Written by Gary
The Nasdaq outperformed as Amazon and Apple advanced (SPY +1.6%). Amazon Prime Day 2020 expected to dethrone Black Friday.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Middle East Natural Gas Megaprojects Face Major RisksIn a new report, the Arab Petroleum Investment Corporation (Apicorp), the investment fund of the Organization of Arab Petroleum Exporting Countries (OAPEC), states that the ongoing oil market crisis and COVID issues did not have a detrimental effect on committed gas investments in the Middle East and North African (MENA) region.Apicorp reports that gas investments have been steady in comparison to 2019 with planned investments showing an increase of 29% to reach $126 billion. The main driver for the current increase in investment is a regional |
| Goldman Sachs: Biden Win Is Bullish For OilA Joe Biden win at next months U.S. elections will likely be an upward catalyst for oil prices because it will increase costs for the shale patch and will likely result in a weaker U.S. dollar, according to Goldman Sachs. We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil and gas prices, with a Blue Wave likely to be in fact a positive catalyst, the investment bank said a research note on Sunday, as carried by CNBC. Headwinds to U.S. oil and gas production would rise further under a |
| Scientists Find New Way To Unlock Rare Earth DepositsResearchers at the University of Exeter and the Australian National University published a study that may help pinpoint new, untapped neodymium and dysprosium deposits. In thepaper which appeared in the journalScience Advances the scientists say they conducted a series of experiments that showed that sodium and potassium rather than chlorine or fluorine as previously thought were the key ingredients for making these rare earth elements soluble. According to the experts, this is crucial |
| Gazprom Expects Gas Glut In Europe Will Continue In 2021Russian gas giant Gazprom doesnt see the glut in Europes natural gas market going away soon, with oversupply extending well into 2021. The majority of challenges and threats are still here. One of them is general oversupply, which we are likely to see in 2021 as well, Elena Burmistrova, Director General of Gazprom Export, said on Monday, as quoted by Reuters. The glut in the European market was created earlier this year as demand slumped with the coronavirus pandemic that led to a decline in economic activity. |
| How The New Conflict Between Armenia And Azerbaijan Threatens Oil MarketsSunday the 27th of September 2020, fighting flared up again in the South Caucasus between Armenia and Azerbaijan. The most recent war has displaced tens of thousands of citizens in primarily Nagorno-Karabakh and hundreds of soldiers have lost their lives. While the human costs are tremendous, Europes energy security could also be at risk. Energy-rich Azerbaijan is connected to global markets by a number of crucial pipelines the Baku-Tbilisi-Ceyhan oil pipeline (BTC), the Baku Supsa pipeline and the South Caucasus gas pipeline |
| IEA: Natural Gas Demand To See Largest Drop Ever In 2020Despite some uptick in consumption in recent months, the worlds demand for natural gas is still set to see its biggest drop on record in 2020, the International Energy Agency (IEA) said on Monday. According to the agencys new report, Global Gas Security Review 2020, global natural gas demand is set to decline by 3 percent, or by 120 billion cubic meters (bcm), this year, the largest drop ever. Four months ago, the IEA had forecast that natural gas demand would drop by 4 percent year on year in 2020, or by 150 billion cubic meters. |
| Fourth-generation movie theater operator says chain is months from bankruptcyB&B Theatres, the sixth-largest cinema chain in the U.S., has been operating for nearly 100 years. Its owners say it is months away from bankruptcy. |
| 4 ways shopping for the holidays is going to be different this yearThe holiday shopping season is starting earlier than ever and Americans are expected to spend record dollars online. Here are four ways the 2020 holiday season is going to look a lot different than in years past. |
| Broadway theaters to remain closed through May 30The Broadway League, a trade organization representing producers and theater owners, announced Friday that Broadway’s 41 theaters will remain closed through at least May 30. |
| Gilead CEO: ‘We have ample supply’ of remdesivir for hospitalized coronavirus patientsGilead will have enough global supply of its coronavirus treatment remdesivir by the end of October, CEO Daniel O’Day told CNBC on Friday. |
| Watch live: The World Health Organization holds a press briefing on the coronavirus pandemic as new global cases hit recordThe WHO reported 338,779 new global coronavirus cases on Thursday , a record one-day increase led by a surge of infections in Europe. |
| ‘The worst is not behind any airline’: Qatar Airways CEO warns more collapses coming for industryThe CEO urged government bailouts for airlines, warning that “the worst is not behind any airline, not only Qatar Airways.” |
| Retailers hope Amazon’s Prime Day on Tuesday kicks off early holiday shopping seasonRetailers are gearing up for an early start to holiday shopping by picking products to promote, using tech tools to manage their supply chain and getting employees ready. |
| Stocks making the biggest moves midday: Dillard’s, Twilio, Ford Motor, Apple & moreOne of Warren Buffett’s top lieutenants buys into Dillard’s. Twitter gets a boost from an analyst upgrade. |
| Southwest is expanding at United’s Houston and Chicago hubsSouthwest Airlines announced a surprise move into Houston and Chicago’s largest airports, a strategy shift that would expand its presence in United hubs. |
| Watch live: World Health Organization holds a press briefing on the ongoing coronavirus outbreak“There are no new answers,” Dr. Mike Ryan, executive director of the WHO’s health emergencies program, said on Friday. “We know what we need to do.” |
| Russia says human trials of its coronavirus vaccine have begun in the Middle EastRussia has announced that human trials of its controversial coronavirus vaccine have begun in the United Arab Emirates. |
| Dr. Scott Gottlieb: U.S. could never test for Covid as much as China but it must get better“I’m not saying we need to go that far, but we’re a long way from even having some level of compliance around testing and tracing,” the former FDA chief told CNBC on Monday. |
| Southwest pilots’ union pushes back on 10% pay cut proposalSouthwest Airlines’ pilots union scoffed at a company proposal to cut pay rates 10% in exchange for no furloughs through 2022. |
| Nasdaq Whale Sparks Mega-Tech Stocks’ Best Day In 6 MonthsNasdaq Whale Sparks Mega-Tech Stocks’ Best Day In 6 Months Tyler Durden Mon, 10/12/2020 – 16:00 No Deal (as Pelosi shunned The White House offer), the bond market closed for Columbus Day, Washington quietly focused on ACB’s hearing and not making algo-driving headlines, and nothing from The Fed… which all explains the market’s best day since April! Today’s massive melt-up squeeze in Nasdaq enabled the best day for the tech-heavy index in six months (and on what?) as Small Caps underperformed… |
| Wisconsin Refuses Foxconn Tax Subsidy Payment As Company Abandons Factory PlansWisconsin Refuses Foxconn Tax Subsidy Payment As Company Abandons Factory Plans Tyler Durden Mon, 10/12/2020 – 15:50 More than two years have passed since President Trump presided over the ground-breaking ceremony – alongside then-Gov Scott Walker – of a new Foxconn plant in Wisconsin, a deal the president hailed as proof of the world’s confidence in his job-creating prowess. Unfortunately, that photo-op turned out to be the high-point of the deal, and what was slated to become Foxconn’s first factory in the US has been plagued with issues from the start. However, the state can only seemingly venture a guess as to what those problems are. There was talk about Foxconn needing to bring in its own Chinese engineers due to skilled labor shortages. But we can’t say for certain whether this, or another issue – say the souring mood between Washington and Beijing – might be to blame. The initial deal called for Wisconsin supplying $3.3 billion in state subsidies in exchange for Foxxconn investing $10 billion into a new LCD manufacturing plant, which was projected to create 13,000 “family sustaining” manufacturing jobs; |
| 50 Shot, 4 Dead After Chicago Weekend Gun Violence50 Shot, 4 Dead After Chicago Weekend Gun Violence Tyler Durden Mon, 10/12/2020 – 15:35 Fifty people were shot, four fatally, since Friday evening across Chicago, according to local police. Five of those, as explained by Chicago Sun-Times, were teenagers. |
| Peter Schiff: Trump ‘Out-Democrats’ Democrats On StimulusPeter Schiff: Trump ‘Out-Democrats’ Democrats On Stimulus Tyler Durden Mon, 10/12/2020 – 15:20 Via SchiffGold.com, Last week, President Trump tweeted the rug out from under stimulus when he announced that negotiations were going to be cut off until after the election. The markets immediately tanked. But Trump quickly reversed course. |
| Bars and restaurants ‘reaching point of no return’Hospitality venues across the UK say they will struggle under the new restrictions. |
| Harvester owner consulting on job cutsMitchells & Butlers, the pubs and restaurants group, has not disclosed how many jobs are at risk. |
| Downing Street joins criticism of ‘crass’ job adDowning Street and the culture secretary disown an ad suggesting a ballerina retrain in cyber security. |
| NBFCs under North Block scanner for anti-money laundering law breachTwo people with direct knowledge of the matter told ET that under scrutiny are NBFCs set up by large family business groups, primarily to cater to the debt needs of their group companies and related parties. |
| Equity mutual funds see outflow but new folios keep on risingBarring a minor drop in July, equity folios or accounts have been consistently increasing for the past 17 months. |
| This reinsurer is silently realigning its business strategyConstantly declining yields on government bonds have made it difficult for the 50-year old reinsurance giant to make profits. |
| : What millions of Americans have in common with Seth Rogen and his wife: CaregivingThe Stanford Center on Longevity has a new podcast, called ‘When I’m 64,’ highlighting the roles of caregivers. |
| Outside the Box: Politics has no place in your 401(k) but that’s just what the U.S. government is trying to doLabor Department proposals would be a setback for both ESG investors and corporate governance. |
| : The election is being fought on social media amid the pandemicDemocrats, Republicans take different strategic paths to fundraise, organize and mobilize on Facebook, Twitter and Instagram. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
