09Nov2020 Market Close: Wall Street Has A Wild Day Moving With Large Caps Sharply Upwards, DOW Closing Up 835 Points, Small Caps Take A Beating, Nasdaq Composite Down 1.3%, WTI Crude Slides To 39.98

Russia’s Oil Minister Novak Remains OPEC Negotiator Despite Leaving Ministry

Alexander Novak is being promoted to deputy prime minister and will no longer be Russias energy minister, but he is expected to continue being Russias key contact in talks with OPEC and the OPEC+ group. In a second cabinet reshuffle this year, Russian President Vladimir Putin dismissed on Monday several ministers and promoted energy minister Novak to be one of the deputy prime ministers of Prime Minister Mikhail Mishustin. Mishustin said on Monday he had submitted proposals to the Russian Parliament to approve Novaks

Why South Americas Offshore Oil Sector Is Exploding

Nearly a decade ago South Americas emerging offshore oil boom was viewed as a fad triggered by soaring oil prices which by 2011 had recovered from the Great Recession to be trading at over $100 a barrel. In early 2012, the international Brent price peaked at over $128 per barrel and stayed on average at over $100 a barrel until the late-August 2014 price crash. At those prices high cost oil projects, including offshore Brazil, became popular among global energy majors as they sought to take advantage to boost oil reserves, production and

India Invites Foreign Firms To Invest In Its Strategic Petroleum Reserves

India, the worlds third-largest oil importer, is inviting foreign energy companies to invest in its projects to expand its strategic petroleum reserve capabilities, Indian Oil Minister Dharmendra Pradhan said on Monday. I invite global energy players to come and invest in this project, Pradhan said, as carried by Reuters, at the virtual ADIPEC industry conference, referring to Indias ongoing construction of additional commercial and strategic petroleum storage. Earlier this year, India used the ultra-low

Citibank Forecasts $49 WTI For 2021

Citi revised down on Monday its outlook for the WTI Crude price for next year by $5 to $49 a barrel, citing the global spike in coronavirus cases that is set to impact oil demand. Citi Research also cut its estimate for Brent Crude by $5 a barrel to $54 per barrel, Reuters quoted the bank as saying in a note on Monday. Two months ago, Citi was expecting oil prices to recover to $60 a barrel by the end of next year as the oversupply will have been drawn down by then, as major investment banks and analysts were fairly bullish on oil. However, the

Energy Markets To See Radical Shift Through 2050

BloombergNEF (BNEF) published itsNew Energy Outlook 2020(NEO) last week. The NEO projects the evolution of the global energy system over the next 30 years. It is widely utilized by planners, strategic thinkers, and investors in developing long-term forecasts and plans. The report has three components: The Economic Transition Scenario (ETS) employs a combination of near term market analysis, least-cost modelling, consumer uptake and trend-based analysis to describe the deployment and diffusion of commercially available technologies.

IEA: Return Of Lockdowns To Cut Oil Demand

The renewed lockdowns in major European economies are set to weigh on the oil demand outlook, Keisuke Sadamori, Director of the Office for Energy Markets and Security at the International Energy Agency (IEA), told Reuters in an interview published on Monday. Major parts of the European continent are in lockdown. This would surely work toward the negative side, Sadamori told Reuters, but didnt elaborate whether the IEA would reduce its outlook in its monthly oil market report expected this Thursday. In the latest report in October,

U.S. coronavirus cases cross 10 million as outbreaks spike across the nation

The milestone comes as the U.S. sets record one-day spikes in cases, spurring some officials to reinstate restrictions in efforts to contain the coronavirus.

President-elect Biden implores Americans to wear a mask: It’s ‘not a political statement’

“We can save tens of thousands of lives if everyone would just wear a mask for the next few months,” Biden said.

McDonald’s unveils McPlant line, which includes meatless patty co-created by Beyond Meat

McDonald’s will test a meat-free burger in several markets next year as it adds plant-based menu offerings, which it has coined “McPlant.”

Theater chains AMC and Cinemark take big third-quarter losses during Covid pandemic

Last week, AMC, Cinemark and Marcus Theatres reported third-quarter results, showcasing yet another period of losses for movie theater chains.

General Motors to add 3,000 jobs focused on electric vehicles

GM said the jobs will be focused on engineering, design and information technology.

United Airlines boosts Thanksgiving schedule, expects most travelers since March

United Airlines expects Thanksgiving week to be busiest since March.

Coronavirus vaccine frontrunner Pfizer delivers key trial data – here’s where the other vaccines stand

A safe and effective Covid-19 vaccine is seen by investors and policymakers as a solution to get the global economy back on track.

Biden coronavirus advisor Osterholm says U.S. is ‘about to enter Covid hell’

“What America has to understand is that we are about to enter Covid hell,” Dr. Michael Osterholm told CNBC on Monday.

David Bossie, who was named to lead Trump effort to challenge election results, tests positive for coronavirus

In addition to David Bossie, Trump Housing and Urban Development Secretary Ben Carson and White House chief of staff Mark Meadows have Covid-19.

Travel companies cheer Pfizer Covid vaccine news as ‘welcomed step’ toward return in demand

“Today’s Pfizer news is a welcomed step in the right direction,” TripAdvisor CEO Steve Kaufer told CNBC.

Walter Isaacson, a participant in Pfizer’s Covid vaccine trial, describes what it’s like

“I had zero worry” going into the trial whether the vaccine was going to be safe, journalist-author Walter Isaacson told CNBC.

