28 OCT 2024 Market Close & Major Financial Headlines: Major Indexes Opened Moderately Higher, Traded Sideways, Closed Fractionally Lower, But In The Green

Avoiding All-Out War: The Calculus Behind Israel’s Attack

Israel on October 26 struck military targets deep inside Iranian territory, but the extent of its promised attack was more calibrated than many feared. The region has been on edge since October 1, after Israel promised that Iran “will pay” for launching its largest-ever direct attack — almost 200 ballistic missiles in all — on its archfoe. The main concern was whether Israel would strike Iranian nuclear facilities or energy infrastructure, each carrying its own risks. Ali Vaez, director of the Iran Project at the International Crisis Group, told…

Read more at: https://oilprice.com/Geopolitics/International/Avoiding-All-Out-War-The-Calculus-Behind-Israels-Attack.html

Oil Continues Downward Slide Shedding Over 6%

Oil markets have continued the downward spiral, with oil prices falling dramatically after Israel launched limited attacks on Iran. Supreme Leader Ayatollah Ali Khamenei helped cool tensions on Sunday when he signaled there would not be any direct response to Israel’s latest attacks.  On Monday at 2:40 p.m. ET, Brent was trading down 6.04%, at $71.46 per barrel, while WTI crude for December delivery was trading down 6.07% at $67.42 per barrel. Momentum in oil markets has continued to skew towards the downside over the past two weeks,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Continues-Downward-Slide-Shedding-Over-6.html

Geopolitical Tensions Cast Shadow Over EV Industry

Chinese EV battery maker SVOLT is shuttering operations in Europe on the heels of a yearslong regulatory conflict between European lawmakers and EV manufacturing based in China. As we have reported over the last year, EU authorities have been doing everything in their power to stifle EV production based in China, fearing that the lower cost models coming from the east are warping the European market and putting domestic producers at a disadvantage. Now, the consequences are starting to rear their heads. Chinese EV battery maker SVOLT Energy plans…

Read more at: https://oilprice.com/Geopolitics/International/Geopolitical-Tensions-Cast-Shadow-Over-EV-Industry.html

European Gas Futures Retreat from 2024 Highs

Europe’s benchmark natural gas prices slumped on Monday from their 2024 high from last week as Israel’s retaliation for the Iranian missile strike was limited in scope and targets and avoided energy infrastructure in Iran.  Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were trading down by 3% to $45.68 (42.20 euros) per megawatt-hour (MWh) at 1:45 p.m. in Amsterdam on Monday.   The futures prices fell from their 2024 high hit last week after an outage in Norway made traders nervous while…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Gas-Futures-Retreat-from-2024-Highs.html

BP and Shell Brace for Profit Drop

BP and Shell are expected to post lower profits this week as the supermajors grapple with weak oil prices and a global slowdown in demand. BP is due to publish its third-quarter earnings on Tuesday, while Shell will report its results on Thursday. Earlier this month, the FTSE 100 firms warned of falling profit margins at their oil refining businesses – major parts of their income streams. The slump in margins came amid a broader faltering in demand for oil across consumer and industrial sectors, with brent crude prices staying broadly flat…

Read more at: https://oilprice.com/Energy/Crude-Oil/BP-and-Shell-Brace-for-Profit-Drop-Amidst-Oil-Market-Woes.html

Natural Gas Prices Plummet 11% as Israel-Iran Conflict Cools

U.S. natural gas prices crashed on Monday after Israel launched limited attacks on Iran while Supreme Leader Ayatollah Ali Khamenei helped cool tensions after he announced Iran would not issue a direct response to Israel’s latest attacks.  Natural gas prices were trading down 11% to $2.284/MMBtu at 11.17 am CDT in Monday’s session. U.S. gas production from the lower 48 states averaged 102.8 Bcf/d over the weekend, close to 103 Bcf/d summer high and up about 2 Bcf/d from autumn lows. In 2023, U.S. natural gas prices averaged $2.57/MMBtu,…

Read more at: https://oilprice.com/Energy/Natural-Gas/Natural-Gas-Prices-Plummet-11-as-Israel-Iran-Conflict-Cools.html

