30Oct2020 Pre-Market Commentary: Americans Income and Spending Rose More Than Expected, DOW Down 253 Points, Nasdaq Down 0.9%, US Smashes Single-day Record For Coronavirus Cases

Here is the current market situation from CNN Money

European markets are lower today with shares in Germany off the most. The DAX is down 0.52% while London’s FTSE 100 is off 0.32% and France’s CAC 40 is lower by 0.03%.

Oil Investments Are Drying Up As Crude Demand Falters

Thirty-five percent: this is the size of the spending cuts oil and gas companies are likely to have made this year in response to the effects that the coronavirus pandemic is having on demand, according to the International Energy Agency. And this is just the spending slump in upstream oil and gas. This is just part of a wider trend of investment cuts in the energy industry, according to the IEA, which earlier this month published an update of its World Energy Investment report, first released in late spring. At the time, some thought we were seeing

Are Stock Markets About To Crash Again?

Late last year, a cross-section of pundits predicted that 2020 would go down as one of the most volatile years in the history of financial markets mainly due to escalating trade wars. Turns out they were half-right. The current year really has been one of the most volatile on record not due to the feared trade tensions but a much deadlier foe: Covid-19. The global pandemic was directly responsible for the epic market crash back in March–the fastest in history–and it could be about to do the markets in, again. After a brief rebound on optimism

Could Fracking Help Save Colombias Oil Dependent Economy?

For almost a decade the Andean country of Colombia has been battling to significantly boost its low proven petroleum reserves and lengthen the production life of its economically vital oil industry. After a dearth of major oil discoveries, with the last mega oil discovery being the Cao Limon oil field in 1983 by Occidental Petroleum, the central government and the Colombian Association of Petroleum (ACP-Spanish acronym) believed that fracking could provide a viable solution. There have been numerous attempts by Bogota and the Colombian

The New Energy Reality Is A Massive Opportunity For Investors

Since the very beginning of the novel coronavirus pandemic, it was clear that coronavirus would have a severe and lasting impact on the energy industry. At first, as the worldwide economy ground to a sudden halt, energy demand plummeted, causing oil markets to go haywire. OPEC+ almost immediately turned on each other causing a price war and global oil glut, and in North America oil prices did the previously unthinkable, with the West Texas Intermediate crude benchmark bottoming out way below zero, closing the day at nearly $40 in the hole. In the

New Mexico Oil Auction Rakes In $3 Million

It wasnt perhaps what it could have been without the pandemic, but the New Mexico oil auction that the Bureau of Land Management held today managed to bring in $3 million. Thats not too shabby considering the run on oil and gas bankruptcies in the U.S. shale patch. The average price per acre that the BLM received from the auction this go around was $403 – a far cry from the $4500+ per acre that it has taken in on average during President Trumps time in office, according to Reuters. Part of the lack of interest, on top of oil

Tesla Is On Track To Deliver 1 Million EVs In 2021

At a time when oil prices remain stuck in limbo, Tesla Inc. (NASDAQ:TSLA) has continued to defy bearish expectations that low oil prices would put a damper on its core business of selling electric vehicles. For the fourth consecutive quarter, the EV maker posted yet another blowout that beat top-and bottom-line expectations. More importantly, it has exceeded Wall Street delivery estimates and reported record profits to boot. Tesla reported Q3 revenue of $8.77B, good for +39.2% Y/Y growth, and $460M above Wall Street consensus. Meanwhile, non-GAAP

New York City’s 45 movie theaters make up 40% of the metro box office ” and only one of them is open

New York City has long been an important market for movies financially and symbolically. Currently all but one of its 45 theaters are closed.

Under Armour shares surge after footwear sales help drive earnings beat

CEO Patrik Frisk cited higher demand for the athletic apparel maker’s products during the coronavirus pandemic, especially in North America.

Starbucks earnings top estimates as sales rebound quicker than expected in U.S., China

Starbucks’ global same-store sales fell 9% in its fiscal fourth quarter.

Delta and pilot union reach preliminary deal to avoid furloughs until 2022

Delta’s pilot union reaches preliminary agreement to avoid close to 2,000 furloughs until 2022.

5 things to know before the stock market opens Friday

Dow futures, down more than 400 points earlier Friday, pointed to an over 200 point decline at Wall Street’s open.

Chevron revenue plummets more than 30% in the third quarter as Covid slams demand

Chevron’s aggressive cost-cutting measures helped boost results as the pandemic hammers the oil giant.

Group 1 Auto CEO says the pandemic inventory crunch has been the ‘best thing’ for industry

“I think having a tempered build up in supply is the best thing that could happen to the entire industry,” Group 1 Automotive CEO Earl Hesterberg told CNBC.

Etsy CEO calls this is the ‘perfect moment’ to invest in marketing

“We’re going to keep being super disciplined about our investment,” Etsy CEO Josh Silverman said in a “Mad Money” interview after topping analyst estimates in the third quarter.

In the UK, researchers push on with efforts to develop autonomous vehicles that repair potholes

A range of projects are working on technology that could change the maintenance of crucial infrastructure.

How the intricacy of termite nests inspired the design of a Swedish school

Biomimicry is changing the way people think about how buildings look and function.

Gwyneth Paltrow says cannabis is the ‘hero ingredient of the future’ as she invests in cannabis-infused beverage maker

Paltrow 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 pandemic

Sales 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.

