Written by Gary
SP 500 down less than 0.1%, Dow closes virtually unchanged near 33,985 (SPY -0.02%). April 2021 Richmond Fed Manufacturing Survey Unchanged
The Market in Perspective
Here are the headlines moving the markets. | |
China Makes Big Move On Battery Metals In AfricaOver the past few decades, China has been all over Africa, building railroads, airports, bridges, and power dams, doing what Africa’s colonial masters should have done eons ago. Trade between China and Africa has surged dramatically from US$1 billion in 1980 to US$128 billion in 2016, while cumulative loans to African governments have hit US$143 billion, with half of them given over the last four years alone, making it Africa’s largest bilateral creditor. China’s lending to African countries has particularly skyrocketed under the massive Belt and | |
Oil Refiners Vs. Biofuels Clash Ends Up In Supreme CourtThe U.S. Supreme Court is hearing oral argument on Tuesday in a case that has pitted the oil industry and the corn lobby for yearswhether refiners can obtain exemptions from blending ethanol in gasoline and diesel under the Renewable Fuel Standard. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that dont have the infrastructure to blend biofuels must purchase tradeable blending credits known as Renewable Identification Numbers, or RINs. | |
OPEC+ Buoys Oil Despite India ConcernsHave you already subscribed to the Oilprice.com youtube channel? If not, sign up today to make sure you don’t miss out on any of the breaking news and educational videos produced every week.Chart of the Week- New debt and equity issuance from U.S. E&P companies totaled $4.4 billion in March 2021, the most since August 2020.- In fact, new financing has been on the rise steadily for each month since September 2020. Low interest rates and higher oil prices have improved access to capital.- | |
Exxon Makes Another Oil Discovery Offshore GuyanaExxonMobil and its partner Hess announced on Tuesday a new oil discovery in the Stabroek Block offshore Guyana that would add to the already announced 9 billion oil-equivalent barrels in more than a dozen discoveries in the block. The latest oil discovery was made at the Uaru-2 well, which showed high-quality oil-bearing reservoirs, including newly-identified intervals below the original Uaru-1 discovery, Exxon said in a statement. The Uaru-1 discovery was announced in January 2020 and was the 16th discovery in the Stabroek Block. The Uaru-2 | |
Egypt Restarts Major LNG Project On Rising DemandIn the late 90s of the previous century and early years of this century, Egypt in collaboration with international partners started the development of its LNG sector. This resulted in the Idku and Damietta plants with a capacity of 7.2 and 5.3 mtpa, respectively. However, the availability of feed gas evaporated overnight when domestic demand rose strongly until 2012 and the two LNG plants came to a standstill. Egypts fortunes have improved markedly the last couple of years resulting in Idku’s restart. Now, also, Damietta has started working | |
Pandemic Triggers Worker Shortage At Indian RefinersSome Indian refiners are being forced to delay maintenance at their facilities because of the surge in Covid-19 cases in the country, which has had refinery workers fleeing to their homes or falling ill. Bloomberg reports, citing anonymous sources with knowledge of the situation, that Bharat Petroleum and Indian Oil Corp., both refining heavyweights, have deferred their planned shutdowns because of a shortage of workers. India has been reporting staggering numbers of new daily infections, which on Monday hit a global record of almost 353,000. The | |
Starbucks raises 2021 forecast as U.S. same-store sales growth returns to pre-pandemic levelsShares of Starbucks have risen 8% so far in 2021, giving it a market value of $136 billion. | |
CDC says fully vaccinated people can exercise, hold small gatherings outdoors without masksThe CDC said fully vaccinated people can meet outdoors in small groups without masks, but it did not define how big those gatherings can be. | |
Ford takes steps toward making battery cells for electric vehicles, following Tesla and GMFord plans to invest $185 million into a new battery lab as a step toward manufacturing its own battery cells for electric vehicles. | |
NHL moving to Turner Sports is $1 billion risk-reward for hockeyThe NHL’s new seven-year agreement with AT&T-owned WarnerMedia is worth over $1 billion. | |
Pfizer’s new at-home pill to treat Covid could be available by end of the year, CEO hopesThe company in March began an early stage clinical trial testing a new antiviral therapy for Covid. | |
Beyond Meat unveils new version of its meat-free burgers for grocery storesBeyond Meat will launch the latest version of its meat-free burger patties in grocery stores in early May. | |
Crocs shares soar as shoemaker raises 2021 sales outlook, sees growth of 40% to 50%Crocs shares surged after the shoemaker raised its revenue outlook for the full year and reported record first-quarter sales. | |
How death and funerals are changing in the U.S.Covid-19 has killed more than 500,000 Americans ” pushing morgues, mortuaries and funeral homes to their limits as they try to react to surging demand. | |
Robert Johnson calls on firms to put voting rights energy into capital access for Black Americans“Voting rights without access to capital to build wealth is, in my opinion, an empty cup,” BET founder and entrepreneur Robert Johnson told CNBC. | |
Reopening plays still have room to run, market analysts say, as new ETFs launchWith new hotel- and restaurant-based exchange-traded funds hitting the market, four analysts weigh in on the lasting power of the reopening trade. | |
FCC approves SpaceX change to its Starlink network, a win despite objections from Amazon and othersThe Federal Communications Commission approved SpaceX’s proposed modification of its Starlink satellite license on Tuesday, a win for Elon Musk’s network. | |
