29Nov2024 Market Close & Major Financial Headlines: Stocks End Month In Record Territory

Brazil Opens Doors to New Oil Exploration with 91 Blocks on Offer

Brazil has announced the permanent offering of 91 oil blocks across key basins, aiming to attract significant investment and bolster energy security. The Ministry of Mines and Energy revealed that the next auction cycle, slated for 2025, could bring in an estimated 2.4 billion reais ($394 million) in signing bonuses. The blocks are spread across strategic regions: 39 in Minas Gerais’ São Francisco Basin, 41 and a marginal accumulation field in the Potiguar Basin, and 11 in the coveted pre-salt area. Companies can express interest in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazil-Opens-Doors-to-New-Oil-Exploration-with-91-Blocks-on-Offer.html

Ceasefire With Hezbollah Shifts Israel’s Focus to Iran

The unexpected 60-day agreement to halt the ongoing military confrontation between Hezbollah and Israel could have significant consequences for the region, Israeli and Arab sources indicate. The US-France-brokered ceasefire between Lebanon’s extremist militia Hezbollah, supported by Iran and Russia, and Israel could bring some stability to Lebanon and the region, experts suggest. The 60-day ceasefire, if upheld by the warring parties, should lead not only to the removal of Hezbollah from the Lebanese-Israeli border region but also to the…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Ceasefire-With-Hezbollah-Shifts-Israels-Focus-to-Iran.html

Global LNG Exports Hit A Record High in Q1

Global exports of liquefied natural gas (LNG) reached a record high of 106.4 million tons in the first quarter of 2024, the Organization of Arab Petroleum Exporting Countries (OAPEC) said. In the second quarter of the year, LNG exports dropped compared to the first quarter, to 98.6 million tons, according to an analysis of the organization cited by Shafaq News. The second-quarter global LNG exports were down by 0.4% compared to the same period of last year. In the third quarter, LNG exports rebounded to 100.9 million tons, up by 2.5% compared to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-LNG-Exports-Hit-A-Record-High-in-Q1.html

The Secretive Oil Shipping Hub Funneling Iranian Crude to China

A recent report in Bloomberg has collected and analyzed five years of satellite images monitoring the South China Sea off Malaysia to detail something which should come as no surprise: Iran and China’s sanction-busting activity regarding Iranian oil exports has been going strong. The working assumption of the report is that it is Washington’s responsibility – and that of its global allies – to better monitor and enforce sanctions. Bloomberg is essentially calling on the American Empire to better enforce its stranglehold on the Islamic Republic.…

Read more at: https://oilprice.com/Energy/Energy-General/The-Secretive-Oil-Shipping-Hub-Funneling-Iranian-Crude-to-China.html

Uganda to Fund $4-Billion Oil Refinery after Ditching Efforts to Tap Markets

The government of African country Uganda plans to wholly finance a $4-billion oil refinery through equity, The EastAfrican news outlet reports. The government and its partner in the project, Alpha MBM Investments, an investment firm from the United Arab Emirates (UAE), have decided not to continue searching for finance on the international financial markets, according to Uganda’s Energy Minister Ruth Nankabirwa. The Uganda Refinery Project is a plan of the East African country to have a 60,000 barrels of oil per day refinery built at Kabaale…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Uganda-to-Fund-4-Billion-Oil-Refinery-after-Ditching-Efforts-to-Tap-Markets.html

Iran Could Go Nuclear if Sanctions Are Reimposed

Iranian Foreign Minister Abbas Araqchi says his country may change its nuclear doctrine and develop a bomb if UN sanctions are reimposed on Tehran. Speaking to reporters on November 28 in Lisbon, Portugal, Araqchi said Iran had long had the technical know-how to build a bomb but doing so “is not part of Tehran’s security strategy,” according to Iranian media. His comments come as negotiators from Iran and the E3 (Britain, France, and Germany) are scheduled to meet in Geneva to discuss a range of issues, including Iran’s nuclear program…

Read more at: https://oilprice.com/Energy/Energy-General/Iran-Could-Go-Nuclear-if-Sanctions-Are-Reimposed.html

