22Oct2020 Midday Update: Wall Street Jumps At 1:30 ET, DOW Up 122 Points, Nasdaq Up +0.08%, WTI Crude Recovers Fractionally To 40.68, Pelosi Signals Progress On Stimulus Deal

Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.14% while the S&P 500 gains 0.27%. The IPC is off 0.57%.

This $40 Billion Pipeline Project Risks Becoming A Stranded Asset

Europes relationship with Russia has soured over the years due to diverging political views and crises such as Ukraines reorientation towards the West. Also, energy dependency has become a politically contentious issue. Natural gas demand in the EU was approximately 564 bcm in 2019 of which Russia provided 35 percent. The Southern Gas Corridor, which is almost completed after 4,5 years, is seen as an essential piece of infrastructure for diversification purposes. However, this article will argue that the costs, both political and

Oil Jumps On U.S. Stimulus Hopes

Following the biggest daily slide in three weeks on Wednesday, oil prices rose by more than 2 percent on Thursday morning after House Speaker Nancy Pelosi instilled hope in the markets that a deal on a new U.S. stimulus package could be imminent. As of 11:37 a.m. EDT on Thursday, WTI Crude was rising by 2.25 percent at $40.94, and Brent Crude prices were up 2.28 percent at $42.70. Oil prices were only slightly up in earlier trade, but extended gains after Speaker Pelosi said that talks with Treasury Secretary Steven Mnuchin continue and a deal

Chinese Energy Giant CNOOC Reports Major Drop In Revenue

CNOOC, the Chinese state energy giant focused on offshore and overseas exploration and production, reported a 27-percent drop in revenues for the third quarter, as quoted by Reuters, as business got pressured by low oil prices. Production of oil increased during the reporting period, but the price war started by Saudi Arabia in early spring, and the effects of the coronavirus pandemic on oil demand had a severe effect on sales. The realized oil prices of CNOOC averaged $43.03 a barrel during the third quarter, the company said in a regulatory filing,

U.S. Gasoline Demand Drops

U.S. gasoline demand is weakening, prompting refineries to additionally cut capacity utilization and crude processing in a sign that resurging coronavirus cases are derailing fuel demand recovery. According to this weeks petroleum inventory report from the EIA, gasoline stocks in the United States increased by 1.9 million barrels for the week to October 16. Gasoline production last week averaged 8.9 million bpd, compared with 9.2 million bpd a week earlier. U.S. refinery runs averaged 13 million barrels daily, compared with 13.6 million

Exxon Expected To Announce North America Redundancies Soon

Exxon is close to completing a workforce assessment for the United States and Canada, after which it will announce the number of people it needs to lay off in response to the crisis caused by the pandemic. Making the organization more efficient and more nimble will reduce the number of required positions and, unfortunately, reduce the number of people we need, chief executive Darren Woods said in a statement. We all recognize the consequences of these difficult decisions and the impacts they have, which is why were focused

The Worlds Largest Oil Trader Just Sent LNG Prices Soaring

Three trades for liquefied natural gas cargoes executed by commodity trading major Vitol made the company the talk of the LNG town as it pushed the Asian regional LNG benchmark up by as much as 20 percent. Bloomberg reports that the deals included one purchase of an LNG cargo from PetroChina, one from Gunvor, and one from Trafigura. The prices, at which Vitol bought the commodity between Friday and Tuesday, varied from $6.62 per mmBtu for the first cargo to $6.87 per mmBtu for the third one. Following these trades, the Japan-Korea Marker benchmark

Airlines experiment with new routes in ‘game of musical chairs’ to stem billions in pandemic losses

Airlines are reshaping their networks to capitalize on once-congested airports quieted by the pandemic.

Hamptons real estate prices break records as New York City wealthy flee to the beach

The average sales price in the Hamptons soared 46% in the quarter to just over $2 million, according to a report from Douglas Elliman and Miller Samuel.

Arby’s enters Mexico, and pandemic pushes new U.S. customers to try its sandwiches

The new Arby’s in Guadalajara is its first restaurant in Latin America.

Coronavirus second wave is hitting Europe in very different ways. JPMorgan has a theory on it

There’s no doubt that Europe is seeing a second wave of coronavirus infections, but the surge is not affecting its major economies in the same way, and JP Morgan has a theory why that may be.

‘Learn to live with the pandemic’: Physicians warn that a vaccine may not prevent Covid from becoming endemic

The virus, like other coronaviruses, may eventually become present in communities at all times, scientists said.

Stocks making the biggest movers midday: Las Vegas Sands, Southwest, GM, Discover & more

Take a look at the stocks making the biggest moves midday.

Southwest CEO: It may be 10 years before business travel returns so we’re focusing on leisure fliers

“I do think there is a need for business people to travel and I think that that will get back to ‘normal’ at some point. I’ll bet you it’s a long time from now,” Southwest CEO Gary Kelly told CNBC.

Warner Bros. says ‘Tenet’ wasn’t a ‘home run,’ ‘not optimistic’ about movie theaters rebounding

The coronavirus pandemic has not been easy to navigate for studios or movie theaters. On Thursday, AT&T chief John Stankey said he foresees a “choppy” recovery ahead for the film industry, one that might force WarnerMedia to devise new ways of releasing its content.

