19Jul2021 Midday Update: Airline Stocks, Boeing Tumble As Spread Of Delta Variant Cases Climb, DOW At 1 ET Down 920 Points, Nasdaq Down 1.5%, Bitcoin 30600, Dogecoin $0.172

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.

OPEC Could Double Its Control Over Oil Market

OPEC could double its control over the oil market, to between 70% and 80%, according to Lukoil’s Vice President. OPEC will win its increased share by default, Leonid Fedun, Vice President for the strategic development of Lukoil, told reporters on Monday, according to Russian media outlet Tass. As climate policies continue to weigh on the oil markets, the oil market is expected to contracta situation that will increase OPEC countries’ share of the global oil market from 30% today to nearly 70-80%. Fedun did not specify the timing of this

Iran To Export First Oil Bypassing Strait Of Hormuz

Iran looks to export its first oil cargo from a terminal on the Sea of Oman without the need for tankers traveling through the Strait of Hormuz, senior officials said on Sunday. The first vessel has arrived in the Jask region and we expect operations to load heavy crude to start Monday noon, the director of the Jask Oil Terminal, Vahid Maleki, told the Islamic Republic News Agency, as carried by Bloomberg. Separately, Reza Dehghan, Deputy CEO for Development and Engineering Affairs at the National Iranian Oil Company (NIOC), told

Goldman Sachs Raises Oil Price Forecast Following OPEC Deal

The agreement which OPEC+ reached on Sunday is modestly bullish for Goldman Sachss forecast that Brent will hit $80 per barrel this summer, the investment bank said in a note after the group agreed to start adding 400,000 bpd production each month from August. For months, Goldman Sachs has been calling for $80 a barrel oil this summer, expecting strong demand recovery, despite expectations that Iranian oil could return legitimately to the market at some point, and despite the two-week-long stalemate within OPEC+ about how the group would

Whats Behind The New OPEC Agreement?

The OPEC+ group managed to come to an agreement on Sunday regarding the production cuts that would add another 400,000 barrels per day into the oil market starting in August, according to an OPEC press release, despite conflict among some members such as UAE, which was holding out for a higher baseline. The group will add another 400,000 barrels per day to oil output in September and every month thereafter until production levels have been completely restored. If the production additions go to schedule, full production will be restored by September

Oil Prices Crash After OPEC+ Reaches Deal To Ease Cuts

Oil prices dropped by 5 percent early on Monday, with WTI Crude slipping to $67 per barrel, after OPEC+ decided on Sunday it would start returning 400,000 barrels per day (bpd) to the market every month beginning in August until it unwinds all the 5.8 million bpd cuts. The prospect of monthly increments in oil supply from the OPEC+ alliance comes just as COVID infections are rising in many countries because of the faster-spreading Delta variant. Concerns over potential hiccups in global oil demand recovery amid rising supply from OPEC and its Russia-led

The Oil Industry Is Borrowing Again, But This Time Its Different

Two years ago, Wall Street banks were on their way out of a long-term relationship with the oil industry. Now, with oil prices over $70 for the first time in three years, big bond buyers are snapping up oil bonds once again. Only there is a condition this time. The Wall Street Journals Joe Wallace and Collin Eaton wrote this week that Wall Street was buying bonds from non-investment-grade U.S. energy companies, which took advantage of record low interest rates to raise some $34 billion in fresh debt in the first half of the year. Thats

Stocks making the biggest moves midday: Boeing, Carnival, Goldman Sachs and more

These are the stocks posting the largest moves in midday trading.

Airline stocks, Boeing tumble as Covid cases climb

Airline stocks tumbled in a broad market sell-off amid concerns about the spread of the delta variant of Covid-19.

U.S. oil drops 6% to below $70 as OPEC prepares to boost production, Covid concerns weigh

Oil prices dropped more than 5% on Monday amid fears that a jump in covid cases will hurt demand just as OPEC+ boosts production.

Nike could run out of sneakers made in Vietnam as Covid crisis worsens, S&P Global warns

The warning comes after two of Nike’s suppliers in Vietnam recently halted production due to a rapidly growing Covid outbreak in the region.

