21 Nov 2023 Market Close & Major Financial Headlines: Markets Opened Fractionally Lower And Traded In A Narrow Zone Throughout Today's Session, Closing Fractionally Lower

Summary Of the Markets Today:

The Dow closed down 63 points or 0.18%,
Nasdaq closed down 0.59%,
S&P 500 closed down 0.20%, High 4,319: 4,200 = critical resistance level)
Gold $2,001 up $20.70,
WTI crude oil settled at $78 down $0.01,
10-year U.S. Treasury 4.406% down 0.016 points,
USD Index $103.60 up $0.160,
Bitcoin $36,869 down $574 ( 1.53% )

*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:

CoreLogic’s Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas shows annual U.S. single-family rent growth dropped to the lowest level in three years in September, but the 2.6% increase is down only slightly from the pre-pandemic average. Molly Boesel, principal economist for CoreLogic stated:

Single-family rent growth eased again in September and is now back to the rate recorded before the pandemic. While low-tier rental gains are slowing, they have still surpassed those of their higher-priced counterparts since early 2020. Slowing month-over-month rent growth in September reflects typical seasonal patterns, but indications are that annual gains will remain positive through the rest of 2023.

The Ports of Los Angeles and Long Beach (who handle over 40% of container freight traffic in the US) had another good month in October 2023 with imports up 17.0% year-over-year and exports unchanged YoY. Rising import data generally signals an improving US economy.

Led by declines in production-related indicators, the Chicago Fed National Activity Index (CFNAI) three-month moving average, CFNAI-MA3, decreased to –0.22 in October from a neutral value in September. I believe the CFNAI is the best coincident indicator which is saying that the economy has slowed. Periods of economic expansion have historically been associated with values of the CFNAI-MA3 above –0.70.

Existing-home sales dropped in October 2023 with year-over-year sales tumbling 14.6%. The median existing-home price for all housing types in October was $391,800, an increase of 3.4% from October 2022 ($378,800). NAR Chief Economist Lawrence Yun added:

Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation. Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.

Highlights of the minutes of the Federal Open Market Committee held on October 31–November 1, 2023:

… Participants noted that real GDP had expanded at an unexpectedly strong pace in the third quarter, boosted by a surge in consumer spending … Participants assessed that while labor market conditions remained tight, they had eased since earlier in the year, partly as a result of recent increases in labor supply.

… some participants remarked that the finances of some households—especially those in the low- and moderate-income categories—were increasingly coming under pressure amid high prices for food and other essentials as well as tight credit conditions. Several participants added that delinquencies on auto loans and credit cards had risen for these households.

… Participants observed that, notwithstanding the moderation of inflation so far, inflation remained well above the Committee’s 2 percent longer-run objective and that elevated inflation was continuing to harm businesses and households, particularly low-income households. Participants stressed that they would need to see more data indicating that inflation pressures were abating to be more confident that inflation was on course to return to 2 percent over time.

… Participants noted that in recent months, financial conditions had tightened significantly because of a substantial run-up in longer-term Treasury yields, among other factors. Higher Treasury yields contributed to an increase in 30-year mortgage rates to levels not seen in many years and led to higher corporate borrowing rates. Many participants observed that a range of measures suggested that the rise in longer-term yields had been driven primarily or substantially by a rise in the term premiums on Treasury securities. Participants generally viewed factors such as a fiscal outlook that suggested greater future supply of Treasury securities than previously thought and increased uncertainty about the economic and policy outlooks as likely having contributed to the rise in the term premiums.

… Participants commented on the significant tightening in financial conditions in recent months, driven by higher longer-term yields, with many noting that it was uncertain whether this tightening of financial conditions would persist and to what extent it reflected expectations for tighter policy or other factors. Amid these economic conditions, all participants judged it appropriate to maintain the target range for the federal funds rate at 5¼ to 5½ percent at this meeting. Participants judged that maintaining this restrictive stance of policy at this meeting would support further progress toward the Committee’s goals while allowing more time to gather additional information to evaluate this progress.

