04 NOV 2024 Market Close & Major Financial Headlines: Markets Opened Mixed, Slipped Below The Unchanged Line, Finally Closing Moderately Lower

South China Sea: A Ticking Time Bomb for Global Trade

Territorial confrontations in the South China Sea pitting several Asian nations against China have entered a perilous phase that could possibly lead to a war involving the U.S., experts say. China has claimed virtually all of the South China Sea for decades, but the country’s assertiveness in the region has steadily increased the past several years, resulting in heightened tensions with nations including the Philippines, Vietnam, Taiwan and Brunei. Krista Wiegand, a professor at the University of Tennessee, said the U.S. has no direct claims…

Read more at: https://oilprice.com/Geopolitics/International/South-China-Sea-A-Ticking-Time-Bomb-for-Global-Trade.html

Libyan Oil Output Resumption Significantly Increases OPEC Output

OPEC oil production rebounded from its lowest this year thanks to Libya resolving, even if temporarily, a political crisis over control of the Central Bank, Reuters has reported. Libyan output has fully recovered after the country’s eastern-based government and Tripoli-based National Oil Corp (NOC) announced last week the reopening of all oilfields and export terminals. Libya was pumping ~1.2 million barrels of crude per day before production at the Sharara, El Feel and Essider oilfields was halted in late August. According to oil analytics…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyan-Oil-Output-Resumption-Significantly-Increases-OPEC-Output.html

Uzbek Government’s Push for Higher-Skilled Jobs Abroad Pays Off

It appears that Uzbek government efforts to reorient labor migration patterns is starting to pay dividends. The volume of remittances from Europe and South Korea have experienced sharp increases during the first nine months of 2024. According to a report published by Gazeta.uz, the overall amount of money transfers in Uzbekistan totaled $11.62 billion during the January-September period this year, an approximately 28 percent jump over 2023’s figure of $8.4 billion during the same timeframe. The highest transfer month was July, when $1.78…

Read more at: https://oilprice.com/Geopolitics/International/Uzbek-Governments-Push-for-Higher-Skilled-Jobs-Abroad-Pays-Off.html

Harris vs. Trump: Contrasting Approaches to Iran

The U.S. presidential election on November 5 will probably have a major bearing on Washington’s policy toward Iran. Vice President Kamala Harris, the Democratic candidate, is likely to continue President Joe Biden’s diplomacy-focused policies, experts say. Former President Donald Trump, the Republican candidate, adopted a policy of “maximum pressure” during his first stint in office and is more likely to embrace a hawkish position, analysts say. Harris’s Calculated Toughness? In early October, Harris raised eyebrows when…

Read more at: https://oilprice.com/Energy/Energy-General/Harris-vs-Trump-Contrasting-Approaches-to-Iran.html

TotalEnergies: Oil Demand Will Peak After 2030

French oil and gas giant TotalEnergies (NYSE:TTE) has predicted that global oil demand will peak after 2030 in its most likely scenarios, driven by population growth, slow power grid investments, and lagging electric vehicle sales. “There are around 4.5 billion people today with insufficient access to energy in the so-called ‘global south’… If you add to that the expected growth in population to 2050 you would need to multiply current energy production by four to pull them out of energy poverty,” Total’s Sustainability and Strategy Director…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Oil-Demand-Will-Peak-After-2030.html

Trudeau Government Orders Canadian Oil & Gas Firms To Cut Emissions

Canada is unveiling on Monday its plan to cap emissions from the most polluting sectors, including a requirement for oil and gas operators to reduce their greenhouse gas emissions by one-third by 2032. At the end of last year, Canada’s federal government introduced a draft framework to cap pollution from the oil and gas sector to reduce emissions. The plan proposes to cap 2030 emissions at 35% to 38% below 2019 levels while providing compliance flexibilities to emit up to a level about 20 to 23% below 2019 levels. The government…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trudeau-Government-Orders-Canadian-Oil-Gas-Firms-To-Cut-Emissions.html

