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Summary Of the Markets Today:
- The Dow closed up 340 points or 0.80%,
- Nasdaq closed up 341 points or 1.77%,
- S&P 500 closed up 74 points or 1.26%,
- Gold $2,651 down $18.00 or 0.670%,
- WTI crude oil settled at $74 up $0.86 or 1.18%,
- 10-year U.S. Treasury 4.602 up 0.027 points or 0.590%,
- USD index $108.92 down $0.48 or 0.44%,
- Bitcoin $98,236 up $1,041 or 1.06%, (24 Hours),
- Baker Hughes Rig Count: U.S. unchanged at 589 Canada -1 to 94
U.S. Rig Count is unchanged from last week at 589 with oil rigs down 1 to 482, gas rigs up 1 to 103 and miscellaneous rigs unchanged at 4.
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights – Market Summary
US stocks rebounded on Friday, ending a five-day losing streak and closing the first week of 2025 on a positive note. Despite this rally, all three major indexes finished the holiday-shortened week with losses, with the S&P 500 and Dow dropping over 1% and the NASDAQ declining 2%. Tesla shares surged 8% after reporting record-high sales in China for 2024. Nvidia stock climbed more than 4%, continuing its strong performance. US Steel stock fell 5% after President Biden blocked Nippon Steel’s $14.9 billion takeover bid. The ISM Manufacturing PMI rose to 49.3% in December, showing a slight improvement in the manufacturing sector but still indicating contraction. In political news, Mike Johnson was reelected as House speaker after promising to work with Elon Musk’s “Department of Government Efficiency” (DOGE) to address government spending and reform. Despite Friday’s gains, the much-anticipated “Santa Claus” rally failed to materialize, potentially impacting market sentiment for January and the year ahead.
Click here to read our current Economic Forecast – January 2025 Economic Forecast: Little Change And Still Indicating a Weak Economy – One Recession Flag Removed
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Institute of Supply Management Manufacturing PMI® was 49.3% in November – 0.9 percentage points higher compared to November. The New Orders Index continued in expansion territory for the second month after seven months of contraction, strengthening to 52.5 percent, 2.1 percentage points higher than the 50.4 percent recorded in November. The December reading of the Production Index (50.3 percent) is 3.5 percentage points higher than November’s figure of 46.8 percent. The bottom line is that manufacturing continues in contraction according to this survey – although not by much.
Here is a summary of headlines we are reading today:
- U.S. Drillers Start Out The New Year With A Whimper
- EV Sales Rise as Trump Threatens to End Tax Credits
- Moldova’s Breakaway Region Idles Industry Without Russian Gas
- Uranium Spot Prices Set for Recovery in 2025
- Middle East Crude Prices Surge as Supply From Iran and Russia Falls
- Microsoft expects to spend $80 billion on AI-enabled data centers in fiscal 2025
- S&P 500, Nasdaq snap five-day losing streak, but still close lower on the week: Live updates
- GM, Ford report best annual U.S. sales since 2019
- It’s time to boost 401(k) plan contributions for 2025 — here’s how much more you can save
- ‘Over 800 Biases Uncovered’ As Pentagon Ends AI Chatbot Pilot Program For Military Medicine
- Treasury yields end higher after ISM’s stronger-than-expected manufacturing data
- Oil prices score weekly gains, buoyed by China policy support
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Moldova Meets Electricity Demand Despite Russian Gas HaltMoldovan state-owned energy trader JSC Energocom says it will cover 100 percent of electricity consumption on January 3, two days after supplies of Russian natural gas abruptly stopped due to the expiration of a supply contract with Ukraine. Energocom said on January 2 that consumption is expected to be higher by about 10 on January 3, but it will still cover demand. Electricity consumption of the right bank of the Dniester River was fully covered in the first two days of the year, the government’s crisis group announced on January 2. The company… Read more at: https://oilprice.com/Energy/Natural-Gas/Moldova-Meets-Electricity-Demand-Despite-Russian-Gas-Halt.html |
