Written by Gary
Stock market weakness is likely to persist as extreme bullishness fades (SPY -0.8%). Democrats want permanent ban on offshore oil leasing.
Here is the current market situation from CNN Money | |
 | North and South American markets are lower today with shares in U.S. off the most. The S&P 500 is down 0.74% while Brazil’s Bovespa is off 0.64% and Mexico’s IPC is lower by 0.61%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Many Lost U.S. Oil Jobs May Never ReturnMore than 100,000: thats how many jobs were lost in the U.S. oil exploration and production industry between March and August this year, mostly as a result of the coronavirus pandemic. Another 35,000 jobs were shed in the downstream segment. But thats not the end of the bad news. Most of these jobs are not coming back at least until next year. Some could be gone forever. These are the highlights of a Deloitte report released earlier this month. The job loss or its pacethe fastest everis not surprising. The effect of |
| OPEC Chief Assures Markets That Oil Prices Wont Crash AgainThe OPEC+ group will look to ensure that prices do not plummet again as they did in the spring, OPECs Secretary General Mohammad Barkindo said on the Energy Intelligence Forum on Thursday. I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best, by ensuring that we dont relapse into this almost historic plunge that we saw, Barkindo said, replying to a question whether the market could handle another 2 million barrels per day (bpd) if OPEC+ further relaxes the current cuts in January |
| Oil Jumps On Bullish EIA Inventory ReportA day after the American Petroleum Institute estimated a crude oil inventory draw of 5.421 million barrels, the Energy Information Administration strengthened the mood by reporting an inventory draw of 3.8 million barrels for the week to October 9. At 489.1 million barrels, the authority said, crude oil inventories were still above the five-year seasonal average but by a smaller margin than the previous weeks 12 percent. For the previous week, the EIA had estimated a modest inventory draw of half a million barrels. Analysts had expected |
| Russian Oil Companies Plan Significant Drilling Cuts For 2021Russian oil producers who have already reduced their drilling activity by a third this year may cut it further by 20 percent, according to the chief executive of a major oilfield service provider. “The year 2021 doesn’t look too good,” Vitaly Dokunikhin told Bloomberg in an interview. “Amid expectations of a suppressed demand, very specific discussions are ongoing about reductions.” A further cut in new drilling suggests that Russia’s oil companies are particularly hopeful for a quick rebound in demand for the commodity, despite Energy Minister |
| Democrats Want Permanent Ban On Offshore Oil LeasingDemocrat members of the House Natural Resources Committee are pushing for a permanent ban on all offshore oil and gas leasing in Atlantic and Pacific federal waters as well as the eastern Gulf of Mexico, the Oil and Gas Journal reports, citing a forum that took place on Wednesday. According to people present at the forum, the Democrat legislators were not satisfied with President Donald Trumps extension of an already existing moratorium on oil and gas exploration in the eastern Gulf of Mexico to the Atlantic coasts of Florida, Georgia, and |
| The Secret Behind Americas Most Valuable Energy PlayAmerica’s energy sector is going through its biggest crisis–as well as its biggest seismic shift–in modern history. Fossil fuel companies have always dominated the U.S. energy space, and no company has been more dominant than Exxon Mobil (NYSE:XOM) thanks mainly to its powerful John Rockefeller pedigree. Exxon has always been the United States’ most valuable energy company since it began as Standard Oil more than a century ago. But something very strange happened over the last week: Suddenly, a company that has become the face of renewable |
| GM to launch Hummer EV with splashy World Series and social media ad blitz next weekThe GMC Hummer EV ad blitz starting Tuesday will run during the World Series, “The Voice” and across a barrage of social media and streaming platforms. |
| ‘Hottest real estate market in the world’ may be Palm Beach, Florida, brokers sayHome sales in Palm Beach tripled in the third quarter as the wealthy fled the cities and higher-tax states of the Northeast, according to a new report. |
| United Airlines CEO: ‘We’ve turned the corner,’ but travel demand to remain weak for months moreUnited Airlines CEO expects a long path to recovery without a vaccine, which he expects at the end of next year. |
| Peloton recalls pedals on 27,000 bikes after reports of injuriesPeloton has issued a recall for a version of its clip-in bike pedals due to risk of the axle breaking and injuring users. |
| NJ governor hopes to use a ‘scalpel’ to deal with coronavirus hot spots not another broad shutdown“We’re less likely to use blunt instruments we used in March and April,” New Jersey Democratic Gov. Phil Murphy told CNBC on Thursday. |
| Walmart CEO says Business Roundtable unveils plans to ‘keep a spotlight on racial equity’Walmart CEO Doug McMillon said the nation’s top CEOs want to “keep a spotlight on racial equity and keep the work moving forward,” even as Americans live through the coronavirus pandemic and follow the presidential election. |
| Dr. Fauci says letting the coronavirus spread to achieve herd immunity is ‘nonsense’ and ‘dangerous’“Quite frankly that is nonsense,” White House coronavirus advisor Dr. Anthony Fauci said of herd immunity against Covid-19. |
| Turning a dead mall into a warehouse will slash its value as much as 90%, Barclays predictsAmerica’s malls’ future prospects ” fulfillment centers, apartment complexes, schools or medical offices ” could mean massive write-offs in property values, according to a new Barclays report. |
| Coronavirus clinical trials are pausing over safety concerns – here’s what that meansPauses to clinical trials are not uncommon, and the delays should reassure the public that the systems in place intended to protect volunteers are working. |
| Walmart CEO says TikTok deal would help make social media more shoppableWalmart CEO Doug McMillon said the retailer wants to own part of popular video app TikTok because it sees social media as a huge business opportunity and a powerful way to reach customers. |
