Written by Gary
Retail sales bounced to an all-time high, but lack of stimulus from Congress puts gains at risk (SPY +0.00 flat). US stocks end little changed after weaker-than-expected rise in retail sales.
U.S. seizes multimillion-dollar Iranian fuel shipment bound for Venezuela
Aramco needs oil above $50 to sustain dividend payments
The Market in Perspective
| Here are the headlines moving the markets. | |
 | One in three New York restaurants won’t open after the pandemic. The Fat Radish is one of the unlucky onesThe Fat Radish will shutter its doors forever, joining the scores of New York restaurants that have decided to close permanently. |
| New York Gov. Cuomo says museums, bowling alleys to reopen in NYC, and gyms may be nextNew York Gov. Andrew Cuomo said the state will allow museums, aquariums and other cultural centers in New York City to reopen in the coming weeks. |
| The clothing rental start-up Rent the Runway is closing all of its stores for goodThe clothing subscription start-up Rent the Runway is planning to permanently close its five stores across the U.S., not reopening them after they were temporarily forced shut due to the Covid-19 crisis, the company told CNBC. |
| How a biotech CEO figured out Covid-19 surveillance testing for 50 companies with 12-hour turnaround timesAs testing turnaround times stretch to a week or more for some parts of the country, a group of 50 biotech companies has figured out a surveillance system with results in 12 hours. |
| Novavax shares rise after deal to provide 60 million doses of coronavirus vaccine to U.K.Novavax shares rose after the company said it reached a deal with the U.K. to supply 60 million doses of its potential coronavirus vaccine. |
| The U.S. has already invested billions in potential coronavirus vaccines. Here’s where the deals standThe U.S. has doled out billions to develop a vaccine against the coronavirus, locking in a minimum of 800 million doses so far. |
| Mall owner Simon, Authentic Brands to acquire denim retailer Lucky out of bankruptcy for $140.1 millionThe biggest U.S. mall owner Simon Property Group and apparel licensing firm Authentic Brands Group teamed up to buy denim maker Lucky Brand out of bankruptcy for $140.1 million. |
| Coronavirus live updates: NY to allow bowling alleys and museums to reopen; California tops 600,000 casesThe coronavirus has infected more than 20.9 million people around the world as of Friday, killing at least 760,300 people. |
| Russell Crowe’s ‘Unhinged’ was ‘by far the toughest’ film release for producer of ‘Pulp Fiction’Bringing Russell Crowe’s “Unhinged” to cinemas during the coronavirus was ‘by far the toughest’ film release for Mark Gill, an industry veteran and producer of ‘Pulp Fiction.’ |
| SpaceX and NASA plan to launch first full length astronaut mission in late OctoberNASA and SpaceX plan to launch the company’s first full mission with astronauts on Oct. 23. |
| Here’s why this recession has been different from any otherThe Covid-19 pandemic era is setting new standards for what an economic downturn looks like. |
| Trump on Russia’s approved ‘Sputnik V’ coronavirus vaccine: ‘We hope it works’President Donald Trump said that he hopes Russia’s recently approved vaccine for the coronavirus works as scientists and public health officials worry whether it’s safe. |
| Retail sales bounced to an all-time high, but lack of stimulus from Congress puts gains at riskRetail sales rose to a record level in July, recovering what was lost in the pandemic, but the gains are at risk because of the failure of Congress to agree to a new fiscal stimulus package. |
| Gold Slips Most Since March As Stocks See Best 100-Day Run… EverGold Slips Most Since March As Stocks See Best 100-Day Run… Ever Tyler Durden Fri, 08/14/2020 – 16:00 Safe-havens were dumped and value stocks outperformed this week as equity markets saw notable rotations and real-yields spiked after generally positive economic data and the Russia vaccine headlines… Gold was down 4.5% this week, breaking a nine-week winning streak and its worst week since the liquidation flush of mid-March (but did stage a decent comeback later in the week)… |
