Written by Gary
Global coronavirus cases hit 40 million as second wave gathers pace (SPY +0.4%). Stocks making the biggest moves in the premarket: Concho Resources, Halliburton, AstraZeneca.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The CAC 40 is higher by 2.03%, while the FTSE 100 is leading the DAX lower. They are down 0.21% and 0.12% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Oil Majors Stuck Between A Rock And A Hard PlaceThe past few years have been historic for as far as crude oil forecasts are concerned. Back in 2015 the view that crude oil demand could peak during the 2020s or 2030s was still met with disbelief (and some ridicule). Economic growth had been pushing crude oil demand up ever year for decades already, so why would things become different, so the reasoning went. Today, however, essentially all major energy forecasters, including BP, Shell, Total, DNV-GL, the IEA and even OPEC, have come round and acknowledge Peak Oil Demand as a realistic |
| Big Banks Could Lose Billions In The Global Energy TransitionJP Morgan pledged to help clients align their business with Paris Agreement emission targets. HSBC announced up to a $1 trillion in green energy funding. An investor group worth $20 trillion in assets urged heavy emitters to clean up their act. Another group, worth $5 trillion, said it will set lower-emission targets for its own investment portfolio. These are stories from just the last two weeks and they seem to point in the same direction: banks and other financial institutions are growing sour on oil and gas. Could they go all the way? The trend |
| How Long Will China Continue To Prop Up The Oil Market?China has played a significant role in supporting global oil demand recovery in recent months by importing its highest-on-record crude volumes since May. Customs import data from the worlds top oil importer continue to show strong arrivals of crude as ports and customs continue to process cargoes that have waited for weeks to discharge. However, with demand recovery in the rest of Asia still wobbling and refining margins in the region still depressed, the oil market and oil analysts have one primary concern about demand |
| Is This Europes Newest Oil & Gas Hotspot?When Michelangelo Merisi (also known as Caravaggio) left continental Italy for Malta in 1607 to escape the ramifications of a lethal sword fight, little did he know what a profound impact he would leave on the little Mediterranean island. For Michelangelo himself the impact was questionable at best – apart from painting some of his most profound works there (such as the Beheading of Saint John the Baptist), he became a Maltese Knight only to be banished from Malta a year later for being a foul and rotten member. In brief, Caravaggios |
| A Geopolitical Time Bomb In EuropeIn a week when several major oil and gas reports were released, most notably the IEA World Energy Outlook 2020 and OPECs World Oil Outlook, a regional conflict is now on the brink of spiraling out of control. The toxic combination of a military confrontation between Azerbaijan and Armenia, supported by Turkey and Russia respectively, and the confrontational stance that Ankara is taking in the East Med conflict are threatening to upend European energy supplies. After a short lull in Turkeys aggressive East Med posturing, partly due |
| Sanctioned Belarus Moves Closer To Russia As Crisis ContinuesBelarus is slowly entering the third month of consecutive protests and there is very little indication that either of the sides is ready to let go. President Lukashenko continues to disperse protesters with water cannons whilst gradually booting out all foreign reporters who might present a different picture than that of a Manichean struggle between the forces of law and order and hell-bent troublemakers. Amidst the manifold incarcerations and convictions, the opportunities for a negotiated solution are becoming slimmer by the day. Ironically for |
| Global coronavirus cases hit 40 million as second wave gathers paceThe grim milestone of 40,050,902 confirmed cases on Monday. |
| CVS to hire thousands of pharmacy techs as it prepares for more Covid-19 cases, rollout of vaccineMore than 10,000 of the new hires will be full-time and part-time pharmacy technicians who can help dispense medications and administer Covid-19 tests. |
| Bringing the outside into the office: Coronavirus bolsters push towards healthier building designThe coronavirus pandemic has bolstered corporate interest in redesigning work space to simulate nature, have better air filtration systems and use more sustainable materials, according to some office designers. |
| U.S. is staring down a ‘substantial third wave’ of coronavirus cases. Here are the numbersWith the coronavirus widely circulating in the U.S., experts warn the country could be in for a “substantial third wave.” |
| U.S. reports highest number of new coronavirus case since late July as total climbs above 8 millionThe U.S. has now reported more than 8 million Covid-19 cases and at least 218,600 Covid-19 deaths since the beginning of the pandemic, according to Johns Hopkins University data. |
| Italy, the epicenter of Europe’s first coronavirus outbreak, moves to stop second surgeItaly announced a raft of new restrictive measures aimed at curbing a second wave of coronavirus cases. |
| 5 things to know before the stock market opens MondayDow futures rose Monday as investors hold out hope that lawmakers and the White House can agree on additional coronavirus stimulus. |
