Written by Gary
General Motors shares jump after truck sales deliver big earnings beat in third quarter (SPY +1.8%). Stocks making the biggest moves in the premarket: General Motors, Cigna, Merck, Regeneron.
Here is the current market situation from CNN Money | |
 | European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 2.44% while Germany’s DAX is up 1.52% and London’s FTSE 100 is up 0.49%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Oil Prices Are Set To Go Higher Next YearAs predicted, a second wave of COVID-19 is wreaking havoc on the world economy with many European nations contemplating new shut downs. It looks like it will be a tough winter for the oil markets. In a recent article carried in Reuters, two energy trading firms, Vitol, and Trafigura offered dour forecasts for the next few months. Trafiguras Executive Chairman, Jeremy Weir offered a demand forecast of a decline of a million BOPD in the U.S. and up to 1.5 mm in Europe as a result, with global demand through the winter at 92 mm BOPD. He made |
| The Biggest Ever Transfer Of Wealth Is Happening Right NowA new era of technology is being defined right nowand not only by the magnificent seven tech giants that are collectively worth $7.7 trillion. Instead, its being defined by a new generation of tech-driven companies that operate across multi-trillion-dollar industries and target the trillions of dollars that Big Capital is shifting into ESG, or impact investing.These next-gen tech companies create entire ecosystems, some with unlimited verticals And they de-risk by focusing |
| Aramcos Profit Drop Is A Dire Warning For Saudi ArabiaBy reporting a 44.6% decrease in profits in Q3 2020, Aramco has put a major damper on Saudi Arabias economic diversification strategies and overall stability. Saudi Aramco reported that its Q3 2020 profits decreased to Riyal 44.21 billion ($11.79 billion) from Riyal 79.84 billion ($21.29 billion) in Q3 2019. Worryingly, even those disappointing financials were helped by several royalty changes that boosted profits. The results from OPECs largest oil producer contradict the optimism being expressed by the oil cartels leaders |
| How Big Can the Tesla Bubble Get?Heres one fact that somehow transcends logic: Tesla is worth five times more than GM and Fordcombined. The EV company, which for quite some time served as a laughing stock for conservative investors on the one hand and the favorite of short-sellers on the other, has now reported five consecutive quarterly profits. As such, its outlook is bright, with EV sales seen as picking up considerably. Its no wonder that other EV markets are eager to replicate its success. The Wall Street Journal reported earlier this month on two EV |
| Election 2020: Climate Change Wont Be Part Of Texas Oil Regulators AgendaIn a sweeping victory for Americas oil and gas industry, Republican businessman James Jim Wright comfortably won a seat on Texas energy regulator with 53% of the vote. Wrights challenger, energy lawyer Chrysta Castaneda (D), took in 43% of the vote. Castaneda had vowed to put climate change on the agency of the Texas Railroad Commission, but Texas voters werent interested. Instead, the voters, which also threw their support behind President Donald Trump, favored the industry that largely supports |
| This Just Became The World’s Largest Gas HubThe increasingly global nature of natural gas, with the rise of liquefied natural gas (LNG) supply and trade, is making one of Europes key natural gas trading hubs into an even more important global benchmark for gas pricing and trading. The Dutch Title Transfer Facility (TTF) trading hub in the Netherlands has seen this year more open interest in gas contractsthe total number of outstanding positions held by market participantsthan the open interest in the U.S. Henry Hub benchmark, data from exchange operators |
| General Motors shares jump after truck sales deliver big earnings beat in third quarterGM’s net income surged 74% to $4.05 billion in the third quarter from $2.35 billion during the same three months last year. |
| U.S. daily coronavirus cases top 100,000 for the first timeThe number of new daily coronavirus cases recorded in the U.S. surpassed 100,000 for the time, according to a tally by Johns Hopkins University. |
| Covid vaccine maker AstraZeneca expects to release trial data by year-endBritish pharmaceutical giant AstraZeneca said Thursday it expects vaccine data to be available this year as it reported a solid rise in third-quarter sales. |
| 5 things to know before the stock market opens ThursdayU.S. stock futures Thursday pointed to a fourth session of strong rallies for the Dow, S&P 500 and the Nasdaq. |
| Working remotely from paradise? What it means for your taxesWorking remotely from a beach in the Caribbean sounds heavenly, but make sure you understand what this means for your taxes before you go. |
| Cramer: Election Day had ‘market-moving implications’ for cannabis, sports betting and gig economy“This was a great night for those three industries with market-moving implications,” the “Mad Money” host said. |
| Gap sparks outrage over posting half-blue, half-red hoodie amid heated electionGap 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 pandemicThe 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 seasonRetailers 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 winterThe coronavirus appears to be spreading widely in states across the country as scientists now warn of a difficult, dangerous winter on the horizon. |
| BET founder Robert Johnson says voting Democrat gives Black Americans ‘minimal return’“I think Black Americans are getting a little bit tired of delivering huge votes for the Democrats, and seeing minimal return in terms of economic wealth,” Johnson said. |
| Bank of England Surprises With £50BN More QE Than Expected, Sterling Jumps AnywayBank of England Surprises With £50BN More QE Than Expected, Sterling Jumps Anyway Tyler Durden Thu, 11/05/2020 – 08:30 Ahead of today’s FOMC decision, where Powell will find himself scrambling if he hopes for Congress to pass another multi-trillion fiscal package now that gridlock is in the cards for at least 2 years and Republicans revert to once again being “fiscal hawks” (full preview here), the Bank of England jumped into the monetary pool early when this morning it increased its already huge bond-buying stimulus by a larger-than-expected 150 billion pounds ($195 billion), more than the 100 billion pounds expected, as it braced for more economic damage from new coronavirus lockdowns not to mention more damage from Brexit (yes, that’s still going on).
