13 DEC 2024 Market Close & Major Financial Headlines: The Dow Records Its 7th Session Closing In The Red, While The Small Cap Flourish, Closing Fractionally Higher

Costly Cruise Venture Forces GM to Retreat from Robotaxi Race

General Motors is winding down its Cruise robotaxi division, according to a new report from Bloomberg.  GM’s exit from the market leaves Google’s Waymo and Tesla as the two main names in autonomous driving. The division “proved costly and full of reputational pitfalls” for General Motors, the report said. GM and Cruise will merge technical teams to focus on autonomous tech for future GM vehicles, halting robotaxi development due to high costs and stiff competition, the company announced Tuesday. This marks a significant shift after Cruise…

Read more at: https://oilprice.com/Energy/Energy-General/Costly-Cruise-Venture-Forces-GM-to-Retreat-from-Robotaxi-Race.html

CNPC: China Reaches Refined Oil Demand Peak

China, the world’s heavyweight oil consumer, has officially hit its peak. According to CNPC’s Economics & Technology Research Institute, the country’s refined oil consumption maxed out in 2023 at 399 million metric tons (roughly 8 million barrels per day) and is set to decline by 1.3% in 2024. For an economy that’s been a relentless driver of global oil demand for decades, this news is striking. As for the reasons behind the shift, they can be chalked up in part to electric vehicles, which are taking over Chinese roads.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/CNPC-China-Reaches-Refined-Oil-Demand-Peak.html

U.S. Drillers Hold The Line

The total number of active drilling rigs for oil and gas in the United States stayed the same this week, according to new data that Baker Hughes published on Friday, after rising in the week prior. The total rig count remained flat at 589 total rigs, according to Baker Hughes, down 34 from this same time last year. The number of oil rigs stayed the same at 482—down by 19 compared to this time last year. The number of gas rigs rose by one rig, landing at 103, a loss of 16 active gas rigs from this time last year. Miscellaneous rigs fell by…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drillers-Hold-The-Line.html

Hungary and Bulgaria Try to Keep Russian Gas Flowing

Hungary and Bulgaria are in a bind. With U.S. sanctions hitting Gazprombank—the go-to middleman for Russian gas payments—the two are scrambling to figure out how to keep the gas moving without breaking the rules. Hungarian Foreign Minister Peter Szijjarto claims they have cracked the code with a “legal-financial solution.” Meanwhile, Bulgaria is keeping its cards close to the vest, simply saying they’ve discussed an “option” that could work for everyone. For Hungary, Russian gas is a lifeline they’re…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hungary-and-Bulgaria-Try-to-Keep-Russian-Gas-Flowing.html

Top 5 Best-Performing Energy Stocks This Year

The energy sector has endured yet another lackluster year, with the S&P 500 Energy Sector having returned 7.1% in the year-to-date, the fourth lowest among the 11 market sectors in the S&P 500. Both Oil & Gas as well as renewable energy stocks have underperformed, with the Energy Select Sector SPDR Fund (NYSEARCA:XLE), the famous oil and gas benchmark, having gained 7.3% YTD compared to -22.6% return by the iShares Global Clean Energy ETF (NASDAQ:ICLN) and 27.6% by the S&P 500. Unfortunately, both fossil fuel and clean energy sectors…

Read more at: https://oilprice.com/Energy/Energy-General/Top-5-Best-Performing-Energy-Stocks-This-Year.html

Profits at Commodity Trader Trafigura Tumble Amid Mongolia Fraud

Trafigura saw its net profit for the financial year 2023/2024 ended on September 30 plunge by 62% as the commodity trading giant recorded a loss of $1.1 billion related to serious misconduct by individuals in its Mongolian oil business. Trafigura booked a net profit of $2.8 billion for FY2024, down from a $7.3 billion profit in FY2023 and $6.8 billion for FY 2022, the oil and metals trading house said on Friday. The underlying performance was strong, with strong contributions from all three core businesses – Oil and Petroleum Products; Metals,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Profits-at-Commodity-Trader-Trafigura-Tumble-Amid-Mongolia-Fraud.html

Russia Increases Cyber-attacks on Critical infrastructure, U.S. and Romania Hit

Even though Russia’s grand military plans are increasingly failing, as seen in Syria and the developments in Ukraine, leaving Putin’s grand strategy in disarray, Western critical infrastructure is currently under an onslaught of Russian hackers. A major report by Cyble Research, dated December 6, indicated that Russian hackers are intensifying their attacks on critical infrastructure, evolving from Distributed-Denial-of-Service (DDoS) attacks and website defacement to tampering with operational technology (OT) controls on critical systems.…