… But with inflation still well above the Committee’s longer-run goal and the labor market remaining tight, most participants continued to see upside risks to inflation. These risks included the possibility that the imbalance of aggregate demand and supply could persist longer than expected and slow the progress on inflation, geopolitical tensions and risks emanating from global oil markets, the effects of a tight housing market on shelter inflation, and the potential for more limited declines in goods prices.

Here is a summary of headlines we are reading today:

Is Elon Musk’s Social Media Drama Hurting Tesla?
Thanksgiving Travel Underway With Gasoline Demand Jumping 7.6%
Ford Scales Back Capacity Of New Battery Plant By 42%
Copper Prices Inch Higher on Shifting Sentiment
Trillion Dollar Bailout: What Xi Really Wants From Biden
Fed gave no indication of possible rate cuts at last meeting, minutes show
The S&P 500 is starting to form a ‘cup and handle’ pattern. How to watch for the potential breakout ahead
‘Funflation’ drives sporting event ticket prices up a whopping 25%
High-End Retailers Face Downturn As Wealthy Americans Cut Back On Spending

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.
	Is Elon Musk’s Social Media Drama Hurting Tesla? Last December, I wrote Why Tesla’s Market Share Is Set To Plunge In 2023. My logic was straightforward. After buying Twitter, Elon Musk began to alienate the very people most likely to buy a Tesla. Those who were happiest about Musk’s actions were the least likely to buy a Tesla. I did indicate that Tesla had a couple of advantages working for it. One is that competitors are racing to catch up, so even consumers who might want an alternative might have trouble finding one. Further, Tesla orders have historically been backlogged, so… Read more at: https://oilprice.com/Energy/Energy-General/Is-Elon-Musks-Social-Media-Drama-Hurting-Tesla.html
	Iran’s Middle East Strategy: Arming Allies for Long-Term Conflict Iran’s strategy in the Middle East is essentially a take on an old proverb: Give your proxies and partners weapons and you can sustain their battles for a day. Teach them to make weapons and they can fight your enemies for a lifetime.With Iranian-backed militant groups taking the charge in the Islamic republic’s fight against Israel and the United States, Tehran is seeing its effort to help them acquire their own weapons-manufacturing capabilities pay off.”Iran has established a network of allies and partners throughout the Middle East, from the… Read more at: https://oilprice.com/Geopolitics/International/Irans-Middle-East-Strategy-Arming-Allies-for-Long-Term-Conflict.html
	Thanksgiving Travel Underway With Gasoline Demand Jumping 7.6% Thanksgiving travel is underway with millions of Americans hitting the road and U.S. gasoline demand jumping on Monday by 7.6% compared to last week’s Monday, Patrick De Haan, head of petroleum analysis at GasBuddy, said on Tuesday. Gasoline demand in America was 6.4% higher on November 20, the start of the Thanksgiving week, compared with the average of the last four Mondays. Last year, the 2022 run-up to Thanksgiving saw Monday gasoline demand rising by 1.8% week-on-week and up by 3.4% from the average of the previous four Mondays,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Thanksgiving-Travel-Underway-With-Gasoline-Demand-Jumping-76.html
	The Battle for America’s Energy Future: Oil, Gas, and National Security Fifty years ago this week, legislation authorizing construction of the Trans-Alaska Pipeline passed both houses of Congress and was signed into law by President Richard Nixon. The whole process took all of five days. Not only was the timeline unprecedented, but so was the fact that the act specifically halted all legal challenges against the planned pipeline. Furthermore, it prohibited federal and state agencies from regulating the construction of the project. The legislation led to a flurry of construction, and since the first oil flowed… Read more at: https://oilprice.com/Energy/Crude-Oil/The-Battle-for-Americas-Energy-Future-Oil-Gas-and-National-Security.html
	Ford Scales Back Capacity Of New Battery Plant By 42% Ford is reneging on its ambitious plans to open a battery plant near Marshall, Michigan, a company spokesman said, scaling back both its investments in the EV battery facility and jobs as EV adoption is slower than expected. Ford will reduce its commitment to the battery plant by more than $1 billion and 800 jobs, reducing the planned capacity of the plant by 42%. While the plans have been scaled back considerably, Ford still plans to open the new plant by 2026. “We’ve been studying this project for the past couple of months. I think… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ford-Scales-Back-Capacity-Of-New-Battery-Plant-By-42.html
