Written by Gary
Pelosi and Mnuchin take a last-ditch shot at a coronavirus stimulus deal (SPY + 0.7%). Oil prices slide as OPEC opens the valves.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed. The S&P 500 is higher by 0.55%, while the IPC is leading the Bovespa lower. They are down 1.72% and 0.81% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| The Harsh Reality Of A Low Carbon FutureResearchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In apaperpublished in the journalNature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining in high-risk areas. In these places, competition over resources such as water and land may negatively impact surrounding communities. Past researchhas |
| Oil Prices Slide As OPEC Opens The ValvesOil prices took another dive on Thursday, with the price of WTI falling more than 6% by late morning as OPECs production increased in September over August. Spot prices for WTI had fallen by 6.04% to $37.79 by 11:28 a.m. EDT, while Brent had dropped 5.22% to $40.09. The catalyst for this mornings price drop is OPEC+s September seaborne exports, which jumped to 22.84 million barrels per day from the 22.11 that the cartel exported by sea in August. For OPEC specifically, its exports rose from 17.53 million bpd in August to 18.2 |
| Exxon Set For Another Loss In Q3ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30. Exxons upstream business, which booked a loss of US$1.7 billion in Q2, will see its exploration and production division get a boost of between US$1.4 billion |
| OPEC+ Boosts Crude Oil Exports In SeptemberThe OPEC+ group raised their total seaborne exports in September to 22.84 million barrels per day (bpd) from 22.11 million bpd in August, but the alliance stayed within its agreed ceiling, IHS Markit data and analysis showed on Thursday. OPECs crude oil shipments rose last month to 18.2 million bpd, up from 17.53 million bpd exported on tankers in August, according to data from IHS Markit Commodities at Sea. Saudi Arabias shipments have recovered from the lows in June, when they were below 5 million bpd, and returned to above |
| Venezuela Restarts Gasoline Production At Two RefineriesVenezuela has restarted gasoline production at two refineries, President Nicolas Maduro said in a tweet, adding that he had approved a gasoline supply regularization plan to run between October 5 and November 5. Venezuelan people! Despite the external attacks, we began to produce the gasoline that the country needs with the construction of two refineries. For this reason, I approved the Gasoline Supply Regularization Plan from #5Oct and until #5Nov . Advance and Win! Maduro said in the tweet. For months Venezuela has been fighting |
| Exxon Moves Ahead With Major Guyana Oil FieldExxon has made the final investment decision on the Payara offshore field in Guyana, the company said this week, adding that it expected Payara to yield up to 220,000 bpd of crude when commercial production begins in 2024. This would be the third offshore development project of the supermajor in Guyana, which rose to fame thanks to a string of discoveries in the Stabroek block made by Exxon and its partner Hess Corp. So far, the discovered recoverable resources in the block have been estimated at more than 8 billion barrels of oil equivalent. The |
| Ford’s new CEO Jim Farley restructures operations and shakes up executive ranks as automaker struggles to execute turnaround planFord Motor’s new CEO is shaking up the company’s top ranks and restructuring operations as the automaker struggles to bolster shareholder confidence. |
| American Airlines captain explains why it may take 12 months to bring back furloughed pilots“It’s a very large ship and when you stop it, it takes a lot of energy to get it back up and running,” said Allied Pilots Association’s Dennis Tajer, who’s also an American Airlines pilot. |
| The American Dream megamall in New Jersey reopens, putting Triple Five’s experience strategy to its biggest testTriple Five is trying again. Almost seven months after shutting down because of the coronavirus, American Dream will finally swing open its doors to the public. |
| 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. |
| Drive-thru times slow by nearly 30 seconds as demand soars during pandemic, study findsAverage drive-thru times across 10 chains slowed down by nearly half a minute, according to the annual drive-thru study conducted by SeeLevel HX. |
| Bed Bath & Beyond posts same-store sales gain for the first time since 2016 thanks to e-commerce gainsBed Bath & Beyond reported its first same-store sales increase in nearly four years, as its online business surged more than 80% during the quarter. |
| Gap plans holiday hiring to bulk up warehouses, call centersGap announced plans to hire part-time workers ahead of the holiday season to help pick and pack online orders and staff call centers. |
| Fauci says public health measures to curb coronavirus spread could dampen flu seasonThe forthcoming flu season could complicate the nation’s response to the coronavirus, but mask wearing and social distancing could help, Dr. Anthony Fauci said. |
| Boeing will consolidate Dreamliner production in South Carolina as demand dropsBoeing is planning to consolidate production of its 787 Dreamliner planes at its facility in North Charleston, South Carolina, a blow to its manufacturing center in Puget Sound. |
