30Sep2020 Midday Update: Wall Street Opens Flat Then Rockets Past 1% Higher, DOW Up 481 At 1 ET, WTI Crude Higher 39.05, Gold Up And Silver Slips, 1887 And 23.92 Respectively

Here is the current market situation from CNN Money

North and South American markets are sharply higher today with shares in Brazil leading the region. The Bovespa is up 1.41% while U.S.’s S&P 500 is up 1.36% and Mexico’s IPC is up 1.23%.

Libya Oil Production Hits 300,000 Bpd As Another Oilfield Comes Online

Libyas oil production has more than tripled since the port blockade has been lifted, reaching around 300,000 barrels per day (bpd) after the restart of another oilfield in the country, creating a new headache for fellow OPEC members who are trying to rebalance the market while demand is still weak. The 200,000-bpd Sarir oilfield resumed operations on Tuesday, Bloomberg quoted the operator Arabian Gulf Oil Co (Agoco) as saying. The field is currently pumping just 30,000 bpd, but it took Libyas total production to nearly 300,000

U.S. Onshore Oil Production To Fall Amid Slowdown In Drilling

Oil production from the US lower 48 states, excluding the Gulf of Mexico, peaked at 9.2 million barrels per day in August following back-to-back increases since June. This climb has helped push the nationwide total above 11 million bpd and is likely to keep it above that mark for the rest of the year, according to Rystad Energy estimates. A gradual decline in L48 output may nevertheless set in from September as onshore drilling remains below the level required to maintain production in nearly all US oil basins, despite a robust fracking exercise

Largest Indian Refiner Switches From Venezuelan To Canadian Crude

Reliance Industries, owner of Indias biggest refinery, has started buying Canadian heavy crude to replace Venezuelan imports on fears that the U.S. could take sanction action against the company. According to a Bloomberg report, Reliance had recently signed a deal for the purchase of 2 million barrels of Canadian heavy a month for the next six months, unnamed sources close to the matter said. India is one of the biggest buyers of Venezuela crude, despite the sanctions. The sales take the form of crude-for-fuel swaps, which are still allowed

Oil Prices Rise After EIA Reports Small Crude Draw

Oil prices stabilized today after the Energy Information Administration reported a crude oil inventory draw of 2 million barrels for the week to September 25. At 492.4 million barrels, inventories are still above the five-year average for the season, the EIA said. Analysts had expected a build of 1.4 million barrels. The EIA also reported an increase in gasoline stocks a day after the API depressed the market, with an estimated 2.325-million build in gasoline inventories. According to the EIA, gasoline inventories shed 700,000 barrels last week,

Shell To Cut Up To 9,000 Jobs

Anglo-Dutch Shell will slash its workforce by between 7,000 and 9,000 as part of cost-cutting efforts, with the cuts to take place until the end of 2022, the company said in a third-quarter update. Some 1,500 of these have agreed to take voluntary redundancy deals. The supermajor plans between $2 and $2.5 billion annually by 2022 in sustainable savings, it said in the update, with most of that effected sooner rather than later as Shell strives for operating cost reductions of between $3 and $4 billion, to be achieved by the first quarter of 2021.

The Biggest Oil Refiner In The U.S. Forced To Cut Jobs

The largest U.S. oil refiner, Marathon Petroleum, has started a process to lay off hundreds of employees at various refineries across the United States after the pandemic crushed fuel demand, sources with knowledge of the matter told Reuters. Marathon Petroleum on Tuesday let go of 60 salaried staff at Galveston Bay, another 60 people at the refinery in Los Angeles, and at least 45 employees at the Garyville refinery in Louisiana, Reuters sources said. Redundancies at the Galveston Bay refinery could reach as much as 200 staff, according

Airlines are hours away from cutting more than 30,000 jobs without billions more in federal aid

Airline executives at American, United, Southwest and JetBlue have been making last-ditch attempts to persuade lawmakers to provide additional aid as the job cuts loom.Â

Nikola shares rise after company reconfirms strategy following founder Trevor Milton’s resignation

Nikola said it “remains committed to achieving” a set of milestones previously outlined despite founder Trevor Milton’s resignation amid claims of fraud and sexual assault.

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.

Watch live: Pharma executives testify at House hearing on drug pricing

The U.S. House of Representatives Oversight and Reform Committee is holding a hearing with current and former executives of three major drug companies on the high cost of prescription drugs in the U.S.

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.

Nikola executives seek to calm investor anxiety after fraud claims delay $2 billion deal with GM, shares jump

Nikola is resetting investor expectations following fraud claims involving the company’s technologies and founder, Trevor Milton, who resigned as executive chairman last week.

‘Follow the rules’: Boris Johnson urges Brits to stick to the Covid plan to avoid a full lockdown

U.K. Prime Minister Boris Johnson on Wednesday called on Britons to stick to the rules in order to avoid tougher coronavirus restrictions.

