Summary Of the Markets Today:
- The Dow closed up 47 points or 0.11%,
- Nasdaq closed down 51 points or 0.26%,
- S&P 500 closed up 11 points or 0.02%,
- Gold $2,581 down $25.10 or 0.96%,
- WTI crude oil settled at $68 down $0.05 or 0.01%,
- 10-year U.S. Treasury 4.447 up 0.016 points or 0.361%,
- USD index $106.49 up $0.47 or 0.44%,
- Bitcoin $89,652 up $1,345 or 0.15%, (24 Hours) , (New Bitcoin Historic high 93,184)
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
U.S. stocks closed mixed on Wednesday as investors digested the latest consumer inflation data which some think supports the Federal Reserve’s anticipated rate cut in December (over 80% of traders expecting a reduction according to the CME FedWatch tool). Bitcoin briefly reached a new record high above $93,000 in the cryptocurrency market before retreating slightly. The market’s reaction reflects ongoing considerations about inflation, economic growth, and future Federal Reserve policy decisions. Neel Kashkari, president of the Minneapolis Fed, emphasized that inflation data remains crucial for the central bank’s future decisions.
Click here to read our current Economic Forecast – November 2024 Economic Forecast: Our Index Marginally Declines – We Are Stuck With The Crappy Economy We Have Seen So Far This Year
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Gee, what a surprise – in October 2024 the Consumer Price Index (CPI-U) year-over-year growth increased from 2.4% to 2.6%. The CPI-U less food and energy was little changed at 3.3%. As I continue to advise readers – there is significant upward pressures on inflation, and my position is that the Federal Reserve was premature in lowering the federal funds rate.
U.S. household debt balances increased by $147 billion (0.8%) in the third quarter of 2024. The growth was spread across various loan products: Mortgages were up $75 billion, Credit cards up $24 billion, and auto loans up $18 billion. Despite the growth in absolute debt balances, the debt-to-income ratio remains lower than pre-pandemic levels: Current ratio is 82% of disposable personal income. Pre-pandemic ratio (2019) was 86% of disposable personal income.This suggests that debt balances have increased but have not outpaced income growth. Delinquency rates have risen over the past two years, returning to approximately pre-pandemic levels. However, credit card and auto loan delinquencies have exceeded pre-pandemic levels. Here too, I have been reminding readers that inflation adjusted credit growth is well below historical levels. What this tells me is that Americans have become more conservative in their spending habits.
Here is a summary of headlines we are reading today:
- Deepwater Discoveries Set to Reshape Africa’s Energy Landscape
- How War Has Reshaped Ukraine’s Iron Ore Trade
- India’s Adani Group Plans $10B Investment in American Energy
- Russia Considers Lifting Gasoline Export Ban
- Suncor Lifts Dividend as Soaring Output and Refining Drive Strong Profit
- AMD to lay off 4% of workforce, or about 1,000 employees
- Dogecoin soars after Trump taps Elon Musk for department of government efficiency: CNBC Crypto World
- Here’s the inflation breakdown for October 2024 — in one chart
- OPEC+ Faces Double Trouble: China Demand Weakness And Trump’s Policies
- 10-, 30-year Treasury yields end at 4-month highs as investors weigh inflation risks
- As bitcoin trades above $90,000, is now the time to buy?
