09 DEC 2024 Market Close & Major Financial Headlines: Nasdaq Recorded A New Historic High, But Markets Slid Sharply Lower, Closing Deep In The Red

Wall Street Embraces Milei’s Argentina: Energy Firms Raise Millions in Bond Sale

Confidence in Argentina, and its economy, looks to be picking up steam. So much so that Argentine energy companies are tapping U.S. debt markets, according to Bloomberg. Shale driller Vista Energy raised $600 million in its first foreign bond sale, while Pampa Energia is planning another market return this year amid growing output in Argentina’s Vaca Muerta shale. MSU Energy also secured $177 million to refinance debt. It’s hard to say that these efforts to access global lenders do anything but underscore Wall Street’s growing confidence in President…

Read more at: https://oilprice.com/Energy/Energy-General/Wall-Street-Embraces-Mileis-Argentina-Energy-Firms-Raise-Millions-in-Bond-Sale.html

Nobel Laureate Advocates for Grassroots Climate Action in Kazakhstan

Kazakhstan needs a “me first” campaign to achieve its net-zero goal, Raekwon Chung told Eurasianet. The South Korean Nobel laureate believes action should start at the grassroots.  There are over 400 environmentally oriented non-governmental organizations in Kazakhstan, a country with a complex environmental history, including the scarring legacy of nuclear testing at Semipalatinsk. An estimated 75 percent of the country’s territory is vulnerable to the adverse effects of climate change. Heat waves are intensifying. Glaciers…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Nobel-Laureate-Advocates-for-Grassroots-Climate-Action-in-Kazakhstan.html

National Gasoline Prices Fall Below $3 Per Gallon

The U.S. national average price of gasoline has fallen below $3 per gallon for the first time in more than three and a half years. According to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country, the average national gasoline price was $2.97 per gallon on Monday, a level they last touched in 2021. De Haan has noted that some 35 U.S. states now enjoy average gas prices below $3 per gallon, an increase of seven states from a month ago. “The national average has finally…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/National-Gasoline-Prices-Fall-Below-3-Per-Gallon.html

U.S. Manufacturing Power Wanes as China’s Influence Soars

According to data published by the United Nations Statistics Division, China accounted for 31 percent of global manufacturing output in 2022. As Statista’s Felix Richter shows in the chart below, that puts the country almost 15 percentage points ahead of second-placed United States, which used to have the world’s largest manufacturing sector until China overtook it in 2010. You will find more infographics at Statista With total value added by the Chinese manufacturing sector amounting to more than $5 trillion in 2022, manufacturing accounted…

Read more at: https://oilprice.com/Geopolitics/International/US-Manufacturing-Power-Wanes-as-Chinas-Influence-Soars.html

Kuwait’s Economy Struggles as Oil Production Cuts Persist

The International Monetary Fund (IMF) has predicted that Kuwait’s economy will remain in a recession due to the ongoing OPEC+ oil production cuts. “The economy is projected to remain in recession under the baseline in 2024, then to recover over the medium term,” the IMF said a week after OPEC+ announced it was extending voluntary cuts of 2.2 million barrels per day until April 2025. Kuwait’s GDP contracted by 3.6% last year, thanks in large part to a 4.3% contraction in its oil sector due to the production cuts. The economy…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kuwaits-Economy-Struggles-as-Oil-Production-Cuts-Persist.html

Challenges Mount in California’s Fuel Market

California’s fuel market, where gasoline prices have been consistently higher than the national U.S. average, has seen multiplying challenges in recent years, which resulted in new state legislation and an announcement of a refinery closure in October, the Energy Information Administration (EIA) said in an analysis on Monday. As of December 9, the average U.S. retail price for a gallon of regular gasoline was $3.018, according to AAA data. Retail gasoline prices in California, however, averaged $4.365 per gallon. California retail gasoline…

Read more at: https://oilprice.com/Energy/Energy-General/Challenges-Mount-in-Californias-Fuel-Market.html

