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Missile strikes oil tanker near Yemen’s Mocha port…………….UK says ship damaged in strike in Red Sea

PROPAGANDA VIDEO

  A Panama-flagged oil tanker was hit by a missile in the Red Sea, around 10 nautical miles southwest of Yemen’s Mocha port, as reported by a British security firm, Ambrey. The attack occurred recently, although the exact date was not specified. While no group has claimed responsibility yet, the Yemen-based Houthis have been targeting vessels in the Red Sea and Gulf of Aden since late last year. Yemen-based Houthis have been implicated in similar attacks since late last year.

UK says ship damaged in strike in Red Sea

The United Kingdom Maritime Trade Operations (UKMTO) said on Saturday that a ship suffered slight damage after it was struck by an unknown object while sailing the Red Sea. It is currently unclear who launched the object at the vessel. The UKMTO said the incident happened 76 nautical miles northwest of Al Hudaydah, Yemen. There were no casualties and the ship continued toward its next port of call.

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China Attempts to End Property Crisis With Broad Rescue Package

  • Beijing removes floor on mortgage rates, lowers downpayment
  • PBOC readies $42 billion of funding to buy unsold homes

Xi Jinping’s government announced its most forceful attempt yet to rescue the beleaguered Chinese property market, relaxing mortgage rules and urging local governments to buy unsold homes as authorities become increasingly concerned about the sector’s drag on economic growth. The support package also includes lower down-payment requirements for homebuyers and 300 billion ($42 billion) of central bank funding to help government-backed firms buy excess inventory from developers. Those properties would then be converted into affordable housing.While equity investors cheered the news — sending an index of developer shares up nearly 10% on Friday — it’s far from clear whether the plan will draw a line under the property crisis. The funding announced by China’s central bank is just a fraction of what some analysts say is needed to address the supply-demand mismatch in housing, and many potential buyers are waiting for prices to fall further before stepping in. Friday’s announcement nevertheless underscored Xi’s renewed focus on propping up the world’s second-largest economy, which faces a slew of challenges from rising US tariffs to historically high youth unemployment. The question now is whether authorities can muster the right mix of financial firepower and policy adjustments to shore up confidence without returning to the speculative excesses of previous decades. The relending program is estimated to translate into 500 billion yuan of credit overall for housing buyups, the central bank said. That’s short of analysts estimates, which place required funding at 1 trillion to 5 trillion yuan — depending on the scale and speed at which the government digests housing inventory. It marks a new phase for Beijing’s stance on property, seven years after Xi dictated that “houses are for living in, not for speculating.” The latest measures, while potentially easing the pressure on developers, will accelerate Xi’s plans of increasing public housing. The central bank on Friday cut the minimum down-payment ratio for first-time buyers to 15%, a record low according to Yan Yuejin, research director at E-house China Research and Development Institute. Second-home buyers now need to put forward 25%, with both moves representing a 5 percentage-point. China’s property market is in crisis. Home prices are falling, developers are defaulting and people are angry. The worry is that a total collapse will bring down an already faltering economy. Bloomberg Originals explores how the real estate sector became such a mess and what the implications could be for the global economy.

Source: National Bureau of Statistics

China began lowering the nationwide floor of mortgage rates in 2022

“The effects will depend on whether consumers will take heart,” said Shen Meng, a director at Beijing-based investment bank Chanson & Co. If not executed well “it’s unlikely to stimulate demand and induce a structural turnaround.”

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Biden administration wants to ‘shut down’ Israel-Hamas war

 

The Biden administration wants to “shut down” the war in Gaza as it fears what might happen after Israel defeats Hamas, Hudson Institute Senior Fellow Michael Doran says. Mr Doran said the United States government is afraid Israel will “turn its guns” against Hezbollah. “That will be a disaster from the Biden administration’s point of view because it will destroy their Iran policy, Hezbollah being the favorite proxy of Iran,” he told Sky News host James Morrow.. NN: America is selling out Israel to appease Iran. How do think that will end up?

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White House ‘Actively Promoting’ Iran’s Noose around Israel

JERUSALEM, Israel – During the seven months since the October 7th Hamas massacre and kidnappings, the Israeli perception of the Biden administration’s relationship with their nation and especially with their prime minister has, for many, been transformed from warm and welcoming to bewildering and hostile. That has been more evident since the early weeks of 2024 when the White House made it clear they would prefer to see Benjamin Netanyahu replaced as prime minister. Later they would even summon coalition member and National Unity Party leader Benny Gantz to Washington to conduct business with Israel without consultation from either party with Netanyahu.

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Israel’s Slow-Walk In Rafah Opens Door to Full-On Offensive….. Houthis claim downing of US MQ-9 aircraft…. US destroys 4 Houthi drones in Red Sea

On Thursday, Israeli Finance Minister Bezalel Smotrich  said that Israel will pull out of its free trade agreement with Turkey. Earlier this month, Turkey decided to halt all trade with Israel over its conflict with Hamas in the Gaza Strip. Smotrich said Turkey’s move represents a “declaration of an economic boycott and a serious violation of international trade agreements.” Smotrich said Israel will also impose a 100% tariff on imports from Turkey while President  Erdogan is in power. He added that Israel will have to diversify its imports to reduce its dependence on Turkish products but that it could restore trade relations with Ankara if Turkish citizens elect a leader who is “sane and not a hater of Israel.” NN: War is coming. The question is what players will get suckered into the fray. And when they will get around to attacking oil transport systems.

