Written by Gary
US stocks end higher despite lack of stimulus progress; Nasdaq up 1.4% (SPY +0.6%). Say goodbye to the over-commercialized Christmas: Pandemic-weary shoppers want a meaningful holiday.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Blue Ammonia: Another Major Breakthrough For Hydrogen PowerNet-zero goals cannot be met by rising renewable energy usage and wider adoption of electrification in transport alone. The world will need to reduce the emissions from existing energy systems and from heavy industries such as cement, steel, or chemicals production if it hopes to meet the ambitious climate goals and stick to the target in the Paris Agreement to limit global temperature rise well below 2 degrees Celsius. The decarbonization of the energy infrastructure, the reduction of greenhouse gas (GHG) emissions in heavy industries, |
| Nord Stream 2 Nears Completion After Clearing Another HurdleDenmark cleared on Thursday the final hurdle to Nord Stream 2 potentially starting operations in Danish waters, while the U.S. continues its attempt to stop the Russia-led natural gas pipeline project. On Thursday, the Danish Energy Agency said it had granted Nord Stream 2 AG, the company behind the project, an operations permit for the Nord Stream 2 pipelines on the Danish continental shelf, on a number of conditions. Commissioning can only take place when at least one of the pipelines has been tested, verified and when relevant conditions |
| Carbon Capture Is Critical To Net-Zero GoalsNet-zero goals cannot be met by rising renewable energy usage and wider adoption of electrification in transport alone. The world will need to reduce the emissions from existing energy systems and from heavy industries such as cement, steel, or chemicals production if it hopes to meet the ambitious climate goals and stick to the target in the Paris Agreement to limit global temperature rise well below 2 degrees Celsius. The decarbonization of the energy infrastructure, the reduction of greenhouse gas (GHG) emissions in heavy industries, |
| Texas Taxpayers Face $117 Billion Bill For Orphaned Oil WellsThe state of Texas and its taxpayers could be on the hook for paying up to US$117 billion for the cleaning-up of abandoned wells as a growing number of U.S. oil companies go bust, and the guarantees for paying for the cleanup cover only 1 percent of estimated costs, a report by climate finance think-tank Carbon Tracker showed on Thursday. U.S. oil and gas producing states and taxpayers may have to pay in total as much as US$280 billion in cleanup costs, with Texas leading with US$117 billion, followed by Oklahoma with US$31 billion and Pennsylvania |
| Gold Could Soar If Another Stimulus Is PassedThankfully, the first U.S Elections debate between Donald Trump and Joe Biden is behind us. Arguably, it was awful to watch and one of the worst presidential debates in history, as both candidates talked over each other and threw insults. Consequently, the debate did nothing to alter the Presidential race dynamic nor educate the public about the candidates. As the chart below shows, currently, Joe Biden has an average polling lead of 7.3 points over Donald Trump. Of course, the polls, especially nationwide, are not considered as very credible. |
| U.S. Firm Looks To Gain Ground In Indias Energy Storage MarketIndias renewable energy sector, the fourth-most attractive renewable energy market in the world today, is all set to get a new player. U.S.-basedArcVera Renewables, which specializes in consulting and technical services, has announced its entry into Indias solar, wind and hybrid energy storage market. ArcVera hasopened up an officein Bengaluru in the southern part of India. From there, it will deliver its expertise to project developers, lenders and investors not only in India but also neighboring Southeast |
| Pfizer CEO says U.S. presidential debate was ‘disappointing’ in memo to employees that criticizes politicizing coronavirus vaccine processPfizer CEO Albert Bourla wrote a letter to employees expressing disappointment about the politicization of the vaccine. |
| Fiat Chrysler’s 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% from the third quarter of 2019. |
| Ron Howard: The movie theater industry is ‘not going away’The future of the movie theater industry may seem bleak in the U.S., as audiences are slow to return to cinemas and blockbuster features get postponed into 2021, but director Ron Howard doesn’t think this 100-year-old business is going away. |
| 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 Washington state. |
| 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. |
| 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. |
| New York launches coronavirus contact tracing app as cases rise in hot spots“Covid Alert NY does not track your location, your movement, or use GPS. It does not collect or store any personal information,” Melissa DeRosa, secretary to the governor, said. “The app is completely anonymous. |
