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☆ Uruguay Reflects Latin American Drift From U.S., Turn to China
▼ + stars: | 2023-11-08 | by ( Samantha Pearson | ) www.wsj.com time to read: 1 min

MONTEVIDEO, Uruguay—Welcome to the People’s Republic of China, the name of a gleaming new elementary school in the rough outskirts of Uruguay’s capital, built as part of Beijing’s charm offensive in South America as U.S. influence in the region wanes. “It’s transformed this neighborhood,” said Laura Álvez , director of the school, a steel and glass structure where students take Mandarin classes and learn how to make mooncakes, traditional Chinese pastries. The poorest kids have never before been as far as the beach, which is 5 miles away, but they now dream of going to China, she said.

Persons: It’s, ”, Laura Álvez Locations: MONTEVIDEO, Uruguay, People’s Republic of China, Uruguay’s, South America, China

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants will parse commentary from Fed Board Governor Christopher Waller and New York Fed President John Williams later on Tuesday for more clues on the central bank's interest rate path. Among the 11 major S&P 500 sectors, energy (.SPNY) led declines tracking a 2% fall in crude prices on mixed economic data from China. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.55-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 12 new highs and 48 new lows.

Persons: Brendan McDermid, Dow Jones, Neel Kashkari, Austan Goolsbee, Sam Stovall, Christopher Waller, John Williams, Jerome Powell's, Stovall, Wall, advancers, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Federal Reserve Bank of Minneapolis, Chicago Fed, CFRA Research, Treasury, U.S, Fed, New York Fed, Dow Jones, Uber Technologies, Mongodb, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Federal Reserve Bank of Minneapolis President Neel Kashkari doused hopes of early rate cuts late on Monday, saying the central bank likely has more work ahead of it to control inflation. Market participants will parse commentary from Fed Board Governor Christopher Waller and New York Fed President John Williams later on Tuesday for more clues on the central bank's interest rate path. Uncertainty about the timing of potential rate cuts and some dismal corporate forecasts for the fourth quarter have cast a doubt on whether there could be a year-end rally for stocks. ET, Dow e-minis were down 106 points, or 0.31%, S&P 500 e-minis were down 14.5 points, or 0.33%, and Nasdaq 100 e-minis were down 43.25 points, or 0.28%.

Persons: Brendan McDermid, Neel Kashkari, Christopher Waller, John Williams, Jerome Powell's, Ipek Ozkardeskaya, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Federal Reserve, Federal Reserve Bank of Minneapolis, Treasury, U.S, Fed, New York Fed, Swissquote Bank, EBay, Dow e, Exxon Mobil, Chevron, Occidental Petroleum, Intel, Thomson Locations: New York City, U.S, China

☆ US officials are concerned that Ukraine is running out of troops and have hinted at peace talks with Russia, report says
▼ + stars: | 2023-11-04 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +4 min

Western officials have suggested Ukraine consider peace negotiations with Russia, a report says. US officials fear that Ukraine is running out of troops, while Russia seems to have an endless supply. AdvertisementAdvertisementWestern officials have begun broaching the topic of holding peace negotiations with Russia with the Ukrainian government, a report says. Biden administration officials are also concerned that Ukraine is running out of forces as it struggles to recruit more troops for the fight. The Russian president might be hoping to "wait out the West" and hope support for Ukraine wanes, officials told the outlet.

Persons: —, Biden, Joe Biden, Volodymyr Zelenskyy, Vladimir Putin, Ursula von der Leyen, Ilia yefimovich, Adrienne Watson, Ukraine wanes, Putin, Donald Trump Organizations: Service, US, NBC, Pentagon, Biden, European Commission, Getty, Kyiv, National Security Council, Ukraine, Republican Locations: Ukraine, Russia, Israel, Ukrainian, United States, Kyiv, Gaza, Russian

☆ Oil heads for weekly loss as geopolitical risk premium wanes
▼ + stars: | 2023-11-03 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +3 min

Both benchmarks gained more than $2 a barrel on Thursday, but were on track to lose about 4% on the week. The report could bolster the view that the U.S. Federal Reserve need not raise interest rates further. The Fed held interest rates steady on Wednesday, while the Bank of England held rates at a 15-year peak. The stable policies kept oil prices supported as some risk appetite returned to markets. "The oil market will be watching for an escalation of tensions, particularly on the Lebanese border, as Hezbollah attacks increase," City Index Fiona Cincotta said.

