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Barry Dunning Jr. and Pitt shooters to a one-sided victory over Bucknell
Barry Dunning Jr. scored 23 points and sank 7 3-pointers to lead Pitt to a 84-50 win over Bucknell in a non-conference game on Monday. South Alabama transfer, Dunning, shot 7 of 11 in the 3-point range and 8 of 13 on the floor. Dunning grabbed seven rebounds to help the Panthers (4-1), who improved their home record to 4-0, improve. All four Pitt players - Cameron Corhen (11 points), Omari Witherspoon (11 points), Branden Cummings (11) and Nojus Idrusaitis (11) - finished the game with 11 total. Ruot Bijeek led Bucknell (2-3), scoring 11 points. In the second half, the Panthers scored 46 points to 25 for the Bison. Bucknell shot 27.7% of its shots (13 out of 47). Pitt, on the other hand, shot 50.8% of their shots (31 out of 61). Papa Amadou Kante led the Panthers with 11 points. Dunning scored 14 points to help the Panthers lead 38-25 at the half. Dunning scored on 5 of his 7 floor attempts before the half, including 4 out of 5 3-point tries. Bijiek leads the Bison in scoring with seven. In the first half, the Panthers had a 12-0 lead. Witherspoon began the surge by tying the game with a layup, before Damarco Major's 3-pointer at 11:16 in the second half gave Pitt the lead for good. Witherspoon then made a layup, followed by Dunning. Dunning finished the run off with a 3-pointer to give them a 21-11 lead. Bison, on the other hand, fought back. Amon Dorries ended the streak by making a free-throw with 8:01 remaining, and Bijiek punished the Panthers for a mistake with a three-pointer. The Panthers quickly restored the deficit to double digits. Dunning made a 3-pointer, and Corhen added a jumper for a 28-17 score. Witherspoon gave Panthers a lead of 13 points at halftime by hitting a 3 pointer at the buzzer. With a run of 22-2 to begin the second half, the Panthers extended their lead to 30. Cummings began the run with a jumper and Witherspoon sank a 3-pointer. Cummings hit two free throws, Corhen one and Brandon McCreesh a layup for Bucknell. Cummings responded with another 3-pointer. Rom Siulepa's dunk made it 51-27. Dunning's fifth and sixth three-pointers gave Pitt a 57-24 lead with 14:23 remaining. Field Level Media
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Stocks fall as markets focus on US data barrage and Japan PM's meeting with BOJ chief
Asian stocks fell in the early trading on Tuesday as investors reduced their bets on a Federal Reserve rate reduction next month. The government shutdown had delayed a flurry of important U.S. economic data. The closely-watched September nonfarm payrolls data is due on Thursday. The focus in the region also centered on the meeting between Japan's new prime minister Sanae Takaichi and Bank of Japan Governor Kazuo Ueda, which took place at 0630 GMT. This was the first time the two had met since the new leader's inauguration last month. In a Tuesday research note, JBWere analysts stated that "there will be interest in Takaichi’s meeting given his reputation as an advocate for easy monetary and fiscal policies and the market's uncertainty about when or if the BOJ would tighten its policy in the coming months." Ueda hinted at the possibility of an interest rate increase as early as next month. Takaichi, and her finance Minister, Satsuki Catayama, both want rates to stay low until inflation reaches the BOJ's target of 2%. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 0.7%, while Japan's Nikkei dropped more than 2%. Early weakness in regional shares tracked a prolonged selloff overnight on Wall Street as benchmark Treasury yields dipped lower and markets prepared for a flood economic data releases. Investors are eagerly awaiting the quarterly earnings of Nvidia on Wednesday, as they look for any signs of weakness in a sector which has been driving much of recent stock market rally. The traders had to decide whether or not the Federal Reserve will cut rates at its next meeting, which is scheduled for the month of April. Besa deda, chief economic advisor at William Buck in Sydney, said that global equity markets had adopted a cautiously conservative tone before the U.S. payrolls for non-farmers and the key corporate earnings. The payrolls report should provide the Fed with much-needed information about the strength of the U.S. economic foundation and help to shape the expectations surrounding the Fed's future move. "A Fed rate cut is not guaranteed in December." November has seen a greater level of volatility in global equity markets. "Unlike October, the majority of major indices are stalling, and have not been able to reach new record highs." Investors have reduced expectations of a Fed rate cut in December, despite recent data showing further weakness of the U.S. Economy. The markets now price in a closer 40% chance of a Fed rate reduction by 25 basis points in December. This is down from over 60% earlier in the month. The dollar remained stable on the foreign exchange markets. The dollar index (a measure of U.S. currency compared to major rivals) was last up by 0.2%, at 99.545, ending a four-day loss streak and reclaiming a one week high. The dollar rose by 0.1% against the yen, to 155.29. This is the lowest level of the Japanese currency since February 4, this year. At a regular press conference held on Tuesday, Japanese Finance Minister Satsuki Catayama expressed her "alarm" over the volatility of the currency. Brent crude futures fell almost 0.5% to $63.91 per barrel in the morning Asian session. Bitcoin rose 0.3%, after hitting a low of $91,174.66 in the previous session. This was a drop of almost 22% within three months. (Editing by Shri Navaratnam).
