07Oct2024 Market Close & Major Financial Headlines: Markets Decline Not Helped by Geopolitical Concerns and Hurricane Milton

Kazakhstan’s Nuclear Power Vote Sparks Controversy

Kazakh voters will head to the polls on October 6 to decide whether to approve the construction of the first nuclear power plant in Kazakhstan — the world’s largest producer of uranium. And the question on the ballot will be just that: “Do you agree to the construction of a nuclear power plant in Kazakhstan?”But the debate surrounding nuclear energy is far more complex, taking in the heavy legacy of Soviet-era nuclear tests, long-standing nuclear-phobia, and unanswered questions around the companies — and countries — that would build the plant…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Kazakhstans-Nuclear-Power-Vote-Sparks-Controversy.html

North Africa Poised to Power Europe’s Green Energy Future

Europe’s transition to a greener power sector is gaining speed, with North Africa set to be a key enabler of this process. New capacity additions from solar and wind, weaker power demand and a partial comeback of hydropower and nuclear energy have seen Europe’s power mix turn increasingly green in the recent years. Rystad Energy forecasts 73% of the continent’s electricity will come from clean sources by 2035, with imports from North Africa potentially delivering up to 24 gigawatts (GW) through subsea interconnectors, supplying…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/North-Africa-Poised-to-Power-Europes-Green-Energy-Future.html

Crude Oil Soars over 3.5% As Hezbollah Strikes Haifa

Tensions continue to soar in the Middle East, bringing oil prices along with them, as with Hezbollah firing rockets into Israel’s Haifa city on Monday, and the Israel defense forces intercepting a surface-surface missile fired from Yemen that set sirens blaring across the country.  Oil prices are tracking nearly 3.5% upwards on Monday afternoon, as traders became increasingly convinced of a high-level Israeli attack on Iran.  On Monday, October 7, at 2:30 p.m. ET, Brent crude was trading up 3.31% at $80.63, while West Texas Intermediate…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Crude-Oil-Soars-over-35-As-Hezbollah-Strikes-Haifa.html

3i Infrastructure to Divest Stake in French Green Energy Firm

FTSE 250 investment trust 3i Infrastructure is poised to sell its stake in French independent green energy operator Valorem in a deal worth around €309m (£258m). The trust said on Monday that it had received a binding offer for its roughly 33 per cent stake in Valorem from Danish investment manager AIP Management and other co-investors. 3i Infrastructure said it expected the transaction to complete in the first quarter of 2025, subject to it consulting with employee groups at Valorem, accepting the offer and regulatory approval. The…

Read more at: https://oilprice.com/Energy/Energy-General/3i-Infrastructure-to-Divest-Stake-in-French-Green-Energy-Firm.html

Florida Restricts Port Activity as Hurricane Milton Hits Category 5

Ports in Florida have moved to restrict vessel navigation as Hurricane Milton intensifies as it makes its way toward the state’s coastline and threatens to turn into a Category 4 or 5 hurricane before it sweeps through Central Florida.  Earlier on Monday, Chevron said it had closed down its Blind Faith platform and evacuated all personnel as a precaution.  “Production from our other Chevron-operated Gulf of Mexico assets remains at normal levels,” Chevron said in a media update as weather services, forecasters, and Gulf…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Florida-Restricts-Port-Activity-as-Hurricane-Milton-Hits-Category-5.html

Hurricane Helene Exposes Tech Industry’s Fragile Supply Chain

Among the horrific reports about the damage Hurricane Helene unleashed on the southeastern United States was one about Spruce Pine, North Carolina, population 2,194 (as of the 2020 census). The town was hard hit. One resident reported that the water treatment plant “washed away.” Many of the town’s old brick riverfront buildings are gone, and the mud is everywhere. Just to the north of Spruce Pine is what could easily be considered a single point of failure in the supply chain that makes the modern high-tech world possible. It’s there that two…

Read more at: https://oilprice.com/Metals/Commodities/Hurricane-Helene-Exposes-Tech-Industrys-Fragile-Supply-Chain.html