Ukraine Claims Hit on Oil Depot in Russia

Ukraine hit on Friday an oil depot in Russia’s southern region of Rostov amid an escalation of attacks from both Russia and Ukraine in recent days. Early on November 29, Ukraine hit the Atlas oil depot in the Rostov region, the Ukrainian army’s General Staff said on their Telegram channel.  The depot, part of the Russian military-industrial complex, supplies petroleum products for the Russian army, the Ukrainian army said, adding that the depot caught fire as a result of the strike. Ukraine also destroyed a radar station in Russia…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Claims-Hit-on-Oil-Depot-in-Russia.html

Geopolitical Uncertainties Set to Support Oil Prices

The Israel-Hezbollah ceasefire takes out just one strand of the geopolitical premium in oil prices, with a lot of uncertainties remaining for 2025, including the Trump Administration’s sanctions against Iran and the Russia-Ukraine war, according to David Fyfe, chief economist at Argus. “It’s a complex picture, but you’ve essentially got several strands of geopolitical complications,” Fyfe told CNBC on Friday. The geopolitical complications are underpinning crude on the one hand, but they also bring heightened concerns…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Geopolitical-Uncertainties-Set-to-Support-Oil-Prices.html

Analysts Cut 2025 Oil Price Forecasts Again

Brent Crude oil prices are expected to average $74.53 a barrel next year, the monthly Reuters poll of dozens of analysts showed on Friday, as the experts downgraded their price outlook for the seventh consecutive month. Brent Crude prices are set to average $74.53 per barrel next year as weaker global demand growth and enough supply would offset the impact of a potential delay to the OPEC+ cuts, said 41 analysts and economists in the survey. Last month, the analysts had expected Brent Crude prices to average $76.61 per barrel in 2025. The analyst…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Analysts-Cut-2025-Oil-Price-Forecasts-Again.html

Bullish Catalysts Build in Oil Markets But Prices Remain Rangebound

It’s been a relatively calm week for oil prices despite plenty of developments on both the geopolitical and fundamental front, but prices might just begin to climb next week. Thanksgiving has disrupted a highly eventful week that saw OPEC+ ramp up its shuttle diplomacy as the oil group postponed its December 1 meeting. Despite that move, ICE Brent settlements moved in a very narrow bandwidth of less than $1 per barrel all week, between $72 and $73 per barrel. As the Russia-Ukraine war intensifies and Iran comes to the forefront of Trump’s…

Read more at: https://oilprice.com/Energy/Energy-General/Bullish-Catalysts-Build-in-Oil-Markets-But-Prices-Remain-Rangebound.html

Repsol to Sell Upstream Assets in Colombia for $530 Million

Spain’s Repsol has reached a deal to sell producing oil and gas assets in Colombia to Latin American producer GeoPark for $530 million, as part of the overhaul of the portfolio of the Spanish energy major. Repsol will sell to GeoPark 100% in its unit Repsol Colombia Oil & Gas Limited, which is a minority partner of Colombia’s state firm Ecopetrol in the CPO-9 block, the Spanish firm said in a stock exchange filing on Friday. Ecopetrol holds 55% of the block and is its operator, while Repsol owns the remaining 45%. The sale of upstream…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Repsol-to-Sell-Upstream-Assets-in-Colombia-for-530-Million.html

Russia’s Gas Supply to Europe Remains Stable Before Ukraine Transit Deal Ends

Russia continues to send stable volumes of natural gas supply to Europe via Ukraine, a month before the deal for transiting the gas via Ukrainian territory expires on December 31. Gazprom is sending 42.4 million cubic meters (mcm) of gas to Europe via Ukraine today, according to the Russian gas giant quoted by Reuters. These are the same volumes as Gazprom sent yesterday, and roughly the same as it has sent to Europe since it cut off supply to Austria’s OMV in the middle of November. Russian gas supplies via Ukraine have not changed since…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Gas-Supply-to-Europe-Remains-Stable-Before-Ukraine-Transit-Deal-Ends.html

Venture Global to Launch New LNG Plant Within Days

Venture Global, the controversial LNG producer, is set to start production at its new facility within days, the Financial Times has reported, citing unnamed sources familiar with the situation. The launch of the Plaquemines LNG plant in Louisiana comes ahead of Venture Global’s listing, which is expected to be among the largest energy IPOs ever. Venture Global acquired some notoriety over the past two years after Big Oil majors including BP and Shell accused it of withholding LNG volumes contracted under long-term deals in order to sell them…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Venture-Global-to-Launch-New-LNG-Plant-Within-Days.html