Houthis claim downing of US MQ-9 aircraft

Yemen’s Houthi rebel group said on Friday that its forces shot down an American MQ-9 aircraft last night, the group’s spokesperson Ameen Hayyan said in the statement. The unmanned aerial vehicle was downed “while it was carrying out hostile actions in the airspace of Ma’rib Governorate,” the spokesperson said. “It is the fourth aircraft that was shot down during the Battle of the Promised Conquest and the Holy Jihad in support of Gaza,” he added. Earlier this week, the US Central Command (CENTCOM) destroyed four drones that are believed to belong to the rebel group.

US destroys 4 Houthi drones in Red Sea

The United States Central Command (CENTCOM) said the US forces in the Red Sea destroyed four drones on the territory of Yemen. They said the drones were located in an area controlled by the Houthis.

CENTCOM added it decided to act after it determined the drones represented a threat. “These actions are taken to protect freedom of navigation and make international waters safer and more secure for US, coalition, and merchant vessels,” it said in a statement.

 

 

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Dow crosses 40,000 milestone for first time, trades at all-time high

Major US stock markets traded higher on Thursday, with the Dow Jones crossing the 40,000-point milestone for the first time. Markets have been buoyed by optimism following the latest April CPI report, which showed that the figure fell from 3.5% to 3.4%. At 10:50 am ET, the Dow Jones gained 0.28% or 111 points to reach 40,019, the Nasdaq 100 added 0.23%, and the S&P 500 rose 0.22%. On the currency front, the euro was down by 0.15% against the dollar, selling for $1.08679. NN: Now you know why as of yet i am not shoring this insanity.

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Hezbollah, Hamas reportedly hold meeting in Beirut……… Israel allegedly strikes northeastern Lebanon

propaganda video

Hezbollah Secretary General Hassan Nasrallah (pictured) welcomed a Hamas delegation in Beirut, Lebanon, the Al Mayadeen channel reported on Wednesday. According to the media outlet, at the front of the Hamas delegation was Khalil al-Hayya, the militant group’s deputy head in Gaza. He was accompanied by Mohammed Nasr, a member of the group’s political bureau, and Osama Hamdan, a senior Lebanon-based spokesperson for Hamas. It was stated that the two sides discussed the latest developments in the Gaza Strip, while also touching on the subject of ceasefire negotiations. Both reiterated their commitment to achieving “victory, regardless of the sacrifices.”

Israel allegedly strikes northeastern Lebanon

The Israeli Defense Forces (IDF) reportedly conducted air strikes on the city of Baalbek, located in northeastern Lebanon on Wednesday, The Times of Israel reported, citing Lebanese media. Video footage posted on X by Ahmed Yassine, a Lebanese journalist, shows explosions going off on the city’s outskirts. A Lebanese news outlet, Nabatieh News, also reported air strikes conducted by Israeli jets around Baalbek.

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IEA Says Global Oil Demand Growth Outlook Has Softened

  • Agency trims 2024 growth forecast by 140,000 barrels a day
  • Market still set for deficit if OPEC+ extends production cuts

The outlook for global oil demand growth this year continues to soften amid an economic slowdown and mild weather in Europe, the International Energy Agency said.

World fuel consumption will increase by 1.1 million barrels a day this year, about 140,000 barrels less than expected a month ago, the Paris-based adviser said, trimming its projections for the second month in a row. The forecast change reflects a first-quarter demand contraction in rich countries combined with an upward revision to estimates for 2023. “Poor industrial activity and another mild winter have sapped gasoil consumption this year, particularly in Europe, where a declining share of diesel cars in the fleet were already undercutting consumption,” said the IEA, which advises most major economies. Oil prices are trading near $83 a barrel in London, having retreated 10% from this year’s peak as the fragile economic outlook coupled with abundant US oil supplies offset fears over Middle East conflict and production curbs by OPEC+.

Still, the picture may not be as bearish as the report initially suggests. Consumption remains on track to reach an annual record of 103.2 million barrels a day this year even with the lower growth forecast, according to the agency. That’s because it’s demand estimate for 2023 was revised higher.

The IEA’s oil-consumption estimates are lower than much of the industry, from trading houses to Wall Street banks. Commodities giants like Gunvor Group and Trafigura Group project growth closer to 1.4 million or 1.5 million barrels a day of demand growth this year.

Global oil markets face a supply deficit this quarter, in part due to output cutbacks by the OPEC+ coalition, led by Saudi Arabia, according to the IEA. The shortfall will deepen in the third quarter if the group chooses to support the curbs when it meets on June 1, as is widely expected.

The agency made no changes to estimates for 2025, when it expects that world oil demand will increase by 1.2 million barrels a day.

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U.S. Crude Oil Inventories See Surprise Draw

Crude oil inventories in the United States fell this week by 3.104 million barrels for the week ending May 3, according to The American Petroleum Institute (API). Analysts had expected a 1 million barrel build. For the week prior, the API reported a 509,000 barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of May 10. Inventories are now at 367.8 million barrels—the highest point since last April, but well below the 656 million barrels in inventory in June 2020. Oil prices were trading down ahead of the API data release on Tuesday, pushed down by a market that is nervous about the possibility of interest rates staying high.     Gasoline inventories fell this week by 1.269 million barrels, countering last week’s 1.46 million barrel build. As of last week, gasoline inventories were about 2% below the five-year average for this time of year, according to the latest EIA data. Distillate inventories rose this week by 349,000 barrels, compared to last week’s 1.713-million-barrel build. Distillates were 7% below the five-year average for the week ending May 3, the latest EIA data shows. Cushing inventories saw a draw this week, according to API data, falling 601,000 barrels after increasing by 1.339 million barrels in the previous week.