Written by Gary
25 June 2021 ECRI’s WLI Growth Rate Modest Declines Continue (SPY +0.8%). May 2021 Headline Manufacturing New Orders Improved.
U.S. oil rig count up 4 from last week to 376: Baker Hughes
The Market in Perspective
Here are the headlines moving the markets. | |
Lebanon Calls In Military Amid Violence Gas Price ProtestsThe Lebanese army was called to step in and rein in armed protests sparked by plans to increase fuel prices. Protests erupted in the troubled country at the start of this week after the energy ministry said it would hike prices at the pump on Tuesday. Lebanon is in the throes of a major economic crisis that has led to fuel and power shortages, AFP reported. Then, on Tuesday, the Lebanese energy ministry announced a massive increase in fuel pricesat 35 percentafter saying last week it would slash fuel subsidies to ease the burden of | |
Oil Markets Dip On OPEC+ DiscordThere was some unexpected 11th-hour drama in the OPEC+ meeting, with the members deciding to delay a decision due to disagreements between some nations.Friday, July 2nd, 2021The OPEC+ meeting resulted in some unexpected 11th-hour drama, delaying a decision that was expected on Thursday. Oil prices slipped on the news.But the outcome could still be a bullish one. The size of the proposed production increase was lower than most analysts had expected, coming in at an average monthly addition of 400,000 bpd, whereas expectations had been for | |
Refinery Explosion In Romania Leaves 1 Dead, Five InjuredAn explosion rocked early on Friday Romanias largest oil refinery just outside the Black Sea city of Constanta, killing one person and injuring five others, Romanian officials and authorities say. The blast occurred early today at the Petromidia refinery, within the hydrorefinement facility (HPM) at the plant, the owner of the refinery, Rompetrol Rafinare, said in a stock exchange filing. The technological processes at the refinery were safely stopped as per internal crisis management procedures, and emergency crews were working to extinguish | |
Oil And Gas Rig Count Jumps As Oil Nears 3-Year HighThe number of oil and gas rigs in the United States is up 5 this week, according to Baker Hughes, with the total rig count holding fast at 475, which represents an increase of 212 rigs this year. In the week prior, the U.S. oil and gas rig count stayed the same, holding fast at 470. The total number of active oil and gas drilling rigs in the U.S. is now 205 more than this time last year. The oil rig count rose by 4 this week to 376. The number of gas rigs increased by 1 and now sits at 99. The number of miscellaneous rigs stayed the same. The EIAs | |
Venezuelan Crude Exports Soar 66% Year-On-YearCrude oil exports from Venezuela inched up last month as traders rushed to sell Venezuelan crude to Chinese buyers ahead of the entry into effect of a new tax. Reuters reports Venezuelan exports for Asia were most commonly masked as Malaysian oil, and the biggest portion of these entered Asia before June 12, when the new Chinese import tax entered into effect, raising the costs of fuel imports by as much as 40 percent. Yet Venezuela also reported a rare increase in production last month, thanks to the restart of a crude upgrader under PDVSAs | |
Oil Price Rally Boosts Europe Energy StocksEnergy stocks in Europe saw their best daily performance in a month and shares in major U.S. and European oil corporations jumped in New York trade on Thursday as oil prices rallied in a market expecting OPEC+ to further ease their production cuts. European stocks ultimately gained again Friday, running with the oil price rally, which only slightly slipped, and adding further momentum after the US monthly jobs report showing that the US labor market added 850,000 non-farm jobs in June, exceeding expectations. Early on Friday at European trade open, | |
California Highway Patrol tickets driver with apparent SpaceX Starlink dish bolted to car hoodA CHP officer pulled over a vehicle on Friday that had a satellite dish bolted to the car’s hood, which appeared to be one of SpaceX’s Starlink antennas. | |
As travel nears pre-pandemic levels, July 4 vacationers head for the coastsAs the July 4 weekend kicks off, travel is nearing pre-pandemic levels, according to TripIt by Concur. | |
Dodgers pitcher Trevor Bauer placed on administrative leave following sexual assault allegationsThe forced leave of LA Dodgers pitcher Trevor Bauer came on the same day President Joe Biden hosted the team at the White House honoring their World Series win. | |
