Written by Gary
Stock market rally still hinges on fiscal stimulus despite vaccine euphoria (SPY 0.8%). COVID cases rise, Nasdaq jumps as vaccine makers, big tech gains.
Here is the current market situation from CNN Money | |
 | North and South American markets are broadly higher today with shares in Brazil leading the region. The Bovespa is up 4.02% while Mexico’s IPC is up 0.94% and U.S.’s S&P 500 is up 0.80%. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Russia: Its Too Early To Talk About Tweaking OPEC+ DealRussia is not ready to discuss changes to the ongoing OPEC+ oil production cuts before the Joint Ministerial Monitoring Committee (JMMC) next week, Russias top oil diplomat Alexander Novak told news agency Interfax on Tuesday. The monthly meeting of the JMMC panel is set for November 17, and Russias key partner in the deal, OPECs leader Saudi Arabia, said earlier this week that the pact could be changed. JMMC doesnt have the authority to change a deal, but it can recommend actions to the full OPEC+ meeting |
| Oxy Becomes First U.S. Driller To Announce Net-Zero PlanOccidental Petroleum has become the first U.S. oil company to announce a plan to slash greenhouse gas emissions to net-zero by 2050. In a five-minute video, Oxy cited its expertise in enhanced oil recovery, which features carbon dioxide injection into oil wells, as well as experience with carbon capture technology, which, according to the company, position it at the forefront of emission-cutting efforts. One of the biggest users of carbon dioxide, Occidental said it currently stores some 20 million tons of CO2 underground in the Permian every year. |
| OPEC Cuts Oil Demand Outlook Again As COVID Slows RecoveryFor yet another month, OPEC revised down its expectations for global oil demand as the renewed spike in coronavirus cases in major economies is slowing down the oil demand recovery. In its closely watched Monthly Oil Market Report (MOMR), the cartel cut on Wednesday its global oil demand forecast for this year by 300,000 barrels per day (bpd) compared to last months estimate and now sees global oil demand at slightly above 90.0 million bpd this year, down by 9.8 million bpd compared to 2019. The main reasons for the expected even lower demand |
| An Oil Market Recovery Is On The HorizonThe major participants at ADIPEC 2020s ADNOC Trading Forum expressed a wide range of sentiment, but the general message was one of caution or even outright pessimism when it came to oil price movements. The Virtual Conference, which was held in Abu Dhabi, was dominated by three main topics, the impact of COVID-19, global oil and gas demand destruction, and the U.S. election results. With a wide range of speakers including representatives from Abu Dhabis national oil company ADNOC, the major storage company VITOL, Japanese company |
| Can Colombia Replicate Brazils Offshore Oil Boom?While offshore Brazil, Guyana and to a lesser extent Suriname are gaining the lions share of attention when it comes to South American offshore oil, with opportunities opening-up in Colombia. The Andean countrys Caribbean coast is believed to hold considerable oil and natural gas potential. It was with much fanfare that Diego Mesa, Colombias Minister of Mines and Energy, announced the reactivation of offshore activity in Colombia at the start of October 2020. This is an important development for a country, which despite being |
| Is This The Perfect Battery For Electric Vehicles?Imagine an electric car thats lightweight and fast, and can go for hundreds of miles on a single charge. This car would not have a battery pack to weigh it down. Its batteries would be part of its body. Structural batteries have been around at least since the 2000s when the U.S. military designed the first ones out of carbon fiber, which is a conductive material. It is also notoriously lightweight, and things can be built from it, including car bodies. Teslas Elon Musk announced at the companys Battery Day it was going to start |
| U.S. prepares for worst four months of the pandemic as it stares down the ‘darkest’ days yetThe U.S. is heading for a œdark winter, a œCovid hell” that will make the next few months of the coronavirus pandemic unlike anything the nation has seen yet. |
| What you need to know about BioNTech ” the European company behind Pfizer’s Covid-19 vaccinePfizer developed its coronavirus vaccine in partnership with BioNTech. CNBC takes a look at the company’s history. |
| Bernard Arnault is world’s second richest person, adding billions as market ralliesLuxury king Bernard Arnault has retaken the title of world’s second richest person, with a net worth of more than $137 billion, after a recent surge in the share price of LVMH. |
| People suffering depression and anxiety want to reveal their pain ” to a robotA majority of workers are more comfortable sharing their mental health struggles with a robot than a boss. Experts are divided on whether AI is up to the task. |
| Leaders need education on bias to stamp out inequality: Boeing executiveTed Colbert, CEO of Boeing Global Services, says company leaders need to look at biases and their own behavior in order to stamp out inequality. |
| Chipotle to open its first digital-only restaurant as online orders soarChipotle Mexican Grill’s first digital-only restaurant opens Saturday in Highlands, New York. |
| Chinese shoppers are buying fewer foreign goods – and it’s not just because of nationalism, says consultantConfidence in Chinese brands has been growing over the years, says Jacques Penhirin of Oliver Wyman. He also discussed this year’s Singles Day sales record. |
| Russia says its coronavirus vaccine is 92% effective, as battle to beat Western drugmakers heats upRussia said its coronavirus vaccine is 92% effective at preventing people from getting Covid-19, according to interim trial results. |
| Tips for how to travel ” and host travelers ” safely this holiday seasonAdvice from doctors on how to travel more safely during the 2020 holiday season. |
| El Paso hospitals see patients with both the coronavirus and the fluTexas pulmonologist Dr. Emilio Gonzalez-Ayala details how the coronavirus pandemic and case surge has wreaked havoc on healthcare infrastructure in El Paso. |