NFL postpones Titans-Steelers Week 4 game after positive Covid-19 tests

The NFL said eight new Covid-19 cases have been confirmed by the Titans.Â

‘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.

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.

Can New York reopen indoor dining safely? Here is what coronavirus, dining experts say

As New York City restaurants reopen indoor dining at 25% capacity, Union Square Hospitality Group founder and CEO Danny Meyer has partnered with biometric screening company CLEAR to monitor employee health during coronavirus.

Nets owner Joseph Tsai sees next season as ‘tricky’ but expects a ‘very nice rebound’

Brooklyn Nets owner Joseph Tsai envisions arenas still without a lot of fans next season though he expects that to turn around in the ensuing years.

How to pick the right business partner for your own success

The right business partner can be a big advantage on the road to success, but can be a mistake if you don’t choose wisely. A crisis like the coronavirus makes it even more important.

“Contested Election” It Is: Here Is How To Trade It

“Contested Election” It Is: Here Is How To Trade It Tyler Durden Wed, 09/30/2020 – 12:40

Out of the ashes of the biggest dumpster fire debate in US history, one thing emerged: a contested election – something which JPMorgan two weeks ago called the “worst case scenario for markets into year end” – is now guaranteed, resulting in investor fears that a disputed ballot could lead to a messy transfer of power. The reason for that is that while confusion and chaos raged during last night’s debate, Trump made one thing clear: the president declined to commit outright to accepting the results, repeating a recurring complaint that mail-in ballots would lead to election fraud.

“The debate drew further attention to the potential for a contested election, said Hani Redha, global multi-asset portfolio manager, at Pinebridge. “It is likely market participants will continue to price in this issue, heightening volatility all the way to election day and its immediate aftermath.”

Sure enough, the VIX curve steepened further on Wednesday bracing for volatility in November…

Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO

Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO Tyler Durden Wed, 09/30/2020 – 12:20

By Daphne Howland of RetailDive

Summary:

The pandemic ” with its temporary store closures, social distancing requirements, e-commerce boom and supply chain disruption ” in the first six months of this year fueled uncertainty for retailers and accelerated existing trends, according to BDO’s biannual bankruptcy update.

BDO counts 18 retailers that headed to bankruptcy court in the first half of the year and another 11 in July through mid-August. Retail Dive’s bankruptcy tracker similarly lists 27 so far this year, compared to 17 in 2019. (BDO counts some businesses, like Gold’s Gym, as retailers.)

The industry’s bankruptcy record so far put it on pace with 2010, following the Great Rec …

ICE Preparing To Make Targeted Arrests In Sanctuary Cities As Soon As This Week

ICE Preparing To Make Targeted Arrests In Sanctuary Cities As Soon As This Week Tyler Durden Wed, 09/30/2020 – 12:00

Immigration and Customs Enforcement will conduct a series of immigration enforcement operations in three sanctuary cities as soon as this week, according to the Washington Post.

University Sets Up “Support Spaces” For Students Traumatized By Presidential Debate

University Sets Up “Support Spaces” For Students Traumatized By Presidential Debate Tyler Durden Wed, 09/30/2020 – 11:40

Authored by Steve Watson via Summit News,

Ohio’s Case Western Reserve University (CWRU), the site of last night’s Presidential debate has set up dedicated ‘support spaces’ for students who have been triggered by the tense exchange.

‘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 says home working could cost one in 10 jobs

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.

Maha lockdown: Hotels to reopen, trains to resume

Maha lockdown: Hotels to reopen, trains to resumeHotels, food courts, restaurants and bars can operate from October 5 with capacity not exceeding 50 percent or as prescribed by local authorities. The Railways will increase the frequency of local trains in the MMR. Local trains in Pune region will restart with protocols and procedures adopted in the MMR.

Unlock 5: What will change from tomorrow

Unlock 5: What will change from tomorrowMHA has issued new guidelines today for opening up of more activities outside containment zones from October 1, 2020.

ISRO to launch its Venus mission in 2025

ISRO to launch its Venus mission in 2025ISRO chairman K Sivan and CNES president Jean-Yves Le Gall held talks and reviewed the areas driving cooperation between France and India in space.

Third Estimate 2Q2020 GDP “Improves” to -31.4 %.

Written by Steven Hansen

The third estimate of second-quarter 2020 Real Gross Domestic Product (GDP) improved from -31.7 % to -31.4 %.

The Fed: Fed’s Kashkari expects continued economic recovery but only in a ‘grinding’ fashion

Minneapolis Fed President Neel Kashkari said Wednesday he expects a ‘grinding recovery’ from here.

5 big financial issues voters didn’t hear much (or anything) about in the Trump-Biden debate

Unemployment was the top-searched issue on Google during the first presidential debate.

The $1.7 trillion question that did NOT come up during Trump-Biden presidential debate

This issue affects millions of Americans, and has become especially prescient during the COVID-19 pandemic.