30Sep2020 Pre-Market Commentary: Wall Street Futures Mixed, DOW Down 47 Points, SP 500 Flat, Gold Skips A Beat 1887, Silver Down 23.92, Chicago PMI Reading Stronger Than Forecast

Here is the current market situation from CNN Money

European markets are mixed to lower. Shares in Germany are off as the DAX drops 0.46%. The FTSE 100 is down 0.06% while the CAC 40 in France is unchanged.

UAE Bets Big On Space Tech To Diversify From Oil

OPECs third-largest oil producer, the United Arab Emirates (UAE), is shooting for the moonquite literallyas part of its space strategy to diversify its oil-dependent economy. The UAE will launch by 2024 the first-ever mission of an Arab country to the Moon, Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and ruler of the Emirate of Dubai, said on Tuesday. We are launching the first-ever Arab mission to the moon by 2024. The lunar rover will send back images & data from new sites of the

Is Another Gold Run On The Horizon?

The Fed Vice Chair says that the Fed will not even think about hiking interest rates until the inflation reaches 2 percent. Meanwhile, the price of gold decreases further. What is exactly happening in the gold market? Over the last week, several Fed officials spoke publicly with the purpose of convincing investors that their new policy strategy would be positive for the economy. Powell himself testified three times before Congress. However, the most interesting remarks were delivered by Richard Clarida, Fed Vice-Chair. On Wednesday, he told

The Hydrogen Boom Is On Track To Hit $11 Trillion

It’s official: The big hydrogen techlash is now history. For decades, there was an undeniable and growing animus towards anything hydrogen by the investing universe, with the technology relegated to niche corners of the market, such as material handling and emergency power backup. Hydrogen technology was considered too costly and impractical, with Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk famously dismissing hydrogen fuel cells as ‘fool cells’ and ‘mind-bogglingly stupid.’ But the tide has gone full circle, and suddenly Wall Street can’t

Joe Biden Could Never Ban Fracking

I have always viewed politicians that promise to ban hydraulic fracturing commonly known as fracking with some level of suspicion. In fact, a year ago as candidates were making these promises I explained Why A Ban On Fracking Will Never Happen. Those promises have always signaled one of three things to me. The Significance of Fracking First, the candidate may not understand the significance of fracking to U.S. oil and gas production. So lets review that significance. Fracking has actually been around since the

Another Oil Major Sees Peak Oil Demand On The Horizon

French energy giant Total SE (formerly Total S.A.) spread more doom and gloom into the oil markets today, foretelling of the oil industry’s ultimate horrorpeak oil demand. In its Energy Outlook report published on Tuesday, according to Bloomberg, Total SE sees total global energy demand increasing in every scenario it ranbut according to Total, this will not help the oil industry. Instead, Total is attributing most of this energy demand increase to low-carbon power. As such, oil demand growth, according to Total SE will end in a decade,

Oil Prices Under Pressure As Gasoline Inventories Climb

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 831,000 barrels for the week ending September 25 – but this draw was more than offset by a build in gasoline inventories. Analysts had predicted an inventory draw of 2.325-million barrels. In the previous week, the API reported a small build in crude oil inventories of 691,000 barrels, after analysts had predicted a draw of 2.256 million barrels. Oil prices were trading down sharply on Tuesday afternoon before the APIs data release as the market

Jeep has a legendary reputation, but a growing number of rivals

Jeep has a heritage and reputation other automakers would beg, borrow and steal for. Being solely a maker of SUVs and now a pickup truck, it is in a great position for today’s market. But rivals are growing, and Jeep is trying to stay ahead.

GM extends talks on $2 billion deal with Nikola after fraud, sexual assault allegations surface against Trevor Milton

Executives at both companies are expected to extend the talks, according to two people familiar with the negotiations.

15-minute coronavirus test gets the green light in Europe

The test should be commercially available in Europe by the end of October, maker Becton Dickinson said.

‘Schoolcations’ are trying to lure parents who have had it with remote learning

With many families working and studying at home, œschoolcations are enticing travelers with promises of tutoring, round-the-clock tech help and after-school activities that are more fun than what’s available back home.

Treasury Department could upsize airline loans as Delta, Southwest opt out, freeing up funds

The Treasury Department says it plans to upsize loans to airlines under a $25 billion federal program after major carriers Delta and Southwest decided to stick with the private market.

Disney to lay off 28,000 employees as coronavirus slams its theme park business

Prolonged closures of Disney’s California theme parks and limited attendance at its open parks have led the company to lay off 28,000 employees across its parks, experiences and consumer products segment.

Pandemic forces a reckoning for restaurants coping with capacity limits and new consumer habits

More than 100,000 bars and restaurants “ or 15% of all eating and drinking establishments ” have permanently closed due to the coronavirus pandemic, according to National Restaurant Association estimates.

Ex-Nissan boss Carlos Ghosn launches business program to revive Lebanon’s struggling economy

Carlos Ghosn, the scandal-hitformer Nissan CEO who fled trial in Japan, is launching a business training program to help spark economic recovery in his native, crisis-hit Lebanon.

