Written by Gary
Dow rallies more than 400 points to start the week, banks and tech lead (SPY +1.6%). Stocks making the biggest moves midday: Snap, Devon Energy, Virgin Galactic, UPS, Chevron.
Here is the current market situation from CNN Money | |
North and South American markets are mixed today. The S&P 500 is up 1.61% while the IPC gains 1.38%. The Bovespa is off 0.92%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Libyas Oil Production Soars After Blockade EndsCrude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now – a week after the blockade on Libyas oil ports was lifted. While the restart of Libyas oil industry and exports are welcome news for the country, which has lost more than US$10 billion in oil revenues due to the blockade, the increased supply from the African OPEC member is weighing on oil prices amid a faltering global oil demand recovery. As of Monday, Libyas oil terminals at Hariga, Brega, | |
What Would A Biden Presidency Mean For Coal?A report published by Fitch Solutions Country Risk states that under a Joe Biden presidency, the United States is expected to see an acceleration in renewables development and an effort to reverse the loosening of emission restrictions made by the Donald Trump administration. In the market analysts view, the Democratic nominee has a 70% probability of winning the November 3 election. Thus, the firms Country Risk team decided to evaluate a few key aspects of the mining and metals sector that could be impacted by such an outcome. | |
Can The UK Auto Industry Bounce Back?We may be coming out of the first pandemic lockdown and business does, broadly, appear to be picking up; however, but some sections of manufacturing, including U.K. car manufacturing, are still suffering badly. U.K. car industry, supply chain face challenges An article in the Financial Times starkly outlines the continued pain the U.K. car industry is experiencing and, by extension its extended supply chain. U.K. car manufacturing fell 44% last month compared with a year earlier. Domestic orders and exports remain severely depressed. Last months | |
The $22 Billion Railway Bringing Hope To Canadas Oil ProvinceU.S. President Donald Trump is set to approve a $22-billion freight railway project that will run between Alberta and Alaska to transport a variety of commodities such as oil, ore, and potash, as well as container goods. The 2,570-km line will run from Fort McMurray in Alberta to the Delta Junction in Alaska, CBC reported, where it will connect to the existing railway network and carry the goods to ports around Anchorage. “The Government of Alberta is glad to see the approval of the A2A rail project in the United States,”a spokeswoman for | |
Another Billion-Dollar Oil Merger Is On The HorizonDevon Energy and WPX Energy are discussing a merger to weather the impact of the pandemic on the oil industry, unnamed sources in the know told the Wall Street Journal. An agreement on a deal could be reached as early as today, with the value of the new entity at some $6 billion based on the two companies market caps. The merger will be an all-stock deal, the WSJ sources said. Both companies have suffered hefty losses in their market valuation recently, with Devons share price shedding 64 percent over the past 12 months and WPX Energy | |
Russia Calls For A Global Response To The Oil Demand CrisisAll players on the global energy market need to act together to tackle the effects of the pandemic on oil demand, Russias Energy Minister Alexander Novak said at a virtual meeting of G20 energy ministers this weekend. Our task, as the leaders of the energy industry, is to show stamina and solidarity in the face of the challenges like that,Reuters quoted him as saying. Novak noted the pandemic has wiped out a tenth of oil demand this year, forcing energy companies to cut spending on production by 25 to 30 percent. Fuel | |
The U.S. is ‘not in a good place’ as daily coronavirus cases grow beyond 40,000, Fauci says“There are states that are starting to show an uptick in cases and even some increase in hospitalizations in some states,” Dr. Anthony Fauci said on Monday. | |
As holidays approach, CDC puts shopping at crowded stores on Black Friday in high-risk categoryThe CDC issued guidance encouraging Americans to shop online rather than in crowded stores during the holiday season because of the pandemic. | |
Health and safety certificates may be the new ‘visas’ that permit air travel, Etihad CEO saysAirlines will need to meet a “harmonized” standard of health measures as air travel returns, according to Tony Douglas of Etihad Airways. | |
Watch live: The World Health Organization holds a press briefing on the coronavirus pandemicThe WHO is holding a briefing on the Covid-19 pandemic. | |
Stocks making the biggest moves midday: Snap, Devon Energy, Virgin Galactic, UPS, Chevron & moreDealmaking activity sparked rallies in Devon Energy and Cleveland-Cliffs. Plug Power surges on an analyst upgrade. | |
Virgin Galactic jumps over 20% as Street continues to recommend the space tourism companyShares of Virgin Galactic surged as much as 22% in trading Monday after Wall Street firms continued set higher expectations | |
K-pop sensation BTS’ label prices IPO at top end of rangeShares of Big Hit Entertainment, the music label behind global K-pop phenomenon BTS, were priced on Monday at the top end of the range ahead of its highly-anticipated market debut. | |
