Written by Gary
30Y Treasury Yield Crashes To 4-Month Lows As Curve Collapses (SPY -0.5%). June 2021 Philly Fed Manufacturing Survey Index Little Changed
Here is the current market situation from CNN Money | |
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Biden, Putin Did Not Discuss Oil Prices Or OPEC+ DealThe leaders of the United States and Russia did not discuss oil prices or the OPEC+ deal at their summit in Geneva on Wednesday, Vladimir Putins Press Secretary Dmitry Peskov said on Thursday. Putin and U.S. President Joe Biden did not discuss Venezuela, the OPEC member under U.S. sanctions exempted from the OPEC+ alliances cuts, either, Peskov told Russian reporters in Moscow on Thursday, as carried by the TASS news agency. The two leaders, however, did discuss Iran and the ongoing talks about the U.S. and the Islamic Republic returning | |
Jeff Bezos-Backed Company To Build Fusion Plant In UKCanadian General Fusion, a company backed by Amazon, is set to build a demonstration nuclear fusion reactor in Oxfordshire, the BBC reports, adding the facility will be 70 percent the size of a commercial reactor. The news comes a couple of weeks after the UK government said it would start work to create a regulatory framework for supporting research and development of nuclear fusion technology to enable the delivery of clean and safe energy. Nuclear fusion has been garnering growing attention amid government efforts to pursue an energy transition | |
OPEC Secretary Urges Member Countries To Continue Oil InvestmentsThe energy transition should not crowd out any source of energy as all energy sources of today will be required for the foreseeable future, OPEC Secretary General Mohammad Barkindo said. We continue to urge all our member countries and the international industry to continue to invest in all sources of energy, including oil and gas, in particular using technology to mitigate against these emissions, the head of OPEC added. For the industry, for OPEC, and all our member countries, and the global economy, all the energy sources | |
Massive China Hydropower Plant Begins Full OperationThe Wudongdehydropower plant on the Yangtze River has begun full operation, Reuters has reported, citing state-owned Chinese media. The 12-generator plant cost close to $19 billion to build and has an installed capacity of 10.2 GW. It first started generating electricity last year, but now all its generators have been put online so it is fully operational. The plant is the seventh-largest hydropower facility in the world. According to a China Central Television report cited by Global Times, the Wudongde hydropower plant would have the capacity | |
Oil Stocks Are The Cheapest Equities On The MarketBillionaire David Tepper, who runs hedge fund Appaloosa Management, added this week another voice to the growing chorus of analysts and investors who are bullish on oil and oil stocks. At the online Robin Hood Investors Conference, in which Saudi Arabias Energy Minister, Prince Abdulaziz bin Salman, is also taking part, Tepper said he was long many of the oil stocks, which are the cheapest equities right now by any measure. Thats because of the publics aversion to oil stocks as the society and investors push for Environmental, | |
The Best Oil Stocks As Prices ReboundOil prices rallied to their highest levels two and a half years after OPEC+ recently agreed to extend its historic production cuts. On Friday, WTI was trading at $70.91 per barrel while Brent crude was changing hands at $72.69. levels they last touched in 2018. By Wednesday morning WTI was trading above $72 and Brent had climbed above $74. Beginning on May 1, OPEC cut production by 9.7 million barrels per day, with the cuts scheduled to start declining beginning July 1. OPEC+ now says July’s production cut will be 9.6 million bpd after Mexico said | |
‘Luca’ is ‘sweet’ and ‘joyful,’ even if it doesn’t quite live up to Pixar’s greatest hits, critics sayPixar’s “Luca” arrives on Disney+ Friday. Here’s what critics had to say about the animation studio’s latest film. | |
How we chose America’s Top States for Business in 2021To rank America’s Top States for Business, an annual CNBC report in its 14th year, we score all 50 states on 82 metrics across 10 categories of competitiveness. | |
Christian Eriksen: Denmark midfielder to be fitted with heart-starting device following cardiac arrestThe 29-year-old was given CPR on the pitch at the Parken Stadium in Copenhagen after collapsing during the first half of his side’s 1-0 Group B defeat by Finland on Saturday evening. | |
Sen. Warren presses major pharma trade group on efforts to block Covid vaccine patent waiversSen. Elizabeth Warren pressed a major pharma trade group on its lobbying efforts to oppose a proposal to waive intellectual property rights for Covid vaccines. | |
Mattel reportedly jumps on NFT hype with Hot Wheels digital collectiblesMattel will soon offer its first digital art pieces for sale in the form of non-fungible tokens, The New York Times reported Thursday. | |
BMW starts European road tests of hydrogen fuel cell carsFirm says prototypes will be tested on a range of metrics, including reliability and safety. | |
Constellation Brands invests in Bryan Cranston and Aaron Paul’s mezcalCorona brewer Constellation Brands announced Thursday it has taken a minority stake in Dos Hombres. | |
Ford says second-quarter earnings will ‘surpass expectations’Ford said its adjusted pretax earnings for the second quarter will “surpass its expectations,” while net income will be “substantially lower.” | |
The fast-spreading delta Covid variant could have different symptoms, experts sayThe Covid delta variant that was originally discovered in India is now spreading around the world. | |
