20 NOV 2024 Market Close & Major Financial Headlines: Bitcoin New High Almost Hits $95K, Dow Stops Its Slide, Small Caps Close Mixed

Fed Rate Cuts Ignite Construction Boom

Via Metal Miner The Construction MMI (Monthly Metals Index) managed to break out of its sideways trend, moving up by 6.73%. Construction news indicates that the market could see more bullish sentiment if the Fed continues its dovish stance on interest rates, dropping them steadily (get weekly updates on macroeconomic news impacting your metal buy with our weekly newsletter). However, companies should remain wary of potential tariffs coming from the new Trump administration in the upcoming years. If they come to fruition, they could add long-term…

Read more at: https://oilprice.com/Finance/the-Economy/Fed-Rate-Cuts-Ignite-Construction-Boom.html

European Security Threatened by Escalating Hybrid Warfare

European government and the United States have accused Russia of intensifying “hybrid attacks” following reports that Baltic Sea fiber-optic communications cables were damaged by suspected sabotage, although they have not yet directly tied Moscow to the damage. Moscow has long denied it is involved in sabotaging Western infrastructure to punish European countries for their assistance to Ukraine’s defense, but suspicions grew in Western capitals on November 19 that damage to two key Baltic Sea cables were likely the result of deliberate actions.…

Read more at: https://oilprice.com/Geopolitics/International/European-Security-Threatened-by-Escalating-Hybrid-Warfare.html

Morgan Stanley: U.S. Nat Gas Poised For New Demand Growth Phase

The U.S. natural gas market is poised to enter a new cycle of demand growth thanks to surging LNG exports and rising electricity demand, Morgan Stanely has predicted. Over the past few years, dozens of pundits and industry experts have predicted that the ongoing Fourth Industrial Revolution will drive unprecedented electricity demand growth in the United States and globally. Last year,  the power sector consulting firm Grid Strategies published a report titled “The Era of Flat Power Demand is Over,” which pointed out that United…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Morgan-Stanley-US-Nat-Gas-Poised-For-New-Demand-Growth-Phase.html

Big Oil Pours Billions into Biofuel Production to Meet Decarbonization Goals

Under increasing pressure to decarbonize and shift away from traditional fossil fuels, the world’s leading oil and gas companies are ramping up investments in the biofuels sector. Major players such as BP, Chevron, Shell, TotalEnergies, ExxonMobil and Eni are incorporating biofuels into their broader energy transition strategies, recognizing the growing global demand for sustainable fuel sources. According to Rystad Energy’s research, these six oil majors have announced a total of 43 biofuel projects that are either already operational…

Read more at: https://oilprice.com/Energy/Energy-General/Big-Oil-Pours-Billions-into-Biofuel-Production-to-Meet-Decarbonization-Goals.html

UK Considers $10-Billion Fund to Help Net-Zero Power System Goals

The UK’s energy regulator Ofgem on Wednesday launched a consultation on a proposal to set up a new investment fund of up to $10.1 billion (£8 billion) that would help energy transmission owners to fast-track projects and control costs. Ofgem’s consultation, which runs until December 18, is on a new investment fund worth between $6.3 billion (£5 billion) and $10.1 billion (£8 billion), also as part of a push to “beat other nations to attract international investment in the drive to net zero,” the regulator…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Considers-10-Billion-Fund-to-Help-Net-Zero-Power-System-Goals.html

COP29: A Missed Chance for Climate Pragmatism

Those who shout the loudest about climate change tend to have a disproportionate influence, but we’ll never solve this challenge without being realistic and practical, says Eliot Wilson There was a time when climate change – ”global warming” was the argot when I was young – was accepted by politicians as a major challenge. Margaret Thatcher gave an historic address to the United Nations General Assembly in 1989 in which she declared the threat “has grown clearer than any other in both urgency and importance –…

Read more at: https://oilprice.com/Energy/Energy-General/COP29-A-Missed-Chance-for-Climate-Pragmatism.html

