Eksentricity

Tech

AI Advancements

• AI Chipmaker Market Growth: Semiconductor companies like Nvidia and AMD are leading the AI boom with their advanced chips. Nvidia’s CEO Jensen Huang highlighted the “incredible” demand for AI chips, fueled by the rapid development of large language models, resulting in significant revenue growth for these companies.
• AI Energy Consumption: The rapid adoption of AI has also led to increased energy consumption. Nvidia and OpenAI executives met with the White House to discuss the energy and infrastructure needs of AI, highlighting the importance of sustainable development. OpenAI shared its economic impact analysis, indicating the potential for job creation and GDP growth through AI infrastructure investments.
• Chinese AI Development: Chinese tech giants, like Alibaba and Tencent, are actively developing their own AI models, posing a competitive challenge to US companies. This growing competition in AI development will likely drive further innovation and advancements in the field.
• AI Ethics Concerns: The increasing use of AI raises ethical concerns about data privacy, bias, and the potential for job displacement. Governments and industry leaders are working to develop ethical frameworks and regulations for the responsible development and use of AI.

Blockchain and Crypto Developments

• Wrapped Bitcoin Integration: Coinbase launched its wrapped Bitcoin token, cbBTC, designed to facilitate Bitcoin trading on Ethereum and Base networks. This initiative aims to address the growing demand for Bitcoin integration in Decentralized Finance (DeFi) applications.
• Crypto Regulatory Landscape: The U.K. government is considering legislation that would categorize digital assets as personal property under English and Welsh law. This move could foster a more conducive environment for crypto in the UK by reducing regulatory uncertainty. The SEC is also actively scrutinizing cryptocurrency companies, with settlements with platforms like eToro and pending legal actions against Robinhood.
• Concerns about Centralization: Tron founder Justin Sun criticized the launch of cbBTC, raising concerns about centralization and potential security risks associated with wrapped tokens. These concerns highlight the ongoing debate about the balance between innovation and security within the crypto space.

Emerging Technology and Innovation

• EV Market Dynamics: Chinese EV makers are facing challenges in their global expansion, with the Chinese government urging them to prioritize domestic production and technology. Despite these challenges, global EV sales continue to grow at a healthy pace, particularly in China and the US.
• Space-Based Communications: SpaceX successfully launched five commercial satellites for AST SpaceMobile, bringing it closer to its goal of providing global cellular broadband from space. T-Mobile successfully sent a wireless emergency alert using Starlink satellites, showcasing the potential of satellite technology in improving communication and emergency response capabilities.

Business and Financial News

• Tech Antitrust Scrutiny: The EU is cracking down on anticompetitive behavior from tech giants, forcing Apple and Google to pay back taxes and fines. A US judge ruled that Google had rigged the search engine market and was a monopolist, potentially paving the way for breakups of large tech companies.
• Company Restructurings and Acquisitions: Microsoft laid off 650 employees in its gaming division, part of a broader restructuring following the Activision Blizzard acquisition. Digital Media Solutions, a digital advertising company, filed for voluntary Chapter 11 bankruptcy protection and will undergo a court-supervised sale process. OpenAI is reportedly in talks to raise $6.5 billion in equity financing, which could push its valuation to $150 billion. Gevo acquired Red Trail Energy’s ethanol production plant and CCS assets, strengthening its position in sustainable fuels and carbon abatement.

Finance

US Market Performance

• Inflation and Interest Rate Uncertainty: The US stock market experienced volatility driven by mixed inflation data and the overnight presidential debate. The Dow Jones Industrial Average fluctuated within a 910-point range. While the Consumer Price Index (CPI) rose 0.2% in August, matching July’s increase, the Federal Reserve’s potential interest rate cut is uncertain, with economists predicting a 25-basis point cut, but a 35% chance of a 50-basis point cut.
• Tech Rally on AI Boost: Positive comments from Nvidia Corp. CEO Jensen Huang regarding artificial intelligence (AI) technology fueled a rally in the technology sector, driving the market higher. Communication services and consumer discretionary stocks also saw increased buying interest.

European Market Performance

• ECB Rate Cut Anticipation: European stocks are poised for a potential rate cut from the European Central Bank (ECB), with the ECB widely expected to lower interest rates at its upcoming meeting.