Persons: Jussi Rosendahl, Brent, Fiona Cincotta, Sayyed Hassan Nasrallah, Israel, Jeslyn Lerh, Mark Potter Organizations: REUTERS, U.S, West Texas, National Bureau, Statistics, U.S . Labor Department, U.S . Federal, Fed, Bank of, Palestinian, Thomson Locations: Porvoo, Finland, China, Bank of England, Gaza, Lebanese, Saudi Arabia, Singapore

☆ Opinion | Why Is Swearing So Much Fun?
▼ + stars: | 2023-11-01 | by ( Rebecca Roache | ) www.nytimes.com time to read: +2 min

Swearing can be so satisfying that it can help us withstand pain. As the linguists Keith Allan and Kate Burridge put it, the harmfulness of taboos “contaminates” certain words that refer to them, making those related words taboo, too. In prudish Victorian Britain, extremely lewd street names that had existed unproblematically throughout the country in the Middle Ages were bowdlerized. And in increasingly secular cultures the taboo around religious-themed words has waned. Consider, as Professors Allan and Burridge do, spilling salt, which was once both expensive and spiritually significant.

Persons: What’s, Keith Allan, Kate Burridge, ” Rhett Butler’s, Allan, Burridge Locations: Britain

Customers might assume that nonunion automakers, like Toyota, Tesla or Hyundai-Kia, will now be able to price their vehicles well below what the Detroit automakers can. “When the dust settles from this UAW debacle, the Detroit auto stalwarts find themselves with a bigger cost profile with competition increasing," said Dan Ives, an analyst at Wedbush. That means that competition for buyers is intensifying as pent-up demand from the pandemic wanes, making it difficult for any automaker to raise prices. But if the Detroit companies report lower income, Wall Street will register its disappointment, and stock prices could fall. “You either raise your labor costs to meet what the UAW is getting or you risk the unionization drive.”

Persons: Stellantis, ”, Jonathan Smoke, pare, Dan Ives, Natalie Knight, Ram, Knight, Smoke, Shawn Fain, Fain, Art Wheaton, wouldn’t, Wheaton, Tesla, ” Wheaton Organizations: DETROIT, United Auto Workers, Detroit’s, General Motors, Ford, Toyota, Hyundai, Kia, Detroit, GM, Cox Automotive, UAW, Chrysler, Jeep, Cox, automakers, Detroit automakers, Cornell University, U.S Locations: United States, U.S, Stellantis, Detroit

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

Five months later, Albanese will be welcomed to the White House with the highest trappings of American diplomacy, including a black-tie state dinner underneath a tent erected on the South Lawn. Already, the White House had struggled to secure billions of dollars in new funding for Ukraine. When Albanese arrives at the White House Tuesday evening, the US House of Representatives will have been without a permanent House speaker – and legislatively paralyzed – for 21 days. Senior Biden administration officials believe that only weeks remain before a lack of additional funding for Ukraine starts to become a serious battlefield concern. The first lady developed the menu with guests chef Katie Button, a James Beard Award nominee who owns a popular tapas restaurant Cúrate in Asheville, North Carolina; White House executive chef Cris Comerford; and White House executive pastry chef Susie Morrison.

Persons: Joe Biden’s, Anthony Albanese, Albanese, Biden, Cedric Richmond, “, Volodymyr Zelensky, Jake Sullivan, ” Sullivan, –, ’ Biden, ” Biden, it’s, Ukraine –, Michèle Flournoy, Xi Jinping, Wang Yi, Wang, Antony Blinken, Sullivan, Blinken, Xi, Blinken’s, ”, Karine Jean, Pierre, Australia –, They’ll, John Kirby, ” Kirby, Kirby, ” Dr, we’ve, Bryan Rafanelli, Katie Button, James Beard, Cris Comerford, Susie Morrison Organizations: CNN, Australian, ., White, Hamas, Ukraine, Biden, CBS, Defense, APEC, Washington, Publicly, ”, Australia, Wednesday, ’, National Security, Army and Air Force, White House Locations: Pacific, Washington, Gaza, Israel, Asia, Vietnam, China, Ukraine, Tel Aviv, Australia, United States, America, White, San Francisco, Beijing, Saudi Arabia, Riyadh, there’s, United Kingdom, India, Japan, Asheville , North Carolina

☆ Why you shouldn’t postpone your flu vaccine
▼ + stars: | 2023-10-24 | by ( Katia Hetter | ) edition.cnn.com time to read: +6 min

It’s fine to receive the flu vaccine from any of these place — just don’t delay getting it. Wen: The flu can be dangerous, and the flu vaccine has two important positive effects. Wen: If you had flu in years past, then yes, you do still need to receive the flu vaccine this year. I hear from my patients that they don’t need the flu vaccine this year because they’ve already had “the flu” but they never actually tested positive for influenza. First, waning immunity means that the protection from last year’s flu shot won’t carry you through this year’s flu season.