Explosion at Eni Fuel Depot Near Florence Kills Two and Injures Nine

An explosion and fire at a fuel depot owned by energy major Eni near Florence, Italy, killed on Monday morning at least two people and injured another nine, while three people are still unaccounted for. At least three of the injured are in critical condition, Italian officials say. The fuel depot at Calenzano, just northwest of Florence, receives, stores, and ships out gasoline, diesel, and jet fuel. The explosion occurred in an area where trucks were refueling in a loading shelter. The explosion and fire have not affected the storage tanks, Eni…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Explosion-at-Eni-Fuel-Depot-Near-Florence-Kills-Two-and-Injures-Nine.html

Oil Prices Rise After China Vows to Ramp Up Monetary Stimulus

Oil prices climbed by more than 1% on Monday after China unveiled plans to adopt its first loosened monetary policy stance since 2010 as it looks to boost economic growth. Brent crude for February delivery was up 1.52% to trade at $72.21 per barrel at 10.00 am ET while the WTI crude January contract gained 1.80% to $68.41 per barrel. “The easing of monetary policy stance in China is likely the driver of the oil price rebounding, supporting risk sentiment,” UBS analyst Giovanni Staunovo said.  According to an official readout from a meeting…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Rise-After-China-Vows-to-Ramp-Up-Monetary-Stimulus.html

Germany’s Power Prices Rise as Market Tightens

Germany’s power margin, the available electricity supply to meet demand, is set to drop this week to the lowest level so far this winter, as low wind speeds and colder weather are straining the power system, according to models compiled by Bloomberg. This week, wind speeds in Germany have dipped again, while colder-than-usual temperatures have settled over much of northwest Europe. Since early November, the so-called ‘Dunkelflaute’, German for “dark wind lull”, have often resulted in wind farms in Europe’s biggest…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germanys-Power-Prices-Rise-as-Market-Tightens.html

Iran’s Uranium Enrichment Surge Sparks International Concern

Iran is poised to significantly increase the production rate of highly enriched uranium, the International Atomic Energy Agency (IAEA) has warned in a confidential report. The IAEA report said the effect of the change “would be to significantly increase the rate of production of uranium enriched up to 60 percent,” according to news agencies quoting the report on December 6. This means the rate of production will jump to more than 34 kilograms of highly enriched uranium per month at its Fordow facility alone, compared to 4.7 kilograms previously,…

Read more at: https://oilprice.com/Geopolitics/International/Irans-Uranium-Enrichment-Surge-Sparks-International-Concern.html

BP Merges Offshore Wind Business in $5.8 Billion Joint Venture With JERA

BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by 2030, the UK-based supermajor said on Monday as it shifts its focus back on oil and gas. BP has been seeking for months to offload spending on project developments in the offshore wind sector, including by studying ideas to sell a small stake in the business. Now BP and JERA have agreed to combine their offshore wind businesses to form a new standalone, equally-owned…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Merges-Offshore-Wind-Business-in-58-Billion-Joint-Venture-With-JERA.html

Kuwait’s Oil Firm Looks to Boost Indonesia Offshore Exploration

Kuwait Foreign Petroleum Exploration Company (KUFPEC) plans to bid for more oil and gas blocks offshore Indonesia and explore for hydrocarbons in the Natuna Sea, the top executive of Kuwait’s state oil firm told Reuters on Monday. KUFPEC is an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait. Currently, KUFPEC, a unit of Kuwait Petroleum Corporation (KPC), has two offshore oil/gas/condensate projects of Natuna Sea Block A, Anambas Exploration block…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kuwaits-Oil-Firm-Looks-to-Boost-Indonesia-Offshore-Exploration.html

Equinor Exits Nigeria and Azerbaijan With $2 Billion of Asset Sales

Equinor has exited the upstream business in Nigeria and Azerbaijan after completing oil and gas asset sales of $2 billion, the Norwegian energy major said on Monday. Equinor will receive $745 million for its portfolio in Azerbaijan and up to $1.2 billion for the sale of its Nigerian assets, said the company, which announced the deals last year and said they were part of its strategy to streamline its upstream business. In Nigeria, Equinor sold its assets to Chappal Energies. These included a 53.85% ownership in oil and gas lease OML 128, including…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Exits-Nigeria-and-Azerbaijan-With-2-Billion-of-Asset-Sales.html

