06Oct2020 Market Close: Stocks And Bond Yields Puke On Trump ‘No Stimulus’ Tweet, DOW Closes Down 376 Points, Nasdaq Down 1.6%, Gold Slides To 1884, 30-year Treasury Yield Sharpest Drop In A Month

Natural Gas Offers Lifeline For Distressed Gulf Oil Giants

Their budgets just don’t add up anymore. Oil-rich Arab nations are in the throes of a deep economic crisis and facing gaping holes in their finances. Saudi Arabia needs the price of Brent crude to rise to $76 dollars a barrel while UAE needs it to hit $69, Bahrain $96, and Oman $87 to balance their books. Save for tiny Qatar, no Arab oil producer can balance its books at the current price of $40/barrel. GCC nations are now facing huge fiscal deficits, with Kuwait’s deficit of ~40% of GDP the highest in the world. To make matters worse, once free-flowing

Oil Prices And The Pandemic Will Force Gulf Banks To Merge

The low oil prices and the coronavirus pandemic have increased the financial pressure on the banks in the Gulf region, which will be looking at more mergers and acquisitions opportunities at times of decreased profitability, Moodys Investors Service said in a report on Tuesday. The six countries in the Gulf Cooperation Council (GCC)Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)are major producers of oil and gas, and their economies have suffered from the double whammy of the crash in oil prices

Oil Rallies On Stimulus Hopes

Oil prices climbed higher at the start of the week due to an oil strike in Norway, stimulus talks in the U.S. congress and a hurricane in the Gulf of MexicoChart of the Week- U.S. natural gas production, consumption, and gross exports all set new records in 2019.- Production rose by 10 percent to 93.1 bcf/d, consumption was up 3 percent, and exports were up by 29 percent to 12.8 bcf/d.- Texas saw its gas production rise by 15 percent, rising to 22.2 bcf/d. Pennsylvanias output rose by 10 percent

Pipeline Operators Lure Texas Shale Producers With Discounts

Large pipeline operators in the U.S. shale patch are reducing fees to keep their upstream customers shipping crude from the Texas oilfields to the U.S. Gulf Coast amid a decline in demand in the pandemic. Kinder Morgan, for example, is offering a discount of around 50 percent on its pipeline in the Eagle Ford shale play for some of its current customers, people with knowledge of the issue told Bloomberg. Another pipeline operator, Magellan Midstream Partners, is in talks with customers whose contracts should be renewed later this year about

Theres More Upside For Natural Gas Prices

With winter around the corner, the outlook for natural gas demand just got a boost. Forecasts, for now, seem to point to a normal winter, meaning a rise in gas demand for power generation and heating. But will prices follow? They are already improving in Asia, not least because weather forecasts suggest a colder than usual winter. The spot price for natural gas in Northeast Asia has recovered from the record lows reached earlier this year amid the pandemic and currently hovers around $5.20 per million British thermal units, similar to pre-pandemic

How One COVID-19 Case Dominates The Market

Oil markets recovered on Monday morning after closing lower last Friday. The discharge of the U.S. President from hospital generated a sort of relief in the markets. The reversal on Monday followed a brief period of uncertainty about the US Presidents health after he and his wife tested positive for COVID-19 last Thursday, strengthening bearish sentiment in crude markets. As a result, Brent closed at $39.27, down by 7.40%w/wwhile WTI closed at $37.05, down by 7.95%w/w,last Friday. Money managers reduced by their net

House panel investigates political interference by White House over coronavirus at CDC and FDA

The subcommittee is seeking documents and information from the FDA and CDC on agency actions, drafts submitted to the White House and changes made during the review process.Â

Boeing slashes forecast for new aircraft demand, expects coronavirus pandemic to hurt sales for more than a decade

Boeing slashed its 10-year forecast for new aircraft demand by 11% from a year ago, citing the impact of Covid-19.

Biden defines $400,000 a year as ‘wealthy’: Here’s what that buys in a big city

By national measures, those making $400,000 or more a year belong to a rarified group. But in a city, people with that income aren’t exactly living large.

‘Chopped’ judge Marcus Samuelsson: Failure to pass restaurant aid would cost millions of jobs

“It’s not so much about getting this bill passed in terms of, ‘we want another loan.’ We just want to go back to work,” restaurateur Marcus Samuelsson told CNBC on Tuesday.

Coronavirus pandemic tests Southwest Airlines’ record of no pay cuts, furloughs

Southwest Airlines is asking unions for concessions to help lower costs and avoid furloughs through 2021.

Watch live: Fauci, Slaoui, Bloomberg and Collins participate in coronavirus vaccine symposium

Johns Hopkins University and the University of Washington are holding a series of panels on Tuesday with the nation’s top health officials as part of a Covid-19 vaccine symposium.Â

AMC, Cinemark won’t close theaters even as blockbusters flee 2020

AMC Theaters, the largest cinema chain in the U.S., and rival Cinemark said they have no plans to shutter theaters even as additional Hollywood blockbusters postpone their release dates to next year.

Rising levels of pandemic fatigue are being seen in Europe, WHO warns

Rising levels of “Covid-19 fatigue” are being seen in Europe, the regional director of the World Health Organisation warned.

Denim maker Levi’s sales fall 27% despite robust growth online

Denim maker Levi Strauss & Co. on Tuesday reported a quarterly sales decline of 27% due to coronavirus pandemic-related store closures.

Rock legend Eddie Van Halen has died after long battle with throat cancer

Eddie Van Halen, guitarist and co-founder of Van Halen, has died after a long battle with throat cancer. He was 65.

