Written by Gary
Chinas Crude Oil Imports Sink In October (SPY +2.0%). Bitcoin soars above $15,000 as markets price in much more QE; gold surges.
Here is the current market situation from CNN Money | |
 | North and South American markets are sharply higher today with shares in Brazil leading the region. The Bovespa is up 4.14% while U.S.’s S&P 500 is up 1.94% and Mexico’s IPC is up 1.12%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Surge In COVID-19 Cases Could Slash EmissionsIt became clear pretty soon after the first lockdowns in the spring were imposed: Covid-19, the disease caused by the novel coronavirus, caused a decline in greenhouse gas emissions. It was a no-brainer, really: the fewer people traveled and the less factories worked, the less they polluted. Now, were seeing a second round of emissions reductions. Last month, in its New Energy Outlook, BloombergNEF said the coronavirus pandemic could wipe out as much as 2.5 years worth of emissions from just the energy sector. To counter the good news, the |
| Tesla To Build Even Bigger Battery In AustraliaTesla plans to build a 300-MW/450-MWh battery storage system in Victoria, Australia, three times bigger than the once biggest battery the company had constructed, also in Australia. The new facility will help Australia as it moves to transition away from fossil fuels and towards renewable energy and will have the capacity to power half a million households for an hour, according to a Financial Times report. The company will partner with French Neoen on the project. “By securing one of the biggest batteries in the world, Victoria is taking a decisive |
| Chinas Crude Oil Imports Sink In OctoberChinas crude oil imports fell by 4.88 percent last month from a month earlier, data analytics provider OilX reported. At 10.96 million bpd, imports were more than 560,000 bpd lower than the average for September. On an annual basis, however, the October average was higher, by 3.47 percent or 367,000 bpd. OilXs analysts also reported that tanker congestion at Chinese ports has continued to ease. The level of oil in storage at facilities operated by the International Energy Exchange has also declined. The tanker congestion in China |
| Apache To Drill New Well Offshore SurinameDespite the industry-wide downturn, Apache Corp plans to drill a fifth well in Block 58 offshore Suriname, the company said in its third-quarter financial report, as the Houston-based oil major continues to focus on its prime non-U.S. assets. The company added that it expected robust Suriname exploration and appraisal programs in 2021. Suriname, one of the poorest countries in South America, lies on top of the Guyana-Suriname basin, which has become one of the hottest new exploration spots for the oil industry. A big reason |
| Saudi Arabia Cuts Oil Prices To Asian MarketThe worlds top oil exporter, Saudi Arabia, appears unconvinced that near-term demand has much room to grow as it reduced its official selling price for its flagship crude grade to its key market Asia. Saudi state oil giant Aramco cut on Thursday its official selling price (OSP) for the Arab Light crude grade shipped to Asia in December by $0.10 a barrel to a discount of $0.50 versus the benchmark Oman/Dubai average, off which Middle Eastern producers price the crude oil they sell in Asia, Bloomberg reported. The cut was in line with Asian |
| 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 |
| 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 Johns Hopkins University data. |
| Covid vaccine maker AstraZeneca expects to release trial data in a matter of weeksBritish pharmaceutical giant AstraZeneca said it expects vaccine data to be available by year-end as it reported a solid rise in third-quarter sales. |
| GM plans to increase pickup truck production with up to $1 billion investment in CanadaThe investment in the plant in Oshawa, Ontario, is part of a tentative deal with Canadian union Unifor. |
| How U.S. states tax wage income may be forever changed by remote workCan wages earned by a remote worker be taxed by a state the employee never enters? A legal battle caused by the coronavirus may end up in the Supreme Court. |
| NBA’s return by Christmas appears to be on track despite CovidThe National Basketball Association could decide on its 2020-21 season by Friday, with signs pointing to a return by Christmas Day. |
| ESPN to lay off 300 people. Here’s the memoThe layoffs come as parent company Disney restructures its entertainment and media business. |
| You’re running out of time to use these tax-advantaged fundsThe IRS rolled out special rules for flexible spending accounts earlier this year. What you need to know. |