	LPG Demand Surge Triggers Price Hike in Kazakhstan As motorists in Kazakhstan grow increasingly partial to running their cars on liquified petroleum gas, or LPG, officials are warning that shortages of the fuel will inevitably lead to price rises. This is a troubling prospect in a country that saw a wave of political unrest sparked in early 2022 by a spike in the cost of that very same fuel. On November 20, deputy Energy Minister Alibek Zhamauov told reporters that from the start of 2024, prices for LPG will be allowed to increase at six-month intervals over the coming three years. The fuel is… Read more at: https://oilprice.com/Energy/Energy-General/LPG-Demand-Surge-Triggers-Price-Hike-in-Kazakhstan.html
	Indonesia Kicks Off $20B Renewable Energy Plan Indonesia kicked off a plan to unleash $20 billion in global financing to help decarbonize its power sector, Reuters reported on Tuesday, and to increase the role that renewables plays in its overall energy mix. The $20 billion in funds from lenders, including the United States and Japan, will be disbursed with immediate effect and will help Indonesia move forward with its plan to cut carbon emissions to 250 million metric tons for its on-grid power sector by the end of this decade. Without the funds, Indonesia’s carbon emissions would likely… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indonesia-Kicks-Off-20B-Renewable-Energy-Plan.html
	Copper Prices Inch Higher on Shifting Sentiment Copper prices have started to gradually nudge higher on the expectation that demand from China will pick up in the future. Copper prices nudged up one percent up today to $8,347.50 a ton after Chinese officials vowed to roll out more support for private and state-owned property developers – a market which has been in turmoil following the downfall of Evergrande and Country Garden. This follows wider measures announced in October by the Chinese state to try and kick start its lagging economy back into gear. Its sluggish post-pandemic recovery… Read more at: https://oilprice.com/Metals/Commodities/Chinas-Economic-Optimism-Boosts-Copper-Market.html
	IEA Expects Oil Market Surplus Even If OPEC+ Extends Production Cuts The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a fast rate”, Bosoni told Reuters on the sidelines of an industry event in Norway. Just last week, the IEA raised its global oil demand forecasts for 2023 and 2024, as consumption… Read more at: https://oilprice.com/Latest-Energy-News/World-News/IEA-Expects-Oil-Market-Surplus-Even-If-OPEC-Extends-Production-Cuts.html
	Oil Markets on Edge Ahead of Critical OPEC+ Meeting Oil markets are now fully focused on the upcoming OPEC+ meeting, with reports that the group may deepen cuts being counteracted by an apparent lack of unity amongst OPEC members on the issue.Chart of the Week- As OPEC+ prepares for its meeting on November 26, African producers are tacitly lamenting the oil group’s recalibration of 2024 production targets that will curb the maximum amount Nigeria or Angola can produce.- Following tense negotiations in June, all African countries agreed they would be subjected to lower 2024 quotas unless they… Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-on-Edge-Ahead-of-Critical-OPEC-Meeting.html
	The U.S. And France Will Seek to Halt Private Funding for Coal Plants at COP28 Supported by the United States, France will propose at the COP28 climate summit in Dubai an exit of private financing for coal-fired power plants, Reuters reported on Tuesday, citing sources with knowledge of the talks. According to Indian officials who spoke to Reuters, France has discussed with India – a large coal consumer – a plan for private banks and insurers to phase out funding for coal plants under the so-called ‘New Coal Exclusion Policy’. India and China are opposed to any halt of financing to coal, on… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-And-France-Will-Seek-to-Halt-Private-Funding-for-Coal-Plants-at-COP28.html
	Trillion Dollar Bailout: What Xi Really Wants From Biden Communist Party of China (CCP) General Secretary Xi Jinping is now starkly aware that he is facing the end of his rule, and has turned to US Pres. Joe Biden to save him. Specific reports are emerging as to the driving forces which made Xi act, in seeming desperation, to kowtow to US Pres. Joe Biden at the summit held on the sidelines of the Asia-Pacific Economic Conference (APEC) in San Francisco between November 13 and 17,2023. Xi’s Government of the People’s Republic of China (PRC) had, for at least two weeks before the summit, started… Read more at: https://oilprice.com/Geopolitics/Asia/Trillion-Dollar-Bailout-What-Xi-Really-Wants-From-Biden.html
	European Natural Gas Prices Seesaw as Cold Snap Arrives European natural gas prices were having a nervous trading session early on Tuesday as traders weighed higher heating demand amid colder weather with still nearly full EU inventories. The front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, were down by 1.7% to $49.30 (45 euros) per megawatt-hour (MWh) as of 12:54 p.m. in Amsterdam. Prices had gained nearly 2% on Monday as weather forecasts for Europe pointed to a cold snap this week with temperatures well below the average for this time of year. Most of Europe… Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Natural-Gas-Prices-Seesaw-as-Cold-Snap-Arrives.html
