Summary Of the Markets Today:
- The Dow closed down 344 points or 0.08%,
- Nasdaq closed up 50 points or 0.27%,
- S&P 500 closed down 10 points or 0.18%,
- Gold $2,735 up $4.80 or 0.17%,
- WTI crude oil settled at $70 up $1.16 or 1.68%,
- 10-year U.S. Treasury 4.196% up 0.119 points or 0.953%,
- USD index $103.97 up $0.48 or 0.46%,
- Bitcoin $67,625 down $1,345 or 1.95%
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The stock market closed mixed, with major indices showing varied results: The S&P 500 retreated from its recent all-time closing high. The Dow Jones Industrial Average fell also. Nvidia gained over 4%, closing at a fresh all-time high. Apple also reached a new closing record. The 10-year Treasury yield rose 10 basis points to 4.18%, its highest level since July. Investors are preparing for a busy week of earnings reports, with over 100 S&P 500 companies scheduled to release their results. So far, 80% of third-quarter updates from these companies have exceeded expectations. Key companies to watch this week include Tesla, General Motors, Coca-Cola, American Airlines, and UPS. Boeing faces a crucial day on Wednesday with both earnings release and a union vote on a tentative deal to end a five-week strike. Oil prices rose nearly 2%, with global benchmark Brent futures closing above $74 per barrel and West Texas Intermediate crude settling above $70.
Click here to read our current Economic Forecast – October 2024 Economic Forecast: One More Recession Flag Removed Yet Little Headway On Inflation
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Conference Board Leading Economic Index (LEI) for the US declined by 0.5% in September 2024, following a 0.3% decline in August. Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board explained:
Weakness in factory new orders continued to be a major drag on the US LEI in September as the global manufacturing slump persists. Additionally, the yield curve remained inverted, building permits declined, and consumers’ outlook for future business conditions was tepid. Gains among other LEI components were not significant enough to offset weakness among the four gauges mentioned above. Overall, the LEI continued to signal uncertainty for economic activity ahead and is consistent with The Conference Board expectation for moderate growth at the close of 2024 and into early 2025.
The San Pedro Bay port complex, which includes both the Port of Los Angeles and the Port of Long Beach, handled approximately 29% of all containerized international waterborne trade in the United States in 2023. Their import data provides a window into imports into the US. In September 2024, imports were up 14% year-over-year while exports were down 9%. This was the largest September imports on record.
Here is a summary of headlines we are reading today:
- Oil Prices Gain 2% After China Boosts Stimulus Measures
- Gold Supply and Demand Imbalance Fuels Price Surge
- Russia’s Dark Fleet of Oil Tankers is Fueling India’s Refining Boom
- EU Hits 95% Full Natural Gas Storage Ahead of Winter
- U.S. Electricity Demand Jump Catches Power Utilities Unaware
- Iraq Stuck Between Israel and Iran As Tensions Rise
- Trump tax plans could exempt 93 million Americans from income taxes
- Qualcomm revamps mobile phone chips for AI, signs Samsung and others
- Seven Israelis Accused Of Giving Info To Iran On Targeted IDF Bases
- California Continues To See Negative Net Domestic Migration
- WNBA star Angel Reese says of her $73,439 salary: ‘Does that even pay my car note?’
