16Sep2024 Market Close & Major Financial Headlines: Stocks Close Mixed With Concerns Over Fed Funds Rate Hike

Rio Tinto’s Serbian Lithium Project Faces Uphill Battle

The chief executive of Anglo-American mining company Rio Tinto has alleged via local media that his company and its controversial multibillion-dollar plans to create Europe’s largest lithium mine in Serbia are the target of a “carefully designed and well-organized” disinformation campaign. Rio Tinto CEO Jakob Stausholm used the text reportedly prepared for the online Serbian outlet Politika to push back against widespread public protests at the recently revived project, which has enflamed fears of further environmental damage in one of the Balkans’…

Read more at: https://oilprice.com/Metals/Commodities/Rio-Tintos-Serbian-Lithium-Project-Faces-Uphill-Battle.html

BP To Sell Its Onshore Wind Business

British oil and gas multinational BP Plc (NYSE:BP) has announced plans to sell its onshore wind business in the U.S., saying the business is not aligned with its growth plans as it seeks to focus on its Lightsource BP solar partnership.  The company says it will launch the sale process shortly for BP Wind Energy, which has interests in 10 operating onshore wind energy assets across seven U.S. states with net generating capacity totaling 1.3 GW. The wind sector has been hit with several headwinds, forcing multiple wind companies to cancel or…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-To-Sell-Its-Onshore-Wind-Business.html

Report Raises Alarm Over Chinese Electric Vehicle Data Collection

Ministers should consider banning Chinese electric vehicle (EV) manufacturers from securing government contracts over national security and data privacy concerns, a new report has warned. Suppliers suspected of having ties to China’s military-industrial complex pose a key risk due to the potential for built-in wireless components to be “weaponised”, which could even be used to gridlock British streets, according to the report by the China Strategic Risks Institute (CSRI) and the Coalition on Secure Technology. So-called Cellular…

Read more at: https://oilprice.com/Energy/Energy-General/Report-Raises-Alarm-Over-Chinese-Electric-Vehicle-Data-Collection.html

UBS Lowers Q4 Oil Forecast by $8 Per Barrel

Wall Street financial services company UBS has cut its oil price forecasts for the period 2024-2026, citing weaker global demand and a more stable supply outlook. The analysts have lowered the forecast for average Brent crude oil in 2024 by $4 to $80 per barrel, with the forecast for Q4 2024 lowered to $75 per barrel from $83. UBS now sees Brent averaging $75 per barrel in both 2025 and 2026, a $5 per barrel reduction. The analysts have suggested that OPEC+ will be forced to postpone the unwinding of its voluntary production cuts, with any meaningful…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UBS-Lowers-Q4-Oil-Forecast-by-8-Per-Barrel.html

Moscow Warns of Nuclear War as West Considers Escalation

The Kremlin has issued yet more warnings following reports that the Biden administration could soon greenlight long-range attacks by Kiev forces on Russian territory using US-supplied arms. Both the UK and Canada are on board, we reported earlier, and British Prime Minister Ken Starmer is visiting Washington where he’s directly lobbying Biden to jump on board and grant Zelensky’s urgent request to lift all restrictions on Western weaponry. However, The New York Times suggests that saner minds are prevailing at this point. “President Biden’s…

Read more at: https://oilprice.com/Geopolitics/International/Moscow-Warns-of-Nuclear-War-as-West-Considers-Escalation.html

London Targets Tehran’s Sanctions-Busting Oil Trading Kingpin

The UK government is cracking down on oil-trading kingpin Hossein Shamkhani’s secretive oil trading empire, known for moving Iranian and Russian crude around the world. According to Bloomberg, Companies House, the UK corporate register, issued notice two weeks ago that London-based Nest Wise Trading Ltd. is to be dissolved within months due to the entity’s failure to provide sufficient information to regulators, with UK authorities linking it to Shamkhani. Shamkhani, aka Hector,  is the son of Ali Shamkhani, advisor to Supreme…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/London-Targets-Tehrans-Sanctions-Busting-Oil-Trading-Kingpin.html