Asian Market Performance

• Tech Surge in Asia: Asian markets advanced on Thursday, driven by a surge in technology stocks, with chipmakers experiencing strong gains.
• Japanese Market Soars on Soft Inflation: Japanese markets soared due to a softer-than-expected producer price inflation reading, undercutting the Bank of Japan’s hawkish stance.

Interest Rate Trends

• Global Easing Cycle: LPL Financial’s Chief Economist Jeffrey Roach expects the ECB to lower rates by a quarter of a percent, coordinating a global easing cycle with the Fed and other central banks.
• U.S. Treasury Dis-Inversion: Roach attributes the recent dis-inversion in the spread between two and 10-year U.S. Treasury notes, which has raised recession fears, to early signs of slowing economic growth, expectations of aggressive Fed rate cuts, and rising global risks, driving investors towards safe-haven treasuries.

Bond and Equity Market Outlook

• Elevated Volatility and Neutral Stance: LPL Financial anticipates volatility to remain elevated in the coming months. Despite this, LPL maintains a neutral stance on equities, seeking opportunities to add equities on weakness. The firm expects a better entry point back into the longer-term bull market to emerge.

Capital Requirements for Banks

• Proposed Basel Regulations for Banks: The Federal Reserve Board’s vice-chair of supervision, Michael Barr, has outlined proposed Basel regulations that would, if approved, roughly halve the additional capital that big banks would need to maintain for financial crisis protection.
• Exemption for Mid-Size Banks: The proposed plan exempts medium-sized banks (with assets between $100 billion and $250 billion) from increased capital requirements.

Earnings Outlook

• Negative Revisions Trend: The revisions trend has been notably negative ahead of the Q3 earnings season, with estimates for 14 of the 16 Zacks sectors being cut. Only the Tech and Finance sectors are enjoying positive estimate revisions.
• Expected Earnings Growth: The quarterly earnings growth pace is expected to improve from next quarter onwards.

Top Utility Stocks

• Utility Infrastructure Investments: Several utility companies, such as NiSource Inc. (NI), American Water Works Co. Inc. (AWK), Xcel Energy Inc. (XEL), Evergy Inc. (EVRG), and DTE Energy Co. (DTE), are investing heavily in modernizing their infrastructure and transitioning to clean energy sources. These investments are intended to improve service reliability and address climate change concerns. For example, Xcel Energy is targeting a reduction of emissions by at least 80% by 2030 and achieving carbon neutrality by 2050.

Dividend-Paying Stocks

• Dividend-Paying Companies: Several companies, including Virco Mfg. Corp. (VIRC), Brady Corp. (BRC), Broadcom Inc. (AVGO), and Verizon Communications Inc. (VZ), are known for their regular dividend payments to shareholders. These companies represent a range of sectors, including furniture, identification solutions, semiconductors, and telecommunications.

Healthcare

Medical Cannabis in Germany

• Survey Reveals High Demand, Limited Access: A survey by Bloomwell Group Gmbh revealed that 94% of respondents in Germany use cannabis for medical reasons, with stress relief, sleep disorders, and pain relief being the most common uses. While the Cannabis Act (CanG) has opened doors for medical cannabis, only 9.2% of respondents reported no issues finding a doctor for cannabis therapy.
• Unlicensed Market Persistence: Despite the legal market, 10% of respondents reported obtaining cannabis solely from licensed pharmacies, indicating a reliance on the unlicensed market. This raises concerns about product safety and quality.
• Stigma and Education Needs: The reluctance of doctors to prescribe medical cannabis, coupled with long-standing stigma, remains a significant barrier to access. Bloomwell Group advocates for public awareness campaigns, including doctor education on prescribing practices and patient support.
• Preference for Digital Access: The survey highlighted a strong preference for digital access to medical cannabis therapy, indicating potential for telemedicine, e-prescription, and delivery services.

Public Health Surveillance: The Essential Superpower

• Data Gaps and Opportunities: The Covid-19 pandemic exposed vulnerabilities in disease tracking systems globally. Despite technological advancements, effective surveillance systems are crucial for collecting and analyzing data accurately and rapidly to enable timely action and save lives.
• Leveraging New Technologies: Wastewater testing has proven effective in detecting outbreaks of various diseases, including polio, Covid-19, and influenza. Genomic surveillance helps identify new variants and strains, allowing for proactive countermeasures. Non-traditional data sources, such as social media and weather patterns, can enhance data analysis.
• Strengthening Local Capacity: Building robust local and national surveillance systems is key to effective public health. Investment in infrastructure and capacity ensures countries are equipped to collect, analyze, and act on data relevant to their specific needs.
• Collaboration and Governance: Sharing data on human and animal health is vital for combating global threats. Transparent collaboration, leadership, and effective governance are needed to transform data into actionable information.

