18 NOV 2024 Market Close & Major Financial Headlines: Wall Street’s Three Main Indexes Opened Mixed, Oil Gains Over 3%, Nvidia Slips, Small Caps Close Higher In The Green

Climate Financing Disputes Overshadow Key Issues at COP29

Hopes at COP29 in Baku for a breakthrough on climate financing are fading fast, fueling frustration that the United Nations’ framework for addressing global warming is dysfunctional.  Non-governmental organization participants are complaining about being sidelined, while governmental representatives are perceived to be dithering. Some insiders report that haggling over funding is preoccupying governmental participants, preventing them from addressing other key issues. Meanwhile, COP29’s one seeming achievement, a breakthrough on…

Read more at: https://oilprice.com/Geopolitics/International/Climate-Financing-Disputes-Overshadow-Key-Issues-at-COP29.html

Climate Change Set To Have an Oversized Impact on Afghanistan

One of the world’s poorest countries, Afghanistan is also among the leading nations affected by climate change. Decades of war and environmental degradation have made Afghanistan the fourth most vulnerable country in the world to the impacts of climate change.Rising temperatures have exacerbated the frequency and severity of natural disasters, including droughts, floods, and landslides, experts say. Deadly natural disasters in recent years have, in turn, aggravated the devastating humanitarian and economic crises in Afghanistan, where millions…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Climate-Change-Set-To-Have-an-Oversized-Impact-on-Afghanistan.html

U.S. Imports Surge: Cars, Oil, and Tech Lead the Charge

Economic history has shown that, as an economy develops, so does its service sector. This is certainly true for the United States, one of the most highly developed countries in the world and certainly a service economy. As Statista’s Felix Richter details below, according to the U.S. Bureau of Labor Statistics, service-providing jobs account for more than 70 percent of nonfarm payrolls in the country, while goods-producing jobs account for less than 15 percent of jobs. In the 1940s, both sectors were tied at little above 40 percent, with government…

Read more at: https://oilprice.com/Energy/Energy-General/US-Imports-Surge-Cars-Oil-and-Tech-Lead-the-Charge.html

Austria Still Seeing Russian Gas Flows Amid Gazprom Dispute

Austria appears to be still receiving some Russian gas two days after the country’s integrated energy company, OMV (OTCPK:OMVJF), declared it would stop paying Gazprom to offset a 230 million-euro ($242 million) arbitration award by the International Chamber of Commerce over a previous gas cut-off. According to Reuters, gas flows from Slovakia–a transit route mostly for Russian gas flowing through Ukraine to Austria to Austria–clocked in at 27 million cubic meters (mcm) per day before Gazprom stopped supplies to OMV on Saturday. Supplies,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Austria-Still-Seeing-Russian-Gas-Flows-Amid-Gazprom-Dispute.html

U.S. Approves Long-Range Missile Strikes Inside Russia

There has been little to cheer about in Ukraine this fall. Russia has been seizing territory in eastern Ukraine at the fastest clip in more than 2 1/2 years just as its ally North Korea sends thousands of fresh troops to the front. Meanwhile, the United States — Ukraine’s biggest backer in its war with Russia — just elected as its next leader Donald Trump, who has criticized large-scale aid to Ukraine. That has raised fears that a future lack of U.S. support could lead to Kyiv being forced to concede territory in exchange for peace. There are…

Read more at: https://oilprice.com/Geopolitics/International/US-Approves-Long-Range-Missile-Strikes-Inside-Russia.html

From Beijing to Riyadh: Trump’s Blueprint for U.S. Dominance

Whatever China’s diplomatic rhetoric has been since it launched its ‘One Belt, One Road’ project in 2013 – officially re-translated into English in 2016 on Beijing’s insistence to the less totalitarian-sounding ‘Belt and Road Initiative’ (BRI) – the goal of the regime remains to challenge the U.S. as the world’s leading superpower. President Joe Biden is acutely aware of this and so was Donald Trump when he first took the top office in 2017. As President-elect again, Trump’s view has not…

Read more at: https://oilprice.com/Geopolitics/Asia/From-Beijing-to-Riyadh-Trumps-Blueprint-for-US-Dominance.html