| The $68 trillion transfer of wealth in America is evaporating amid crisisOver 2.3 million small businesses are owned by baby boomers and they are closing shop or selling out due to the pandemic as they watch assets shrink. |
| The Xbox Series X isn’t a huge bump but hardcore gamers will like itMicrosoft’s new flagship console, which comes out next week, delivers better visuals than its predecessors, along with a hefty game catalog. |
| 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. |
| Pennsylvania County Won’t Resume Counting Votes Until Friday Due To “Administrative Work”Pennsylvania County Won’t Resume Counting Votes Until Friday Due To “Administrative Work” Tyler Durden Thu, 11/05/2020 – 11:55 Authored by Paul Joseph Watson via Summit News, A county in Pennsylvania says it won’t begin counting over 35,000 ballots until Friday due to the need to perform œadministrative work. |
| New iPhone Hit With Power Chip ShortageÂNew iPhone Hit With Power Chip Shortage Tyler Durden Thu, 11/05/2020 – 11:40 Ahead of the holiday shopping season, sources told Bloomberg that Apple’s new iPhone is faced with a shortage of vital chips that manage power consumption. |
| Contested Election: The 2020 Election Has Proven A Target-Rich-Environment For ChallengesContested Election: The 2020 Election Has Proven A Target-Rich-Environment For Challenges Tyler Durden Thu, 11/05/2020 – 11:20 Authored by Jonathan Turley, Below is my earlier column in the Hill on the issues that we are following in the various states. Many of these issues are now being litigated on the deadlines and conditions for voting. We are still seeing challenges over the voting and now over the counting. We will be moving to the next phase from counting to keeping votes. Even if a state is declared for a candidate, there will be recount and challenges. Recounts historically have not resulted in substantial changes with the exception of the Florida recount in 2000 where there were serious problems in the design of ballots and intent of voters. There remain however categorical challenges like the one kicked back by the Supreme Court in Pennsylvania. Here is the column: The election is here and the record level of early voting is matched only by the record level of conspiracy theories. Many harbor doubts over whether their votes will count, but such doubts have lingered in history. Like Mark Twain said, œIf vo … |
| Bitcoin Soars Above $15,000 As Markets Price In Much More QE; Gold SurgesBitcoin Soars Above $15,000 As Markets Price In Much More QE; Gold Surges Tyler Durden Thu, 11/05/2020 – 11:05 Earlier today we said that with the collapse of “Blue Wave” hopes, and with them expectations of a massive fiscal stimulus (made even less likely now that Nancy Pelosi is facing a growing rebellion within the Democratic party), the Fed is now the only game in town…
… which naturally means even more QE (assuming the Fed refuses to cut rates to negative), before eventually the Fed launches a digital dollar sparking an inflationary conflagration. And sure enough, this morning the realization that the end of the “reflation trade” means the start of the QE trade has sparked a massive bid across all risk assets, which has pushed the S&P 2% higher, with the Nasdaq even higher, but it’s the dollar collapse trades that are really exploding. With the dollar plunging as traders start anticipating even more monetary easing, the fiat-alternatives … |
| Covid: Rishi 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. |
| IndiGo in talks for big engine order, defying aviation gloomBased on the size of IndiGo’s last engine order — a $20 billion transaction with CFM that covered 280 planes and was the largest engine order in history — the new agreement could be worth around $10.7 billion, including service, repair, and maintenance. |
| 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. |
| Metals Stocks: Gold on track to settle at a 7-week high as U.S. dollar fallsGold futures rally on Thursday, with prices on track to settle at their highest in nearly seven weeks, as the U.S. dollar slumped and investors watched results of the U.S. elections that appeared more likely to deliver a split government. |
| Coronavirus update: Fauci’s dire prediction comes true: U.S. counts more than 100,000 cases in a single day to set pandemic recordThe U.S. counted a record of more than 100,000 new cases of the coronavirus illness COVID-19 on Wednesday, the most in a single day since the start of the outbreak, fulfilling a prediction made by Dr. Anthony Fauci in June. |
| : Should I take a $1,913-a-month pension or a $445,000 lump sum?You have a few things to consider, including how much money you need and how much risk you can tolerate. |
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