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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.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Markets

Markets Today – Inflation, Jobless Claims, Boris Blunder, Oil, Gold, Bitcoin

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outlook

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

It’s been a rollercoaster start to the year and as we head into earnings season, it’s hard to say exactly where investors stand.

Blocking out the January noise is one thing but it’s made far more complicated by omicron, inflation, and the rapid evolution of monetary policy. Yesterday’s reaction to the inflation data was a case in point. The data mostly exceeded expectations, albeit marginally, while headline inflation was a near 40-year high of 7%. And yet the response was broadly positive.

I get that traders were perhaps fearing the worst and, as I’ve referenced before, it does feel like markets are at peak fear on US monetary policy which could make relief rallies more likely. But there is also underlying anxiety in the markets that could make for some volatile price action for the foreseeable future.

Perhaps earnings season will bring some welcome normality to the markets after a period of fear, relief, and speculation. The fourth quarter is expected to have been another strong quarter, although the emergence of omicron will likely have had an impact during the critical holiday period for many companies. Of course, as we’ve seen throughout the pandemic, that will likely have been to the benefit of others.

And while earnings season will provide a distraction, it is happening against an uncertain backdrop for interest rates and inflation which will keep investors on their toes. It does seem that investors are on the edge of what they will tolerate and it won’t take much to push them over the edge. Which will be fine if we are near the peak of inflation, as many expect.

The data today looks a mixed bag on the face of it, with jobless claims coming in a little higher than expected, which may be down to seasonal adjustments. The overall trend remains positive and continues to point to a tight labor market. The PPI data on the other hand will be welcomed, with the headline number slipping to 0.2% month on month. Perhaps a sign of supply-side pressures finally starting to abate which will come as a relief after inflation hit a near-40 year high last month.

Sterling solid as pressure mounts on Boris

It seems impossible to ignore the political soap opera currently taking place in the UK, with Prime Minister Boris Johnson once again in the public firing line after finally admitting to attending an office party in May 2020.

In other circumstances, uncertainty around the top job in the country could bring pressure in the markets but the pound is performing very well. Perhaps that’s a reflection of the controversy that forever surrounds Boris, and we’re all therefore numb to it, or a sign of the environment we’re in that the PM being a resignation risk is further down the list when compared with inflation, interest rates, omicron, energy prices etc.

Oil remains bullish near highs

Oil prices are easing again today after moving back towards seven-year highs in recent weeks. It was given an additional bump yesterday following the release of the EIA data which showed a larger draw than expected. But with crude already trading near its peak, it maybe didn’t carry the same momentum it otherwise would.

The fundamentals continue to look bullish for gold. Temporary disruptions in Kazakhstan and Libya are close to being resolved, with the latter taking a little longer to get fully back online. But OPEC being unable to hit output targets at a time when demand remains strong is ultimately keeping prices elevated and will continue to do so.

A big test for gold

Gold is off a little today but the price remains elevated with key resistance in sight. The yellow metal has remained well supported in recent weeks even as yields around the world continue to rise in anticipation of aggressive tightening from central banks.

It could be argued that the bullish case for gold is its reputation as an inflation hedge, especially given central banks’ recent record for recognizing how severe the situation is. But with inflation likely nearing its peak, that may not last. That said, fear around Fed tightening may also be peaking which could support gold in the short-term and a break through $1,833 could signal further upside to come.

Can bitcoin break key resistance?

Bitcoin is enjoying some relief along with other risk assets and has recaptured $44,000, only a few days after briefly dipping below $40,000. That swift 10% rebound is nothing by bitcoin standards and if it can break $45,500, we could see another sharp move higher as belief starts to grow that the worst of the rout is behind it. It looks like a fragile rebound at the moment but a break of that resistance could change that.

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Crude Oil

Brent Crude Oil Trading at $84.53 a Barrel

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Crude Oil - Investors King

The increase in Omicron variant cases has cast doubt on demand for crude oil in the near-term and trimmed gains recorded earlier in the week on Thursday during the Asian trading session.

The brent crude oil, against which Nigerian oil is priced, pulled back from $85.16 per barrel on Wednesday to $84.53 per barrel at 9:50 am Nigerian time on Thursday.

