16 OCT 2024 Market Close & Major Financial Headlines: The Major Indexes Trended Higher After The Opening Bell To Close In The Green Recouping Some Losses Of Yesterday’s Tech Sell-Off Session

The UK’s £21.7 Billion Carbon Capture Gamble

The government confirmed this month the funding for the UK’s first carbon capture sites. The technology, it is claimed, captures CO2 emissions before they reach the atmosphere and stores them away safely. Based on Merseyside and Teesside, the project will have almost miraculous powers. It will create 4,000 jobs directly, as many as 50,000 in total, and will help “turbocharge” the low carbon hydrogen sector by paving the way for the UK’s first large-scale hydrogen production plant. If it really can do all of these things,…

Read more at: https://oilprice.com/Energy/Energy-General/The-UKs-217-Billion-Carbon-Capture-Gamble.html

IMF Urges Fiscal Reform in Kazakhstan

Kazakhstan’s government is relying too heavily on a national rainy-day fund to cover operating deficits, increasing the country’s exposure to risks that could cause an economic shock. To mitigate against those risks, the International Monetary Fund is recommending that Astana establish an independent fiscal council, along with more stringent policy guidelines, to “limit discretionary spending.” The recommendations are contained in the IMF’s Final Statement of its 2024 Article IV Consultation Mission, issued in early…

Read more at: https://oilprice.com/Geopolitics/International/IMF-Urges-Fiscal-Reform-in-Kazakhstan.html

DoE Unleashes $900M in Funding for Small Nuclear Reactors

The U.S. Department of Energy has opened applications for up to $900 million in funding to support the development of small modular reactors (SMRs). Funded by the 2021 bipartisan infrastructure law, the Energy Department will offer up to $800 million for milestone-based first mover teams of utility, reactor vendor, constructor and end users while another to $100 million will go into addressing the gaps that have hampered the domestic nuclear sector including design, licensing, supplier development and site preparation. SMRs are advanced nuclear…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/DoE-Unleashes-900M-in-Funding-for-Small-Nuclear-Reactors.html

U.S. Bolsters Israel’s Defense with THAAD Deployment

The United States has said it will deploy an advanced antimissile system and around 100 soldiers to operate it to Israel, a key ally. The Pentagon said on October 13 that the Terminal High Altitude Area Defense (THAAD) system will bolster Israel’s already formidable air defenses. It is unclear when the system and the U.S. soldiers will arrive in Israel. What Is THAAD? The THAAD is one of the most advanced and powerful antimissile systems in the U.S. arsenal. Israel currently uses several systems developed with the United States — the Iron…

Read more at: https://oilprice.com/Geopolitics/International/US-Bolsters-Israels-Defense-with-THAAD-Deployment.html

U.S. Shale Patch M&A Declines In Q3 To $12B

The U.S. shale patch recorded $12 billion worth of mergers in the quarter ended  Sept. 30, the lowest total in six quarters, Enverus Intelligence Research has revealed.  Andrew Dittmar, principal analyst at Enervus, has noted that some of the biggest buyers have become sellers, citing Occidental Petroleum’s (NYSE:OXY) $818 million sale of properties to Permian Resources (NYSE:PR) and APA Corp.(NASDAQ:APA) divesting older properties to an undisclosed buyer. According to Dittmar, “Upstream M&A was bound to drop” after 2023’s record…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Shale-Patch-MA-Declines-In-Q3-To-12B.html

Google’s Nuclear Power Play

First it was Amazon, then Microsoft, now Google telegraphs why the “next AI trade” will generate obnoxious amounts of alpha in the coming years by sending the same message: i) it’s all about how all those data centers will be powered, and ii) in the future a growing number of data centers will be powered by small modular nuclear reactors. On Monday, Google – picking up on what we discussed last week in “Google Turns To Nuclear To Power Its Data Centers” – announced plans to buy power from Kairos Power’s small modular reactors (SMRs) as part…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Googles-Nuclear-Power-Play.html

