Unaffordable Prices and Elevated Interest Rates Impact New Car Demand

Auto dealers are seeing an uptick in inventory while many consumers remain on the sidelines, deterred by the toxic combination of high interest rates and elevated inflation. In response to what seems to be a more pronounced slowdown, dealers are slashing prices and increasing incentives to stimulate demand this summer.  A new report from the Financial Times, citing data from Motor Intelligence, with manufacturers such as Hyundai, General Motors, and Volkswagen, shows that the average incentive package to sweeten the deal jumped 53% in June,…

Read more at: https://oilprice.com/Finance/the-Economy/Unaffordable-Prices-and-Elevated-Interest-Rates-Impact-New-Car-Demand.html

The Rise of the Middle Corridor Trade Route

In the heart of Eurasia, a new trade route made up of thousands of kilometers of roads, railroads, and ports is emerging to better connect China to Europe and redraw the lines of global trade. Take a deeper look through this new interactive map done by myself and my colleagues Wojtek Grojec and Ivan Gutterman. Finding Perspective: The so-called Middle Corridor is a 6,500-kilometer trade route connecting China to Europe through Central Asia and the Caucasus. Since 2022, it’s been growing steadily, with trade volumes skyrocketing and new investments…

Read more at: https://oilprice.com/Geopolitics/International/The-Rise-of-the-Middle-Corridor-Trade-Route.html

NextEra Energy Reports Mixed Q2 Results, Reaffirms FY24 Outlook

Renewable energy utility NextEra Energy Inc. (NYSE:NEE) has reported mixed Q2 2024 results and reaffirmed outlook for FY 2024, with revenue of $6.07B (-17.4% Y/Y), $1.38B below the Wall Street consensus.  NextEra’s Q2 non-GAAP EPS clocked in at $0.96, beating consensus by $0.03. The company’s earnings reflect a 9%Y/Y increase, indicating robust financial and operational results.  Florida Power & Light (FPL), a subsidiary of NextEra Energy, reported net income of $1.232 billion, or $0.60 per share, driven by a 10.7% increase…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/NextEra-Energy-Reports-Mixed-Q2-Results-Reaffirms-FY24-Outlook.html

NIMBY: The Battle for Britain’s Clean Energy Future

The energy sector is very used to a “not in my back yard” (nimby) backlash from communities opposing new projects, following decades of protests worldwide against fossil fuel and renewable energy developments. Now, the nimby response in the U.K. is threatening the country’s green transition, as residents countrywide strongly oppose new wind and solar energy projects due to the proximity to their houses. The new Labour government will have to battle with communities across the U.K. if they hope to get new green energy projects…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/NIMBY-The-Battle-for-Britains-Clean-Energy-Future.html

Net-Zero Targets Could Double Yearly Copper Demand by 2035

Via Metal Miner   By now, the world knows that although the current global copper reserves are sufficient to meet demand, extraction continues to lag behind consumption. As a result, many inside and outside the copper market fear there will be a shortage in the coming years.  Predictions say that the annual global demand for copper will increase by about 40% by 2040. There are multiple factors fueling this expected growth, including the global move toward renewable energy and sustainable transportation. Given this current environment,…

Read more at: https://oilprice.com/Metals/Commodities/Net-Zero-Targets-Could-Double-Yearly-Copper-Demand-by-2035.html

RWE and TotalEnergies Join Forces to Develop Offshore Wind in the Netherlands

RWE and TotalEnergies have joined forces to deliver the OranjeWind offshore wind project in the Netherlands. The project features an installed capacity of 795 MW, and marks the first system integration project in the Dutch market. Each partner holds a 50% stake in the venture, with RWE leading the development, construction, and operation of the wind farm. OranjeWind aims to perfectly match intermittent wind power generation with flexible energy demand, contributing to grid stability. The highly intermittent nature of wind power is often an obstacle…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/RWE-and-TotalEnergies-Join-Forces-to-Develop-Offshore-Wind-in-the-Netherlands.html

Russia, Iraq And Kazakhstan To Compensate Overproduction in The Next 15 Months

Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative 480 kb/d, Iraq 1,184 kb/d, and Kazakhstan 620 kb/d. Last month, OPEC+ announced that it would extend a cut of 1.65 million barrels per day, announced in April 2023, until the end of 2025. The cut was due to expire…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Iraq-And-Kazakhstan-To-Compensate-Overproduction-in-The-Next-15-Months.html

