17 DEC 2024 Market Close & Major Financial Headlines: The Dow Records Its 9th. Session, longest losing streak since 1978, Markets Close Moderately Down In The Doldrums

China’s Car Exports Surge as Domestic Sales Slow

China has transformed itself from a minor player in the auto industry two decades ago to the world leader in car production and exports, particularly in electric vehicles (EVs), the New York Times reported late last month. But the trend of China’s impact on the global auto market has been best characterized by this chart, published over the weekend, showing how Chinese car production has gone from 1% to 39% of global production in 20 years. The rapid ascent was fueled by significant government investment, advancements in automation, and the growth…

Read more at: https://oilprice.com/Energy/Energy-General/Chinas-Car-Exports-Surge-as-Domestic-Sales-Slow.html

Hurricane Fury in 2024 Slows US Gulf Energy Production

The 2024 hurricane season was relentless, and it took U.S. energy infrastructure along for the ride. Above-average storm activity—18 named storms, five of which were major hurricanes—created disruptions in electricity markets and oil and gas production in the Gulf of Mexico. Hurricanes Helene and Milton, both Category 3 storms, were the heavy hitters. Making landfall on Florida’s Gulf Coast in late September and early October, they wreaked havoc on power grids, petroleum supply chains, and inland states as they barreled north.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hurricane-Fury-in-2024-Slows-US-Gulf-Energy-Production.html

Kazakhstan’s Desertification Crisis

The UN climate conference, COP29, held in Baku in November garnered plenty of global attention. But another, lower-profile UN-sponsored COP, shorthand for conference of parties, convened earlier in December in Saudi Arabia. That COP tackled another global warming-related challenge – the spread of desertification.  Barron Joseph Orr, the lead scientist for the UN Convention to Combat Desertification (UNCCD), cautioned at the COP about a “knock-on effect” in which warming-caused loss of agricultural land can cause the loss…

Read more at: https://oilprice.com/The-Environment/Global-Warming/Kazakhstans-Desertification-Crisis.html

The U.S. Desperately Needs to Protect Itself Against Future MIneral Export Bans

Last week, China imposed export bans on antimony, gallium, and germanium—all of which are listed on China’s dual-use export control list. Other minerals on the list and, thus, at risk of future bans include aluminum, magnesium, and zinc, among others. Beyond their economic importance, many of these minerals have military applications. For example, tungsten superalloys are used in military turbines and armor-piercing munitions, while bismuth is used in ammunition and alloys for defense. With many minerals, the U.S. government…

Read more at: https://oilprice.com/Metals/Commodities/The-US-Desperately-Needs-to-Protect-Itself-Against-Future-MIneral-Export-Bans.html

EU’s “Business as Usual” Stance on Ukraine Continues into 2025

Normally, the week leading up to the winter holiday in the European Union is the busiest, with thorny decisions to be made before the year ends. Just look at last year, when EU leaders eventually gave Moldova and Ukraine the green light to start accession talks, granted Georgia candidate status, and approved a rather wide-ranging sanctions package on Russia. They also agreed to channel some previously frozen funds for Hungary while controversially failing to get Budapest’s thumbs up for a 50 billion euro ($53 billion) package for Ukraine. (That…

Read more at: https://oilprice.com/Geopolitics/International/EUs-Business-as-Usual-Stance-on-Ukraine-Continues-into-2025.html

Kosmos Backs Off, Tullow Takes a Hit

Sometimes, no deal is better than a bad one—or so Kosmos Energy seems to think. The U.S. oil and gas firm abruptly called it quits on its potential takeover of West Africa-focused Tullow Oil, sending Tullow’s shares into a 10% tailspin on Tuesday. Kosmos didn’t offer up a reason, but “challenging” seems to be the word of the day: operational overlaps, debt-heavy balance sheets, and the ever-delicate dance with the Ghanaian government likely threw a wrench in the works. Had the two companies tied the knot, the combined…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kosmos-Backs-Off-Tullow-Takes-a-Hit.html

