Herald morning quiz: November 30

Crude Oil Futures Climbing Higher

Crude oil prices are climbing higher Monday morning, bouncing back strongly after Friday’s terrible setback, as traders look ahead to some meetings of the Organization of the Petroleum Exporting Countries, scheduled to take place this week.

The detection of a new variant – Omicron – in South Africa last week, and subsequent news about several countries, including the U.S., imposing fresh travel restrictions weighed on oil prices on Friday.

The World Health Organization, which held an emergency meeting on Friday, declared the new virus variant a matter of concern, noting its transmissibility.

The new variant has been red-flagged by scientists over an alarmingly high number of spike mutations that might make the virus more resistant to vaccines.

While the WHO has said it could take weeks to understand the variant’s severity, a South African doctor who has treated cases said symptoms so far seemed to be mild.

West Texas Intermediate Crude oil futures for January climbed to $72.16 a barrel, and are currently hovering around $71.55, up 5% from the previous close.

Brent crude futures are up $3.36 or 4.7% at $74.95 a barrel.

The OPEC, aiming to gain time to asses the impact of Omicron, has postponed technical meetings this week. Russia seems to believe there is no need for urgent action on the market.

Traders are also likely to closely follow the developments on talks on Iran nuclear accord, which resume today.

HELLA Revises Guidance For Current Fiscal As Q2 Sales Decline

HELLA GmbH & Co. KGaA (HLKHF), a German automotive part supplier, said in a preliminary report on Monday that it posted a decline in sales for the second quarter, mainly due to ongoing supply bottlenecks for semiconductors and other components.

Owing to a less than expected recovery in the market during the six-month period to November and increasing cost burdens, the automobile firm has revised down its sales guidance for the current fiscal.

According to the preliminary figures released, currency and portfolio-adjusted sales for the quarter slid by around 13 percent to approximately 1.5 billion euros, compared with 1.8 billion euros, reported a year ago.

Amidst rising materials and logistics costs, and increased manufacturing inefficiencies due to the tight market conditions, the adjusted earnings before interest and taxes (EBIT) margin also fell to around 4 percent for the period, compared with 12.1 percent, reported for the same thirteen-week period of previous year.

For the current fiscal, which is scheduled to end in May 2022, HELLA now expects currency and portfolio-adjusted sales to be in the range of approximately 5.9 billion – 6.2 billion euros, against its previous estimated range of approximately 6.0 billion – 6.5 billion euros.

Here's how Twitter got started

(CNN)Shares of Twitter jumped as much as 10% in pre-market trading Monday on the heels of a report that CEO Jack Dorsey intends to step down. The report, from CNBC, has not been independently verified by CNN.

More to come…

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Tejal Rao has a new recipe for paneer ajwaini tikka from the chef Chintan Pandya.

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By Sam Sifton

Gold Futures Modestly Higher

Gold futures are modestly higher Monday morning, with investors continuing to pick the safe-haven asset amid concerns about growth following the detection of a new variant of the coronavirus, and possible stricter restrictions on movements.

New cases of the variant were found in the Netherlands, Denmark, and Australia. Several countries, including the U.S. and Japan have imposed travel restrictions.

The dollar’s retreat from higher levels is supporting the bullion. The dollar index, which climbed to 96.36, is at 96.17, up 0.08% from the previous close.

Gold futures for December are up $7.90 or nearly 0.5% at $1,793.40 an ounce, after advancing to $1,798.90.

Silver futures for December are up $0.143 or 0.62% at $23.250 an ounce, while Copper futures for December are gaining $0.0740 or 1.73% at $4.3575 per pound.

The World Health Organization, which held an emergency meeting on Friday, declared the new virus variant a matter of concern, noting its transmissibility.

The new variant has been red-flagged by scientists over an alarmingly high number of spike mutations that might make the virus more resistant to vaccines.

While the WHO has said it could take weeks to understand the variant’s severity, a South African doctor who has treated cases said symptoms so far seemed to be mild.

Athenex Announces MAA Validation Of Oral Paclitaxel For Review – Quick Facts

Athenex, Inc. (ATNX) said its Marketing Authorization Application for oral Paclitaxel for the treatment of advanced breast cancer has been validated by the United Kingdom’s Medicines and Healthcare products Regulatory Agency for review. A single pivotal phase III study of oral Paclitaxel was the basis of the Marketing Authorization Application.

The company noted that the application qualifies for a 150 day assessment by which a decision on approvability of the product will be provided.

Shares of Athenex were up 4% in pre-market trade on Monday.

Herald morning quiz: November 30

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