GasBuddy’s Patrick…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gas-Prices-Likely-to-Keep-Falling-Ahead-of-Peak-Driving-Season.html

Fossil Fuels Hit All-Time Low in UK Electricity Generation

Fossil fuels have provided the lowest amount of UK electricity for a one-hour time period on record. Energy think tank Carbon Tracker today said that on Monday, April 15th, just 2.4 per cent of UK electricity came from fossil fuel sources. Throughout the whole of last year, there were only 16 half-hour periods where coal and gas provided less than five percent of electricity and just five periods in 2022. For 2024 so far, however, there have been 75 half-hour periods where this criteria has been met. Just six years ago, there were no instances…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Fossil-Fuels-Hit-All-Time-Low-in-UK-Electricity-Generation.html

OPEC Would Open Arms to Namibia, Encourages Investors to Consider

OPEC Secretary General Haitham Al Ghais said in a statement on Wednesday that the group is looking forward to the prospect of a partnership with Namibia, the hottest new oil frontier after Guyana, with new discoveries lining up and first production of 2.6 billion barrels planned for 2030.  “We are excited about the potential of the Namibian OPEC partnership and stand ready to offer support at this crucial juncture,” Al Ghais said in a pre-recorded message at an international energy conference in Namibia. “We are enthused by the discoveries…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Would-Open-Arms-to-Namibia-Encourages-Investors-to-Consider.html

Central Asian Economies in Limbo As China Fails To Find Its Feet

China’s fiscal woes are likely to drag on economies across the Caucasus and Central Asia over the next two years, the World Bank is forecasting.  The Bank’s economic update for 2024-25 says the entire area spanning Europe and Central Asia faces “multiple headwinds,” including China’s “lackluster recovery” and “moderating” commodity prices. “With heightened geopolitical risks and substantial policy uncertainty, investment growth … could weaken further, especially if progress…

Read more at: https://oilprice.com/Finance/the-Economy/Central-Asian-Economies-in-Limbo-As-China-Fails-To-Find-Its-Feet.html

China’s Coal Prices Set to Soar, Industry Experts Predict

China’s coal market is poised for a significant uptick in prices, according to fresh insights from the China Coal Transportation and Distribution Association (CCTD). General Manager Han Lei of CCTD’s research department highlighted that domestic thermal coal prices have surpassed 800 yuan ($110.41) per metric ton, which is seen by many in the industry as marking the bottom for the year. Current coal market dynamics suggest a trend of stabilization and resurgence in prices. Despite expectations for relatively flat coal output this year compared…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Coal-Prices-Set-to-Soar-Industry-Experts-Predict.html

China’s Capital Flight Could Fuel Bitcoin’s Next Rally

Last October, when we pointed out that China’s FX outflows had just hit a whopping $75BN – the single biggest monthly outflow since the 2015 currency devaluation – we concluded that the “unfavorable interest rate spread between China and the US will “likely imply persistent depreciation and outflow pressures in coming months”, or in other words, September’s biggest FX outflow in years is just the beginning, and very soon – in addition to geopolitics and central banks – the world will also be freaking out about the capital flight out of China……

Read more at: https://oilprice.com/Finance/the-Markets/Chinas-Capital-Flight-Could-Fuel-Bitcoins-Next-Rally.html

SunPower To Cut Jobs After its Stock Gets Hammered

Just a day after announcing it would restate the past two years of financial results, beleaguered SunPower Corp. (NASDAQ:SPWR) on Wednesday said it would reduce its workforce, cut a selection of residential installation locations, and halt direct sales, Reuters reports.  With shares down nearly 60% year-to-date, SunPower says it is seeking to simplify its business structure and move away from areas that are not sustainability profitable. In a letter to employees seen by Reuters, SunPower Principal Executive Officer, Tom Werner, said some 1,000…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/SunPower-To-Cut-Jobs-After-its-Stock-Gets-Hammered.html

Reuters Estimates: Russian Oil and Gas Revenue to Double in April

Higher oil prices are expected to double Russia’s oil and gas revenues in April compared to the same month last year, according to Reuters calculations based on data from industry sources and official statistics on oil and gas production and supply.   This month, Russia is expected to pocket $14 billion (1.292 trillion Russian rubles) from oil and gas, according to the estimates. That’s double compared to the $7 billion (648 billion rubles) Russia received from oil and gas in April last year. This month’s Russian…

Read more at: https://oilprice.com/Energy/Oil-Prices/Reuters-Estimates-Russian-Oil-and-Gas-Revenue-to-Double-in-April.html

