Will China’s Central Bank Cut Rates to Boost Sagging Economy?

China’s economy showed mixed signals in June with consumer prices rising modestly for the fifth straight month but missing expectations, while producer prices stayed in deflationary territory.  These developments come ahead of an important policy meeting of the Chinese Communist Party (CCP) next week. The focus of the July 15-18 CCP meeting is expected to prioritize addressing tensions with Washington and boosting domestic demand.  According to official data released on Wednesday by the National Bureau of Statistics, China’s…

Read more at: https://oilprice.com/Finance/the-Economy/Will-Chinas-Central-Bank-Cut-Rates-to-Boost-Sagging-Economy.html

UK Government Denies Claims Ed Miliband Has Banned New North Sea Oil Licences

The Department for Energy Security and Net Zero has denied reports that Ed Miliband has banned the North Sea oil regulator from issuing any outstanding drilling and exploration licences, calling them “a complete fabrication”. Earlier today, The Telegraph claimed that the new energy security and net zero minister had overruled his officials to stop the North Sea Transition Authority (NSTA) from issuing new licences, even those that were in the final round of approval with the regulator. But Miliband’s department hit back…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Government-Denies-Claims-Ed-Miliband-Has-Banned-New-North-Sea-Oil-Licences.html

India and Russia Deepen Trade Ties Despite Ukraine Conflict

Indian Prime Minister Narendra Modi wrapped up a high-stakes visit to Moscow on July 9 — his first to Russia since 2019 — that highlighted the fine line New Delhi treads as it bolsters relations with Russia while courting closer ties with the West. On the second and final day of Modi’s visit to the Russian capital, India and Russia set out nine key areas for closer cooperation, ranging from nuclear energy to medicine, with officials from both sides saying they aimed to boost bilateral trade by more than half to hit $100 billion by 2030.…

Read more at: https://oilprice.com/Geopolitics/International/India-and-Russia-Deepen-Trade-Ties-Despite-Ukraine-Conflict.html

UK Bans New Drilling in North Sea

Energy Secretary Ed Miliband has enacted an immediate ban on new North Sea oil drilling licenses, overriding departmental officials and setting the stage for potential legal confrontations with oil companies. This decision halts the expected approval of new drilling in up to 35 areas, a process initiated during the 33rd offshore oil and gas licensing round in late 2023. Miliband’s directive is aimed at aligning the UK’s energy policies with its climate commitments, but oil companies that had invested substantial monetary resources into…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Bans-New-Drilling-in-North-Sea.html

Kazakhstan’s Surprise Tax Increase Shakes Up Global Uranium Market

Uranium mining stocks soared on Wednesday after a surprise hike in extraction taxes in Kazakhstan, the world’s largest uranium-producing country, which BMO Capital Markets said will limit future supply growth. As Interfax first reported, the government in Kazakhstan introduced a new Mineral Extraction Tax (MET) for uranium, replacing the existing 6% flat rate MET introduced in 2023. Per the new code, the new MET rate is to increase to 9% from 6% in 2025. However, the biggest change is from 2026 onwards where the Government has introduced…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Kazakhstans-Surprise-Tax-Increase-Shakes-Up-Global-Uranium-Market.html

Nigeria Cuts Deal with Producers to Supply Oil to Refiners at Market Price

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reached an agreement with oil producers to supply crude oil to domestic refineries at market prices on Wednesday, ending a supply dispute that had strained relations with international oil companies.  Nigeria imports most of its fuel needs due to inadequate refining capacity, although a 650,000 barrel-a-day refinery built by Africa’s richest man Aliko Dangote, and operational since February, should produce more than enough for the country’s needs. Earlier, Dangote…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Cuts-Deal-with-Producers-to-Supply-Oil-to-Refiners-at-Market-Price.html

Copper Prices Bounce Back On Market Optimism

Via Metal Miner Overall, the Copper Monthly Metals Index (MMI) fell 6.66% from June to July. Following a nearly 5% decline throughout June, copper prices found an at least temporary bottom at the end of the month. Prices rose 4.35% during the first week of July as market signals improved. Chinese Import Premium Briefly Returns to Growth Copper demand in China has shown a slight improvement in recent days. The Yangshan Copper Premium, a leading indicator for Chinese copper demand, saw a brief return to positive territory on July 5. The import premium…

