Texas daily power demand sets record for May consumption
==========

Daily power consumption in Texas set a record for the month of May on Sunday, reaching a preliminary 73,756 megawatts (MW), surpassing the previous high of 73,749 MW set on Saturday. The Electric Reliability Council of Texas (ERCOT) expects electricity consumption to reach an all-time high this summer due to economic and population growth, as well as increased demand from data centers, artificial intelligence, and cryptocurrency mining. The grid's all-time peak was 85,508 MW on August 10, 2023. Power prices have increased, with day-ahead power for one hour on Sunday evening rising to $1,518 per MWh from $42.19 per MWh for the same hour on Saturday. ERCOT projects that power usage will break the new May daily record on Monday, with a peak above 76,500 MW. High temperatures in Houston, Texas are expected to reach 93 degrees Fahrenheit (34 degrees Celsius) on Sunday and rise to 99 F (37 C) on Memorial Day. One megawatt can usually power about 800 homes on a normal day but as few as 250 on a hot summer day in Texas.

#Texas #PowerDemand #ElectricityConsumption #Ercot #Record #MayConsumption

https://www.investing.com/news/stock-market-news/texas-daily-power-demand-sets-record-for-may-consumption-3457521 

 Oil prices edge higher with inflation, OPEC cues on tap
==========

Oil prices rose slightly in Asian trade on Monday, recovering mildly from steep losses last week as traders awaited more cues on U.S. inflation and a meeting of the Organization of Petroleum Exporting Countries this week. Brent oil futures expiring in July rose 0.1% to $82.22 a barrel, while West Texas Intermediate crude futures rose 0.2% to $77.85 a barrel. Both contracts were down over 2% each last week after sinking to February lows. The focus this week is on more cues on inflation, specifically from PCE price index data, which is the Federal Reserve’s preferred inflation gauge. Oil markets were also anticipating a meeting of the OPEC+ on June 2, where the producer group is expected to decide whether it will extend its ongoing production cuts past an end-June deadline.

#OilPrices #Inflation #Opec #BrentOilFutures #WestTexasIntermediateCrudeFutures #PcePriceIndex #FederalReserve #Opec+

https://www.investing.com/news/commodities-news/oil-prices-edge-higher-with-inflation-opec-cues-on-tap-3457513 

 India and Bangladesh brace for year's first cyclone
==========

Bangladesh and India are preparing for the arrival of cyclone Remal, the first cyclone of the year, with wind speeds of up to 120 km/h. The Bangladesh weather office has raised its storm danger signal to the highest level and has started evacuating people from coastal areas. Nearly 60,000 people have been moved to shelters in Bangladesh. India has deployed its disaster relief force in West Bengal and flights have been suspended in Kolkata. The landfall of cyclone Remal is expected to occur between 11 PM and 1 AM. The low-lying coasts of Bangladesh and India have experienced frequent severe storms in recent years.

#Cyclone #Bangladesh #India #Storm #Evacuation

https://www.investing.com/news/world-news/india-and-bangladesh-brace-for-years-first-cyclone-3457462 

 ECB's Cipollone says recent data backs easing
==========

ECB board member Piero Cipollone says recent economic data strengthens the European Central Bank's confidence about lowering borrowing costs as inflation eases. The ECB expects inflation to fluctuate around current levels in the coming months before falling to their target next year. Investors overwhelmingly believe the ECB will cut its policy rate on June 6. Negotiated pay growth in the euro zone picked up slightly in the first quarter of 2024, leading some analysts to trim their rate cut bets. However, the ECB insists that wage pressures would decelerate this year.

#Ecb #PieroCipollone #InterestRates #Inflation #EuroZone #MonetaryPolicy

https://www.investing.com/news/economy-news/ecbs-cipollone-says-recent-data-backs-easing-3457376 

 Book Of South Park (BOSP) Meme Token Launches on Ethereum Blockchain
==========

A new Ethereum-based meme coin, 'Book Of South Park' (BOSP), has officially launched following three months of community contributions and AI-inspired animations. This token, which pays homage to the iconic animated series 'South Park,' aims to make a significant impact in the meme coin sector. The token's launch features a three-phase staged pre-sale with incremental price increases at each stage, encouraging early participation. The total fixed supply of BOSP is limited to 10 billion tokens, with stage 1 starting at $0.0005 USD. The storyline behind BOSP is designed to resonate with fans and investors alike. Set in the quiet mountain town of South Park, Colorado, it follows a group of four friends who stumble upon a mysterious book during one of their misadventures. This ancient tome, known as the 'Book Of South Park' ($BOSP), contains the town's secrets and untold stories. As the friends delve into the book, they discover it speaks of a hidden treasure that can only be unlocked through laughter and unity. They decide to share the Book Of South Park with the world, embarking on a journey filled with humor and camaraderie. Book Of South Park ($BOSP) aims to build a decentralized community where fans can engage and participate in various activities while celebrating the show's unique humor and commentary. The launch will also include a series of activities and collaborations, designed to engage the community and offer exclusive rewards.