Toyota truck subsidiary and EV start-up ink deal for electric trucksHino and REE expect to develop their first prototypes by next year. It is unclear when commercial vehicles from the partnership may be on public streets. | |
Being named a UNESCO World Heritage site is a big deal ” so is losing itUNESCO World Heritage sites are, in principle, on the list forever, but failure to comply with conservation protocols can result in being œdelisted.” | |
Ether Hits Record Highs As Bonds, Big-Tech, & Bullion Sink Ahead Of FedEther Hits Record Highs As Bonds, Big-Tech, & Bullion Sink Ahead Of Fed Crypto was higher on the day (as was the dollar and commodities) but for big-tech stocks, bonds, and bullion it was “sell, Mortimer, sell”… The cash open sparked chaos in Small Caps and a dump in big-tech stocks. Small Caps were puked after the European close. S&P and the Dow manage to scramble back into the green (dumping into the red in the last 5 seconds), Small Caps were best and Big-Tech Nasdaq 100 the biggest loser… Here’s the chaos at the cash open in Small Caps… | |
Spotify Challenges Apple With New Subcription Podcasting PlatformSpotify Challenges Apple With New Subcription Podcasting Platform Days after Apple announced plans to launch its first subscription podcasting platform, Spotify – after making a splash last year when it recruited Joe Rogan, Kim Kardashian and a handful of other big name stars to its podcasting platform – is planning a similar paid platform that will charge creators a much smaller slice of revenues. Spotify unveiled “Anchor”, its paid podcast platform, in a post on Tuesday where it touted the “massive opportunity” for content creators to monetize their work. “Today, we’re rolling out a paid subscription platform for podcasters that gives them maximized revenue, wide reach, and discoverability. The program begins rolling out in the U.S. today and will expand internationally in the coming months,” the company said in a statement. In comments to the Verge, Mike Mignano, head of … | |
Nomura Axes Head Of Risk After Revealing More Losses Tied To Archegos ImplosionNomura Axes Head Of Risk After Revealing More Losses Tied To Archegos Implosion After reporting its biggest quarterly loss since 2009 (driven by losses tied to the implosion of Archegos that were greater than the $2 billion the Japanese bank first reported a month ago) Nomura has decided to suspend or shuffle around several senior employees, including its head of risk. The firings follow a similar string of high-level firings by Credit Suisse, which included Lara Warner, the bank’s risk chief and one of the most-senior female executives at a bulge-bracket investment bank. Though, to be sure, Credit Suisse had bigger exposure to Archegos, and suffered bigger losses, which is perhaps why Nomura is going easier on its employees, refraining from the same mass-firing authorized by Credit Suisse CEO Thomas Gottstein and his board. More details on the suspensions and firings can be found below courtes … | |
Apple, Google ‘Kill’ Advertising Cookies In Major Privacy OverhaulApple, Google ‘Kill’ Advertising Cookies In Major Privacy Overhaul Google and Apple are each making major changes to the way advertisers can track and target consumers, which will effectively kill the decades-old ‘cookies’ used to tailor ads based on websites you’ve visited. Apple’s plan, unveiled Monday, has made privacy advocates happy but has ad-tech firms, mobile app developers and rivals (primarily Facebook, which could lose up to 3% of revenue according to Bank of America) fuming, Bloomberg reports. Starting Monday, Apple’s iOS will require apps running on its devices to obtain user permission before tracking any activity across other apps and websites – a move similar to what they’ve already done with their Safari web browser.
| |
Lotus to launch last pure petrol sports carThe Emira will be the carmaker’s last conventionally powered model, as it prepares for an all-electric future. | |
BA hopes wealthy tourists can plug corporate holeAirline boss Sean Doyle says the leisure sector will be a buffer against weak business travel. | |
Crocs sales soar in fashion comebackThe divisive footwear company’s sales reached a record $460m in its first quarter. | |
HODL your horses, cryptos face possible hurdles ahead, experts sayEurope and the United States are both working on regulating digital assets and their providers – moves welcomed by investors, who hope the new ground rules will encourage institutional investors to plunge in. | |
HDFC AMC Q4 results: PAT rises 27% to Rs 316 cr; firm announces dividend of Rs 34Total income rose by 21.34 per cent to Rs 545.57 crore from Rs 449.62 crore in the same quarter of the preceding fiscal. | |
Bharti backed-OneWeb to raise $550 mn from France’s EutelsatEutelsat, a geo-stationary satellite operator, will be a significant equity partner and enjoy similar governance rights to the UK government and Bharti Global, who co-own OneWeb. | |
April 2021 Conference Board Consumer Confidence Nears Pre-Pandemic Levels.Written by Steven Hansen The latest Conference Board Consumer Confidence Index’s headline number improved again in April. The Index now stands at 121.7 (1985=100), up from 109.0 in March. A quote from the Conference Board: “… Consumers’ assessment of current conditions improved significantly in April, suggesting the economic recovery strengthened further in early Q2”. | |
Earnings Results: FireEye earnings beat Street; outlook rises on heightened security awareness in wake of SolarWinds attackFireEye Inc. breezed past Wall Street estimates for quarterly results in every category Tuesday and increased its full-year outlook. | |
BookWatch: Former Vanguard CEO: 5 hurdles facing investors now and how to overcome themAuthor of ‘More Straight Talk on Investing’ offers advice on navigating the current financial market climate. | |
: Corn prices are surging and China’s partly to blameCorn prices hit an 8-year high Tuesday, part of a broad rally for agricultural commodities that’s stoking inflation fears. There are several drivers behind the move for maize, including strong demand from China. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated: