19 NOV 2024 Market Close & Major Financial Headlines: Small Caps Rise Again While The Dow Sinks Five Sessions In A Row, Markets Close Mixed

Trump Administration to Fast-Track Self-Driving Car Regulations

Elon Musk’s super PAC spent around $200 million to secure a Trump-Vance victory in the US presidential election. Musk’s influence with top Trump officials to push for a more efficient government, fewer regulations, and greater adoption of technology could be positioning the billionaire’s companies—from electric vehicles to space exploration and social media—for an era of super growth. Bloomberg reports Trump officials told advisors they’re planning to construct a federal framework for fully self-driving vehicles as one of the Transportation…

Read more at: https://oilprice.com/Energy/Energy-General/Trump-Administration-to-Fast-Track-Self-Driving-Car-Regulations.html

Is a Global Aluminum Shortage on the Horizon?

Via Metal Miner The Aluminum Monthly Metals Index (MMI) steadied, with a 1.38% rise from October to November. Aluminum prices moved sideways during October. While they only managed a 0.99% rise, aluminum still managed to outperform other base metals during the month. However, prices started to slip by mid-November as they echoed the increasingly bearish trend emerging in markets like copper, nickel, zinc and tin. China to End Export Rebates for Aluminum and Copper Effective December 1, China will end export rebates for aluminum and copper products.…

Read more at: https://oilprice.com/Metals/Commodities/Is-a-Global-Aluminum-Shortage-on-the-Horizon.html

Drill Baby Drill Returns as G20 Drops Fossil Fuel Phase-Out from Final Draft

The G20 just fumbled the fossil fuel debate. Or did it? Rio’s final G20 statement dropped any explicit call to phase out oil, gas, and coal. Instead, it offered vague applause for the UAE Consensus from COP28. This wasn’t an oversight. It was a decision. At COP28, 200 countries agreed to phase out fossil fuels by 2050. The G7 doubled down earlier this year. COP29 in Baku was supposed to build on this. Then Rio happened. Now, G20 leaders are dodging the hard part. No one should be shocked. The idea that “inexperienced aides”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Drill-Baby-Drill-Era-Returns-As-G20-Scrubs-Fossil-Fuel-Phase-Out-From-Final-Draf.html

Russia’s New Nuclear Policy Raises Stakes in Ukraine Conflict

President Vladimir Putin signed a decree on November 19 updating and expanding Moscow’s nuclear doctrine to allow for the use of atomic weapons in case of an attack on Russia by a nonnuclear actor that is backed by a nuclear power. The move comes just days after President Joe Biden reportedly gave Ukraine permission to use U.S.-supplied long-range Army Tactical Missile Systems, or ATACMS, to strike deep inside Russia. ATACMS have a range of some 300 kilometers. The updated doctrine says Russia would consider using nuclear weapons after receiving…

Read more at: https://oilprice.com/Geopolitics/International/Russias-New-Nuclear-Policy-Raises-Stakes-in-Ukraine-Conflict.html

Natural Gas Prices in U.S. Northwest and Western Canada At Record Lows

The prices of natural gas at the key regional hubs in the U.S. Pacific Northwest and Western Canada have hit this year the lowest level on record, amid rising production in the Western Canadian Sedimentary Basin (WCSB) and high inventory levels in these regions. Monthly average natural gas spot prices at the northwestern U.S. and western Canada border pricing hubs reached historic lows in the first ten months of 2024, the U.S. Energy Information Administration (EIA) said on Tuesday, citing data from Natural Gas Intelligence. The Western Canada…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Natural-Gas-Prices-in-US-Northwest-and-Western-Canada-At-Record-Lows.html

Why the Utility Industry’s Conventional Strategy Could Backfire

The investor-owned electric utilities (represented by the Edison Electric Institute) have announced record-breaking capital spending plans. Finally a recognition of the nation’s growing electricity needs and the industry’s slow recognition of them? Sorry, not really, unfortunately.  The EEI said its members would spend $186 billion in 2024 and a bit more in 2025. Adjusting the numbers to remove natural gas spending and add in spending by non-utilities and government-owned utilities brings the number up to around $235 billion. Another…

Read more at: https://oilprice.com/Energy/Energy-General/Why-the-Utility-Industrys-Conventional-Strategy-Could-Backfire.html