Read more at: https://oilprice.com/Metals/Commodities/Copper-Prices-Bounce-Back-On-Market-Optimism.html

U.S. Solar and Wind Power Generation Tops Nuclear for First Time

For the first time ever, U.S. electricity generation from utility-scale solar and wind exceeded nuclear power plants’ power output in the first half of 2024, according to data from energy think tank Ember quoted by Reuters columnist Gavin Maguire. Electricity generation from solar and wind hit a record-high of 401.4 terawatt hours (TWh) between January and June 2024, surpassing the 390.5 TWh of power generated from nuclear power plants, Ember’s data showed. Solar power generation jumped by 30% and electricity output from wind power…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Solar-and-Wind-Power-Generation-Tops-Nuclear-for-First-Time.html

ING Sees $88 Brent In Q3 2024

In its latest market note, ING states that OPEC+ policy is still the critical factor in determining the state of the oil markets. At the beginning of 2024, ING projected that Brent crude oil would trade above $90 per barrel in the second half of the year. This forecast has been realized multiple times—and ING expects oil prices to peak again in the third quarter. However, sustained rallies are not anticipated. The pivotal factor remains OPEC+ policy, as the group’s supply cuts have been instrumental in supporting the market. According to…

Read more at: https://oilprice.com/Energy/Oil-Prices/ING-Sees-88-Brent-In-Q3-2024.html

Canada Growth Fund Invests in Strathcona’s Oil Sands Carbon Capture Initiatives

Strathcona Resources Ltd plans to develop up to US$1.5 billion (C$2 billion) carbon capture projects at its oil sands assets with the public investment vehicle Canada Growth Fund (CGF), the Canadian oil sands producer said in a statement. Strathcona announced a strategic partnership with CGF, which will help fund the development of carbon capture and sequestration (CCS) infrastructure on Strathcona’s steam-assisted gravity drainage (SAGD) oil sands facilities across Saskatchewan and Alberta.   The key reason for seeking such…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canada-Growth-Fund-Invests-in-Strathconas-Oil-Sands-Carbon-Capture-Initiatives.html

The Future May Not Be As Electric as We Think

Virtually every single forecast about the future of transport focuses on its electrification—on the idea that EVs will take over roads, displacing the internal combustion engine and making it history. Not everyone agrees, however, and that includes Renault, China’s Geely and, as of last month, Saudi Aramco. The three are investing in a company that develops powertrain technology for internal combustion engine vehicles. The future may not be as electric as may expect. Horse Powertrain came into existence at the end of May as a 50:50…

Read more at: https://oilprice.com/Energy/Crude-Oil/The-Future-May-Not-Be-As-Electric-as-We-Think.html

India’s State Refiners Eye Long-Term Russian Oil Deal to Secure Stable Supplies

Indian state-held refiners have started jointly to discuss terms of a potential deal with Russia for long-term supply of Russian oil, a government source with knowledge of the matter told Reuters on Thursday.   Russia has become India’s top oil supplier since the Russian invasion of Ukraine and the Western embargoes and other sanctions on Russian crude sales. India, the world’s third-largest crude oil importer, has snapped up a large part of Russian spot supply over the past two years, but it is now looking to sign…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-State-Refiners-Eye-Long-Term-Russian-Oil-Deal-to-Secure-Stable-Supplies.html

Standard Chartered: Oil Demand Growth Will Decelerate in the Coming Months

On Wednesday, OPEC released its latest Monthly Oil Market Report (MOMR) wherein it stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, citing resilient economic growth and a strong rebound in air travel in the summer months. OPEC sees global oil demand rising by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025, virtually unchanged from its January forecasts. Unfortunately, other energy agencies have not been quite as consistent, with views on 2024 global oil demand growth…

Read more at: https://oilprice.com/Energy/Heating-Oil/Standard-Chartered-Oil-Demand-Growth-Will-Decelerate-in-the-Coming-Months.html

Azerbaijan Boosts Natural Gas Exports to Europe

Azerbaijan raised its natural gas exports to Europe by 12% year-over-year in the first half of 2024, sending 6.4 billion cubic meters (bcm) of its gas to European customers, Azerbaijan’s Minister of Energy, Parviz Shahbazov, said in a post on X on Thursday.  Since the Russian invasion of Ukraine and the severely diminished Russian pipeline gas supply to Europe, Azerbaijan has emerged as one alternative source for the EU to get more non-Russian gas.   In January to June, 6.4 bcm of Azerbaijan’s gas was exported…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Azerbaijan-Boosts-Natural-Gas-Exports-to-Europe.html

Will Sluggish Chinese Oil Demand Derail OPEC’s Optimistic Forecasts?

