11 NOV 2024 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Gapped Up At The Opening Bell To, Again, Record New Historic Highs, Finally Closing With New Closing Highs

Shippers Brace for Impact as Freight Rates Climb

By Craig Fuller of FreightWaves I’ve been closely following the freight market, and it’s clear that the Great Freight Recession has ended. After the most prolonged freight recession in history, the market has been showing signs of recovery over the past few months. This shift is backed by SONAR data, confirming a market turnaround. Tender rejections rising: The increase in tender rejections to over 6% signals that the market is tightening. After seeing rejections dip to 3.4% post-Labor Day last year, this change indicates that carriers…

Read more at: https://oilprice.com/Energy/Energy-General/Shippers-Brace-for-Impact-as-Freight-Rates-Climb.html

The Unintended Consequences of Pakistan’s Solar Energy Boom

As world leaders gather in Azerbaijan’s capital for the annual United Nations climate conference to plan transitioning away from fossil fuel, policymakers will also address the unforeseen obstacles the green transition might bring. One such scenario is playing out in Pakistan, where soaring electricity prices have made Pakistan’s state-owned power supply among the most expensive in South Asia and pushed cash-strapped households and businesses to find relief from rising costs and rolling blackouts by using low-cost Chinese solar panels. But the…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/The-Unintended-Consequences-of-Pakistans-Solar-Energy-Boom.html

Venezuela’s Gas Pipeline Explosion Highlights Crumbling Infrastructure

A pipeline explosion at a natural gas complex operated by Petroleos de Venezuela (PdVSA) in the country’s Eastern Monagas state has left at least three people injured, Reuters has reported. The explosion comes just a month after more than 20 people were left with burns after a large fire at a crude storage tank in the country’s Western region, highlighting the vulnerabilities of the country’s crumbling energy infrastructure after years of sanctions. Two weeks ago, Reuters reported that PdVSA and its joint ventures exported an average of 947,387…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venezuelas-Gas-Pipeline-Explosion-Highlights-Crumbling-Infrastructure.html

The End of Globalism: Navigating the Transition to a Sustainable World

Back in 2016 a month before Donald Trump was elected for the first time, I wrote a piece that I’m revisiting here. So much of what I said then still applies that I encourage you to read that piece. My thinking was heavily informed by a lecture by the now late French philosopher Bruno Latour entitled “Why Gaia is not the Globe.” Latour made the case that Trump’s perplexing popularity could be traced to his ability to give voice to the anger and fear generated by the effects of Globalism. In fact, Latour noticed that the anger and fear were actually…

Read more at: https://oilprice.com/Finance/the-Economy/The-End-of-Globalism-Navigating-the-Transition-to-a-Sustainable-World.html

U.S. Natural Gas Prices Jump Over 10% After Hurricane Rafael Hits

U.S. natural gas futures jumped over 10% to $2.94/MMBtu in Monday’s trading session after production disruption in the Gulf of Mexico in the wake of Hurricane Rafael. According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), 482,790 barrels of oil and 310 million cubic feet of natural gas, representing more than 25% of oil and 16% of natural gas output, were still shut in.  Further, two drilling vessels were displaced while 37 out of 371 manned platforms (around 10%) remained evacuated. Total production losses in the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Prices-Jump-Over-10-After-Hurricane-Rafael-Hits.html

Three Key Energy Moves Trump Plans for His First 100 Days

Crucially for President-Elect Donald Trump’s second term in office, he will have considerable personal influence over the Senate (in which his Republican Party now holds a majority) and over the Supreme Court (where conservatives hold a six-to-three majority). His Party – and few can argue that it is now truly that – may also secure a majority in the second of the two institutions of Congress, the House of Representatives (at the time of writing, the Republicans had secured 213 of 218 seats needed for a majority in the House,…

Read more at: https://oilprice.com/Energy/Energy-General/Three-Key-Energy-Related-Initiatives-Trump-Will-Take-In-His-First-100-Days-As-Pr.html