Oil Prices Level Out Amid Production Outages and Russia/Ukraine Escalations

Oil prices continued their volatile mid-morning on Tuesday, with Brent trading just above $73 per barrel—down $0.12 from yesterday’s close but up substantially from weekend levels. WTI was trading down $0.14 per barrel on the day at just above $69. Both benchmarks fell earlier in the day before rebounding slightly amid escalating tensions between Russia and Ukraine and a production outage at Johan Sverdrup. On Monday, the war premium had returned to the oil markets after the Biden Administration handed Ukraine the green light to use…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Level-Out-Amid-Production-Outages-and-RussiaUkraine-Escalations.html

Escalation in Ukraine War Brings Back Geopolitical Risk in Oil

The sudden escalation of the Russia-Ukraine war with the United States, UK and France allowing Ukraine to use long-range missiles to strike Russian territory and the subsequent change in Russia’s nuclear doctrine have brought the long-forgotten European geopolitical risk back, lifting ICE Brent slightly to $73 per barrel. – US crude futures have flipped to contango for the first time since February, signaling oversupply into a market that is increasingly worried about the impacts of potential Trump tariff wars and slower Chinese demand growth.…

Read more at: https://oilprice.com/Energy/Energy-General/Escalation-in-Ukraine-War-Brings-Back-Geopolitical-Risk-in-Oil.html

TC Energy Sees Natural Gas Demand Boosting Core Profit in 2025

TC Energy Corporation expects to book a higher core profit in 2025 compared to 2024 amid increased demand for natural gas and electricity in North America, the Canada-based pipeline operator said on its Investor Day event on Tuesday. TC Energy expects its comparable core earnings – or earnings before interest, tax, depreciation, and amortization (EBITDA) – to be in the range of US$7.6 billion-US$7.77 billion (C$10.7 billion to C$10.9 billion) in 2025, up from the top end of US$7.2 billion (C$10.1 billion) of the range expected for this…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TC-Energy-Sees-Natural-Gas-Demand-Boosting-Core-Profit-in-2025.html

Albemarle: West Cannot End Reliance On China’s Critical Minerals

Last month, White House national security adviser Jake Sullivan revealed that the U.S. is working with allies to build a standardized international marketplace for metals and minerals in a bid to make the West less dependent on China. “Critical minerals are another example. That sector is marked by extreme price volatility, widespread corruption, weak labor and environmental protections, and heavy concentration in the PRC, which artificially drops prices to keep competitors out of the marketplace. If we and our partners fail to invest, the…

Read more at: https://oilprice.com/Energy/Energy-General/Albemarle-West-Cannot-End-Reliance-On-Chinas-Critical-Minerals.html

Moscow Says Ukraine Fired US-Made Long-Range Missile at Russia

Ukraine fired a long-range missile supplied by the United States into a Russian region early on Tuesday, Russia’s Ministry of Defense said. According to Moscow, Ukraine used the Army Tactical Missile System supplied by the U.S. in a strike on the region of Bryansk in Russia on Tuesday morning local time. This weekend, the U.S. Administration gave Ukraine the green light to use U.S.-manufactured long-range missiles to strike Russian territory. Russia has warned repeatedly that such a move by Washington would constitute a significant escalation…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Moscow-Says-Ukraine-Fired-US-Made-Long-Range-Missile-at-Russia.html

Saudi Arabia Resists Renewing Fossil Fuel Phase-Out Pledge at COP29

Saudi Arabia is reportedly “leading a push back” on restating climate commitments to transition away from fossil fuels put into place last year, according to Yahoo Finance. The Yahoo Finance article says that both European and U.S. negotiators aim to reinforce last year’s commitments to boost energy efficiency and renewable energy, viewing them as crucial to maintaining progress in the global climate fight. But Saudi Arabia is reportedly using “a mix of delaying tactics and outright blocking maneuvers” to resist these efforts, the report says. …

Read more at: https://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-Resists-Renewing-Fossil-Fuel-Phase-Out-Pledge-at-COP29.html

Russia’s Crude Oil Shipments Slump

Russian crude oil shipments dipped to a two-month low in the four weeks to November 17, as loadings from Russia’s Western ports slumped, tanker-tracking data monitored by Bloomberg showed on Tuesday. In the four weeks to November 17, Russian crude oil exports by sea dipped to 3.28 million barrels per day (bpd), down by 150,000 bpd compared to the previous four-week average to November 10, according to the data reported by Bloomberg’s Julian Lee. The decline in exports was the biggest since the end of July. The weekly exports in the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Crude-Oil-Shipments-Slump.html

