Written by Gary
US stock markets rise for the first time in four days *SPY +0.5%). Amazon has started early holiday deals, less than 2 days after Prime Day.
Here is the current market situation from CNN Money | |
 | North and South American markets are mixed today. The S&P 500 is up 0.54% while the IPC gains 0.01%. The Bovespa is off 0.30%. |
Traders Corner – Health of the Market
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Canada Government Invests In Mini Nuclear ReactorsThe federal Canadian government has allocated US$15.11 million (C$20 million) for investments in mini nuclear power plants as part of efforts to reduce the country’s carbon footprint. The money will be provided to an Ontario-based company, Terrestrial Energy, to develop the modular reactors and bring them to market, CBC reported. “By helping to bring these small reactors to market, weare supporting significant environmental and economic benefits, including generating energy with reducedemissions, highly skilledjob creation and |
| Natural Gas Is Booming In AfricaIn 2018, while much of the world was leaving coal-fired power in the past and moving toward greener pastures (so to speak) coal was barreling full steam ahead in the African continent. In North Africa in particular, 2018 saw a flurry of thermal energy projects and brand-new coal fired plants. First, Siemens completed the worlds three biggest combined-cycle gas-fired plants for Egyptian Electricity Holding Company: Beni Suef, New Capital and Burullus, which collectively provide a colossal 14.4 GW in new capacity. Then, |
| Libyas Oil Production Jumps To 500,000 Bpd After Biggest Field RestartsLibyas oil production has jumped to around 500,000 barrels per day (bpd) this week after the countrys largest oilfield resumed pumping crude over the weekend, sources with knowledge of the operations told Bloomberg on Friday. The return of Libyan oil to the market has weighed on oil prices in recent weeks, after the head of the Libyan National Army (LNA), General Khalifa Haftarwhose troops, with help from affiliated groups, had blockaded Libyas oil ports in Januaryannounced the end of the port blockades on September |
| Oil Prices Fall As Concerns About Second Wave Weigh On MarketsOil prices slid early on Friday and were on track for a flat weekly performance, as new coronavirus cases in Europe and the United States continued to spike, alarming the market that the oil demand recovery will be derailed. As of 10:25 a.m. EDT on Friday, WTI Crude prices were trading down 1.10 percent on the day, at $40.49. Brent Crude was down 1.14 percent at $42.66. A stronger U.S. dollar, which makes buying oil more expensive for holders of other currencies, also weighed on oil prices on Friday. This week, oil prices have been dragged down |
| South Sudan Oil Output DropsCrude oil production in South Sudan has declined to 165,000 bpd from 185,000 bpd due to the pandemic, floods in some parts of the country, and geological challenges, the Sudan Post reported, citing a senior government official. Our production has dropped to 115,000-118,000 bpd in Dar and then in three GPOC blocks it is around 50,000 BPD, which adds up to 165,000 bpd all over the country,petroleum ministry undersecretary Awou Daniel Chuang said. The official added that If we expect any increase, it will not be more than |
| Chinas Oil Imports Are FallingChina, which has been on an oil-buying binge since the start of the pandemic, is now retreating as storage space fills up and demand for fuels in the regions it exports them to remains weak. In the final quarter of the year, Chinese crude oil imports could shed 14.5 percent from the third-quarter levels, equal to 1.7 million bpd, Reuters reported, citing IHS Markit associate director Shi Fenglei. China began to stock up on cheap oil immediately after the benchmarks crashed following Saudi Arabias declaration of what was effectively a price |
| WHO concerned about Europe’s coronavirus outbreak as ICU beds near capacity in some regionsWhen adjusting for population, the number of new coronavirus infections in Europe has now overtaken the United States. |
| States face Friday deadline from CDC to submit plans to distribute coronavirus vaccineStates have about two weeks to set up coronavirus vaccine distribution centers across the country to meet the Nov. 1 deadline set by the CDC ” a monumental undertaking made even more difficult by the fact that a vaccine hasn’t been cleared. |
| Coca-Cola to retire Tab, its first diet soda, as it trims its portfolioCoca-Cola said Friday that Tab, its first diet soda, is among the drinks headed for retirement as it trims its beverage portfolio. |
| Dr. Scott Gottlieb dismisses inaccurate take on CDC data cited by Trump to question Covid masks“Masks are not a panacea, but they’re going to afford you a level of protection,” the former FDA chief in the Trump administration told CNBC on Friday. |
| Remdesivir has ‘little or no effect’ in reducing coronavirus deaths, WHO saysA study coordinated by the World Health Organization has indicated that remdesivir, along with three other potential drug treatments for the coronavirus, has “little or no effect” on death rates among hospitalized patients. |
| TikTok is driving massive toy sales as play dates become less frequent during pandemicSocial media has long been used by toy companies to reach kids, but as the coronavirus pandemic has taken play dates and recess off the table, apps like TikTok have become more important than ever. |
| Ford really needs its F-150 pickup to stay on topThe Ford F-150 has been the bestselling vehicle in America for 38 years, and it is regarded as a huge profit machine for the second-largest automaker. Ford needs it now more than ever. |
| Boeing 737 Max is safe to fly again, Europe’s aviation regulator saysThe head of the European Union Aviation Safety Agency said the Boeing 737 Max is safe to fly again. |
| British Airways fined £20 million for data breach that affected over 400,000 customersBritish Airways has been fined £20 million ($26 million) by the U.K.’s Information Commissioner’s Office over a data breach which occurred in 2018. |
| Hotels on demand: Operators are selling ‘subscriptions’ to lure back visitorsInterContinental Hotels Group, Marriott and Accor are among the major names that have launched or are considering monthly payment plans, as the hotel industry tries to attract restless remote workers ready for a change of scene. |
| Meet the dairy firm hoping to power its delivery trucks using cow manureIt is hoping one of the ways it will get there is by harnessing one of its most readily-available resources: the manure produced by the half a million cows on its U.K. farms alone. |
| What Turner Sports, DraftKings and FanDuel could get out of their new sports betting partnershipÂWarnerMedia’s Turner Sports network wants to increase its ratings with its new partnership deal featuring sports betting companies DraftKings and FanDuel. |
| Michigan bans open carry of guns at Election Day polling places on heels of Gov. Whitmer kidnap plotPresident Donald Trump, who has been critical of Michigan Gov. Gretchen Whitmer, trails Democratic nominee Joe Biden in recent polls in the state. |
| Man Decapitated In Paris Suburb In Suspected Terror AttackMan Decapitated In Paris Suburb In Suspected Terror Attack Tyler Durden Fri, 10/16/2020 – 13:01 Investigators are looking into whether a horrendous and deadly assault committed in France Friday evening where a man was decapitated in a suburb of Paris called Conflans St Honorine. As one Twitter user noted, it looks like France continues to combat the relentless tide of extremist attacks perpetrated within its borders, from the latest “meat cleaver” attack on the offices of Charlie Hebdo (the site of a brutal mass killing in 2015), to the mass shooting at the Bataclan that killed a staggering 130 people in total.