The Fourth of July box office won’t be as robust this year, but it’s on the right trackThe domestic box office has entered a strong period of recovery, but ticket sales over the Fourth of July weekend may struggle to match pre-Covid levels. | |
Dr. Scott Gottlieb says Fourth of July weekend gatherings present a low Covid risk for most AmericansMost Americans should feel comfortable safely gathering over Independence Day weekend, Dr. Scott Gottlieb told CNBC on Friday. | |
DOJ investigating Lordstown Motors, shares of electric-vehicle start-up plungeThe stock was briefly halted due to volatility. | |
Boeing cargo plane makes emergency landing in ocean near Honolulu, both pilots rescuedTwo pilots of a converted Boeing 737 freighter were rescued after they made an emergency landing off Honolulu early Friday. | |
Ford’s June sales decline by 26.9% as company misses second-quarter expectationsFord sold 475,327 vehicles during the second quarter, a 9.6% increase from a year earlier when the coronavirus pandemic caused Americans to shelter in place. | |
‘We don’t know how much money we have’ “California fire victims are at the mercy of Wall StreetPG&E’s bankruptcy filing, effectively barred victims from suing the company. Instead, a fund was created, but it has been underperforming the market. | |
GM moves to secure critical U.S.-sourced lithium for electric vehicle batteriesGM said it is investing millions of dollars into a company that plans to extract lithium from the Salton Sea Geothermal Field in Imperial, California. | |
Manhattan real estate prices reach record as buying ‘frenzy’ takes holdThe price jumps and shrinking inventory suggest the Manhattan real estate rebound is continuing to gain momentum. | |
Track star Sha’Carri Richardson suspended from U.S. Olympic team after failing marijuana testTrack star Sha’Carri Richardson was suspended from the U.S. Olympic team after failing a test for marijuana use. | |
Three Middle East countries led the world on vaccines early. Then they went in different directionsIsrael, the UAE and Bahrain are still among the top 10 most vaccinated countries, but charts show that their Covid infection trends have varied greatly. | |
Stocks Storm To 7th Straight Record High, Longest Stretch Since August, After Goldilocks Jobs ReportStocks Storm To 7th Straight Record High, Longest Stretch Since August, After Goldilocks Jobs Report In our preview of today’s jobs report we said it would be hot but not too hot, and that’s precisely what happened when the BLS reported that June’s payrolls data was strong (850K) but not too strong (wages eased, unemployment rose). And as Bloomberg recaps in its intraday wrap, namely that “stocks climbed on speculation the economy is recovering at a pace that won’t make the Federal Reserve imminently take away the liquidity punch bowl that has helped push the market to a record”, we can conclude that today’s jobs report was goldilocks: “just right” to propel virtually all risk assets – including stocks, treasuries, gold and oil – higher, while the dollar tumbled as all those recent shorts who decided to close their positions and go long the greenback in recent weeks, were again stopped out. Speaking of stocks, the S&P 500 rose for a seventh consecutive day, its longest winning stretch since last August when SoftBank was ramping stocks courtesy of a mar … | |
Nothing More Than A ‘Trophy Kill’: Trump CFO Does Perp Walk Over Corporate PerksNothing More Than A ‘Trophy Kill’: Trump CFO Does Perp Walk Over Corporate Perks Authored by Jonathan Turley, œIt’s not about politics.  That statement from prosecutor Carey Dunne had to be repeatedly stressed after Manhattan District Attorney Cyrus Vance Jr. and New York Attorney General Letitia James paraded triumphantly in front of hundreds of cameras to charge the Trump Organization and its finance chief, Allen Weisselberg, 73, with a 15-count indictment for failing to pay taxes on corporate perks. It had to be repeated because it was demonstrably untrue. This is not to say that Dunne is lying. He is prosecuting what are violations that are real crimes if proven. Rather, it is not true that this case would have been investigated without the strong political interests.  James ran for Attorney General on the pledge to get Trump and his associates. The excitement around the courthouse itself had the feel of a thrill kill as the heavily Democratic city celebrated the arrest of someone close to Trump. | |
