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ADVISORY-Holiday schedule for significant United States economic, other data
The Thanksgiving Day federal holiday on Thursday, Nov. 28 will impact the release schedule of some significant economic, energy and products reports stemming from and/or submitted from Washington during the latter half of the Nov. 24 week. Below is the schedule for the week. Times in EST/GMT. Some Treasury statements are subject to change. Monday, Nov. 25 Federal Reserve Bank of Chicago problems National Activity Index for October, 0830/1330 Federal Reserve Bank of Dallas concerns Texas Manufacturing Outlook Survey for November, 1030/1530 U.S. Department of Agriculture (USDA) launches weekly U.S. export assessments for grains, oilseeds, 1100/1600 Treasury Department holds weekly sale of 3- and 6-month expenses, 1130/1630 Treasury Department sells 2-year notes, 1300/1800 USDA issues month-to-month Cold Storage, 1500/2000 USDA problems weekly Crop Progress, 1600/2100. KEEP IN MIND: last arranged report for 2024 Tuesday, Nov. 26 Commerce Department issues Structure Permit Revisions for October, no set time Redbook issues weekly retail sales index, 0855/1355 Federal Housing Financing Agency problems U.S. House Cost Index for September, 0900/1400 Commerce Department issues Single-Family Home Sales for October, 1000/1500 Federal Reserve Bank of Richmond problems November Study of Production Activity, November Survey of Service Sector Activity, 1000/1500 Federal Reserve Bank of Dallas problems Texas Service Sector Outlook Study for November, 1030/1530 Treasury Department announces weekly sales of 4-, 8- and 17-week expenses, 1100/1600 Treasury Department sells 52-week costs, 1130/1630 Treasury Department sells 2-year floating rate notes, 5-year notes, 1300/1800 Federal Free market Committee concerns minutes from its Nov. 6-7 conference, 1400/1900 American Petroleum Institute issues weekly national petroleum report, 1630/2130 Wednesday, November 27 Mortgage Bankers Association problems weekly Mortgage Applications Study, 0700/1200 Labor Department issues weekly Jobless Claims, 0830/1330. KEEP IN MIND: issued one day in advance due to vacation Commerce Department problems Advance Economic Indicators for October; Durable Goods for October; initial (2nd. quote) U.S. Q3 Gdp and (very first quote). U.S. Q3 Corporate Profits, 0830/1330 Commerce Department provides Personal Earnings for October,. 1000/1500 National Association of Realtors problems Pending Home Sales. for October, 1000/1500 Treasury Department holds weekly sales of 4- and 8-week. bills, 1000/1500 Energy Information Administration (EIA) problems weekly. petroleum stocks and output data, 1030/1530 Treasury Department's weekly statement of 3- and 6-month. costs sale offerings, 1100/1600 Treasury Department sells 17-week expenses, 7-year notes,. 1130/1630 EIA problems weekly U.S. underground gas stocks,. 1200/1700. KEEP IN MIND: provided one day ahead of time, time modification due to. vacation Freddie Mac issues weekly U.S. home mortgage rates, 1200/1700. NOTE: released one day in advance due to holiday Federal Reserve Bank of Dallas concerns Cut Mean PCE Price. Index for October, no set time Thursday, Nov. 28 Thanksgiving Day vacation. Federal federal government offices, stock. and bond markets, International Monetary Fund, Federal Reserve. closed. Friday, November 29 IMF closed. USDA launches weekly Export Sales, 0830/1330. KEEP IN MIND: postponed. from Thursday due to holiday Federal Reserve weekly balance sheet, 1630/2130. NOTE:. postponed from Thursday due to holiday
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Gold rallies on safe-haven need, set for best week in over a year
