02 OCT 2024 Market Close & Major Financial Headlines: Markets Opened Lower, Trended Upwards And Closed Fractionally Higher In The Green

China’s Energy Grid Overwhelmed by Renewable Surge

China is building twice as much wind and solar energy production capacity as the rest of the entire world combined. While this runaway expansion is great news for the country’s decarbonization goals, it is putting strain on energy grids and energy markets, even leading to occasional negative energy prices in some areas. Chinese grid officials are reportedly decreasing output from turbines and solar panels this year to avoid overwhelming power lines. “With annual wind and solar installations booming and potentially allowing for an early…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Chinas-Energy-Grid-Overwhelmed-by-Renewable-Surge.html

Robots are Making Nuclear Energy Safer and More Efficient

Innovations in technology are helping boost safety in nuclear energy operations through the use of robots, which can decrease human exposure to operational hazards. Energy companies around the globe are integrating autonomous smart technologies into operations to improve health and safety, reduce costs, and enhance remote access. Robots have become widely used in both fossil fuels and renewable energy operations worldwide and now their role in nuclear energy projects is expanding. Nuclear companies are increasingly using robotics for decommissioning…

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Robots-are-Making-Nuclear-Energy-Safer-and-More-Efficient.html

Low Prices Squeeze U.S. Oil and Gas Output

By John Kemp, energy analyst U.S. oil production growth continues to slow in response to the fall in prices, as the initial shock from Russia’s invasion of Ukraine and the sanctions imposed in response more than two years ago fades. Crude and condensates output from the Lower 48 states excluding federal waters in the Gulf of Mexico averaged 11.0 million barrels per day (b/d) in July 2024, according to the latest data from the U.S. Energy Information Administration. Production had increased by less than 0.4 million b/d compared with the same…

Read more at: https://oilprice.com/Energy/Crude-Oil/Low-Prices-Squeeze-US-Oil-and-Gas-Output.html

French Giant TotalEnergies Hikes Dividend by 5% for 2025

It’s a big news week for French oil major TotalEnergies this week, with investors informed on Wednesday that the company would narrow its focus on cheaper upstream output and hike dividends by 5% per share for next year, combined with $2 billion in quarterly buybacks.  In its Strategy & Outlook presentation on Wednesday, TotalEnergies emphasized “more energy, less emissions, more free cash-flow” as it “advances its balanced and profitable multi-energy strategy”.  The French oil giant is targeting 4% production…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/French-Giant-TotalEnergies-Hikes-Dividend-by-5-for-2025.html

Iran Claims Missile Attacks Complete, But Israel Vows Revenge

Iran has said its missile attack on Israel has ended and it will not be renewed unless Tehran will be forced to act again amid growing fears of a wider regional conflict. Tehran on October 1 launched a massive ballistic missile attack on Israel, its largest so far, in retaliation for the campaign launched by the Jewish state in southern Lebanon against the Iran-backed Hezbollah militant group, prompting warnings of countermeasures from Israel and its main ally, the United States. Iranian Foreign Minister Abbas Araghchi said in a message on X that…

Read more at: https://oilprice.com/Geopolitics/Africa/Iran-Claims-Missile-Attacks-Complete-But-Israel-Vows-Revenge.html

FTSE 100 Outperforms Global Indices as Defense and Energy Stocks Rally

London markets made gains on Wednesday morning after an unprecedented missile attack on Israel by Iran that sent oil prices higher and shook global stocks. The prospect of a regional conflict is looming large over the Middle East after Iran fired around 180 missiles at Israel on Tuesday, for which Israeli authorities promised there would be “consequences”. Brent crude surged as much as four percent to $74.91 a barrel after White House officials warned a strike was imminent. It is now trading at $74.63. Early on Wednesday, Israel announced…

Read more at: https://oilprice.com/Energy/Energy-General/FTSE-100-Outperforms-Global-Indices-as-Defense-and-Energy-Stocks-Rally.html

OPEC+ Leaves Current Output Cut Policy Unchanged at JMMC

The OPEC+ joint ministerial monitoring committee meeting (JMMC) concluded on Wednesday, with the ministers refraining from making any changes to production policy, maintaining the plan to start raising output in December.  “The JMMC emphasized the critical importance of achieving full conformity and compensation. Furthermore, the Committee will continuously assess market conditions,” OPEC said in a post-meeting statement.  Once again, ministers cautioned cartel members who continue to produce above quota.  Earlier on Wednesday,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Leaves-Current-Output-Cut-Policy-Unchanged-at-JMMC.html