Retail real estate trade group grapples with post-pandemic landscape, changes name

The International Council of Shopping Centers, the largest trade association for the retail real estate industry globally, is undergoing a rebranding.

Blue Origin is launching Jeff Bezos to space on Tuesday. Here is what you should know

Blue Origin, the space company founded by Jeff Bezos, is preparing to launch him on the company’s first passenger flight on Tuesday.

Theme parks and their fans still keen on high-tech, interactive tools developed during Covid

Many high-tech solutions theme parks implemented during Covid to enable operations are here to stay and are proving popular with both guests and park operators.

‘It’s a gamble’: England’s ‘big bang’ easing of Covid rules could go either way, experts note

Criticism is mounting on Prime Minister Boris Johnson and his government for the decision to go ahead with the lifting of Covid-19 restrictions in England.

Panera adapts its catering business for the remote and hybrid workforce

Panera Bread wants to be the new corporate cafeteria ” even if employees are still working remotely or only popping into the office a few days every week.

England takes leap into the unknown, lifting Covid rules as cases surge

England has taken a step into the unknown, lifting nearly all remaining restrictions on public life at a time when coronavirus infections are high.

Leisure travel is bouncing back in parts of Asia but risks remain, says hotelier

With tourist hotspots like Phuket and Koh Samui open to international tourists quarantine-free, the darkest days for the hotel and tourism industry may soon be over.

What’s Next For The Reflation Trade: 9 Observations From Goldman

What’s Next For The Reflation Trade: 9 Observations From Goldman

The rotation back into growth and defensive parts of the market and out of reflation and value names over recent weeks has been swift, raising many questions about where next for the reflation trade that marked the œhope phase of the equity cycle.

In a note addressing these concerns among the bank’s clients, Goldman strategist Peter Oppenheimer writes that much will depend on near term data around growth and inflation, noting that “the cycle that started after the financial crisis was characterized by a powerful secular trend of growth outperforming value and defensive sectors outperforming cyclicals.” While extreme relative to the standards of previous cycles, this dominant trend could be explained by a combination of growth scarcity (both in terms of nominal GDP and earnings ” particularly outside of the US), ever lower bond yields ” increasing the relative valuation of longer duration assets – and the dramatic bifurcation of earnings growth between growth (and predominantly tech stocks) and most of the rest of the market. Several value sectors faced unprecedented headwinds; the move towards zero interest rates (and negative in Europe) and the need to de-lever weighed on the banks while falling commodity prices hampered the energy related stocks.

Below we excerpt form Oppenheimer’s note laying out some of the key observations from the Goldman strategist:

1. The shift towards more cyclical and value leadership that dominated the period from the 2020 March low to the beginning of this year reflected a particularly strong inflection point in growth and inflation expectations following unprecedented p …

“Because Science”: Unlike Los Angeles, New York City Won’t Reinstate Indoor Mask Mandate

“Because Science”: Unlike Los Angeles, New York City Won’t Reinstate Indoor Mask Mandate

Following the sudden decision by Los Angeles last week to reimpose broad mask mandates because “science”, all eyes were on New York City, to see if either the science or politics would prompt the liberal East Coast bastion to follow in LA’s virtue-signaling footsteps. Well, it appears that east coast science (or is it politics) is just a bit different because on Monday morning, New York City Mayor Bill de Blasio said he has no plans to renew indoor mask mandates – so far – despite a spike in cases stemming from the delta Covid-19 variant.

œThe simple answer is no, de Blasio said when asked about the issue during a Monday briefing. œMasks have value unquestionably, but they’re not going to the root of the problem. Vaccination is.

The comments from the outgoing socialist mayor comes as the seven-day average Covid-19 positivity rate in the city jumped to 1.69% on Saturday, more than double the percentage of residents who tested positive from last month.

As a reminder, late on Friday Los Angeles reinstated its mask mandate indoors regardless of vaccination status, becoming the first major county to reimpose mask-wearing in public spaces. The move was met with some resistance, though, after the county sheriff said he wouldn’t enforce the rule.

