Summary Of the Markets Today:
- The Dow closed up 164 points or 0.47%,
- Nasdaq closed up 0.07%,
- S&P 500 closed up 0.16%,
- Gold $1,963 down $3.40,
- WTI crude oil settled at $77 down $1.70,
- 10-year U.S. Treasury 4.539% up 0.098 points,
- USD Index $10.43 up $0.380,
- Bitcoin $37,566 up $2,266,
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our Economic Forecast for November 2023
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Producer Price Index for final demand rose 1.3% year-over-year in October 2013 – down from 2.1% in September (blue line in the graph below). Services (green line on the graph below) that comprise 67% of final demand declined to 2.6% growth year-over-year but goods (green line on the graph below) have returned to deflation.
Retail sales remain sluggish with U.S. retail and food services sales for October 2023 up 2.5% above October 2022 – 1.2% inflation-adjusted (down from 1.8% year-over-year last month). This is a significant sign of economic slowing with significant declines in home furnishing, building materials, gas stations, sporting goods, and department stores. Interestingly, food store expenditures increased only 0.9% when yesterday’s consumer price index shows inflation was 3.3% – this means people are buying less food and/or buying hamburger instead of steak (this is a sign of household economic stress).
The November 2023 Empire State Manufacturing Survey‘s index grew modestly with the headline general business conditions index climbing fourteen points to 9.1. New orders remain in negative territory. I would not bet the farm on the relative strength or weakness of the regional Fed surveys.
Here is a summary of headlines we are reading today:
- Green Ammonia Breakthrough to Transform Fuel and Fertilizer Industries
- As Oil Prices Fall, Russia To Slash Crude Export Duties
- Top German Court Voids $65 Billion of Government Climate Funding
- Kuwait Working to Restart Mega Refinery After Sudden Halt
- Target CEO claims customers are saying ‘a big thank you’ for locking up merchandise
- The market thinks the Fed is going to start cutting rates aggressively. Investors could be in for a letdown
- Dow adds more than 150 points to clinch fourth winning day, fueled by cooling inflation data: Live updates
- Microsoft is fine avoiding China as U.S. considers national security implications, CEO Satya Nadella says
- Trump’s Truth Social Announces Merger ‘Milestone’ As Filings Show $73 Million Loss
- Intel board member buys $2.5 million in stock — and has a ‘solid’ track record
- Investors are thrilled inflation is down. Consumers aren’t so happy. Here’s why.
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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Green Ammonia Breakthrough to Transform Fuel and Fertilizer IndustriesResearchers at the University of New South Wales Sydney and their collaborators have developed an innovative technique for sustainable ammonia production at scale. With a prototype unit nearing production of ammonia for fertilizers, in a market that has one of the largest carbon footprints among industrial processes, will soon be possible on farms using low-cost, low-energy, and environmentally friendly technology. Ammonia also has immense potential as an optimal hydrogen carrier for fuel cells. Up until now, the production of ammonia has relied on… Read more at: https://oilprice.com/Energy/Energy-General/Green-Ammonia-Breakthrough-to-Transform-Fuel-and-Fertilizer-Industries.html |
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As Oil Prices Fall, Russia To Slash Crude Export DutiesRussia is set to slash its crude oil export duty by 5.7% for December as the price of its Urals blend drops, Bloomberg reported on Wednesday, citing the Russian Finance Ministry. The new duty starting in December is reportedly set to the equivalent of $3.37 per barrel or $24.7 per ton, according to Bloomberg. Last week, Bloomberg cited Argus Media as assessing Russia’s flagship Urals crude blend at $66.19 at the Baltic port of Primorsk, signaling the lowest prices for Urals since late July this year, when Urals topped the G7-imposed… Read more at: https://oilprice.com/Latest-Energy-News/World-News/As-Oil-Prices-Fall-Russia-To-Slash-Crude-Export-Duties.html |
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Ocean Thermal Energy: The Future of Renewable Power?Ocean thermal energy conversion (OTEC) is the oldest renewable energy technology you’ve never heard of. The idea for the technology, which exploits the differing temperatures in different layers of ocean water to create energy, is almost 150 years old, but is only now gaining traction for practical application. While OTEC will likely never take over the energy industry, it could become an essential source of energy for island nations and other coastal communities in the decarbonization era. London company Global OTEC plans to bring the… Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Ocean-Thermal-Energy-The-Future-of-Renewable-Power.html |
