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☆ Here are Friday's biggest analyst calls: Nvidia, Tesla, Hasbro, Sunrun, Amazon, Costco, Spotify, Pinterest, Apple & more
  + stars: | 2024-06-14 | by ( Michael Bloom | ) www.cnbc.com   time to read: +7 min
Piper Sandler reiterates Pinterest as a top pick Piper said it's sticking with its overweight rating on the stock. JPMorgan reiterates Amazon as overweight JPMorgan said the e-commerce giant remains a top pick at the firm. The firm also says it's sticking with its outperform rating on Apple. "We are reiterating our Buy rating and raising our price target on shares of Costco from $890 to $940." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla .
Persons: Bernstein, it's, D.A, Davidson, KBW, Tesla, underperform Bernstein, Musk, Piper Sandler, Pinterest, Piper, Evercore, Morgan Stanley, Sunrun, Guggenheim, Macquarie, Roblox, TD Cowen, Cowen, Michael Colglazier, Morgan Stanley downgrades Twilio, JPMorgan, GenAI, Wolfe, Elon Organizations: Bank of America, Elon, Spotify, UBS, TPC, Galactic, America, JPMorgan, Adobe, " Bank of America, Hasbro, of America, Monopoly, Apple, Baidu, Apple Intelligence, Costco, Nvidia, Tesla Locations: China
☆ Baird: Adobe's report is proof it's all about expectations
  + stars: | 2024-06-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaird: Adobe's report is proof it's all about expectationsBaird senior software analyst Rob Oliver discusses Adobe's Q2 results and whether AI demand will continue to push revenue forward in the coming months.
Persons: Baird, Rob Oliver
☆ Oil prices on pace for best week in more than two months as forecasts point to tighter market
  + stars: | 2024-06-14 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
Oil prices are up more than 4.5% for the week, the strongest gains since early April, when futures rose on boiling geopolitical tensions in the Middle East. Crude oil futures rose for a fifth day Friday, on pace for the best week in more than two months as analysts see a tighter market heading into the third quarter. Deutsche sees the oil supply deficit expanding to nearly 1 million barrels per day in the third quarter, which should support Brent prices rising to the mid-to-upper $80s per barrel range. "It would only take a minor overshoot to bring Brent to around USD 90/bbl at some point during the second half," Hsueh told clients. Citigroup also sees a tighter market in the third quarter, though the market will likely enter a surplus in 2025 on solid production growth and slowing demand, according to the bank.
Persons: Benny Gantz's, Helima Croft, Michael Hsueh, Brent, Hsueh Organizations: RBC Capital Markets, RBC, OPEC, Deutsche Bank, Deutsche, bbl, Citigroup Locations: Israel, Lebanon
☆ Oil prices on track for weekly gain on solid demand outlook
  + stars: | 2024-06-14 | by ( ) www.cnbc.com   time to read: +1 min
Oil prices fell on Friday but were on track for their first weekly gain in four weeks as markets assessed the impact of higher-for-longer U.S. interest rates versus solid outlooks for crude and fuel demand this year. Brent crude futures were down 72 cents, or 0.87%, to $82.04 a barrel at 0100 GMT. In a see-saw week, oil prices rallied after the Organization of Petroleum Exporting Countries stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman Sachs projected solid U.S. fuel demand this summer. Further buoying the market, Russia pledged to meet its output obligations under the OPEC+ pact, after saying it exceeded its quota in May. This should see the crude oil market remain well supported over the next 18 months," ANZ analysts said in a client note.
Persons: Goldman Sachs Organizations: Brent, West Texas, Organization of Petroleum, OPEC, ANZ, U.S . Federal Reserve, Fed Locations: Russia, OPEC, China
☆ Taylor Swift says ‘most wonderful’ Eras Tour will end in December
  + stars: | 2024-06-14 | by ( Amarachi Orie | ) edition.cnn.com   time to read: +3 min
CNN —Taylor Swift knows that all good things must come to an end – and that includes her Eras Tour. In an emotional speech during the 100th show of her record-breaking tour on Thursday night, the megastar confirmed that her current musical voyage would come to an end this year. The Eras Tour, which began in Glendale, Arizona on March 18, has been extended several times since it was first announced. Just – so like, when I’m not on the stage, I’m dreaming about being back on the stage with you guys,” she continued. The Eras Tour has had a staggering impact on tourism, recently causing a spike in air travel across Europe.
