Written by Gary
More than 90% of Gulf of Mexico oil production shut down in as hurricane approaches (SPY +0.9%). Stocks making the biggest moves midday: Zoom, GE, Etsy, Carnival Cruise.
Here is the current market situation from CNN Money | |
 | North and South American markets are higher today with shares in U.S. leading the region. The S&P 500 is up 0.97% while Mexico’s IPC is up 0.27% and Brazil’s Bovespa is up 0.17%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Aramco Dividend Wont Cover Saudi Budget GapThe massive US$75-billion annual dividend of Saudi Aramco cannot fund the widening budget gap of Saudi Arabia if oil prices remain low beyond 2021, Moodys said in a report this week. The Saudi budget depends to a large extent on the royalties, taxes, and of course, the dividend from Saudi Aramco, which pledges to pay US$75 billion in annual dividends to its shareholders, the largest of which is the Kingdom of Saudi Arabia with 98 percent. The higher Saudi budget spending this year will be offset by Aramcos capacity to pay dividends, |
| Pemex Issues $1.5-Bln Bond To Refinance Massive DebtMexicos state oil company Pemex has issued a $1.5-billion bond to raise funds necessary to refinance existing debt, Reuters reported, quoting a source in the know that remained unnamed. According to the report, this is the first time the Mexican giant has raised new debt after it lost its investment-grade rating from Moodys. Fitch has a BBB- rating on Pemex, which is still in investment-grade. Regardless of credit ratings, however, Pemex has become the most indebted energy company in the world and thats despite efforts by the |
| Activist Investor Icahn Optimistic About Oil RecoveryActivist investor Carl Icahn is optimistic about the oil industry, expecting it to recover from the effects of the coronavirus pandemic, but not very quickly. Investors should have patience, he said at an event as quoted by Reuters, and they shouldnt rush to buy energy shares right now. The activist investor, however, warned that he expected more bankruptcies in the energy sector, although he added, jokingly, that people who dont buy now may be sorry a few years from now given energy company valuations. Bankruptcies in the U.S. oil |
| More Than 90% Of Gulf Of Mexico Oil Production Shut In As Hurricane ApproachesMore than 90% of all oil production in the U.S. Gulf of Mexico has been shut-in ahead of the latest hurricane set to rip through offshore oil country, the BSEE said on Thursday afternoon. And the production cuts, as a result, are welcomed news as oil demand continues to press down on prices. The Bureau of Safety and Environmental Enforcement said on Thursday that 272 platforms have been evacuated, or 42% of all platforms in the Gulf of Mexico. That is in addition to 70% of all rigs and 88% of all dynamically posited rigs. In total, 91.53% of all |
| Saudi Arabia May Not Want To Ease Output Cuts In JanuarySaudi Arabia is mulling over canceling a planned relaxation of OPEC oil production cuts due to enter into effect next January, the Wall Street Journal reported, citing senior oil advisers from the Kingdom. OPEC and its partners led by Russia agreed in April to reduce their combined oil production by 9.7 million barrels daily in response to the demand slump following the outbreak of coronavirus that caused prices to tank. The cuts were to be relaxed by 2 million bpd from July and then by another 2 million bpd from January 2021. Prices, however, |
| 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, |
| 4 ways shopping for the holidays is going to be different this yearThe holiday shopping season is starting earlier than ever and Americans are expected to spend record dollars online. Here are four ways the 2020 holiday season is going to look a lot different than in years past. |
| Broadway theaters to remain closed through May 30The Broadway League, a trade organization representing producers and theater owners, announced Friday that Broadway’s 41 theaters will remain closed through at least May 30. |
| 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. |
| ‘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. |
| Stocks making the biggest moves midday: Zoom, GE, Etsy, Carnival Cruise & moreCheck out the companies making headlines in midday trading. |
| Watch live: The World Health Organization holds a press briefing on the coronavirus pandemic as new global cases hit recordThe WHO reported 338,779 new global coronavirus cases on Thursday , a record one-day increase led by a surge of infections in Europe. |
| Covid drives historic demand for life sciences real estate and these REITs, report saysRents are rising for lab space, vacancies are plunging and research and development, and employment and new development are expanding further, thanks to strong venture capital investment. |
| UK government expands its job support program with stricter virus lockdowns due next weekFinance Minister Rishi Sunak said Friday that firms whose premises have to shut over the winter period as part of local or national restrictions will receive grants. |
| With $3 billion on the line, expect NFL games to continue despite Covid-19 outbreakThe NFL continues to see increased Covid-19 positive cases among players and staff forcing the league to tighten its protocols, issuing fines to players and staff. |
| 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. |