Trump claims, without offering proof, he has ‘very little debt’ and has paid millions of dollars in taxes after explosive New York Times reportPresident Trump claimed he had paid “many millions of dollars in taxes” after a report in The New York Times revealed he had paid effectively no income taxes for more than a decade. | |
Over half of small businesses worry social distancing will hurt their chances of survival: SurveyOver half of small business owners surveyed by Verizon worry that social distancing will challenge their survival, but the Main Street outlook has improved since spring. | |
Would you like to know where you can find the next trillion dollar growth stock? If so, ERShares may have an answer for you. It’s an ETF with NYSE Ticker: ENTR. This ETF invests in the leading Entrepreneurial publicly listed companies around the world. | |
Siemens Energy debuts in Frankfurt as CEO stresses need for ‘interim solutions’ in the sectorChristian Bruch made his comments to CNBC’s “Squawk Box Europe” on Monday. | |
Stocks making the biggest moves premarket: Spotify, Caesars, Virgin Galactic & moreThese are the stocks posting the largest moves before the bell on Monday. | |
Allbirds wants people to understand their sneakers’ carbon footprint like they do calories in foodThe problem with talking about carbon footprint, or greenhouse gas emissions, is that they’re not terms the average consumer instinctively understands, according to Allbirds’ sustainability lead Hana Kajimura. | |
Another Horrific Chicago Weekend: 5-Year Old Girl Stabbed, 49 People ShotAnother Horrific Chicago Weekend: 5-Year Old Girl Stabbed, 49 People Shot Tyler Durden Mon, 09/28/2020 – 12:20 There’s been another horrific and bloody weekend in Chicago, after multiple weekends running of a surge in shootings and homicides. As of the start of Monday at least 49 people had been shot, including seven fatally, based on police tallies and local reports. | |
Platts: 5 Commodity Charts To Watch This WeekPlatts: 5 Commodity Charts To Watch This Week Tyler Durden Mon, 09/28/2020 – 12:05 Via S&P Global Platts Insight blog, This week’s selection of key talking points from S&P Global Platts news editors looks at how Saudi Arabia faces ballooning crude stockpiles caused by poor demand in Asia. Meanwhile, the political saga surrounding the Nord Stream 2 pipeline shows no sign of abating, Asia’s aviation industry remains in the doldrums, UK gas plant margins are looking up, and the recovery in US LNG exports continues apace. 1. Saudi oil stocks near five-month high amid weak Asian refining margins | |
Pelosi Primes Democrats On Chance House Decides PresidencyPelosi Primes Democrats On Chance House Decides Presidency Tyler Durden Mon, 09/28/2020 – 11:45 House Speaker Nancy Pelosi (D-CA) is preparing for the off-chance that neither President Trump nor Joe Biden will win an outright Electoral College victory – leaving the fate of the presidency to the House of Representatives. | |
A Primer For The Media On Viruses, Vaccines, & COVID-19A Primer For The Media On Viruses, Vaccines, & COVID-19 Tyler Durden Mon, 09/28/2020 – 11:25 Authored by Roger Koops via The American Institute for Economic Research, 2020 is a year when many things besides people have died, or at least placed on indefinite life support. Music and most arts and culture (at least audience-based), education, a person`s livelihood, social trust and interaction, common sense and common decency, debate, and we can include responsible journalism to the list. | |
Asda: UK billionaire brothers edge ahead in race to buy supermarketThe Issa brothers and TDR Capital are the preferred bidders to buy the UK supermarket chain from Walmart. | |
Uber spared from London ban despite ‘historical failings’The firm gets a new licence to work in the capital after a court says it has addressed safety issues. | |
US squeezes China’s biggest chip-maker SMICThe commerce department writes to suppliers, warning of risks linked to the Chinese military. | |
NHAI scraps TOT-4, tests new monetisation modelNHAI scraps TOT-4, tests new monetisation modelBids for TOT-4 were invited in November 2019, with a concession value of Rs 4,200 crore, which was later halved to around Rs 2,200 crore, to suit smaller investors. | |
Health ministry unveils web portal for Covid updatesHealth ministry unveils web portal for Covid updatesThe ”vaccine web portal” and the ”National Clinical Registry for COVID-19” have been developed by the Indian Council of Medical Research (ICMR) and was launched by Union Health Minister Harsh Vardhan, according to a health ministry statement. | |
6 sectors BNP Paribas AMC is overweight on6 sectors BNP Paribas AMC is overweight on’Equity is one of the higher risk asset classes and within that, the mid and small cap category tends to have a little more risk-on behaviour.’ | |
What’s Worth Streaming: ‘The Mandalorian’ returns, but what other streaming picks are worth paying for in October 2020?October could actually be a good time for budget-minded consumers to cut back on their subscriptions. | |
Paul Brandus: Trump doesn’t pay taxes? That’s old news. The real story is the president’s personal debts coming dueAmericans deserve to know about politicians’ potential conflicts. | |
The Ratings Game: Virgin Galactic stock gets boost from 2 buy ratingsVirgin Galactic stock rallies to its best in eight weeks after two analysts start covering it with a buy rating, praising the company’s business model and demand potential for space tourism. |
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