Persons: Leana Wen, Wen, they’ve Organizations: CNN, US Centers for Disease Control, CNN Wellness, George Washington University Milken Institute School of Public Health, wanes

☆ Marlboro maker Philip Morris reports revenue miss, but strong sales of cigarette alternatives
▼ + stars: | 2023-10-19 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Philip Morris International Inc. Marlboro brand cigarettes are arranged for a photograph in Shelbyville, Kentucky, U.S., on Friday, Oct. 2, 2015. Philip Morris International on Thursday reported quarterly earnings that topped Wall Street's expectations but revenue that missed estimates, as sales for its heated tobacco and oral nicotine products remain strong. For the quarter ended September 30, Philip Morris posted revenue of $9.14 billion, compared to year-ago revenue of $8.03 billion, a 13.8% increase. He cited IQOS, its line of heated tobacco products, and its Zyn oral nicotine pouch as growth drivers. Zyn nicotine pouches are tobacco-free oral products touted by the company as a cleaner, more discreet way to consume nicotine.

Persons: Philip Morris, Jacek Olczak, Olczak, Zyn Organizations: Philip Morris International Inc, Marlboro, Philip Morris International, LSEG, Swedish Locations: Shelbyville , Kentucky, U.S

☆ LVMH sales growth loses fizz as post-pandemic splurge wanes
▼ + stars: | 2023-10-11 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

People walk past the Louis Vuitton store at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello Acquire Licensing RightsPARIS, Oct 10 (Reuters) - Luxury goods bellwether LVMH (LVMH.PA) reported a 9% rise in third quarter revenue on Tuesday, marking slower growth as a strong wave of post-pandemic spending eases due to rising inflation and economic turbulence. “After three roaring years, and outstanding years, growth is converging toward numbers that are more in line with historical average", LVMH chief financial officer Jean-Jacques Guiony told analysts. The fashion and leather goods division, home to Louis Vuitton and Dior, recorded sales growth of 9%, compared to analysts' expectations for 10% growth. LVMH is the first major global luxury firm to report earnings this quarter and gives investors an insight into what to expect from rivals.

Persons: Louis Vuitton, Marco Bello, Jean, Jacques Guiony, Tiffany, Bulgari, Hennessy, Luca Solca, Bernstein, Guiony, Mimosa Spencer, Ingrid Melander, Josie Kao Organizations: Miami Design District, REUTERS, Rights, Dior, Champagne, drugmaker Novo Nordisk, U.S ., Thomson Locations: Miami , Florida, U.S, United States, Europe, China

In both cases the outcome would push the Fed from that "golden path" onto a far more familiar one: An economy buckling as borrowing costs rise and confidence wanes. "I don't think it is unavoidable" that joblessness will have to rise significantly for inflation to return to target, Dallas Fed President Lorie Logan said on Monday. But the most important thing is that we stay focused on restoring price stability, and I think that will require some rebalancing in the labor market." Her look at past periods of inflation and disinflation makes her think the labor market may still need a shock for the Fed to succeed. "As nice as it is to see a really strong labor market, when you are trying to get inflation down, that's not your friend."

Persons: Lorie Logan, Philip Jefferson, Austan Goolsbee, Jefferson, Christina Romer, Romer, Goolsbee, that's, Howard Schneider, Ann Saphir, Dan Burns, Paul Simao Organizations: DALLAS, Federal, National Association for Business Economics, Dallas, Chicago Fed, Treasury, University of California, White House's Council, Economic Advisers, Fed, Thomson Locations: U.S, Dallas, Israel, Palestinian, Berkeley

Israeli assets and the shekel remain under pressure and oil and gold prices are marginally higher than last week. World Markets Impact From MidEast Attacks WanesBlackRock chart on its Geopolitical Risk IndicatorNOWHERE TO RUN TO... Last updated shortly before the weekend events in Israel, BlackRock's Geopolitical Risk Indicator - which attempts to capture market attention to political risks - had indeed crept up to six month highs. Releasing its World Economic Outlook on Tuesday, the International Monetary Fund warned that more volatile commodity prices were a possible reflection of both greater climate and geopolitical risk. And yet hand wringing about geopolitical risk in different corners of the globe can also deflect from rising political risks in core economies - not the least in the United States.