Coca-Cola earnings top estimates, despite 9% decline in revenue

Coca-Cola reported a 6% decline in organic sales for its third quarter.

Southwest Airlines posts biggest-ever loss as coronavirus slams demand

Despite its biggest loss ever, Southwest Airlines was able to cut its cash burn.

Target says it will hold your spot in line as it looks to make holiday shopping safer during Covid pandemic

The big-box retailer is adding more features, such as allowing shoppers to check if there’s a line outside of their store and dedicating more parking spots to curbside pickup.

American Airlines reports $2.4 billion net loss in third quarter, cuts cash burn

American Airlines posted another quarterly loss as coronavirus hit summer travel demand.

Chipotle shares fall despite earnings beat, as robust delivery growth weighs on profits

Shares of Chipotle, which has a market value of $38 billion, have risen 62% so far this year.

The Bull (And Bear) Case

The Bull (And Bear) Case Tyler Durden Thu, 10/22/2020 – 13:00

Authored by Sven Henrich via NorthmanTrader.com,

Time to put up or shut up for bulls and bears as we enter the final 2 months of the year and with the US election just a few days away.

As traders are watching the ongoing stimulus headline drama unfolding the bull case may be rather obvious but worth highlighting in the charts. At a time when valuations no longer seem to matter and most of traditional correlations lay in ruins due to unprecedented interventions by central banks the bull case is the obvious one: Get more stimulus and markets will rally higher once again.

3rd-Degree Murder Charge Dropped Against Former Cop In George Floyd Case

3rd-Degree Murder Charge Dropped Against Former Cop In George Floyd Case Tyler Durden Thu, 10/22/2020 – 12:44

A third-degree murder charge against former Minneapolis police officer Derek Chauvin was dropped by a Minnesota judge on Thursday. Chauvin was shown on video kneeling on the neck of George Floyd, a black man who died in police custody after the incident.

Goldman Claws Back Executive Pay After Shelling Out $5BN In Fines Related To 1MDB

Goldman Claws Back Executive Pay After Shelling Out $5BN In Fines Related To 1MDB Tyler Durden Thu, 10/22/2020 – 12:30

Just hours after authorities in Hong Kong confirmed that they would become at least the fifth jurisdiction where Goldman Sachs would be forced to pay a fine related to its involvement in 1MDB, WSJ is reporting that senior Goldman executives, including since-departed ex-CEO Lloyd Blankfein, will be forced to surrender tens of millions of dollars in back pay.

‘Waste Of Time’: NPR Refuses To Cover Biden Scandal

‘Waste Of Time’: NPR Refuses To Cover Biden Scandal Tyler Durden Thu, 10/22/2020 – 12:15

NPR Managing Editor Terence Samuels has issued a statement on why the network refuses to cover the Hunter Biden scandal – claiming that it’s a ‘waste of time’ and a ‘pure distraction.’

New government Covid scheme to pay up to half of wages

Chancellor Rishi Sunak increases support for firms and workers as lockdown restrictions spread.

Coronavirus: Canary Islands added to UK’s safe travel list

UK tourists will also no longer need to quarantine after visiting Mykonos, the Maldives and Denmark.

Goldman Sachs to pay $3bn over 1MDB Malaysia scandal

The investment bank reaches a record settlement with the US government for its role in the 1MDB corruption affair.

Barclays sees VIX plunging to pre-Covid level in clear Biden win

The November VIX future, which expires two weeks after the vote, is trading at 29, around current levels of the spot index. A level of 30 implies the S&P 500 Index will move around 9 per cent over the next 30 days, according to analytics service SpotGamma.

The Fed has trained bond traders not to push yields up too far

In the world’s most important debt market, yields are stuck in a range so tight it has few precedents, even after rates reached a four-month high Wednesday on hints that a U.S. coronavirus-relief package could be taking shape.

Burger King files IPO papers; plans to raise Rs 542 cr via fresh issue of shares

Net proceeds from the fresh issue are proposed to be utilised for funding the rollout of new company-owned Burger King Restaurants and for general corporate purposes.

17 October 2020 New York Fed Weekly Economic Index (WEI): Index Improves

Written by Steven Hansen

The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is below the worst seen during the Great Recession. However, this index remains on a recovery trend.

: ‘Informed voters cannot be suppressed voters.’ Your complete guide to voting in person ” early or on Election Day

What to know about requesting provisional ballots, taking ballot selfies, and voter intimidation.

: What a second COVID wave will do to liquor sales in the festive period

Sales of the French spirits maker Pernod Ricard rebounded faster than expected in the quarter ended in September, but the company cautioned that the last three months of 2020 would be œheavily impacted by the second wave of the coronavirus pandemic in Europe.

: Diageo introduces the first ever alcohol-free Guinness ” just what you need in lockdown

Ireland’s iconic stout and one of the world’s most popular beers is now available without alcohol, allowing revelers to enjoy Guinness without the worry of a cloudy head.