How Old You Have to Be to Buy or Own a Gun in Every State

InvestorPlace - Stock Market News, Stock Advice & Trading Tips At the same time, the federal government in Washington, D.C. is spending $1.25 trillion on infrastructure projects across the country to improve, roads, bridges, railway corridors, and more. Governments at the state and municipal levels are also investing heavily in construction projects. The post 7 Stocks to Buy for the Blue-Collar Bull Market appeared first on InvestorPlace. More From InvestorPlace ChatGPT IPO Could Shock the World, Make This Move Before the Announcement Musk’s “Project Omega” May Be Set to Mint New Millionaires. Here’s How to Get In. The Rich Use This Income Secret (NOT Dividends) Far More Than Regular Investors.....»»

After a solid start to the third quarter, Wall Street lost momentum on fears of higher rates for a longer-than-expected period and a slowing Chinese economy. The third quarter proved to be highly volatile and uncertain for the U.S. stock market. After a solid start to the third quarter, Wall Street lost momentum on fears of higher rates for a longer-than-expected period and a slowing Chinese economy. With just a week of trading left, the tech-heavy Nasdaq Composite Index has lost 4.2%, while the Dow Jones and S&P 500 are down 1.3% and 2.9%, respectively.Despite the weakness, a few sectors are still in green over the past three months. We have highlighted the top-performing ETFs from different sectors. These include Credit Suisse S&P MLP ETN MLPO, AdvisorShares Pure US Cannabis ETF MSOS, Sprott Junior Uranium Miners ETF URNJ, SPDR S&P Oil & Gas Equipment & Services ETF XES and Defiance Pure Electric Vehicle ETF EVXX.The Fed signaled one more rate hike this year if the economy and inflation don’t cool further. Both retail sales and inflation in the United States came in hotter than expected for August, suggesting resilience in the economy and persistent price pressures. These make a case for more Fed rate hikes. While inflation has fallen from a peak of 9.1%, it remains well above the Fed's 2% target despite an aggressive interest rate hike campaign (read: Bet on Quality ETFs as Fed Keeps Rate Steady, View Hawkish).The latest data also showed that U.S. industrial production continued to expand in August, beating expectations even though the pace of increase decreased due to sluggish manufacturing growth. On the other hand, U.S. consumer sentiment slipped for the second straight month in September as the University of Michigan's preliminary reading of its Consumer Sentiment Index dropped to 67.7 from the final reading of 69.5 in August. But the economic outlook brightened modestly as household expectations for near-term inflation fell to the lowest in more than a year, according to a survey.China, the engine of global growth, is caught in deep trouble, given falling consumer prices, a deepening real estate crisis, slumping exports and a record-high youth unemployment rate. However, the latest data on upbeat retail sales and industrial production suggests that the economy picked up steam last month, easing concerns about growth in the world's second-largest economy.ETFs in FocusWe have profiled the abovementioned ETFs in detail below:Credit Suisse S&P MLP ETN (MLPO) – Up 48%Amid volatility in the stock market, this overlooked corner is making great strides. MLPs have relatively consistent cash flows, making them less risky than the other plays in the broader energy space. These represent an attractive investment option for income-focused investors as MLPs pay out substantially all their income to investors on a regular basis. In addition to high yields and the potential for capital appreciation, MLPs also have lower volatility and provide diversification benefits to the portfolio.Credit Suisse S&P MLP ETN is linked to the S&P MLP Index, which includes both master limited partnerships and publicly traded limited liability companies having a similar legal structure to MLPs and sharing the same tax benefits. It is unpopular and illiquid in the MLP space, with AUM of $32 million and an average daily volume of nearly 5,000 shares. The note charges 95 bps in annual fees (read: MLP ETFs for Growth & Juicy Yields).AdvisorShares Pure US Cannabis ETF (MSOS) – Up 45.9%Marijuana stocks have been surging following a proposal by the Drug Enforcement Agency to reclassify cannabis as a substance with reduced risk, fueling anticipation of federal legalization. The news has led to huge optimism across the marijuana industry. AdvisorShares Pure US Cannabis ETF is the first actively managed U.S.-listed ETF with dedicated cannabis exposure, focusing exclusively on U.S. companies, including multi-state operators. It holds 28 securities in its basket with a double-digit concentration on the top four firms.AdvisorShares Pure US Cannabis ETF has amassed $602.4 million in its asset base while trading in an average daily volume of $6 million shares. It charges 80 bps in annual fees (read: Behind the Recent Surge in Marijuana ETFs).Sprott Junior Uranium Miners ETF (URNJ) – Up 15.8%Uranium price has been witnessing a significant surge, driven by an upbeat demand forecast and lingering supply concerns amid the chances of sanctions affecting Russia's nuclear fuel supply. Interest in nuclear power is also on the rise, presenting a promising opportunity for investors who anticipate global concerns about climate change to drive increased demand for this energy source. Sprott Junior Uranium Miners ETF is the only pure-play ETF focused on small uranium miners, selected for their potential for significant revenue and asset growth.Sprott Junior Uranium Miners ETF is focused on the Nasdaq Sprott Junior Uranium Miners Index, which is designed to track the performance of mid-, small- and micro-cap companies in uranium-mining-related businesses. It holds 29 stocks in its basket and charges 80 bps in annual fees. Sprott Junior Uranium Miners ETF has accumulated $84.6 million in its asset base and trades in an average daily volume of 113,000 shares.SPDR S&P Oil & Gas Equipment & Services ETF (XES) – Up 31.5%The energy sector made a solid comeback in the third quarter on a recovery in oil prices on tightening supply conditions and the prospect of higher demand. The global oil market is expected to face the biggest deficit in over a decade. World oil demand is scaling record highs. SPDR S&P Oil & Gas Equipment & Services ETF tracks the S&P Oil & Gas Equipment & Services Select Industry Index, which measures the performance of the companies engaged in the oil and gas equipment and services industry. It holds 31 stocks in its basket with AUM of $428.4 million.SPDR S&P Oil & Gas Equipment & Services ETF charges 35 bps in fees per year from investors and trades in an average daily volume of 117,000 shares. It has a Zacks ETF Rank #3 (Hold) with a High risk outlook.Defiance Pure Electric Vehicle ETF (EVXX) – Up 22.3%The electric vehicles market is experiencing a boom, with global leaders wanting millions of them on the roads in the next decade. The sector is expected to expand at a compound annual growth rate (CAGR) of 15.9% between 2023 and 2035, according to a new report from data and analytics company GlobalData. Defiance Pure Electric Vehicle ETF is an actively managed fund that seeks to track the performance of a basket of common shares, which are equally weighted on a quarterly basis, of the five largest (by market capitalization) electric vehicle manufacturers included in the Solactive Pure US Electric Vehicle Index. It charges 68 bps in annual fees and trades in a light volume of 10,000 shares. Defiance Pure Electric Vehicle ETF debuted in the space in June and has accumulated $5.2 million since then. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR S&P Oil & Gas Equipment & Services ETF (XES): ETF Research Reports Credit Suisse S&P MLP Index ETN (MLPO): ETF Research Reports AdvisorShares Pure US Cannabis ETF (MSOS): ETF Research Reports Sprott Junior Uranium Miners ETF (URNJ): ETF Research Reports Defiance Pure Electric Vehicle ETF (EVXX): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research.....»»

HealthEquity's (HQY) strength in HSA raises optimism about the stock. HealthEquity, Inc. HQY is well-poised for growth in the coming quarters, courtesy of its unique investment platform. The optimism led by a solid second-quarter fiscal 2024 performance and strength in Health Savings Accounts (HSA) are expected to contribute further. However, data security issues and the complexity of regulations are major downsides.Over the past year, the Zacks Rank #3 (Hold) stock has gained 2.8% against the 5.1% decline of the industry. The S&P 500 has witnessed 18.5% growth in the said time frame.The renowned provider of technology-enabled services platforms for healthcare savings and spending decisions has a market capitalization of $6.22 billion. The company projects 23.5% growth for the next five years and expects to witness continued improvements in its business. HealthEquity’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average earnings surprise being 13%.Image Source: Zacks Investment ResearchLet’s delve deeper.Unique Investment Platform: We are optimistic about HealthEquity’s multiple cloud-based platforms, accessed by its members online via a desktop or mobile device. Individuals can make health-saving and spending decisions and pay healthcare bills, among other activities, via these platforms. These platforms provide users access to services HealthEquity provides as well as services provided by third parties selected by HealthEquity or its Network Partners. Among other features, HealthEquity’s HSA platform has the capability to provide users with medical bills upon adjudication by a health plan, including details such as the amount paid by insurance.Strength in HSA: HealthEquity’s total number of HSAs, as of Jul 31, 2023, rose 8.5% year over year. HealthEquity reported 574,000 HSAs with investments as of Jul 31, 2023, up 11.2% year over year. Total Accounts, as of Jul 31, 2023, were up 3.1% year over year. This uptick included total HSAs and 6.8 million other CDBs. Total HSA assets at the end of Jul 31, 2023, were up 12.9% year over year. This included HSA cash and HSA investments.Strong Q2 Results: HealthEquity saw solid top-line and bottom-line performances in second-quarter fiscal 2024. The top line benefited from robust contributions from all its revenue sources. The expansion of both margins was also seen.DownsidesComplexity of Regulations: HealthEquity’s business, including HSAs and many of the CDBs it administers and investment advisers and trust company subsidiaries, is subject to extensive, complex and frequently changing federal and state laws and regulations. Its subsidiary, HealthEquity Advisors, LLC, is a SEC-registered investment adviser that provides automated web-only investment advisory services. As such, it must comply with the requirements of the Advisers Act and related SEC regulations and is subject to periodic inspections by the SEC staff.Data Security Issues: HealthEquity deals with a high level of sensitive personal data and information. Any security breaches might result in the loss of sensitive information, theft or loss of actual funds, litigation or indemnity obligations to the customers. The company’s ability to ensure the security of its technology platforms and, thus, sensitive customer and partner information is critical to its operations.Estimate TrendHealthEquity has been witnessing a positive estimate revision trend for fiscal 2024. Over the past 90 days, the Zacks Consensus Estimate for its earnings per share has moved 4.7% north to $2.01.The Zacks Consensus Estimate for third-quarter fiscal 2024 revenues is pegged at $242.4 million, suggesting a 12.2% rise from the year-ago reported number.Key PicksSome better-ranked stocks in the broader medical space are DaVita Inc. DVA, McKesson Corporation MCK and Integer Holdings Corporation ITGR.DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.7%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average surprise of 21.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.DaVita has gained 16.9% against the industry’s 1.6% decline over the past year.McKesson, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average of 8.1%.McKesson has gained 27.9% compared with the industry’s 20% rise over the past year.Integer Holdings, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 12.1%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 8.4%.Integer Holdings has gained 29.1% compared with the industry’s 2.8% rise over the past year. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DaVita Inc. (DVA): Free Stock Analysis Report McKesson Corporation (MCK): Free Stock Analysis Report HealthEquity, Inc. (HQY): Free Stock Analysis Report Integer Holdings Corporation (ITGR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

