Written by Gary
US growth surged in summer but recovery is slowing (SPY +1.0%). Stocks, dollar, & bitcoin jump; bonds & black gold dump after record GDP.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | China Believes Natural Gas Demand Will SoarThe Chinese economy has been the single largest contributor to global growth over the past several decades. Fossil fuel producers around the world closely watch Beijing, as the goals set by the Chinese government are usually met. With that in mind, Several recent policies have strengthened expectations of an increase in natural gas consumption. PetroChina, Chinas largest natural gas supplier, has predicted that demand will double over the next 15 years to 620 bcm despite the effects of the pandemic and the rising importance of renewables. |
| Will A Fracking Boom Ever Happen In Mexico?Mexico is sitting on top of the sixth biggest collective shale reserve in the entire world. At an estimated total of 545 trillion cubic feet, theyre just a hair behind the United States estimated 665 trillion cubic feet, which changed the global energy industry and handed the United States energy security on a silver platter thanks to the shale revolution. So why hasnt Mexico had its own shale revolution? Just across the U.S. border, Mexico is sitting on a veritable goldmine known as the Burgos Basin. The Burgos Basin |
| Teslas German Gigafactory Could Be Ready To Deliver Ahead Of ScheduleEuropean reservation holders of Teslas Model Y could begin to receive their vehicles manufactured at Teslas Gigafactory in Berlin earlier than expected, Teslarati reports, citing a tip from one reservation holder. Tesla is currently building its Gigafactory in Berlin, Germany, where it will make the Model 3 and Model Y, with deliveries expected to begin at some point next year. Tesla had previously said that Model Y production in Berlin would begin sometime in H2 2021. This morning, I got a call from Tesla in the Netherlands |
| NASA’s New Discovery Could Spark A Moon Mining FrenzyIt has long been accepted that the moon lacks the bodies of liquid water that are the hallmark of Earth, but lunar water may be more widespread than previously known. While space mining is a concept still out of this world to some, it is real for the mining industry. After long being considered mostly science-fiction, governments are now implementing programs and legislation that allow them to join the race for mining in space. The confirmed presence of water on the moon bodes well for future space mining. During a NASA press conference on Monday, |
| Canadas Oil Crisis Continues As Majors Report More LossesCanadas largest oil companies continue to post quarterly losses this year as low crude oil prices and low refining margins hit earnings. On Wednesday Suncor Energy reported its third consecutive quarterly loss so far this year, as the pandemic severely hits both the upstream and downstream sectors in Canada. Suncor posted a net loss of US$9 million (C$12 million) for Q3, smaller than the losses for the previous two quarters, but a loss nevertheless, especially compared to the net earnings of US$773 million (C$1.035 billion) for the |
| Exxon Fails To Raise Dividend For The First Time In 38 YearsExxonMobil is keeping its quarterly fourth-quarter dividend flat at $0.87 per share – the first time in 38 years that the company has failed to increase the dividend that it has been paying for more than 100 years. Exxon, which is reporting Q3 earnings on Friday, had increased its dividend in Q1 ad Q2 this year, despite the oil price crash and the back-to-back losses that it reported for the first and second quarters. Exxon, as well as Chevron, hadnt touched shareholder payouts, unlike their European rivals Shell, Equinor, |
| Starbucks sales fall less than expected as U.S. and China markets rebound from pandemicStarbucks’ global same-store sales fell 9% in its fiscal fourth quarter. |
| Gwyneth Paltrow says cannabis is the ‘hero ingredient of the future’ as she invests in cannabis-infused beverage makerPaltrow calls cannabis a “hero ingredient of the future” for wellness and says she was drawn to Cann’s drinks as an appealing alternative to alcohol. |
| Budget airline shares jump on sunnier outlook for travel despite pandemicSales came in ahead of estimates at both Spirit and Allegiant, and both discount airlines’ executives have touted an increase in demand recently. |
| Trump administration vetted political views of 274 celebrities for botched $265 million Covid ad campaign, House lawmakers say“This raises serious questions about whether there has been a violation of federal contracting law related to conflicts of interest,” the committees said. |
| Home Depot signs lease to take over 120,000-square-foot Bed Bath & Beyond space in New York CityHome Depot is getting ready to bulk up its presence in Manhattan, taking over a space that is being vacated by Bed Bath & Beyond next year. |
| A new coronavirus variant is seen spreading across Europe, research saysA new variant of the coronavirus, identified as 20A.EU1 by researchers from Switzerland and Spain, was first observed in Spain in June. |
| Comcast says Universal theme parks could break even in 2021Comcast’s theme parks may have been the single biggest drag on the quarter, but executives are optimistic the division will break even in 2021. |
| Yum Brands quarterly revenue rises 8%, fueled by higher Taco Bell demandYum Brands reported that quarterly revenue rose 8%, fueled by Taco Bell’s return to positive same-store sales growth. |
| Merck CEO says Covid vaccine won’t be a ‘silver bullet,’ predicts mask use for the ‘foreseeable future’Merck CEO Kenneth Frazier told CNBC on Thursday that people will still have to practice mask wearing and social distancing “for the foreseeable future.” |