Walmart Removes Guns And Ammo From Store Displays, Citing Possible Looting, Unrest

Walmart Removes Guns And Ammo From Store Displays, Citing Possible Looting, Unrest Tyler Durden Fri, 10/30/2020 – 08:44

By Jack Phillips of Epoch Times

Walmart announced it will pull all guns and ammunition from its store displays on sales floors at stores this week in a bid to prevent the theft of firearms if stores are looted or broken into during potential mass civil unrest. The Arkansas-based retail giant confirmed its new policy to news outlets, stipulating that customers can still buy firearms and ammo upon request.

œWe have seen some isolated civil unrest and as we have done on several occasions over the last few years, we have moved our firearms and ammunition off the sales floor as a precaution for the safety of our associates and customers, Walmart said in a statement, according to Bloomberg and other outlets.

It’s not clear if the company is referring to the possibility of civil unrest that may occur during the Nov. 3 election. Walmart pulled guns and ammo from sales floors earlier this year in response to widespread demonstrat …

Americans’ Income & Spending Rose More Than Expected In September

Americans’ Income & Spending Rose More Than Expected In September Tyler Durden Fri, 10/30/2020 – 08:38

After a disappointing drop in August, personal incomes were expected to rise modestly (+0.4% MoM) in September, with spending expected to rise 1.0% MoM. However, September was even more positive with personal income rising 0.9% MoM and spending up 1.4% MoM.

7 Key Corruption Questions Joe Biden Must Answer After FBI Bombshell

7 Key Corruption Questions Joe Biden Must Answer After FBI Bombshell Tyler Durden Fri, 10/30/2020 – 08:25

Authored by Tyler O’Neil via PJMedia.com,

On Thursday, a Department of Justice official confirmed that the FBI opened an ongoing criminal money-laundering investigation into Hunter Biden and his associates last year. Tim Murtaugh, communications director for President Donald Trump’s reelection campaign, urged the press to ask Democratic nominee Joe Biden seven important questions involving the corruption scandal.

UK Accelerates Vaccine Trials, US Reports Nearly 90k New COVID-19 Cases In Latest Record Jump: Live Updates

UK Accelerates Vaccine Trials, US Reports Nearly 90k New COVID-19 Cases In Latest Record Jump: Live Updates Tyler Durden Fri, 10/30/2020 – 08:16

Summary:

Global cases top 45 million

Taiwan celebrates record COVID-19-free streak, best growth in developed world

US reports 89k new cases

UK accelerates vaccine approval

Germany reports record jump

Japan tops 100k

HK customs agents seize counterfeit masks

Indonesia reports most cases in 2 months

* * *

Global COVID-19 cases topped 45 million on Thursday as France outlined its plan for trying to mitigate the impact of the new quasi-lockdown (which began Friday) after European economies reported their Q3 GDP figures, with most coming in hotter than expected, even as deflation across the eurozone endured.

As Europe saw better-than-expected economic growth in the quarter, Taiwan, which has become – much to Beijing’s dismay – an exemplar of COVID-19-fighting efficiency, saw the fastest growth rate among any developed economy in Q3. Its economy actually expanded 3.3% year over year, its fastest rate of grwoth in more than 2 years, and a reversal from a 0.6% drop from Q2.

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House prices climb to record high, says Nationwide

House prices rise at their fastest rate for five years as buyers race to avoid paying stamp duty.

Covid: What impact has the furlough scheme had?

As the furlough scheme draws to a close, how much did it cost and did it achieve its aims?

Eurozone bounces back to economic growth

The region saw 12.7% growth from July to September but GDP is still smaller than before the pandemic.

IndusInd Bank Q2 results: Net profit declines 53% to Rs 663 cr; provisions rise 166% to Rs 1,964 cr

The bank’s total income came in at Rs 8,731.52 crore, down 1.65 per cent from Rs 8,877.53 crore

Once bitten, twice shy? D-Street avoids this midcap private lender like the plague

The latest earnings report of the private bank showed it is finally coming back on track under a new leadership. Last week, it posted a net profit of Rs 129.37 crore for September quarter compared with a Rs 600.08 crore loss posed for the same period last year.

Three of top 4 stocks sold most by FIIs in Q2 belonged to this sector

A quick look at the stocks where FII shareholdings dropped during the quarter shows three of top five names belong to the NBFC space. They included Indiabulls Housing Finance, VA Tech Wabag, Repco Home Finance and Equitas Holdings.

September 2020 Real Expenditures Improved

Written by Steven Hansen

The data continues to be affected by the pandemic. Expenditures improved year-over-year (but is in contraction year-over-year) whilst income also improved year-over-year (but is in expansion).

Need to Know: Here are 5 quality ‘election-proof’ stocks with upside potential, analyst says

David Trainer, founder of the independent research firm New Constructs, has put out a list of five stocks to own regardless of the election. He says all these picks have attractive risk vs. reward, large cash reserves and strong market share.

: Markets are acting as if the polls are tilted to Biden, Goldman Sachs analysts say

Former Vice President Joe Biden is favored to win the U.S. election no matter if you look at betting markets or polling. But the hard money on the election isn’t nearly as tilted toward Biden as polling would indicate.

: Etsy stock has tripled in 2020 as lapsed shoppers return

Shoppers who haven’t been to Etsy Inc. in a while are getting reacquainted with the e-commerce retailer in 2020, driving both results and share growth in the process.