The third-quarter was an average-to-downbeat period for investors, mainly due to rising rates. The third-quarter was an average-to-downbeat period for investors, mainly due to rising rates. A cooling U.S. economy, falling consumer confidence, a series of bank downgrades also made matters worse for Wall Street. However, all were not downbeat for the broader market as there were ebbing U.S. recession fears along with several upbeat economic data points and a decent Q2 earnings season.The S&P 500 (down 0.7%), the Nasdaq (down 2.1%) and the Russell 2000 (down 2.5%) have slumped in the third quarter while the Dow Jones (up 0.7%) gained (as of Sep 22, 2023). Against this backdrop, let’s discuss the ETF areas that emerged winners in the third quarter and those that were hit hard.Top IndustriesCannabis – Roundhill Cannabis ETF (WEED) – Up 37.3%In a significant development, the Department of Health and Human Services (HHS) has recently initiated a review of marijuana's classification under the Controlled Substances Act. This move has the potential to impact the burgeoning marijuana industry favorably, which has faced federal restrictions despite state-level legalization efforts (read: Behind the Recent Surge in Marijuana ETFs).Uranium Miners – Sprott Junior Uranium Miners ETF (URNJ) – Up 35%Growing energy concerns and the increasing need for dependable and eco-friendly energy sources are also fueling the surge in uranium ETF. The ability of nuclear power to cut carbon emissions has brought it back in the public eye. Oil Services – Invesco Oil & Gas Services ETF (PXJ) – Up 18.3%The wind is at the back of the Oil and Gas-Field Services Industry as it is poised for growth in the coming year, driven by favorable crude pricing and robust demand for oilfield services. The industry comprises companies that play a pivotal role in supporting exploration and production activities (read: Time for Oilfield Services ETFs?).Shipping – SonicShares Global Shipping ETF (BOAT) – Up 11.4%Global trade is showing promising signs of recovery, as evident from the insights of Vincent Clerc, the CEO of shipping giant Maersk. This, in turn, has proved to be tailwind for the shipping ETFs (read: Time for Shipping ETFs Amid Improving Global Trade Scenario?)Flop IndustriesSolar Power – Global X Solar ETF (RAYS) – Down 25.2%There has been soft U.S. demand for solar equipment. The demand is more lukewarm in states like Texas and Arizona where cheaper electricity prices make the economics of residential solar less attractive. high borrowing costs are also hurting solar companies’ businesses.Defense – Global X Defense Tech ETF (SHLD) – Down 23.2%The aerospace and defense stocks recorded a dip in performance in the third quarter. Like most businesses, higher interest rates can be held responsible for this slump. The underlying Global X Defense Tech Index seeks to provide exposure to defense technology companies that are positioned to benefit from technology, services, systems and hardware that cater to the defense and military sector.Lithium Miners – Sprott Lithium Miners ETF (LITP) – Down 22.5%Lithium carbonate prices have slumped recently, due to the decline in demand for electric vehicles. Battery manufacturers for electric vehicles have gradually reduced their input purchases since the beginning of the third quarter due to their inventories reaching capacity and the depletion of funds from prior government-led incentives, per tradingeconomics.Biotech – Virtus LifeSci Biotech Clinical Trials ETF (BBC) – Down 20.8%Biotech stocks have been on a roller-coaster ride. Rising rate worries weighed on the segment heavily as the segment hails from the high-growth one. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global X Defense Tech ETF (SHLD): ETF Research Reports Virtus LifeSci Biotech Clinical Trials ETF (BBC): ETF Research Reports Invesco Oil & Gas Services ETF (PXJ): ETF Research Reports SonicShares Global Shipping ETF (BOAT): ETF Research Reports Global X Solar ETF (RAYS): ETF Research Reports Roundhill Cannabis ETF (WEED): ETF Research Reports Sprott Lithium Miners ETF (LITP): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Acadia Healthcare (ACHC) is well-poised for growth on the solid demand for behavioral healthcare services, the continuous pursuit of expansion initiatives and growing cash reserves. Acadia Healthcare Company, Inc. ACHC is aided by expanding patient volumes in its U.S. business, an extensive healthcare network resulting from numerous joint ventures (JVs) and other expansion initiatives, as well as a commendable financial position.Zacks Rank & Price PerformanceAcadia Healthcare currently carries a Zacks Rank #3 (Hold).The stock has lost 8.4% in the past three months compared with the industry’s 14.3% fall. The Zacks Medical sector and the S&P 500 composite have declined 6.8% and 0.2%, respectively, in the same time frame. Image Source: Zacks Investment Research Favorable Style ScoreACHC boasts an impressive VGM Score of A. VGM Score helps identify stocks with the most attractive value, the best growth and the most promising momentum.Robust Growth ProspectsThe Zacks Consensus Estimate for Acadia Healthcare’s 2023 earnings is pegged at $3.40 per share, indicating an improvement of 13% from the prior-year reading, while the same for revenues stands at $2.9 billion, implying an 10.4% increase from the prior-year actual.The consensus mark for 2024 earnings is pegged at $3.75 per share, suggesting 10.2% growth from the 2023 estimate. The same for revenues stands at $3.1 billion, which indicates a rise of 9.1% from the 2023 estimate.Northbound Estimate RevisionThe Zacks Consensus Estimate for 2023 earnings has been revised upward 0.9% in the past 30 days.Decent Earnings Surprise HistoryACHC’s bottom line surpassed earnings estimates in two of the trailing four quarters, matched the mark once and missed the same in the remaining one occasion, the average surprise being 2.77%.Business TailwindsA strong U.S. business, gaining from solid patient volumes and operational efficiencies, drives Acadia Healthcare’s top line. Continued incidence of mental health issues among Americans is expected to sustain the solid demand for behavioral healthcare services, which in turn is likely to continue benefiting its revenues in the days ahead. Management forecasts 2023 revenues to be within $2.86-$2.90 billion, the midpoint of which implies a 10.3% improvement from the 2022 reported figure.Acadia Healthcare follows a commendable growth strategy, as part of which it pursues acquisitions, adds beds to its existing facilities and has JVs with renowned U.S. health systems. ACHC remains on track to achieve its target of adding around 300 beds to its existing facilities this year, out of which it has already added 204 beds in the first half of 2023.Strong nationwide demand for the medication-assisted treatment of patients suffering from opioid use disorder may prompt Acadia Healthcare to expand its network of comprehensive treatment centers (CTCs) in the days ahead. ACHC aims to open a minimum of six CTC’s this year.The JV’s enable the behavioral healthcare facility operator to inaugurate new facilities and subsequently, expand its healthcare network and nationwide reach. It has 20 JVs in place, out of which the most recent one was with Nebraska Methodist Health System for building a behavioral health hospital across Iowa and equipping Acadia Healthcare to enter a new state with its acute service line.The portfolio of ACHC comprised 250 behavioral healthcare facilities stretched throughout 39 states and Puerto Rico as of Jun 30, 2023.Acadia Healthcare boasts a strong financial position, supported by solid cash reserves, which remains sufficient enough to service its short-term debt obligations. It also had $505 million available under its $600 million revolving credit facility as of Jun 30, 2023. Adequate cash-generating abilities also bear testament to its financial strength, which equips it to undertake uninterrupted business investments. ACHC’s leverage ratio has been improving for a while.Stocks to ConsiderSome better-ranked stocks in the Medical space are LeMaitre Vascular, Inc. LMAT, HCA Healthcare, Inc. HCA and Alcon Inc. ALC. LeMaitre Vascular currently sports a Zacks Rank #1 (Strong Buy), and HCA Healthcare and Alcon carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.LeMaitre Vascular's earnings surpassed estimates in two of the last four quarters and missed the mark twice, the average surprise being 2.27%. The Zacks Consensus Estimate for LMAT's 2023 earnings indicates a rise of 21.5%, while the same for revenues suggests an improvement of 20.8% from the respective year-ago actuals. The consensus mark for LMAT's 2023 earnings has moved 8.3% north in the past 60 days.The bottom line of HCA Healthcare beat estimates in three of the trailing four quarters and missed the mark once, the average beat being 5.42%. The Zacks Consensus Estimate for HCA’s 2023 earnings indicates a rise of 9.4%, while the same for revenues suggests an improvement of 6% from the respective year-ago actuals. from the prior-year tallies. The consensus mark for HCA’s 2023 earnings has moved 2% north in the past 60 days.Alcon's earnings outpaced estimates in three of the trailing four quarters and matched the mark once, the average surprise being 8.03%. The Zacks Consensus Estimate for ALC's 2023 earnings indicates a rise of 22.8%, while the same for revenues suggests an improvement of 9.5% from the respective year-ago actuals. The consensus mark for ALC’s 2023 earnings has moved 1.1% north in the past 30 days.Shares of LeMaitre Vascular, HCA Healthcare and Alcon have gained 17.1%, 13.9% and 3.2%, respectively, in the past three months. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alcon (ALC): Free Stock Analysis Report HCA Healthcare, Inc. (HCA): Free Stock Analysis Report Acadia Healthcare Company, Inc. (ACHC): Free Stock Analysis Report LeMaitre Vascular, Inc. (LMAT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

How The Transition Push Contributed To Higher Oil Prices Authored by Irina Slav via OilPrice.com, Anti-fossil fuel policies in the U.S. and Europe have led to lower investment in new projects. ExxonMobil CEO Woods: If we don't maintain some level of investment in the industry, you end up running short of supply. Only lowering global energy demand may lead to a situation in which prices will remain under control. Earlier this week, Morgan Stanley said in a note that all signals for crude all were "flashing tightness". The investment bank joined a growing number of forecasters expecting Brent crude to top $100 per barrel before the year's end, again. What all these forecasters have in common is that all of them point out a discrepancy between demand for oil, which has remained strong, and supply, which has become increasingly constrained. At a time when governments in the West are making a huge effort to reduce that demand. And supply, too. For now, they can only claim success in the supply area. And a major contribution to higher prices with that. When President Biden came into office, his first order of business was to effectively ban oil and gas drilling on federal lands. He later revoked his ban as retail fuel prices began climbing and the White House reconsidered its attitude to local supply of hydrocarbons. Not that it helped. Not when the whole energy policy of the administration has been oriented against the oil industry. We see the same situation in Europe, where the push against oil and gas is even stronger, and in other parts of the world, as well. Reuters reported this week, citing Rystad Energy data, that investment in oil and gas on a global scale would only grow moderately this year to $579 billion. That compared to an average annual investment rate of $521 billion for the period between 2015 and 2022, after the 2014 peak, which stood at $887 billion. Also this week, the Energy Information Administration reported that oil production from the U.S. shale patch was set to decline in October from September after the September average was also forecast to be lower than the average for August. In fairness, the EIA has been proven too pessimistic in its forecast by the actual production data, with its forecast production decline for August actually turning out to be a modest monthly increase in production. Yet production did indeed decline this month, albeit still quite modestly. The bigger problem is it did not increase in any meaningful way, contributing to global tightness. Production is not increasing in any meaningful way elsewhere, either, even if we set aside for a moment the Saudi and Russian cut of a combined 1.3 million barrels daily. But demand is still strong, which has led to suggestions from transition campaigners that governments should switch targets and, instead of supply, focus on curbing demand by taxing the use of hydrocarbons. This state of affairs does not bode well for the future energy security of a world that will consume close to 103 million barrels of crude oil every day this year, according to the latest to forecast peak oil demand, the International Energy Agency. The chief executive of Aramco, who has been one of the most vocal critics of the transition push as it is being conducted, recently leveled a new dose of criticism at its planners: "The current transition shortcomings are already causing mass confusion across industries that produce and/or rely on energy. Long-term planners and investors do not know which way to turn," Nasser said at the World Petroleum Congress in Canada. Exxon's CEO was more succinct: "If we don't maintain some level of investment in the industry, you end up running short of supply, which leads to high prices" – a scenario that is currently unfolding in Europe and the United States. The reason there is no sufficient investment, according to the industry, is the uncertainty caused by the transition agenda of the governments where they operate. Indeed, when you have no clarity of the regulations that your government would direct your way as part of its efforts to fight climate change, investment decisions become even harder than usual to make. As the executive chair of Canada'a Cenovus told Reuters, "If you want to add 100,000 barrels a day of production, you're going to spend billions and billions of dollars. In terms of any real meaningful investment in large projects, that's probably going to have to wait for some more clarity on the government front." The situation is even worse for African countries that want to pursue their energy independence by developing their own hydrocarbon resources. Banks and international lenders such as the World Bank and the International Monetary Fund have made it quite clear they would not be lending for oil and gas development. "We are being intimidated into running away from fossil fuel investment," the secretary general of the African Petroleum Producers' Organization, Omar Farouk Ibrahim, said as quoted by Reuters. Yet Big Oil is still big enough to be able to put some money into new production without too much worry about the future. TotalEnergies recently said it could commit $9 billion to exploration in Suriname. Shell is drilling in Namibia and making discoveries that will require fresh investments to develop. Whether these new exploration ventures would be enough to make up for lower production in legacy regions is hard to say. Perhaps, if governments really get down to curbing demand, balance could return to oil markets. For a short while. Because people really don't like to be told how little energy to use. Tyler Durden Mon, 09/25/2023 - 13:25.....»»

