Written by Gary
October 2020 ADP Employment Gains 365,000 (SPY +1.8%). ADP data show a slower pace of US private-sector job creation.
Here is the current market situation from CNN Money | |
European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.44% while Germany’s DAX is up 1.46% and London’s FTSE 100 is up 1.36%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Rise In COVID Cases May Force OPEC To Do The UnthinkableWith the most recent round of coronavirus-inspired lockdowns in various parts of the world, OPEC may face its biggest challenge yet: cutting even more production. Would the cartel and its members survive such a decision? OPEC originally planned to relax the current round of production cuts starting in January. And for now, that plan still stands. But there has been talk among OPEC members and analysts that it could waylay that plan, extending the cuts beyond January 2021 to some indefinite future date. The reason for the possible extension of the | |
Will The E-Commerce Boom Boost Oil Demand?“People have money and they’re not spending it on going out to the theater, they’re buying goods, CEO Black Gold Investors LLC. The transport industry has been one of the hardest hit by the pandemic. To limit transmission of the virus, most governments have been forced to enforce massive restrictions on public transport, leading to revenue losses of up to 70% for operators. Yet, there’s one corner of the transport industry that has actually been thriving: eCommerce delivery. The U.S. freight business has emerged as one of the rare winning sectors | |
Venezuelas Oil Industry Is On Its Last LegsLast week was devastating for Venezuela, its people and nearly collapsed oil industry. Oil production since the start of 2020 has fallen catastrophically to multi-decade lows, the extremely fragile economy continues to contract and poorly maintained infrastructure keeps failing. Washington is turning the screws on Maduros regime, imposing ever tighter sanctions aimed at isolating Caracas from economically crucial global energy and financial markets. The near implosion of Venezuelas oil industry is evident from crude oil inventories | |
How Will Gold Prices React To The Elections?Election Day has finally arrived. Who will win, and why gold will remain the biggest winner of them all? So, today is the day! It’s Election Day. For quite some time, national polls indicate that Biden has a significant advantage . He is also polling scarcely close ahead of Donald Trump in key battleground states, but, in some states, the lead has recently narrowed. So, in many places, the race is still too close to call, making them toss-up states. Hence, although according to political pundits, polls, and bets Biden will become the next POTUS, | |
Oil Prices Soar On Major Crude DrawThe American Petroleum Institute (API) reported on Tuesday a major draw in crude oil inventories of 8.01 million barrels for the week ending October 30. Analysts had predicted an inventory build of 890,000 barrels. In the previous week, the API reported a surprise build in oil inventories of 4.577-million barrels, after analysts had predicted a draw of 1.11 million barrels. Oil prices were trading up on Tuesday afternoon before the APIs data release in the runup to the U.S. election. Bearish factors this week include a ramp-up of oil production | |
Drop In Saudi Oil Exports Keeps OPEC+ Shipments Flat In OctoberA 386,000-barrel-per-day (bpd) cut in Saudi Arabias crude oil shipments kept total seaborne exports of the OPEC+ group stable in October compared to September, although Russia boosted its seaborne exports by nearly 300,000 bpd, data from IHS Markit showed on Tuesday. Total OPEC+ crude oil exports by sea averaged 22.5 million bpd in October, slightly up from 22.37 million bpd in September, due to the large drop in Saudi shipments, as well as lower exports from Venezuela and continued low levels of exports from West African producers and OPEC | |
Why the front bench seat disappeared from cars and may be staged for a comeback in EVsThe front bench seat was once a standard feature of American cars. Its disappearance, as well possible return, says a lot about how much cars have changed. | |
There’s no extra Covid risk from living with kids, study findsIf you live with children, you’re not at a greater risk of contracting Covid-19, according to a study in the U.K. | |
What a Trump or Biden win for president means for U.S. automakersThe outcome of the election between President Donald Trump and former Vice President Joe Biden is expected to have widespread impact on the auto industry. | |
The world’s ‘best’ luxury train is in the UK ” and it sells out a year in advanceThe 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. | |
Here is how S&P 500 trades after a presidential election, according to market historyThe Dow soared on Election Day and there’s a good chance stocks close out 2020 with gains, based on eight decades of data on the market and elections. | |
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 findsCellular, or “T-cell,” immunity against Covid-19 is likely to be present within most adults six months after primary infection, a new study said. | |
