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A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. Chevron/Handout via REUTERS/File Photo Acquire Licensing RightsSYDNEY, Oct 13 (Reuters) - Negotiations over a stalled pay and conditions deal between Chevron and unions at its liquefied natural gas (LNG) facilities in Australia made progress on Friday, but fell short of sealing an agreement to end months of labour disputes at the major export sites. Friday's talks are the second round being mediated by the FWC within the past month. The unions halted weeks of strikes in late September at the facilities that supply around 6% of the world's LNG after an earlier round of talks produced a deal. Weeks later, however, the unions accused Chevron of reneging on certain commitments and said they would resume strikes on Oct. 19.
Persons: Friday's, Weeks, Lewis Jackson, Susanna R, Alasdair Pal, Miral Organizations: Reuters, Chevron, Handout, REUTERS, Rights, Thomson Locations: Wheatstone, Western Australia, Australia, Chevron, reneging, Europe, London
Fund managers sold a total of 57 million barrels over latest two weeks after having purchased 398 million barrels over the previous 12 weeks since the end of June. Hedge funds and other money managers sold the equivalent of 3 million barrels over the week ended Oct. 3. Fund managers have sold gasoline in each of the latest three weeks by a total of 22 million barrels since Sept. 12. As a result, the net position has been cut to 48 million barrels (42nd percentile) from 71 million (77th percentile). Funds held a net long position of just 9 billion cubic feet (32nd percentile since 2010) down from a recent high of 743 billion cubic feet (48th percentile) on July 11.
Persons: Cushing, Brent, John Kemp, Bernadette Baum Organizations: REUTERS, ICE, U.S, Henry Hub, U.S . Commodity Futures Trading Commission, Funds, Thomson, Reuters Locations: Cushing , Oklahoma, U.S, Israel, Chartbook, Brent, NYMEX, Louisiana, Pacific, United States
Stocks are following the same path they did ahead of the 1987 stock crash, Societe Generale said. Investors are bullish in the face of rising bond yields, in an "echo" of late 80s sell-off. AdvertisementAdvertisementThe stock market is sending worrying signals, and any sign of recession now could spark a big sell-off, according to Societe Generale strategist Albert Edwards. But the outperformance in the face of soaring bond yields could be a warning of pain to come, if history is any guide. Meanwhile, only 32% of individual investors think the chance of a 1987-style stock market crash over the next six months is less than 10% according to Yale's US Crash Confidence Index.
Persons: Albert Edwards, , Edwards, Dow, bullishness, Raymond James Organizations: Societe Generale, Service, Generale, Federal Reserve, Treasury, York Fed
Evan Luthra, an app developer, entrepreneur and angel investor, told CNBC he lost $2 million dollars in the collapse of FTX. Jake Thacker, an FTX customer in Portland, Oregon, told CNBC he lost hundreds of thousands of dollars shortly after losing his job in the tech industry. "I was like, oh my goodness, there's all these big name people utilizing FTX," Kannegundla said. Bhagamshi Kannegundla, an FTX customer, told CNBC he sold his bankruptcy claim to reinvest in crypto. Years later, if the FTX bankruptcy process recovers more than the 11 cents on the dollar for his claim, the buyer pockets the difference.
Persons: FTX's, hasn't, Evan Luthra, Luthra, FTX, Bitcoin, everybody's, Sam Bankman, He's, Fatih Aktas, Jake Thacker, Thacker, I'm, CNBC Thacker, Bhagamshi Kannegundla, Larry David, Kannegundla, Bhagamshi, Sunil Kavuri, Kavuri, Brett Harrison, Harrison, he's, Anthony Scaramucci, didn't Organizations: CNBC, Manhattan Federal, Anadolu Agency, Getty, Sequoia, Nurphoto, FTX's, FTX, Financial Technologies, Skybridge Locations: Miami, Manhattan, New York, United States, Portland , Oregon, FTX's, Bahamas, U.S, cryptocurrencies
Bausch Health (BHC) is a different case. Key points Health-care stocks outperformed the broader U.S. stock market last year, but this year it's been much-tougher sledding for the sector due to a variety of headwinds. We feel comfortable owning our three other primary health care stocks: GE Healthcare, Humana and Danaher. In recent weeks, analysts at Wells Fargo and Citigroup have started coverage of GE Healthcare with buy ratings. The analysts at Jefferies now rate Bausch Health stock a buy, with a price target increase to $16 per share from $9.
