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Black Friday U.S. Shoppers Brave Cold, Long Lines in Hunt For Deals

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  • Black Friday U.S. Shoppers Brave Cold, Long Lines in Hunt For Deals

U.S. shoppers formed long lines at store checkout counters on Black Friday to snap up deep discounts on clothing and electronics, offering evidence that a healthy economy and rising wages are translating into stronger consumer spending at the start of retailers’ make-or-break holiday season.

“I am spending more, the mood generally is more upbeat,” said Sharon Neidert, 57, visiting New York City from Ohio. “My daughter moved out this year so I have more disposable income,” said Neidert, a manager at a software company.

One of the busiest shopping days of the year was off to a strong start, said Neil Saunders at GlobalData Retail.

“More people have already shopped than at this point last year, and their average spend is higher,” said Saunders. The average spend of those who already shopped on Black Friday was $407.20, up 2.1 percent over last year, he said. Early shoppers tend to buy bigger ticket items, such as electronics or furniture.

Retail stocks were mixed. Target Corp (TGT.N) fell 2 percent and Kohls Corp (KSS.N) fell 3 percent, shares of Macy’s Inc (M.N) lost 1 percent, while L Brands (LB.N) rose 3 percent. Amazon.com Inc (AMZN.O) and Best Buy Co Inc (BBY.N) were flat; Walmart Inc (WMT.N) gained slightly.

The S&P 500 retailing index .SPXRT dipped 0.2 percent, bucking a 0.4-percent drop for the broader stock market.

The National Retail Federation forecast U.S. holiday retail sales in November and December will increase between 4.3 and 4.8 percent over 2017 for a total of $717.45 billion to $720.89 billion. That compares with an average annual increase of 3.9 percent over the past five years.

About 38 percent of American consumers plan to shop on Black Friday this year, and six in 10 of those shoppers anticipate making at least half of their holiday purchases on that day, a Reuters/Ipsos poll showed last week.

DEAL FRENZY

Shoppers picked up big-ticket items such as TVs, Apple Inc (AAPL.O) iPads and Watches at Target, while phones, toys, gaming consoles and cookware were top sellers at Walmart Inc (WMT.N).

Some of the deals:

– An H&M store (HMb.ST) in Manhattan offered 30 percent off everything in-store and online.

– Macy’s in Herald Square, Manhattan, sold a Coach designer wallet, originally $225, for $53.

– At a Chicago-area Pandora, which makes popular charm bracelets that can cost up to $1,000, jewelry was 35 percent off before 10 a.m. and 25 percent off for the remainder of the day.

– A sign in the window of a Gap Factory Store in Jackson Heights, Queens, promoted “60 Percent Off Everything.”

– Walmart was selling a Roomba WiFi robot vacuum online or for in-store pickup for $100 off at $194.

– Buy one, get one free pajamas at Victoria’s Secret (LB.N).

Charlotte Jackson, from London, come to New York with her mother for Black Friday shopping.

“Black Friday isn’t as big of a deal back home,” Jackson, a 27-year-old tax adviser, said while shopping for lingerie and pajamas at Victoria’s Secret.

MORE TOYS AT TARGET, JC PENNEY

Many retailers, reacting to the bankruptcy of the Toys ‘R’ Us chain, are catering to parents.

Target said in October it planned to dedicate nearly a quarter of a million square feet of new space to its toy business across 500 of its stores. The discount chain’s customers will also be able to shop for more than 2,500 new and exclusive toys, Mark Tritton, Target’s chief merchandising officer said.

Department store JC Penney Co Inc (JCP.N), known for its mid-priced apparel, has also made a push into toys.

Sabrina Wengert, a 38-year-old homemaker, picked up a Discovery Art set and a Ned’s Head guessing game for her 9-year-old daughter.

“The toy section at JC Penney looks good and they have stocked more toys at Target too, but Toys ‘R’ Us going out of business is a big loss,” she said. “We are shopping for toys on Amazon this year as well.”

Shortly before 6 a.m. on Friday, shoppers were banging on the door at a Bath & Body Works in the Waterfront Mall in Pittsburgh, lining up for discounted candles, soaps and lotion, while long lines formed at checkout counters in a Dick’s Sporting Goods store in the mall.

There was little evidence of the delirious shopper frenzy of Black Fridays from past years, in other parts of the country, especially the Northeast, where crowds were thin due to record-setting cold weather.

An Athleta clothing store in Tyson’s Corner, Virginia, was offering hot chocolate with marshmallows to women in line for the dressing room.

‘SO FAR, SO GOOD’

Shoppers spent $1.75 billion online by 5 p.m. ET on Thanksgiving Day itself, with smartphone sales lifting overall online spending by 28.6 percent from a year ago, according to Adobe Analytics, which tracks transactions at 80 of the top 100 U.S. online retailers.

“So far, so good,” said Shawn Kravetz, president of Esplanade Capital. “Online (and) email solicitations (are) off the charts – have to get up an hour early just to digest and delete them.”

Consumers in San Francisco led the rest of the country with over 2.3 million online transactions, followed by over 954,000 in New York City, according to payments processor First Data Corp (FDC.N), which collects data from about 1 million U.S. merchants.

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

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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