U.S. Frackers Seek Ways to Reverse Well Productivity Declines

As well productivity in the U.S. shale patch has declined in the past two years, producers are looking to deploy new technology to reverse these declines, but small companies often cannot afford the high upfront costs, industry executives and analysts have told Reuters. While shale production pushed U.S. crude oil output to record highs in recent months to above 13 million barrels per day (bpd), the rate of productivity declines has steepened since 2020 as the fracking of closely located wells has interfered with geology and pressure, resulting…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Frackers-Seek-Ways-to-Reverse-Well-Productivity-Declines.html

Oil Moves Higher on Inventory Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared with an inventory draw of 3.23 million barrels as estimated by the American Petroleum Institute on Tuesday, with the group also reporting a gasoline inventory decline of about half a million barrels. Analysts had expected…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Higher-on-Inventory-Draw.html

U.S. Refiners Set to Report Strong Q1 Earnings

Disruptions to global oil product flows, still strong refining margins, and lowered U.S. refinery utilization are expected to have bolstered the quarterly earnings of American oil refiners in the first quarter of 2024, analysts told Reuters. Profits are expected to be lower than in 2022 when the Russian invasion of Ukraine upended markets and pushed up refining margins, but U.S. refiners are still set to report in the coming days strong earnings for the first quarter of the year. “It is going to be another really strong quarter,” TD…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Refiners-Set-to-Report-Strong-Q1-Earnings.html

Nuclear Tensions Rise as Poland Offers Territory for NATO Warheads

Poland has upped the nuclear rhetoric with Russia, on Monday suggesting NATO nuclear warheads could soon be positioned on its territory. It comes amid general NATO euphoria in the wake of the US House finally passing Biden’s giant aid package for Ukraine, despite widespread acknowledgment that Ukrainian forces are being beaten by Russia. Polish President Andrzej Duda declared in a fresh and hugely provocative statement that Poland is “ready” to host nuclear weapons should NATO decide to do so as reinforcement of its…

Read more at: https://oilprice.com/Energy/Energy-General/Nuclear-Tensions-Rise-as-Poland-Offers-Territory-for-NATO-Warheads.html

Biden Administration Plans 12 Offshore Wind Auctions by 2028

The U.S. Department of the Interior announced on Wednesday a new five-year offshore wind leasing schedule, which includes up to 12 potential offshore wind energy lease sales through 2028. These offshore wind auctions are planned to be held in the Atlantic, the Gulf of Mexico, the Pacific, and the waters offshore the U.S. territories, the Interior Department said in a statement. Under the new five-year leasing schedule, four offshore lease sales could be held this year, one each in 2025 and 2026, two in 2027, and four in 2028. So far, the Department…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Plans-12-Offshore-Wind-Auctions-by-2028.html

Oil Firms Doubtful Trans Mountain Pipeline Will Start Full Service by May 1st

Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.   In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports. Trans Mountain Corporation, the government-owned entity that completed the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Firms-Doubtful-Trans-Mountain-Pipeline-Will-Start-Full-Service-by-May-1st.html

Why the Fed keeping rates higher for longer may not be such a bad thing

It’s a tough case to sell that higher interest rates today are having a substantially negative impact on the course of the economy.

Read more at: https://www.cnbc.com/2024/04/24/why-the-fed-keeping-rates-higher-for-longer-may-not-be-such-a-bad-thing.html

Biden signs Israel, Ukraine, TikTok bill into law

TikTok vowed to legally challenge the measure if President Joe Biden signed it into law.

Read more at: https://www.cnbc.com/2024/04/24/biden-signs-israel-ukraine-tiktok-bill-into-law.html

U.S. Chamber of Commerce, business groups sue FTC over ban on noncompete clauses

The U.S. Chamber of Commerce has long threatened to sue the FTC over the noncompete ban.

Read more at: https://www.cnbc.com/2024/04/24/chamber-of-commerce-sues-ftc-for-banning-noncompete-clauses.html

Meta to report first-quarter results after the bell

Meta reports first-quarter results after market close on Wednesday, and analysts expect to see the fastest year-over-year sales growth in almost three years.

Read more at: https://www.cnbc.com/2024/04/24/meta-meta-q1-2024-earnings-.html

Here’s why this financial technology fund could break out during earnings season

The Global X FinTech ETF looks attractive after a long period of underperforming the broader market, according to Wolfe Research.

Read more at: https://www.cnbc.com/2024/04/24/why-a-financial-technology-fund-could-break-out-during-earnings-season.html

Ford is set to report earnings after the bell. Here’s what Wall Street expects

In addition to financial results, investors will be watching for progress in CEO Jim Farley’s “Ford+” restructuring plan and any changes to its EV rollout.