Healthcare Waste: A Looming Crisis

• Pandemic Waste Surge: The Covid-19 pandemic significantly increased medical waste, particularly single-use plastics, adding to the world’s accumulation of harmful materials.
• Pre-existing Waste Problem: Even before the pandemic, the healthcare industry generated substantial waste, accounting for 1% to 2% of municipal waste, with 15% classified as hazardous.
• Environmental Impact: The healthcare sector’s reliance on single-use plastics contributes significantly to global carbon emissions, exceeding those of aviation and shipping sectors in some countries.
• Moving Towards Sustainability: The pandemic underscored the need for sustainable healthcare practices. Hospitals are adopting reusable equipment and exploring innovative technologies like recycling and alternative waste management solutions.

Vaccine Cold Chain: A Challenge for the Global South

• Cold Chain Challenges: The emergence of mRNA vaccines, requiring ultra-low temperature storage, posed a significant challenge for regions with limited refrigeration infrastructure.
• Innovative Solutions: Drone delivery and cold chain training are being implemented to address logistical hurdles. Rwanda has established a cooling hub utilizing AI to optimize cold chain provision.
• Addressing Vaccine Wastage: The WHO estimates that 50% of vaccines are wasted globally each year. Initiatives are underway to make mRNA vaccines more stable and reduce wastage.
• Equity in Vaccine Access: The Covid-19 pandemic highlighted inequities in vaccine access, with Western European nations achieving much higher vaccination rates than Sub-Saharan Africa. Efforts are underway to improve equity and ensure access to life-saving vaccines.

Pandemic Preparedness: Unpreparedness and Delays

• Lessons Unlearned: Despite the Covid-19 pandemic, the world has been slow to respond to the H5N1 avian flu outbreak and the resurgence of mpox.
• Coordination and Response Gaps: The US has struggled to coordinate its response to the bird flu outbreak, with authorities facing challenges accessing farms for testing. The WHO has faced criticism for delays in approving mpox vaccines.
• Vaccine Access Disparities: Access to vaccines for both bird flu and mpox has favored richer nations. The US and EU have purchased most of the available doses, while pledged donations remain insufficient for countries like the Democratic Republic of Congo, facing an upsurge in mpox cases.
• Pandemic Treaty Delays: Negotiations for a global pandemic preparedness treaty have been hampered by delays and disagreements. The treaty, aiming for a coordinated international response to future pandemics, is not expected to be finalized until 2025.

Advancements in Vaccine Technology

• mRNA Vaccines for Faster Response: The rapid development of mRNA vaccines during the Covid-19 pandemic has opened possibilities for future pandemic threats. Moderna and BioNTech are investing in mRNA vaccines for bird flu and mpox, respectively.
• Funding and Capacity Building: Cepi is working to fund early-stage clinical trials for potential pandemic viruses. However, expanded vaccine manufacturing capacity, particularly in less developed regions, is urgently needed.
• Sustained Funding and Political Will: While the importance of pandemic preparedness is being recognized, funding for vaccine development and manufacturing remains a challenge. Sustainable investment is crucial to build strong surveillance systems and institutions.

Economy & Real estate

US Economy & Inflation

• Inflation Cooling, Fed Rate Cut Likely: The US Consumer Price Index (CPI) rose 0.2% in August, matching expectations and indicating a continued cooling of inflation. This reinforces the expectation that the Federal Reserve will cut interest rates at its upcoming meeting, likely by a quarter point.
• Producer Prices Slow Down: The Producer Price Index (PPI) for August showed a slowdown in price pressures faced by US producers, marking the slowest year-over-year increase since February.
• Labor Market Shows Slight Cooling: Initial jobless claims for the week ending Sept. 7 increased to 230,000, matching forecasts and suggesting a slight cooling in the labor market.

