05 DEC 2024 Market Close & Major Financial Headlines: Today’s Roll-Coaster Session Certainly Had Its Ups And Downs With The Nasdaq And S&P 500 Setting New Historical Highs Then Plunging Lower To Finally Close Down

Rethinking Growth: The Case for a Simplified Global Economy

Economic growth and added complexity sound like they would be good, but at some point, the combination gets to be too much–simplification is needed. Too much of the world’s income starts going to non-working individuals and to high-earning workers in privileged fields. Ordinary working citizens start to say, “Wait a minute, there is not enough left for my everyday expenses. The system needs to change.” Elections lead to the selection of politicians who want war, or who want to overturn the current system. The system then…

Read more at: https://oilprice.com/Energy/Energy-General/Rethinking-Growth-The-Case-for-a-Simplified-Global-Economy.html

Kazakhstan’s Ambitious Plan to Achieve Carbon Neutrality by 2060

Alim Sailybaev knows how to drive change: he is literally developing Kazakhstan’s voluntary carbon credit market from seed. And he is doing it on the parched bed of the Aral Sea. When we meet at a planting site in Aralkum, one of the planet’s youngest deserts, 31 miles northwest of the fishing village of Karateren, Sailybaev is brimming with ideas: micro-nurseries for seedlings, an eco-corridor, a green e-currency and a crowdfunding platform. His salt-and-pepper hair sways as he excitedly discusses concepts ranging from green ecology,…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Kazakhstans-Ambitious-Plan-to-Achieve-Carbon-Neutrality-by-2060.html

Oil Prices Steady After OPEC+ Pushes Back Output Hike

Oil prices were trading flat on Thursday afternoon, after OPEC+ delayed its planned output increase by three months to April 2025, and extended the full unwind of production cuts by a year until the end of 2026. Brent crude for February delivery rose a marginal 0.06% to trade at $72.35 per barrel at 14.06 ET, while WTI was trading flat at $68.54. The OPEC+ announcement comes days after commodity experts at Standard Chartered predicted that the oil ministers were likely to delay any unwinding of voluntary cuts to the end of Q1 and perhaps even further…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Steady-After-OPEC-Pushes-Back-Output-Hike.html

Data Centers Are Sending Global Electricity Demand Soaring

The global electricity demand is expected to grow exponentially in the coming decades, largely due to an increased demand from tech companies for new data centers to support the rollout of high-energy-consuming advanced technologies, such as artificial intelligence (AI). As governments worldwide introduce new climate policies and pump billions into alternative energy sources and clean tech, these efforts may be quashed by the increased electricity demand from data centers unless greater international regulatory action is taken to ensure that tech…

Read more at: https://oilprice.com/Energy/Energy-General/Data-Centers-Are-Sending-Global-Electricity-Demand-Soaring.html

Russian Oil Supply via Druzhba Pipeline to Czech Republic Remains Halted

Crude oil supply from Russia to the Czech Republic via the Druzhba pipeline remained halted on Thursday, a spokesperson for Czech refiner Unipetrol told Reuters. Unipetrol, which is a subsidiary of Poland’s Orlen, is not aware of the reason for the interruption of supply, the spokesperson added. Czech state pipeline operator Mero said on Wednesday that it “is aware of the complications regarding the supply of crude oil via the Druzhba pipeline to the Czech Republic and is monitoring the situation.” Mero said there is no threat…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Supply-via-Druzhba-Pipeline-to-Czech-Republic-Remains-Halted.html

Bitcoin Shatters $100,000 Ceiling, Fueled by Trump’s Pro-Crypto Stance

After toying with its fanatical fan base for much of the past 2 weeks, teasing a breach of the “nice round number” resistance several times only to fade right below it, moments ago bitcoin finally erupted higher with an aggressive buyer taking advantage of the illiquid Asian session and sending the world’s first digital token above $100,000 for the first time ever… …  rising more than 3% to $101,554 since president-elect Trump nominated a pro-crypto head of the SEC…. …as the sell wall at $100,000 was promptly dismantled leading…

Read more at: https://oilprice.com/Finance/investing-and-trading-reports/Bitcoin-Shatters-100000-Ceiling-Fueled-by-Trumps-Pro-Crypto-Stance.html

