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August 26, 2024

Exxon Sees 2050 Oil Use at Current Level, Despite Net Zero Goal

(Bloomberg) -- Exxon Mobil Corp. forecasts global oil demand in 2050 will be the same — or even slightly higher — than current levels, putting efforts to reach net zero carbon emissions by mid-century well out of reach. Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest

August 26, 2024

Exxon forecasts 2050 oil demand to match today's, 25% above BP estimate

Exxon Mobil said on Monday it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today's levels, a forecast 25% higher than top European rival BP. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon's production growth plans, the most ambitious among Western oil majors. Exxon plans to pump 4.3 million barrels of oil and gas per day this year, 30% more than U.S. top rival Chevron's current output.

August 26, 2024

Stock market today: Wall Street quietly tips toward gains ahead of Nvidia earnings, inflation data

Wall Street quietly tipped toward gains in premarket trading Monday at the start of a week featuring another full slate of corporate earnings and the government's latest reading on inflation. The biggest earnings report this week will come Wednesday from recent tech darling Nvidia, whose shares are up 161% so far this year even after a month-long swoon this summer. Nvidia has been a big beneficiary of Wall Street’s mania around artificial intelligence, becoming one of the stock market’s most massive companies, with a total value topping $3 trillion.

August 26, 2024

Libyan Rival Government to Stop Oil Output Over Bank Row

(Bloomberg) -- Libya’s eastern government said it will shut down all oil production and exports, after a spat with its Tripoli-based rival escalated over control of the central bank.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democrats

August 26, 2024

EM Stocks Gain as Fed Cut Bets Seen Boosting Riskier Assets

(Bloomberg) -- Emerging stocks resumed their advance, led by Chinese tech blue-chips, after Federal Reserve Chairman Jerome Powell signaled that US interest rates would be reduced starting from next month.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housin

August 26, 2024

Israel Economy Hit as War-Focused Netanyahu Stalls on Budget

(Bloomberg) -- With domestic and international attention focused on Israel’s war in Gaza and escalating tensions with Hezbollah, Prime Minister Benjamin Netanyahu’s administration has stalled discussions on next year’s budget — set to be the most challenging and crucial in decades.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the

August 26, 2024

Stocks stutter, oil jumps on Mideast escalation worries

LONDON (Reuters) -World stock markets turned cautious on Monday as optimism that U.S. interest rates are coming soon was tempered by concern over increased tensions in the Middle East, with oil prices rising over 1.5%. U.S. stock futures were a touch firmer, European shares were a tad weaker, and trading was subdued with the London market closed for a UK public holiday. In a highly-anticipated speech to the Jackson Hole symposium on Friday, Federal Reserve chief Jerome Powell said the time had come to start easing policy and emphasised the central bank did not want to see further weakening in the labour market.

August 26, 2024

Palm Oil Climbs to One-Month High on Stronger Demand Outlook

(Bloomberg) -- Palm oil advanced for a fourth day — making it costlier than rival soybean oil that generally commands a premium — on expectations of strong purchases by top importers. Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democra

August 26, 2024

US Oil Dominance Hinges on Quiet Corner of New Mexico

(Bloomberg) -- About 100 miles east of UFO-capital Roswell, a dusty corner of New Mexico with more cattle than people is quietly buttressing the US’s world oil dominance.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democrats Hone YIMBY

August 26, 2024

Fed's shift to job market risks is done; now policy has to catch up

In 2022, when the Federal Reserve's focus shifted to combating inflation, it had to ratchet up interest rates fast to get monetary policy caught up with fast-rising prices. Two years later, the focus has changed again - this time to protecting the job market, as outlined in Chair Jerome Powell's speech Friday at the Fed's annual Jackson Hole conference. Powell's signal of coming rate cuts completed a Fed shift that began in January when it acknowledged emerging job market risks, and now it has made countering those its top job.

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