Real Estate Market

• Tech Rally Boosts Asian Markets: Asian stock markets saw gains driven by a tech-fueled rally on Wall Street, with shares of AI chipmaker Nvidia surging on news of potential export approvals to Saudi Arabia.
• REITs Surge on Rate Cut Expectations: Real estate investment trusts (REITs) are performing well, with several ETFs hitting 52-week highs. The potential for interest rate cuts by the Federal Reserve is seen as a positive catalyst for the sector.
• Opendoor Expands Expertise: Opendoor Technologies appointed David Benson, former President of Fannie Mae, to its Board of Directors. This move is seen as a strategic step for Opendoor, adding expertise in single-family residential real estate, capital markets, and the regulatory landscape.
• Luxury Homebuilder Expands Operations: Toll Brothers, a leading luxury homebuilder, announced the grand opening of Rollingdale by Toll Brothers in Durham, North Carolina, and a new 55+ active-adult community, Toll Brothers at The Pinehills – Owls Nest – Regency Collection, in Plymouth, Massachusetts.
• Nicola Wealth Real Estate Launches New Development: Nicola Wealth Real Estate and Mission Group announced the grand opening of The Block, a state-of-the-art commercial development in Kelowna, British Columbia, featuring cutting-edge smart technology and sustainable design.
• Transamerica Pyramid Center Reopens: SHVO announced the reopening of Transamerica Pyramid Center in San Francisco following a $1 billion renovation. The project, in partnership with Foster + Partners, features a hotel-like aesthetic with luxurious amenities and expanded public spaces.

Global Economy

• ECB Cuts Rates: The European Central Bank (ECB) lowered interest rates by 25 basis points, an anticipated move aimed at stimulating economic growth.
• IMF: Trade Imbalance Not Solely China’s Fault: Economists at the IMF argue that the trade imbalance between China and the United States is not solely a result of China’s industrial policies, but also due to macroeconomic factors.
• Bahrain Attracts Indian Investment: The Bahrain Economic Development Board (EDB) secured investment commitments totaling $16.65 million from three Indian companies in manufacturing, renewable energy, and ICT.

India Economy

• Indian Inflation Remains Low: India’s Consumer Price Index (CPI)-based retail inflation rose marginally in August to 3.65%, remaining below the Reserve Bank of India’s (RBI) target of 4%.
• Industrial Production Growth Continues: India’s Index of Industrial Production (IIP) grew by 4.8% in July, slightly up from the previous month.
• Private Capex Survey to Begin: The Ministry of Statistics and Programme Implementation (MoSPI) is launching a new annual survey on the status of private sector capex starting in October, aiming to track investment trends.
• Puravankara Expands Footprint in Mumbai and Bengaluru: Puravankara, a Bengaluru-based realtor, has acquired the redevelopment rights of Miami Apartments in Breach Candy, marking its entry into the luxury South Mumbai market. The company also signed a Joint Development Agreement (JDA) for a 1.95-acre land parcel in Bengaluru’s Electronics City micro-market.

Other

• China’s Listed Firms Report Profit Decline: Mainland-listed companies in China saw a collective decline in profit for the second quarter, due in part to a weak domestic economy.
• India’s Central Bank Intervenes: The Reserve Bank of India (RBI) was likely selling US dollars to help the rupee hold above the key support level of 84.
• Nexity Adjusts Governance: Nexity, a French real estate company, announced a new governance structure to support its transformation into an agile, regional, multi-product urban planner/developer/operator.

Retail

US Retail Performance

• Slowing Sales Growth: Retail sales growth in the US slowed in August, with a 4.53% dip compared to the previous year. This indicates a challenging consumer environment, potentially driven by factors like inflation and rising interest rates.
• Festive Season Discounts: Automakers in India are offering significant discounts, ranging from Rs 20,000 to Rs 3.15 lakh, during the festive season to stimulate sales. This strategy aims to counter lower rural demand and boost sales.
• High Inventory Levels: Passenger vehicle inventory levels in India have reached alarming levels, reaching 70-75 days of stock. This disparity between carmakers’ production and dealer demand highlights a potential supply chain issue.

Retailer Earnings

• Mixed Results: While some retailers like The Home Depot (HD) and Target (TGT) reported strong quarterly earnings, others, including Designer Brands (DBI) and Caleres (CAL), struggled with sales declines. These companies lowered their outlooks, signaling concerns about future performance.
• Private Label Success: TreeHouse Foods (THS) continues to capitalize on the growing popularity of private label products. The company is expanding its presence in the snacking and beverage sectors, aiming to cater to consumer demand for more affordable options.
• E-commerce Expansion: Chewy (CHWY) continues to see strong growth in its Autoship program and is expanding into veterinary services. This move solidifies its position in the online pet retail market and caters to pet owners seeking convenient and comprehensive services.