The uncertainty surrounding the highly contagious Omicron variant and its impact on fuel demand has shown by the U.S Energy Information Administration on Wednesday dragged on the global crude oil outlook.

The data released on Wednesday revealed that gasoline stockpiles rose by 8 million barrels last week, way higher than the 2.4 million barrel increase projected by experts. Suggesting that demand for the commodity is gradually waning in response to omicron.

“Gasoline demand was weaker-than-expected and still below pre-pandemic levels, and if this becomes a trend, oil won’t be able to continue to push higher,” OANDA analyst Edward Moya stated.

However, in a note to Investors King, Craig Erlam, a senior market analyst, UK & EMEA, OANDA, expected the impact of omicron to be short-lived. Libya’s inability to ramp up production after outage and OPEC plus continuous failure to meet production target are expected to support crude oil in the main term even with Kazakhstan expected to get back to pre-disruption levels in a few days.

“With omicron seen being less of a drag on growth and demand than feared. Combine this with short supply and there may be some room to run in the rally as restrictions are removed. Of course, Covid brings unpredictability and zero-covid policies of China and some others bring plenty of downside risk for prices,” he said.

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Commodities

Soybean Oil Prices to Rise by 4% in 2022 Over Increase in Demand for Biofuels

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Soybean Oil

In 2022, global soybean oil prices, driven by an increase in the demand for biofuels, have been projected to rise by about 4 percent, to $1,425 per tonne; a market report from IndexBox reveals.

According to the IndexBox report, the growing demand for biofuels, especially in Asia, will increase the prices of soybean oil globally.

The platform put it that in 2021, the average annual soybean oil price rose by 65 percent year-on-year to $1,385 per tonne, from $838 per tonne. Strong demand and high freight rates in China, which is the world’s second-largest importer of soybean oil, resulted in the most rapid price growth of the commodity in the third quarter (Q3) of the same year. Weather-related disruptions to production in South America also caused soybean oil prices to rise fast.

In 2020, IndexBox estimates that soybean oil purchases in the foreign markets rose by 7.5% to 13 million tonnes, increasing for the second year in a row after three years of decline. In value terms, soybean oil imports have grown notably to $10.3 billion.

India was the highest importing country with a purchase volume of around 3.7 million tonnes, accounting for 28% of global supplies. China ranked second with a purchase volume of 963 thousand tonnes.  Algeria (670 thousand tonnes) and Bangladesh (666 thousand tonnes) were ranked as the third and fourth major importing country.

The four countries altogether accounted for about 17% of total soybean oil imports. Coming behind as the fifth-highest importer is Morocco (547 thousand tonnes), followed by Mauritania (537 thousand tonnes), Peru (521 thousand tonnes), South Korea (390 thousand tonnes), Colombia (378 thousand tonnes), Venezuela (373 thousand tonnes), Egypt (243 thousand tonnes), Poland (229 thousand tonnes) and Nepal (215 thousand tonnes).

India in value terms ($3 billion) being the largest market for soybean oil imports in the world, accounted for 29 percent of global imports. The second position in the ranking was taken by China ($725 million) with a 7 percent share. North African country, Algeria came third with a share of 4.6 percent of the total value.

Top Soybean oil exporters

In 2020, Argentina was the major exporter of soybean oil (5.3 million tonnes), constituting 42% of total exports. The United States (1238 thousand tonnes), Brazil (1110 thousand tonnes), Paraguay (631 thousand tonnes), the Netherlands (615 thousand tonnes) and Russia (611 thousand tonnes) follow, altogether accounting for 33% of global supplies. Meanwhile, Spain (387 thousand tonnes), Bolivia (377 thousand tonnes), Ukraine (302 thousand tonnes), Turkey (208 thousand tonnes) and Germany (192 thousand tonnes) had relatively small shares in the total volume.

In value terms, Argentina remains the largest supplier of soybean oil in the world ($ 3.7 billion), which accounts for 39% of global exports. The United States ($ 979 million), with a share of 10% of the total supply is ranked second. Both countries are followed by Brazil with an 8% share.

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