5 things to know before the stock market opens Wednesday

Dow futures pointed to a drop at Wednesday’s open following the chaotic first debate between President Trump and Joe Biden.

New York City misses out on billions of tourism dollars as coronavirus keeps Broadway dark

As the number of deaths related to Covid-19 surpasses 1 million globally, it’s clear that the pandemic will have continuing devastating effects on New York City’s economy.

As coronavirus deaths pass 1 million, health-care workers around the world share stories from the front lines

Health-care workers on the front lines from around the world share what it has been like to treat patients during the coronavirus pandemic.

Movie theaters in jeopardy as studios move blockbusters to 2021, audiences stay home

Six months after the pandemic restrictions began, movie theaters do not have a clear path to recovery.

6 ways the coronavirus pandemic has forever altered the retail landscape

The global health crisis has inspired consumers to adopt new shopping habits and accelerated retailers’ investments in e-commerce and contactless approaches.

‘Leaked’ Data Signals Massive Rebound In Chicago PMI

‘Leaked’ Data Signals Massive Rebound In Chicago PMI Tyler Durden Wed, 09/30/2020 – 08:39

MNI Chicago Business Barometer was expected to be released at 0945ET but most data outlets are now printing the data early… and it’s a huge beat.

Against expectations of a small rise from 51.2 to 52.0, September’s Chicago PMI screamed up to 62.4.

New Research Hints At Lower ‘Herd Immunity’ Threshold; EU Approves Rapid COVID-19 Test: Live Updates

New Research Hints At Lower ‘Herd Immunity’ Threshold; EU Approves Rapid COVID-19 Test: Live Updates Tyler Durden Wed, 09/30/2020 – 08:32

Summary:

New rapid COVID test approved in EU

Scientists question herd immunity threshold

UK PM faces insurrection over lockdown powers

Novartis CEO says vaccines won’t be enough

World Bank pushes new vaccine initiative

India reports roughly 80k new cases in last 24 hours

Second Russian vaccine completes clinical trial

* * *

Although the news was first reported last night, the market seemed to embrace news of Moderna’s latest safety and efficacy data Wednesday morning, as Joe Biden’s ‘win by default’ during Tuesday’s first presidential debate appeared to weigh on stocks. During the debate, the former Veep accused Trump of doing nothing to stop the coronavirus pandemic in the US, and laid blame for the 200k+ deaths in the US at President Trump’s feet.

In response, Trump claimed his decision to bar travelers from China staved off a worse disaster, and argued tha …

ADP Employment Beats Expectations

ADP Employment Beats Expectations Tyler Durden Wed, 09/30/2020 – 08:22

After two month of disappointingly low employment gains, ADP reports a 749,000 increase in jobs in September (better than the 649k expected and close to payrolls 800k expectation for Friday).

US Futures Slide After Debate Chaos

US Futures Slide After Debate Chaos Tyler Durden Wed, 09/30/2020 – 08:08

US equity futures and most global markets dropped after an acrimonious and chaotic US presidential debate, which CNN’s Dana Bash described as a “shitshow” on air, and which did little to change voters minds but underscored the risk of a contested vote in November. Safe assets, such as the yen and dollar also rose as a continued rise in COVID-19 spooked some traders although strong factory surveys boosted China’s markets.

‘Chicken Licken’ views will hold us back, says Bank economist

The Bank of England’s Andy Haldane says now is not the time for pessimism about the UK’s recovery.

Fuller’s pub chain boss warns of 10% job cuts

The government’s decision to encourage people to work from home will hit its city-centre pubs.

Ocado overtakes Tesco as most valuable UK retailer

Online grocery delivery firm’s stock market valuation beats Tesco’s as the Covid crisis continues.

Citroen upbeat on India entry early next year

Citroen upbeat on India entry early next year œIf you see the market, the sales figures for September are much better than June-July. The festive months are coming, the government has said it will announce a scrappage policy. So all this kind of seems will boost demand and better the market , said Bouchara, adding, œFuture will be better than what we went through this time.

Belated, revised ITR deadline extended to Nov 30

Belated, revised ITR deadline extended to Nov 30 ‹This is the fourth time the government has extended the deadline of filing belated ITR from the original deadline of March 31, 2020, due to novel coronavirus pandemic situation in the country.

Serena Williams out of French Open

Serena Williams out of French OpenWilliams said her ankle didn’t have time to recover after the U.S. Open. Williams added she “more than likely” won’t play another tournament this year, saying she was “struggling to walk, which is a tell-tale sign that I should try to recover.”

Market Snapshot: Dow futures fall as investors parse first presidential election debate, economic data

U.S. stock-index futures head lower Wednesday, with investors attributing the declines at least partly to a failure of the first presidential election debate to provide any substance on policy or calm fears of a contested outcome.

Economic Report: Private sector job growth in September is strongest in three months: ADP

U.S. firms add 749,000 jobs in September, above Wall Street estimates, ADP said Wednesday.

: Presidential debate antics leave many viewers disgusted

Many on social media bemoan chaotic debate in which President Donald Trump constantly and aggressively interrupted Joe Biden.