UAE’s Renewable Energy Giant Pushes Back Green Hydrogen Targets

Masdar, the clean energy giant of the United Arab Emirates (UAE), has pushed back its target to reach 1 million tons per year of green hydrogen capacity beyond 2030, the company’s press office told Bloomberg on Monday. Masdar, which initially targeted this capacity by 2030, will now aim to reach it over the next decade, according to the press office, which did not elaborate on why plans have been deferred. Masdar says that it is developing and investing in strategic green hydrogen projects and building scalable platforms in key markets around…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAEs-Renewable-Energy-Giant-Pushes-Back-Green-Hydrogen-Targets.html

Nvidia-Backed Ubitus Seeks Nuclear-Powered Data Centers in Japan

Another day, another data center cozying up to nuclear power. This time its an Nvidia-backed company called Ubitus K.K., based in Tokyo. The company is looking to “acquire land in Kyoto, Shimane or a prefecture in Japan’s southern island of Kyushu, primarily because of the availability of nuclear power in the region”, according to a new report from Bloomberg.  Chief Executive Officer Wesley Kuo announced the plans in an interview on Thursday last week. The company already has two data centers used for gaming and is planning a third for…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Nvidia-Backed-Ubitus-Seeks-Nuclear-Powered-Data-Centers-in-Japan.html

Profit at India’s Top Refiner Slumps by 99% Due to Weak Margins

IndianOil, the biggest refiner in India, reported on Monday a net profit tumbling by 98.6% in the quarter to September from a year ago amid low Indian fuel demand in the monsoon season and low marketing and refining margins. IndianOil’s net profit slumped to $21.4 million (1.8 billion Indian rupees) for the July-September quarter, down by nearly 99% year over year The net profit for the quarter, which is IndianOil’s second quarter of its 2024/2025 fiscal year, was largely “due to inventory losses and lower refining margins during…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Profit-at-Indias-Top-Refiner-Slumps-by-99-Due-to-Weak-Margins.html

Average U.S. Gasoline Price Set to Drop Below $3 for the First Time Since 2021

The U.S. national average price of gasoline is set to soon fall below $3 per gallon for the first time since 2021, amid lower seasonal demand and a decline in international oil prices, according to fuel platform GasBuddy. Over the last week, the U.S. national average price fell for the second consecutive week and was at $3.07 per gallon early on Monday, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average price is now down by 12.9 cents…

Read more at: https://oilprice.com/Energy/Energy-General/Average-US-Gasoline-Price-Set-to-Drop-Below-3-for-the-First-Time-Since-2021.html

Oman’s Oil Exploration Firm Plunges After Record $2-Billion IPO

After a record $2-billion initial public offering, OQ Exploration and Production Company (OQEP), Oman’s wholly-state-owned upstream oil and gas operator, fell by more than 8% at its market debut on Monday amid a plunge in international oil prices. Oil prices plummeted by more than 5% in Monday morning trade, after Israel’s limited strikes on Iran over the weekend in retaliation for the Iranian missile attack on Israel from early this month. The measured response from Israel and signals from Iran’s Supreme Leader Ayatollah Ali Khamenei…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Omans-Oil-Exploration-Firm-Plunges-After-Record-2-Billion-IPO.html

China’s Oil Giant CNOOC Books Record Q3 Profit as Production Jumps

Despite lower international oil prices, Chinese state-held oil and gas giant CNOOC reported on Monday its highest-ever profit for the third quarter, on the back of record oil and gas production. CNOOC, which specializes in offshore oil and gas developments in China and internationally, booked a net profit of $5.2 billion (36.93 billion Chinese yuan) for the third quarter, up by 9% compared to the same period of 2023. CNOOC focuses on oil and gas exploration and production and, unlike the other major Chinese state-owned oil giants such as PetroChina,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Oil-Giant-CNOOC-Books-Record-Q3-Profit-as-Production-Jumps.html