Trudeau Government Frets Over Trump Oil Tariffs

The federal government of Canada has signaled it worries about the possibility of the next U.S. administration imposing a 25% tariff on all Canadian exports south, Reuters has reported. “We have some work to do to make sure we are effectively articulating the way in which tariffs would be counterproductive, and that’s not just true of oil,” natural resources minister Jonathan Wilkinson said, as quoted by the publication. He added that “There’s a lot of time and effort that will need to go into ensuring that we’re having the appropriate…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trudeau-Government-Frets-Over-Trump-Oil-Tariffs.html

Oil Prices Set for Weekly Loss as Demand Concerns Offset Geopolitics

Crude oil prices were set for a weekly loss today despite a flare-up in the Middle East and the virtual certainty OPEC+ would not be bringing any barrels back anytime soon. Brent crude was trading at $73.38 per barrel at the time of writing, and West Texas Intermediate was changing hands for $69.15, both up from Thursday but down on the start of the week as the U.S. brokered a ceasefire between Israel and Lebanon’s Hezbollah. The ceasefire is already fraying at the edges, with Israel bombing Lebanese targets hours after its announcements…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Set-for-Weekly-Loss-as-Demand-Concerns-Offset-Geopolitics.html

Trump voters could fuel holiday spending, while Harris supporters may pull back

President-elect Donald Trump’s supporters feel better about the economy’s prospects now that he’s in office, which means they’ll likely spend more this holiday.

Read more at: https://www.cnbc.com/2024/11/29/how-the-2024-election-will-impact-black-friday-holiday-spending.html

Dow jumps nearly 200 points to record in short session, S&P 500 posts best month of 2024: Live updates

The three major indexes finished November notably higher.

Read more at: https://www.cnbc.com/2024/11/29/stock-market-today-live-updates.html

Bitcoin heads for nearly 40% November gain as it edges closer to $100,000

Bitcoin is tracking for its best month since February after Trump’s reelection catapulted the flagship cryptocurrency to new records in November.

Read more at: https://www.cnbc.com/2024/11/29/bitcoin-heads-for-nearly-40percent-november-gain-as-it-edges-closer-toward-100000.html

New stock exchange aiming to offer 23-hour trading set to launch in 2025

The arrival of the 24X National Exchange is part of a broader push toward a wider window of time for stock trading.

Read more at: https://www.cnbc.com/2024/11/29/new-stock-exchange-aiming-to-offer-23-hour-trading-set-to-launch-in-2025.html

Swiss wealth manager Lombard Odier indicted on money laundering charges

Lombard Odier — one of Switzerland’s oldest private banks — has been indicted by Swiss prosecutors on charges of aggravated money laundering.

Read more at: https://www.cnbc.com/2024/11/29/swiss-wealth-manager-lombard-odier-indicted-for-money-laundering.html

The S&P 500 typically closes out December with gains when it’s up 20%-plus through November

“One adage that has consistently tested well is, momentum leads price,” Ned Davis Research chief U.S. strategist Ed Clissold said.

Read more at: https://www.cnbc.com/2024/11/29/sp-500-usually-gains-in-december-when-its-risen-20percent-plus-year-to-date.html

Student loan borrowers may face higher payments under Trump

Consumer advocates are worried about the fate of the U.S. Department of Education’s SAVE repayment plan in a second Trump administration.

Read more at: https://www.cnbc.com/2024/11/29/student-loan-borrowers-may-face-higher-payments-under-trump.html

10-year Treasury yield slides to lowest point since October on holiday-shortened trading day

Treasury yields were lower Friday as markets prepared to reopen after the Thanksgiving break.

Read more at: https://www.cnbc.com/2024/11/29/10-year-treasury-yield-slips-on-holiday-shortened-trading-day.html

Canadian news companies challenge OpenAI over alleged copyright breaches

Five Canadian news media companies filed a legal action against ChatGPT owner OpenAI, accusing it of regularly breaching copyright and online terms of use.

Read more at: https://www.cnbc.com/2024/11/29/major-canadian-news-media-companies-launch-legal-action-against-openai.html

‘Moana 2’-led Thanksgiving box office could be best in post-pandemic era

The trifecta of “Moana 2,” “Wicked” and “Gladiator II” could make this year’s Thanksgiving box office the best in years.

Read more at: https://www.cnbc.com/2024/11/27/moana-2-thanksgiving-box-office-projections.html

You’re ‘wired’ to overspend during the holidays, expert says — here’s what to do about it

Consumers are hardwired to think more of short-term gratification than long-term goals.