Trump Tantrum Pushes Canadian Oil into Overdrive

Previously, U.S. President-elect Donald Trump threatened to impose 25% tariffs on all imports from Canada and Mexico for failure to clamp down on drugs and migrants crossing the border, with Canadian oil imports not exempt. Analysts have pointed out that imposing tariffs on Canada would drive up fuel prices for Americans, throwing into turmoil the biggest supplier of crude to the U.S. According to GasBuddy analyst Patrick De Haan, more than 20% of the oil processed by U.S. refiners is imported from Canada. According to De Haan, consumers in the…

Read more at: https://oilprice.com/Energy/Crude-Oil/Trump-Tantrum-Pushes-Canadian-Oil-into-Overdrive.html

Indian Refiner BPCL To Boost Oil Processing Capacity

India’s second-largest fuel retailer, Bharat Petroleum Corporation Limited (BPCL), plans to raise its refining capacity by 10 million tons per year by 2028, as the biggest Indian refiners consider a massive expansion to processing capacity to meet growing demand. State-controlled BPCL expects to raise its total refining capacity to 45 million tons per year by 2028 from the current 35.3 million tons per year, BPCL’s head of refining Sanjay Khanna said on Tuesday, as carried by Reuters. The increase in refining capacity is expected to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indian-Refiner-BPCL-To-Boost-Oil-Processing-Capacity.html

Russia’s Crude Oil Shipments Slump by 11% in Two Months

Russian crude oil exports by sea have dropped by 11% from a recent high in October, due to maintenance at the Baltic port of Primorsk, pressure for Russia to align with its OPEC+ quota, and increased sanctions pressure. In the four weeks to December 15, Russia’s seaborne crude exports averaged 3.06 million barrels per day (bpd), tanker-tracking data monitored by Bloomberg showed on Tuesday. That’s 11% lower compared to a recent peak of a four-week average volume of 3.46 million bpd in early October, according to the data reported by…

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Crude-Oil-Shipments-Slump-by-11-in-Two-Months.html

Goldman Sachs: Huge Spare Capacity Weighs on Oil Prices

Spare oil production capacity at the highest quartile in history is weighing on Brent crude prices, and time spreads have looked undervalued since the summer, according to Goldman Sachs. The expectations for a large surplus next year are also likely weighing on the deferred time spreads, the investment bank said in a recent note. “Nevertheless, we believe neither currently low inventory levels nor our expected 2025 surplus of 0.37mb/d warrant the oversupply priced in the futures curve,” the Wall Street bank’s analysts wrote. “Deferred…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Huge-Spare-Capacity-Weighs-on-Oil-Prices.html

Biden Administration Set to Extend Record $15-Billion Loan to PG&E

The U.S. Department of Energy has agreed to extend a record $15 billion low-interest loan to California’s utility giant PG&E to fund grid infrastructure improvements and resilience, The Wall Street Journal reported on Tuesday, quoting sources with knowledge of the plan. The DOE’s Loan Program Office is expected to extend the loan in several cash installments over several years and the funding cannot be withdrawn by subsequent U.S. Administrations, according to the Journal’s report. The loan is aimed at helping PG&E, the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Set-to-Extend-Record-15-Billion-Loan-to-PGE.html

Demand Concerns Continue to Weigh on Oil Ahead of Fed Meeting

Oil prices are under pressure ahead of the next Federal Reserve meeting, with demand concerns continuing to weigh on both WTI and Brent.- The huge price volatility of the past couple of months has made European natural gas futures one of the favorite trading instruments of hedge funds as TTF futures continue to trade above €40 per MWh.- The combination of rapidly depleting European gas inventories and a still unclear outlook for Russian pipeline gas into Europe next year have lifted total long positions of institutional investors to almost…

Read more at: https://oilprice.com/Energy/Energy-General/Demand-Concerns-Continue-to-Weigh-on-Oil-Ahead-of-Fed-Meeting.html