U.S. Electricity Exports to Canada Jump

Reduced hydropower generation in Canada and low natural gas prices in the U.S. have resulted in a jump in U.S. exports of electricity to Canada since 2023, according to estimates by the U.S. Energy Information Administration (EIA). The U.S. and Canada have been each other’s main electricity trade partners for decades, and for most of the past two decades, Canada exported much more electricity to the U.S. than it imported. However, cheap natural gas in the U.S. and consequently, cheaper power prices, made U.S. electricity more competitive…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Electricity-Exports-to-Canada-Jump.html

US Gasoline Prices Set To Fall Below $3 per Gallon Ahead of Thanksgiving

The average U.S. gasoline prices are on track to fall below the $3-a-gallon level, just in time for Thanksgiving and the busy holiday travel season. According to the American Automobile Association (AAA), average U.S. gas prices stood at $3.071 per gallon on Monday compared to $3.191 a month ago and $3.320 a year ago. Gas prices are not at the lowest level since January, and just a few cents above its 2021 level. Prices are on track to fall further as West Texas Intermediate crude clings near its lowest level since September.  “While…

Read more at: https://oilprice.com/Energy/Energy-General/US-Gasoline-Prices-Set-To-Fall-Below-3-per-Gallon-Ahead-of-Thanksgiving.html

How Trump’s Energy Plan Could Actually Benefit the Environment

Authored by Diana Furchtgott-Roth via RealClearEnergy, At the 29th Conference of the Parties (COP29) in Azerbaijan, attendees are full of dire predictions that the world’s climate will worsen under President-elect Trump. But when Trump fulfills his campaign promises to increase U.S. oil and gas production and removes President Biden’s pause on new liquid natural gas exports, global emissions will likely decline rather than rise. This is because exports of U.S. natural gas generally displace coal, reducing global CO2 emissions. Even…

Read more at: https://oilprice.com/Energy/Natural-Gas/How-Trumps-Energy-Plan-Could-Actually-Benefit-the-Environment.html

Global Natural Gas Demand and Inventories Rose in September

Global natural gas demand rose by 6.1 billion cubic meters (bcm) in September from a year earlier, and inventories jumped to a record high, the Joint Organizations Data Initiative (JODI) said in its monthly oil and gas overview on Monday. Worldwide natural gas production also rose year-over-year by 7.65 bcm in September, according to the latest data after 52 countries updated their self-reported figures in the JODI database. The growth in production compared to September 2023 was driven by Russia, the United States, Nigeria, Norway, Canada, and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Natural-Gas-Demand-and-Inventories-Rose-in-September.html

Saudi Arabia’s Crude Oil Exports Hit a 3-Month High in September

Saudi Arabia’s crude oil exports increased by 80,000 barrels per day (bpd) to 5.75 million bpd in September—the highest in three months, the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. The September crude exports were the highest since June, likely due to the lower direct crude burning for power generation as the hottest months in the Kingdom ended. Direct crude burning slumped by 296,000 bpd from August to stand at about 518,000 bpd in September, according to the JODI data which compiles self-reported…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabias-Crude-Oil-Exports-Hit-a-3-Month-High-in-September.html

French Terminals Import Record Volumes of LNG From Russia

France is importing record volumes of Russian LNG even as overall LNG purchases are falling, ship-tracking data compiled by Bloomberg showed on Monday, highlighting Europe’s growing imports of Russian LNG. So far this year, France has already imported more LNG from Russia’s Yamal export plant than in any other full year since these deliveries began six years ago, per the data collated by Bloomberg. Shipments into the French terminal of Dunkirk have surged in particular, also helped by deliveries of German state firm Securing Energy…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/French-Terminals-Import-Record-Volumes-of-LNG-From-Russia.html

Rising Costs Will Keep Offshore Wind Industry From Reaching Goals

The world is far from reaching its offshore wind capacity installation targets amid rising costs and canceled lease sales, analysts and government and industry representatives have told Reuters. Last year, governments set a goal to triple overall renewable energy capacity by 2030. Currently, the world is off track to reach these goals, and much of the shortfall could be in the offshore wind energy sector, where expensive projects have become even more expensive over the past two years. To help triple renewable capacity, offshore wind capacity needs…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rising-Costs-Will-Keep-Offshore-Wind-Industry-From-Reaching-Goals.html