#Cryptocurrency #Ethereum #MemeToken #SouthPark

https://www.investing.com/news/cryptocurrency-news/book-of-south-park-bosp-meme-token-launches-on-ethereum-blockchain-3457375 

 Zelenskiy, from Kharkiv, urges Biden, Xi to join peace summit
==========

Ukrainian President Volodymyr Zelenskiy appeals to U.S. President Joe Biden and Chinese leader Xi Jinping to join an upcoming peace summit in Switzerland as Russia continues its invasion of Ukraine. Zelenskiy hopes the summit will put international pressure on Russian President Vladimir Putin. Russia has said it sees no point in the conference. Zelenskiy and Ukraine's supporters argue that a ceasefire will only allow Russia to rearm and regroup. Zelenskiy's appeal comes after reports that Putin is ready to halt the war in Ukraine with a negotiated ceasefire that recognizes the current battlefield lines. Zelenskiy believes it is crucial to have as many countries as possible at the peace talks. Russia has been making slow but steady gains along the eastern front and is attempting to push deeper into the northeastern Kharkiv region. The summit aims to show which world leaders are committed to ending the war.

#Ukraine #Russia #VolodymyrZelenskiy #JoeBiden #XiJinping #VladimirPutin #PeaceSummit

https://www.investing.com/news/world-news/zelenskiy-from-kharkiv-urges-biden-xi-to-join-peace-summit-3457365 

 Aircraft hit by severe turbulence returns to Singapore, local media reports
==========

A Singapore Airlines aircraft used for a flight in which a passenger died during severe turbulence returned to Singapore on Sunday, five days after its emergency landing in Bangkok. The flight, SQ321, encountered sudden, extreme turbulence while flying over Myanmar. A 73-year-old British man died of a suspected heart attack and dozens were injured. The flight carrying 211 passengers and 18 crew diverted to Bangkok for an emergency landing. At least 43 people who were on board remain hospitalized in Bangkok. The aircraft, operating as flight SQ9071, left Bangkok on Sunday and arrived in Singapore. Singapore Airlines obtained the necessary approvals from the relevant authorities in Singapore and Thailand, the investigators, and the aircraft manufacturer before departure.



https://www.investing.com/news/stock-market-news/aircraft-hit-by-severe-turbulence-returns-to-singapore-local-media-reports-3457361 

 Lithuanians vote in presidential election overshadowed by Russia
==========

Lithuania is holding presidential elections, with incumbent Gitanas Nauseda expected to win. The campaign has been dominated by security concerns in the post-Soviet state, as Lithuania worries about the possibility of a Russian attack. Nauseda, a former senior economist with SEB, won the first round of the election with 44% of the votes. He is running against Prime Minister Ingrida Simonyte, who came second in the first round. Over half of Lithuanians believe a Russian attack is possible. Nauseda sees Russia as an enemy and supports increasing defense spending. Simonyte, on the other hand, wants quicker progress, more openness, and tolerance. The president of Lithuania has a semi-executive role and sets foreign and security policy in tandem with the government. Nauseda previously beat Simonyte in a presidential run-off in 2019.

#Lithuania #PresidentialElection #Russia #GitanasNauseda #IngridaSimonyte #SecurityConcerns #Nato #Eu #DefenseSpending

https://www.investing.com/news/world-news/lithuanians-vote-in-presidential-election-overshadowed-by-russia-3457350 

 World Court's order on Rafah does not rule out entire offensive, Israel says
==========

Israel considers that an order by the World Court to halt its military offensive on Rafah in southern Gaza allows room for some military action there, Israeli officials said. The International Court of Justice ordered Israel to immediately halt its assault on Rafah, where Israel says it is rooting out Hamas fighters. Prime Minister Benjamin Netanyahu's national security adviser, Tzachi Hanegbi, stated that according to international law, Israel has the right to defend itself and the court is not preventing them from continuing to defend themselves. The ICJ's ruling does not rule out all military action, but Israel claims it will not conduct any military action that may bring about the destruction of the civilian population in Gaza.

