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Good afternoon. Here’s what you should know today, Dec. 4: |
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Investors are reaching for value stocks Apple wants to reduce its reliance on China The U.S. holds out hope for the next World Cup |
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| The meeting of OPEC+, originally set for the OPEC headquarters in Vienna, took place remotely to avoid media scrutiny. PHOTO: PHILIPP-MORITZ JENNE/ASSOCIATED PRESS |
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1. OPEC+ will stick to its production cuts despite the Russia oil-price cap. |
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The group decided today to maintain its oil-output targets two days after the Group of Seven nations agreed to cap the price of Russian oil. Some OPEC+ members had previously considered a production increase to fill a possible gap in Russian output. But the group is now grappling with lower oil prices amid mounting concerns that new Covid-related lockdowns in China could weaken demand. |
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Ukraine Says Price Cap Doesn't Go Far Enough (Read) Russia Will Rely on ‘Shadow’ Tanker Fleet to Keep Oil Flowing (Read) |
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2. The Dow is outshining the broader market as rates squeeze tech stocks. |
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With the Fed trying to slow down the economy, investors are reaching for shares of so-called value companies that generate cash for holders now. That is giving a boost to the Dow, which is thought to represent the stalwarts of the American economy, while tech companies that promise high growth down the line have seen their stocks stumble. This week, investors will look to the November producer-price reading for the latest gauge on inflation. |
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Economists Think They Can See Recession Coming—for a Change (Read) |
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3. Apple is making plans to shift production out of China. |
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Burned by Covid-19 lockdowns and worker protests at Foxconn plants, the iPhone maker is looking to further diversify the supply chain that has powered its growth. It is telling suppliers to plan more actively for assembling Apple products elsewhere in Asia, particularly India and Vietnam. For now, consumers doing Christmas shopping are stuck with some of the longest wait times for high-end iPhones in the product’s 15-year history, stretching until after Christmas. |
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China Loosens Covid Restrictions as Public Anger Simmers (Read) |
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4. Georgia's runoff election on Tuesday will be the last to settle the Senate midterms. |
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The race between incumbent Democrat Raphael Warnock and Republican challenger Herschel Walker drew a record number of early voters, underscoring intense interest in the runoff and the fact that many voters are ready for the contest to be over. The voters have suffered through an extra dose of political ads, and their pain has meant extra profit for WSB-TV, the station that has seen more money pass through it in 2022 than any other in the nation. |
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In Georgia’s Runoff Election, Midterm Turnout and Blank Ballots Might Reveal Who Has the Edge (Read) |
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5. China bids farewell to Jiang Zemin. |
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China will hold a ceremonial sendoff for its late former leader in Beijing on Tuesday, with Chinese leaders and military officials in attendance. No foreigners will be invited to the mourning activities, in accordance with precedent. |
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🎧 How Jiang Zemin Made China a Global Superpower (Listen) |
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