13Oct2020 Midday Update: Wall Street Is Mostly Lower As Earnings Kick Off, DOW Down 98 Pointsn Nasdaq Up 0.2%, Gold Falls To 1891, Bank Shares Slump

Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.39%, while the IPC is leading the S&P 500 lower. They are down 0.59% and 0.37% respectively.

Iraq Proposes New Jointly Managed Oil Company For Kurdistan

The federal Iraqi government has proposed the establishment of a new oil company that will be managed jointly by Baghdad and Erbil to operate crude oil production and exports from the semi-autonomous region of Kurdistan, Iraqi media have reported. The proposal is part of ongoing talks between the central Iraqi government and the Kurdish government aimed at mending bilateral relations after an ill-fated independence referendum for the region a few years ago. The referendum saw Iraqi troops return to mostly self-government Kurdistan and regain control

Morgan Stanley Sees Oil Prices Struggling To Break Above $50

Oil prices will struggle to rise above $50 a barrel because of the technological shift in U.S. shale that has unlocked more production in recent years, and because of the growing importance of environmental considerations in investing, Morgan Stanley says. According to the investment bank’s most recent market insight on crude oil, the market moved from a ‘peak oil supply’ narrative back in 2008 to concerns about peak demand in 2020. “How we got here is a story of technology and environmental advocacy, and one that has material cross-asset

Investment Funds Representing $20 Trillion In Assets Urge Carbon Cuts

A group of investment firms with a total of $20 trillion in assets have urged close to 2,000 companies to set emissions-cutting targets in compliance with global net-zero ambitions. The target companies together represent as much as a quarter of global carbon dioxide emissions. Those companies are now being pressured to set reduction targets through the Science-Based Targets Initiative, Reuters reports. The move is supported by UK-based nonprofit CDP, which seeks to make environmental reporting and risk management standard practice for the corporate

$1.7 Trillion Green Energy Spending Spree Could Send Solar Stocks Soaring

The shift from high-carbon fuels to clean energy is in full swing, and solar stocks are enjoying their moment in the sun. Solar ETF, Solar Invesco ETF (NYSEARCA:TAN), has been surging with blue wave prospects as Wall Street grows more bullish on the odds of a decisive Democratic victory that could provide a big push towards renewable energy. TAN has gained 83.3% over the past 90 days and a sizzling 146.2% as new polls show Joe Biden has extended his lead over President Trump to 16 points–the widest so far for this election cycle. Biden’s

China Books 12.7% Rise In Oil Imports Jan-Sept

China imported 416 million tons of crude oil during the first nine months of the year, up 12.7 percent on the year, in the latest positive sign for oil demand despite the pandemic. The amount translates into 338.8 million barrels monthly on average, or about 11.29 million barrels daily, using a conversion factor of 7.33 barrels per 1 ton of oil. In September alone, Chinas crude oil imports averaged 11.52 million bpd, according to data from energy analytics services provider OilX released earlier this month. Although lower than the average

Brent Oil Unlikely To Rise Above $43 Until After U.S. Election

The international oil benchmark Brent Crude will likely range-trade in the $40 to $43 a barrel band until after the U.S. election on November 3, according to OCBC Bank. We continue to expect Brent to trend from $40-$43/bbl, as we head ever closer to the US Presidential elections, OCBC Banks strategists said in their weekly commodity outlook. OPECs jawboning sent oil prices spiking last Thursday, with Brent Crude breaking above $43 per barrel, the bank said, noting that three weeks ago, Saudi Arabias you

On deal-crazy Amazon Prime Day, online retailers decide if it’s time to buckle to the bargain

Worldwide sales from Amazon’s Prime Day are expected to jump 43% from 2019 levels to $9.91 billion, eMarketer said.

AMC warns it could run out of cash this year

A bare movie calendar and continued lackluster attendance has left AMC’s business hemorrhaging cash.

Delta posts another massive loss, warns recovery could take 2 years or more

Delta lost $5.4 billion in the three months ended Sept. 30, but trimmed its cash burn.

Johnson & Johnson’s coronavirus vaccine trial is paused after ‘adverse event’ in a participant

J&J’s CFO said the pause will allow the data and safety monitoring board to thoroughly investigate the unexplained illness.

A 25-year-old man becomes first in the U.S. to contract coronavirus twice, with second infection ‘more severe’

It is the first confirmed case of a U.S. patient becoming re-infected with Covid-19, and the fifth known case reported worldwide.

Johnson & Johnson beats third-quarter earnings expectations, raises guidance

J&J’s third-quarter earnings and revenue beat expectations, led by higher sales in its medical-device unit and higher demand for some of its drugs.

Dr. Anthony Fauci says he won’t walk away from ‘this outbreak no matter who’s the president’

Dr. Anthony Fauci told CNBC he’s prepared to stay on the job fighting the coronavirus whether President Trump or Joe Biden wins the election.

Fauci: Trump’s rapid recovery from Covid-19, while welcome, ‘amplifies’ public misunderstanding of disease

Trump’s quick bounce-back from his infection will likely underscore the mistaken belief some people have that the disease does not present significant health risks, STAT News reports.

Data shows failed U.S. coronavirus safety measures cost lives, says ex-Obama health advisor

“The problems we’ve had here ” the number of cases, the number of deaths, the number of hospitalizations ” was not inevitable, Dr. Ezekiel Emanuel told CNBC on Tuesday.

Stocks making the biggest moves midday: Disney, Ethan Allen, BlackRock, JPMorgan and more

These are the stocks posting the largest moves in midday trading.

