Written by Gary
New Lockdowns In Europe Put The Brakes On The Oil Demand Rebound (SPY -0.4%). Biden Stimulus Plan Leaks: Will Total $1.9 Trillion, Includes $1,400 Stimmy Check.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Iran Expands Its Sphere Of Influence With Iraqi Energy DealsIraq announced two deals with countries that Iran hopes can be gradually moved further into its sphere of influence. One of the two, Lebanon, is already seen by Tehran as a key player in the Shia crescent of power that it has been meticulously developing for years – as a counterpoint to the U.S.s own sphere of influence centred on Saudi Arabia – that stretches from Syria and Lebanon through Iraq and Iran and then south into Yemen. According to comments last week from Iraqs new Oil Minister, Ihsan Abdul Jabbar, following a meeting |
| New Lockdowns In Europe Put The Brakes On The Oil Demand ReboundRoad traffic and transportation fuel demand in most of Europe at the start of 2021 is likely at its weakest since the end of the first lockdowns in the late spring, according to Bloomberg estimates and analysts, as more people stay at home with renewed lockdowns to fight soaring COVID-19 cases. Despite the start of vaccinations in Europe, many countries continue to battle record daily new coronavirus cases and have been on lockdown, again, since before Christmas. The UK, where the new strain of the virus was first identified, is under stay |
| Total, Apache Make Yet Another Oil Discovery Offshore SurinameTotal and Apache Corporation have made their fourth oil and gas discovery offshore Suriname in the Guyana-Suriname basin, the French supermajor said on Thursday. The discovery adds to numerous other significant oil finds in the Guyana-Suriname basin, where ExxonMobil is also a major operator besides Total and Apache. The new Total-Apache found oil at the Keskesi East-1 well, in Block 58 off the coast of Suriname, as part of robust Suriname exploration and appraisal programs in 2021, as Apache said in November last year. Kevin McLachlan, |
| The Best-Performing Energy Stocks Of 2020In 2020, the energy sector got hit with the triple-whammy of a price war between Saudi Arabia and Russia, demand destruction as a result of the Covid-19 pandemic, and perceptions that oil is about to give up its dominance to renewable energy and electric vehicles. Those factors combined to send the energy sector reeling in 2020. The Energy Select Sector SPDR ETF (XLE) tracks an index of energy companies in the S&P 500. The XLE represents the stocks of large energy companies from different sub-sectors (e.g., integrated, oil production, equipment |
| Trump Escalates Ban On Holding Chinese Oil Stocks, Delisting May Be NextThe Trump Administration is banning as of November 2021 the holding of shares in any Chinese company defined by the U.S. as having links to the Chinese military, including stock in oil giant China National Offshore Oil Corporation (CNOOC). In an executive order issued on Wednesday, U.S. President Donald Trump makes it illegal for U.S. persons to hold shares after November 11, 2021 in any of the companies described as a Communist Chinese military company, further tightening the ban from last November, which prohibited only buying new |
| OPEC Sees Oil Demand Rise To 95.9 Million Bpd In 2021Global oil demand is set to rise by 5.9 million barrels per day (bpd) in 2021 from an estimated average demand of 90 million bpd in 2020, OPEC said on Thursday, leaving its 2021 demand growth forecast unchanged from last month but warning that the pandemic is still skewing risks to the downside. Developed economies will see oil demand rise by 2.6 million bpd this year, driven by North America, while emerging marketsled by China and Indiawill see oil demand increase by 3.3 million bpd, OPEC said in its Monthly Oil Market Report (MOMR). |
| Biden Covid advisor says plan to release most vaccine doses won’t cause shortage of second shotsThe advisory team has had numerous conversations with vaccine makers, among others, about supply issues, said Dr. Celine Gounder. |
| ‘WandaVision’ debuts Friday, kicking off a new era for Marvel on Disney+“WandaVision, Marvel’s first scripted series for Disney+, arrives on Friday, kicking off a stacked slate of interconnected superhero content. |