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Saudis Could Extend Production Cuts Well Into 2024Saudi Arabia may extend its voluntary oil output cuts into the first quarter or the first half of next year, Reuters cited Energy Aspects co-founder Amrita Sen as saying on Wednesday, citing oil prices that are still too high and fundamentals that are still too strong to support a reversal. Sen’s forecast comes as oil prices as Brent crude prices were just under $82 at 11:01 a.m. Wednesday, with West Texas Intermediate (WTI) trading down a percentage point, at around $77.5 per barrel. On November 26, OPEC+… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudis-Could-Extend-Production-Cuts-Well-Into-2024.html |
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Central Asia Explores New Western AlliancesWhen Russian President Vladimir Putin arrived in Kazakhstan last week, he was greeted by his counterpart, Qasym-Zhomart Toqaev, and accorded the full pomp befitting a strategic ally.But there was a change in emphasis that was difficult to ignore. For Putin, the November 9 visit to Astana was one of only three known foreign trips since the International Criminal Court (ICC) issued a warrant for his arrest in connection with alleged war crimes committed in Ukraine. For Kazakhstan and Central Asia as a whole, by contrast, high-level meetings with… Read more at: https://oilprice.com/Geopolitics/International/Central-Asia-Explores-New-Western-Alliances.html |
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Saudi Aramco Starts Tight Gas Production At South Ghawar FieldSaudi Aramco has produced the first unconventional tight gas from its South Ghawar field, the world’s largest oil firm said this week as it seeks to boost its natural gas output by more than half by 2030. The facilities at South Ghawar have a raw gas processing capacity of 300 million standard cubic feet per day (scfd) and a condensate processing capacity of 38,000 barrels per day (bpd), the Saudi state oil giant said. To meet rising natural gas demand, Aramco plans to more than double the overall processing capacity and achieve… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Starts-Tight-Gas-Production-At-South-Ghawar-Field.html |
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Djibouti’s New 60 MW Wind Farm Boosts Green EnergyEfforts in Djibouti to increase energy capacity and accelerate the shift from hydrocarbons to renewables moved forwards in September 2023 with the inauguration of the Ghoubet wind farm. Boosting capacity Located near Ghoubet Lake in the Arta Region along the southern coast of the Gulf of Tadjoura, the Ghoubet wind farm will provide 60 MW of clean energy, boosting overall capacity by 50% and averting 252,500 tonnes of CO2 emissions annually, equivalent to the pollution generated by over 55,000 buses. As the first significant international investment… Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Djiboutis-New-60-MW-Wind-Farm-Boosts-Green-Energy.html |
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World’s Top Oil Trader Returns To Venezuela After U.S. Sanctions ReliefVitol Group, the world’s largest independent oil trader, has hired a supertanker to load oil from Venezuela, lists of ship charters compiled by Bloomberg showed on Wednesday. Vitol has hired Gustavia S, capable of carrying 2 million barrels of oil, which is now en route to the Gulf of Mexico, per vessel-tracking data compiled by Bloomberg. Gustavia S, booked for $11 million, is set to load Venezuelan oil later in November or in early December. The return of the top international oil trading houses to Venezuela follows… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Top-Oil-Trader-Returns-To-Venezuela-After-US-Sanctions-Relief.html |
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What To Expect From Biden And Xi’s High Stakes San Francisco MeetingIn a renewed effort to stabilize increasingly shaky relations between the two powers, U.S. President Joe Biden and Chinese leader Xi Jinping will meet today in San Francisco. But what can be expected from the November 15 meeting on the sidelines of the APEC summit? Finding Perspective: This marks their first meeting as leaders since Biden and Xi sat down together at the G20 summit in Bali a year ago and it’s been a difficult diplomatic road to reach this point, including degraded ties following a suspected Chinese spy balloon that flew over the… Read more at: https://oilprice.com/Geopolitics/International/What-To-Expect-From-Biden-And-Xis-High-Stakes-San-Francisco-Meeting.html |
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Top German Court Voids $65 Billion of Government Climate FundingThe Federal Constitutional Court of Germany ruled on Wednesday that the government’s plans to transfer $65 billion (60 billion euros) from unused emergency COVID funding to Germany’s new Energy and Climate Fund is unconstitutional and the climate fund should be reduced by that amount. The ruling is a blow to the coalition government led by Chancellor Olaf Scholz and could put Germany’s spending plans in jeopardy. Scholz’s government has authorized the borrowing of 60 billion euros, granted in response to the pandemic but not needed… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Top-German-Court-Voids-65-Billion-of-Government-Climate-Funding.html |
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Oil Prices Reverse Despite Crude Inventory BuildCrude prices saw a small jump this morning after the Energy Information Administration reported an estimated inventory increase of 3.6 million barrels for the week to November 10. The EIA did not publish data for the week before last, hence this report covers both weeks. In fuels, the agency reported a gasoline inventory draw of 1.5 million barrels for last week, with production averaging 9.4 million barrels daily. For middle distillates, the EIA estimated an inventory decline of 1.4 million barrels for the week to November 10, with production… Read more at: https://oilprice.com/Energy/Crude-Oil/Crude-Inventory-Build-Pushes-Oil-Lower.html |
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Kuwait Working to Restart Mega Refinery After Sudden HaltKuwait Integrated Petroleum Industries Company (KIPIC), the operator of the large Al-Zour Refinery, is working to gradually restore operations at the facility after the abrupt shutdown on Sunday, Reuters quoted the company as saying on Wednesday. The Al-Zour Refinery, one of the largest crude processing facilities in the Middle East, experienced a brief halt on Sunday following a “sudden interruption” in fuel and gas supply, KIPIC said this weekend. The refinery was “exposed to a sudden interruption of fuel gas supplies… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kuwait-Working-to-Restart-Mega-Refinery-After-Sudden-Halt.html |
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Lucid Motors Reports Staggering $227,000 Loss Per CarWhat do you get after a decade of negative real rates and unlimited QE as monetary policy? Losing $227,000 per vehicle as an acceptable business model for an automobile company! At least that’s the case over at Lucid, according to a new writeup from the Daily Caller. The California-based Lucid Motors, offers four electric vehicle (EV) models priced between $74,900 and $249,000 and reported a third-quarter net loss of $630.9 million, excluding overhead costs. This amounts to over $227,000 in losses per car sold, the report says, citing its… Read more at: https://oilprice.com/Energy/Energy-General/Lucid-Motors-Reports-Staggering-227000-Loss-Per-Car.html |
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JP Morgan Urges Oil and Gas Clients to Cut Methane EmissionsReducing methane emissions and addressing methane leaks in operations are immediate actions from which both businesses and the climate will benefit, JP Morgan, one of the world’s top fossil fuel financiers, said in a new report on Wednesday. JP Morgan’s “The Methane Emissions Opportunity” white paper urges companies to boost efforts to cut methane emissions and says that the Wall Street bank recognizes methane abatement as an opportunity “to support accelerated efforts by our clients to reduce operational emissions.”… Read more at: https://oilprice.com/Latest-Energy-News/World-News/JP-Morgan-Urges-Oil-and-Gas-Clients-to-Cut-Methane-Emissions.html |
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Europe’s Natural Gas Prices Rise As Traders Weigh Winter Supply RisksEurope’s benchmark natural gas prices rose early on Wednesday as the market is beginning to focus on winter supply risks. The front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, rose by nearly 3% at the start of trading in Amsterdam on Wednesday, while the UK wholesale gas price contract was up by 3.6%. Natural gas traders are already weighing the potential risks to European gas supply this winter, with weather the biggest unknown for traders, suppliers, and governments. Last week, traders… Read more at: https://oilprice.com/Energy/Energy-General/Europes-Natural-Gas-Prices-Rise-As-Traders-Weigh-Winter-Supply-Risks.html |
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Target CEO claims customers are saying ‘a big thank you’ for locking up merchandiseTarget CEO Brian Cornell spoke about the retailer’s moves to lock up items as it reported better-than-expected earnings for the fiscal third quarter. Read more at: https://www.cnbc.com/2023/11/15/target-earnings-ceo-says-customers-thankful-for-locked-items.html |
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The market thinks the Fed is going to start cutting rates aggressively. Investors could be in for a letdownMarkets may be at least a tad optimistic, particularly considering the cautious approach central bank officials have taken. Read more at: https://www.cnbc.com/2023/11/15/the-market-thinks-rates-will-come-down-a-lot-it-could-be-let-down.html |