| Beyond Meat CEO seeks to clear the air on McDonald’s plant-based supplier mysteryBeyond Meat CEO Ethan Brown said the company’s relationship with McDonald’s is “very strong,” after McDonald’s revealed a plant-based food line but no supplier. |
| Singapore and Hong Kong to start ‘travel bubble’ flights on Nov. 22The travel bubble could help repair some of the damage inflicted by the coronavirus pandemic on the cities’ hard-hit tourism and aviation industries. |
| NFL considers changing rules next year as more teams go for it on fourth downIn a memo obtained by CNBC, the NFL notes clubs are attempting and converting more fourth downs and says it will discuss adding a new fourth-down rule. |
| Forget The ‘Blue Wave’, JPM Says ‘The Democratic Tide Actually Went Out’Forget The ‘Blue Wave’, JPM Says ‘The Democratic Tide Actually Went Out’ Tyler Durden Wed, 11/11/2020 – 11:35 Assuming no unexpected reversals from state recounts or voter fraud litigation, last week’s Biden election win was historic – for the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds. |
| NYC’s COVID-19 ‘2nd Wave’ On Cusp Of Triggering New Lockdown, Italy Suffers Most Deaths Since April, Cases Top 1MN: Live UpdatesNYC’s COVID-19 ‘2nd Wave’ On Cusp Of Triggering New Lockdown, Italy Suffers Most Deaths Since April, Cases Top 1MN: Live Updates Tyler Durden Wed, 11/11/2020 – 11:23 Summary: Italy reports most new deaths since April UK deaths top 50k NYC on cusp of shutdown Brazil restarts Sinovac trial US reports another daily record in cases Russia says Sputnik 5 92% effective Tokyo reports another 300+ new cases, most since August Texas tops 1 million cases California, midwest states tighten restrictions EU strikes deal for 300 million doses of Pfizer vaccine Iran reports new record jump in deaths Hungary makes masks mandatory in public spaces Germany reports most new deaths since mid-April Bulgaria reports daily record * * * Update (1100ET): The latest numbers out of NYC indicate that cases are swiftly climbing there again as well. The latest numbers show that the positivity rate in the city has climbed to 2.5% on Wednesday, closer to the 3% threshold that the mayor set to trigger new city school closures (despite evidence showing schools aren’t a major contributor to infection rates in the community) and other new restrictions. |
| Rabo: Positive Vaccine News Means Central Banks Will Have To DisappointRabo: Positive Vaccine News Means Central Banks Will Have To Disappoint Tyler Durden Wed, 11/11/2020 – 11:19 By Edwin de Groot, head of macro strategy at Rabobank Most European equity markets still showed gains in the range of 0.5% to 1.5% yesterday, with Spain’s IBEX standing out with a 3.4% gain. US equities, on the other hand, were broadly unchanged, but with tech stocks clearly underperforming. Government bond yields inched up several basis points on both sides of the Atlantic. In currency space, movements were modest, with NZD being the odd one out, appreciating no less than 0.8% (more on that below). One could argue, then, that some sense of reality returned to markets as investors are trying to gauge the point where economies will be allowed (and are able) to return to ‘normal’. This, of course, in the wake of the news on Monday that the Pfizer-BioNTech was the first to report stage-three clinical trial results, claiming 90% effectiveness. Without going into the many questions that are still out there on the vaccine itself, for the economy (and markets) the key question of whether the economy can return to ‘normal’ hinges crucially on whether and when a significant share of the population (say 60% or more) has been inoculated. Surely, governments will go into overdrive to achieve such goals. European Commission Presiden … |
| OPEC Cuts Global Oil Demand Again On New Round Of Lockdowns, But Doesn’t Account For Possible VaccinesOPEC Cuts Global Oil Demand Again On New Round Of Lockdowns, But Doesn’t Account For Possible Vaccines Tyler Durden Wed, 11/11/2020 – 11:05 In the latest closely watched OPEC Monthly Oil Market report published this morning, the oil-exporting cartel once again cut estimates for the amount of crude it will need to provide in 2021 as a return of covid lockdowns is expected to hit fuel use. The virus’s effects will “linger” next year even with the announcement of a vaccine breakthrough, the group said:
The revision illustrates why the group’s effective leader, Saudi Arabia, said that OPEC+ (including Russia) may … |
| Capital gains tax: Rate should double, says government reviewThe chancellor commissioned the report in July as part of efforts to cover Covid-19 costs. |
| Clothes and book sellers furious at lockdown rulesShops forced to close during England’s second lockdown say they are being unfairly targeted. |
| Guinness recalls alcohol-free beer just two weeks after launchThe firm has recalled cans of its non-alcoholic stout just two weeks after they were launched. |
| This chart shows which sectors saw significant upgrades in Q2State Bank of India’s (SBI) Ecowrap report on Wednesday said the rating matrix across rating agencies shows signs of improvement in the upgrades to downgrades (U/D) ratio after June. |
| Why are gold loan tenures increasing during Covid?An increasing number of business owners and households are recognising gold loans as a source of arranging long-term funds, which was quite uncommon previously. |
| Coal India Q2 consolidated net drops 16%; board approves interim dividendCoal India board has approved an interim dividend of Rs 7.50 per share. |
| Market Snapshot: Stocks punch higher, led by Nasdaq, as rotation fizzles despite coronavirus vaccine prospectU.S. stocks indexes traded higher Wednesday, as investors assessed the composition of their portfolios against the possibility of effective vaccines and remedies for COVID-19. |
| Key Words: The ‘funniness’ of Trump’s ‘last hurrah,’ according to a guy who sells lubricants, harnesses and ‘normal-type vibrating things’ for a livingBernie D’Angelo has seen his business boom after Giuliani’s visit. |
| : Chipotle to open digital-only restaurant in New YorkChipotle Digital Kitchen has no seating and customers will have to order in advance. |
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