Written by Gary
Trump press secretary Kayleigh McEnany tests positive for coronavirus (SPY +1.4%). Saudi Arabia sees oil prices capped at $50 until 2023.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly higher today with shares in U.S. leading the region. The S&P 500 is up 1.35% while Brazil’s Bovespa is up 0.70% and Mexico’s IPC is up 0.58%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Chinas Oil Imports Slowly Return To Normal LevelsChinas crude oil imports averaged 11.52 million barrels per day (bpd) in September, up by 3.1 percent from August, but slowly returning to historical levels and starting to ease the congestion at Chinese ports, according to data from energy analytics services provider OilX. Compared to September last year, Chinese crude oil imports jumped by 24.4 percent, or by 2.26 million bpd, OilXs data showed. After growing for five consecutive months, floating storage in China fell for the first time, indicating that port |
| Tesla To Consider Investing In Major Nickel ProducerTesla has contacted Indonesia informally about the possibility of an investment in the country, which is a major producer of the battery metal nickel, a senior Indonesian official said on Monday. We need further discussion with Tesla, Reuters quoted Ayodhia Kalake, a senior official at the Coordinating Ministry for Maritime and Investment, as saying. Kalake added that it was an early discussion with no details yet. Tesla wants to ramp up production of batteries as it increases EV production and models, and its chief executive, Elon |
| Saudi Arabia Sees Oil Prices Capped At $50 Until 2023Saudi Arabia appears to be more upbeat about the immediate future of oil prices than fundamentals warrant, according to Goldman Sachs analysts. These have calculated that the Saudi budget plan is based on a Brent average of $50 a barrel between 2020 and 2023, according to Bloomberg. Using our own estimates for the breakdown of government revenues, we calculate that the numbers presented in the budget statement are based on an average oil price of around $50 a barrel between 2020 and 2023, one UK-based Goldman analyst told Bloomberg. |
| MIT Scientists: Nuclear Fusion Energy Could Be Closer Than ThoughtThe decades-old dream of many scientists and science fiction writers may come true at some point over the next decade. Researchers at MIT and a startup spun out of MIT are working on a nuclear fusion experiment, which they are fairly certain will achieve its goal of creating a hot burning plasma to produce for the first time ever fusion energy more than the energy consumed to generate that fusion energy. Nuclear fusion has long been considered the answer to zero-emission by-product-free energy generation. However, no one has cracked |
| Why Energy Investors Are Pivoting Towards ESG FundsAfter years of just bubbling under, the ESG megatrend has finally opened the afterburners. At a time when the reminders of past flameouts by the fossil fuel sector have been amplified by the pandemic, the Environmental, Social, and Corporate Governance (ESG) momentum has reached fever-pitch with assets invested in ESG funds eclipsing the pivotal $100B mark. According to ETF navel-gazer ETFGI, assets invented in ESG-themed Exchange-Traded Funds (ETFs) and Exchange-Traded Products (ETPs) reached a record $101B globally by the end of July, 18 years |
| Is Venezuelas Oil Production Poised For A Comeback?The flow of positive news regarding the future of PDVSA, Venezuelas national oil company and cash cow, has been almost non-existent since February 2018. Rightly so, given that almost every month was a demanding uphill battle few were those who could predict such survival skills from the Maduro regime. This September was no exception to the rule, as the media were replete with news about Venezuelas revenues continuing to decrease, Caracas selling out its gold reserves to lay its hands on some Iranian crude volumes and the last |
| Walmart signs trio of drone deals as it races to play catch-up with AmazonWalmart has struck deals with three drone operators to test how the technology could be used to expand on-demand deliveries and help it better compete with Amazon. |
| AMC stock falls 10% as rival Cineworld closes movie theatersOn Friday, S&P Global Ratings lowered its issuer credit rating on AMC from CCC+ to CCC-, saying that the company’s cash burn could accelerate as it reopens venues. |
| Trump’s use of Regeneron’s experimental coronavirus treatment creates ‘very tough situation,’ CEO says“We have tried to take a principled approach until there is a broader authorization,” CEO Dr. Leonard Schleifer told CNBC. |
| ‘Raging epidemic is not inevitable’ ” Dr. Scott Gottlieb believes China case count and rips U.S. response“The entire Pacific Rim has less than 1,000 infections a day. Having a raging epidemic is not inevitable,” former FDA chief Dr. Scott Gottlieb told CNBC. |
| The White House hoped testing would keep the coronavirus out ” but it didn’t“I don’t think any experts recommend that you use medical screening tests as a replacement for social distancing, or masks, or other kinds of mitigation efforts,” Dr. Ben Mazer, an anatomic and clinical pathologist at Johns Hopkins Hospital, said. |
| Ex-Trump FDA chief criticizes White House over coronavirus precautions to protect Trump and staff“Quite frankly, I don’t think they took enough steps to protect the president,” Dr. Scott Gottlieb told CNBC. |
| Do you understand how your health can affect your finances? Take this quiz to find outDr. Carolyn McClanahan shares questions to help you understand how common health issues and health-care policy can affect finances. |
| Op-ed: Why a more conservative Supreme Court is bad for small businessIf Amy Coney Barrett is confirmed to the U.S. Supreme Court, a more conservative group of justices may cost small businesses, and a current case involving Ford helps explain why. |
| Coronavirus hospitalizations grow in the Midwest amid climbing cases ” ‘It’s clearly a forest fire’Six states reached record high Covid-19 hospitalizations as of Friday, based on a weekly average, including Missouri, Wisconsin, North Dakota and South Dakota. |
| This Medicare open enrollment season more seniors are expected to seek online help. Insurers say they’re readyMedicare insurers and brokers expect surge in demand for online help during open enrollment because of rising Covid-19 cases. |
| One proxy stock for the travel industry could signal more downsideTravel stocks could come under even more pressure judging by this proxy company, says Craig Johnson of Piper Sandler. |
| New York City is ‘on the edge of a precipice’ as coronavirus cases grow, former CDC director saysNew York is responding to growing clusters of coronavirus cases in 20 “hotspot” ZIP codes that are reporting average positivity rates as high as 18%. |
| White House Press Secretary Kayleigh McEnany Infected In White House COVID-19 OutbreakWhite House Press Secretary Kayleigh McEnany Infected In White House COVID-19 Outbreak Tyler Durden Mon, 10/05/2020 – 11:32 White House Press Secretary Kayleigh McEnany has become the latest individual to become infected in the White House outbreak. She released a statement disclosing the diagnosis just minutes ago, where she clarified that she had no prior knowledge of Hope Hicks’ diagnosis, and claimed she had no close contacts with members of the press corp or her colleagues in the West Wing.
