Written by Gary
Stocks making the biggest moves in the premarket: Clorox, Estee Lauder, Dunkin’ Brands (SPY +1.1%). Huge Week begins as oil slides ahead of election.
Here is the current market situation from CNN Money | |
European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.80% while London’s FTSE 100 is up 1.24% and France’s CAC 40 is up 0.54%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Biden Win Could Cause A Huge New Oil GlutAs if the oil market needed another uncertainty in the year of the pandemic, a Joe Biden win at next week’s U.S. presidential election could have a significant impact not only on the American oil industry but also on global crude supply within a year. In stark contrast with President Donald Trump’s maximum pressure campaign on Iran with escalating sanctions on the Islamic Republic’s oil industry including a new round of sanctions slapped this week Biden pledges to offer Tehran a path back to diplomacy and a return to the nuclear | |
A Wave Of Stranded Oil Assets Is Coming To The U.S. Shale PatchThe coronavirus crisis and the crash in oil prices has unleashed a new wave of mergers and acquisitions (M&A) in the industry, most evident in the U.S. shale patch. But the wave is inclusive only of prime assets, leaving other less attractive assets in limbo. The consolidation in the oil and gas sector may be well underway, but attractive assets and merger partners could be in short supply as prospective buyers whose numbers are considerably lower than the number of assets up for sale have become increasingly picky about | |
Can Ecuador Save Its Ailing Oil Sector?The tiny impoverished Latin American country of Ecuador continues to struggle with its legacy of resource nationalism. Even a push by the current administration of President Lenin Moreno to implement business and investor friendly policies to attract offshore investment is failing to gain the desired traction. While Ecuadors mining industry is bounding ahead, because of Morenos policies aimed at boosting international investment in the countrys vast resources, the same cannot be said of the petroleum industry. The previous | |
Oil Crisis And Recession Bring Two African Rivals Closer TogetherTimes of recession usually bring up overused terms like belt-tightening or company restructuring though distressed periods are just as useful for settling old scores and shaping up new partnerships. Testifying to the purifying effects of market downturns, Sudan and South Sudan, countries that share the painful experience of the Second Sudanese Civil War which pitted them one against another, are edging closer to increase cooperation by making the shared hydrocarbon reserves a joint venture instead of two separate ones. Juba and Khartoum have signed | |
How The Oil Industry Fared Under The Last Nine U.S. PresidentsWith the 2020 presidential election looming and with many claims and counterclaims about a presidents impact on the oil industry I thought it might be of interest to review the history of U.S. oil production and consumption over the past 50 years. Here are the highlights from each presidents term in office. Richard Nixon was inaugurated as the 37th president on January 20, 1969. When President Nixon took office, U.S. oil production was nearing a peak after over 100 years of increasing production. Imports made up 10% | |
This Challenged Gulf Nation Is Betting Big On Natural GasOman has weathered all the innumerable challenges of 2020 with considerable flair, even though the year started off with the untimely passing of Sultan Qaboos, then came the coronavirus pandemic and the renewal of OPEC+ production curtailments that have dealt the economy the double whammy of lower prices and lower production. The Middle Eastern nation is now trying to grapple with the second wave of COVID, adapting to a new way of life under curfew and under increasing fiscal pressure. Whilst much of this year brought no big new on Omans | |
America’s malls under pressure: CBL, Pennsylvania REIT, file for bankruptcyTwo mall owners ” CBL and Pennsylvania Real Estate Investment Trust ” have filed for Chapter 11 bankruptcy protection. | |
Hong Kong biotech firm says its 30-minute coronavirus tests are ‘comparable’ to the ‘gold standard’Prenetics’ coronavirus tests are more accurate than antigen tests that also offer quick results, said co-founder and CEO Danny Yeung. | |
Actor Johnny Depp loses ‘wife beater’ libel case in LondonHollywood actor Johnny Depp has lost a libel case against British newspaper The Sun which published an article in which it called him a “wife beater.” | |
5 things to know before the stock market opens MondayDow futures saw a strong bounce Monday after the 30-stock average’s worst week and worst month since March. | |
Sports leagues are betting on augmented reality, as virtual courtside seats can’t match the real thingLeagues, including the NBA and MLB, continue to upgrade virtual reality offerings, but augmented reality could make money sooner. | |
This year’s Tony Awards are marked by Covid and a well-worn Broadway business strategyThe Tony Awards have become a big part Broadway’s advertising and influence when producers launch their shows. | |
Review: The 2020 Lamborghini EVO RWD is the most fun for the least amount of money at a starting price of $208,000With all the muscle now in the rear, the 2020 Lambo EVO RWD is let loose to slide, drift, spin and do all the other joyful things super cars used to do before digital driver-assists and robots took over. | |
‘I lost everything’: In hurricane-ravaged Louisiana, people struggle to rebuildLouisiana has been devastated by this season’s hurricanes and residents feel overwhelmed as they try to restore their homes and businesses. | |
Trump campaign rallies led to more than 30,000 coronavirus cases, Stanford researchers sayPresident Donald Trump’s campaign rallies led to more than 30,000 coronavirus cases, according to a new paper posted by researchers at Stanford. | |
Op-ed: Why it’s a myth finding a job is harder when you’re unemployedIt’s a myth being unemployed hurts your chance of finding a job, especially for job seekers during coronavirus who focus on the right skills and training. | |