Petrobras and Ecopetrol Uncover Historic Gas Find in Colombia

Brazilian oil giant Petrobras, in partnership with Colombia’s state-run Ecopetrol, has confirmed the largest natural gas discovery in Colombia’s history. Drilling results from the Sirius-2 well, located in the Guajira Offshore Basin, have revealed over 6 trillion cubic feet (Tcf) of gas in place—enough to potentially double the country’s existing reserves. Petrobras holds a 44.44% stake in the consortium, while Ecopetrol owns 55.56%. The Sirius-1 and Sirius-2 wells were previously named the Uchuva-1 and Uchuva-2 wells. Brazil’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Petrobras-and-Ecopetrol-Uncover-Historic-Gas-Find-in-Colombia.html

Middle East Trade With Asia Set to Outstrip Its Trade With the West by 2027

The trade between the Middle East and China is growing faster than the overall trade between the Gulf region and the West and the Gulf-China trade is set to eclipse the Middle East’s trade with the West in 2027, think tank Asia House said in a report on Thursday. “Assuming both trade relationships continue expanding at 2010-2023 rates, Gulf-China trade will overtake Gulf-West trade in 2027,” the authors of the report wrote in their outlook. Trade growth between the Gulf countries and emerging markets in Asia has been exceeding…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Middle-East-Trade-With-Asia-Set-to-Outstrip-Its-Trade-With-the-West-by-2027.html

Why Oil Markets Are Trading With Zero Conviction

With nearly a month since U.S. President-elect Donald Trump won a second term in the Oval Office, oil markets have been struggling to find direction despite event risk remaining high, particularly in the Middle East. According to commodity analysts at Standard Chartered, the market’s apparent hesitation to trade a view with any conviction has intensified the notion that oil markets seem content to wait for Trump to take office. Volatility has fallen sharply, with the 30-day front-month Brent realized annualized volatility sinking to a1 6-week…

Read more at: https://oilprice.com/Energy/Energy-General/Why-Oil-Markets-Are-Trading-With-Zero-Conviction.html

Small Nuclear Reactors Are Gaining Traction Around the Globe

As more countries worldwide begin to develop innovative nuclear technology and a ‘new nuclear era’ takes hold, an increasing number of governments are supporting small modular reactor (SMR) technology. Companies in regions of the world from North America to Asia, Europe and Africa are deploying SMR technology to support governments in their efforts to decarbonise and undergo a green transition. In addition to investment in new conventional reactors, we can expect to see a plethora of SMR projects worldwide in the coming decades. …

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Small-Nuclear-Reactors-Are-Gaining-Traction-Around-the-Globe.html

UK Government Waters Down Clean Energy Pledge

The UK will aim for 95% clean power by 2030, down from a Labour party pledge of “zero carbon electricity” by the end of the decade, UK’s Prime Minister Keir Starmer said in a speech on a so-called Plan for Change on Thursday. Weeks after Labour came to power in early July, the UK’s Energy Secretary Ed Miliband said the government’s pledge is to have the UK power grid decarbonized by 2030 and “to make Britain a clean energy superpower with zero carbon electricity by 2030.” Compared to the Labour…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Government-Waters-Down-Clean-Energy-Pledge.html

North Sea Trading Frenzy Sparks Brent Crude Price Speculation

The North Sea crude market, which is typically in a lull in December, saw on Monday the biggest trading activity on record in a single day as trading giants and oil majors snapped up a total of eight cargoes.   Seven of these eight cargoes carry crude grades that help underpin the Dated Brent benchmark, the world’s most important and closely watched benchmark for crude, which is used to price more than three-quarters of the traded oil in the world.    The unusually high trading activity early this week could push…

Read more at: https://oilprice.com/Energy/Oil-Prices/North-Sea-Trading-Frenzy-Sparks-Brent-Crude-Price-Speculation.html

Dozens of Middlemen Drop Out of Trading Russian Oil to India

Dozens of small trading players and middlemen have recently dropped out of trading Russian crude oil to India, as Russia’s interest rates and costs to fund trades have soared, Reuters reported exclusively on Thursday, quoting trade sources and customs and shipping data. India, one of Russia’s top two markets to sell its oil banned in the West, now relies on Russian crude for a large part of its consumption. Since 2022, after the Russian invasion of Ukraine and the Western sanctions on Moscow, Russia has become India’s single biggest…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Dozens-of-Middlemen-Drop-Out-of-Trading-Russian-Oil-to-India.html

