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Raptors shooting 61% on field is destroying Jazz
RJ Barrett scored 27 and Sandro mamukelashvili 23 points as the Toronto Raptors, visiting from Toronto, snapped a losing streak of two games with a 143 - 127 victory over the Utah Jazz on Monday in Salt Lake City. Ja'Kobe Walter made six 3-pointers for Toronto (40-31) and scored a season high 21 points. The team led by up to 35 points and shot 61.4% on the field. The Raptors were leading 117-88 by the end of third quarter, after the Jazz had been outscored 49-30. Toronto's 49 points tied its franchise record for the most?points scored in a quarter. Scottie Barnes scored 20 points for the Raptors. He also had seven rebounds, 10 assists, and Gradey Dick added 13. Jamal Shead set a new career high with 15?assists. Ace Bailey, who led Utah (21-51) in scoring with 37 points and seven 3-pointers, matched his previous career high. Brice Sensabaugh had a career-high?24 points. John Konchar scored 19, Oscar Tshiebwe tallied 16, and Kennedy Chandler had?13 points and nine assists. Utah has lost six of its seven previous games, and it was defeated 60-46 in the paint. Toronto led the Jazz 31-25 after the first quarter, when they held them to only 6-of-20 (30%) shots. Barnes scored back-to-back baskets with 2:30 remaining in the second quarter to give the Raptors a 60-47 lead. Toronto held a 6858 advantage at halftime. Barnes led Toronto in scoring with 16 points, while Bailey led Utah with 18 points. After a 20-6 run to start the third quarter, the?Raptors opened a 24 point lead. Barrett scored 18 in the third quarter to help Toronto gain control. Utah was trailing by 33 at the mid-point of the fourth quarter before a run of 24-3 cut the deficit down to?137 125 with just 1:48 left. Bailey led the rally, shooting 11 out of 21 shots from the field. He also shot 7?of ten from beyond the arc. The Raptors were without Brandon Ingram, Jakob Poeltl and Immanuel Quiley due to injuries. Toronto rookie forward Collin Murray-Boyles, who missed the previous 11 games due to a left thumb injury, returned and scored nine points with four rebounds. He played 17 minutes on the bench. Field Level Media
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Investors weigh US-Iran War as they lower Chicago soy and grains.
Chicago soybean futures fluctuated between positive and -negative territory on Monday, as financial markets were roiled by Donald Trump's announcement that he would delay possible strikes against Iranian power plants. Trump's comments, which also mentioned productive talks with Iran sent oil prices plummeting as investors saw an indication of a de-escalation from the U.S. and Israeli war against Iran that lasted three weeks, disrupting global energy supply. The decline in crude oil and grain prices was halted by the Iranian denial of any talks with Washington. Randy Place, an analyst at Hightower Report, said: "I don't believe the market feels like it's?the end of the war just yet." The lower crude oil price provided a?continuous downward pressure on corn and a ceiling to soybean futures. As of 10:15 a.m. (1530 GMT), the most active soybean contract traded on the Chicago Board of Trade had risen by 1-1/4 cents to $11.67-3/4 a bushel. The price of grains is sensitive to crude oil because corn and soyoil are widely used in biofuels. Investors also saw the crops as a hedge against inflation during the Iran Crisis. Although corn was under pressure due to crude oil prices, losses have been limited by strong fundamentals such as export demand and high ethanol margins. Wheat prices also fell after Trump's remarks on the postponement of a strike, which allayed fears about wheat shortages in Middle Eastern countries and North African countries. Place explained that "this pulls some support from the wheat market and there's more focus on global fundamentals which aren't bullish." Wheat futures are under pressure due to a "global oversupply of wheat and poor exports". CBOT Wheat was down 9-3/4 cents at $5.85-3/4, while corn eased 4-1/2 to $4.71-3/4. The?increased fuel and fertiliser costs are also affecting the?U.S. Farmers' allocation of acres to?corn and soy beans this spring. Reporting by Heather Schlitz, Chicago; Additional reporting from Gus Trompiz, Paris; Daphne Zhang & Lewis Jackson in Beijing. Editing by Rashmia Aich & Paul Simao & Jan Harvey
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US energy chief tells CNBC that a new SPR oil release will be unlikely
Chris Wright, U.S. energy secretary, told CNBC that the 'United States will be 'highly unlikely' to release a slew of oil from their Strategic Petroleum Reserve if they want to calm down the energy -markets in the midst of a raging war with Iran. He said the U.S. is looking at other levers in order to lower prices. These include improving refinery efficiency and bringing more diesel fuel to the market. Wright said in Houston that a new release was "of course possible", but he thought it highly unlikely. The?U.S. The?U.S. The Energy Department announced late Friday that it had loaned energy companies 45.2 million barrels of?the SPR, which is a little over half of the initial 86?million offered. The companies must repay the SPR 'loans' with additional barrels of crude oil to the reserve. Wright stated that by implementing the swaps, the SPR will have more oil than the 415 million barrels it currently has. (Reporting and editing by Andrei Khalip, Katharine Jackson and Timothy Gardner)
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US Energy Secretary: Oil prices are not high enough to destroy demand.