Egypt Seeking Long-Term LNG Deals With U.S. Companies

Egypt is currently in talks with U.S. and other foreign companies to purchase long-term volumes of liquefied natural gas (LNG) instead of relying on the more costly spot market, according to an exclusive Reuters report, as the country’s gas production continues to decline. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from sudden price increases. It is also seeking to include a flexibility clause as the government hopes it could maybe find gas sooner or doesn’t need that much gas,” an industry source has told…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Egypt-Seeking-Long-Term-LNG-Deals-With-US-Companies.html

Offshore Deepwater Drilling To Dominate Oil in 2020s

About a month ago, news emerged that Seadrill and Transocean, the offshore drilling heavyweights, were discussing a merger aimed at capitalizing on a rebound in investments in the business. Soon after, Portugal’s Galp launched its second drilling campaign offshore Namibia after a huge discovery, and Suriname is about to become the second Guyana. Offshore is back—and it’s back to stay. Earlier this month, Wood Mackenzie reported that offshore drilling was going to increase significantly in the coming years, with production from…

Read more at: https://oilprice.com/Energy/Energy-General/Offshore-Deepwater-Drilling-To-Dominate-Oil-in-2020s.html

European Power Prices Surge to a 20-Month High

As Europe is bracing for the winter, wholesale electricity prices have jumped in November to the highest level in 20 months, additionally burdening the key industries in major economies that had just started to recover from the 2022 energy crisis. Average wholesale base power prices in Germany, France, the Netherlands, Spain, and Poland have soared to their highest levels in at least 20 months so far this month, per power market data by LSEG, cited by Reuters columnist Gavin Maguire. Prices in Italy, Europe’s third-largest economy after Germany…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Power-Prices-Surge-to-a-20-Month-High.html

Oil Falls After EIA Confirms Small Crude Inventory Build

Crude oil prices dipped today after the U.S. Energy Information Administration reported an inventory build of 500,000 barrels for the week to November 15. At the time of writing, Brent crude was trading at $73.26 per barrel, with WTI at $69.50 per barrel. The change compared with a build of 2.1 million barrels for the previous week, and another one, of 4.75 million barrels, estimated by the American Petroleum Institute for the week to November 15. Both last week’s EIA report and this week’s API report saw declines in fuel inventories,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Falls-After-EIA-Confirms-Small-Crude-Inventory-Build.html

Equinor Expects Tight Winter Natural Gas Market in Europe

Europe’s natural gas market is in a precarious balance as winter begins and external factors will likely lead to a tight market at the end of 2024 and early 2025, according to Torgrim Reitan, chief financial officer at Norwegian energy major Equinor. The natural gas market and prices in Europe will be shaped in the coming months by the end of the Russia-Ukraine gas transit deal and demand for LNG in Asia, Reitan told Bloomberg TV in an interview on Wednesday. Equinor is the biggest producer of gas offshore Norway, which is now the single…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Equinor-Expects-Tight-Winter-Natural-Gas-Market-in-Europe.html

Tanker-Tracking Data Reveals Slump in Russian Crude Exports

Russian crude oil shipments dropped to a two-month low 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.  Daily crude flows in the week to Nov. 17 slumped by about…

Read more at: https://oilprice.com/Energy/Crude-Oil/Tanker-Tracking-Data-Reveals-Slump-in-Russian-Crude-Exports.html

China Tightens Rules for Solar Manufacturing to Curb Overcapacity

China is tightening the investment criteria for solar products manufacturing in a bid to rein in the overcapacity that has plagued the sector in recent months. The Chinese industry ministry on Wednesday issued final – but not binding – investment guidelines for solar PV manufacturing projects. The local industry has been calling for government intervention to curb the booming solar manufacturing. The government now wants a minimum capital ratio of 30% for solar PV projects, up from 20% previously. This ratio typically refers to the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Tightens-Rules-for-Solar-Manufacturing-to-Curb-Overcapacity.html