OPEC+ Delays Output Increase to April 2025, Extends Cuts Into 2026

The OPEC+ producers who are reducing output by 2.2 million barrels per day (bpd) have decided to delay the beginning of the gradual easing of the cuts to April 2025, OPEC+ delegates told Argus on Thursday as the ministers were holding their online video conference. The alliance has also decided to extend the collective group cut by one year until the end of 2026, Amena Bakr, Senior Research Analyst at Energy Intelligence, reported while the meeting was ongoing, citing delegates. There are also a lot of discussions about the importance of compliance,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Delays-Output-Increase-to-April-2025-Extends-Cuts-Into-2026.html

Private Equity Firm EQT Launches Energy Transition Fund

Private equity firm EQT is creating a new energy transition fund, EQT Transition Infrastructure, which will look to invest in clean energy companies in Europe, North America, and the Asia Pacific. The first acquisition of the Sweden-headquartered private equity firm with $259 billion (246 billion euros) in total assets under management is Germany’s ju:niz Energy, a battery energy storage system developer and operator, EQT said on Thursday. The German company will be the EQT Transition Infrastructure strategy’s first highly thematic…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Private-Equity-Firm-EQT-Launches-Energy-Transition-Fund.html

MicroStrategy gives up big gain, turns negative despite bitcoin $100,000 milestone

Crypto-linked stocks gave up big gains even after bitcoin prices reached $100,000 for the first time ever.

Read more at: https://www.cnbc.com/2024/12/05/microstrategy-leads-crypto-stocks-higher-after-bitcoin-tops-100000-for-the-first-time.html

There’s an important jobs report coming Friday. Here’s what to expect

The jobs report due out Friday could provide a clearer picture of where the labor market is headed.

Read more at: https://www.cnbc.com/2024/12/05/theres-an-important-jobs-report-coming-friday-heres-what-to-expect.html

UnitedHealthcare CEO shooting: Photos show face of person sought by NYPD for questioning

UnitedHealthcare CEO Brian Thompson, whose company is the biggest private health insurance payer in the United States, was fatally shot in New York.

Read more at: https://www.cnbc.com/2024/12/05/unitedhealthcare-ceo-shooting-nypd-photos-show-face-of-person-sought.html

Dow drops more than 200 points, S&P 500 retreats from record as big payrolls report looms: Live updates

The blue-chip average pulled back below record closing level on Thursday as enthusiasm around bitcoin’s move above $100,000 failed to rally stock market bulls.

Read more at: https://www.cnbc.com/2024/12/04/stock-market-today-live-updates.html

What Fed chief Powell said about crypto that may have aided bitcoin’s rally to $100,000

Powell said bitcoin is not a challenge for traditional currencies such as the U.S. dollar but rather for gold.

Read more at: https://www.cnbc.com/2024/12/05/what-fed-chief-powell-said-about-crypto-that-may-have-aided-bitcoins-rally-to-100k.html

Goldman says these lagging stocks will turn around in 2025. Rest of Street has doubts

Several stocks that have underperformed this year may be poised for substantial gains in the coming months, according to Goldman Sachs.

Read more at: https://www.cnbc.com/2024/12/05/goldman-says-these-lagging-stocks-will-turn-around-in-2025-.html

Court rejects Boeing plea deal tied to 737 Max crashes

A federal judge rejected Boeing’s deal with the Justice Department to plead guilty to a criminal fraud charge tied to fatal crashes of 737 Max planes.

Read more at: https://www.cnbc.com/2024/12/05/court-rejects-boeing-plea-deal-tied-to-737-max-crashes.html

Lilly invests $3 billion to expand Wisconsin plant as obesity drug demand soars

Zepbound and Lilly’s diabetes drug Mounjaro, both known chemically as tirzepatide, were in shortage in the U.S. for much of this year.