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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China and Russia Unite to Champion the Global South at BRICSPutin will drive that message home in Kazan from October 22-24 as he positions the BRICS grouping of countries as a counterweight to the West in global politics and trade through a newly expanded version of the bloc sometimes referred to as BRICS+ that includes Egypt, Ethiopia, Iran, and the United Arab Emirates, as well as previous members Brazil, Russia, India, China, and South Africa. “BRICS once again has fresh air coming into its lungs, in part because the Western-led order and its organizations are experiencing disarray,” Carlos Solar, a… Read more at: https://oilprice.com/Energy/Energy-General/China-and-Russia-Unite-to-Champion-the-Global-South-at-BRICS.html |
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SpaceX’s Starship Redefines Space ExplorationAuthored by Malcom Davis via RealClearDefense, SpaceX took a big step towards full reusability of space launchers on 13 October, a step towards a transformation in accessing space far more cheaply, frequently and with big payloads. The remarkably successful fifth test flight of the Starship launcher on that day saw a spectacular recovery of the rocket’s 300-ton first stage, Super Heavy, into the arms of the launch pad gantry. The second stage, also called Starship, meanwhile climbed and accelerated to almost orbital velocity and splashed… Read more at: https://oilprice.com/Energy/Energy-General/SpaceXs-Starship-Redefines-Space-Exploration.html |
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Oil Prices Gain 2% After China Boosts Stimulus MeasuresOil markets have kicked off the new week on a strong footing with oil prices climbing after Chinese banks adopted extra stimulus measures in a bid to spur economic growth. Brent crude for December delivery gained 2.01% to trade at $74.53 per barrel at 13.53 pm ET, while WTI crude for November delivery was up 2.61% to trade at $71.03 per barrel. Last month, the PBOC cut banks’ reserve requirement ratio by 50 basis points and the benchmark seven-day reverse repo rate by 20 basis points, the most aggressive stimulus since the pandemic. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Gain-2-After-China-Boosts-Stimulus-Measures.html |
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EU Set To Launch Critical Minerals Joint Buying PlatformThe European Union has kicked off the process of choosing between eight bidders that supply its 9-million-euro joint purchasing platform for critical minerals and energy, Reuters has reported. The bloc mooted the idea of pooling together buying orders in a bid to achieve more favorable deals and prices for critical minerals shortly after Russia invaded Ukraine in 2022. The EU aims to finalize a contract by the end of the year, following which it will develop sections of the platform for individual products early next year. It’s not yet clear… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Set-To-Launch-Critical-Minerals-Joint-Buying-Platform.html |
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Javier Blas: Demand Not As Weak As Prices, but Oil Oversupply ComingBloomberg Opinion columnist Javier Blas has predicted that oil markets will be oversupplied in 2025 thanks to unwinding OPEC production cuts as well as increased non-OPEC supply led by the United States, Canada and Guyana, among other regions. Blas has acknowledged that oil demand is not as weak as oil prices are implying, pointing out that demand growth is still clocking in at ~1 million barrels per day despite the rapid adoption of electric vehicles coupled with improving energy efficiency of consumer appliances. However, he has warned… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Javier-Blas-Demand-Not-As-Weak-As-Prices-but-Oil-Oversupply-Coming.html |
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Gold Supply and Demand Imbalance Fuels Price SurgeGold prices surged to an all-time high of $2,730 (£2,093) this morning as investors sought safe-haven assets amid rising geopolitical tensions. This means that the price of the yellow metal has surged 38 per cent this year. The rally has come as conflict intensified between Lebanon and Israel, with fears growing over a broader regional escalation. The uncertainty of the US election outcome, with particular concerns over Donald Trump’s improved odds in betting markets, has also pushed investors towards safe haven assets. “Gold… Read more at: https://oilprice.com/Metals/Commodities/Gold-Supply-and-Demand-Imbalance-Fuels-Price-Surge.html |
