OIL: Tengiz Repairs Delayed Until Mid-January
Jan-09 14:50
Repairs at Kazakhstan’s major Tengiz oil field should be completed by mid-January the Kazakh Energy Ministry said to Interfax.
- "According to the operator's information, the repairs would be completed by January 15," the ministry said.
- The repairs had previously been expected to be completed before the end of 2024 and have been ongoing since 26 October.
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EQUITIES: EU Bank Index tests this Week's high
Dec-10 14:47
- Although the Bank Index isn't the leading sector within the Stoxx600, Auto& Parts is leading, SX7E is back in the Green and testing this Week's high at 147.13, printed 147.12 high, that's a 8.45% bounce from the late November low for the banking sector.
- Next resistance in SX7E is seen towards 148.14, but Investors will have their eyes on 150.27, the 2024 high and highest printed level since 2015.
EQUITIES: US Cash opening calls
Dec-10 14:27
SPX: 6,066.0 (+0.2%); DJIA: 44,356 (-0.1%/-46pts); NDX: 21,505.9 (+0.3%).
US: Commerce Dept Finalises USD$6b CHIPS Funding For Micron
Dec-10 14:27
The US Commerce Department announced that it has finalised an award of up to USD$6.165 billion to chipmaker Micron Technology, from the 2022 CHIPS and Science Act.
- Commerce said in a statement: "This funding will support the first step in Micron’s two-decade vision to invest approximately $100 billion in New York and $25 billion in Idaho, which will create approximately 20,000 jobs and will help the U.S. grow its share of advanced memory manufacturing from less than 2% today to approximately 10% by 2035."
- Commerce adds: "With this funding, Micron plans to expand the development and production of the most advanced memory semiconductor technology in New York and Idaho and is committing to spend approximately $50 billion before the end of the decade."
- Commerce Secretary Gina Raimondo said in a statement: “Memory chips are foundational to all advanced technologies... With this investment in Micron, we are delivering on one of the core objectives of the CHIPS program – onshoring the development and production of the most advanced memory semiconductor technology, which is crucial for safeguarding our leadership on artificial intelligence and protecting our economic and national security.”
- White House Chief of Staff Jeff Zients said in a memo yesterday that the administration will spend the final 40 days of President Biden's term accelerating funding allocation from the CHIPS and Science Act and the Inflation Reduction Act.
- President Biden is scheduled to deliver his first major economic speech since the election at 12:15 ET 17:15 GMT.