	Iran Sees Its Oil Production Rising to 3.6 Million Barrels per Day by March 2024 Iran expects its oil production to rise to 3.6 million barrels per day (bpd) by the end of the current Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has said. The minister talked about Iranian oil production during a visit by Iran’s President Ebrahim Raisi to the headquarters of the Ministry of Oil, Iranian media reported. Iran has recently signed six contracts for the development of oil and gas fields in the past months, including deals to develop joint fields in the west of Karun, such… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Sees-Its-Oil-Production-Rising-to-36-Million-Barrels-per-Day-by-March-2024.html
	Steel-Making Giant Seeks U.S. LNG to Secure Gas for European Operations ArcelorMittal, the world’s second-largest steelmaker, is looking to sign an agreement with a U.S. LNG exporter as it aims to secure stable supply of natural gas following last year’s energy crisis in Europe, the Financial Times reported on Tuesday, quoting sources with knowledge of the plans. Industrial giants in Europe have recently signed LNG supply deals with U.S. companies after the industry was forced to curtail or shut down operations last year as natural gas prices skyrocketed in the wake of the Russian invasion of Ukraine. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Steel-Making-Giant-Seeks-US-LNG-to-Secure-Gas-for-European-Operations.html
	Fed gave no indication of possible rate cuts at last meeting, minutes show The Federal Reserve on Tuesday released minutes from its Oct. 31-Nov. 1 policy meeting. Read more at: https://www.cnbc.com/2023/11/21/fed-minutes-november-2023.html
	Nvidia set to report earnings after the bell Analysts foresee Nvidia nearly tripling its revenue as demand for the underlying technology for generative artificial intelligence still outstrips supply. Read more at: https://www.cnbc.com/2023/11/21/nvidia-nvda-q3-earnings-report-2024.html
	Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down The U.S. Department of Justice has brought criminal charges against Binance and its billionaire founder and CEO, Changpeng Zhao. Read more at: https://www.cnbc.com/2023/11/21/binance-ceo-changpeng-zhao-to-plead-guilty-to-federal-charges-step-down.html
	Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise Ford is scaling back production capacity and expected employment at the battery plant in Michigan. Read more at: https://www.cnbc.com/2023/11/21/ford-scales-back-ev-battery-plant-in-michigan.html
	Israel-Hamas war live updates: Tentative deal reached on release of hostages held by Hamas, sources tell NBC News A senior U.S. official and a source familiar with the talks told NBC News that a tentative deal had been reached on the release of hostages held by Hamas. Read more at: https://www.cnbc.com/2023/11/21/israel-hamas-war-live-updates-latest-news-on-gaza-conflict.html
	The S&P 500 is starting to form a ‘cup and handle’ pattern. How to watch for the potential breakout ahead A bullish stock trading pattern forming in the S&P 500 could spell all-time highs for the broader index. Read more at: https://www.cnbc.com/2023/11/21/the-sp-500-is-starting-to-form-a-cup-and-handle-pattern-how-to-watch-for-the-potential-breakout-ahead.html
	‘Funflation’ drives sporting event ticket prices up a whopping 25% The price of attending sporting events rose 25.1% from October 2022 to October 2023, according to government data. Read more at: https://www.cnbc.com/2023/11/21/funflation-drives-sporting-event-ticket-prices-up-a-whopping-25percent.html
	Binance’s Changpeng Zhao to step down as part of $4.3 billion DOJ settlement: 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, Kevin Worth, CEO of CoinDesk, discusses Bullish’s acquisition of the crypto news outlet. Read more at: https://www.cnbc.com/video/2023/11/21/binances-changpeng-zhao-to-step-down-as-part-of-4point3-billion-doj-settlement-cnbc-crypto-world.html
	Jeff Bezos ‘aggressive’ again Tuesday selling more Amazon stock after unloading shares last week, sources say Jeff Bezos is expected to be “aggressive” in dumping more shares of Amazon on Tuesday, sources told CNBC’s David Faber. Read more at: https://www.cnbc.com/2023/11/21/bezos-aggressive-again-tuesday-selling-more-amazon-stock-sources.html
	Microsoft exec says OpenAI employees can join with same compensation Microsoft CTO Kevin Scott offered to match the compensation of OpenAI employees considering a departure from the company. Read more at: https://www.cnbc.com/2023/11/21/microsoft-exec-says-openai-employees-can-join-with-same-compensation.html
