Written by Gary
Futures Drop, Record November Rally Fizzles As Election Gets Increasingly Contested (SPY -0.4%). Rail Week ending 31 October 2020 – October up 2.0%, hours worked flat at 34.8 hours in October.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The CAC 40 is higher by 1.24%, while the DAX is leading the FTSE 100 lower. They are down 1.00% and 0.13% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Oil Price Rally That Never WasWhen the pandemic pummeled the oil industry in the spring, many called the situation unprecedented. Prices were falling because of oversupply, but demand was failing to react to lower prices because of the pandemic. Then Chinas lockdown ended, and the industry breathed a sigh of relief. Things were going to get back on track. But now lockdowns are being implemented once again and a return to normal seems as far away as it has ever been. The UK enters a month-long lockdown today. The country is nowhere near as essential for |
| Smart Money Is Betting Big On This Trillion Dollar Lifestyle TrendThe worlds eCommerce king has found itself in a war that it may not be able to win. Its competitors are a group of specialty players that are overtaking Amazon one sector at a time. These specialist sectors include the pet food industry, that Amazon is losing to the now-giant Chewy.com (NYSE:CHWY)the $26.4-billion company that started as a dotcom in a basement and then stole major market share from Amazon. Now, ecommerce pioneer Sean Dollinger who took Namaste Technologies (TSXV.N) from $6M to $1.2B in just 15 months has launched |
| From Billions To Millions: Canada Offshore Oil DisappointmentThe Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced disappointing results this week from its call for bids on offshore oil parcels, according to a press release. Of the 17 parcels offered up in the Eastern Newfoundland Region, only one received any bidsParcel 9for which the winning bidder, BP Canada Energy Group ULC, committed $27 million in exploration work. For the petroleum boardand for Canada in generalthat must be a crushing disappointment. In contrast, 2018 saw bids totaling $1.3 billion |
| Two Major Power Blocs Are Vying For Power In The Middle EastThe 15 June clash between military units of the two great Asia powers China and India in the disputed territory of the Galwan Valley in the Himalayas reflected a much greater change in the core relationship between the two countries than the relatively small number of casualties might imply. It marked a new push back strategy from India against Chinas policy of seeking to increase its economic and military alliances from Asia through the Middle East and into Southern Europe, in line with its multi-layered |
| Oil Hasn’t Been This Bearish Is Nearly A CenturyThe energy sector has emerged as the worst-performing of the United States’ 11 market sectors in the current year, dropping to its lowest point relative to the S&P 500 since 1931. However, the oil and gas sector has managed to stage something of a comeback over the past few days, gaining momentum and rallying 9% thanks to Trump re-election odds improving quite dramatically as early results rolled in. Trump has vowed to continue supporting the sector, while Biden is widely viewed as being against the fracking industry. Yet, one Wall Street |
| Consolidation Is Killing Jobs In The U.S. Shale IndustryThe long-awaited consolidation in the U.S. shale patch is well underway, with several high-profile multi-billion-dollar deals announced in the span of just a few weeks. Analysts say that the mergers and acquisitions (M&A) frenzy was inevitable; smaller oil firms with manageable debts are trying to survive the pandemic-driven industry downturn, and bigger players are looking to add top-quality assets to their portfolios. What is also inevitable during this consolidation drive in the U.S. shale patch is the loss of U.S. oil industry |
| Peloton says recent spike in Covid-19 cases, lockdowns are boosting sales“The recent spikes in Covid cases and newly imposed lockdowns … have had a significant positive impact on sales,” Peloton CFO Jill Woodworth said. |
| Famed luxury carmaker Bentley to go fully electric by 2030Bentley plans to exclusively offer plug-in hybrid and electric vehicles by 2026 and fully electric models by 2030, the British luxury carmaker said Thursday. |
| Peloton shares fall despite earnings beat as bike maker warns of ongoing supply constraintsPeloton raised its financial outlook for fiscal 2021, now expecting to report $3.9 billion or more in total revenue. |
| It won’t be a year without a Santa Claus, as malls turn to portable igloos and virtual visits to save the holiday traditionFew kids will be sitting on Santa’s lap this holiday season, due to the precautionary measures that have been born out of the coronavirus pandemic. |
| 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. |
| In most years, hurricane activity would have wound down by now. Not in 2020Hurricane Eta, forecast to redevelop and head toward Florida next week, is the 28th named storm of this season. Eta’s intensity is rare for a November storm. |
| WHO looking at how a Covid mutation among minks may affect a future vaccineThe detection of the mutated virus among minks has raised questions about the effectiveness of a future Covid-19 vaccine. |
| For doctors who think Trump fumbled the pandemic, the tight election is seen as an insultMany front-line medical workers expected that the coronavirus would be a top priority for voters, and that Biden would win by a landslide. |
| Volkswagen is trying to help a Greek island go greenAround the world, projects focused on the development of more sustainable transport systems are in the works. |
| 5 things to know before the stock market opens FridayDow futures pointed to a decline at Friday’s open, following Wall Street’s four-session rally this week. |