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| World Sees Most Daily COVID-19 Deaths Yet As Greece Imposes National Lockdown:Live UpdatesWorld Sees Most Daily COVID-19 Deaths Yet As Greece Imposes National Lockdown:Live Updates Tyler Durden Thu, 11/05/2020 – 08:30 Summary: World suffers record daily deaths, cases Greece expands lockdown nationwide Germany cases come roaring back Poland, Czech Republic see record numbers AstraZeneca preparing to toll our vaccine supplies India reports just 50k new infections * * * After locking down Athens, and then Thessaloniki (Greece’s”second city”), the Greek government, led by Prime Minister Kyriakos Mitsotakis has extended the Greek lockdown country-wide as cases continue to hit records. Greece recorded a new daily record high of 2,646 cases on Wednesday, while the occupancy rate of ICUs currently stands at 69%. The total number of infections in Greece (a country of 11 million) is now 46,892. “If we continued to see the same rate of increase in cases as in the past week we’d have thousands in our hospitals,” Mitsotakis said in a nationally televised address. The national lockdown is expected to begin on Saturday. Elsewhere in Europe, cases in Germany came roaring back on Thursday after a brief respite for Europe’s biggest economy economy. The Czech Republic and Poland also saw record highs. In Belgium, ICU beds are filling at an un … |
| End Of ‘Blue Wave’ Hopes Sparks Pavlovian QE-Anticipating Buying Panic In EverythingEnd Of ‘Blue Wave’ Hopes Sparks Pavlovian QE-Anticipating Buying Panic In Everything Tyler Durden Thu, 11/05/2020 – 08:16 For months, The Fed and the market have been demanding, anticipating, and pressuring Congress for moar… moar loans, moar handouts, moar bailouts, and moar promises of moar. The outcome of the election, most specifically Democrats’ greatly disappointing results in the Senate and the House have crushed the hopes of a ‘blue wave’ and with it, trillions in free money. |
| Futures Soar, Dollar Plunges With Gridlock Now Seen As BullishFutures Soar, Dollar Plunges With Gridlock Now Seen As Bullish Tyler Durden Thu, 11/05/2020 – 08:05 It was supposed to be the worst of possible outcomes: a combination of years of gridlock (a Biden presidency with a Republican Senate), coupled with a contested election (which Trump is set to do by contesting state elections all the way to the Supreme Court), was according to Wall Street a bearish trigger that could launch as much as 20% of downside to stocks.
Well, once again Wall Street was dead wrong, because despite predictions ahead of the election that not having an early clear result could derail stocks, equities soared another 2% overnight rising above 3,500 – up nearly 300 points from the early Sunday prints – as the prospect of gridlock provided some solace and calm, led by t … |
| Sunak to extend furlough scheme to end of MarchThe move follows days of wrangling over the scope and duration of the wage scheme. |
| Bank of England boss pledges to do ‘everything we can’Policymakers vote to pump an extra £150bn into the economy as a second lockdown in England begins. |
| Sainsbury’s to cut 3,500 jobs and close 420 Argos storesAbout 420 Argos stores are to close, as will the supermarket’s meat, fish and deli counters. |
| If you can see through Q2 blip, this auto stock is entering the fast laneMotilal Oswal Securities said the company would see a rise in raw material cost due to a rise in lead prices. But sustenance of the demand momentum would dilute the impact through a price pass-through and operating leverage. |
| Analysts see up to 45% upside in this top PSU lender post Q2 resultsLKP Securities expects more than 40 per cent upside in SBI shares with a 12-month price target of Rs 290. |
| Alibaba beats quarterly sales estimates on e-commerce strengthSales from Alibaba’s core e-commerce business rose 29 per cent to 130.92 billion yuan in the reported quarter. |
| Documentary Of The Week: Ergodicity In Economics And FinanceWritten by John Lounsbury Ergodicity is a property sometimes misapplied in economics. A system is ergodic if the time average of a process and the position average are identical. This week’s video is a lecture that explains just what that means in simple processes and how economics is impacted. Hat tip to @LarsPSyll who has this video on his blog. Prof. Syll refers to the subject as “wonkish” (which it may well be), but its understanding is of fundamental importance for anyone interested in economics and financial systems.
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| Help Me Retire: I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do?Have a question about retirement, including where to retire? Email [email protected] |
| London Markets: Pound rises and gilt yields inch up as Bank of England steps up quantitative easing and Treasury extends furlough programThe pound rose on Thursday after the Bank of England said it would extend its quantitative easing program by £150 billion, more than the £100 billion expected by economists, and left interest rates at 0.1%. |
| Metals Stocks: Gold gains ground as U.S. dollar slumpsGold futures trade higher Thursday, lifted as the U.S. dollar slumped and investors watched results of the U.S. elections that appeared more likely to deliver a split government. |
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