	NFL committed to X partnership as Elon Musk’s social platform gets heat for hate speech Advertisers such as Disney and Apple have paused advertising on X over concerns about hate speech and antisemitism. Read more at: https://www.cnbc.com/2023/11/21/nfl-x-hate-speech-musk.html
	This is the No. 1 global city where expats thrive A port city in the southern part of Spain has some of the happiest expats in the world. Read more at: https://www.cnbc.com/2023/11/21/this-is-the-no-1-global-city-where-expats-thrive-says-new-report.html
	These bond funds are among the top performers in 2023 – Here’s what investors should do next Funds that were willing to take a little credit risk and keep their duration short managed to stand out this year. Read more at: https://www.cnbc.com/2023/11/21/bond-funds-are-among-2023s-top-performers-whats-next-for-investors.html
	Nvidia Earnings Preview: Extremely Crowded Positioning, Extremely High Expectations Ahead of today’s Nvidia earnings, which according to many will be the most important number of Q3 earnings season because, as DB’s Jim Reid reminds us, “Nvidia’s Q1 earnings in May was probably the event that catapulted AI into the stratosphere in terms of being an important macro topic so the pace of their success will be a key driver in how rapidly AI infiltrates our daily lives”, positioning is extremely high… so are expectations. Below we excerpt several trading desk previews of what to expect, starting with UBS trader Ryan Cobb: Nvidia Set Up And Positioning Ahead Of Earnings Nvidia earnings are due Tuesday after the bell and the stock remains a favorite in tech and equities altogether, up 230% year to date. From my conversations, investors still skew very positive on the name as the story remains unchanged. It feels like buyside bogey higher here than sell side around $17 bn for quarter and $20 bn for guide. Stock has been working ahead of print (something that typically happened last 3-4 quarters as sell side analysts put out bullish previews) coupled with some positive news on incremental China revenues. Flows have been slightly better for sale into the print which is a mix of long only and hedge fund trimming, as investors allocate money out the risk curve into the small and midcap space. The desk has seen a couple short tickets here and there surprisingly, but significant in terms of size. Tim Arcuri, UBS semis analyst, is more bullish than most of the sell side on NVDA – … Read more at: https://www.zerohedge.com/markets/nvidia-earnings-preview-extremely-crowded-positioning-extremely-high-expectations
	US Says Iran Complicit In Ship Hijacking By Yemeni Rebels, Mulls Houthi Terror Designation Update(1507ET): The Biden White House is threatening to slap an official terror designation on Yemen’s Houthi militia after it seized an Israel-linked cargo vessel in the Red Sea (details below). On Tuesday, as 25 international crew are still being held hostage after Houthi militants boarded the vessel by helicopter Sunday, National Security Council spokesman John Kirby told reporters that “in light of … the piracy of a ship in international waters, we have begun a review of potential terrorist designations and we’ll be considering other options together with our allies and partners as well.” Importantly, Kirby also directly alleged that Iran was complicit. The Houthis have expressly said that the seizure was in retaliation for Israel’s onslaught on Gaza, which has killed some 13,000 Palestinians – mostly civilians. Per a White House press briefing: Mr Kirby added that Iran was “complicit in its material support, and encouragement of the Houthi forces” and called on the group to “unconditionally” release the ship and its crew. The Houthis earlier this month declared war on Israel, and have sent several drones and missiles toward southern Israel at this point. At least two of these projectiles have been interce … Read more at: https://www.zerohedge.com/geopolitical/houthis-release-dramatic-video-ship-hijacking-promise-beginning
	Russia Will Fight To Protect Its Key Weapon In The Global Energy Race Authored by Simon Watkins via OilPrice.com, LNG requires much less infrastructure to be delivered than oil or gas sent through pipelines, so it is generally cheaper overall for sellers to develop and to expand their market share. After massive Russian oil and gas supplies were sanctioned following the 24 February 2022 invasion of Ukraine, LNG firmly became the world’s key swing energy supply. Russia stated just over a week ago that it would do everything it could to scupper new U.S. sanctions imposed on its Arctic LNG 2 project. At the core of Russia’s hydrocarbon-centric geopolitical strategies for the future are its huge Arctic oil and gas reserves. And while global tensions stay high in the aftermath of 2022’s invasion of Ukraine and the ongoing Israel-Hamas War, the key emergency energy source remains liquefied natural gas (LNG). LNG requires much less infrastructure to be delivered than oil or gas sent through pipelines, so it is generally cheaper overall for sellers to develop and to expand their market share. Given this, it is also quicker and cheaper to increase or decrease delivery amounts at very short notice, as and when buyers require. In short, after massive Russian oil and gas supplies were sanctioned following the 24 February 2022 invasion of Ukraine, LNG firmly became the world’s key swing energy supply. When Russia was contemplating its f … Read more at: https://www.zerohedge.com/energy/russia-will-fight-protect-its-key-weapon-global-energy-race
