Author: Multibagger News

SINGAPORE (Reuters) – China’s Sinopec (OTC:) Corp has struck a high flow of oil and gas in an offshore exploration well in the Beibu Gulf of the South China Sea, it said on Wednesday. The well, Hai-3, a rare slanted well with a drilling depth of 4,600 meters (2.86 miles), tested daily output of 738 cubic metres of and 280,000 cubic metres of , Sinopec said. The discovery of the shallow-sea well will boost Sinopec’s ongoing development of the Weizhou oilfield in the Beibu Gulf that has proven oil reserves exceeding 10 million metric tons (73 million barrels), Sinopec said…

AI-enabled PCs could act as a positive catalyst for Best Buy (NYSE:) stock in the second half of 2024, analysts at D.A. Davidson said in a note. Although BBY shares have lagged behind the S&P 500 year-to-date, the stock has been showing signs of recovery, including a 15% rebound since reporting first-quarter 2024 results at the end of May. This rebound makes it the best performer among the 14 Retailing and Broadlines & Hardlines stocks covered by D.A. Davidson since that time, the firm’s analysts noted. “We think that recovery is supported by improving industry data, primarily related to rebounding…

SAO PAULO (Reuters) – Industrial production in Brazil fell 0.9% in May from April, government statistics agency IBGE said on Wednesday, below the 1.7% decline estimated by analysts polled by Reuters. Still, Brazilian factories posted their second-consecutive month-on-month drop, down a cumulative 1.7% in the period. Production in May retreated 1.0% from a year earlier , also better than the 1.7% fall expected by analysts, but well below the 8.4% annual rise in April. According to IBGE survey manager Andre Macedo, Brazil’s industrial output was impacted in May by historic rains and floods in the country’s southernmost state of Rio…

Champaign, Illinois, United States, July 2nd, 2024, Chainwire Pi Squared, (Proof of Proof), announced the closure of their first capital raise. Led by Polychain Capital, the syndicate includes ABCDE, Bloccelerate, Generative Ventures, Robot Ventures, and Samsung (KS:) Next. Angel investors include Shumo Chu, Harish Devarajan, Justin Drake, Sreeram Kanaan, Csongor Kiss, George Lambeth, Yilong Li, Calvin Liu, Lucian Mincu, Karthik Raju, and Common Prefix. Using zero-knowledge (ZK) technology in a correct-by-construction and fundamentally unique way, Pi Squared will enable trustless remote computing, AI, and interoperable smart contracts for any blockchain or dApp. This will be made possible through the creation…

On Wednesday, Barclays initiated coverage on Valmet Oyj (VALMT:FH) (OTC: VOYJF), a global developer and supplier of technologies, automation, and services for the pulp, paper, and energy industries. The firm assigned an Underweight rating to the stock, along with a price target of €19.00. The new price target indicates a potential downside of approximately 30% from the company’s current market valuation. The coverage by Barclays suggests that Valmet’s shares may face downward pressure due to several factors. The analyst pointed out a roughly 45% downside to the company’s projected 2025E Process EBITA (earnings before interest, taxes, and amortization). Additionally, concerns…

Investing.com – The U.S. dollar retreated in early European trade Wednesday after Federal Reserve Chair Jerome Powell flagged progress towards bringing down inflation, while the euro edged higher ahead of the second round of the French parliamentary vote. At 04:35 ET (08:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 105.287. Dollar slips after Powell’s dovish comments The dollar slipped lower after comments on Tuesday from Fed head , at a conference in Portugal sponsored by the European Central Bank, reinforced expectations that U.S. interest rate cuts are not…

Citi strategists observed net selling from long-only managers over the past week, with buying primarily concentrated in consumer discretionary and industrials, while their buying in the technology sector slowed. On the flip side, hedge funds increased their tech exposure the most in the past week, after weeks of selling, followed by consumer staples. At the same time, hedge funds sold off in health care, utilities, and real estate sectors. The recent sector performance aligns with a shift from reflation trades toward stagflation and Goldilocks scenarios, where tech outperforms, Citi noted. Over the last three months, sector-implied regimes have notably changed.…

Investing.com– Oil prices steadied Wednesday, largely handing back early gains but remaining near two-month highs after industry data showed U.S. inventories dropped substantially last week, boosting optimism over demand. At 07:00 ET (11:00 GMT), rose 0.2% to $86.37 a barrel, while climbed 0.1% to $82.88 a barrel.  Hurricane supply jitters ease, economic worries persist  Early gains have largely evaporated Wednesday with traders growing less concerned that Hurricane Beryl will cause disruptions in offshore oil production around Mexico and the east coast. The hurricane, which is currently a dangerous category 4 in the Caribbean, is expected to weaken into a tropical…

(Reuters) – Southwest Airlines (NYSE:) said on Wednesday it had adopted a defensive tactic called “poison pill” after activist investor Elliott Investment Management called for leadership changes at the carrier over its disappointing performance. The announcement comes days after Southwest CEO Bob Jordan said he would not resign in response to pressure from Elliott, which revealed a stake worth nearly $2 billion in the carrier last month. “Southwest Airlines has made a good faith effort to engage constructively with Elliott Investment Management since its initial investment and remains open to any ideas for lasting value creation,” Southwest Executive Chair Gary…

By Ariba Shahid KARACHI (Reuters) -Pakistan is looking to clinch a staff level agreement on an International Monetary Fund bailout of more than $6 billion this month after addressing all of the lender’s requirements in its annual budget, its junior finance minister told Reuters. The South Asian country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave off another economic meltdown, even as domestic anger rises at new taxation measures. “We hope to culminate this (IMF) process in the next three to four weeks,” Minister of State…