Russia’s Shadow Fleet is a Ticking Geopolitical Timebomb

In response to Russia’s full-scale invasion of Ukraine in February 2022, the European Union and several other Western countries imposed extensive sanctions on Russia, attempting to stop the trade of Russian oil. In December 2022, the G7 countries decided on an oil price cap. However, Russia has found ways to circumvent these sanctions, primarily through the creation of a “shadow fleet” of oil tankers. Despite robust US Treasury sanctions targeting the shadow fleet, Russia continues to expand it by incorporating new tankers, allowing for stable…

Read more at: https://oilprice.com/Energy/Crude-Oil/Russias-Shadow-Fleet-is-a-Ticking-Geopolitical-Timebomb.html

Italy Backs Energy Transition Funding for Developing Economies

Developed economies with higher per-capita emissions could help developing economies to transition away from fossil fuels and accelerate clean energy rollout, Fabio Panetta, the governor of Italy’s Central Bank, said on Monday. The plan would help reduce the overall cost of the energy transition globally, Panetta said at a G7 – IEA Ensuring an Orderly Energy Transition conference hosted by the Italian G7 Presidency and the International Energy Agency in Rome. “Financing transition projects in emerging market and developing economies…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italy-Backs-Energy-Transition-Funding-for-Developing-Economies.html

U.S. Natural Gas Power Is Booming Thanks to AI

U.S. power-generating companies are announcing plans for the highest volume of new natural gas-fired capacity in years as the AI boom is driving demand for electricity. During the first half of 2024, electricity-generating firms unveiled plans for the new gas-powered capacity equal to all capacity announced in 2020, according to data from Sierra Club cited by Bloomberg. The increase in gas-fired generation jeopardizes the current U.S. emissions and ‘clean grid’ goals. Natural gas-fired electricity generation in the United States has…

Read more at: https://oilprice.com/Energy/Energy-General/US-Natural-Gas-Power-Is-Booming-Thanks-to-AI.html

Shanghai Suspends LNG Loadings as Strong Typhoon Batters City

Shanghai has suspended all LNG cargo loadings and all port operations as the most powerful tropical cyclone in seven decades hit the financial and port hub. Waiting for Typhoon Bebinca to make landfall, Shanghai shut down early on Monday all LNG terminals and suspended all loadings, Upstream reports. Typhoon Bebinca, a Category 1 storm, was the most powerful cyclone to directly hit Shanghai and its outskirts since 1949. While the typhoon is disrupting some LNG trade in Shanghai, concerns on the natural gas market have eased about the impact of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shanghai-Suspends-LNG-Loadings-as-Strong-Typhoon-Batters-City.html

The Real Reason Kamala Harris Won’t Ban Fracking

During the recent heated presidential debate, former President Donald Trump repeatedly claimed that Vice President Kamala Harris would ban hydraulic fracturing (fracking) if she became president. He asserted, “If she won the election, fracking in Pennsylvania will end on day one.” In response, Harris clarified, “I will not ban fracking. I have not banned fracking as Vice President of the United States. In fact, I was the tie-breaking vote on the Inflation Reduction Act, which opened new leases for fracking.” Trump’s…

Read more at: https://oilprice.com/Energy/Energy-General/The-Real-Reason-Kamala-Harris-Wont-Ban-Fracking.html

Banks Pledge $386 Billion to Support India’s Renewable Energy Industry

Financial institutions have pledged a total of $386 billion in investment commitments to help India boost its renewable energy industry, Renewables Energy Minister Pralhad Joshi said on Monday. India targets to have 500 gigawatts (GW) of renewables capacity installed by 2030, compared to around 153 GW capacity now. The country will need to install at least 44 GW of clean energy capacity every year by the end of the decade to meet the 500-GW goal, according to Bloomberg’s estimates based on data from the Indian Ministry of Power. “We…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Banks-Pledge-386-Billion-to-Support-Indias-Renewable-Energy-Industry.html