EU Struggles To Reduce Reliance on Russian LNG

Europe still keeps importing vast volumes of Russian gas, even though the Ukraine war continues. Importing Russian gas directly finances the ongoing onslaught of Russia’s army in Ukraine. To find a solution to the latter, European ministers are meeting in Luxembourg to assess the upcoming winter gas situation of the union, especially in light of the expiration of a key Ukraine-Russia gas transit agreement on December 31, 2024. Energy security at present is not at risk, but unforeseen market fundamentals could still risk a shortage. Keeping…

Read more at: https://oilprice.com/Energy/Natural-Gas/EU-Struggles-To-Reduce-Reliance-on-Russian-LNG.html

Nigeria Fuel Truck Explosion Kills More Than 140

A deadly fuel tanker truck explosion in Nigeria left more than 140 people dead and dozens more injured Tuesday night after the fuel truck crashed and exploded. According to a police spokesperson, the driver of the fuel truck lost control of the vehicle in Majiya town, near the northern city of Kano, attracting local residents who hoped to scoop some of the spilled fuel. “The residents were scooping up fuel from the overturned tanker when the explosion occurred, sparking a massive inferno,” police spokesperson Lawan Adam told The Associated Press.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Fuel-Truck-Explosion-Kills-More-Than-140.html

South Sudan and Sudan Discuss Restart of Oil Exports

Senior officials from South Sudan and Sudan discussed in Sudan on Wednesday the expected resumption of oil exports from South Sudan, following months of shut-in crude flows from South Sudan due to a ruptured pipeline in war-torn Sudan. In March, Sudan declared force majeure on crude oil exports from its landlocked neighbor South Sudan, following a major rupture in the pipeline carrying crude from South Sudan to a port in Sudan in an area with active military activity. The latest conflict in Sudan erupted in April last year, when…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Sudan-and-Sudan-Discuss-Restart-of-Oil-Exports.html

Europe’s Natural Gas Prices Seesaw as Supply Comes Into Focus

Europe’s benchmark natural gas prices seesawed in Wednesday morning trade in Amsterdam as concerns about supply amid heightened tensions in the Middle East are being offset by rising LNG imports ahead of the winter heating season. Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were down by 1% to $43.10 (39.55 euros) per megawatt-hour (MWh) at 12:13 p.m. in Amsterdam on Wednesday in volatile trade, after settling 1.4% lower on Tuesday. As Europe prepares for the winter amid uncertainty about the remaining Russian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Natural-Gas-Prices-Seesaw-as-Supply-Comes-Into-Focus.html

Oil and Gas Industry Faces Setback in Flaring Reduction Efforts

Flaring emissions from global upstream oil and gas production activity increased by 7% from 2022 to 2023, according to latest Rystad Energy research. Upstream activities emit about 1 gigatonne per year of carbon dioxide (CO2) in total, with flaring contributing around 30% of those emissions in 2023 assuming 98% flaring efficiency on average. Flaring reduction is considered a low-hanging fruit for oil and gas companies trying to reduce their carbon footprint. However, this recent uptick underscores the challenges facing the industry, particularly…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-and-Gas-Industry-Faces-Setback-in-Flaring-Reduction-Efforts.html

India’s Imports of Russian Crude Oil Continue to Climb

India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world’s third-biggest oil importer. Indian imports of Russian crude jumped by 11.7% in September compared to August, according to tanker data from industry sources reported by Reuters. India imported last month about 1.9 million barrels per day (bpd) of crude from Russia—which accounted for around two-fifths of India’s total September crude oil imports of about 4.7 million bpd, the data showed. Total Indian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Imports-of-Russian-Crude-Oil-Continue-to-Climb.html

Iran Believes an Israeli Attack on Its Nuclear Sites Remains Improbable

An attack on Iran’s nuclear sites remains improbable, Behrouz Kamalvandi, spokesperson for the Iranian atomic energy agency, told Iran’s semi-official Nournews agency on Wednesday. Any attack on Iranian nuclear sites remains improbable, but if this happened, the damage was likely to be minimal and quickly repaired by Iran, Kamalvandi told Nournews, as quoted by Reuters. “We have planned in a way that if they commit any stupidity, the damages would be minimal,” the official added. The world and the oil market are awaiting…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Believes-an-Israeli-Attack-on-Its-Nuclear-Sites-Remains-Improbable.html