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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Deepwater Discoveries Set to Reshape Africa’s Energy LandscapeAfrica’s deepwater segment has always played a key role in terms of adding significant discovered volumes, which has helped Africa sustain its hydrocarbon production. The contribution of this segment in Africa’s hydrocarbon production mix was between 20- 25% last decade and is expected to increase between 35-40% by 2035. From the under-construction and pre-FID projects, Rystad Energy estimates that there will be about 3.5 million boepd of new deepwater supply (pre-FID and under-construction projects) in Africa by 2035. Success in countries… Read more at: https://oilprice.com/Energy/Crude-Oil/Deepwater-Discoveries-Set-to-Reshape-Africas-Energy-Landscape.html |
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EU Foreign Policy Chief Warns Against U.S. IsolationismWith U.S. foreign policy priorities likely to shift under President-elect Donald Trump, the new EU foreign policy chief made a vigorous case for Europe to remain central in defending Ukraine and countering Russia and China. At a key appointment hearing in front of the European Parliament’s foreign affairs committee on November 12, Kaja Kallas noted that “Ukraine’s victory is a priority for us all” as she vowed that the bloc would continue to support Kyiv for as long as necessary. During the three-hour session, she also underlined… Read more at: https://oilprice.com/Geopolitics/International/EU-Foreign-Policy-Chief-Warns-Against-US-Isolationism.html |
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How War Has Reshaped Ukraine’s Iron Ore TradeVia Metal Miner Ukraine regained some of its mojo since war broke out with Russia almost two years ago, at least as iron ore is concerned. In fact, it is possible this will have significant repercussions for iron ore prices. According to media reports quoting official data from the State Customs Service, Ukraine has exported almost 28 million tons (MT) of iron ore between January and October 2024. This represents as much as a 96% increase over the corresponding period in 2023. Get an insider’s view of industrial metal market conditions with… Read more at: https://oilprice.com/Metals/Commodities/How-War-Has-Reshaped-Ukraines-Iron-Ore-Trade.html |
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Germany Blocks Oil Companies From Using Past Emissions CreditsThe German cabinet has approved reforms that will restrict oil companies from carrying excess emissions reduction credits forward, a move that will boost the country’s biofuel industry which has been impacted by a rapid drop in carbon prices in recent years. In recent years, oil companies operating in Germany have met emissions goals by selling extra biodiesel; with sales clocking in at 3.4 million metric tons in 2022, 34% above their target. However, the reforms mean that oil companies will no longer be able to use past greenhouse gas reduction… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Blocks-Oil-Companies-From-Using-Past-Emissions-Credits.html |
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Strong Winds and Strategic Focus Propel SSE’s Profit GrowthLondon-listed energy giant SSE delivered a substantial increase in pretax profit as boss Alistair Phillips-Davies, said he would stand down next year after more than 11 years at the helm. In the six months to September, SSE’s adjusted pretax profit rose 26 per cent, climbing to £714.5m up from £565.2m in the same period last year. SEE said its business mix had “provided resilience”, with a “return to favourable weather conditions” helping to offset lower thermal revenue. It noted that average wind speeds… Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Strong-Winds-and-Strategic-Focus-Propel-SSEs-Profit-Growth.html |
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India’s Adani Group Plans $10B Investment in American EnergyGautam Adani, founder and chairman of Indian industrial conglomerate Adani Group, said in a social media post platform X on Wednesday that the company will invest $10 billion in energy and infrastructure projects in the United States. Adani has revealed that his company also aims to create up to 15,000 jobs in the country, but did not give the time period or details of the projects. “Congratulations to @realDonaldTrump. As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Adani-Group-Plans-10B-Investment-in-American-Energy.html |
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Drill, Baby, Drill’ Hits Wall of Capital RestraintThe U.S. oil and gas industry finally got what it has wanted since 2020—an American president supportive of the sector and promising to fix the regulatory burdens that have piled up over the past four years. Although President-elect Trump is chanting “drill, baby, drill,” the priorities of the U.S. oil industry have drastically changed since Trump’s first term. Trump will encounter a very different mindset of shale industry executives in 2025 compared to the late 2010s when he was last president. The U.S. shale patch is… Read more at: https://oilprice.com/Energy/Crude-Oil/Drill-Baby-Drill-Hits-Wall-of-Capital-Restraint.html |
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Slovakia Signs Pilot Contract To Buy Azerbaijan Natural GasSlovakia’s national oil company, Slovenský plynárenský priemysel (SPP), has signed a short-term pilot contract to buy natural gas from Azerbaijan as it prepares for a possible halt to Russian supplies via Ukraine, Reuters has reported. Last year, Ukraine signaled it has no intention to renew a five-year pipeline transit agreement to supply natural gas to EU countries when it expires on December 31, 2024, while EU energy chief Kadri Simson indicated that the EU executive has “no interest” in pushing to revive the… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Slovakia-Signs-Pilot-Contract-To-Buy-Azerbaijan-Natural-Gas.html |