PetroChina Set to Close Its Biggest Refinery in 2025

State oil giant PetroChina plans to shut its largest Chinese refinery in 2025 after years of considering moving the processing to a smaller site, anonymous sources told Reuters on Monday. PetroChina has been thinking for years to shut its Dalian Petrochemical plant in downtown Dalian, north China. The 410,000-barrels per day refinery accounts for about 3% of the total Chinese refinery output. The municipal authorities of Dalian have been pushing for years for the relocation of the refinery away from Dalian city. The relocation and the closure of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/PetroChina-Set-to-Close-Its-Biggest-Refinery-in-2025.html

LG Energy Reports 40% Drop in Profits as EV Demand Tanks

South Korean battery major LG Energy Solution has reported a 40% drop in third-quarter profits, resulting from slowing demand for battery cars. The figure that the company reported, at about $323 million, was higher than analysts had forecast, but it was 40% lower than the profit figure for the third quarter of 2023. “Competition in the global EV market is seen intensifying as macroeconomic uncertainties and geopolitical risks persist at a time when Chinese manufacturers are increasing their exports and our customers are announcing their…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/LG-Energy-Reports-40-Drop-in-Profits-as-EV-Demand-Tanks.html

Oil Prices Drop Dramatically After Israel’s Limited Strikes on Iran

Oil prices dropped dramatically at the start of the week after Israel’s limited reaction to Iran’s missile attack convinced markets that a marked escalation in the conflict was unlikely. Iran’s Supreme Leader Ayatollah Ali Khamenei then helped to cool tensions on Sunday when he signaled there would not be any direct response to Israel’s strikes in Iran. The price of West Texas Intermediate tumbled from $71.78 on Friday to $68.01 early on Sunday morning before recovering slightly. Brent crude oil futures, meanwhile, fell…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Drop-Dramatically-After-Israels-Limited-Strikes-on-Iran.html

JPMorgan begins suing customers who allegedly stole thousands of dollars in ‘infinite money glitch’

JPMorgan is investigating thousands of cases related to the glitch, which highlights the risk that social media can amplify vulnerabilities found at a bank.

Read more at: https://www.cnbc.com/2024/10/28/jpmorgan-suing-customers-over-infinite-money-glitch.html

Apple releases Apple Intelligence. Here’s how to get it on your iPhone

The release is a critical milestone for Apple, which is relying on the feature launch to power its marketing campaign for the iPhone 16.

Read more at: https://www.cnbc.com/2024/10/28/apple-intelligence-released-heres-how-to-get-it-on-your-iphone.html

U.S. oil posts worst day in two years after Israel spares Iran crude facilities

Oil prices lost ground on Monday after Iranian energy facilities were spared during an Israeli attack over the weekend.

Read more at: https://www.cnbc.com/2024/10/28/oil-slides-over-4percent-as-israels-attack-on-iran-unlikely-to-disrupt-supplies.html

Ford Motor earnings are out — here are the numbers

Ford reported earnings after the bell. Here are the results.

Read more at: https://www.cnbc.com/2024/10/28/ford-motor-f-earnings-q3-2024.html

The stock market’s best six-month period starts this week, especially for small caps

The ‘best six months’ pattern faces a key difference in 2024: stocks have already registered a strong first half of the year.

Read more at: https://www.cnbc.com/2024/10/28/the-stock-markets-best-six-month-period-starts-this-week.html

Harris hones in on manufacturing plan in Michigan as Trump leads on economy

As Vice President Kamala Harris and Donald Trump vie for working-class votes, the candidates have each promised a manufacturing boom.

Read more at: https://www.cnbc.com/2024/10/28/harris-trump-election-manufacturing-proposals-battleground-michigan.html

Trump Media shares surge up to 20% after Trump rally in New York City

Shares of Donald Trump’s social media company rocketed up as much as 20% Monday morning.

Read more at: https://www.cnbc.com/2024/10/28/djt-trump-media-stock-election-rally-nyc.html

Delta, CrowdStrike sue each other over widespread IT outage that caused thousands of cancellations

Delta is seeking damages for its losses from the July IT incident, as well as litigation costs and punitive damages.

Read more at: https://www.cnbc.com/2024/10/25/delta-suit-against-crowdstrike-after-it-outage-caused-cancellations.html

Microsoft calls out Google for running ‘shadow campaigns’ in Europe to influence regulators

Microsoft suggested Google has a pattern of funding organizations with the mission of discrediting the software company with regulators.

