Written by Gary
Stock markets sink amid alarm at Covid surge (SPY 3.4%). U.S. Treasury yields end flat as rising COVID cases spark stock-market selloff.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | U.S. Oil Production Wont Reach 13 Million Bpd Any Time SoonIf youre in the camp that is wishfully thinking U.S. oil production will rebound anytime soon north of 13 million barrels per day, U.S. Energy Secretary Dan Brouillette is ready to dash those hopes. Brouillette said on Wednesday that hes not so sure U.S. production will rebound to 13 million bpd quicklythe level reached in January 2020 before the pandemic sunk its teeth into demand. The reason, according to Brouillette, is that consumer demand just isnt sufficient to push demand for crude oil. We simply dont |
| Philippines Is Getting Ready To Drill For Oil And GasAt a time when the second wave of coronavirus is decimating the world economy, when the Caucasus is smouldering from the consequences of the Karabakh issue and all the protracted Middle Eastern conflicts are continuing to drag the region into political obsolescence, the last thing we needed was a flareup with regard to the South China Sea. Territorial disputes in Chinas maritime underbelly are by no means a novelty just think of the Paracel and Spratly Islands or the Scarborough shoal, China has managed to have simultaneous arguments |
| China Launches Construction Of Huge $20 Billion Refinery ComplexChina has launched the construction of a refinery and petrochemical complex worth US$20 billion in the Shandong province, the home of the independent Chinese refiners, Reuters reports, citing a local state newspaper. Earlier this year, China gave the go-ahead to plans for the colossal refinery and petrochemical complex Yulong, which will include a refinery with a crude processing capacity of 400,000 barrels per day (bpd) and an ethylene plant producing 3 million tons per year. According to sources who spoke to Reuters in June, the investment in |
| The Car Giants That Knew About Climate Change 50 Years AgoGeneral Motors and Ford have known about the effect burning fossil fuels has on climate for 50 years, a report from E&E News has revealed. And not just this: the two companies spent money on studying this effect and trying to understand the link between fossil fuels and climate change. But the report revealed that they failed to do anything about it. E&E News’ Maxine Joselow reports that the investigation into the two biggest carmaking companies in the United States revealed that their own scientists had told them about the industry’s role |
| Washington Greenlights Conoco Oil Project In AlaskaThe Bureau of Land Management approved a ConocoPhillips-led oil exploration project in Alaska, which could yield some 160,000 barrels of crude daily when it becomes operational, the BLM said. President Trump made his administration focus on American energy independence and the freedom it provides from day one of his term, Secretary of the Interior David Bernhardt said in the news release.This decision will make a significant contribution to keeping oil flowing down the 800-mile Trans Alaska Pipeline decades into the future |
| Saudi Aramco: Oil Demand Too Weak To Ease OPEC+ Output CutsGlobal demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. OPEC and its Russia-led partners will likely consider a lot of demand issues before tapering their cuts, he said in an interview with Gulf Intelligence. OPEC+s decision will depend on how economies recover, including the U.S. economy from a potential stimulus, Al-Buainain added. The OPEC+ group is set to relax the current |
| Surge in online holiday shopping will pack 2 years of growth into one season, Adobe saysOnline sales this November and December are forecast to surge 33% year over year to a record $189 billion, according to data released Wednesday by Adobe Analytics. |
| Sanofi, GSK to provide 200 million Covid vaccine doses to WHO global immunization programSanofi and GSK’s vaccine is further behind in clinical development than some of the front-runners, such as Pfizer, Moderna and AstraZeneca, which are all in late-stage trials. |
| Chewy launches virtual vet visits as pandemic fuels pet boomThe online pet products retailer plans to expand the service across the country, add video and explore ways it could monetize the service. |
| U.S. agrees to pay Eli Lilly $375 million for 300,000 doses of coronavirus antibody drugThe agreement is for delivery over the two months following an emergency use authorization from the Food and Drug Administration. |
| Boeing to shed 7,000 more jobs as pandemic hits aircraft demandBoeing reported another rough quarter as it faces weak jetliner demand, the continued grounding of its 737 Max and the coronavirus pandemic |
| Bed Bath & Beyond targets ‘stable’ sales growth in 2021, low-to-mid single-digit gains by 2023Bed Bath & Beyond, ahead of its annual meeting with investors Wednesday, laid out a three-year road map and offered fresh financial targets. |
| Panera Bread adds pizza to menus as customers order more delivery and takeoutPanera Bread customers can now buy flatbread pizzas from the sandwich chain. |
| On Alibaba’s Singles Day, Chinese consumers look to spend more, shift away from American brandsMany Chinese consumers say they’ll be shopping for domestic brands during Singles Day on Nov. 11, the global consulting firm AlixPartners found. |
| Ford blows away earnings expectations as consumers buy up trucks during pandemicFord Motor reported earnings after the bell Wednesday. Here are the results. |
| Half of registered voters expect to have some difficulty voting, according to the Pew Research CenterWith the coronavirus casting a shadow over the 2020 elections, many states have made it easier than ever to vote by mail. But many Americans remain deeply skeptical of mail-in ballots. |
