23Oct2020 Midday Update: DOW Sinks By 160 Points Midday As Fiscal-stimulus Hopes Fizzle, Nasdaq Down -0.3%, WTI Crude Slips 39.84, US Dollar Remains Weak At 92.88

Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.04% while the IPC gains 0.77%. The S&P 500 is off 0.17%.

Oil Blockades Cost Libya $130 Billion, Finance Minister Says

The frequent oil blockades in Libya over the past few years have cost the country a total of US$130 billion in lost revenues, Finance Minister Faraj Boumtari told Al-Jazeera on Thursday. Libyas oil industry has been plagued by on-and-off blockades as rival factions have been fighting for control over areas in Libya and its oil terminals and ports since the toppling of Muammar Gaddafi in 2011. The most recent blockade in Libya, between January and the middle of September, has cost Libya almost US$10 billion, the National Oil Corporation (NOC)

Biden Says He Would Transition From The Oil Industry

I would transition from the oil industry, yes,Democratic presidential candidate Joe Biden said during last nights debate with President Donald Trump in response to a question from his opponent. Would he close down the oil industry? Trump asked Biden, as quoted by the National Review. Would you close down the oil industry? To this, President Trumps opponent mentioned his plan for a transition away from oil, to which Trump said, Thats a big statement. It is

Nigerian Protests Havent Disrupted Oil Industry Yet

Nigerias oil production and exports have not been disrupted by the escalating protests against police brutality in the biggest oil producer and exporter in Africa, according to shipping data and traders who spoke to Bloomberg. For two weeks now, Nigerians have been protesting against the notorious Special Anti-Robbery Squad (SARS) unit, calling for the authorities to disband it. Rights group say that the Nigerian army and police shot dead at least 12 peaceful protesters in Lagos this week. The escalating tension in Africas top oil

Alberta Set To Lift Mandatory Oil Production Cuts In December

Alberta is lifting the mandatory curtailment of oil production as of December 2020 since there is enough space on pipelines to allow producers to utilize available pipeline capacity and create jobs, the provincial government said on Friday. The mandated production limits were set in place by the previous government of Alberta after takeaway capacity constraints in late 2018 led to plummeting prices of Canadas oil. As Canadian oil production was growing, takeaway capacity constraints and maintenance at U.S. refineries in the fall of

Iranian Tankers Hide In Iraqi Waters To Ship Oil Abroad

Iranian tankers are hiding in Iraqi waters to do their ship-to-ship transfers of crude oil to avoid U.S. sanctions, the Wall Street Journal reports, citing documents and U.S. officials. The Iraqi port of Al Faw is one regularly used point of transfer, according to the sources and the documents. There, Iranian tankers offload the crude to other vessels where it is mixed with oil from other sources, such as local crude, to avoid detection. Apparently, such transfers have grown into a lucrative business for the parties involved, who then sell the

Venezuelas Oil Major Sees Oil At $35 Through 2021

Venezuelas state oil company has made a pessimistic estimate for next years oil prices, expecting to make just $35 per barrel for the crude it exports, Reuters has reported. This compares with $60 per barrel estimated for this year. U.S. sanctions on Caracas have made it hard for PDVSA to sell its oil abroad, so it has been forced to offer it at steep discounts. The latest oil price crisis has definitely not helped, either, slashing prices further. Since the start of the year, PDVSAs most popular Merey blend, for example, has

Dunkin’ is keeping beverage innovation humming during the pandemic as consumers look to treat themselves

While the coronavirus pandemic has disrupted daily commutes and morning runs for coffee, Dunkin’ Brands Group says a new theme has emerged ” customers are treating themselves.

We asked 20 medical experts with kids about their pandemic Halloween plans. Here’s what they said

We asked doctors and epidemiologists: How are you making the most of Halloween this year while maintaining masks and social distancing?

‘We are out of time:’ Destructive wildfires in Colorado will grow worse as season lengthens, scientists warn

The unusually late and intense fire season in Colorado is part of a larger problem of worsening destruction fueled by climate change.

Black-owned restaurants in NYC struggle for survival as stimulus stalemate drags on

Black restaurants in New York have seen revenue decline as much as 80% since the start of the pandemic. To help, Black Restaurant Week is coming to the city even with indoor dining restrictions and other Covid-19 concerns.

Walmart has a grand plan to help suppliers club together to buy green energy

The world’s largest retailer will help suppliers buy renewable energy via power purchase agreements.

Stocks making the biggest moves midday: Virgin Galactic, Intel, Snap & more

Check out the companies making headlines in midday trading.

TripAdvisor CEO says Google uses its ‘dominance in internet gatekeeping’ against travel sites

TripAdvisor CEO Stephen Kaufer, a longtime critic of Google, told CNBC he welcomes the DOJ’s antitrust lawsuit against the tech giant.

WHO says some countries ‘are on a dangerous track’ as Covid cases begin to stress health systems

“The next few months are going to be very tough and some countries are on a dangerous track,” said WHO Director-General Tedros Adhanom Ghebreyesus.

It’s a scary time financially. How to avoid panic

Around 2 in 3 adults report that money is “a significant source of stress” in their lives, according to a survey by the American Psychological Association. These steps may help calm you down a bit.

Watch live: The World Health Organization holds a press briefing on the coronavirus as cases accelerate in the U.S. and Europe

The WHO is holding a press briefing on the Covid-19 pandemic.

‘We’re a long way from anywhere else’: Small U.S. cities hit with airline service cuts in pandemic

Regional airports are struggling with the impact of big carriers’ service suspensions on their economies.

U.S. reports more than 71,600 new Covid cases as new infections near record highs and hospitalizations rise

Since Oct. 1, Covid testing has increased by nearly 11%, compared with a 46% jump in the average daily rate of new infections.

