03 SEPT 2024 Market Close & Major Financial Headlines: The Dow Slid Over 620 Points, Nasdaq Fell Over 3%, Markets Closed At Session Lows

Nigeria, China Sign Nuclear Energy Pact

Nigeria and China will strengthen ties through a new nuclear energy partnership, a government spokesperson said on Tuesday. At the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, both nations signed a comprehensive agreement to enhance collaboration in the Belt and Road Initiative, human resource development, and nuclear energy. The alliance is expected to bolster development, stability, and security in the West African sub-region. Nigeria has been discussing the creation of its own nuclear energy industry for more than…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-China-Sign-Nuclear-Energy-Pact.html

EU and NATO Grapple with Financial Commitments to Ukraine

Over the weekend, the biggest gathering of think tanks in Central Europe, the Globsec forum, took place in Prague. The theme was “Taming The Storm,” a reference to the myriad challenges facing Europe — from Russia’s war in Ukraine and the malign influence of China to a potential new American president less invested in the continent and the disruptive effects of artificial intelligence (AI). Despite the ominous theme, this year’s Globsec was actually rather uneventful, especially when compared to last year. Back then, French President Emmanuel…

Read more at: https://oilprice.com/Geopolitics/International/EU-and-NATO-Grapple-with-Financial-Commitments-to-Ukraine.html

North America LNG Exports to Double As Qatar Wins WIth Long-Term Contracts

The capacity for North American LNG exports is set to double within the next three years to 24.4 billion cubic feet per day (Bcf/d) from 2023 levels, the EIA said on Tuesday. The forecast assumes that all LNG projects that are currently under construction begin operating as planned in Mexico, the United States, and Canada. The EIA expects the bulk of the export expansion will be in the United States at 9.7 Bcf/d, with Mexico and Canada accounting for the remaining 3.3 Bcf/d. This is based on the 10 new projects currently under construction in North…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/North-America-LNG-Exports-to-Double-As-Qatar-Wins-WIth-Long-Term-Contracts.html

Argentina and Brazil Take Different Approaches to Energy Policy

Argentina has made a big step forward in attracting foreign and domestic investment into the country’s energy sector with the passage of the Basis Law, which included the Incentive Regime for Large Investments (known as RIGI by its Spanish acronym). This is a significant move to attract sizable investment in Argentina’s energy sector, particularly for large-scale projects like pipelines and export terminals related to the Vaca Muerta shale play. Projects exceeding US$200 million are guaranteed 30 years of legal and regulatory stability,…

Read more at: https://oilprice.com/Energy/Energy-General/Argentina-and-Brazil-Take-Different-Approaches-to-Energy-Policy.html

Central Asian Republics Aim for $2 Billion in Bilateral Trade

A swirl of recent activity in Central Asia and the Caspian Basin aimed at improving trade is belying the notion that August is vacation season. Late August this year was a time for state visits, with Azerbaijan’s leader, Ilham Aliyev traveling to Uzbekistan, and Kazakstan’s president, Kassym-Jomart Tokayev, visiting Tajikistan. The dominant theme of both trips was strengthening trade ties.  Following discussions with Aliyev, Uzbek President Shavkat Mirziyoyev proclaimed 2025 the “Year of Economic Cooperation” between…

Read more at: https://oilprice.com/Geopolitics/International/Central-Asian-Republics-Aim-for-2-Billion-in-Bilateral-Trade.html

OPEC Production Dipped in August: Survey

OPEC’s crude oil production fell last month, according to a new survey. The drop in production comes as Libya’s oil industry continues to struggle under the pressure of civil unrest. A new Bloomberg survey revealed on Tuesday that OPEC’s crude oil production fell by 70,000 barrels per day in August, to 27.06 million barrels daily. The loss was due to Libya’s production hiccup, which saw a dip of 150,000 bpd. Meanwhile, the survey showed that Kuwait and Nigeria both increased production. Libya’s production losses are…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Production-Dipped-in-August-Survey.html

