04Nov2020 Market Close: Wall Street Skyrockets Higher, ISM And Markit Services Surveys Remain Modestly In Expansion, DOW Closes Up 369 Points, Nasdaq Up +3.9%

Texas Oil Industry May Have Left The Worst Of The Downturn Behind

Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity index in Texas declined for the 19th month in a row in September, falling to 145.4 from 150.4 in August, and down by 27.5 percent compared to the September 2019 index. The TPI saw

Is Wall Street Cutting Its Fossil Fuels Losses?

The global energy sector is at a major bifurcation point, with the energy revolution having grown into an unstoppable force now. The value of fossil fuel investments has been cut in half in the year-to-date, while renewable energy remains on the ascendancy and the only energy sector thats still growing. For oil and gas investors who have been left holding the bag, heres some advice: Just cut your losses and move on because a reprieve wont be coming to the sector in a long time. Thats the verdict by Wall Street

Stocks Of Major Wind Turbine Makers Slump Amid Election Uncertainty

Shares of major wind turbine manufacturers slumped on European markets on Wednesday as the U.S. presidential electionwith the two candidates differing strongly on energy policycontinued to be too close to call as of 10 a.m. ET. The biggest manufacturers of wind turbines have a strong presence on the U.S. wind market, which has been rapidly growing in recent years. U.S. President Donald Trumps energy agenda continues to be pro-oil and favoring the fossil fuel industries, while Democratic candidate Joe Biden has an energy plan

How Kurdistan Is Taking Advantage Of Iraqs Oil Crisis

Iraq is facing a desperate financial situation: obliged to pay billions of dollars in state salaries, pensions, and other disbursements whilst its ability to generate revenue to do so is severely constrained by a low oil price environment and OPEC+-mandated production quotas. Making matters worse is that the government of the semi-autonomous Kurdistan region in the north the KRG is using Baghdads deteriorating financial position to advance its own agenda and, by extension, the agenda of its principal state-sponsor, Russia.

U.S. Energy Exports To Mexico Near Record-High Levels

The United States exported crude oil, petroleum products, and natural gas to Mexico worth nearly US$34 billion in 2019, just shy of the record-high value of energy exports in 2018, the U.S. Energy Information Administration (EIA) said on Wednesday. According to data from the latest annual Standard International Trade Classification (SITC) from the U.S. Census Bureau, the U.S. imported energy products from Mexico worth US$13 billion last year, the EIA estimates showed. The value of U.S. energy exports to Mexico exceeded the value of energy

Chinas Oil Imports Are Falling From Record Highs

Chinas crude oil imports have fallen in recent months from their record high of nearly 13 million barrels per day (bpd) in June, although imports continue to be considerably higher compared to last years monthly levels, data from the Joint Organisations Data Initiative (JODI) showed on Wednesday. Having hit an all-time high in June, Chinese crude oil imports have declined over two consecutive months by 1.77 million bpd to 11.21 million bpd in August, according to JODI data. In September, Chinas crude oil imports rose from August

Gap sparks outrage over posting half-blue, half-red hoodie amid heated election

Gap caught fire for posting a photo of a half-blue, half-red sweatshirt on Twitter, as the election’s outcome is undecided and tensions are running high.

Ford’s new CEO promises investors more transparency, reports October sales declined 6.1%

Ford will release its U.S. vehicle sales on a monthly basis after the company’s new CEO, Jim Farley, promised Wall Street greater transparency.

Pet Valu to wind down U.S. operations, joining list of retailers shuttered by pandemic

The specialty pet retailer said Wednesday that it will wind down operations and close all of its 358 stores and warehouses across the U.S.

Tight election race could dampen consumer spending during a fraught holiday season

Retailers face another threat during the all-important holiday season: Americans who may be distracted awaiting results in the presidential race.

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.

U.S. reports second-highest daily number of Covid cases on Election Day as scientists warn of a dangerous winter

The 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 habits

Fast-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 laws in ‘psychedelic renaissance’

The field of psychedelic-enhanced therapy has increasingly garnered interest among investors, including big names like billionaire investor Peter Thiel.

Why the front bench seat disappeared from cars and may make a comeback in EVs

The 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.