Libya’s Oil Production Tops 1 Million Bpd as Political Stalemate Ends

For the first time since the end of August, Libya’s oil production exceeded 1 million barrels per day (bpd) on Sunday, after the warring factions reached a deal on how to elect the new leadership of the African OPEC member’s central bank. Libya’s oil output stood at 1.067 million bpd on Sunday, anonymous sources with knowledge of the matter told Bloomberg on Monday.   Full-scale crude oil production resumed on Thursday, October 3, after more than a month of suspended output due to a political standoff between the eastern…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyas-Oil-Production-Tops-1-Million-Bpd-as-Political-Stalemate-Ends.html

Brent Crude Passes $80 on Expected Israeli Attack on Iran

Brent crude on Monday was up nearly 3%, breaking past the $80 threshold as markets attempted to cautiously price in a potential supply disruption should Israel attack Iran’s oil and gas facilities.  On Monday at 11:43 a.m. ET, Brent crude was trading up 2.86% at $80.28, for a gain of $2.23 on the day, while the U.S. benchmark, West Texas Intermediate (WTI), was trading up 3.04% at $76.64, for a gain of $2.26 on the day.  In a note to clients published by MSN on Monday, ANZ Research predicted a “relatively small” supply…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brent-Crude-Passes-80-on-Expected-Israeli-Attack-on-Iran.html

China is on a LNG Stockpiling Spree

China, the world’s largest LNG importer, is set to keep the number-one spot this year and next and be an increasingly influential force on the global market as its natural gas storage is nearing capacity ahead of the winter. China has spent years stockpiling gas, especially with high import volumes when prices were low, and has increased – by a government mandate – its domestic gas production. China has ramped up its total gas imports so far this year and has built a high level of stockpiled gas as it looks to avoid a supply crunch…

Read more at: https://oilprice.com/Energy/Natural-Gas/China-is-on-a-LNG-Stockpiling-Spree.html

Saudi Arabia Raises Oil Prices to Asia

The world’s largest crude exporter, Saudi Arabia, has raised the price of its flagship grade to Asia by more than expected amid high volatility in international oil prices amid the escalating conflict in the Middle East. Saudi Aramco in the weekend raised the price of its Arab Light grade loading for Asia in November by $0.90 per barrel to a premium of $2.20 a barrel above the Dubai/Oman benchmark. The Dubai/Oman quotes are the benchmark against which Middle Eastern producers price their supply to Asia. Refiners and traders in Asia had expected…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Raises-Oil-Prices-to-Asia.html

Is Israel Waiting For The U.S. Elections To Make Its Biggest Move Against Iran?

As Tel Aviv continues to trade attacks and counterattacks with Tehran and its proxies – the latest being the 1 October firing of 181 missiles by Iran on targets inside Israel — the obvious question to many dedicated Middle East watchers is why Israel does not just take out all Iran’s nuclear facilities in the process, as these are the greatest danger to it and its allies? There may well also be an even more immediate danger than many think as the International Atomic Energy Agency (IAEA) warned in May that Iran possesses enough material…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Is-Israel-Waiting-For-The-US-Elections-To-Make-Its-Biggest-Move-Against-Iran.html

Chevron Shuts In Gulf of Mexico Oil and Gas Platform Ahead of Hurricane Milton

Chevron has shut in its Blind Faith platform in the U.S. Gulf of Mexico and evacuated all personnel from the facility in preparation for Hurricane Milton, the supermajor said on Monday. “Production from our other Chevron-operated Gulf of Mexico assets remains at normal levels,” Chevron said in a media update as weather services, forecasters, and Gulf of Mexico producers are watching the path of Hurricane Milton. Tropical storm Milton has intensified during the weekend to a Category 3 hurricane expected to make landfall along Florida’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-Shuts-In-Gulf-of-Mexico-Oil-and-Gas-Platform-Ahead-of-Hurricane-Milton.html

Historic Short Squeeze Sends Oil Prices Higher

Last weekend, we warned readers that according to the latest data from Goldman Sachs,  a massive short squeeze in energy stocks was on deck. Specifically we noted that at a time when funds were the most short oil on record, the broader energy space “was the most net sold sector” on the Goldman US Prime book, “driven entirely by short sales, which outpaced long buys (6.4 to 1).” And here, we said, was “the hint to the next mega squeeze” as the recent short selling in energy was the largest in over 5 years. Last weekend, we warned readers that…

