Summary Of the Markets Today:
- The Dow closed down 162 points or 0.41%,
- Nasdaq closed down 0.27%,
- S&P 500 closed down 0.31%,
- Gold $2172 down $56,
- WTI crude oil settled at $82 up $1.38,
- 10-year U.S. Treasury 4.249% up 0.031 points,
- USD index $104.22 up $0.22,
- Bitcoin $70,366 up $3,131
Click here to read our current Economic Forecast – March 2024 Economic Forecast: A Modest Improvement In Our Index Predicting Little Change In Main Street Growth
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Chicago Fed National Activity Index (CFNAI) three-month moving average, CFNAI-MA3, decreased to –0.18 in February from –0.11 in January. Economic expansion has historically been associated with a CFNAI-MA3 value above –0.70 and a significant likelihood of an expansion has historically been associated with a CFNAI-MA3 value above +0.20. The CFNAI is my favorite coincident index. The bottom line here is that the economy is expanding, but is expanding below the historical average for periods of expansion.
Sales of new single‐family houses in February 2024 were up 5.9% above February 2023. The median sales price of new houses sold in February 2024 was $400,500 – which is 7.6% lower than the price one year ago. The average sales price was $485,000. The seasonally‐adjusted estimate of new houses for sale at the end of February was 463,000. This represents a supply of 8.4 months at the current sales rate. New home sales remains a bright spot in the economy.
Texas Manufacturing Outlook Survey activity weakened in March after stabilizing in February. The production index, a key measure of state manufacturing conditions, fell five points to -4.1, a reading that suggests a slight decline in output month over month. Manufacturing remains in a recession in the U.S.
Here is a summary of headlines we are reading today:
- Decentralized Renewable Energy Helps Ukraine Weather Russian Attacks
- Chip War Escalates as China Bans Intel, AMD Chips in Government Computers
- Russian Refinery Halts Half Its Capacity Following a Ukrainian Drone Attack
- Truth Social owner Trump Media will begin trading under DJT ticker Tuesday
- Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giant
- Our Economy And Politics Are Broken
- Why Is The National Guard Being Deployed During The Great American Eclipse On April 8th?
- EV maker Lucid rallies after $1 billion investment by majority stockholder as it burns cash
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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Decentralized Renewable Energy Helps Ukraine Weather Russian AttacksVadym Kolisnyk stands on a rooftop on the eastern edge of Zhashkiv. It’s the end of February, and the dark and fog that shroud central Ukraine for much of the winter have broken. The sun has returned to Cherkasy Oblast. This is good news for Kolisnyk, for whom the sun is money. Solar panels stretch along aluminum frames that go all the way to the eastern face of the barn roof on which he stands. Beyond, fields of grain wait for sowing. The lowing of some 3,000 cows, mostly Holsteins, rises to the rooftop – along with the smell, inescapable… Read more at: https://oilprice.com/Energy/Energy-General/Decentralized-Renewable-Energy-Helps-Ukraine-Weather-Russian-Attacks.html |
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Russia Demands Oil Producers Slash Output for OPEC+Russia’s government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day (bpd) in the second quarter, in tandem with production cuts by other OPEC+ members. The country will then gradually ease the export cuts and focus on only reducing output. Although… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Demands-Oil-Producers-Slash-Output-for-OPEC.html |
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Will China’s Economic Slowdown Stall the Aluminum Price Rally?Via Metal Miner Aluminum prices remain entrenched within a sideways trend. Following a 2.78% month-over-month decline in February, prices retraced throughout the first three weeks of March to where they currently stand: 2.17% above their February close. Overall, the Aluminum Monthly Metals Index (MMI) moved sideways, with a 2.36% decline from February to March. Will Aluminum Prices Echo the Copper Price Rally? As Q1 nears its close, aluminum prices continue to show little momentum, further reflecting an uncertain market. However, prices saw a modest… Read more at: https://oilprice.com/Metals/Commodities/Will-Chinas-Economic-Slowdown-Stall-the-Aluminum-Price-Rally.html |