COP29 to Shape the Future of Climate Finance

Policymakers are descending on Baku for COP29 to mobilise finance to support climate action in developing countries – and London is leading those efforts, says Chris Hayward Hundreds of ministers, policymakers and financiers descending on Baku this month for COP29 will be met by an in-tray of crucial climate policy decisions. Dubbed the ‘finance COP’, this year’s conference puts the private sector at centre stage as governments debate who pays for the trillions of dollars required globally for the transition to net zero.   …

Read more at: https://oilprice.com/Energy/Energy-General/COP29-to-Shape-the-Future-of-Climate-Finance.html

20 States See Gasoline Prices Fall Below $3 Ahead of Presidential Elections

A day before the presidential elections, U.S. national average prices per gallon at the pump have continued to fall, with both GasBuddy and AAA predicting a drop to under $3 “soon”.  On Monday, November 4, the national average price for a gallon of gasoline was $3.10, or three cents lower than a week ago and 32 cents lower than a year ago, according to AAA. Last week, gasoline prices were given a further downward push by plummeting oil prices as a result of the market response to Israel’s decision to avoid targeting Iran’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/20-States-See-Gasoline-Prices-Fall-Below-3-Ahead-of-Presidential-Elections.html

Why OPEC+ Delayed Its Planned Oil Production Increase

OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as faltering demand in China and swelling supplies from the Americas pressure prices. No reason was given for the delay. “Market conditions won out,” said Harry Tchilinguirian, head of oil research at Onyx Commodities Ltd. “OPEC+ showed it couldn’t ignore the current macroeconomic economic realities centered on China and Europe, which point to weaker oil demand growth.” OPEC Plus had first announced in June that it would…

Read more at: https://oilprice.com/Energy/Crude-Oil/Why-OPEC-Delayed-Its-Planned-Oil-Production-Increase.html

Sweden Rejects Baltic Offshore Wind Projects Due to National Security Risks

The Swedish government on Monday rejected plans for the construction of 13 offshore wind farms in the Baltic Sea, citing defense risks such as potential increased difficulty in detecting submarines and protecting its national security. Despite the fact that the wind power projects in the Baltic Sea would have added to Sweden’s clean energy generation, in the current situation with a war near Sweden, the country cannot afford to overlook its defense risks, the government said. Sweden has recently joined NATO, after applying to become a member…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sweden-Rejects-Baltic-Offshore-Wind-Projects-Due-to-National-Security-Risks.html

Is This The Eye Of The Coming Israeli Storm Of Attacks Directly On Iran?

In recent weeks, Israel has neutralised all the top leadership of Iran’s key proxy terrorist organisations Hamas and Hezbollah which pose the main local threat to its territory. It has done the same with several top leaders in Iran’s own Islamic Revolutionary Guard Corps’ (IRGC) elite foreign operations Quds force responsible for Lebanon, Syria, and Palestine. Tit-for-tat actions have continued between the remainder of terrorist groups’ lower-ranking militia personnel and elements of Israel’s military and intelligence…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Is-This-The-Eye-Of-The-Coming-Israeli-Storm-Of-Attacks-Directly-On-Iran.html

India Calls for Producers-Consumers Dialogue to Reduce Oil Market Volatility

The world’s third-largest crude oil importer, India, wants oil-producing countries and large oil-consuming nations to sit down and discuss the price of oil and how to stabilize it, Indian Oil Minister Hardeep Singh Puri told Reuters on Monday. India, which relies on crude imports to meet more than 80% of its oil consumption, has been seeking in recent years crude at bargain prices amid the high market volatility. Cheaper crude is the key reason why India has significantly boosted its purchase and imports of Russian oil, which is shunned and/or…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Calls-for-Producers-Consumers-Dialogue-to-Reduce-Oil-Market-Volatility.html

Oil Market News: Oil Prices Jump as OPEC+ Delays Output Hike

16m ago 11:38am CST Pipeline Pinch Squeezes Permian Oil Prices The price difference between U.S. shale oil in West Texas and at the Houston export hub has significantly widened in recent months. This is primarily due to a shortage of pipeline capacity to transport the surging crude production from the Permian Basin to the Gulf Coast. Increased demand for this light sweet crude, driven by a shortfall from Libya, has exacerbated the issue, with the price difference now triple last year’s average. Limited pipeline availability is the key factor. Pipelines…