| Russia’s Top Respiratory Doc Quits Over “Gross Ethics Violations” As Duterte Says He’ll Be Guinea Pig For Putin’s VaccineRussia’s Top Respiratory Doc Quits Over “Gross Ethics Violations” As Duterte Says He’ll Be Guinea Pig For Putin’s Vaccine Tyler Durden Fri, 08/14/2020 – 15:50 Russia’s top respiratory doctor has quit the Kremlin health ministry’s ethics council after accusing two leading scientists involved in the development of the new Sputnik V vaccine of ‘gross violations’ of medical ethics in rushing the vaccine into production, according to the Daily Mail. |
| Well, If You Gotta To Wear A Mask…Well, If You Gotta To Wear A Mask… Tyler Durden Fri, 08/14/2020 – 15:35 With Trump now calling mask-wearing “patriotic,” and Biden demanding all Americans wear a mask always outdoors for at least the next three months, it would appear masks are set to become even more ubiquitous on the streets and in the stores and restaurants of America. |
| Chart Of The Day: Is China About To Unleash An Inflationary Tsunami In The USChart Of The Day: Is China About To Unleash An Inflationary Tsunami In The US Tyler Durden Fri, 08/14/2020 – 15:15 Two months ago we said that “the most important question in finance today” is whether what comes next after the historic liquidity tsunami which will see global central bank balance sheets hit $28 trillion next year… |
| Coronavirus: Yo! Sushi to shut restaurants and cut 250 jobsThe company, known for its conveyor belt service, has launched a company voluntary arrangement. |
| Gymshark: Ex-pizza delivery boy’s sportswear firm worth over £1bnBen Francis, the founder of sportswear company Gymshark, is now worth an estimated £700m. |
| Just Eat to stop using gig economy workersBoss Jitse Groen says he would rather have staff who get benefits and more workplace protection. |
| RBI’s cheque won’t be enough for ModiRBI’s cheque won’t be enough for ModiLast year the RBI’s board approved a record payment of 1.76 trillion rupees ($23.5 billion) to the government, which included 1.23 trillion rupees as dividend and 526.4 billion rupees from its surplus capital. This year, New Delhi has budgeted for a 600 billion-rupee transfer, but local media has speculated authorities are expecting more. |
| Reopening schools unthinkable for now: SisodiaReopening schools unthinkable for now: SisodiaManish Sisodia spoke about why Delhi is opposing the University Grants Commission’s stance on examinations in the Supreme Court, and the steps being taken to trace 10-15% of students who have fallen off the radar of Delhi government’s education system during the lockdown. |
| Maha focus on Pawar family soap operaMaha focus on Pawar family soap operaParth Pawar, the elder son of deputy chief minister Ajit Pawar, is at the centre of the latest of a series of developments indicating an increasing rift between Ajit and his uncle, family patriarch and Nationalist Congress Party chief Sharad Pawar. |
| Documentary Of The Week: What Was Angkor Wat And Why Was It Abandoned?Written by John Lounsbury Ankor Wat was built in what is now a Cambodian jungle in the first half of the 12th century (between 1113 nd 1150 AD. It was built in one of the largest cities in the world at the time, Ankor, with a population of over 1 million people. Founded in the late 9th century, it was the capital city of the Khmer empire which stretched from southern Vietnam, through parts of Laos and Thailand into eastern Myanmar. Ankor War is the largest religious edifice ever erected in the history of the world.
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| The Ratings Game: Chili’s parent says its weeks-old virtual chicken chain It’s Just Wings will soon be a $150 million brandBrinker International says its virtual-only chain It’s Just Wings is generating $3 million in weekly sales after launching at the end of fiscal 2020. |
| There is no such thing as ‘passive’ investing in an America so deeply scarred by racism, Rachel Robasciotti saysRachel Robasciotti is the founder of a wealth management firm that aims to be œa bridge between financial markets and social justice activism, a place where the principals are deeply committed to helping clients to do well by doing good, in ways that go beyond the usual greenwashed ideas about ESG investing. |
| Brett Arends’s ROI: ‘It was like something out of Gilligan’s Island!’ The FIRE crowd who spent the lockdown partying in the BahamasThis couple gives you another reason to quit your miserable job |
Summary of Economic Releases this Week
Earnings Summary for Today
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