Persons: Brendan McDermid, Vincent Mortier, Anna Rosenberg, Kristina Hooper reckons, Hooper, that's, It's, Amundi's Rosenberg, Pierre, Olivier Gourinchas, Gourinchas, Josie Kao Organizations: New York Stock Exchange, REUTERS, West Bank, International Monetary Fund, IMF, Treasury, Reuters, Thomson Locations: New York City, U.S, Israel, Gaza, Iran, United States, Saudi Arabia, Russia, China, Taiwan, Ukraine

☆ Russia says it deserves a seat on the UN Human Rights Council. It may have a shot
▼ + stars: | 2023-10-10 | by ( Richard Roth | ) edition.cnn.com time to read: +4 min

CNN —Russia is campaigning for a return to the United Nations’ Human Rights Council – after being suspended just last year for invading Ukraine. Russia’s war in Ukraine war is still grinding on, and several UN human rights investigations have accused Moscow of committing human rights abuses. The Human Rights Council is made up of 47 member states, distributed by geographic region and elected by fellow nations. Russia joined the Human Rights Council in January 2021. “Every day Russia and China remind us by committing abuses on a massive scale that they should not be members of the UN Human Rights Council,” Human Rights Watch UN director Louis Charbonneau said.

Persons: Vladimir Putin, Russia –, –, Louis Charbonneau, ”, Cuba –, Vassily Nebenzia, ” Jason Evans Organizations: CNN, United Nations, Human Rights, Ukraine wanes, Human, UN, Assembly, Security Council, Eastern European, Albania, UN Human Rights, Rights Watch UN, ” Locations: Russia, Ukraine, Moscow, New York, North Korea, UN, Gabon, Bulgaria, Libya, China, Cuba, Iran, Syria, Vietnam, Brazil, South Africa, Mexico, Egypt, Saudi Arabia, Burundi, Russian, Kharkiv, Hroza

☆ 'Shark Tank' star Daymond John looks to boost Black entrepreneurs for a fourth year
▼ + stars: | 2023-10-10 | by ( Drew Richardson | ) www.cnbc.com time to read: +3 min

Leon Bennett | Filmmagic | Getty Images"Shark Tank" star Daymond John is looking to give Black business owners a boost for the fourth year running. The FUBU CEO's Black Entrepreneurs Day, billed as a celebration of Black business, will return Nov. 1. Black Entrepreneurs Day was launched later that year to "celebrate" Black business owners amid a focus on systemic racism and economic inequities. Many of the companies standing behind Black Entrepreneurs Day have launched initiatives to support the Black community. This year, Black Entrepreneurs Day will feature a star-studded guest list including Goldberg, O'Neal, Cedric the Entertainer, Anthony Anderson and Rick Ross, to discuss their journey as Black entertainers and entrepreneurs.

Persons: Daymond John, Radhika Jones, Leon Bennett, John, Whoopi Goldberg, Shaquille O'Neal, George Floyd, Rodney King, JPMorgan Chase, Chase, what's, Goldberg, O'Neal, Cedric, Anthony Anderson, Rick Ross Organizations: Wallis Annenberg Center, Performing Arts, Filmmagic, Apollo, Black, CNBC, JPMorgan, Business, General Insurance Locations: Beverly Hills , California, Manhattan

WASHINGTON (AP) — U.S. regulators on Tuesday authorized another option for fall COVID-19 vaccination, updated shots made by Novavax. Updated vaccines from Pfizer and Moderna began rolling out last month, intended for adults and children as young as age 6 months. Now the Food and Drug Administration has added another choice –- reformulated Novavax shots open to anyone age 12 and older. The Centers for Disease Control and Prevention already has urged most Americans to get a fall COVID-19 vaccination, shots tweaked to protect against a newer coronavirus strain. Novavax said shots will be available “in the coming days.”Protection against COVID-19, whether from vaccination or from an earlier infection, wanes over time.

Persons: Novavax, There’s Organizations: WASHINGTON, —, Novavax, Pfizer, Moderna, and Drug Administration, Disease Control, COVID, CDC, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: — U.S

☆ Retail investors can soon own a piece of 'Shrek' music royalties and earn payouts as streaming revenue erupts
▼ + stars: | 2023-10-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Everyday investors can soon buy shares in the music rights to the "Shrek" franchise. Public will offer 88,970 shares in the "Shrek" music rights for $10 each. And after the launch of the "Shrek" investment vehicle, Platform plans to expand to other music royalties. Similarly, startups such as JKBX are also looking to acquire music royalties to offer similar options to individual traders. Meanwhile, music royalties are not the only alternative investments opening up to retail investors.

