Podcast Summary
Biden-Harris twist: The Biden-Harris twist had minimal impact on the markets, with stock futures gaining and Bitcoin recovering, while the broader market was already coming off a rough week and the PBOC's rate cut contributed to lower interest rates.
The withdrawal of President Joe Biden from the presidential race and his endorsement of Vice President Kamala Harris had a minimal impact on the markets as of Monday. Stock futures gained ground, but the broader market was coming off a rough week. The People's Bank of China's surprise rate cut also contributed to lower interest rates. Elsewhere, Goodyear Tire and Rubber Company announced it would sell its off-the-road tire business to Yokohama Rubber Company for $905 million. This is part of Goodyear's strategic transformation plan. Bitcoin, which was initially affected by the Biden-Harris twist, has since recovered and is currently up 0.4 percent at $67,000. TS Lombard predicts that the Biden-Harris twist will not have a significant impact on markets for now.
Woodside Energy, Tellurian acquisition: Woodside Energy aims to acquire Tellurian for $1.2 billion, securing a loan for Driftwood LNG site activities and aiming to become a global LNG powerhouse
Woodside Energy is making a strategic move to acquire Tellurian for $1.2 billion, positioning itself to become a global LNG powerhouse. The deal, expected to close by early 2025, includes a loan of up to $230 million to ensure the Driftwood LNG site activities continue. Meanwhile, in the business world, the Farnborough International Air Show is capturing the industry's attention, with notable appearances from Boeing, Embraer, Airbus, and Textron. Crude oil is currently down 0.1% at $78 a barrel, while the FTSE 100 and DAX are up 0.7% and 1.2% respectively. Serve Robotics is making waves with a 44% pre-market increase following NVIDIA's acquisition of a stake in the company. Keep an eye on the Chicago Fed National Activity Index at 8:30 AM. Stay informed with Seeking Alpha's premium subscription for comprehensive stock and ETF news, analysis, ratings, and data.