Despite the fact that the markets were bouncing and oil prices were near $100 a barrel due to the U.S./Israeli war against Iran, U.S. Energy Sec. Chris Wright said on Monday, at the CERAWeek conference in Houston, Texas. After the attacks in the Middle East on energy infrastructure and the closure of an important shipping channel, the world is experiencing one of its worst energy crises. The oil prices are at multi-year highs, and fuel prices in the U.S. have surged. This could cause problems for the Republican Party of President Donald Trump ahead of the midterm elections. The Trump administration has taken'steps to calm the markets, including releasing U.S. Strategic Petroleum Reserve oil in collaboration with other members of International Energy Agency. Wright said on Monday that the U.S. would release between one million and one million-and-a half barrels of oil per day, with a goal to reach three million barrels per days. Speaking shortly after Wright's remarks, Sultan Al Jaber, CEO of Abu Dhabi state oil company ADNOC, said that the increase in oil prices was slowing the global economic growth. He also added that no country should be able?to close the Strait?of Hormuz. This chokepoint, which Iran effectively closed, accounts for around 20% of world oil consumption. Wright, when asked if a U.S. win in Iran would mean the country no longer had control over the Strait of Hormuz, told CNBC during an interview at the conference that "we need to be in the position where they're ability to threaten the Strait of Hormuz has either been gone or dramatically diminished from where it was in the past few years, last several decades." Wright stated that the Trump administration was prioritizing the supply of refineries in Asia, which has been the most affected by market shocks. He said, "We want oil to reach Asian refineries as quickly as possible and with as little downturn in refining as possible." Wright said Venezuela was "significantly better" now than it had been months earlier, after the capture of Nicolas Maduro and the U.S. taking over of the OPEC nation's oil exports. Wright, who visited Caracas in Caracas's oilfields and met with interim president Delcy Rodriquez last month, said that Venezuela will "eventually" hold elections. He did not provide any further details. U.S. NUCLEAR POWER Wright stated that the U.S. is on track to have three nuclear reactors of next-generation producing heat by July 4. This will be a prelude to delivering electricity into the grid. In?the country are being developed several so-called small modules reactors and?other advanced nuclear forms, but none of them are commercially operational at the moment. Wright said that new nuclear energy would be a crucial supplier of electrons for the U.S. electric grid, which struggles to meet the demand of data centers and electrification in industries such as transportation. Reporting by Jarrett Renshaw, Marianna Pararaga, Nathan Crooks, and Laila K. Kearney from Houston, and Timothy Gardner from Washington, D.C.
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US construction spending falls unexpectedly in January
Government data revealed that U.S. construction expenditures unexpectedly declined in January due to a general weakness in private projects. Census Bureau of the Commerce Department said that construction spending fell 0.3% on Monday, after a 0.8% increase in December which had been?upwardly re-evaluated. This was the largest?increase ever since April 2024. Economists surveyed by predicted that construction spending would increase 0.1%. Construction spending increased 1.0% in January on an annual basis. Census Bureau still has a lot of data to release after the government shutdown last year caused delays. The spending on private construction projects decreased by 0.6% in January, after rising 1.0% in the previous month. Residential construction investment?decreased by 0.8% in January after rising 2.5% in December. This was partly due to an increase in renovations. The spending on single-family housing fell by 0.2%, as mortgage rates continued to limit activity. Mortgage?rates were lower at the beginning of the year but have risen since the U.S. - Israel war with Iran began at the end February. Middle East conflict has increased oil prices and U.S. Treasury Yields amid rising inflation fears. Freddie Mac data showed that the average rate for the popular 30-year fixed mortgage had jumped from 5.98% to 6.22% at the eve before the war. Mortgage rates are based on the benchmark yield of a 10-year Treasury. The rising mortgage rates add to the higher labor and material costs that have risen due to import tariffs and immigration crackdowns. Residential investment has declined for four consecutive quarters. The spending on multi-family units, which make up a tiny part of the housing market fell by?0.7% during January. In January, spending on nonresidential private structures such as offices and factories fell by 0.4%. The spending on non-residential structures is down for eight straight quarters, despite an increase in the construction of data centres to support artificial intelligence. After a 0.1% drop in December, investment in public construction projects grew by 0.6%. In January, state and local government spending on construction rose by 0.6% and federal government expenditures increased by 1.0%. Lucia Mutikani, reporting; Paul Simao, editing.
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Sources say that the Japanese government is considering a possible intervention in the crude futures market.