| UN urges nations to scale up climate change adaptation to avoid major economic lossThe UN estimated that annual climate change adaption costs could reach between $140 billion and $300 billion by the end of the decade. |
| Pet care retailer Petco shares surge more than 60% as it returns to public marketOn Wednesday night, the company priced its initial public offering at $18 to raise about $816.5 million, higher than the $14 to $17 expected price target. |
| New York says Covid vaccine appointments are booked 14 weeks out as expanded eligibility spurs demandGov. Andrew Cuomo said if the government is unable to meet the demand, it could cause people to lose “belief in the competence of government.” |
| With a lot of optimism and vaccine hopes, U.S. auto sales could increase as much as 10% in 2021Automotive executives and analysts are cautiously optimistic that U.S. vehicle sales will return to some form of normalcy in 2021. |
| As shoppers buy more of their clothes online, fewer retailers stand to winSales of apparel and footwear online increased 27.2% to $121.5 billion in 2020, according to an analysis released Thursday by Coresight Research. |
| Jeff Bezos’ Blue Origin aims to fly first passengers on its space tourism rocket as early as AprilJeff Bezos’Â private space company Blue Origin aims to carry its first passengers on a ride to the edge of space in a few months. |
| Moderna looks to test Covid-19 booster shots a year after initial vaccinationModerna is planning to test a booster shot of its Covid-19 vaccine one year after initial vaccination, as duration of protection isn’t yet known. |
| FAA chief says there’s been a ‘disturbing increase’ in passenger disruptions on flightsThe agency unveiled a new enforcement policy as airlines and airports enhance security ahead of President-elect Joe Biden’s inauguration next week. |
| Manhattan apartment rentals nearly doubled in December“It’s a baby step in the right direction,” said Jonathan Miller, CEO of appraisal and research firm Miller Samuel. “The metrics are still very weak.” |
| Dr. Scott Gottlieb warns Covid vaccine recipients against letting their guards down right awayThe former Food and Drug Administration commissioner said the advice is particularly important for the elderly, who are at higher risk of death from Covid. |
| Petco CEO says pandemic pet boom, new digital offerings will fuel company’s growthThe pet care retailer’s shares will start trading Thursday as the pandemic fuels adoptions and inspires families to spend more on dogs, cats and other pets. |
| Crypto & Small Caps Surge, Dollar Shrugs Ahead Of Biden’s Budget BonanzaCrypto & Small Caps Surge, Dollar Shrugs Ahead Of Biden’s Budget Bonanza When the headline hit last night – from a Biden aide – that Biden’s stimulus spendfest was $2 trillion (or some suggested $3 trillion), markets lurched – bond yields spiked, small caps surged, tech tumbled, the dollar rallied, gold dumped, and crypto rebounded further. By the end of the day session, gold and the dollar had retraced their moves while stocks, bonds, and crypto extended their trend. Then late on stocks took a brief dive after NYTimes dropped a headline outlining Biden’s $1.9 trillion stimulus plan…
Which apparently disappointed stocks… Still, the US equity markets massively diverged with Small Caps exploding higher as Big-Tech and the Dow and S&P drifted down, accelerating late on… |
| Christopher & Banks Files For Bankruptcy, Could Close All StoresChristopher & Banks Files For Bankruptcy, Could Close All Stores By Ben Unglesbee of Retail Dive Summary: Christopher & Banks filed for Chapter 11 bankruptcy Thursday after protracted demand declines among its customer base in 2020 and defaults on major financial obligations earlier this month. The women’s apparel seller said in a press release that it plans to close “a significant portion, if not all, of its brick-and-mortar stores.” It has hired Hilco Merchant Resources to run liquidation sales at all 449 stores, according to court documents. While it prepares to exit brick-and-mortar, Christopher & Banks plans to sell its e-commerce unit in Chapter 11. The company is in “active discussion with potential buyers,” it said in the release. With store sales making up 75% of Christopher & Banks’ sales, the COVID-19 pandemic was a fatal blow to the apparel seller’s business. CEO Keri Jones said in court papers that its Chapter 11 filing was “primarily the result” of the pandemic’s … |