Read more at: https://www.cnbc.com/2024/04/24/ford-f-earnings-q1-2024.html

GDP report Thursday expected to show economy still growing at a solid pace

The sum of all goods and services is expected to post 2.4% annualized growth for the three months ended in March.

Read more at: https://www.cnbc.com/2024/04/24/gdp-report-thursday-likely-to-show-economy-still-growing-at-solid-pace.html

Trump Media jumps 11% after CEO asks House GOP to probe possible DJT stock ‘manipulation’

Donald Trump’s media company CEO Devin Nunes wants Congress to probe possible manipulation of the company’s stock.

Read more at: https://www.cnbc.com/2024/04/24/djt-trump-media-ceo-asks-house-gop-to-launch-stock-manipulation-probe.html

Senate launches investigation into high prices of Ozempic and Wegovy in the U.S.

Before insurance, Novo Nordisk charges about $1,000 per month for Ozempic in the United States. In Germany, the company charges $59 a month for the same drug.

Read more at: https://www.cnbc.com/2024/04/24/senate-launches-investigation-into-high-prices-of-ozempic-and-wegovy-in-the-us.html

DOJ says ex-Binance CEO Changpeng Zhao should serve three years in prison: 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, Anand Iyer, founder of Canonical Crypto, discusses the potential of merging blockchain technology and AI.

Read more at: https://www.cnbc.com/video/2024/04/24/doj-ex-binance-ceo-changpeng-zhao-should-serve-three-years-prison.html

Tesla surges after Elon Musk says new affordable EV models coming

Tesla shares surged 12% on Wednesday after CEO Elon Musk said the company plans to produce new affordable EV models by early 2025.

Read more at: https://www.cnbc.com/2024/04/24/tesla-stock-up-after-elon-musk-says-new-affordable-ev-models-coming.html

Elon Musk is keeping investors’ dreams of a Tesla robotaxi alive

Tesla CEO Elon Musk continues to promise investors that autonomy is in the company’s future even as financials deteriorate.

Read more at: https://www.cnbc.com/2024/04/24/elon-musk-is-keeping-investors-dreams-of-a-tesla-robotaxi-alive.html

Meta’s earnings report comes as ‘Magnificent Seven’ stock looks to return to all-time high

After its most recent report, shares of the Facebook parent shot up 20%.

Read more at: https://www.cnbc.com/2024/04/24/metas-earnings-come-as-magnificent-seven-name-aims-to-return-to-all-time-high.html

Yen Dumped, Yield-Curve Pumped, Bonds & Bitcoin Slump

Quiet macro day with Durable Goods Orders looking like a beat – but only because of sizable downward revisions – as orders and shipments are actually down on a YoY basis.

Source: Bloomberg

But stocks were messy with an opening bid immediately squelched and post-EU-close ramp faded into the US close. Small Caps were the day’s laggard as Nasdaq outperformed while The Dow and S&P desperately tried to get green…

Read more at: https://www.zerohedge.com/markets/yen-dumped-yield-curve-pumped-bonds-bitcoin-slump

“Situation Is Unraveling”: Pro-Palestinian Protests Erupt Across America’s Woke Colleges

Colleges and universities across the country are struggling this week to keep pro-Palestinian protesters off school grounds. Students, and or perhaps a mix of professional protesters funded by radical leftist groups and dirty Gulf money, are storming campuses and setting up encampments. This is likely a coordinated effort nationwide as other pro-Palestinian demonstrators have been busy shutting down critical infrastructure across the country, such as airport terminals, bridges, and other chokepoints that could disrupt the economy.

Moments ago, pro-Palestinian protesters invaded Harvard University and “set up an encampment in Harvard Yard,” X user Collin Rugg reports. He posted footage of the protesters storming the campus.

“The move comes just days after Harvard restricted access to the Yard to only Harvard ID holders,” Rugg said.

He added the protesters are demanding the school “divest from Israel’s war in Gaza.”

JUST IN: Pro-Palestine protesters storm Harvard University and setup an encampment in Harvard Yard.

The move comes just days after Harvard restricted access to the Yard to only Harvard ID holders.

The Harvard Undergraduate Palestine Solidarity Committee is demanding that… pic.twitter.com/Ykp93DREIx

— Collin Rugg (@CollinRugg) April 24, 2024

Read more at: https://www.zerohedge.com/political/situation-unraveling-pro-palestinian-protests-erupt-across-americas-woke-colleges

Alvin Bragg Has His Trump Trial, All He Needs Now Is A Crime

Authored by Jonathan Turley,

Below is an expanded version of my column in the New York Post on the start of the Trump trial and much awaited explanation of District Attorney Alvin Bragg on the underlying alleged criminal conduct. The curious aspect of the case is that the prosecutors are stressing that they will prove largely uncontested facts. Indeed, if all of these facts of payments, non-disclosure agreements, and affairs are proven many of us (including liberal legal experts) are doubtful that there is any cognizable crime.