Persons: There's Eli Lilly, Eli Lilly, That's, Eli Lilly's, Ryan Issakainen, we're, Issakainen, , Stryker, Jim Cramer, it's, Jim, We've, Bausch, BHC, We're, I'm, Jefferies, Jim Cramer's, Frederick Florin Organizations: GE Healthcare, Health, Federal Reserve, First Trust Advisors, Humana, Medicare, Dow, UnitedHealth, GE, General Electric, , Citigroup, Jefferies, CNBC, AFP, Getty Locations: what's, China, STE, Biogen, Wells, Bausch, Fegersheim, France
Technology stocks can navigate a period of higher for longer interest rates, according to Wedbush. Wedbush says it's eyeing the "biggest tech revolution we have seen in 30 years" on the horizon. While Ives argument that tech stocks can perform well in the face of elevated interest rates might sound counterintuitive after the 2022 bear market, history suggests that it's more than possible. AdvertisementAdvertisementInterest rates and technology stocks were negatively correlated throughout all of 2022, as interest rates rose and tech stocks fell sharply. Technology stocks and interest rates were also positively correlated in the second half of 2020 and throughout most of 2021.
Persons: Wedbush, it's, Dan Ives, Ives Organizations: Service, The Federal, Federal, Nvidia, Microsoft, Adobe, Nasdaq Locations: Wall, Silicon
Hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Sept. 12. The net position in all products had fallen to 155 million barrels (71st percentile) on Sept. 12 down from 177 million (80th percentile) on Aug. 15. Short positions in NYMEX WTI slumped to just 21 million barrels on Sept. 12, the lowest for more than a year since June 2022. U.S. NATURAL GASInvestors remain ambivalent about the outlook for U.S. gas prices – torn between depleting inventories and the prospect of a warmer-than-average winter driven by a strong El Niño. The prospect of reduced consumption and slower export growth is weighing on gas prices and has kept them range bound for the last three months.
Persons: Richard Carson, bullishness, NYMEX WTI, Investors, John Kemp, David Evans Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, U.S . diesel, Fund, distillates, Thomson, Reuters Locations: Freeport , Texas, U.S, Saudi Arabia, Europe, China, distillates, Saudi, Cushing, Oklahoma, NYMEX, distillates ., East Asia, North America, Pacific
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil bullishness comes from a supply and demand mismatch due to cuts, says Requisite's Bryn TalkingtonBryn Talkington, managing partner at Requisite Capital Management, joins the investment committee on 'Halftime Report' to discuss a technical read of the oil market, a mismatch in oil supply and demand levels, and incongruencies in the oil energies market.
Persons: Requisite's Bryn, Bryn Talkington Organizations: Capital Management
As President Biden shifts his re-election campaign into higher gear, the strength of his candidacy is being tested by a striking divide between Democratic leaders, who are overwhelmingly unified behind his bid, and rank-and-file voters in the party who harbor persistent doubts about whether he is their best option. From the highest levels of the party on down, Democratic politicians and party officials have long dismissed the idea that Mr. Biden should have any credible primary challenger. Yet despite their efforts — and the president’s lack of a serious opponent within his party — they have been unable to dispel Democratic concerns about him that center largely on his age and vitality. The discord between the party’s elite and its voters leaves Democrats confronting a level of disunity over a president running for re-election not seen for decades. Interviews with more than a dozen strategists, elected officials and voters this past week, conversations with Democrats since Mr. Biden’s campaign began in April, and months of public polling data show that this disconnect has emerged as a defining obstacle for his candidacy, worrying Democrats from liberal enclaves to swing states to the halls of power in Washington.
Persons: Biden, , Biden’s Organizations: Democratic, Democrats Locations: Washington
HSBC initiates Zoom as buy HSBC said Zoom is the leader in video conferencing. HSBC initiates Deere as buy HSBC said in its initiation of Deere that it sees "upside in the cycle." HSBC initiates Salesforce as buy HSBC said in its initiation of the stock that it's a "margin expansion story." HSBC initiates Snowflake as buy HSBC said Snowflake is well positioned for AI. HSBC initiates Oracle a buy HSBC said in its initiation of Oracle it likes the company's cloud platform.