Europe’s Largest Oilfield Resumes Production After Power Outage

The Johan Sverdrup oilfield offshore Norway, the largest oilfield in Western Europe, resumed production early on Tuesday after shutting down due to a power outage on Monday. As of Tuesday midday local time, Johan Sverdrup, with a capacity to pump 755,000 barrels of oil per day (bpd) at peak production levels, had restored output and reached two-thirds of capacity, a spokesperson for the operator, Equinor, told Reuters. Production at the huge oilfield in the North Sea was shut down on Monday, following an onshore power outage. Oil prices spiked…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Largest-Oilfield-Resumes-Production-After-Power-Outage.html

Russia’s Natural Gas Flows to Austria Rise Despite OMV Cutoff

Requests from customers in Austria and Slovakia for Russian natural gas supply via Ukraine rose by 6% on Tuesday compared to Monday, even as Gazprom cut off supply to Austrian energy group OMV this weekend amid a contractual dispute. Nominations from companies in Austria and Slovakia were still 12% below last week’s levels, which was prior to Russian gas giant Gazprom halting supply to OMV. It was not immediately clear which customers in Austria are now buying the gas previously supplied to OMV, Reuters reports, citing figures from transmission…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Natural-Gas-Flows-to-Austria-Rise-Despite-OMV-Cutoff.html

Nasdaq jumps 1% as Wall Street looks past Russia-Ukraine tensions, Nvidia shares surge: Live updates

The Nasdaq Composite gained Tuesday as investors attempted to shake off concerns of rising geopolitical tensions between Ukraine and Russia.

Read more at: https://www.cnbc.com/2024/11/18/stock-market-today-live-updates.html

Trump picks Cantor Fitzgerald CEO Howard Lutnick to be commerce secretary

Lutnick has worked as co-chair of Trump’s transition team.

Read more at: https://www.cnbc.com/2024/11/19/trump-expected-to-pick-cantor-fitzgerald-ceo-howard-lutnick-as-commerce-secretary-nbc-sources.html

Russia says Ukraine attacked it using U.S. long-range missiles, signals it’s ready for nuclear response

Russia has signaled to the West it’s ready for a nuclear confrontation.

Read more at: https://www.cnbc.com/2024/11/19/russia-says-ukraine-attacked-it-using-us-made-missiles.html

Trump urges Senate GOP to block Biden’s last judicial nominees

President-elect Donald Trump urged Republican senators to stop Democrats from confirming any more of President Joe Biden’s judicial nominees.

Read more at: https://www.cnbc.com/2024/11/19/trump-senate-gop-biden-judicial-nominees.html

Nvidia earnings are more important to the market than the Fed and jobs data, according to options market

The AI chipmaker is set to release results Wednesday after the market close, returning to the spotlight after a lengthy focus on the macroeconomic backdrop.

Read more at: https://www.cnbc.com/2024/11/19/nvidia-earnings-more-important-to-market-than-the-fed-and-jobs-data.html

Trump to attend SpaceX Starship launch in Texas with CEO Elon Musk

Tesla and Space X CEO Elon Musk has been tasked with President-elect Donald Trump to oversee a Department of Governmental Efficiency, also known as DOGE.

Read more at: https://www.cnbc.com/2024/11/19/trump-attendings-spacex-launch-elon-musk-starship-.html

Bitcoin rises to new record above $94,000: 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, Dennis Kelleher, co-founder and CEO of Better Markets, shares his criticism for the crypto industry’s influence on the 2024 election.

Read more at: https://www.cnbc.com/video/2024/11/19/bitcoin-rises-to-new-record-above-94000-cnbc-crypto-world.html

Intuit, H&R Block shares fall after report that Trump government efficiency team is considering tax-filing app

A tax-filing app created by Trump’s planned “Department of Government Efficiency” would be a competitor to both H&R Block and Intuit’s TurboTax.

Read more at: https://www.cnbc.com/2024/11/19/hr-block-intuit-stocks-fall-following-trump-tax-filing-app-report.html

Super Micro shares soar 31% after company names new auditor to help keep Nasdaq listing

Super Micro, which has been battered by bad headlines in recent weeks, said on Monday that it hired BDO as its independent auditor.

Read more at: https://www.cnbc.com/2024/11/19/super-micro-shares-soar-after-company-names-bdo-as-new-auditor.html

CVS, UnitedHealth, Cigna sue to block FTC case over insulin prices

The complaint is the latest move in a bitter legal fight between the U.S.’s three largest so-called pharmacy benefit managers, or PBMs, and the FTC.