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Sinopec’s 2024 Profits Declined 13% After Oil Prices FellChina’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan ($8 billion) compared with 66.2 billion yuan posted in 2022 with global oil prices17% lower in 2023 compared to the previous year. The lower oil prices reduced the value of Sinopec’s drilling output and also cut its crude costs. Sinopec’s latest results missed the analyst consensus despite… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sinopecs-2024-Profits-Declined-13-After-Oil-Prices-Fell.html |
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Black Sea Disruptions, Oil Prices Threaten Kazakhstan’s GrowthKazakhstan is expected to remain on a stable growth trajectory for the next two years, driven by continued carbon use and increased consumer spending, according to World Bank projections. At the same time, the bank suggests a new reform approach is needed to improve prosperity. The bank outlined Kazakhstan’s prospects in a recently published report, titled Preparing for Tomorrow: Reform for Long-Term Prosperity. As Kazakhstan continues to adapt to the shock created by Russia’s unprovoked invasion of Ukraine, growth is expected to moderate… Read more at: https://oilprice.com/Energy/Energy-General/Black-Sea-Disruptions-Oil-Prices-Threaten-Kazakhstans-Growth.html |
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Nissan Aims To Slash EV Costs to Gasoline-Car Level by 2030Nissan Motor will look to slash the cost of its next-generation electric vehicles by 30% to reach cost parity between its EVs and conventional gasoline models by fiscal year 2030, the Japanese car-manufacturing giant said on Monday in a new business plan. Nissan, which was an early adopter of EV technology and has been making the Nissan LEAF, a battery-electric powered compact car, since 2010, has been feeling intense competition from a crowded market in recent years, including from cheap models from China. In the new business plan, dubbed… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nissan-Aims-To-Slash-EV-Costs-to-Gasoline-Car-Level-by-2030.html |
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Chip War Escalates as China Bans Intel, AMD Chips in Government ComputersAfter the US took several steps to prevent Chinese companies from acquiring both the latest Nvidia AI chips as well as Europe’s semiconductor titan ASML from sending its advanced chipmaking machines to Beijing (which resulted in a one-time flood of Chinese orders into both ASML and NVDA ahead of the sales ban which the market assumed was a recurring thing and priced out Nvidia revenue growth ridiculous higher compared to where it will end up being), China has retaliated by introducing new guidelines that will mean US chips from Intel and AMD are… Read more at: https://oilprice.com/Geopolitics/International/Chip-War-Escalates-as-China-Bans-Intel-AMD-Chips-in-Government-Computers.html |
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Tesla Cooperates With CATL on Faster-Charging Battery TechnologyTesla and battery manufacturer CATL are working together on the development of new battery technologies that could lead to faster-charging electric vehicle batteries, the founder of the Chinese battery manufacturer, the world’s biggest, told Bloomberg in an interview published on Monday. Contemporary Amperex Technology Co. Ltd., as CATL is officially known, has a large supply deal with the U.S. EV manufacturer, and is also a battery supplier to big automakers including BMW and the Mercedes-Benz Group AG. Amid the U.S.-China… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tesla-Cooperates-With-CATL-on-Faster-Charging-Battery-Technology.html |
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Net Zero by 2040: City of London Sets Ambitious Sustainability GoalsThe City of London Corporation has set key targets, including making the Square Mile net zero by 2040 and “enticing workers back to the office,” as it aims to maintain its crown as a “world-class” financial centre. The Corporation has unveiled its corporate plan for 2024 to 2029 in a bid to ensure the Square Mile continues to be top of the class of “global financial powerhouses.” Its five-year document revealed the tactics and metrics for achieving this, including: driving economic growth, investing into public… Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Net-Zero-by-2040-City-of-London-Sets-Ambitious-Sustainability-Goals.html |