Global oil demand growth continues to slow down amid underwhelming Chinese consumption, the International Energy Agency (IEA) said on Thursday, keeping its growth forecast at more than half of OPEC’s projected increase in demand.  World oil demand growth saw in the second quarter of this year growth of just 710,000 barrels per day (bpd) compared to Q2 2023. This was the slowest quarterly increase in oil demand since the fourth quarter of 2022, the IEA said in its closely-watched monthly Oil Market Report published today.  …

Read more at: https://oilprice.com/Energy/Crude-Oil/Will-Sluggish-Chinese-Oil-Demand-Derail-OPECs-Optimistic-Forecasts.html

S&P 500 retreats from record as investors sell high-flying Big Tech stocks, Nvidia drops 5%: Live updates

Investors pulled away from megacap tech stocks that underpinned market gains for much of 2024.

Read more at: https://www.cnbc.com/2024/07/10/stock-market-today-live-updates.html

Delta says the Olympics will cost it $100 million as travelers skip Paris

Delta says travelers are opting for other destinations or booking outside of the dates of the Olympic Games.

Read more at: https://www.cnbc.com/2024/07/11/delta-paris-olympics-hit.html

Here’s the inflation breakdown for June 2024 — in one chart

The annual inflation rate declined again in June 2024, as measured by the consumer price index. Consumers have seen relief for staples such as food and gas.

Read more at: https://www.cnbc.com/2024/07/11/heres-the-inflation-breakdown-for-june-2024-in-one-chart.html

More people than ever expected to bet on Summer Olympics after U.S. legal gambling boom

The Paris Olympics are the first games since legalized gambling has been widespread in the U.S. Will it make a difference for sportsbooks?

Read more at: https://www.cnbc.com/2024/07/11/summer-olympics-betting-fanduel-draftkings-prepare-for-gambling-rise.html

Bitcoin could be heading for a ‘summer of 2021 style’ correction between record highs, data shows

Bitcoin is not expected to retest its record until later in the year, but data shows this correction could get uglier before a recovery begins.

Read more at: https://www.cnbc.com/2024/07/11/bitcoin-may-be-bound-for-summer-of-2021-style-correction-data-shows.html

Tesla shares fall 6% after report of robotaxi unveiling delay

Tesla is reportedly pushing back the unveiling of its self-driving taxi to October from August.

Read more at: https://www.cnbc.com/2024/07/11/tesla-shares-fall-6percent-after-report-of-robotaxi-unveiling-delay.html

Virginia is America’s Top State for Business in 2024, with the nation’s best schools and solid infrastructure

Virginia is America’s Top State for Business in 2024, with an elite education system and among the nation’s best infrastructure.

Read more at: https://www.cnbc.com/2024/07/11/virginia-americas-top-state-for-business-nations-best-schools-solid-infrastructure.html

Biden ‘needs to drop out’ campaign official tells NBC News

President Joe Biden has refused to quit his campaign for a second term, but his debate performance against Donald Trump continues fueling Democratic panic.

Read more at: https://www.cnbc.com/2024/07/11/biden-democrats-election-drop-out.html

The NFL is open to private equity team ownership of up to 10%, Commissioner Roger Goodell says

Commissioner Roger Goodell told CNBC in an exclusive interview that the NFL is open to changing its policies to allow minority private equity ownership.

Read more at: https://www.cnbc.com/2024/07/11/nfl-open-to-private-equity-team-ownership-roger-goodell-says.html

Crypto execs meet with Biden administration over regulatory crackdown concerns: 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, Kristin Smith, CEO of the Blockchain Association, and Sheila Warren, CEO of the Crypto Council for Innovation, discuss what was accomplished at a meeting with crypto executives and officials with the Biden administration.