Oil Moves Higher Despite Rising U.S. Crude Inventories

Crude oil prices ticked higher today, even though the U.S. Energy Information Administration reported an estimated inventory build of 3.9 million barrels for the week to September 27, driven by the latest escalation in the Middle East. The inventory change compared with a draw of 4.5 million barrels for the previous week, which also saw declines in fuel inventories. It also compared with the American Petroleum Institute’s estimate, which pegged crude oil inventory change for the final week of September at a negative 1.5 million barrels. This…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Moves-Higher-Despite-Rising-US-Crude-Inventories.html

Russia Not Confirming Reports of Energy Sector Nationalization Plans

The Kremlin cannot confirm a report that the Russian energy minister has proposed to Vladimir Putin to nationalize Russia’s energy sector, Kremlin spokesman Dmitry Peskov said on Wednesday. Reports on Tuesday emerged that Russian Energy Minister Sergei Tsivilev proposed to President Putin that the sector should be nationalized, a Telegram channel called EJ reported, quoting unnamed sources. Tsivilev and Putin did meet on Tuesday, but according to a transcript of the meeting provided by the Kremlin, nationalization wasn’t among the topics…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Not-Confirming-Reports-of-Energy-Sector-Nationalization-Plans.html

Chevron Restarts Gas Production in Israel After Brief Halt During Iran’s Attack

Chevron has resumed natural gas production and supply from two platforms offshore Israel, where output was briefly suspended as a precaution due to the Iranian missile attack on Israel on Monday. Iran yesterday fired more than 100 ballistic missiles into Israel after the United States warned Israel on Monday morning that an attack was imminent. Oil prices jumped after news of the attack broke, amid concerns that oil and gas supply from the region could be affected in case of a wider conflict directly involving Iran, which sits close to the most…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-Restarts-Gas-Production-in-Israel-After-Brief-Halt-During-Irans-Attack.html

Japan Maintains Energy Policy Focused on Boosting Nuclear and Renewables

Japan aims to continue restarting nuclear power plants and boost renewables capacity, the new industry minister said on Wednesday, signaling that the new government will not alter materially the country’s current energy policy. “We can use renewable power to the maximum, and we will restart nuclear power, the safe one, as much as possible,” Industry Minister Yoji Muto, appointed by the new Prime Minister Shigeru Ishiba, told reporters in the first press conference as minister, as carried by Reuters. Ishiba, who won the leadership…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japan-Maintains-Energy-Policy-Focused-on-Boosting-Nuclear-and-Renewables.html

Saudi Arabia Warns Oil Prices Could Drop to $50

Editor’s note: The OPEC Secretariat refuted claims made in the WSJ story mentioned below, stating that the conference call referenced by WSJ never occurred. Saudi Energy Minister Prince Abdulaziz bin Salman has warned fellow OPEC+ ministers that if other producers continue to flout their output quotas in the agreement, oil prices could slump to $50 per barrel, The Wall Street Journal reported on Wednesday, citing OPEC delegates who attended a conference call last week. The warning from the most influential minister of the OPEC+ alliance was interpreted…

Read more at: https://oilprice.com/Energy/Oil-Prices/Saudi-Arabia-Warns-Oil-Prices-Could-Drop-to-50.html

Kuwait and Bahrain Set Up Fuel Trading Arms After Boosting Refining Capacity

The state energy companies of Middle Eastern oil producers Kuwait and Bahrain are setting up fuel trading arms to sell the higher volumes of diesel and jet fuel they are producing thanks to expanded refining capacity. Kuwait Petroleum Corporation (KPC) and Bahrain’s Bapco Energies plan to raise overseas fuel sales and launch trading activities in Dubai by early 2025, company officials said at an energy conference in Fujairah in the United Arab Emirates (UAE), Bloomberg reports. Bahrain’s Bapco Energies plans to use its trading arm to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kuwait-and-Bahrain-Set-Up-Fuel-Trading-Arms-After-Boosting-Refining-Capacity.html

