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Wall Street Journal, January 8, 2019
These are the most popular stories from the Wall Street Journal. The Wall Street Journal has not verified these stories and cannot vouch for their accuracy. Donald Trump, the U.S. president, is planning to dominate Venezuela's oil industry in years to come. He told his aides that he believed his efforts would help lower oil prices at his preferred level of $50 per barrel. JPMorgan Chase and Goldman Sachs have reached an agreement to?take over the Apple credit card program. Warner Bros. Discovery advised its shareholders to reject Paramount’s amended hostile offer for the company. Discovery argued that its existing agreement with Netflix was stronger. AbbVie has advanced discussions to buy biotech Revolution Medicines, a cancer drug. Toll Brothers executive vice president Karl Mistry will take over as the new chief executive of the homebuilder, replacing Douglas Yearley. Douglas Yearley will now become executive chairman. A year-long investigation by India's financial regulator into Bank of America found that the bank had improperly shared non-public material information about an $180 million block of stock trade and then misled authorities about it.
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Lebanese Army says it has achieved a state monopoly in the South in an 'effective' and 'tangible' way
Lebanese Army said that they had achieved their goal of a monopoly on arms in the south. They said this was done in an "effective" and tangible manner. However, there is still more work to do to remove unexploded ordnances and tunnels from the area. The army set a deadline of year's end to remove?non state weaponry? from the southern Lebanon bordering Israel before moving to other areas. It claimed to have extended its operational control over the southern areas, except those still occupied with Israeli troops. The statement did not mention the Lebanese Hezbollah armed group, which fought an 'year-long war' with Israel. This ended in a ceasefire of 2024 that allowed only Lebanon’s state security forces to carry weapons. According to a Lebanese source, the statement indicated that no group will be able?to launch attacks from Southern Lebanon. Hezbollah has been under increasing pressure to disarm by the U.S. Israel's leaders are concerned that Israel will dramatically increase?strikes in the country's battered areas to force Lebanon's leadership to take Hezbollah’s arsenal. Israel and Lebanon have agreed to a ceasefire mediated by the U.S. in 2024. This will end more than an year of conflict between Hezbollah and Israel. Israel's strikes on the militant group backed by Iran led to a severe deterioration of their position. Both sides have since then traded accusations. (Reporting and editing by Christopher Cushing, Thomas Derpinghaus and Maya Gebeily)
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Gold drops on caution before key US employment data
Gold prices fell on Thursday as a result of a strong dollar. Investors were preparing for the release of a key U.S. employment report this week, which will be used to assess the Federal Reserve’s policy and gauge U.S. influence on Venezuela. As of 0539 GMT, spot gold dropped 0.7% to $4423.20 an ounce. U.S. gold GCcv1 futures for February delivery dropped 0.7% to $4432.0. Bernard Sin, Regional Director- Greater China at MKS PAMP, said that traders are weighing increased geopolitical pressures, such as the U.S.'s intervention in Venezuela, against macroeconomic signals coming from the United States. The?dollar remained near its two-week high as the market focused on several U.S. labour data releases released this week. Investors are still cautious about volatility and potential profit-taking, Sin said. Bullion is about $110 from the record high of $4,49.71 that was hit on December 29. Gains were curtailed by a strong dollar and profit taking. The data released on Wednesday shows that the number of job openings in the United States dropped to its lowest level in 14 months, while hiring returned to its usual sluggish pace. This indicates a waning labor demand. Investors will focus on the non-farm payrolls report in the U.S. on Friday to get more monetary policy cues. Kelvin Wong is a senior analyst at OANDA. He said that the Bloomberg Commodity Index weightage rebalancing this week may impact flows because of lower silver and gold targets weightages. This allows short-term?speculators book profits, which will pressurize prices. Rebalancing the BCOM index annually is done to make sure that the index accurately reflects the global commodity markets. The window for this year is from?January 9-15. Silver spot fell 2.7%, to $76.01 an ounce. It had hit an all-time high price of $83.62 per ounce on December 29. HSBC predicts that silver will trade between $58-$88 in 2026. This is due to a tight physical supply and strong investment demand. However, the bank warns about a possible market correction in later years. After reaching a record high of $2,478.50 per ounce on Monday, spot platinum fell 3.2% to $2232.50. Palladium shed 2.4% to $1,720.75 per ounce. (Reporting and editing by Ishaan arora in Bengaluru, Janane Venkatraman and Rashmi aich.)