National Gasoline Prices Fall To 3-Year Low

The U.S. national average price of gasoline fell to $3.03 per gallon on Monday, the lowest level since May 2021, down 16.7 cents from a month ago and 32.3 cents per gallon from a year ago. Diesel prices have followed a similar trend, with the national average clocking in at $3.52 per gallon compared to $4.37 a gallon a year ago. “While the election has come and gone, gas prices have stayed the course, with the national average price of gasoline declining for a fourth consecutive week as seasonal demand weakens and Americans begin to take…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/National-Gasoline-Prices-Fall-To-3-Year-Low.html

Trump’s Tariffs Won’t Curb EU’s Reliance on U.S. LNG

When President-elect Donald Trump threatened European exporters with tariffs on everything ahead of the elections, there were probably many in Europe hoping he would never get back into the White House. Now that this is a fact, the tariffs are a matter of negotiations—and those may well involve a lot more U.S. LNG. The United States is currently running a trade deficit of $240 billion with Europe, per Reuters. The biggest exporters to the U.S. are Germany, Italy, Ireland, and Sweden, according to Eurostat, accounting for the bulk of that…

Read more at: https://oilprice.com/Energy/Natural-Gas/Trumps-Tariffs-Wont-Curb-EUs-Reliance-on-US-LNG.html

QatarEnergy Buys Stake in Chevron-Operated Block Offshore Egypt

QatarEnergy has signed an agreement to buy a 23% working interest in a concession agreement offshore Egypt from the block’s operator Chevron, the state firm of Qatar said on Monday. QatarEnergy will acquire 23% of the North El-Dabaa (H4) Block in the Mediterranean from Chevron, which will retain a 40% interest in the concession. The other partners on the block are Woodside with a 27% interest and Tharwa Petroleum Company, an Egyptian state company, with a 10% interest. The H4 Block lies about 10 kilometers (6.1 miles) offshore the Egyptian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/QatarEnergy-Buys-Stake-in-Chevron-Operated-Block-Offshore-Egypt.html

Saudi-Iranian Relations Warm as Middle East Braces for Trump’s Return

The general chief of staff of Saudi Arabia’s armed forces, Fayyad al-Ruwaili, met his Iranian counterpart, Mohammad Baqeri, in Tehran during a rare visit on November 10. Iran’s official IRNA news agency said they discussed the development of defense diplomacy and bilateral cooperation without offering any details. Iranian media said Baqeri had discussed regional developments and defense cooperation with Saudi Defense Minister Prince Khalid bin Salman al-Saud last year. Ruwaili is only the second high-profile Saudi official to travel to Tehran since…

Read more at: https://oilprice.com/Geopolitics/International/Saudi-Iranian-Relations-Warm-as-Middle-East-Braces-for-Trumps-Return.html

Indonesia Denies Backing Chinese Claim in South China Sea

Indonesia is not recognizing China’s claims over large areas in the disputed South China Sea, the southeast nation’s Foreign Ministry said on Monday, clarifying that it has not effectively accepted the Chinese claims as interpreted in an earlier declaration. Indonesia’s newly inaugurated Indonesian President Prabowo Subianto picked China for his first overseas visit this weekend, during which China and Indonesia signed strategic cooperation agreements in critical minerals in total bilateral deals worth $10 billion encompassing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indonesia-Denies-Backing-Chinese-Claim-in-South-China-Sea.html

UAE’s Energy Giant Boosts Natural Gas Supply and Investments

ADNOC Gas, the natural gas unit of Abu Dhabi’s national oil company, is raising its capital expenditure and gas supply, expecting global LNG demand to continue growing by 3% every year by 2040, ADNOC Gas said in a strategy update on Monday. ADNOC Gas says it is positioned to capture a “highly supportive market backdrop” with robust local gas demand, exponential demand growth in Asia, 3% global annual LNG demand growth, and the AI boom driving additional global LNG demand by 2030. The company also sees an LNG supply gap over the…

Read more at: https://oilprice.com/Energy/Energy-General/UAEs-Energy-Giant-Boosts-Natural-Gas-Supply-and-Investments.html

Senegal Set to Commit $2.7 Billion to Its Energy Transition Plan

Senegal could soon announce a $2.7-billion commitment to its internationally-backed program to reduce emissions and reliance on fossil fuels if the party of the current president and prime minister-appointee wins this weekend’s parliamentary elections. “It will probably be rapidly after the election if Prime Minister Sonko has a majority,” Remy Rioux, the chief executive of France’s state development bank, Agence Française de Développement (AFD), told Bloomberg in an interview published on Monday. Senegal,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Senegal-Set-to-Commit-27-Billion-to-Its-Energy-Transition-Plan.html