Retail Mergers and Acquisitions

• Proposed Handbag Mergers: A federal judge will soon decide whether Tapestry, owner of Coach, can merge with Capri, owner of Michael Kors. This deal, if approved, could reshape the handbag market and create a formidable competitor.
• Cannabis Retail Growth: High Tide Inc. (HITI) continues to expand its retail footprint in Canada through the launch of Queen of Bud branded products in its Canna Cabana stores. This strategy aims to capture a larger share of the growing cannabis market in Canada.

Retail Innovation

• Food and Beverage Innovation: PEPSI® is launching a “Chase Cars” campaign to promote its beverages with pizza. Customers who purchase PEPSI® products through DoorDash will receive free pizza, leveraging the growing popularity of food delivery services.
• Functional Beverage Expansion: Farmhouse Inc. (FMHS) is expanding into the functional beverage market with its acquisition of Thrown, LLC, the company behind Nappy Boy Dranks. This move positions Farmhouse to capitalize on the increasing consumer interest in health and wellness-oriented beverages.
• New Product Launches: MGA Entertainment has launched CarTuned™, a new line of diecast collectibles. These reimagined iconic vehicles with an exaggerated, fun twist, tap into the nostalgia and collectible market.

Infrastructure

Green Steel

• Tata Steel EAF Project: Tata Steel, one of the world’s largest steel producers, secured a £500 million grant from the UK government for a new electric arc furnace (EAF) at its Port Talbot steelworks in Wales. The £1.25 billion project will protect 5,000 jobs and cut the UK’s industrial carbon emissions by 8%, setting a green steelmaking benchmark for Europe.
• EAF Implementation Timeline: Basic engineering for the EAF is complete, and equipment orders will be placed soon. Public consultations on specific activities have started, and planning approvals are expected by November 2024. Large-scale site work is scheduled to begin around July 2025, with the EAF becoming operational within three years.
• Blast Furnace Closure: As part of the transition to green steelmaking, Tata Steel is gradually closing its Blast Furnace #5 and Morfa coke ovens. Blast Furnace #4 and other heavy-end operations at Port Talbot are scheduled to cease by September 2024.

Port Expansion in India

• Adani Ports Berth No. 13: Adani Ports and Special Economic Zone (APSEZ) signed a concession agreement with Deendayal Port Authority (DPA) to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat. The berth, built under a DBFOT model, will handle 5.7 MMT annually and become operational in FY27.
• APSEZ Diversification Strategy: The development of Berth No. 13 will diversify APSEZ’s presence at Deendayal Port, enabling the handling of multipurpose clean cargo, including containers. This strengthens APSEZ’s position on the western coast and its ability to serve customers in Gujarat and north India.
• Strong APSEZ Financials: APSEZ’s consolidated net profit surged 47.2% to Rs 3,112.83 crore in Q1 FY25, driven by a 11.34% increase in revenue from operations to Rs 6,956.32 crore.

Energy Transition

• Nexans Offshore Wind Investment: Global energy transition leader Nexans will invest €90 million to support offshore wind growth in Europe. This includes building a new tower for onshore cable insulation at its Charleroi, Belgium plant and upgrading manufacturing processes.
• HVDC Cable Production Boost: This investment will enable Nexans to produce 3,000 mm2 525kV HVDC onshore cables, crucial for TenneT’s three European grid projects. Nexans is committed to long-term electrification powered by renewable energy sources.
• Facility Upgrades: The investment includes upgrades to other Nexans facilities, such as a new HVDC lab and an injection press, enhancing its HVDC cable production capabilities.

Ferry Operations

• DFDS Freight Volume Growth: DFDS’s total freight volumes in August 2024 were 7.4% above 2023 and 4.4% higher after adjusting for route changes. Volumes increased across all routes, including the North Sea, Mediterranean, Channel, and Baltic Sea.
• Passenger Growth: DFDS transported 68.7% more passengers in August 2024 compared to 2023, and 9.1% higher after adjusting for route changes. Channel volumes drove this increase. The number of cars transported was 55.1% higher than 2023 and up 9.7% after adjustments.
• Strong 12-Month Performance: Over the past twelve months, total freight lane meters increased by 5.0% to 40.5m, and the total number of passengers increased by 41.3% to 6.2m compared to the previous year.