Persons: CNN — Taylor Swift, “, ”, Swift, I’ve, ” Swift, I’m Organizations: CNN, United Airlines, British Geological Society, British, Barclays Locations: Liverpool, England, Glendale , Arizona, United States, South America, Asia, Australia, North America, Vancouver, Canada, Europe, United, Milan, Munich, Edinburgh, Scotland, United Kingdom
☆ How Morgan Stanley says to play the next wave of the AI trade
  + stars: | 2024-06-14 | by ( Brian Evans | ) www.cnbc.com   time to read: +3 min
As the field of stocks that both serve artificial intelligence data centers and have outperformed the rest of the market grows, Morgan Stanley is changing its approach in a search for value. All of the stocks included are rated overweight at Morgan Stanley. Morgan Stanley upgraded Ciena Corporation to overweight as part of the note and in concert with its GVAT model. NVDA YTD mountain Nvidia stock. Other names on the Morgan Stanley list include Broadcom and Taiwan Semiconductor Manufacturing .
Persons: Morgan Stanley, Meta Marshall, Marshall Organizations: Nvidia, Wall, Ciena Corporation, Broadcom, Taiwan Semiconductor Manufacturing
☆ JPMorgan says this data security stock is a great pick for the second half with AI tailwinds
  + stars: | 2024-06-14 | by ( Pia Singh | ) www.cnbc.com   time to read: +2 min
Varonis Systems is poised to make a comeback in the latter part of 2024 as data security demand picks up, according to JPMorgan. Analyst Brian Essex upgraded the stock to overweight from neutral and set a December 2025 price target of $54, up from $50. Shares have dropped 6.7% this year as data security stocks saw a broader decline, creating a compelling buying opportunity for investors heading into the second half of the year, the analyst wrote in a Friday note. According to Essex, data security demand is rising as ransomware attacks are expected to increase, with a breach likely to happen every two seconds in 2031. "Although elevated levels of demand are driving growing levels of competition across the data security space, we view Varonis as one of the best positioned to capitalize on data security demand with a Best of Breed Data Security platform," the analyst added.
Persons: Brian Essex, Essex, Varonis, FactSet Organizations: JPMorgan, Data Security, 4Q, Cybersecurity Ventures, Companies, Breed Data Locations: Thursday's, Essex
☆ Jim Cramer touts Adobe's place in AI race — plus, his latest thoughts on bank stocks
  + stars: | 2024-06-14 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +2 min
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Twilio : Shares dropped more than 2.5% after Morgan Stanley downgraded the communications software maker's stock to a hold-equivalent rating. The Investing Club owns Palo Alto Networks . Morgan Stanley is the other financial in the portfolio. "Morgan Stanley is more problematic to me," given the positioning of rival Goldman Sachs , Cramer said.
Persons: Jim Cramer's, They've, Jim Cramer, Morgan Stanley, Cramer, Keefe, Goldman Sachs Organizations: CNBC, Club, Wynn, Resorts, CNBC Investing, JPMorgan, Investing Club, Palo Alto Networks, Bank of America, Investing Locations: U.S, Carolina, Wells, Fargo
☆ Here’s how to invest in stocks when interest rates are higher for longer
  + stars: | 2024-06-14 | by ( Krystal Hur | ) edition.cnn.com   time to read: +7 min
How should traders invest in a higher-for-longer rate environment? Before the Bell: What do higher-for-longer rates mean for the stock market? What I find interesting and actually kind of invigorating is the resilience of the US economy in the face of these expected higher-for-longer rates. There will be some sectors that higher-for-longer rates will impact. And so we can see consumer durables slowing down or suffering a little bit in this higher-for-longer rate environment.
