Written by Gary
Stock futures extend gains with stimulus prospects in focus (SPY +0.5%). Stocks making the biggest moves in the premarket: Xilinx, NXP Semiconductors, Apple, Disney.
Here is the current market situation from CNN Money | |
 | European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.83% while France’s CAC 40 is up 0.61% and Germany’s DAX is up 0.08%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Why The Elections Arent Moving Oil PricesThe U.S. elections are less than a month away, and the oil market cannot seem to make up its mind whether it prefers a Biden or Trump presidency. Democratic candidate, Joe Biden, is ostensibly bearish for the oil markets since he has not only pledged to steer the U.S. to a net-zero carbon emissions status by 2050 but is also hell-bent on stopping key oil and gas projects on federal lands and waters including the controversial Keystone XL. President Trump, on the other hand, has taken credit for the spectacular surge in US shale oil production, |
| Saudi Aramco Doubles Down On Oil During Worst Demand Crisis EverThe world’s largest oil company, state-held Saudi Aramco, is looking to withstand the crisis created by the worst oil demand crash in historyby doubling down on oil. Saudi Aramco is determined to outlast peak oil demandwhenever this occursand to squeeze every dollar it can from its portfolio and from Saudi Arabia’s remaining oil reserves. Unlike many major international oil companies, the Saudi state giant is not pledging a shift to low-carbon energy or net-zero emissions. Its core business is pumping low-cost |
| Oil Spikes After OPEC Claims: The Worst Is Over For The Oil MarketCrude future prices spiked on Thursday after OPEC said Thursday that the “worst is over” for the oil market. Front month crude contracts were up 3.08% to $41.22 by 15:09 ET following the optimistic commentary.Secretary General Mohammad Barkindo said that OPEC is going to continue its oil market management and said the “worst is over.” The comments came as OPEC unveiled its annual World Oil Outlook. Global inventories are currently 220 million barrels above the 5-year average, according to Bloomberg. Regardless, OPEC says it hopes the market |
| Iran Is Building A Massive Energy Network To Boost Its Geopolitical InfluenceIt is no coincidence that just over a month after Israel and the United Arab Emirates declared that they would normalise relations and Israel and Bahrain did the same, Iraq has announced that it has signed a contract with Jordan to connect the electric power grids of the two countries. By extension, this will provide a direct link between Jordan and Iraqs key regional sponsor, Iran, which recently signed a two-year deal with Iraq to supply it with electricity, the longest such deal signed between the two countries. The last piece of this |
| Norways Oil & Gas Strikes Could Take 25% Of Production OfflineIf the ongoing strike of oil workers in Norway extends for another week without a resolution, nearly 25 percent of Norways oil and gas production could be shut down, including output at the giant Johan Sverdrup oilfield, the Norwegian Oil and Gas Association (NOG) said on Thursday. The association is at odds with the Lederne union, which has refused to accept a new pay deal for offshore workers, while two other unions – representing 85 percent of the offshore workforce – have accepted the deal. Lederne began a strike on September |
| How AI And Blockchain Are Driving The Energy TransitionMany people who have increasingly despaired at the adverse effects of changing climate have probably mused: Why cant we go completely green? Why are fossil fuels so hard to quit? The answers, as usual, are legion: Renewable energy is too expensive, too unreliable, too undeveloped and fossil fuels lack a suitable substitute. All of these reasons contain a modicum of truth. But our biggest challenge remains lack of political will because lowering our reliance on fossil fuels requires dedicated investments that provide uncertain, long-term |
| ‘The worst is not behind any airline’: Qatar Airways CEO warns more collapses coming for industryThe CEO urged government bailouts for airlines, warning that “the worst is not behind any airline, not only Qatar Airways.” |
| Pixar’s ‘Soul’ ditches theaters, is heading to Disney+ for ChristmasDisney’s “Soul” is skipping theaters and heading to Disney+ in time for Christmas. |
| AMC CEO: Keeping movie theaters open is ‘the right decision’ even as rival Regal shutters screensAMC chief executive Adam Aron pointed to the company’s agreement with Universal Pictures as one reason to keep operating theaters during the pandemic. |
| Green Bay on ‘verge of a crisis’ as virus overwhelms hospitals, Wisconsin doctor says“We see a frighteningly rising trend of Covid positivity rate above 20% in our community,” Bellin Hospital Emergency Department Medical Director Paul Casey told CNBC’s Shepard Smith. |
| More than 600 million people traveled in China during ‘Golden Week’More than 600 million people traveled within China this week in celebration of the country’s annual œGolden Week holiday. |
| After Singapore greenlights cruises to nowhere, Genting’s Dream Cruises says inquiries are ‘coming nonstop’Singapore this week announced a pilot program where cruises will make round trips to the city-state with no port of call in between. |
| Gilead CEO: ‘We have ample supply’ of remdesivir for hospitalized coronavirus patientsGilead will have enough global supply of its coronavirus treatment remdesivir by the end of October, CEO Daniel O’Day told CNBC on Friday. |
| Short-term pandemic-related costs ate into Domino’s profit line, CEO says“The reality is it’s just more expensive to operate, you know, in the coronavirus world that we’re living in now,” Domino’s Pizza CEO Ritch Allison told CNBC’s Jim Cramer. |
| 5 things to know before the stock market opens FridayDow futures advanced Friday as investors sought clarity around whether another round of coronavirus stimulus was still possible. |
| FDA grants emergency clearance for GenMark test that screens for the flu, coronavirus and other virusesTests that can screen for the flu, the coronavirus and other pathogens could be crucial in combating Covid-19 and influenza this winter, public health specialists say. |