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Gold continues to fall as dollar remains firm, easing Fed rate cut bets
Gold dropped for the fourth consecutive session on Tuesday. The dollar was strong and there were fewer prospects for an interest rate reduction in the United States next month. As of 0131 GMT, spot gold was down by 0.1%, at $4,039.19 an ounce. U.S. Gold Futures for December Delivery fell by 0.9%, to $4.038.60 an ounce. "The dollar has been a little stronger today, and some of the speculation lengths have also been reduced in this last week. "The gold market will consolidate for the time being," said Marex analyst Edward Meir. After a steep rise in the session before, the dollar remained stable against its competitors. Gold becomes more expensive when the dollar is stronger. Last week, Congress reached an agreement on the end of the longest U.S. Government shutdown in history. The absence of official data about the economy dampened expectations that the Federal Reserve would cut rates again in December. Fed Vice-Chair Philip Jefferson said Monday that the U.S. Central Bank needed to "proceed gradually" with additional rate cuts. This has dented expectations of a reduction next month. Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty. This week, the focus will be on U.S. economic data, such as the nonfarm payrolls September report, which is released on Thursday. These releases can provide clues about the health of the largest economy in the world. "Expectations that the Fed would cut again next months dropped from a peak of almost 100% shortly after the September announcement to just 42% over night. This has weighed down on the appetite of investors for gold," ANZ stated in a report. The medium-term investment demand is expected to be supported by structural tailwinds such as geopolitical uncertainties, concerns over U.S. debt sustainability and de-dollarisation. Other than that, silver spot fell by 0.4%, to $50 an ounce. Platinum rose by 0.3%, to $1.538,74. Palladium dropped 0.5%, to $1.386.01. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
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China and Russia to increase cooperation in energy, agriculture
China is prepared to intensify cooperation with Russia on energy, agriculture, and other investments. Premier Li Qiang made this statement during a Monday meeting in Moscow with Russian Prime Minster Mikhail Mishustin. Li told Mishustin, the Russian official news agency Xinhua reported that China welcomed more agricultural and food product from Russia. Xinhua reported, citing Li, that China hopes Russia will also make it easier for Chinese companies to invest and operate in Russia. Mishustin said to Li that the bilateral cooperation has proven resilient in the face of external challenges. According to a transcription of the meeting posted on the Russian government's website, Mishustin said that their cooperation was "special and strategic" and covered the oil, coal, and nuclear sectors. Russia, which is fighting NATO-supplied Ukrainian troops, and China, who are under pressure by the United States to counter their growing economic and military strength, have found a common geopolitical purpose. Beijing and Moscow announced their "no-limits" strategic partnership only days before Putin sent thousands of Russian soldiers into Ukraine in 2022. Xi met Putin over 40 times in the last decade. In recent months, Putin has publicly referred China as an ally.
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US Treasury: sanctions against Rosneft and Lukoil reduce Russia's oil revenue
The U.S. Treasury announced on Monday that U.S. sanction against Russian oil giants Rosneft, and Lukoil have already reduced Russian oil revenues. They are also likely to reduce Russian oil sales in the future. In a press release, the Treasury's Office of Foreign Assets Control stated that their analysis of the first market impact of sanctions announced on the 22nd of October showed they were "having their intended effect of dampening Russian revenue by lowering Russian oil prices and therefore the ability of the country to fund its war against Ukraine." The Treasury's action was one of the strongest U.S. sanction since Russia invaded Ukraine on a large scale in February 2022. It is also the first direct sanction imposed by Donald Trump since he took office in January. The deadline set by the sanctions is November 21, when companies must end their business with Rosneft or Lukoil. Violators could be disconnected from the dollar-based system of financial transactions. It was not clear how Treasury would enforce the sanctions. China and India are the two biggest buyers of Russian crude oil. OFAC's analysis found that prices for several grades of Russian crude oil were at an all-time low. It also noted that a dozen of the largest Indian and Chinese buyers of Russian crude had announced their intention to stop buying Russian crude for December deliveries. LSEG Workspace showed Monday that benchmark Urals crude was loaded in Russia's Black Sea oil port of Novorossiysk On November 12, oil traded at $45.35 a barrel, the lowest price since March 2023. The Russians were just starting to build a "shadow" fleet of tankers at that time to avoid the G7-led $60 per barrel price cap imposed in December 202023. Brent crude futures traded at $64.03 Monday, up from $62.71 the previous day. Urals Novorossiysk climbed to $47.01 Monday. After a drone and missile attack by Ukraine, loadings at the Black Sea Port have resumed. Reports earlier in the month indicated that Russian oil discount to Brent had increased as Indian and Chinese refiners reduced purchases due to U.S. sanction. A Treasury spokesperson stated that the sanctions "starved Putin's war-machine" and the Department "is ready to take additional action if needed to stop the senseless killing in Ukraine". (Reporting and editing by Cynthia Osterman; David Lawder)
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Viridis, Australia's rare earths company, secures Canadian funding interest