Persons: Price, Bell, Wylie Tollette, we’ve, We’ve, Jeanne Sahadi, isn’t, —, ”, “, ” Read, iPhones Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Consumer, Franklin Templeton Investment Solutions, Big Tech, Energy, Gallup, Global, “, Apple, Microsoft, Nvidia Locations: New York, “ State, United States
☆ Palestinian groups demand inspection of Israeli prisons as detainees are released with chronic health problems
  + stars: | 2024-06-14 | by ( Kareem Khadder | Tim Lister | ) edition.cnn.com   time to read: +2 min
CNN —The Palestinian Legislative Council in Gaza has demanded international inspections of Israeli detention centers, after the release of a number of prisoners this week who appeared frail and thin after several months in detention. Among those released was the Council’s former Speaker, Aziz Dweik, who had been held for nine months, accused of affiliation with Hamas. Most of the approximately 30 prisoners released from the Negev and Ofer prisoners this week were administrative detainees, who had not been charged with any offenses. One of them, according to the Palestinian Prisoners’ Society, was Saed Abu Shanab from Tulkarm, who had spent 21 years in Israeli prisons. The Prisoners’ Society said in April that the vast majority of detainees released suffered from health problems “which required the transfer of some of them to the hospital immediately upon their release.”
Persons: Aziz Dweik, Dweik, Ofer, Abu, ” Organizations: CNN, Palestinian Legislative, Hamas, Israel Defense Forces, Palestinian Prisoners ’ Society, ’ Society Locations: Gaza, Negev, Abu Shanab, Tulkarm, Israel
☆ A real-estate agent shares 3 things people should know before they build a home in Bali
  + stars: | 2024-06-14 | by ( Amanda Goh | ) www.businessinsider.com   time to read: +4 min
More and more foreigners are interested in owning property in Bali, either for investment purposes or to call home. AdvertisementBusiness Insider spoke to Nathan Ryan, a real-estate agent, about three things people should know before building a house in Bali. Since foreigners can't own land titles in Bali, those who want to buy land in Bali typically do so on a leasehold basis. Make sure the street leading to your plot has a nameWhen looking for leasehold property in Bali, make sure there's a public road leading to it. "There have been times when property has been locked in, because it might look like there's a road there to the land you're looking at.
Persons: —, Marisa Jaya, Nathan Ryan, Ryan, hadn't, you've Organizations: Service, Business, Bali Realty, Google Locations: Indonesian, Bali, Bali's Badung, Indonesia, Bandung Regency, Bali ., Seminyak
☆ Bitcoin miners at Donald Trump's closed-door event say he thinks bitcoin can help win AI arms race
  + stars: | 2024-06-13 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +17 min
Less than four hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. "Bitcoin mining may be our last line of defense against a CBDC," Trump posted shortly before midnight on Tuesday. "That's where you've got all these ancillary jobs; it's not just the bitcoin mining directly," said Cook. Enter bitcoin miners. Adding bitcoin miners to the portfolio of energy buyers has helped to improve the core economics of renewable power production.