Volkswagen’s 87-Year Streak of German Production Hangs in the Balance

News broke Monday that Volkswagen is considering plant closures in Germany. The auto giant faces falling profits due to slowing sales in China and other major markets. This development comes as Europe’s largest economy teeters on the verge of recession after reporting a slight contraction in second-quarter growth. Earlier this summer, VW’s Audi revealed a billion-dollar investment in Mexico, as the company’s future manufacturing could be overseas in the Americas.  Several financial outlets are reporting VW’s potential factory closure plan,…

Read more at: https://oilprice.com/Energy/Energy-General/Volkswagens-87-Year-Streak-of-German-Production-Hangs-in-the-Balance.html

Top Indian Oil Firm Looks to Build $8.3-Billion Refinery as Fuel Demand Soars

State-held Oil and Natural Gas Corporation (ONGC), the biggest oil and gas explorer in India, is assessing plans for an $8.3-billion refinery plus petrochemicals project in the most populous Indian state to take advantage of growing fuel demand, sources with knowledge of the matter have told Bloomberg. ONGC is considering situating the refinery project expected to cost $8.3 billion (700 billion Indian rupees) in the state of Uttar Pradesh in northern India. With 241 million inhabitants, Uttar Pradesh is the most populated state in the country.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Top-Indian-Oil-Firm-Looks-to-Build-83-Billion-Refinery-as-Fuel-Demand-Soars.html

Russian Shelling Intensifies Near Zaporizhzhya Nuclear Plant

The head of the International Atomic Energy Agency (IAEA) announced his arrival in Ukraine on September 3 as part of ongoing efforts to “help prevent a nuclear accident” amid shelling near a major nuclear power plant, while Kyiv reported new Russian attacks on infrastructure and Moscow boosted its own air defenses near the border. IAEA Director-General Rafael Grossi tweeted before noon local time that he’d begun his 10th visit to Ukraine with meetings with senior officials while Russian still control Europe’s biggest nuclear power plant at Zaporizhzhya…

Read more at: https://oilprice.com/Geopolitics/International/Russian-Shelling-Intensifies-Near-Zaporizhzhya-Nuclear-Plant.html

Expanded Trans Mountain Upends North American Oil Flows and Pipeline Tolls

The Trans Mountain Expansion Project, now finally completed after years of delays, is expanding access to markets for Canadian oil producers and is set to boost the price of Canada’s heavy crude oil for years to come, top executives at the major energy firms say. The expanded pipeline is tripling the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast. The expanded pipeline provides increased transportation capacity for Canadian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Expanded-Trans-Mountain-Upends-North-American-Oil-Flows-and-Pipeline-Tolls.html

Oil Prices Plunge on OPEC+ Production Cut Speculation

Oil prices tumbled on Tuesday morning as speculation continued that the eight leading OPEC+ producers would unwind their voluntary production cuts. – Crude production in Iraq’s semi-autonomous Kurdistan region continues to increase as industry organizations have stated output surpassed the 350,000 b/d mark in recent weeks, the highest since early 2023.- Iraq, the largest overproducer within OPEC+ that pledged to cut 1.44 million b/d of output over the next 12 months as part of a compensation plan, has now vowed to confront Kurdish authorities…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Plunge-on-OPEC-Production-Cut-Speculation.html

Saudi Aramco Continues to Pursue Downstream and LNG Deals

The world’s largest crude oil exporter, Saudi Aramco, continues to be on the lookout for acquisition opportunities in the downstream and LNG, a senior executive told Reuters in an interview. In recent years, the Saudi oil giant has been pursuing deals to expand its international downstream presence, especially in demand centers such as Asia. Despite the fact that Aramco has boosted cooperation with automotive groups to produce alternative fuels, the Saudi firm is not done with M&As in global refining and LNG, seeking additional outlets…

Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Aramco-Continues-to-Pursue-Downstream-and-LNG-Deals.html