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Increases-Cyber-attacks-on-Critical-infrastructure-US-and-Romania-Hit.html

Moldova in State of Emergency Expecting Halt to Russian Gas Supply

Moldova on Friday declared a nationwide state of emergency for 60 days, expecting Russian pipeline gas supply to cease from January 1, 2025. The Parliament of the country, which currently receives Russian gas via Ukraine, approved overnight a proposal from Prime Minister Dorin Recean to declare a state of emergency, which begins on December 16. Moldova has been trying to fend off Russian influence in the breakaway Transdniestria region, a narrow strip of land between the Dniester River and the Ukrainian border, which isn’t recognized by the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Moldova-in-State-of-Emergency-Expecting-Halt-to-Russian-Gas-Supply.html

Oil Prices Rise Alongside Geopolitical Risk

Oil prices are climbing once again as geopolitical risk rises and the threat of new U.S. sanctions on Russia’s shadow fleet threatens supply.Oil prices have finally outgrown the pains of the OPEC+ meeting, with the potential threat of sanctions now front and center this week. New G7 sanctions on Russia’s shadow fleet, Chinese concerns about buying Iranian crude with Trump coming into office, and looming nuclear sanctions on Tehran have added some geopolitical risk premium to oil, lifting Brent back to $74 per barrel, posting the first weekly…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Rise-Alongside-Geopolitical-Risk.html

Syria at Risk of Fuel Shortages

End of Assad Regime Raises Risks of Syrian Fuel Shortages – The fall of the Assad regime in Syria after Bashar al-Assad fled the country and ended his 24-year tenure as president might engender a widespread fuel shortage across the Middle Eastern country.   – The Syrian port of Baniyas was dependent on Iranian fuel supplies and the approximately 60,000 b/d of oil that Tehran was sending to Syria kept the country’s two existing refineries operational. – As representatives of Hayat Tahrir al-Sham rose to prominence in Syria, Iranian crude…

Read more at: https://oilprice.com/Energy/Energy-General/Syria-at-Risk-of-Fuel-Shortages.html

China Stockpiling Offers Short-Term Reprieve for Oil

Light crude oil futures climbed 4.52% this week as of Thursday, reflecting a mix of supportive and limiting factors that shaped market activity. Key drivers included Chinese economic policy changes, Middle Eastern unrest, U.S. inventory levels, and global supply forecasts. China’s Economic Policies Stoke Demand Optimism China’s announcement of a “moderately loose” monetary policy boosted expectations for higher crude demand. This marked the country’s first easing of monetary policy in over a decade, aimed at addressing weak economic…

Read more at: https://oilprice.com/Energy/Energy-General/China-Stockpiling-Offers-Short-Term-Reprieve-for-Oil.html

The Deadlock Over Kurdish Oil Exports Continues

Politics, Geopolitics & Conflict The Iraqi parliament has delayed a decision on Kurdish crude oil exports until January, prolonging a year-long suspension of deliveries amid disputes over authority and compensation. The deadlock stems from disagreements over the costs of oil production and transport in Kurdistan, prompting Kurdish parliamentarians to withdraw from discussions. An ICC ruling in March 2023 in favor of Iraq barred Turkey from authorizing Kurdish exports via the Iraq-Turkey pipeline without Baghdad’s approval, further complicating…

Read more at: https://oilprice.com/Energy/Energy-General/The-Deadlock-Over-Kurdish-Oil-Exports-Continues.html

Uncertainty in Syria Following the Fall of Assad

After a 54-year rule, the Assad regime was toppled last weekend by a rebel advance that managed to overthrow the regime without much of a fight, largely because Assad’s forces deserted as the rebels advanced, while allies Russia, Iran, and Iranian proxy Hezbollah failed to come to Assad’s rescue (in Syria, at least). Israel followed up in a clean sweep operation, conducting nearly 500 airstrikes in 48 hours, taking out strategic Syrian military targets to avoid them falling into the hands of whatever new leadership emerges from the…

Read more at: https://oilprice.com/Energy/Energy-General/Uncertainty-in-Syria-Following-the-Fall-of-Assad.html