Read more at: https://www.cnbc.com/video/2024/07/11/crypto-execs-meet-biden-administration-regulatory-crackdown-concerns-cnbc-crypto-world.html

Here’s why housing inflation is still stubbornly high

Shelter inflation is the main impediment to the consumer price index hitting its target level. It’s moderating slower than economists expected.

Read more at: https://www.cnbc.com/2024/07/11/heres-why-housing-inflation-is-still-stubbornly-high.html

U.S. cities are sinking. Here’s what that means for homeowners

Home values in areas with high land subsidence could drop 8.1%, according to forthcoming research. It’s not the only way sinking surfaces could affect consumers.

Read more at: https://www.cnbc.com/2024/07/11/us-cities-are-sinking-heres-what-that-means-for-homeowners.html

10-year Treasury yield dives after June CPI unexpectedly decreases

Investors assessed fresh inflation data and considered remarks from Federal Reserve Chair Jerome Powell.

Read more at: https://www.cnbc.com/2024/07/11/us-treasurys-ahead-of-june-consumer-inflation-data.html

Scaramucci Gates 70% Of Investors In His SkyBridge Crypto Fund

Despite solid performance in recent months by SkyBridge Capital’s crypto-focused hedge fund, investors in Anthony Scaramucci’s investing vehicle are rushing to cash out: investors who own about 70% of the fund’s shares have asked for their money back in the latest redemption period that ended in March, Bloomberg reported citing a regulatory filing. The fund, which returns money through a tender offer, bought back just 7% of those shares while gating the remaining redemption requests, effectively barring clients from exiting even though returns have jumped.

Scaramucci, 60, declined to comment to Bloomberg, but he previously said the fund lets him limit redemptions and that he’s “operating inside the ambit of the prospectus.”

This isn’t the first time SkyBridge has gated its investors: the fund began limiting withdrawals two years ago amid the so-called crypto winter, when the fund posted large losses and investors sought to flee. In retrospect, good thing it did because bitcoin is about 3 ti …

Read more at: https://www.zerohedge.com/markets/scaramucci-gates-70-investors-his-skybridge-crypto-fund

Okay, So Who Had “Bubonic Plague” On Their 2024 Disaster Bingo Card?

Authored by Michael Snyder via TheMostImportantNews.com,

This has been quite a decade for global pestilences.  The first one to hit was COVID, and that created a wave of panic that literally paralyzed the entire globe.  The next one to hit was the bird flu.  More than 100 million birds are dead, and now mammals all over the planet are getting infected.  There is a lot of concern that humans could be next, and we will be watching future developments very closely.  Two years ago, Mpox exploded on to the scene, and it rapidly circulated around the world.  Now a much deadlier new version has emerged in Africa, and global  health authorities are quite alarmed about this.  On top of everything else, this year we are dealing with the worst outbreak of dengue fever that we have ever witnessed.

Millions have already been infected, and there have even been hundreds of cases here in the United States.

Read more at: https://www.zerohedge.com/medical/okay-so-who-had-bubonic-plague-their-2024-disaster-bingo-card

Costco Is Raising Membership Fees On 52 Million Members, Wall Street Views As ‘Positive Catalyst’

Shares of Costco Wholesale Corp. are higher in premarket trading in New York after the warehouse-club chain announced annual price hikes across its members for the first time in years.

Starting September 1, Costco Gold Star, Business, and Business add-on members across North America will see an increase of $5 to their annual membership costs, bumping up from $60 to $65. Executive members must pay $130, a $10 price hike. Membership price hikes will impact all 52 million members.

In a press release published Wednesday, Costco provided a breakdown to the first membership price hikes since 2017:

The Company also announced that, effective September 1, 2024, it will increase annual membership fees by $5 for U.S. and Canada Gold Star (individual), Business, and Business add-on members. With this increase, all U.S. and Canada Gold Star, Business and Business add-on members will pay an annual fee of $65. Also effective September 1, annual fees for Executive Memberships in the U.S. and Canada will increase from $120 to $130 (Primary membership of $65, plus the Executive upgrade of $65), and the maximum annual 2% Reward associated with the Executive Membership will increase from $1,000 to $1,250. The fee increases will impact around 52 million memberships, a little over half of which are Executive.