Equinor Discovers Oil and Gas Near Troll Field in the North Sea

Equinor has made an oil and gas discovery next to the giant Troll field in the North Sea and will continue to explore the area for further potential resources close to existing infrastructure. The discovery, provisionally named Ringand, is currently estimated to contain between 2 and 12 million barrels of oil equivalent and is only 10 miles (17 kilometers) west of the Troll field, Equinor said on Tuesday. “It’s a small discovery, but in an interesting area that we plan to further explore with much existing infrastructure,” said Geir…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Discovers-Oil-and-Gas-Near-Troll-Field-in-the-North-Sea.html

EU Solar Power Growth Slows

Solar power installations increased by just 4% this year from 2023, down from 40-50% annual growth in the three prior years, as grid bottlenecks are holding back expansion, industry association SolarPower Europe told Reuters. In 2024, the EU installed a total of 65.5 gigawatts (GW) of solar power capacity. While that’s a record-high amount of installed solar capacity in a year, it is only 4% higher compared to 2023, according to the data SolarPower Europe shared exclusively with Reuters. To compare, growth in solar installations hit 40% in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Solar-Power-Growth-Slows.html

U.S. Remains the World’s Top LNG Exporter as Shipments Hit Record High

The United States will remain the world’s largest LNG exporter in 2024 ahead of Qatar and Australia as America’s liquefied natural gas shipments are set to increase to a new record high from the previous all-time high of 2023. The United States is on track to export a total of 86.9 million metric tons of LNG this year, per ship-tracking data from Kpler cited by Reuters columnist Gavin Maguire. These volumes would be 0.8% higher than the exports from 2023, according to the data. The U.S. is thus set to keep the number-one spot on the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Remains-the-Worlds-Top-LNG-Exporter-as-Shipments-Hit-Record-High.html

Dow tumbles more than 260 points for nine-day decline, its longest since 1978: Live updates

The Dow Jones Industrial Average entered the history books Tuesday with its first nine-day losing streak since 1978,

Read more at: https://www.cnbc.com/2024/12/16/stock-market-today-live-updates.html

Japan’s Honda and Nissan to reportedly begin merger talks

Nissan and Honda plan to enter into negotiations for a merger to better compete in the rapidly changing automotive industry, the Nikkei newspaper reported.

Read more at: https://www.cnbc.com/2024/12/17/japans-honda-and-nissan-to-reportedly-begin-merger-talks.html

Luigi Mangione indicted on murder charges for shooting of UnitedHealthcare CEO Thompson

Luigi Mangione is accused of shooting UnitedHealthcare CEO Brian Thompson. Shell casings and a bullet carried the words “deny,” “delay” and “depose.”

Read more at: https://www.cnbc.com/2024/12/17/luigi-mangione-brian-thompson-murder-new-york-extradition.html

The Fed has a big interest rate decision coming Wednesday. Here’s what to expect

Traders are pricing in a near-certainty that the Fed on Wednesday will lower its key rate by a quarter point.

Read more at: https://www.cnbc.com/2024/12/17/the-fed-has-a-big-interest-rate-decision-coming-wednesday-heres-what-to-expect.html

Starbucks union votes to authorize strike ahead of this year’s last scheduled bargaining session

In late February, Starbucks and the union announced they would work on a “foundational framework” on how to reach a collective bargaining agreement.

Read more at: https://www.cnbc.com/2024/12/17/starbucks-union-authorizes-strike-ahead-of-bargaining-session.html

Wall Street sees upside in 2025 for these dividend-paying real estate stocks

After a dismal couple of years, the outlook for real estate looks brighter for 2025, according to many on Wall Street.

Read more at: https://www.cnbc.com/2024/12/17/wall-street-sees-upside-in-2025-for-these-dividend-paying-real-estate-stocks.html

Databricks announces $10 billion financing at $62 billion valuation

The company’s new valuation is up from $43 billion in 2023.

Read more at: https://www.cnbc.com/2024/12/17/databricks-valued-at-62-billion-from-10-billion-financing.html

Grubhub to pay $25 million in FTC settlement over harmful practices against diners, workers

The complaint claims that Grubhub deceived diners about delivery costs and blocked access to their accounts.

Read more at: https://www.cnbc.com/2024/12/17/grubhub-ftc-settlement-harmful-practices-diners-workers.html

Walmart employees are now wearing body cameras in some stores

Walmart store associates are now using body cameras in some locations as retailers look to deter theft and make employees safer.

