Written by Gary
Oil and yields slide, Hong Kong in a bear market; dollar surges (SPY+0.1%). Stocks making the biggest moves: Deere, Foot Locker, Buckle, Spotify.
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. | |
 | Skimming Stones Pattern Shows Wall Street Is Wrong About OilAbout a week ago, President Joe Biden made a highly unusual move by reaching out to OPEC, urging the cartel to increase oil production in a bid to tame rising gasoline levels for the U.S. consumer. Ostensibly, Biden feels that high oil prices will hold back the economic recovery amid the ongoing pandemic, though a more subtle reason could be the fact that gas prices tend to have a huge impact on the American psyche and could jeopardize the Democrats’ future political ambitions. Well, it appears that Biden could get his wish despite OPEC declining |
| Irans Huge Caspian Gas Find Is A Geopolitical GamechangerIran last week revealed a huge new gas deposit located in the Iranian sector of the Caspian Sea. The Chalous structure is to be developed with the intention of forming a new gas hub in northern Iran to complement the southern gas hub centred on the massive South Pars field. The principal named developer of the Chalous site is Irans Khazar Exploration and Production Company (KEPCO) but technical and financial assistance will also come from Russia and China. If the initial estimates of the gas reserves held in the Chalous deposit |
| Big Oils Foray Into Renewables Has Completely Changed The MarketThat the oil and gas industry is problematic is perhaps too mild a way to put it. Fossil fuel producers have recently become the singular target of accusations and lawsuits from parties arguing that they are the only industry responsible for the effects of a changing climate. And now those same fossil fuel producers are coming after renewables. Big Oil is trying to green itself up, so it is bidding for wind farm construction tenders and buying other renewables assets. And in doing this, it is undermining the profit margins of renewable energy companies, |
| U.S. To Review Climate Impact From Coal Leasing ProgramThe U.S. Bureau of Land Management launched on Thursday a review of the federal coal leasing program and the climate impact of coal production, transportation, and use, in line with the Biden Administrations environmental goals. BLM is beginning a new review of the Federal coal leasing program and seeks comments on whether the current regulatory framework should be changed to provide better mechanisms to decide which coal resources should be made available and how the leasing process should work, including when and where to lease, |
| Beijings Big Tech, Refiner Crackdown Sends Clean Energy Stocks FlyingThe current year has seen a massive wave of regulatory pressure by the Chinese government on key strategic sectors of its economy. Beijing has tightened regulatory scrutiny on its budding private refiners sector before ramping up pressure on tech titans such as Alibaba Inc. (NYSE:BABA)and Tencent Holdings (OTCPK:TCEHY). The wave of crackdowns has, in a matter of months, knocked off tens of billions of dollars from China’s pivotal tech sector, but proven to be a huge bonanza for China’s clean energy sector. Shares in Chinese clean energy companies |
| OPEC+ Compliance With Oil Cuts Slips To 109% In JulyThe OPEC+ group saw its overall compliance with the production cuts at 109 percent in July, down from 113 percent in June, Argus reported on Thursday, citing an internal report meant for the Joint Technical Committee (JTC) of the alliance. The decline in overall conformity levels was mainly the result of OPECs leader and top producer, Saudi Arabia, unwinding the last 400,000 barrels per day (bpd) part of its unilateral extra cut of 1 million bpd implemented between February and April. In June, the OPEC+ groups overall conformity with |
| Topps SPAC merger with Mudrick Capital dies because MLB killed 70-year-old trading card dealTopps had been the trading card partner of Major League Baseball since 1952. Its SPAC merger with Mudrick Capital just blew up. |
| Foot Locker shares soar on huge earnings beat, retailer optimistic about second half of the yearFoot Locker shares soared Friday after the company crushed fiscal second-quarter earnings estimates and voiced optimism about the back half of the year. |
| Disney is developing an exoskeleton that could bring the Hulk to its theme parksWith Project Exo, Disney’s research and development team is trying to bring the company’s biggest characters to life at its theme parks. |
| Stocks making the biggest moves premarket: Deere, Foot Locker, Buckle, Spotify and moreThese are the stocks posting the largest moves before the bell. |
| 5 things to know before the stock market opens FridayAll three major U.S. equity indexes were lower heading into Friday’s trading session. |
| Travel stocks drop, but one seasonal stock could weather a fall downturnThinking about travel stocks, trader Todd Gordon is looking to the slopes of Colorado. |
| Recovery in Singapore’s aviation sector will be a ‘long haul,’ says transport ministerThe aviation sector contributes around 3% of Singapore’s gross domestic product. |
| ‘Unfortunately, business is booming’: Companies that fly home Covid-positive travelers have a busy summerDuring a summer when it was hoped travel would start to normalize, medical evacuation companies are setting records for both memberships and rescues. |
| Michio Kaku calls nuclear fusion test at national lab ‘giant step toward the holy grail of energy research’Theoretical physicist Michio Kaku explains why a recent nuclear fusion test at a national lab was a “giant step toward the holy grail of energy research.” |
| J&J names Joaquin Duato as CEO effective Jan 3, replacing Alex GorskyAlex Gorsky, who served as CEO of Johnson & Johnson for nearly a decade, will move to executive chairman. |
| Fauci says U.S. is expanding Covid vaccine manufacturing to donate more doses to the worldThe U.S. is expanding Covid vaccine manufacturing to donate more doses globally while also giving boosters to vaccinated Americans, Dr. Anthony Fauci told CNBC. |
| MLB will end 70-year deal with trading card company ToppsFanatics will take over production of MLB trading cards instead. |
| EV start-up Lordstown Motors’ shares hit 52-week low following brief annual shareholder meetingLordstown Motors’ annual shareholder meeting started at noon and lasted about 10 minutes. |
| Skeptics Are Circling Cathie Wood As ARKK Continues To Underperform For 2021Skeptics Are Circling Cathie Wood As ARKK Continues To Underperform For 2021 By now, you already know that The Big Short’s Michael Burry has placed a big bet against “active manager” Cathie Wood over at ARK Invest. We detailed Burry’s position in this recent article. But it isn’t just Burry that is lining up to publicly offer his skepticism about Wood’s capital management style. Others have followed suit in criticizing Wood of late, leading many to wonder if the borrowed time her “strategy” has been on is finally up. Semper Augustus Investments Group LLC’s Chief Investment Officer Chris Bloomstran also took to Twitter to announce his skepticism of ARK by putting together a scathing takedown of Wood, Bloomberg noted this week. In noting the insane valuations of many of Wood’s stocks, Bloomstran dryly wrote: œWhat I concluded is you and your team must be counting on growth. Lots of it.”