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Minister says Indonesia will set a coal production quota of 600 million tons for 2026. It will also adjust the nickel quota.
Energy and Mineral Resources Minister Bahlil lahadalia stated on Thursday that Indonesia could approve a coal production quota "more or less",?600 millions metric tons, in 2026. The nickel quota will be adjusted according to the needs of industry. The output quota will be lower than 790 million tonnes produced last year. However, the actual production of the world's largest thermal coal exporter is often higher than the quota. The government must approve all annual production plans, also known as RKABs, submitted by miners to the country's mineral-rich Indonesia. Bahlil stated that the reduction in quotas was to?support prices of Indonesian mine products. Bahlil confirmed that a similar'move' will be implemented to support nickel price, but did not reveal the quota for 2026. He reiterated, however, that it would be adjusted according to demand from local smelters. He told reporters that "we are currently calculating the?amount of capacity in the industry and will need to be able supply them." The Ministry has not released data on the amount of?nickel ore produced in 2025. The nickel smelter associations in Indonesia estimated that nickel ore consumption by domestic smelters would increase to 340 to 350 million metric tonnes in 2026, up from 300 million metric tons in 2025. New production capacity is expected to be online this year. In December, the global nickel price surged due to concerns about Indonesia's decreased nickel production. (Reporting and editing by David Stanway, Bernadette Cristina Munthe, Fransiska Nanangoy)
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Stocks fall as investors consider geopolitical data and US data.
Oil prices remained stable?on Thursday, after a recent decline. Stocks fell as investors assessed the impact of escalating geopolitical tensions. labour market data. Top U.S. officials stated on Wednesday that the country must control Venezuela's oil sales and revenue indefinitely in order to stabilize the economy of the latter, rebuild its oil industry, and ensure that it acts in America’s interest. As part of Donald Trump's aggressive campaign to control oil flows in America, the U.S. also seized on the same day two Venezuelan-linked oil tanks in the Atlantic Ocean, including one that was sailing under the Russian flag. The fall of Nicolas Maduro continues to dominate headlines, and the majority of the market's reaction has been in commodities. The price of oil has fallen this week due to the possibility of increased Venezuelan crude production. However, they have recovered on Thursday. U.S. crude rose 0.54% to $56.29 per barrel while Brent crude futures climbed 0.55% to $60.29. Daniel Hynes is ANZ's senior commodity strategist. He said that the market's reaction to Trump's comments about Venezuelan oil control was a bit misplaced. Oil prices would rise if the U.S. controlled oil sales continued to be restricted or sanctioned. I suspect this is the reason why prices have recovered this morning. Stocks traded mostly lower in Asia, after a strong start of the year that saw markets reach new highs, despite global geopolitical divisions. The Nikkei, Japan's stock market index, fell 1.2% while MSCI's broadest Asia-Pacific share index outside Japan dropped 0.6%. China's CSI300 blue chip index fell 0.8%. Nasdaq Futures declined 0.35% while S&P500 futures rose 0.22%. The EuroStoxx 50 futures fell 0.12%, while the FTSE Futures dropped 0.4%. Charu Chanana is the chief investment strategist for Saxo. Geopolitical headlines have the upper hand. Investors are reducing their Japan "beta" due to China's export ban on dual-use products and the potential risk of rare earth. Stocks of Japanese chemical companies fell Thursday, while their Chinese counterparts rose. This was after China's Commerce Ministry announced that it would launch an anti-dumping investigation into the imports of chemicals for chipmaking. Tensions between China and Japan are escalating. U.S. No-Farm Payrolls are Up Next Investors also had their eyes on the U.S. Jobs report, due on Friday. This could provide more clarity about the Federal Reserve's rate outlook. Goldman Sachs analysts said that they expect a rise of 70,000 nonfarm payrolls above the consensus in December and are expecting the unemployment rate will edge down to 4.5 percent. Overnight, the release of a number of data released painted a mixed image of the U.S. labor market. It appears to be stuck in "no hire, no fire". The November JOLTS Report indicates that the labor turnover is still low. In a recent note, Wells Fargo economists said that the low churn has led to a fragile balance between labor supply and demand. We expect the job growth rate to be subdued, as firms are still hesitant to expand their headcount. The readings didn't change the market's expectations for two more Fed reductions this year, and kept currency movements muted on Friday. The euro was little changed at $1.1681 and sterling last purchased $1.3458. The dollar index was unchanged at 98.71, and the yen increased slightly to 156.67. Spot gold fell 0.71% to $4,420.43 per ounce. (Reporting and editing by Stephen Coates; Rae Wee)