Menendez says the cash came from his own accounts, though feds say they found fingerprints from one of his alleged bribers on the envelopes. Sen. Bob Menendez and the wads of cash found in his New Jersey home.Tom Williams/CQ-Roll Call via Getty Images and US District Court for the Southern District of New York Sen. Bob Menendez spoke publicly about his bribery indictment for the first time on Monday. He says the cash that feds found stuffed into envelopes actually came from his own bank account. He cited the "history of my family facing confiscation in Cuba." In his first public comments since his indictment on bribery charges, Sen. Bob Menendez offered up an unusual explanation for why there was so much cash in his home: his family's history of facing confiscation in Cuba.As part of the alleged bribery scheme, federal prosecutors provided photographic evidence of more than $480,000 in cash that they say they found "stuffed into envelopes and hidden in clothing, closets, and a safe" in the New Jersey Democrat's home.The indictment also alleges that the fingerprints of one of the businessmen alleged to have bribed Menendez were found on some of those envelopes.Menendez did not specifically address the allegations made by federal prosecutors that he accepted bribes, including in the form of gold bars, in exchange for helping a New Jersey company secure a monopoly on halal certification for US imports to Egypt. But he insisted that the money was his own."For 30 years, I have withdrawn thousands of dollars in cash from my personal savings account, which I have kept for emergencies, and because of the history of my family facing confiscation in Cuba," Menendez said at a press conference in Union City. "Now this may seem old-fashioned, but these were monies drawn from my personal savings account, based on the income that I have lawfully derived over those 30 years."Menendez was born in the United States to Cuban immigrants who fled the island country in 1953, during the reign of US-backed dictator Fulgencio Batista.He did not address the origin of the gold bars during the press conference.In the wake of the indictment, Democrats in New Jersey — including Gov. Phil Murphy and most of the state's House delegation — have called for Menendez to resign. Democratic Rep. Andy Kim announced that he would launch a primary bid against Menendez, saying that his state "deserves better."Menendez made clear at the press conference that he would continue to seek re-election in 2024."I firmly believe that when all the facts are presented, not only will I be exonerated, but I still will be New Jersey's senior senator," said Menendez.Menendez's Democratic colleagues in the Senate — aside from Sen. John Fetterman of Pennsylvania — have largely resisted calling for his resignation, at least for now.The New Jersey Democrat has since stepped down from his position as the chairman of the Senate Foreign Relations Committee. The indictment alleges that he used that position to benefit the government of Egypt, including ghost-writing a letter from the Egyptian government to fellow senators asking them to release a hold on $300 million in aid to the country.On Monday, Menendez portrayed himself as a stalwart defender of civil society and human rights in Egypt, pointing to letters he sent to former President Donald Trump and other officials as well as closed-door conversations he's had with Egyptian President Abdel Fattah El-Sisi. Read the original article on Business Insider.....»»

Deep in the heart of Texas, a shift is underway. The real estate market is buzzing with activity, and a unique blend of factors is making multifamily housing a hot topic for investors, renters and developers. Texas has always been a state of grandeur and opportunity. Over recent years, it has drawn a significant number of people and businesses, contributing to rapid economic and demographic growth. Notably, places like Austin and the Dallas/Fort Worth Metroplex are witnessing economic upturns due….....»»

Berlin, Germany, September 25th, 2023, Chainwire Hydranet, known for its expertise in off-chain trading, just released the Hydranet DEX, a ... Read more Berlin, Germany, September 25th, 2023, Chainwire Hydranet, known for its expertise in off-chain trading, just released the Hydranet DEX, a Layer 3 trading platform that integrates multiple off-chain protocols to enable trustless, cost-effective and near-instant cross-chain trading. The Hydranet DEX made its official debut as a mainnet beta on September 23, 2023, following more than a year of dedicated development. The release signifies a major milestone in the project's history, whose future promises even more groundbreaking developments. I am really proud of us. We have evolved from a small project to a currently #700 mature DeFi project with a great 2023/24 roadmap ahead. - Joe Park, project manager of Hydranet Hydranet presents their DEX as a Layer 3 trading platform that connects the Bitcoin and Ethereum ecosystems (including all off-chain compatible Ethereum Virtual Machine (EVM) networks), allowing users to trade seamlessly between them. By their use of off-chain protocols, such as the Lightning and Connext Vector technologies, crafted into a single solution that allows these protocols to interact, Hydranet has made it possible to trade between fundamentally different blockchains with virtually no fees, near-instantly, and, most importantly, in a trustless manner, as users will always retain full control of their funds. Off-chain protocols play a pivotal role in this solution and refer to a set of rules, specifications, and frameworks that define the standards and procedures for conducting transactions outside the blockchain using what is commonly known as state channels. Unlike on-chain transactions, which necessitate miners’ confirmations, off-chain transactions are distinguished by their instant transaction times, minimal-to-no transaction fees, high level of privacy and trustless operations. These attributes make off-chain transactions particularly useful for microtransactions, frequent interactions, and scenarios where real-time responsiveness is crucial. Recognizing the benefits of off-chain protocols, Hydranet has undoubtedly taken advantage of them in creating a solution that will meet the long-standing demand for a cost-effective trading platform capable of bridging fundamentally different blockchains without compromising security, integrity, and scalability. This trading platform is now available as a downloadable desktop client from Hydranet’s official website. The platform comprises a self-custodial wallet, a state channel management interface, and an order book for trading on its Layer 3 exchange. Trades on the exchange are secured using Hashed TimeLock Contracts (HTLC) which guarantees that they are completed in accordance with what is agreed upon, or not completed at all if either one of the trading parties attempts to manipulate the trade. Below is a video showcasing a mainnet Bitcoin to Ethereum trade using the latest version of the Hydranet DEX. The Hydranet DEX is currently hosting a set of four trading pairs to start off with: aETH - BTC BTC - aUSDT HDN - aUSDT ETH - BTC These trading pairs effectively bridge the Bitcoin, Ethereum and Arbitrum (denoted as 'a') blockchains and highlight the capabilities of the trading platform. Adding support for other trading pairs and networks is said to be as easy as adding a few lines of code. With all the excitement surrounding this new type of trading platform and how it will develop in the future, Hydranet emphasizes that this is only the beginning of the Hydranet DEX cross-chain future and more news is coming. Users can learn more about Hydranet and the Hydranet DEX at Hydranet’s official website.  Users can Join Hydranet’s Discord and Twitter to stay updated on their announcements. About Hydranet Hydranet is a Decentralized Autonomous Organization building the world’s first Layer 3 off-chain decentralized exchange. With a commitment to trustlessness, efficiency, and scalability, their vision extends beyond the confines of traditional on-chain exchanges. Hydranet is active on Discord, Twitter, Telegram, Facebook, Medium, YouTube and Instagram. Contact Nico McFinityHydranetcontact@hydranet.ai.....»»

Volunteer firefighters and Emergency Medical Service (EMS) workers in Northampton County, Pennsylvania, may soon get a tax rebate. Last week, ... Read more Volunteer firefighters and Emergency Medical Service (EMS) workers in Northampton County, Pennsylvania, may soon get a tax rebate. Last week, the county council introduced a proposal that, if approved, will offer a $250 property tax rebate from Northampton County to volunteer firefighters and EMS. The proposal will be up for voting next month. Property Tax Rebate From Northampton County: Who Will Get It? On Thursday, Northampton County Council introduced an ordinance that creates a new tax credit for volunteer firefighters and EMS workers. If the proposal is approved, members of volunteer firehouses or nonprofit EMS companies who own a home in the county would get an annual credit of $250 toward their property tax bill. If any volunteer gets injured during an emergency call and is unable to serve, he or she will receive the credit for the next five tax years. Those who co-own a home in the county will get a $250 discount on their home’s tax bill. Those who own more than one home in the county will get only one property tax rebate from Northampton County. Since a property tax rebate from Northampton County is a tax credit, residents who owe less than their refund won’t get it. Firehouses and nonprofit EMS companies will help the county prepare a list of members who will get the property tax rebate. It must be noted that professional firefighters and ambulance crews won’t qualify for the rebate. A public hearing and vote on the proposal is scheduled on October 5. What's The Need? As per the data from the Federal Emergency Management Agency’s U.S. Fire Administration office, about 90% of Pennsylvania’s fire departments are volunteer companies, one of the highest in the U.S. The objective of the property tax rebate from Northampton County is to recognize the “value and dedication of volunteer fire protection and EMS services” offered by active volunteers, as well as encourage others to pursue these services. Northampton County’s proposal is valid on statutory grounds. In 2016, the state legislature allowed municipalities to offer a real estate or earned income tax credit of up to 20% to active volunteers on their tax liability. Then in 2020, the General Assembly allowed counties and school districts to provide this credit as well, even up to 100%. Also, the rebate was extended to active volunteers at nonprofit emergency medical service agencies. In April, the Lehigh County Board of Commissioners approved a similar property tax credit of up to $150 for eligible volunteer firefighters. To qualify for the credit, volunteer firefighters would need to respond to at least 20% of their company’s calls during the first 11 months of a year. The Lehigh County ordinance also included a fine of up to $2,500 to ensure people don’t falsify their service record or submit a fraudulent application......»»