Read more at: https://www.cnbc.com/2024/10/28/microsoft-calls-out-google-for-shadow-campaigns-in-europe-in-cloud.html

Harris dismisses Tony Hinchcliffe ‘nonsense’ about Puerto Rico at Trump MSG rally

Democratic presidential nominee Kamala Harris said GOP nominee Donald Trump is “fixated on his grievances, on himself and on dividing our country.”

Read more at: https://www.cnbc.com/2024/10/28/harris-tony-hinchcliffe-puerto-rico-trump-rally-msg.html

Apple announces new iMac with M4 chip, starts at $1,299

Apple on Monday announced an updated iMac with the company’s latest M4 chip.

Read more at: https://www.cnbc.com/2024/10/28/apple-imac-m4-price-release-date.html

I just bought a Jeep for my teen driver. Here’s what I learned about the used car market

If you haven’t shopped for a used car in a few years, prepare for massive sticker shock.

Read more at: https://www.cnbc.com/2024/10/26/i-just-bought-a-used-car-for-my-teen-driver-heres-what-i-learned.html

Philadelphia DA sues Elon Musk PAC to stop $1 million lottery for voters

Elon Musk and his America PAC, who are backing Donald Trump, have offered registered voters in swing states the chance to win $1 million each day.

Read more at: https://www.cnbc.com/2024/10/28/philadelphia-da-sues-elon-musk-pac-to-stop-1-million-lottery-for-voters.html

The Revolution Continues: The Ranks Of Anti-Fed Republicans Grow

Authored by Tho Bishop via The Mises Institute,

This year marks the 12-year anniversary of Ron Paul’s retirement from Congress, but his legacy continues to display itself on the political scene. On issues like foreign policy, war skepticism has grown, at least concerning American involvement in Europe. Abolishing the Department of Education has become a key tenant of Donald Trump’s education agenda. Eliminating taxes on tips has been adopted by both presidential campaigns.

Less obvious, however, has been growing political support for one of Dr. Paul’s greatest priorities: ending the Federal Reserve.

An illustration of this can be seen most obviously with the bill itself. In 2012, Dr. Paul’s last term in Congress, his End the Fed bill didn’t …

Read more at: https://www.zerohedge.com/political/revolution-continues-ranks-anti-fed-republicans-grow

Sloppy 5 Year Auction Tails Despite Record Foreign Demand

90 minutes an ugly 2Y auction this morning, moments ago the Treasury sold its second coupon offering for the day, this one $70BN in 5Y paper in an auction that was even uglier.

The high yield was 4.138%, up sharply from 3.519% in October and the highest since June. And with the When Issued trading at 4.122% at 1pm, the 5Y tailed 1.6bps, making this the 4th consecutive auction that has failed to stop through (last month was on the screws) and the second biggest tail of 2024, only January’s 2bps tail was bigger.

The bid to cover was 2.39, effectively unchanged from the 2.38 last month and the lowest since June.

The internals were a perhaps the only silver lining: Indirects took down 76.4%, up from 70.3% and the highest on record (one wouldn’t think that seeing the wide tail).

Read more at: https://www.zerohedge.com/markets/sloppy-5-year-auction-tails-despite-record-foreign-demand

Trump’s 19th-Century Solution To Fiscal Disaster

Authored by David Stockman via The Brownstone Institute,

In the last weeks of the campaign, Donald Trump is slicing and dicing the Federal income tax nearly as fast as he served up fries at the McDonald’s drive-thru window last weekend. So far, he has proposed to extend the lower rates, family tax credits, and investment incentives of the 2017 Tax Act after they expire in 2025 and to also exempt tips, Social Security benefits, and overtime wages from the Federal income tax.

Those items alone would generate a revenue loss of $9 trillion over the next decade, but he has recently proposed to also exempt firefighters, police officers, military personnel, and veterans from the Federal income tax as well.