Brent Plunges Below $75 as Bearish Sentiment Builds

Oil prices fell early on Tuesday with Brent breaking below the $75 threshold for the first time this year as concerns about global oil demand continued to trump Libya’s production decline. As of 9:21 a.m. EDT on Tuesday, Brent Crude had slumped by 3.47% at $74.79. The U.S. benchmark, WTI Crude, was down by 2.98% on the day to trade at $71.30. Signals from OPEC+ sources that the group would proceed with a gradual easing of the cuts in October have already depressed oil prices and market sentiment at the end of last week. At the start of this…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brent-Plunges-Below-75-as-Bearish-Sentiment-Builds.html

Oil Production Starts at Norwegian Field Amid Court Battle Over Its Approval

Norwegian oil and gas firm Aker BP on Tuesday announced the start of oil production from the Tyrving development, while the Norwegian government is testifying at an appeals court this week to overturn a lower court ruling that Norway failed to consider the environmental impact of the project when it approved it. Early this year, the Oslo District Court ruled that the government’s approval of three new oil and gas fields, Breidablikk, Yggdrasil, and Tyrving, all in the North Sea, was invalid as it failed to take into account the emissions…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Production-Starts-at-Norwegian-Field-Amid-Court-Battle-Over-Its-Approval.html

South Africa’s Energy Minister Calls for Closer Collaboration With Oil Majors

South Africa’s government needs to provide more support and work closer with the big international energy groups to help them develop its offshore oil and gas resources, South Africa’s Energy Minister Kgosientsho Ramokgopa told the Financial Times in an interview published on Tuesday. South Africa has seen Big Oil, including Shell and TotalEnergies, make several major oil and natural gas discoveries off its southern and western coasts in recent years. However, TotalEnergies announced in July it is withdrawing from Block 11B/12B, where…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africas-Energy-Minister-Calls-for-Closer-Collaboration-With-Oil-Majors.html

Dow closes 600 points lower to begin September, S&P 500 drops 2%: Live updates

Stocks declined Tuesday as technology names struggled and new economic data concerned traders.

Read more at: https://www.cnbc.com/2024/09/02/stock-market-today-live-updates.html

Weak manufacturing measures raise specter of U.S. economic slowdown

The ISM monthly survey of purchasing managers showed that just 47.2% reported expansion in August.

Read more at: https://www.cnbc.com/2024/09/03/weak-manufacturing-measures-raise-specter-of-us-economic-slowdown.html

Nvidia plunges almost 10%, dragging basket of chip stocks to worst day since March 2020

Semiconductor stocks, led by Nvidia, fell Tuesday as the S&P 500 slid by more than 1%.

Read more at: https://www.cnbc.com/2024/09/03/nvidia-tumbles-leading-chip-stocks-lower.html

Tesla Cybertruck is in a category of its own for better or worse

The Cybertruck, which in many ways is more “cyber” than “truck,” has created a new segment in the automotive industry that it solely holds.

Read more at: https://www.cnbc.com/2024/09/03/tesla-cybertruck-drive.html

The jobs report is back as the king of all economic releases

With inflation on the run and worries mounting over the labor market, the monthly nonfarm payrolls tally is getting its mojo back.

Read more at: https://www.cnbc.com/2024/09/03/the-jobs-report-is-back-as-the-king-of-all-economic-releases-.html

Former top aide to New York Gov. Hochul charged with acting as foreign agent for China

Linda Sun, who had been New York Gov. Kathy Hochul’s deputy chief of staff, is accused of laundering millions of dollars received from China.

Read more at: https://www.cnbc.com/2024/09/03/hochul-new-york-aide-china-arrested-agent.html

Bitcoin dips to $57,000 level and crypto stocks tumble to begin September 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, Eric Jardine, cybercrime research lead at Chainalysis, discusses the blockchain analysis firm’s latest mid-year crime update, which reveals that a certain type of crypto romance scam is proving to be highly lucrative.