| U.S. coronavirus infections unlikely to peak until after Thanksgiving, Dr. Scott Gottlieb saysThe former FDA chief said his family won’t be gathering this Thanksgiving because of Covid-19. |
| Doctors worry coronavirus pandemic may hit LGBTQ people harder than mostDoctors fear the impact on LGBTQ people could be substantial when considering the social, economic and health risk factors the community already faces. |
| Coach-owner Tapestry says women are paying more for their handbags during the pandemicTapestry, which also owns the Kate Spade brand, said its revenue per handbag globally rose more than 25%, on average, during the fiscal first quarter. |
| Moderna says it’s preparing global launch of Covid vaccine as it takes in $1.1 billion in depositsModerna is prepping for the global launch of its potential coronavirus vaccine, already taking in $1.1 billion in deposits from governments. |
| NY COVID-19 Hospitalizations Top 1,000, France Outlines Plan To Blunt Lockdown’s Economic Impact: Live UpdatesNY COVID-19 Hospitalizations Top 1,000, France Outlines Plan To Blunt Lockdown’s Economic Impact: Live Updates Tyler Durden Thu, 10/29/2020 – 16:05 Summary: Giants player tests positive NY reports 2,499 new cases, hospitalizations top 1,000 French finance minister outlines stimulus plans to blunt economic fallout France to re-close Disneyland Paris Global cases near 45 million New records in Romania, Poland Greece announces 1-month lockdown Belgium hospitalizations hit record as nonessential medical patients delayed Italy will decide on new measures after another week UK rate of spread surges as BoJo faces pressure for national lockdown India tops 8 million cases Iran sees another record in new cases Singapore lifts travel restrictions with China Moderna gets billion-dollar deposit * * * Update (1546ET): New York Gov Andrew Cuomo has just reported that the state saw 2,499 new cases in the last 24 hours, while total hospitalizations broke above 1,000 to 1,085.
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| Stocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDPStocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDP Tyler Durden Thu, 10/29/2020 – 16:00 A better than expected record rebound in GDP prompted traders to buy the ‘rumor’ ahead of tonight’s explosive set of earnings from FB, TWTR, AAPL, & AMZN with stocks running stops through gamma pivot levels, technical levels, and rolling over… At around 1315ET, the algos went wild…but a weak close as month-end looms… |
| UPS Suddenly Locates “Lost” Biden Evidence, Returning Docs To Tucker CarlsonUPS Suddenly Locates “Lost” Biden Evidence, Returning Docs To Tucker Carlson Tyler Durden Thu, 10/29/2020 – 15:45 Authored by Jack Phillips via The Epoch Times, Delivery giant UPS confirmed Thursday it found a lost trove of documents that Fox News’ Tucker Carlson said would provide revelations in the ever-growing scandal involving Joe Biden’s son Hunter and his overseas business dealings. |
| Record Early Voting In Texas Gives Democrats Hope Of Flipping State BlueRecord Early Voting In Texas Gives Democrats Hope Of Flipping State Blue Tyler Durden Thu, 10/29/2020 – 15:30 A massive surge in early voting across Texas has given Democrats hope that they can flip the historically red state blue. The Lone Star sate – which has seen a flood of Californians over the last several years, has seen voting records shattered in major cities. From Austin to Houston, polls suggest that Joe Biden may be within striking distance of President Trump – something which hasn’t happened in Texas since 1976. |
| Pizza Express cuts 1,300 more jobs amid Covid crisisIt comes weeks after the firm said it would cut 1,100 jobs and shut 73 restaurants as coronavirus hits trading. |
| US growth surged in summer but recovery is slowingThe US economy grew 7.4% over the quarter, but output remains lower than last year. |
| Government support ‘essential’ for UK economy, says IMFThe International Monetary Fund also says the UK’s recession will be more severe than it predicted. |
| RIL Q2 preview: Profits may dip but Jio may see sequential improvementAnalysts will also wait and watch company’s take on the legal tussle between Amazon Inc and Future Group, which has put the RIL-Future Group on hold. |
| What does it take to make money in a momentum-chasing, myopic market?There is very less competition if you are looking to invest with a long-term perspective. Since a majority of investors are trying to outsmart each other in the near term, joining this herd is likely to generate only average results. |
| How ‘one nation, one gold price’ could soon become a realityGold is an imported commodity and, therefore, the import price is the same across the country. But jewellery associations in different parts of the country fix different board rates, leading to multiple prices. |
| What’s Worth Streaming: ‘The Crown’ and ‘The Mandalorian’ return: Here’s what’s worth streaming in November 2020Netflix and Disney+ will be worth watching for those shows alone, and if you’re getting a new iPhone, give Apple TV+ a test drive |
| : Netflix increases prices in U.S. after wave of pandemic subscription additions, stock jumpsNetflix Inc. will increase prices in the U.S. after a surge in new subscriptions in the first few months of the COVID-19 pandemic. |
| Key Words: AOC calls GOP ‘sad’ and ‘stupid’ for suggesting the $14,000 wardrobe she wore for Vanity Fair was her own‘You don’t keep the clothes’ AOC and fashion insiders pointed out |
Summary of Economic Releases this Week
Earnings Summary for Today
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