Floating Blue Ammonia

• KBR Awarded Contract: KBR secured a conceptual study contract from Samsung Heavy Industries (SHI) for floating blue ammonia production. The study leverages KBR’s innovative blue ammonia technology and SHI’s expertise in mega floating vessel design.
• First-of-its-Kind Facility: The project aims to develop a pioneering floating ammonia production facility, providing a sustainable and flexible platform for energy transition goals.
• KBR’s Ammonia Expertise: KBR is a global leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered, or constructed over 260 grassroot ammonia plants worldwide.

Industrial Trucks

• Market Growth: The global industrial truck market is expected to reach US$ 29.96 billion in 2024, expanding at a CAGR of 22.3% from 2024 to 2034. Market growth is fueled by e-commerce, factory automation, and improved supply chain logistics.
• Electric and Autonomous Trends: Electric and autonomous industrial trucks are gaining popularity, driven by sustainability and efficiency goals. These vehicles are revolutionizing material handling processes with their advanced technology.
• Economic Recovery Impact: The economic recovery following the COVID-19 pandemic has stimulated investments in manufacturing and infrastructure, boosting demand for industrial trucks.

Commodities

Oil & Gas

• Hurricane Impact on U.S. Oil Production: Hurricane Francine, which hit Louisiana, led to the shutdown of nearly 39% of U.S. Gulf of Mexico oil production. This resulted in a 2.37% increase in WTI crude and a 2.05% increase in Brent Crude, with prices rebounding to $67.31 and $70.61, respectively.
• OPEC Demand Forecast Revision: OPEC lowered its demand outlook for 2024-25, cutting the 2024 forecast by 80,000 barrels per day (bpd) to 2 million barrels per day (mbpd). This revision was driven primarily by a reduced forecast for Chinese growth, with OPEC trimming its Chinese growth projection to 650,000 bpd in 2024 from 700,000 bpd.
• China’s Crude Imports Slow: China’s crude imports decreased by 7% in August compared to the same period last year, reaching 49.10 million metric tons. This was an increase from July’s imports of 42.34 million metric tons, the lowest level since September 2022. Over the past year, imports declined by 3.1% to 367 million metric tons.
• Oil Price Volatility and Inflation Concerns: The drop in crude oil prices has fueled concerns that inflation may undershoot the Federal Reserve’s target. This has led investors to move into Treasuries, pushing yields lower. With Brent oil falling below $70 per barrel, its lowest point since December 2021, the market is currently underestimating the risk of inflation returning.

Metals

• UK Green Steel Project Funding: Tata Steel Ltd received a £500 million grant from the UK government for its £1.25 billion green steel project at Port Talbot. This project, which includes installing a state-of-the-art Electric Arc Furnace (EAF), is expected to reduce the UK’s industrial carbon footprint by 8%.
• Copper Deficit Forecast: JPMorgan analyst Patrick Jones predicts a four million metric ton (mmt) copper deficit by 2030, driven by demand from electric vehicles (EVs) and renewable energy sources.
• Lithium Supply Disruption: CATL, a major Chinese battery manufacturer, has halted production at its Yichun lithium mine. This has caused a significant disruption to the global lithium supply chain, leading to a surge in lithium prices.

Uranium

• Uranium Supply and Demand Dynamics: Uranium prices are hovering around $80, representing a 60% increase since the start of 2023. This rise is attributed to a projected increase in demand for uranium as the world expands nuclear energy. However, supply concerns remain, as Russia accounts for 14% of global uranium concentrates, 27% of conversion, and 39% of enrichment.
• U.S. Uranium Enrichment Project: Centrus Energy Corp. (LEU) has secured a contingent supply commitment from Korea Hydro & Nuclear Power, supporting the construction of new uranium enrichment capacity at Centrus’ American Centrifuge Plant in Piketon, Ohio.

Other

• Bio-Circular Flooring Innovation: Dow Inc. (DOW) has introduced its first bio-circular product for the flooring sector. This innovation will be used to create carpet tile backing that provides dimensional stability and fiber adhesion support.
• Plastic Recycling Investment: LyondellBasell Industries N.V. (LYB) is investing in a new closed-loop preparation center in Lich, Germany. This advanced recycling center will convert plastic waste into high-quality feedstock for high-performance materials, addressing end-of-life challenges in durable goods.