| Biden Stimulus Plan Leaks: Will Total $1.9 Trillion, Includes $1,400 Stimmy CheckBiden Stimulus Plan Leaks: Will Total $1.9 Trillion, Includes $1,400 Stimmy Check It may not be quite $2 trillion as CNN leaked last night, quoting “one lawmaker” in close contact with the Biden team who said it was “taking a shoot for the moon” approach with the package”, but it’s close. With less than 4 hours to go until Biden’s 715pm ET speech in Delaware, in which he is expected to unveil his fiscal program, the NYT reports that Biden’s spending package “to combat the coronavirus pandemic and its effects on the economy, with an initial focus on large-scale expansions of the nation’s vaccination program and virus testing capacity” will be $1.9 trillion. The first package, which “will cover the pandemic, the economy, health care, education, climate change and other domestic priorities” according to Brian Deese, the incoming director of the National Economic Council who spoke at the Reuters Next conference on Wednesday, will include money to complete $2,000 direct payments to individuals, and aid to small businesses and local and state governments. One thing that markets may not like is that contrary to previous expectations that the “stimmy” check will be $2,000, Biden will instead propose additional $1,400 stimulus checks, “topping up the $600 checks that Congress approved in December.” This means roughly one-third less purchasing power to buy out of the money call on stocks trading at all time highs. The NYT also notes that the first piece of legislat … |
| Iran Fires Cruise Missiles During Naval Drill After Israel Threatened Preemptive StrikeIran Fires Cruise Missiles During Naval Drill After Israel Threatened Preemptive Strike Iran is currently in the midst of two-day naval drills in the Gulf of Oman which began Wednesday. Crucially also at a time of soaring tensions with the US and Israel, and with less than a week to go till the end of the Trump presidency which is stacked with Iran hawks led by Pompeo, Iran has fired cruise missiles as part of the provocative naval exercise. “State TV showed footage of missiles being launched from both land units and ships at sea but didn’t elaborate on their range or other details. In July, Iran said it test-fired cruise missiles with a range of some 280 kilometers (some 275 miles),” the Associated Press reports, citing Iran state media.
Iranian military spokes … |
| Pimlico Plumbers to make workers get vaccinationsFounder Charlie Mullins says it is a “no-brainer” that workers should get immunised. |
| Poshmark turns used clothes into $7.1bn stock listingThe firm raises more than $277m in its stock market debut, as investors see growth potential. |
| Primark refuses to go online despite £1bn lockdown lossThe retailer insists it has no plans to move online, despite warning shop closures could cost it £1bn. |
| Should you subscribe to IRFC IPO?Given the low-risk business model, cheaper valuation, and the government’s focus on expanding railway infrastructure in the country, long-term investors may subscribe to the IPO. |
| Wall Street fumes over last-minute rule from Trump bank watchdogBrooks, who plans to step down after he finishes the regulation, has also angered banks by granting federal banking licenses to technology firms, potentially creating a new flock of competitors. |
| India getting infatuated with Bitcoin, says top cryptocurrency exchangeWazir X currently boasts over a million user accounts in India, up from 550,000 in June. The exchange says 70 per cent of these users are aged less than 34. |
| : Chinese exports shot to a record high in 2020 as the world economy sankEconomists expect China’s exports growth to slow in the coming months if western economies manage to control the COVID-19 pandemic’s second wave and resume normal activity. |
| The Escape Home: A vacation home for under $100,000? 7 places that’s really possibleDemand for second homes is rising. But as we explained last week, financing them is another matter. |
| Bond Report: U.S. Treasury yields renew climb on fiscal spending prospectsU.S. Treasury yields rise Thursday amid anticipation that the Biden administration would press forward with significant additional fiscal spending measures to help the economy recover from the coronavirus pandemic. |
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