Persons: Morgan Stanley, Rivian, it's, TD Cowen, Needham, Piper Sandler, Piper, KEY's, Lauder, Redburn, Wolfe, Goldman Sachs, Goldman, Casella, Zoom, Snowflake, Northcoast, Apple, Salesforce, Ford Organizations: Bank of America, underperform Bank of America, HSBC, Anheuser, Busch InBev, UBS, WWE, UFC, Systems, Moffett, Deere, Oracle, of America, Amazon, Apple, Lenovo, Adobe, General Motors, Ford, GM, UAW Locations: Americas, 2H23, North America, U.S, China
Bullish analysts around YouTube make some compelling arguments, says Jim Cramer'Mad Money' host Jim Cramer talks Google's parent company alphabet, it's AI exposure, bullishness around subsidiary YouTube and more.
Persons: Jim Cramer Organizations: YouTube
Market volatility (bottom half) spiked during the downturn but has steadily receded during the rebound despite a late-summer hiccup. Tim Hayes, Ned Davis ResearchHayes believes that a healthy reset shook out much of that euphoria without leaving lasting damage. History says this market rally has plenty of room to runThe final three months of the year have historically been the friendliest to stocks, Hayes said. Tim Hayes, Ned Davis Research"It doesn't follow the script precisely," Hayes said. The forthcoming market rally should broaden out, the strategist said, which should boost parts of the market that haven't participated as well, including economically sensitive small companies and sectors.
Persons: Ned Davis, Tim Hayes, who's, Ned Davis Research Hayes, " Hayes, Hayes, Morgan Stanley, Mike Wilson's, David Lundgren, they've, There's, He's, haven't, they're Organizations: Ned, Ned Davis Research, Technology Locations: China, United Kingdom, Canada, Japan
Treasury Secretary Janet Yellen says she's "feeling very good" about chances of a US soft landing. "I think you'd have to say we're on a path that looks exactly like that," she said, per Bloomberg. Yellen joins Paul Krugman and Larry Summers in suggesting the US will avoid a recession. "I am feeling very good about that prediction," Yellen said on her way home from the G20 summit held in New Delhi, per Bloomberg. "I think you'd have to say we're on a path that looks exactly like that," she said, referring to hopes of a soft landing.
Persons: Janet Yellen, Yellen, Paul Krugman, Larry Summers, It's, Paul Krugman —, , David Rosenberg, Leon Cooperman, Jeremy Grantham Organizations: Bloomberg, Service, Federal Reserve Locations: Wall, Silicon, New Delhi
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple debuts made-in-India iPhone as pressure to diversify manufacturing mountsPlatformer's Casey Newton and Bokeh Capital Partners' Kim Forrest join 'Squawk on the Street' to discuss long term bullishness about Apple's vision pro headset, comparisons between IBM and Apple, and consumer appetite for smart watches.
Persons: Casey Newton, Kim Forrest Organizations: Apple, Bokeh Capital Partners, IBM Locations: India
Smucker's $5.6 bln buyout dealIndexes: S&P 500 +0.67%, Nasdaq +1.14%, Dow +0.25%Sept 11 (Reuters) - The Nasdaq closed sharply higher on Monday as Tesla surged on optimism around artificial intelligence and investors awaited inflation data due later this week. The S&P 500 climbed 0.67% to end at 4,487.46 points. Hostess Brands (TWNK.O) surged 19.1% after J. M. Smucker (SJM.N) said it would buy the Twinkies-maker in a $5.6 billion deal. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 14 new highs and 11 new lows; the Nasdaq recorded 36 new highs and 199 new lows.