Democrats’ “Scheme to Keep Trump Off Ballot” Foiled in NH; Challenges in Some Seventeen States; But a Hearing is Required ... Read more Democrats' "Scheme to Keep Trump Off Ballot" Foiled in NH; Challenges in Some Seventeen States; But a Hearing is Required WASHINGTON, D.C. (September 25, 2023) - The headline reveals: "Democrats Scheming to Keep Trump Off Ballot Where He Could Beat Biden," and it was originally published as "Documents Reveal New Hampshire Review of Trump’s Ballot Access Came After Outside Legal Analysis." New Hampshire Secretary of State Decides Against Banning Trump From The Ballot The article explained that "The top election official in New Hampshire, which traditionally holds the nation’s first presidential primary, announced that he would consider banning former President Donald Trump from the ballot one day after a George Washington University law professor suggested that he call a special panel to make the determination." "New Hampshire Secretary of State David Scanlan, a Republican, decided against blocking Trump’s ballot access even as many Democrats and liberal groups insisted that a clause in the 14th Amendment disqualifies Trump from being president and pressured election officials like him across the country to act." Based upon examination of hundreds of previously secret emails and other documents, the report elaborated: "With no conviction on a charge of insurrection, Trump has a right to due process before a state could remove him from the ballot, argued John Banzhaf, a public interest law professor at George Washington University. Banzhaf sent a memo to Scanlan on Aug. 28, with a copy to New Hampshire Attorney General John Formella, also a Republican. The two GOP officials announced the next day they were reviewing the matter." As the law professor explained in his filing with Scanlan, "With all due respect to my learned colleagues on both sides of the debate (NO, he can’t be listed vs. YES, he can be listed), I believe that neither suggested interpretation is correct, and that the correct interpretation of Section 3—based upon its clear language—requires that your decision depend upon the evidence adduced at an adjudicatory hearing providing due process for Trump." Then the article continued “The reason why you cannot lawfully remove his name from the ballot in the absence of an adjudicatory due process hearing is that the Fourteenth Amendment provides that ‘nor shall any State deprive any person of life, liberty, or property, without due process of law,' Banzhaf’s legal analysis says." Banzhaf’s analysis continues: “In summary, I would most respectfully suggest that Section 3 [of the 14th Amendment] requires Trump’s disqualification, but only if there is proof, presented in an adjudicatory legal proceeding during which Trump is entitled to due process, which establishes that he did in fact engage in insurrection.” At this time, Trump's possible removal from ballots because of Section 3 is being considered in at least 17 states: Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Maine, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, Ohio, Oklahoma, North Carolina, and Pennsylvania. Banzhaf has provided the same legal analysis to the other states, and he expects that they will likewise agree that Trump cannot be kept off the ballot without being given a chance to defend himself and his actions in a fact-finding proceeding which provides him with due process. Meanwhile, a judge in Colorado overseeing one of many cases raising the same issue has set oral argument on October 13 to hear claims that the litigation is an attempt to retaliate against Trump’s free speech rights, and a trial beginning October 30th about whether Trump needs to be removed under Colorado law prohibiting candidates who don’t meet qualifications for higher office from appearing on ballots. Interestingly, the judge also issued a partial gag order - requested by the plaintiffs but opposed by the defendant - prohibiting threats and intimidation in the case, saying the safety of those involved — including herself and her staff — made it necessary. In Minnesota, the state Supreme Court will hear oral arguments on virtually the same issue on November 2nd, and a similar law suit aimed at keeping Trump off the ballot has also been filed in Oklahoma......»»

Vitaly Brizhaty, a dissident former FSO officer, worked to protect Putin at his Crimea palace, where lackeys vied for power behind 10-foot-high walls. Valery Brizhaty said he worked as an FSO officer at the Olivye palace complex in Crimea.Courtesy Valery Brizhaty/Google Earth One of Putin's former palace guards has spoken out about working to protect him in Crimea.  Vitaly Brizhaty described to Insider a toxic environment with sharp-elbowed colleagues vying for power. You have to watch everything you say "because every word may be used against you," he said. A former security officer has described working at one of President Vladimir Putin's luxury palaces, where ultra-loyal staff vie for power and advancement.Vitaly Brizhaty, who left Russia's Federal Protective Service and fled the country earlier this year, described a toxic atmosphere in which everyone worked for the security agency, and you had to watch what you said for fear of reprisals.Insider, who spoke to Brizhaty via an interpreter, has seen documents attesting to his former role at the Federal Protective Service, the government agency concerned with guarding high-ranking officials, including Putin himself.Insider has also seen Brizhaty's resignation letter, which he wrote on February 24, 2022, citing the war in Ukraine as his reason for wanting to leave the service.But the luxury of the Olivye palace compound, compared with ordinary Russian lives, also disgusted Brizhaty, he now says."I could never understand why Russia, such a rich country, has to suffer — why Russians cannot live well, and only the government can live so well."Looking out for "Number One"According to documents seen by Insider, Brizhaty, a dog handler, joined the FSO in 2021. He told Insider he was stationed at the palace of Olivye, a Soviet-era state-owned complex that has been in Putin's use since the 2014 annexation of Crimea. The FSO has an estimated 50,000 people protecting Putin and his senior officials.Brizhaty's job was to help make security arrangements for Putin's arrival at the palace or around Crimea.If Putin — known internally as "Number One" — was due to visit a school, for example, "our service would arrive nine hours prior to the visit and check the entire territory thoroughly," he said.The arrival of "Number One" in Crimea demonstrated how little Putin trusted his own security service.It was handled in two different ways, with most of Putin's own officers unaware of the real route. "Ninety percent of the people do not know how he would arrive," said Brizhaty.There could either be a huge fanfare, with every airport on alert with a flurry of cars, helicopters, and ranks of guards, with a cortege moving between airports pretending that Putin was in one of the cars.Or, Brizhaty said, there would be total silence. "Suddenly the police gets word that Putin is somewhere in Crimea," he said, and barely anybody would know how.A lavish "little town" behind 10-foot wallsIn a 2019 investigation, the independent Russian outlet Proekt reported the palace at Olivye was a vast complex and included a competition-standard ice-hockey rink, swimming pools, saunas, a 60-bed staff dormitory with marble walls and a marble elevator, and a winter garden.Satellite images of the site also appeared to show woodlands, beaches, a small port, and a helipad."It's a fantasy place," Brizhaty said, according to The Telegraph's translation of an interview he gave the independent Russian outlet TV Rain. "There are fitness halls, fountains, beautiful parks, tea houses, barbecue zones and beaches."Armed divers also scoured the beach for assassins, he told TV Rain. One key aspect of the compound was that no matter their actual job, every single member of staff there was a security officer, Brizhaty told Insider."Everybody who works there — a person who is cutting the grass or washing the linen — works for the FSO," he said. The whole place was like a "little town," he said.While Brizhaty had long quietly supported the views of the dissident Russian campaigner Alexei Navalny, he says that as far as he knew, everybody else there was loyal."Some people truly believe that they are doing an important job," he said, adding: "They don't notice the luxury, or they believe that the president has a right to have this luxury."Brizhaty said he earned 68,000 rubles, or about $700, a month but said a sharp-elbowed working culture kept him on his toes.While some co-workers were more agreeable, many appeared to take a leaf out of Putin's book."There are people there who are like him. It's hard to explain," he said. "They are trying to find faults with you," he added. "You have to watch everything you are saying in front of them because every word may be used against you.""The thing is, this is the kind of service where nothing happens," he continued. "And the only way to make a career and to promote yourself is to tell on others."Forced to protect a warmongerThat culture was a particular problem for Brizhaty when Putin's tanks rolled across Ukraine's borders.Brizhaty, who was under no illusions that it was a full-scale invasion — despite everyone around him calling it a "special military operation" — offered his resignation the same day. It was torn up and thrown in the trash, he said."I was told that my anti-war position may result in an arrest, and I may end up in prison for about eight years," he said.He was under such pressure afterward that even the psychologist he reached out to passed information from their private sessions straight back to his superiors, he said.Eventually, Brizhaty found a loophole that would allow him to leave: His wife found a job abroad, and he was able to accompany her to Ecuador.But in the weeks before that, he was under immense pressure to renounce his views, he said, which forced him to stay quiet while forming a secret plan to get out. Now in exile, Brizhaty says the 10-foot-high fence that surrounds the palace at Olivye is a potent symbol of the divide between Putin and the Russian people."He works for the people, and he should work in people's interests," he said. "He should not protect himself against his own people."Read the original article on Business Insider.....»»

Menendez says the cash came from his own accounts, though feds say they found fingerprints from one of his alleged bribers on the envelopes. Sen. Bob Menendez and the wads of cash found in his New Jersey home.Tom Williams/CQ-Roll Call via Getty Images and US District Court for the Southern District of New York Sen. Bob Menendez spoke publicly about his bribery indictment for the first time on Monday. He says the cash that feds found stuffed into envelopes actually came from his own bank account. He cited the "history of my family facing confiscation in Cuba." In his first public comments since his indictment on bribery charges, Sen. Bob Menendez offered up an unusual explanation for why there was so much cash in his home: his family's history of facing confiscation in Cuba.As part of the alleged bribery scheme, federal prosecutors provided photographic evidence of more than $480,000 in cash that they say they found "stuffed into envelopes and hidden in clothing, closets, and a safe" in the New Jersey Democrat's home.The indictment also alleges that the fingerprints of one of the businessmen alleged to have bribed Menendez were found on some of those envelopes.Menendez did not specifically address the allegations made by federal prosecutors that he accepted bribes, including in the form of gold bars, in exchange for helping a New Jersey company secure a monopoly on halal certification for US imports to Egypt. But he insisted that the money was his own."For 30 years, I have withdrawn thousands of dollars in cash from my personal savings account, which I have kept for emergencies, and because of the history of my family facing confiscation in Cuba," Menendez said at a press conference in Union City. "Now this may seem old-fashioned, but these were monies drawn from my personal savings account, based on the income that I have lawfully derived over those 30 years."Menendez was born in the United States to Cuban immigrants who fled the island country in 1953, during the reign of US-backed dictator Fulgencio Batista.He did not address the origin of the gold bars during the press conference.In the wake of the indictment, Democrats in New Jersey — including Gov. Phil Murphy and most of the state's House delegation — have called for Menendez to resign. Democratic Rep. Andy Kim announced that he would launch a primary bid against Menendez, saying that his state "deserves better."Menendez made clear at the press conference that he would continue to seek re-election in 2024."I firmly believe that when all the facts are presented, not only will I be exonerated, but I still will be New Jersey's senior senator," said Menendez.Menendez's Democratic colleagues in the Senate — aside from Sen. John Fetterman of Pennsylvania — have largely resisted calling for his resignation, at least for now.The New Jersey Democrat has since stepped down from his position as the chairman of the Senate Foreign Relations Committee. The indictment alleges that he used that position to benefit the government of Egypt, including ghost-writing a letter from the Egyptian government to fellow senators asking them to release a hold on $300 million in aid to the country.On Monday, Menendez portrayed himself as a stalwart defender of civil society and human rights in Egypt, pointing to letters he sent to former President Donald Trump and other officials as well as closed-door conversations he's had with Egyptian President Abdel Fattah El-Sisi. Read the original article on Business Insider.....»»