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From Wealth to Windows: Russian Oil Executives Meet a Grim FateMikhail Rogachev, a prominent figure in Russia’s oil industry and former vice president of the now-defunct Yukos, has become the latest in a string of mysterious deaths among Russian energy executives. Rogachev, 64, “fell” from the 10th floor of his Moscow apartment building over the weekend, reportedly leaving behind a suicide note. Russian authorities are calling it a suicide, citing his struggle with cancer, which his family denies. With a series of unexplained deaths in Russia’s energy sector, Rogachev’s death raises questions. Here’s… Read more at: https://oilprice.com/Latest-Energy-News/World-News/From-Wealth-to-Windows-Russian-Oil-Executives-Meet-a-Grim-Fate.html |
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Russia’s Dark Fleet of Oil Tankers is Fueling India’s Refining BoomChinese and Indian oil traders have been responsible for the explosive growth of dark fleet tankers hauling Russian crude to Asia, evading Western sanctions. A new report titled “BRICS+ Energy: Engine of the New World Order” from the Valdai International Discussion Club, authored by Deputy Head of the National Energy Security Fund Alexey Grivach, was first cited by Russian media outlet TASS News. The report stated that Russia’s oil exports were diverted from Europe to Asia because of G7 sanctions. The largest demand for Russian crude oil… Read more at: https://oilprice.com/Energy/Crude-Oil/Russias-Dark-Fleet-of-Oil-Tankers-is-Fueling-Indias-Refining-Boom.html |
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EU Hits 95% Full Natural Gas Storage Ahead of WinterThe EU’s natural gas storage is already at 95% full, data from Gas Infrastructure Europe show, after the bloc reached in August its target to have 90% full storage well ahead of its self-imposed binding deadline, November 1. In the middle of August, the EU reached its target of filling gas storage facilities to 90% of capacity 10 weeks ahead of the 1 November deadline. This achievement is on par with last year, when EU countries reached the 90% target on August 18, the European Commission said two months ago. Now the EU storage is 95% full… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Hits-95-Full-Natural-Gas-Storage-Ahead-of-Winter.html |
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U.S. Electricity Demand Jump Catches Power Utilities UnawareEarlier this month, the Department of Energy announced a grant pot of almost $2 billion to be distributed among 32 projects in 42 states. The purpose of the projects is to improve grid resilience. The challenge: $2 billion is a drop in the bucket as unexpected electricity demand calls for not just resilience improvements but a massive grid expansion. For about a decade, demand for electricity in the United States has been virtually flat. It reached a peak in the 2010s and plateaued. In that context, it was perhaps a foregone conclusion that demand… Read more at: https://oilprice.com/Energy/Energy-General/US-Electricity-Demand-Jump-Catches-Power-Utilities-Unaware.html |
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Indonesia Looks to Revive Its Oil and Gas IndustryIndonesia plans to cut red tape to encourage oil and gas exploration as it looks to revive its domestic oil and gas industry and boost energy security, the new government and president have said. “We must have energy self-sufficiency and we are capable to be self-sufficient,” newly sworn-in President Prabowo Subianto said in his inauguration speech, as carried by Reuters. Indonesia, which was a member of OPEC between 1962 and 2009, reactivated its membership in the organization in early 2016, but suspended it again later that same year,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indonesia-Looks-to-Revive-Its-Oil-and-Gas-Industry.html |
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With The Shutdown Over, Can Libya Now Meaningfully Boost Its Oil Production?Libya’s oil production was cut roughly in half when a blockade of major fields and ports began at the end of August. With the shutdown having ended on 3 October, output has bounced back to around 1.2 million barrels per day (bpd) again. According to subsequent statements from its National Oil Corporation (NOC), the move is now on to significantly boost its crude production. Theoretically, Libya could achieve this. Prior to the removal of its long-time leader, Muammar Gaddafi, in 2011, it had easily been able to produce around 1.65 million… Read more at: https://oilprice.com/Energy/Crude-Oil/With-The-Shutdown-Over-Can-Libya-Now-Meaningfully-Boost-Its-Oil-Production.html |
