Written by Gary
Stimulus talk lifts stocks while Facebook, Google lead techs (SPY -0.1%). Covid as cases climb across U.S. as U.S. dollar slips
Here is the current market situation from CNN Money | |
North and South American markets are higher today with shares in Mexico leading the region. The IPC is up 0.81% while Brazil’s Bovespa is up 0.52% and U.S.’s S&P 500 is up 0.06%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Oilfield Services Giant Baker Hughes Reports LossOilfield services provider Baker Hughes (NYSE: BKR) reported a loss for the third quarter, like its competitors Schlumberger and Halliburton, amid lower demand for drilling services and equipment after the oil price crash earlier this year. Baker Hughes reported on Wednesday a loss per share of $0.25 for the quarter, compared to earnings per share of $0.11 for Q3 2019, as revenues for its oilfield services segment dropped by 31 percent year over year to $2.308 billion. Adjusted for items and charges, the net result was earnings per share | |
Chinas Pollution Effort Falls Short Of ExpectationsDespite ambitious efforts to reduce air pollution levels across China over the last five years, results have fallen short of expectations, Reuters reports, citing a senior government official. While seeing the improvements … it should be clearly recognised that the quality of the ecological environment remains far from peoples expectations for a better life, said Zhao Yingmin, Vice Minister of Ecology and Environment, speaking to reporters. China is the worlds biggest emitter of carbon dioxide, even though it is also | |
Oil Prices Rebound On Small Crude DrawCrude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 1 million barrels for the week to October 16. The report came a day after the American Petroleum Institute pressured prices by reporting an unexpected build in inventories, even though it was a moderate one, at a little over half a million barrels. The EIA inventory estimate compares with a draw of 3.8 million barrels reported for the previous week, and analyst expectations for an inventory decline of 240,000 barrels. In gasoline, the | |
U.S. Broadens Sanctions On Russia-Led Nord Stream 2 PipelineThe U.S. is broadening the sanctions against service providers and those funding vessels involved in the construction of Nord Stream 2 in a fresh attempt to prevent the Russia-led gas pipeline project from completing, the U.S. Department of State said in new guidance on Tuesday. The sanctions are a follow-up to U.S. sanctionson the Nord Stream 2 project from December 2019, which resulted in Western vessel and technology providers pulling out of the project. Following the announcement of the sanctions last December, Switzerland-based offshore | |
Trump Blasts Biden’s Fracking Plans At RallyPresident Donald Trump told supporters at a rally that Democratic candidate Joe Biden planned to ban all fracking, taking aim at his opponent’s energy plans that would affect one of the largest industries in the United States. The rally took place in Eerie, Pennsylvania, which is a large producer of natural gas thanks precisely to fracking. “If Biden is elected, he’ll wipe out your energy industry,” Trump said. “Only by voting for me, can you save your fracking and Pennsylvania,” he added, as quoted by the Financial Times. The president then went | |
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 | |
Nikola shares surge after GM executive gives hope of keeping partnership deal aliveShares of embattled electric vehicle start-up Nikola jumped double digits during premarket trading Wednesday following a General Motors executive saying the automaker still sees a tie-up with the company being a great opportunity. | |
AutoNation reports ‘best quarter ever’ as Covid convinces people to buy their own cars, CEO says“I think this pandemic/shelter in place has shifted the American psyche in a long-term way,” AutoNation’s Mike Jackson told CNBC on Wednesday | |
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. | |
GMC Hummer EV: 5 things to know about GM’s first electric ‘supertruck’The 2022 Hummer EV is expected to be the pinnacle of General Motors’ electric vehicles. | |
Watch live: New York Gov. Andrew Cuomo holds a press briefing on Covid as cases climb across U.S.New York Gov. Andrew Cuomo is holding a news conference on Wednesday as the state continues to address clusters of coronavirus cases. | |
How Trump and Biden economic and tax plans differ in ways that could impact Main StreetThe 2020 election choices are stark in Donald Trump versus Joe Biden, and on issues of taxes and the economy deciding on a vote has rarely been harder for business owners. | |
Danone hopes it’s blazing a trail by adopting a new earnings metric to expose the cost of carbon emissionsDanone hopes it won’t be long before other firms start to report the cost of their carbon emissions alongside traditional profit metrics. | |
