Written by Gary
U.S. futures continued their slump, hitting a three-week low (SPY -2.0%). Fasten your seat belts, this mornings opening is going to be interesting.
Here is the current market situation from CNN Money | |
European markets are sharply lower today with shares in Germany off the most. The DAX is down 3.44% while London’s FTSE 100 is off 1.85% and France’s CAC 40 is lower by 1.77%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Blackrock, Bezos And Musk Charging Ahead in this $30 Trillion Mega-TrendA massive $250 billion has poured into ESG index funds since August, making ESG an investing megatrend thats soared over 733% in just two years and has had over $30 trillion invested globally.This is Big Capitals new safe haven and some of the largest names in finance and tech from Goldman Sachs, to Elon Musk and Jeff Bezos are investing heavily.ESG is considered a less risky and increasingly lucrative corner of Wall Street.The multi-trillion-dollar reality is that tech and ESG are now inextricably linked.And they are massively | |
Why Libyas Surge In Oil Exports Wont LastThe Libyan ceasefire agreement, which is being painted as a permanent one, could soon face increased opposition if third party interference is not dealt with. The UN-brokered (UNSMIL) agreement has been hailed by the 5+5 Joint Military Commission members and the Tripoli-based government as a major step forward. At the same time, Libyan general Haftar, leader of the Libyan National Army in the eastern part of the country, has been strangely quiet on the deal. His backers, mainly Russia, the UAE and Egypt, have been generally supportive of the agreement | |
The Next Oil & Gas Battleground For SupermajorsChevrons acquisition of Noble Energy launched an ongoing M&A frenzy in the U.S. shale patch as companies look to consolidate to cut costs while adding immediately cash-flow-positive resources to their portfolios. For Chevron, the US$5-billion all-stock deal to take over Noble Energy was not only about adding acreage in the DJ and Permian basins. Through the transaction, the U.S. supermajor is gaining more exposure to natural gas assets in the Eastern Mediterranean, including a large stake in Israels biggest gas field, which started | |
Venezuelas Oil Industry Could Take Decades To RecoverThere are considerable concerns that the vast oil reserves of Venezuela, totaling a billion barrels, could become a stranded asset. It was Venezuelas burgeoning post-World War One oil boom which was responsible for it becoming the richest country in Latin America and one of the wealthiest per capita globally. That now appears to be an albatross around the crisis-stricken countrys neck. The push to combat climate change, reduce emissions and particulate pollution has sparked a world push to significantly reduce the sulfur content of | |
Oman Faces Tough Choices As Budget Deficit DeepensOman is looking at all financing options following the lacklustre sale last week of a total US$2 billion bond offering, according to legal sources working with the Sultanate spoken to by OilPrice.com. Facing a budget deficit this year alone that may reach 18 per cent of GDP, according to S&P Global Ratings (S&P), and budget deficits averaging at least 15 per cent per year over the next five years, according to various analyst estimates, Oman has limited choices in extricating itself out of the financial hole dug for it by | |
Oil Rally Stalls On Larger Than Expected Crude Inventory BuildThe American Petroleum Institute (API) reported on Tuesday a bigger build than expected in crude oil inventories of 4.577 million barrels for the week ending October 23. Analysts had predicted a much smaller inventory build of 1.11 million barrels. In the previous week, the API reported a surprise build in oil inventories of 584,000 barrels, after analysts had predicted a draw of 240,000 barrels. Oil prices were trading up on Tuesday afternoon before the APIs data release, despite the depressed demand outlook that persists in the market. | |
U.S. agrees to pay Eli Lilly $375 million for 300,000 doses of coronavirus antibody drugThe agreement is for delivery over the two months following an emergency use authorization from the Food and Drug Administration. | |
Boeing to cut thousands of additional jobs as it prepares for long air travel slump in pandemicBoeing reported another rough quarter as it faces weak jetliner demand, the continued grounding of its 737 Max and the coronavirus pandemic | |