Read more at: https://www.cnbc.com/2024/12/17/walmart-employees-wearing-body-cameras.html

Federal student loan forgiveness opportunities lost to those who refinance, CFPB warns

With the Federal Reserve’s recent cuts to interest rates, more federal student loan borrowers are wondering if they should refinance. The CFPB has warnings.

Read more at: https://www.cnbc.com/2024/12/17/student-loan-forgiveness-chances-lost-to-those-who-refinance-cfpb.html

The Fed is likely to cut rates, but some worry it may not be the right move, CNBC survey found

Economists and strategists are uncertain about the inflation outlook, the CNBC Fed Survey for December found.

Read more at: https://www.cnbc.com/2024/12/17/fears-over-inflation-tariffs-cloud-the-economic-outlook-cnbc-survey-found.html

Why new retirees may need to rethink the 4% rule

Investors may need to lower their first-year retirement withdrawals due to lower expectations for long-term stock, bond and cash returns, Morningstar said.

Read more at: https://www.cnbc.com/2024/12/17/why-new-retirees-may-need-to-rethink-the-4percent-rule.html

Senator Elizabeth Warren says Trump needs to hold Elon Musk to ethics standards

Senator Elizabeth Warren has asked Donald Trump’s transition team to hold Elon Musk to the same ethics standards as other transition members.

Read more at: https://www.cnbc.com/2024/12/17/elizabeth-warren-says-trump-needs-to-hold-elon-musk-to-ethics-standards.html

Biden-Harris Supplies Record $15 Billion Low-Interest Loan To PG&E For Combating “Climate Change”

The Biden-Harris administration has provided a low-interest loan commitment to California utility giant PG&E to tackle “climate change” and bolster its power grid. The move reflects the administration’s broader push over the first term: out-of-control compulsion to spend taxpayer funds like a drunken sailor on endless wars, climate change, wokeism, and more.

The Wall Street Journal reports the Energy Department’s Loan Programs Office has provided PG&E with a record $15 billion low-interest loan commitment, allowing the utility company to revamp hydroelectric infrastructure, support green projects, and improve the power grid.

Sources familiar with the matter said the Energy Department was initially set to provide PG&E with a $30 billion loan, but that figure was halved due to concerns about the utility’s large upfront payments.

The Biden-Harris t …

Read more at: https://www.zerohedge.com/political/biden-harris-supplies-record-15-billion-low-interest-loan-pge-combating-climate-change

2025’s Best (And Worst) US States For Sound Money

Authored by Jp Cortez via The Mises Institute,

The newly-released 2025 Sound Money Index has identified Wyoming, South Dakota, and Alaska as the states with the most favorable policies toward constitutional sound money, while Vermont, Maine, and California take the most hostile stances.

Released annually by the Sound Money Defense League and Money Metals Exchange, the Sound Money Index is a comprehensive scorecard evaluating how each US state promotes or impedes sound money policies. Ranked policies include sales, income, and gross revenue taxes connected with precious metals, state affirmation of gold and silver as money, strengthening protections of gold and silver clause contracts, and state

Read more at: https://www.zerohedge.com/precious-metals/2025s-best-and-worst-us-states-sound-money

Trump Might Reverse ‘Very Stupid’ Long-Range Strikes On Russia

Authored by Dave DeCamp via AntiWar.com,

President-elect Donald Trump suggested at a press conference at Mar-a-Lago on Monday that he could reverse President Biden’s decision to support long-range missile strikes on Russian territory.

Trump said it was a “big mistake” for the Biden administration to greenlight the escalation without asking him what he thought. When asked if he might reverse the decision, the president-elect said, “I might, yeah. I thought it was a very stupid thing to do.”

The comments mark the second time in recent days that Trump expressed his concern over the long-range strikes that Ukraine has launched using US ATACMS missiles and British Storm Shadow missiles.