Read more at: https://www.cnbc.com/video/2024/09/03/bitcoin-dips-57000-level-crypto-stocks-tumble-september-trading-cnbc-crypto-world.html

These stocks typically have the best and worst Septembers

A few companies, including a fragrance retailer and a major U.S. airline, may help investors ride out what has historically proven a rough month for equities.

Read more at: https://www.cnbc.com/2024/09/03/these-stocks-typically-have-the-best-and-worst-septembers.html

NFL season expected to spur record $35 billion in legal sports wagers

Licensed sportsbooks like DraftKings, FanDuel and ESPN Bet are working to claim a bigger share of the action.

Read more at: https://www.cnbc.com/2024/09/03/nfl-season-expected-sports-betting-projections.html

Trump Media stock slides under $18, a new low since it began publicly trading

The DJT stock is often traded as a proxy of political support for Donald Trump in the presidential race against Vice President Kamala Harris.

Read more at: https://www.cnbc.com/2024/09/03/djt-trump-media-stock-low.html

Soaring sports team values create new pressure for owners on taxes, succession

Succession and taxes have become especially important in the NFL, where the average age of team owners is now over 72 and team values are all surging.

Read more at: https://www.cnbc.com/2024/09/03/soaring-sports-team-values-pressure-owners-on-taxes-succession.html

Mongolia was meant to arrest Russia’s President Putin last night. It didn’t, and now it’s in trouble

Mongolia, as a member of the International Criminal Court, should have arrested the Russian president as soon as he landed on Mongolian soil Monday evening.

Read more at: https://www.cnbc.com/2024/09/03/putins-mongolia-trip-defies-icc-arrest-warrant-what-could-happen-next.html

Is Kamala Very, Very Afraid?

Authored by James Howard Kunstler via Kunstler.com,

“On many subjects important to public life today, vast numbers of people know the truth, and yet the official channels of information sharing are reluctant to admit it.”

– Jeffrey Tucker

You might wonder, as I do, whether Kamala Harris can even stay in the race until November 5. Based on her grim appearance in last week’s “interview” with Dana Bash, slumped at the table of a crummy Georgia café under poor lighting, her trademark cackle suppressed, she looked psychologically wilted. Don’t be surprised if late this week she “catches Covid” and asks to “postpone” the September 10 debate with Mr. Trump.

Consider the depressing reality of her situation, lately cloaked by the farcical “joy” motif put out by her party’s campaign spin doctors:

Read more at: https://www.zerohedge.com/political/kamala-very-very-afraid

“Elite Capture?” Pentagon Stonewalls On Walz’s Frequent Trips To China, Raising National Security Concerns

The Biden-Harris Pentagon is refusing to answer questions from Congress and the media regarding Democrat vice-presidential nominee Governor Tim Walz’s (D-MN) frequent travel to China. The lack of transparency has raised concerns about potential risks to U.S. military members and whether Walz properly disclosed these trips to the Army National Guard during his service.

Typically, U.S. military members, especially those holding a security clearance, are required to report or request permission from their command before traveling overseas—particularly to countries considered adversarial to U.S. interests, such as China. These precautions are necessary as military personnel are prime targets for f …

Read more at: https://www.zerohedge.com/political/elite-capture-pentagon-stonewalls-walzs-frequent-trips-china-raising-national-security

Homebuyer’s Down Payment Hits ‘Record High,’ Surging Nearly 15 Percent In A Year

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

The median down payment for buying a home in the United States has jumped to an all-time high, driven by factors like high home prices and mortgage rates, according to a report by real estate brokerage Redfin.