Read more at: https://oilprice.com/Energy/Oil-Prices/Historic-Short-Squeeze-Sends-Oil-Prices-Higher.html

Norway Sees Rising Oil Production and Falling Gas Output in 2025

Norway expects its oil liquids production to rise by 5.2% next year from 2024, while natural gas production is set to slightly drop by 1.6%, the Norwegian government said in its 2025 budget bill on Monday. The bill assumes that Norway’s oil production, including condensate and natural gas liquids (NGL), will increase to about 2.1 million barrels of oil equivalent per day (boepd) in 2025, up by 5.2% from the estimated production this year. Norway’s natural gas output will drop to 121 billion cubic meters (bcm) next year from an estimated…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norway-Sees-Rising-Oil-Production-and-Falling-Gas-Output-in-2025.html

Chevron to Sell Canadian Oil Sands and Shale Assets for $6.5 Billion

Chevron has decided to sell oil sands and shale assets in Canada to Canadian Natural Resources Limited for $6.5 billion in cash, as part of the U.S. supermajor’s plan to sell off assets and optimize its portfolio. Chevron, via Chevron Canada Limited, will sell its 20% non-operated interest in the Athabasca Oil Sands Project (AOSP), the 70% operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, the U.S. oil giant said on Monday. The transaction, for US$6.5 billion all in cash, has an effective date…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-to-Sell-Canadian-Oil-Sands-and-Shale-Assets-for-65-Billion.html

Shares of generator maker Generac soar, insurance stocks fall as Hurricane Milton intensifies

Power generation and insurance stocks are moving as Hurricane Milton heads toward Florida.

Read more at: https://www.cnbc.com/2024/10/07/generator-maker-generac-soars-insurance-stocks-fall-on-hurricane-milton.html

Google ordered to open Android app store in Epic Games trial

Google will be restricted from paying fees or sharing revenue with companies in exchange for them choosing to not compete with Google’s app store.

Read more at: https://www.cnbc.com/2024/10/07/google-ordered-to-open-android-app-store-in-epic-games-case.html

Dow closes lower by nearly 400 points, as surging oil and rising Treasury yields weigh on stocks: Live updates

Stocks slipped on Monday as Wall Street struggled to keep the momentum from Friday’s rally.

Read more at: https://www.cnbc.com/2024/10/06/stock-market-news-today.html

‘Easy money’: Trump backer Elon Musk claims PAC will pay $47 for swing state voter information

Elon Musk, the billionaire CEO of Tesla, is backing Donald Trump in the presidential election against Vice President Kamala Harris.

Read more at: https://www.cnbc.com/2024/10/07/elon-musk-pac-election-bonus-gun-rights-petition-referrals.html

Fed cuts could turn the tide for commercial real estate. Where to find opportunity

Investors should tread carefully if wading into the market.

Read more at: https://www.cnbc.com/2024/10/07/fed-cuts-could-turn-the-tide-for-commercial-real-estate-where-to-find-opportunity.html

Super Micro shares soar after server company says it’s shipping over 100,000 AI GPUs per quarter

Super Micro announced a new liquid cooling solution that can reduce power costs and footprint for AI data centers.

Read more at: https://www.cnbc.com/2024/10/07/super-micro-soars-after-company-says-shipping-over-100000-ai-gpus-.html

Here are the key swing state races that crypto super PACs are targeting: 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, James Delmore of Breadcrumbs discusses the money being spent by pro-crypto super PACs in the 2024 election.

Read more at: https://www.cnbc.com/video/2024/10/07/key-swing-state-races-crypto-super-pacs-targeting-crypto-world.html

10-year Treasury yield rebounds back above 4%

U.S. Treasury yields were slightly higher early Monday as investors assessed future moves from the Federal Reserve following Friday’s bumper jobs report.

Read more at: https://www.cnbc.com/2024/10/07/10-year-treasury-yield-slightly-higher-following-bumper-jobs-report.html

U.S. crude oil jumps more than 3%, closes above $77 as market waits for Israel strike against Iran

Crude oil prices started the week off higher.