COP29 Host Aims to Raise $1 Billion for New Climate Fund

In line with global green transition aims, pressure is increasing to support developing countries around the globe to tackle climate change and develop their renewable energy capacity. The COP29 host country Azerbaijan is now in charge of setting up a new climate fund, aimed at encouraging fossil fuel producers to support low-income countries battling with the effects of climate change. Fossil-fuel-producing countries and companies will be encouraged to invest in the new Climate Finance Action Fund, which will provide finance for low-income…

Read more at: https://oilprice.com/Energy/Energy-General/COP29-Host-Aims-to-Raise-1-Billion-for-New-Climate-Fund.html

Greencoat UK Wind Prioritizes Share Buybacks Despite Challenges

Greencoat UK Wind has pushed ahead with an ambitious share buyback programme, even as the trust struggles with low wind speeds and falling electricity prices. The trust’s half-year results reported that net asset value per share had dropped by 2.9 percent in the last six months, though this is still up 1.1 percent compared to the quarter before. Electricity generation for the six months jumped 27 percent year-on-year but was 15 percent below budget due to low wind speeds and an export cable failure at one of its sites. The trust has previously…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Greencoat-UK-Wind-Prioritizes-Share-Buybacks-Despite-Challenges.html

Oil Moves Higher on Crude, Fuel Inventory Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. This compared with an inventory draw of 4.9 million barrels estimated by the EIA for the previous week. The American Petroleum Institute, meanwhile, on Tuesday estimated another inventory draw in crude oil for the week to July 19, at 3.9 million barrels. In fuels, the EIA reported more draws. Gasoline stocks shed 5.6 million barrels in the week to July 19,…

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

‘Oil Kills’ Climate Activists Block European Airports

A coordinated “Oil Kills” action of climate activists blocked on Wednesday airports across Europe, grounding flights and creating chaos amid the summer holidays, as campaigners demanded “an end to oil, gas and coal by 2030.” One of Germany’s busiest airports, the Cologne-Bonn Airport, stopped flights briefly in the morning local time as activists from the Last Generation movement glued themselves to the tarmac. Inbound flights were diverted to nearby airports and while flights have resumed, the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Kills-Climate-Activists-Block-European-Airports.html

Tesla to Focus on Autonomy and AI as Earnings Disappoint

Amid softer EV demand and worsening profit margins this year, Tesla is setting its sights on AI as Elon Musk is betting more on self-driving and artificial intelligence.    The AI hype has investors hooked in the past three months since Tesla’s underwhelming first-quarter deliveries and earnings numbers published in April. The company’s value has risen by $386 billion since then, per Bloomberg’s estimates, as Musk has been touting a Tesla future of AI, autonomous driving, and humanoid robots…

Read more at: https://oilprice.com/Energy/Energy-General/Tesla-to-Focus-on-Autonomy-and-AI-as-Earnings-Disappoint.html

Iran Claims to Have Neutralized Impact of U.S. Sanctions on Condensate Exports

Iran has managed to neutralize the effect of the U.S.-led Western sanctions on its gas condensate exports, Iranian Petroleum Minister Javad Owji said on Wednesday. “I can dare say that sanctions on gas condensates export have been neutralized,” Iranian news website Iran Front Page (IFP) quoted Owji as saying during the last government meeting of the outgoing administration. Iran has turned gas condensate – very light oil – into added value by exporting more of it, according to the Iranian minister.   The outgoing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Claims-to-Have-Neutralized-Impact-of-US-Sanctions-on-Condensate-Exports.html

Russia’s Novatek More Than Doubles First-Half Profit

Higher production boosted the first-half earnings of Russian gas producer and LNG exporter Novatek more than double compared to year-ago levels, despite lower sales volumes and struggles with its new Arctic LNG 2 export project. Russia’s top LNG producer and exporter reported on Wednesday a net profit of $3.94 billion (341.7 billion Russian rubles) for the first half of 2024, which was 2.2 times higher as compared to the first half of 2023. Total revenues also rose but so did operating expenses.    Novatek’s daily…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Novatek-More-Than-Doubles-First-Half-Profit.html