| Hong Kong and Singapore will form a ‘travel bubble’ soon. Here’s how it’ll workLeisure travelers can travel between the two cities without undergoing a quarantine, said Edward Yau, Hong Kong’s secretary for commerce and economic development. |
| Philadelphia 76ers need Doc Rivers to fix its culture and win as the team eyes future business and a new arenaÂThe Philadelphia 76ers hired their new coach, Doc Rivers, to deliver owners Josh Harris and David Blitzer a championship and help secure the team’s future with a new arena. |
| Trump administration announces deal with CVS and Walgreens to administer coronavirus vaccine to seniors in long-term careCVS Health and Walgreens will administer coronavirus vaccines to the elderly and staff in long-term care facilities, if and when a vaccine is approved for public use. |
| 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. |
| 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. |
| Conoco Buys Concho For $9.7BN In Stock, Creating New Shale GiantConoco Buys Concho For $9.7BN In Stock, Creating New Shale Giant Tyler Durden Mon, 10/19/2020 – 08:32 In what appears to be the first major deal to rock the American oil patch since the COVID-19-inspired springtime collapse in energy prices that briefly sent the price of oil as the prompt WTI contract plunged below $0/barrel back in April (incidentally netting billions of dollars for Goldman Sachs), ConocoPhillips has agreed to buy Concho Resources for $9.7 billion in stock. The deal will create one of America’s largest shale drillers operating in the Permian Basin. |
| Black Monday, 1987: The Birth Of Stock Market Moral HazardBlack Monday, 1987: The Birth Of Stock Market Moral Hazard Tyler Durden Mon, 10/19/2020 – 08:20 Authored by Liam McPherson via Global Macro Monitor, |
| Futures Jump Ahead Of Tuesday Stimulus DeadlineFutures Jump Ahead Of Tuesday Stimulus Deadline Tyler Durden Mon, 10/19/2020 – 08:04 Bulls will breathe a sigh of relief that on the 33-year-anniversary of Black Monday (when the Dow dropped 22.6% on this day in 1987) futures are sharply higher, at least for now. Emini futures rebounded from Friday’s drop, undoing most of the late Friday swoon, climbing alongside shares in Europe and most of Asia, on the back of what the media called “renewed optimism” about the progress of fiscal stimulus talks when what really happened is that on Sunday, Nancy Pelosi set a Tuesday ultimatum for more progress with the White House after lengthy discussions at the weekend with Treasury Secretary Steven Mnuchin. In other words, not only was there no progress, but after tomorrow, there may no longer be any “optimism” either until after the election. None of that mattered to algos, which pushed the S&P 0.8% higher, while TSY yields rose, and oil and the dollar declined. |
| Global COVID-19 Cases Top 40 Million As Wales Enacts Emergency “Firebreak” Lockdown: Live UpdatesGlobal COVID-19 Cases Top 40 Million As Wales Enacts Emergency “Firebreak” Lockdown: Live Updates Tyler Durden Mon, 10/19/2020 – 08:00 Summary: World tops 40 million COVID-19 cases Wales imposes 2 week “firebreak” lockdown Bar, restaurant closures in Belgium begin Monday Italy announces new restrictions Moscow Mayor resists return to lockdown Bavaria imposes localized lockdown Iran sees new record daily deaths * * * New COVID-19 cases reported Sunday shrank from the prior day, with just 284,957 cases reported, coming in below the 300k mark for the first time since Oct. 11. Nevertheless, it was enough to push the global total north of 40 million, the latest milestone for COVID-19 cases, as outbreaks flare in Europe and the American Midwest. |
| Flybe set to fly again after brand is rescuedThe deal could see the regional carrier restart operations as soon as next year. |
| Sir James Dyson to sell Singapore penthouse at a lossThe British tycoon has reportedly accepted a $62m offer for the massive penthouse one year after buying it. |
| China’s economy continues to bounce back from virus slumpThe world’s second-biggest economy saw growth of almost 5% in the third quarter of the year. |
| Britannia Q2 Results: Net profit up 23% YoY to Rs 495 croreAn ET Now poll had projected the company to report a net profit of Rs 498 crore. |
| Lots of unanswered questions ahead of CG Power AGMThe Murugappa Group’s Tube Investments of India which has taken over the company has invested nearly Rs 800 crore to turnaround the scam hit CG Power. |
| Wait for a better entry point, say analysts on Radhakishan Damani’s stockAmbit said that cash burns from existing and new players may impact valuations of DMart. |
| Bond Report: Treasury yields gain ground on fiscal relief hopesU.S. Treasury yields rise on early Monday’s trade as investors appeared to pin their hopes on a new fiscal stimulus deal before the presidential election. |
| Europe Markets: European stocks pare gains as investors watch U.S. stimulus progressEuropean stocks moved higher to start the week on Monday, as investors looked to potential stimulus progress from the U.S. and economic data from China that showed a continued recovery for that economy. |
| Futures Movers: Oil struggles for direction as coronavirus cases accelerate, Libya boosts outputOil futures trade near unchanged as investors monitor accelerating COVID-19 infections in the U.S. and Europe, while a meeting of an OPEC+ committee will be closely watched by investors for clues to any further steps by major producers on the supply front. |
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