Kosmos Energy in Early Talks to Buy Tullow Oil in All-Share Deal

U.S.-based Kosmos Energy said it is in early preliminary discussions to potentially buy Tullow Oil in an all-share transaction that could create an oil producer focused on Africa. “There can be no certainty that any offer will be made, nor as to the terms on which any offer might be made,” Kosmos Energy said, confirming an earlier statement from Tullow Oil that it had been approached for talks by Kosmos. The U.S.-based oil and gas company reserves the right to vary the form and/or mix of the offer consideration and vary the transaction…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Kosmos-Energy-in-Early-Talks-to-Buy-Tullow-Oil-in-All-Share-Deal.html

New Owner of Exxon’s Nigerian Onshore Assets to Boost Output

Nigerian firm Seplat Energy plans to revive output from hundreds of currently idle oil wells after completing the purchase of ExxonMobil’s onshore operations in the biggest African oil producer, senior Seplat executives told Bloomberg. After two years of regulatory checks and reviews, Nigerian authorities finally approved in October the $1.3-billion sale of Exxon’s onshore assets to Seplat. The Nigerian company, which is listed in Lagos and London, said on Thursday that had completed its acquisition of Mobil Producing Nigeria Unlimited…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-Owner-of-Exxons-Nigerian-Onshore-Assets-to-Boost-Output.html

OpenAI emails show Elon Musk wanted for-profit structure in 2017

OpenAI on Friday posted screenshots showing that Elon Musk, one of its co-founders, pushed for the company to have a for-profit structure as far back as 2017.

Read more at: https://www.cnbc.com/2024/12/13/openai-says-elon-musk-wanted-it-to-be-for-profit-in-2017.html

Apple and Google instructed by House committee to prepare to dump TikTok next month

House members are telling Apple and Google to be prepared to comply with a law that could result in TikTok facing an effective ban in the U.S.

Read more at: https://www.cnbc.com/2024/12/13/apple-google-instructed-by-house-committee-to-prepare-to-dump-tiktok.html

UnitedHealth Group CEO addresses Brian Thompson death, says health-care system is ‘flawed’

In a New York Times opinion piece, Witty made his first public comments since last week’s fatal shooting of Thompson.

Read more at: https://www.cnbc.com/2024/12/13/unitedhealth-group-ceo-andrew-witty-addresses-brian-thompson-death.html

Elon Musk reveals SEC sent him ‘settlement demand’ after Twitter buyout probe

The U.S. Securities and Exchange Commission has issued a “settlement demand” to Elon Musk, the tech billionaire revealed in a social media post on Thursday.

Read more at: https://www.cnbc.com/2024/12/13/elon-musk-says-sec-sent-settlement-demand-after-twitter-deal-probe.html

Fed to cut rates next week, but signal some cautiousness about slashing more next year, says Morgan Stanley

The central bank is likely to show “more caution” on rate cuts after next week’s gathering, Morgan Stanley’s chief economist said.

Read more at: https://www.cnbc.com/2024/12/13/fed-to-cut-rates-next-week-but-signal-caution-about-2025-says-morgan-stanley.html

Pro-crypto Congressman French Hill tapped for Financial Services Committee chair: 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, Mathew McDermott of Goldman Sachs discusses the bank’s spinoff of its digital assets platform, and crypto trends he’s watching in 2025.

Read more at: https://www.cnbc.com/video/2024/12/13/pro-crypto-congressman-french-hill-financial-services-committee-chair-crypto-world.html

Former House Speaker Nancy Pelosi hospitalized after injury in Luxembourg

Former House Speaker Nancy Pelosi was hospitalized after sustaining an injury while traveling with a congressional delegation in Luxembourg.

Read more at: https://www.cnbc.com/2024/12/13/nancy-pelosi-hospitalized-after-injury-in-luxembourg.html

Supreme Court to consider industry bid to challenge California power to set vehicle emissions

The underlying dispute is over whether the Environmental Protection Agency has the power to let California set its own standards, which are often stricter than those set nationwide.

Read more at: https://www.cnbc.com/2024/12/13/supreme-court-to-consider-industry-bid-to-challenge-california-power-to-set-vehicle-emissions.html

Broadcom stock closes up 24%, pushing company past $1 trillion market cap for the first time

Shares of Broadcom popped more than 24% Friday, pushing the company’s market cap beyond $1 trillion for the first time.