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Brent Crude Tops $87 as Geopolitics Threatens Tight SupplyBrent crude oil surged past $87 on Monday as Russia’s war on Ukraine increasingly focuses on attacks on energy installations, and as mediation in the Israel-Gaza conflict fails. On Monday at 10:14 a.m. ET, Brent crude was trading at $87.16, up 2.03%, for a 1.72-cent gain on the day. The U.S. crude oil benchmark, West Texas Intermediate (WTI), was trading at $82.45, up 2.26%, for a $1.82 gain on the day. The latest rally also comes after OPEC+ said on Monday that it saw no need for any policy changes during next week’s planned… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brent-Crude-Tops-87-as-Geopolitics-Threatens-Tight-Supply.html |
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OPEC Sees No Need for Policy Change Proposal at Next Week’s MeetingOPEC and the broader OPEC+ group do not see any need to propose a change to the current oil production policy when the Joint Ministerial Monitoring Committee (JMMC) meets next week, according to delegates, commodity analyst Giovanni Staunovo reported on Monday. OPEC+ members have collectively decided to voluntarily cut 2.2 million barrels per day (bpd) from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut. … Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Sees-No-Need-for-Policy-Change-Proposal-at-NextWeeks-Meeting.html |
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Russian Refinery Halts Half Its Capacity Following a Ukrainian Drone AttackA refinery in southwestern Russia owned and operated by state oil giant Rosneft has halted roughly half of its crude processing capacity following a drone attack from Ukraine over the weekend, industry sources told Reuters on Monday. On Saturday, Dmitry Azarov, governor of the Samara region where Rosneft’s Kuibyshev oil refinery is located, said that the facility was attacked by drones. One of the two primary crude refining units at the refinery caught fire, the governor said, as quoted by Russian news agency Interfax. There… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Refinery-Halts-Half-Its-Capacity-Following-a-Ukrainian-Drone-Attack.html |
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U.S. Oil Exports Hit a New Record High in 2023Fresh on the heels of a new U.S. oil production record and establishment of the U.S. as the world’s top liquefied natural gas (LNG) exporter, this week the Energy Information Administration reported that the U.S. exported a record amount of crude oil in 2023. The U.S. has exported small amounts of crude oil for over 100 years, despite being a net importer of crude oil. Although there was a crude oil export ban in place, some exports were allowed, primarily to Canada. That situation changed in the past decade.… Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Exports-Hit-a-New-Record-High-in-2023.html |
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PetroChina Books Record Profit as Natural Gas and Fuel Demand SoarA rebound in Chinese natural gas demand and rising fuel sales pushed the earnings of state oil and gas giant PetroChina to a record high in 2023, despite the drop in international oil and gas prices. PetroChina reported on Monday a net income of $22.3 billion (161 billion Chinese yuan) for 2023, up by 8.3% on the year, thanks to recovering domestic consumption of refined petroleum products and a surge in natural gas demand. Last year, Chinese natural gas and LNG demand rebounded from 2022, when the world’s top LNG importer was still… Read more at: https://oilprice.com/Latest-Energy-News/World-News/PetroChina-Books-Record-Profit-as-Natural-Gas-and-Fuel-Demand-Soar.html |
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Iraq Points the Finger at Foreign Firms for Stalled Kurdish Oil ExportsForeign oil firms in Iraqi Kurdistan are partially to blame for the delays to the resumption of exports from the semi-autonomous region of OPEC’s second-largest producer, Iraq’s Oil Ministry said in a Monday statement carried by Reuters. Neither foreign oil firms operating in Kurdistan nor the Kurdish authorities have submitted draft contracts for the federal government to review them in accordance with the Iraqi constitution and laws, the ministry said. Crude oil exports from Kurdistan have now been… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Points-the-Finger-at-Foreign-Firms-for-Stalled-Kurdish-Oil-Exports.html |
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Dow closes more than 150 points lower as stocks take a break from their rally: Live updatesThe market is on track for its fifth consecutive month of gains, with the major U.S. stock benchmarks crossing new all-time closing high levels last week. Read more at: https://www.cnbc.com/2024/03/24/stock-market-today-live-updates.html |