Russia Could Ban Diesel Exports Again

Russia is considering banning the export of diesel if prices rise further, Russian daily Kommersant reported on Wednesday, citing several sources. The Russian government could ban diesel exports if prices spike in the near term, but no decision has been made yet, according to Kommersant’s sources.    There are no conditions for a complete ban on diesel shipments abroad yet, a source at a local oil company told the Russian daily. The government is restoring a ban on gasoline exports from August 1. In the autumn of 2023,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Could-Ban-Diesel-Exports-Again.html

S&P 500, Nasdaq tumble for worst day since 2022 as Tesla, Alphabet slide after quarterly results: Live updates

Stocks fell Wednesday as investors were underwhelmed by quarterly reports from megacap tech companies Alphabet and Tesla.

Read more at: https://www.cnbc.com/2024/07/23/stock-market-today-live-updates.html

Ford earnings are out – here are the numbers

Ford reported earnings after the bell. Here are the results:

Read more at: https://www.cnbc.com/2024/07/24/ford-motor-f-earnings-q2-2024.html

Tesla shares close down 12% after earnings miss for biggest slump since 2020

Tesla shares dropped after the company reported second-quarter earnings that missed expectations.

Read more at: https://www.cnbc.com/2024/07/24/tesla-shares-fall-8percent-in-premarket-trading-after-weaker-than-expected-earnings.html

Chipotle Mexican Grill is about to report earnings. Here’s what to expect

Shares of Chipotle have risen 24% this year, bringing its market value up to $72.82 billion.

Read more at: https://www.cnbc.com/2024/07/24/chipotle-mexican-grill-cmg-q2-2024-earnings.html

Investors are rotating into small caps, and analysts love these dividend-paying names

Small-cap stocks are having a solid July. A few names happen to be loved by Wall Street and offer attractive dividends.

Read more at: https://www.cnbc.com/2024/07/24/investors-are-rotating-into-small-caps-analysts-love-these-dividend-payers.html

Why an indicator that has foretold almost every recession doesn’t seem to be working anymore

The situation has many on Wall Street scratching their heads about why the inverted curve has been so wrong this time

Read more at: https://www.cnbc.com/2024/07/24/why-an-indicator-that-has-foretold-almost-every-recession-doesnt-seem-to-be-working-anymore.html

Retailers shift their thinking on costly last-mile delivery as consumer need for speed raises costs

FedEx and UPS are facing a shift in the way retailers approach last-mile delivery, with more competition for shipping as costs rise, according to AlixPartners.

Read more at: https://www.cnbc.com/2024/07/24/retailers-shift-their-thinking-on-costly-last-mile-delivery.html

Stocks making the biggest moves midday: Lamb Weston, Tesla, Enphase Energy and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2024/07/24/stocks-making-the-biggest-moves-midday-lw-tsla-enph-and-more.html

Elon Musk attends Netanyahu’s speech to Congress as his guest, but dozens of lawmakers skip it

Elon Musk attended Israeli Prime Minister Benjamin Netanyahu’s address to Congress as his guest, he said in the Capitol.

Read more at: https://www.cnbc.com/2024/07/24/kamala-harris-democrat-lawmakers-netanyahu-congress-speech.html

Ether dips below $3,400 on second day of U.S. spot ETH ETF trading: 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, Andy Baehr, head of product at CoinDesk Indices, weighs in on the potential impact of the U.S. launch of spot ETH ETFs on crypto prices.

Read more at: https://www.cnbc.com/video/2024/07/24/ether-dips-below-3400-second-day-spot-eth-etf-trading-cnbc-crypto-world.html

‘Inside Out 2’ is now the highest-grossing animated movie of all time, surpassing ‘Frozen II’

Disney and Pixar’s ‘Inside Out 2’ is now the highest-grossing animated movie of all time, surpassing Walt Disney Animation’s “Frozen II.”

Read more at: https://www.cnbc.com/2024/07/24/inside-out-2-is-highest-grossing-animated-movie-ever-passing-frozen-2.html

Inflation, $2,000 camps are creating a summer crisis for working parents: ‘It is complete chaos’

Parents across the U.S. are cutting back work hours, bringing their children to the office or skipping camp amid inflation and child care staffing shortages.

