Written by Gary
Self-employed to get more financial help (SPY +1.1%). Construction spending again marginally improves and corporate bond risk back to pre-Covid levels.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Rystad Energy: COVID To Accelerate Peak Oil Demand To 2028Global oil demand will peak at 102 million barrels per day (bpd) in 2028, Rystad Energy said on Monday, noting that the push to low-carbon energy and the coronavirus pandemic will speed up the peak oil demand timeline to 2028 from 2030 previously expected. Before the pandemic upended forecasts for oil demand for both the short and long term, Rystad Energy had expected the maximum world oil demand to hit 106 million bpd in 2030. According to the energy research and business intelligence company, it will not be until 2023 that global oil demand recovers |
| The Future Landscape Of U.S. OilCrude oil last week dived below $40 as the resurgence of Covid-19 cases in Europe prompted new national lockdowns in France and Germanyso far. Yet fears have deepened that more countries could follow. Lockdowns are not good for oil demand. And they are just one aspect of the pandemic that is changing the oil industry landscape. The United States has not reinstated lockdowns and is quite unlikely to do it. Yet peoples behaviors are changing because of the pandemic, and some of these new behaviors may be here to stay, with their effect |
| Bolivia May Boost Energy Exports Under New GovernmentWithin less than 12 months Bolivia has managed to come full circle. First Evo Morales resigned as President of Bolivia in November 2019 amidst widespread protests calling into question the voting count, only to give way to a heavily military-backed interim government headed by Jeanine Anez that has delayed the due presidential vote three times (January, then May, finally September) before actually allowing the October 18 presidential ballot. In one of the rarest Latin American examples of popular vote rolling back a military coup by democratic |
| Oman Becomes First Gulf Country To Introduce Personal Income TaxNon-OPEC oil producer Oman, which is part of the OPEC+ alliance, could become the first country in the Gulf Cooperation Council (GCC) to introduce an income tax on individuals as oil-dependent economies in the Middle East reel from the price and demand crash. Oman plans to introduce in 2022 a personal income tax on wealthy individuals, its finance ministry said on Sunday, as carried by Reuters. The Middle Eastern oil producer heavily depends on oil income for its budget and has been one of the most affected economies in the region after prices |
| The $110 Trillion Trend That Bezos, Buffet And Musk Are Betting OnOver 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 |
| Drilling And Fracking Accelerates Ahead U.S. ElectionAhead of what could be an industry-changing presidential election in the US, a Rystad Energy analysis reveals that drilling and fracking activity has accelerated. North American fracking likely peaked in October at around 780 started jobs, with activity recovering from the trough touched in May and June. Meanwhile, our analysis of Baker Hughes data shows that the US horizontal oil rig count increased by 10 to 188, rising for a seventh straight week to reach its highest level since end-May. The increase in drilling activity comes against the framework |
| Walmart ends contract with robotics company, opts for human workers instead, report saysThe big-box retailer has cut ties with Bossa Nova Robotics, which made robots that scanned shelves for inventory, according to The Wall Street Journal. |
| Americans show they’re eager to shop even as pandemic stretches on, retail economist saysAmericans have shown they are eager to shop, even during a recession and global health crisis, said the NRF’s chief economist, Jack Kleinhenz. |
| AMC seeks stock sale to raise $50 million to stave off bankruptcyCinema 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 $2 million saleFIC 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 bankruptcyTwo mall owners ” CBL and Pennsylvania Real Estate Investment Trust ” have filed for Chapter 11 bankruptcy protection. |
| Biden energy plan may be more similar to Trump policy than expectedAmerican presidents have long wanted the U.S. to be energy independent, and former Vice President Joe Biden would likely have a similar agenda. |
| Most people die from non-infectious diseases and this health app wants to make you fitter for lifeAccording 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. |
