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James and Cavaliers Win Thrilling NBA Finals Game 7, 93-89

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LeBron James

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.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Markets Today – Under Pressure, US Data, Oil, Gold, Bitcoin

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By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA

Stock markets have fallen heavily in June so it seems only fitting that they’re ending the month with big losses as reality continues to bite.

There’s no getting away from recession chat and while the heads of the Fed, ECB and BoE didn’t exactly fuel that during their panel discussion on Wednesday, they didn’t do anything to dispel it either. They all know that there’s a strong likelihood of recession this year or next and investors are increasingly accepting that fate as well.

There’s been a plethora of economic data from across Europe this morning, mostly tier two and three, and it was a bit of a mixed bag. The labour market figures, for example, remain strong with the anomaly being Germany but this was heavily distorted by the integration of Ukrainian refugees into the labour market. Underlying numbers remain in good shape even if across the bloc, employment growth is expected to slow.

It’s impossible to ignore the fact that households are being squeezed and we’re seeing that appear in the data, particularly in the UK which will probably fall into recession later this year. But it is unlikely to be alone in that which is why bear-market rallies are proving to be so short-lived.

US inflation boost but spending slips

US inflation data was unusually encouraging ahead of the open. Perhaps that’s getting a little carried away but it didn’t deliver another crushing below so maybe this feeling is actually relief rather than joy. The core reading was a little better than expected at 0.3%, in line with April, while the headline also fell a little short of expectations at 0.6%.

The income and spending data were arguably less encouraging. Earnings rose 0.5% as expected, a slight acceleration from April, while spending rose only 0.2%, a big drop from 0.9% a month earlier and half the forecast. Another sign of the squeeze taking a toll on households? The US economy is among the best positioned to fend off a recession but it’s not completely immune to the cost-of-living crisis. It may be catching up.

Oil lower as OPEC+ sticks to August target

Oil prices are modestly lower on Thursday, further paring recent gains following yesterday’s reversal. As expected, OPEC+ stuck to its planned 648,000 barrel increase in August and refrained from any decision beyond then which could add an element of uncertainty to future targets, particularly given recent reports that even Saudi Arabia and UAE are running near capacity.

The global economic uncertainty doesn’t make planning ahead any easier, either. The prospect of a recession has created more two-way price action in recent weeks, preventing any unsustainable surges in the price of crude as China reopened and the OPEC+ deficit increased. ​

Gold slightly buoyed by inflation data

Gold has been trending lower over the last couple of weeks but remains in its early summer range between $1,800 and $1,870. It’s really struggled for direction over the last couple of months despite the volatility in the broader financial markets. It has been like a deer in the headlights, unable to process and respond to the wicked combination of higher inflation, faster monetary tightening and recession fears.

It received a boost from the slightly softer PCE reading from the US, a rare bit of good news when it comes to inflation data. It’s not exactly a massive win, especially when paired with weak spending but it could be worse. Yields fell a little after the data, enabling gold to get back into positive territory for a while.

Bitcoin crumbling

Bitcoin has been hanging on in there around $20,000 but its resilience may finally be crumbling under pressure, with the cryptocurrency sliding more than 5% today to trade at around $19,000. This could be really bad news for the crypto space and may even trigger much more severe declines in the coming weeks.

The forced liquidation of Three Arrows Capital may have contributed to the latest decline as traders are left to wonder what other leveraged firms will follow in its footsteps. The fear alone could deliver another hammer blow to crypto valuations before the dust settles.

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Crude Oil

Oil Prices Sustain Bullish Run for Fourth Consecutive Session

Global oil prices appreciated for a fourth consecutive session after it became clear OPEC and allies can not meet their production targets any time soon.

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Crude Oil - Investors King

Global oil prices appreciated for a fourth consecutive session after it became clear OPEC and allies can not meet their production targets any time soon.

Brent crude oil, against which Nigerian oil is priced, appreciated to $120 a barrel as of 3:20 pm Nigerian time on Wednesday. Representing an increase of $12 from $108 a barrel traded a week ago.

The U.S. West Texas Intermediate (WTI) rose to $112.37 per barrel, up from $99.33 per barrel a week ago.

The increase in prices was a result of sanctions imposed on about 1/5 of global supply by western nations. Russia, one of the world’s largest crude oil producers, was sanctioned for waging war against Ukraine, and eventually, disrupting the global economy.

“Given that almost 1/5 of global oil producing capacity today is under some form of sanctions (Iran, Venezuela, Russia), we believed there is no practical way to keep these barrels out of a market that was already exceptionally tight,” JP Morgan said in a research note.

This concern over global supply outweighed worries about a weaker global economy ahead of the projected economic recession in developed nations, especially with developed economies raising interest rates to curb escalating inflation numbers.

“Investors made position adjustments, but remained bullish on expectations that Saudi Arabia and the United Arab Emirates would not be able to raise output significantly to meet recovering demand, driven by a pick-up in jet fuels,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

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Oil Price Rally as Major Producers Flag Capacity Limits

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Oil

Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly, while political unrest in Libya and Ecuador added to supply concerns.

U.S. West Texas Intermediate (WTI) crude futures rose $1.8, or 1.6%, to $111.36 a barrel by 0644 GMT, extending a 1.8% gain in the previous session.

Brent crude futures climbed $1.9, or 1.7%, to $116.99, adding to a 1.7% rise in the previous session.

The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations.

“A seam of tight supply news bolstered the market. Two major producers, Saudi Arabia and the UAE, are said to be at, or very close to, near‑term capacity limits,” Commonwealth Bank commodities analyst Tobin Gorey said in a note.

UAE Energy Minister Suhail al-Mazrouei said on Monday UAE was producing near maximum capacity based on its quota of 3.168 million barrels per day (bpd) under the agreement with OPEC and its allies, together called OPEC+.

His comments confirmed remarks by French President Emmanuel Macron who told U.S. President Joe Biden on the sidelines of the Group of Seven nations meeting that the UAE was producing at maximum capacity and that Saudi Arabia could increase output by only 150,000 bpd, well below its nameplate spare capacity of around 2 million bpd.

Analysts also warned political unrest in Ecuador and Libya could tighten supply further.

Libya’s National Oil Corp said on Monday it might have to declare force majeure in the Gulf of Sirte area within the next three days unless production and shipping resume at oil terminals there.

Ecuador’s Energy Ministry said the country could suspend oil output completely within the next two days amid anti-government protests. The former OPEC country was pumping around 520,000 barrels per day before the protests.

Those factors underscore shortages in the market, which have led to a rebound this week, countering recession jitters that weighed on prices over the previous two weeks.

But analysts from Haitong Futures said market sentiment remains fragile with people waiting for clearer guidance for the next move and geopolitical factors in focus.

Leaders of the G7 are discussing a potential price cap on Russian oil that would hit President Vladimir Putin’s war chest while also lowering energy prices.

A French presidential official also called on global powers to explore all options to alleviate a Russian squeeze on energy supplies that has spiked prices, including talks with producing nations like Iran and Venezuela.

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