Oil Executive Sued for Fraud Involving Iranian Firm Under U.S. Sanctions

The chief executive of a UK oil and gas firm is being sued by a former company he headed for embezzling funds from sales from an Iranian petrochemicals company designated by the United States. Francesco Mazzagatti, an Italian national who is CEO and majority owner of UK-based Viaro Energy, is accused by a Singaporean trading company that he headed in 2018-2020 of embezzling money and forging documents as part of a scheme to steal funds from product sales of Iran’s Mehr Petrochemical Company. The Iranian firm was designated in 2023 by the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Executive-Sued-for-Fraud-Involving-Iranian-Firm-Under-US-Sanctions.html

War Premium Returns to Oil Market After Biden’s Ukraine Decision

The war premium is back in the oil market, pushing prices higher after the Biden administration reportedly gave Ukraine the green light to use U.S.-manufactured long-range missiles to strike Russian territory. Reuters reported the news on Sunday citing unnamed sources from the Biden administration, with the sources also saying that the government in Kiyv planned to take advantage of the decision in the next few days. Russia has warned repeatedly that such a move by Washington would constitute a significant escalation in the war. “Biden allowing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/War-Premium-Returns-to-Oil-Market-After-Bidens-Ukraine-Decision.html

Stanley Druckenmiller piled into regional banks and made this health-care stock his biggest bet

The billionaire investor bought $115 million worth of shares in the SPDR S&P Regional Banking ETF in the third quarter, making it his seventh-biggest holding.

Read more at: https://www.cnbc.com/2024/11/18/druckenmiller-bought-regional-banks-but-a-healthcare-pick-is-his-biggest-bet.html

NBA, Warner Bros. Discovery agree to settle lawsuit over live game rights

The NBA and WBD have agreed to end all legal disputes, allowing the league to move forward with new media partners Comcast, Disney and Amazon.

Read more at: https://www.cnbc.com/2024/11/18/nba-warner-bros-discovery-settle-lawsuit-over-live-game-rights.html

Budget travel icon Spirit Airlines files for bankruptcy protection after mounting losses

The airline hasn’t posted an annual profit since 2019 and lost more than $335 million in the first half of the year.

Read more at: https://www.cnbc.com/2024/11/18/spirit-airlines-files-bankruptcy-protection.html

Trump Media in reported talks to buy crypto trading platform Bakkt, sending shares soaring

Trump Media is reportedly in “advanced talks” to buy the cryptocurrency trading firm Bakkt, the Financial Times reported.

Read more at: https://www.cnbc.com/2024/11/18/trump-media-in-reported-talks-to-buy-crypto-trading-platform-bakkt-sending-shares-soaring.html

Tesla stock pops after report Trump wants to relax U.S. self-driving rules

Elon Musk was a central figure in the business world pushing for Trump’s return to the White House in the lead-up to this month’s elections.

Read more at: https://www.cnbc.com/2024/11/18/tesla-tsla-stock-up-on-report-trump-wants-to-ease-self-driving-rules.html

Goldman Sachs sees this dividend play returning 20% annualized over next four years

Investors may like AT&T for its juicy dividend, but it also has “significant upside” ahead, according to Goldman Sachs.

Read more at: https://www.cnbc.com/2024/11/18/goldman-sees-one-dividend-play-returning-20percent-annually-in-next-four-years.html

Cloud software company ServiceTitan files to go public on Nasdaq

ServiceTitan focuses on selling a variety of software to small companies, rather than enterprises.

Read more at: https://www.cnbc.com/2024/11/18/cloud-software-company-servicetitan-files-for-ipo.html

XRP jumps 4% after weekend rally pushes token to three-year high: 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, John Glover, chief investment officer of Ledn, discusses bitcoin’s recent price moves and why he says the cryptocurrency could face a pullback in the near term.

Read more at: https://www.cnbc.com/video/2024/11/18/xrp-jumps-4percent-weekend-rally-three-year-high-crypto-world.html

Canva hires former Zoom CFO Kelly Steckelberg to run finance ahead of expected IPO

Canva’s new finance chief, Kelly Steckelberg, helped take Zoom public five years ago.