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COP29 Is About Money. Where Is It Going To Come From?The 29th edition of the Conference of the Parties on Climate Change began this Monday in Azerbaijan. Like previous editions, it would be primarily about money—a lot of it. What remains unclear is where the money is going to come from. That’s because while before the COPs talked about hundreds of billions, now we’re in the trillion ballpark. Back in 2009, the developed members of the COP promised to give poorer members $100 billion annually to help them become greener and more climate-friendly. It did not go well. As Wood Mackenzie… Read more at: https://oilprice.com/Energy/Energy-General/COP29-Is-About-Money-Where-Is-It-Going-To-Come-From.html |
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Russia Considers Lifting Gasoline Export BanRussia’s energy ministry believes it could be possible to lift the gasoline export ban, currently in force until the end of the year, considering that domestic fuel prices are stable, Russian Energy Minister Sergey Tsivilyov said on Wednesday. Russia could lift the export restrictions now because fuel prices and the fuel market in Russia are stable, the minister told reporters today, as quoted by Russian news agency Interfax. In the middle of August, the Russian government said that Moscow is extending its ban on gasoline exports… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Considers-Lifting-Gasoline-Export-Ban.html |
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Russia’s Oil Product Shipments Dip as Available Refining Capacity FallsExports of Russian refined oil products by sea fell by 7% in October compared to September, due to an increase in idled refining capacity because of maintenance, Reuters estimates based on data from industry sources showed on Wednesday. Russia’s oil product shipments dropped to 8.861 million metric tons last month, with exports from the country’s Baltic Sea ports down by 4.5% compared to September and shipments from the Black Sea ports down by 12.6%. Shipments from the Arctic ports of Murmansk and Arkhangelsk plummeted by 41.5% in October… Read more at: https://oilprice.com/Energy/Energy-General/Russias-Oil-Product-Shipments-Dip-as-Available-Refining-Capacity-Falls.html |
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Iran Prepares for Potential Oil Export Cuts Under TrumpIran is ready to face possible additional sanctions on its oil exports, Iranian Oil Minister Mohsen Paknejad was quoted as saying on Wednesday. “Required measures have been taken. I will not go into detail but our colleagues within the oil sector have taken measures to deal with the restrictions that will occur and there is no reason to be concerned,” Reuters quoted Paknejad as telling the oil ministry’s news service Shana. During his first term in office, U.S. President-elect Donald Trump tore up the so-called Iran nuclear agreement,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Prepares-for-Potential-Oil-Export-Cuts-Under-Trump.html |
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Suncor Lifts Dividend as Soaring Output and Refining Drive Strong ProfitCanada’s oil producer Suncor Energy (NYSE: SU) raised its quarterly dividend after beating analyst estimates of its third-quarter profit, thanks to record Q3 production and its highest-ever refining throughput. Suncor Energy reported adjusted earnings per share of US$1.06 (C$1.48) for the third quarter, higher than the LSEG-compiled average analyst estimate of US$0.77 (C$1.08) per share. In the upstream, the company reported production of 829,000 barrels per day (bpd), with 99% utilization of upgraders, marking the best third quarter ever… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Suncor-Lifts-Dividend-as-Soaring-Output-and-Refining-Drive-Strong-Profit.html |
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Mexico Plans $6 Billion Support for Pemex From 2025 BudgetMexico’s government is considering carving out $6 billion from the 2025 budget to support the near-term debt obligations of its heavily indebted state oil giant Pemex, Bloomberg reports, citing sources with knowledge of the plans. The government is expected to unveil its draft 2025 budget later this week. Mexico’s new President Claudia Sheinbaum has vowed to continue supporting the world’s most indebted oil company as her predecessor, Andres Manuel Lopez Obrador, did. Pemex has around $9 billion in debt maturing next year, and… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexico-Plans-6-Billion-Support-for-Pemex-From-2025-Budget.html |
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Australian Lithium Miner Shuts Project as Industry Grapples with GlutAustralian miner Mineral Resources Limited is shutting down its Bald Hill lithium mine amid a crash in lithium prices, in another project curtailment in the industry that has seen prices tumble by 80% from their peak in 2022. Slower electric vehicle (EV) sales globally and an oversupply on the market with African lithium mined by Chinese companies have kept lithium prices subdued this year. Lithium miners have seen profits and margins shrink and projects curtailed or deferred until market conditions improve. So Australia’s Mineral Resources… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australian-Lithium-Miner-Shuts-Project-as-Industry-Grapples-with-Glut.html |
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AMD to lay off 4% of workforce, or about 1,000 employeesAt the end of last year, AMD had 26,000 employees, according to a U.S. Securities and Exchange Commission filing. Read more at: https://www.cnbc.com/2024/11/13/amd-layoffs-company-to-4percent-of-workforce-or-about-1000-employees-.html |
