07Oct2020 Midday Update: Wall Street Attempts Rebound After Trump Tweets To Back Stand-alone Relief Legislation, DOW Up 420 Points At 1 ET, Nasdaq Up 1.5%, WTI Crude Slips Fractionally 39.36

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in U.S. leading the region. The S&P 500 is up 1.27% while Mexico’s IPC is up 1.02% and Brazil’s Bovespa is up 0.18%.

Britain Blocks The Approval Of A Major Coal Mine

The UK government has temporarily blocked the development of what would be the nations first new deep coal mine in 30 years, while it decides whether to call in the application or hand the decision back to local authorities in Cumbria, in the northwest of England. Cumbria County councilors voted 12-3 to grant planning permission to West Cumbria Minings Woodhouse Colliery project on Friday. Environment groups condemned the approval, urging the government to intervene and block it. They claim the new coal mine would emit 8 million

Why Exxon Is Still Going Big On Oil

For many years, Big Oil has been chided for its outsized role in climate change and even pilloried for trying to burnish its green credentials with half-hearted attempts at clean energy investments. The recrimination appears well deserved, considering the sector dedicates a minuscule amount of its capital spending to renewable energy despite its operations being responsible for 15% of greenhouse gas emissions. America’s largest public oil company, ExxonMobil Corp. (NYSE:XOM), remains guilty as charged, with the oil giant earlier this year eschewing

Poland Fines Gazprom $7.6 Billion Over Nord Stream 2

Poland, one of the countries strongly opposing the Russia-led Nord Stream 2 natural gas pipeline project, fined on Wednesday Russian gas giant Gazprom the equivalent of US$7.6 billion saying that the pipeline harms both competition and consumers. Polands Office of Competition and Consumer Protection, UOKiK, slapped the maximum fines allowed 10 percent of a companys turnover not only on Gazprom, but also on the five European energy firms that are co-financing the Nord Stream 2 venture, Shell, OMV, Engie, Wintershall

Oil Prices Regain Some Losses On Bullish EIA Inventory Data

Crude oil prices moved higher after the Energy Information Administration reported a crude oil inventory build of 500,000 barrels for the week to October 2. A larger decline in gasoline and distillate stocks and a sizeable increase in production, however, were more bullish. This compares with a 2-million-barrel draw estimated for the previous week and analyst expectations for a moderate build of less than 300,000 bpd. A day earlier, the American Petroleum Institute estimated an inventory build of close to 1 million barrels, which contributed to

China To Add 1.4 Million Bpd In Unneeded Refining Capacity

China has some 1.4 million bpd in new refinery capacity under construction, to be completed by the time peak fuel demand occurs in about five years, Bloomberg has reported, citing forecasts by CNPC. The 1.4 million bpd, distributed among four refinery projects, will add to more than 1 million bpd in new capacity already added since last year, the report also notes. This means billions of dollars spent on refining capacity that may never come to be used as China works on its shift to a more renewable energy mix and EV dominance. So far this year,

Saudi Arabia Boosts Prices Of Flagship Crude Oil Blend

Oil markets might be looking up, if Saudis official oil selling price actions are any indicationand they usually are. Saudi Arabia has raised the official selling price of its Arab Light crude oil sold to Asia for the month of November, according to Bloomberg. Saudi Arabias price hike of its flagship crude grade to its most prolific market is a sign that the market might be looking upor at least that Aramco thinks it is looking up, as Asia refining markets increased over the last week of September. Asian refineries

Don’t expect Hollywood blockbusters to return until more cinemas in New York and California reopen

Many analysts fear that these blockbuster films won’t return until there is a viable coroanvirus vaccine or California and New York reopen more theaters.

Eli Lilly shares jump after company says it’s seeking FDA clearance for antibody drug

Shares of Eli Lilly rose on Wednesday after the company announced it submitted a request the U.S. FDA for emergency authorization of its Covid-19 antibody treatment.Â

September 2020 was the hottest on record worldwide

Arctic sea ice also plunged to its second-lowest levels on record, scientists confirmed, as climate change takes an alarming toll on the region.

DoorDash adapts corporate delivery program for companies working from home

Analytics platform Second Measure found that sales for meal delivery services grew 158% during August from a year earlier.

One of Ford’s biggest design challenges of the future has nothing to do with cars

Ford Motor new design ideas in the EV era range from the E-Mach Mustang to electric F150 pickups, but Covid-19 brings another challenge: rethinking the office spaces where the automaker’s employees work.

Lowe’s gives $100 million more in bonuses to hourly employees

It marks the sixth time the home improvement retailer has given additional pay to hourly workers during the coronavirus pandemic.

T. rex fossil sells for $32 million, becoming the most expensive dino ever auctioned

A fossilized Tyrannosaurus rex, nicknamed Stan, sold at auction for $31.85 million, becoming the most expensive dinosaur fossil ever sold.

McDonald’s adds bakery items to menu in push for breakfast customers

McDonald’s is adding three baked goods to its permanent menu to bring back breakfast customers.

Stocks making the biggest moves midday: Netflix, United Airlines, Levi Strauss & more

Check out the companies making headlines in midday trading.

Trump advisor Corey Lewandowski spotted at football game without mask after saying he would self-isolate due to coronavirus concern

Multiple people linked to President Trump have tested positive for coronavirus, including Trump himself, Melania Trump, Hope Hicks and Kayleigh McEnany.

Total billionaire wealth surges to record high of $10.2 trillion during coronavirus crisis, research says

The number of billionaires worldwide also reached a new high of 2,189, compared to the previous record of 2,158 in 2017.

Why movie theaters remain in panic mode seven months into the coronavirus pandemic

The movie business has a reputation for being recession-proof. But with the pandemic ravaging the U.S. and the world, is this the end of the movie theater business as we know it?

The dramatic fall and subsequent rebound of the market set the U.S. up for what looks like a œV -shaped recovery. But whether the economy can continue to rally is still a question for investors.

White House Targets Ant Group, Tencent Payment Systems As Economic Assault On China Continues

White House Targets Ant Group, Tencent Payment Systems As Economic Assault On China Continues Tyler Durden Wed, 10/07/2020 – 12:34

As Beijing complains that the WTO that the Trump Administration’s attempt to ban TikTok violates international trade rules, the Trump Administration isn’t slowing down in its economic assault on the Chinese technology industry.

According to media reports, the administration is considering new restrictions on Ant Group and Tencent’s payment systems.

Stocks dumped on the headline, but the gap has filled fast.

Airlines To Burn Through $128 Billion In Cash By 2022

Airlines To Burn Through $128 Billion In Cash By 2022 Tyler Durden Wed, 10/07/2020 – 12:25

By Eric Kulish of FreightWaves,

The International Air Transport Association on Tuesday warned that airlines are on track to lose nearly $130 billion this year – significantly more than the group’s June estimate of $84 billion – because of the coronavirus crisis, and that the aviation and travel sectors will be crippled for a long time unless governments increase financial aid.

Wells Fargo Cuts 700 Jobs As COVID-19-Inspired Bloodletting Begins

Wells Fargo Cuts 700 Jobs As COVID-19-Inspired Bloodletting Begins Tyler Durden Wed, 10/07/2020 – 12:10

Roughly one week after Wells Fargo and a handful of other Wall Street banks announced plans to re-start layoffs now that their coronavirus-inspired (and, in some cases, PPP-inspired) moratoriums had come to an end, the San Francisco-based bank best known in recent years for scamming retail customers and botching small business refi loans has announced the first 700 layoffs in a scheme that will eventually cull tens of thousands of jobs.

According to Bloomberg, Wells is cutting 700 positions from its commercial-banking unit. The bank said the cuts will impact business lines across the division. The commercial banking division typically services businesses with at least $5 million in annual sales, according to a company spokeswoman.

Pelosi Open To Standalone Airline Relief; Direct Payments To Americans Left Hanging

Pelosi Open To Standalone Airline Relief; Direct Payments To Americans Left Hanging Tyler Durden Wed, 10/07/2020 – 11:55

House Speaker Nancy Pelosi (D-CA) has signaled a willingness to consider a standalone airline relief bill during a Wednesday morning telephone conversation with Treasury Secretary Steven Mnuchin, after President Trump pulled the plug on broader stimulus negotiations until after the election.

Extreme poverty set for first rise since 1998, World Bank warns

Covid-19 is expected to cause a big rise in those living on less than $1.90 a day, says the World Bank.

Billionaires see fortunes rise by 27% during the pandemic

Billionaires have grown their wealth by 27% during the crisis, with industrial and tech bosses earning most.

Should your accelerator pedal curb your speeding?

The EU proposes fitting all new cars with technology that makes it harder to exceed the speed limit.

Bihar: Cong releases 1st list of 21 candidates

Bihar: Cong releases 1st list of 21 candidatesThe candidates in the first list include Subhanand Mukesh from Kahalgaon, Lalan Yadav from Sultanganj, Gajanand Shahi from Barabigha, Vishwanath Ram from Rajpur SC, Sumant Kumar from Tikari. There is no minority candidate in the list while four scheduled caste candidates have been given tickets from Rajpur, Sikandra, Kutumba and Chenari.

COVID-19: Delhi reports 2,871 new cases

COVID-19: Delhi reports 2,871 new casesTotal cases in the state rise to 2,98,107, including 5,616 deaths and 2,70,305 recoveries/discharges/migrations. Active cases stand at 22,186.

Delhi to reopen cinemas from October 15

Delhi to reopen cinemas from October 15Taking to Twitter, Chief Minister Arvind Kejrjiwal said that cinema halls will be allowed to reopen from October 15 and they will have to follow all guidelines issued by the central government.

Retire Better: The COLA increase for next year doesn’t look good

Why Social Security and Medicare recipients could fall further behind in 2021

Key Words: We’re on the brink of one of the biggest crises this country has ever seen, Ocasio-Cortez warns

New York Democrat Alexandria Ocasio-Cortez railed against President Trump after he fired off threats of halting talks on another financial aid package in the wake of the coronavirus pandemic.

: Here’s why a Democratic clean sweep in November’s elections is rattling a sleepy U.S. bond market

Investors are bracing for a Democratic party clean sweep of the White House and both houses of Congress in November’s elections and that’s bad news for the U.S. bond market.