Read more at: https://www.cnbc.com/2024/11/18/canva-hires-kelly-steckelberg-as-cfo-ahead-of-expected-ipo.html

Steve Bannon’s border wall fraud trial postponed until February

The Trump ally and former White House advisor was scheduled to stand trial on money laundering charges in December.

Read more at: https://www.cnbc.com/2024/11/18/steve-bannons-border-wall-fraud-trial-postponed-until-february.html

How Trump’s win could change your health care

President-elect Donald Trump’s return to the White House is poised to have big impacts on consumer health care.

Read more at: https://www.cnbc.com/2024/11/18/how-trumps-win-could-change-your-health-care.html

Dental supply stock surges on RFK’s anti-fluoride stance, activist involvement

Henry Schein shares tracked for their best day since 2022 on Monday.

Read more at: https://www.cnbc.com/2024/11/18/dental-supply-stock-rallies-on-theory-rfks-anti-fluoride-stance-will-prompt-more-dentist-visits.html

Caroline Kennedy calls Trump HHS pick RFK Jr.’s vaccine views ‘dangerous’

RFK Jr. ran a longshot presidential bid and then endorsed Republican nominee Donald Trump. Many of his family members denounced both actions.

Read more at: https://www.cnbc.com/2024/11/18/rfk-trump-hhs-vaccines-caroline-kennedy.html

Hamas Guns Down 20 Palestinians After Over 100 Aid Trucks ‘Violently Looted’

Amid the ongoing humanitarian and severe food and medicine crisis in war-ravaged Gaza, a United Nations agency has confirmed a Saturday incident which saw a convoy of 109 aid trucks come under attack by desperate Palestinians.

The United Nations Relief and Works Agency for Palestine Refugees (UNRWA) has described the worst such incident since the 13-month-old Israeli military assault on Hamas and the Gaza Strip began. A UN official called said it “highlights the severity of access challenges of bringing aid into southern and central Gaza.” The UN further said the situation in the Strip has reached a low point.

Illustrative file image: AFP

“⁠The urgency of the crisis cannot be overstated; without immediate intervention, severe food shortages are set to worsen, further endangering the lives of over two million people who depend on humanitarian aid to survive.” The UN didn’t identify who carried out the assault on the large conv …

Read more at: https://www.zerohedge.com/geopolitical/hamas-guns-down-20-palestinians-after-over-100-aid-trucks-violently-looted

Jay Bhattacharya Emerges As Top Contender For NIH Chief

Authored by Josph Lord via The Epoch Times (emphasis ours),

Dr. Jay Bhattacharya, a professor of health policy at Stanford University, is a top contender to lead the National Institutes of Health (NIH) in the next Trump administration, according to a source familiar with the matter.

Dr. Jay Bhattacharya, a professor of health policy at Stanford University, at his home in California on April 17, 2021. Tal Atzmon/The Epoch Times

Bhattacharya was a key figure who spoke out against COVID-19 lockdowns and mandates during the pandemic.

The consideration, first reported by The Washington Post, comes after President-elect Donald Trump

Read more at: https://www.zerohedge.com/political/jay-bhattacharya-emerges-top-contender-nih-chief

Five Reasons Why The 2024 Election Has Been Devastating For Leftists

The political left’s whole world has been turned upside down and just like 2016, millions of people are sitting back and enjoying the show on social media with a big tub of popcorn.  However, some may have noticed that the behavior of the woke mob is even more unhinged than eight years ago.  The defeat of Hillary Clinton hit Democrats hard because polling had been so drastically weighted in Clinton’s favor.  Trump’s win in 2016 shook their faith in the mainstream media, election statistics and their belief that progressive ideology was the dominant force in American society.

Their response to the loss was tears and rage.  They acted as if they had been betrayed by the system; that ever present cradle rocking them to sleep with a sense of false security.  Nanny government was no longer there to protect them from scary words and contrary ideas.  Unfortunately this led to years of false Russian collusion conspiracies and race riots.

This year’s election, though, seems to have broken progressive brains.  They aren’t just lashing out, they’ve gone completely insane.  Liberal women have been shaving their heads in protest of men (as if men care), Kamala Harris supporters have taken to social media to scream incoherent gibberish about misogyny and racism, and many are threatening to divorce their spouses, cut off ties to their families and even kill Trump voters using poisons, guns, knives, etc.