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China President Xi meets Biden for the first time in a yearU.S. President Joe Biden and President Xi Jinping of China are expected to discuss fentanyl flows, use of artificial intelligence and access to high-end tech. Read more at: https://www.cnbc.com/2023/11/15/xi-biden-at-apec-summit-china-us-leaders-meet-in-san-francisco.html |
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Dow adds more than 150 points to clinch fourth winning day, fueled by cooling inflation data: Live updatesStocks rose Wednesday, building on the strong rally from the previous session, on the back of more encouraging inflation data. Read more at: https://www.cnbc.com/2023/11/14/stock-market-today-live-updates.html |
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Cathie Wood says the Grayscale Bitcoin Trust will lose this edge when a bitcoin ETF is approvedCathie Wood talked with CNBC PRO about GBTC and what could happen to bitcoin after a bitcoin ETF gets approved in the U.S. Read more at: https://www.cnbc.com/2023/11/15/cathie-wood-says-the-grayscale-bitcoin-trust-will-lose-this-edge-when-a-bitcoin-etf-is-approved.html |
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Microsoft is fine avoiding China as U.S. considers national security implications, CEO Satya Nadella saysMicrosoft CEO Satya Nadella told CNBC’s Jon Fortt that the company has notable Chinese customers that operate outside the mainland Read more at: https://www.cnbc.com/2023/11/15/microsoft-ceo-nadella-says-company-isnt-focused-on-china-domestically.html |
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GM-UAW deal back on track for ratification after major plant approves pactAs of Wednesday afternoon, the deal had the support of about 54% of the roughly 30,700 autoworkers whose votes had been finalized by the union. Read more at: https://www.cnbc.com/2023/11/15/uaw-gm-deal-union-workers-voting.html |
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Cruise is taking all its vehicles off public roads amid expanded safety probe, staff changesCruise, General Motors’ embattled driverless car unit, said Tuesday it will pause all public road operations: supervised, manual and driverless. Read more at: https://www.cnbc.com/2023/11/15/cruise-is-taking-all-its-vehicles-off-public-roads.html |
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Where prices fell in October 2023 — in one chartSome prices in the U.S. economy are deflating, meaning consumers are seeing prices fall. Read more at: https://www.cnbc.com/2023/11/15/where-prices-fell-in-october-2023-in-one-chart.html |
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Israel-Hamas war live updates: WHO calls Israeli raid on Gaza hospital ‘totally unacceptable’; UN Security Council to vote on humanitarian pauseThe Israel Defense Forces said the incursion is “based on intelligence information and an operational necessity.” Read more at: https://www.cnbc.com/2023/11/15/israel-hamas-war-live-updates-latest-news-from-gaza.html |
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Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaulUnder pressure to improve Citigroup’s performance, the bank will announce layoffs starting Wednesday, CNBC has learned. Read more at: https://www.cnbc.com/2023/11/15/citigroup-layoffs-begin-in-jane-fraser-overhaul.html |
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The new FAFSA rolls out soon—and 1.5 million more students will have maximum Pell Grant eligibilityThe redesigned FAFSA will launch by the end of 2023 and bring the number of students eligible for maximum Pell Grant awards up to over 5 million. Read more at: https://www.cnbc.com/2023/11/15/1point5-million-more-students-can-get-maximum-pell-grants-with-new-fafsa.html |
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Cut your tax bill and revamp income-generating investments with this moveTax loss harvesting is a tried-and-true strategy for year-end planning. Price declines in bonds have created some interesting opportunities. Read more at: https://www.cnbc.com/2023/11/15/cut-your-tax-bill-and-revamp-income-generating-investments-this-way.html |
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“Red Cup Rebellion”: Starbucks Workers Plan Largest-Ever Strike On ThursdayStarbucks faces its largest strike yet as thousands of nonunionized baristas will walk off the job on Thursday. The baristas are walking out in solidarity with thousands of Starbucks Workers United baristas to protest unfair labor practices at the coffee giant. SWU said a one-day work stoppage will occur on Red Cup Day (Thursday), the biggest sales event of the season for the company. They said Red Cup Day is one of the most understaffed and most challenging days for baristas of the year.