Auction for Bankrupt Sinochem Refineries Fails to Attract Interest

Chinese state-controlled refining and chemicals giant Sinochem may opt to keep three of its small, old, and now-bankrupt refineries, after failing to sell them at auctions, Reuters reported on Wednesday, citing sources with knowledge of the matter. The three refineries in the eastern part of China are smaller and less sophisticated than the larger newer processing plants. Two months ago, a Chinese court declared a third Sinochem refinery bankrupt, as Chinese refiners have been struggling this year with tepid fuel demand in the world’s largest…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Auction-for-Bankrupt-Sinochem-Refineries-Fails-to-Attract-Interest.html

Resource Wars: China and America Battle for Antimony as Prices Surge 200%

The single biggest threat to the U.S. military is war with China. A war that could start with Beijing blocking exports of one metal that is critical to the entire American military arsenal. That metal is antimony (Sb), and it’s one of the top-performing commodities this year. Which makes antimony miners in any Western-friendly country some of the hottest runners in the markets right now. And one company in particular has positioned itself to take advantage of supply shortages with a number of strategic acquisitions that could help reduce…

Read more at: https://oilprice.com/Energy/Energy-General/Resource-Wars-China-and-America-Battle-for-Antimony-as-Prices-Surge-200.html

Nvidia to report third-quarter earnings after the bell

In August, Nvidia said it expected about “several billion” in Blackwell sales during the January quarter.

Read more at: https://www.cnbc.com/2024/11/20/nvidia-nvda-earnings-report-q3-2025.html

Target shares plunge 20% after discounter cuts forecast, posts biggest earnings miss in two years

Target missed on earnings and revenue even as it cut prices on thousands of items, including milk, diapers and toys, to try to attract discerning shoppers.

Read more at: https://www.cnbc.com/2024/11/20/target-tgt-q3-2024-earnings.html

Comcast to spin off cable networks as subscribers flee the bundle

Comcast on Wednesday announced the spinoff of its cable networks, including CNBC, MSNBC and E!.

Read more at: https://www.cnbc.com/2024/11/19/comcast-will-announce-the-spinoff-of-cable-networks-wednesday-cnbc-source-says.html

McDonald’s preparing a 2025 ‘McValue’ offering

In its most recent quarter, McDonald’s reported earnings and revenue that topped expectations, but saw its same-store sales fall globally by 1.5%.

Read more at: https://www.cnbc.com/2024/11/20/mcdonalds-preparing-mcvalue-offering-for-2025.html

Get the most out of these tax-favored accounts in 2025

Benefits enrollment season gives workers a chance to optimize their savings and investing.

Read more at: https://www.cnbc.com/2024/11/20/get-the-most-out-of-these-tax-favored-accounts-in-2025.html

Delta expects higher profits thanks to high-end travel and ‘resilient economy’

Delta, the most profitable U.S. airline, expects to expand capacity by no more than 4% year-over-year in 2025.

Read more at: https://www.cnbc.com/2024/11/20/delta-air-lines-investor-day.html

Delta CEO says Trump administration’s approach to regulation could be ‘breath of fresh air’

Delta CEO Ed Bastian said the Trump administration could address governmental “overreach” in regulation.

Read more at: https://www.cnbc.com/2024/11/20/delta-ceo-trump-regulation.html

CNBC’s Official NHL Team Valuations 2024: Here’s how the 32 franchises stack up

The average NHL team is worth $1.92 billion, and recent transactions are commanding revenue multiples that rival deals done in the MLB.

Read more at: https://www.cnbc.com/2024/11/20/cnbc-official-nhl-team-valuations-2024.html

Social Security beneficiaries to soon receive notices revealing the size of their 2025 benefit checks

A 2.5% cost-of-living adjustment, Medicare Part B premiums and tax liabilities are key changes to watch for that affect 2025 Social Security benefits.