#Israel #WorldCourt #Rafah #Gaza #Hamas #InternationalCourtOfJustice

https://www.investing.com/news/world-news/world-courts-order-on-rafah-does-not-rule-out-entire-offensive-israel-says-3457330 

 Russian strikes on Ukrainian city of Kharkiv kill at least two, injure many
==========

Russian strikes on a DIY hardware store in Kharkiv, Ukraine, killed at least two people and injured 24 others. The strikes triggered a huge blaze that fire crews were battling to contain. The mayor of Kharkiv said many people were unaccounted for, and up to 200 people could have been in the hypermarket at the time of the strikes. The attack is being described as an act of terrorism. Russian troops have been targeting Kharkiv for several weeks, and there was also an incursion into northern areas of Kharkiv Region earlier this month. Ukrainian President Volodymyr Zelenskiy called for more air defense to protect the city. Moscow denies deliberately targeting civilians.

#Russia #Ukraine #Kharkiv #Bombing #Terrorism

https://www.investing.com/news/world-news/russian-strikes-on-ukrainian-city-of-kharkiv-kill-at-least-two-injure-many-3457323 

 Italian banks must quit Russia, ECB's Panetta says
==========

Italian banks must halt their business in Russia as staying in the country also brings a "reputational problem," according to European Central Bank policymaker Fabio Panetta. UniCredit is the European bank with the largest exposure to Russia, while Intesa Sanpaolo is working to dispose of its business in the country. UniCredit's Russian arm was recently hit by the seizure of assets worth €463 million in relation to an aborted gas project. Panetta made the comments during a press conference after the G7 finance meeting in Stresa, Italy.

#ItalianBanks #Russia #Ecb #FabioPanetta #Unicredit #IntesaSanpaolo #G7FinanceMeeting

https://www.investing.com/news/economy-news/italian-banks-must-quit-russia-ecbs-panetta-says-3457304 

 G7 will try to use frozen Russian assets to help Ukraine
==========

The G7 will explore ways of using the future income from frozen Russian assets to help Ukraine, finance chiefs from the Group of Seven industrial democracies said on Saturday. The G7 froze some $300 billion of Russian assets shortly after Moscow invaded Ukraine in February 2022. The finance ministers and central bankers meeting in Stresa, Italy aim to present options on the issue of Ukraine funding for G7 heads of government to consider at a summit in mid-June. China's growing export strength and its industrial 'overcapacity' were also discussed at the meeting.

#G7 #Russia #Ukraine #FrozenAssets #Finance #China

https://www.investing.com/news/economy-news/g7-will-try-to-use-frozen-russian-assets-to-help-ukraine-3457276 

 A strong first 100 days suggests a strong rest of the year for the S&P 500
==========

Analysts at Bank of America Securities suggest that a strong first 100 days for the S&P 500 indicates a bullish rest of the year. When the S&P 500 is up 10%+ in the first 100 days, the rest of the year is strong 76% of the time, with an average return of 7.1% (9.3% median). Bank of America predicts the S&P 500 to reach 5640 to 5750 by the end of 2024. The S&P 500 being up in the first 100 days is also bullish for the rest of an election year, with the index up 93% of the time on an average return of 10.1% (SPX 5800) and a median return of 8.9% (SPX 5730). In Presidential election years, the index tends to have a summer rally, with the SPX up 75% of the time from June-August on an average return of 7.3% (SPX 5650).



https://www.investing.com/news/stock-market-news/a-strong-first-100-days-suggests-a-strong-rest-of-the-year-for-the-sp-500-432SI-3457274 

 Prosecutors ask judge to bar Trump from comments endangering law enforcement
==========

Prosecutors in former U.S. President Donald Trump's classified documents case have asked a federal judge to prevent him from making statements that pose a "danger" to law enforcement. Special Counsel Jack Smith filed a motion seeking to modify Trump's conditions of release, citing intentionally false and inflammatory statements made by Trump regarding the circumstances of the FBI search warrant at Mar-a-Lago. The FBI searched Trump's estate in August 2022 to retrieve classified material that he retained after leaving office. Trump has falsely claimed that the FBI was authorized to attempt an assassination. The prosecutors argue that Trump's mischaracterization of the facts endangers law enforcement officers involved in the case and threatens the integrity of the proceedings. Trump faces four criminal prosecutions and has pleaded not guilty to all charges.