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U.S. Drillers Start Out The New Year With A WhimperThe total number of active drilling rigs for oil and gas in the United States stayed the same again this week, according to new data that Baker Hughes published on Friday, after seeing no change in the three weeks prior. The total rig count remained flat at 589 total rigs, according to Baker Hughes, down 32 from this same time last year. The number of oil rigs dipped by 1—down by 19 compared to this time last year. The number of gas rigs rose by 1, to 103, a loss of 15 active gas rigs from this time last year. Miscellaneous rigs stayed the… Read more at: https://oilprice.com/Energy/Energy-General/US-Drillers-Start-Out-The-New-Year-With-A-Wimper.html |
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EV Sales Rise as Trump Threatens to End Tax CreditsAt least for the time being, EV sales are still pushing higher. Helped along by Trump’s threat to end EV tax credits, sales of EVs were up 12% in the fourth quarter of 2024, according to a new report from Bloomberg. Forecasts from researcher Cox Automotive put the year’s total at 1.3 million EVs sold. Plug-in vehicles now make up about 8% of the US car market, only slightly more than last year, despite a rise in sales from the prior quarter’s 8% growth rate. A strong fourth quarter boosted total car sales, with the annualized… Read more at: https://oilprice.com/Energy/Energy-General/EV-Sales-Rise-as-Trump-Threatens-to-End-Tax-Credits.html |
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South Africa Looks to Attract Chinese Firms to Its $27-Billion EV IndustrySouth Africa’s recently adopted tax breaks for electric vehicle production have already piqued the interest of three Chinese EV manufacturers to invest in new-energy vehicles in the African country, an official at the local automotive association told Bloomberg. Three car makers from China have already signed non-disclosure agreements with the South African Automotive Business Council, its CEO Mikel Mabasa told the newswire in an interview published on Friday. Mabasa did not elaborate on which these automakers are. South Africa now has as… Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Africa-Looks-to-Attract-Chinese-Firms-to-Its-27-Billion-EV-Industry.html |
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A look Ahead to 2025 in OilAt this time of year, most people take stock of the year just gone and look forward to the year to come. For traders and active investors, that isn’t just a matter of P & L. It is also a time to look at what you got right and, more importantly in many ways, what you got wrong. With that in mind, I looked back to what I wrote at the end of 2023 about what to expect in 2024. Not to brag, but my overall big picture predictions panned out pretty well. I said in that piece that going into 2024, the market’s focus was on tight supply,… Read more at: https://oilprice.com/Energy/Crude-Oil/A-look-Ahead-to-2025-in-Oil.html |
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Biden Makes a Big Bet on Clean Hydrogen With New Tax CreditsIn the high-stakes race to dominate the clean hydrogen market, the Biden administration just handed out a golden ticket—or rather, loosened the strings on who can cash in. New rules for a tax credit worth up to $3 per kilogram of hydrogen are a boon for companies eager to turn this clean-burning fuel into big business. After months of lobbying and a draft that left many industry players fuming, the Treasury Department has delivered a rulebook that’s friendlier to hydrogen hopefuls. The revisions don’t just extend the timeline… Read more at: https://oilprice.com/Energy/Energy-General/Biden-Makes-a-Big-Bet-on-Clean-Hydrogen-With-New-Tax-Credits.html |
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A Bright Spot For Oil Demand?Crude oil markets experienced limited activity over the past week as the holiday season reduced trading volumes. With markets closed for New Year’s Day, price movement was minimal, reflecting the lack of major catalysts during the shortened session. Light crude oil futures hovered around $70.55 before surging to $73.73 on Thursday, with most traders remaining on the sidelines until the release of key economic data from the U.S. and China later in the week?. Despite the quiet trading environment, the market drew some support from positive… Read more at: https://oilprice.com/Energy/Crude-Oil/A-Bright-Spot-For-Oil-Demand.html |