Market sources reported on Monday that the Japanese government was considering intervening in crude oil futures market, as the Middle East Crisis is driving energy prices'sharply up. If agreed upon, the move would 'follow Japan’s decision to release the largest amount of oil reserves ever, in coordination and cooperation with other countries, to ease the shortages caused by the U.S./Israeli war against Iran. One source stated that the government inquired about specific methods of intervening on the crude oil futures markets. Energy prices rose after the U.S. and Israel attacked Iran, according to the previous statements of the top executives of several major exchanges. The Strait of Hormuz remains closed, which is a major route for global oil and LNG. Japan is in an extremely vulnerable position, as more than 90 percent of its oil comes from the Middle East. The yen is also weak. Tokyo's Ministry of Finance did not respond immediately to a question about reported activities in the?oil market. Atsushi MIMURA, Japan's currency diplomat, said earlier on Monday that the government is prepared to take any measures necessary to combat volatility on the?foreign-exchange market. He warned, however, that speculation on oil futures may have an impact on currencies. The Petroleum Association of Japan (the industry group that represents the country's largest oil refiners) suggested that more stockpiles should be released as?Japan battles record gasoline prices, and consumers are beginning to feel the impact of the rising cost of energy imports. Executive Director of the International Energy Agency, Rocky Swift, said that the agency is consulting with governments across Asia and Europe on the possibility of releasing more stockpiles. He added that this would calm markets but was not a solution. (Reporting and writing by Atsuko oyama, Rocky Swift, Katya Golubkova and Hugh Lawson; editing by Hugh Lawson).
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US Energy Secretary: Oil prices are not high enough to destroy demand.
U.S. Energy Sec. Chris Wright'said Monday that global oil prices had not risen 'enough' to destroy demand, despite the fact that markets were still gyrating and oil prices remained above $100 a barrel because of the U.S./Israel war against Iran. Wright's comments come during one of the most severe energy crises of recent decades, following the closing of a major?shipping route and attacks in the Middle East on energy infrastructure that has sustained?long term damage. Fuel prices in the United States have reached multi-year highs, and oil prices are at multi-year records. Fuel prices in the United States are soaring, posing a threat to President Donald Trump and his Republican Party ahead of mid-term elections. Trump?administration takes steps to pacify the markets. This includes releasing oil from?the U.S. Strategic Petroleum Reserve?along with other members of International Energy Agency. Wright said on Monday that the U.S. would release between one million and one million-and a half barrels of oil per day, eventually reaching 3 million bpd. Wright stated that the Asian region has been the most?affected' by the recent market shocks, and supplying refineries in the region was a top priority for the Trump Administration. He said, "We want as little downturn in refining as possible and to get as much oil into Asian refineries." Wright said Venezuela was "significantly better" now than it had been months earlier, after the capture of Nicolas Maduro by the U.S. The OPEC nation's oil exports have been taken over by the United States, with 200,000 bpd crude production restored to date. Wright, who visited Caracas in the last month to meet interim president Delcy Rodriguez and visit oil fields, said that Venezuela will "eventually" hold elections. He did not provide any further details.
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Trustpilot, a UK-based consumer protection company, fined £4.6m by Italian regulators for misleading consumers
The Italian competition regulator imposed a fine on Monday of 4 million euro ($4.6 million) against online review platform Trustpilot, and its subsidiaries for failing to verify reviews' authenticity and misleading consumers regarding the services they offer. Italian Competition Authority said that the 'platform's collection of reviews allowed businesses to choose which consumers would receive review invitations, thereby reducing the representationalness of published ratings. This was true even when the reviews were labeled as "verified". Trustpilot issued a statement saying that it "strongly disagrees with the conclusions reached in this finding of?the AGCM" (regulator). We will appeal it vigorously." The fine comes after Grizzly Research, a short seller, accused Trustpilot months ago of creating fake profiles which gave negative reviews then urging companies to pay subscriptions. The Italian consumer watchdog also found that Trustpilot used "dark patterns", or techniques of interface design, to hide key information about its platform's functionality and the businesses who paid for it. The company said it did not expect that the fine would have any impact on its finances or operations. As of 1416 GMT, its shares, which had fallen as much as 2.7% in early trading, were trading up by 4.2%.
MMK, a Russian steelmaker, will cut jobs in management and halt investment due to weak demand
MMK, Russia's largest steelmaker, announced on Monday that it would halt new investments and axe 10% of its management staff due to a weak domestic demand.
The demand for metals in the Russian construction, energy, automobile and machinery manufacturing industries, which are the main customers, is decreasing as companies stop investing due to high interest rates, as the central bank battles inflation. Western sanctions also affected the metals industry.
In a recent statement, MMK CEO Pavel Shilyaev stated that the metals industry was the most sensitive?barometer? of economic?condition. The current state of the sector is challenging.
Shilyaev said, "We have been forced to reduce the number of employees due to the current capacity utilization in production facilities." He said that the company had stopped investing in all projects except for efficiency and environmental ones.
MMK is a steel producer based in Urals, and one of the top four producers in Russia. The company, which has over 56,000 employees, declined to say how many jobs would be cut.
The Russian economy grew by 1% last year, down from 4.3% in 2021. This year's growth is expected to be the same. Some industries, such as the coal and metals industries, faced difficulties and sought government support. Shilyaev stated that he doesn't expect steel demand to recover until 2027. (Reporting and editing by Susan Fenton; Gleb Bryanski)
(source: Reuters)