Read more at: https://www.cnbc.com/2024/11/19/cvs-unitedhealth-cigna-sue-to-block-ftc-case-over-insulin-prices.html

Mike Tyson, Jake Paul fight was the most streamed sporting event ever, Netflix says

Netflix said 108 million global viewers tuned in for the fight between Tyson and Paul, a major test for the streamer in the live sports realm.

Read more at: https://www.cnbc.com/2024/11/19/mike-tyson-jake-paul-fight-was-most-streamed-sports-event-netflix-says.html

28-year-old spent $30,000 to launch a business from her living room—now it brings in $9 million a year

Jenny Lei launched her luxury handbag startup Freja from her New Jersey apartment while she was unemployed. It now brings in more than $9 million per year.

Read more at: https://www.cnbc.com/2024/11/19/freja-ceo-how-i-launched-a-profitable-business-out-of-my-living-room.html

The double threat of new Trump tariffs, wave of port strikes is coming for the supply chain in early 2025

Shippers and logistics companies are gaming out a complex early 2025 as President Trump may implement new tariffs as East, Gulf Coast ports start new strike.

Read more at: https://www.cnbc.com/2024/11/19/trump-tariffs-new-port-strikes-shippers-on-edge.html

No Apology Can “Undo The Damage” Gary Gensler Has Caused…

Authored by Ciran Lyons via CoinTelegraph.com,

Gemini exchange co-founder Tyler Winklevoss has asserted that the harm inflicted on the cryptocurrency industry by Gary Gensler, Chair of the United States Securities and Exchange Commission (SEC), is irreparable. This statement comes amid growing speculation that Gensler might step down from his position.

“Let’s all be clear on one thing. Gary Gensler is evil,” Winklevoss declared in a Nov. 15 X post.

“He should never again have a position of influence, power, or consequence,” Winklevoss added.

Winklevoss’ remarks follow growing optimism among crypto market participants that Gensler, a well-known crypto skeptic, may resign after Trump’s win in the US presidential election on Nov. 5.

Read more at: https://www.zerohedge.com/crypto/no-apology-can-undo-damage-gary-gensler-has-caused

Netanyahu Signals Rejection Of Lebanon Truce: ‘Israel Will Continue To Operate Against Hezbollah’

Late Monday Lebanese sources had said that Hezbollah has agreed to a US-proposed ceasefire plan. But by the close of the day it became clear that Israel has yet to formally sign off. “Lebanon and Hezbollah have agreed to a U.S. proposal for a ceasefire with Israel with some comments on the content, a top Lebanese official told Reuters on Monday, describing the effort as the most serious yet to end to the fighting,” Reuters reported.

Israeli Prime Minister Benjamin Netanyahu initial reaction was to say that Israeli will still operate militarily against Hezbollah in response to attacks, even in the scenario a ceasefire deal is reached. This seems to reflect a belief that Hezbollah won’t uphold its end of a potential ceasefire even if formally enacted.

“The most important thing is not (the deal that) will be laid on paper,” Netanyahu told the Knesset. “We will be forced to ensure our security in the north (of Israel) and to systematically carry out operations against Hezbollah’s attacks… even after a ceasefire.”

Read more at: https://www.zerohedge.com/geopolitical/netanyahu-signals-rejection-lebanon-truce-israel-will-continue-operate-against

“Go F**k Yourselves”: Megyn Kelly Eviscerates “Faux Journalists” Joe & Mika Over Trump Meeting

Authored by Steve Watson via Modernity.news,

MSNBC’s Morning Joe hosts Joe Scarborough and Mika Brzezinski have suddenly decided they want to be all diplomatic with president-elect Donald Trump, after openly calling him a nazi days before the election, and it has not gone down well for them at all.

The pair announced that they travelled to Mar-a-Lago to meet personally with Trump, with Scarborough saying “It was the first time we have seen him in seven years,” adding “We talked about a lot of issues, including abortion, mass deportation, threats of political retribution against political opponents and media outlets. We talked about that a good bit.”

You were literally crying and saying Trump was a fascist nazi two weeks ago. The only time anyone sees you is on X when we’ …

Read more at: https://www.zerohedge.com/political/go-fk-yourselves-megyn-kelly-eviscerates-faux-journalists-joe-mika-over-trump-meeting

Great News Consumers: Olive Oil Bear Market Worsens As Harvests Improve

Spain’s Deoleo, the world’s largest olive oil producer, stated that the multi-year drought-driven crisis, which caused prices of “liquid gold” to surge, is ending as a favorable 2024-25 harvest gets underway in Spain. This suggests that olive oil prices at supermarkets are expected to decline in the months ahead.