| Qualtrics co-founder Ryan Smith joins the NBA ownership club after buying the Utah JazzRyan Smith, a Utah native, will take over ownership from The Miller Family, which purchased the club in 1985 for $22 million. |
| Watch live: Dr. Anthony Fauci discusses coronavirus developments with the JAMA NetworkWhite House coronavirus advisor Dr. Anthony Fauci is scheduled to hold a discussion Wednesday with the the Journal of the American Medical Association. |
| Lockdown Loquaciousness Launches Licentious LiquidationsLockdown Loquaciousness Launches Licentious Liquidations Tyler Durden Wed, 10/28/2020 – 16:01 It seems all the talk about lockdowns has finally triggered more than a few snowflakes as today’s price action had the feel of widespread liquidation with stocks, bonds, commodities, and crypto all being dumped as safe-haven flows sent the dollar soaring… Statistically, today is the best day of the year for the S&P 500 (which is somewhat offset by the fact that historically, tomorrow is the date when the Great Depression started in 1929), but today was ugly with all the major US equity indices down 3-4% (Nasdaq was the laggard, worst day since Sept 8th – Nasdaq down 9 of last 12 days)… |
| #CancelSpotify – Joe Rogan Sparks Leftist Meltdown With Alex Jones Podcast#CancelSpotify – Joe Rogan Sparks Leftist Meltdown With Alex Jones Podcast Tyler Durden Wed, 10/28/2020 – 15:40 Authored by Paul Joseph Watson via Summit News, Leftists were triggered Tuesday as Infowars guru Alex Jones was able to appear on a big tech platform without being censored or banned. |
| House To Consider Authorizing ‘Mother Of All Bombs’ Sale To IsraelÂHouse To Consider Authorizing ‘Mother Of All Bombs’ Sale To Israel Tyler Durden Wed, 10/28/2020 – 15:25 Israeli media is reporting that defense officials plan to soon obtain the “mother of all bombs” or a MOAB from the United States. The GBU-43/B Massive Ordinance Air Blast bomb (MOAB) is the most powerful non-nuclear bomb in the US arsenal, which over recent years has seen occasional use in Afghanistan against ISIS, Taliban and al-Qaeda terrorists. It’s especially brought in as a bunker-buster when smaller conventional munitions can’t dislodge enemy combatants. |
| France Joins Germany In Reviving Nationwide Lockdown As COVID-19 Cases Soar Across Europe: Live UpdatesFrance Joins Germany In Reviving Nationwide Lockdown As COVID-19 Cases Soar Across Europe: Live Updates Tyler Durden Wed, 10/28/2020 – 15:21 Summary: France announces lockdowns NY tops 500k COVID cases Merkel confirms lockdown plans Protests over new restrictions arise in Italy Details of new French, German lockdowns hit Brussels to discuss EU-wide measures Germany prepares return to partial lockdown France mulls new measures Czech Republic and Poland suffer new records Texas cases see biggest jump in 2 months Mainland China reports 42 more cases BoJo faces pressure for new lockdown UK vaccine task force warns: prepare for imperfect vaccines * * * Update (1515ET): As expected, French President Emmanuel Macron announced during a briefing Wednesday evening that France would join Germany in announcing a new partial lockdown that would see schools remain open, while curfews, ‘nonessential’ business closures and restrictions on movement return. Per the new restrictions, all bars and restaurants across France will close, a measure that is infuriating the national hospitality industry. Will the announcement, which was telegraphed in advance by leaks to the press, rattle mark … |
| Stock markets sink amid alarm at Covid surgeFinancial markets in the US and Europe fall as concerns rise about the coronavirus impact on economic growth. |
| Facebook sued over Cambridge Analytica data scandalThe company is accused of misusing almost one million users’ data in England and Wales. |
| Soy sauce: Will it be cheaper next year?The Department for International Trade slips up in a tweet about Bake Off. |
| What’s in the US law protecting internet companies – and can it be changed?The technology industry and others have long held that Section 230 is a crucial protection, though the statute has become increasingly controversial as the power of internet companies has grown. |
| Q2 preview: Voda Idea losses may narrow; management commentary keyInvestor will watch out for management commentary on business plan to curb loss of subscribers, roadmap for fundraising, longer term 5G plans and the initial feedback post recent rebranding. |
| Deeper correction looms as FIIs turn net sellers of index futuresOn October 28, they were cumulatively net short 9393 contracts. This year itself , they’ve held cumulative net short positions of 45470 contracts (May 18), 35,904 (June 29) and a whopping 173,133 on March 6, preceding the collapse of Nifty to 7511.1 on March 24. |
| : GE stock jumps as investors cheer surprise adjusted profit and positive free cash flowShares of General Electric Co. charged higher Wednesday, as the industrial conglomerate surprised investors by reporting a third-quarter adjusted profit and positive free cash flow. |
| Election: America’s top CEOs are opening up their wallets for Mitch McConnell’s re-election campaignSenate Majority Leader Mitch McConnell ranks as a favorite among the CEOs of S&P 500 companies, as the bosses have combined to give more money to his campaign than to any other candidate engaged in a competitive 2020 Senate race. |
| Bond Report: U.S. Treasury yields end flat as rising COVID cases spark stock-market selloffTreasurys saw little movement Wednesday, as investors shunned stocks and oher assets perceived as risky on the threat of renewed lockdowns in Europe and a continued surge in COVID-19 cases in the U.S. |
Summary of Economic Releases this Week
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