Saudi Arabia to Cut Oil Supply to China Amid Weak Demand

Weak demand in China will lead to lower supply from the world’s top crude exporter, Saudi Arabia, to the world’s largest crude importer in December, trading sources told Reuters on Monday. The drop in Saudi supply would come despite the fact that the Kingdom has reduced its official selling prices (OSPs) for crude loading in December for Asia. December will see a second consecutive month of lower Saudi deliveries to China, estimated at a total of 36.5 million barrels. This would be down from 37.5 million barrels expected this month,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-to-Cut-Oil-Supply-to-China-Amid-Weak-Demand.html

India’s Fuel Exports to the EU Soar Due to Refining Loophole in Russia Sanctions

India’s fuel exports to Europe have soared this year to make India the biggest exporter of refined oil products to the EU as Indian refiners are capitalizing on a loophole in the EU sanctions against Russia, Finland-based Centre for Research on Energy and Clean Air (CREA) said in its monthly analysis. Russia has now become India’s single largest crude oil supplier. Indian refiners are processing cheap Russian oil and exporting the petroleum products to the EU, whose sanctions – while prohibiting imports of crude and refined products…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Fuel-Exports-to-the-EU-Soar-Due-to-Refining-Loophole-in-Russia-Sanctions.html

Tesla shares pop 6% as postelection rally continues

Tesla shares popped on Monday, continuing to ride a postelection rally as President-elect Donald Trump begins to set up his presidential cabinet.

Read more at: https://www.cnbc.com/2024/11/11/tesla-shares-pop-8percent-as-postelection-rally-continues-donald-trump-elon-musk.html

Bitcoin tops $87,000 as crypto euphoria over Trump win shows no sign of waning

Bitcoin hit another high Monday, as the rally in cryptocurrencies continued following President-elect Donald Trump’s election win.

Read more at: https://www.cnbc.com/2024/11/11/crypto-market-today.html

FTX sues crypto exchange Binance and its former CEO Zhao for $1.8 billion

The litigation marks the latest escalation of tensions between two of the biggest names in crypto, after the meteoric collapse of FTX rocked the market.

Read more at: https://www.cnbc.com/2024/11/11/ftx-sues-crypto-exchange-binance-and-its-former-ceo-zhao-for-1point8-billion.html

Trump taps former Rep. Lee Zeldin as EPA administrator

Lee Zeldin, a former member of Congress from New York, said it was an honor to be picked by Trump to lead the Environmental Protection Agency.

Read more at: https://www.cnbc.com/2024/11/11/trump-taps-rep-lee-zeldin-epa-administrator-cabinet.html

The ‘Trump trades’ that also give you income as you wait for policies to come to fruition

President-elect Donald Trump’s policies are expected to be a boon for certain sectors of the market.

Read more at: https://www.cnbc.com/2024/11/11/the-trump-trades-that-also-give-you-income-as-you-wait-for-policies-to-come-to-fruition.html

IAC exploring spinoff of home improvement marketplace Angi

The company said there’s no specific timeline for when the spinoff will take place, but a transaction would likely occur by the end of IAC’s second quarter.

Read more at: https://www.cnbc.com/2024/11/11/iac-exploring-spinoff-of-home-improvement-marketplace-angi.html

Stephen Miller expected to be named Trump’s deputy chief of staff for policy

Miller, a staunch hardliner on immigration policy, worked in the White House during Trump’s first term in office.

Read more at: https://www.cnbc.com/2024/11/11/stephen-miller-expected-to-be-named-trumps-deputy-chief-of-staff-for-policy.html

GM’s Wall Street vindication is happening as it outperforms its peers in 2024

GM is proving it’s a standout among automakers this year as it continues to consistently outperform Wall Street’s earnings expectations and its competitors.

Read more at: https://www.cnbc.com/2024/11/11/gm-wall-street-outperform-tesla-ford-stellantis.html

Bitcoin sets another record, crypto stocks soar as post-election rally continues: 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, Matt Hougan of Bitwise breaks down bitcoin’s continued rally.