Read more at: https://www.cnbc.com/2024/12/05/lilly-invests-3-billion-to-expand-wisconsin-plant-as-obesity-drug-demand-soars-.html

Here’s what’s next after bitcoin’s $100,000 milestone: 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, Innovating Capital general partner Anthony Georgiades discusses what’s driving the crypto rally and where meme tokens fit in the current market cycle.

Read more at: https://www.cnbc.com/video/2024/12/05/heres-whats-next-after-bitcoins-100000-milestone-crypto-world.html

‘Deny,’ ‘defend,’ ‘depose’: UnitedHealthcare CEO killing shell casings had words written on them

UnitedHealthcare CEO Brian Thompson was fatally shot by a masked gunman in New York City on his way to a UnitedHealth Group investor meeting Wednesday.

Read more at: https://www.cnbc.com/2024/12/05/deny-defend-depose-unitedhealthcare-ceo-shooting-shell-casing-thompson.html

More Americans are living in malls, as developers get creative to help ease the housing crisis

Real estate developers are building housing inside of or next to shopping malls as department stores like Macy’s, JC Penney and Sears shrink or cease to exist.

Read more at: https://www.cnbc.com/2024/12/05/why-developers-are-building-housing-at-shopping-malls.html

Mark Cuban: This will ‘be the No. 1 housing affordability issue’ in the U.S.—Florida especially will have ‘huge problems’

Rising home insurance costs will be a huge problem for homeowners and prospective homebuyers alike, predicts billionaire Mark Cuban. Experts agree.

Read more at: https://www.cnbc.com/2024/12/05/mark-cuban-this-is-going-to-be-the-no-1-housing-affordability-issue.html

Waymo to expand to Miami, aims to launch robotaxi service there in 2026

Waymo says it’s setting its sights on the Sunshine State for its next expansion.

Read more at: https://www.cnbc.com/2024/12/05/waymo-announces-robotaxi-expansion-to-miami.html

Ukraine Firmly Rejects US Calls to Lower Conscription Age To 18

Ukraine has firmly rejected calls from Washington and NATO leadership to lower its age of conscription from 25 to 18, amid widespread acknowledgement that it doesn’t have enough able-bodied fighting men to defend the front lines or slow the Russian military advance.

President Zelensky’s office responded to White House urgings to get “younger people” into the fight by saying there are not enough weapons to begin with, so forcing more young men into the military will make little difference.

Volunteers: Maksym Lutsyk,19 (left) and Dmytro Kisilenko, 18. Via BBCZelensky’s communications adviser, Dmytro Lytvyn, issued a statement Wednesday night, directly addressing the controversy which is currently in international headlines, also after NATO Secretary-General Mark Rutte

Read more at: https://www.zerohedge.com/markets/ukraine-firmly-rejects-us-calls-lower-conscription-age-18

The Trump Trade Should Not Work In Theory, But Does In Practice

By Russell Clark, of The Capital Flows and Asset Markets substack

I am generally of the view that risk can not be destroyed, but it can be transferred. Or in other words, you can protect one asset, but normally at the cost of another. There are lots of versions of this type of thinking in economics – beggar-thy-neighbor devaluation currency policies, helps businesses but reduce domestic wages. Central banks and governments can control either the exchange rate or the interest rate, but not both. Fiscal deficit spending, should be accompanied by higher interest rates, and a weaker currency. Emerging market investors are very familiar with the trade off – what the government gives you in spending, the currency markets take away with currency weakness.

For example, Brazil is running a 10% of GDP …

Read more at: https://www.zerohedge.com/markets/trump-trade-should-not-work-theory-does-practice

Skynet? Palmer Luckey & Sam Altman Combine Forces For “National Security Missions”

Palmer Luckey, the founder of Oculus, is positioning Anduril Industries—his Southern California startup defense firm—as a challenger to military-industrial giants like Lockheed Martin, Northrop Grumman, Boeing, and General Dynamics.

Anduril announced on Wednesday a strategic partnership with Sam Altman’s OpenAI to develop and deploy advanced artificial intelligence for national security missions.

“By bringing together OpenAI’s advanced models with Anduril’s high-performance defense systems and Lattice software platform, the partnership aims to improve the nation’s defense systems that protect U.S. and allied military personnel from attacks by unmanned drones and other aerial devices,” the startup wrote in a statement.

