Written by Gary
U.S. economic growth picked up in May (SPY +0.4%). The biggest premarket movers: MicroStrategy, Coinbase, Raven Industries.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Death Of Car Ownership: This $30 Trillion Trend Could Kill The Auto IndustryWe now officially live in a subscription economy and its worth trillions of dollars.The global live streaming market is predicted to hit $247 billion by 2027 By the end of next year, IDC expects that 53% of all software revenue will come through subscription models. Some analysts think the car subscription market is set to grow by over 70% next year. Its all about recurring revenue. And its one of the biggest trends of the decade because it dips into multiple trillion-dollar industries at once. This is how we |
| Will Oil Hit $100 This Year?Oils rally to above $70 a barrel has spurred talk of $100 oilan unthinkable outlook at this time last year when economies and global crude demand were reeling from the pandemic. But now recovering demand and still tight supply are supporting oil prices and fueling forecasts that there is a chance we could see $100 oil again, for the first time since 2014. Several factors are supporting this very bullish view on oil right now. Global crude oil demand is expected to surge, in the biggest jump ever over the next |
| The Best Performing Energy Commodities Of The Year So FarAfter years of disappointment, the commodity markets are sizzling hot once again. The Bloomberg Commodities Index (BCOM), the most widely used benchmark for the commodities market tracked by 23 exchange-traded contracts on physical commodities, is outperforming the stock market, with a 29.4% gain in the year-to-date compared with a 12.4% return by the S&P 500 Index. The pivotal energy sector has been particularly impressive, managing to bounce back from a decade of underperformance. The commodity markets tend to be highly cyclical, mostly bending |
| Nigerias Oil Industry Is Struggling To Win Back InvestorsLong overdue government legislation must come into place in Nigeria if the country hopes to reform its oil industry to make it more accessible for international players and win back investment. The Nigerian Senate is expected to finally pass legislation known as the Petroleum Industry Bill (PIB), originally presented in 2008, to change how energy assets are operated and funded following pressure from Royal Dutch Shell Plcs oil-drilling unit. Bayo Ojulari, managing director at Shell Nigeria Exploration and Production Co. explained that |
| Emerging Economies Face An Impossible Challenge In The Energy TransitionClimate concerns are driving an acceleration in the global transition towards environmentally sustainable energy sources, with significant implications for emerging markets as they seek to keep pace with high demand growth over the long term. In a sign of the growing influence of environmental, social, and governance (ESG) standards on the energy industry, three of the worlds energy majors recently experienced significant developments that could dramatically change the way they do business. In a landmark ruling, on May 26 a Dutch court |
| Big Oil Looks To Cut Production Following Activist BacklashTwo weeks ago, Big Oil suffered a series of boardroom and courtroom defeats in the hands of hardline climate activists. Exxon Mobil lost three board seats to Engine No. 1, an activist hedge, in a stunning proxy campaign. Engine No. 1 told the Financial Times that Exxon will need to cut fossil fuel production for the company to position itself for long-term success. “What we’re saying is, plan for a world where maybe the world doesn’t need your barrels,” Engine No.1 leader Charlie Penner told FT. No less than 61% of Chevron shareholders voted to |
| This Amazon Prime Day, it’s not about the deals. How other retailers are looking to win your businessShoppers booting up a web browser and expecting to see steep discounts around Amazon’s Prime Day megasale this year might come away disappointed. |
| 5 things to know before the stock market opens MondayDow futures bounced Monday, after the 30-stock average posted its worst weekly loss since October. |
| Wingstop launches a virtual restaurant selling chicken thighs as wing supplies tightenThe new brand will be available for delivery or carryout in 1,400 locations nationwide via DoorDash or on Thighstop.com, the company said. |
| By ‘land, sea and air,’ GM plans to expand fuel-cell business beyond EVsGM sees tremendous opportunities for fuel cells in the military, commercial vehicles and other forms of transportation such as rail and maritime. |
| China has administered more than 1 billion doses of its Covid-19 vaccinesAs of Saturday, 1,010,489,000 doses had been given to people in China, and more than 100 million doses were administered in six days. |
| How marketers can tap the growing loyal audience for women’s sportsThe Sports Innovation Lab said sponsors switching to a community-based monetization around women’s sports could reach over $600 million. |
| American Airlines cancels hundreds of flights due to staffing crunch, maintenance issuesAmerican Airlines says it will trim its schedule by 1% through mid-July though this weekend’s cancellations were higher than that amount. |
| The right way for brands to approach Pride month (and all year round)Brands signal support for the LGBTQ+ community during Pride month, but experts say that true support has to come from more than just social media posts. |
| Jeep Grand Cherokee L arriving in showrooms to expand brand’s reachThe 2021 Grand Cherokee L is scheduled to arrive in Jeep showrooms next week as the first three-row model for the brand in more than a decade. |
| As Europe cracks the door open to visitors, airlines pounce with new trans-Atlantic flightsAirlines are having to think fast as international destinations reopen after more than a year of pandemic closure. |
| Americans are dining out again. Target wants to lure them to the grocery aisle with dealsThe coming months will test whether grocers can convince consumers to keep filling up fridges and cooking, even as they return to dining out. |
| Business travel likely to resume in the fall, Hyatt Hotels CEO saysThe hotel and cruise industries are starting to see signs of recovery, according to the CEOs of Hyatt Hotels and Carnival Corporation. |
