Oakland, Calif. (AP) — LeBron James cradled the shiny gold trophy and struggled to sum up what might be his sweetest championship yet, the one he is so proudly bringing home to his native northeast Ohio just as he promised to do when he returned to the Cavaliers two summers ago.
Later, flanked by his three children on Father’s Day, a cigar between his lips and winning net as a necklace with the lingering stench of champagne, James began to understand the magnitude of his accomplishment for Cleveland after a half-century wait.
“I’m coming home with what I said I was going to do,” he said, adding, “I can’t wait to get off that plane, hold that trophy up and see all our fans at the terminal.”
James and his relentless, never-count-them-out Cavs pulled off an improbable NBA Finals comeback, and Cleveland is title town again at long last.
James delivered on a vow to his home state and brought the Cavs back from the brink as they became the first team to rally from a 3-1 finals deficit, beating the defending champion Golden State Warriors 93-89 on Sunday night to end a 52-year major sports championship drought in Cleveland.
“I’ve never seen a man in my life tell an entire state: ‘Get on my back, I got you. Get on my back and I’m going to carry you. I don’t care if we fail, I’m going to wake up the next morning and I’m going to start working out and prepare for the next year,'” Richard Jefferson said. “… He was like, ‘I’m going to come back home because I promised them that I would do something.’ And he carried us the whole way.”
In a testy series of blowouts — and a few blowups — the winner-take-all Game 7 provided the thrilling finale with James as the finals MVP disarming two-time reigning MVP Stephen Curry and his record-setting Warriors.
The native of Akron rattled off moments from the lengthy list of Cleveland sports heartbreak and said what it meant for him to personally bring the Cavaliers their first championship.
Playing his sixth straight finals, James almost single-handedly carried the Cavs back into this series and finished with 27 points, 11 assists and 11 rebounds as the Cavs gave their city its first major sports winner since the Browns won the NFL title in 1964. He also had three blocked shots, including a key one of Andre Iguodala on a fast break in the final minutes.
An emotional James fell to the floor when this one ended with a second win in a week on Golden State’s imposing home floor, surrounded by his teammates. Only moments earlier, he went down in pain with 10.6 seconds left after being fouled by Draymond Green while going for a dunk, then came back out to make the second of two free throws.
After four successful seasons in Miami and two titles with the Heat, James came back to the Cavs in hopes of winning the title this franchise and championship-starved city so coveted. It took a second try against Golden State after Cleveland lost to the Warriors in six games last year.
“I was calm. I was focused. I was locked in,” James said.
Cleveland did it after a coaching change, with Tyronn Lue taking over in January for the fired David Blatt.
“We made history tonight,” Lue said. “Cleveland, Ohio, we’re coming back, baby!”
Kyrie Irving scored 26 points to cap his brilliant finals, including a 3-pointer over Curry with 53 seconds left.
Curry sat briefly on the bench to take in the scene after the Warriors made their last basket with 4:39 left.
“It hurts, man,” Curry said. “Just proud of every single guy that stepped foot on the floor for our team this year. … Hopefully we’ll have many more opportunities to fight for championships and be on this stage because this is what it’s all about.”
Green had 32 points, 15 rebounds and nine assists, but the Warriors’ record-setting season ended without the only prize this close-knit “Strength In Numbers” crew cared about from way back in the beginning — through the record 24-0 start as Coach of the Year Steve Kerr was out, Curry’s second consecutive MVP campaign, and the 73 regular-season wins to break the 1995-96 Chicago Bulls’ mark.
As Cleveland celebrated in the trophy ceremony, Green returned to the floor to congratulate the Cavs. He stopped by the winning locker room, too, and Warriors general manager Bob Myers brought in the freshly cut nets.
Golden State might always be remembered as one of the best teams ever that couldn’t close it out, and Green is taking at least a good share of the blame after he sat out Game 5 on Monday night suspended for flagrant fouls.
The Cavs staved off elimination twice to force Game 7 back at Oracle Arena, where the Warriors went up 2-0 with a pair of lopsided wins to start this series.
Cleveland became just the fourth team to win an NBA Finals Game 7 on the road.
Curry — who said beforehand he needed the best game of his career — scored 17 points on 6-for-19 shooting, while Splash Brother Klay Thompson added 14 points while making 6 of 17 shots.
“I didn’t do enough to help my team win,” Curry said. “It will haunt me for a while.”