Fetterman is the only Democratic senator to call for Menendez to resign in the wake of allegations that he accepted bribes to secretly help Egypt. Democratic Sen. John Fetterman of PennsylvaniaBill Clark/CQ-Roll Call, Inc via Getty Images Sen. John Fetterman marveled at people who seem more concern about a dress code than alleged corruption. Fetterman told Semafor that aspects of Sen. Bob Menendez's alleged corruption would "make the Goodfellas blush." Fetterman, a Pennsylvania Democrat, is thus far the only Senate Democrat to call on Menendez to resign. Democratic Sen. John Fetterman on Monday marveled at how people will freak out over the sanctity of the Senate dress code but demur at calling out Sen. Bob Menendez's alleged corruption as laid out by federal prosecutors."It is a strange world that I work in when someone will run into a burning building to save the virtue of the Senate over hoodies and shorts, but will simultaneously embrace gold bars in a mattress or envelopes stuffed with so much cash that would make the Goodfellas blush," Fetterman, a Pennsylvania Democrat, wrote in a text message to Semafor's Dave Weigel.Fetterman is thus far the only Democratic senator to call for Menendez, a New Jersey Democrat, to resign in the wake of shocking corruption charges. A freshman Democrat, Fetterman's move came after New Jersey Gov. Phil Murphy and other top officials in the state called on Menendez to step down after federal prosecutors accused the long-time politician and his wife of accepting "hundreds of thousands of dollars" in bribes in exchange for Menendez secretly helping the Egyptian government.Fetterman has made light over the uproar in the nation's capital over Senate Majority Leader Chuck Schumer's decision to relax the dress code for the Senate, a move that favors Fetterman's tendency to wear hoodies and shorts. Sen. Joe Manchin, a West Virginia Democrat, has told reporters that he is writing a resolution to return sartorial sanity to the chamber. Menendez on Monday afternoon repeated his vow to not resign in the face of the indictment, pointing out that he beat previous corruption charges in 2017 after a jury deadlocked. He responded to one of the indictment's claims that envelopes full of cash stuffed into monogrammed jackets were part of the evidence of the bribery scheme."For 30 years, I have withdrawn thousands of dollars in cash from my personal savings account, which I have kept for emergencies, and because of the history of my family facing confiscation in Cuba," Menendez said in a public statement he delivered in Union City, New Jersey, where he started his political career. "Now this may seem old-fashioned, but these were monies drawn from my personal savings account, based on the income that I have lawfully derived over those 30 years."Read the original article on Business Insider.....»»

Increased environmental services and digital water programs within the GSG unit bode well for Tetra Tech (TTEK). The company's measures to reward its shareholders are impressive. Tetra Tech, Inc. TTEK appears in good shape, with its shares rallying more than 20% in a year, outperforming the industry’s 1.4% increase.What’s Aiding TTEK?Increased environmental services and digital water programs for both the state and local and federal clients within the Government Services Group (GSG) segment are aiding TTEK. Increased revenues from the legacy business and programs for renewable energy, high-performance building activities and Brazilian infrastructure are supporting the Commercial/International Services Group segment.TTEK’s measures to expand its operations through asset additions support its top-line growth. The acquisition of RPS Group plc, in January 2023, enhanced Tetra Tech’s consultancy in water, environment and sustainable infrastructure, expanding its water practice in the United Kingdom and strengthening its foothold in renewable energy and environmental management.Image Source: Zacks Investment ResearchThe company also acquired Reston, VA-based firm Amyx, Inc. in the same month. As part of the Federal Information Technology division, the Amyx acquisition expands its use of advanced data analytics, cybersecurity, digital transformation and agile software development solutions for its government and commercial customers. Amyx is integrated into TTEK’s GSG segment. The company spent $854.3 million on acquisitions in the first nine months of fiscal 2023 (ended Jul 2, 2023).Tetra Tech’s focus on providing high-end consulting, design and engineering services is constantly enhancing its competitive edge. Increased activity in the U.S. Federal, U.S. Commercial and International client sectors, and the RPS acquisition are supporting the company’s top line. TTEK is also gaining from a robust backlog level. Tetra Tech’s backlog at the end of third-quarter fiscal 2023 was $4,386.3 billion, reflecting an increase of 25% year over year. Given the company’s strong performance and solid backlog, Tetra Tech has increased its earnings per share guidance for fiscal 2023 (ending September 2023). The company now anticipates adjusted earnings to be $5.22-$5.27 per share compared with adjusted earnings of $5.07-$5.17 per share predicted earlier.The company’s commitment to rewarding its shareholders through dividends holds promise. In the first nine months of fiscal 2023, Tetra Tech paid out dividends of $46.1 million. The quarterly dividend rate was hiked 13% in May 2023.Will the Uptrend in Shares Last?Though the company is facing challenges due to increasing costs of sales and forex woes, improving supply-chain conditions are expected to aid Tetra Tech in the quarters ahead. Also, key factors, including U.S. administration priorities, U.S. infrastructure stimulus and TTEK’s focus on climate change on a global basis, are expected to drive the company’s performance in the near term.Zacks Rank & Other Stocks to ConsiderTetra Tech currently carries a Zacks Rank #2 (Buy). Some other top-ranked companies from the Industrial Products sector are discussed below:Caterpillar Inc. CAT presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.CAT’s earnings surprise in the last four quarters was 18.5%, on average. In the past 60 days, estimates for Caterpillar’s earnings have increased 10.5% for 2023. The stock has gained 67.9% in the past year.Ingersoll Rand Inc. IR presently sports a Zacks Rank of 1. IR’s earnings surprise in the last four quarters was 14.9%, on average.In the past 60 days, estimates for Ingersoll Rand’s earnings have increased 3% for 2023. The stock has gained 48.9% in the past year.Eaton Corporation plc ETN currently carries a Zacks Rank of 2. The company delivered a trailing four-quarter earnings surprise of approximately 3%, on average.In the past 60 days, estimates for Eaton’s earnings have increased 3.9% for 2023. The stock has soared 59.2% in the past year. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Caterpillar Inc. (CAT): Free Stock Analysis Report Tetra Tech, Inc. (TTEK): Free Stock Analysis Report Eaton Corporation, PLC (ETN): Free Stock Analysis Report Ingersoll Rand Inc. (IR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Savion Energy files a notice of intent with state regulators for Wasco County project......»»