UK Power Firm Burnt Wood From Environmentally Sensitive Areas in Canada

UK power group Drax has found that wood burnt at its biomass power station in the UK is “highly likely” to have come from environmentally sensitive areas of old forests in Canada, the Financial Times reported on Wednesday, citing internal Drax emails it has seen. A Drax internal review has found that the wood from its suppliers from British Columbia was traced to “high-risk” private land and areas, which have been designated by authorities as important for their ecological benefits, such as old wood growths capable of absorbing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Power-Firm-Burnt-Wood-From-Environmentally-Sensitive-Areas-in-Canada.html

IEA Doubles Down on Its Forecast of Peak Oil and Gas Demand by 2030

Demand for oil, natural gas, and coal is set to peak by the end of the decade, the International Energy Agency (IEA) said on Wednesday, reaffirming its forecast from last year that all three fossil fuels will have seen peak demand by 2030. The world is moving fast toward the Age of Electricity, IEA Executive Director Fatih Birol said, commenting on the agency’s new World Energy Outlook 2024 report out today. Under current policy settings, the IEA report finds that low-emissions sources are set to generate more than half of the world’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/IEA-Doubles-Down-on-Its-Forecast-of-Peak-Oil-and-Gas-Demand-by-2030.html

Dow climbs 300 points to another record close on Wednesday: Live updates

The Dow rose following a sell-off in the previous session, while the corporate earnings season carried on.

Read more at: https://www.cnbc.com/2024/10/15/stock-market-today-live-updates.html

Amazon goes nuclear, to invest more than $500 million to develop small modular reactors

Amazon is the latest large tech company to buy into nuclear power to fuel the growing demands from data centers.

Read more at: https://www.cnbc.com/2024/10/16/amazon-goes-nuclear-investing-more-than-500-million-to-develop-small-module-reactors.html

GM to invest $625 million in joint venture to mine EV battery raw materials in U.S.

The deal is centered on the development, construction and operation of a lithium carbonite mining operation called Thacker Pass in Humboldt County, Nevada.

Read more at: https://www.cnbc.com/2024/10/16/gm-lithium-americas-joint-venture.html

Morgan Stanley shares pop 7% after beating estimates for third-quarter profit and revenue

Morgan Stanley has several tail winds in its favor, from high stock values to a rebound in investment banking and strong trading activity.

Read more at: https://www.cnbc.com/2024/10/16/morgan-stanley-ms-earnings-q3-2024.html

Retail spending report could show consumers still pouring money into the economy

Spending in September could throw another wrinkle into the Federal Reserve’s thought process.

Read more at: https://www.cnbc.com/2024/10/16/retail-spending-report-could-show-consumers-still-pouring-money-into-the-economy.html

Billionaire Tom Gores to buy 27% of the LA Chargers for $750 million

Gores is buying in at an enterprise value of $4 billion, more than a 30% discount to the team’s value of $5.83 billion, according to CNBC’s 2024 rankings.

Read more at: https://www.cnbc.com/2024/10/16/tom-gores-buys-la-chargers-stake-for-750-million-.html

Diamond Sports, FanDuel reach naming rights agreement for regional sports networks

Diamond Sports and FanDuel have reached a naming rights agreement for Diamond Sports’ regional sports networks.

Read more at: https://www.cnbc.com/2024/10/16/diamond-fanduel-naming-rights-regional-sports-networks.html

RTX subsidiary Raytheon to pay more than $950 million to settle foreign bribery, export control fraud probes

The huge legal settlement by Raytheon related to bribery in Qatar, and to defrauding the Pentagon in regard to the Patriot Missile systems.

Read more at: https://www.cnbc.com/2024/10/16/rtx-subsidiary-raytheon-to-pay-more-than-950-million-to-settle-foreign-bribery-export-control-fraud-probes.html

ASML just gave us a first glimpse into how U.S. chip export curbs will dent its China sales

ASML on Tuesday offered the first glimpse into how U.S. restrictions on exports of its advanced chip manufacturing tools to China will impact its sales in the Asian country.