Miguel Ángel Guzmán, chief sales officer at Deoleo, told CNBC, “We are still going through a phase of tension in olive oil prices, especially in the higher quality oils, such as extra virgin.

“However, the outlook is positive for the coming months, as the market is expected to begin to stabilize and normality is expected to be gradually restored as the new harvest progresses and supply increases,” Guzmán said.

He added, “Although there have been steps towards improvement, it would not be entirely accurate to say that the crisis is over.”

Spot prices for Spanish Olive Oil Extra Virgin peaked at 8,835 euros a ton in late January and have since tumbled into a bear market (-43.5%), sliding to around 5,145 euros by late fall. This is mainly because estimates point to improved harvests in the top-producing countries of Spain, Greece, and Tunisia.

Read more at: https://www.zerohedge.com/commodities/great-news-consumers-olive-oil-bear-market-worsens-harvests-improve

Winter fuel cut to put 50,000 into poverty next year

Government estimates reveal the impact of cuts to the winter fuel allowance, announced earlier this year.

Read more at: https://www.bbc.com/news/articles/c80l9lde5yjo

UK’s largest retailers warn Budget will lead to job cuts

Retail firms have written to the chancellor to say they cannot manage rising costs and tax bills.

Read more at: https://www.bbc.com/news/articles/cp816jrnynyo

Trump to name Howard Lutnick for commerce secretary

The department is a key player in boosting domestic manufacturing and the US-China tech war.

Read more at: https://www.bbc.com/news/articles/c9371zk1q6vo

BFSI’s 15% YoY Q2 earnings growth outperforms Nifty handsomely. HDFC Bank, ICICI Bank among analysts top bets

Strong second-quarter earnings from India’s banking and financial services industry (BFSI) are attracting investors, with brokerages bullish on large banks and NBFCs. Despite a recent market dip, experts predict a rally once the Reserve Bank of India begins cutting interest rates. Analysts highlight banks’ robust profits, stabilizing interest margins, and the potential for growth in the sector.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bfsis-15-yoy-q2-earnings-growth-outperforms-nifty-handsomely-hdfc-bank-icici-bank-among-analysts-top-bets/articleshow/115443488.cms

Sebi seeks to tighten eligibility criteria for SME IPOs. Here’s how

Sebi is considering tightening rules for SME IPOs to protect retail investors. The regulator proposes to debar companies whose promoters or directors are debarred from the capital market or are wilful defaulters. This move aims to enhance investor protection in the SME IPO segment.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/sebi-seeks-to-tighten-eligibility-criteria-for-sme-ipos-heres-how/articleshow/115457794.cms

SME IPO: Sebi mulls doubling application size up to Rs 4 lakh, floats consultation paper

SME IPO: The Securities and exchange board of India (Sebi) on Tuesday ​released a consultation paper and sought public feedback on suggestions made by the stock exchanges and merchant bankers to increase the application size.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/sebi-proposes-tighter-rules-for-ipos-of-small-companies/articleshow/115455013.cms

Here’s what bond and gold traders are signaling about Russia’s nuclear shift

Traditional flight-to-safety trades took off on Tuesday in response to the worsening conflict between Russia and Ukraine, but a closer look at the extent of the bond market’s moves and a rise in gold prices reveal traders were probably less rattled than initially thought.

Read more at: https://www.marketwatch.com/story/heres-what-bond-and-gold-traders-are-signaling-about-russias-nuclear-shift-18e7c562?mod=mw_rss_topstories

This money manager isn’t selling any Nvidia shares now — regardless of earnings

‘I have never found a stock as monopolistic and as powerful,’ Louis Navellier says.

Read more at: https://www.marketwatch.com/story/this-money-manager-isnt-selling-any-nvidia-shares-now-regardless-of-earnings-b643091e?mod=mw_rss_topstories

Treasury yields end at lowest in over a week after Putin signs new nuclear doctrine

Treasury yields fell to their lowest closing levels in more than a week on Tuesday, after the Kremlin revised its nuclear doctrine in response to missile strikes by Ukraine and reduced Russia’s threshold for using nuclear arms.

Read more at: https://www.marketwatch.com/story/bond-yields-fall-as-russias-nuclear-doctrine-news-triggers-risk-aversion-fa3086a5?mod=mw_rss_topstories