| Fiat Chrysler and GM’s 3Q auto sales fall from last year, but demand improves from depths of coronavirus lockdownsOverall, industry forecasters expect domestic U.S. auto sales to show vast improvements from the second quarter but remain down between 11% and 13% form the third quarter of 2019. |
| The Carolina Panthers will use a $125,000 virus-killing robot in their stadium as fans return with Covid-19 restrictionsSan Antonio-based Xenex makes the $125,000 robots, which the company said eliminate viruses on surfaces in minutes. |
| Spice Girl Melanie C says the live music industry needs supportSpice Girl Melanie Chisholm, aka Mel C or Sporty Spice, has told CNBC that the live music industry has been “hit so hard” by the coronavirus pandemic and needs support. |
| 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. |
| Is This A Buying Opportunity For Silver?Is This A Buying Opportunity For Silver? Tyler Durden Thu, 10/01/2020 – 12:31 Authored by Michael Maharrey via SchiffGold.com, Gold’s recent correction has taken silver down with it. The white metal dipped below $21 an ounce at its lowest, about $8 off its August highs. |
| Cryptos Crash After BitMEX Founders, Execs Face CFTC ChargesCryptos Crash After BitMEX Founders, Execs Face CFTC Charges Tyler Durden Thu, 10/01/2020 – 12:17 Bitcoin prices have plunged this morning after the US Commodity Futures Trading Commission (CFTC) alleged that major crypto-trading platform BitMEX facilitated unregistered trading and other violations. |
| Kremlin Alleges Navalny Is “Working With CIA” After Bombshell Charge: ‘Putin Poisoned Me!’Kremlin Alleges Navalny Is “Working With CIA” After Bombshell Charge: ‘Putin Poisoned Me!’ Tyler Durden Thu, 10/01/2020 – 12:00 The controversy and mystery surrounding the alleged poisoning of Russian activist and opposition figure Alexey Navalny just escalated dramatically upon the first published full media interview with Navalny, who after recovering in a German hospital was recently released. The bombshell interview with German newsmagazine Der Spiegel hit the web Thursday. Navalny alleged directly that Putin was behind the poisoning, saying he had œno other explanation for what happened.” œPutin is behind the crime, Navalny said in the newly published interview. œI have no other versions of the crime. I am not saying this to flatter myself, but on the basis of facts. And for the first time he described harrowing details aboard the Russian flight where he fell |
| NY Suffers Most New COVID-19 Cases Since May As Virus Spreading In 20 ‘Hot Spots’: Live UpdatesNY Suffers Most New COVID-19 Cases Since May As Virus Spreading In 20 ‘Hot Spots’: Live Updates Tyler Durden Thu, 10/01/2020 – 11:50 Summary: NY sees most new cases since May UK official warns country at “tipping point” as cases, deaths slow DoD Maryland reports no deaths for first time since March 27 of 50 US states saw outbreak accelerate last month UK outbreak at “tipping point”, official warns More Titans players test positive 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 * * * Update (1140ET): While NY’s statewide coronavirus positivity rate came in at 1.27% Thursday, higher than the 7-day average, Gov Cuomo warned that there were more than 20 hotspots across the state – though mostly in NYC and the southern part of the state – where the positivity rate climbed to 6.5% from 5.5% overnight.
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| 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. |
| Company boards ‘must have at least one BAME member’Tougher targets are needed to improve racial diversity at the top of big firms, says the CBI. |
| 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. |
| Senate panel issues subpoenas for Big Tech CEOsSenate panel issues subpoenas for Big Tech CEOsThe hearing is likely to discuss reforming Section 230 of the Communications Decency Act, which offers tech companies protection from liability over content posted by users. |
| ED files charge sheet in terror financing caseED files charge sheet in terror financing caseThe agency said FIF is a Pakistan based terror organisation established by Jamat-ud-Dawa. It was founded by Hafiz Mohammad Saeed, the head of terrorist organizations Lashkar-e-Toiba and Jamat-ud-Dawa. Falah-i-Insaniyat foundation has been designated as terrorist organization by the United Nations on March 14, 2012. |
| India-China to hold 7th round of border talksIndia-China to hold 7th round of border talksThe comments by the spokesperson of the MEA came a day after the two countries held another round of diplomatic talks under the framework of the Working Mechanism for Consultation and Coordination (WMCC) on border affairs to resolve the five-month-long military standoff in eastern Ladakh. |
| Realtor.com: TV producer Ryan Murphy sold his Laguna Beach estate for $10.65 million |
| : FDA broadens U.S. safety inquiry into AstraZeneca COVID-19 vaccine, report says, raising prospect of further delaysClinical trials in the U.K., Brazil, India and South Africa resumed after the drugmaker paused them following a volunteer’s œunexplained illness. |
| Coronavirus update: Global case tally above 34 million ” with U.S. accounting for a fifth ” as Dr. Fauci hits back at Trump’s mask claimThe number of confirmed cases of the coronavirus that causes COVID-19 worldwide rose above 34 million on Thursday with the U.S. accounting for about a fifth of that total, as Dr. Anthony Fauci hit back at claims made by President Donald Trump during Tuesday’s presidential debate on face masks. |
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