In an interview with Time Magazine that was published last week, Trump

Read more at: https://www.zerohedge.com/geopolitical/trump-might-reverse-very-stupid-long-range-strikes-russia

Some Honesty About Inflation

Authored by Jeffrey Tucker via The Epoch Times,

Inflation numbers came out last week. For once, we got some honesty from the mainstream media.

“Growing inflation poses challenges for the Fed,” said the WSJ.

“Progress on inflation stalled, complicating Republicans’ plans,” said the NYT.

That’s a major change in the tune from “it’s just transitory.”

That was Janet Yellen, four years ago!

It was a grim number, an annualized increase of 2.7 percent, which is still far over the target rate.

Those of us who watch real-time numbers knew it was coming. We’ve seen a heating up for three months. Right now, those numbers are showing a 3 percent rate of annualized inflation.

It’s been a four-year trend now toward ever higher prices, resulting in a dramatic loss of purchasing power in terms of goods and services. In this time …

Read more at: https://www.zerohedge.com/political/some-honesty-about-inflation

Avanti West Coast strikes back on after offer rejected

Train managers at Avanti will now walk out on New Year’s Eve and 2 January, as well as every Sunday from 12 January to 25 May.

Read more at: https://www.bbc.com/news/articles/cgkxrzllr22o

Fury as women hit by pension age rise denied payouts

Campaigners say they were not properly informed of a pension age rise to bring them in line with men.

Read more at: https://www.bbc.com/news/articles/czr36842nd6o

Paula Vennells laughed at on final day of Post Office inquiry

Ex-Post Office boss claims colleagues did not give her information but says she isn’t pointing fingers.

Read more at: https://www.bbc.com/news/articles/ckg8d443eg3o

Tech View: Nifty ends below 20 DEMA; 24,000 key to avoiding sell-off. How to trade on Wednesday

Nifty’s daily chart on Tuesday formed a long bear candle, wiping out most of Friday’s gains. This market action signals a lack of strength to sustain the upward bounce. Nifty’s higher tops and bottoms pattern remains intact, with crucial support at 24,200-24,000; holding above this level could trigger an upside bounce.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-ends-below-20-dema-24000-key-to-avoiding-sell-off-how-to-trade-on-wednesday/articleshow/116404088.cms

CSB Bank shares rally 8% after meeting with asset management firm WhiteOak Capital

CSB Bank’s stock surged after a meeting with WhiteOak Capital. The bank’s shares saw a 7.7% jump. This followed a 9.91% rise over the past month. The bank’s net profit grew by 3.9% in the September quarter. Net sales increased by 25.8% during the same period. However, the stock has declined over the longer term.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/csb-bank-shares-rally-8-after-meeting-with-asset-management-firm-whiteoak-capital/articleshow/116389924.cms

Quess Corp shares surge over 9% as Antique Stock Broking sees stock rallying up to Rs 1,000

Quess Corp shares rose 9.4% after Antique Stock Broking initiated coverage with a “buy” rating and Rs 1,000 target, citing strong hiring trends and projected revenue growth of 12%-14% CAGR through 2027.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/quess-corp-shares-surge-over-9-as-antique-stock-broking-sees-stock-rallying-up-to-rs-1000/articleshow/116388587.cms

MicroStrategy’s quirky Nasdaq-100 nod could mean more risk for fund investors

MicroStrategy will soon join the Nasdaq-100 index. Why the unconventional company could pose new risks to investors.

Read more at: https://www.marketwatch.com/story/microstrategys-quirky-nasdaq-100-nod-could-mean-more-risk-for-fund-investors-515c0406?mod=mw_rss_topstories

Treasury yields hold steady after November retail sales, industrial production

Treasury yields finished little changed on Tuesday after stronger-than-expected retail sales for November and an unexpected decline in industrial production last month.

Read more at: https://www.marketwatch.com/story/treasury-yields-rise-ahead-of-retail-sales-data-23fc83da?mod=mw_rss_topstories

Trump is attacking the wrong deficit if he hopes to right the economy

The federal budget deficit is a more dangerous threat to Americans’ wealth than the trade deficit.

Read more at: https://www.marketwatch.com/story/trump-is-attacking-the-wrong-deficit-ec72f19b?mod=mw_rss_topstories