Read more at: https://www.cnbc.com/2024/12/13/broadcom-stock-jumps-21percent-pushing-company-past-1-trillion-market-cap-for-the-first-time.html

‘If Ukraine fails, war will come to the streets of European cities,’ former foreign minister says

Ukraine “cannot sit on its hands” while Russia continues to escalate, Kuleba told CNBC.

Read more at: https://www.cnbc.com/2024/12/13/if-ukraine-fails-against-russia-war-will-come-to-europe-dmytro-kuleba.html

From Chili’s to burger chains, here are the restaurant industry winners and losers in 2024

Chili’s, Taco Bell and the casual-dining segment were some of the big winners in the restaurant industry this year.

Read more at: https://www.cnbc.com/2024/12/13/restaurant-winners-and-losers-include-mcdonalds-chilis-taco-bell.html

CEO of $210 billion chipmaker holds meetings on weekends, expects work after midnight: ‘People are really motivated by ambitious goals’

Hard work breeds success and creates good leaders, says AMD CEO Lisa Su — who reportedly asks some employees to do work tasks on weekends and after midnight.

Read more at: https://www.cnbc.com/2024/12/13/amd-ceo-lisa-su-holds-meetings-on-weekends-expects-work-after-midnight.html

Where to find solid income as interest rates cool in 2025

Even as the Federal Reserve lowers interest rates, yield opportunities abound.

Read more at: https://www.cnbc.com/2024/12/13/where-to-find-solid-income-as-interest-rates-cool-in-2025.html

Bill Ackman Is Crushing Robin Hood Foundation’s Stock Picking Contest…By Shorting Carl Icahn

Bill Ackman is crushing the competition in the Robin Hood Foundation’s Pick-A-Ticker contest, where prominent figures in finance and donors to the organization have picked one long and one short to track from October 28, 2024 to April 30, 2025.

And he’s doing it by shorting his arch nemesis, Carl Icahn.

Ackman, whose picks have returned 112.5% in less than 2 months, is beating out names like Stan Drunkenmiller, David Einhorn Mike Novogratz, Carson Block and many other well known investors.

And he’s doing it with some old familiar favorites – he’s long Fannie Mae, which he has long been a fan of, and disclosed on X on Friday that his short was the empire of his arch nemisis, Carl Icahn, Icahn Enterprises, which is down about 20% over the last month alone.

Ackman and Icahn’s feud dates back more than a decade now,

Read more at: https://www.zerohedge.com/markets/bill-ackman-crushing-robin-hood-foundations-stock-picking-contestby-shorting-carl-icahn

Sotomayor Shutdown: The UK Upholds Ban On Puberty-Blocking Drugs For Minors

Authored by Jonathan Turley,

In the aftermath of the contentious Supreme Court arguments in United States v. Skrmetti over state bans on puberty blockers and gender-altering surgeries, the United Kingdom reaffirmed that it finds the risks far outweigh the benefits of such treatments for minors under the currently available scientific evidence.

The move by the leftist Labour Party stands in sharp contrast with the portrayal of the Biden Administration and the treatment of the subject by the liberal justices.

Justice Sonia Sotomayor was widely criticized for analogizing puberty-blocking drugs to taking aspirin.

Read more at: https://www.zerohedge.com/medical/sotomayor-shutdown-uk-upholds-ban-puberty-blocking-drugs-minors

Texas Lawmaker Proposes Bill To Establish Strategic Bitcoin Reserve

Authored by Turner Wright via CoinTelegraph.com,

A lawmaker in the Texas House of Representatives has drafted legislation to create a Bitcoin reserve as part of the state’s treasury.

In a bill tentatively named the “Texas Strategic Bitcoin Reserve Act” filed with the state government on Dec. 12, Representative Giovanni Capriglione proposed the comptroller hold Bitcoin as a reserve asset for “at least five years.”

The legislation suggested that Texas residents or “governmental entities” could voluntarily donate their BTC to the reserve, but, in contrast to proposals about national Bitcoin reserves, did not mention any crypto potentially seized by authorities.

Read more at: https://www.zerohedge.com/political/texas-lawmaker-proposes-bill-establish-strategic-bitcoin-reserve

Bill Ackman: Here’s Why I’m ‘Very Bullish On America’

Bill Ackman, CEO of Pershing Square Capital Management, appeared Thursday morning on Squawk on the Street to talk about President-elect Donald Trump’s high-profile visit to the New York Stock Exchange and his economic agenda, saying that the United States was set to usher in the most pro-growth, pro-business administration in his adult life.