Read more at: https://www.cnbc.com/2024/07/24/inflation-2000-camps-create-a-summer-crisis-for-working-parents.html

Renewable energy demand will triple as electricity consumption surges, NextEra CEO says

NextEra’s business with tech and data center customers currently stands at seven gigawatts of renewable assets in operation and in backlog.

Read more at: https://www.cnbc.com/2024/07/24/renewable-energy-demand-will-triple-as-electricity-consumption-surges-nextera-ceo-says.html

Romania Scrambles Fighter Jets Amid Russian Attacks Near Its Border

In another dangerous close call with Russia on a NATO border, Romania scrambled fighter jets overnight in response to Russian military actions very close to the Ukraine-Romanian border.

Romania’s Defense Ministry said Wednesday that it scrambled the fighter jets in response to a series of Russian drone attacks near the border. It confirmed two F-16 aircraft took off just after 2am local time from the 86th Borcea Air Base, which lies east of the capital of Bucharest.

F-16s/Illustrative, via NATO

The Romanian fighter jets were given a mission to monitor “the aerial situation.” The fighter jets returned to their base two hours later, and reportedly did not engage any targets or hostile cross-border threats.

There was a separate incident elsewhere in which Romanian authorities feared drone parts or debris may have fallen within Romania’s

Read more at: https://www.zerohedge.com/geopolitical/romania-scrambles-fighter-jets-amid-russian-attacks-near-its-border

Netanyahu Gives Fiery Speech Before Divided Congress Hailing ‘Forever Alliance’ Between America & Israel

Summary: Seeking to shore up support for the war against Hamas in Gaza, and with Vice President Harris not in attendance and with dozens of Democrats also choosing to skip in protest, Israeli Prime Minister Netanyahu addressed “this great citadel of democracy for the fourth time.” He also took time in the lengthy address to acknowledge rescued hostages and their families, including families of American hostages, present in the chamber for the speech.

“I will not rest until all of their loved ones are home! All of them” – he said of the hostages. We are “actively engaged” in intensive efforts to secure their release, the prime minister said. “Some of them are taking place right now.” He also recognized “President Biden’s “tireless efforts” and “heartfelt support” for Israel. Biden “dispatched two aircraft carriers to the Middle East to prevent a wider war,” Netanyahu said. Also acknowledging this politically chaotic and sensitive moment where Biden has bowed out of the presidential race, he called the US president “A proud Irish-American Zionist.” But he also by the end of the speech thanked Donald Trump for forging the historic Abraham Accords, and gave thanks for his surviving the assassination attempt against him.

Bibi is a master of optics, and he delivered a highly emotional reminder of the enormity and evil of the Oct.7 terror attacks. As expected, he linked 9/11, Oct. 7, and the Holocaust, but also highlighted American domestic protests and ‘anti-Jewish hate’. He described that ultim …

Read more at: https://www.zerohedge.com/political/netanyahu-faces-day-rage-pro-palestinian-protests-dc-many-willing-get-arrested-time

Call It Censorship: A Court Rules Against Former “Disinformation Czar” Nina Jankowicz

Authored by Jonathan Turley,

Below is my column in the New York Post on the ruling against Nina Jankowicz in her defamation case. It turns out that calling opposing views defamation is no better than calling them disinformation.

Here is the column:

For free speech advocates, there are few images more chilling than that of Nina Jankowicz singing her now-infamous tune as “the Mary Poppins of Disinformation.”

The woman who would become known as the “Disinformation Czar” sang a cheerful TikTok parody of “Supercalifragilisticexpialidocious” to rally people to the cause of censorship.

When the press caught wind of President Bid …

Read more at: https://www.zerohedge.com/political/call-it-censorship-court-rules-against-former-disinformation-czar-nina-jankowicz

Funny Money: ActBlue Accused Of “MASSIVE Money Laundering Operation” As Trump Files FEC Complaint Over $91M Transfer To Kamala

Democrat donation platform ActBlue has been accused of a engaging in a “MASSIVE money laundering operation,” by which contributions from large donors are being funneled through hundreds of thousands of small donations made in the name of people who have no clue they’ve donated.