Music legend Nile Rodgers says post-Covid insurance issues could radically change live shows

Multi-Grammy award-winning Nile Rodgers told CNBC that he doesn’t know if his live shows can ever be the same again following the Covid-19 crisis.

Italy Reports Record Jump In COVID-19 Cases; New Jersey Sees Surge In ICU Occupancy: Live Updates

Italy Reports Record Jump In COVID-19 Cases; New Jersey Sees Surge In ICU Occupancy: Live Updates Tyler Durden Fri, 10/23/2020 – 12:42

Summary:

Spain total infections around 3 million, 3x higher than official number

NJ ICU admissions highest since July 4

Italy reports new record

Luxembourg imposes curfew

US sees 2nd highest jump in new cases

Europe’s hospitals overwhelmed amid surge in COVID patients

Cases in India slow

Blood plasma treatment proven ineffective

8 states reported records

* * *

Update (1200ET): Italy just reported its latest daily record jump in COVID-19 cases, with a 19% increase in daily virus cases Friday to a record of 19,143. The country registered 91 deaths, down from 136 Thursday. Meanwhile, the number of patients in intensive care has surpassed 1,000 to 1,049, which is still well below the early April peak of more than 4,000. In Milan, Italy’s hardest hit city, officials have imposed a local curfew, national figures are reportedly preparing to impose a nationwide curfew as early as 2100.

Poland, meanwhile could face what its PM called a “deep lockdown” if the virus doesn’t start to slow. The Polish PM issued the stern warning on Friday as he announced new limits on gatherings, closures of bars …

America: A Land Of Ceaseless Conflict

America: A Land Of Ceaseless Conflict Tyler Durden Fri, 10/23/2020 – 12:35

Authored by Patrick Buchanan, op-ed via Townhall.com,

When Amy Coney Barrett was nominated to a judgeship on the U.S. Court of Appeals in 2017, Sen. Dianne Feinstein was taken aback by the Notre Dame law professor’s Catholic convictions about the right to life.

“Professor,” said Feinstein, “when you read your speeches, the conclusion one draws is that the dogma lives loudly within you, and that’s of concern.”

Feinstein, the ranking Democrat on the Senate Judiciary Committee, got a second chance to quiz Barrett during the Supreme Court nomination hearings conducted by Chairman Lindsey Graham.

Believing, after four days, that she and her colleagues had been treated fairly, Feinstein volunteered across the aisle, “This is one of the best set of hearings that I’ve participated in.”

She gave Graham, a friend and colleague of decades, a brief hug.

Short Lines Greet Latest iPhone Release In China

Short Lines Greet Latest iPhone Release In China Tyler Durden Fri, 10/23/2020 – 12:19

Apple shares slid Friday morning after the release of two iPhone 12 models that went on sale in China earlier in the day. From Shanghai to Beijing, Apple stores saw low-turnout on launch day, due mostly because of the shift to online ordering.Â

Early preordering of Apple’s new 5G-enabled smartphones had a strong online response by consumers in a post-pandemic world. Unlike some Americans, the Chinese appear smart enough not to gather in long lines as flare-ups of the virus pandemic are being reported in many parts of the world.

Sovereign Wealth Funds Forestall Real-Estate Investments As COVID-19 Pandemic Bites

Sovereign Wealth Funds Forestall Real-Estate Investments As COVID-19 Pandemic Bites Tyler Durden Fri, 10/23/2020 – 11:55

President Trump elicited jeers from New York City’s remaining residents Thursday night when he called their city a “ghost town” during a lengthy riff on the myriad problems created by COVID-19-inspired lockdowns. But a mountain of data shows that Manhattan rents and property prices have tumbled to their most affordable levels in years.

Covid: Virgin Holidays ‘must pay refunds or face court’

The regulator sets deadlines for refunds to be paid, but the company says it is “98% through the queue”.

Dangerous products: ‘I heard a loud crackle and bang’

Worries over dangerous products sold via online marketplaces prompt a call for changes in the law.

Shoppers defy economic gloom in September

The amount of retail sales saw a 1.5% rise last month, boosted by DIY and garden items.

Retail mantra helping YES Bank reverse the slide in advances

Yes Bank had to shrink its loan book in the last few quarters due to an outflow of deposits. However, this quarter the bank was succesful in arresting the slide of deposits and could also add new loans.

The consumer returns! Discretionary demand back with a bang

As the economy gradually opened up from the lockdown since June, consumers have stopped stocking up FMCG goods and the tailwind has started weakening. On the other hand, discretionary demand, in the form of pent-up buying, seems to be picking up, said analysts.

Believe it or not, engineers now call the shots in India’s broking industry!

The biggest force helping the rising clout of engineers on Dalal Street has been the tech-savvy millennials, who are now in their earnings age, and form the biggest set of potential customers for any financial firm.

16 October 2020 ECRI’s WLI Marginally Continues To Improve

Written by Steven Hansen

ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved and remains in expansion. ECRI also released their coincident and lagging indicators this past week.

Market Snapshot: Dow sinks by 180 points midday as fiscal-stimulus hopes fizzle

U.S. stock benchmarks turn negative midday Friday, with the major indexes on track for weekly declines, as a top White House economist says fiscal relief talks are not seeing much traction, sparking investor fears that another round of coronavirus aid may not be forthcoming before Election Day.

: Former prime minister cashes in with £1.45 million in speeches to Wall Street firms and U.S. universities

Former world leaders cash in after their time in office, and ex-U.K. Prime Minister Theresa May is no different.

Weekend Sip: Broadway may be closed, but the Broadway Wine Club is ready to serve

Club members get Broadway-related perks, including the opportunity to connect (virtually, for now) with wine-loving theatrical stars.