Homes for sale sign in Maryland on Nov. 12, 2023. Madalina Vasiliu/The Epoch Times“

The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8 percent from $58,788 a year earlier,” according to an Aug. 28 news release. Year-over-year down paym …

Read more at: https://www.zerohedge.com/personal-finance/homebuyers-down-payment-hits-record-high-surging-nearly-15-percent-year

Busted Spy In NY Gov. Hochul’s Office Received Millions From China, Bought Posh Homes & Ferrari

A former top aide to New York’s Democratic Governor Kathy Hochul has been arrested Tuesday on federal criminal charges in a political bombshell. She is accused of acting as an undisclosed agent of China and the Chinese Communist Party. She’s been identified as Linda Sun, who had previously served as Hochul’s deputy chief for a year, following stints in other positions at the state government level.

The significant list of allegations includes that she worked to advance CCP interests in sate government, and in return received huge sums of money and oversaw the facilitation of millions of dollars in transactions connected to Chinese government business interests.

Perhaps most alarming is that she’s alleged to have on multiple occasions blocked the ability of representatives of the Taiwanese government from meetings with NY government officials. Her husband, Chris Hu, has also been arrested, implicated in the conspiracy.

Read more at: https://www.zerohedge.com/political/busted-spy-ny-gov-hochuls-office-received-millions-china-bought-posh-mansion-ferrari

Sanctioned oligarchs take stake in largest UK oil firm

Petr Aven and Mikhail Fridman become minority shareholders after Harbour Energy buys German firm.

Read more at: https://www.bbc.com/news/articles/c4gdywpe1qpo

Nine offshore wind farm projects awarded in UK auction

The green energy deals follow last year’s auction when no companies bid to build offshore wind farms.

Read more at: https://www.bbc.com/news/articles/c86ldzve4neo

Trial of former VW boss begins over ‘dieselgate’ scandal

Martin Winterkorn, who was head of the German carmaker in 2015, appeared in court on Tuesday.

Read more at: https://www.bbc.com/news/articles/cn5r9rgg6yno

Govt to sell 6.78% stake in GIC Re via OFS, sets floor price at Rs 395/share

The issue, estimated at Rs 4,701 crore, opens for non-retail investors on Wednesday and for retail investors on Thursday. Employees can subscribe to 50,000 shares.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/government-to-sell-6-78-stake-in-gic-re-sets-floor-price-at-rs-395/share/articleshow/113030433.cms

NSE indices shakeup to trigger $633 million inflows for 5 PSU stocks

Benchmarks use a straightforward rule of reward and reprimand for periodic asset adjustments: high-performing stocks are included, while underperformers are removed. This rebalancing ensures that an index accurately mirrors its intended market segment. The NSE Indices Committee has recently announced the September 2024 semi-annual reshuffle, impacting major indices.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nse-indices-shakeup-to-trigger-633-million-inflows-for-5-psu-stocks/articleshow/113016059.cms

How Godrej Ind, Jindal Saw, Bombay Burmah look on charts for tomorrow

Indian markets closed mixed on Tuesday tracking muted global cues and due to profit-taking at higher levels. The S&P BSE Sensex closed flat with a negative bias.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-godrej-industries-jindal-saw-and-bombay-burmah-on-wednesday/market-summary/slideshow/113029910.cms

That pumpkin spice latte of yours is souring the market on stocks

Fall in the air can bring falling stock prices.

Read more at: https://www.marketwatch.com/story/your-pumpkin-spice-latte-is-souring-the-market-on-stocks-df4b8857?mod=mw_rss_topstories

Big Tech is shutting out our access to crucial data. Why does Congress allow it?

Meta Platforms, Alphabet and other tech giants are limiting or removing transparency tools such as CrowdTangle.

Read more at: https://www.marketwatch.com/story/big-tech-is-shutting-out-our-access-to-crucial-data-why-does-congress-allow-it-43d1b9e1?mod=mw_rss_topstories

Treasury yields end lower after soft U.S. manufacturing data

Treasury yields ended lower on Tuesday after the U.S. manufacturing sector continued to show signs of contraction last month — fueling concerns that the economy might be heading for a slowdown but reinforcing calls for the Federal Reserve to begin cutting interest rates later this month.

Read more at: https://www.marketwatch.com/story/treasury-market-poised-for-action-