06 NOV 2024 Market Close & Major Financial Headlines: Trump Win Ignites Markets To New Highs

U.S. Sanctions Target Central Asian Firms for Aiding Russia’s War Effort

Four entities in Central Asia have been added to the US Treasury Department’s sanctions list, accused of providing machine tools and other dual-use equipment to Russia via China in violation of US rules barring trade that can support the Kremlin’s war effort in Ukraine. The four entities, one from Kazakhstan, one from Kyrgyzstan and two from Uzbekistan, were among 275 businesses and individuals added to the sanctions list at the end of October.  A Treasury Department statement outlined what it called the “Ushko Machine Tools…

Read more at: https://oilprice.com/Geopolitics/International/US-Sanctions-Target-Central-Asian-Firms-for-Aiding-Russias-War-Effort.html

Rare Bees Halt Zuckerberg’s Nuclear-Powered AI Dream

At an all-hands meeting last week, Mark Zuckerberg reportedly told Meta workers that plans to build an AI data center powered by nuclear energy were scrapped after rare bees were discovered on the proposed site. Meta’s proposed AI data center project with an existing nuclear power plant operator fell apart over environmental and regulatory challenges, according to a Financial Times report, citing two people familiar with the meeting. The people gave no details about which nuclear power plant Meta planned to build an AI data center in an adjacent…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Rare-Bees-Halt-Zuckerbergs-Nuclear-Powered-AI-Dream.html

Trump’s Victory Signals a Shift in Global Power Dynamics

EU officials are bracing themselves for Donald Trump’s return to the White House. They are preparing for the possibility of increased tensions in transatlantic trade and the likelihood that the bloc of 27 member states will have to shoulder a bigger burden of political and financial support for Ukraine. Plus there’s the fact that, in the past, Trump has preferred to deal with regional allies, such as Hungarian Prime Minister Viktor Orban, rather than the European Union as a whole. Speaking to EU officials as Trump was projected to win the U.S.…

Read more at: https://oilprice.com/Geopolitics/International/Trumps-Victory-Signals-a-Shift-in-Global-Power-Dynamics.html

Mexico’s New Government Presents New Set of Energy Policies

Mexico’s new government has announced that its energy policies include boosting state-owned national power company CFE while also setting rules for private electricity producers, including those generating clean energy. Speaking at a press conference alongside President Claudia Sheinbaum, energy Minister Luz Elena Gonzalez has revealed that private power producers will be able to generate renewable electricity of up to 9.55 gigawatts by 2030, when the president’s term comes to an end. According to Sheinbaum, legislation to implement the plans–including…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexicos-New-Government-Presents-New-Set-of-Energy-Policies.html

Rare Earth Prices Soar as Myanmar’s Mining Operations Halt

Via Metal Miner “People are running around the world looking for rare earth elements.” This one sentence in the South China Morning Post, quoting James Chin, Professor of Asian Studies at the University of Tasmania, sums up the current rare earths situation well. Chin’s comment is even more true following the recent supply disruptions in Myanmar, which caused a rise in the global prices of rare earths. Amid the ongoing civil war in that country, a rebel group managed to take over a leading mining center in mid-October. This has…

Read more at: https://oilprice.com/Energy/Energy-General/Rare-Earth-Prices-Soar-as-Myanmars-Mining-Operations-Halt.html

Russia’s Crude Output In October In-line With OPEC+ Target

Russian data show the nation’s crude production in October was nearly in-line with its OPEC+ quota. The country pumped 8.973 million barrels a day of crude last month, up by ~3,000 barrels a day compared with September, and just 5,000 barrels a day above the nation’s quota for the month. Russia is currently implementing two sets of curbs to its crude output: a 500,000 barrel-a-day reduction announced early last year, a s well as a 471,000 barrel-a-day cut it promised in March that will end at the end of the current year. Back in July,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Crude-Output-In-October-In-line-With-OPEC-Target.html

Europe Stocks Up On LNG Ahead of Winter

For the first time in ten months, Europe’s imports of liquefied natural gas rose in October from the previous month as it moved to fill its gas storage sites for the winter in which the transit deal for Russian pipeline gas flows via Ukraine expires. The rare October jump in LNG imports was largely due to buyers stocking up on the fuel at steady prices at the end of the summer, while Asia’s LNG imports slightly fell last month, likely due to lower Chinese purchases, per data from commodity analytics firm Kpler cited by Reuters columnist…