Nigerian State Firm Raises Gasoline Prices as New Supply Comes Online

Nigeria’s state oil company NNPC Ltd is raising the price of gasoline by 11% after it started buying fuel from the new Dangote refinery, Africa’s biggest. The new estimated petrol prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognize the current international gasoline prices and the prevailing foreign exchange rate in line with the local petroleum act, the state company said. NNPC Ltd also confirmed on Monday that it began buying gasoline from the Dangote refinery on Sunday and that it is paying…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerian-State-Firm-Raises-Gasoline-Prices-as-New-Supply-Comes-Online.html

BHP Sees Global Copper Demand Surging Due to the AI Boom and Data Centers

Mining giant BHP expects the surge of AI computing and the exponential expansion of data centers to boost global copper demand by 72% by 2050, the miner’s chief financial officer Vandita Pant told the Financial Times. Copper is vital for power supply and transmission, and it is also used in the cooling systems and processors at data centers. So the surge in AI technologies and the massive build-out of data centers are expected to boost demand for copper, on top of the demand that will come from the clean energy rollout, BHP reckons. Global…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BHP-Sees-Global-Copper-Demand-Surging-Due-to-the-AI-Boom-and-Data-Centers.html

Canada and Mexico Boost Competition for U.S. LNG Exports to Asia

The U.S. North American neighbors are emerging as the latest competitors of the United States to ship LNG to Asia, the world’s biggest and most important LNG-importing region. While U.S. LNG development has suffered a series of setbacks in recent months, Canada and Mexico are looking to tap the growing Asian market for the super-chilled fuel, analysts tell the Financial Times. Canada and Mexico each have several LNG export projects under construction and development. These are located on the west coast, thus giving them easier access to Asian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canada-and-Mexico-Boost-Competition-for-US-LNG-Exports-to-Asia.html

Amazon tells employees to return to office five days a week

Amazon CEO Andy Jassy is instructing corporate staffers to work out of the office five days a week.

Read more at: https://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html

Charter rolls out new Spectrum pricing and internet speeds, aims to ‘be a better service operator’

Charter Communications is rolling out new pricing and commitments of reliability as it contends with industry shifts in broadband, TV and mobile businesses.

Read more at: https://www.cnbc.com/2024/09/16/charter-new-pricing-internet-speeds.html

S&P 500 inches closer to record, Dow touches all-time high ahead of Fed meeting: Live updates

The broad market index ticked higher Monday as investors await the Federal Reserve’s highly anticipated policy meeting.

Read more at: https://www.cnbc.com/2024/09/15/stock-futures-are-little-changed-as-investors-await-major-fed-decision-live-updates.html

BlackRock’s Rick Rieder says a golden age for fixed income begins this week with the Fed rate cut

Here is where investors should take advantage of this “golden age of fixed income,” according to BlackRock’s Rick Rieder.

Read more at: https://www.cnbc.com/2024/09/16/blackrocks-rick-rieder-says-a-golden-age-for-fixed-income-begins-this-week-with-the-fed-rate-cut.html

Here are the stocks that win when the Fed cuts rates with no recession

CNBC Pro searched for names that have historically rallied after the Fed first drops rates and there is no recession.

Read more at: https://www.cnbc.com/2024/09/16/here-are-the-stocks-that-win-when-the-fed-cuts-rates-with-no-recession.html

UAW union files unfair labor charges against Stellantis, accuses automaker of violating contract

The charges are the latest action by the union against Stellantis, which has drawn the ire of UAW leaders for production cuts, layoffs and other actions.

Read more at: https://www.cnbc.com/2024/09/16/uaw-united-auto-workers-union-unfair-labor-charges-stellantis.html

Save on taxes and bolster your portfolio before year-end with these moves

It’s only September, but it isn’t too early to take a few steps to ensure that your portfolio is tax efficient and prepared for the end of 2024.

Read more at: https://www.cnbc.com/2024/09/16/save-on-taxes-and-bolster-your-portfolio-before-year-end-with-these-moves.html

Suspect in apparent Trump assassination attempt charged with two gun crimes, appears in court

Republican presidential nominee Donald Trump narrowly survived a prior assassination attempt at a campaign rally two months earlier.