Read more at: https://www.cnbc.com/2024/10/07/crude-oil-price-today.html

Ron DeSantis is refusing to take Harris’ call on Hurricane Helene

An aide to the Florida governor said that Harris’ call “seemed political” and that she “was trying to reach out, and we didn’t answer.”

Read more at: https://www.cnbc.com/2024/10/07/ron-desantis-is-refusing-to-take-harris-call-on-hurricane-helene.html

North Carolina senator calls conspiracy theories around Helene federal response a ‘distraction’

Sen. Thom Tillis, R-N.C., chided some of the conspiracy theories that have surfaced surrounding the Hurricane Helene recovery efforts in North Carolina.

Read more at: https://www.cnbc.com/2024/10/06/north-carolina-senator-calls-conspiracy-theories-around-helene-federal-response-a-distraction.html

Supreme Court turns away Musk’s X appeal over Trump criminal investigation

The dispute arose when prosecutors sought data from former President Donald Trump’s Twitter account as part of the investigation into 2020 election interference.

Read more at: https://www.cnbc.com/2024/10/07/supreme-court-turns-away-musks-x-appeal-over-trump-criminal-investigation.html

Rolls-Royce opens VIP showroom in NYC to cater to its top-tier clients. Take a look inside

The Private Offices are central to the fabled British automaker’s strategy of growing sales and profits from selling more customized, higher-priced vehicles.

Read more at: https://www.cnbc.com/2024/10/07/rolls-royce-nyc-private-office-showroom.html

Crypto & Crude Jump; Bonds & Stocks Dump Amid Weather, War, & App Store Worries

A quiet macro day was dominated by domestic weather horrors, foreign war escalations, and tech monopoly tumult.

As the anniversary of the Oct 7 attacks hit, more missiles flying in the MidEast sent crude prices higher with WTI above $77 for the first time since mid-August (from three year lows) and fears about Gulf refinery impacts from Milton also spurred prices higher)…

Source: Bloomberg

On a domestic bigger picture, the ‘rates-growth tango’ – as Goldman’s Chris Hussey calls it – appears to be back as the payrolls beat has sent yields dramatically higher… and that is weighing on stocks (less rate-cuts, higher costs of funding, lower struck Fed put).

Read more at: https://www.zerohedge.com/market-recaps/crude-jumps-bonds-stocks-dump-amid-weather-war-app-store-worries

Consumers Crack: Credit Card Debt Suddenly Plunges Most Since Covid As APRs Hit Record High

Last month, we – and many others – were stunned when after several months of progressively declining revolving credit growth, in July credit card debt unexpectedly soared by the most since January, sending total consumer credit growth surging by just under $27 billion, the single biggest monthly increase since 2022. We called it a “Last Hurrah” moment (literally “In “Last Hurrah”, Credit Card Debt Unexpectedly Soars Despite Record High APRs As Savings Rate Hits Record Low”) and said that “with consumers ever more strapped for actual cash and equity, as the personal savings rate in the US collapses from over 5% to 2.9% – the lowest since the Lehman bankruptcy – in just one year, as all the excess savings from covid are long gone there is only so much more credit card maxing out that can take place before reality finally sets in.”

One month later, reality has set in with a bang, because just a month after a bizarre surge in revolving credit, the Fed reported that in August, total consumer credit growth plunged by more than half to just $8.9 billion, below the $12 billion estimate…

Read more at: https://www.zerohedge.com/markets/consumers-crack-credit-card-debt-suddenly-plunges-most-covid-aprs-hit-record-high

Prediction Markets Like Polymarket A “Public Good”, More Accurate Than Polls

Authored by Daniel Ramirez-Escudero via CoinTelegraph.com,

While some say that prediction markets are a risk to democracy, others think they could serve the public by offering valuable insights and risk management tools.

Despite recent confrontations with regulators, election markets can provide more accurate insights into public sentiment than polls, according to industry observers.

In May 2024, the United States Commodity Futures Trading Commission (CFTC) proposed a rule to ban derivatives used to bet on the outcome of US elections and other major real-world events.