Read more at: https://www.cnbc.com/video/2024/11/11/bitcoin-sets-another-record-crypto-stocks-soar-election-rally-crypto-world.html

Chipotle Mexican Grill names Scott Boatwright as permanent CEO

Chipotle named interim boss Scott Boatwright as permanent CEO of the burrito chain, months after Brian Niccol exited the role to take the top job at Starbucks.

Read more at: https://www.cnbc.com/2024/11/11/chipotle-mexican-grill-names-scott-boatwright-as-permanent-ceo.html

Mattel pulls thousands of ‘Wicked’ dolls off shelves after printing adult website on packaging

Target, Walmart and Amazon had removed the line of “Wicked” dolls from their online storefronts as of midday Monday, as had Best Buy, Barnes & Noble and Macy’s.

Read more at: https://www.cnbc.com/2024/11/11/mattel-wicked-dolls-adult-website-on-packaging.html

Red Lobster bets on a millennial makeover

The storied seafood chain has exited bankruptcy and is attempting a comeback under its new 35-year-old CEO.

Read more at: https://www.cnbc.com/2024/11/11/red-lobster-bets-on-a-millennial-makeover.html

Trump is the most pro-stock market president in history, Wharton’s Jeremy Siegel says

“President-elect Trump is the most pro-stock market president we have had in our history,” Siegel said Monday on CNBC’s “Squawk Box.”

Read more at: https://www.cnbc.com/2024/11/11/trump-is-the-most-pro-stock-market-president-in-history-whartons-jeremy-siegel.html

Gunfire Hits Spirit Airlines Jet On Final Approach In Haiti, Crew Wounded

A Spirit Airlines Airbus A320 commercial jet was peppered with automatic gunfire while on approach to land in Haiti Monday morning, with at least one fight attendant wounded.

Miami Herald reports Spirit Airlines flight 951 departed from Fort Lauderdale early Monday. The commercial jet was on approach to Toussaint Louverture International Airport in Port-au-Prince when small arms fire ripped through the cabin.

Flight data via Flightradar24 shows pilots were on a straight-in final approach when they abruptly pulled back on the yoke and went to full power just before touching down. This was likely the moment when the bullets penetrated the cabin. The incident likely occurred around 700 feet altitude.

Read more at: https://www.zerohedge.com/geopolitical/gunfire-hits-spirit-airlines-jet-final-approach-haiti-crew-wounded

Where Are Biden’s 81 Million Votes? Jordan Crushes CNN ‘Gotcha’ Question…

Authored by Luis Cornelio via Headline USA,

House Judiciary Committee Chairman Jim Jordan shut down a failed gotcha question during a Sunday CNN interview.

Jordan appeared on CNN’s State of the Union with host Dana Bash, who asked him about Republicans claiming “voter fraud” and “election integrity” only when they lose.

After a brief back and forth, Jordan turned the tables on Bash, asking her about the 10 million missing votes Joe Biden allegedly received in the 2020 presidential election.

Outgoing Vice President Kamala Harris currently claiming little over 71 million votes, far lower than the 81 million declared for Joe Biden in 2020.

“The Big Lie”…

Read more at: https://www.zerohedge.com/markets/where-are-bidens-81-million-votes-jordan-crushes-cnn-gotcha-question

China’s Foreign Direct Investment Set For First Negative Year In History

It was almost one year ago, when we first reported that in the third quarter of 2023, China’s foreign direct investment had turned negative for the first time on record. Fast forward to today, when capital flight from China has become relentless as foreign companies pulled more money from China last quarter, a sign that some investors are still pessimistic even as Beijing rolls out stimulus measures aimed at stabilizing growth.

China’s direct investment liabilities in its balance of payments dropped $8.1 billion in the third quarter, according to data from the State Administration of Foreign Exchange released late Friday. The gauge, which measures foreign direct investment in China, was down almost $13 billion for the first nine months of the year.

As we have been reporting, foreign investment into China has slumped in the past three years after  …

Read more at: https://www.zerohedge.com/markets/chinas-foreign-direct-investment-set-first-negative-year-history

Dear Arizona, How Long Does It Take To Count Votes?