Read more at: https://www.cnbc.com/2024/10/16/asml-2025-outlook-shows-us-chip-export-curbs-impacting-china-sales.html

Bitcoin tests $68,000, its highest level since July: 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, Raj Dhamodharan of Mastercard breaks down the payment giant’s partnership with blockchain ecosystem Stellar.

Read more at: https://www.cnbc.com/video/2024/10/16/bitcoin-tests-68000-highest-level-since-july-crypto-world.html

MLB playoff viewership surges as big market stars vie for World Series

Major League Baseball is enjoying a resurgence in popularity that at one point looked like the sport was in jeopardy of never returning to.

Read more at: https://www.cnbc.com/2024/10/16/mlb-playoff-viewership-rises-in-yankees-guardians-mets-dodgers-series.html

Elon Musk gives pro-Trump PAC $75 million, announces Pennsylvania voter tour

Billionaire Elon Musk endorsed Donald Trump over Kamala Harris after Trump was nearly assassinated at a campaign rally.

Read more at: https://www.cnbc.com/2024/10/16/trump-elon-musk-donation-election-harris-pennsylvania.html

United shares head for pre-pandemic high after airline forecasts strong finish to 2024, plans buyback

United Airlines said it authorized a $1.5 billion share buyback, its first share repurchase since before the Covid-19 pandemic.

Read more at: https://www.cnbc.com/2024/10/15/united-airlines-ual-3q-2024-earnings.html

Watch: Harris And Walz Both Claim Trump Will “Deploy The Military On Americans Who Don’t Support Him”

Authored by Steve Watson via Modernity.news,

During speeches Monday, both Kamala Harris and Tim Walz claimed that president Trump wants to use the military against Americans who disagree with him.

Harris rolled VT of multiple mashed together clips of Trump talking about the threat of the “enemy within,” then spliced in a clip of him talking about radical leftists.

Harris then claimed that Trump wants to use the military against “journalists whose stories he doesn’t like, election officials who refuse to cheat…for him,” and “Judges who insist on following the law instead of bending to his will.”

She then stated that Trump “is increasingly unstable and unhinged. And he is out for unchecked power and control over your lives,” adding “he wants to send the military after American citizens.”

Read more at: https://www.zerohedge.com/political/watch-harris-and-walz-both-claim-trump-will-deploy-military-americans-who-dont-support

Israel Hurriedly Sends 50 Aid Trucks Into Gaza After Scathing US Letter

Israel is trying to show its powerful backer Washington that it is taking urgent action over the spiraling humanitarian crisis in Gaza.

On Tuesday the Biden administration submitted a letter to the Israel government warning that the US could withdraw key aspects of US military aid to Israel if it doesn’t reign in the devastating humanitarian situation in Gaza. As we noted, like with prior such ‘warnings’ (this isn’t the first), the message seems more timed for the November election

Israel on Wednesday has announced that fifty trucks loaded with supplies have entered northern Gaza—much of which was supplied by Jordan.

Via Anadolu AgencyA statement from the Israeli Defense Ministry agency overseeing the supplies said that “50 trucks carrying …

Read more at: https://www.zerohedge.com/geopolitical/israel-hurriedly-sends-50-aid-trucks-gaza-after-scathing-us-letter

Reparations Too? Kamala Harris Ramps Up Black Pandering Campaign

As soon as polling came out showing that Donald Trump is doing better with black voters than any Republican since 1960, Democrats went into panic mode – wheeling out Obama to scold black men into voting for Kamala Harris, while Harris launched a black pandering campaign – offering weed, loans, and protection from crypto scams (what?).