Read more at: https://www.cnbc.com/2024/11/20/social-security-to-send-notices-revealing-size-of-2025-benefit-checks.html

American Airlines to shame boarding line cutters with new technology

American plans to roll out the new technology to 100 airports across the country.

Read more at: https://www.cnbc.com/2024/11/20/american-airlines-boarding-line-shaming-technology.html

Utah Hockey Club is beefing up Salt Lake City’s roster as a sports hub

The NHL’s Utah Hockey Club is solidifying Salt Lake City as the next sports hub, with the help of a fast-growing economy and tech billionaire Ryan Smith.

Read more at: https://www.cnbc.com/2024/11/20/utah-hockey-club-is-beefing-up-salt-lake-citys-roster-as-a-sports-hub.html

Thanksgiving meals are expected to be cheaper in 2024 as turkey prices drop

The average Thanksgiving meal costs less in 2024 relative to last year, largely due to declining turkey prices, economists said.

Read more at: https://www.cnbc.com/2024/11/20/thanksgiving-meals-may-be-cheaper-in-2024-as-turkey-prices-drop.html

Court Dismisses California’s Lawsuit Against City’s Voter ID Law

Authored by Jill McLaughlin via The Epoch Times (emphasis ours),

California Supreme Court ruled on Nov. 15 to toss out the state’s lawsuit against Huntington Beach’s voter ID law, but they expect the state attorney general to continue fighting it.

People wait to vote at the Joslyn Park center in Santa Monica, Calif. on Nov. 5, 2024. Apu Gomes/Getty Images

“Honestly, it’s a great victory for Huntington Beach, and as I’ve said, I think it’s a black eye to the state,” City Attorney Michael Gates told The Epoch Times on Nov. 18.

The state could refile the lawsuit within 20 days, but Gates confirmed on Monday that the city is “moving forward with the voter ID program.”

The sta …

Read more at: https://www.zerohedge.com/political/court-dismisses-californias-lawsuit-against-citys-voter-id-law

The Layaway Presidency: How Alvin Bragg Would Create A New Constitutional Creature

Authored by Jonathan Turley,

Manhattan District Attorney Alvin Bragg pushed Tuesday to create a new constitutional creature: the layaway president.

It was once common for stores to hold expensive items that you really wanted but could not make the payment.

So they were tagged and kept on the shelf until you were ready to redeem your item.

For Bragg, that leaves Donald Trump tagged until 2029.

In a filing before Manhattan Justice Juan Merchan, Bragg suggested that the …

Read more at: https://www.zerohedge.com/political/layaway-presidency-how-alvin-bragg-would-create-new-constitutional-creature

Biden Asks Congress To Approve $100 Billion Supplemental For Disaster Relief

Authored by Emel Akan via The Epoch Times (emphasis ours),

WASHINGTON—The Biden administration is urging Congress to allocate $100 billion in disaster relief to assist communities across the Southeast affected by the recent hurricanes Helene and Milton.

President Joe Biden addresses the nation after presidential election results, congratulating President-elect Donald Trump at the Rose Garden of the White House in Washington on Nov. 7, 2024. Madalina Vasiliu/The Epoch Times

“With the Congress now back in session, I write to request urgently needed emergency funding to provide for an expeditious and meaningful Federal response to Hurricanes Helene and Milton and other natural disasters,” Pr …

Read more at: https://www.zerohedge.com/political/biden-asks-congress-approve-100-billion-supplemental-disaster-relief

Mike Johnson Bans Transgenders From House Bathrooms After 1st Trans Lawmaker Elected

House Speaker Mike Johnson (R-LA) is banning transgender individuals from bathrooms on the House side of the Capitol Complex regardless of their gender identity.

Trans Rep-elect Sarah McBride (D-DE)

The move comes after the election of Rep-elect Sarah McBride (D-DE), who will become the first transgender member of Congress.