Persons: Donald Trump, Eva Marie Uzcategui, —, New York —, Jason Les, Bitcoin, Bill Hagerty, David Bailey, Trump, Bailey, Sen, Elizabeth Warren, Les, Warren, Geoff Kendrick, bitcoin, Matthew Schultz, Jayson Browder, Brian Hughes, Biden, Harris, Andreessen Horowitz, Ron Conway, Fred Wilson, Cameron, Tyler Winklevoss, Schultz, Browder, CleanSpark, Coke, Chris Cook, Cook, There's, Amanda Fabiano, Fabiano, Marathon's Browder, We've, Exacore's Cook, you've, it's, Digital's Browder Organizations: U.S, Mar, Lago, Trump, Riot, Marathon Digital Holdings, Arkon Energy, Cholla Energy, Exacore, CNBC, Senate's Banking, Finance, China, BTC Inc, Radical Communist, Democratic, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Standard Chartered, Circuits, Government Affairs, Federal Reserve, Biden, U.S . Treasury Department, Republican, NASDAQ, Fabiano Consulting Locations: Lago, West Palm Beach , Florida, New York, Palm Beach , Florida, bitcoin, China, Russia, U.S, America, Washington, San Francisco, Beijing, Marathon, United States, West Texas
☆ Tesla Share Price Is Its Own Referendum on Musk
  + stars: | 2024-06-13 | by ( Peter Eavis | Jack Ewing | ) www.nytimes.com   time to read: +1 min
The Tesla shareholder vote over Elon Musk’s pay is in some ways a referendum on the performance of the company and its chief executive. Late on Wednesday, Mr. Musk claimed victory in a social media post, saying that votes in favor of his pay package were leading by “wide margins,” giving Tesla’s stock a boost. But even before the official results are announced on Thursday, Tesla’s flagging stock price shows that investors have plenty of doubts about Mr. Musk and the electric carmaker’s outlook. Tesla’s shares are down nearly 30 percent this year, even as the broader stock market is up 14 percent. At its peak in 2021, the stock market value of Tesla was $1.2 trillion, putting it in the company of tech giants like Microsoft, Apple and Google.
Persons: Musk, Tesla, Price Organizations: Elon, Microsoft, Apple, Google, Visa, Walmart
☆ Here are the 'micro pockets' of deflation in May 2024 — in one chart
  + stars: | 2024-06-13 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +5 min
There are currently some "micro pockets" of deflation in the U.S. economy, said Joe Seydl, a senior markets economist at J.P. Morgan Private Bank. Why prices are deflating for goodsConsumers have largely seen prices deflate for physical goods, such as cars, furniture and appliances, economists said. For example, households have seen prices for furniture and bedding fall by 3.7% since May 2023, according to the consumer price index. watch nowThe U.S. dollar's strength relative to other global currencies has also helped rein in prices for goods, economists said. Travelers have also seen deflation for airline fares (-5.9%), hotels (-1.7%) and car rentals (-8.8%) since May 2023.
Persons: Joe Seydl, Seydl, Michael Pugliese, they've, Hayley Berg, Hopper, Olivia Cross Organizations: Getty, Morgan Private Bank, Consumers, Wells, Wells Fargo Economics, Finance, Federal Reserve, of Labor Statistics, U.S, Canadian, Capital Economics Locations: U.S, Wells Fargo, North America
☆ Broadcom surges to a record after earnings. 3 reasons why the stock can go even higher
  + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com   time to read: +7 min
Broadcom surged more than 12% to a record high Thursday following an excellent fiscal second-quarter earnings report on Wednesday night . The other part of Broadcom's AI business is selling products like Ethernet switches that help stitch together servers inside data centers. AVGO 1Y mountain Broadcom's stock performance over the past 12 months. Tan said on the call Wednesday that customer — aka Apple — is all of Broadcom's wireless business. Wall Street estimates for Broadcom's wireless business will need to rise to reflect the increased iPhone demand we expect to see.
Persons: —, Hock Tan, Tan, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Broadcom, Nvidia, Apple, Apple Intelligence, America, VMWare, CNBC, Getty Locations: San Jose , California
☆ Broadcom shares surge on earnings beat, increased demand for AI products
  + stars: | 2024-06-13 | by ( Katie Bartlett | ) www.cnbc.com   time to read: +1 min
Broadcom shares rose about 12% on Thursday after the company posted second fiscal quarter earnings that beat analysts' estimates and showed that it's benefiting from the artificial intelligence boom. Broadcom reported earnings per share of $10.96 ahead of LSEG consensus estimates of $10.84 per share. Analysts see Broadcom as a beneficiary of increasing investments in AI. Bank of America analysts reiterated a buy rating and said they consider Broadcom a top AI pick because it is positioned to grow in custom AI chips and Ethernet networking. They also said Broadcom can upsell VMware to enterprise customers deploying AI.