Gold rates breached the $2,700. limit for the first time in 2 weeks on Friday, on track. for their greatest weekly gain in over a year, as safehaven. demand outweighed dollar strength and lower expectations of a. U.S. rate cut next month. Spot gold was up 1% at $2,696.77 per ounce by 10:14. a.m. ET (1514 GMT), having earlier hit its highest since Nov. 8. at $2709.99. U.S. gold futures increased 0.9% to $2,698.90. The escalation in the Russia-Ukraine conflict seems like. it's broadening to a Russia-U.S. war, which's definitely. increasing short-term safe house appeal, stated Alex Ebkarian,. chief running officer at Loyalty Gold. Bullion has actually gained over 5% this week, poised for its finest. weekly performance because last October, when the Middle East. conflict initially fired up, triggering a rally that pushed gold to. multiple record highs. Gold's surge today has been moved by the. magnifying Russia-Ukraine crisis, raising costs more than. $ 173 from last Thursday's two-month low of $2536.71. Bullion tends to shine throughout periods of geopolitical. tension, economic dangers, and in a low rates of interest environment. Gold's increase continued Friday even as the U.S. dollar. strike a over 13-month high and bitcoin reached an. all-time peak. Expectations for a December rate cut from the U.S. Federal. Reserve have reduced, with the possibility now at 56%, a sharp. drop from 82.5% just a week previously. Some Fed policymakers this week expressed issue that. inflation progress may have stalled, advocating for care,. while others stressed the requirement for ongoing rate cuts. With continuous policy shifts, and inflation threats from U.S. President-elect Donald Trump's proposed trade tariffs, gold's. outlook remains strong, with a test of $2,750 anticipated by. mid-December, Ebkarian said. Area silver increased 1.4% to $31.22 per ounce, palladium. fell 1.5% to $1,014.25, while platinum got 0.9%. to $969.25. All 3 metals were on track for a weekly rise. In our view, the price of platinum in particular should. increase considerably, as the market is likely to be in deficit for. the 3rd year in a row in 2025, Commerzbank experts noted.
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Satellite imagery shows North Korea oil imports from Russia top U.N. limits, report states
North Korea has likely received more than 1 million barrels of oil from Russia over an eightmonth duration this year in breach of U.N. sanctions, according to an analysis of satellite images published on Friday by the Britishbased Open Source Centre and the BBC. North Korean oil tankers have made more than 40 visits to Russia's Far Eastern port of Vostochny considering that March, the report on the research group Open Source Centre's site said. Dozens of high-resolution satellite images, AIS (Automatic. Recognition System) data and images launched by maritime. patrol missions entrusted with keeping track of North Korea's. U.N.-sanctions busting activities show North Korean tankers. consistently filling at an oil terminal at the Russian port of. Vostochny, the report stated, adding that Russia's foreign. ministry did not respond to a request for remark. A U.N. spokesperson did not instantly react to a request. for comment. North Korea has continued to illicitly import improved. petroleum products in violation of U.N. Security Council. resolutions, according to the UNSC. Previously this year, the United States and South Korea. introduced a new task force targeted at avoiding North Korea from. obtaining illicit oil as a deadlock at the UNSC cast doubts over. the future of worldwide sanctions. Under UNSC restrictions enforced over North Korea's nuclear. weapons and rocket advancement, Pyongyang is restricted to. importing 500,000 barrels of fine-tuned products a year. Pyongyang and Moscow have actually increase diplomatic and financial. incorporate recent years, culminating in Russian President Vladimir. Putin's see to North Korea in June when the nations' leaders. concurred a mutual defence pact. The military cooperation in between the 2 nations has been. fulfilled by worldwide alarm, with Washington, Kyiv and Seoul. condemning the North for sending out military devices and more. than 10,000 troops to Russia to support its war versus Ukraine. Russia's envoy to the United Nations Vassily Nebenzia stated. last month Russia's military interaction with North Korea did. not breach worldwide law. North Korea has not acknowledged the release of troops to. Russia, but said any such move would remain in compliance with. worldwide law.