“In addition to our nationwide ULP strike on the 16th, we’re also asking customers and allies to lead actions at Starbucks stores in their communities in solidarity with workers rising up for a fairer workplace,” the union said. In an emailed statement, Oklahoma City employee Neha Cremin told Bloomberg, “Starbucks has made it clear that they won’t listen to workers, so … Read more at: https://www.zerohedge.com/markets/red-cup-rebellion-starbucks-workers-plan-largest-ever-strike-thursday |
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Trump’s Truth Social Announces Merger ‘Milestone’ As Filings Show $73 Million LossAuthored by Katabella Roberts via The Epoch Times (emphasis ours), Former President Donald Trump’s company, Trump Media & Technology Group (TMTG) has reached another “important milestone” in its merger with Digital World Acquisition Corp., officials announced on Nov. 13.
Publicly traded companies are required to file an SEC form S-4 to register any materi … Read more at: https://www.zerohedge.com/political/trumps-truth-social-announces-merger-milestone-filings-show-73-million-loss |
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Short-Sellers Help Lead Surge In SEC Whistleblower TipsIn addition to publishing scathing reports about companies they suspect of wrongdoing, short sellers are also taking their findings to the Securities and Exchange Commission’s whistleblower program. After publishing reports, short sellers like Carson Block of Muddy Waters Research, Kyle Bass, and Nate Anderson of Hindenburg Research often share their findings with regulators, a new report from Bloomberg says. Should the Securities and Exchange Commission conduct an investigation and impose a fine, a short seller could be eligible to receive a maximum of 30% of the collected amount. This potential reward is in addition to any gains they may realize from their bet on the stock’s downturn. The SEC’s whistleblower program is open to everyone, including short sellers, company insiders, and even casual online investors, the report notes. The allure of this program is evident, with more than 18,000 formal tips received in the fiscal year 2023. To put this in context, this annual figure is twice the sum of all enforcement actions undertaken by the SEC in the previous decade. The Bloomberg report notes that tips submitted from short-seller research may offer the SEC an early advantage in investigations, but they also may present complex perceptual issues. Despite the valuable insights they provide, some within t … Read more at: https://www.zerohedge.com/markets/short-sellers-help-lead-surge-sec-whistleblower-tips |
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Damage Control: RNC Chairwoman McDaniel Pledges To Support Trump If Voters Choose HimAuthored by Austin Alonzo via The Epoch Times (emphasis ours), In a Nov. 12 interview with CNN, Republican National Committee Chairwoman Ronna McDaniel said she would support former President Donald Trump as the eventual nominee if voters pick him.