#DonaldTrump #LawEnforcement #Fbi #Maralago #ClassifiedDocuments #CriminalProsecutions

https://www.investing.com/news/world-news/prosecutors-ask-judge-to-bar-trump-from-comments-endangering-law-enforcement-3457268 

 Cathie Wood's ARK trades PayPal and Teladoc stock
==========

Cathie Wood's ARK Invest ETFs have published their daily trades for Friday, May 24th, 2024. ARK increased its stake in PayPal Holdings Inc, purchasing 54,210 shares. ARK made a substantial sell-off of Teladoc Health Inc stock, parting with 399,982 shares. ARK also purchased 44,730 shares of Adaptive Biotechnologies Corp. ARK sold a small position of 98 shares in ARK 21Shares Active Strategy ETF. These trades indicate strategic shifts in ARK's portfolio and suggest growing confidence in PayPal and reduced exposure to Teladoc. ARK's active management style is evident in significant moves in the healthcare and technology sectors.



https://www.investing.com/news/company-news/cathie-woods-ark-trades-paypal-and-teladoc-stock-93CH-3457251 

 Arista Networks CEO sells over $5.6 million in company stock
==========

Arista Networks CEO Jayshree Ullal has sold a total of $5,667,830 worth of company stock in multiple transactions at prices ranging from $317.17 to $321.05. The sales were executed on May 22, 2024, and were conducted under a Rule 10b5-1 trading plan. Ullal still holds 17,681 shares directly and has indirect holdings through trusts. Arista Networks specializes in computer communications equipment and has a strong market capitalization of $96.04 billion. The company has a robust balance sheet with more cash than debt and has demonstrated a strong revenue growth of 25.22% over the last twelve months. Investors monitor insider transactions for insights into executives' perspectives on the company's future performance.

#AristaNetworks #JayshreeUllal #StockSale #Rule10b51TradingPlan #TechIndustry

https://www.investing.com/news/company-news/arista-networks-ceo-sells-over-56-million-in-company-stock-93CH-3457229 

 Judge denies Alec Baldwin request to drop indictment for 'Rust' shooting
==========

A New Mexico judge has denied Alec Baldwin's request to dismiss an involuntary manslaughter charge for the 2021 shooting of cinematographer Halyna Hutchins. Baldwin's lawyers argued that the grand jury indictment was a sham, but the judge denied the request. The trial is scheduled to begin on July 10. Hutchins was shot with a live round after Baldwin pointed a gun at her on a film set near Santa Fe. Baldwin maintains he did not pull the trigger. The armorer, Hannah Gutierrez, was sentenced to 18 months in prison for loading the live round into the gun.

#AlecBaldwin #RustShooting #InvoluntaryManslaughter #Trial #HalynaHutchins

https://www.investing.com/news/world-news/judge-denies-alec-baldwin-request-to-drop-indictment-for-rust-shooting-3457209 

 Radian group director Serio Gregory sells $300k in stock
==========

Serio Gregory, a director at Radian Group Inc., sold 9,663 shares of the company's common stock at an average price of $31.0389 per share, totaling approximately $300,000. The sale was recorded on May 23, 2024, and was disclosed in a filing with the Securities and Exchange Commission. Gregory's holdings in Radian Group now amount to 4,444 shares of common stock. In addition to the sale, Gregory was awarded 5,109 Restricted Stock Units (RSUs) which will vest on May 15, 2025. Radian Group is a surety insurance company based in Philadelphia, Pennsylvania. Investors often monitor insider transactions for insights into the company's valuation and future prospects.

#RadianGroupInc #SerioGregory #StockSale #InsiderTransactions #SuretyInsurance

https://www.investing.com/news/company-news/radian-group-director-serio-gregory-sells-300k-in-stock-93CH-3457191 

 Israeli private eye accused of hacking was questioned about DC public affairs firm, sources say
==========

An Israeli private investigator, Amit Forlit, who is sought by the United States over hack-for-hire allegations, was questioned by FBI agents about his work for the Washington public affairs firm DCI Group, according to sources. The FBI's interest in DCI indicates a wider U.S. probe into cybermercenary activity. Forlit was arrested in London on April 30 on cybercrime and wire fraud charges but was released two days later due to a procedural error. He was rearrested on the same charges and has been released on bail. Forlit's lawyers did not comment on the matter. Forlit had previously acknowledged that another Israeli private investigator, Aviram Azari, had done work on his behalf. Forlit is also being sued in New York federal court by aviation executive Farhad Azima, who accuses him of being involved in the theft of his emails in 2016. Forlit denies the allegations.