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Moldova’s Breakaway Region Idles Industry Without Russian GasDays after Russian natural gas stopped flowing to the breakaway region of Transnistria in Moldova, the area shut down all industrial production except food production, Transnistria’s first deputy prime minister, Sergei Obolonik, said. “All industrial enterprises are idle, with the exception of those engaged in food production – that is, directly ensuring food security for Transdniestria,” said the senior official, as quoted by Reuters. Transnistria has also cut off the supply of heating and hot water to households after Russia… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Moldovas-Breakaway-Region-Idles-Industry-Without-Russian-Gas.html |
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2024 Oil Market ReviewCrude oil markets experienced limited activity over the past week as the holiday season reduced trading volumes. With markets closed for New Year’s Day, price movement was minimal, reflecting the lack of major catalysts during the shortened session. Light crude oil futures hovered around $70.55 before surging to $73.73 on Thursday, with most traders remaining on the sidelines until the release of key economic data from the U.S. and China later in the week. Despite the quiet trading environment, the market drew some support from positive economic… Read more at: https://oilprice.com/Energy/Energy-General/2024-Oil-Market-Review.html |
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Uranium Spot Prices Set for Recovery in 2025End of Ukraine Transit and Cold Snap Squeeze Europe’s Gas Hopes – The halt in Russian pipeline gas flows via Ukraine has ramped up gas prices in Europe, resulting in rows between Kyiv and Central Eastern European countries all the while the region is bracing for a period of colder-than-average temperatures. – Europe’s TTF natural gas futures rose above €50 per MWh this week, the highest level since October 2023, with the halt in Russian pipeline flows aggravated by a continent-wide cold snap and relatively quick inventory depletion.… Read more at: https://oilprice.com/Energy/Energy-General/Uranium-Spot-Prices-Set-for-Recovery-in-2025.html |
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Russia Is Losing Its Grip on European Energy MarketsThe end of 2024 isn’t just the end of a year. It’s also the end of Russian gas flows through Ukraine, which brings to an end a decades-long chapter of Moscow’s dominance over European energy markets. While the EU has, to a large degree, insulated itself from immediate fallout—thanks to alternative supply deals in Slovakia and Austria—the move still carries weighty geopolitical consequences. Hungary remains reliant on Russian gas via TurkStream, but the real crisis has hit Moldova’s breakaway region of Transnistria,… Read more at: https://oilprice.com/Energy/Energy-General/Russia-Is-Losing-Its-Grip-on-European-Energy-Markets.html |
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Italy Urges EU to Set Much Lower Cap on Natural Gas PricesThe EU needs to extend the cap on natural gas prices but set the cap at a much lower level, to avoid fresh shocks in energy bills, Italian Energy Security Minister Gilberto Pichetto Fratin told a local radio station on Friday. “At this point, the EU needs to renew the price cap, but lower the ceiling,” Pichetto Fratin told Radio Radicale. The European Union set at the start of 2023 an emergency cap on natural gas prices. This cap expires at the end of January 2025. The cap on gas prices, the so-called “market correction mechanism,”… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italy-Urges-EU-to-Set-Much-Lower-Cap-on-Natural-Gas-Prices.html |
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The Power Struggle Unfolding in SyriaPolitics, Geopolitics & Conflict The power struggle continues to unfold in Syria, with the HTS (the opposition forces that overthrew Assad) vying for control of some areas and sectarian tensions will arise. Talks are ongoing between the HTS and the Syrian Democratic Forces, another opposition grouping. HTS is seeking that the SDF subordinate itself now and merge militarily with the HTS. The SDF is the Kurdish grouping in the north, which Turkey has been fighting through its proxy, the Syrian National Army (SNA). We will also be watching Russia’s… Read more at: https://oilprice.com/Energy/Energy-General/The-Power-Struggle-Unfolding-in-Syria.html |
