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Hedge fund shorts on banks and financials reach 4-month peak- Goldman

Global hedge funds kicked off the largest net selling of U.S. financial stocks in 16 weeks just as earning season started in the week ending Jan. 11, a Goldman Sachs note to clients said. Hedge funds exited long positions and added short bets that stock prices would fall in banks, insurance companies and financial intermediaries before bank earnings were released on Friday, said the Goldman note dated Jan. 12 and seen by Reuters on Monday. The note, written by Goldman’s prime brokerage which serves hedge funds, tracked trading activity from ...

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ENGINE: East of Suez Bunker Fuel Availability Outlook

Singapore Prompt VLSFO availability remains tight in Singapore amid strong demand for the grade. At least eight suppliers are grappling with tight delivery schedules, which has added to the supply pressure. Lead times for VLSFO have increased from 9-13 days last week, to 8-17 days now. In contrast, HSFO maintains lead times of 7-10 days, while LSMGO requires a shorter 3-8 days lead time. Singapore sold about 51.27 million mt of conventional bunker fuels in 2023 – the highest yearly volumes since 2013, according to preliminary figures from the Maritime ...

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DNV to class Purus’ first VLEC newbuilds

DNV has been selected to class ship owner Purus’ newbuilding order of two Very Large Ethane Carriers (VLEC). The vessels have been contracted at HD Hyundai Heavy Industries (HHI) in South Korea and scheduled for delivery in 2026-2027. With a cargo carrying capacity of 98,000cbm, the two VLECs will be fitted with GTT’s Mark III membrane containment system. The vessels will be equipped with dual-fuel ethane engines and optimized cargo handling systems to reduce emissions and will also be EEDI Phase III compliant. Once delivered, the VLECs will transport ethane ...

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2024 Business Forecast: Tech-Driven Optimism Meets Rising Geopolitical Challenges

Despite the challenges of 2023 and escalating geopolitical tensions, business leaders remain surprisingly optimistic for 2024, according new research from Economist Impact and DP World, unveiled today at the World Economic Forum. The primary driver is a growing belief that technology will transform the efficiency and resilience of supply chains. Amid escalating concerns about protectionism, global fragmentation and political instability, businesses are reassessing risks within their supply chains and pivoting towards friendshoring and dual supply chain strategies. The fourth annual Trade in Transition study, commissioned by DP World and led ...

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Drawn by low prices, Chinese refiners hunt for oil to replenish stocks

Chinese refiners are actively booking crude oil cargoes for delivery in March and April to replenish stocks, locking-in relatively low prices and in anticipation of stronger demand in the second half of 2024, trade sources said. Global benchmark Brent futures have stayed under $80 a barrel since December despite rising tensions in the Middle East, making oil attractive, while Beijing has issued fresh quotas for crude imports and fuel exports to refiners, allowing them to boost purchases and operations. Robust demand from the world’s top crude importer is underpinning spot ...

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China’s Q1 soybean imports seen slowing to four-year low as pig herds shrink

China’s once-soaring soybean demand will slow by about a fifth in the first quarter from a year earlier after record slaughter shrank pig herds, pressuring prices ahead of an expected glut of South American beans, analysts and traders said. Tapering purchases by the world’s leading importer spell further pressure on the benchmark Chicago Board of Trade (CBOT) soybean contract Sv1, which is trading at a more than two-year low after a slump of 15% last year. “There is a big mismatch between feed available and pigs available to eat it,” ...

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NYSE vice-chair sees ‘robust’ pipeline of potential IPOs in 2024

Initial public offering activity should recover in 2024 as borrowing costs come down and equity markets are less volatile, the vice-chair of the New York Stock Exchange said in an interview on Monday. “We have a robust pipeline from across sectors and geographies,” John Tuttle told the Reuters Global Markets Forum ahead of the World Economic Forum’s annual meeting in Davos. “It’s just finding that time when investors have the appetite for these companies, and companies are ready to go.” After 2016, IPO activity had been at its lowest level ...