Persons: Brendan McDermid, Morgan Stanley, Tesla, megacaps, Walt Disney, Greg Bassuk, chipmaker, Ankika Biswas, Shreyashi Sanyal, Shubham Batra, Noel Randewich, Arun Koyyur, Vinay Dwivedi, Richard Chang Organizations: New York Stock Exchange, REUTERS, Qualcomm, Apple Hostess Brands, Nasdaq, Dow, Amazon, Microsoft, Sunday, Charter Communications, ESPN, NFL, Federal, New York Fed, PPI, AXS Investments, Traders, Dow Jones, Apple, Hostess Brands, Thomson Locations: New York City, U.S, New York, Bengaluru, Oakland, Calif
Bullish sentiment among individual investors regarding the outlook for stocks over the next six months surged to 42% in the latest week, from 33.1% last week, and the first time the measure's been above the historical average (37.5%) since early August, according to the latest American Association of Individual Investors survey. Bearish sentiment sank to 29.6%, a four-week low, vs 34.5% last week. Neutral sentiment fell to a seven-week low of 28.2% from 32.4% last week. Bullishness also climbed in the weekly Investors Intelligence poll of financial newsletter editors and advisors earlier this week, rising to 49.3% from 43.1% last week. Bearishness rose a touch, to 21.9% from 20.8%, while those in the correction camp narrowed to 28.8% from 36.1%.
Persons: Bullishness, contrarians, — Scott Schnipper Organizations: American, of, Intelligence
This momentum is turning into bookings, and that gives me the confidence that our annual revenue growth will continue to accelerate moving forward." These bullish comments — taken together — made the softer fiscal second quarter guide all the more puzzling. But for now, we're chalking up the revenue growth softness to some lumpiness around one quarter to the next. Guidance Oracle's weaker-than-expected fiscal 2024 second quarter guide caused shares to drop a second leg lower after the closing bell Monday. Within that figure, Oracle expects cloud revenue to increase 29% to 31%, which at the midpoint is about stable from the first quarter.
Persons: it's, Oracle, Larry Ellison, Safra Catz, , we're, we'll, Cerner, Ellison, Katz, Catz, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Oracle, LSEG, Wall, Autonomous Database, Oracle Cloud Infrastructure, Infrastructure, Software, Microsoft, Web Services, Google, Johnson Controls, MGM Resorts, CNBC Locations: Cerner, Redwood Shores , California
Hedge funds and other money managers purchased the equivalent of 98 million barrels of futures and options based on crude over the seven days ending on Sept. 5. Short positions in NYMEX WTI had been reduced to just 30 million barrels on Sept. 5 from 136 million barrels on June 27. In the last 10 shorting cycles, shorts have fallen to an average of 24 million barrels. Following their repeated extension, the cuts are set to remove a total of 245 million barrels by the end of December if implemented in full. Related columns:- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)John Kemp is a Reuters market analyst.
Persons: Bing Guan, Brent, NYMEX WTI, Cushing, bullishness, John Kemp, Susan Fenton Organizations: Angeles Refinery, California Air Resources Board, OPEC ⁺, ICE, bearishness, Henry, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, Saudi Arabia, Brent, WTI, NYMEX, Chartbook, Russia, Saudi, Cushing, Oklahoma
Russia's oligarchs are even less likely to turn on Vladimir Putin 18 months after the invasion. In the 18 months since Russia invaded Ukraine, the lives of Russian oligarchs such as Melnichenko have changed immeasurably in the face of Western sanctions. Sanctions were unleashed on Russia's billionaires as part of a wider set of economic restrictions that some hoped would inspire a revolt within the country. Russia's oligarchs have Putin to thank for their ongoing success. Revolt is possible but unlikelyIt now appears Russia's oligarchs have adapted to a new status quo where they lack political influence but still have a reliable stream of cash.
Persons: Vladimir Putin, Andrey Melnichenko, Putin, Mikhail Svetlov, Melnichenko, Forbes, hasn't, Putin —, Roman Abramovich, Alisher, Alisher Usmanov, Alexei Druzhinin, Ivan Fomin, Fomin, That's, Peter Rutland, Vladimir Potanin, Potanin, Rosbank, they've, there'd, Rutland, they're, Abramovich, Michael Regan Abramovich, He's, We'll, Arkady Volozh, Yevgeny Prigozhin, Putin oligarch, Wagner Organizations: Putin, Service, Financial Times, United Arab, Russia's, Soviet Union, Union, Kremlin, Center for, Center for Strategic, International Studies, Forbes, Wesleyan University, Bloomberg, New York Times, London, Chelsea FC, Getty, Guardian, Street, EU Locations: Wall, Silicon, Dubai, United Arab Emirates, Russia, Ukraine, Soviet, EU, Russian, Rutland, France, Thailand, Turkey
The stock market is having an oversized influence on how investors think about the economy. "Late in the cycle when the data is conflicting, sentiment can be influenced by stock prices more than usual. The recession narrative has swung back and forth between hard landing, soft landing, and no landing at all, and the ongoing stock market rally has reinforced some of the more bullish views of the economy. AdvertisementAdvertisementBut the stock market rally has been driven by hard economic data and corporate earnings, too. Wilson recommended investors focus on owning defensive growth stocks, particularly industrial stocks relative to consumer discretionary stocks.