Politics

U.S. Presidential Election

• Harris’ Fundraising Success: Vice President Kamala Harris raised $47 million in the first 24 hours after her debate against former President Donald Trump, a significant boost to her campaign following President Biden’s endorsement.
• Debate Impact on Markets: The debate between Harris and Trump caused market shifts. Trump Media & Technology Group’s stock and Bitcoin declined, while solar stocks surged, possibly reflecting investor sentiment towards a Harris presidency.

U.S. Domestic Politics

• 9/11 Commemoration: In a display of unity, President Biden, Vice President Harris, former President Trump, and Senator J.D. Vance commemorated the 23rd anniversary of the 9/11 attacks.
• Biden Administration’s Opposition to U.S. Steel Acquisition: The Biden administration has flagged the proposed acquisition of United States Steel Corporation by Nippon Steel as a national security risk, despite disagreements from the State and Defense Departments.

International Politics

• Iran-Russia Relationship: Iran has denied supplying missiles to Russia for the Ukraine conflict. However, it has strengthened its relationship with Russia and supplied Shahed drones, raising concerns from Western countries.
• China’s Aid to Russia: The U.S. and the EU are concerned about China’s significant aid to Russia’s military, believing it enables the ongoing conflict in Ukraine and poses a global security threat.

Other

• India’s Economy: India’s industrial production growth slowed to 4.8% in July due to weak mining and manufacturing sectors. Retail inflation in August remained within the Reserve Bank’s target.
• Sitaram Yechury’s Demise: Veteran politician and Communist Party of India (Marxist) General Secretary Sitaram Yechury passed away at 72 after a prolonged illness. He was a key leader in the INDIA bloc for the 2024 polls.
• Hemp Regulations: Hemp expert Jim Higdon criticizes California and Florida’s hemp policies, advocating for a unified approach and federal regulations for product safety.
• STEM Week Bill: A bill to establish a National STEM Week, sponsored by Representatives Mike Carey and Joyce Beatty, aims to promote STEM education and innovation in the U.S.
• Moms For America: Moms For America, a national conservative group, is opposing the EATS Act, which they believe would hand American pork production over to Chinese conglomerates.
• SEC Chair Gary Gensler’s Hiring Practices: Lawmakers are investigating whether SEC Chair Gary Gensler has violated federal law by hiring civil servants based on political affiliations, specifically citing the hiring of Dr. Haoxiang Zhu.

Stock Picks

Indian Market Overview

• Nifty 50 Index Performance: The Nifty 50 Index closed at 24,918.45, down 0.5% on September 11, 2024, continuing a consolidation phase. Select heavyweight stocks declined, while energy, metals, and auto sectors experienced the most significant losses.
• Volatility and Upcoming Data: Increased volatility, driven by mixed global cues, is likely to persist, especially with the upcoming release of US. data.
• Technical Support: Nifty is hovering near the support of its short-term moving average, the 20-day EMA, at 24,900. Maintaining this level is crucial for any potential rebound. The next support zone lies around 24,500-24,750.

Stock Recommendations

• ITC FMCG Trend: The FMCG counter is showing noticeable traction, and ITC is trading in sync with this trend. A breakout from a bullish continuation pattern, forming a buying pivot, suggests potential for growth. The recommended strategy is to create fresh longs around current levels.
• Havells India Performance: Havells, a consistent performer in consumer electronics, is trading near its record high after breaking out from a consolidation phase in March 2024. A new buying pivot formed during recent tight consolidation signals a possible resumption of the uptrend. Fresh long positions are recommended.
• Bank of Baroda Bearish Trend: The PSU sector is facing pressure, and Bank of Baroda is following the broader trend. It has broken down from a consolidation range and fallen below the key support of its 200-day exponential moving average (DEMA). The chart pattern indicates that the bearish trend may continue. Traders should consider initiating fresh short positions.