Persons: —, Harry Gregson, Williams, Keith Marshall, Artex Organizations: Service, Public, Royalty Exchange, GM, Wall Street

By contrast, both funds received their highest monthly net inflows of 2023 in June, gaining $265.5 million and $29.74 million, respectively, according to Lipper data. But AI stocks have suffered along with broader markets in recent weeks, as Treasury yields hovering around 16-year highs dull investors' risk appetite. Retail investor flows into the sector have also cooled as the initial fervor surrounding AI wanes. September saw the lowest net monthly retail flows of $1.96 billion into AI-linked stocks since April, according to Vanda Research. "It is possible this negative sentiment could reverse again in Q4, particularly if large cap tech stocks like Nvidia held in AI-themed tech ETFs continue to show strong earnings growth," CFRA's Ullal added.

Persons: Dado Ruvic, Aniket, Mark Haefele, Bansari Mayur, Ira Iosebashvili, Mark Potter Organizations: REUTERS, Robotics, Intelligence, Global Robotics, Automation, CFRA Research, Vanda Research, Global, Nvidia, UBS Global Wealth Management, Thomson, & $ Locations: Bengaluru

The measure didn't include the $6 billion in military assistance that Ukraine said it urgently needed. They argue that if Russia's invasion is not stopped in Ukraine, other nations — including NATO allies — could be endangered. That faction was pivotal in getting Ukraine funding stripped from the last-minute 45-day funding bill that prevented a shutdown. Likewise, some European allies, including Poland, have begun to pull back on their support for the war, citing the need to prioritize their own defenses. Britain, which is no longer in the EU, has pledged nearly $6.6 billion worth of military support for Ukraine.

Persons: —, Volodymyr Zelenskyy, Donald Trump, Joe Biden, ” Biden, John Hardie, Mark Cancian, ” Cancian, Hardie, ”, John Herbst, Herbst, Jamey Keaten Organizations: WASHINGTON, —, Pentagon, White, NATO, Patriot, U.S, Republican, Foundation for Defense of Democracies, Center for Strategic, International Studies, ., Ukraine “, Atlantic Council, Kiel Institute, EU Locations: — Ukraine, Ukraine, U.S, Brussels, Russia, Poland, United States, Union, Germany, Denmark, Netherlands, France, Britain, Western, Italy, Lithuania, Norway, Geneva

☆ ‘We can’t do it alone’: Ukrainians react to lack of additional funding in US spending bill
▼ + stars: | 2023-10-01 | by ( Olga Voitovych | ) edition.cnn.com time to read: +5 min

Kyiv, Ukraine CNN —The United States may have avoided a government shutdown on Saturday – but the lack of additional funding for Ukraine in the spending bill has left some residents in the war-torn nation nervous. Though US President Joe Biden lauded the deal reached by lawmakers, he also acknowledged the lack of new funding for Ukraine, vowing Washington “will not walk away” from Kyiv. There will be some errors, but they will be insignificant.”Kostiak said the fight over funding Ukraine is due to the political realities of the 2024 US presidential election, but he believes the possibility that Washington would stop helping Ukraine is slim. “So I don’t see this as a big problem for Ukraine.”Natalia and Serhii Krasnoshchoks expressed optimism about US support for Ukraine. A CNN poll in August found that most Americans oppose Congress authorizing additional funding to support Ukraine in its fight, with the public roughly split on whether the US has already done enough.

Persons: Joe Biden, Washington “, Volodymyr Kostiak, ”, ” Kostiak, ” Natalia, Serhii Krasnoshchoks, Olga Voitovych, CNN Natalia, Serhii, Mykhailo Chendei, Oleg Nikolenko, Volodymyr Zelensky, Tetiana Ostapchuk, Tetiana, hadn’t, ” Yulia Mueller, CNN Yulia Mueller, “ Organizations: Ukraine CNN —, Ukraine, Senate, CNN, Republicans, Kyiv, Russia, Capitol Locations: Kyiv, Ukraine, United States, Ukrainian, Washington, America

That is especially concerning for parents of younger kids and those whose disabilities can make finding child care an extra challenge. One failed legislative proposal would have let students in four-day districts transfer or attend private schools, with their home districts picking up the tab. “If everybody becomes a four-day school week,” she said, “that is no longer a recruitment strategy.”In some communities, a four-day week is better for families. “They’re making the shift to the four-day week because all the districts around them have adopted a four-day week,” he said. However, the Rand Corporation found achievement differences in four-day districts, while initially hard to spot, became apparent over multiple years.