“All single-sex facilities in the Capitol and House Office Buildings (like restrooms, changing rooms, and locker rooms) are reserved only for individuals of that biological sex,” Johnson said of women with johnsons, adding “Like all policies, it’s enforceable. We have single-sex facilities for a reason. Women deserve women’s only spaces.”

“We’re not anti-anyone. We’re pro-woman. I think it’s an important policy for us to continue. It’s always been, I guess …

Read more at: https://www.zerohedge.com/political/mike-johnson-bans-transgenders-house-bathrooms-after-1st-trans-lawmaker-elected

Ofwat rules out customers paying £195,000 Thames Water boss bonus

The regulator uses new powers to prevent bonuses being funded from customer bills.

Read more at: https://www.bbc.com/news/articles/cly0pjedj0zo

More tenants could be excluded from Right to Buy

The government wants to address the loss of social housing, but critics say more action is needed.

Read more at: https://www.bbc.com/news/articles/ce8ypl3rvdpo

Four things the latest inflation figures tell us

The inflation rate has risen, putting pressure on people’s finances and casting doubt on interest rate cuts.

Read more at: https://www.bbc.com/news/articles/ce8yp69n6z3o

Brokerages tweak model portfolios on lackluster Q2 earnings, list top stocks to buy

Motilal’s top large-cap picks include HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India (SBI), HCL Technologies, Larsen & Toubro (L&T), Mahindra & Mahindra (M&M), Power Grid Corporation, Titan Company, Trent, and Mankind Pharma

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/brokerages-tweak-model-portfolios-on-lackluster-q2-earnings-list-top-stocks-to-buy/articleshow/115484456.cms

UPL plans to raise up to Rs 3,378 crore via rights issue

Agrochemicals manufacturer UPL announced plans to raise up to Rs 3,378 crore through a rights issue priced at Rs 360 per share, according to its filing with stock exchanges on November 20. The funds will be raised by issuing 9.38 crore partly paid-up equity shares. The issue price represents a 34% discount to UPL’s closing price of Rs 546.85 on November 19.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/upl-plans-to-raise-up-to-rs-3378-crore-via-rights-issue/articleshow/115477819.cms

Shankar Sharma flags CLSA India note as “trap” amid market optimism

Market expert Shankar Sharma issued a cautionary note to Indian investors, criticizing a recent report from global brokerage firm CLSA that shifted its investment focus from China to India. In a post on X (formerly Twitter), Sharma labeled the report as a “trojan horse” and a “typical trap” for retail and domestic institutional investors (DIIs), warning against excessive optimism in the current market environment.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/shankar-sharma-flags-clsa-india-note-as-trap-amid-market-optimism/articleshow/115477912.cms

Bitcoin sits at record high — and it’s less volatile. How can that be? Here’s the answer.

With bitcoin touching all-time highs again, investors are more confident that the latest bull run will be more sustainable compared to previous cycles, with subdued volatility as the crypto industry matures with increased institutional adoption.

Read more at: https://www.marketwatch.com/story/bitcoin-sits-near-record-high-more-good-news-for-investors-its-now-less-volatile-bc993094?mod=mw_rss_topstories

Target CEO says ‘consumers continue to spend cautiously’ amid triple-miss earnings report

Target’s stock is set to suffer worst day in more than two years after profit, revenue, comparable sales and outlook all came in below expectations.

Read more at: https://www.marketwatch.com/story/targets-stock-plunges-toward-a-one-year-low-after-a-triple-miss-earnings-report-and-downbeat-outlook-2312eb1e?mod=mw_rss_topstories

How Taylor Swift and Beyoncé’s legions of fans could fuel another meme-stock ‘frenzy’

GameStop co-founder Gary Kusin sees parallels between Swifties and the videogame retailer’s intensely loyal fans.

Read more at: https://www.marketwatch.com/story/music-and-money-how-taylor-swift-andbeyonces-legions-of-fans-could-fuel-another-meme-frenzy-c8a8eff0?mod=mw_rss_topstories