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Oil prices dropped over 2% as U.S. crude stockpiles rose, signaling weakened demand. Additionally, concerns about the global economic outlook led to a broader sell-off in equities. Brent crude futures fell by 2.2% to $88.13 a barrel, while U.S. West Texas Intermediate crude futures slid by 2.7% to $83.13 a barrel. These price declines were driven by a combination...

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China's aluminum market in 2023 stands out for its resilience, with prices on the Shanghai Futures Exchange (SHFE) bucking global trends by climbing over 1%, while the London Metal Exchange (LME) saw an 8% slump. This divergence is largely credited to the strength of China's green sector and decarbonization efforts. An open arbitrage window, created by SHFE...

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Oil prices have continued to decline, marking the third consecutive session of losses. This decline is attributed to a series of sluggish economic data releases from Germany, the eurozone, and Britain, which have raised concerns about energy demand. Brent crude futures dropped by 2%, down $1.76 to $88.07 per barrel, while U.S. West Texas Intermediate crude futures...

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Silver faces challenges due to a combination of factors, including higher real yields, a stronger U.S. Dollar Index, and the potential for panic selling during economic recessions. These elements cast a shadow over silver's performance, despite recent gains linked to the Middle East conflict. Additionally, rising mortgage rates and a weaker housing market could...

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Pfizer (NYSE:PFE) gained EU antitrust approval for its $43 billion acquisition of Seagen, a cancer drug maker. This acquisition, announced in March, is Pfizer's largest recent purchase, fueled by the financial success of its COVID-19 vaccines and treatments. The European Commission found no significant competition or pricing concerns in the 27-country European...

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Netflix (NASDAQ:NFLX) shares surged over 10% in after-hours trading after surpassing profit expectations and seeing a rise in subscribers. In Q3, they reported an EPS of $3.73 and revenue of $8.54 billion, exceeding analyst predictions. Paid subscribers grew by 8.76 million, well above expectations. While industry challenges persisted due to strikes, Netflix is...

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United Airlines Holdings posted Q3 earnings that surpassed expectations, yet it anticipates a decline in profit for the current quarter due to increased costs. The Chicago-based airline foresees an adjusted profit ranging from $1.50 to $1.80 per share for the period ending in December. This forecast is lower than the $2.46 per share reported in the same period the...

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Snap's stock has been highly volatile, with over 42 moves exceeding 5% in the past year. Today's increase in share price suggests the market finds the news impactful but not transformative for the company. The most significant drop occurred six months ago when Snap reported disappointing first-quarter revenue, causing a 19.8% stock decline. SNAP faces...

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Brent futures rose by $4.89 (5.7%) to reach $90.89 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $4.78 (5.8%) to $87.69 per barrel, marking their most significant daily gains since April. Brent also saw a weekly rise of 7.5%, its largest since February, and WTI climbed 5.9% for the week. Despite the Middle East conflict, global oil and...

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The German DAX40 stock index has experienced a recent downward trend, falling below its 200-day moving average and a critical support level at 15,500. This reversal followed a multi-year high above 16,500, where the 50-day moving average became a resistance level, intensifying the sell-off. A classic Fibonacci pattern suggests a corrective pullback targeting the...

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In early European trading, the US dollar is holding steady ahead of the release of key inflation data and the Federal Reserve meeting minutes. The Dollar Index is near a two-week low at 105.557, reflecting recent dollar weakness. Dovish comments from Fed officials have contributed to this weakness, suggesting the end of interest rate hikes. Atlanta Fed President...

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After breaking through the $1,900 support level in the latter half of the year, gold accelerated its descent, reaching an ideal correction level at approximately $1,810, as per the Fibonacci 0.618 retracement. In tandem with the rise in risk perception leading to increased demand for commodities, the gold market witnessed a gap-up opening. The price per ounce of...

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The ongoing conflict in the Middle East involving Israel, Hamas, and Iran, is having a potential impact on global energy markets. The conflict is complex, with deep-rooted historical and political dimensions, and has the potential to escalate, affecting regional stability. Geopolitical tensions in oil-producing regions can disrupt global energy markets, leading to...

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General Motors (GM) made a counteroffer to the United Auto Workers (UAW) to resolve a three-week strike. UAW President Shawn Fain plans an update on talks with Detroit's automakers. The strike, including Ford and Stellantis, began on Sept. 15. GM's counteroffer is its sixth, but "significant gaps remain." Negotiations with Ford show progress on pay increases....

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A U.S. Justice Department lawyer questioned a Google executive in an antitrust trial about the company's tactics for increasing online advertising prices. Google's Vice President of Product Management, Adam Juda, testified that the company uses a formula involving ad quality to determine auction winners for website advertising. The Justice Department alleges that...

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The U.S. Securities and Exchange Commission (SEC) is not backing down in its legal battle against Coinbase Global (NASDAQ: COIN), a prominent cryptocurrency exchange. On Tuesday, the SEC made a firm move by requesting a federal judge to deny Coinbase's motion to dismiss the lawsuit that the regulator had filed against the platform. This development marks a...

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Wells Fargo is planning to lay off over 500 employees in Richland County, South Carolina, by June 30, 2024. The layoffs have already started, with the highest number of job cuts in the state listed at their location on 101 Greystone Blvd. These layoffs are part of a consolidation process affecting behind-the-scenes employees, with bank tellers and customer service...

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Oil prices are surging as a global supply shortage takes center stage, with OPEC estimating a staggering 32-million-barrel-per-day shortfall. In the US, the impact is evident at the Cushing, Oklahoma delivery point, which continues to see declining supplies. Meanwhile, the International Energy Agency (IEA) is making a case for a reduction in fossil fuel...