Bed Bath & Beyond targets ‘stable’ sales growth in 2021, low-to-mid single-digit gains by 2023Bed Bath & Beyond, ahead of its annual meeting with investors Wednesday, laid out a three-year road map and offered fresh financial targets. | |
Panera Bread adds pizza to menus as customers order more delivery and takeoutPanera Bread customers can now buy flatbread pizzas from the sandwich chain. | |
On Alibaba’s Singles Day, Chinese consumers look to spend more, shift away from American brandsMany Chinese consumers say they’ll be shopping for domestic brands during Singles Day on Nov. 11, the global consulting firm AlixPartners found. | |
Sanofi, GSK to provide 200 million Covid vaccine doses to WHO global immunization programSanofi and GSK’s vaccine is further behind in clinical development than some of the front-runners like Pfizer, Moderna and AstraZeneca, which are all in late-stage trials. | |
5 things to know before the stock market opens on WednesdayU.S. stock futures were down sharply as traders fear the rising number of coronavirus cases could hurt the economic recovery. | |
Op-ed: Investors need to know exactly what being a ‘fiduciary’ advisor meansThe most important factor when choosing a financial advisor is that they be a fiduciary. A fiduciary has a legal duty to act in a client’s best interest. It’s also important to know that many advisors are not fiduciaries. | |
States will need billions to distribute the Covid vaccine as federal funding falls shortAs public health departments across the U.S. prepare to distribute a coronavirus vaccine, many are wondering how they’re going to pay for it, experts say. | |
Health-care workers in Michigan criticize Trump’s rally amid record Covid cases“We are extremely concerned that the president’s rallies will affect people in our communities,” said Dr. Stephanie Markle, a critical care surgeon in Kalamazoo. | |
JetBlue CEO says flight bookings for holiday season have not yet been hurt by rising Covid cases“We’ve been in a rising case count here for a couple weeks, and so far, we haven’t seen an impact on bookings,” JetBlue Chief Executive Robin Hayes told CNBC. | |
Travelers can work abroad in an island paradise ” if they make $100,000+A new remote work program is inviting high-earning travelers and their families to live and work in the Cayman Islands for up to two years. It’s one of the few ways people can access the Cayman Islands, since the territory has not reopened to tourists. | |
LA Dodgers CEO says it will take the franchise ‘years to catch up’ from lost 2020 revenuesThe Los Angeles Dodgers experienced more than $100 million in lost revenues due to the pandemic-altered MLB season, President and CEO Stan Kasten told CNBC. | |
Europe On The Cusp Of New Lockdowns As Brussels Plots Pan-EU Restrictions: Live UpdatesEurope On The Cusp Of New Lockdowns As Brussels Plots Pan-EU Restrictions: Live Updates Tyler Durden Wed, 10/28/2020 – 08:39 Summary: Brussels to discuss EU-wide measures Germany prepares return to partial lockdown France mulls new measures Czech Republic and Poland suffer new records Texas cases see biggest jump in 2 months Mainland China reports 42 more cases BoJo faces pressure for new lockdown UK vaccine task force warns: prepare for imperfect vaccines * * * The drumbeat of European economies moving back toward lockdown intensified Wednesday morning after German Chancellor Angela Merkel pushed for stronger curbs on movement and contact, including closing bars, restaurants, gyms and other nonessential businesses through the end of November. It comes as Italy and Spain impose their toughest nationwide restrictions since the end of lockdown, while France, which has relied heavily on localized restrictions targeting the worst-hit metro areas, weighs a potential return to lockdown, with President Emmanuel Macron reportedly favoring a one-month return to nonessential business closures. | |