#IsraeliPrivateInvestigator #Hacking #Fbi #DciGroup #CybermercenaryActivity #AmitForlit #AviramAzari #FarhadAzima

https://www.investing.com/news/world-news/israeli-private-eye-accused-of-hacking-was-questioned-about-dc-public-affairs-firm-sources-say-3457202 

 Ignore hawkish FOMC minutes, Fed will cut rates in 2024: UBS
==========

UBS analysts remain confident that the Federal Reserve will cut rates in 2024 despite the hawkish tone in the latest FOMC minutes. The minutes revealed that several Fed officials were open to further rate hikes if inflation risks persisted, which was more hawkish than Fed Chair Jerome Powell's remarks. UBS notes that recent economic data, including stronger-than-expected labor market figures and US Treasury yield increases, have fueled concerns that the Fed might keep rates high for longer. However, UBS believes that the Fed's patient, data-dependent approach and the slowdown in inflation indicated by the April Consumer Price Index release will lead to rate cuts in 2024. UBS projects cumulative rate cuts of 50 basis points by year-end and expects a resumption of disinflation and a decelerating US economy. Despite the recent hawkish rhetoric, UBS believes the Fed is still likely to cut rates.



https://www.investing.com/news/economy-news/ignore-hawkish-fomc-minutes-fed-will-cut-rates-in-2024-ubs-3456077 

 Former US Marine pilot can be extradited, Australian magistrate rules
==========

Former US Marine pilot Daniel Duggan can be extradited from Australia to face US charges of training Chinese military pilots to land on aircraft carriers, a Sydney magistrate ruled. Duggan, a naturalized Australian citizen, is facing charges including money laundering and breaking arms control law. He has 15 days to seek a review of the ruling, and the final decision will be made by Australia's Attorney General. Duggan's lawyers argue that the hacking case involving a co-conspirator is unrelated. Duggan was arrested in October 2022 and has been held in a maximum security prison since then. His wife plans to appeal to the Attorney General to refuse the extradition.

#Extradition #UsMarinePilot #Australia #China #MoneyLaundering #ArmsControl #Hacking

https://www.investing.com/news/world-news/former-us-marine-pilot-can-be-extradited-australian-magistrate-rules-3455752 

 Morning Bid: Rates frustration spoils markets' Friday mood
==========

Fears of higher interest rates dampen AI rally; Retail sales for April in Britain and detailed GDP data for Germany weigh on stocks; Bank of England contending with UK inflation; Traders pricing in 58 basis points of cuts in 2024 from the European Central Bank; Federal Reserve now expected to cut rates only in December; Hargreaves Lansdown's biggest shareholder open to taking the company private.

#InterestRates #AiRally #RetailSales #GdpData #BankOfEngland #Inflation #EuropeanCentralBank #FederalReserve #HargreavesLansdown

https://www.investing.com/news/economy-news/morning-bid-rates-frustration-spoils-markets-friday-mood-3455744 

 Promising pipelines and fracking, Trump rakes in millions at Texas fundraisers
==========

Republican presidential candidate Donald Trump raised tens of millions of dollars during a fundraising swing through Texas this week, promising he would support the oil and gas industry by backing new pipelines and restoring fracking on federal land. The Houston fundraiser on Wednesday was hosted by oil billionaires Jeff Hildebrand, George Bishop, Harold Hamm, and Kelcy Warren. Trump drew standing ovations when he promised to get more pipelines built if elected and to restore fracking to areas barred under Biden. The Texas swing brought in at least $15 million, with the various events taking in a total of around $40 million. Trump has emphasized tax cuts for the industry, "streamlining" the permitting process, and removing certain regulations. The fundraising events were pricy affairs, with host committee members asked to pay $250,000 per couple and agree to raise another $500,000. The chair was asked to donate about $845,000 per couple and raise another $1.69 million.

#DonaldTrump #Fundraising #Texas #OilAndGasIndustry #Pipelines #Fracking #JoeBiden

https://www.investing.com/news/stock-market-news/promising-pipelines-and-fracking-trump-rakes-in-millions-at-texas-fundraisers-3455589 

 Asia FX weakens as Fed minutes brew rate fears, boost dollar
==========

Most Asian currencies weakened and nursed overnight losses as the minutes of the Federal Reserve's recent meeting boosted the dollar amid concerns over higher interest rates. The minutes showed policymakers were growing increasingly concerned over sticky inflation and some officials were ready to raise rates further. The prospect of a renewed US-China trade war and Chinese military drills near Taiwan also spooked traders. The dollar rose to a one-week high, while most Asian currencies logged sharp overnight declines against the greenback. The Chinese yuan rose slightly and was trading just below a six-month high.

#AsiaFx #FederalReserve #InterestRates #UschinaTradeWar #ChineseYuan

https://www.investing.com/news/forex-news/asia-fx-weakens-as-fed-minutes-brew-rate-fears-boost-dollar-3453333 

 South Korea announces $19 billion support package for chip industry
==========

South Korea has announced a $19 billion support package for the country's semiconductor industry. The package includes a financial support program worth about $12.5 billion through the state-run Korea Development Bank to back large-scale investments by semiconductor companies. Additionally, a $900 million fund will be set up to support equipment makers and fabless companies. The government aims to strengthen South Korea's competitiveness in the non-memory chip sector. The support package is larger than previously announced plans and reflects the country's efforts to boost its chip industry, which accounted for 18% of total exports in April.