I’m told Harris campaign is already using ActBlue money laundering scheme, $20 million from Johann Georg Wyss known as Hansjörg Wyss, born 19 September 1935, a Swiss billionaire, and was broken down into over 1,600,000 donations across 400,000 donors. Dirty! Dirty! Dirty! pic.twitter.com/pHaJr3lzwC

— Tony Seruga (@TonySeruga) July 22, 2024

The accusation comes as the platform says it had its best day of 2024, and possibly of all time, in the wake of President Biden abandoning his reelection campaign on Sunday.

ActBlue has been previously been fined for facilitating nearly $44,000 in illegal contributions.

Meanwhile, journalist James O’Keefe approached alleged donors with hundreds of …

Read more at: https://www.zerohedge.com/political/funny-money-actblue-accused-massive-money-laundering-operation-trump-files-fec-complaint

CrowdStrike to improve testing after ‘bug’ caused outage

The cybersecurity company’s mistake caused millions of PCs not to work on Friday.

Read more at: https://www.bbc.com/news/articles/ce58p0048r0o

‘I’ve lost £680 because of Carpetright collapse’

Some customers unable to get refunds as more than 200 shops shut.

Read more at: https://www.bbc.com/news/articles/cn4v8g3y744o

Mortgage rate hopes as one lender offers below 4%

Lenders have been lowering their rates ahead of a hoped-for interest rate cut in August.

Read more at: https://www.bbc.com/news/articles/c0470j9l8kno

Bleeding red! 71% retail traders making losses in intraday segment, finds Sebi study

Markets regulator Sebi has validated a well-known secret on Dalal Street – most retail intraday traders don’t make money. According to a study by Sebi, 71% of individual traders in intraday equity segment incurred losses during FY23, up from 65% in FY19 and 69% in FY22.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bleeding-red-71-retail-traders-making-losses-in-intraday-finds-sebi-study/articleshow/111990412.cms

Radhakishan Damani offloads 1.7% stake in VST Industries, takes home Rs 107 crore

​Among the public shareholders, Damani held about 34.66% in the company. Damani raised stake in VST Industries during the June quarter by 2%. At the end of March quarter, the investor had held about 32.7% in the company, according to data from Trendlyne.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/radhakishan-damani-offloads-1-7-stake-in-vst-industries-takes-home-rs-107-crore/articleshow/111994329.cms

Baring Private Equity likely to sell a 7.9% stake in RBL Bank on Thursday

IIFL Securities is the sole book runner for the deal. According to the term sheet issued by IIFL, Maple II BV, an entity of EQT AB, is offering to sell 4.78 crore shares of the bank at a floor price of Rs 226 per share — a 5% discount to Wednesday’s closing price of Rs 237.95.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/baring-private-equity-likely-to-sell-a-7-9-stake-in-rbl-bank-on-thursday/articleshow/111990508.cms

Ether ETFs’ debut in 3 charts – a ‘marginal success’ dwarfed by bitcoin counterparts

A weekly look at the most important news and moves in crypto, and what’s on the horizon in digital assets.

Read more at: https://www.marketwatch.com/story/ether-etfs-debut-in-4-charts-a-marginal-success-dwarfed-by-bitcoin-counterparts-83628a82?mod=mw_rss_topstories

2-year Treasury rallies on wave of risk-off sentiment, sending yield to lowest in more than five months

Investors flocked to short-term U.S. government debt on Wednesday, pushing the 2-year yield to its lowest level in more than five months, as risk-off sentiment swept the global stock market following disappointing tech-related earnings results and a weak reading on eurozone activity.

Read more at: https://www.marketwatch.com/story/treasury-yields-dip-as-investors-favor-bonds-amid-stock-sell-off-f3d7a6b6?mod=mw_rss_topstories

‘Magnificent Seven’ stocks near correction territory as $1.7 trillion in value erased

The wheels appeared to be coming off the artificial-intelligence trade on Wednesday as members of the “Magnificent Seven” headed for their worst daily drop since October 2022.

Read more at: https://www.marketwatch.com/story/magnificent-seven-stocks-near-correction-territory-as-1-7-trillion-in-value-erased-5add4623?mod=mw_rss_topstories