Zig’s Place Chatroom News Friday AM 10-15-21

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butterfly   The stability of oil prices for the second day in a row, to $ 84 a barrel

Thursday 14 October 2021 Oil prices recorded stability for the second day in a row.  In the latest update today, the price of Brent crude reached $83.33, while the price of the OPEC basket reached $82.37.

The price of a barrel (Arabian ultra-light) recorded $ 82.37, while the price of Basra Light crude was $ 81.93, and the heavy of it was $ 76.71. https://ninanews.com/Website/News/Details?key=933173

butterfly   The rise in oil prices is driven by the scarcity of supply in the coming months

Friday 15 October 2021 Oil prices jumped today, Friday, heading towards achieving weekly gains of more than 2%, amid increasing evidence of a tight supply during the next few months, with increased expectations of switching to oil products in light of the sharp rise in natural gas and coal prices.

Brent crude futures rose 28 cents, or 0.3 percent, to $ 84.28 a barrel at 0156 GMT, after rising 82 cents in the previous session, heading towards a rise of 2.3 percent during the week.”

US West Texas crude futures also rose 30 cents, 0.4%, to reach To $ 81.61 a barrel, after an increase of 87 cents yesterday, Thursday, to be on the verge of achieving a weekly gain of 3%.

Analysts pointed to a sharp decline in oil stocks in the Organization for Economic Cooperation and Development, to reach their lowest level since 2015, according to Reuters.

Demand has rebounded with the recovery from the Covid-19 pandemic, as well as the industry shifting from gas and coal, whose prices have soared, to fuel oil and diesel for energy. https://ninanews.com/Website/News/Details?key=933326

butterfly   Al-Zubaidi calls on political figures and blocs to accept the results of the elections and expedite the convening of the new parliament session

Friday 15 October 2021 The independent politician Thaer Munir Farhan Al-Zubaidi called on all participants in the electoral process, including personalities and political blocs, to accept the results in order to cross Iraq to safety.

Al-Zubaidi said in a statement: "The acceptance of the election results is important, especially after the international praise for the work and procedures of the Electoral Commission."

He added, "The speedy announcement of the final results and the approval of their elimination is a necessary step to not accept the delay in starting the new parliament's sessions and taking other constitutional steps."

He stressed the need to expedite agreement on the formation of the new government and the need to achieve what the winners pledged to implement their electoral programs. https://ninanews.com/Website/News/Details?key=933306

butterfly   Guterres: 40% of the world's population cannot afford healthy food

Friday 15 October 2021 The Secretary-General of the United Nations, Antonio Guterres, announced that about 3 billion people, or about 40 percent of the planet's population, cannot afford a healthy diet.

Guterres said in a video address on the occasion of World Food Day, today, Friday, "40 percent of humanity cannot afford a healthy diet, which is equivalent to 3 billion people. Hunger is increasing ... and the number of people suffering from malnutrition and obesity is increasing," according to what the agency quoted TASS.

"Guterres noted that the situation in this area has seriously deteriorated due to the Corona pandemic and the economic issues it caused, adding that about 140 million people in the world suffer from food shortages."

He continued, "At the same time, the methods we use to grow, eat and remove food are placing a heavy burden on our planet. They are creating an unprecedented burden on our resources, our climate and our environment, and costing us trillions of dollars." https://ninanews.com/Website/News/Details?Key=933360

butterfly   The Presidents of the Republic and the Judicial Council call on all parties to calm down and give priority to the national interest

Friday 15 October 2021 The Presidents of the Republic, Barham Salih and the Supreme Judicial Council, Judge Faiq Zaidan, called on all parties to adopt a responsible national stance that takes into account the supreme interest of the country, a commitment to calm, the language of reason prevailing, and to avoid any escalation that might affect societal peace and security.

And they stressed in a joint statement: "The need for concerted efforts to meet the national aspirations that await the country by forming a parliament that expresses the will of the people and responds to their aspirations for reform and development, and works to form an effective government that protects the higher interests of the country by consolidating a capable state that achieves the aspirations of the people towards a better future."

And they added: “Based on our natoinal, constitutional and legal responsibilities, and in the interest of the integrity of the constitutional process and the democratic path in the country, and emphasizing the need to protect the interests of Iraqis, and in the interest of the country’s security and stability, and working not to be drawn into any escalation that might affect public security, we stress that recourse to the The people are a basic and constitutional principle as the source of the legitimacy of government, and that elections are a national entitlement and a peaceful democratic path to return to the citizens and their choices, and the necessity of achieving Iraqis’ confidence in the electoral process to be an expression of their true will.

butterfly   Regarding the objections based on the conduct of the electoral process, between Saleh and Zaidan in their statement: “It is acceptable within the legal context, and that dealing with it is in accordance with the constitution and the law to be the final decision,” stressing their support for the Electoral Commission and the competent judicial body to follow up on this file and to take care and complete seriousness in considering all complaints and appeals Provided the electoral process with high professionalism, responsibility and complete impartiality.

They called on all parties to adopt a responsible national stance that takes into account the supreme interest of the country, to abide by calm, to prevail over the language of reason and to avoid any escalation that might affect societal peace and security, and the need for concerted efforts to meet the national demands that await the country by forming a parliament that expresses the will of the people and responds to their aspirations for reform and development.

And it works to form an effective government that protects the higher interests of the country by consolidating a capable state that achieves the aspirations of the people towards a better future.” https://ninanews.com/Website/News/Details?key=933347

butterfly   2021-10-15 03:34   Shafaq News / The dollar headed for its first weekly decline versus major peers since the start of last month on Friday as global risk appetite rebounded, while the Japanese yen headed for a three-year low and the price of bitcoin hit nearly $60,000.