Persons: Mike Wilson, Morgan Stanley, Wilson Organizations: Service, Wall Locations: Wall, Silicon
Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude (WTI) futures and options contracts over the seven days ending on August 29. Bearish short positions in the premier NYMEX WTI contract had been reduced to just 49 million barrels, down from 136 million. Total commercial crude inventories had fallen into line with the prior ten-year average on August 25 while stocks at Cushing had depleted to almost 30% below the average. Hedge fund managers have been trying to get bullish towards U.S. gas prices, and the inventory surplus inherited from 2022 has been shrinking. Related columns:- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)- Crude oil prices stalled as hedge funds sold (August 29, 2023)John Kemp is a Reuters market analyst.
Persons: Richard Carson, John Kemp, Mike Harrison Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, Cushing, U.S . diesel, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Freeport , Texas, U.S, Cushing, Oklahoma, Brent, Washington, Illinois, Maine
Swiss authorities brokered the controversial emergency rescue of Credit Suisse by UBS for 3 billion Swiss francs ($3.37 billion) over the course of a weekend in March. Fabrice Coffrini | AFP | Getty ImagesUBS shares rallied to 15-year highs on the back of what analysts branded a "historic" earnings report, though Deutsche Bank said the Swiss banking giant may remain a "construction site" for some time. UBS also announced that it will fully integrate Credit Suisse's Swiss banking unit, a key profit center, in 2024. Notably, UBS highlighted that the massive net asset and deposit outflows seen by Credit Suisse over the last year have finally begun to reverse, and turned positive in June. "It's difficult to combine a blowout result like that and then to announce layoffs at the same time.
Persons: Fabrice Coffrini, Benjamin Goy, Sharath Kumar, Bruno Verstraete, Verstraete Organizations: Credit Suisse, UBS, AFP, Getty, Deutsche Bank, Swiss, Credit, midafternoon, Lakefield Partners, CNBC Locations: Swiss, Zurich, 2Q23, Switzerland
There are no more "sell" ratings for Nvidia on Wall Street following its strong second-quarter earnings. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Morningstar Research analyst Brian Colello upgraded Nvidia to "hold" from its Wall Street-equivalent rating of "sell" in a note on Wednesday. Such growth might be unprecedented in large-cap tech, but we foresee all types of enterprises investing in AI," Colello said. According to data compiled by Bloomberg, Wall Street has 54 "buy" ratings and five "hold" ratings on Nvidia stock.
Persons: Morningstar, Brian Colello, Colello, Stifel's Ruben Roy, Roy Organizations: Nvidia, Wall, Service, Morningstar Research, Bloomberg Locations: TSMC, Wall, Silicon, Colello
The August sell-off in the stock market has flipped investors from bullish to bearish. Various sentiment indicators have flipped negative, signaling that investors are still worried about a broader stock market decline. That's table stakes in the stock market and is typically viewed as "profit taking" or "healthy consolidation of the market's recent gains." And the stock market loves to prove its skeptics wrong as it often climbs a wall of worry. The sharp decline in sentiment suggests that investors are more worried about getting trapped in another bear market decline than they are missing out on the next bull market rally.
Organizations: Service, Dow Jones, Investor Locations: bullish, Wall, Silicon
Michael M. Santiago | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineRising U.S. Treasury yields are straining stocks. All three indexes closed below their 50-day moving average — the first time for the Dow since June. All indexes are still above their 200-day moving average.
Persons: Michael M, That's, , bullishness, It'd, — CNBC's Scott Schnipper Organizations: New York Stock Exchange, Santiago, CNBC, Treasury, it's, Fed, Investors, Dow Jones, Nasdaq, Dow, Trading, American, of, Investor Locations: New York City, U.S, There's
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