| Rock icon Lenny Kravitz ‘amazed’ that racism is still a pressing issue todayRock icon Lenny Kravitz told CNBC he is “sad” and “amazed” that racism and inequality remain pressing global issues 30 years after the release of his debut album, “Let Love Rule.” |
| Watch live: The World Health Organization holds a press briefing on the coronavirus as cases surgeLast 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. |
| ‘I make no apology’: Boris Johnson defends decision to impose a second lockdown in EnglandThe U.K. recently passed 1 million confirmed cases, with deaths rising to 46,807 according to data from Johns Hopkins University. |
| The utility that beat Big Oil to a climate model it needs for the futureIs 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. |
| Here are the issues that matter to young voters in the 2020 electionYoung voters are fired up and research shows they will be a decisive factor in the 2020 election. From health care to the racial wealth gap, here are the issues college students said matter to them in this election. |
| Despite Tech Tumble; Stocks, Bonds, Gold, & The Dollar Rally On Election EveDespite Tech Tumble; Stocks, Bonds, Gold, & The Dollar Rally On Election Eve Tyler Durden Mon, 11/02/2020 – 16:01 As Asia closed and Europe opened, US equity futures were panic bid up 400-plus Dow points overnight, clung to gains into the US cash open when Nasdaq was dumped and Small Caps pumped along with The Dow. Last minute buying panics ramped Nasdaq barely into the green… |
| Federal Judge Tosses Texas GOP Bid To Invalidate Nearly 127,000 Drive-Through VotesFederal Judge Tosses Texas GOP Bid To Invalidate Nearly 127,000 Drive-Through Votes Tyler Durden Mon, 11/02/2020 – 15:57 A federal judge in Texas threw out a bid by Republican activists to toss nearly 127,000 drive-through ballots cast in the most populous county in Texas, which leans Democratic. |
| The Best And Worst Performing Assets In OctoberThe Best And Worst Performing Assets In October Tyler Durden Mon, 11/02/2020 – 15:45 In a continuation of the September weakness across markets, October saw a further decline in risk sentiment across financial markets from the post-covid highs of late-Summer as case counts are rising to new highs across Europe and the US. And, as Deutsche Bank’s Karthik Nagalingam writes in his October performance review note, European equities and oil in particular were among the worst performers last month, while EM assets were among the best. |
| At Least 7 Killed In Terror Attack Near Vienna SynagogueAt Least 7 Killed In Terror Attack Near Vienna Synagogue Tyler Durden Mon, 11/02/2020 – 15:41 Update (1540ET): Austrian media now reporting seven dead, including one police officer, in Monday evening’s attack near a synagogue in Vienna.
Media reports also said gunmen took hostages during the first shooting. Another shooting is reportedly underway a … |
| Self-employed to get more financial helpThe 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. |
| HDFC Q2 takeaways: Costs come down, recovery at its sharpest, & moreHDFC’s gross non-performing loans stood at Rs 8,511 crore. |
| Corporate bond risk back to pre-Covid levels: ReportWith the spreads now below the daily average for the last five years, the scope of further decline, if any, remains limited. |
| 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. |
| October 2020 ISM and Markit Manufacturing Surveys Remain In ExpansionWritten by Steven Hansen The ISM Manufacturing survey significantly improved and remains in expansion. The Markit PMI manufacturing index was little changed and remains in expansion.
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| September 2020 Construction Spending Again Marginally ImprovesWritten by Steven Hansen The headlines say construction spending grew month-over-month. Our analysis shows the rolling averages marginally declined.
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| The Margin: Can I vote in person if I have COVID-19 or I’m quarantining?Here’s the CDC guidance on voting if you’ve recently been exposed to the coronavirus |
| : Federal judge rejects Republican effort to throw out 127,000 ‘drive-thru’ Houston votesA federal judge on Monday rejected another last-ditch Republican effort to invalidate nearly 127,000 votes in Houston because the ballots were cast at drive-thru polling centers established during the pandemic. |
| The Wall Street Journal: Walmart scraps its plan to use robots to take inventoryWalmart Inc. has ended its effort to use roving robots in store aisles to keep track of its inventory, reversing a yearslong push to automate the task with the hulking machines after finding during the coronavirus pandemic that humans can help get similar results. |
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