#SouthKorea #ChipIndustry #SupportPackage #Semiconductor #Investments

https://www.investing.com/news/economy/south-korea-announces-19-billion-support-package-for-chip-industry-3453330 

 Goldman Sachs CEO says Fed unlikely to cut rates this year
==========

Goldman Sachs CEO David Solomon stated that he does not expect the Federal Reserve to cut interest rates this year. He believes that the U.S. economy is fundamentally strong, but not all Americans are experiencing growth or the impact of inflation in the same way. Solomon also expects interest rate cuts in Europe due to a sluggish economy. He expressed concern about various headwinds to global growth, including inflationary pressures and geopolitical concerns. Solomon called for a broader approach to industrial policy in the United States, particularly in terms of generating power and supporting electric vehicles and AI technologies. Traders have reduced bets on more than one rate cut this year after the release of minutes from the Federal Reserve's April 30-May 1 policy meeting.

#GoldmanSachs #FederalReserve #InterestRates #Inflation #UsEconomy #Europe #GlobalGrowth

https://www.investing.com/news/economy/goldman-sachs-ceo-says-fed-unlikely-to-cut-rates-this-year-3452617 

 Nvidia earnings, Fed minutes, UK inflation - what's moving markets
==========

The article discusses three key factors affecting the financial markets: Nvidia earnings, the release of the Federal Reserve's meeting minutes, and UK inflation. Nvidia's earnings report is highly anticipated as it is seen as a barometer for the artificial intelligence industry. The Federal Reserve's meeting minutes will be analyzed for clues about future interest rate policy. UK inflation fell less than expected in April, disappointing investors who were hoping for an interest rate cut. The article also mentions the performance of other companies such as Super Micro Computer, Advanced Micro Devices, Palantir Technologies, Microsoft, Apple, TJX, Raymond James, Urban Outfitters, and Lennar Corporation. Crude oil prices fell due to concerns about U.S. interest rates and an unexpected build in U.S. inventories.



https://www.investing.com/news/economy/nvidia-earnings-fed-minutes-uk-inflation--whats-moving-markets-3451317 

 Oil prices fall further on surprise US inventory build, rate jitters
==========

Oil prices fell in Asian trade on Wednesday as industry data showed an unexpected build in U.S. inventories, while persistent concerns over high U.S. interest rates also kept sentiment subdued. Brent oil futures expiring in July sank 0.6% to $82.40 a barrel, while West Texas Intermediate crude futures fell 0.7% to $78.13 a barrel. Data from the American Petroleum Institute (API) showed that U.S. oil inventories grew by 2.5 million barrels in the week to May 17, beating expectations for a draw of 3.1 million barrels. Gasoline stockpiles also grew by 2.1 million barrels, while distillate inventories fell by 320,000 barrels. The unexpected build in inventories raised concerns over sluggish U.S. oil demand. Traders were also fearful that pressure from sticky inflation and high interest rates would limit strength in demand over the coming months. Federal Reserve officials warned that the central bank needed more confidence that inflation was falling before it could begin cutting interest rates. Minutes of the Fed's late-April meeting are due later on Wednesday, and are expected to offer more cues on the central bank's plans to cut rates. Beyond the Fed, focus is also on a meeting of the Organization of Petroleum Exporting Countries and allies (OPEC+) in early-June, for any signs that the cartel will extend its current run of production cuts.

#OilPrices #UsInventoryBuild #RateJitters #BrentOilFutures #WestTexasIntermediateCrudeFutures #AmericanPetroleumInstitute #UsOilInventories #GasolineStockpiles #DistillateInventories #FederalReserve #Opec+

https://www.investing.com/news/commodities-news/oil-prices-fall-further-on-surprise-us-inventory-build-rate-jitters-3451185 

 Deutsche Telekom AG executives sell over $93 million in T-Mobile US stock
==========

Executives of Deutsche Telekom AG, the parent company of T-Mobile US, have sold over $93 million worth of T-Mobile shares. The sales were part of a pre-arranged trading plan and took place at prices ranging from $163.21 to $164.68 per share. The largest transaction occurred on May 21, 2024, with the sale of 187,870 shares at an average price of $164.12. The executives still hold a substantial number of shares in T-Mobile US. The sales are common among corporate executives and can be related to personal financial planning or diversification strategies. Investors monitor insider selling for signals about a company's health or executives' confidence in the business's future prospects. However, sales made under a pre-arranged trading plan are generally viewed as less indicative of insider sentiment. T-Mobile US is a major player in the telecommunications industry, providing wireless services across the United States. The reported transactions were carried out by multiple executives, signifying a coordinated effort to liquidate a portion of their holdings in an orderly fashion. The presence of a pre-arranged trading plan suggests that these sales were part of a longer-term financial strategy.