Authored by Mike Shedlock via MishTalk.com,

The unfortunate answer may be another two weeks.

Image courtesy of the Washington Post, annotations by Mish.

Arizona Central addresses the issue Why does it take Arizona so long to count votes? This problem is fixable

While the rest of the country is moving on, we in Arizona are stuck in an election night time warp. Waiting to see whether we sent Ruben Gallego or Kari Lake to Washington.

Maricopa County elections officials have said it’ll take

Read more at: https://www.zerohedge.com/political/dear-arizona-how-long-does-it-take-count-votes

Fujitsu boss ‘does not know’ if Horizon is reliable

Paul Patterson raises concerns about the system at the heart of sub-postmasters’ wrongful convictions.

Read more at: https://www.bbc.com/news/articles/cvg7k89x8rzo

Homeworkers get 24 more minutes of sleep a day

Office for National Statistics data suggests homeworkers get more sleep and exercise on average.

Read more at: https://www.bbc.com/news/articles/ckgdk22l3nxo

Energy smart meter issues creating north-south divide

Technology differences mean meters in northern England and Scotland may not work properly, energy firm body admits.

Read more at: https://www.bbc.com/news/articles/cq52382zd1no

Hindalco Q2 Results: Standalone net profit soars 123% YoY to Rs 1,891 crore, beats estimates

Hindalco Q2 Results: Profit exceeded the Street estimate of Rs 1,294 crore, with revenue from operations rising 8% YoY to Rs 22,262 crore in the period. Strong profit growth was fueled by solid operational performance in the India business, favourable macro conditions, and effective cost management.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/hindalco-q2-results-standalone-net-profit-soars-123-yoy-to-rs-1891-crore-beats-estimates/articleshow/115184357.cms

SC dismisses Sebi’s appeals against SAT relief for Reliance, promoters

The Supreme Court dismissed SEBI’s appeals against penalties on Reliance Industries and its promoters, which were quashed by the Securities Appellate Tribunal (SAT). However, the court agreed to hear Reliance’s cross-appeal regarding the price manipulation case involving RPL shares

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sc-dismisses-sebis-appeals-against-sat-relief-for-reliance-promoters/articleshow/115188207.cms

Coca-Cola India FY24 Results: Profit falls 42% to Rs 420.29 crore, revenue rises 4%

Beverages major Coca-Cola India’s consolidated profit fell 41.82 per cent to Rs 420.29 crore in FY24 while its revenue rose 4.24 per cent to Rs 4,713.38 crore, according to the company’s filing to RoC (Registrar of Companies).

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/coca-cola-india-fy24-results-profit-falls-42-to-rs-420-29-crore-revenue-rises-4/articleshow/115182063.cms

‘I’ve no interest in investing more money in the stock market’: I’m debt-free, retired and ignoring the ‘Trump bump.’ What should I do with $400,000 in cash?

“I already have $1.5 million in the stock market.”

Read more at: https://www.marketwatch.com/story/ive-no-interest-in-investing-more-money-in-the-stock-market-im-debt-free-retired-and-ignoring-the-trump-bump-what-should-i-do-with-400-000-in-cash-686c2cf0?mod=mw_rss_topstories

I inherited $200,000. One of my daughters is married with kids, but the other has debts. Do I split my windfall 50/50?

“She has incurred a lot of debt due to the financial strain of a sick pet, a car loan, student loans and an unpaid military home loan.”

Read more at: https://www.marketwatch.com/story/i-inherited-200-000-one-of-my-daughters-is-married-with-kids-but-the-other-has-debts-do-i-split-my-windfall-50-50-7a7756df?mod=mw_rss_topstories

U.S. oil benchmark settles below $70 a barrel on China stimulus disappointment

Oil futures settled at their lowest in nearly two weeks Monday following disappointing economic data from China, the world’s largest crude importer, and expectations for higher U.S. production once President-elect Donald Trump takes office.

Read more at: https://www.marketwatch.com/story/u-s-oil-benchmark-falls-back-below-70-a-barrel-on-china-stimulus-disappointment-dd2cbb64?mod=mw_rss_topstories