Written by Gary
U.S. consumer spending rose 0.5% (SPY -0.3%). Weekly jobless claims higher than expected as labor market takes hit from rising Covid cases.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The Bovespa is higher by 2.24%, while the IPC is leading the S&P 500 lower. They are down 0.70% and 0.31% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Saudi Arabia Urges The UN To Intervene As Houthi Attacks PersistThe United Nations Security Council should stop the threat of more Houthi attacks on Saudi energy infrastructure, the Saudi ambassador to the UN said in a letter to the governing body, calling the attacks a threat to global energy security. It has been identified that the Houthi militia, backed by Iran, is responsible for the terrorist attack,Abdallah Al-Mouallimi said in his letter, as quoted by Arab News. The Houthi militia in Yemen on Monday claimed a missile attack on a distribution center, the property of |
| Oil Prices Climb Higher As The EIA Reports Inventory DrawCrude oil prices continued to climb today after the Energy Information Administration reported a crude oil inventory draw of 800,000 barrels for the week to November 20. A day earlier, the American Petroleum Institute reported an inventory build of 3.8 million barrels for the period. Analysts had expected the EIA to report a modest 127,000-barrel build in inventories. A week earlier, the EIA estimated a crude oil stock draw of 800,000 barrels as well. In gasoline, the EIA reported an inventory increase of 2.2 million barrels for the week to November |
| Russia Extends Its Lead As Chinas Top Oil SupplierRussia was ahead of Saudi Arabia in the race to be Chinas top crude oil supplier in October, according to official Chinese data reported by Reuters. Yet, Chinese imports from both Russia and Saudi Arabia declined year over year in October as crude imports in the worlds top oil importer slowed down markedly last month from the previous months. Chinese crude oil imports in October were10 million bpd, down by 12.2 percent from September, due to independent refiners using up 2020 import quotas and storage nearing capacity. |
| Bank Of America Sees $60 Oil Next SummerBrent crude could hit $60 a barrel by next summer as travel restrictions get eased, Bank of America said, citing growing optimism around Covid-19 vaccines. The easing of restrictions will lead to a boost in oil demand, the bank said, as quoted by Bloomberg, and this will boost prices as it creates a deficit of 1.6 million bpd by mid-2021. Vaccine optimism has already pushed oil prices to the highest in eight months despite warnings that it is too early to buy into the vaccine hype, which has this month alone spurred a 25-percent jump in oil prices, |
| Colorado Approves Stricter Rules For Oil & Gas DrillingThe Colorado Oil and Gas Conservation Commission (COGCC) approved this week stricter rules for oil and gas drilling, extending the setbacks for oil wells from homes and schools to 2,000 feet, four times the current buffer, and banning routine flaring as of January 15, 2021. The COGCC had been considering for months changes to the state regulations about oil and gas drilling in Colorado after the state passed in 2019Senate Bill 181, which says that public health and welfare should be prioritized in the regulation of oil and gas drilling. |
| Bitcoin Soars Above $19,000 As Gold SinksBitcoin bulls have had little to cheer about since the mega-rally of three years ago that saw the bitcoin price rally from under $1,000 to nearly $20,000 in the space of a few weeks. That rally was a speculators dream but had all the makings of a massive bubble that could burst at any time. For instance, Bitcoin’s big move in 2017 saw the leading crypto spend just a handful of days above $15K before it all came crashing down. The current rally has, however, seen the BTC price record a 60% gain over the past 80 days and not a single daily |
| Neiman Marcus’ holiday perks are very 2020: Santa delivers curbside and virtual gift advisors send champagneSanta will be busy delivering packages curbside at Neiman Marcus this holiday season. This is just one of its new initiatives to try to win customers over. |
| Covid cases are exploding across U.S. and Thanksgiving could be an ‘accelerator event’“I’m not scared for the day itself, but for what’s going to happen, two, three and four weeks later,” Dr. Megan Ranney, an emergency physician in Rhode Island, said. |
| L Brands names a new chief to lead Victoria’s Secret, as it works to revive the lingerie brandL Brands tapped Martin Waters, current head of its international division, as CEO of Victoria’s Secret, replacing John Mehas. |
| ViacomCBS sells Simon & Schuster to Penguin Random House for $2 billionViacomCBS announced Wednesday that it would sell publishing company Simon & Schuster to Penguin Random House in a deal worth $2.175 billion. |
| Why Pizza Hut fell behind in the pizza warsSince the start of the coronavirus pandemic, pizza makers that have their delivery game in place and digital assets in order have seen big gains. |
| The challenges Pfizer faces distributing its Covid-19 vaccine to the massesPfizer’s Covid-19 vaccine, made in partnership with BioNTech, needs to be stored at subzero temperatures and distribution challenges lie ahead. |
| Delta pilots approve cost-cutting measures to avoid furloughs until 2022Delta pilots approve cost-cutting measures to avoid furloughs until 2022 |
| Watch live: New York Gov. Andrew Cuomo holds a press briefing on Covid as cases climbOn Monday, Cuomo announced that the state would reopen a temporary field hospital on Staten Island to help treat an influx of coronavirus patients. |
| SpaceX plans for Starship test flight next week, which Elon Musk gives 1-in-3 odds of landing intactSpaceX is aiming to launch its latest Starship rocket prototype as early as “next week,” CEO Elon Musk said on Tuesday |
| Buying a home: Why it’s harder for younger generations than their parentsA report by the Urban Institute estimates 3.4 millennials would be homeowners had the rate of homeownership kept up with previous generations. |
| NBA may get creative with scheduling if next season boosts viewershipLeague officials will explore releasing two schedules based around its national TV games and integrating future series models to help network partners. |
| Health care is going digital and that could make it ‘almost free,’ says tech investor Tim DraperIn future, artificial intelligence will help to diagnose patients and develop the medicine required at “very low costs,” says venture capitalist Tim Draper. |
| Nikola shares fall after CEO fails to reassure investors GM won’t pull out of $2 billion dealNikola stock fell during afterhours trading after its CEO declined to comment on a deal being finalized with GM and a potential stock selloff by its ex-chairman. |
| Slack Shares Halted After Reports Of Salesforce Buyout TalksSlack Shares Halted After Reports Of Salesforce Buyout Talks Tyler Durden Wed, 11/25/2020 – 11:47 Slack shares soared Wednesday, forcing a halt during an already abbreviated session, on news that software as a service pioneer and newly minted Dow 30 member Salesforce has held talks to buy the messaging/workflow company.
