03Nov2020 Midday Update: Wall Street Makes Strong Move To The Upside, DOW Up 530 Points, OPECs Oil Revenues Set To Plunge To 18-Year Low, WTI Crude Down To 37.57

Here is the current market situation from CNN Money

North and South American markets are broadly higher today with shares in U.S. leading the region. The S&P 500 is up 1.98% while Mexico’s IPC is up 1.51% and Brazil’s Bovespa is up 0.37%.

OPECs Oil Revenues Set To Plunge To 18-Year Low

The low oil prices and the record OPEC+ production cuts are set to nearly halve the net oil export revenues of OPEC members this year compared to 2019, sending them plunging to their lowest level since 2002, the U.S. Energy Information Administration (EIA) said on Tuesday. Collectively, OPEC members are estimated to earn about US$323 billion in net oil export revenues this year. If EIAs forecast holds, the revenues will have dropped to their lowest level in 18 years. To compare, OPEC earned an estimated US$595 billion in net oil export revenues

Qatar Bases Budget On $40 Oil To Withstand Volatility

Oil and gas producer Qatar will base its budget on an oil price of $40 a barrellower than the actual expected pricein order to protect its finances from volatility in oil prices, the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, said. To avoid negative economic consequences due to oil price volatility, we have instructed that the state budget be based on an oil price of $40 a barrel, which is lower than the expected price, Sheikh Al Thani said in a speech at Qatars legislative body, as carried by Bloomberg.

Venezuela’s Oil Exports Continue To Plunge

Venezuelas crude oil exports last month fell further, to a low of 359,000 bpd, Reuters reported, citing official data. The decline was the result of the expiry of a grace period given by Washington to trading companies to wind down their business with PDVSA. This business most recently took the form of oil-for-fuel swaps, which were until now allowed under the U.S. sanction regime for humanitarian purposes. As traders stopped taking in Venezuela crude, PDVSA saw its inventories swell. Last week, inventories at the port of JoseVenezuelas

Aramco’s Q3 Profit Slumps 45%

Aramco reported a net profit of $11.8 billion for the third quarter of 2020, down by 44.6 percent on the year as low oil prices continued to bite into its financial performance. The company also said it had free cash flow of $12.4 billion at the end of the three-month period and declared a dividend of $18.75 billion for the quarter. For the first nine months of the year, the hit from low oil prices and depressed demand was stronger. Net profit was down by close to 49 percent to $35.015 billion. In oil production, the Saudi major reported an average

Oil Prices Rise On Election Day

Oil prices jumped early on Tuesday, with Brent back above the $40 a barrel mark, supported by a rally in financial markets and a weaker U.S. dollar on Election Day. As of 9:45 a.m. EST on Tuesday, WTI Crude was up 3.53 percent at $38.13 and Brent Crude was rallying 3.08 percent to $40.17, returning to above $40 for the first time in a week. On Monday, oil prices dropped in early trading as more European countries announced lockdowns, but oil closed higher after the U.S. financial markets rebounded later on Monday. On Tuesday, oil prices rallied

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

Walmart ends contract with robotics company, opts for human workers instead, report says

The 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 says

Americans 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 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 $2 million 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.

Stocks making the biggest moves midday: Alibaba, Wayfair, Humana and more

These are the stocks posting the largest moves in midday trading.

What a Trump or Biden win for president means for U.S. automakers

The outcome of the election between President Donald Trump and former Vice President Joe Biden is expected to have widespread impact on the auto industry.

Dr. Scott Gottlieb warns of a ‘sustained period’ in the U.S. of ‘well above’ 1,000 Covid deaths per day

“There’ll be parts of the country that get very pressed,” the former FDA chief told CNBC on Tuesday.

Immune cells are responding to Covid six months after infection, study finds

Cellular, or “T-cell,” immunity against Covid-19 is likely to be present within most adults six months after primary infection, a new study said.

5 things to know before the stock market opens Tuesday

Dow futures pointed to a nearly 400-point gain at Tuesday’s open as Americans who haven’t already voted go to the polls.

The world’s ‘best’ luxury train is in the UK ” and it sells out a year in advance

The U.K. is going back into lockdown, but in some cases, it still makes sense to plan for travel when restrictions end. One luxury train definitely requires early booking.

U.S. ‘credibility is on the line’ on Nov. 3, presidential historian Michael Beschloss says

NBC News’ presidential historian Michael Beschloss warned on election eve that the credibility of the United States is “absolutely on the line” when it comes to the results of the presidential election.

Hong Kong-Singapore travel bubble could begin in November, Hong Kong finance secretary says

The city is talking to 10 other countries about travel bubbles, and discussions with Thailand and Japan are “more advanced,” said Financial Secretary Paul Chan.