| Here’s the story behind GoodSport’s milk-based sports drink, which started as a secret between a mother and her sonGoodSport founder Michelle McBride told CNBC the company, launched in February, will seek up to $15 million in its funding round. |
| Rabo: Last Week’s Volatility Is A Sign That Fed Tightening Could Be Over Before It Even BeganRabo: Last Week’s Volatility Is A Sign That Fed Tightening Could Be Over Before It Even Began By Michael Every of Rabobank Policy Error(s) and Zeitgeist Last week, or at least post the Fed-meeting, was wild. 2-year US Treasury yields spiked as 10 and 30-years tumbled (the latter to below 2%), dramatically flattening the curve; the dollar leaped; commodities and gold slumped; and equities just about held on. Even given the possibility the US long-end reflects the Fed buying more Treasuries than the Treasury is (currently) issuing, the overall impression is still of the market screaming œPOLICY ERROR! at the Fed. And why not? Doing nothing for 2.5 years as asset bubbles roar, and *then* hiking rates into what would logically be far closer to the end than the beginning of a recovery cycle is the embodiment of monetary policy error. Will the Fed respond? Perhaps not short term ” so more of this market action could yet be seen. Indeed, it will likely take equities tumbling to get the Fed’s full attention. But even so, last week’s volatility could *potentially* be a sign that US policy tightening is over even before it began – unless we get a shift of fiscal policy and supply chains. Equally wild in its own way, US academic Bret Weinstein is facing a YouTube ban for daring to host experts discussing Ivermectin and mRNA vaccine safety: obviously YouTube knows more about the science of mRNA than the man who actually invented it – how reassuring to free speech and free thought! Weinstein is again at the heart/ahead of the zeitgeist: I recall watchi … |
| PPT Assemble: Biden Summons Powel, Yellen, Gensler After Market RoutPPT Assemble: Biden Summons Powel, Yellen, Gensler After Market Rout Did President Joe Biden just call an emergency meeting of the PPT? Bloomberg reported Monday morning that Treasury Secretary Janet Yellen and a coterie of senior financial regulators have been summoned to a meeting with President Biden at the White House following last week’s selloff, which marked the worst week for the Dow in eight months.
The meeting, set for Tuesday, has been called to discuss “the state of the country’s financial system and institutions”, including discussions of climate risk and “financial inclusion”.
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| Elizabeth Warren Supports Central Bank Cryptos. Should You Be Worried?Elizabeth Warren Supports Central Bank Cryptos. Should You Be Worried? Authored by Mike Shedlock via MishTalk.com, A Politico article discusses an alleged Fed opportunity to remake the dollar. Let’s discuss the idea.
The rise of private cryptocurrencies motivated the Fed to start considering a digital dollar to be used alongside the traditional paper currency. Politico writer Victoria Guida believes this represents a ‘Once in a Century’ Bid to Remake the U.S. Dollar.
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| Iran Needs “Guarantee” From Biden US Won’t Ditch Nuclear Deal AgainÂIran Needs “Guarantee” From Biden US Won’t Ditch Nuclear Deal Again The Biden administration wants to wrap up a restored nuclear deal in Vienna prior to the newly elected Iranian president taking office in August (hardline cleric Ebrahim Raisi), but naturally Tehran is now looking for a “guarantee” that the US won’t back out again as it did under Trump just three years after the initial 2015 JCPOA was struck. As talks continue undeterred in Vienna, even after the closely scrutinized Iran election last Friday saw an ultraconservative candidate win in a landslide (also as the Guardian Council prevented a number of reform candidates from running), Iranian negotiators have said that central among “serious issues” being raised is “a guarantee from the U.S. that it won’t exit the accord and reimpose sanctions on the Islamic Republic again in the future,” according to Bloomberg. |
| Morrisons’ share price soars 30% on takeover offerThe supermarket has rejected a proposal from a US private equity firm valuing the firm at £5.5bn. |
| New flexible tickets go on sale for part-time commutersRail passengers who travel to work two or three days a week now have the option of a flexible monthly ticket. |
| Hotel Chocolat pays £4 for beauty firm Rabot 1745The confectioner pays less than its cheapest box of chocolates for full control of the joint venture. |
| Airtel counters Jio’s local 5G narrative; partners Tata Group to deploy OpenRAN-based 5G in IndiaOpenRAN as a concept enables hardware and software to be dis-aggregated, unlike conventional radio gears, allowing technology products from different suppliers to co-exist with the various software providers. |
| BofA expects crude oil to reach $100/barrel level next yearThe bank noted that U.S. shale will likely respond to these higher prices by ramping up production and Brent would roll back down to average $65 per barrel by 2023. |
| RBI moves, Covid helped PSU banks report first profits after five yearsPSU banks reported net profits in FY2021 after five consecutive years of losses, supported by windfall treasury gains, an analysis shows. Higher gains were recorded on the back of relatively higher SLR holdings compared to private banks. |
| Futures Movers: Oil prices edge lower as traders keep eye on Iran talksOil futures edge lower Monday, in choppy trade on expectations talks toward restoring the Iran nuclear deal will drag on following the country’s presidential election last week. |
| : Investors growing more fearful of a Fed mistakeStocks have slipped, and bonds have rallied, since the Federal Reserve unexpectedly forecast two interest rate hikes in 2023, and one regional Fed president said the first increase could come next year. |
| Market Snapshot: Dow futures rise, signaling bounce after worst week since OctoberStock-index futures rise Monday, pointing to a bounce after the Federal Reserve’s signal last week that it may raise rates sooner than investors previously expected saw the Dow Jones Industrial Average log its biggest weekly decline in more than seven months. |
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