Read more at: https://oilprice.com/Energy/Energy-General/Europe-Stocks-Up-On-LNG-Ahead-of-Winter.html

UAE’s ADNOC to Supply Gas to Germany From Its New LNG Project

Abu Dhabi’s national oil company ADNOC signed on Wednesday a long-term supply agreement for its Ruwais LNG project currently under development and will deliver 1 million tons of the super-chilled fuel to German company SEFE for 15 years. The deal signed today converts the previous Heads of Agreement between ADNOC and German state firm SEFE announced in March into a definitive agreement. The liquefied natural gas that will be delivered to SEFE will primarily be sourced from the Ruwais LNG project, with deliveries expected to start in 2028…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAEs-ADNOC-to-Supply-Gas-to-Germany-From-Its-New-LNG-Project.html

EIA Confirms Inventory Builds Across the Board

Crude oil prices were under pressure this morning after the U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 1. This compared with a modest inventory draw of half a million barrels for the previous week and a crude oil inventory build for the week to November 1 as estimated by the American Petroleum Institute on Tuesday. At the time of writing, Brent crude was trading at $75.07 a barrel, and WTI was trading at $71.70 a barrel, both down from opening, as Republican candidate Donald…

Read more at: https://oilprice.com/Energy/Energy-General/EIA-Confirms-Inventory-Builds-Across-the-Board.html

Senegal Set to Ship Its First LNG in Early 2025

West African country Senegal is on track to see the first LNG shipment from a major gas and LNG project operated by BP early next year, Senegal’s Deputy Energy Minister Cheikh Niane told Bloomberg on Wednesday. The Greater Tortue Ahmeyim (GTA) continues to be “on track” per the latest timeline, and the first gas extraction is expected this year, Niane told Bloomberg on the sidelines of the ADIPEC energy industry event in Abu Dhabi. The Greater Tortue Ahmeyim LNG export project offshore Mauritania and Senegal is being developed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Senegal-Set-to-Ship-Its-First-LNG-in-Early-2025.html

Bitcoin, Treasury Yields Jump as Trump Takes White House

US Treasury yields jumped and Bitcoin surged to a new record as markets reacted to Donald Trump’s victory in the presidential election. Republicans have taken back control of the Senate, while Trump is due to return to the White House after winning the crucial battleground of Pennsylvania. Trump declared victory in a speech in Florida after having earlier won the key swing states of North Carolina and Georgia. The win was officially called by media outlets later in the morning. Walking up to the stage at 2.25am local time to a raucous ovation…

Read more at: https://oilprice.com/Finance/the-Markets/Bitcoin-Treasury-Yields-Jump-as-Trump-Takes-White-House.html

Slumping Wind Generation Prompts Emergency in Europe as Power Prices Surge

Falling wind power generation has tightened power markets in Europe this week, with Wednesday electricity prices in Germany hitting their highest since the peak of the energy crisis in 2022. Wind speeds in the UK and Germany have slumped this week in the so-called ‘Dunkelflaute’ period in which there is a lull in wind speeds. This has sent power prices in northwestern European countries surging and nations have had to rely more on fossil fuels such as natural gas to meet demand. The UK saw on Tuesday just 4% of its electricity demand…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Slumping-Wind-Generation-Prompts-Emergency-in-Europe-as-Power-Prices-Surge.html

World’s Top Oil Traders Buy Up Fuel From Africa’s Biggest Refinery

The large commodity trading firms Vitol and Trafigura, as well as supermajor BP, are the biggest and dominant buyers of fuels lifted from the Dangote refinery in Nigeria, Africa’s newest and largest crude processing facility, Bloomberg reported on Wednesday, citing data from Geneva-based oil and gas analytics firm Precise Intelligence. The Dangote refinery began the production of fuels in January 2024, marking the start-up of the plant that has seen years of delays. The plant began to ramp up processing rates in the middle of this…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Top-Oil-Traders-Buy-Up-Fuel-From-Africas-Biggest-Refinery.html