.@BillAckman on @CNBC: America is stepping into the most pro-growth, pro-business administration in my adult lifetime pic.twitter.com/8CTxs5Vly6

— CAPITAL (@capitalnewshq) December 12, 2024

CARL QUINTANILLA: What do you make of today?

BILL ACKMAN: It is a great day. The president is in great spirits and we are stepping into the most progrowth, pro-business, pro-American administration that I have seen in my adult lifetime, certainly.

CARL QUINTANILLA: The President mentioned the word incentive. Upstairs, downstairs. How would you characterize corporate America’s appetite for responding to those?

BILL ACKMAN: We just had a nice little ceremony. The CEOs, a broad array of big American companies. I would say everyone is incredibly enthusiastic. Really about a new ad …

Read more at: https://www.zerohedge.com/economics/bill-ackman-heres-why-im-very-bullish-america

UK economy shrinks unexpectedly for second month in a row

The economy had been expected to return to growth but it contracted by 0.1%.

Read more at: https://www.bbc.com/news/articles/cq5lw84w1yeo

Royal Mail fined £10.5m for missing delivery targets

It is the second year in a row the company has been fined by the regulator for poor delivery performance.

Read more at: https://www.bbc.com/news/articles/cp8nkj2k237o

Avanti West Coast strike at Christmas called off

Train managers will vote on a revised offer from the company in a dispute over working arrangements.

Read more at: https://www.bbc.com/news/articles/cn9g10x4w3po

Tech View: Nifty forms long bull candle, eyes 25,200 level next week; how to trade on Monday

Friday’s market action signals a strong bullish comeback, with an upside target of 25,200 expected next week and immediate support at 24,650, according to Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-long-bull-candle-eyes-25200-level-next-week-how-to-trade-on-monday/articleshow/116292046.cms

Stocks to buy today: Mirae Asset Sharekhan sees up to 40% upside in Bajaj Finserv

Investec maintains a “Buy” on Medplus Health Services, targeting Rs 940, citing growth plans and strong generics adoption. Mirae Asset Sharekhan upgrades Bajaj Finserv with a target of Rs 2,350, focusing on AI, profitable growth, and structural market opportunities. Hem Securities also recommends a “Buy” on Parag Milk, targeting Rs 255, driven by strong earnings, distribution, and value-added products.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/stocks-to-buy-today-mirae-asset-sharekhan-sees-up-to-40-upside-in-bajaj-finserv/articleshow/116279987.cms

Stocks to buy today: Ultratech, DMart and Bajaj Auto on investors’ radar

Indian equity indices closed lower on Thursday as investors awaited inflation data. UltraTech Cement, Bajaj Auto, and DMart experienced declines. Analysts suggest cautious approaches for these stocks, recommending waiting for confirmed breakouts or reversals before investing.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/stocks-to-buy-today-ultratech-dmart-and-bajaj-auto-on-investors-radar/articleshow/116271021.cms

Treasury yields end at 2- to 3-week highs as Fed struggles with last mile of inflation fight

Yields on U.S. government debt finished higher for a fifth straight session on Friday, as traders grappled with data this week that showed the Federal Reserve is struggling with the final stretch of its inflation fight.

Read more at: https://www.marketwatch.com/story/bond-yields-edge-higher-as-fed-struggles-with-last-mile-of-inflation-fight-c253cbd1?mod=mw_rss_topstories

Oil scores biggest weekly gain in 3 weeks as China’s stimulus boosts demand view

Oil futures settled higher on Friday as China’s recent economic stimulus measures helped brighten crude’s demand outlook and as talk of additional sanctions on key producers tightened prospects for supplies.

Read more at: https://www.marketwatch.com/story/oil-prices-head-for-first-weekly-gain-in-three-on-sanctions-worries-29f34c43?mod=mw_rss_topstories

U.S. value stocks are tallying their longest losing streak on record. Why they could see a comeback in 2025.

Value stocks had a solid run after President-elect Donald Trump’s presidential victory. But something has shifted since the start of December.

Read more at: https://www.marketwatch.com/story/u-s-value-stocks-are-tallying-their-longest-losing-streak-on-record-why-they-could-see-a-comeback-in-2025-4e1edae6?mod=mw_rss_topstories