KLM will resume most routes this year as vaccine rollouts boost travel, CEO saysDutch airline KLM plans to reinstate almost all of its international routes this year as vaccine rollouts offer hopes of reviving the travel industry. | |
Vaccination is key to bringing tourism back from the brink, industry leaders sayGlobal travel and tourism took a massive hit last year as the coronavirus pandemic shut down borders and suspended most international travel. | |
U.S. solar capacity passes 100 gigawatts after strong first quarter, but Covid challenges persistThe sector faces some potential headwinds going forward. | |
What’s Behind Today’s Crazy Market MoveWhat’s Behind Today’s Crazy Market Move One day after the shockingly hawkish Fed admitted that inflation is not, in fact, transitory as so many clueless propaganda hacks would want everyone to believe, and pulled up the liftoff date to early/mid-2023 when it now envisions not one but two rate hikes, traders are watching in stunned amazement at what is going on in the market where contrary to everything the Fed has said, we are seeing a stampede into tech, growth and duration-sensitive names… … and a flight out of reflation and value sectors… | |
Beijing’s Big Tech Crackdown Continues As Anti-Trust Regulators Probe IPO-Bound Didi ChuxingBeijing’s Big Tech Crackdown Continues As Anti-Trust Regulators Probe IPO-Bound Didi Chuxing Last fall, President Xi Jinping (according to western media reports) personally scrapped Ant Group’s $35 billion IPO, what would have been the world’s largest public listing, after Jack Ma criticized Beijing’s tech regulatory framework for ‘stifling innovation’ at an obscure industry conference. Ma’s defiance unleashed a heavy handed response from Beijing, and since then Ant Group has been shackled by onerous new banking regulations, Alibaba has been slapped with a massive fine, and other Chinese tech giants like Tencent have found themselves targeted by new anti-monopoly rules designed to slow down their growth, and give competitors a better chance to flourish. Now, it looks like another major deal might be threatened by China’s anti-trust crackdown on the country’s biggest tech firms. According to … | |
30Y Treasury Yield Crashes To 4-Month Lows As Curve Collapses30Y Treasury Yield Crashes To 4-Month Lows As Curve Collapses After spiking dramatically on the “hawkish” FOMC statement, the long-end of the yield curve has utterly collapsed this morning with 30Y Yields down 10bps from its highs… Source: Bloomberg Sending the long-end yield to its lowest in four months… Source: Bloomberg And crashing the yield curve – which is now flatter year-to-date.. | |
Hong Kong Police Raid Newsroom Of Pro-Democracy Paper, Arrests ExecutivesHong Kong Police Raid Newsroom Of Pro-Democracy Paper, Arrests Executives Authored by Frank Fang via The Epoch Times, International rights groups on Thursday slammed Hong Kong authorities after local police mobilized over 500 officers in a raid on the headquarters of local newspaper Apple Daily. Police officers leave the Apple Daily newspaper offices in Hong Kong after a raid by over 500 officers on June 17, 2021. (Anthony Wallace/AFP via Getty Images) The raid resulted in the arrest of five directors of the newspaper under the Beijing’s draconian | |
‘Covid protection did not stop court action over unpaid rent’Many firms face county court judgements for unpaid rent despite the moratorium on commercial evictions. | |
Victoria’s Secret swaps Angels for different facesLingerie firm hopes partnerships with the likes of football star Megan Rapinoe will revamp the brand. | |
Covid: Employers can put self-isolating staff on furloughThe Treasury was “reluctant” to say the scheme could be used this way, emails from a civil servant suggest. | |
Fed is about to shift gears, but this time it may be differentGetting two rate hikes in by the end of 2023, as the forecasts showed on Tuesday, would substantially shorten the runway for the handoff from the taper to a rates liftoff, and the rate increases also are projected to come more quickly. | |
Gold futures plummet, hover near Rs 47,000/10 gm; silver slides below Rs 68,000/kg. Time to take positions now?The August 5 contract of the yellow metal on MCX fell as much as 3.38 per cent or Rs 1,639 to Rs 46,867 during the evening session. | |
DMart, Info Edge in the running for Nifty inclusion, says EdelweissEdelweiss said supermarket chain operator Avenue Supermarts meets most of the criteria for inclusion, the absent factor being that it is not a part of the derivatives segment. | |
June 2021 Philly Fed Manufacturing Survey Index Little ChangedWritten by Steven Hansen The Philly Fed Business Outlook Survey insignificantly declined. | |
Commodities Corner: Why copper’s drop from all-time highs may not mark the end of its run up in pricesCopper prices have dropped from a record high last month following efforts by China to stem the rally in commodities. But supply constraints and growing demand suggest that the industrial metal’s run-up isn’t over yet. | |
: Lordstown says electric pickup-truck orders are ‘not binding’Lordstown Motors Corp. says in a filing Thursday that orders for its electric pickup truck “do not represent binding purchase orders or other firm purchase commitments.” | |
Coronavirus Update: CureVac says its COVID vaccine was poor match against 29 COVID variants, as global case tally tops 177 millionThe global tally of confirmed cases of COVID-19 climbed above 177 million on Thursday, a day after disappointing news from CureVac with the German company saying its vaccine was only 47% effective in a late-stage clinical trial. |
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