IEA: Policy and Demand Uncertainty Slows Green Hydrogen Adoption

Uncertainty around demand and incentives coupled with cost pressures are weighing on the global adoption of low-carbon hydrogen despite an uptick in final investment decisions in the past year, the International Energy Agency (IEA) said in a new report on Wednesday. World demand for hydrogen rose by 2.5% to 97 million tons in 2023, with demand concentrated in refining and chemicals, and mostly covered by hydrogen produced from unabated fossil fuels, the IEA said in its annual Global Hydrogen Review 2024. “As in previous years, low-emissions…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/IEA-Policy-and-Demand-Uncertainty-Slows-Green-Hydrogen-Adoption.html

Malaysia Expands Oil and Gas Drilling in Disputed South China Sea

Despite Chinese pressure, Malaysia has stepped up oil and gas exploration activities in the disputed South China Sea, even as the China Coast Guard has constantly pressured Malaysian oil and gas operations this year, a new report by Washington-based Asia Maritime Transparency Initiative showed. The long-running dispute in the South China Sea involves territorial claims by China as well as Vietnam, the Philippines, Taiwan, Brunei, and Malaysia. China has territorial claims to about 90% of the South China Sea, which has put it at odds with its neighbors.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Malaysia-Expands-Oil-and-Gas-Drilling-in-Disputed-South-China-Sea.html

The East and Gulf coast ports strike could be a no-win situation for the Biden administration

President Biden is sticking to his position of not forcing striking port union workers back on the job, a political call that adds uncertainty to inflation.

Read more at: https://www.cnbc.com/2024/10/02/why-ports-strike-could-be-no-win-situation-biden-administration.html

Stellantis U.S. auto sales extend free fall in third quarter

Stellantis reported U.S. sales Tuesday of 305,294 from July through September, a 19.8% decline from the third quarter of 2023.

Read more at: https://www.cnbc.com/2024/10/02/stellantis-us-auto-sales-extend-freefall-in-third-quarter.html

OpenAI closes funding at $157 billion valuation, as Microsoft, Nvidia, SoftBank join round

OpenAI closed its long-awaited funding round, announcing that it raised $6.6 billion at a $157 billion post-money valuation.

Read more at: https://www.cnbc.com/2024/10/02/openai-raises-at-157-billion-valuation-microsoft-nvidia-join-round.html

Dow ekes out narrow gain Wednesday as Middle East tensions weigh on markets: Live updates

The major averages ended Wednesday near the flatline as escalating tensions in the Middle East weighed on markets.

Read more at: https://www.cnbc.com/2024/10/01/stock-market-today-live-updates.html

‘Make them riot’ — Trump election case judge unseals special counsel motion on immunity

Special counsel Jack Smith is continuing efforts to prosecute Donald Trump as the Republican faces Vice President Kamala Harris in the presidential election.

Read more at: https://www.cnbc.com/2024/10/02/trump-special-counsel-evidence-election-harris.html

The big catalyst for the week: How to trade Friday’s job report

JPMorgan traders laid out their predictions for how the S&P 500 could react under five separate scenarios.

Read more at: https://www.cnbc.com/2024/10/02/the-big-catalyst-for-the-week-how-to-trade-fridays-job-report.html

Costco adds platinum bars to its precious metals lineup

Gold bars launched at Costco in August 2023, and not even two months later were selling out within hours of a restock.

Read more at: https://www.cnbc.com/2024/10/02/costco-adds-platinum-bars-to-its-precious-metals-lineup.html

Tesla stock slips after EV maker misses estimates on deliveries

Tesla’s third-quarter deliveries report follows a rally in the stock price over the past few months.

Read more at: https://www.cnbc.com/2024/10/02/tesla-tsla-q3-2024-vehicle-delivery-and-production-numbers.html

Bitwise files with SEC to launch XRP ETF: 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, James Angel of Georgetown breaks down crypto policy expectations for both presidential candidates.

Read more at: https://www.cnbc.com/video/2024/10/02/bitwise-files-with-sec-to-launch-xrp-etf-cnbc-crypto-world.html

After a decade of Elon Musk promising Tesla robotaxis, here’s what we know

Elon Musk has spent a decade promising to turn Teslas into robotaxis. CNBC explores whether the company is ready to pivot to autonomy.