. œForcing the vaccinated and those who already contracted COVID-19 to wear masks indoors is not backed by science and contradicts the U.S. Centers for Disease Contro …

Are Manchin, Sinema, & Tester On Board Biden’s $3.5 Trillion Socialist Express?

Are Manchin, Sinema, & Tester On Board Biden’s $3.5 Trillion Socialist Express?

Authored by Mike Shedlock via MishTalk.com,

Senator Mark Warner (D. Va) says he ‘stretched’ on spending at Biden’s prodding. But that’s not what matters. Who’s not on the train does…

Mark Warner’s Pivotal Role

The Wall Street Journal says Mark Warner Plays Pivotal Role in Democrats’ Large-Scale Spending Plans.

When talks among Democrats about a raft of antipoverty and climate-change measures began, Sen. Mark Warner (D., Va.) assumed that lawmakers would agree to spend less than the $3.5 trillion plan announced this past week.

The centrist lawmaker said he is worried about inflation and the rising U.S. debt burden and came to the talks with different po …

Member Of US Gymnastics Team Tests Positive In Latest Setback For Tokyo Games

Member Of US Gymnastics Team Tests Positive In Latest Setback For Tokyo Games

The Tokyo Olympics has just reported yet another high-profile COVID case, further cementing the odds that the Games are destined to be declared a “super-spreader event” despite the fact that Tokyo is under a State of Emergency, and spectators have been banned from Olympic events.

This time, an unnamed alternate for the US women’s gymnastics team has tested positive for the coronavirus. It’s not clear what, if anything, that means for the rest of the team, including superstar Simone Biles. USA Gymnastics says they are continuing to prepare for the Games.

“We can confirm that an alternate on the women’s artistic gymnastics team tested positive for COVID-19,” the US Olympic & Paralympic Committee said in a statement to NPR. “In alignment with local rules and protocols, the athlete has been transferred to a hotel to quarantine. Out of respect for the individual’s privacy, we cannot provide more information at this time.”

USA Gymnastics said in a statement that one other alternate is quarantining. The women’s team has 4 alternates: Kayla DiCello, Kara Eaker, Emma Malabuyo and Leanne Wong. It’s not clear how closely the team’s six starting members have trained and lodged with the alternates in Japan.

“On Monday, the Olympic athletes moved to separate lodging accommodations and a separate training facility, as originally planned, and will continue their preparation for the Games,” USA Gymnastics said in a statement to NPR.

Global shares slide amid Covid economic recovery fears

Stock markets in the UK, the US and Europe fall on concerns that rising cases may impede a recovery.

Zoom bets billions on hybrid working in Five9 deal

The firm announces a $14.7bn (£10.7bn) deal to buy Five9, a cloud-based call centre operator.

Post Office Horizon scandal: More subpostmasters cleared

The Court of Appeal clears 12 more former subpostmasters who were wrongly convicted.

HCL Tech Q1 results: Consolidated PAT rises by 8.5% to Rs 3,214 cr; co to pay Rs 6/share dividend

The IT services major reported a 2.2 per cent on-quarter rise in consolidated revenues for the quarter to Rs. 20,068 crore, which was slightly below analysts’ expectations.

Indian regulators probing Adani group companies for non-compliance of rules

It was not immediately clear when the investigation was launched. The minister, Pankaj Chaudhary, did not name which companies were involved.

Two of India’s top fund managers betting on Vodafone Idea’s revival

During the same month, the auditor of the telecom operator raised concerns over its ability to remain a ‘going concern’ due to a streak of losses.

Market Snapshot: Dow skids more than 800 points as spread of delta variant, global tensions rattle investors

Stocks trade sharply lower Monday at midday, with concerns about the global spread of the delta variant of the coronavirus that causes COVID-19 getting much of the blame, but also rising geopolitical tensions from cyberattacks.

Outside the Box: ESG funds are lagging the S&P 500 ” why that’s good news if you own them

ESG is subject to the same fundamental market forces that affect all other mainstream, long-term holdings.

The Margin: American Academy of Pediatrics urges universal masking in schools for everyone ages 2 and up ” whether vaccinated or not

The AAP mask guidelines contradicts the CDC’s recent recommendations for vaccinated individuals