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Market-News-Oil-Prices-Jump-as-OPEC-Delays-Output-Hike.html

Eni CEO Says OPEC+ Moves Raise Oil Price Volatility

The OPEC+ group’s efforts to manage oil supply to the market are creating price volatility and reducing visibility for investment in new production, Claudio Descalzi, chief executive of Italy’s energy major Eni, said on Monday. OPEC+ producers who are voluntarily curbing production and who planned to begin easing part of the output cuts beginning in December 2024, are now postponing the supply increase by a month, until January 2025, OPEC said on Sunday. The news of the one-month delay was immediately registered in the oil market on…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Eni-CEO-Says-OPEC-Moves-Raise-Oil-Price-Volatility.html

South Korea Set to Buy More U.S. Oil and Gas If Trump Becomes President

South Korea’s rising trade surplus with the United States could prompt Korean companies to buy more U.S. oil and gas if Donald Trump becomes president, as he is expected to focus on America’s trade deficit with partners, Bloomberg reported on Monday, citing anonymous sources with knowledge of the matter. Officials in South Korea have been running scenarios of the country’s future trade and have concluded that a Trump presidency is likely to focus on the state of trade between the U.S. and its partners, including South Korea. The…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Korea-Set-to-Buy-More-US-Oil-and-Gas-If-Trump-Becomes-President.html

Dow closes down more than 200 points ahead of presidential election: Live updates

Stocks searched for direction on Monday as investors looked toward the U.S. presidential election.

Read more at: https://www.cnbc.com/2024/11/03/stock-market-today-live-updates.html

Striking Boeing machinists vote on union-backed contract proposal, this time with a warning

The vote is the third time since September that Boeing’s machinists are considering a new labor deal.

Read more at: https://www.cnbc.com/2024/11/04/striking-boeing-machinists-vote-new-contract.html

What the stock market typically does after the U.S. election, according to history

Stocks typically rise after a presidential election, but investors need to be prepared for some short-term choppiness first, history shows.

Read more at: https://www.cnbc.com/2024/11/04/what-the-stock-market-typically-does-after-the-us-election-according-to-history.html

Election 2024 live updates: Harris’ ad spending tops Trump by $300 million; DJT stock suddenly soars

Kamala Harris and Donald Trump will hold dueling rallies in Pittsburgh and Reading on the campaign’s final day, underscoring Pennsylvania’s must-win status.

Read more at: https://www.cnbc.com/2024/11/04/2024-presidential-election-live-updates-.html

Quantifying how much Nvidia will influence the Dow after it joins the storied average

Nvidia will join the price-weighted Dow on Friday.

Read more at: https://www.cnbc.com/2024/11/04/quantifying-how-much-nvidia-will-influence-the-dow-after-it-joins-the-storied-average.html

What Nvidia’s Dow inclusion means for the chipmaker, according to history

Investors’ enthusiasm around the addition boosted Nvidia Monday, even as the Dow struggled. Nvidia doesn’t actually join the average until Friday.

Read more at: https://www.cnbc.com/2024/11/04/what-nvidias-dow-inclusion-means-for-the-chipmaker-according-to-history.html

Labor strikes shut down operations at Canada’s container ports from East to West Coast, with U.S. trade left in limbo

Ports of Vancouver and Prince Rupert are at a standstill after ILWU union workers walked off the job, the latest in a string of Canadian labor strikes.

Read more at: https://www.cnbc.com/2024/11/04/strikes-shut-operations-at-canadas-largest-ports-us-trade-in-limbo.html

Elon Musk and America PAC running ‘scam,’ and ‘illegal’ voter lottery, DA says

Tesla CEO Elon Musk and his America PAC are backing Donald Trump in the presidential election against Vice President Kamala Harris.

Read more at: https://www.cnbc.com/2024/11/04/philadelphia-da-says-musk-pac-know-theyre-doing-illegal-lottery.html

Retailers brace for DEI blowback in lead-up to election, holiday shopping season

Some companies are concerned about attending public DEI events while others are strategizing on how to avoid criticism over their policies and programs.