Read more at: https://www.cnbc.com/2024/10/02/elon-musks-decade-long-journey-to-tesla-robotaxis-.html

Diamond Sports looks to drop 11 MLB teams from Bally Sports regional networks

Diamond Sports told a bankruptcy judge it currently plans to drop all MLB teams from its Bally Sports networks with the exception of the Atlanta Braves.

Read more at: https://www.cnbc.com/2024/10/02/diamond-sports-mlb-baseball-bally-sports-regional-networks.html

CNBC’s No. 1 financial advisor has a golden rule: ‘We do not time the market’

Heritage Investment Group came in at No. 1 on CNBC’s list of the top 100 financial advisors in the U.S. for 2024.

Read more at: https://www.cnbc.com/2024/10/02/cnbcs-no-1-advisor-has-a-golden-rule-we-do-not-time-the-market.html

The CNBC FA 100 ranking recognizes advisory firms that help clients navigate competing financial goals

The CNBC FA 100 recognizes advisory firms that help clients navigate competing financial goals. This annual ranking can help you find an advisor.

Read more at: https://www.cnbc.com/2024/10/02/cnbc-fa-100-ranking-recognizes-top-financial-advisors-for-2024.html

JPM Analysts Flip-Flop iPhone 16 Demand Forecast In Just Three Days

Apple shares are hovering around $227 on Wednesday afternoon, commanding a market capitalization of $3.45 trillion. With shares near all-time highs, the last thing bulls want to hear is how quickly some of Wall Street’s top analysts are downshifting their outlook on iPhone 16 demand. In other words, the hype around the AI-enabled iPhone and its supposed ignition of the most massive upgrade cycle seems to have been nothing more than a giant flop this fall—at least for now.

Let’s begin with the most epic flip-flop in coverage. On Sept. 27, a team of JPM analysts led by Samik Chatterjee and Joseph Cardoso penned a note to clients titled “Lead Times Suggest Slower Initial Demand for Pro Models Starting to Correct.”

In the note, JPM analysts cited their Apple Product Availability Tracker, which showed lead times for iPhone 16 models moderated, with lead times for base models seeing a notable reduction while Pro models remained stable. They conclud …

Read more at: https://www.zerohedge.com/markets/jpm-analysts-flip-flop-iphone-16-demand-forecast-just-three-days

Life In Kamala’s California

Authored by Edward Ring via American Greatness,

It’s election season, and because California is a one-party state, we don’t see very many campaign ads for Kamala Harris. But ballot initiatives are another story. One hotly contested ballot initiative, Proposition 33, if approved by voters, will enable California’s cities and counties to impose rent control. How the rent control advocates make their case is typical. Greed and oppression against hapless, helpless, innocent victims. But the government is here to help!

Ads in favor of Prop. 33 are masterpieces in emotional imagery. One after another, a diverse collection of beleaguered tenants appear on the television screen, each of them repeating the phrase “The rent’s too high.” Another ad promoting a yes vote on Prop. 33 follows the same pattern, bu …

Read more at: https://www.zerohedge.com/political/life-kamalas-california

OPEC+ Leaves Current Output Cut Policy Unchanged at JMMC

The OPEC+ joint ministerial monitoring committee meeting (JMMC) concluded on Wednesday, with the ministers refraining from making any changes to production policy, maintaining the plan to start raising output in December.

“The JMMC emphasized the critical importance of achieving full conformity and compensation. Furthermore, the Committee will continuously assess market conditions,” OPEC said in a post-meeting statement, according to Charles Kennedy of OilPrice.com. Once again, ministers cautioned cartel members who continue to produce above quota.

OIL MARKET: The OPEC+ Joint Ministerial Monitoring Committee puts the emphasis (again!) on cheating (compliance, on the cartel’s speak). Iraq, Kazakhstan and Russia claim they fully met their quotas in September (count my as skeptical). #OOTT pic.twitter.com/ZeqwkVEreZ

— Javier Blas (@JavierBlas) October 2, 2024

The WSJ reported on Wednesday that Saudi Energy Minister Prince Abdulaziz …

Read more at: https://www.zerohedge.com/markets/opec-leaves-current-output-cut-policy-unchanged-jmmc

Biden Scolds Ocean Carriers For Not Paying Dockworkers “Fair” Wages

By John Gallagher of FreightWaves

President Joe Biden broke his silence on the labor dispute between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) by accusing employers of hoarding profits.