Orion (OEC) opens a new Battery Innovation Center in Germany to accelerate custom product and process development in close cooperation with customers. Orion S.A. OEC, a global specialty chemicals company, has inaugurated its Battery Innovation Center in Germany, marking a significant expansion to support the rapidly growing lithium-ion battery industry, which plays a pivotal role in the global shift towards electrification.Situated at Orion's primary innovation hub in Cologne, this cutting-edge facility has state-of-the-art production, testing, and diagnostic equipment. Its primary purpose is to expedite Orion's custom product and process development efforts in close collaboration with its valued customers.The potential for conductive additives is immense. The company is committed to delivering innovation and leveraging its global production network to meet the needs of battery manufacturers. Establishing the new Battery Innovation Center reinforces Orion's position as an industry leader. Furthermore, this battery laboratory will enhance the company’s extensive partnerships with universities, customers, and other stakeholders within the battery industry.Orion is also establishing a dedicated division for its battery business, led by Dr. Adrian Steinmetz, who brings extensive expertise in business development and leadership roles in specialty chemicals and will serve as the global vice president for conductive additives. Dr. Amaury Augeard will also lead the technical team within the Battery Innovation Center with his expertise in industrial lithium-ion battery technologies.With a facility in France, Orion currently stands as the sole producer of acetylene-based conductive additives in Europe. Notably, the company is in the process of constructing a similar plant in La Porte, TX, which will become the exclusive facility of its kind in the United States. This Texas site is poised to quadruple Orion's manufacturing capacity for acetylene-based conductive additives, a high-demand product among lithium-ion battery manufacturers.Orion’s shares have gained 52.9% in the past year compared with the industry's 18.7% rise in the same period.Image Source: Zacks Investment ResearchZacks Rank & Key PicksOrion currently carries a Zacks Rank #5 (Strong Sell).Some better-ranked stocks in the basic materials space are WestRock Company WRK and Hawkins, Inc. HWKN, both sporting a Zacks Rank #1 (Strong Buy), and Alamos Gold Inc. AGI, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The earnings estimate for Westrock’s current year is pegged at $3.02. In the past 60 days, WRK’s current-year earnings estimate has been revised upward by 29%. WRK beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 30.7%. The company’s shares have rallied 11.6% in the past year.The consensus estimate for Hawkins’ current-year earnings is pegged at $3.40, indicating year-over-year growth of 18.9%. In the past 60 days, HWKN’s current-year earnings estimate has been revised upward by 32.3%. HWKN beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 25.6%. The company’s shares have rallied 58% in the past year.The earnings estimate for Alamos’ current year is pegged at 43 cents, indicating a year-over-year growth of 53.6%. The Zacks Consensus Estimate for AGI current-year earnings has been revised 7.5% upward in the past 60 days. The company’s shares have risen roughly 85% in the past year. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alamos Gold Inc. (AGI): Free Stock Analysis Report Orion S.A. (OEC): Free Stock Analysis Report WestRock Company (WRK): Free Stock Analysis Report Hawkins, Inc. (HWKN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Southern Company's (SO) latest acquisition of the Millers Branch Solar Facility underscores its commitment to advancing renewable energy generation and shaping the future of sustainable power. Southern Company’s SO subsidiary and a leading U.S. wholesale energy provider, Southern Power, announced its acquisition of the Millers Branch Solar Facility from EDF Renewables, marking its 29th solar project. This 200-megawatt (MW) facility, currently in the early stages of development, holds the promise of expansion up to 500 MW. This strategic move underscores Southern Power's commitment to enhancing its solar portfolio and shaping the future of sustainable energy.Location and ImportanceThe Millers Branch solar facility is located in Haskell County, TX, and will contribute to Southern Power's growing renewable fleet of clean generating assets from California to Maine. Southern Power will lead the continued development and construction of Millers Branch, which is expected to achieve commercial operations in the fourth quarter of 2025.Vision for Millers Branch"Millers Branch represents a milestone for Southern Power as we are entering this project with expansion opportunities," declared Southern Power president Robin Boren. He added that the project exemplifies Southern Power's ongoing commitment to enhancing our solar portfolio as the subsidiary builds the future of energy.Powering Progress: A 20-Year PartnershipOnce operational, the electricity and associated renewable energy credits generated by the 200-MW facility will be sold under a 20-year virtual power purchase agreement with Thermo Fisher Scientific — a global leader in scientific research that will utilize these renewable energy certificates to drive progress toward its ambitious net-zero-by-2050 commitment.Expansive Solar PortfolioWith the inclusion of the Millers Branch Solar Facility, Southern Power's solar portfolio now boasts more than 2,590 MW of solar generation capacity. These solar facilities are an integral part of the company's extensive 5,130 MW renewable fleet, which entails 29 solar and 15 wind facilities currently in operation or under construction.A Strategic Business ApproachThis ambitious project aligns seamlessly with Southern Power's overarching business strategy. The company continues to fortify its wholesale business by acquiring and developing generating assets, all of which are supported by long-term contracts with counterparties offering robust credit support.In conclusion, Southern Power's acquisition of the Millers Branch Solar Facility underscores its commitment to advancing renewable energy generation. This substantial addition to the company’s solar portfolio demonstrates its dedication to providing clean energy solutions and shaping the future of sustainable power generation. As Southern Power looks forward to commercial operations in 2025 and beyond, it remains poised to make significant contributions to the renewable energy landscape in the United States. With its steadfast commitment to excellence and innovation, the company is well on track to leaving a lasting impact on the energy industry. The project will create jobs, provide clean energy and generate economic benefits for the state.Zacks Rank and Other Key PicksSO is an American utility firm that provides electricity to customers across Southern United States. It is one of the country's largest energy companies, focusing on clean energy and sustainability. Currently, SO carries a Zacks Rank #2 (Buy).Investors interested in the utilitysector might look at some other top-ranked stocks like RWE AG RWEOY and Consolidated Water CWCO, each sporting a Zacks Rank #1 (Strong Buy), and E.ON EONGY,carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. RWE AG is worth approximately $26.28 billion. It currently pays dividends of 69 cents per share, or 1.76% on an annual basis.RWEOY, one of Europe's five largest utilities, operates in the generation, transmission, sale, and trading of electricity and gas, as well as the water business in Continental Europe, providing a strong position to capitalize on the increasing energy demand.Consolidated Water is worth approximately $460.64 million. It currently pays dividends of 34 cents per share or 1.16% on an annual basis.It develops and operates seawater desalination plants and water distribution systems in scarce or nonexistent water sources, targeting tourist properties. The company operates in Retail, Bulk, Services and Manufacturing segments.E.ON is valued at around $32.44 billion. In the past year, its shares have risen 58.4%.E.ON is the world's largest investor-owned energy service provider with operations in energy, chemicals, real estate, oil, telecommunications, distribution/logistics, aluminum and silicon wafers. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2023. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Southern Company (The) (SO): Free Stock Analysis Report Consolidated Water Co. Ltd. (CWCO): Free Stock Analysis Report RWE AG (RWEOY): Free Stock Analysis Report E.ON SE (EONGY): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Futures Extend Slide As Yields, Dollar Blow Out Global markets started the new week on the back foot with US equity futures, European bourses and Asian markets all sliding as Treasury yields resumed their grind higher, with 10Y yields rising above 4.50% and 30Y TSYs rising 6bps to 4.59% - both new cycle highs - as traders speculated central banks will keep interest rates elevated to quell inflation. The dollar hit its highest level since March as investors sought the "safety" of the "strong" US economy amid hopes the US can somehow decouple from the recession in Europe and China for the foreseeable future. The mood was depressed following the worst weekly selloff on Wall Street since March, and as of 7:45am, S&P 500 and Nasdaq 100 futures edged 0.2% lower while rates climbed across the board, mirroring moves in European and UK bond markets. WTI traded unchanged around $90/barrel, while gold and Bitcoin fell. In premarket trading, Warner Bros Discovery climbed about 4%, Disney was up 1%, and Netflix up 1.3%, leading film and TV producers higher, after striking Hollywood screenwriters reached a tentative new labor agreement. By contrast, Foot Locker and Nike were poised for a lower open as Jefferies analysts downgraded the stocks over looming consumer headwinds. Alector delined 3.6% after Goldman gives the clinical stage biopharmaceutical company its only sell rating in an initiation note, citing “significant clinical risk.” After the barrage of central bank decisions last week, traders are increasingly concerned that rising oil prices will further fan inflation, which will make it difficult for policymakers to reduce rates anytime soon. Oil resumed a rally as hedge funds piled on bets tightening supplies will stoke demand. Bloomberg’s Dollar Spot Index rose to the highest since March. “All central banks need to stick to this higher-for-longer rhetoric as inflation is nowhere close to their mandate,” said Pooja Kumra, senior European rates strategist at Toronto-Dominion Bank. Which is great, the only problem is that it means that US housing market is now effectively frozen for the middle class where nobody can afford to pay the current insane mortgages, and so it is only a matter of time before this becomes a major political issue. The monthly mortgage payment for purchasers of existing homes, using the 30-year average mortgage rate, stands at $2,309. This is a substantial increase from $977 in March 2020. pic.twitter.com/JQHIJGQp9u — Michael McDonough (@M_McDonough) September 25, 2023 Two Fed officials said at least one more rate hike is possible and that borrowing costs may need to stay higher for longer for the central bank to ease inflation back to its 2% target. While Boston Fed President Susan Collins said further tightening “is certainly not off the table,” Governor Michelle Bowman signaled that more than one increase will probably be required. Meanwhile, the "shocking" surge in oil prices - which apparently nobody could have anticipated even though the senile occupant of the White House intentionally drained half the SPR just to lower gas for a few months and oil is now back above the average price at which SPR oil was sold - and a massive fiscal deficit are spurring losses in government debt, sending Treasury yields across the maturity curve the highest levels in more than a decade. The Treasury 10-year yield may rise to 4.75% before softer risk sentiment and tighter financial conditions push it lower into year-end, according to BofA strategists. European stocks were broadly lower, sending the Stoxx 600 down 0.8%; dragged by mining shares as China’s property problems weighed on the outlook for natural resources. Travel, mining and consumer products were the worst performing sectors in Europe after the German IFO business climate topped expectations. Here are the biggest European movers: SBB shares surge as much as 40%, most since June 2 after selling a stake in subsidiary EduCo to Brookfield for SEK242m and being repaid an inter-company loan. Bpost shares rise as much as 14% after the postal company finalized three compliance reviews and took a provision of €75m, which is well below KBC (hold) initial assumption of between €112 and €375m. Italian lenders outperformed after Bloomberg reported that they will be allowed to avoid paying a controversial windfall tax introduced last month if they set aside additional capital reserves, citing a government amendment. Ubisoft shares gain as much as 7.3% after BNP Paribas upgraded the shares to outperform, saying the market underestimates upside from new game releases. Anima shares rise as much as 4.9% in Milan trading - highest since March, after newspaper La Stampa reported on Sunday Amundi may raise its stake in the Italian asset manager and could consider a full takeover. Close Brothers shares gain as much as 2.8% as JPMorgan upgrades to neutral from underweight, noting the lender has materially lagged other UK banks over the past year. European miners and steelmakers shares fall after iron ore slumped as China’s persistently weak property market causes construction companies to hold back restocking of steel before the National Day holiday period. Aperam shares plunge as much as 12% after the steelmaker cut its outlook for third-quarter volumes, citing two “unforeseen” events. Degroof Petercam says co. faces a tough quarter after warning 3Q will “significantly” miss expectations and previous guidance. Victoria shares drop as much as 13%, to the lowest in about four months, after FT Alphaville noted the flooring company’s recent delay of audited results and statements made by auditor Grant Thornton relating to Victoria’s Hanover subsidiary. Alphawave IP shares drop as much as 11% after the semiconductor-intellectual-property firm gave a forecast that was no better than market expectations. Entain shares fall as much as 11% after the gambling company said net gaming revenue was “softer than anticipated” after the summer, and noted a simplification of group structures to reduce costs. Salzgitter shares drop as much as 3.9% after JPMorgan lowered its price target on the steel producer to a new Street low, citing downside risk to 2023 consensus and 2024 estimates after the company recently cut its guidance. Earlier in the session, Asian stocks also fell, extending last week’s loss, as Chinese stocks slid on renewed property-related concerns while investors also weighed the prospects of US interest rates remaining higher for longer.  The MSCI Asia Pacific Index declined as much as 0.4%, with Tencent and AIA Group among the biggest drags.  Asian equities have fallen below key support levels this month as worries over China’s economic woes in addition to high US rates and surging global crude prices weaken the case for region’s risk assets. The regional benchmark is on track for a second-straight monthly loss. Benchmarks fell in Hong Kong and mainland China, with property stocks sliding after distressed developer Evergrande scrapped a key creditor meeting added to fears about its debt pile. That’s compounding concern that global growth will stall as the economic engine of China sputters. Furthermore, China Aouyuan shares dropped by over 70% on the resumption of trade following a 17-month hiatus. Nikkei 225 outperformed amid stimulus hopes with the government considering 5yr-10yr tax benefits for firms producing semiconductors and storage batteries, as well as providing support in areas where firms face high entry risk and will reportedly boost take-home pay for part-time workers. Australia's ASX 200 was marginally lower with losses in mining stocks and financials overshadowing the resilience in the consumer and tech sectors. Key stock gauges in India ended flat on Monday dragged by information technology firms amid cautious sentiment across the region. Reliance Industries fell for a fifth consecutive session to its lowest level in almost three months, also dragging the the country’s most valuable firm to a level seen as oversold based on its 14-day RSI. In FX, the Bloomberg Dollar Spot Index reversed modest losses to gain 0.2%, up a fourth day. Investors mulled the week ahead that includes plenty of Fed speakers, jobless claims and PCE deflator data, with increasing concern about potential for a US government shutdown. The euro traded off the lows after German IFO beat expectations, although the single currency is still down 0.2% versus the greenback. The Swiss franc and Aussie dollar were the worst performers in G-10, falling 0.4%; the franc was the worst-performer in G-10 as it remains under pressure after SNB kept rates unchanged last week. USDJPY extended through 148.50, adding to cheapening pressure on Treasury yields. In rates, treasuries bear-steepened with long-end yields cheaper by up to 7bp on the day and 2s10s, 5s30s spreads near session wides heading into early US session. 10-year TSY yields were around 4.49% (after touching a fresh 2007 high of 4.50%) and more than 5bp higher on the day, near top of Friday session range and 30-year yields rose 6bps to 4.59% - a new cycle high; the German benchmark jumped six basis points to 2.80%, the highest since 2011. Long-end-led losses prolong curve-steepening trend, leaving US 2s10s, 5s30s spreads wider by 5.5bp and 3bp on the day; 2s10s reached -62bp, least inverted since May 24. Treasuries led by price action in core European rates, where German 30-year yields are cheaper by almost 9bp on the day. Into the move, German 10-year yields rise to highest since 2011 as central banks remain in higher for longer mode.  