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. | |
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. | |
Investors looking for the best of both worlds are often forced to choose between cost efficiency and a full-service advisory experience. But technology and innovation are creating new frameworks and opportunities for advisors. | |
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. | |
Joe Biden Insists Son Never Profited Off Family Name; Except Hunter And Ex-President Of Poland Says He DidJoe Biden Insists Son Never Profited Off Family Name; Except Hunter And Ex-President Of Poland Says He Did Tyler Durden Wed, 10/21/2020 – 12:25 In a Tuesday interview, former Vice President Joe Biden claimed that there was no basis “whatsoever” to claims that his son, Hunter, profited off the family name. When asked local Wisconsin TV station WISN if there was any legitimacy to comments by Sen. Ron Johnson (R-WI) that Hunter “together with other Biden family members, profited off the Biden name,” the former Vice President replied “None whatsoever,” adding (without finishing the sentence) “This is the same garbage Rudy Giuliani, Trump’s henchman…” “It’s the last ditch effort in this desperate campaign to smear me and my family.” Except, Hunter admitted he profited off his family name! “If your last name wasn’t Biden, do you think you would’ve been asked to be on the board of Burisma?” asked ABC News’ Amy Robach in an October 15, 2019 interview. “I don’t know. I don’t know … | |
CNN’s Stelter Claims Toobin’s Zoom Wank Was “An Accident”CNN’s Stelter Claims Toobin’s Zoom Wank Was “An Accident” Tyler Durden Wed, 10/21/2020 – 12:05 Authored by Steve Watson via Summit News, CNN clown Brian Stelter was ridiculed Wednesday after he claimed that analyst Jeffrey Toobin’s decision to masturbate before properly finishing a Zoom call with his now former New Yorker colleagues was merely œan accident .
Stelter tweeted that œJeffrey Toobin has been sidelined at a pivotal moment in the run-up to the presidential election. The reason: He exposed himself during a Zoom call with New Yorker colleagues in what he says was an accident.
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Spain Becomes Sixth Country To Top 1 Million COVID-19 Cases: Live UpdatesSpain Becomes Sixth Country To Top 1 Million COVID-19 Cases: Live Updates Tyler Durden Wed, 10/21/2020 – 11:45 Summary Spain becomes sixth country to top 1 million COVID-19 cases Czech Republic imposes new restrictions on business, movement 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 * * * Update (1000ET): Spain has officially joined the US, India, Brazil and others in the 1 million+ confirmed COVID-19 cases club.
Across Europe, an FT analysis has found that the second wave of the … | |
Big Bond Option Bets Against ‘Blue Wave’ EmergeBig Bond Option Bets Against ‘Blue Wave’ Emerge Tyler Durden Wed, 10/21/2020 – 11:45 As we have previously noted, the world and his pet rabbit is short US Treasury long-bonds as the US election looms and expectations for stimulus (large or larger) spark a consensus reflation trade… | |
Shortage of poultry workers could hit Christmas dinnerThere are not enough EU workers to process the meat due to quarantine rules, says British Poultry Council. | |
Waitrose and Co-op cut prices for ‘tough times’The supermarkets are dropping prices in time for Christmas as many shoppers count their pennies. | |
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. | |
Aditya Puri reveals why he sold HDFC Bank’s shares before retirementAditya Puri had sold off HDFC Bank shares worth Rs 843 crore last July, three months before retirement. | |
Bajaj Finserv Q2 results: Net profit drops 18% to Rs 986 croreIts total revenue from operations came in at Rs 15,049.60 crore, 5.82 per cent higher from Rs 14,221.9 crore a year ago. ‹ ‹ | |
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: | |
Metals Stocks: Gold price heads for third straight gain as U.S. dollar slips, but risks aboundGold prices look to tally a third straight gain on Wednesday, setting prices for the precious metal up for their finish in over a month, as a rise in bond yields was overshadowed by weakness in the U.S. dollar. | |
Where Should I Retire?: We love to ski but are struggling even with a $1 million house budget ” what’s an affordable ski town where we can retire?Oh, it should have good lakes and water sports nearby and not be too touristy. | |
In One Chart: The stock market is rallying when the dollar falls ‘in a pattern so reliable it’s nearly automatic’Don’t believe a weaker dollar is good news for stock-market bulls? The inverse correlation between the currency and the S&P 500 index is running high, note analysts at Bespoke Investment Group. |
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