Get ready for the White House press corp to switch from screeching about Trump’s driveby photo op with supporters outside Walter Reed, to sanctimoniously whining about the White House trying to ‘manslaughter’ them via COVID-19 exposure.
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| Germany Will Avoid 2nd Lockdown, Minister Says; Cuomo Delivers Statement On NY ‘Hotspots’: Live UpdatesGermany Will Avoid 2nd Lockdown, Minister Says; Cuomo Delivers Statement On NY ‘Hotspots’: Live Updates Tyler Durden Mon, 10/05/2020 – 11:28 Summary German economy minister says no second round of lockdowns Cuomo delivers statement at 1145ET UK cases, deaths decline New cases, deaths declined Sunday UK weighs 3-tiered lockown system Ireland mulls raising alert level to maximum of “3” as cases climb France assigns Paris highest alert level Italian PM warned people may need to “give up more freedoms” European Commission President Ursula von der leyen quarantines after potential COVID exposure Iran sees record jump in new case * * * Update (1117ET): Gov. Andrew Cuomo has scheduled a live statement at 1145ET. Reporters expect he’ll announce the approval of NYC’s plan to close schools and impose new restrictions on restaurants, bars and other businesses. A spokesman for the Democratic mayor told WSj that the city has shared its plan with the state on Sunday morning and … |
| It’s JOEtimeIt’s JOEtime Tyler Durden Mon, 10/05/2020 – 11:15 Submitted by Adventures in Capitalism, Back in June of 2018, I wrote an initial piece on St. Joe (JOE ” USA), owner of approximately 175,000 undeveloped acres along with assorted commercial real estate on the Florida Panhandle. My thesis was that the stock was trading at $18 and the land was worth a few times that figure. However, without a catalyst, I lost interest and focused on other investments with immediate catalysts. Normally this would be the end of the story; just another value stock trading at a fraction of fair value, lost in an ocean of value stocks. However, a lot has changed in two years and JOE is now my largest position. I think fair value today is north of $100 and it likely trades for a few hundred a share over the next decade. As a result, I thought an update was in order. |
| Tropical Storm Delta Forms As Gulf Coast On Watch For Possible Late Week LandfallÂTropical Storm Delta Forms As Gulf Coast On Watch For Possible Late Week Landfall Tyler Durden Mon, 10/05/2020 – 11:00 Here we go again. Another tropical cyclone threat could make landfall in the northern U.S. Gulf Coast later this week. Readers may recall, the 2020 Atlantic hurricane season has been unusually busy (read: here). The season runs from June 1 through Nov. 30, and as we discussed weeks ago, the remaining two months of the season could remain active. The National Hurricane Center (NHC) released a statement Monday morning outlining how Tropical Storm Delta could strengthen into a hurricane with potential landfall impacts in the northern Gulf Coast later this week.Â
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| Odeon to open weekends-only at some cinemasThe firm will open a quarter of its theatres from Friday to Sunday, but declined to comment on jobs. |
| Worst September for UK car sales this centuryNew UK car registrations fell 4.4% last month from a year earlier, the motor industry says. |
| Hovis receives takeover bid from Italy’s Newlat FoodPasta and dairy firm Newlat Food makes a takeover bid for the 134-year-old UK baking business. |
| COVID-19: Maharashtra reports 10,244 casesCOVID-19: Maharashtra reports 10,244 casesTotal cases in the state rise to 14,53,653, including 38,347 deaths and 11,62,585 discharges. Active cases stand at 2,52,277. |
| GST: Centre increases borrowing limit for statesGST: Centre increases borrowing limit for statesThe Centre had proposed an increased borrowing limit in the ongoing 42nd goods and services tax (GST) Council meeting headed by finance minister Nirmala Sitharaman, assuming a 7% growth rate instead of the earlier assumption of 10% over the previous financial year. |
| Need to Know: Here’s how to spot whether a stimulus deal will bring a ‘short-lived’ stock market bounce or a sustained rally, strategist saysStocks look set to start the week in positive fashion, on renewed hopes of a new stimulus deal |
| : Movie theater stocks take a dive after Cineworld suspends U.S, U.K. opsShares of movie theater operators took a deep dive Monday, after the U.K.’s Cineworld Group PLC said it will temporarily suspend operations at all of its theaters, after the release of the latest James Bond film was delayed for a second time. |
| Buyer beware: These credit cards still have sky-high interest rates despite the Fed’s rate cutTwo in five adults have impulsively opened one of these cards ” and doing so can wreak havoc on your finances if you’re not careful. |
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