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Energy Major Repsol Halts Green Hydrogen Projects in SpainSpanish energy giant Repsol has decided to pause green hydrogen development projects in its home country, citing an unfavorable regulatory regime with the idea of a permanent windfall tax on energy companies, a spokesperson for Repsol told Reuters on Monday. The Spanish firm has a pipeline of 350 megawatts (MW) of electrolysis capacity for green hydrogen projects across Spain, but it has flagged uncertainties over the regulatory framework in the country as a deterrent to investments in green energy. Repsol now plans to build its next electrolyzer… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Energy-Major-Repsol-Halts-Green-Hydrogen-Projects-in-Spain.html |
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Iraq Stuck Between Israel and Iran As Tensions RiseIraq’s leaders have a lot on their minds, stuck between Israel and Iran as the two countries veer closer to open conflict. Iraq is still recovering from the reign of Saddam Hussein, the 1980-1988 war with Iraq, decades of sanctions that followed the 1991 invasion of Kuwait, liberation by the U.S.-led “coalition of the willing” in 2003, a post-invasion reconstruction that wasted much of the $60 billion spent, and the Islamic State insurgency of 2014-2019. The U.S.-led sanctions campaign against the Saddam Hussein regime disrupted… Read more at: https://oilprice.com/Geopolitics/Middle-East/Iraq-Stuck-Between-Israel-and-Iran-As-Tensions-Rise.html |
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Qatar Faces Rising Competition in Asia From Flexible LNG SuppliersShorter-term and more flexible LNG contracts offered by sellers from the United States, the United Arab Emirates (UAE), and Oman are challenging Qatar’s dominance in liquefied natural gas supply to north Asia, trade sources have told Reuters. Qatar, one of the world’s top three LNG exporters together with the United States and Australia, is now finding it harder to compete with sellers offering flexible cargo destinations and term contracts with shorter durations, according to Reuters’s sources. Moreover, Qatar’s… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Qatar-Faces-Rising-Competition-in-Asia-From-Flexible-LNG-Suppliers.html |
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Dow falls nearly 350 points, snapping a three-day win streak: Live updatesThe Dow Jones Industrial Average and S&P 500 on Friday registered their sixth straight weekly advance, this year’s best for both benchmarks. Read more at: https://www.cnbc.com/2024/10/20/stock-market-today-live-updates.html |
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Lucid CEO says Wall Street misinterpreted $1.75 billion capital raisePeter Rawlinson said the raise was a timely, strategic business decision to ensure the EV maker has enough capital for its ongoing operations and growth plans. Read more at: https://www.cnbc.com/2024/10/21/lucid-ceo-wall-street-capital-raise.html |
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Trump tax plans could exempt 93 million Americans from income taxesEven if Donald Trump wins the November election against Vice President Kamala Harris, his tax overhaul will require a friendly House of Representatives. Read more at: https://www.cnbc.com/2024/10/21/trump-income-tax-plans-exempt-93-million-americans-harris-election.html |
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Disney will name Bob Iger’s replacement in early 2026; James Gorman to become board chair next yearFormer Morgan Stanley CEO James Gorman will replace Nike Executive Chairman Mark Parker as chairman in January. Read more at: https://www.cnbc.com/2024/10/21/disney-ceo-succession-plan-board-chair.html |
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These stocks could see big moves on earnings reports this weekA handful of stocks could see strong earnings-related moves this week. Read more at: https://www.cnbc.com/2024/10/21/these-stocks-could-see-big-moves-on-earnings-reports-this-week.html |
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The election could be less of a market catalyst than people think, some investors sayWith just a little over two weeks until the election, the race appears to be locked in a “dead heat” between former President Donald Trump and Vice President Kamala Harris. Read more at: https://www.cnbc.com/2024/10/21/the-election-could-be-less-of-a-market-catalyst-than-people-think-some-investors-say.html |
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McDonald’s tells U.S. restaurants it’s not a ‘political brand’ after Trump visitMcDonald’s said it is not endorsing a presidential candidate after Trump’s visit to one of its restaurants. Read more at: https://www.cnbc.com/2024/10/21/mcdonalds-says-its-not-political-after-trump-visit.html |
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Trump plan would make Social Security insolvent in just 6 years, budget group saysRepublican Donald Trump and Democrat Kamala Harris have both vowed not to cut the popular government programs Social Security and Medicare. Read more at: https://www.cnbc.com/2024/10/21/trump-social-security-plan-insolvency-faster-study.html |