Boeing, airline stocks tumble after Trump calls off pandemic stimulus talks until after election

Aviation-related stocks tumbled after Trump called off stimulus talks until after the Nov. 3 election.

Trump says he’s calling off stimulus negotiations with Democrats ‘until after the election’

Trump told his administration’s negotiators to stop talks with Democrats, even after Pelosi and Mnuchin pushed for an agreement in recent days.

Bill Gates says U.S. coronavirus testing is still ‘truly a sad thing’

“I do think this time we’ll learn and we’ll have innovations so the next time this happens, we’ll do better, but we’re still dealing with the mistakes of February and March,” Bill Gates said of the U.S. coronavirus response.

DNI Declassifies Brennan Notes; Briefed Obama On Intelligence That Hillary Clinton Concocted Trump-Russia Allegations

DNI Declassifies Brennan Notes; Briefed Obama On Intelligence That Hillary Clinton Concocted Trump-Russia Allegations Tyler Durden Tue, 10/06/2020 – 16:19

Director of National Intelligence John Ratcliffe on Tuesday declassified several documents, including handwritten notes from former CIA John Brennan after he briefed former President Obama on an alleged plot by Hillary Clinton to tie then-candidate Donald Trump to Russia as “a means of distracting the public from her use of a private email server” ahead of the 2016 US election, according to Fox News.

Shart Of The Deal – Stocks & Bond Yields Puke On Trump ‘No Stimulus’ Tweet

Shart Of The Deal – Stocks & Bond Yields Puke On Trump ‘No Stimulus’ Tweet Tyler Durden Tue, 10/06/2020 – 16:00

Just when you thought it was safe to buy the reflation trade with both hands and feet, Trump takes his ball and refuses to play with Democrats’ demands for state bailouts.

Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request, and looking to the future of our Country.

I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.

I have asked Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett. Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment also coming back in record numbers.

We are leading the World in Economic Recovery, and THE BEST IS YET TO COME!

Pelosi Responds After Trump Unexpectedly Halts Stimulus Talks Until After The Election

Pelosi Responds After Trump Unexpectedly Halts Stimulus Talks Until After The Election Tyler Durden Tue, 10/06/2020 – 15:57

Update: In response to Trump’s breaking off stimulus talks, Pelosi unloaded on President:

Today, once again, President Trump showed his true colors: putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress.

Walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus, as is required by the Heroes Act. He shows his contempt for science, his disdain for our heroes.

Clearly, the White House is in complete disarray. Sadly, they are rejecting the urgent warnings of Fed Chairman Powell today, that ‘Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Over time, household insolvencies and business bankruptcies would rise, harming the productive capacity of the economy and holding back wage growth. By contrast, the risks of overdoing it seem, for now, to be smaller.

Her full statement below:

White House Acquiesces To FDA’s COVID-19 Vaccine Emergency-Approval Guidelines

White House Acquiesces To FDA’s COVID-19 Vaccine Emergency-Approval Guidelines Tyler Durden Tue, 10/06/2020 – 15:53

Update (1550ET): After the FDA stiff-armed the White House’s attempt to remove a provision from the public-health agency’s emergency use authorization guidelines, White House insiders are telling WSJ that they accept the FDA’s plan, bolstering claims made by FDA Director Dr. Stephen Hahn that the agency wouldn’t be swayed by Trump after appearing to kowtow to the administration.

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Last night, both the NYT, Associated Press and Politico published “scoops” detailing an alleged effort from within the West Wing to improperly shape the FDA’s protocols and policies surrounding granting emergency-use authorization (EUA) to COVID-19 vaccines, with the goal of eliminating a provision that would effectively preclude a vaccine before election day.

Chhattisgarh to challenge Centre’s farm bills in SC

Chhattisgarh to challenge Centre’s farm bills in SCBy moving the top court, Chhattisgarh would be the first state to legally challenge the Centre’s agriculture laws which have triggered widespread farmers’ protests in Punjab, Haryana and western Uttar Pradesh. Earlier, Congress MP T N Prathapan had moved the apex court against Farmers’ (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, 2020.

NDA power equation may go for a reset in Bihar

NDA power equation may go for a reset in Bihar The BJP had a better strike rate than the JD(U) in the 2010 polls, the last assembly election they fought together before parting ways in 2013 for four years, when it won 91 of 102 seats against the JD(U)’s 115 of 141 seats in the polls to the 243-seat assembly.

BJP releases first list for Bihar polls

BJP releases first list for Bihar pollsThe names include international shooter Shreyasi Singh from Jamui constituency and former MP Hari Manjhi from Bodhgaya. Singh had joined the party on Sunday. All the candidates are for the election’s first phase in which 71 seats of the 243-member assembly will go to polls.

Market Snapshot: Dow finishes down more than 1% as Trump calls end to fiscal stimulus talks until after election

U.S. benchmark stock indexes fell Tuesday after President Donald Trump said he would end negotiations on a new fiscal stimulus package, sending jitters into investors who hoped Washington lawmakers would strike a deal soon.

Bond Report: 30-year Treasury yield marks sharpest drop in a month after Trump says he’ll end stimulus talks

U.S. Treasury yields fell Tuesday, reversing course from earlier in the day, after President Donald Trump said he would put an end to pandemic stimulus talks with Democrats.

GE’s stock falls off a cliff after ‘Wells notice’ disclosure

Shares of General Electric Co. took a sudden dive Tuesday afternoon, after the industrial conglomerate disclosed that the Securities and Exchange Commission is considering civil action against the company for possible securities law violations.