More Than 72 Million Americans Are Living Paycheck To PaycheckMore Than 72 Million Americans Are Living Paycheck To Paycheck Imagine you lost your job tomorrow. How long would you be able to sustain your current lifestyle? A week? A month? A year? As we await Friday’s labor market update, Finder has just published the results of a recent survey attempting to gauge the financial stability of the average American in the post-pandemic era. More than 2K adults to were interviewed to try and ascertain how long they could survive without income. It turns out that approximately 72.4MM employed Americans – 28.4% of the population – believe they wouldn’t be able to last for more than a month without a payday. Another 24% said they expected to be able to live comfortably between two months and six months. That means an estimated 133.6MM working Americans (52.3% of the population) can live off their savings for six months or less before going broke. On the other end of the spectrum, roughly 8.7MM employed Americans (or 3.4% of the population) say they don’t need to rely on a rainy day fund since they have employment insurance wh … | |
Fed Chair Powell Met With Coinbase CEO Just Before Bitcoin’s Massive PlungeFed Chair Powell Met With Coinbase CEO Just Before Bitcoin’s Massive Plunge Earlier today we made the observation that after the brief post-FOMC freakout, stocks have risen for two weeks straight, making new all time highs virtually every day, and all that was necessary for this ramp higher was for Joe Biden to meet with Powell, Yellen and Gensler the morning of Monday, June 26. What happened next is familiar to all. But it’s not just stocks where one can find the impact of Powell’s not so invisible finger. According to the just released May calendar notes for the Fed chair, on Tuesday, May 11 at 11:15am, Powell met – in person and not by zoom as most of Powell’s other meetings – with Coinbase CEO Brian Armstrong (less than a month after the company went public on April 12, along with Republican Paul Ryan. | |
Vauxhall set to announce Ellesmere Port electric vanThe news, which could be confirmed as early as next week, will safeguard more than 1,000 jobs at the at-risk plant. | |
US jobs growth picks up speed amid reopeningThe US economy added 850,000 jobs in June, according to the Bureau of Labour Statistics. | |
Asda to allow permanent hybrid working for officesThe supermarket says most of its 4,000 head office staff can choose to work at home or other locations. | |
Investors warm up to Indian credit as Covid risks subsideBankers said companies are power, renewables and also auto sectors are waiting for the right opportunity to raise money from abroad. | |
Porinju Veliyath’s PMS buys stake in CupidSegantii India Mauritius Fund sold 1.1 million shares of HDFC Life Insurance at Rs. 685.75 apiece through a block deal on the bourse. | |
30 IPOs coming in next six months to leave you spoilt for choiceAnalysts are positive on the IPO market momentum, as the secondary market indices trade near their lifetime highs. Also, retail participation, chasing listing gains, has also gone up during this period. | |
25 June 2021 ECRI’s WLI Growth Rate Modest Declines ContinueWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward was marginally declined but remains well into expansion. | |
May 2021 Headline Manufacturing New Orders ImprovedWritten by Steven Hansen US Census says manufacturing new orders grew month-over-month with unfilled orders again improving. Our analysis shows the rolling averages improved and remain in expansion. | |
Crypto: Bitcoin pros speculate over possible loss of $2 billion crypto fortune after death of one large ownerMircea Popescu a controversial figure in the world of crypto boasted one of the single-biggest bitcoin fortunes and his amassed wealth in digital assets may be lost to the ether after his untimely death last month, some speculate. | |
Key Words: Sha’Carri Richardson could miss Olympics after testing positive for marijuana“I was trying to hide my pain — Richardson says she used marijuana to cope with her mother’s death | |
CityWatch: ‘We don’t want to hold events that people won’t be willing to attend,’ “it’s showtime at the big glass box on Manhattan’s West SideAfter serving as a hospital and vaccination center, New York’s Javits Center is ready for events. And with a $1.5 billion expansion, there’s room to stretch out. |
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