2024-01-10 02:00

Copyrighted Image by: Reuters. Investing.com -- Oil prices rose Wednesday, extending a recent rebound as signs of supply disruptions in the Middle East persisted, ahead of official U.S. crude stockpiles. By 09:30 ET (14.30 GMT), the U.S. crude futures traded 1.1% higher at $73.05 a barrel and the Brent contract climbed 0.9% to $78.29 a barrel. Middle East tensions rise The attacks by Yemen-based Houthis on the international shipping lanes in the southern Red Sea have intensified, with U.S. and British naval forces shooting down 21 drones and missiles on Tuesday, the United States said. Additionally, Israeli strikes in southern and central Gaza intensified on Wednesday as the war with Hamas continued. The attacks have seriously disrupted international commerce on the key route between Europe and Asia that accounts for about 15% of the world's shipping traffic. German shipping group Hapag Lloyd said on Tuesday it would continue to avoid the Suez Canal and around the Cape of Good Hope for security reasons, while its Danish rival Maersk has said it would avoid the route "for the foreseeable future". API inventories show large draw Data from the American Petroleum Institute, released on Tuesday, showed that U.S. inventories fell by a larger than expected 5.2 million barrels in the week to January 5, adding to the hefty draw seen in the final week of 2023. But the API data also showed another week of strong builds in gasoline and distillates inventories, indicating that demand in the world’s largest fuel consumer remained weak. This notion was exacerbated by a massive winter storm battering several parts of the country, further limiting road travel. U.S. fuel demand has weakened substantially in recent months, largely due to adverse weather during the winter season. The official inventories from the Energy Information Administration are due later in the session. “If the EIA’s weekly report confirms a build in distillates, it will be the seventh consecutive week of stock increases, which will further help ease tightness concerns in the middle distillate market,” analysts at ING said, in a note. The EIA also released its latest Short-Term Energy Outlook on Tuesday, and revised its U.S. output growth for 2024 to 290,000 barrels a day, up from 190,000 barrels a day last month. This would mean U.S, crude oil output averaging 13.21 million barrels a day this year. Key inflation data due Oil traders are also awaiting key U.S. inflation data on Thursday, which could factor into the future path of interest rates, while Chinese inflation and trade data on Friday are expected to offer more cues on the world’s largest oil importer. https://www.investing.com/news/commodities-news/oil-prices-rise-on-meast-disruptions-mixed-us-inventories-in-focus-3270819

2024-01-09 23:57

Copyrighted Image by: Reuters The cryptocurrency Dogecoin recently witnessed a sharp but brief increase in value, sparked by a false report circulating on Telegram that claimed the death of its famed mascot, Kabuso. The misinformation briefly pushed Dogecoin's price up to 8.3 cents, marking a 9% surge, before it stabilized at around 8 cents. The false news, disseminated by an unidentified user, led to over $674,000 in liquidations as traders reacted to the unverified claim. This event underscored the vulnerability of cryptocurrencies like Dogecoin to sudden market movements based on rumors and highlights the broader impact that unverified information can have on digital asset valuations. Despite the temporary disturbance, Dogecoin continues to hold a substantial position in the cryptocurrency market, with a reported capitalization of $11 billion. The incident serves as a reminder of the inherent volatility within the crypto markets and the importance of critical evaluation of news sources within the investment community. https://www.investing.com/news/cryptocurrency-news/dogecoin-price-fluctuates-on-false-report-of-mascots-death-93CH-3270791

2024-01-09 21:38

Copyrighted Image by: Reuters. Gensler Says SEC Twitter Account Was Compromised, Bitcoin ETFs Not Approved The SEC has not approved Bitcoin ETFs, as reported earlier on the SEC's official X account. SEC Chairman Gary Gensler said the account was "compromised." "The@SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products," Gensler tweeted. The apparent flagrant post read: "Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges." “Today’s approval enhances market transparency and provides investors with efficient access to digital asset investments within a regulated framework,” an apparent flagrant quote from Gensler added. After initially spiking higher on the false report, Bitcoin price is down about 2.7% to $45,784.74. Coinbase (NASDAQ:COIN) is down 1.4% at 16:36 EDT (21:36 GMT). https://www.investing.com/news/cryptocurrency-news/gensler-says-sec-twitter-account-was-compromised-bitcoin-etfs-not-approved-3270740