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Nike renews uniform partnership with NBA, WNBA as NFL opens bidding process to competitorsNike will be the exclusive uniform provider for the NBA and WNBA for another 12 years after the leagues extended their contract with the sneaker giant. Read more at: https://www.cnbc.com/2024/10/21/nba-wnba-and-nike-renew-uniform-partnership.html |
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Billionaire Ripple founder has given more than $11.8 million to Harris campaignFresh election data shows that with two weeks to go until the general election, the crypto industry mostly donated to Vice President Kamala Harris. Read more at: https://www.cnbc.com/2024/10/21/ripple-founder-has-given-more-than-11point8-million-to-harris-campaign.html |
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Trump sued by Central Park Five for defamation over claims made during Harris debateDonald Trump was previously successfully sued for defamation by the writer E. Jean Carroll in connection with her claim that he raped her. Read more at: https://www.cnbc.com/2024/10/21/trump-central-park-5-defamation-suit-election.html |
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Elon Musk, Tesla and WBD sued over alleged ‘Blade Runner 2049’ AI ripoff for Cybercab promotionThe producer of the “Blade Runner” sequel called Elon Musk “problematic.” The Tesla boss is backing Donald Trump in the 2024 election. Read more at: https://www.cnbc.com/2024/10/21/elon-musk-tesla-wbd-blade-runner-ai-robotaxi-.html |
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Qualcomm revamps mobile phone chips for AI, signs Samsung and othersQualcomm said on Monday it is bringing technology first developed for its laptop chips to its mobile phone chips, aiming to make them more powerful for generative AI tasks. Read more at: https://www.cnbc.com/2024/10/21/qualcomm-revamps-mobile-phone-chips-for-ai-signs-samsung-and-others.html |
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Aramco CEO Says China Oil Demand “Bright Spot”Speaking on the sidelines of the Singapore International Energy Week conference, Saudi Aramco CEO Amin Nasser said he was “fairly bullish” on China’s oil demand, especially after Beijing rolled out a series of stimulus measures to revive the world’s second-largest economy. “We see more demand for jet fuel and naphtha, especially for liquid-to-chemical projects,” Nasser said on the sidelines, adding, “A lot of it is happening in China mainly because of the growth in chemical needs. Especially for the transition, for the electric vehicles, for the solar panels, they need more chemicals. So that’s huge growth there.”
China, the world’s largest crude oil importer and second-largest oil consumer, is Aramco’s largest crude oil customer. Nasser noted that Aramco plans to increase liquids-to-chemical capacity to 4 million barrels a day, with most of the increase directed at Chinese markets. “China is a great market. We are inves … Read more at: https://www.zerohedge.com/commodities/aramco-ceo-says-china-oil-demand-bright-spot |
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Time To Overwhelm Them With Thought-CrimesAuthored by Jim Quinn via The Burning Platform blog, “Thoughtcrime was not a thing that could be concealed for ever. You might dodge successfully for a while, even for years, but sooner or later they were bound to get you”. – Orwell’s 1984
“They do not even need evidence to condemn someone they believe is guilty”. – Orwell’s 1984 Many people have joked that Orwell’s 1984 wasn’t supposed to be an instruction manual, but now it’s not a joke. Orwell’s cautionary warning about authoritarianism, mass surveillance, and the suppression of free speech through the use of propaganda, censorship, and threat of imprisonment and torture, has come to fruition, especially since the Party’s rollout of the Read more at: https://www.zerohedge.com/political/time-overwhelm-them-thought-crimes |
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Seven Israelis Accused Of Giving Info To Iran On Targeted IDF BasesIn an unexpected and somewhat bizarre new development out of Israel, government authorities say they’ve busted up a significant spy network, arresting seven Israeli citizens for gathering information on behalf of Iranian intelligence. Israel’s internal security agency Shin Bet announced Monday that it “successfully dismantled a spy network involving seven Israeli citizens who were operating on behalf of Iranian intelligence.” The detained have been identified as Jewish residents of Haifa and the north, even including an IDF soldier who had deserted the military. They have been named in Israeli press reports as Azis Nisanov, Alexander Sadykov, Vyacheslav Gushchin, Yevgeny Yoffe and Yigal Nissan – with the other two names not disclosed as they have been deemed minors.