The dollar index slipped 0.1% to 93.9 and was down 0.2% for the week in what would be its first weekly loss in six weeks. The greenback tends to rise when investors seek safety.

Global stock markets have rallied this week as fears about a stagflationary economy have been eased by forecast-beating corporate earnings in the United States.

Analysts said investors long dollars had been squeezed out of their positions in the past few days, and inflation data did not support a further rise in the currency.

The greenback had rallied since early September on expectations the U.S. central bank would tighten monetary policy more quickly than previously expected amid an improving economy and surging energy prices.

Minutes of the Fed's September meeting confirmed this week that a tapering of stimulus is all but certain to start this year, although policymakers are sharply divided over inflation and what they should do about it.

Money markets are currently pricing in about 50/50 odds of a 25 basis point rate hike by July.

The next major glimpse of the U.S. economy's health comes later on Friday with the release of retail sales figures.

The euro edged up 0.1% to $1.1611 after touching $1.1624 on Thursday for the first time since Sept. 4.

In cryptocurrencies, bitcoin rallied as high as $60,000, an almost six-month peak, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.   Source: Reuters

butterfly   2021-10-15 04:22   Shafaq News / Bitcoin hit $60,000 for the first time in six months on Friday, nearing its record high, as traders grew confident that U.S. regulators would approve the launch of an exchange-traded fund (ETF) based on its futures contracts.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, whose recent rally has been fuelled in part by anticipation of such a move, which is seen as speeding up the mainstream adoption of digital assets.

Bitcoin , the world's biggest cryptocurrency, rose 4.5% to its highest level since Apr. 17 and was last at $59,030. It has risen by more than half in value since Sept. 20 and is now close to its all-time high of $64,895.

The U.S. Securities and Exchange Commission (SEC) is set to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday.

Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Crypto ETFs have been launched this year in Canada and Europe.

SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.

The Bloomberg report, citing people familiar with the matter, said that proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide "significant investor protections".

The SEC did not immediately respond to a request for comment on the Bloomberg report.  Source: Reuters\ 

butterfly   2021-10-14 07:08   Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $206 million in foreign currency today, Thursday.

Shafaq News Agency correspondent said that the CBI sales of foreign currency in today’s auction amounted to $206,422,600.

Our correspondent explained that nine banks and 17 exchange companies cashed $40.660 million, while the $165,877,785 went to boost funds abroad in the form of credit and non-cash transactions, with 34 banks meeting those demands. https://www.shafaq.com/en/Economy/CBI-sales-in-the-currency-auction-decline-today-8

butterfly   2021-10-15 02:59   Shafaq News/ The independent candidate Basem Khashan said that the winning lists emanating from the Tishreen protests have two options, either to proceed with forming the new federal government, or to form a "strong and influential" opposition bloc.

Khashan said in a statement today, "We, the independent representatives and winners in the lists of the parties emanating from October, obtained a large percentage of the people's votes, and we seek to take over the formation of a national government according to rules that satisfy the people and protect their rights," considering this an "entitlement imposed by the election results on everybody".

"We can move Iraq to the land of security, development, stability, construction, and equality," he said.

Khashan added, "We want to build Iraq, and we have only two options: to form a government accepted by the people who elected us, or to be a strong and influential opposition bloc based on massive popular support." https://www.shafaq.com/en/Iraq-News/Independent-candidates-either-we-form-the-new-government-or-an-opposition-bloc

Butterfly   Oil Minister Ihsan Abdul Jabbar has reportedly told reporters that Iraq hopes LUKoil will keep its stake in the West Qurna-2 oil field.

Russian news agency TASS quotes the Minister as saying that Iraq is "negotiating improvement of conditions" for the project.

In July, Lukoil Chief Executive Vagit Alekperov was quoted as saying that the company may reduce its stake in the field.

(Source: TASS) https://www.iraq-businessnews.com/2021/10/15/iraq-tries-to-persuade-lukoil-to-stay-at-west-qurna/

butterfly   The Takeaway: Sunni ‘awakening’ is a big story from Iraq’s elections

Also: Press freedom under threat in Tunisia; Sisi backs Saied emergency measures; Palestinian video game banned in Israel; Syrian opposition considers merger in Idlib; Egypt praised for restoring Jewish synagogue; all in less than 1,300 words! https://www.al-monitor.com/originals/2021/10/takeaway-sunni-awakening-big-story-iraqs-elections

butterfly   Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th Oct 2021).

Note: ISX will be closed on Monday (Oct. 18) due to the religious holiday of the Prophet's Birthday. The next trading session will be held on Tuesday.

Please click here to view a table of listed companies and their associated ticker codes. https://www.rs.iq/companies

The RSISX index ended the week at IQD930 (-0.2%) / $813 (-0.2%) (weekly change) (+28.2% and +22.6% YTD change, respectively). The number of week traded shares was 1.0 bn and the weekly trading volume was IQD1.2 bn ($0.8 mn). https://www.iraq-businessnews.com/2021/10/15/iraq-stock-market-report-351/

Sheila   Article - Interesting read: Supply Chain Backlog to Last Until Summer of Next Year, Despite 24/7 Operating Hours: Officials

https://www.theepochtimes.com/mkt_morningbrief/supply-chain-backlog-to-last-until-summer-of-next-year-despite-24-7-operating-hours-officials_4050167.html?utm_source=morningbriefnoe&utm_medium=email&utm_campaign=mb-2021-10-15&mktids=f0bd5fcee2775e95a33c1421e3d706d4&est=y9hRqdjQIgIEVMtPjA%2Ful36cIkY88gUqBg4CqF7MN4sDb0rcMurlJyXD%2FDtIndsM4wgH0A%3D%3D

Doug_W   Products made in America do NOT get hung up on a ship waiting to come in

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