| Airborne transmission of coronavirus has made high-end air filtration systems more popular than ‘toilet paper in April’ as HVAC systems sell out“You’ll hear, and it’s incorrect, ‘oh, these viruses are too small to be filtered,’ but that’s not true. They’re perfect. They’re very easily filtered out,” Kimberly Prather, an atmospheric chemist at the University of California at San Diego, said. |
| Walmart CEO Doug McMillon to Congress: Get a stimulus deal doneThe big-box retailer’s leader said lawmakers need to help Americans and small businesses who are struggling during the recession. |
| Full lockdowns should be a ‘very, very last resort’ and can be avoided, WHO’s Europe chief saysAs Europe introduces more and more restrictive measures to curb the spread of the coronavirus, full-scale lockdowns should be a “very, very last resort.” |
| Goodbye Middle Class: Half Of All American Workers Made Less Than $34,248.45 Last YearGoodbye Middle Class: Half Of All American Workers Made Less Than $34,248.45 Last Year Tyler Durden Thu, 10/15/2020 – 12:25 Authored by Michael Snyder via The Economic Collapse blog, If you are making less than $3,000 a month, you have plenty of company, because about half of the country is in the exact same boat. The Social Security Administration just released new wage statistics for 2019, and they are pretty startling. To me, the most alarming thing in the entire report is the fact that the median yearly wage was just $34,248.45 last year. In other words, half of all American workers made less than $34,248.45 in 2019, and half of all American workers made more than $34,248.45. That isn’t a whole lot of money. In fact, when you divide $34,248.45 by 12 you get just $2,854.05. Needless to say, it is not easy to survive in America today on just $2,854.05 a month, and this may help to explain why we have been seeing so many people fall out of the middle class in recent years. |
| Mortgage Rates Hit Record Low For 10th Time This YearMortgage Rates Hit Record Low For 10th Time This Year Tyler Durden Thu, 10/15/2020 – 12:10 In a world where over $16 trillion in debt now trades with negative yields… |
| Traders Rattled After Morgan Stanley Sees 80% Odds Result Won’t Be Determined On Election NightTraders Rattled After Morgan Stanley Sees 80% Odds Result Won’t Be Determined On Election Night Tyler Durden Thu, 10/15/2020 – 11:55 After we saw a brief surge in market expectations that the election would be resolved quickly on Nov 3 amid an avalanche of polls that predict a Biden avalanche (the same polls that predicted a Hillary avalanche 4 years ago), sentiment for a painless outcome has soured in the past few days, perhaps as doubt has crept into the “accuracy” of these same pollsters whose track record is absolutely catastrophic (as even JPMorgan reminded us). As we noted two days ago, it is the view of the vast majority of Wall Street professionals that a contested election is inevitable, a direct rebuke of all the Biden-friendly polls, with 74% expecting a long and drawn out process. |
| Rabobank: Facebook And Twitter Are Suppressing The Biden News While Allowing A “Slew” Of Other Unconfirmed StoriesRabobank: Facebook And Twitter Are Suppressing The Biden News While Allowing A “Slew” Of Other Unconfirmed Stories Tyler Durden Thu, 10/15/2020 – 11:35 By Michael Every of Rabobank Barbara Streisand in Split-screen Life is very much split-screen at the moment. We obviously have the whole K-shaped recovery thing: depending on which screen you are watching, life is either great or terrible. |
| London rules ‘put 250,000 hospitality jobs at risk’The industry warns Tier 2 restrictions will be ‘absolutely catastrophic’ for pubs and restaurants |
| Coronavirus: Gym owner fined for refusing to close in Covid shutdownThe Merseyside gym stayed open despite the area facing the highest level of coronavirus restrictions. |
| Brexit: PM ‘disappointed’ with progress ahead of EU summitBoris Johnson has previously set Thursday’s EU meeting as the deadline for a post-Brexit deal. |
| Why are FPIs opposing Sebi’s move for faster settlement of stock tradesAt present, trades on Indian stock exchanges are settled within two days after a trade happens. An adoption of the T+1 system would mean the settlement happens the next day. |
| More pain awaits market: Sensex may fall 3-4% more, fear D-St analystsFundamental and technical analysts both see scope for further correction in the market going ahead. |
| HCL Tech Q2 results preview: Profit likely to rise up to 16%; revenue guidance may remain unchangedBrokerage firm Sharekhan expects the IT major to post a 16.30 per cent year-on-year (YoY) and 5.50 per cent quarter-on-quarter (QoQ) growth in net profit. On the other hand, it expects a 5.60 per cent YoY and 3.80 per cent QoQ rise in sales during the quarter. |
| 10 October 2020 New York Fed Weekly Economic Index (WEI): Index ImprovesWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is below the worst seen during the Great Recession. However, this index remains on a recovery trend.
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| October 2020 Philly Fed Manufacturing Survey Index Significantly Improved
The Philly Fed Business Outlook Survey improved and is well into expansion. |
| Economic Report: Jobless claims climb 53,000 to 7-week high of 898,000, point to more labor-market woesThe number of Americans who applied for jobless benefits in early October shot up to the highest level in seven weeks and pointed to an erosion in the U.S. labor market, though ongoing strains in California’s unemployment system has made it harder to know for sure. Initial jobless claims filed through state programs jumped by 53,000 to 898,000. |
| The Margin: ‘Get someone real to run the country’ ” Rock legend Tommy Lee vows to leave the U.S. if Trump winsThe Mötley Crüe drummer and sex tape superstar, like countless promise-breaking celebrity types back in 2016, says he’s going to flee the United States. Would he really? |
| The Ratings Game: Zoom Video stock rises toward a record after Wall Street gets more bullishShares of Zoom Video Communications Inc. surged to a record Thursday, as the videoconferencing company’s annual Zoomtopia event led a stampede of analysts to raise their price targets. |
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