Written by Gary
Disney suffers first annual loss in more than 40 years (SPY -1.0%). Record-breaking hurricane season took major toll on gulf of Mexico production.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Adapt Or Die: Refiners Face An Impossible DecisionRefinery conversion and closures: this is the shortest summary of things happening in the downstream industry right now. With the pandemic wreaking havoc on oiland fueldemand, refiners have found themselves not simply saddled with excessive stocks but facing a future that is shaping up to be quite different from the past. In recent months, French Total announced the conversion of its La Mede refinery in southern France into a biofuels plant with a capacity of 500,000 tons per year. Biofuels are fully renewable, and an immediately |
| Energy Has Become Bargaining Chip In Brexit TalksThe European Union (EU) is conditioning the United Kingdoms access to the EU energy market to Britain, making concessions on the fishing rights in British waters, Bloomberg reports. In case a deal is not reached and the EU plays the energy card, the UK risks losing easy access to imports of electricity and natural gas from EU member states such as the Netherlands, France, and Ireland. This could raise prices for consumers and increase the risks of blackouts. The EU and the UK are currently negotiating the exit of the UK from the European |
| Will Venezuelas Economic Crisis Remove Maduro From Power?In desperation, Maduros autocratic regime has turned to Iran, another pariah state, for assistance. The collapse of Venezuelas once-mighty oil industry has not only caused the Latin American countrys economy to implode, but it has triggered massive gasoline and other shortages. U.S. sanctions are biting deeper, sharply impacting what was once South Americas richest economy. As of the final week of October 2020, the U.S. effectively ended sanction exemptions which allowed Indias Reliance Industries, Spains |
| U.S. Wind Capacity Additions Set To Surge To Record In 2020The United States is on course to see record-breaking 23 gigawatts (GW) of wind turbine capacity additions this year, smashing the previous record from 2012 by nearly 10 GW, the U.S. Energy Information Administration (EIA) said on Thursday. This year wind capacity additions are set to be higher than in previous years because of the impending phase-out of the full value of the U.S. production tax credit (PTC) at the end of 2020. Between January and August, a total of 5 GW of wind turbine generation capacity was installed in the United States, according |
| Australia-China Spat Threatens LNG DealA sharp worsening in relations between Australia and China could threaten a deal that would have seen Woodside Petroleum sell a stake in a natural gas field and in the $16-billion Scarborough liquefied natural gas project. The chief executive officer of Woodside, Peter Coleman, told Reuters in an interview that the talks for the stake sales had been suspended several months ago, adding that he still hoped they will be resumed after the diplomatic row is resolved. The row erupted when Australia insisted on an international inquiry into the origin |
| Lockdowns Hit Supplies For BiofuelsLockdowns, curfews, and fewer people eating out due to the coronavirus are dwindling the supplies of used cooking oil that is used in renewable fuels production, and refiners are now racing to procure feedstocks for biodiesel in California, Bloomberg reports. Supplies of used cooking oil and animal fats from restaurants have slumped this year, while some of the largest U.S. oil refiners have announced plans to convert oil refineries into biofuel producing sites. California has a state-level program to support renewable diesel production as part |
| California’s Covid rules mean lengthy Disneyland closure and more pressure for Disney earnings and local economyThe prolonged closure of Disneyland in California be a massive drag on Disney’s earnings for quarters to come and on the local Orange County economy. |
| Crucial Moderna Covid vaccine data is coming in days ” here’s what to look out forInvestors expect Moderna’s vaccine will be highly effective, especially after Pfizer said its vaccine was 90% effective, said Brad Loncar, a biotech investor. |
| Chicago Mayor asks residents to cancel Thanksgiving plans and stay indoors as Covid cases riseChicago Mayor Lori Lightfoot asked all residents to cancel Thanksgiving plans and stay at home unless they need to go to work or school or to tend to essential needs like the doctor’s office or grocery store. |
| Joe Biden’s climate change agenda faces an uncertain future in the SenateBiden could undo many of President Trump’s environmental rollbacks. But replacing Trump’s regulatory agenda could be difficult with a GOP-controlled Senate. |
| Kentucky Supreme Court upholds Gov. Beshear’s mask mandate, emergency restrictionsThe Kentucky Supreme Court upheld Gov. Andy Beshear’s emergency coronavirus executive orders on Thursday amid a surge of cases in the state. |
| University of Wisconsin hospitals are short of staff at ‘all times’ as Covid slams state“We’re finding that all of our hospitals are reaching their limit in capacity,” UW Health CEO Dr. Alan Kaplan told CNBC. |
| U.S. airline employment to reach lowest levels in decades after pandemic cuts 90,000 jobsU.S. airline employment is set to reach the lowest levels since the mid-1980s |
| Bioethicists worry the rich and powerful will get special access to experimental Covid treatmentsBioethicists say that there are many problems associated with giving access to experimental treatments to the rich and powerful. |
| EBay touts sale of rare Air Jordan sneakers as it looks to solidify its place with collectorsOnline marketplace eBay is selling hundreds of rare Air Jordan sneakers through Friday. |
| Ford unveils new electric van for its profitable commercial businessThe Ford E-Transit commercial van is part of automaker’s plan to invest $11.5 billion in electric vehicles through 2022. |