Boeing Beats As It Burns $5 Billion In Q3, Will Cut Another 11,000 WorkersBoeing Beats As It Burns $5 Billion In Q3, Will Cut Another 11,000 Workers Tyler Durden Wed, 10/28/2020 – 08:24 Boeing stock rebounded after the struggling aerospace giant reported sales, EPS and cash burn that were stronger than expected, and announced it was looking to fire another 7,000 workers while 4,000 would be lost through attrition as it now expects a workforce of only 130,000 by the end of 2021, down sharply from 160,000 at the start of 2020. The reason: the company said it was still “significantly impacted” by Covid-19, and the ongoing 737 Max woes. A quick recap of Boeing’s Q3 numbers: Revenue $14.14 billion, -29% y/y, beating the estimate $13.84 billion Core loss per share $1.39 vs. EPS $1.45 y/y, beating the estimate loss/share $2.08 | |
Gundlach: Trump Will Win Next Week, And By 2027 “There Will Be Some Sort Of Revolution”Gundlach: Trump Will Win Next Week, And By 2027 “There Will Be Some Sort Of Revolution” Tyler Durden Wed, 10/28/2020 – 08:14 Back at the start of 2016, when nobody else would even consider such an outcome, DoubleLine Capital CEO Jeff Gundlach shocked the economic, financial and political establishments when during the January Barron’s roundtable of that year, he predicted that Donald Trump would become the next US president. He was right. Fast forward to today when one week before the elections, and in an environment when most polls predict that Biden will crush Trump and where Nate Silver gives Trump just as 13% chance of defeating Trump, Jeffrey Gundlach is predicting another victory for President Donald Trump. As Financial Advisor magazine reported, during a Tuesday webcast as part of Schwab’s 2020 IMPACT conference, Gundlach said that despite polls, analysis and betting odds that suggest otherwise, Trump is likely to outpace former Democratic vice president Joe Biden in the contest. “The polls right now say he isn’t going to win, but they said that four years ago,” said Gundlach referring to the followin … | |
Futures Tumble, European Stocks, Oil Plummet As Europe Imposes Partial LockdownsFutures Tumble, European Stocks, Oil Plummet As Europe Imposes Partial Lockdowns Tyler Durden Wed, 10/28/2020 – 07:56 U.S. futures continued their slump, hitting a three-week low as shares in Europe and crude oil tumbled after tighter covid restrictions in Germany and France sparked fear of even broader lockdowns. European stocks dropped to a 5 month low with all 20 sectors were in the red, while safe havens such as the dollar and Treasuries rose. Oil and gold slipped, while Bitcoin surged to the highest since January 2018. The VIX Index climbed to the highest level since June, rising as high as 37 overnight. | |
Heathrow overtaken as Europe’s busiest airport amid pandemicParis Charles de Gaulle is now busier as passenger numbers at Heathrow dive 84% because of Covid. | |
BT signs 5G deal with Ericsson to help ditch HuaweiThe move means its EE mobile network will be powered by both Ericsson and Nokia’s products. | |
Next sees online jump but store sales still downNext says future lockdowns of non-essential stores would cost it millions of pounds before Christmas. | |
FIIs not gung-ho about India’s telecom story; cut stake in Airtel, Vodafone Idea‹Foreign institutional investors (FIIs) have cut their stake in Bharti Airtel by 258 basis points (bps) and by 99 bps in Vodafone Idea. | |
Investing in US tech stocks? Correction looming, warns Chris Wood‹Over the last decade, the benchmark S&P 500 is up 193 per cent, while FAANG stocks have delivered an average return of more than 1,151 per cent in the same period. | |
YES Bank a multibagger in the making or a trap for investors?Investors hunting multibaggers on Dalal Street are eyeing the stock keenly, as it traded just a fraction above its previous high. | |
MarketWatch First Take: AMD smells Intel’s blood in the water, and strikes with Xilinx dealAdvanced Micro Devices Inc. smells blood in the water from the troubles at rival Intel Corp., and it struck Tuesday with a hefty deal to buy fellow chip maker Xilinx Inc. for $35 billion in stock. | |
: Markets tumble as fear grips Europe over threat of widespread lockdownsStock indexes across Europe are in the red on Wednesday, as fears of lockdowns in Germany and France grip the continent. | |
: Microsoft earnings easily top expectations, but forecast for Xbox’s debut quarter dings stockMicrosoft Corp. easily topped earnings and sales expectations with a Tuesday report, as all three of its core segments grew strongly amid demand for cloud services and videogames during the COVID-19 pandemic, but its forecast did not live up to estimates. |
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