In her segment with Mrs. McDaniel, Ms. Bash, the … Read more at: https://www.zerohedge.com/markets/damage-control-rnc-chairwoman-mcdaniel-pledges-support-trump-if-voters-choose-him |
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What a falling inflation rate means for your financesFalling inflation and rising wages ease cost of living pressures for some, but money is still very tight. Read more at: https://www.bbc.co.uk/news/business-67426526?at_medium=RSS&at_campaign=KARANGA |
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“I feel ashamed” says Post Office Horizon lawyerBarrister who acted for the Post Office in Horizon criminal trials apologises during inquiry. Read more at: https://www.bbc.co.uk/news/business-67433026?at_medium=RSS&at_campaign=KARANGA |
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Inflation slows to 4.6% as government says pledge metUK inflation fell sharply in October to its lowest rate in two years, largely due to lower energy prices. Read more at: https://www.bbc.co.uk/news/business-67412740?at_medium=RSS&at_campaign=KARANGA |
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ICC World Cup & Investing: Portfolio with only Virat Kohlis will fail in bowling session“Like an all-rounder brings flexibility to a cricket team, equities can offer growth potential. Bonds, like a dependable batsman, can offer stability. Commodities, similar to a bowler, can provide a hedge against inflation. Real estate, analogous to a fielder, can add tangible assets to the mix. To illustrate, consider a team of only Viral Kohlis which would fail in the bowling session, or one of only Mohammad Shamis which might not do all that well in the batting session. ” Read more at: https://economictimes.indiatimes.com/markets/expert-view/icc-world-cup-investing-portfolio-with-only-virat-kohlis-will-fail-in-bowling-session/articleshow/105226363.cms |
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Bank of Baroda board to meet on November 18 to consider infra bond issueAccording to news reports, the public sector lender is looking at raising about Rs 10,000 crore through infrastructure bonds. As of September-end, the bank’s capital adequacy ratio as per Basel-III requirements was 15.30%, compared to 15.25% a year ago. The CET 1 ratio stood at 11.57%, compared to 10.95% a year ago. The additional tier-I ratio as of September end was 1.62%, compared to 1.86% a year ago. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bank-of-baroda-board-to-meet-on-nov-18-to-consider-infra-bond-issue/articleshow/105239242.cms |
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Tech View: Nifty’s next hurdle at 19,850-20,050. Here’s what traders should do on ThursdayThe short-term trend of the Nifty remains positive. Having moved above the key resistance of around 19,600 levels, there is a possibility of Nifty advancing towards the next set of hurdles of around 19,850 and the next 20,050 levels in the near term. Any dips down to the immediate support of 19,500 could be a buy-on-dips opportunity, said Nagaraj Shetti of HDFC Securities. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-niftys-next-hurdle-at-19850-20050-heres-what-traders-should-do-on-thursday/articleshow/105237052.cms |
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Intel board member buys $2.5 million in stock — and has a ‘solid’ track recordAn Intel board member who made a well-timed purchase of shares last fall bought up stock again more recently. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729B-30BA22386047%7D&siteid=rss&rss=1 |
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Investors are thrilled inflation is down. Consumers aren’t so happy. Here’s why.Wall Street took the consumer-price index as a sign that the economy is on the right track. But many U.S. households may not see it that way. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729A-4B57339980DE%7D&siteid=rss&rss=1 |
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IPO spinoff talk swirls around SpaceX’s StarlinkIPO spinoff talk is swirling around Starlink, the SpaceX-owned satellite internet constellation. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729A-E6D9E0CD191A%7D&siteid=rss&rss=1 |
Former President Donald Trump sits in the courtroom during his civil fraud trial at New York State Supreme Court in New York City on Nov. 6, 2023. (Curtis Means/Pool/Getty Images)In a press release, the two firms unveiled the filing of “Amendment No. 1” to its Form S-4 Registration statement with the Securities and Exchange Commission (SEC).
RNC Chairwoman Ronna McDaniel delivers remarks before the NBC News Republican Presidential Primary Debate at the Adrienne Arsht Center for the Performing Arts of Miami-Dade County in Miami, Fla., on Nov. 8, 2023. (Joe Raedle/Getty Images)During the interview on Sunday with CNN’s Dana Bash, the network’s chief political correspondent, Mrs. McDaniel told Ms. Bash she will “support who the voters choose.”