The CFTC’s proposal drove US-based regulated prediction market platform Kalshi to take the commission to court. Columbia District J …

Read more at: https://www.zerohedge.com/markets/prediction-markets-polymarket-public-good-more-accurate-polls

Kamala Harris Records Sex Podcast While Americans Suffer

Authored by Steve Watson via Modernity.news,

While Americans are literally and figuratively drowning thanks to the incompetence of the Biden Harris regime, Kamala Harris spent her weekend appearing on a sex podcast.

Yes, really.

Harris appeared on “Call Her Daddy,” which basically features vacuous celebrities talking about what they like to do in the sack while basement dwelling nerd listeners giggle and get off on it.

This is what Kamala Harris is doing while bodies are still being found in NC.

A sex podcast. pic.twitter.com/XDAl73BA6G

— End Wokeness (@EndWokeness) October 6, 2024

Read more at: https://www.zerohedge.com/political/kamala-harris-records-sex-podcast-while-americans-suffer

TGI Fridays: 1,000 UK jobs to go despite rescue deal

The deal to save the chain will see more than 30 of its restaurants close.

Read more at: https://www.bbc.com/news/articles/cqxryv2pw40o

House prices close to record high, says Halifax

Falling mortgage rates have helped to boost confidence among buyers, the lender says.

Read more at: https://www.bbc.com/news/articles/c62mv1d3650o

‘Rightmove is my porn’ – the addiction to online property search

Why are we so obsessed with looking at houses for sale online?

Read more at: https://www.bbc.com/news/articles/c77xdp1e56yo

Tech view: Nifty breaks crucial support, may slide to 24,500 level. How to trade tomorrow

Nifty formed a long bear candle, indicating a continuation of the downtrend. The positive chart pattern has been negated by Nifty moving below the 24,753 support level. The underlying trend remains negative, with support at 24,500-24,400.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-breaks-crucial-support-may-slide-to-24500-level-how-to-trade-tomorrow/articleshow/114015408.cms

Ashish Kacholia buys fresh stake in this smallcap company, stock up 5%

Ace investor Ashish Kacholia bought a 2.52% stake in Jyoti Structures. The stock closed 4.8% higher. Promoters and the promoter group do not hold any stake in the company. The entire 100% stake is held by public shareholders like FPIs, AIFs, and insurance companies.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ashish-kacholia-buys-fresh-stake-in-this-smallcap-company-stock-up-5/articleshow/114016072.cms

BSE, Coforge among 6 small & midcap stocks that hit 52-week highs on Monday

Indian indices reversed early gains and declined on Monday, driven by Middle East tensions and concerns over corporate earnings. Despite the market downturn, six small and midcap stocks from the Nifty 500 index reached new 52-week highs.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bse-coforge-among-6-small-amp-midcap-stocks-that-hit-52-week-highs-on-monday/slideshow/114009481.cms

The stock market’s response to geopolitical tension hasn’t followed the old script. Here’s why.

Despite widening geopolitical conflict, U.S. stocks have moved relentlessly higher to log multiple records this year.

Read more at: https://www.marketwatch.com/story/the-stock-markets-response-to-geopolitical-tension-hasnt-followed-the-old-script-heres-why-dcd115fb?mod=mw_rss_topstories

What a 10-year Treasury yield above 4% says about the economy

Bond traders began the week by continuing to sell U.S. government debt as Friday’s outsized job gains for September continued to sink in and a brighter outlook pushed the benchmark 10-year yield slightly above the level synonymous with a healthy economy.

Read more at: https://www.marketwatch.com/story/what-a-10-year-treasury-yield-above-4-says-about-the-economy-d8371c6e?mod=mw_rss_topstories

10-year Treasury yield ends above 4% for first time since July on brighter economic picture

The benchmark 10-year Treasury yield finished at its highest level in more than two months on Monday, as traders continued to sell off U.S. government debt following last week’s stronger-than-forecast jobs data.

Read more at: https://www.marketwatch.com/story/10-year-treasury-yield-reaches-4-fdb0cae5?mod=mw_rss_topstories