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Sony India secures $170 mln Asian cricket media rights; Reliance-Disney skips bidding
Sony's India unit said on Friday it had actually protected the media rights for all Asian Cricket Council (ACC) competitions until 2031, which a source with direct understanding of the matter put the worth at $170. million. Disney and Dependence, viewed as frontrunners,. did not bid for the rights, another source said on condition of. anonymity. The offer comes at a crucial time for the nation's media. industry, which is going through a debt consolidation stage after the. $ 8.5 billion merger of Reliance and Walt Disney's India media. possessions. Earlier this year, India's antitrust body raised some. issues about the merged entity's grip over the broadcast of. the world's most populous nation's favourite sport, Reuters had. reported. The entity presently holds the rights to the matches of the. Indian Premier League and International Cricket Council. The media rights of the ACC were with Disney-owned Star. India up until 2023, before they were temporarily extended,. according to media reports. The latest deal guarantees the coverage of Asian cricket's. marquee tournaments throughout tv, digital and audio. platforms, Sony India stated in a statement. The offer will be a substantial increase for Sony to reinforce its. foothold in India after it took out of a $10 billion merger. with Zee Home entertainment previously this year. Disney, Dependence and Sony India did not immediately react. to Reuters' requests for remark.
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United States bars more food, metal imports over China's alleged forced labor
The United States banned food, metal and other imports from 30 more business over China's supposed forced labor involving the Uyghurs, according to a government notice published online on Friday. The new additions, covering a range of products from tomato paste and walnuts to gold and iron ore, become part of the federal government's effort to remove required labor practices in the supply chain for goods getting in the United States. The business listed in the Federal Register were contributed to the Uyghur Forced Labor Prevention Act Entity List, which limits the import of products connected to what the U.S. identifies as China's human rights abuses. U.S. authorities state Chinese authorities have established labor camps for Uyghurs and other spiritual and ethnic minority groups in China's western Xinjiang area. Beijing has rejected any abuses. The addition of the 30 business would bring the overall variety of companies on the list to more than 100 because the Uyghur Forced Labor Avoidance Act was signed into law in December 2021.
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VW labour representatives vote for strikes from early December
Volkswagen labour representatives have actually officially elected minimal strikes in Germany from early December, their union said on Friday, after talks over wages and plant closures stopped working to accomplish a. advancement. The bargaining committee at VW AG - a German subsidiary of. Europe's greatest automaker - voted unanimously for the labour. action, the IG Metall union said. As a result, a labour conflict will follow, which will put. the company under massive pressure, the union included. IG Metall negotiator Thorsten Groeger stated workers'. agents had actually presented thorough propositions to the. business, including it depended on Volkswagen the length of time and serious the. disagreement would be. Volkswagen has actually required a 10% wage cut for German employees at. VW AG, arguing it requires to slash expenses and increase profit to. defend market share in the face of inexpensive competition from China. and a drop in European car need. It is likewise threatening to close plants in Germany for the. first time in its 87-year history. Walkouts in December would be the very first large-scale strikes. at VW AG because 2018 when over 50,000 workers took to the streets. over pay. Strikes would at first be so-called alerting strikes lasting. hours. Union members might then vote to intensify to 24-hour. strikes or longer. Talks are set up to advance Dec. 9.
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J.P. Morgan sees Brent oil cost averaging $73 a barrel in 2025
J.P. Morgan sees the cost of Brent oil averaging $73 per barrel (/ bbl) in 2025 and expects it to close the year strongly listed below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank stated in a note on Friday. Our view on 2025 has actually remained mainly the same over the past year: we look for a large 1.3 mbd (million barrels per day) surplus and a typical Brent of $73, the note stated. The bank sees worldwide oil demand development slowing down from 1.3 mbd this year to 1.1 mbd next year, including that China is expected to lead oil need development for the last time before India takes the lead in 2026. J.P. Morgan likewise said that large surpluses will drive Brent rates listed below $60 by the end of 2026, with a typical Brent projection of $61/bbl and $57/bbl for West Texas Intermediate oil. It included that these projections presume that OPEC+ keeps its present production levels. Brent unrefined futures were trading near $74.56 a. barrel on Friday, while U.S. WTI crude futures were at. $ 70.37 per barrel. Weak oil supply-demand principles might assist U.S. President-elect Donald Trump keep his guarantee to lower oil. costs, the bank noted. Trump's energy agenda provides drawback dangers to oil costs. from deregulation and increased U.S. production, while also. posing upside risks by exerting pressure on Iran, Venezuela, and. potentially Russia to restrict their oil exports and incomes..
