Last week’s solid jobs report ramped up expectations that the Fed would...
Last week’s solid jobs report ramped up expectations that the Fed would cut rates at its meeting next week, and Wednesday’s inflation report could put a ring on it. However, if the consumer price index report comes in hotter than expected—Reuters is predicting that prices rose 2.7% in the past year, still above normal levels—the Fed could signal a slower path of rate cuts in 2025. An inflation surprise to the upside could also test the stock market’s rally.
The Simpsons take the field during MNF: For the second year, the NFL and Disney will broadcast an animated version of a Monday Night Football game in real time. The Cowboys and Bengals will be available on ESPN+ and Disney+ with players being represented as cartoon doppelgangers from The Simpsons, similar to the Toy Story game between the Jaguars and Falcons last year. Homer and Bart will take the field, Marge and Lisa will interview players, and Maggie will fly the SkyCam as the NFL attempts to leverage technology to make a game between two sub-.500 teams seem more interesting.
South Korean President Yoon Suk Yeol, who briefly declared martial law before lifting it last week, avoided impeachment by eight votes on Saturday. But the turmoil is only growing: Prosecutors have begun investigating Yoon for treason and abuse of power.
Moana 2 recorded another blowout weekend at the box office—and has now brought in $600 million globally.
Ruby slippers worn by Judy Garland in The Wizard of Oz, which had been stolen from a museum in 2005, sold for a record $28 million at auction. They were expected to sell for $3 million.
Chicago’s elite are losing loads of money on their luxury real estate.
Five things you may not have known about Notre Dame following its reopening this past weekend.
President Bashar al-Assad’s long and brutal reign in Syria has ended....
President Bashar al-Assad’s long and brutal reign in Syria has ended. After 13 years of civil war, Syria’s rebel fighters have stormed the capital, Damascus, and claimed victory.
The government’s forces fled without significant resistance as rebel fighters poured into the city. Assad resigned and left Syria, Russia said, but his location could not be confirmed. The rebels appear to have taken over the state television, and they announced Syria to be “free of the tyrant.”
The country’s prime minister, who remains in Damascus, said he would work on a transition government. The rebels called on their forces to stay away from public institutions until they could be formally handed over.
The rebels said they are now continuing their advance into the east.
UPDATE: President Bashar al-Assad of Syria has arrived in Russia after fleeing his country, according to Russian state media and two Iranian officials, a stunning fall for the longtime dictator who lost his hold on power to a lightning-fast offensive by rebels who took control of Damascus on Sunday.
An attempt to impeach South Korean President Yoon Suk Yeol failed on Saturday, prolonging the political upheaval and uncertainty that have roiled the country since his short imposition of martial law this week.
The opposition’s impeachment effort was foiled by the president’s People Power Party, which said shortly before the assembly session that they had agreed to oppose the bill. The assembly needed a two-thirds vote from the 300-member assembly to impeach, requiring at least eight defections from Yoon’s party.
US drillers add oil and gas rigs for first time in 8 weeks
U.S. energy firms added seven...
U.S. energy firms added seven oil and gas rigs this week, bringing the total to 589 as of December 6, the highest since mid-September, according to Baker Hughes. Despite the increase, the rig count remains 37 rigs, or 6%, below last year’s levels.
Oil rigsrose by five to 482, the highest since mid-October, while gas rigs increased by two to 102, the highest since early November. The overall rig count dropped about 20% in 2023 amid declining prices, inflation-driven costs, and a shift toward financial discipline over production growth.
U.S. oil futures are down 6% in 2024, following an 11% drop in 2023. However, gas futures have rebounded, up 23% this year after plunging 44% in 2023.
The EIA forecasts U.S. crude production will grow from 12.9 million barrels per day (bpd) in 2023 to 13.2 million bpd in 2024 and 13.5 million bpd in 2025. On the gas side, output is projected to decline for the first time since 2020, falling to 103.4 billion cubic feet per day (bcfd) in 2024, down from a record 103.8 bcfd in 2023, as reduced drilling activity impacts supply.
Independent E&P companies plan to keep 2024 spending flat compared to 2023, following significant spending increases in prior years.