Read more at: https://www.cnbc.com/2024/11/04/retailers-brace-for-dei-blowback-ahead-of-election-holiday.html

Arizona businesses worry immigration proposal on ballot would exacerbate worker shortage

Mass deportation plans, racial profiling concerns and a broken immigration system could harm businesses and the economy.

Read more at: https://www.cnbc.com/2024/11/04/arizona-businesses-immigration-plan-on-ballot-could-worsen-worker-shortage.html

Why Toyota and Honda vehicles have such high resale values

Toyota and Honda hold their value better than just about any other brand. CNBC looks at how they got this way and explores what could knock them off the podium.

Read more at: https://www.cnbc.com/2024/11/04/why-toyota-and-honda-vehicles-have-such-high-resale-values-.html

Germany’s government is on the brink of collapse — here’s what could happen now

Germany’s ruling coalition has long been standing on shaky ground, but the situation has become critical in recent weeks, with a breakup more likely than ever.

Read more at: https://www.cnbc.com/2024/11/04/germanys-government-is-on-the-brink-of-collapse-heres-what-could-be-ahead.html

Stocks making the biggest moves midday: Nvidia, Berkshire Hathaway, Yum China and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2024/11/04/stocks-making-the-biggest-moves-midday-nvda-brk-yumc-and-more.html

The Biden-Harris’ Economic Time-Bomb: A Warning To Trump & Musk

Authored by Daniel Lacalle,

The insane neo-Keynesian policies implemented by the Biden-Harris administration have created persistent inflation and record levels of debt with two objectives: to bloat Gross Domestic Product and jobs with public spending and government jobs.

The United States’ insane inflation is solely due to out-of-control spending and currency printing. Corporations, wars, or supply chains cannot cause aggregate prices to rise, nor can they consolidate the increase even at a slower pace. Although this can have an impact on individual prices, the only factor that causes aggregate prices to rise year after year is the decline in the value of the US dollar that the government issues.

Over 20.5% accumulated inflation over the past four years, government deficit spending has reached nearly $2 trillion annually despite r …

Read more at: https://www.zerohedge.com/political/biden-harris-economic-time-bomb-warning-trump-musk

Gold – Best Asset In 2000s, But You Ain’t Seen Nothing Yet!

Authored by Egon von Greyerz via VonGreyerz.gold,

There is a fine line between happiness and misery, as Dickens describes in David Copperfield. Copperfield’s landlord, Mr Micawber, was just on the wrong side of happiness by six pence.

In a recent article called THE END OF THE US ECONOMIC AND MILITARY EMPIRE AND THE RISE OF GOLD, I stated: “Unsustainable deficits and galloping debt levels, combined with a crumbling military, are the perfect recipe for the end of an Empire.”

So, we are obviously not talking about a six-pence deficit in the case of the virtually bankrupt US empire but instead about a debt that is growing exponentially, now by several trillions of dollars annually.

History doesn’t just rhyme, but it repeats itself over and over and over again.

Read more at: https://www.zerohedge.com/precious-metals/gold-best-asset-2000s-you-aint-seen-nothing-yet

European Officials Allege Russia Is Plotting To Bomb US-Bound Passenger & Cargo Planes

Throughout most of the Ukraine-Russia war, Western officials have suspected Moscow is waging an expanding sabotage campaign targeting arms and defense tech manufacturing facilities in Europe. This has included mysterious alleged arson attacks, for example including the charge that Russia was behind a huge blaze which destroyed a metal factory belonging to defense manufacturer Diehl in Berlin last summer.

But on Monday, curiously one day before the US presidential election, Western security officials have made new bombshell allegations of a Russian plot aimed at bringing down cargo and passenger planes leaving Europe.

Illustrative file image: dpa

Few details have been given on precisely how European security officials were able to quickly link it to “Russian intelligence” – but arrests have been made.