| Twitter Adds New Restrictions To Crack Down On Spam, ‘Misinformation’ Ahead Of Election DayTwitter Adds New Restrictions To Crack Down On Spam, ‘Misinformation’ Ahead Of Election Day Tyler Durden Fri, 10/09/2020 – 12:29 Following in the footsteps of Facebook, which last month announced plans to launch its long-promised “oversight board” before Nov. 3, Twitter has announced that it’s planning a raft of measures, including making it more difficult for tweets to go viral ahead of the vote, to ensure that social media doesn’t contribute to any election day violence. According to a blog post published around noon on Friday, one of the ‘speed bumps’ being implemented by twitter will prompt users to add a “comment” when they go to share – or retweet – a tweet. The move is designed to slow the rapid-fire retweeting of others” – a behavior that President Trump, one of the world’s most famous Twitter users, has occasionally exhibited. Twitter’s recommendations and trends features will see “new curbs” added to try and prevent abuse. “Twitter has a critical role to play in protecting the integrity of the election conversation, and we encourage candidates, campaigns, news outlets and voters to use Twitter respectfully and to recognize our collective respo … |
| Gallup Finds Majority Say They Are Better Off Under Trump Than Obama/BidenGallup Finds Majority Say They Are Better Off Under Trump Than Obama/Biden Tyler Durden Fri, 10/09/2020 – 12:10 Authored by Steve Watson via Summit News, Pollster Gallup has found that a majority of 56% of Americans feel that they are better off now under Donald Trump’s presidency than they were four years ago under Barack Obama and Joe Biden. |
| Stocks, Bond Yields Spike After Trump COVID-Aid TweetStocks, Bond Yields Spike After Trump COVID-Aid Tweet Tyler Durden Fri, 10/09/2020 – 11:53 Update (1215ET): The White House has reportedly increased its COVID-Aid package total size to $1.8 trillion (compared to Democrats’ $2.2 trillion, down from their earlier $3.5 trillion offer) *Â *Â * President Trump appears to have reversed almost entirely from Tuesday’s ‘no deal’, tweeting that:
This was confirmed by Larry Kudlow, who noted that President Trump had agreed a revised stimulus package, clearing the way for a relatively broad-based deal including airline bailouts, extended PPP, and additional aid for small businesses… though no state bailout. |
| “Being Pro-Trump Has Caused Me More Grief Than Being Osama bin Laden’s Niece”“Being Pro-Trump Has Caused Me More Grief Than Being Osama bin Laden’s Niece” Tyler Durden Fri, 10/09/2020 – 11:40 Authored by Noor bin Ladin via The Spectator, Americans are, in my experience, the warmest, most kind-hearted and open-minded people in the world. I have found this to be true for my whole life, despite being the niece of Osama bin Laden and sharing the same last name (albeit spelled slightly differently ” bin Ladin is the original translation). Americans base their judgment on the content of someone’s character and actions, not on the color of their skin ” or their last name. This was reaffirmed last month, after I voiced my love for America and support for President Trump. The response to ‘My Letter to America’ has been overwhelmingly wonderful, and I am most thankful to all those who took the time to read it and send kind messages, including Spectator readers. But in my private life, I have lost a few so-called friends for backing Donald Trump over the past five years. Coming out publicly was a step too far for some, and the vitriol I received for stating my political … |
| Covid-19: UK workers to get 67% of pay if firms told to shutThe chancellor says his Job Support Scheme “expansion” comes ahead of “what may be a difficult winter”. |
| Peacocks owner on brink putting 21,000 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. |
| Q2 results preview: Losses to narrow for telcos; ARPUs to look upKotak Institutional Equities expects Bharti Airtel to report a net profit of Rs 75.7 crore, compared with a loss of Rs 23,044.9 crore a year ago. |
| London Stock Exchange in talks with Indian tech firms to list overseasIndia is drawing up rules to allow companies to float overseas without having to first list shares in India as a way to help startups reach higher valuations and access capital more easily. |
| RBI vs markets: The tug-of-war and the damage controlWhat played out in the Indian bond markets over the past two months and what the Reserve Bank of India Governor Shaktikanta Das delivered on Friday could well be equated to a tug-of-war between the bond investors and the banker to North Block. |
| 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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| The Conversation: Clean-energy technology often faces a ‘valley of death’ ” this idea would change thatGovernment policies to help clean-energy companies commercialize their technologies are necessary. |
| Economic Report: U.K. economy records slowest GDP rise since pandemicThe U.K. economy grew 2.1% in August, according to data released Friday that showed the slowest monthly gain since the initial lockdowns. |
| Mark Hulbert: What the Harvard endowment’s below-average grade can teach you about index funds and your investmentsBeating the market is tough ” even for the best and brightest pros. |
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