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Republicans projected to win House majority, securing GOP trifectaRepublicans will keep control of the House of Representatives, securing a governing trifecta along with Senate control and return to the White House. Read more at: https://www.cnbc.com/2024/11/13/republicans-projected-to-win-house-majority-securing-gop-trifecta.html |
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Trump taps Rep. Matt Gaetz as attorney generalPresident-elect Donald Trump said he will nominate Republican Rep. Matt Gaetz of Florida to serve as U.S. attorney general. Read more at: https://www.cnbc.com/2024/11/13/trump-taps-rep-matt-gaetz-as-attorney-general.html |
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Trump victory may provide TikTok a lifeline to remain in the U.S.Donald Trump’s election victory may provide a lifeline for TikTok, which faces a potential U.S. ban in January if not divested from parent company ByteDance. Read more at: https://www.cnbc.com/2024/11/13/trump-victory-may-provide-tiktok-a-lifeline-to-remain-in-the-us.html |
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Dogecoin soars after Trump taps Elon Musk for department of government efficiency: 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, Fried Thiel of MARA discusses how the postelection rally impacts crypto miners. Read more at: https://www.cnbc.com/video/2024/11/13/dogecoin-soars-trump-taps-elon-musk-department-of-government-efficiency-crypto-world.html |
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Delivering Alpha Live: Nelson Peltz thinks Disney will replace Bob Iger ahead of scheduleStock investing icons Nelson Peltz and David Einhorn are among speakers at CNBC’s Delivering Alpha in New York City on what’s next for stocks and the economy. Read more at: https://www.cnbc.com/2024/11/13/delivering-alpha-2024-live-updates.html |
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Why now may be a good opportunity to buy these bonds — and earn tax-free incomeMunicipal bonds are poised to deliver good total returns into next year, according to UBS and Bank of America. Read more at: https://www.cnbc.com/2024/11/13/why-now-may-be-a-good-opportunity-to-buy-these-bonds-and-earn-tax-free-income-.html |
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Here’s the inflation breakdown for October 2024 — in one chartConsumers saw price relief at the gas pump and grocery store. But housing inflation and other categories, such as car insurance, are trouble spots. Read more at: https://www.cnbc.com/2024/11/13/heres-the-inflation-breakdown-for-october-2024-in-one-chart.html |
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John Thune elected Senate majority leaderPresident-elect Donald Trump did not endorse a candidate to replace Sen. Mitch McConnell as the Senate Republican leader. Read more at: https://www.cnbc.com/2024/11/13/senate-majority-leader-vote-trump-election.html |
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Trump Media CFO, two other insiders sell millions of dollars worth of DJT stockPresident-elect Donald Trump holds the majority of stock in Trump Media. DJT shares have dramatically fluctuated in value since becoming publicly traded. Read more at: https://www.cnbc.com/2024/11/13/trump-media-cfo-insiders-sell-djt-stock.html |
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Tesla initiates sixth Cybertruck recall in a yearTesla is voluntarily recalling 2,431 Cybertrucks to replace defective drive inverters, according to a filing with the National Highway Traffic Administration. Read more at: https://www.cnbc.com/2024/11/13/tesla-initiates-sixth-cybertruck-recall-in-a-year.html |
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Elon Musk may already be overstaying his welcome in Trump’s orbitElon Musk has been a near-constant presence at Mar-a-Lago, where he’s sat in on important meetings and calls. Read more at: https://www.cnbc.com/2024/11/13/elon-musk-may-already-be-overstaying-his-welcome-in-trumps-orbit.html |
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Amazon shuts down secret project to develop fertility trackerThe project, codenamed “Encore,” was part of Amazon’s moonshot incubator Grand Challenge, which launched under founder Jeff Bezos. Read more at: https://www.cnbc.com/2024/11/13/amazon-shuts-down-secret-project-to-develop-fertility-tracker.html |
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OPEC+ Faces Double Trouble: China Demand Weakness And Trump’s PoliciesAuthored by Tsvetana Paraskova via OilPrice.com,
The OPEC+ group has struggled to manage oil supply and prices this year.
First, there was overproduction from several members, undermining the cuts from the other producers in the pact. Then came the summer and the first actual consumption data for the first and second quarters of the year, showing that China’s oil demand growth is nowhere near OPEC’s expectat … Read more at: https://www.zerohedge.com/energy/opec-faces-double-trouble-china-demand-weakness-and-trumps-policies |
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Trump Completes Trifecta: Republicans Keep Control Of US HouseRepublicans will maintain control of the House of Representatives by the thinnest of margins, NBC News projected Wednesday, handing President-elect Donald Trump and his party all the levers of power in Washington.
A Republican-controlled Congress will allow Trump to quickly fill out his Cabinet and other top administration roles and advance his agenda for at least the next two years. Last week, Republicans flipped three Democratic Senate seats to win control of the upper chamber. Read more at: https://www.zerohedge.com/political/trump-completes-trifecta-republicans-keep-control-us-house |
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Jack Smith To Resign In Defeat Before Trump Takes OfficeA defeated special counsel Jack Smith and his team are planning to resign before President-elect Donald Trump takes office, the NY Times reports, citing a source familiar with the matter.