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Rouble slumps to over two-year short on new sanctions, geopolitical tension
The Russian rouble tumbled to a more than twoyear low against the dollar on Friday after Washington enforced sanctions on a key bank facilitating Russia's. gas exports to Europe and as Moscow's shooting of a new hypersonic. missile stired geopolitical stress. Moscow fired the freshly developed hypersonic ballistic. missile - the Oreshnik or Hazel Tree - at a Ukrainian military facility on Thursday in response. to Kyiv striking Russia with U.S.-made and British-made missiles. this week for the first time after the U.S. gave its. approval. Likewise on Thursday, Washington imposed brand-new sanctions on Russia's Gazprombank that avoid the loan provider from. managing any new energy-related deals, possibly shutting down the only method European customers can spend for Russian gas. By 1331, the rouble was down 1.7% at 103.02. versus the dollar, earlier hitting 103.7455, its weakest mark. because March 23, 2022. Sell the rouble has become more nontransparent. considering that sanctions in June suddenly halted exchange trading dollars. and euros. The rouble is continuing to decrease, said Yevgeny. Kogan, teacher at Moscow's Greater School of Economics. The. primary reason is sanctions versus Gazprombank, which was a. backbone bank for exporters. Kogan said the sanctions had actually considerably altered the. picture for the rouble going forward, anticipating the Russian. currency to trade between 104-106 to the dollar by year-end, up. from his previous projection of 97-99. The rouble's main currency exchange rate, set by the central. bank using over-the-counter information, broke through the 100 mark. against the dollar this week for the first time because October. 2023, as issues increase of further escalation in Russia's. standoff with the West. The rouble was down 1.2% at 107.40 to the euro and. had actually lost 0.7% against the yuan to 14.04 in Moscow Exchange. trade. Analysts widely agreed that FX volatility on Russian. markets would be high in the future, however some provided. rosier forecasts for the rouble. The brand-new sanctions might complicate not simply settlements. for exports however likewise for imports, which in turn will lower. demand for foreign currency, stated Bank St Petersburg experts. As a result, we ought to not rule out a circumstance of some. strengthening of the Russian currency in the medium term. Brent crude oil, an international benchmark for Russia's. main export, was down 0.7% to $73.68 per barrel.
Nigeria's local currency crude sales disappoint target, Dangote refinery says
The Nigerian government's plan to offer unrefined priced in the regional currency is failing, with refiners, including the giant Dangote Oil Refinery, saying they are still not able to protect adequate materials.
To address obstacles in accessing foreign currency, the government in July stated it would sell crude priced in naira to local refineries for an initial six months starting in October.
We need 650,000 barrels each day, (state oil company NNPC Ltd). consented to provide a minimum of 385,000 bpd however they are not even. delivering that, stated Edwin Devakumar, head of the Dangote. refinery.
The refinery constructed by Nigerian billionaire Aliko Dangote in. Lagos intends to compete with European refiners when operating at. full capability but it has struggled to secure sufficient crude. supplies to run optimally.
While Devakumar declined to provide particular figures, he. explained shipments from NNPC under the plan as peanuts.
Still, Dangote is the only one of 8 functional refineries. in Nigeria to have benefited from the naira-denominated crude. sale plan, said Mathins Obaze, an acting executive. director of the Crude Oil Refinery-owners Association of Nigeria. ( CORAN), a trade group of refiners.
Members are still not able to gain access to crude in naira and are. currently engaging the federal government for a resolution, Obaze said.
The factor for the deficiency was not right away clear. NNPC. did not react to an ask for remark.
The Dangote refinery in August advised the oil regulator, the. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to. impose a rule that compels oil manufacturers to provide local. refineries.
NUPRC did not react to a request for comment on the. matter.
Dangote, with a current capability of 425,000 bpd and a. year-end target of 85% functional capacity, has turned to. worldwide markets for supplies.
It bought two million barrels of U.S. WTI Midland crude. on Wednesday, its very first U.S. crude purchase since August,. according to trade sources and shipping data.
On the other hand NNPC is pursuing brand-new markets for its crude oil. The company was in London on Wednesday looking for term consumers. for its new Utapate petroleum grade.
(source: Reuters)