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Signs of Optimism in Oil Markets as a New Year BeginsOil markets have started the year with a renewed sense of optimism, driven by stock draws in the U.S. and China’s attempts to stimulate its economy.The gradual return of oil market participants from the New Year’s Eve holidays has been marked with tacit optimism as US stock draws tightened product availability just as cold snaps are threatening both Europe and the US. Meanwhile, China’s vows to be more proactive with stimulus measures have lifted the spirits of those who gave up on more robust policy coming from Beijing, even if temporarily,… Read more at: https://oilprice.com/Energy/Energy-General/Signs-of-Optimism-in-Oil-Markets-as-a-New-Year-Begins.html |
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Middle East Crude Prices Surge as Supply From Iran and Russia FallsReduced supply of crude from Iran and Russia has prompted a rally in the prices of crude from the Middle East, where some grades have soared to rarely seen premiums over the global benchmark, Brent. The Murban crude futures from the United Arab Emirates (UAE), for example, have outperformed Brent over the past two months, traders have told Bloomberg. In addition, the prices of Oman and Dubai crude jumped to a rare premium over Brent in recent weeks, as demand for Middle Eastern oil has increased in China and India, key Iranian and Russian buyers,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Middle-East-Crude-Prices-Surge-as-Supply-From-Iran-and-Russia-Falls.html |
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Microsoft expects to spend $80 billion on AI-enabled data centers in fiscal 2025Over half of Microsoft’s $80 billion in spending will take place in the U.S., Microsoft Vice Chair and President Brad Smith wrote in a Friday blog post. Read more at: https://www.cnbc.com/2025/01/03/microsoft-expects-to-spend-80-billion-on-ai-data-centers-in-fy-2025.html |
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Republican Mike Johnson elected House speaker after dramatic vote reversalsPresident-elect Donald Trump congratulated Johnson, who eked out election as speaker of the House after a first ballot was kept open for more than an hour. Read more at: https://www.cnbc.com/2025/01/03/trump-house-speaker-mike-johnson-republican.html |
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S&P 500, Nasdaq snap five-day losing streak, but still close lower on the week: Live updatesWall Street was coming off a choppy trading session, but Nvidia helped push the market higher on Friday. Read more at: https://www.cnbc.com/2025/01/02/stock-market-today-live-updates.html |
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GM, Ford report best annual U.S. sales since 2019Both General Motors and Ford Motor on Friday reported their best annual U.S. new vehicle sales since 2019. Read more at: https://www.cnbc.com/2025/01/03/ford-2024-us-sales.html |
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Investors head into next week with a cloudy January outlook and a looming jobs reportWall Street is carefully watching to see how January shapes up, as it is the month that historically sets the tone for the rest of the year. Read more at: https://www.cnbc.com/2025/01/03/investors-head-into-next-week-with-a-cloudy-january-outlook-and-a-looming-jobs-report.html |
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U.S. surgeon general calls for cancer risk warnings on alcohol labelsThe U.S. surgeon general on Friday issued a new advisory on the link between alcohol consumption and increased cancer risk. Read more at: https://www.cnbc.com/2025/01/03/alcohol-cancer-risk-surgeon-general-issues-new-advisory.html |
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Biden blocks U.S. Steel takeover by Japan’s Nippon Steel, citing national securityU.S. Steel’s stock opened down more than 7% in trading Friday following the president’s announcement. Read more at: https://www.cnbc.com/2025/01/03/biden-blocks-us-steel-takeover-by-japans-nippon-steel-citing-national-security.html |
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JetBlue fined $2 million by DOT for ‘chronically delayed flights’The Department of Transportation said its $2 million fine against JetBlue was the first of its kind for chronically delayed flights. Read more at: https://www.cnbc.com/2025/01/03/dot-fines-jetblue-chronically-delayed-flights.html |
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DraftKings tests a subscription service as it looks to offset high New York taxesDraftKings is testing the subscription service in New York, which is tied for the highest tax rate on sports wagering in the country. Read more at: https://www.cnbc.com/2025/01/03/draftkings-tests-subscription-service-in-new-york.html |