Here is the column:

For many of us in the legal community, the case of Manhattan District Attorney Alvin Bragg against former president Donald Trump borders on the legally obscene: an openly political prosecution based on a theory that even some liberal pundits have dismissed. Yet, this week the prosecution seemed like they were actually making a case for obscenity.

No, it was not the gratuitous introduction of an uncharged alleged tryst with a former Playboy bunny or planned details on the relationship with a former porn star. It was the criminal theory itself that seemed crafted around the standard for obscenity famously described by Supreme Court Justice Potter Stewart in the case of Jacobellis v. Ohio, …

Read more at: https://www.zerohedge.com/political/alvin-bragg-has-his-trump-trial-all-he-needs-now-crime

First-Time Buyers Must Earn $120,000 To Afford The Average Home

Earlier today we reported that for at least 40% of Americans – up from 27% just two years ago – the American Dream is dead and buried and has been replaced with the American nightmare: renting for life.

And here’s why: according to a new survey from Clever Real Estate, a St. Louis-based real estate company, thanks to the galloping housing inflation, the median-priced home in the U.S. now costs $332,494, with NAR and Census Bureau data reporting that the median Existing and New Home sale price has risen to $393,500 and $430,700…

Read more at: https://www.zerohedge.com/economics/first-time-buyers-must-earn-120000-afford-average-home

Paula Vennells opposed stopping postmaster prosecutions, inquiry hears

The former Post Office boss was against stopping postmaster prosecutions in 2013, former top lawyer says.

Read more at: https://www.bbc.com/articles/cm541z38dz9o

John Barnes banned as company director over taxes

John Barnes Media Ltd failed to pay £190,000 in taxes despite a turnover of over £400,000.

Read more at: https://www.bbc.com/news/articles/cqvn8eywgx5o

Outcry led to HMRC’s helpline closure U-turn

An unexpected “strength of feeling” led to the U-turn over its helpline closure, HMRC’s boss tells MPs.

Read more at: https://www.bbc.com/news/articles/c9xzw8zyxejo

Tech Mahindra Q4 Results Preview: Weakness to persist as profit, revenue seen falling

Tech Mahindra’s Q1 performance is expected to be subdued due to uncertain macro conditions and cautious tech spending. Net profit for March 2024 may decline up to 40% YoY, as per four brokerages. Revenue, too, will likely see a fall.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/tech-mahindra-q4-results-preview-weakness-to-persist-as-profit-revenue-seen-falling/articleshow/109557984.cms

9 equity MF categories that delivered over 20% returns in 5 years

Around 9 equity mutual fund categories have offered over 20% returns in the last five years, according to data by ACE MF. These categories offered returns between 20.39% and 26.11% in the period. Here is the full list:

Read more at: https://economictimes.indiatimes.com/mf/analysis/9-equity-mutual-fund-categories-that-delivered-over-20-returns-in-5-years/high-performers/slideshow/109561703.cms

Tech View: Nifty forms Doji candle ahead of monthly expiry. What traders should do on Thursday

Going ahead, 22,500 level remains a significant resistance on the monthly expiry day, but a sustained trade above 22,500-22,550 could trigger further upward movement, potentially driven by contract adjustments.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-doji-candle-ahead-of-monthly-expiry-what-traders-should-do-on-thursday/articleshow/109567913.cms

10-year Treasury yield ends near highest levels of 2024 as Fed’s preferred inflation gauge looms

Yields on U.S. government debt finished slightly higher on Wednesday, with the benchmark 10-year rate close to 2024’s peak levels, as traders focused on the next major inflation update at the end of the week.

Read more at: https://www.marketwatch.com/story/treasury-yields-tick-higher-as-crucial-inflation-report-looms-4713598b?mod=mw_rss_topstories

Goldman Sachs and Bank of America shareholders reject proposals to separate chair and CEO roles

Votes mark victories for Goldman’s David Solomon and Bank of America’s Brian Moynihan.

Read more at: https://www.marketwatch.com/story/goldman-sachs-and-bank-of-america-shareholders-reject-proposals-to-separate-chair-and-ceo-roles-08c2320d?mod=mw_rss_topstories

Transportation stocks sink, with industry ETF on track for biggest drop since October

Transportation stocks were being punished on Wednesday, with sharp drops weighing on an exchange-traded fund whose top holdings include airlines, railroads and a trucking company.

Read more at: https://www.marketwatch.com/story/transportation-stocks-sink-with-industry-etf-on-track-for-biggest-drop-since-october-c070cd22?mod=mw_rss_topstories