Read more at: https://www.cnbc.com/2024/09/16/trump-assassination-attempt-routh.html

Larry Ellison becomes world’s second-richest man, dethroning Jeff Bezos as Oracle stock surges

Oracle Chairman Larry Ellison is now the second-richest person in the world, with a net worth of $206 billion.

Read more at: https://www.cnbc.com/2024/09/16/oracles-larry-ellison-dethrones-jeff-bezos-as-worlds-second-richest-man.html

Bitcoin retreats to $57,000 after weekend rally: 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, Crypto World’s Tanaya Macheel speaks with stakeholders in Wyoming as the state develops its own stable token. She finds out how it would work and how it will handle reserves.

Read more at: https://www.cnbc.com/video/2024/09/16/bitcoin-retreats-to-57000-after-weekend-rally-cnbc-crypto-world.html

FDA clears Apple’s sleep apnea detection feature for use. Here’s how it works

The U.S. Food and Drug Administration on Monday cleared Apple’s new sleep apnea detection feature for use.

Read more at: https://www.cnbc.com/2024/09/16/fda-clears-apples-sleep-apnea-detection-feature-for-use-heres-how-it-works.html

Apple releases iOS 18 for iPhones, but it doesn’t include Apple Intelligence

This is Apple’s biggest iPhone update of the year, but this one does not include Apple Intelligence, the company’s forthcoming artificial intelligence system.

Read more at: https://www.cnbc.com/2024/09/16/apple-releases-ios-18-for-iphones-without-include-apple-intelligence.html

Drugmakers bet billions that targeted radiation could become the next cancer breakthrough

Bristol Myers Squibb, AstraZeneca, Eli Lilly and other drug companies have invested some $10 billion on promising cancer technology behind Novartis’ Pluvicto.

Read more at: https://www.cnbc.com/2024/09/16/radiopharmaceuticals-race-heats-up-as-drugmakers-chase-novartis.html

Ukraine Military Seeks To Legitimize Kursk Presence By Inviting UN & Red Cross In

In what could be an effort to legitimize its ongoing occupation of southern Russian territory, the Ukrainian government has issued formal invitations for the United Nations and International Committee of the Red Cross (ICRC) to come to the Kursk region and verify the situation on the ground.

Ukrainian Foreign Minister Andrii Sybiha revealed the request on Monday, saying it has been issued for the international organizations to “prove [Ukraine’s] adherence to international humanitarian law”.

Source: Red CrossThe Kremlin has accused the invading Ukraine forces, which have held territory since Aug.6th, of committing atrocities and abuses against civilians.

The Zelensky government still says its forces control some 100 settlements on the Russian side near the border, but days ago also acknowledged there is a large Russian counteroffensive underway.

Sybiha has claimed Ukraine forces ar …

Read more at: https://www.zerohedge.com/geopolitical/ukraine-army-seeks-legitimize-kursk-presence-inviting-un-red-cross

With Fact-Checks Like These, How Does Truth Stand A Chance?

Authored by Jonathan Turley,

“You are entitled to your opinion. But you are not entitled to your own facts.”

That famous line from Sen. Daniel Patrick Moynihan (D-N.Y.) remains a virtual mantra for politicians and pundits. Yet, judging from the presidential debate between former President Donald Trump and Vice President Kamala Harris, we have officially entered the post-truth political era.

ABC News has been widely criticized for the bias of the two moderators Linsey Davis and David Muir. Even liberal outlets acknowledged that the two journalists seemed inclined to “fact check” only Trump. In the meantime, they allowed clearly false statements from Harris to go unchallenged.

Read more at: https://www.zerohedge.com/political/fact-checks-these-how-does-truth-stand-chance

Sheriff Suggests “Ominous… Conspiracy” Behind Trump Assassination Attempt

Authored by Paul Joseph Watson via Modernity.news,

Martin County Sheriff Will Snyder suggested there may be an “ominous” wider “conspiracy” at play regarding yesterday’s suspect in the attempted assassination of Trump given that the gunman appeared to know Trump’s private schedule.