Export Development Canada has sent a letter of intent to Viridis Minerals Australia for a debt financing up to $100,000,000 for the Colossus Rare Earths Project in Brazil. The company stated that the financing will help with the execution phase. It follows a letter from Bpifrance Assurance Export in France. Rafael Moreno said that the endorsement from Viridis, the managing director of Viridis, could strengthen the role the project plays in diversifying and securing Western supply chains for rare earths. The Colossus Project is located in Minas Gerais, Brazil. It contains Ionic Adsorption Clay deposits. Rare earth elements are weakly bound to clay minerals and this makes extraction easier. Canada's interest in rare earths comes at a time when Western nations such as the United States and Australia are supporting developers of the material to create an alternative supply chain to counter China's dominance over the industry. As the project moves towards funding completion, the company expects final structuring discussions to be progressed with its financial partners in the coming months. Viridis said that the EDC will continue to adhere to its standard due diligence procedures, internal approvals, and project financing conditions. (Reporting and editing by Alan Barona in Bengaluru, Nikita Maria Jio from Bengaluru)
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White House official: Trump will support Russia sanctions bill as long as he has final authority
A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia. This includes buyers of Russia's energy exports. Trump's Sunday comments could be a catalyst for legislation in Congress to advance. The Senate and House of Representatives leaders have not brought the legislation up for a vote, as Trump prefers to impose tariffs instead on goods imported from India. India is the second largest buyer of Russian oil in the world after China. The official responded that Trump would sign the bill if asked if he was ready to support it. He said that last night." The official stated that the White House would insist on specific language to ensure that Trump maintains control over sanctions. The official stated that it was important for the White House and President that the package of sanctions include a clause that gives the president the final decision-making power on sanctions. "So long as this is included, I believe the president will sign the bill." Officials at the White House confirmed that they were continuing to negotiate with Russia about ending the war. "We are definitely working on it. We have so many other things going on that it hasn't been in the spotlight. Reporting by Gram Slattery and Andrea Shalal; editing by Caitlin Nickel and Rod Nickel
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Fibre cement maker James Hardie reports 2% drop in second-quarter profit
James Hardie, a fibre cement manufacturer, reported a 2% decline in its second quarter profit on Tuesday. The company attributed the drop to a weaker single-family housing market and inventory reductions that are ongoing in North America. Nigel Stein will take over as chairman of the board on November 17 after Ryan Lada, who succeeds Rachel Wilson, has been named as chief financial officer. James Hardle cited a challenging business environment. This included a modest decline in net organic sales in the siding and trim segment and a lower manufacturing utilization rate in its North America operations. All of this was compounded by a slowing single-family housing market. The company raised its net sales forecasts for the full year for its siding and trim division. This was its biggest contributor to the quarter. It attributed this increase to stabilised market conditions and normalised inventories. The Dublin-based firm reported a net profit of $154 millions for the three-month period ended September 30 compared to $157 million in 2013. This was a significant increase over the Visible Alpha consensus estimate, which was $144.2 million. The company's siding and trim division is expected to generate net sales of between $2.925 billion and $2.995 billion in fiscal 2026. This is up from the previous forecast range of $2.675 to $2.850. (Reporting and editing by Vijay Kishore in Bengaluru, Adwitiya Shrivastava from Bengaluru)
Oil prices drop as Russian hub resumes loading; markets consider sanctions impact
The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns waned after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine.
Brent crude futures fell 28 cents or 0.4% to $63.92 per barrel as of 1100 GMT. U.S. West Texas Intermediate crude futures (WTI) were down 26 cents or 0.4% at $59.65 per barrel.
According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday following a two-day suspension triggered a Ukrainian drone and missile attack.
In a note, IG analyst Tony Sycamore noted that crude oil prices are marginally lower as "reports indicate that loadings at Novorossiysk have resumed earlier than expected," he wrote.
The exports of crude oil from Novorossiysk, and the nearby Caspian pipeline consortium terminal, which together represent about 2.2 millions barrels per day, or roughly 2%, were stopped on Friday. Crude prices rose by more than 2%.
Now, traders are focusing more on the long-term effects of Western sanctions on Russian crude oil flows.
The U.S. Treasury reported that sanctions imposed on Rosneft in October and Lukoil in November are already cutting into Moscow's oil revenue and will eventually reduce Russian export volumes.
ANZ stated in a report that "Moscow crude oil has started trading at a substantial discount to global benchmarks."
According to a senior White House official, President Donald Trump will sign legislation imposing sanctions on Russia as long as the final decision is in his hands. Trump said that Republicans were drafting legislation to sanction any country that does business with Russia. He added that Iran may also be included.
Goldman Sachs predicted that oil prices would decline until 2026. The company cited a large supply wave which keeps the market in excess. Goldman Sachs said that Brent oil prices could reach $70 per barrel by 2026/2027, if Russian production drops more dramatically.
(source: Reuters)