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Why it’s time to tweak your investments after lofty stock returns in 2024Investors may need to tweak their portfolio holdings following a 23% gain in the S&P 500 index in 2024. Read more at: https://www.cnbc.com/2025/01/03/how-to-rebalance-your-portfolio-after-lofty-stock-returns-in-2024.html |
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It’s time to boost 401(k) plan contributions for 2025 — here’s how much more you can saveIf you’re feeling behind on retirement savings, you can make higher 401(k) plan deferrals and catch-up contributions for 2025. Here’s what to know. Read more at: https://www.cnbc.com/2025/01/03/401k-contribution-limit-2025.html |
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Ukraine’s halt of Russian gas to Europe throws breakaway Moldovan region into crisis modeMoldova’s Transnistria region has been thrust into an energy crisis following the termination of a gas transit agreement between Russia and Ukraine. Read more at: https://www.cnbc.com/2025/01/03/moldova-ukraines-halt-of-russian-gas-throws-transnistria-into-crisis.html |
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Judicial Body Rejects Requests To Refer Supreme Court Justices To DOJAuthored by Zachary Stieber via The Epoch Times, The Judicial Conference of the United States said on Jan. 2 that it is not referring U.S. Supreme Court Justices Ketanji Brown Jackson and Clarence Thomas to the U.S. Department of Justice (DOJ), rejecting complaints from a former government official and two U.S. senators.
Russ Vought, who led the White House Office of Management and Budget during President-elect Donald Trump’s administration and is set to lead the office again, filed the complaint against Jackson. He alleged that … Read more at: https://www.zerohedge.com/political/judicial-body-rejects-requests-refer-supreme-court-justices-doj |
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These Are The US Cities With The Longest CommutesAfter a brief pause during the remote-first pandemic era, long commutes have once again become a significant part of workers’ daily routines, with many spending substantial time traveling to and from their workplaces. In 2023, the average one-way commute time for U.S. workers was 26.8 minutes. This visualization, via Visual Capitalist’s Kayla Zhu, shows the 10 U.S. cities with the longest average one-way commutes in 2022. Commute times are in minutes and includes workers aged 16 or older.
The data comes from a LLC analysis of U.S. Census Bureau data from 2022. The analysis included 170 of the most populated cities in the U.S. Which U.S. Cities Have The Longest Commutes?Below, we show the top … Read more at: https://www.zerohedge.com/personal-finance/these-are-us-cities-longest-commutes |
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California Rings In The New Year With New Push To Block Voter IdentificationAuthored by Jonathan Turley, In California, Democrats are ringing in the New Year with a new push against voter identification. California Attorney General Rob Bonta has been hammering Huntington Beach because the city recently amended its municipal laws to require basic voter identification. While voters overwhelmingly support voter identification, Democrats in California recently passed a law making it a crime to ask for voter identification at polling places. Now, Bonta is asking for an appellate court to intervene to prevent Huntington Beach from asking for IDs before people vote.
After Huntington Beach passed Measure A requiring voter identification in 2026, Gov. Gavin Newsom signed a bill banning voter identification requirements. Bonta then sued the city but the California Superior Court ruled it too soon for a lawsuit. California Superior C … Read more at: https://www.zerohedge.com/political/california-rings-new-year-new-push-block-voter-identification |
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‘Over 800 Biases Uncovered’ As Pentagon Ends AI Chatbot Pilot Program For Military MedicineThe US Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO) has concluded a pilot program focused on using AI chatbots in military medical services. In a Jan. 2 announcement, the DoD said the Crowdsourced AI Red-Teaming (CAIRT) Assurance Program pilot focused on using large-language models (LLM) for clinical note summarization and as medical advisers in the military. It comes as more AI firms have begun offering their products to the US military and defense contractors to investigate their usefulness in military applications.