Ryan Wesley Routh appeared to know that Trump was playing golf at a Florida resort despite this not being public knowledge and the decision to play being last minute.

“To my knowledge does he have any ties to Martin County? The answer is no…I think what we’re finding out is he’s not from this area, which of course raises the bigger question is how does a guy from not here get all the way to Trump International, realize that the former president of the United States is golfing and is able to get a rifle in that vicinity,” commented Snyder.

Read more at: https://www.zerohedge.com/political/sheriff-suggests-ominous-conspiracy-behind-trump-assassination-attempt

Teaching Joy: L.A. School District Opts For “Educational Enjoyment” Over Standardized Tests

Authored by Jonathan Turley,

It appears that the Harris-Walz campaign to embrace “joy” has taken hold among educators in L.A. The Los Angeles Unified School District (LAUSD) voted 4-3 to allow 10 schools to opt out of standardized tests and test preparation beginning in the 2025-26 school year. LAUSD President Jackie Goldberg declared the move was a blow to “corporate America” and would restore the “enjoyment of education.”

We have previously discussed how schools have been dropping the use of standardized tests to achieve diversity goals in admissions. That trend continued this month with

Read more at: https://www.zerohedge.com/political/teaching-joy-la-school-district-opts-educational-enjoyment-over-standardized-tests

Amazon ends working from home for office staff

Chief executive Andy Jassy said staff must work in the office five days a week.

Read more at: https://www.bbc.com/news/articles/czj99ln72k9o

Boeing warns of job losses and cuts spending after strike

The strike at Boeing has sent the company scrambling to save cash.

Read more at: https://www.bbc.com/news/articles/c8ell8jwew0o

Titanic shipyard to go into administration

Harland and Wolff confirms it is set to be placed into administration for the second time in five years.

Read more at: https://www.bbc.com/news/articles/crkddrv7v2po

Still bullish on India; consumption remains cornerstone for India story: Jonathan Schiessl

​I think broadly speaking, the market does offer a lot from a consumption perspective. So, multiple sectors and it is a very exciting space and has been for some time.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/still-bullish-on-india-consumption-remains-cornerstone-for-india-story-jonathan-schiessl/articleshow/113392968.cms

Sebi fast-tracks credit, trading of bonus shares to T+2 days

SEBI has reduced the time for crediting and trading bonus shares to two days from the record date. This change will be applicable to all bonus issues announced after October 1, 2024.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-fast-tracks-credit-trading-of-bonus-shares-to-t2-days/articleshow/113396839.cms

Tech view: Nifty may consolidate between 25,150-25,600 in near term. How to trade on Tuesday

Despite a small negative candle for the second consecutive session, analysts suggest this could signal a continuation of the uptrend. Open interest data also supports this view, with higher call OI at 25,400 and 25,500 strikes.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-may-consolidate-between-25150-25600-in-near-term-how-to-trade-on-tuesday/articleshow/113396223.cms

A Dish-DirecTV deal may not improve satellite TV’s fate much, but bonds still rally

Dish junk bonds and EchoStar’s stock see gains, with Dish and DirecTV again said to be in talks about combining.

Read more at: https://www.marketwatch.com/story/a-dish-directv-deal-may-not-improve-satellite-tvs-fate-much-but-bonds-still-rally-f343e3ae?mod=mw_rss_topstories

Your financial adviser keeps calling. This is why you should call them back.

Some retirees avoid their financial adviser. Are they missing out?

Read more at: https://www.marketwatch.com/story/your-financial-adviser-keeps-calling-this-is-why-you-should-call-them-back-a7e319cb?mod=mw_rss_topstories

‘I’m sick of dating losers’: Are single Americans looking for love online — or money? It’s hard to tell the difference.

Tinder, Hinge, The League and Raya are marketing tools for status-conscious Americans, and it’s a crowded space.

Read more at: https://www.marketwatch.com/story/i-want-to-meet-someone-rich-are-dating-apps-a-hotbed-of-status-conscious-singletons-looking-for-wealthy-partners-c5dbfa87?mod=mw_rss_topstories