Nuclear Power Wouldn’t Be a Cost-Effective Solution for Australia

The possibility of Australia using nuclear power for the first time would not have any advantages over other technologies, as similar costs savings could be achieved with renewables even if they have to be built twice over a long-term period, according to Australia’s national science agency. The Commonwealth Scientific and Industrial Research Organisation (CSIRO) issues each year a report on generation costs, the so-called GenCost report, in collaboration with the Australian Energy Market Operator (AEMO) and industry stakeholders. This report…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nuclear-Power-Wouldnt-Be-a-Cost-Effective-Solution-for-Australia.html

Saudi Arabia Cuts Oil Prices for Asia as Demand Concerns Persist

Saudi Arabia has cut the official selling price for its crude oil for deliveries to Asia in January in a move that was largely expected amid depressed global prices. Saudi crude for delivery next month will be the cheapest in four years, according to Reuters columnist Clyde Russell, with the kingdom also cutting prices for deliveries to Europe and leaving prices for deliveries to the United States unchanged. Aramco lowered the official selling price for its flagship Arab Light blend from a $1.70 premium to the Oman/Dubai average for this month…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Cuts-Oil-Prices-for-Asia-as-Demand-Concerns-Persist.html

UnitedHealthcare CEO killing: Luigi Mangione ID’d as person of interest, arrested on gun charge

The development in the case came on the same day that Thompson’s funeral was set to take place in Minnesota.

Read more at: https://www.cnbc.com/2024/12/09/brian-thompson-killing-man-questioned-in-pennsylvania-in-unitedhealthcare-ceo-slaying.html

Amazon is bringing Intuit QuickBooks software to its millions of third-party sellers

Amazon’s marketplace sellers will be able to bring their expense, inventory and tax data into Intuit QuickBooks through a new integration.

Read more at: https://www.cnbc.com/2024/12/09/amazon-partnering-with-intuit-quickbooks-for-third-party-sellers.html

Dow drops more than 200 points, S&P 500 pulls back from record as Nvidia slides: Live updates

Stocks fell on Monday as investors await key inflation data due out this week.

Read more at: https://www.cnbc.com/2024/12/08/stock-market-today-live-updates.html

Nvidia shares fall after China opens investigation over possible violation of antimonopoly law

Nvidia shares were under pressure after a Chinese regulator said it was investigating the chipmaker over possible violations of the country’s antimonopoly law.

Read more at: https://www.cnbc.com/2024/12/09/nvidia-shares-fall-after-china-opens-investigation-over-possible-violation-of-antimonopoly-law.html

From ‘Fortnite’ to ‘Hogwarts Legacy’: One university fuels Utah’s $2 billion video game industry

Utah’s video game industry has surged more than 230% in a decade and added an estimated $2.6 billion to the state’s economy in 2024.

Read more at: https://www.cnbc.com/2024/12/09/university-of-utah-video-game-program.html

A Florida ‘condo cliff’ is coming as owners deal with fallout from 2021 Surfside collapse

For some associations, the costs are in the millions of dollars, and condo owners, many of whom are retirees on fixed incomes, are on the hook.

Read more at: https://www.cnbc.com/2024/12/09/florida-condo-cliff-surfside-collapse-fallout.html

Goldman predicts these names will have four times the return of the typical stock with less risk

The bank is recommending stocks with high Sharpe ratios, a measure of an asset’s performance relative to its volatility.

Read more at: https://www.cnbc.com/2024/12/09/goldman-predicts-these-names-will-have-4-times-the-return-of-the-typical-stock.html

Bitcoin retreats from $100,000 as falling Nvidia shares weigh on risk assets: 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, Andy Baehr of CoinDesk Indices discusses the growing influence of U.S. politics on crypto prices and how long that influence will last.

Read more at: https://www.cnbc.com/video/2024/12/09/bitcoin-retreats-from-100000-falling-nvidia-shares-weigh-on-risk-assets-crypto-world.html

OpenAI releases Sora, its buzzy AI video-generation tool

OpenAI released its buzzy AI video-generation tool, Sora.

