Irans Oil Industry after comments by President Biden. Welcome to business today, live from new york, i m ritika gupta. Share prices in the us have been searching after great news regarding the us economy. The strike on the East Coast ports has also been suspended. It is not all positive news, though. Oil markets are still reeling from a comment by President Biden on thursday that the White House is discussing whether to support an attack by israel on Irans Oil facilities. This is how one of the key benchmarks Brent Crude was trading in the last 15 minutes if it stays at these levels it will be up around 10 per cent this week. One Oil Market Watcher told us he is astounded by the president s comment. In over 15 years of covering the energy markets, reporting them and dare i say, trading on the markets as well, i have never seen anything. This is quite unprecedented. Whether its off the cuff or not, for a sitting us president , just a little over four weeks from the american president i
Your people back into their homes, you dont escalate to deescalate. And obviously now, with the iranian retaliation, israelis are in their shelters as they go into the new years holiday weekend. Ben . Yeah. I think, you know, since October 7th, the Biden Administration has had a number of goals, one was to provide support to israel as it aims to go after hamas, but then also one of the principle goals of u. S. Diplomacy since October 7th had been avoiding deescalation into lebanon, precisely because i think there was an understanding that lebanon could be kind of the Trip Wire to this broader regional war that essentially, you know, it is one thing if there is a conflict In Gaza, that alone is destabilizing enough and is obviously brought a tremendous Human Toll and has grinded on for a full year. But the concern has always been that if israel launched a Ground Operation and significantly escalated things in lebanon that could draw iran into a conflict in a direct way as were seeing to
Largest cities. Finally, we have not seen it yet but it is very likely that china is likely to have another round of fiscal stimulus. I will say that this is something that we have not seen in a few years, not since early 20102 after the global financial crisis. I think it is a clear message that the government is willing to increase support for economic growth and people s confidence. Talking of efforts to try and reboot growth. Thailand will start handing out $300 to every citizen part of a $14 billion stimulus package. The scheme has been criticised by economists, including two former central bank governors who say it is fiscally irresponsible. The government rejects that, but has struggled to find sources of funding. The japanese market has fallen by more than 4%, a reaction to the leadership contest for the country s next prime minister. He is a known critic of the extraordinary stimulus and has signalled he would support more interest rate hikes. A stronger currency ways on r
And now Vice President Kamala Harris, who is about to speak at a rally in wisconsin at this moment, these are live images, is taking full advantage of the shocking revelations about robinson. Today. Billboards like this just popped up like this one. It features trump alongside robinson and a picture is plastered across North Carolina. Obviously North Carolina for trump is a mustwin state. Hes actually going to be there in less than 24 hours. He knows he has to win. The billboard reads it, puts quotes around it. We have to cherish mark. Hes an outstanding person, an incredible gentleman. So he said, okay, its a democratic ad. Weve got to check these quotes, make sure to tempt really say those specific that a cherished robinson well, here he is to cherish marquee to start, yet they chose him. Its like the Fine Line because thats what you have. You have a fine one. He isnt outstanding person they could have put hes like a fine wine on there. I mean, you know, you already said it now, robi
Cut of half a Percentage Point on wednesday has spurred investors sending us markets into record highs. Traders cheered the Central Banks big call cutting the main Interest Rate to between 4. 75 and 5 . Opening the door with a bang on the first rates Easing Cycle in more than four years. President biden hailed the move as good news for consumers but said there was more work to be done in taming inflation. Lets be clear. The fed lowering Interest Rate is not a declaration of victory, its a declaration of victory, its a declaration of victory, its a declaration of progress. Its a Signal Weve entered a new phase for a colony and are recovery. I believe its important for the country to recognise this process because we dont, the progress we made will remain locked in the fear of negative mindset dominating our economic outlook since the pandemic began. Fed officials have made it clear that this cut was only the beginning and investors seem to have liked what they heard. For more, lets get