02Nov2020 Midday Update: Wall Street Rebounds Ahead Of Election Day, DOW Up 445 Points Midday, Nasdaq Up 0.3%, WTI Gains Fractionally To 36.41, Gold Stable At 1893, Markets Trading Sideways

Here is the current market situation from CNN Money

North and South American markets are mixed today. The S&P 500 is up 1.29% while the IPC gains 0.51%. The Bovespa is off 1.49%.

Libya Oil Output Hits 800,000 Bpd

Libyas crude oil production has reached 800,000 bpd, Reuters has reported, citing sources in the know. This is a 100,000-bpd increase in just a few days, the report added. Libya started ramping up oil production in late September when the Libyan national Army agreed to a ceasefire with the Government of National Accord and lifted its blockade from oil facilities. During the more than eight months of the blockade, Libyas oil output slumped from over 1 million bpd to less than 100,000 bpd. Since the lifting of the blockade, however,

Russias Energy Minister Discusses OPEC+ Deal With Local Oil Firms

Russias Energy Minister Alexander Novak is meeting with executives of Russias oil companies on Monday to discuss the OPEC+ production cut deal, Russian media reported. Russia is the leader of the non-OPEC group of producers in the OPEC+ pact, which is currently withholding a total of 7.7 million barrels per day (bpd) from the market in the hopes of stabilizing oil prices and drawing down global oil inventories after the pandemic crashed oil demand earlier this year. Since the start of the OPEC+ cooperation in 2017, Russian oil companies

Trump Signs Order To Protect Fracking

President Donald Trump has signed an order aimed at protecting the shale oil and gas industry, he said in a tweet. Just signed an order to protect fracking and the oil and gas industry. This means JOBS, low energy bills, and continued AMERICAN ENERGY INDEPENDENCE! Sleepy Joe would BAN fracking and destroy American energy jobs! He has NO clue!! Trump tweeted on Sunday. The president referred to a memorandum from Saturday, titled Memorandum on Protecting Jobs, Economic Opportunities, and National Security for All Americans,

Canadian Oil Companies Raise Production

Canadian oil producers have plans to start ramping up production after the Alberta government said it would remove oil production limits at the end of the year. Were going to see a significant amount of that come back over the next few months, Alex Pourbaix, Cenovus CEO, told Reuters in an interview. The removal of the curtailment measures was welcomed by an embattled industry that had not yet recovered from the last crisis before this one hit. Yet now heavy oil demand is rising while supply remains tight because of U.S. sanctions

Oil Falls As Europe Expands Lockdowns

After ending the worst month since March, oil prices extended losses early on the first trading day in November on Monday, as more European countries announced lockdowns and as traders are bracing for volatility during and after the U.S. presidential election. As of 9:05 a.m. EST on Monday, WTI Crude was down 0.78 percent at $35.46, and Brent Crude prices were falling 0.55 percent at $37.67. Oil prices crashed at the end of last week after a U.S. crude oil inventory build added to lockdowns in France and Germany to weigh on the outlook for global

The $110 Trillion Trend That Bezos, Buffet And Musk Are Betting On

Over 3,000 investors with over $110 trillion in assets under management cant be wrong That $110 trillion supports responsible investment, or ESG investing for a more sustainable future. Some of that $110 trillion dollars is now squarely focused on the electric vehicle (EV) industry. And Tesla (NASDAQ:TSLA) is predicted to be the next trillion-dollar company, with stocks soaring more than 300% this year thanks to record demand, record deliveries and even record-breaking revenues and profits. Investors

AMC seeks stock sale to raise $50 million to stave off bankruptcy

Cinema chain AMC is looking to sell up to 20 million class A shares to secure nearly $50 million in new capital.

Friendly’s Restaurants’ parent files for bankruptcy, announces sale

FIC Restaurants, the parent company of Friendly’s, said Sunday that it has filed for Chapter 11 bankruptcy after the coronavirus pandemic hit sales.

America’s malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy

Two mall owners ” CBL and Pennsylvania Real Estate Investment Trust ” have filed for Chapter 11 bankruptcy protection.

Open enrollment is underway ” here are 5 tips for maximizing your benefits during a public health crisis

Amid the coronavirus pandemic, there are some valuable benefits offerings worth considering before open enrollment ends.

The utility that beat Big Oil to a climate model it needs for the future

Is NextEra Energy a utility or a renewable energy company? The answer is both, and there’s a lesson in its market success about business and climate change.

‘I make no apology’: Boris Johnson defends decision to impose a second lockdown in England

The U.K. recently passed 1 million confirmed cases, with deaths rising to 46,807 according to data from Johns Hopkins University.

Watch live: The World Health Organization holds a press briefing on the coronavirus as cases surge

Last week, the WHO said some countries may need to shut down nonessential businesses again as a way to take the “heat” out of worsening coronavirus outbreaks.

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.

Most people die from non-infectious diseases and this health app wants to make you fitter for life

According to the WHO, 71% of global deaths were caused by conditions such as heart disease ” and exercise can reduce the risk of contracting such illnesses.