The suspect has reportedly been shot and seriously injured by police in the neighboring town of Eragny (Val-d’Oise) … |
| After A Brief Uptick, Commercial Construction Backlog Falls AgainAfter A Brief Uptick, Commercial Construction Backlog Falls Again Tyler Durden Fri, 10/16/2020 – 12:42 By Jenn Goodman of Construction Dive, Summary: Associated Builders and Contractors reported Tuesday that its Construction Backlog Indicator fell to 7.5 months in September, a decline of 0.5 months from August’s reading and 1.5 months lower than last year at this time. In addition, the association’s Construction Confidence Index readings for sales and profit margins also decreased. The September numbers trend downward in light of the fact that the numbers for backlog, sales, profit margins and staffing expectations |
| Pound Slips As BoJo Threatens To Cancel Next Round Of Brexit TalksPound Slips As BoJo Threatens To Cancel Next Round Of Brexit Talks Tyler Durden Fri, 10/16/2020 – 12:29 Update (1220ET): Apparently, BoJo’s Friday morning press briefing didn’t do enough to convince Brussels that the UK really is prepared to walk away from the table, because the PM is reportedly threatening to do so once again. The UK’s chief Brexit negotiator, David Frost, reportedly told his Continental counterpart, Michel Barnier, that as of now, there is “no basis” for another round of talks, which had been set for London next week (with another “final” round set for the last week in October).
They’re set to speak again early next w … |
| New Jersey Gives Up On ‘High Frequency Trading Tax’ As Wall Street Threatens To WalkNew Jersey Gives Up On ‘High Frequency Trading Tax’ As Wall Street Threatens To Walk Tyler Durden Fri, 10/16/2020 – 12:20 Considering that New Jersey is a state governed by a former Goldman Sachs executive, it’s perhaps not surprising that the financial services industry was ultimately successful in its quest to gut a proposed high-frequency trading tax. – which was supposed to finance a new “social justice” agenda. |
| Brexit: Trade talks with the EU are ‘over’, says No 10“No point” in further discussions with the EU unless it changes course, Downing Street says. |
| Pret A Manger and Edinburgh Woollen Mill to cut 1,000 jobsThe pandemic has claimed the jobs of another 1,000 shop workers as more stores shut across the country. |
| Israel-UAE peace deal ‘big’ for trade in Middle EastIsrael’s UAE and Bahrain peace deals are “going to be big” for business, says DP World boss. |
| HDFC Bank Q2 results preview: Lender may post up to 17% growth in net profitThe bank on October 5 informed bourses that its advances in the September quarter grew 15.60 per cent and deposits witnessed a growth of 20 per cent YoY. Similarly, the current account savings account (CASA) ratio of the bank increased 270 basis points year-on-year to 42 per cent in Q2FY21. |
| Equitas Small Finance Bank IPO: All you need to knowThe Rs 500 crore IPO by Equitas Small Finance Bank (ESFB) will open for subscription on Tuesday. Here’s all you must know about the issue before subscribing: |
| Why the long-term outlook for India equities look so temptingRBI expects growth to restart from March quarter and continue into FY22, though at lower-than-trend rate of growth. After every period of a major economic stress, India has bounced back strongly in the past. |
| 09 October 2020 ECRI’s WLI Marginally Improved
ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved and remains in expansion. |
| Trump says: ‘I’m ready to sign a big, beautiful stimulus’ ” but many Americans don’t appear to be banking on it‘Without knowing when the next round of stimulus and relief measures will arrive, many people continued to keep their expenses low.’ |
| : Biden’s town hall drew more viewers than Trump’s, early TV ratings figures showThe two presidential candidates participated in simultaneous town-hall events on competing networks Thursday night |
| Survey finds Americans are more united than divided on wearing face masksAn overwhelming majority of respondents in a new survey believe that face masks should be worn in public spaces during the coronavirus pandemic, with Democrats, Republicans and Independents all in favor of the safety measure that experts say is key to containing the spread. |
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