Read more at: https://www.zerohedge.com/geopolitical/seven-israelis-accused-giving-info-iran-targeted-idf-bases |
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California Continues To See Negative Net Domestic MigrationAuthored by Jane Yang via The Epoch Times, How many people in the United States are moving to the Golden State and how many are moving to other states? Newly released data from the U.S. Census Bureau for 2023 provides a glimpse into these numbers.
The statistics released Oct. 17 showed that an estimated 422,000 people moved to California from other states and an estimated 690,000 moved to other states in 2023. This resulted in a net negative domestic migration of 268,000. The top five destination states for Californians were Texas, Arizona, Nevada, Washington, and Florida, with people moving to these states making up around 39 percent of the domestic migration out of Californi … Read more at: https://www.zerohedge.com/political/california-continues-see-negative-net-domestic-migration |
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New workers’ rights to cost businesses £5bn a yearFirms will face additional costs over the measures which include boosts to sick pay and unfair dismissal rights. Read more at: https://www.bbc.com/news/articles/cvgdgx8vze8o |
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The work sickness timebomb that risks a lost generation of workersBritain is sick, and getting sicker. Economics editor Faisal Islam unpacks whether the government can get people working again Read more at: https://www.bbc.com/news/articles/c99vz4kz5vzo |
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What taxes might be raised in the Budget?The government says taxes will have to rise to fix the public finances – but which ones could go up? Read more at: https://www.bbc.com/news/articles/cv2gxkln5elo |
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Paytm Q2 Results Preview: Losses may widen YoY; revenue growth to improveOne97 Communications, which runs Paytm, is set to see increased revenue growth in the second quarter of 2024. However, its losses are likely to widen to Rs 660 crore. Despite this, losses should decrease from the previous quarter due to growth in payment services to merchants and financial services. Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/paytm-q2-results-preview-losses-may-widen-yoy-revenue-growth-to-improve/articleshow/114423528.cms |
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Balu Forge Q2 Results: Ashish Kacholia portfolio company delivers 107% YoY jump in PATBalu Forge Industries reported a 107% YoY rise in consolidated net profit for Q2FY25 to Rs 48 crore, driven by a 60% increase in revenue and expanded EBITDA margins. The company benefits from the China+1 strategy and is investing in new capabilities to fuel future growth. Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/balu-forge-q2-results-ashish-kacholia-portfolio-company-delivers-107-yoy-jump-in-pat/articleshow/114433687.cms |
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Stable trend in financials crucial for Godavari BiorefineriesGodavari Biorefineries aims to raise Rs 555 crore through an IPO scheduled for October 23-25, 2024. The funds will be used to repay debt and for an offer for sale. The promoter stake will drop from 81% to over 63%. The company produces sugar, ethanol, and bio-based chemicals, with significant market presence in these sectors. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/stable-trend-in-financials-crucial-for-godavari-biorefineries/articleshow/114433084.cms |
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WNBA star Angel Reese says of her $73,439 salary: ‘Does that even pay my car note?’Reese’s comments came just a few days before WNBA players decided to opt out of their collective bargaining agreement Read more at: https://www.marketwatch.com/story/wnba-star-angel-reese-says-of-her-73-439-salary-does-that-even-pay-my-car-note-085d2e23?mod=mw_rss_topstories |
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RH spooked customers with price hikes. These moves could be luring them back.Art Deco-era designs, along with reclining furniture — an area RH long shied from — are resonating with shoppers, Wedbush analysts said. Read more at: https://www.marketwatch.com/story/rh-spooked-customers-with-price-hikes-these-moves-could-be-luring-them-back-3a6cabe0?mod=mw_rss_topstories |
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Nvidia’s stock hits new high as it reaches this milestone levelNvidia powered to a $3.5 trillion market cap, which only Apple had ever previously hit. Read more at: https://www.marketwatch.com/story/nvidias-stock-touches-new-intraday-high-as-it-heads-for-this-milestone-level-a2244485?mod=mw_rss_topstories |
Image: IDF/Middle East EyeShin Bet has said the group conducted hundreds of small operations on behalf of Tehran, mostly focused on photographing and …
