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December 2nd Futures News: 1. WTI crude oil futures trading volume was 574,767 lots, an increase of 216,909 lots from the previous trading day. Open interest was 1,915,853 lots, an increase of 5,021 lots from the previous trading day. 2. Brent crude oil futures trading volume was 97,398 lots, an increase of 4,296 lots from the previous trading day. Open interest was 249,489 lots, a decrease of 1,892 lots from the previous trading day. 3. Natural gas futures trading volume was 626,927 lots, an increase of 305,709 lots from the previous trading day. Open interest was 1,510,878 lots, an increase of 4,562 lots from the previous trading day.HSBC raises its target price for Alphabet (GOOG.O) from $335 to $370.December 2nd - Sources revealed that South Korean AI startup Upstage has hired Kookmin Securities and Mirae Asset Securities to assist with its initial public offering (IPO), potentially as early as the second half of 2026. This would make Upstage the first generative AI startup in South Korea to go public since the ChatGPT era. Upstage is one of five teams shortlisted by the South Korean government to develop a national foundational AI model—a list that will eventually be narrowed down to two teams. The company has received significant government support, including the supply of graphics processing units from NVIDIA and funding to recruit top US engineers. Upstage was co-founded in 2020 by Sung Kim, who previously led the AI development team at Naver, South Koreas largest internet company. The companys enterprise clients utilize its document processing engine and large language model, Solar, to improve productivity.December 2nd - The possibility of the Bank of Japan resuming interest rate hikes earlier than expected has shaken global bond and stock markets, but Capital Economics suggests that such concerns may be exaggerated. Analyst Thomas Mathews writes that while Japan is a major global creditor nation, rising Japanese bond yields do not necessarily mean a capital outflow, thus posing a risk to global markets. On one hand, Japanese investors looking at foreign bonds face the cost of hedging short-term foreign exchange risks. On the other hand, even if rising Japanese bond yields put pressure on bond markets in other regions, this will not undermine the global stock market rebound, as the rebound is based on earnings growth rather than higher valuations. This situation is likely to continue.Royal Bank of Canada: Raises its target price for LVMH from €575 to €650.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."