‘Black Swan’ author: Global coronavirus response a case study of government incompetence and denial

“If we had instant, systematic testing, we wouldn’t be here. We wouldn’t be talking now about the pandemic,” said Nassim Taleb, author of “Black Swan.”

Actor Johnny Depp loses ‘wife beater’ libel case in London

Hollywood 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.”

Facebook, Twitter and VC firms consider life outside Silicon Valley as they shift to remote work

The coronavirus and the rise of remote work is reshaping Silicon Valley, the epicenter of U.S. tech culture and innovation for 70 years.

JPM Downgrades Tech Sector For The First Time In Two Years: Here’s Why

JPM Downgrades Tech Sector For The First Time In Two Years: Here’s Why Tyler Durden Mon, 11/02/2020 – 12:09

Perhaps there was some miscommunications (again) within JPMorgan’s trading desks, but whatever the reason, just hours after JPMorgan’s Nick Panigirtzoglou published a report full of “brutal honesty” in which the quant admitted that the best possible outcome for stocks would be economic devastation, writing that “although it has had a negative impact in the short term, the reemergence of lockdowns and resultant growth weakness could bolster the above equity upside over the medium to longer term via inducing more QE and thus more liquidity creation”, another JPM strategist, the head of US equities Mislav Matejka took the opposite direction, and told clients that JPMorgan was downgrading Tech – the sector that has driven the recovery rally since March – from Overweight to Neutral after two years of being bullish on the space as he now forecasts a change in market leadership, no matter who wins the vote. To wit:

Take profits on Tech, moving from OW to N. We held OW Tech the whole year, as well as the whole of last year. We continue to believe that Tech fundamentals are …

Schizophrenic Paradox Emerges In S&P, 30Y Bond Futures

Schizophrenic Paradox Emerges In S&P, 30Y Bond Futures Tyler Durden Mon, 11/02/2020 – 11:50

An apparent paradox is emerging in the world of futures positioning.

According to the latest CFTC Commitment of Traders data, after being stuck in a tight range for much of 2020, speculative investors boosted bullish wagers on S&P emini futures to the highest level in almost two years, a that most professional investors saw the potential for the S&P 500 index to bounce back from a two-month slump. As Bloomberg notes, net long positions in S&P 500 e-mini futures in the week to Oct. 27 were the most since January 2019.

“Non-Scalable” Fence Built Around White House, 250 Soldiers On Standby To Handle Election Night Chaos

“Non-Scalable” Fence Built Around White House, 250 Soldiers On Standby To Handle Election Night Chaos Tyler Durden Mon, 11/02/2020 – 11:30

President Trump is bracing for a surge of post-election day unrest in the US by building a “non-scalable” barrier surrounding the White House complex, according to CNN.

œThe White House on lockdown: A federal law enforcement source tells NBC that beginning tomorrow, crews will build a ‘non-scalable’ fence to secure the WH complex, Ellipse and Lafayette Square, said NBC White House correspondent Geoff Bennett.

The White House on lockdown: A federal law enforcement source tells NBC that beginning tomorrow, crews will build a œnon-scalable fence to secure the WH complex, Ellipse and Lafayette Square.

250 National Guardsmen have been put on standby, reporting to Metro Police officials.

” Geoff Bennett (@GeoffRBennett) November 2, 2020

The network reported that the temporary fence surrounding the White House would be similar to the barrier erected to create a perimeter surrounding the White House, similar to the barrier …

Peter Schiff: The Worst Pre-Election Stock Market Ever

Peter Schiff: The Worst Pre-Election Stock Market Ever Tyler Durden Mon, 11/02/2020 – 11:15

Via SchiffGold.com,

The US stock market is coming off its worst week since March. It was also the worst pre-election stock market in history. In his latest podcast, Peter talked about the market, the election and what’s likely ahead.

Self-employed to get more financial help

The government has announced self-employed workers can claim up to 80% of profits, from 40% before.

Lockdown: ‘We will have to throw our beer down the drain’

Pubs express dismay at latest lockdown amid fears of more job cuts and permanent closures.

Lockdown: Andrex maker has ‘100 million toilet rolls standing by’

As England prepares for a second pandemic lockdown, the maker of Andrex says it will prevent shortages.

Potential stock winners and losers from Tuesday’s US election

Along 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 too

India 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 months

Net 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.

Market Snapshot: Dow leads stock-market advance with 400-point climb ahead of presidential election

Stocks rise after an ugly finish to October, with support tied to upbeat global economic data on the eve of Election Day, as investors continue to monitor rising COVID-19 cases and a continued stream of corporate earnings results.

The Margin: Founder of hacker group Anonymous reveals his ultimate ‘end-game’

Aubrey Cottle, the founder of Anonymous, talked about where his focus currently lies while answering questions on Reddit this week in an ‘Ask Me Anything’ session.

: Why France’s lockdown could turn into a sales bonanza for Amazon

The French government’s decision to ban supermarkets and big retailers from selling goods deemed œnonessential could amount to a blank check for U.S. retailer Amazon.