Costco typically raise …

Read more at: https://www.zerohedge.com/markets/costco-raising-membership-fees-52-million-members-wall-street-views-positive-catalyst

Is Biden Bluffing Or Do Democrats Have a Defendable Strategy?

Authored by Mike Shedlock via MishTalk.com,

From many corners, there’s intense pressure on Biden to stand down. Nate Silver suggests Biden is bluffing, perhaps in a MAD way. I disagree.

George Clooney Implores Biden to Step AsideIn a New York Times Op-Ed, George Clooney says I Love Joe Biden. But We Need a New Nominee.

I’m a lifelong Democrat; I make no apologies for that. I’m proud of what my party represents and what it stands for. As part of my participation in the democratic process and in support of my chosen candidate, I have led some of the biggest fund-raisers in my party’s history. Barack Obama in 2012. Hillary Clinton in 2016. Joe Biden in 2020. Last month I co-hosted the single largest fund-raiser supporting any Democrati …

Read more at: https://www.zerohedge.com/political/biden-bluffing-or-do-democrats-have-defendable-strategy

Row over rise in water bills as firms say it’s not enough

Water firms have hit out at bill rises of £94 over the next five years after wanting bigger hikes.

Read more at: https://www.bbc.com/news/articles/cyx0jxrq7y4o

Water bills: How much will I have to pay?

The regulator sets price limits for England and Wales, but water bills vary across the country.

Read more at: https://www.bbc.com/news/articles/cmm26e1qpzgo

New coalmine in doubt after ‘error’ in planning decision

Labour will no longer defend a decision, made by the previous government, to allow a new coalmine in Cumbria.

Read more at: https://www.bbc.com/news/articles/c99w1qjp8qko

TCS shows early signs of project ramp ups but demand recovery may take more time

In addition, while the country’s largest IT exporter continued to bag fresh orders, the quantum of total contract value (TCV) was underwhelming when compared with the previous quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/tcs-shows-early-signs-of-project-ramp-ups-but-demand-recovery-may-take-more-time/articleshow/111667693.cms

Shark tank fame Namita Thapar shares an emotional Mirza Ghalib shayari post Emcure IPO’s robust listing

The robust listing met expectations, reflecting the company’s long-term potential. Analysts recommend that investors maintain their positions for promising future returns.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/shark-tank-fame-namita-thapar-shares-an-emotional-mirza-ghalib-shayari-post-emcure-ipos-robust-listing/articleshow/111665801.cms

Tech View: Confused Nifty awaiting breakout on either side. Here’s how to trade on Friday

Despite fluctuations, the Nifty maintains an overall upward trajectory. A decisive move beyond 24,500 is projected to trigger further gains, potentially reaching 24,900 in the near future. The current support level stands at 24,150.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-confused-nifty-awaiting-breakout-on-either-side-heres-how-to-trade-on-friday/articleshow/111664587.cms

‘She lives in squalor’: My mother, 90, says I want to commit her to an ‘insane asylum’ — yet her doctor gave her a clean bill of health. What now?

“She’s had an untreated abscessed tooth for over a year and she’s been scammed out of more than $5,000.”

Read more at: https://www.marketwatch.com/story/she-lives-in-squalor-my-mother-90-says-i-want-to-commit-her-to-an-insane-asylum-so-i-can-take-all-her-assets-yet-her-doctor-says-shes-fine-what-now-7128fb74?mod=mw_rss_topstories

The monthly inflation rate dipped for the first time in more than four years, providing further cover for the Fed to start lowering rates later this year.

Read more at: https://www.cnbc.com/2024/07/11/cpi-inflation-report-june-2024.html

Post-CPI rally in Treasurys sends 2- and 10-year yields to lowest closing levels since March

Treasurys aggressively rallied on Thursday, sending yields tumbling, after more signs of easing inflation bolstered the market-implied chances of a Federal Reserve interest-rate cut by September.

Read more at: https://www.marketwatch.com/story/treasury-yields-hold-mostly-steady-as-traders-wait-for-cpi-data-307c741d?mod=mw_rss_topstories