| American Airlines, without additional stimulus, will cut flights to more U.S. cities, CEO says“We can’t continue to wait. If forced to, of course, we will indeed discontinue service to a lot of markets,” American Airlines CEO Doug Parker told CNBC on Thursday. |
| U.S. reports uptick in daily coronavirus cases as outbreaks surge in Great PlainsNorth Dakota and South Dakota are reporting the highest number of new Covid-19 cases per capita than any other state across the nation. |
| London Mayor Says Another Lockdown “Inevitbale” As Global COVID-19 Cases Near Record Daily Highs: Live UpdatesLondon Mayor Says Another Lockdown “Inevitbale” As Global COVID-19 Cases Near Record Daily Highs: Live Updates Tyler Durden Fri, 10/09/2020 – 08:37 Summary: London mayor says lockdown “inevitable” Netherland reports latest record jump France places more cities on lockdown Confirmed COVID-19 cases neared daily record yesterday Russia reports new record Takeda enrolls first patients for new drug trial China joins WHO vaccine initiative Iran bars hospitals from taking non-urgent cases as COVID hammers country * * * France reported more than 18,000 new cases yesterday, and now its third-largest city, Lyon, is joining Paris and Marseille in closing bars and other non-essential businesses in the coming days as COVID-19 infection rates surge in the countries hot spots. As the French government continues to insist that national lockdowns will only be a measure of last resort, public health officials are doubling down on the targeted approach as COVID-19 patients fill the country’s hospital beds. Yesterday, French Health Minister Olivier Veran said Lyon, Lille, Grenoble and Saint-Etienne would go on maximum coronavirus alert level from Saturday. This means they will have to close their bars for two weeks in coming days, as Paris did on Tuesday and Ma … |
| Category 3 Hurricane Delta Approaches Louisiana CoastÂCategory 3 Hurricane Delta Approaches Louisiana Coast Tyler Durden Fri, 10/09/2020 – 08:20 According to the latest National Hurricane Center’s tropical advisory update, Hurricane Delta is a Category 3 storm, expected to bring life-threatening storm surge, damaging winds, and rainfall flooding to Louisiana and east Texas to Mississippi on Friday evening. As of 0500 ET, Delta is 200 miles south of Cameron, Louisiana, with maximum sustained winds around 120 mph, making it a major hurricane, and is expected to strike the same area ravaged by Hurricane Laura in late August. Hurricane Delta Update |
| Futures Jump On “Large-Scale” Deal OptimismFutures Jump On “Large-Scale” Deal Optimism Tyler Durden Fri, 10/09/2020 – 08:11 Just two days after a Trump tweet “crushed” hopes for any more fiscal stimulus talks, optimism for not just a stimulus deal but for a “large-scale” deal is back front and center, after the White House reversed again late on Thursday after media reports that Trump was concerned by the market reaction to him walking away from stimulus discussions, and signaled that the administration is again leaning toward a large-scale stimulus bill after House Speaker Nancy Pelosi pushed back on the idea of individual measures for parts of the economy hit by the Covid-19 crisis. According to a Pelosi spokesman, Mnuchin told Pelosi in a 40-minute call that President Donald Trump wants agreement on a comprehensive stimulus package, which was enough to send futures blasting higher, and hitting 3460 overnight, a level last seen on Sept 4 just after the market slumped from its all-time highs. The MSCI world equity index was up 0.1% at a more than one month high; yields and the dollar dropped, while the Chinese yuan and gold surged. |
| Not Clear To Bernanke That Stock Prices Are Wildly OvervaluedNot Clear To Bernanke That Stock Prices Are Wildly Overvalued Tyler Durden Fri, 10/09/2020 – 08:01 Authored by Mike Shedlock via MishTalk, Former Fed Chair Ben Bernanke chimes in today with more of his typical silliness. |
| Peacocks owner on brink putting 24,000 jobs at riskEdinburgh Woollen Mill says it plans to appoint an administrator amid “brutal” trading conditions. |
| UK economic growth slows despite restaurant boostThe economy grew 2.1% in August, below expectations, despite a lift from Eat Out to Help Out. |
| Covid-19: Rishi Sunak to announce help for shut down businessesThe chancellor will outline the next stage of the Job Support Scheme later. |
| Market takes Shaktikanta Das’ signal positively as yields cool offThe governor’s announcement had an instant impact on the bechmark bond as its yield dropped to 5.91% from Thursday’s close of 6.01% before ending at 5.94%. |
| Tech View: Nifty negates Thursday’s Doji; bulls are in no mood to give inNifty formed a bullish candle on the daily chart, negating Thursday’s indecisive Doji candle. It showed the bulls are in no mood to give in yet. |
| How to manage your money with least stress? Stuff no one tells youMost investors make the most common mistake of jumping into an asset class without defining the objective and purpose of the investment. |
| Rail Week Ending 03 October 2020 – September Volumes Down Only 1% Year-over-YearWritten by Steven Hansen Week 40 of 2020 shows same week total rail traffic (from same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is slowly recovering from the coronavirus pandemic.
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| Market Extra: Stocks are rallying because fears of a contested election are fadingThe protracted fight in Washington over the next stimulus package is a focus for Wall Street, but the bigger catalyst likely driving stocks higher this week is polls that point to a more decisive election outcome in November. |
| Need to Know: With the big stock-market gains over, it’s time for some unusual ‘coupon clipping,’ HSBC strategist saysGovernment bonds aren’t the hedges they used to be, with monetary policy on steroids, says HSBC Global Asset Management strategist. |
| Election: Trump raised 5 times as much money from America’s top CEOs as BidenAs the Nov. 3 election sparks record spending, here’s how the CEOs of S&P 500 companies are helping to fund the war chests of President Donald Trump and challenger Joe Biden, while also contributing to other Republican and Democratic politicians. |
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