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Truth Social owner Trump Media will begin trading under DJT ticker TuesdayDonald Trump, the presumptive Republican presidential nominee, owns stock shares valued at $3 billion or more in the newly merged social media firm. Read more at: https://www.cnbc.com/2024/03/25/truth-social-owner-trump-media-will-begin-trading-under-djt-ticker-tuesday.html |
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FTX estate selling majority stake in AI startup Anthropic for $884 million, with bulk going to UAEFTX reached an agreement to sell the majority of its stake in the artificial intelligence startup Anthropic for $884 million. Read more at: https://www.cnbc.com/2024/03/25/ftx-estate-sells-majority-stake-in-startup-anthropic-for-884-million.html |
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Boeing CEO to step down in broad management shake-up as 737 Max crisis weighs on aerospace giantBoeing CEO Dave Calhoun will step down at the end of 2024 in part of a broad management shakeup for the embattled aerospace giant. Read more at: https://www.cnbc.com/2024/03/25/boeing-ceo-board-chair-commercial-head-out-737-max-crisis.html |
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Trump New York fraud bond cut to $175 million in appeal from $454 millionFormer President Donald Trump earlier had complained he could not obtain a $454 million appeal bond for a New York civil fraud case judgment. Read more at: https://www.cnbc.com/2024/03/25/trump-new-york-fraud-bond-cut-to-175-million-in-appeal-from-454-million.html |
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Lawsuit filed by Elon Musk’s X against nonprofit CCDH thrown out by judge on free speech groundsA suit filed by X against CCDH was dismissed by a federal judge, who wrote that Elon Musk’s company was “punishing” the nonprofit for speech. Read more at: https://www.cnbc.com/2024/03/25/lawsuit-filed-by-elon-musks-x-against-ccdh-thrown-out-by-judge.html |
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Top bank analyst Mike Mayo sees Citigroup rallying more than 30%Mayo raised his price target on Citigroup shares by $10 to $80, citing increased confidence following corporate restructuring efforts. Read more at: https://www.cnbc.com/2024/03/25/top-bank-analyst-mike-mayo-sees-citigroup-rallying-more-than-30percent.html |
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Bitcoin reclaims $70,000 as volatility still hovers at 2024 high: CNBC Crypto WorldCNBC 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, Chris Kuiper, director of research for Fidelity Digital Assets, shares his outlook for bitcoin ETFs in 2024 from Bitcoin Investor Day in New York City. Read more at: https://www.cnbc.com/video/2024/03/25/bitcoin-reclaims-70000-volatility-still-hovers-2024-high-cnbc-crypto-world.html |
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Nissan looks to address ‘extreme market volatility’ with 30 new models, EV cost cutsNissan is targeting an additional 1 million unit sales in the next three years and a 30% reduction in electric vehicle production costs by 2030. Read more at: https://www.cnbc.com/2024/03/25/nissan-targets-1-million-extra-vehicle-sales-aims-to-cut-ev-costs.html |
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DWAC stock jumps 30% on Trump’s reduced bond, post-merger ticker newsA potential windfall from selling shares could help pay for Trump’s legal bills and his damage judgments of over $500 million in three separate cases. Read more at: https://www.cnbc.com/2024/03/25/dwac-climbs-after-merger-with-donald-trumps-media-group-approved.html |
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Trump hush money trial will start April 15, judge rulesJury selection in the criminal hush money trial of Donald Trump will begin April 15, a New York judge ruled in a court hearing. Read more at: https://www.cnbc.com/2024/03/25/trump-attends-hush-money-case-hearing-as-he-seeks-trial-delay.html |
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Trump turns to his ‘old cast’ to raise millions for 2024 and the PAC paying his legal billsDonald Trump turns to small group of wealthy allies to help raise money for his campaign and fund a political action committee paying his legal bills. Read more at: https://www.cnbc.com/2024/03/25/donald-trump-raises-money-for-campaign-and-to-help-pay-legal-bills.html |