The news comes days after Smith moved to pause his J6 case against Donald Trump and vacate all remaining deadlines. According to the new report, Smith’s office has been looking at the best path forward in winding down its work on the two outstanding federal criminal cases against Trump – as the DOJ has a longstanding policy not to charge or prosecute a sitting president with a crime. Smith’s departure i … Read more at: https://www.zerohedge.com/political/jack-smith-resign-defeat-trump-takes-office |
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Judge Sentences Jack Teixeira To 15 Years For Ukraine Documents LeakAuthored by Jake Morgan via The Epoch Times, A federal judge sentenced Massachusetts Air National Guard member Jack Teixeira to 15 years in prison after he pleaded guilty to leaking classified U.S. military assessments about the war in Ukraine.
Teixeira, 22, agreed to plead guilty in March to six counts of willful retention and transmission of national defense information. In exchange for his guilty plea, the Department of Justice agreed to not charge Teixeira with Espionage Act violations. The plea agreement stipulated that Teixeira be imprisoned for between 11 years and 16 years and eight months, pay a $50,000 fine, and serve 36 months of supervised rele … Read more at: https://www.zerohedge.com/military/judge-sentences-jack-teixeira-15-years-ukraine-documents-leak |
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Homebase enters administration with 2,000 jobs at riskHomebase enters administration, but The Range buys up to 70 stores and the brand. Read more at: https://www.bbc.com/news/articles/c624nzepd59o |
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Car buyer payouts over loan scandal could be delayedRegulators want to give more time to car dealers potentially facing a deluge of mis-selling claims. Read more at: https://www.bbc.com/news/articles/c2l9vvj097lo |
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JD Sports boss warns prices will rise due to BudgetChancellor Rachel Reeves has said firms will have to absorb higher taxes through their profits. Read more at: https://www.bbc.com/news/articles/ckgvm4vnpxlo |
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Tech view: Nifty hits 200 DEMA, break below may test 23,200 level. How to trade tomorrowA decisive break below 23,500 could drive the index further down to the 23,300-23,200 range, where trend line support is located. While the overall market sentiment seems negative, it remains to be seen how Nifty performs around the 200-DEMA support, according to Hrishikesh Yedve of Asit C. Mehta Investment Intermediates. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-hits-200-dema-break-below-may-test-23200-level-how-to-trade-tomorrow/articleshow/115257533.cms |
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Prosus gains $2 billion on Swiggy investment with IPO valuationProsus NV, Tencent’s top investor, has made over $2 billion from its investment in Swiggy, highlighting the value of its portfolio beyond Tencent. Prosus and Naspers Ltd. invested $1.3 billion for a 31% stake in Swiggy, which is aiming for an IPO valuation of up to $11.3 billion in India. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/prosus-gains-2-billion-on-swiggy-investment-with-ipo-valuation/articleshow/115241565.cms |
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Macquarie raises Zomato target prices but remains bearishMacquarie raises Zomato’s target price to Rs 130 but maintains an ‘underperform’ rating due to growth risks. Zomato’s competitor Swiggy also attracts mixed ratings from brokerages. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/macquarie-raises-zomato-target-prices-but-remains-bearish/articleshow/115242722.cms |
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10-, 30-year Treasury yields end at 4-month highs as investors weigh inflation risksYields on U.S. government debt finished mixed on Wednesday as traders weighed rising expectations for a quarter-point rate cut by the Federal Reserve in December against the potentially inflationary implications of the incoming Trump administration. Read more at: https://www.marketwatch.com/story/treasury-yields-dip-from-four-month-highs-ahead-of-u-s-inflation-data-26a2f49f?mod=mw_rss_topstories |
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Oil prices end higher after tapping a 2-week lowOil futures finished higher on Wednesday as traders weighed prospects for energy demand, U.S. production, and oil and gas drillers under the incoming administration of President-elect Donald Trump. Read more at: https://www.marketwatch.com/story/oil-prices-consolidate-after-u-s-benchmarks-pullback-below-70-a-barrel-1d04ea65?mod=mw_rss_topstories |
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As bitcoin trades above $90,000, is now the time to buy?Bitcoin reached an all-time high above $89,000 on Monday, amid enthusiasm that digital assets may face a more friendly regulatory environment after Donald Trump, who is considered pro-crypto, won the U.S. presidential election last week. Read more at: https://www.marketwatch.com/story/bitcoin-is-trading-at-record-high-near-85-000-is-it-a-good-time-to-buy-f0a80e9f?mod=mw_rss_topstories |