#DeutscheTelekomAg #TmobileUs #Stock #Executives #TradingPlan

https://www.investing.com/news/company-news/deutsche-telekom-ag-executives-sell-over-93-million-in-tmobile-us-stock-93CH-3451109 

 US assesses Russia launched space weapon near American satellite last week
==========

Russia launched a satellite last week that the US believes to be a weapon capable of inspecting and attacking other satellites. The US Space Command stated that the Russian spacecraft, COSMOS 2576, is likely a counterspace weapon and has been deployed in the same orbit as a US government satellite. This is not the first time Russia has deployed satellites close to sensitive US spy satellites. The launch occurred on May 16 from Russia's Plesetsk launch site. The US assesses that the satellite is capable of attacking other satellites in low Earth orbit.

#Russia #UnitedStates #Satellite #SpaceWeapon #Cosmos2576 #UsSpaceCommand

https://www.investing.com/news/world-news/us-assesses-russia-launched-space-weapon-near-american-satellite-last-week-3451058 

 U.S. inflation "has likely resumed" slowing toward 2% - Fed's Waller
==========

U.S. inflation is slowing toward the Federal Reserve's 2% target level thanks to interest rate hikes by the central bank, according to Fed Governor Christopher Waller. Waller stated that the Fed's restrictive monetary policy stance is helping to cool off aggregate demand, and softer inflation data for April suggests that progress toward 2% has likely resumed. He also noted that businesses seem to be in less need to fill vacancies and offer high starting salaries, which could lead to a moderation in wage increases and broader price pressures. Waller believes that further increases in the policy rate are probably unnecessary. However, other Fed colleagues have expressed caution and believe that borrowing costs should stay elevated until there is more proof that price pressures are abating. The Fed's next policy meeting is scheduled for June 11-12, and it is widely expected that rates will remain unchanged.

#UsInflation #FederalReserve #InterestRateHikes

https://www.investing.com/news/economy/us-inflation-has-likely-resumed-slowing-toward-2--feds-waller-3450128 

 Biden reaches out to Republican leaders for support of border bill
==========

President Joe Biden urges Republican leaders to support a revived bipartisan bill on border security, despite opposition from House Speaker Mike Johnson. The Border Act aims to reform U.S. asylum laws, hire more border agents, and combat fentanyl smuggling. The bill previously stalled in the Senate due to former President Donald Trump's opposition. Democratic Senate Leader Chuck Schumer plans to pass the new bill this week, with the White House expressing strong support. Biden asks congressional Republicans to pass the legislation and stop playing politics. Republican leaders in the House of Representatives have called the bill politically motivated and declared it 'dead on arrival.' The previous legislation was tied to U.S. foreign aid for Ukraine and Israel, but this bill would stand alone.

#JoeBiden #RepublicanLeaders #BorderBill #BorderSecurity #AsylumLaws #FentanylSmuggling #ChuckSchumer #HouseSpeakerMikeJohnson #DonaldTrump

https://www.investing.com/news/world-news/biden-reaches-out-to-republican-leaders-for-support-of-border-bill-3449056 

 Britain’s AI safety institute to open US office
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Britain’s artificial intelligence (AI) safety institute will open an office in San Francisco this summer to foster international collaboration on AI regulation. The move comes ahead of the second global AI safety summit co-hosted by the British and South Korean governments. The institute aims to address concerns about the potential existential threat of AI and promote greater international coordination on its regulation. The first AI safety summit was held in 2023 at Britain’s Bletchley Park, where world leaders and tech executives discussed AI regulation. The UK's technology minister, Michele Donelan, stated that opening an office in the US is central to the country's plan to set new international standards on AI safety.

#AiSafety #AiRegulation #InternationalCollaboration #AiSummit

https://www.investing.com/news/stock-market-news/britains-ai-safety-institute-to-open-us-office-3448863 

 Saudi crown prince, US national security adviser meet on Gaza, bilateral ties
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Saudi Crown Prince Mohammed bin Salman and White House national security adviser Jake Sullivan met in Dhahran to discuss Israel's war in Gaza and seek to complete a broad bilateral agreement. They reviewed the semi-final version of the draft strategic agreements between the two countries. They also discussed the need to find a credible track for bringing about the two-state solution for Israel and the Palestinians, and to stop the war in Gaza and facilitate the entry of humanitarian aid. The Biden administration and Saudi Arabia have been seeking to finalize an agreement for U.S. security guarantees and civilian nuclear assistance. Sullivan will also visit Israel to discuss bilateral and regional matters, including Gaza and efforts to achieve lasting peace and security in the region.