Read more at: https://www.cnbc.com/2024/11/29/why-consumers-overspend-during-the-holidays-and-what-to-do-about-it-.html

Applying this ‘$1 rule’ is the secret to guilt-free shopping, expert says. Here’s how it works

By measuring purchases by how much you will use them, you can make sure you get the most bang for your buck.

Read more at: https://www.cnbc.com/2024/11/29/applying-this-rule-is-the-secret-to-guilt-free-shopping-expert-says.html

Shares of key chip suppliers jump as U.S. reportedly considers toned-down China curbs

ASML and Tokyo Electron shares rose after a report that the U.S. is considering sanctions on China’s chip industry that stop short of earlier proposals.

Read more at: https://www.cnbc.com/2024/11/28/shares-of-chip-suppliers-jump-as-us-considers-toned-down-china-curbs.html

Trump Nominees Targeted With Bomb Threats As Radical Groups Plan Massive Protests For Inauguration Day

Authored by Michael Snyder via The Economic Collapse blog,

You didn’t think that the radicals would just give up and go home after Donald Trump won the election, did you?  It took a little bit of time for the shock of Trump’s election victory to wear off, but now it appears that they are ready to cause widespread chaos.

On Wednesday, it was being reported that multiple individuals that have been nominated for positions in Trump’s cabinet have been “targeted with violent threats”…

Multiple of President-elect Donald Trump’s Cabinet nominees were targeted with violent threats in recent hours and …

Read more at: https://www.zerohedge.com/political/trump-nominees-targeted-bomb-threats-radical-groups-plan-massive-protests-inauguration

Putin Says Trump ‘Not Safe’ After Assassination Attempts, Slams Mudslinging Against His Family

Russian President Vladimir Putin while at the Collective Security Treaty Organisation (CSTO) summit in Astana, Kazakhstan spoke to reporters and made mention of US President-elect Donald Trump on Thursday.

He said that he doesn’t believe Trump is safe after no less than two attempts on his life. Putin described “the absolutely uncivilized methods used to battle against Trump, up to and including an assassination attempt – and more than once.”

Via Brookings InstitutionThat’s when Putin emphasized, “By the way, in my opinion, he is not safe now.”

“Unfortunately, in the history of the United States various incidents have happened. I think he (Trump) is intelligent and I hope he’s cautious and understands this,” the Russian leader …

Read more at: https://www.zerohedge.com/geopolitical/putin-says-trump-not-safe-after-assassination-attempts-slams-mudslinging-against-his

“This Week, The Second Trump Trade War Started”

By Philip Marey, Rabobank Senior US Equity Strategist

Tortilla wrap with baconThis week, the second Trump trade war started. On Monday, there was some market relief after Trump’s announcement on Friday that he would nominate Scott Bessent as Treasury Secretary. However, that changed on Tuesday after Trump made his tariff threats to Canada, Mexico and China.

Mexican President Claudia Sheinbaum did not take long to make her own threat of retaliatory tariffs against the US. On Tuesday she said “if there’s a tariff, another one will come in response.” However, on Wednesday, Sheinbaum and Trump had a telephone conversation that she called “excellent” and he “very productive.” Sheinbaum had assured Trump that migrant caravans are no longer reaching the US-Mexican border and she also said that they had discussed increased security cooperation. US-Mexican security relationships had soured after the US had lured a Mexican drug lord out of the country into US custody, without informing Mexican authorities. This led to a split in the Sinaloa cartel and an internal battle of several months that has left more than 400 people dead.

In contrast, Canadian Prime Minister Justin Trudeau avoided confrontation and on Tuesday he said he had held a “good” conversation with Trump on Monday night shortly after the Truth Social post and that “we talked about some of the challenges that we can work on together.” On Wednesday, Trudeau met virtually with the provincial premiers to discuss a “Team Canada” approach to Trump’s tariff threat and to stress the impor …

Read more at: https://www.zerohedge.com/markets/week-second-trump-trade-war-started

Smith & Wesson Deplatformed From Facebook As Musk Welcomes Gun Industry To X

In an X post, the US firearms manufacturer Smith & Wesson described how it was “suspended indefinitely” from Facebook over the social media platform’s “ever-changing community guidelines on firearms.”