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Morning bid Europe-Trump's loud talk is not heard by investors
The day ahead for European and global markets on Thursday Donald Trump has been the subject of many headlines over the last 24 hours. He promised to stop defense contractors from paying dividends and buying back shares until weapons production increased. He supported a bipartisan bill that targeted countries doing business in Russia. The United States was also removed from dozens of U.N. and international organizations. His vice president said that the U.S. would exert "incredible" pressure on Venezuela by controlling its oil sales. Trump's plans for Greenland are also worth mentioning. But the markets don't seem to give a damn. Maybe there's just too much noise to get investors interested. Analysts said that while stocks were mixed during the Asian session of Thursday, a modest pullback is only natural following a "stellar" start to the new year and not an increasing sign of market alarm. Samsung Electronics' forecast of a record operating profit for the fourth quarter could give investors yet another reason to remain bullish about all things AI. The majority of market reactions to the recent developments in Venezuela have been concentrated in commodities. Other asset classes, however, remain largely driven by economic data and ignore the global geopolitical tensions. After two days of declines in oil prices, investors bought futures as the U.S. crude inventory draw was larger than expected. Sources have confirmed that Chevron has been in discussions with the U.S. Government to extend a license for its operations in Venezuela. This will allow it to increase crude exports into its refineries, and to sell to other buyers. Shares in Japanese chemical companies fell Thursday, while their Chinese competitors' shares jumped. This was after China’s Commerce Ministry announced that it would launch an anti-dumping investigation into the imports of chemicals for chipmaking. It is the latest indication of the strained bilateral relations between the two countries. Nikkei is not far away from a record high and has already risen 2% this year. After a flurry of data on the labour market, released Wednesday, little has changed in terms of Federal Reserve's expectations. Investors are currently pricing in a two-rate cut this year. The nonfarm payrolls data due out on Friday is expected to show that the unemployment rate dropped to 4.5% in December from 4.6% last November. This would support the theory that rates don't need to drop dramatically. The following are key developments that may influence the markets on Thursday. - German industrial orders (November) UK House Prices (December) - Euro zone producer prices (November) Weekly U.S. jobless claims
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Investors await important jobs data to see if gold will fall against the dollar
Gold prices fell 'on Thursday due to a strong dollar. Investors were preparing for a major jobs report that will be released later this week. This could give more insight into the U.S.'s monetary policy and they are also assessing U.S. pressure against Venezuela. As of 0344 GMT spot gold fell 0.3% to $4440.67 an ounce, dropping from a high reached in the previous session. U.S. Gold Futures for February Delivery also fell by 0.3%, to $4449.60. "Traders are weighing up heightened geopolitical tensions, such as the U.S.'s intervention in Venezuela, and the prospect of Greenland becoming a flashpoint due to Trump's 'Donroe Doctrine,' against the?macroeconomic signal from the United States," Bernard Sin, Regional Director- Greater China, MKS PAMP. Sin said that despite the fact that investors are still cautious about volatility and potential profit-taking, they remain balanced. Bullion is only about $110 from the record-high of $4,549.71, which was hit on December 29. Gains have been curtailed by a strong dollar and profit taking. Data released on Wednesday revealed that U.S. employment opportunities dropped to their lowest level in 14 months, while hiring returned to its usual sluggish tone. This indicates a waning demand for workers. Investors will focus on U.S. Non-farm payrolls on Friday will provide more clues to monetary policy. As part of the aggressive efforts by President Donald Trump to control oil flows in America, the U.S. seizes two Venezuelan-linked oil tanks in the Atlantic Ocean, including one that was sailing under the Russian flag. Spot silver fell 0.4% from $83.62 to $77.85 an ounce after reaching a record high on December 29. HSBC predicted silver would trade between $58-$88 per ounce in 2026. This was due to tight physical supply and high gold prices. However, the bank warned that a correction could occur later in the year. After reaching a record high of $2,478.50 per ounce on Monday, spot platinum fell 0.8% to $2288.23. Palladium shed 0.5% to $1,756.42 per ounce. Ishaan arora, Bengaluru. Sumana Nandy & Janane Venkatraman edited the report.