Hurricane Rafael Threatens U.S. Gulf of Mexico Oil Production

Tropical storm Rafael has strengthened to hurricane intensity in recent hours and is still set to continue its path toward the U.S. Gulf of Mexico, where oil and gas producers have shut-in production at platforms and evacuated personnel to shore. The late-season hurricane could threaten about 4 million barrels per day (bpd) of oil production in the Gulf of Mexico, according to modeling data by energy analytics provider Earth Science Associates. The current projected path of the hurricane could pass through the Gulf of Mexico on a trajectory that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hurricane-Rafael-Threatens-US-Gulf-of-Mexico-Oil-Production.html

Libya Set to Announce First Oil Bid Round Since 2011

Beleaguered North African oil producer Libya is set to announce within months its first oil and gas exploration bid round since the civil war began in 2011, Libyan Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview. OPEC member Libya plans to offer blocks both onshore and offshore in the tender expected by the end of 2024 or in early 2025, the official told Bloomberg. The blocks up for grabs are located in the Sirte, Murzuq, and Ghadames basins, Sadiq added. Libya’s previous oil and gas exploration tender was held as far back…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libya-Set-to-Announce-First-Oil-Bid-Round-Since-2011.html

Dow soars 1,500 points to record high in best day since 2022 after Trump election win: Live updates

Stocks rallied Wednesday, with some major benchmarks hitting record highs, as Donald Trump won the 2024 presidential election.

Read more at: https://www.cnbc.com/2024/11/05/stock-market-today-live-updates.html

Election live updates: Harris arrives at Howard University for concession speech, Biden congratulates Trump

Donald Trump won a decisive victory in the U.S. presidential race, defeating Kamala Harris and surprising even his closest allies.

Read more at: https://www.cnbc.com/2024/11/06/trump-live-updates-markets-and-world-leaders-react-to-americas-president-elect.html

Trump’s victory spells doom for his criminal cases — but he’s not off the hook for $570 million in civil fines

President-elect Donald Trump’s election victory means he will likely be able to delay, or end, all the criminal proceedings that have been lodged against him.

Read more at: https://www.cnbc.com/2024/11/06/trump-election-criminal-civil-cases-jackp-smith.html

House majority still in play as Republicans eye a red sweep

President-elect Donald Trump won the presidential race against Vice President Kamala Harris and Republicans flipped Senate control.

Read more at: https://www.cnbc.com/2024/11/06/house-control-majority-republicans-red-sweep-democrats.html

The big Trump losers: These stocks could have an overhang for a while

Not every sector is poised to get a lift from Donald Trump’s election. Wall Street weighs in on some of the biggest losers.

Read more at: https://www.cnbc.com/2024/11/06/the-big-trump-losers-these-stocks-could-have-an-overhang-for-a-while.html

The Fed is expected to cut interest rates again Thursday. Here’s everything you need to know

Markets are pricing in a near-certainty that the FOMC will lower its benchmark rate by a quarter percentage point.

Read more at: https://www.cnbc.com/2024/11/06/the-fed-is-likely-cutting-rates-again-thursday-everything-you-need-to-know.html

Stellantis to indefinitely lay off 1,100 workers at Jeep plant in Ohio

Automaker Stellantis announced plans Wednesday to cut a manufacturing shift and indefinitely lay off roughly 1,100 workers at a Jeep plant in Ohio.

Read more at: https://www.cnbc.com/2024/11/06/stellantis-layoff-jeep-ohio.html

Trump promised no taxes on Social Security benefits. It’s too soon to plan on that change, experts say

Even with Trump win and a Republican majority, plans to nix taxes on Social Security benefits may still face hurdles.

Read more at: https://www.cnbc.com/2024/11/06/trump-promised-no-taxes-on-social-security-benefits-here-what-experts-say.html

What Trump’s election to the White House could mean for EVs

Republicans, led by Trump, have largely condemned EVs, claiming they are being forced upon consumers and that they will ruin the U.S. auto industry.

Read more at: https://www.cnbc.com/2024/11/06/trump-reelection-what-it-means-for-evs.html

Mortgage rates surge higher on Trump victory, causing housing stocks to fall

Lennar, D.R. Horton and PulteGroup were all down Wednesday. Retailers Home Depot and Lowe’s were also lower.

Read more at: https://www.cnbc.com/2024/11/06/mortgage-rates-surge-on-trump-victory-housing-stocks-to-plummet.html

Jeff Bezos, Sam Altman, Tim Cook and other tech leaders congratulate Trump on election win

Leaders including Jeff Bezos, Sam Altman and Tim Cook congratulated the president-elect and said they looked forward to working with his administration.