The WORST Election Day Meltdowns – @CarolineDowney_ reacts …

Read more at: https://www.zerohedge.com/political/five-reasons-why-2024-election-has-been-devastating-leftists

The US Has Been In Recession For Years…

Authored by Daniel Lacalle,

Many commentators cannot understand why Trump won the elections despite a robust economy. The reality is far more complex. I have repeatedly stated in my articles and TV appearances on Making Money (Fox News) and CNBC’s Squawkbox Europe that the U.S. economy was significantly weaker than the official headlines suggested. I called it a “private sector recession”.

Anyone who has delved into the supposedly solid headline figures can clearly see the real weakness of the U.S. economy. An unsustainable increase in government spending and federal debt bloated the official GDP, making gross domestic income significantly weaker than headline GDP. Additionally, the Conference Board and University of Michigan consumer confidence readings, well below 2019 and 2021 levels, indicated a stagnant economy. Significant negative revisions and concerning elements were ev …

Read more at: https://www.zerohedge.com/economics/us-has-been-recession-years

Lenders reject homes with spray foam insulation

Spray foam insulation was previously subsidised in England under the government’s Green Homes Grant scheme.

Read more at: https://www.bbc.com/news/articles/cqjrpv218r0o

High energy prices predicted to be ‘the new normal’

The energy price cap is predicted to edge up by 1% from January, according to analysis by Cornwall Insight.

Read more at: https://www.bbc.com/news/articles/cly2xdyexkdo

Seven-year-old gets job offer from Russian IT firm

The software company’s boss said Sergey, who teaches coding in online videos, was ‘a kind of Mozart’

Read more at: https://www.bbc.com/news/articles/crr91exlwd8o

Govt revises norms for dividend payout, share buybacks for state-run firms

The Indian government has updated its guidelines for Central Public Sector Enterprises (CPSEs) capital restructuring. The revisions include new minimum dividend payout ratios and criteria for share buybacks, bonus share issues, and stock splits to improve financial management.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/govt-revises-norms-for-dividend-payout-share-buybacks-for-state-run-firms/articleshow/115424489.cms

Gold down, Bitcoin up! How Trump’s victory changed financial market dynamics

Gold prices have dropped nearly 5% while Bitcoin surged 30% following the recent U.S. election. This market shift is attributed to expectations of Republican policies potentially driving economic growth and inflation. While gold’s decline is linked to a strengthening U.S. dollar, Bitcoin’s rise is fueled by its appeal as a hedge against inflation and its growing acceptance in mainstream finance.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/gold-down-bitcoin-up-how-trumps-victory-changed-financial-market-dynamics/articleshow/115404933.cms

Sebi asks CRAs to verify issuers’ funds availability, escrow payments in certain cases

These additional guidelines have been introduced to address scenarios of non-payment of debt (principal or interest) caused by factors beyond the issuer’s control.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-asks-cras-to-verify-issuers-funds-availability-escrow-payments-in-certain-cases/articleshow/115423101.cms

10-year Treasury yield ends at nearly 2-week low amid near-term consolidation

Yields on U.S. government debt finished mostly lower on a lack of major market-moving data on Monday, as market participants weighed the prospects for near-term consolidation in the bond market.

Read more at: https://www.marketwatch.com/story/10-year-treasury-yield-ticks-higher-after-last-weeks-rise-2cc3f5a6?mod=mw_rss_topstories

Oil gains over 3% after U.S. approves Ukraine use of long-range missiles inside Russia

Oil futures climbed more than 3% on Monday to settle at their highest in more than a week, after a weekend decision by President Joe Biden to allow Ukraine to use U.S.-supplied long-range missiles to strike deeper inside Russia, which is among the world’s largest crude producers.

Read more at: https://www.marketwatch.com/story/oil-prices-rise-after-u-s-approves-ukraine-use-of-long-range-missiles-inside-russia-4647e97c?mod=mw_rss_topstories

Corporate bond spreads hit a record low last week — and may be an early sign of a bubble

Investment-grade and high-yield spreads tightened to record levels over Treasurys.

Read more at: https://www.marketwatch.com/story/corporate-bond-spreads-hit-a-record-low-last-week-and-may-be-an-early-sign-of-a-bubble-0605e5e3?mod=mw_rss_topstories