| CVS Health raises 2020 earnings guidance as plan to offer wide range of medical services pays offCVS reported a better-than-expected 3.5% jump in third-quarter revenue, as its plan to remake the drugstore chain into a health service company paid off. |
| Why Germany’s coronavirus strategy doesn’t appear to be working this time aroundWhile Germany was lauded for its initial response to the pandemic, another lockdown raises questions over the effectiveness of its strategy second time around. |
| Compliance vs. defiance: Doctors on how to get people to pay attention to Covid restrictionsIt comes as several European countries seek to impose fresh lockdown measures to tackle the spread of the coronavirus. |
| UK Media Reports Putin To Step Down In January Amid Parkinson’s Disease FearsUK Media Reports Putin To Step Down In January Amid Parkinson’s Disease Fears Tyler Durden Fri, 11/06/2020 – 08:30 Overnight reports that 68-year old Russian President Vladimir Putin is set to unexpectedly step down early due to increasing debilitating health factors originated in the UK tabloid The Sun based in part on observations that he could be showing early symptoms of Parkinson’s disease. “Observers who studied recent footage of Putin noted his legs appeared to be in constant motion and he looked to be in pain while clutching the armrest of a chair,” The Sun reported late last night. “His fingers are also seen to be twitching as he held a pen and gripped a cup believed to contain a cocktail of painkillers.” However, responding to questions about the reports the Kremlin put out a statement Friday morning denying it. “No,” Kremlin Spokesman Dmitry Peskov said in response when asked about revelations from the story. “He is in excellent health,” Peskov added. |
| Watch: Deranged Olbermann Calls For Coup Against President TrumpWatch: Deranged Olbermann Calls For Coup Against President Trump Tyler Durden Fri, 11/06/2020 – 08:16 Authored by Steve Watson via Summit News, In a venom filled online rant, Keith Olbermann called for President Trump to be dragged out of the White House immediately in handcuffs. |
| Futures Drop, Record November Rally Fizzles As Election Gets Increasingly ContestedFutures Drop, Record November Rally Fizzles As Election Gets Increasingly Contested Tyler Durden Fri, 11/06/2020 – 08:01 The blistering November rally, which pushed the S&P higher by nearly 8% in the first 4 days of the month, the biggest advance in the first days of the month on record, finally reversed and pared some of this week’s gains as the vote count continued but got increasingly more contested amid mounting legal complaints from President Donald Trump’s campaign. Meanwhile, just around 4am, Joe Biden edged ahead of Donald Trump in the latest batch of Georgia results, a major shift in the Republican stronghold that hasn’t backed a Democrat for president since 1992. Biden also got closer in Pennsylvania and is still ahead in Nevada and Arizona, though Trump is catching up. |
| Biden Gains On Trump In PA, Takes Lead In Georgia, As Day Three Of Post-Election Counting ContinuesBiden Gains On Trump In PA, Takes Lead In Georgia, As Day Three Of Post-Election Counting Continues Tyler Durden Fri, 11/06/2020 – 07:07 As we head into day three of counting the ballots, Philadelphia City Commissioner Al Schmidt told CNN he expects an update in the next few hours as they kept counting through the night. There are 50,000 votes left to be counted there, he said. Despite a dustup that was the result of observers from both the Trump and Biden campaigns have been present observing the counting process, Schmidt said. œWe have no doubt when the count is finished, Senator Harris and I will be declared the winners he added. Here’s the most up to date map from Bloomberg: |
| Self-employed people ‘are being left in the dark’Newly self-employed people get no help from the government, despite the latest wage support package. |
| Average UK home costs more than £250,000, says HalifaxDemand for bigger properties is pushing up prices, the lender says, but it expects the market to slow. |
| Insurer RSA’s shares soar on £7.2bn takeover talksFamous for its More Than brand, RSA could be the year’s biggest takeover of a UK-listed company. |
| Stay positive. Goldilocks period ahead for market and economyGiven the trends seen in second quarter earnings, Q3 and Q4 results are expected to be stronger |
| Market Movers: RIL in fifth gear, banks upbeat; 154 stocks flash ‘buy’ signalsShares of oil-to-retail behemoth RIL concluded the week on an upbeat note, after it received one more cheque for its retail unit, while benchmark Sensex rose 553 points to close at 41,893, and Nifty climbed 143 points to 12,264. |
| Should you pick active or passive fund? Hear it from an industry honchoœThe biggest change in the US mutual fund industry is — it went from an industry where mutual funds were being sold to one where they are being bought. It is all about a shift in priority, Don Philips, Managing Director of Morningstar Inc, said at the Morningstar Investor Conference. |
| Rail Week Ending 31 October 2020 – October Up 2.0%Written by Steven Hansen Week 44 of 2020 shows same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is slowly recovering from the coronavirus pandemic.
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| Bond Report: U.S. Treasury yields steady before Oct jobs reportU.S. Treasury yields little changed early Friday’s trade ahead of the October employment report. |
| : Noodles & Co. CEO says there’s an ‘opportunity for growth’ as pre-COVID trends accelerateThough restaurant companies have struggled due to the coronavirus pandemic, Noodles & Co. says COVID-19 has opened doors by accelerating pre-pandemic trends. |
| : Yeti sales reach $1 billion over 12-month period, shares soarYeti is guiding for a fourth-quarter sales rise of up to 16%. |
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