Astroscale, which fixes and extends the life of satellites in orbit, raises $51 million

Satellite services and debris removal specialist Astroscale on Tuesday announced it closed a $51 million round of funding.

Here’s what not to buy on Amazon Prime Day

You’ve probably heard a lot about the best deals on Amazon Prime Day. Here are some items you might want to hold off purchasing.

Iran’s coronavirus daily death tolls hit record highs as currency falls to historic low

The rial’s nosedive comes as new sanctions from the Trump administration, enacted last Thursday, came down on 18 major Iranian banks.

“There Is No Smart Money”

“There Is No Smart Money” Tyler Durden Tue, 10/13/2020 – 12:42

Authored by Ben Hunt via The Epsilon Theory blog,

It looks easy, doesn’t it? Managing a portfolio. Managing a football team.

We all think we could do it, which is why œfrustrated money manager is the core psycho-demographic that supports pretty much all financial media business models. Just like there’s a frustrated GM in all of us, which is why ESPN and sports talk radio exist.

The frustrated money manager is a very different animal than Davey Day Trader Portnoy, who ” as best as I can tell ” is a showman and impresario (compliments in my book) who uses trading and portfolio œmanagement to support his brand/media company and tout his direct investments (Penn National Gaming). Same with Jim Cramer.

No, the frustrated money manager is rarely public with his compulsion (or her compulsion, but honestly I think this is almost entirely a y-chromosome thing), unless he’s enjoyed a hot streak and starts bragging to his email buds. Which happens not infrequently in a bull market.

The frustrated money manager is almost always a smart, accomplished professional in his own field who beli …

McConnell Says Senate Will Vote On $500B Relief Package; Pelosi Rejects

McConnell Says Senate Will Vote On $500B Relief Package; Pelosi Rejects Tyler Durden Tue, 10/13/2020 – 12:35

Update (1235ET): Unsurprisingly, House Speaker Nancy Pelosi (D-CA) continues to hold out for a comprehensive deal which includes bailouts for terribly run Democratic cities and states, telling her caucus she has ‘no intention to meet McConnell in the middle’ on a carve-out, or ‘skinny’ deal.

*Â *Â *

Update (1207ET): McConnell says that Republicans will try ‘one more time’ on a stimulus deal before the election.

*Â *Â *

Senate Majority Leader Mitch McConnell (R-KY) says the Senate will vote on roughly $300 billion $500 billion in “new funding” for the Paycheck Protection Program (PPP) aimed at helping struggling small businesses, as early as next week, according to Politico’s Jake Sherman.

We can only assume there will be some carve-out for airlines.

Virginia Voter Registration Website Crashes On Last Day To Register Before Election

Virginia Voter Registration Website Crashes On Last Day To Register Before Election Tyler Durden Tue, 10/13/2020 – 12:20

In the latest localized malfunction of America’s elections infrastructure, the entire statewide voter registration infrastructure of the state of Virginia has just gone offline on the last day to register to vote before the election.

Long-Haul Freight Boom Leads To Pre-Peak Capacity Crunch

Long-Haul Freight Boom Leads To Pre-Peak Capacity Crunch Tyler Durden Tue, 10/13/2020 – 12:00

By Zach Strickland of FreightWaves.com

The average length of haul for requested load tenders has increased 6% or roughly 20 miles since the same period last year. This may not seem like a big deal at first, but with accepted volumes being over 20% higher than this time last year, those miles have a multiplier on them ” putting a deeper strain on capacity than the tender volumes alone suggest.

Chart of the Week:Â Â Outbound Average Length of Haul, Outbound Tender Volume Index

Amazon criticised over Covid as Prime Day begins

Union says the sale could be a “hive of infection” after eight workers test positive in Coventry.

Covid-19: Chinese trade grows as others struggle amid pandemic

Exports in September rose 9.9%, while other major economies struggle with the impact of Covid-19.

Privacy watchdog to probe Klarna after email backlash

The Information Commissioner’s Office has been contacted by people over how the payments firm got their details.

Ahead of OFS, Sebi initiates insider trading probe in GMM Pfaudler shares

Large quantities of shares were borrowed from the Securities Lending and Borrowing or SLB segment and sold in the market a few days before the OFS announced September 21 at 33% discount to the prevailing market price.

Anil Agarwal plans to move $1 bn from listed Vedanta as loans

VIL has not revealed any granular details of the use of funds or which of its subsidiaries will be lending, the nature of the loan instruments, their tenure or even the interest cost for these loans.

Motherson Sumi’s reorganization plan good news for investors

The share swap merger between SAMIL and Motherson Sumi Systems will allow existing shareholders of the listed entity to buy into the auto ancillary and other support businesses of SAMIL.

The Technical Indicator: Bull trend strengthens: S&P 500, Nasdaq clear 20-day volatility bands

Technically speaking, the U.S. benchmarks’ bigger-picture backdrop has strengthened amid unseasonably constructive October price action, writes Michael Ashbaugh.

: Champagne and noodles ” travel-bereft passengers pay top dollar to dine out in grounded planes

Singapore Airlines has launched pop-up restaurants on two of its Airbus A380 double-deckers.

A Word from the Experts: Coronavirus update: U.S. death toll tops 215,000 as Trump resumes campaign rallies even as doctors warn the test providing his negative results is not suited to that purpose

The U.S. death toll from the coronavirus-borne illness COVID-19 climbed above 215,000 on Tuesday, after President Donald Trump returned to the campaign trail with a rally in Florida late Monday, at which he again claimed to be œimmune to the virus.