	High-End Retailers Face Downturn As Wealthy Americans Cut Back On Spending As Black Friday looms, a concerning trend has emerged: Affluent Americans are cutting back on spending – a shift which signals potential trouble for an economy reliant on robust consumer expenditure to ward off recession. According to Bloomberg Second Measure Data of debit/credit card transactions by US consumers, in the three months leading to the holiday season, a collection of retailers serving the upper middle class, such as Apple, Coach, and Nordstrom, experienced their steepest sales decline in two years. This data, derived from Bloomberg Second Measure, also reflects a downturn in affluent mall traffic, contradicting the general uptick in retail sales figures. On Tuesday, Best Buy Co. and Lowe’s Cos. cut their forecasts and warned that shoppers were pulling back on big-ticket items like appliances ahead of the holiday season. Kohl’s Corp. reported its seventh-stra … Read more at: https://www.zerohedge.com/political/high-end-retailers-face-downturn-wealthier-americans-cut-back-spending
	Minimum wage to rise to £11.44 per hour The new rate will apply to those aged 21 and over for the first time, the chancellor says. Read more at: https://www.bbc.co.uk/news/business-67484102?at_medium=RSS&at_campaign=KARANGA
	Bank of England governor says don’t underestimate inflation The governor of the Bank of England says inflation might not fall as quickly as some are hoping. Read more at: https://www.bbc.co.uk/news/business-67474899?at_medium=RSS&at_campaign=KARANGA
	Deliveroo not forced by law to engage with unions, Supreme Court rules The ruling at the Supreme Court is the latest in a long-running legal dispute. Read more at: https://www.bbc.co.uk/news/business-67484101?at_medium=RSS&at_campaign=KARANGA
	Breakout Stocks: How to trade RattanIndia, KEI Industries and PCBL on Wednesday Sectorally, buying was seen in consumer durables, realty, healthcare and auto stocks while energy, public sector and oil & gas stocks saw some selling pressure on Tuesday. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/breakout-stocks-how-to-trade-rattanindia-kei-industries-and-pcbl-on-wednesday/articleshow/105392356.cms
	Why MOSL’s Santosh Singh has higher cash holding in portfolio I am bullish on financials, but not lenders because the fund is quite underweight on lenders. I am bullish on all other parts of the financials. So we have a large exposure to insurance, we have large exposure to capital markets through Bombay Stock Exchange. IT is another sector where I am quite positive.” Read more at: https://economictimes.indiatimes.com/markets/expert-view/contra-thinkers-not-market-we-are-bullish-on-a-number-of-stockssays-santosh-kumar-singh/articleshow/105373255.cms
	How shares of Gandhar Oil, Flair Writing and Fedbank Financial stacked up in the grey market? In the grey market, Flair Writing is fetching a premium of Rs 60 ahead of the issue opening. This compares with the upper price band of Rs 304. The IPO comprises fresh issue of Rs 292 crore and an OFS of Rs 301 crore. Under the OFS segment, Khubilal Jugraj Rathod will offload shares worth Rs 76 crore, Vimalchand Jugraj Rathod will sell up to Rs 57 crore. Other selling shareholders include Nirmala Khubilal Rathod, Manjula Vimalchand Rathod. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/how-shares-of-gandhar-oil-flair-writing-and-fedbank-financial-stacked-up-in-the-grey-market/articleshow/105391198.cms
	The Ratings Game: Nvidia’s stock falls ahead of earnings Nvidia’s stock has been on a monster run this year. Can the rally keep going after Tuesday afternoon’s earnings report? Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729D-77E23753D5F5%7D&siteid=rss&rss=1
	Front Office Sports: ESPN Bet’s grand vision: A 20% market share of U.S. online sports betting Despite the existing competition, ESPN Bet’s backers project they can attain 20% market share by 2027, but many think that goal will be difficult to reach. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729F-D28BEDEC50BD%7D&siteid=rss&rss=1
	Nvidia stock options ready for some fireworks after earnings The options market is ready for Nvidia ‘s stock to post a bigger-than-average move after the chip maker and AI play’s earnings report due after Tuesday’s close. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-729F-6FA072BFDB0D%7D&siteid=rss&rss=1