Biogen’s stock jumps 42% after FDA staff says it has enough data to support approving Alzheimer’s drug

The 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.”

There’s no extra Covid risk from living with kids, study finds

If you live with children, you’re not at a greater risk of contracting Covid-19, according to a study in the U.K.

Billionaire Leon Cooperman started with nothing: ‘I had negative net worth’

Leon Cooperman was born to working-class Polish immigrants and is now worth $2.5 billion.

What Uber, Lyft Prop 22 win could mean for the future of all freelance work

Uber and Lyft are big winners of California’s Prop 22 results on independent contractors, but freelancers across all professions, and the U.S., may be relieved.

Stocks & Bonds Surge To Record Post-Election Gain

Stocks & Bonds Surge To Record Post-Election Gain Tyler Durden Wed, 11/04/2020 – 16:00

While uncertainty reigns over who will reside in The White House for the next four years, one thing was definitively decided last night, the ‘blue-wave’ crashed and burned…

‘Deep State Judge’ “Shocked” At USPS Election Failures, May Order Postmaster General To Testify

‘Deep State Judge’ “Shocked” At USPS Election Failures, May Order Postmaster General To Testify Tyler Durden Wed, 11/04/2020 – 15:45

US District Judge Emmet Sullivan may haul Postmaster General Louis DeJoy into court to testify over why the USPS failed to follow court orders to conduct a ‘mandatory sweep’ of mail-processing facilities to look for undelivered ballots by 3 p.m. on election day.

How COVID Forbearance Gave Banks A Three Trillion Dollar Boost

How COVID Forbearance Gave Banks A Three Trillion Dollar Boost Tyler Durden Wed, 11/04/2020 – 15:24

By Nick Dunbar of Risky Finance

If there was one thing that regulators were sure about at the start of the pandemic, it was that it would not become a bank story. Crisis yes, maybe even a touch of market turmoil for a few weeks in March, but never something that would embroil the world’s mightiest financial institutions, the way that subprime mortgages embroiled them 12 years before.

So starting in March, a series of emergency measures were rolled out that temporarily eliminated or blunted restrictions on bank balance sheets, along with ramped up support for financial markets that in the US at least, was unprecedented. Risky Finance joined forces with Washington DC-based advocacy group Americans for Financial Reform to analyze some of the impact on the six biggest US banks.

Our research showed that the key limiting constraint this year for the banks has been the supplementary leverage ratio (SLR), part of the 2012 Dodd-Frank Act that harmonised US bank regulation with global Basel rules. T …

Where The Vote Stands: Wisconsin Called For Biden, Trump Sues To Halt Counting In MIchigan

Where The Vote Stands: Wisconsin Called For Biden, Trump Sues To Halt Counting In MIchigan Tyler Durden Wed, 11/04/2020 – 14:56

Update (1445ET): ABC News has removed Arizona from the ‘Biden’ column on its interactive map, prompting many observers to proclaim that the state is ‘back in play’.

Coronavirus: Shoppers flock to stores as lockdown looms

Shoppers report lengthy queues as demand surges ahead of England’s month-long lockdown from Thursday.

John Lewis and Lloyds Bank cut many hundreds of jobs

The 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 markets

œThe 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 Rogers

Rogers 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 ISM and Markit Services Surveys Remain Modestly In Expansion

Written by Steven Hansen

The ISM marginally declined but remained in expansion whilst the Markit PMI marginally improved and remained in expansion.

Bond Report: 10-year Treasury yield books biggest daily drop since April as expectations for Democrat ‘blue wave’ in U.S. election fades

U.S. Treasury yields fell sharply Wednesday, following volatile overnight trading as investors poured into haven assets in face of a drawn-out American election outcome.

The ‘Latino vote’ was never one candidate’s to capture

As the U.S. sorts through election results, some question the usefulness of categorizing voters as ‘Latino.’

In One Chart: Warren Buffett’s favorite indicator, margin levels and technicals agree: This stock market could be in trouble

If investors are feeling a bit squeamish about how this election will ultimately play out, you wouldn’t know it from Wednesday’s huge rally. Enjoy it while it lasts?