Read more at: https://www.cnbc.com/2024/11/06/trump-2024-election-win-tech-ceos-give-their-congratulations.html

Here’s what President-elect Trump’s tariff plan may mean for your wallet

President-elect Donald Trump proposed sweeping new tariffs on the campaign trail that may raise prices for consumers and trigger job loss, economists said.

Read more at: https://www.cnbc.com/2024/11/06/here-what-president-elect-trumps-tariff-plan-may-mean-for-your-wallet.html

German Chancellor Olaf Scholz fires Finance Minister Christian Lindner, leaving ruling coalition in disarray

The three-year-old union between Scholz’s Social Democratic Party (SPD), the Greens and Lindner’s Free Democratic Party (FDP) has been on shaky ground for some time.

Read more at: https://www.cnbc.com/2024/11/06/german-chancellor-olaf-scholz-fires-finance-minister-christian-lindner.html

Biden-Harris DoJ Reportedly Winding Down Trump Criminal Cases

Special Counsel Jack Smith, overseeing two federal cases against former President Donald Trump, has considered a possible pathway to end the cases, according to two sources familiar with the matter who spoke to NBC News. This news from the MSM outlet comes hours after Trump won the US presidential election.

Here’s more from NBC News:

The latest discussions stand in contrast with the pre-election legal posture of Special Counsel Jack Smith, who in recent weeks took significant steps in the election interference case against Trump without regard to the electoral calendar.

But the sources say DOJ officials have come to grips with the fact that no trial is possible any time soon in either the January 6th case or the classified documents matter—both of which are mired in legal issues that would likely prompt an appeal all the way to the Supreme Court, even if Trump had lost the election.

Now that Trump will become president again, DOJ officials see no room to pursue either criminal case against him—and no point in continuing to litigate them in the weeks before he takes office, the people said.

The outlet continued:

The sources said it will be up to Smith to decide exactly how …

Read more at: https://www.zerohedge.com/political/biden-harris-doj-reportedly-winding-down-trump-criminal-cases

Yields Slide After Stellar 30Y Auction, But Then Blow Out Again

With global markets in chaos in the aftermath of the Trump victory – and what appears to be a Republican sweep – and bond yields soaring by the most since the covid crisis, some were worried that today’s 30Y auction would be a historic disaster and may even fail, as technically improbable as that may be. In the end, with 30Y yields blowing out by more than 20bps, the biggest rout since 2020, such fair proved to be groundless because today’s sale of $25BN in 30Y paper ended up being very solid for the most part.

The auction, the last of the quarterly refunding trio, priced at a high yield of 4.608%, up from 4.389% last month and the highest since May’s 4.635%, but stopped through the When Issued 4.638% by 2.2bps, the biggest stop through since Dec 2020, although a lot of that has to do with the massive concession into today’s auction.

The bid to cover was a remarkable 2.642, up huge from 2.495 in October, above the 2.40 recent average, and the highest since Jan 2018.

The internals however were more problematic, with Indirects aw …

Read more at: https://www.zerohedge.com/markets/yields-slide-after-stellar-30y-auction-then-blow-out-again

Kamala Concedes In Phone Call To Trump, Campaign Manager Says “Unfathomably Painful”

Vice President Kamala Harris has called President-Elect Donald Trump to concede the election and congratulate him on beating her like Doug Emhoff’s ex-girlfriend.

A crestfallen Wolf Blitzer delivers the news:

JUST IN: Kamala Harris has called President Donald Trump to congratulate him and concede the 2024 election.

“We are told she talked about the importance of the transfer of power…” pic.twitter.com/AuprXkAgxr

— Collin Rugg (@CollinRugg) November 6, 2024

Harris campaign manager, meanwhile, sent a letter to staff in which she said “losing is unfathomably painful. It is hard. This will take a long time to process. …

Read more at: https://www.zerohedge.com/political/kamala-concedes-phone-call-trump-campaign-manager-says-unfathomably-painful

China Hopes For ‘Peaceful Coexistence’ – Voices Caution, After Trump Victory

Update(1419): Beijing’s reaction to Trump’s victory was characteristically guarded and cautious on Wednesday, with a statement expressing hope the future Trump White House will continue to handle China-US relations in accordance with the “principles of mutual respect and peaceful coexistence.”