Dollar IG issuance slate contains three names so far; weekly volume is expected to total $15b-$20b. Treasury sells 2-, 5- and 7-year notes this week with auctions starting Tuesday. In commodities, oil prices pared an earlier gain. Spot gold fell 0.2%. Bitcoin prices remain subdued around the USD 26k mark. Mixin Network suspended services after a hack involving USD 200mln in funds, according to The Block. Today's calendar is relatively sparse: we get the Dallas Fed manufacturing activity at 10:30am. At 6pm Minneapolis Fed President Kashkari speaks Market Snapshot S&P 500 futures little changed at 4,360.25 STOXX Europe 600 down 0.4% to 451.27 MXAP down 0.5% to 159.33 MXAPJ down 0.7% to 493.69 Nikkei up 0.9% to 32,678.62 Topix up 0.4% to 2,385.50 Hang Seng Index down 1.8% to 17,729.29 Shanghai Composite down 0.5% to 3,115.61 Sensex little changed at 66,042.86 Australia S&P/ASX 200 up 0.1% to 7,076.53 Kospi down 0.5% to 2,495.76 German 10Y yield little changed at 2.78% Euro down 0.2% to $1.0632 Brent Futures up 0.7% to $93.92/bbl Gold spot down 0.2% to $1,922.02 U.S. Dollar Index up 0.12% to 105.71 Top Overnight News China central bank advisor says the country should pursue structural reforms instead of further monetary easing to bolster growth. RTRS Chinese property stocks tumble after China Evergrande Group suffered another setback in its restructuring and may be forced to liquidate. BBG China prevents a senior Nomura banker from leaving the mainland as part of an investigation, a move likely to further undermine global business community confidence in the country. FT Japan is considering a series of tax breaks to lower production costs in critical industries such as semiconductors, batteries, and biotechnology. Also, Japan is likely to come under growing pressure to intervene and stabilize the yen, w/the 150 level considered a potential trigger point. Nikkei ECB’s Villeroy says the recent rise in energy prices won’t derail the Eurozone’s underlying disinflation, as the goal is still to achieve 2% inflation in 2025. BBG Italy will allow banks to avoid a controversial windfall tax if they put 2.5x the tax amount toward strengthening their common equity tier 1 ratio. BBG Trump has a 10-point lead over Biden in a new Washington Post-ABC poll, and 3 in 5 Dems/Dem-leaning independents say they would prefer someone other than Biden on the ticket. WaPo Screenwriters reached a tentative deal with Hollywood studios, settling one of two walkouts that have shut down production. The writers gained concessions on key points, including higher wages, people familiar said. Initial votes on the pact by union boards may come as soon as tomorrow. The focus will then shift to reaching a deal with striking actors. Netflix and Disney gained premarket. BBG The US economy faces a slew of headwinds during the final months of the year, including the lagged effect of monetary tightening, the UAW strike, a potential gov’t shutdown, elevated oil/gas prices, and the resumption of student loan payments. WSJ Per GS’s PB book US equities were heavily net sold last week, driven almost entirely by short selling, which in notional terms was the largest since Sep ’22, driven by Macro Products and Single Stocks (~70/30 split). HFs have been pressing US shorts for 3 straight weeks (5 of the past 6). In cumulative notional terms over any 6-week period, the amount of shorting in US equities since mid-August is the largest in six months and ranks in the 98th percentile vs. the past decade. GSPB A more detailed look at global markets courtesy of Newsquawk APAC stocks traded mixed albeit with a mostly negative bias following the lack of major catalysts from over the weekend and amid Chinese developer woes, while attention this week turns to data releases and the US government shutdown deadline. ASX 200 was marginally lower with losses in mining stocks and financials overshadowing the resilience in the consumer and tech sectors. Nikkei 225 outperformed amid stimulus hopes with the government considering 5yr-10yr tax benefits for firms producing semiconductors and storage batteries, as well as providing support in areas where firms face high entry risk and will reportedly boost take-home pay for part-time workers. Hang Seng and Shanghai Comp were pressured amid developer-related concerns with Evergrande shares down more than 20% after it cancelled its creditor meeting and is scrapping its USD 35bln debt restructuring plan, while the Co. said it is unable to issue new debt under the present circumstances citing an investigation into its subsidiary Hengda Real Estate. Furthermore, China Aouyuan shares dropped by over 70% on the resumption of trade following a 17-month hiatus. Top Asian News PBoC adviser said China has limited room for further monetary policy easing and should pursue structural reforms such as encouraging entrepreneurs instead of relying on macroeconomic policies to revive growth, according to Reuters. Chinese state asset manager, China Reform Holdings is to set up a strategic emerging industry fund worth at least CNY 100bln, according to Bloomberg. Evergrande (3333 HK) cancelled its creditor meeting set for early this week and is scrapping its USD 35bln debt restructuring plan, while it noted that it is necessary to re-assess the terms of the proposed restructuring. Co. also stated that it is unable to issue new debt under the present circumstances citing an investigation into its subsidiary Hengda Real Estate. Chinese President Xi said in a meeting with South Korea’s PM that he welcomes a summit between China, South Korea and Japan at an opportune time and will seriously consider visiting South Korea, according to Reuters. US Department of Defense said the US and China will hold a working-level meeting on cyber issues and strategy, according to Reuters. EU’s Dombrovskis said the EU has no intention to decouple from China but needs to protect itself when its openness is abused. Dombrovskis also said that cooperation with Europe and China remains essential and if they talk candidly, they can make paths converge and re-energise engagement. Furthermore, he said that de-risking is a strategy to maintain openness not undermine it and that the strongest headwind is Russia's aggression against Ukraine and how China positions itself on the issue. Japan’s government is considering 5yr-10yr tax benefits for firms producing semiconductors and storage batteries as part of an upcoming economic stimulus package, while the government is considering providing support in areas where private-sector firms face high entry risks. Japan is to boost take-home pay for part-time workers, according to Yomiuri. BoJ Governor Ueda reiterated that BoJ must patiently maintain monetary easing; Japan's economy is recovering moderately. He added the policy framework has a big simulative effect on the economy but at times could have big side effects. Ueda noted stable and sustainable achievement of 2% inflation is not yet in sight, and Japan's economy is at a critical stage on whether it can achieve positive wage-inflation cycle. Japanese firms are changing prices more frequently than in the past, which is an important sign suggesting wages and inflation could move in tandem. Ueda said it is important for FX to move stably reflecting fundamentals; BoJ hopes to work closely with the government and scrutinise the impact of FX moves on the economy and prices. BoJ Governor Ueda said the BoJ will not directly target FX in guiding monetary policy. European bourses extended on losses since the cash open, despite no obvious catalyst to drive price action, and with no initial move seen in response to the German Ifo metrics - a release which on balance was better-than-expected. Sectors in Europe are lower across the board with Travel & Leisure and Basic Resources, and Consumer Products as the biggest laggards, while Healthcare, Energy, and Banks see their losses cushioned in comparison. US futures reversed their earlier gains and saw an acceleration in losses at one point despite a lack of fresh drivers at the time. The futures have since stabilised around flat levels intraday. Top European News UK PM Sunak is facing a renewed backlash from within the Tory party and opposition Labour politicians, as well as business executives and university leaders after the government refused to rule out scrapping the northern leg of the HS2 rail project, according to FT. BoE is reportedly set to delay the implementation of some Basel III reforms for a further 6 months but will disappoint banks by reducing the phase-in period, according to FT. ECB’s Villeroy said the recent increase in oil prices won’t derail the ECB’s fight to tame inflation and stated that patience is more important than raising rates further, according to Bloomberg citing an interview with France Inter ECB's Villeroy said maintaining the current level of interest rates will lower inflation, and sees a risk that the ECB could do too much in the future. He said they should focus on the persistence of rates rather than pushing rates up, and markets should not expect rate cuts before a sufficiently long time. ECB's De Cos said must avoid insufficient and excessive tightening; and if rates are kept at the current 4.0% long enough, we should reach the 2% goal, according to Bloomberg. Bundesbank faces hundreds of job reductions under a modernisation plan by Boston Consulting Group which was hired in an effort to make the central bank more agile and efficient, according to FT. Italy revisited the windfall tax on banks to give lenders the option to boost reserves instead of paying a levy, according to Reuters. Germany is to scrap stricter building insulation standards to help prop up the struggling property sector and Chancellor Scholz is to meet property industry leaders today. FX DXY retains an underlying bid in the wake of recent Fed rhetoric underlining that inflation remains too high, while the USD also benefits from a retreat in the Yuan on the back of Evergrande woe plus ongoing weakness in the Yen and Franc on policy divergence dynamics. AUD is among the laggards amid contagion from the Yuan and the decline in base metal prices, particularly iron and copper, while the CAD is underpinned by resilient crude prices. Sterling slipped to a new multi-month low against the USD, whilst the Euro faded above 1.0650 against its US counterpart even though German Ifo survey metrics either beat or matched expectations. Instead, EUR/USD seemed more inclined to remarks from ECB’s Villeroy and de Cos backing the rates have peaked scenario. Barclays on month-end rebalancing: model suggests strong USD buying vs. all majors as US equities have trimmed gains alongside a hawkish hold from the FOMC. Fixed Income Bears remain in control of proceedings as alluded to earlier, and momentum is building with little sign of underlying buyers turning the tide as more technical and psychological support levels are breached Bunds have now been down to 128.87 from a peak at 129.56 that matched their previous Eurex close. Gilts are now probing 95.50 to the downside after failing to retain 96.00+ status very early on Liffe, and T-note is rooted to the base of its 108-11/25+ range. Yields are extending to fresh peaks, and there may be some respite for bonds if the 10-year German benchmark holds around 2.80% and its US equivalent is capped at circa 4.50%. Commodities Crude November futures are firmer intraday despite the firmer Dollar, downbeat mood across stocks, and the Chinese property woes overnight, underpinned by bullish fundamentals. Dutch TTF prices are on the rise this morning despite bearish fundamentals at face value, with the Australian LNG strikes averted and Norway also ramping up gas output. There is no obvious reason for the surge in TTF prices which has also been gradual in nature. Spot gold briefly topped its 200 DMA (1,925.93/oz) but remains within Friday’s USD 1,918.95-28.89/oz range, while spot silver briefly rose above its 50 DMA at USD 23.63/oz before reversing back to session lows. Base metals are lower across the board, with the initial downside emanating from the losses across Chinese property names overnight, while the deterioration in sentiment in the European morning keeps industrial metals under pressure. Saudi Foreign Minister said the kingdom is keen to maintain stability, reliability, sustainability and security of oil markets, according to Reuters. EU energy official said Europe will have to rely on US fossil fuels for decades, according to FT. Russia mulls tweaks to exempt some oil productions from the export ban; Exemptions on bunker fuel and gasoils from its fuel ban, via Bloomberg. Geopolitics Ukrainian President Zelensky said he met with Mike Bloomberg and other top US financiers during his US visit to discuss reconstruction and investment, according to Reuters. Russian Foreign Minister Lavrov said the Ukraine peace formula is not feasible, while he stated regarding the latest proposals by the UN Secretary-General to revive the Black Grain deal that they do not reject them but noted the proposals are simply not realistic, according to Reuters. Iranian President Raisi told CNN that Iran has not said it does not want IAEA nuclear inspectors in the country, while he added that Israeli normalisation with Gulf Arab states will see no success. Iran’s intelligence ministry said 30 simultaneous explosives were neutralised in Tehran and 28 terrorists were arrested. French President Macron announced that France is to end its military cooperation with Niger in the months ahead following the military coup and decided to recall its ambassador from the African country, according to Reuters. US President Biden’s administration is reportedly in talks for a major arms transfer to Vietnam that may include fighter jets. Philippines strongly condemned the Chinese Coast Guard’s installation of a 300-metre floating barrier preventing Filipino boats from entering the Scarborough Shoal in the South China Sea. US Event Calendar 08:30: Aug. Chicago Fed Nat Activity Index, est. 0.05, prior 0.12 10:30: Sept. Dallas Fed Manf. Activity, est. -13.0, prior -17.2 Central Bank speakers 18:00: Fed’s Kashkari Speaks DB's Jim Reid concludes the overnight wrap It's nice to get back to the free form creativity of research after an highly scheduled weekend in sole charge of the kids as my wife went on a reverse hen do (2yrs after a covid wedding!). I was given a 3-page itinerary and instructions that included meal plans, 3 lots of swimming lessons, 2 separate golf lessons, violin and piano practise, Maths and English homework, a friend’s 8th birthday party and helping to design 2 fireworks posters. Oh and I had to lend the tooth fairy some money. I’m dropping them off to school this morning and then straight to the peace and quiet of a 7-hour flight to New York. Bliss. This week one of the main highlights will take markets through a full on Back to the Future and Quantum Leap (my favourite show as a teenager) moment as the-every-5-years US GDP revisions take place on Thursday alongside the final Q2 2023 revisions (unch at 2.4% expected). DB's Brett Ryan talks about the revisions here but he discusses how GDP will be revised from Q1 2005 through Q1 2023, although revisions prior to the first quarter of 2013 will be offsetting across industries within each period. Gross domestic income (GDI) and select income components will be revised from Q1 1979 through Q1 2023. You'll see our CoTD from a couple of weeks ago here that discussed how the current big gap between US GDI and GDP could possibly be explained by erroneous recent data showing that net interest payments have been going down in the US as rates and yields have been soaring in the last 2 years. It's possible that revisions could make GDI look more healthy (interest payments add income to parts of the economy) but also make interest costs in the economy look more realistic and hurt fundamental models of interest cover for those indebted. This is just an educated guess at this stage. Anyway, the revisions are potentially an important event and could make us think differently about the US economy in the recent past and therefore the future. It's also possible not much changes of course. That would make a boring time travel movie though. Outside of this the core PCE deflator on Friday is as important. Our economists point out that the data from the August CPI and PPI releases point to a slightly softer reading (+0.20% vs. +0.22% last month), which would have the effect of lowering the year-over-year growth rate by a little over 30bps (to 3.9%). As they highlight, the Fed's latest SEP forecast for Q4/Q4 core PCE inflation last week was 3.7%, which implies a modest re-acceleration in the monthly prints. This is one reason why our economists believe the bar is relatively high for the Fed to hike again before year-end. Staying with inflation, over in Europe, the flash September CPIs kick off with prints from Germany on Thursday. The numbers for the Eurozone, France and Italy will be out on Friday. Friday also sees Tokyo CPI which is an important economy wide lead indicator as the BoJ considers more radical changes to its monetary policy soon. Elsewhere in the US we have new home sales and consumer confidence tomorrow, durable goods on Thursday with trade numbers and personal income and consumption numbers on Friday. In Europe, Germany sees the Ifo survey today, consumer confidence on Wednesday and labour market data on Friday. In France, consumer confidence will be out on Wednesday and consumer spending data is due Friday. Sentiment gauges will also be out in Italy and the Eurozone on Thursday. Asian equity markets are mostly retreating this morning with Chinese stocks leading losses amid persistent concerns over the property market after embattled real estate developer Evergrande Group indicated that it will be unable to issue new debt due to an ongoing government investigation into its unit Hengda Real Estate Group. In terms of specific index moves, the Hang Seng (-1.43%) is emerging as the biggest underperformer while the CSI (-0.62%) and the Shanghai Composite (-0.42%) are also trading in negative territory. Elsewhere, the KOSPI (-0.57%) is also weak in early trade while the Nikkei (+0.58%) is bucking the regional trend. US stock futures are indicating a rebound though with those on the S&P 500 (+0.27%) and NASDAQ 100 (+0.34%) moving higher. 10yr US yields are back up +2.4bps to 4.458% as I type . This morning, Marion Laboure and Cassidy Ainsworth-Grace in my team have published the first instalment of their new series on the Future of Money – Cryptocurrencies: The return of faith, trust and, fairy dust. Focusing on the hot topic of cryptocurrencies, followed by a deep dive on stablecoins, they argue that despite the bankruptcies and negative news over the last 18 months, the crypto ecosystem has edged closer to the established financial sector. As a result, digital assets are here to stay. You can find their report here. Looking back on last week now, we had a run of flash PMI data on Friday. Starting with the US, the flash composite PMI for September surprised to the downside at 50.1 (vs 50.4 expected), with services weaker at 50.2 (vs 50.7 expected) and at its lowest level since January. Manufacturing on the other hand was stronger than forecast, at 48.9 (vs 48.2 expected). Digging deeper, in the services PMI, the employment component bounced to 52.6, the highest level in a year, pointing to a still robust US labour market. All other details were on the softer side, with backlogs in particular at its lowest level since the pandemic, at 44.5. The moderating activity signal of the PMIs on Friday helped US fixed income recoup some of its losses earlier in the week. US 10yr Treasury yields fell -6.1bps, and 2yr yields fell -3.4bps. However, 10yr yields still rose +10.1bps week-on-week to 4.435%, their highest weekly close since 2007. This followed on from the hawkish Fed meeting on Wednesday, and a strong weekly jobless claims print on Thursday that affirmed a higher-for-longer approach by the Fed. As such, the expected rate for December 2024 rose by +13.0bps week-on-week to 4.67% (-3.6bps Friday) . The European PMIs were a bit more of a whirlwind relative to the US. The composite PMI surprised to the upside, rising +0.3pts to 47.1 (vs 46.5 expected). The increase was driven by a +0.5pts increase in services (48.4 vs 47.6 expected), while manufacturing was mostly unchanged at 43.4 (vs 44.0 expected). However, the interesting tidbit came with the divergence between France and Germany. For the former, the composite PMI surprised to the downside, falling to 43.5 (vs 46.0 expected), whereas German PMI rose to 46.2 (vs 44.7 expected). Off the back of this, German 10yr bund yields traded largely flat on the day (+0.3bps). In weekly terms, the 10yr bund yield followed the US, up +6.4bps. Equities struggled last week against the backdrop of rising yields, as the S&P 500 fell -2.93% week-on-week (-0.23% Friday) in its largest down move since March (and its lowest level since early June). Tech stocks saw a modest outperformance on Friday, with the NASDAQ down a marginal -0.09%. However, the tech-heavy index slipped -3.82% in weekly terms, its third consecutive week of losses, and a c.8% decline from its July peak. In Europe, the STOXX 600 laboured last week, falling back -1.88% (and -0.31% on Friday). Finally, in commodities, the oil price rally ran out of steam last week.Brent was down -0.70% to $93.27/bbl (-0.03% Friday) after rising by over +11% over the previous three weeks. WTI saw a similar down move of -0.82% to $90.03 (+0.45% Friday). Nonetheless, energy supply risks remained in focus last week. For instance, on Thursday Russia temporarily banned most gasoline and diesel exports with immediate effect . We’ll see how we go this week as we hit the business month-end on Friday. Tyler Durden Mon, 09/25/2023 - 08:28.....»»