Persons: Goldman Sachs, — CNBC's Michael Bloom Organizations: Broadcom, Nvidia, . Bank of America, VMware, Bank of America
☆ Oil prices could drop to $60 per barrel in 2025 as world faces 'substantial surplus,' Citi says
  + stars: | 2024-06-13 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +3 min
OPEC+ members recently announced plans to bring 2.5 million bpd back to the market from October through September 2025. If the group follows through with its announced plan, the oil market will see a surplus of 2.6 million bpd or more. Deutsche Bank analyst Michael Hsueh said the OPEC+ production plan will cast a bearish shadow over the next two years . It is "inconceivable that the market could absorb anything close" to 2.5 million bpd, Hsueh said. The International Energy Agency warned Wednesday the world will be awash in oil by 2030, with production capacity outpacing demand projections by eight million bpd.
Persons: Brent, Michael Hsueh, Hsueh, Fatih Birol Organizations: Citi, Brent, Deutsche Bank, United Arab Emirates, TD Securities, International Energy Agency Locations: OPEC, North America, Brazil, Guyana, U.S
☆ The US needs to build 2 million houses to revive the American dream of homeownership
  + stars: | 2024-06-13 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
A shortage of 2.2 million homes suggest the US housing market will remain unaffordable. The research firm said a shortage of 2.2 million homes is compounding the US housing market's affordability issues. Related stories"Since 2015, we have been warning about a chronic housing shortage, leading to a supply/demand imbalance. Rising development prices across the board suggest to NDR that housing supply will remain constrained for years to come. "The wave of immigrants has not seemed to impact the supply/demand balance for workers, a traditional area for Latino immigrants," NDR said.
Persons: —, Ned Davis, Joseph Kalish, Veneta Dimitrova, Powell Organizations: Service, Ned Davis Research, NDR, Federal Reserve
☆ Here are 9 stocks that can benefit from Fed interest rate cuts
  + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com   time to read: +7 min
Housing We see Stanley Black & Decker as a major beneficiary of Fed rate cuts due to its link to the housing market. On the one hand, lower rates mean a bank like Wells Fargo makes less money on the money it lends. Biotech Danaher should also see some benefit as lower rates lead to improved funding dynamics for biotech companies. Like in housing, monthly payments become far more manageable at lower rates, and therefore affordability and demand, stand to increase. Salesforce , which has also highlighted more measured deal activity, might not benefit as much from lower rates.
Persons: Jerome Powell, Stanley Black, Decker, Stanley, That's, Wells, Morgan Stanley, SVB, Ford, We're, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Nasdaq, CNBC, Fed, Biotech, Silicon Valley Bank, Ford, Palo, Networks, Microsoft, Jim Cramer's Charitable, Bloomberg, Getty Locations: Wells, Wells Fargo, Silicon Valley, Colma , California
☆ This portfolio chip stock is the second-best AI play behind Nvidia
  + stars: | 2024-06-13 | by ( Morgan Chittum | ) www.cnbc.com   time to read: +2 min
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "Behind Nvidia, it's the second-best way to play AI in the chips space," said Jeff Marks, the Club's director of portfolio analysis. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, Jerome Powell, Jeff Marks, Eli Lilly, Lilly, Jim Cramer's, Jim Organizations: CNBC, Broadcom, Management, Michigan, Club, Novo Nordisk, Bloomberg
☆ Why a celebrity broker says some parts of the US could see a 10% home-price correction
  + stars: | 2024-06-13 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Home prices in the US could fall as much as 10% in some markets, according to Kirsten Jordan. The "Million Dollar Listing" agent said the booming demand seen in some markets during the pandemic is fading. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.