U.S. ‘credibility is on the line’ on Nov. 3, presidential historian Michael Beschloss saysNBC 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. | |
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. | |
Here Is The Latest On The ElectionHere Is The Latest On The Election Tyler Durden Wed, 11/04/2020 – 08:24 Chaos. That’s the best way to describe what has happened in the past 12 hours. Initially Trump shocked pollsters – again – after winning Florida by a whopping 370K votes where a surge in Hispanic support crippled hopes for a Biden landslide, followed by wins in Ohio and Texas. The early momentum saw Trump’s winning odds at online bookie Betfair surge as high as 80%. However, the momentum reversed after Biden managed to “flip” Arizona back to blue while the outcome remained unclear in six swing states ” Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin ” all of which are still counting votes, and while we may get some final vote counts today, others could take a few days. And so Biden leading Trump 238 to 213 for the electoral college, where a 270 total is needed… | |
Republican Rancher Killed By COVID-19 Wins Seat In North Dakota LegislatureRepublican Rancher Killed By COVID-19 Wins Seat In North Dakota Legislature Tyler Durden Wed, 11/04/2020 – 08:00 In a race that – one could argue – has come to symbolize the American electorate’s feelings toward COVID-19 and the virus’s impact on their votes, a “Trump Republican” running for a seat in North Dakota’s state legislature has handily defeated his Democratic opponent – despite having succumbed to COVID-19 weeks ago. | |
Futures Turmoil After Election Chaos Sets Supreme Court Showdown, “Blue Wave” CrashesFutures Turmoil After Election Chaos Sets Supreme Court Showdown, “Blue Wave” Crashes Tyler Durden Wed, 11/04/2020 – 07:42 US equity futures fluctuated wildly as investors scrambled to price in shifting odds for Donald Trump’s re-election and control of the Senate after the president declared victory in an early morning announcement, warning he would call on the Supreme Court to stop counting ballots in states where he led, setting up a potentially protracted vote count which would cripple any hopes for a quick post-election stimulus bill. Emini contracts swung from a gain of 2.1% to a loss of 1.3%, and were trading up around +1% as of 7am, last seen just above 3,400. | |
Chinese Revelers Party In Wuhan Nightclub While Europe Enters Second LockdownChinese Revelers Party In Wuhan Nightclub While Europe Enters Second Lockdown Tyler Durden Wed, 11/04/2020 – 05:00 Authored by Paul Joseph Watson via Summit News, Footage out of China shows people in Wuhan dancing in close proximity in a nightclub without a face mask in sight even as other European countries enter into a debilitating second lockdown. | |
John Lewis and Lloyds Bank cut many hundreds of jobsThe cuts – totalling more than 2,200 – come as both businesses continue their restructuring. | |
Takeaway beer sales ‘will make a significant difference’A last-minute U-turn allowing pubs to sell takeaway beer is welcomed – but may not be enough to survive, publicans fear. | |
M&S suffers first loss in 94 years as clothing slumpsThe High Street stalwart saw clothing and home sales fall due to the impact of lockdown. | |
US Election: 2 bad scenarios come back to haunt global marketsœThe key inflection point for markets will be whether the government — be it Biden- or Trump-led — is divided, said Peter McCallum, rates strategist at Mizuho International Plc in London. | |
US election win for Trump can drive market up in 1 year: Jim RogersRogers said he has no intent to sell either gold or silver. If anything, he plans to buy more of the precious metals. | |
HPCL to buyback 10 crore shares at a premium of 34%The buyback price is at a premium of 33.88 per cent to the closing price of November 4. Shares of HPCL settled 0.54 per cent up at Rs 186.74. | |
October 2020 ADP Employment Gains 365,000Written by Steven Hansen ADP reported non-farm private jobs growth at 365,000 which was within expectations. A quote from the ADP authors:
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Metals Stocks: Gold prices fight for altitude as prospect for ‘blue wave’ fiscal-aid package in Congress seen dimmingGold futures early Wednesday were under pressure as the 2020 race for the White House and Democratic majorities in the U.S. Senate looked uncertain, and the prospects of a substantial fiscal aid package, which might bolster the bullish case for bullion, appeared to be diminished. | |
Economic Report: Pace of private sector job growth slows October, ADP saysThe pace of U.S. private sector job growth slowed in October, Automatic Data Processing Inc. reported Wednesday. | |
Market Snapshot: Dow, S&P 500 futures rise, Nasdaq-100 surges more than 3% as Trump-Biden locked in tight election raceFutures for U.S. stock benchmarks trader higher on Wednesday, even as the election race between President Donald Trump and former Vice President Joe Biden looked too close to call in a number of states. |
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