Texas Deploys More Buses To Ship Illegal Immigrants To "At Capacity" Sanctuary Cities Authored by Bill Pan via The Epoch Times, Texas has expanded the scale of operations to transport illegal immigrants out of the state, adding two distressed border towns to the growing list of departure points for fleets of buses filled with illegal border-crossers. Texas Gov. Greg Abbott announced on Friday that he has directed the Texas Department of Emergency Management to deploy more buses to Eagle Pass and El Paso to transport those who illegally crossed the Texas-Mexico border to Democrat-led, self-proclaimed "sanctuary cities." The buses in Eagle Pass and El Paso are being activated in addition to the ongoing state bus operations in Brownsville, Del Rio, Laredo, and McAllen. "President [Joe] Biden's continued refusal to secure our border allows thousands of people to illegally cross into Texas and our country every day," the Republican governor said, noting that the move provides "much-needed relief" to Texas communities "overwhelmed and overrun" by the border crisis. "Until President Biden upholds his constitutional duty to secure America's southern border, Texas will continue to deploy as many buses as needed to relieve the strain caused by the surge of illegal crossings." Border Towns at Breaking Point The announcement comes as Eagle Pass Mayor Rolando Salinas Jr., a Democrat, said more than 6,000 illegal immigrants have crossed into his city in just two days, and that thousands more are expected to to cross through in the coming days. The city itself has a population of only around 28,000. "Nothing that we've seen ever really to have so many people crossing in without consequence and congregating at the international bridge," the mayor told Texas Public Radio, after signing a seven-day emergency declaration to "request financial resources to provide the additional services" caused by the severe illegal immigrant influx. Meanwhile, in El Paso, where a recent wave of illegal border crossing brought over 2,000 individuals per day, shelter capacity and other resources are being strained to "a breaking point," city officials said. Just six weeks ago, the city was seeing about 350 to 400 people coming in per day. "The city of El Paso only has so many resources and we have come to ... a breaking point right now," Mayor Oscar Leeser, a Democrat, said at a press conference on Saturday. According to Mr. Leeser, about two-thirds of those new arrivals are single men. A estimated 32 percent of them are families, and about just 2 percent are unaccompanied children. "I think it's really important to note that we have a broken immigration system," he said. "It's the same thing over and over again." Buses Coming to Sanctuary Cities Three buses carrying some three dozen illegal immigrants departed Eagle Pass for New York City on Friday, the New York Post reported, citing an eye-witness at the scene. Another bus reportedly left the border town for Chicago. Frustrated with the swelling population of illegal immigrants in state and municipal governments' care, New York Gov. Kathy Hochul called on would-be border crossers to "go somewhere else." "We have to let the word out that when you come to New York, you're not going to have more hotel rooms," the Democrat governor said in an Sept. 21 interview with CNN. "We don't have capacity, so we have to also message properly." "The smarter thing is to apply for asylum before you leave your country," she added. Ms. Hochul's remark comes as she explores the possibility of ending a decades-old mandate for New York City to provide a bed to anyone in need of one and for as long as they need it. Both she and New York Mayor Eric Adams blame the policy for becoming a magnet for illegal immigrants. "Never was it envisioned that this would be an unlimited universal right or obligation on the city to have to house literally [the] entire world," she said at a Sept. 20 press conference. "We want to make sure that no families end up on the streets. We don't want anything to happen to our children, but we also have to let the world know that there have to be limits to this." The Abbott administration mocked the Democrat governor's complaints over the escalated illegal immigrant crisis, saying that her "hypocrisy" is "astounding." "With millions of residents, New York is only dealing with a fraction of what our small border communities deal with on a day-to-day basis," spokesperson Andrew Mahaleris said in a statement. "Instead of complaining about 14,000 migrants being bused to New York City from Texas, Governor Hochul should be calling out her party leader, President Biden, who has been flying plane loads of migrants to New York and oftentimes in the cover of night." According to the Abbott administration, since April 2022, Texas has bused over 11,900 illegal immigrants to Washington, over 14,800 to New York City, over 8,700 to Chicago, over 3,000 to Philadelphia, over 1,500 to Denver, and most recently, 610 to Los Angeles. Tyler Durden Mon, 09/25/2023 - 08:40.....»»