This presents the possibility of a new beginning in China-US relations “if the chance that has been offered is not wasted” – according to the Ministry of Foreign Affairs.

“The presidential election of the United States is its internal affair. We respect the choice of the American people,” spokesperson Mao Ning said. Reporters in the briefing pressed her on policy changes, especially related to tariffs, but she didn’t speculate:

She dismissed the question on his campaign promise to sharply raise tariffs on Chinese imports, higher than his first term by saying, “We do not respond to hypothetical questions.”

Trump has been making pretty serious threats on this just in the last days ahead of the vote…

🇺🇸 Trump has promised to impose tariffs of 100-200% on goods from EU countries

EU countries are as bad as China, they don’t accept our goods, but they sell theirs to us pic.twitter.com/eq6Drlohag

— S p r i n t e r (@SprinterFamily)

Read more at: https://www.zerohedge.com/geopolitical/moscow-cautiously-optimistic-first-reaction-trump-win

US shares and Bitcoin hit record high on Trump win

The result could have a far-reaching implications for tax and trade policy, as well as economies around the world.

Read more at: https://www.bbc.com/news/articles/c6246e3w935o

Asda to cut 475 jobs and reduce hybrid working

The retailer says it is restructuring the business amid a challenging market.

Read more at: https://www.bbc.com/news/articles/c624dd6g3lmo

Warning millions will struggle to pay water bill rises

A proposed average rise of 21% over five years will cause ‘intolerable strain’, a consumer group warns.

Read more at: https://www.bbc.com/news/articles/ce9gve1grjmo

HZL OFS attracts bids worth Rs 3,400 cr from institutional investors, govt to exercise greenshoe option

The government’s offer-for-sale for more than 4.75 crore Hindustan Zinc Ltd (HZL) shares to institutional investors over-subscribed on Wednesday, with institutional buyers putting bids worth close to Rs 3,400 crore. On the first day of the two-day OFS, bids came in for over 6.69 crore shares, which is 1.41 times the total of 4.75 crore shares on offer for institutional buyers.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/hzl-ofs-attracts-bids-worth-rs-3400-cr-from-institutional-investors-govt-to-exercise-greenshoe-option/articleshow/115023394.cms

How to trade eClerx, Piramal Pharma, Deepak Fertilizer in next session

Indian market closed in the green for the second consecutive day in a row on Wednesday tracking positive global cues. The BSE Sensex index rose more than 900 points to close above 80,300 levels while Nifty50 reclaimed 24,400 levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-to-trade-eclerx-services-piramal-pharma-amp-deepak-fertilizers-on-thursday/market-summary/slideshow/115016713.cms

Bitcoin at record high above $75,000 is good news for Nifty bulls also. Here’s why

As Donald Trump inches closer to victory in the US presidential election, Bitcoin prices surged past $75,000, signaling a risk-on sentiment in the market. This surge coincided with a correction in the Indian stock market, with the MSCI India ETF dropping over 8%.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-at-record-high-above-75000-is-good-news-for-nifty-bulls-also-heres-why/articleshow/115014979.cms

Older voters came out in droves — but they were just as split as the rest of the country

Older voters have always been influential and dependable voters and that was no different this election season.

Read more at: https://www.marketwatch.com/story/older-voters-came-out-in-droves-but-they-were-just-as-split-as-the-rest-of-the-country-0356a2c6?mod=mw_rss_topstories

30-year bond yield closes with biggest jump since 2022 after Trump wins

U.S. government debt aggressively sold off on Wednesday, pushing the 30-year yield up by the most in two years, as traders factored in the likely trade and deficit policies of a second Trump administration.

Read more at: https://www.marketwatch.com/story/bond-yields-rise-on-likely-trump-win-and-possible-red-wave-b2a32976?mod=mw_rss_topstories

Oil prices end with a modest loss as Trump’s win lifts the dollar

Oil futures finished lower Wednesday, but pared much of the earlier losses that pulled U.S. prices briefly below $70 a barrel, as traders weighed the potential impact of former President Donald Trump’s win in Tuesday’s presidential election.

Read more at: https://www.marketwatch.com/story/oil-prices-retreat-after-trump-win-sends-dollar-soaring-8dec27fb?mod=mw_rss_topstories