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Iron ore prices fall after a four-day rally, as investors take profits
Iron ore futures fell on Thursday, after a four session rally, as investors booked profit on fears of a potential government intervention in China, the world's largest consumer. Prices were nearing the psychologically important level of $110 per ton. The most-traded contract for May iron ore on China's Dalian Commodity Exchange ended morning trade at 816 Yuan ($116.80), after reaching 831.5 Yuan earlier in session, which was the highest since July 22nd 2025. The benchmark iron ore for February?on Singapore Exchange fell by 0.78% at 0349 GMT to $108.2 per ton after reaching its highest level since September 30, 2024, $109.4. After China's central bank announced that it would ease its monetary policy, the persistent price rise was fueled by "hopes" of improved demand. The'sharp increase in prices' has caused investors to be cautious. They fear that Beijing may intervene in the future and'rein in the prices, as it did in 2023/ Analysts say that some steel mills have also resisted purchasing cargoes due to higher prices. According to data from the consultancy Mysteel, the volume of iron ore traded at China's major ports on Wednesday dropped by 54.9% when compared with a day before. The overall sentiment towards metals was also dampened by the fact that base metals such as copper and nickel fell from their Wednesday highs. Coking coal and coke, which are used to make steel, continued their rally on the DCE. According to Steelhome and two analysts who are familiar with this matter but have requested anonymity because they're not authorized to speak to the media, several major Chinese coke manufacturers considered a 15%-35% production cut, citing severe loss?at a Wednesday meeting. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar gained 0.63%. Hot-rolled coils increased 0.51%. Wire rods lost 0.65%. Stainless steels dropped 0.29%. Reporting by Ruth Chai, Amy Lv and Sumana Nandy; editing by Sumana Niandy.
US area power rates turn negative in California, Arizona again
U.S. area power prices in California and Arizona turned unfavorable again for Monday, while nextday natural gas costs in northern California fell to their lowest considering that 2001 in the middle of low need and ample low-cost hydropower and other sustainable supplies.
Unfavorable prices signal there is excessive power or gas being produced in an area. Energy firms can either minimize output, pay someone to take their power or gas, or, if they can get a. permit, flare undesirable gas.
Next-day power at the Palo Verde hub << EL-PK-PLVD-SNL > in. Arizona fell to unfavorable$ 2.50 per megawatt hour (MWh) for. Monday, while South Path-15( SP-15 )< EL-PK-SP15-SNL > in Southern <. California dropped to unfavorable$ 6.50. Prices averaged favorable $14.75
per MWh at Palo Verde and. favorable$ 12.75 at SP-15 for Friday. U.S. next-day power and gas
prices have turned unfavorable. a number of times currently in 2024, specifically in Texas, Arizona and. California. Next-day power costs at Palo Verde have actually averaged listed below no. 19 times up until now this year versus simply once in the past in 2019. SP-15 prices, which never ever balanced below zero before this year,. have already hit that mark 16 times. That compares to Palo Verde averages of positive$ 5.16 per.
MWh in May, positive$ 18.38 so far this year and favorable $59.03.
in 2023, and SP-15 averages of favorable $3.56 per MWh so far in. May, positive$ 18.36 up until now this year and positive$ 59.86 in.
2023. In the gas market, next-day rates at the PG&E center.
< NG-CG-PGE-SNL > in Northern California was up to $1.56 per million.
(source: Reuters)