Read more at: https://www.cnbc.com/2024/12/09/openai-releases-sora-its-buzzy-ai-video-generation-tool.html

Household finance outlook hits highest since February 2020 following Trump win, New York Fed survey shows

Heads of households expecting their financial situation to be better a year from now jumped to 37.6%.

Read more at: https://www.cnbc.com/2024/12/09/household-finance-outlook-hits-highest-since-february-2020-following-trump-win.html

Assad dynasty collapses in Syria as rebel forces claim Damascus

The defense forces of the Russia and Iran-backed Assad government have been struggling to stave off the lightning advance of rebel forces.

Read more at: https://www.cnbc.com/2024/12/08/assad-regime-on-brink-of-collapse-in-syria-as-rebel-forces-claim-damascus.html

From Trump and Turkey, to Russia and Iran — Syria’s regime change has huge global consequences

The dramatic collapse of Bashar al-Assad’s Syrian regime at the hands of rebel forces this weekend will have deep ramifications across the globe.

Read more at: https://www.cnbc.com/2024/12/09/who-are-the-winners-and-losers-from-syrias-crisis.html

The next price to watch on Tesla’s stock chart as the postelection surge looks set to continue

A breakdown of the charts on Tesla and which price targets to watch.

Read more at: https://www.cnbc.com/2024/12/09/the-next-price-to-watch-on-teslas-stock-chart-as-the-post-election-surge-looks-set-to-continue.html

South Korea Slaps Travel Ban On President; Goldman Shows Possible Transition Scenarios

South Korean equities slid, and the won approached its weakest level since 2009 on Monday, following last week’s political turmoil when President Yoon Suk Yeol briefly declared emergency martial law.

President Yoon survived Saturday’s impeachment motion, but the Justice Ministry banned him from traveling overseas on Monday morning as investigations into his brief declaration of martial law begin.

Justice Ministry official Bae Sang-up told a parliamentary hearing that the president was prohibited from leaving the country following requests by police, prosecutors, and an anti-corruption agency.

AP News cited a senior National Police Agency officer who told reporters at a briefing that police can detain Yoon if conditions are satisfied.

Yoon’s martial law speech last Tuesday called parliament a “den of criminals” for “attempting to paralyze” the government, adding to eliminate “shameless North Korea followers and anti-state forces.”

The prospect of a prolonged constitutional crisis appears elevated as the main opposition party, already failing once, will likely push another impeachment vote against the president this week.

Making sense of the uncertainties over the country’s leadership and potential transition pathways, Goldman’s Goohoon Kw …

Read more at: https://www.zerohedge.com/geopolitical/south-korea-slaps-travel-ban-president-goldman-shows-possible-transition-scenarios

Galbraith: Why Bidenomics Was Such A Bust

Authored by James Galbraith via TheNation.com,

A large majority of voters gave the Biden administration a failing grade on the economy. For the sake of future policy battles, it is worthwhile to try to understand their reasons…

One cannot fault Jared Bernstein, lead architect of “Bidenomics,” for feeling a measure of “guilt, confusion” over Donald Trump’s defeat of Kamala Harris in the 2024 election. Bernstein says—and I believe him—that the daily mission of Biden’s economists was to improve the lives of the American working class. Not to be rewarded with a vote of  “Good job, and carry on” must be a bitter blow.

Yet there is very little evidence that disappointment with the economy decided the election. According to an� …

Read more at: https://www.zerohedge.com/personal-finance/galbraith-why-bidenomics-was-such-bust

Zelensky Rejects Trump’s Demand For Ukraine Peace After Paris Meeting

Shortly after meeting with Zelensky and Macron in Paris on Saturday, President-elect Donald Trump demanded an “immediate ceasefire and negotiations” to begin in Ukraine. The statement posted to his official social media accounts also affirmed that Ukraine “would like to make a deal and stop the madness.”

But Zelensky and Trump are clearly not exactly on the same page, as Zelensky immediately contradicted Trump’s assertion. Zelensky in his own post on X said the war with Russia “cannot simply end with a piece of paper and a few signatures.”

Getty Images

“A ceasefire without guarantees can be reignited at any moment… To ensure that Ukrainians no longer suffer losses, we must guarantee the reliability of peace and not turn a blind eye to occupation,” the Ukrainian leader continued.

