Written by Gary
Mortgage demand from homebuyers falls for the fourth straight week (SPY +0.1%). Stocks making the biggest moves in the premarket: Verizon, Snap, AutoNation, Netflix.
Here is the current market situation from CNN Money | |
 | European markets are mixed to lower. Shares in London are off as the FTSE 100 drops 1.31%. The DAX is down 0.86% while the CAC 40 in France is unchanged. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Theres Nothing That Can Stop The Worlds Next Oil HotspotWhile the deeply impoverished South American country of Guyana is attracting the lions share of attention when it comes to oil, it is neighboring Suriname where the next major petroleum discovery could occur. ExxonMobils raft of discoveries in offshore Guyana, including the latest Redtail-1 find its 18th offshore discovery in the impoverished former British colony, underscores the considerable potential held by the Guyana-Suriname Basin. The growing regional importance of Guyanas and Surinames burgeoning oil boom was |
| The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going“It is unrealistic to suggest that renewables could replace conventional baseload fuels.”–Gregory Boyce, former CEO Peabody Energy Corp., 2010. Every time an oil and gas major announces a major foray into renewable energy, the skeptics come out like clockwork and lambast the sector for merely trying to burnish its green credentials. Sometimes the criticism appears undeserved because the Oil Majors have actually invested billions of dollars into the clean energy sector over the past decade and have lined up plans to invest billions more in |
| Another Major Breakthrough For Solar EnergyDuring America’s last election cycle, one of President Trump’s key campaign promises was to revive the dying coal sector and bring back coal jobs. But even intense lobbying by the president has done little to stem the tide as coal plants continue to drop out at a steady clip. The recent retirement of TVA’s giant 1,150 megawatt-Paradise 3 coal plant, despite Trump’s impassioned pleas, serves as a grim reminder that coal’s best days are behind it, with the U.S. Department of Energy acknowledging as much in its latest report. The so-called natural |
| Alberta Unimpressed By Canadian Plastics BanEarlier this month, Canadas federal government confirmed plans to ban several single-use plastic items by the end of next year as part of its efforts to cut the countrys carbon footprint in line with the Paris Agreement on Climate Change. In an ironic twist, the news came about the same time as Alberta, Canadas oil and gas heartland, released a Natural Gas Vision and Strategy that leans heavily on petrochemicals. Some took the news about Ottawas plastics ambitions as a fresh blow to an industry already suffering more |
| Surprise Crude Build Sends WTI Prices DownThe American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 584,000 barrels for the week ending October 16. Analysts had predicted an inventory draw of 240,000 barrels. In the previous week, the API reported a build in draw oil inventories of 5.421-million barrels, after analysts had predicted a draw of 2.835-million barrels. Oil prices were trading up on Tuesday afternoon before the APIs data release, despite the depressed demand outlook hanging over the market. In the runup to Tuesdays data release, |
| Oil Poised To Rebound, But What About The Long Term?Oil bulls predict demand for oil will snap back quickly as global economic conditions improve. The International Energy Agency (IEA), on the other hand, expects a more muted recovery. Not surprisingly you can find any demand forecast needed for either the bull or bear case. And thats just for short term price and demand forecasts. Longer term demand forecasts have to reckon with negative factors like the rise of electric vehicles including cars, trucks and buses as well as and the nudges of environmental-social-governance (ESG) investing. |
| GM unveils Hummer EV as ‘world’s first supertruck’ for $112,600 starting in 2021The new electric Hummer from General Motors will live up to the reputation of its predecessors for being capable and over the top but in different ways than the gas-guzzling vehicles that previously bore the name. |
| ‘Long Covid’: These 5 factors make it more likely you’ll suffer long term from coronavirus“Long Covid” is the term given to people who recover from coronavirus but continue to suffer from a wide range of symptoms. |
| California sets ‘unworkable’ requirements for theme park reopenings, Disney saysOfficials in California, home to Walt Disney’s Disneyland, said Tuesday that large theme parks cannot reopen until a county’s Covid-19 risk level drops to the lowest tier of “minimal” spread. |
| Most of Netflix’s 2021 slate of TV and film won’t be hindered by coronavirusNetflix’s Ted Sarandos is feeling confident that the company’s slate of films and television shows planned for release in 2021 will find a place on the streaming service next year. |
| Tighter coronavirus restrictions, not U.S. elections, are the ‘biggest near term risk’: UBS“Forget about the U.S. elections or fiscal stimulus ” restrictions creeping higher is the single biggest near term risk to the outlook,” Arend Kapteyn of UBS wrote in a note. |
| Restless Americans map out road trips despite misgivingsAfter months of quarantine and canceled vacations, wary Americans are ready to plan trips again. However, they remain doubtful they’ll actually be able to travel and are often waiting till the last minute to book, according to a survey from AAA. When they do head out, it will likely be by car. |
| Saudi retailer BinDawood sees shares jump 10% in market debutSaudi supermarket operator BinDawood Holding started trading on Wednesday morning on the Tadawul. |
| Ford unveils new self-driving test vehicle for 2022 launchFord plans to launch its self-driving commercial business in 2022 with vehicles based on the Ford Escape Hybrid crossover, the company announced Tuesday. |
| Covid is accelerating across the globe as U.S. and Europe head into flu seasonThe pandemic is accelerating with U.S. cases climbing and at least 10 other countries now reporting record highs in average daily new cases. |
| GM to invest more than $2 billion in U.S. manufacturing to increase electric vehicle productionGeneral Motors is investing about $2.2 billion in its U.S. manufacturing operations, largely to increase production of electric vehicles. |
