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Stocks & Markets
US Crude Oil Stocks
Last week saw a 3.1 million barrel drop. Keep an eye on Brent and WTI prices.
US Markets
Stocks fell Tuesday as January's higher-than-expected inflation data pushed Treasury yields up and cast doubt on multiple Federal Reserve rate cuts this year, challenging the equity market's bullish outlook. CPI and core CPI exceeded forecasts, raising concerns.
USD-YEN
For the first time since November, the yen dropped past 150 per dollar, eliciting warnings from Tokyo's top currency officials amid a broader dip in major currencies post-US CPI report.
Bezos Cashes in on Amazon Rally
Jeff Bezos has sold nearly half of his planned 50 million Amazon shares in four days, netting over $4 billion. While his reasons are unexplained, tax savings could be a motive.
NVIDIA
momentarily outpaced Amazon in market capitalisation before retreating. Nvidia's meteoric rise has propelled its valuation to $1.7 trillion, equaling the collective market cap of all companies listed on the Hong Kong Stock Exchange, as per a Bank of America note by Michael Harnett.
Coca-Cola's Anticipated Earnings Reveal
Coca-Cola (KO) is gearing up to disclose its Q4 earnings before market opening, hot on the heels of PepsiCo's recent report. The beverage titan enjoys a Buy consensus from Wall Street, buoyed by its formidable brand and steady North American presence. It has a history of surpassing EPS and revenue forecasts for eight consecutive quarters: (EPS Forecast: $0.49; Revenue Forecast: $10.65B)
TESLA
As the market thrives, Tesla's shares falter, raising doubts about its fit with the top tech giants, the "Magnificent Seven". With AI driving six of these firms' growth and anticipated dips in EV demand in 2024, Tesla's lofty valuation becomes a tough sell for investors.
MAERSKB.CO (-14.98%)
The Danish shipping conglomerate, experienced a significant drop in its share price following the announcement of a pause in its share buyback program due to ongoing disruptions in the Red Sea.
BP.L5.75%
BP beat Q4 earnings expectations with a $3 billion profit and accelerated its share buyback program, despite a 50% annual profit drop to $13.8 billion due to lower oil prices and refining margins.
Oil Supply Shortage Expected by 2025, Says Occidental CEO
Occidental CEO Vicki Hollub predicts a supply shortage in the oil market by the end of 2025 due to insufficient replenishment of crude reserves.
With 97% of today's oil originating from 20th-century discoveries and less than half of the past decade's production replaced, a significant supply shortfall is anticipated.
Despite the current oversupply, which is tempering prices, Hollub foresees a shift to a supply deficit by 2025, driven by solid economic growth in China and global demand outpacing production.
EXXON MOBIL (XOM -0.41%)
Despite lower oil prices affecting profits, Exxon Mobil's earnings surpassed expectations, though revenue slightly missed forecasts.
LLY (5.77%)
Eli Lilly's stock rose ahead of its upcoming quarterly results, with analysts expecting earnings of $2.30 per share on $8.9 billion revenue.
High demand for its antidiabetic drug Mounjaro is evident from FDA-reported shortages. Updates on its obesity treatment Zepbound are anticipated today.
Gold demand soaring
In 2023, gold demand soared to record levels, driven by geopolitical uncertainties and China's economic downturn, reaching 4,899 tons. Central banks' significant purchases contributed notably to this surge, according to the World Gold Council.
Shorts:
- Gold demand reached record levels in 2023, hitting 4,899 tons, propelled by geopolitical uncertainties.
- Valentine’s chocolate prices soar due to cocoa shortage
- Gold, Crypto and housing stocks dip amid surging US Inflation
- Eastman Chemical declares $0.81 dividend
- Linde Non-GAAP EPS of $3.59 beats by $0.09, revenue of $8.3B beats by $230M
- Infineon Technologies anticipate a downturn in demand for 2024, particularly from industrial and Bluetooth sectors.
- Toyota to invest $1.3 billion in Kentucky plant for production of new all-electric, three-row SUV aimed at the U.S. market.
Final thoughts
I hope you enjoyed this distilled version of Finance, Economics, Stocks and Markets for the Chemical Industry.
If you have any feedback, please let me know...
See you next month!
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My best wishes!
Emmanuel Ortega
a.k.a. Chemical Engineering Guy