2024-01-09 19:55

Copyrighted Image by: Reuters. FRANKFURT - Francois Villeroy de Galhau, a member of the European Central Bank (ECB), has clarified that any potential interest rate cuts by the ECB will be contingent on inflation expectations being firmly established at the bank's 2% target. In a recent statement, Villeroy underscored the importance of a data-driven approach to policy decisions, signaling a departure from making moves based on predetermined dates. Villeroy's comments come at a time when some investors have been anticipating the possibility of interest rate reductions as soon as March or April. However, he has advised a more prudent stance, suggesting that the central bank should not rush to cut rates. This cautious perspective aligns with the ECB's broader strategy of curbing inflation without derailing economic growth. The recent uptick in inflation to 2.9% in December has been partially attributed to technical factors, including base effects from past energy prices, which have had a significant impact on the overall inflation rate. It's important to note that the ECB's current deposit rate is at 4%, a level that has been part of the bank's toolkit to manage inflationary pressures. Villeroy's emphasis on stable inflation expectations is a key indicator of the ECB's commitment to its mandate of price stability. With the latest inflation data in view, the ECB appears to be maintaining a cautious yet responsive approach to its monetary policy in the face of economic uncertainties. https://www.investing.com/news/forex-news/ecbs-villeroy-says-rate-cuts-hinge-on-stable-2-inflation-93CH-3270614

2024-01-09 14:55

Copyrighted Image by: Reuters NEW YORK - The investment community is eagerly awaiting the U.S. Securities and Exchange Commission's (SEC) decision on Valkyrie's spot Bitcoin exchange-traded fund (ETF), which could be approved as soon as tomorrow, with trading potentially kicking off the following day. Valkyrie, a firm with a solid footing in digital asset management, is poised to introduce its spot Bitcoin ETF under the ticker symbol BRRR. Steven McClurg, Valkyrie's co-founder, has expressed a positive outlook on the SEC's imminent decision, drawing from previous engagements with the regulatory body. He has underscored the significance of cash redemption models, which he believes are instrumental in expanding investor access to ETF markets. In the wake of the SEC's lawsuit against Coinbase (NASDAQ:COIN), Valkyrie has been keen to distinguish its operations, underscoring Coinbase's role as merely a custodian within its framework, thereby distancing its product from the ongoing regulatory scrutiny. The company remains steadfast in its confidence in their offering, despite the broader industry's regulatory hurdles. Valkyrie is setting its sights on attracting a diverse investor base, which includes both retail and institutional participants. The company has structured its fee at 0.80%, a competitive rate, particularly in the areas of Bitcoin storage and security protocols. With the anticipation building around the SEC's decision, Valkyrie is preparing for what they foresee as significant market inflow into their fund soon after the commencement of trading. https://www.investing.com/news/cryptocurrency-news/valkyrie-expects-sec-nod-for-bitcoin-etf-trading-could-start-thursday-93CH-3270405

2024-01-09 14:05

Copyrighted Image by: Reuters. QUEBEC - Globex Mining Enterprises Inc. has successfully concluded an agreement with Infini Resources Limited for the Des Herbiers uranium project located in Quebec. The deal, which was finalized today, resulted in Globex Mining receiving C$200,000 and additional shares subsequent to the approval of Infini Resources Limited's listing document. The agreement also allows Globex Mining to retain a Gross Metal Royalty on the uranium project, which is significant as historical reports have suggested the presence of substantial uranium resources in the area. This completion comes at a time when the uranium market is experiencing an uptick in value, a trend that began after Globex initially acquired the claim. https://www.investing.com/news/commodities-news/globex-mining-finalizes-des-herbiers-uranium-project-deal-with-infini-resources-93CH-3270350