| China’s billionaires see biggest gains ever, adding more than $1.5 trillion to their fortunesChina minted 257 billionaires over the past year, bringing the total to 878, according to the Hurun Rich List 2020, which tracks wealth in China. |
| Impossible Foods looks to hire more than 100 scientists in quest for dairy-free milk and meat alternativesImpossible Foods plans to hire more than 100 scientists to double the size of its research and development team and accelerate its product development. |
| JCPenney CEO says company expects to exit Chapter 11 ahead of holiday seasonThe bankruptcy process has added uncertainty as the retailer prepares for the holidays and tries to send a clear message about its future to vendors. |
| Trump Vs Biden On The Economy, The Fed, & The MarketsTrump Vs Biden On The Economy, The Fed, & The Markets Tyler Durden Wed, 10/21/2020 – 08:25 Authored by Michael Lebowitz and Jack Scott via RealInvestmentAdvice.com, On November 3, 2020, the White House, one-third of the Senate, and the entire House of Representatives are on the ballot. In case it is not obvious, this election will be significant. In the current politically charged environment, either Presidential candidate will be powerless to enact significant change if the opposing party holds a majority in the Senate and House. Conversely, a sweep whereby the President and both houses are from the same party can produce substantial change. This article’s focus is on Donald Trump’s and Joe Biden’s policies; however, we stress the outcome of the legislative elections may nullify or exaggerate our forthcoming thoughts. Does It Matter? The age of passive investing is upon us. Passive investors do not assess earnings or economic factors. They buy and sell based on cash on hand or cash needs. They are price insensitive. It is a brain-dead strategy. It is tempting to conclude that the election will not matter in this environment. That might be true, but this current bit of investor i … |
| Peak Optimism? S&P Futures Hit After Too Much “Stimulus Optimism” Sends 10Y Yields SurgingPeak Optimism? S&P Futures Hit After Too Much “Stimulus Optimism” Sends 10Y Yields Surging Tyler Durden Wed, 10/21/2020 – 08:12 There was a curious twist in the traditional “stiumulus is good” market narrative this morning. In early overnight trading, futures initially ticked higher on Wednesday as investors pressed bets for a fiscal stimulus deal after Nancy Pelosi said she is hopeful for a stimulus this week, even though negotiations blew past her own self-imposed Tuesday deadline for agreeing on a pre-election deal. Her enthusiasm was echoed by White House Chief of Staff Mark Meadows who said everyone is “working really hard” to get a package agreed by the weekend, adding that there are still outstanding issues, while Mitch McConnell warned the Trump administration not to agree to anything like Pelosi’s proposal ahead of the election (McConnell plans to seek a vote on the Republican scaled-down package in the Senate today). In any event, this initial “optimism” was enough to get futures to ramp sharply higher in early overnight trading… |
| Chinese City Launches Emergency COVID-19 Vaccine Program; India Outbreak Continues To Slow: Live UpdatesChinese City Launches Emergency COVID-19 Vaccine Program; India Outbreak Continues To Slow: Live Updates Tyler Durden Wed, 10/21/2020 – 08:03 Summary: Global cases top 40.8 million Deaths top 1,125,000 India sees cases slow below 60k for yet another day Chinese begins accepting ‘applications’ for priority vaccine Tokyo says Olympic volunteers worried about illness Czech Republic suffers another record day * * * After reporting another daily record on Tuesday, the pace of new COVID-19 cases reported worldwide slowed, with just 387,768 new cases, according to Johns Hopkins. |
| Hunter Biden Witness Moved From Prison Cell After Exposing Influence-Peddling OperationHunter Biden Witness Moved From Prison Cell After Exposing Influence-Peddling Operation Tyler Durden Wed, 10/21/2020 – 06:03 Hunter Biden’s former business associate Bevan Cooney, who flipped on the Bidens and exposed an influence-peddling operation, has been moved out of his prison cell, according to Breitbart News. |
| UK inflation rises after Eat Out to Help Out endsThe inflation rate increased to 0.5% in September after the discount meals scheme ended, figures show. |
| UK borrowing jumps in September as Covid support continuesThe government borrowed £36bn in September and has scrapped a broad spending review. |
| Manchester United financial statement shows £70m loss during coronavirus pandemicManchester United lose £70m in the period to 30 June 2020 as a direct result of the coronavirus pandemic. |
| 9 stocks that analysts say can give solid returns in next 2-3 weeksThe domestic markets have been on a stellar run of late but lack of certainty surrounding the US stimulus package and rising Covid cases make a case for staying cautious and following a stock-specific strategy. “Despite the positive bias, we might continue to see volatile swings so traders should prefer hedged positions and maintain their focus on the selection of stocks,” said Ajit Mishra, Religare Broking.Here are 9 stocks that brokerages are saying can offer solid returns in 2-3 weeks: |
| What makes Hindustan Zinc a highly attractive risk-reward betThe shares gained up to 5.8% on Wednesday after the Anil Agarwal owned mining company announced a large dividend and a strong set of numbers for the September quarter. |
| 5 reasons why commodity trading is on the rise in IndiaLet’s find out what is bringing in hordes of investors to such unconventional investment instruments, especially commodities. |
| BookWatch: Universal basic income is the wrong answer for workers hurt by a changing job marketPeople seek meaning and purpose from work — and providing that, not UBI, is what we should focus on. |
| Key Words: Trump promises ‘more to come’ about his ’60 Minutes’ interview with Lesley StahlCBS News confirmed that the president cut the interview short. Here’s what has been reported about the White House taping on Tuesday. |
| : PayPal will let customers buy cryptocurrencies and use them for online paymentsPayPal Holdings Inc. plans to allow customers to buy cryptocurrency through their accounts and use cryptocurrency for merchant payments. |
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