“Despite our extensive efforts and resources spent on trying to adhere to Facebook’s ever-changing community guidelines on firearms, our account was suspended indefinitely on Friday, November 22nd, 15 years after its original creation,” Smith & Wesson wrote days ago.

Smith & Wesson thanked Elon Musk and X for upholding “free speech and the right to bear arms” in an era of constant attack by the Biden-Harris regime and their anti-gunner billionaire friends who fund a network of radicalized non-profits with one goal: undermine the Second Amendment.

“In an era where free speech and the right to bear arms are under constant attack, we want to thank @elonmusk and @X for supporting free speech and our constitutional rights guaranteed by the 1st and 2nd Amendments,” the gun company wrote on X.

They added: “While we work to reinstate our account, we encourage our 1.6 million Facebook followers and fans to seek out platforms that represent these shared values.”

Despite our extensive efforts and resources spent on trying to adhere to Facebook’s ever-changing community guidelines on firearms, our account was suspended indefinitely on Friday, November 22nd, 15 years after its original creation.

In an era where free speech and the right to… pic.twitter.com/cJkI …

Read more at: https://www.zerohedge.com/political/smith-wesson-deplatformed-facebook-musk-welcomes-gun-industry-x

Millions to see mortgage costs rise, says Bank

About 4.4 million UK households could see their repayments increase by 2027.

Read more at: https://www.bbc.com/news/articles/cn8g3n9y5x0o

Uniqlo faces China backlash over cotton comments

Commentators call for a boycott of the chain in China after it told the BBC it does not use Xinjiang cotton.

Read more at: https://www.bbc.com/news/articles/ckgld4y4l12o

Black Friday: How to spot a deal and not get ripped off

Experts tell us how to work out if a deal is a genuine bargain or could leave you out of pocket.

Read more at: https://www.bbc.com/news/articles/cvg70jr949po

Tech View: Nifty reclaims 21 DEMA, forms green candle. What should traders do on Monday?

Indian markets closed higher on Friday, led by pharma and auto stocks. The Nifty ended at 24,131, with a range-bound movement between 23,900-24,400. The 50-DMA and 89-DMA are acting as resistance, while 23,900-24,000 is the support level.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-reclaims-21-dema-forms-green-candle-what-should-traders-do-on-monday/articleshow/115810899.cms

Nisus Finance Services IPO to open on Dec 4; eyes Rs 114 crore

Nisus Finance Services Co Ltd on Friday said it aims to raise over Rs 114 crore through its initial public offering (IPO) which will open for subscription on December 4. The issue, with a price band of Rs 170 to Rs 180 per share, will conclude on December 6. The anchor book bidding will open for a day on December 3.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/nisus-finance-services-ipo-to-open-on-dec-4-eyes-rs-114-crore/articleshow/115811997.cms

Gold prices bounce back by Rs 700 to Rs 79,400 per 10 gm; silver climbs Rs 1,300

Gold prices rose by Rs 700 to Rs 79,400 per 10 grams in the national capital on Friday due to fresh buying by local jewellers and a firm overseas trend, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity closed at Rs 78,700 per 10 grams on Thursday.

Read more at: https://economictimes.indiatimes.com/markets/commodities/gold-prices-bounce-back-by-rs-700-to-rs-79400-per-10-gm-silver-climbs-rs-1300/articleshow/115812067.cms

The Dow traded above 45,000 for the first time. It may be time to rethink what makes a milestone.

The Dow flirted with another 1,000-point threshold Friday, but such milestones are growing ever less impressive.

Read more at: https://www.marketwatch.com/story/the-dow-trades-above-45-000-for-the-first-time-it-may-be-time-to-rethink-what-makes-a-milestone-10fcbec1?mod=mw_rss_topstories

I want to move $90,000 around before taking my RMD in two years. What should I do with it?

Consider tax-smart and charitable options

Read more at: https://www.marketwatch.com/story/i-want-to-move-90-000-around-before-taking-my-rmd-in-two-years-what-should-i-do-with-it-1a3e418e?mod=mw_rss_topstories

Here’s your investing guide to retail stocks after Black Friday and Cyber Monday

If retail stocks decline over the two trading days after Thanksgiving, it could be time to buy them.

Read more at: https://www.marketwatch.com/story/heres-your-investing-guide-to-retail-stocks-after-black-friday-and-cyber-monday-233ce287?mod=mw_rss_topstories