Any deal, according to CNBC, would likely value Slack at more than its current market capitalization of $17 billion and represent Salesforce’s largest acquisition ever. There is no guarantee the talks will lead to a deal, however. Slack shares were halted after soaring 7% higher. |
| Government Worker Wages Drop Most On RecordGovernment Worker Wages Drop Most On Record Tyler Durden Wed, 11/25/2020 – 11:45 For many liberals, the “safety” and security of a government cocoon is the pinnacle of personal development and self-expression, and by extension, working for the government is the apex of one’s professional career. It’s why there are over 9 million Federal workers in the US. Luckily, it’s a minority and what has kept America’s economy vibrant over the years is the great preponderance of private sector workers. To be sure, the US government – in its attempts to become ever bigger over the years – has aggressively tried to attract as many workers to its ranks as possible over the generations, and in the 1980s it was offering impressive wage gains to government workers of well above 6%. However, things have changed, and according to the latest personal income report released this morning, it is now punitive to work for the government because in October, wages and salaries for government workers declined by 2.2% compared to last October, the biggest decline on record. |
| Israeli Military Prepares For Possible Trump Preemptive Attack On Iran: AxiosIsraeli Military Prepares For Possible Trump Preemptive Attack On Iran: Axios Tyler Durden Wed, 11/25/2020 – 11:30 With just weeks to go to President-Elect Joe Biden’s being inaugurated on January 20, Axios reports that Israel is preparing for the possibility that Trump will launch a preemptive attack on Iran. Axios’ Barak Ravid reports from Tel Aviv that “The Israel Defense Forces have in recent weeks been instructed to prepare for the possibility that the U.S. will conduct a military strike against Iran before President Trump leaves office, senior Israeli officials tell me.” |
| Peter Schiff: The Real Villain Is The FedPeter Schiff: The Real Villain Is The Fed Tyler Durden Wed, 11/25/2020 – 11:15 Via SchiffGold.com, We’re approaching all-out market mania with optimism about a COVID vaccine and the ensuing economic renaissance that many seem convinced is right around the corner. On Tuesday (Nov. 24) the Dow Jones closed about 30,000 for the first time. |
| Rishi Sunak warns ‘economic emergency has only just begun’The pandemic will deal lasting damage to growth and jobs, the chancellor has warned. |
| Spending Review: Rishi Sunak ‘hasn’t gone far enough’Under-30s have been hit hard by Covid, so what did they think of the chancellor’s Spending Review? |
| Low-paid public sector workers to get £250 pay risePay will be frozen for much of the public sector, but low-paid and NHS workers will get raises. |
| $240 million equity infusion, acquisition and IPO plans: Inside JSW Group’s expansion strategyWith the planned investments, the cement company expects to double its capacity of 25 mt to 50 mt by 2026 after the planned initial public offer (IPO) is completed. |
| Why HNI investors are looking to flee Srei Group-issued bondsBond prices plunged pushing yields up. Since November 23, the first working day after the Reserve Bank of India (RBI) ordered a special audit into SREI’s books, bond prices plunged 13.5%. |
| Why RBI needs to go slow on its record piling of forex reservesThere may be a limit to which the central bank continues to keep piling forex because this results in a surge in rupee liquidity that distorts loan pricing and hence bank profitability |
| Final November 2020 Michigan Consumer Sentiment Significantly Declines Due To Republican ConsumersWritten by Steven Hansen The final University of Michigan Consumer Sentiment for November came in at 76.9, down from the preliminary’s 77.0, down from October’s 81.2, and down from September’s 80.4.
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| October 2020 Headline New Home Sales Slow But Sales Are Stronger Than Any Year Since 2006Written by John Lounsbury and Steven Hansen The headlines say new home sales slowed month-over-month. Still, overall sales-to-date in 2020 is now better than any other year since 2006 – and this index has not been affected by the coronavirus.
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| Coronavirus Update: Hospital workers called exhausted as U.S. records highest number of COVID deaths since MayThe U.S. recorded the highest number of deaths from the coronavirus illness COVID-19 since May on Tuesday, and continues to average close to 200,000 new cases a day, with hospitals across the nation reporting exhausted health care workers and steadily filling intensive care units. |
| Economic Report: U.S. consumer spending moderates in OctoberU.S. consumer spending rose 0.5% in October, the smallest gain since April, the government said Wednesday,. |
| Cannabis Watch: Aurora leads cannabis sector rally fueled by hopes for reform under President-elect Joe BidenAurora Cannabis Inc. led a rally in the weed sector Tuesday that was fueled by hopes President-elect Joe Biden, finally cleared to move ahead with his administration’s transition, will push for reforms that will let companies access banks and capital markets. |
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