India Company News

• Tata Steel Green Steel Project: The company secured a £500 million grant from the UK government for its green steel project at its Port Talbot facility. This funding supports the installation of a state-of-the-art electric arc furnace (EAF) and aims to transition the plant to greener steelmaking.
• Adani Ports Berth Development: APSEZ has signed a concession agreement to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat, through its subsidiary DPA Container and Clean Cargo Terminal Limited (DPACCCTL). The berth is expected to be operational by FY27 and will handle multipurpose clean cargo and container cargo.
• BPCL Abu Dhabi Concession: BPCL, through its subsidiary Urja Bharat Pte Limited (UBPL), has been awarded a production concession in Abu Dhabi. The concession covers an area of 6,162 square kilometers and includes conventional oil and gas resources.
• Indian Auto Industry: Auto manufacturing companies are in focus as the Union Cabinet approved two major schemes – PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) and PM-eBus Sewa-Payment Security Mechanism (PSM) – with a total outlay of Rs 14,335 crore to promote electric vehicles.
• Vedanta Debt Prepayment: Vedanta raised $900 million through a US dollar bond issue to prepay existing debt. The bond, issued at a 10.875 per cent coupon rate, was significantly oversubscribed.

Global Market Overview

• Crude Oil Prices Decline: Crude Oil prices have declined nearly 13 per cent so far in the month of September amid demand concerns from the two biggest world economies – the US and China.

US Company News

• Kroger Quarterly Earnings: The Kroger Co. is expected to report quarterly earnings at $0.91 per share on revenue of $34.09 billion before the opening bell.
• Oxford Industries Earnings: Oxford Industries, Inc. reported weaker-than-expected earnings and sales results for the second quarter.
• Signet Jewelers Earnings: Analysts are expecting Signet Jewelers Limited to post quarterly earnings at $1.14 per share on revenue of $1.50 billion.
• Champions Oncology Earnings: Champions Oncology reported better-than-expected financial results for the first quarter.
• Adobe Inc Earnings: Analysts expect Adobe Inc. to report quarterly earnings at $4.53 per share on revenue of $5.37 billion after the closing bell.
• Boeing Stock Outlook: The company’s long-term prospects are bright, but financing a new airplane may be challenging.
• Hertz Global (HTZ) Stock Outlook: Investors should avoid this stock due to stagnant sales growth, negative earnings, and stiff competition.
• Lovesac Company (LOVE) Earnings: The company is expected to report a quarterly loss at 44 cents per share, but analysts anticipate quarterly revenue of $157 million.
• General Motors Stock: The company trades for just 5 times earnings.
• Ford vs. General Motors: General Motors may be the better auto stock to buy right now.
• General Motors Stock Buyback: The company has bought back 18% of its stock in 8 months.
• General Motors Debt: The company has $129 billion in debt.
• General Motors Q2 Earnings: The company’s Q2 earnings were mixed.
• Opendoor Technologies: The company offers instant cash offers for your home.
• Home Depot: The company is in an excellent cash position with robust profitability.
• Coca-Cola: The company expects double-digit earnings growth this year.
• Realty Income: The company has paid a monthly dividend for 55 years.
• Intapp: The company is a provider of industry-specific, cloud-based software solutions.
• Okta: The company is a provider of identity for the enterprise.
• Deckers Outdoor: The company is a leading designer, producer and brand manager of innovative, niche footwear and accessories.
• Chewy: The company operates as an online pet retailer.
• Mr. Cooper Group Inc: This company carries a Zacks Rank #1.
• MPLX LP: This company carries a Zacks Rank #1.
• Mid Penn Bancorp: This company carries a Zacks Rank #1.
• Apple: Berkshire Hathaway sold Apple and bought Ulta Beauty in the second quarter.
• Ulta Beauty: Ulta operates more than 1,400 stores across the United States.
• Erie Indemnity: The company issues, renews, and underwrites insurance products.
• Duolingo: The company provides a mobile language learning platform.
• Maplebear Inc: The company is the leading grocery technology company in North America.
• CRA International: This company carries a Zacks Rank #1.
• AudioEye: This company provides internet content software and related services.
• CarGurus: This company is an online automotive marketplace.
• Allegiant Travel Company: The company is a leisure travel company.
• Adecoagro S.A: The company is an agro-industrial company.
• AZUL: The company is an air transport company.
• Toast: This restaurant software company is in the early innings of capturing a $100 billion opportunity.
• Sweetgreen: This sneaker brand is growing fast while competitors are slowing down.
• On Holding: This company is based in Switzerland.
• Carnival: The company is the leading cruise ship operator.
• Roku: The company is one of the leading streaming platforms.