An $11 trillion global hydrogen energy boom is coming. Here’s what could trigger itStoring fuel in salt caverns isn’t a new, but hydrogen’s growing role in decarbonization has revitalized interest in the concept. | |
Biden leads Trump by 10 points in final days before election: NBC/WSJ pollJoe Biden leads Donald Trump by 10 percentage points nationally two days before Election Day, a final NBC News/Wall Street Journal poll has found. | |
U.S. reports record 99,321 new coronavirus cases as scientists warn latest surge just beginningThere are now more than 9 million reported Covid-19 cases in the U.S., which added an additional 1 million cases in only two weeks. | |
Global COVID-19 Deaths Top 1.2 Million After Worst Week Since April: Live UpdatesGlobal COVID-19 Deaths Top 1.2 Million After Worst Week Since April: Live Updates Tyler Durden Mon, 11/02/2020 – 08:20 Summary: Italian PM lays out new restrictions CureVac vaccine shows positive response in early trial Dr. Tedros self-isolates Deaths top 1.2 million Sunak says England lockdown could be extended South Korea confirms 97 new cases China reports 24 cases India reports 45,231 new cases as outbreak continues to slow * * * As of Monday morning, global deaths tied to COVID-19 have topped 1.2 million after the deadliest week for the virus since April, according to data from Johns Hopkins. The number of new cases reported daily has doubled over the past five weeks, as England has joined Belgium, France, Germany and others in enacting new lockdown measures. | |
Data ‘Glitch’ Sparks Outage In Europe’s Largest Stock IndicesData ‘Glitch’ Sparks Outage In Europe’s Largest Stock Indices Tyler Durden Mon, 11/02/2020 – 08:09 Following a string of breakdowns this year on global stock exchanges – including a hardware failure at the Tokyo Stock Exchange, cyber attacks that hit New Zealand’s stock exchange, a software glitch at Germany’s electronic trading platform Xetra, and Euronext’s widespread disruption last month affecting trading from Dublin and Amsterdam to Paris and Lisbon – Europe’s largest and most-tracked STOXX indices suffered a delayed opening this morning.
The timing for the end of the glitch seems very fortuitous as indices suddenly exploded higher… | |
Futures Soar In Rollercoaster Session As “Huge Week” BeginsFutures Soar In Rollercoaster Session As “Huge Week” Begins Tyler Durden Mon, 11/02/2020 – 08:07 In a rollercoaster session which started with futures tumbling at the start of Sunday trading on the heels of a plunge in oil, which sent WTI below $35 on European lockdown fears and up to 1MMb/d in new production out of Libya, risk assets have staged a remarkable comeback with Emini futures rallying around the time of the European open, and surging over 40 points or 1.3%, rising to 3,307 having hit a session high of 3,322 earlier even as oil tumbled and yields were lower on the day. | |
In Moment Of Brutal Honesty, JPMorgan Says Economic Disaster And More Lockdowns Will Be Great For StocksIn Moment Of Brutal Honesty, JPMorgan Says Economic Disaster And More Lockdowns Will Be Great For Stocks Tyler Durden Mon, 11/02/2020 – 07:35 After reading months of ridiculously goalseeked Wall Street commentary, where first a Trump victory was the best outcome for stocks (at a time when Trump was seen as a favorite to win), then a Biden victory becoming the best-case outcome for risk assets (this predictably emerged around the time Biden took a lead in the polls), then a Blue Wave emerging as the most bullish outcome (around the time a Democratic sweep became the most likely outcome according to polls), and then following a brief detour when Wall Street briefly freaked out about Congressional gridlock when a split Congress suddenly became an all too real possibility, we went full circle and a Trump victory once again became the most bullish outcome (according to JPMorgan), traders and analysts would simply roll their eyes and snicker whenever a new “scenario” emerged from Wall Street’s strategy desks. There was a simple reason for that: as One River’s Eric Peters explained earlier, ever since the arrival of MMT in March, the simple reality is that for stocks it no longer matters who is president, to wit:
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Covid: Ryanair will not offer refunds for November flightsThe airline will allow passengers to change their travel plans for free amid new lockdown measures. | |
All I want for Christmas is… 33,000 songsHipgnosis Songs Fund snaps up half the rights to Mariah Carey’s inescapable festive tune and many others. | |
Credit card freeze extended for six months ahead of new lockdownCustomers will be able to defer payments for up to six months if they have not already done so. | |
Potential stock winners and losers from Tuesday’s US electionAlong with higher corporate taxes, banks could face concerns over more regulations under a Biden administration. | |
F&O: Nifty’s range widens to 11,400-12,000; VIX rises tooIndia VIX moved up 1.85 per cent from 24.75 to 25.21 level. Volatility is moving upwards since the last four consecutive weeks, and needs to cool down for the market to stabilise ahead of the US election. | |
Analysts see up to 66% upside in ICICI Bank over 12 monthsNet interest income (NII) rose 16 per cent to Rs 9,366 crore from Rs 8,077 crore in the year-ago quarter. Net interest margin (NIM) for the quarter stood at 3.57 per cent compared with 3.64 per cent in the year-ago quarter. | |
Outside the Box: The votes of 63 million poor people could decide this electionOf the 63 million poor and low-income people eligible to vote, 34 million didn’t vote. Their votes could make all the difference. | |
: Here’s how the economic cost of new COVID-19 restrictions will challenge EuropeThe U.K. this week joins Germany and France in the club of countries forced into national lockdowns by the coronavirus second spike. | |
Bond Report: U.S. Treasury yields edge higher as markets turn focus to presidential electionU.S. Treasury yields are mostly higher on early Monday’s trade before a busy week, headlined by the Nov. 3 presidential election. |
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