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Ukraine war updates: Moscow terror attack suspects appear in court beaten and bruised; Russia warned against blaming KyivFour men Russia says were involved in the deadly shootings at a concert hall on the outskirts of Moscow Friday night appeared in court late on Sunday. Read more at: https://www.cnbc.com/2024/03/25/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html |
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Russian Hypersonic Missiles Pummel Kiev After Ukraine Drone Damages Rosneft RefineryRussia attacked the Ukrainian capital of Kiev on Monday morning, with US Ambassador Bridget Brink writing on X that she observed “Loud explosions in Kyiv” as “Again this morning Russia is attacking Ukraine with hypersonic missiles. Loud explosions in Kyiv. Over the last five days, Russia has launched hundreds of missiles and drones against a sovereign country.” So far at least seven people have been reported inured, and a three story building in the central part of the city has been severely damaged.
“Next to the destroyed premises of the state educational institution is a dormitory where there were many peopl … Read more at: https://www.zerohedge.com/geopolitical/russian-hypersonic-missiles-pummel-kiev-after-ukraine-drone-damages-rosneft-refinery |
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Our Economy And Politics Are BrokenAuthored by Charles Hugh Smith via OfTwoMinds blog, Awakening from the dream of painless financial / political solutions, we find the status quo is not the solution, it is the source of our decay. Our situation as a society is akin to awakening from a dream of loved ones to the realization that they passed away long ago. Our economy and politics are broken, yet we continue dreaming that they are functional. Let’s start with politics. American politics now bears an eerie resemblance to pre-collapse Soviet politics: a geriatric, sclerotic, stuck-in-the-past leadership, five-year plans (four year plans in the U.S. with one goal–get re-elected) that do nothing to change the trajectory of social decay, and a populace increasingly opting out of political engagement as people realize the pointlessness of the entire charade: the commoners are powerless and the elites are incompetent and disconnected from reality. Recall Smith’s Neofeudalism Principle #1: If the citizenry cannot replace a kleptocratic authoritarian government and/or limit the power of the financial Aristocracy at the ballot box, the nation is a democracy in name only. Take a look at the charts below and tell me how transferring power from one party to the other changed the trajectory of social decay, kleptocracy, authoritarianism or the predations of the financial Aristocracy. You can’t, as “business as usual” politics is incapable of changing the trajectory of ine … Read more at: https://www.zerohedge.com/personal-finance/our-economy-and-politics-are-broken |
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Tonight At 7pm, The Next ZeroHedge Debate: “Should Trump Be The Next U.S. President?”Tonight at 7pm ET – on the day that NY Attorney General Lettita James said she was prepared to begin seizing buildings from Donald Trump unless he paid over a hundred million dollars because “Justice” – ZeroHedge will host our latest live debate on the former President’s past and present, and whether America would benefit from his return in 2024. In the “anti-Trump” corner, former George Bush ethics lawyer and vehement never-Trumper Richard Painter will join independent journalist Michael Tracey, an ardent critic of Trump and Biden alike. In the “pro-Trump” corner, veteran political operative Roger Stone joins former Trump foreign policy advisor George Papadopoulos. The discussion will be moderated by David “Viva Frei” Freiheit and sponsored by Goldco. Among the topics to be discussed, we will cover:
We’ll cover all these topics and more, so tune in live on Z … Read more at: https://www.zerohedge.com/political/trump-debate-zerohedge |
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Why Is The National Guard Being Deployed During The Great American Eclipse On April 8th?Authored by Michael Snyder via TheMostImportantNews.com, The National Guard is only supposed to be deployed in emergency situations. But these days the National Guard is being used for all sorts of things. For example, hundreds of National Guard soldiers are being used to check the bags of those riding the subway system in New York City. That sets a very alarming precedent, and I don’t understand why more people aren’t upset about this. And now we have learned that National Guard troops will be deployed during the Great American Eclipse on April 8th. What in the world do they expect to happen during this eclipse?