Pfizer CEO says he would take coronavirus vaccine first to ease public concern

Pfizer chief Dr. Albert Bourla said he is willing to be among the first to take a coronavirus vaccine to ease public concerns about its safety.

COVID ‘Cure’ Creates Chaos: Tech Wrecks, Bonds Bloodbath, Momo Massacred

COVID ‘Cure’ Creates Chaos: Tech Wrecks, Bonds Bloodbath, Momo Massacred Tyler Durden Mon, 11/09/2020 – 16:00

Monetary stimulus, election certainty, and now a vaccine – Buy, Mortimer, Buy!!!! Small Caps were limit up in the pre-market as everything exploded on Pfizer’s headlines… Nasdaq ended red, with markets tumbling late on as Trump challenge concerns picked up…

McConnell Backs Trump In Push For Recounts, Says Shouldn’t Accept Election Results “From The Media”

McConnell Backs Trump In Push For Recounts, Says Shouldn’t Accept Election Results “From The Media” Tyler Durden Mon, 11/09/2020 – 15:49

Although you probably won’t read much about it in the New York Times or Washington Post, support for President Trump pressing ahead with demands for recounts, or otherwise contesting the outcome of last week’s election, appears to be growing among top-ranking Republicans.

Lindsey Graham, Ted Cruz and others raised questions about various irregularities (which actually aren’t all that uncommon in American elections) earlier, and the GSA, the component of the federal government bureaucracy that oversees transfer of power and all that comes with it (moves in and out of the White House etc), said earlier that there would be no transfer of power until a “clear winner is clear based on the process laid out in the Constitution.”

Now, Sen Majority Leader Mitch McConnell, arguably the most powerful Republican in Washington (perhaps even moreso than President Trump), has finally spoken up, and he’s backing President Trump.

Sen. McConnell said Monday that Trump has every right not to accept the final results based on little more than media reports, and that President Trump is within his right to …

“Bulls For The Win, Bears Have Nothing, Everything Is Great, Right?”

“Bulls For The Win, Bears Have Nothing, Everything Is Great, Right?” Tyler Durden Mon, 11/09/2020 – 15:40

Authored by Sven Henrich via NorthmanTrader.com,

Bull Targets

First off: Great news. As I’m sitting here in the UK with lockdown number 2 I’m very pleased to hear the news of the Pfizer vaccine. I hope it’s a winner. Yay for science, an amazing achievement. Besides I can’t wait to hit the beach. Unfortunately we all still have to wait until it’s approved and distributed so we need to remain patient until next year it looks.

PA Supreme Court To Hear Challenge Over 800K ‘Invalid’ Votes; Nevada Poll Worker Attests To Outright Fraud

PA Supreme Court To Hear Challenge Over 800K ‘Invalid’ Votes; Nevada Poll Worker Attests To Outright Fraud Tyler Durden Mon, 11/09/2020 – 15:20

The Pennsylvania Supreme Court has agreed to consider a GOP challenge claiming that Republican observers were unable to oversee ballot counting, thereby invalidating hundreds of thousands of votes, according to Reuters.

The decision to hear the case is separate from a challenge to the PA Supreme Court’s ruling regarding ballots received after election day.

The news comes as Rudy Giuliani says at least 50 GOP witnesses say they were ‘corralled’ by Philadelphia election officials on election day and ‘weren’t able to see a single ballot’ counted behind closed doors. He claims that the roughly 800,000 votes counted after that ‘are invalid.’

Covid-19: Global stock markets rocket on vaccine hopes

The FTSE 100 surges nearly 5% after Pfizer says its Covid-19 vaccine is 90% effective in preliminary tests.

Aldi extends click and collect to 200 more shops

The discount supermarket chain is expanding its trial as it faces growing competition from rivals.

Four in 10 keep ‘money secrets’ from loved ones

Many could be hiding credit cards, loans and savings accounts from loved ones, a government body says.

Why you should try and bond with gold this Dhanteras

Bonds score over traditional modes, such as buying physical gold or gold ETF, as these instruments have sovereign backing, and give 2.5% interest every year.

HNIs book fat profits in equity in October; park money in debt funds

Investors withdrew Rs 2,725 crore in October from equity funds, although strong inflows of Rs 1.1 lakh crore into debt mutual funds saw AUM of the industry touch a new record of Rs 28.34 lakh crore.

Gold plunges 5%, silver drops 7% as stocks soar on Covid-19 vaccine euphoria

Spot prices beat a sharp retreat from a near two-month peak of $1,965.33 hit earlier in the session amid a weaker dollar and hopes for more stimulus following Joe Biden’s victory in the U.S. elections.

Realtor.com: See inside Raven-Symone’s $2.1 million Sherman Oaks home

Raven-SymonA , star of the Disney Channel’s That’s So Raven, � is letting go of her home in Sherman Oaks, CA. The actress and singer has placed her longtime Mediterranean pad on the market for $2.1 million. She purchased the place in 2009 for $1.4 million.

: Republican governors want to crack down on protests by targeting their funding ” how that could create ‘a slippery slope’

Proposals in Florida and Texas take a recent spate of anti-protest laws a step further.

Earnings Outlook: Beyond Meat earnings preview: Competition and pricing could take a toll on margins

Beyond Meat shares have more than doubled for 2020 so far.