We estimate the latter would cost another $2.5 trillion in revenue loss over 10 years. As it happens, there are 370,000 firemen, 708,000 policemen, 2. …

Read more at: https://www.zerohedge.com/economics/trumps-19th-century-solution-fiscal-disaster

Huge Israeli Strikes Overwhelm Lebanon’s Tyre After Citizens Warned To Evacuate

While it is looking like war between Israel and Iran is on hold, after the somewhat theatrical tit-for-tat which finally ended in Israel’s ‘limited’ military response this weekend, things in Lebanon are still ramping up.

On Monday the southern Lebanese coastal city of Tyre has come under heavy Israeli airstrikes and bombardment, so much so that a giant cloud of smoke has engulfed the it. The city has already been under attack for nearly a week. At least seven people have been reported killed in the latest Monday airstrikes.

Smoke overwhelms southern areas of the city of Tyre on Monday, AFP.

Lebanese state media has confirmed significant aerial attacks after Israel’s military earlier issued an evacuation call for large swathes of the ancient city, which is also a UNESCO world heritage site.

“Enemy aircraft launched their first strike aft …

Read more at: https://www.zerohedge.com/geopolitical/huge-israeli-strikes-overwhelm-lebanons-tyre-after-citizens-warned-evacuate

Bus fares to rise to £3 in England under new cap

The new limit replaces the existing £2 cap but some have criticised the decision.

Read more at: https://www.bbc.com/news/articles/cy0l99xz719o

What is a ‘working person’, according to Labour

The government has promised not to raise taxes on “working people” in this Wednesday’s Budget.

Read more at: https://www.bbc.com/news/articles/cwyg44lwjydo

Tax rises needed to avert austerity, Starmer says

The prime minister says the UK is facing unprecedented challenges, but promises better days lie ahead.

Read more at: https://www.bbc.com/news/articles/c5y5d87zjxdo

Federal Bank Q2 Results: Profit rises 11% to Rs 1,057 crore, NII up 15%

The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 crore in the same quarter last year, Federal Bank said in a regulatory filing.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/federal-bank-q2-results-profit-rises-11-to-rs-1057-crore-nii-up-15/articleshow/114700172.cms

American multinational Citigroup sells HDFC Bank’s shares worth Rs 275 crore

On October 19, HDFC Bank reported a 6 per cent increase in the September quarter net profit to Rs 17,825.91 crore on a consolidated basis.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/american-multinational-citigroup-sells-hdfc-banks-shares-worth-rs-275-crore/articleshow/114699037.cms

Sebi proposes allowing shared contact details for non-individual clients to simplify compliance

To enhance ease of compliance, Sebi on Monday proposed broadening its guidelines on shared contact details by allowing non-individual clients, such as HUFs, partnerships, trusts, and corporates, to use the same mobile number or email address under exceptional circumstances. Currently, this exception applies only to individual clients within a family.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-proposes-allowing-shared-contact-details-for-non-individual-clients-to-simplify-compliance/articleshow/114698281.cms

‘I worry I’ll be forced to sell the house’: My parents put their house in my name. Was this a terrible mistake?

“When my mother passes away, what will the tax implications be?”

Read more at: https://www.marketwatch.com/story/i-worry-ill-be-forced-to-sell-the-house-my-parents-put-their-house-in-my-name-was-this-a-terrible-mistake-0d73efe4?mod=mw_rss_topstories

McDonald’s earnings: Weaker demand, E. coli outbreak in focus — but sales seen at highest in years

As McDonald’s readies its third-quarter earnings report Tuesday, Wall Street is focused on demand from lower-income diners, as well as a recent E. coli outbreak.

Read more at: https://www.marketwatch.com/story/mcdonalds-earnings-weaker-demand-e-coli-outbreak-in-focus-but-sales-seen-at-their-highest-in-years-fab67ed0?mod=mw_rss_topstories

Our son lived in our basement ‘finding himself.’ We give him an allowance — and now he lives off gig work in a studio with his girlfriend. What can we do?

“He isn’t interested in further formal education.”

Read more at: https://www.marketwatch.com/story/our-son-lived-in-our-basement-finding-himself-we-give-him-an-allowance-and-now-he-lives-off-gig-work-in-a-studio-with-his-girlfriend-what-can-we-do-ff77c5d1?mod=mw_rss_topstories