Read more at: https://www.zerohedge.com/technology/over-800-biases-uncovered-pentagon-ends-ai-chatbot-pilot-program-military-medicine |
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Biden blocks Japan’s Nippon Steel from buying US SteelBiden decided to scrap the deal despite concerns that it could damage Washington’s relations with Tokyo. Read more at: https://www.bbc.com/news/articles/cx2vz83pg9eo |
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How to keep warm when budgets are squeezedA cold snap across the UK comes just as energy prices have risen, so here are a few tips to help you keep warm. Read more at: https://www.bbc.com/news/articles/cd6084l4zx6o |
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Shops offer grottos and wine to combat ‘drab’ DecemberSmall businesses are offering incentives to entice customers as consumer confidence remains low. Read more at: https://www.bbc.com/news/articles/cewxrryzdjeo |
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Dolly Khanna picks up 1.16% stake in smallcap Indian Metals & Ferro AlloysIndian Metals & Ferro Alloys stock traded above its 50-day and 200-day SMAs of Rs 821 and Rs 729, respectively, but remained volatile with a 1-year beta of 1.5, as per Trendlyne data. It has a market capitalization of Rs 4,862.88 crore, reflecting its position in the market despite fluctuating trends. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/dolly-khanna-picks-up-1-16-stake-in-smallcap-indian-metals-ferro-alloys/articleshow/116920480.cms |
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Capital Infra Trust sets price band at Rs 99-100 per unit; IPO to open next weekCapital Infra Trust, sponsored by Gawar Construction Ltd, sets a price band of Rs 99-100 per unit for its Rs 1,578-crore IPO opening on January 7 and concluding on January 9. The funds raised will be used to repay/pre-pay loans, including unsecured loans from the sponsor. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/capital-infra-trust-sets-price-band-at-rs-99-100-per-unit-ipo-to-open-next-week/articleshow/116922123.cms |
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Bank of Baroda Q3 update: Global business jumps 12% YoY to Rs 25.64 lakh croreBank of Baroda’s global advances grew 11.65% YoY to Rs 11.72 lakh crore in Q3FY25, up from Rs 10.49 lakh crore in Q3FY24. Meanwhile, global deposits rose 11.82% YoY to Rs 13.92 lakh crore, compared to Rs 12.45 lakh crore in the same quarter last year, showcasing consistent growth in the bank’s core metrics. Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bank-of-baroda-q3-update-global-business-jumps-12-yoy-to-rs-25-64-lakh-crore/articleshow/116918478.cms |
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Treasury yields end higher after ISM’s stronger-than-expected manufacturing dataYields on U.S. government debt finished slightly higher on Friday after a manufacturing-related reading showed signs of improvement for the struggling sector. Read more at: https://www.marketwatch.com/story/treasury-yields-slip-ahead-of-data-from-u-s-manufacturing-sector-7f1afcbb?mod=mw_rss_topstories |
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Mike Johnson elected House speaker, easing concerns over delays to market-friendly billsThe Republican-run U.S. House of Representatives on Friday re-elected Mike Johnson as its speaker on the first ballot after two GOP lawmakers changed their votes, an outcome that eases some concerns over how smoothly Washington could deliver measures that matter to markets. Read more at: https://www.marketwatch.com/story/house-speaker-election-betting-markets-give-mike-johnson-strong-chance-of-getting-job-after-setbacks-in-1st-vote-2d09283e?mod=mw_rss_topstories |
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Oil prices score weekly gains, buoyed by China policy supportOil futures posted solid gains in a holiday-shortened week, buoyed by expectations of further stimulus in China, the world’s largest crude importer, to boost its sputtering economy. Read more at: https://www.marketwatch.com/story/oil-prices-on-track-for-solid-weekly-gains-buoyed-by-china-hopes-5598f87e?mod=mw_rss_topstories |