Consider that in 2012, President Obama dominated the black vote by an 85-point margin. Today, Harris is up by just 54 …

Read more at: https://www.zerohedge.com/political/reparations-too-kamala-harris-ramps-black-pandering-campaign

The Most Beautiful Word In The Dictionary

The Most Beautiful Word In The DictionaryBy Michael Every of Rabobank

Donald Trump sat down for an hour long interview with Bloomberg Editor in Chief John Micklethwait yesterday. The conversation was mostly centerd on the economy, and Trump played the hits early by describing ‘tariff’ as “the most beautiful word in the dictionary”. Trump’s comment came in response to a question about the impact of his policies on the federal debt in light of analysis from the non-partisan Congressional Budget Office, which claimed that a second Trump Presidency would grow the debt by $7.5 trillion whereas Kamala Harris’ program would add $3.5 trillion.

Under Trump Mk II “we’re going to build a wall and Mexico is going to pay for it” has become “we’re going to build a tariff wall, and everyone else is going to pay for it”. Trump reprised the Laffer Curve by suggesting that he was the only candidate with a plan for growth and that stronger growth, alongside tariffs, would be sufficient to pay for sweeping t …

Read more at: https://www.zerohedge.com/economics/most-beautiful-word-dictionary

Surprise fall in inflation paves way for interest rate cuts

The drop to 1.7% paves the way for the Bank of England to cut interest rates again next month.

Read more at: https://www.bbc.com/news/articles/czxde3779lxo

Why this month’s inflation figure matters for you

The cost of living is always important but this month’s has a particular extra impact for millions of people.

Read more at: https://www.bbc.com/news/articles/czrmzm3113po

Mental health patients could get job coach visits

Pensions Secretary Liz Kendall says trials of the idea have produced “dramatic results”.

Read more at: https://www.bbc.com/news/articles/c98y09n8201o

New policy surrender rules, intense competition likely to affect HDFC Life’s H2 performance

The stock of HDFC Life recovered partially on Wednesday, gaining 1.9% after sliding by nearly 4% the previous day following the insurer’s second quarter result announcement. The stock reported weakness despite the double digit growth in premiums and improving market share.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/new-policy-surrender-rules-intense-competition-likely-to-affect-hdfc-lifes-h2-performance/articleshow/114289846.cms

Axis Bank Q2 results preview: Double-digit NII growth may drive PAT higher by 8% YoY

Axis Bank is predicted to report an 8% increase in net profit for Q2 FY24, driven by a 10% rise in net interest income and a reduction in slippages on a sequential basis. Loan growth is expected at 11% year-on-year, while slippages are projected to increase by 29% year-on-year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/axis-bank-q2-preview-double-digit-nii-growth-may-drive-pat-higher-by-8-yoy/articleshow/114273091.cms

Sebi mulls allowing Associations of Persons to open demat accounts

Markets regulator Sebi on Wednesday proposed allowing Associations of Persons (AOPs) to open demat accounts in their name to hold certain securities, excluding equity shares.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-mulls-allowing-associations-of-persons-to-open-demat-accounts/articleshow/114289859.cms

Phunware stock climbs 18% after mobile-advertising company touts generative AI

Shares of Phunware Inc. rose 17.7% on Wednesday after the mobile-advertising software company gave a business update and announced the development of a new generative-AI platform.

Read more at: https://www.marketwatch.com/story/phunware-stock-climbs-18-after-mobile-advertising-company-touts-generative-ai-6e0f09f0?mod=mw_rss_topstories

‘I’m convinced the U.S. will be drawn into World War III’: How do I prepare my finances?

“I believe this to be a legitimate concern. I would prefer a politically neutral answer.”

Read more at: https://www.marketwatch.com/story/im-convinced-the-u-s-will-be-drawn-into-world-war-iii-how-do-i-prepare-my-finances-c8d3b966?mod=mw_rss_topstories

ETFs that buy Chinese stocks struggle lately amid ‘lost faith’ in China stimulus

Chinese stocks are under pressure lately, with declines this month eroding gains from the massive rally sparked by China’s stimulus announcement in September.

Read more at: https://www.marketwatch.com/story/etfs-that-buy-chinese-stocks-struggle-lately-amid-lost-faith-in-china-stimulus-3efa0058?mod=mw_rss_topstories