Persons: Kirsten Jordan, —, Jordan Organizations: Service, Fox Business Network, Business
☆ Here are Thursday's biggest analyst calls: Nvidia, Netflix, Broadcom, Dell, Meta, Roblox, Tesla, Boeing, Microsoft & more
  + stars: | 2024-06-13 | by ( Michael Bloom | ) www.cnbc.com   time to read: +7 min
Bank of America reiterates Broadcom as buy Following Broadcom's earnings report, Bank of America said the company has "potential to join the trillionaires club." Morgan Stanley downgrades Corning to equal weight from overweight Morgan Stanley downgraded Corning mainly on valuation. Bank of America reiterates Dell as buy Bank of America said it sees several positive catalysts ahead for Dell. Morgan Stanley reiterates Amazon, Alphabet, Meta, Microsoft and Adobe as overweight Morgan Stanley named several tech stocks that it said are well positioned for AI. " Morgan Stanley reiterates Colgate-Palmolive as a top pick Morgan Stanley said it sees a "pet inflection on the horizon" for Colgate.
Persons: it's, Oppenheimer, Ulta, Jefferies, OpenAI, Bernstein, Goldman Sachs, Goldman, Morgan Stanley, Goodyear, Wolfe, Bill Brown, Morgan Stanley downgrades Corning, TD Cowen, Cowen, KeyBanc, Dell, Clark, Wells, Fortnite, Stephens, Wedbush, Tesla, Elon Musk Organizations: Deutsche Bank, Nike, Bank of America, Broadcom, Citi, Royal, TEAM, Microsoft, OpenAI, Nvidia, Starbucks, Goodyear Tire, Civitas Resources, Netflix, Media Survey, Dell, " Bank of America, underperform Bank of America, Adobe, Colgate, Palmolive, Technology, Barclays, NextEra Energy Partners, NextEra Energy, Boeing, of America Locations: Royal Caribbean, Corning, Texas
☆ Fears are rising ocean freight rates may surpass $20,000 with no relief for global trade into 2025
  + stars: | 2024-06-13 | by ( Lori Ann Larocco | ) www.cnbc.com   time to read: +7 min
Goetz Alebrand, head of ocean freight at DHL Global Forwarding Americas, said he is not optimistic freight rates will decline anytime soon. "It is unlikely that the situation will resolve itself soon and [ocean freight] rate levels might not ease up before Chinese New Year," Alebrand said. Air freight prices and demand are going higher According to freight intelligence firm Xeneta, China to North America air freight spot rates increased 43%, to $4.88 per kilogram, year-on-year in May. According to ocean freight data from FreightWaves SONAR, container bookings and freight orders from shippers to the ocean carriers are down 48% month-over-month. Xeneta data tracking ocean freight rates from the Far East to the U.S. East Coast, West Coast and Gulf Coast ports shows the historic run.
Persons: Joe Giddens, Paul Brashier, Brashier, Goetz Alebrand, Alebrand, Alan Murphy, Murphy, Peter Boockvar, Boockvar, We've, Nate Herman, Xeneta, Daniel Ives, Niall van de, van de, Good Hope Organizations: Federal Reserve, CNBC, ITS Logistics, DHL Global, Intelligence, Defense Intelligence, U.S ., Bleakley Financial, American Apparel and Footwear Association, Global, ", Apple, Wedbush Securities, Trade, Good Locations: Asia, Europe, Sea, Red, Africa, Shanghai, Rotterdam, Genoa, U.S . West Coast, East Coast, U.S, China, North America, U.S . East Coast , West Coast, Gulf Coast
☆ OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction
  + stars: | 2024-06-13 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +4 min
The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana
☆ Wholesale prices unexpectedly fell 0.2% in May
  + stars: | 2024-06-13 | by ( Jeff Cox | ) www.cnbc.com   time to read: +2 min
A measure of wholesale prices unexpectedly decreased in May, adding another piece of evidence that inflation is pulling back. The producer price index, a gauge of prices that producers get for their goods and services in the open market, declined 0.2% for the month, the Labor Department's Bureau of Labor Statistics reported Thursday. Excluding food, energy and trade services, the PPI was unchanged, compared with expectations for a 0.3% increase. From the wholesale perspective, the PPI was held back by a 0.8% decrease in final demand goods prices, which was the largest decline since October 2023. On the services side, fuels and lubricants retailing margins surged 12.2%, but that was offset in part by a 4.3% plunge in airline passenger services prices.
Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Statistics, PPI, Stock, BLS, Federal Reserve, Labor Department
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