President Barack Obama, an avid basketball fan, returned to Washington aboard Air Force One late Sunday as the game entered its final, tense minutes. He watched until the end and did not come down the stairs until moments after the Cavs won.
This time, it will be Cleveland hosting the victory parade on Wednesday. A year ago at home, the Cavs had to watch Golden State win its first title in 40 years.
“Now we have our own parade,” Irving said, “and we’ll celebrate it the way it’s supposed to be celebrated in Cleveland.”
A Nervy Start to the Week
By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA
What could have been a really positive week for equity markets is off to a much more nervy start, with stocks in Europe treading water and US futures slightly lower.
The inflation report on Friday was red hot once more, extinguishing any hope that investors could hop aboard the Fed pivot train and ride stock markets higher into year-end. Perhaps it’s not quite so dramatic but it was a real setback, something we should be used to by now.
The wages component was the killer blow. That was not just a beat, it obliterated expectations and came in double the forecasted number. It may be a blip, but it’s a huge one and it will almost certainly take more than one much cooler report in January to comfort those that still fear inflation becoming entrenched.
That’s ultimately where we’re now up to in the inflation story. Many accept that base effects and lower energy prices will drive the headline inflation figure much lower next year, among other things, while a slower economy – maybe recession – will eventually hit demand and contribute to the decline. But what the Fed fears now is fighting entrenched inflation and these wage numbers won’t make for comfortable reading.
An economic victory for China amid gloomy PMIs
Chinese stocks were the clear outperformer overnight as authorities continued to work towards a softening of the country’s zero-Covid stance with the end goal seemingly being the end of it altogether. It’s thought that it will be downgraded to category B management as early as next month with officials claiming it’s less threatening than previous strains, a huge move away from the rhetoric and approach of the last few years.
This came as the Caixin services PMI slipped to 46.7, much lower than anticipated. That said, I’m not sure anyone will be shocked given the record Covid surge, but the more targeted – albeit seemingly confused – approach being taken has ensured less disruption, as evidenced by how much better the PMI has performed compared with earlier this year.
And it’s not just China that’s seeing surveys underperforming and, in many cases, putting in sub-50 readings. Europe is either already in recession or heading for it and the surveys highlight just how pessimistic firms are despite the winter getting off to a warmer start.
Japan is among the few recording a growth reading, although having slipped from 53.2 in October to 50.3 last month, you have to wonder for how long. Input prices are punishing firms, with some now raising prices in order to pass those higher costs on. That won’t help activity or convince the BoJ to declare victory, as higher energy and food costs are also hitting domestic demand. The one major outlier is India where the services PMI accelerated higher to 56.4 buoyed by domestic and external demand. An impressive feat in this global environment.
Oil higher as China looks to ease Covid restrictions
Oil prices are higher on Monday, rallying 2%, after the G7 imposed a $60 price cap on Russian oil and OPEC+ announced no new output cuts. Both bring a degree of uncertainty, with the details of the cap and the impact on Russian sales still unclear.
From the OPEC+ perspective, it can’t be easy to make reliable forecasts against that backdrop and the constantly evolving Covid situation in China, which currently looks far more promising from a demand perspective. The decision to leave output unchanged was probably the right one for now and there’s nothing to stop the group from coming together again before the next scheduled meeting should the situation warrant it.
A major setback
It goes without saying that the jobs report on Friday was a big setback for gold as it leaves huge uncertainty around where the terminal rate will land. Of course, we should be used to bumps in the road by now, having experienced many already this year. There’s no reason why the path back to 2% should be any smoother.
But the yellow metal did recover those jobs report losses and even hit a new four-month high today. Perhaps the big difference now is momentum. It’s run into strong resistance around those August highs around $1,810 and simply doesn’t have the momentum it would have had the report been cooler. We’re now more than four weeks into the recovery rally in gold and a corrective move of some kind may be on the cards.
Silence is bliss
Bitcoin continues to enjoy a mild relief rally and has even moved above $17,000 to trade at its highest level in almost a month. It’s probably too early to celebrate yet though as these are very cautious gains that could be quickly and easily wiped out by more negative headlines related to FTX. Silence is currently bliss for the crypto community.
Nine Oil Producing States Pocket N625bn in 2 Years
The federal government has revealed that Nine oil-producing states pocket N625.43 billion as 13 percent oil derivation, subsidy, and SURE-P refunds in just two years.
This was made known in a statement released on Friday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu.
