Written by Gary
COVID-19 cases rising in 47 states, hospitalizations set records (SPY +3.3%). Uber jumps 13%, Lyft rallies 16%.
Here is the current market situation from CNN Money | |
North and South American markets are sharply higher today with shares in U.S. leading the region. The S&P 500 is up 3.32% while Mexico’s IPC is up 2.04% and Brazil’s Bovespa is up 1.92%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Model 3 Production Brought Tesla To Brink Of BankruptcyTesla came to the brink of bankruptcy before it launched the Model 3, chief executive Elon Musk said in a Twitter conversation. In a thread started to commemorate a $40-million fundraiser for the carmaker in 2008, in response to the question How close was Tesla from bankruptcy when bringing the Model 3 to mass production? Musk said that for a month, Tesla was teetering on the edge. The Model 3 was what Musks ultimate plan for Tesla had been about: an affordable electric car that everyone would want to buy. As he said on the | |
The U.S. Officially Quits The Paris Climate AgreementAs of Wednesday, the United States has officially left the Paris Agreement, as U.S. President Donald Trump promised in 2017. On November 4, 2019, the U.S. gave a 12-month notice to the United Nations that it would withdraw from the climate accord, which has its signatories pledge to keep the global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. Although President Trump said in 2017 that he would withdraw the United | |
The Philippines Could Start Oil Drilling In South China Sea Without ChinaThe Philippines could begin exploring for oil and gas in the disputed South China Sea even without a Chinese partner, Philippine Energy Secretary Alfonso Cusi said on Wednesday, Bloomberg reports. Last month, the Philippines lifted a moratorium on oil and gas exploration in the South China Sea. Philippine President Rodrigo Duterte has approved the recommendation of the countrys Energy Department to lift the moratorium on exploration in the West Philippine Sea, Energy Secretary Alfonso Cusisaidin the middle of October. | |
Oil Prices Jump On Large Crude Inventory DrawCrude oil inventories in the United States shed 8 million barrels last week, the Energy Information Administration reported a day after the American Petroleum Institute estimated an 8-million-barrel draw that pushed oil prices higher. At 484.4 million barrels, U.S. crude oil inventories remain above the five-year average for this time of the year when demand tends to be weaker. Yet the resurgence in coronavirus cases in the country will likely lead to a further weakening of oil demand, driving builds in inventories. The EIA also reported a 1.5-million-barrel | |
Saudi Gas Production Jumps To RecordSaudi Arabia produced a record volume of natural gas earlier this year, the Kingdoms state oil giant Aramco said in its Q3 results release on Tuesday, as the worlds top oil exporter looks to boost its position in natural gas. Saudi Aramco achieved a record historic single-day natural gas production of 10.7 billion standard cubic feet per day (bscfd) on August 6, 2020, from both conventional and unconventional fields, the company said. Aramco also made two unconventional field discoveries in the third quarter, both in | |
Four OPEC+ Members Favor Extended CutsThree members of OPEC and Russia are in favor of an extension of the current oil production cuts agreed by OPEC+ in April this year, Iraqi news agency Shafaq has reported, citing Algerias Energy Minister, Abdelmadjid Attar. According to the report, Attar said the oil market was facing a perilous situation because of the resurgence in Covid-19 cases. In response to these developments, Saudi Arabia, Iraq, Russia, and Algeria had backed an extension of the current rate of production cuts, standing at 7.7 million bpd. Iraqs presence in | |
U.S. reports second-highest daily number of Covid cases on Election Day as scientists warn of a dangerous winterThe coronavirus appears to be spreading widely in states across the country as scientists now warn of a difficult, dangerous winter on the horizon. | |
Wendy’s breakfast nabs new customers as pandemic pushes consumers to break habitsFast-food restaurants are still struggling to bring back breakfast customers, but Wendy’s is the rare winner. | |
Oregon becomes first state to legalize ‘magic mushrooms’ as more states ease drug lawsWhile some cities have moved to legalize and regulate access to so-called magic mushrooms, Oregon will become the first state in the country to legalize it on a statewide basis. | |
Biogen’s stock jumps 42% after FDA staff says it has enough data to support approving Alzheimer’s drugThe FDA agrees that results from Biogen’s late-stage trial, study 302, are “highly persuasive” and the study is “capable of providing the primary contribution to a demonstration of substantial evidence of effectiveness of aducanumab.” | |
France, Germany and England impose new lockdowns as pandemic fatigue seeps in across Europe and Covid cases soar“I don’t think people are adhering to lockdown like they were at the start,” said David Cain, a consultant for the U.K.’s National Health Service. | |
Why the front bench seat disappeared from cars and may make 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. | |