| 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. |
| Drive-thru times at fast-food chains slow by nearly 30 seconds as demand soars during pandemic, study findsAverage drive-thru times across 10 fast-food chains slowed down by nearly half a minute, according to the annual drive-thru study conducted by SeeLevel HX. |
| 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. |
| 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. |
| 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. |
| Nikola shares surge as much as 31% after management confirms production targetsNikola shares jumped on Thursday following comments from the embattled company’s management team. |
| Copper, Crude, Crypto, & Credit Clobbered As Stimulus Hopes FadeCopper, Crude, Crypto, & Credit Clobbered As Stimulus Hopes Fade Tyler Durden Thu, 10/01/2020 – 16:00 “Stimulus On, Stimulus Off”…
That was the tale of the tape today as markets shrugged off various disappointing economic data and the algos just pumped and dumped on whatever keyword was selected from Pelosi, Meadows, or Mnuchin…From yesterday afternoon’s stimulus optimism highs, The Dow is down and Nasdaq managing to hold some gains… |
| Portnoy Rips Deutsche Bank For Being “Catastrophically Wrong” About Penn NationalÂPortnoy Rips Deutsche Bank For Being “Catastrophically Wrong” About Penn National Tyler Durden Thu, 10/01/2020 – 15:59 Barstool Sports’ Dave Portnoy, the stock market’s crazy genius, boarded a plane Thursday morning to Texas with only one piece of advice for his 1.8 million Twitter followers: “BUY EVERYTHING – STOCKS ONLY GO UP.” |
| Pfizer CEO Says COVID-19 Vaccine “Will Be Ready At The Speed Of Science”: Live UpdatesPfizer CEO Says COVID-19 Vaccine “Will Be Ready At The Speed Of Science”: Live Updates Tyler Durden Thu, 10/01/2020 – 15:55 Summary: Pfizer says vaccine will be ready “at the speed of science” Gilead’s remdesivir close to FDA approval Sweden sees new cases climb Italy reports 2,500 new cases for first tme since April 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 (1545ET): With all the talk about the timeline for a vaccine this week, the WSJ has produced a helpful story explaining how the Phase … |
| Peter Schiff Warns Of “Fourth Quarter Fireworks”Peter Schiff Warns Of “Fourth Quarter Fireworks” Tyler Durden Thu, 10/01/2020 – 15:50 Via SchiffGold.com, In his latest podcast, Peter Schiff looked back at the third quarter and ahead to Q4. He said we may well see fireworks next quarter. Of course, a big factor will be the presidential election. Peter talked about the prospects for the economy in the wake of the election, and he also broke down what he called œa debate to forget. … |
| 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. |
| Government’s own figures at odds with PM’s PPE claimBoris Johnson says 70% of personal protective equipment is UK made, but official data says it is much lower. |
| Covid: Poland and Turkey added to UK’s quarantine list as fines riseThere will also be tougher fines of up to £10,000 for those who fail to self-isolate as required. |
| How CCI can play vital role in India’s recoveryHow CCI can play vital role in India’s recoveryOver a decade, CCI has developed a robust framework for merger review. But there are challenges posed by new-age markets, common investments in competing firms and data-driven mergers. |
| Budgetary exercise to kick-start from Oct 16Budgetary exercise to kick-start from Oct 16The budget will have to address critical issues pertaining to growth contraction and subdued revenue collection triggered by the COVID-19 pandemic. “The pre-Budget/RE (Revised Estimate) meetings will begin on the October 16, 2020,” according to the Budget Circular (2021-22) of the Budget Division of the Department of Economic Affairs. |
| FIR against Rahul, Priyanka in NoidaFIR against Rahul, Priyanka in NoidaThe FIR was lodged under Indian Penal Code sections 188 (disobedience to order duly promulgated by public servant), 269 (unlawfully or negligently spreading infection of any disease dangerous to life), 270 (malignant act likely to spread infection of disease dangerous to life) and under section 3 of the Epidemic Diseases Act, the police said. |
| What’s Worth Streaming: Here’s what’s coming to Amazon Prime Video in October 2020Blumhouse launches four unsettling movies, while Simon Pegg and Nick Frost reunite for spooky laughs with ‘Truth Seekers.’ |
| Bond Report: Treasury yields pull back from session highs on signs that fiscal stimulus talks have hit the rocksU.S. Treasury yields returned to where they traded at the start of Thursday, falling from session highs after signs that lawmakers were struggling to reach an agreement on a stimulus package. |
| : Man, 41, loses legal bid to force ‘very wealthy’ parents to financially support him ” and he has to pay them £60,000 in costsA 41-year old man has failed to force his œvery wealthy parents to support him financially in an œunprecedented legal case. |
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