Persons: — It's, Callahan, contorts, Keegan, ”, Hudson, Brandi Pruente, “, Paul Thompson, Harry Truman, Dale Herl, Jon Turner, Margie Vandeven, Tony Warren, Warren, Thompson, Karyn Lewis, Will Pierce, hasn't, Frank James Perrone Organizations: French, Oregon State University, Economic Commission, Missouri State University, Rand Corporation, Indiana University, Associated Press, Carnegie Corporation of New, AP Locations: Mo, U.S, Independence , Missouri, Kansas City, Missouri, Independence, Turner, Montana, Denver, 27J, ”, Carnegie Corporation of New York

☆ Gas prices look like they'll get better — but not before getting worse first
▼ + stars: | 2023-09-24 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

But there are signs that both supply and demand will bring prices back down in the coming months. AAA reported this week that the average price for a gallon of gas in the US was $3.88. AdvertisementAdvertisementAn atypical spike in pricesThe increase in gas prices is unusual, as we typically see some relief after the summer surge as demand wanes. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown. AdvertisementAdvertisementIn recent years, with oil prices closer to $70 a barrel, gas prices have typically been close to $3 a gallon.

Persons: Mohamed el, Saudi Arabia's, Mohamed Oun, there's, Jorge León, Mike Wirth, we've, hasn't, Wirth, Grace Smith, David Kelly, We're, Kelly, Citi's, Ed Morse Organizations: Service, AAA, Allianz, Saudi, Reuters, Rystad Energy, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Chevron, Bloomberg, Denver, MediaNews, Getty, Morgan Asset Management, Citigroup, CNN Locations: Russia, Saudi Arabia, Wall, Silicon, California, Clearwater Beach, Tampa , Florida, Libya, Ukraine, Brazil, Canada, Venezuela, Guyana

☆ Exxon sees $16 billion in earnings for fuels, chemicals by 2027
▼ + stars: | 2023-09-20 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Ernest Scheyder/File Photo Acquire Licensing RightsCompanies Exxon Mobil Corp FollowHOUSTON, Sept 20 (Reuters) - Exxon Mobil Corp (XOM.N) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said on Wednesday. Exxon combined its once separate chemicals and oil refining businesses and redesigned operations to quickly shift between fuels and chemicals based on which delivers the highest profit. Its fuels outlook differs from oil-consuming nations group International Energy Agency, which expects the use of oil for transportation fuels to decline after 2026. "We have the hypothesis this could be a game changer for Exxon Mobil," McKee said. The company's 564,440 barrel-per-day (bpd) Baytown, Texas refinery, which is co-located with a chemical unit, will allow it to evolve from primarily making fuels to chemicals, Williams said.

Persons: Ernest Scheyder, Jack Williams, Karen McKee, McKee, Exxon's, Beaumont, Williams, Refining's, Erwin Seba, Deepa Babington Organizations: Exxon, REUTERS, Companies Exxon Mobil Corp, Exxon Mobil Corp, International Energy Agency, Product Solutions, Exxon Mobil, Thomson Locations: Spring , Texas, U.S, , Texas, Beaumont , Texas, West Texas, Baytown , Texas

☆ Stocks stalled as oil surge sets stage for longer US rate peak
▼ + stars: | 2023-09-20 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

But at $93.52 a barrel, prices remain up 30% in three months as Saudi Arabia and Russia reduce output. Benchmark 10-year Treasury yields had hit their highest since 2007 at 4.371% overnight and were last at 4.36%. The yen is down 11% on the dollar this year as expectations firm for U.S. rates to stay high and Japanese rates to stay low. The yen hit a 10-month trough of 147.95 to the dollar late last week and it traded at 147.85 on Wednesday. Rising yields have kept a lid on gold prices, with spot gold last trading at $1,929 an ounce.

Persons: Brent, Stocks, Jerome, Sam Rines, Powell presser, Masato Kanda, Eugene Low, Miral Fahmy, Jamie Freed Organizations: Federal Reserve, Brent, FTSE, Japan's Nikkei, Bank of, New Zealand, Thomson Locations: SINGAPORE, Asia, Saudi Arabia, Russia, Pacific, Japan, Hong Kong, China, Texas, Sweden, Switzerland, Norway, Britain, U.S, Singapore, Australia, Argentina

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