Written by Gary
Stocks buoyed by stimulus hopes, dip in jobless claims (SPY +0.9%). Jobless claims edge lower to 837,000 and investors hope for stimulus progress.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The FTSE 100 is higher by 0.22%, while Germany’s DAX is off 0.01%. Shares in France are unchanged with the CAC 40 at 4,729.66. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | China Is Ready To Give Irans Oil Industry A Major BoostWith the 25-year deal with China now moving ahead at pace, Iran has a buyer for all of the crude oil it can produce, albeit at discounted levels, so Tehran is pushing oil field development across the board. This includes not only the major fields in the huge West Karoun cluster across which China has pledged to increase collective output by at least 500,000 barrels per day (bpd) within the next two years but also the more challenging fields that nonetheless are rich in oil, especially those that are shared with Iraq. In order to |
| U.S. Pipeline Operators Offer Special Deals To Oil ProducersSome of the largest pipeline operators in the U.S. have started to offer sweeter deals for crude oil shipment to producers as the midstream sector vies to curb its losses and keep its relevance amid the oil demand and production decline. Pipeline companies, including Magellan Midstream Partners, Enterprise Product Partners, and Energy Transfer, have cut shipment rates in contract negotiations or have offered more advantageous rates in current contracts to U.S. oil producers to keep their customers amid a pipeline overcapacity and an overall |
| Investors Are Betting Big On Canadas New Gold RushThese are unprecedented times of pandemic, US election uncertainty, and the rising fear of the potential for violent upheaval. Even legendary investors are advising people to flee to safe havens like cash or gold–and fast. With gold now back in the safe haven spotlight like never before, many eyes are swiveling toward Canada, where the makings of a gold boom are just getting started. Canada–home of the Val-dOr Gold Rush–is making history. Again. And suddenly, a major rush to gold is leading to a surge of investor |
| Saudi Arabias Economy Hit Hard By The Oil Price CrashSaudi Arabias economy shrank by 7 percent, with the unemployment rate hitting a record high in the second quarter as the combined effect of the oil price crash and the coronavirus pandemic hit the worlds largest oil exporter hard. Saudi Arabias gross domestic product (GDP) slumped by 7.0 percent year over year in Q2, the Kingdoms General Authority for Statistics said on Wednesday. The oil sector contracted by 5.3 percent, while the non-oil sector shrank by 8.2 percent due to the restrictions and lockdowns to curb |
| Digitalization Is The Only Way Oil Companies Can SurviveGoing digital has been on the agenda of oil companies for quite some time. They have, however, been taking their time, testing the digital waters before diving in. That was then. Now, oil companies are in a rush to digitize. Energy companies investment agendas were just one more thing that the coronavirus changed dramatically. Exploration is on the back burner for most. It is all about survival now. And things like data analytics, remote monitoring, and cloud computing can ensure this survival because they reduce costs without negatively |
| Key Indicator Shows Signs Of Oil Market RecoveryThe North American Frac Spread Count has increased to triple digits this week, according to big data company Primary Vision. The Frac Spread Count, which calculates the fracking completion crews currently finishing off wells, increased this week to 101, up by 12 from last week, the data released on Wednesday shows. This is likely attributed, according to Primary Vision, to operators shifting their focus from drilling new wells to finishing off already-drilled ones. The largest gains are seen in the Eagle Ford, the Haynesville, |
| Coronavirus vaccine trial participants report day-long exhaustion, fever and headaches ” but say it’s worth itWhile the symptoms were uncomfortable, and at times intense, they often went away after a day, sometimes less, some participants said. |
| The American Dream megamall in New Jersey reopens putting Triple Five’s experience strategy to its biggest testAt 11 a.m. Thursday, Triple Five will try again. Almost seven months after shutting down because of the coronavirus pandemic, American Dream will finally swing open its doors to the public. |
| Bed Bath & Beyond posts same-store sales gain for the first time since 2016 thanks to e-commerce gainsBed Bath & Beyond on Thursday reported its first same-store sales increase in nearly four years, as its online business surged more than 80% during the quarter. |
| Say goodbye to the overcommercialized Christmas: Pandemic-weary shoppers want a meaningful holidayMany consumers said they plan to rein in their holiday spending and direct more of their dollars toward retailers that share similar values during the coronavirus pandemic, according to a new survey by Accenture. |
| PepsiCo quarterly revenue grows 5.3%, fueled by higher snack salesPepsiCo said its organic revenue grew by more than 4% during its latest quarter. |
| American, United move ahead with more than 32,000 furloughs, but will recall workers if coronavirus aid deal reachedAmerican Airlines will move forward with furloughs of some 19,000 workers as government aid expires and talks for a new coronavirus relief bill fail in Washington. |
| CDC extends ban on cruising through October after White House reportedly overrules longer extensionExecutives of the cruise companies and the industry trade group are planning a meeting at the White House on Friday, CNBC’s Seema Mody reported. |
| A look inside the American Dream megamall in New Jersey, as it reopens during the pandemicCNBC visited American Dream earlier this week, ahead of the grand reopening. Here’s a look inside. |
| There are signs that Europe’s second wave might have peaked in UK and elsewhereThere is cause for cautious optimism in some European countries battling the second wave of the coronavirus pandemic, as the rate of daily new infections starts to stabilize. |
| New Ford CEO Farley announces operational restructuring and executive shakeupNew Ford Motor CEO Jim Farley is restructuring the company’s business operations, including a shakeup in its top ranks, as he succeeds Jim Hackett in leading the automaker. |
| 5 things to know before the stock market opens ThursdayWall Street is set to start the new month and fourth quarter with gains on rising hopes for further coronavirus aid. |
| Nikola founder Trevor Milton is being treated ‘as another shareholder,’ executives sayNikola is treating the electric vehicle start-up’s founder, Trevor Milton, like they would any other shareholder after he resigned last week, executives said. |
| How one Michelin-star restaurant is reopening its New York City dining roomNew York City restaurants are reopening their dining rooms for the first time since March, pushing eateries like o.d.o. by Odo to adapt how they serve their food. |
| Over 830,000 Americans Filed For First-Time Jobless Benefits Last WeekOver 830,000 Americans Filed For First-Time Jobless Benefits Last Week Tyler Durden Thu, 10/01/2020 – 08:33 837,000 Americans filed for first-time unemployment benefits last week… |
| Losing The Plot…?Losing The Plot…? Tyler Durden Thu, 10/01/2020 – 08:28 Authored by Bill Blain via MorningPorridge.com, “You don’t waste October sunshine… |
| Futures Surge After Stimulus Pessimism Turns To Stimulus OptimismFutures Surge After Stimulus Pessimism Turns To Stimulus Optimism Tyler Durden Thu, 10/01/2020 – 08:09 Narratives used to explain market moves have become so simple enough even 16-year-old Robinhood traders can understand them: if markets are down, it’s due to stimulus pessimism, rising covid cases and/or a fading economic recovery; if markets are up, it’s due to stimulus optimism, covid vaccine hopes and/or a stronger economic recovery. Case in point, yesterday we for the former, when late in the session news out of McConnell and Mnuchin hit market sentiment late in the session. However, all that reversed overnight, when Roll Call reported that Mnuchin had proposed a $1.62 trillion compromise proposal including more state and local aid and $400 a week in unemployment insurance. Talks continue today after the House delayed a vote on its $2.2 trillion plan to give Mnuchin and Nancy Pelosi more time to try to thrash out a deal That was enough to boost market sentiment, while allowing traders to ignore the latest flood of mass layoff announcements as American Air and United said they’ll start laying off a combined 32,000 workers (but said they would reverse the move if the government agrees to additional support in the coming days, adding more pressure on policy makers to reach an eleventh-hour stimulus deal, according to Bloomberg). Also overnight, Pres … |
| WHO Begs For Billions To Support Global COVID-19 Vaccinations, Israel Sees Another Daily Record: Live UpdatesWHO Begs For Billions To Support Global COVID-19 Vaccinations, Israel Sees Another Daily Record: Live Updates Tyler Durden Thu, 10/01/2020 – 07:43 Summary: CDC extends ‘no sail’ order until end of Oct. amid controversy WHO begs for more money for global vaccine effort New restrictions imposed in Spain, UK Germany sees another jump in cases Europe supports expedited review for AZ-Oxford vaccine Texas virus hospitalizations jump * * * Last week, the CDC quietly published its latest calculations on the ‘Infection-Fatality’ Ratio, which found that Americans under the age of 70 have a 99%+ chance of surviving a bout of COVID-19. But as President Trump’s political opponents continued to castigate the CDC for the appearance of political interference, the agency last night ordered an extension of its “no sail” order until the end of October, following a New York Times report claiming that the administration had “blocked” a longer extension until February at the behest of the tourism industry. To be sure, in Europe, national governments in Sp … |
| Coronavirus: H&M to close 250 shops as Covid drives sales onlineThe world’s second largest fashion retailer is shutting stores as shoppers’ habits change. |
| Company boards ‘must have at least one BAME member’Industry group the CBI urges tougher targets to improve racial diversity at big companies. |
| Subway rolls ruled too sugary to be bread in IrelandA court says the bread used in the firm’s hot sandwiches must be taxed because of its sugar content. |
| FSL report shows the woman was not raped: ADGFSL report shows the woman was not raped: ADGThey were arrested near Yamuna Expressway, after allegedly being shoved and pushed to the ground by UP Police, while on his way to Hathras to meet the family of the gang-rape victim. |
| US to allow faster processing for some visasUS to allow faster processing for some visasThe HR 8377 Bill provides for funding to allow the federal government to continue to operate till December 11. A part of the bill, Emergency Stopgap USCIS Stabilization Act, allows the United States Citizenship and Immigration Services (USCIS) to charge more for premium processing of visas and expands it to cover more categories. |
| Jio had 87 mn inactive users in June: KotakJio had 87 mn inactive users in June: Kotak œWho are these 87 million Jio subscribers who are recharging their SIMs regularly, but are not connected to Jio’s network, said Kotak Institutional Equities in a note, analyzing June subscriber data put out by the Telecom Regulatory Authority of India (Trai) and recent investor disclosures by the telco. |
| How Trump and Biden tax policies could affect your paycheck, tax return, investment portfolio, and nest eggThe economy is a very important issue for nearly 80% of voters in this presidential election. |
| 5 big financial issues Trump and Biden did NOT mention in their first debateUnemployment was the top-searched issue on Google during the first presidential debate. |
| The Moneyist: My mother-in-law is narcissistic. My father-in-law is selfish. My brother-in-law is amoral. How do we protect our inheritance?‘My mother-in-law has dementia and relies on her husband as a caretaker. We cannot rely on her help in this matter at all.’ |
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