#SaudiCrownPrinceMohammedBinSalman #JakeSullivan #Israel #Gaza #BilateralAgreement #TwostateSolution #HumanitarianAid #BidenAdministration #SaudiArabia #NuclearAssistance

https://www.investing.com/news/world-news/saudi-crown-prince-us-national-security-adviser-meet-on-gaza-bilateral-ties-3447178 

 US bars imports from 26 cotton traders, warehouses over Uyghur forced labor
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The United States is blocking imports from 26 cotton traders or warehouse facilities that it says are linked to forced Uyghur labor. The move adds the entities to the United States' forced labor entity list for their involvement with the Xinjiang Uyghur Autonomous Region.

#Us #Imports #UyghurForcedLabor #CottonTraders #Warehouses

https://www.investing.com/news/economy/us-bars-imports-from-26-cotton-traders-warehouses-over-uyghur-forced-labor-3444153 

 US producer prices increase more than expected in April
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The US producer price index for final demand rose 0.5% in April, exceeding expectations, indicating elevated inflation early in the second quarter. Economists had forecast a 0.3% increase. In the 12 months through April, the PPI increased 2.2%. Inflation surged in the first quarter due to strong domestic demand. The Federal Reserve is expected to start its easing cycle in September, with some economists predicting a rate cut in July. Consumer price data on Wednesday could provide further insight into the timing of a rate cut.

#UsProducerPrices #Inflation #FederalReserve

https://www.investing.com/news/economy/us-producer-prices-increase-more-than-expected-in-april-3439529 

 Column-'War economy' angle on debts risks 'creative' solutions: Mike Dolan
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Big public debts typically stem from big economic and political junctures that require government to spend big - but reining them back risks 'creative' solutions markets may struggle to price. The Congressional Budget Office projects a 17 percentage point jump in the U.S. public debt-to-GDP ratio over the next 10 years to 116% - twice the average level of the past 20 years - and then rising even further to 166% by 2054. Federal Reserve Chair Jerome Powell said U.S. fiscal policy was on an 'unsustainable path'. The average interest cost on the U.S. public debt has more than doubled since April 2021 to 3.23% - the highest in 14 years. The persistence of brisk growth and above-target inflation despite monetary tightening is, for many economists, at least partly down to the demand stimulus created by those unchecked deficits. The CBO's long-term debt projections are explosive, based on relatively modest expectations for borrowing costs ahead. The International Monetary Fund doesn't see the overall annual U.S. deficit back below 6% of GDP for the next five years at least. Justification for the fiscal largesse has started to take on a different tone, with an unnamed U.S. Treasury official suggesting a 'war economy' rationale for heavy spending. The official argued that existential threats to U.S. democracy and institutions required the outsize public spend to bolster the economy longer-term and to garner internal and external support for American status quo and its position in the world. French President Emmanuel Macron made a similar point about Europe, claiming there is a risk Europe might die. The central bank may play a role in ensuring debt sustainability and growth. The opinions expressed in the article are those of the author, Mike Dolan, a columnist for Reuters.

#PublicDebt #FiscalPolicy #DebtSustainability #EconomicGrowth #FederalReserve #CongressionalBudgetOffice #InterestRates #Inflation #InternationalMonetaryFund #UsTreasury #CentralBank

https://www.investing.com/news/economy/columnwar-economy-angle-on-debts-risks-creative-solutions-mike-dolan-3441149 

 Asia shares hit 15-month high as traders wait for CPI
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Asian shares hit a 15-month high as traders await U.S. inflation data. MSCI's broadest index of Asia-Pacific shares outside Japan reached its highest level since early 2023. The focus this week is on Wednesday's U.S. CPI figures, with expectations for core CPI to slow from 3.8% in March to 3.6% in April. The dollar remained firm ahead of the data. Japanese bonds were squeezed as the central bank reduced its bond buying program. Hong Kong's Hang Seng index surged 30% from January's lows and rose nearly 20% in a month. New Zealand's inflation expectations dropped, and Australia's government is expected to announce another surplus in its annual budget. The central bank of Japan made its first cut to bond buying operations since December, signaling a hawkish stance. Oil and gold prices remained steady.

#AsiapacificShares #UsInflationData #Cpi #Dollar #JapaneseBonds #HangSengIndex #NewZealandInflationExpectations #AustraliaBudget #OilPrices #GoldPrices

https://www.investing.com/news/economy/asia-shares-hit-15month-high-as-traders-wait-for-cpi-3438511