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Wisdom Marine Group selects Nippon Paint Marine to protect cargo and reduce maintenance costs with NEOGUARD TOUGHNESS

Taiwanese dry bulk shipowner Wisdom Marine Group has selected marine coatings leader Nippon Paint Marine’s NEOGUARD TOUGHNESS coating to provide anti-abrasion and corrosion protection for 10 of its vessels. This is more vital than ever as the world’s oceans become more polluted, leading to increased metal corrosion on vessels at sea. NEOGUARD TOUGHNESS is a heavy-duty system that can generate significant cost savings for ship operators by reducing the need for costly maintenance and lengthy downtime. The coating’s easy cleaning properties also allow for quick and efficient turnaround between cargos, ...

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Dalian iron ore posts 8th daily fall as China skips rate cut

Iron ore futures prices in China posted its eighth consecutive decline on Tuesday as China’s decision to skip an expected rate cut unnerved investors. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) closed 0.6% lower at 938.50 yuan ($130.65) a metric ton. It hit 924.50 earlier in the session, the weakest since Dec. 20. “Iron ore prices were relatively over-inflated to begin with, as many funds bet big on a stimulus-fuelled recovery eventuating sooner rather than later,” said Atilla Widnell, managing director at Navigate Commodities in ...

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STOCK MARKET SNAPSHOT FOR 17/01/2024

NASDAQ-Adv: 2,029 Dec: 2,211 NYSE-Adv: 2,353 Dec: 1,631 (Source: Nasdaq)

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Global retail giants invest in Chinese market

Global retail giants and supermarket chains are rapidly expanding their footprints in China, indicating their confidence in the country’s economy, huge market and upgraded consumption vitality, Xinhua News Agency reported. In the latest move aimed at boosting their presence in the Chinese market, in November last year, two foreign companies, Japanese retail giant Aeon and Sam’s Club, the high-end warehouse club chain of Walmart Inc, both opened their new outlets in Wuhan, Central China’s Hubei province. The 111-year-old German supermarket chain Aldi, which was founded in 1913, also opened a ...

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Commodity Tracker: 5 charts to watch this week

S&P Global Commodity Insights editors are watching developments in the Red Sea, including the impact on shipping routes and freight rates. OPEC production is also in focus as supply from non-OPEC producers rise. Meanwhile, steelmakers in Europe are slowly resuming production in response to prices. 1. Red Sea attacks bolster European container freight rates in the near term What’s happening? In just two months, Platts Container Rates witnessed a 425% increase in westbound Asia-Europe cargo as diversions from two major global shipping routes bolstered European container freight rates to highs ...

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Tepid domestic demand, robust exports to tint China’s steel sector in 2024

China’s debt crisis, a sluggish consumer spending and growing steel overcapacity are expected to remain as the biggest hurdles for the domestic steel markets in 2024, stretching on their woes that have lasted for several months now, but silver lining remains amid robust prospects from the export sector. In Asia, steelmaking capacity is also seen expanding in Southeast Asia and India, which could lead to more competition for local supplies in respective markets. New commissioning In 2023, Chinese steelmakers commissioned about 22 million mt/year of pig iron and 28.5 million ...

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China’s yuan ousts dollar to become most traded currency in Moscow in 2023

The Moscow Exchange (MOEX.MM), opens new tab trading volume in Chinese yuan surpassed that of the U.S. dollar in 2023, the Kommersant daily reported on Tuesday, as Moscow pursues a de-dollarisation strategy in the face of Western sanctions on its financial system. Moscow is becoming increasingly dependent on Beijing and the “no limits” partnership between the two countries, having increased energy supplies to China and stepped up purchases of Chinese goods from cars to smartphones as European and U.S. brands left the Russian market over Russia’s actions in Ukraine. Yuan ...

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Oil attracts cautious buying from hedge funds

Portfolio investors purchased petroleum in the first full week of 2024, reversing sales the previous week and continuing the pattern of choppy trading that has continued since early December. Hedge funds and other money managers bought the equivalent of 54 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Jan. 9. Purchases largely reversed sales of 66 million barrels the previous week, according to records filed with ICE Futures Europe and the U.S. Commodity Futures Trading Commission. In the most recent ...

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