The report notes that Laurion Capital Management LP, GoldenTree Asset Management LLC and Cormorant Asset … |
| Risk Off: Futures, Oil And Yields Slide, Hong Kong In Bear Market; Dollar SurgesRisk Off: Futures, Oil And Yields Slide, Hong Kong In Bear Market; Dollar Surges Another ugly day for risk assets with US equity-index futures dropping alongside global stocks, as faltering growth and China’s regulatory curbs compounded risks before the Federal Reserve’s Jackson Hole symposium next week. Fears about economy-linked sectors put the Dow and the S&P 500 on course for their worst week since mid-June. The dollar extended its rally to a fresh 10 month high, oil slumped and bitcoin surged after Coinbase announced it bought $500 million in crypto would reinvest some of its profits in digital currencies. At 745 a.m. ET, Dow e-minis were down 125 points, or 0.36%, S&P 500 e-minis were down 15 points, or 0.34%, and Nasdaq 100 e-minis were down 19 points, or 0.13%.
For the week, the Dow and the S&P 500 are down about 1.7% and 1.4% respectively, while the Nasdaq has fallen 1.9%, its worst since mid-May. FA … |
| Hang Seng Tumbles Into Bear Market After China New Data Privacy Law Sends Tech Stocks PlungingHang Seng Tumbles Into Bear Market After China New Data Privacy Law Sends Tech Stocks Plunging Hong Kong stocks tumbled into a bear market, with the Hang Seng index sliding more than 20% from it February high on Friday after Beijing approved a new privacy law to prevent data collection by domestic technology companies.
China’s most powerful legislative body, the Standing Committee of the National People’s Congress, passed the Personal Information Protection Law that will go into effect on Nov.1, according to FT. The move sent tech stocks plunging and leaving investors bewildered over the intensity of Beijing’s regulatory crackdown that has slammed countless sectors. The full text of the law has yet to be released, but it will affect how domestic technology giants collect and process sensitive personal data of users. For years, domestic companies data-mined users with limited regulation, fueling a black market for personal data.Â
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| US Investigates Moderna Jab After Data Show 2.5x Higher Risk Of Heart InflammationUS Investigates Moderna Jab After Data Show 2.5x Higher Risk Of Heart Inflammation The Internet’s social-media censors have been extremely vigilant at suppressing every tidbit of COVID vaccine “misinformation” that comes their way. So, as readers might imagine, drawing attention to publicly released data about the rare (but sometimes deadly) side effects associated with both mRNA and adenovirus-vector jabs has been…a challenge.
But let’s back up: over the past couple of months, health authorities in the US and Israel connected rare instances of myocarditis – that is, inflammation of the heart – to the mRNA jabs produced by Pfizer and Moderna. After a hurried secret meeting with its advisors in late June, the FDA reluctantly released a warning about a “likely association” between incidences of myocarditis and the new side effects. |
| M&S says recovery plan boosting sales and profitsThe High Street giant’s shares soar on upbeat trading news, as official figures show UK retail sales sank in July. |
| Apple delays recalling staff to the office until 2022The decision comes as fears grow over the impact of surging Covid cases in the US. |
| Morrisons backs US firm’s improved £7bn takeover offerBut shares in the supermarket open higher, suggesting some investors think the £7bn-plus battle is not over. |
| How Sensex became the world’s best performing primary indexThe benchmark S&P BSE Sensex has more than doubled from its Covid-induced nadir in March last year, with gains accelerating this month as it continues to extend record highs. |
| Nifty back to 15K? BofA Securities thinks so as it highlights key risksIn a note, the foreign brokerage said taper talks in the US, potentially higher US bond yields, firm dollar, consensus EPS cuts and recent muted IPO gains are negatively impacting retail investor sentiment and could act as negative triggers. |
| As US Fed talks taper, these FPI favourite stocks could be at riskThere are 29 BSE500 companies where foreign portfolio investors own at least 33 per cent or a third of the stake. They included HDFC where FPI ownership stood at 72.22 per cent at the end of June quarter. Shriram Transport, Zee Entertainment, Apollo Hospitals, Axis Bank and IndusInd Bank are some stocks where FPI ownership is in excess of 50 per cent. |
| Market Extra: Can empty offices become affordable housing? New legislation seeks to tryThe Revitalizing Downtowns Act would create the Qualified Office Conversion Tax Credit to help convert unused office buildings into residential, commercial and retail properties. |
| Mark Hulbert: Margin debt is shrinking ” so will the bull market morph into a bear?This is the first contraction in borrowings in 15 months. |
| Need to Know: The reflation trade is fading. Here’s what to avoid, and where to seek refuge, in commodities.Slumbering markets seemed to have woken up this week, and not in a particularly good mood. |
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