Read more at: https://www.zerohedge.com/geopolitical/european-officials-allege-russia-plotting-bomb-us-bound-passenger-cargo-planes

Federal Judge Rules Iowa Officials Can Challenge Ballots Of Potential Noncitizen Voters

Authored by Aldgra Fredly via The Epoch Times (emphasis ours),

A federal judge ruled on Sunday that Iowa election officials may continue to follow Secretary of State Paul Pate’s directive to challenge the ballots of 2,176 registered voters who have been identified as possible noncitizens.

A voter fills out a ballot at a polling station in Des Moines, Iowa on Nov. 6, 2018. Joshua Lott/Getty Images

The ruling came as a recent Des Moines Register/Mediacom Iowa poll forecast Vice President Kamala Harris leading in Iowa by three points over former President Donald Trump, while other polling organizations estimate that Trump is still ahead …

Read more at: https://www.zerohedge.com/political/federal-judge-rules-iowa-officials-can-challenge-ballots-potential-noncitizen-voters

Former Bad Education actor left without cash by rogue agent

A talent agent who supplied actors to shows on the BBC and Netflix withheld cash due to them, former clients claim.

Read more at: https://www.bbc.com/news/articles/cgj765gen3po

Sainsbury’s to rival Aldi prices in smallest stores

It follows criticism that shopping in convenience stores can be more expensive than main supermarkets.

Read more at: https://www.bbc.com/news/articles/cjw045jl9wxo

£15 jeans ‘more durable’ than £150 pair in tests

University of Leeds test clothes to advise fast fashion industry and results ‘surprising’.

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

Sebi orders Embassy Office Parks to suspend CEO for violating compliance norms

Sebi directed Embassy Office Parks to suspend CEO Aravind Maiya following an NFRA order that debarred him for ten years over alleged professional misconduct linked to his role as an auditor for Coffee Day Enterprises. NFRA’s findings highlight serious lapses in audit standards and due diligence under Maiya’s watch.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-orders-embassy-office-parks-to-suspend-ceo-for-violating-compliance-norms/articleshow/114951755.cms

Dr Reddy’s Labs Q2 Preview: Healthy double-digit revenue growth seen, but PAT may fall

For the July-September 2024 period, net profit is expected to decline by 3% year-on-year, based on the average estimate from four brokerages. Sales, however, are projected to increase by 13% year-on-year, according to the estimates.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/dr-reddys-q2-preview-healthy-double-digit-revenue-growth-seen-but-pat-may-fall/articleshow/114944811.cms

Goldman Sachs, Nomura buy stake in Afcons Infrastructure despite muted listing

Goldman Sachs and Nomura picked up stakes in Afcons Infrastructure through bulk deals, despite the stock’s negative listing. Afcons Infrastructure’s muted debut was due to negative market sentiments and lower-than-expected subscription, primarily caused by the parent’s higher OFS and challenging phase.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/goldman-sachs-nomura-buy-stake-in-afcons-infrastructure-despite-muted-listing/articleshow/114950072.cms

10-year Treasury yield dives by most in a month after Iowa poll tilts in favor of Harris

Treasury yields finished broadly lower on Monday after a key poll gave Vice President Kamala Harris an edge over former President Donald Trump ahead of Tuesday’s election.

Read more at: https://www.marketwatch.com/story/bond-yields-dive-after-key-iowa-poll-points-to-tight-u-s-election-0d17f91d?mod=mw_rss_topstories

On election eve, Trump proxy stock ‘DJT’ is on the move

Shares of Trump Media & Technology Group Corp. were surging 11.4% Monday, on the eve of the presidential election.

Read more at: https://www.marketwatch.com/story/on-election-eve-trump-proxy-stock-djt-is-on-the-move-2c501650?mod=mw_rss_topstories

‘This election season has worn me out’: I love this country, but I’m no better off financially than I was 10 years ago. Why vote?

“I’m in my mid-40s, female, single, and working a nine-to-five job.”

Read more at: https://www.marketwatch.com/story/this-election-season-has-worn-me-out-i-love-this-country-but-im-no-better-off-financially-than-i-was-10-years-ago-why-vote-fd9db4fb?mod=mw_rss_topstories