| Grocery shoppers trade up from dried beans and rice to premium foods as Covid cases riseConsumers have turned toward premium purchases such as higher-end coffees, cheeses and frozen entrees instead of value brands, market research firm IRI found. |
| PayPal CEO says investing in low-level employees will drive shareholder returnsPayPal sought to improve the financial conditions of its lower level employees by lowering healthcare costs and providing financial education. |
| JetBlue will stop blocking seats on board in January, joining SouthwestJetBlue joins Southwest by selling all seats on board its flights, starting next year. |
| Bonds Bid, Stocks Skid As Lockdowns Loom, Stimulus DoomedBonds Bid, Stocks Skid As Lockdowns Loom, Stimulus Doomed Tyler Durden Thu, 11/12/2020 – 16:00 A combination of various state/city lockdown orders (on the back of Biden advisors pushing for a national lockdown for up to 6 weeks) and headlines from Washington that stimulus will be dramatically smaller than hoped for (if at all), sent all the major US equity indices lower today. Small Caps were hit hardest but as the headlines hit, even Big-Tech couldn’t hold any gains (after Trump admin unveils EO blocking some China stock buys)… |
| New Pentagon Top Adviser Wants US Troops Out Of Syria “Immediately”New Pentagon Top Adviser Wants US Troops Out Of Syria “Immediately” Tyler Durden Thu, 11/12/2020 – 15:45 With Esper out the door, Trump’s newly in office acting Secretary of Defense is already making waves given who he’s just brought on board. The new acting Pentagon chief, Christopher Miller, has just brought on as his senior adviser Ret. Army Col. Douglas Macgregor. Crucially Macgregor is on record as wanting American troops out of Syria immediately (gasp, the horror!), and further wants a rapid draw down in Afghanistan as well as in places like the Korean Peninsula. “President Trump’s newly installed acting Pentagon chief is bringing on a senior adviser in a sign the administration wants to accelerate the withdrawal of U.S. troops from the Middle East before the end of his presidency in January, three people familiar with the move told Axios,” Jonathan Swan writes. |
| Amid Voting Irregularity Challenges, Democrats Call For People To Move To Georgia To Stack The VoteAmid Voting Irregularity Challenges, Democrats Call For People To Move To Georgia To Stack The Vote Tyler Durden Thu, 11/12/2020 – 15:25 Authored by Jonathan Turley, One can have an interesting debate over the most self-defeating political statements in American politics. There was Bill Clinton’s not-so-clever answer about his affair with Monica Lewinsky as depending what œthe meaning of is is. There was John Kerry statement that he was against the Iraq war before he was against it. There was Donald Trump refusal to commit to a peaceful transfer of power. However, Senate Minority Leader Chuck Schumer may have taken the crown with his yelling on the streets of New York that œNow we take Georgia, then we change the world. Now we take Georgia, then we change America. It is a quote that will live in infamy ” and endlessly in Georgia. Now adding to the Democratic problems are liberal figures openly encouraging Democrats to move to Georgia to stack the vote in the runoff elections. So Georgia just started a hand recount in th … |
| Another 90,000 Airline Jobs Set To Disappear By Year-End As National Lockdown LoomsAnother 90,000 Airline Jobs Set To Disappear By Year-End As National Lockdown Looms Tyler Durden Thu, 11/12/2020 – 15:11 Despite the bullish news surrounding Pfizer’s COVID-19 vaccine earlier this week, lifting airline stocks to the stratosphere, on hopes of a recovery in the severely beaten down travel and tourism sector, an industry group warned Thursday about the dire situation still facing many airlines. U.S. Global Jets ETF Jumped On Pfizer COVID-19 Vaccine News |
| China Muslims: Volkswagen says ‘no forced labour’ at Xinjiang plantThe car maker defends continued production in a Chinese region mired in allegations of rights abuses. |
| Manchester United results released in errorManchester United remain “absolutely committed” to manager Ole Gunnar Solskjaer, says executive vice-chairman Ed Woodward, as the club’s first-quarter financial results are released early in error. |
| Switzerland moves to close bribery loopholeBribes paid to private individuals will stop being tax deductible from 2022, the government said. |
| India Inc financials improve in Q2, but will the momentum sustain?Analysts expect the momentum to sustain in the coming quarters amid the broad based recovery and various initiatives by the government to restore economic activity. |
| RIL to invest up to $50 million in Bill Gates’ Breakthrough Energy VenturesœThe capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present. The said investment will be made in tranches over the next 8-10 years, RIL said in a regulatory filing. |
| After rallying 70% in 3 months, can this truck maker provide more upside?The fleet utilization rate ” an important parameter to kick-start new truck purchases by fleet owners ” has been improving steadily. |
| : Disney suffers first annual loss in more than 40 years, but stock jumps as losses are not as bad as fearedWalt Disney Co. wrapped up its fiscal year with another quarterly loss Thursday, resulting in the entertainment giant’s first annual loss in more than 40 years. |
| : McConnell sets up vote on Fed board nominee Judy SheltonArmed with an endorsement from a Republican moderate, Senate Majority Leader Mitch McConnell moved Thursday to set up a vote on controversial Federal Reserve nominee Judy Shelton. |
| Outside the Box: My grandson says my financial adviser is steering me wrong and double-charging me. What should I do?You may really like your broker, but she is not your friend. She is a salesperson |
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