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. | |
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. | |
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. | |
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. | |
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. | |
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. | |
Denmark Discovers New COVID-19 Strain That Could Complicate Vaccine Effort: Live UpdatesDenmark Discovers New COVID-19 Strain That Could Complicate Vaccine Effort: Live Updates Tyler Durden Wed, 11/04/2020 – 12:41 Summary: UK daily deaths near 500 NYC hospitals climb Denmark discovers new strain Barry Sternlicht on how COVID impacted US election Global daily cases decline Germany’s “R” rate declines back below “1” BoJo set to push through more restrictions Hungary minister sickened Bulgaria tops 4k COVID cases South Korea confirms another 118 cases Indonesia reports 3,356 * * * Update (1220ET): As we head into the afternoon, we feel it’s worth resurfacing this interview clip involving Barry Sternlicht and CNBC host Joe Kernan, who discussed the role that COVID played in the election. | |
Frazzled Traders Turn To Booze, Tear Up The Script And Just Buy EverythingFrazzled Traders Turn To Booze, Tear Up The Script And Just Buy Everything Tyler Durden Wed, 11/04/2020 – 12:32 It was supposed to be the second worst possible outcome: a Biden presidency (which appears likely absent a SCOTUS reversal of the mail-in wave in battleground states) coupled with a Republican Senate, was said to result in “Bearish Gridlock” which according to Bank of America would be bearish for economic growth, corporate profits and financial markets (but it would be bullish for more stimulus from the Fed). In any case, as BofA sarcastically puts it, “after $21tn of monetary & fiscal stimulus in 2020, $0 of follow-on support would be deflationary.” The reason for BofA’s dour outlook: political parties historically have used obstructionist tactics when out of power to thwart key legislation, most often through the œrediscovery of commitments to œfiscal discipline . As an example, BofA cites the budget austerity during 2012-2015 as a major reason for the slow economic recovery. Incidentally, the bank’s reco “in this scenario investors should prepare for lower returns and higher volatility. Raise cash and buy Treasuries, munis, and high-quality corporate bonds.” Visually, you are here: | |
Google Searches For “Liquor Store Near Me” Hits All-Time High Amid Election Anxiety ÂGoogle Searches For “Liquor Store Near Me” Hits All-Time High Amid Election Anxiety  Tyler Durden Wed, 11/04/2020 – 12:20 Election Day is over, and it’s now Wednesday morning. No clear winner has emerged yet in an extremely tight presidential race, forcing some Americans to panic search “liquor store near me.” On Tuesday night, Google Trends’ Twitter account published a chart showing a parabolic move of internet searches for liquor stores as Americans sought to alleviate their election anxiety in a race that could take days for official election results to materialize. Many of the searches were in Deleware, Maryland, Tennesse, Georgia, and Colorado. Other related searches included “liquor store open near me,” “liquor store open,” “liquor stores near me,” and “liquor stores” were all in breakout territory. As shown below, “liquor store near me” hit an all-time high Tuesday night. | |
Trump: ‘Surprise Ballot Dumps’ Behind Lead Changes; Arizona ‘Sharpie’ Malarkey Comes Into FocusTrump: ‘Surprise Ballot Dumps’ Behind Lead Changes; Arizona ‘Sharpie’ Malarkey Comes Into Focus Tyler Durden Wed, 11/04/2020 – 12:07 Update 1207ET: In subsequent tweets, President Trump wrote “They are finding Biden votes all over the place ” in Pennsylvania, Wisconsin, and Michigan. So bad for our Country!,” adding “They are working hard to make up 500,000 vote advantage in Pennsylvania disappear ” ASAP. Likewise, Michigan and others!”
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Coronavirus: Shoppers flock to stores as lockdown loomsShoppers report lengthy queues as demand surges ahead of England’s month-long lockdown from Thursday. | |
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. | |
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. | |
Coronavirus update: COVID-19 cases rising in 47 states, hospitalizations set records in 7 states and Nebraska faces shortage of nursesThe U.S. tally of confirmed cases of the coronavirus illness COVID-19 climbed above 9.38 million on Wednesday with infections climbing in 47 states, as hospitalizations set records in seven states and Nebraska was resorting to asking for nurses from other states to come and help address the surge. | |
Market Extra: U.S. bond traders out over their skis as bets on ‘blue wave’ Democrat win sinkIn the end, bond traders’ wagers on a ‘blue wave’ ended in dramatic fashion as they stayed up into the early morning hours Wednesday and watched Democrat chances of winning the U.S. Senate founder. | |
TaxWatch: Attempts to raise state income and property taxes get mixed reception from votersA California proposition increasing commercial property assessments to fund schools is still close. |
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