According to the statement, the states that benefited from the refunds include Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers States. Garba Shehu, however, added that the states still have about N1.1 billion as outstanding benefits due to them. He added that the refund has been accumulated since 1999.
Making reference to the comments made by the Governor of Rivers State, the Presidency noted that the Buhari-led regime will continue to render equal service to all the states regardless of affiliation, Investors King learnt.
Between October 2, 2021, and January 11, 2022, the presidential spokesman disclosed that the states were paid in eight instalments, while the ninth to 12th instalments are still outstanding.
Meanwhile, Garba recalled that data obtained from the Federation Account Department, Office of the Accountant General of the Federation, showed that a total of N477.2 billion was released to the nine states as a refund of the 13 percent derivation fund on withdrawal from Excess Crude Account (ECA), without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.
“Abia State received N4.8 billion with an outstanding sum of N2.8 billion, Akwa-Ibom received N128 billion with an outstanding sum of N77 billion, Bayelsa with N92.2bn, leaving an outstanding of N55 billion”.
“Cross River got a refund N1.3 billion with a balance N792 million, Delta State received N110 billion, leaving a balance of N66.2 billion, Edo State received N11.3 billion, with a balance of N6.8 billion, Imo State, N5.5 billion, with an outstanding sum of N3.3 billion, Ondo State, N19.4 billion with an outstanding sum of N11.7bn while Rivers State was paid 103.6 billion, with an outstanding balance of N62.3 billion” the statement read.
According to the presidential spokesperson, states also got N64.8 billion as a refund of the 13 percent derivation fund on deductions made by Nigeria National Petroleum Company Limited without payment of derivation to Oil Producing states from 1999 to December.
Garba concluded that the president has approved the outstanding payment of N860.59 billion from the refunds which will soon be released to the benefiting states.
Oil prices have rebounded strongly over the last few days – up around 10% from the lows – buoyed by the prospect of a lower price cap on Russian crude
By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA
We’re seeing green flashing across the board on Thursday, with sentiment buoyed by positive signals on Fed rate hikes and China’s Covid response.
While it could be argued that Jerome Powell’s comments on Wednesday were relatively balanced – slower tightening now but rates high for longer – the last year has proven that anticipating the path of inflation even a short period ahead is incredibly difficult. Knowing what the Fed intends to do next is far more valuable than what it thinks it may do 6-12 months down the line.
And anything that is perceived to reduce to possibility of an interest rate recession is going to be a positive for equity markets. The Fed has every opportunity to tighten more in the months ahead if the data doesn’t play ball. What’s far more difficult is undoing the damage caused by moving too fast now with little to no visibility on how impactful past tightening has been.
The signals coming from China also look very positive. While we shouldn’t expect a dramatic shift in policy from the leadership, particularly before the March Congress, any modest softening in its Covid-zero policy will and should be welcomed. The approach has been extremely damaging to growth and confidence and the protests highlight how public opinion towards it is changing.
We shouldn’t be naive to the fact that a move away from the policy won’t be easy and there’ll be plenty of setbacks. But it’s certainly a step in the right direction that, along with the measures announced to revive the property market, could put the economy on a much better path.
A huge few days for oil markets
Oil prices have rebounded strongly over the last few days – up around 10% from the lows – buoyed by the prospect of a lower price cap on Russian crude, another large production cut from OPEC+ this weekend, and China’s evolving Covid stance. There remains considerable uncertainty surrounding all of the above though which will likely ensure prices remain volatile going into the weekend. That could carry more risk than normal if the OPEC+ meeting does go ahead as planned on Sunday and the EU hasn’t agreed to the price cap level by the close of play Friday. The range of possibilities on these two things alone is huge which will make rumours and speculation over the coming day or two all the more impactful.
Gold testing range highs
Gold bulls were particularly happy with Powell’s comments on Wednesday with the yellow metal rallying strongly to trade at the upper end of its recent range. It faces strong resistance around $1,780 though which was a significant level of support in the first half of the year. With so much data to come over the next day or so, it may not prove particularly resilient if traders are given further hope that rates will rise more slowly and peak lower.
Some relief for cryptos
The risk relief rally is coming at just the right time for bitcoin, helping it to recover from the lows to trade around $17,000. This is around the highs of the last few weeks since it settled after its latest plunge. Whether it will be enough to revive interest in the cryptocurrency, I’m not sure. The FTX fallout is continuing to weigh heavily on the space and the prospect of more contagion or scandals is hard to ignore.
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