Sign Of Caution? Corporate Insiders Absent In Pre-Election Dip-BuyingÂ

Sign Of Caution? Corporate Insiders Absent In Pre-Election Dip-Buying Tyler Durden Tue, 11/03/2020 – 12:50

In August, corporate insiders unloaded their own stock as S&P500 screamed to an all-time high price, with a forward P/E multiple surpassing the dot com peak of 27x. Corporate execs, at the time, were dumping their stock into unsuspecting Robinhood traders. Months later, “Wall Street suits” as Barstool Sports’ Dave Portnoy has coined, have yet to purchase these shares back, in a meaningful way, that would ultimately suggest the market is overpriced.Â

Corporate insiders, the same ones who bought the dip during the corona-crash in March, have yet to hit the big green buy button in October. As to why, well, it could be due to valuation concerns or election uncertainty.Â

According to Bloomberg, citing data c …

Inflation Is Not A Social Policy

Inflation Is Not A Social Policy Tyler Durden Tue, 11/03/2020 – 12:30

Authored by Daniel Lacalle,

Central banks continue to be obsessed with inflation. Current monetary policy is like the behaviour of a reckless driver running at 200 miles per hour, looking at the rear-view mirror and thinking œwe have not crashed yet, let’s accelerate .

Central banks believe that there is no risk in current monetary policy based on two wrong ideas: 1) That there is no inflation, according to them, and 2) that benefits outstrip risks.

“Oops: What If He Does It Again”: Here Is The Best Hedge Trade For A “Surprise” Trump Victory

“Oops: What If He Does It Again”: Here Is The Best Hedge Trade For A “Surprise” Trump Victory Tyler Durden Tue, 11/03/2020 – 12:10

If one goes by the official polls, one would conclude that a Biden victory is in the bag: according to RCP, Biden is a 7 point favorite, while Nate Silver has Biden’s winning odds at 89.2%. Of course, as 2016 showed, the polling process has become completely discredited and served more to reflect the biases of the poll creator than anything else.

So while Trump’s path to victory looks narrow, SocGen’s FX strategist Jason Daw asks “what if the unthinkable happens and he pulls it off again?” and suggests a trade to hedge said “unthinkable” event.

According to Daw, while there is still confusion within equities, “the currency market has nearly fully priced in a Biden win.” Specifically, as Biden has maintained a sizeable lead in the national polls over past four months, the Russian ruble has been one of the weakest currencies in EM, while the Mexican peso and North Asian currency bloc are amongst the strongest, with Daw suggesting that “geopolitical undertones are at least partially responsible for this price action” to wit:

The conventional wisdom is that under Biden, the US administration is likely to mend relationships with traditional allies, be harder on Russia than the Repub …

UK Raises Terror Alert Level To “Severe”, Meaning Attack “Highly Likely”

UK Raises Terror Alert Level To “Severe”, Meaning Attack “Highly Likely” Tyler Durden Tue, 11/03/2020 – 11:50

Days after imposing a one-month (at a minimum) lockdown, the UK is raising its terror alert level to “severe” (from “substantial”), meaning an attack is “highly likely” following Monday’s attack in Vienna, and the attacks last month across France.

Another suspect in last night’s attack was arrested in Linz, the capital of Upper Austria, just this morning, and Austrian officials have been suspiciously mum on the number of assailants who managed to escape the scene last night (one attacker was killed, at least 2 have been arrested). The death toll in yesterday’s shooting has climbed to 4.

John Lewis and Currys PC World extend hours ahead of lockdown

John Lewis and Currys PC World among those opening later as demand surges ahead of lockdown.

Financial markets rise ahead of US election

Uncertainty about the outcome of the race has weighed on share prices in recent weeks.

Jack Ma’s Ant Group: World’s biggest market debut suspended

The biggest stock market listing to date is halted after the process is suspended in Shanghai.

Why long-term silver streaming deal is important for Hindustan Zinc

A higher cash flow may also raise the dividend payout to service the group’s debt obligations. Historically, Vedanta Group has been relying on Hindustan Zinc in this regard.

China suspends Jack Ma’s Ant Group Shanghai IPO after warning

In China, analysts interpreted the move as a slap down for Jack Ma, who had wanted Ant to be treated as technology company rather than a highly regulated financial institution.

Sanjay Bakshi’s tips on how to benefit from Covid-19 crisis

Fundoo professor Sanjay Bakshi said black swan events teach us to be more frugal.

Brett Arends’s ROI: The inventor of the ‘4% rule’ just changed it

Bill Bengen says the now-iconic rule was always treated too simplistically

: Here’s how the economic cost of new COVID-19 restrictions will challenge Europe

The U.K. this week joins Germany and France in the club of countries forced into national lockdowns by the coronavirus second spike.

: 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.