He emphasized that “in the occupied territories of Ukraine, at least several million people remain”—which is tantamount to Zelen …

Read more at: https://www.zerohedge.com/geopolitical/zelensky-rejects-trumps-demand-ukraine-peace-after-paris-meeting

10 Outrageous Taxpayer-Funded Higher-Ed Research Projects DOGE Can Investigate

Authored by Emily Sturge via Campus Reform,

The House Education Committee on Education and the Workforce is set to work with the Department of Government Efficiency (DOGE) to “cut back waste” and “fraud” in higher education.

Much wasteful spending is happening on America’s college campuses.

Here are 10 outrageous examples of university studies funded by taxpayer dollars obtained by Campus Reform:

1. Gambling for Pigeons

The National Institute of Health (NIH) granted $465,339 to researchers at Reed College in Portland, Oregon to “c …

Read more at: https://www.zerohedge.com/political/10-outrageous-taxpayer-funded-higher-ed-research-projects-doge-can-investigate

Rachel Reeves signals wider reset of EU relations

Labour has ruled out rejoining the EU but may be open to alignment on areas such as farm and food exports.

Read more at: https://www.bbc.com/news/articles/ceql9x5rd30o

Water giant uses accounting trick to inflate balance sheet by £1.68bn

A substantial Severn Trent Water investment is based on IOU notes – BBC Panorama finds.

Read more at: https://www.bbc.com/news/articles/cd75nqwdpj7o

Renishaw founder and Concorde engineer dies

The company co-founded by Sir David McMurtry now employs more than 5,000 people.

Read more at: https://www.bbc.com/news/articles/c8xjq2wzddlo

Brookfield India REIT’s Rs 3,500 crore institutional placement opens at floor price of Rs 287.55/unit

Brookfield India REIT has approved a fundraise of up to Rs 3,500 crore through an institutional placement. The floor price for the issue is set at Rs 287.55 per unit. The company aims to utilize the funds for growth and expansion.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/brookfield-india-reits-rs-3500-crore-institutional-placement-opens-at-floor-price-of-rs-287-55/unit/articleshow/116146126.cms

Sebi warns investors against platforms facilitating transactions in unlisted securities

Sebi has warned investors against using unauthorized electronic platforms for transactions in unlisted securities, citing violations of its rules. Such dealings forfeit investor protection, grievance redressal mechanisms, and online dispute resolution, risking sensitive personal information.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-warns-investors-against-platforms-facilitating-transactions-in-unlisted-securities/articleshow/116143812.cms

Torrent Power’s Rs 3,500 cr QIP over subscribed 4 times

Torrent Power on Monday said its Rs 3,500 crore qualified institutional placement (QIP) issue was oversubscribed four times. The issue received bids of about Rs 14,000 crore against the base issue size of Rs 3,500 crore, a company statement said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/torrent-power-rs-3500-cr-qip-oversubscribed-4-times/articleshow/116144738.cms

How investors can position for bond ‘vigilantism’ and a growing U.S. debt load, according to Pimco

Taking U.S. equity exposure and preferring debt exposure in Europe makes sense, Pimco says.

Read more at: https://www.marketwatch.com/story/how-investors-can-position-for-bond-vigilantism-and-a-growing-u-s-debt-load-according-to-pimco-fa02e07c?mod=mw_rss_topstories

Trump has vowed to defend TikTok — but there’s a tricky path ahead, say analysts

The president-elect may have to do some “fancy footwork” in protecting TikTok from a U.S. ban, says TD Cowen analyst Paul Gallant.

Read more at: https://www.marketwatch.com/story/trump-has-vowed-to-defend-tiktok-but-theres-a-tricky-path-ahead-say-analysts-ee4fdc95?mod=mw_rss_topstories

My husband and I have lived in my house for 17 years. Should I finally add him to the deed?

“I have no mortgage.”

Read more at: https://www.marketwatch.com/story/i-have-no-mortgage-my-husband-and-i-have-lived-in-my-house-for-17-years-should-i-add-him-to-the-deed-24a38530?mod=mw_rss_topstories