Without a doubt, it will certainly be a historic event. As I have discussed previously, it is being pr … Read more at: https://www.zerohedge.com/political/why-national-guard-being-deployed-during-great-american-eclipse-april-8th |
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Minister calls for time in women’s pension rowWork and Pensions Secretary Mel Stride says a report recommending pay-outs must be properly considered. Read more at: https://www.bbc.co.uk/news/business-68658431 |
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Boeing boss to leave as firm faces safety crisisDave Calhoun will leave the planemaker at end of this year amid a deepening crisis over its safety record. Read more at: https://www.bbc.co.uk/news/business-68656925 |
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Tractors brought to Parliament in farmers’ protestFarmers from across the UK drive tractors to Westminster to protest a lack of support for food producers. Read more at: https://www.bbc.co.uk/news/science-environment-68655661 |
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March 31 deadline is getting near. How to save income tax with tax loss harvesting?March is an important month for taxpayers. It is that time of the year when they leverage government-provided tax exemptions and reduce their tax liability. In other words, it is tax planning, which is a legal approach used to minimize the amount of income tax owed. Read more at: https://economictimes.indiatimes.com/markets/bonds/march-31-deadline-is-getting-near-how-to-save-income-tax-with-tax-loss-harvesting/articleshow/108760575.cms |
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Trust Fintech IPO opens tomorrow: Check issue size, price band, GMP and other detailsThe SME IPO of Trust Fintech will open for subscription on Tuesday and will close on March 28. The company aims to raise about Rs 63 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/trust-fintech-ipo-opens-tomorrow-check-issue-size-price-band-gmp-and-other-details/articleshow/108762912.cms |
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SRM Contractors IPO opens Tuesday. 10 things to know before subscribing to the issueThe initial public offering (IPO) of SRM Contractors will open for subscription tomorrow. The issue closes on March 18. Through the public offer, the company plans to raise around Rs 130 crore. Here are 10 things to know about Krystal Integrated Services IPO before subscribing to the issue. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/srm-contractors-ipo-opens-tuesday-10-things-to-know-before-subscribing-to-the-issue/articleshow/108761507.cms |
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EV maker Lucid rallies after $1 billion investment by majority stockholder as it burns cashAffiliate of Saudi sovereign wealth fund will buy $1 billion of a new series of convertible preferred stock via private placement. Read more at: https://www.marketwatch.com/story/ev-maker-lucid-group-rallies-on-heavy-volume-after-1b-private-placement-22de7d44?mod=mw_rss_topstories |
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Treasury yields end higher to kick off holiday-shortened weekRates on U.S. government debt jumped by the most in one week on Monday as traders braced for a busy holiday-shortened period. Read more at: https://www.marketwatch.com/story/treasury-yields-edge-higher-at-start-of-busy-holiday-shortened-week-7b7d429c?mod=mw_rss_topstories |
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Oil prices end higher, buoyed by geopolitical tensions, Russia’s output cutsOil futures rose on Monday as investors monitored escalating geopolitical tensions in the Middle East and between Russia and Ukraine, while supply concerns continued to weigh on crude-oil prices. Read more at: https://www.marketwatch.com/story/oil-prices-buoyed-by-geopolitical-tensions-45179e0b?mod=mw_rss_topstories |
File image viaA teenage girl was among the injured. Among the group of casualties, “Two of them are hospitalized. Others were treated by medics on the spot. Rescuers continue to clear the debris,” Mayor Vitali Klitschko wrote on Telegram.