Click here to read our Economic Forecast for November 2023

The Market in Perspective

Is Elon Musk’s Social Media Drama Hurting Tesla?

Iran’s Middle East Strategy: Arming Allies for Long-Term Conflict

Thanksgiving Travel Underway With Gasoline Demand Jumping 7.6%

The Battle for America’s Energy Future: Oil, Gas, and National Security

Ford Scales Back Capacity Of New Battery Plant By 42%

LPG Demand Surge Triggers Price Hike in Kazakhstan

Indonesia Kicks Off $20B Renewable Energy Plan

Copper Prices Inch Higher on Shifting Sentiment

IEA Expects Oil Market Surplus Even If OPEC+ Extends Production Cuts

Oil Markets on Edge Ahead of Critical OPEC+ Meeting

The U.S. And France Will Seek to Halt Private Funding for Coal Plants at COP28

Trillion Dollar Bailout: What Xi Really Wants From Biden

European Natural Gas Prices Seesaw as Cold Snap Arrives

Iran Sees Its Oil Production Rising to 3.6 Million Barrels per Day by March 2024

Steel-Making Giant Seeks U.S. LNG to Secure Gas for European Operations

Fed gave no indication of possible rate cuts at last meeting, minutes show

Nvidia set to report earnings after the bell

Binance CEO Changpeng Zhao pleads guilty to federal charges, steps down

Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise

Israel-Hamas war live updates: Tentative deal reached on release of hostages held by Hamas, sources tell NBC News

The S&P 500 is starting to form a ‘cup and handle’ pattern. How to watch for the potential breakout ahead

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