Written by Gary
Trump raises coronavirus stimulus offer to $1.8 trillion, then says he wants bigger bill than Dems(SPY +0.9%). Rising oil rig count puts prices under pressure.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Turkeys Black Sea Gas Discovery May Be Bigger Than ThoughtTurkey is about to revise up the estimate of its natural gas discovery in the Black Sea, Bloomberg reported on Friday, quoting sources with direct knowledge of the plans. In August, Turkeys President Recep Erdogan said that the country had made a large natural gas discovery in its waters in the Black Sea. Back then, the estimate Turkey gave was of 320 billion cubic meters of natural gas and said this was its largest-ever gas discovery. Erdogan hailed the find as a historic find that would help Turkeys energy security. Turkey currently |
| Norways Oil Strike Could End As Soon As FridayThere is a chance that the oil workers strike in Norway will end as soon as on Friday, the head of the trade union whose members are on strike for more than a week told Reuters. The Lederne trade union is the only Norwegian oil workers union that has not accepted the financial terms of a new sector deal for pay for offshore workers. Lederne members are on strike since September 30, which escalated on October 5, and could further escalate at midnight on October 11, if the union and the Norwegian Oil and Gas Association (NOG) |
| Oil Prices Climb 10% In A WeekOil prices are on course to climb 10 percent this week as Hurricane Delta shuts in over 90 percent of production in the Gulf of Mexico, leading some analysts to claim prices are set for a breakout.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more.Friday, October 9th, 2020Oil prices have posted strong |
| Air Travel Collapse Makes Oil Hedges More ExpensiveThe pandemic and the resulting plunge in air travel have caused airlines to largely abandon oil hedges against higher oil prices, thus making it more expensive for oil producers to lock in higher oil prices on the options market, Bloomberg reported on Friday, citing hedging specialists. Typically, oil producers in the United States and elsewhere hedge part of their future production to lock in oil sales at a certain price, ensuring that they will get that price for their barrels, even if oil prices collapse. At the other end of the options market |
| Rising Oil Rig Count Puts Prices Under PressureBaker Hughes reported on Friday that the number of oil rigs in the United States rose by 4 to 193a gain that may push prices down further. The total number of active oil and gas rigs increased for the week by 3, with oil rigs rising by 4 and gas rigs dipping by 1. Total oil and gas rigs in the United States are now down by 587 compared to this time last year. The EIAs estimate for oil production in the United States rose during the week ending October 2the last week for which there is data, to 11.0 million barrels of oil per |
| Is It Finally Time To Buy Beaten Down Oil Majors?A few weeks ago, when it was announced that Exxon Mobil (XOM) was being unceremoniously dumped from the Dow Jones Industrial Average, that news was bound to usher in another period of weakness for the once-dominant but already embattled U.S. oil company. At the time I thought that at some point, that selling would be overdone and XOM would represent value. That time has come and there are both fundamental and technical reasons to believe that. Before we look at those though, lets address the elephant in the room. Energy, in general, and big oil, |
| Fourth-generation movie theater operator says chain is months from bankruptcyB&B Theatres, the sixth-largest cinema chain in the U.S., has been operating for nearly 100 years. Its owners say it is months away from bankruptcy. |
| 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. |
| 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. |
| ‘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.” |
| Tesla could be on its way to $500, trader says. How to play the stock for upsideTesla bull Todd Gordon lays out how to trade the stock for the potential next leg of its rally. |
| Pixar’s ‘Soul’ ditches theaters, is heading to Disney+ for ChristmasDisney’s “Soul” is skipping theaters and heading to Disney+ in time for Christmas. |
| 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. |
| 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. |
| Stocks making the biggest moves midday: Zoom, GE, Etsy, Carnival Cruise & moreCheck out the companies making headlines in midday trading. |
| 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. |
| Stimulus-Hyped Short-Squeeze Sparks Best Week For Stocks In 4 Months, USD DumpsStimulus-Hyped Short-Squeeze Sparks Best Week For Stocks In 4 Months, USD Dumps Tyler Durden Fri, 10/09/2020 – 16:00 Between Fed promises and stimulus hype, the market keeps powering higher… Since Trump’s flip-flop on negotiating a COVID relief deal, stocks and gold have surged back and the dollar has weakened… |
| ‘Never-Trump’ Debate Moderator Has History Of Blaming ‘Hackers’ For Offensive Tweets‘Never-Trump’ Debate Moderator Has History Of Blaming ‘Hackers’ For Offensive Tweets Tyler Durden Fri, 10/09/2020 – 15:59 Update (1500ET): It seems this is not the first time Mr. Scully’s Twitter account has been “hacked”…
Perhaps the C-SPAN employee should be more careful going forward… fool me once… *Â *Â * Update (1255ET): It truly seems like the so-called establishment believes we are all f**king clueless idiots. As Paul Joseph Watson notes, after numerous prominent figures accused Scully of exposing his anti-Trump bias, the C-SPAN host deleted the tweet before Frank Fahrenkopf, the co-chairman for the Commission on Presidential Debates, told the Brian Kilmeade Show that Scully had been hacked. œI don’t know about thi … |
| Democrats Outpace Republicans In Early VotingDemocrats Outpace Republicans In Early Voting Tyler Durden Fri, 10/09/2020 – 15:40 Over 6 million Americans across 27 states have already cast their vote for November’s general election – more than 10 times the number who had voted at this time in 2016, according to the Untied States Elections Project, which compiles early voting data. |
| Taibbi: After The QAnon Ban, Who’s Next?Taibbi: After The QAnon Ban, Who’s Next? Tyler Durden Fri, 10/09/2020 – 15:20 Authored by Matt Taibbi via taibbi.substack.com, Facebook announced Tuesday that it’s stepping up efforts to clean its platform of QAnon content:
Facebook had already taken several rounds of action against QAnon, including the removal this summer of œover 1,500 Pages and Groups. Restricting bans to groups featuring œdiscussions of potential violence apparently didn’t do the trick, however, so the platform expended bans to include content œtied to real world harm :
Describing what QAnon is, in a way that satisfies what its followers would might say represents their belief system and separates out the censorship issue, is not easy. |
| 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. |
| Firms say fresh wage subsidy may ‘cushion blow’Business groups welcome a new plan to pay two-thirds of wages when firms are forced to close. |
| 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. |
| 02 October 2020 ECRI’s WLI Marginally Improved
ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved but remains in expansion. Also, ECRI released its lagging index this past week. |
| August 2020 Headline Wholesale Sales and Inventories Remain In Contraction Year-over-YearWritten by Steven Hansen The headlines say wholesale sales were up month-over-month with inventory levels remaining very elevated. Our analysis shows improvement in the rate of growth for the rolling averages.
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| Election Countdown: Trump does ‘radio rally’ with Rush Limbaugh, while Biden campaigns in NevadaWith 25 days to go till the election, President Donald Trump is taking part Friday in a radio rally with conservative host Rush Limbaugh, while Democratic challenger Joe Biden campaigns in Nevada. |
| : Videogames are about to get more expensive for the first time in 15 yearsWhen a new generation of gaming consoles arrives ahead of the holidays, there will also be a new price tag on top-end videogames for the first time in more than a decade. |
| Bond Report: 10-year Treasury yield logs biggest weekly jump since August with fiscal stimulus talks still in focusU.S. Treasury yields edge higher on Friday, extending a weeklong rise as investors held to hopes that a fiscal stimulus deal will be forthcoming this year after all from Congress. |
Written by Steven Hansen
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