Introducing:

Read more at: https://www.zerohedge.com/military/skynet-palmer-luckey-sam-altman-combine-forces-national-security-missions

‘Hawk Tuah’ Memecoin Collapses Amid Backlash Over Controversial Launch

Authored by Tom Mitchelhill via CoinTelegraph.com,

The launch of viral influencer Haliey Welch’s Hawk Tuah memecoin sparked outrage across social media as the newly launched token briefly pumped and then dumped rapidly following a controversial deployment involving allegations of snipers and insider wallets.

Welch has denied any insider sales or activity on behalf of her team or any affiliated entities.

The Hawk Tuak (HAWK) memecoin was launched at 10:00 pm UTC on Dec. 4 and quickly rose to a peak market cap of $490 million.

The price of the token then plummeted and was trading at a valuation of $41.7 million at the time of publication, marking a 91% downturn in less than three hours, according to DexScreener

Read more at: https://www.zerohedge.com/crypto/hawk-tuah-memecoin-collapses-amid-backlash-over-controversial-launch

Boeing plea deal tied to fatal crashes rejected

The decision raises new questions for the embattled aerospace giant.

Read more at: https://www.bbc.com/news/articles/cn0x1r60w4xo

‘Spray foam insulation ruined our house sale’

More than 160 people contacted the BBC after it found some mortgage lenders are rejecting homes with spray foam.

Read more at: https://www.bbc.com/news/articles/c86qz9g59v4o

Electric cars make up one in four sold in November

Sales of electric vehicles grow for the eleventh straight month as manufacturers offer steep discounts.

Read more at: https://www.bbc.com/news/articles/ckgz7j1yz1po

Sebi mulls introducing auction session at market close to reduce price volatility

Markets regulator Sebi on Thursday proposed introducing a Close Auction Session (CAS) framework in the country to determine the closing price of stocks in the equity cash market.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-proposes-to-introduce-close-auction-session-in-equity-markets/articleshow/116011071.cms

Canara Bank gets RBI nod to divest stake in Canara Robeco AMC, Canara HSBC Life Insurance via IPO

Banking regulator Reserve Bank of India (RBI) has given its nod to Canara Bank to divest its shareholding in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company by 13% and 14.5% respectively through Initial Public Offer (IPO).

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/canara-bank-gets-rbi-nod-to-divest-stake-in-canara-robeco-amc-canara-hsbc-life-insurance-via-ipo/articleshow/116014222.cms

Sebi asks merchant bankers to upload IPO documents on exchange’s repository platform

Markets regulator Sebi on Thursday asked merchant bankers to upload and maintain due diligence documents related to public issues on the repository platform maintained by stock exchanges. The uploaded documents can be accessed by the relevant merchant banker using individual login credentials.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/sebi-asks-merchant-bankers-to-upload-ipo-documents-on-exchanges-repository-platform/articleshow/116014552.cms

Liquor giant Brown-Forman’s stock rises on growth signals ahead despite market challenges

Brown-Forman Corp.’s stock rose 8% in premarket trading on Thursday after the liquor maker beat Wall Street estimates for profit and revenue in its latest quarter and said it expects to generate positive net sales and operating income in its current fiscal year despite “macroeconomic uncertainties.”

Read more at: https://www.marketwatch.com/story/brown-formans-stock-rises-as-it-signals-growth-ahead-despite-market-challenges-5d42090b?mod=mw_rss_topstories

Treasury yields end mixed as November jobs data looms

The policy-sensitive 2-year Treasury yield advanced on Thursday while the longest-dated rates slipped ahead of Friday’s release of November jobs data, which is expected to show the U.S. labor market remains in good health.

Read more at: https://www.marketwatch.com/story/treasury-prices-rise-as-jobs-data-loom-6afb7f12?mod=mw_rss_topstories

Oil ends lower after OPEC+ again delays phaseout of production cuts

Oil futures finished lower on Thursday after the Organization of the Petroleum Exporting Countries and its allies, as expected, agreed to further postpone a proposed unwinding of production cuts in the face of ample global supply and shaky demand from China.

Read more at: https://www.marketwatch.com/story/oil-prices-rise-as-traders-await-opec-production-decision-e2b41044?mod=mw_rss_topstories