“Ocean carriers have made record profits since the pandemic and in some cases profits grew in excess of 800 percent compared to their profits prior to the pandemic,” Biden said in a statement issued by the White House on Tuesday, after the ILA went on strike at 14 ports on the U.S. East and Gulf coasts, halting container and roll-on/roll-off operations at 36 marine terminals.

“Executive compensation has grown in line with those profits and profits have been returned to shareholders at record rates. It’s only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well.”

Read more at: https://www.zerohedge.com/economics/biden-scolds-ocean-carriers-not-paying-dockworkers-fair-wages

The chancellor says she needs to raise £20bn. How might she do it?

The chancellor says there is a black hole in the public finances. Evan Davis asks how it might be filled.

Read more at: https://www.bbc.com/news/articles/ced0553gdzzo

Ex-Harrods director won’t take top job at Fenwick

Nigel Blow, who worked for Mohamed Al Fayed at Harrods for 14 years, was due to start the new role this month.

Read more at: https://www.bbc.com/news/articles/cq5ejjnp812o

‘Just pay up,’ says Post Office scandal victim

Campaigners had called for a deadline of March 2025 for payments to be made to some sub-postmasters.

Read more at: https://www.bbc.com/news/articles/cp3wvdlq7pwo

F&O clampdown: How will Sebi’s new rules affect traders and brokers

Sebi introduces measures to curb speculative trading in derivatives, including increased contract sizes and upfront premium collection, aiming to protect investors while potentially limiting trading flexibility and broker revenues.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fo-clampdown-how-do-sebis-new-rules-affect-traders-and-brokers/articleshow/113874035.cms

Market Trading Guide: EID Parry, Deepak Fertilizers among 5 stock recommendations for Thursday

Indian indices ended flat amid mixed performances, with Reliance and HDFC Bank dragging down. Analysts recommend stocks like Chambal Fertilizers and EID Parry for potential gains amid cautious sentiment.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-trading-guide-eid-parry-deepak-fertilizers-among-5-stock-recommendations-for-thursday/articleshow/113871889.cms

IIFL Home Finance likely to hit retail bond market in Q3 after three years

IIFL Home Finance plans its first retail fundraise in three years to diversify its liabilities. Filing a draft prospectus to raise up to Rs 3,000 crore, it aims for an initial fundraise of Rs 300-500 crore this quarter. The strategy follows RBI’s move to limit NBFCs’ bank borrowing, impacting their usual funding sources.

Read more at: https://economictimes.indiatimes.com/markets/bonds/iifl-home-finance-likely-to-hit-retail-bond-market-in-q3-after-three-years/articleshow/113877538.cms

Why the dubious ‘sell Rosh Hashanah, buy Yom Kippur’ investing strategy looks even more complicated this October

Middle East tensions, the port strike and the upcoming election make a case for cautious trading in October, say analysts.

Read more at: https://www.marketwatch.com/story/why-the-dubious-sell-rosh-hashanah-buy-yom-kippur-investing-strategy-looks-even-more-complicated-this-october-fc980078?mod=mw_rss_topstories

10-year Treasury yield rises from 1-week low as inflation worries return

Two- and 10-year Treasury yields finished higher for the fourth time in the past six sessions on Wednesday amid lingering inflation concerns and after a private-sector hiring report showed U.S. businesses added 143,000 jobs last month.

Read more at: https://www.marketwatch.com/story/treasury-yields-reverse-safe-haven-falls-as-oil-prices-rise-u-s-dock-strike-continues-ba2bce14?mod=mw_rss_topstories

Oil prices end at 2-week high as Israel weighs response to Iran missile attack

Oil futures settled Wednesday at their highest in two weeks, modestly extending a rally from a day earlier, as investors awaited Israel’s response to a massive missile barrage by Iran on Tuesday which stoked fears of a wider conflict that could impede flows of crude from the Middle East.

Read more at: https://www.marketwatch.com/story/oil-prices-rise-over-3-as-israel-weighs-response-to-iran-missile-attack-c36cba8b?mod=mw_rss_topstories