Written by Gary
Dow jumps, heads for a winning week as big market rotation resumes (SPY +1.1%). PPI data show U.S. wholesale-level prices up 0.5% over past year.
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 2.09% while U.S.’s S&P 500 is up 0.96% and Mexico’s IPC is up 0.05%. |
Traders Corner – Health of the Market
What Is Moving the Markets
Here are the headlines moving the markets. | |
Iraq’s Latest Attempt To Corner Asian Oil MarketsEvery new crisis is a formidable opportunity to try new things, oftentimes merely to have another go with methods that have failed in the past but should work better now. Cognizant of the pricing developments in the Asian market, the Iraqi state oil marketing company SOMO has announced that from 2021 onwards it would introduce a new medium sour grade to its set of available grades Basrah Medium. The concept of Basrah Medium is by no means a complete novelty, it has been mooted for more than 2 years already as a necessary step to mitigate | |
PDVSA Chief Goes to Russia To “Deepen Ties”The head of Venezuela’s state oil company PDVSA, Asdrubal Chavez, and Venezuelan vice-president and economy minister Delcy Rodriguez are visiting Russia today to “deepen strategic alliances,” Reuters reported, citing a statement issued by the Venezuelan information ministry. Russia’s Interfax reported the Venezuelan delegation will meet with Russian entrepreneurs during their visit. Russia, along with China, is one of very few allies the government in Caracas has left. State energy giant Rosneft had a joint venture with PDVSA for years before it | |
Oil Price Crash Costs Saudi Arabia $27.5 Billion In Revenue In 2020The oil price collapse is depriving Saudi Arabia of US$27.5 billion in oil revenues this year, Saudi Crown Prince Mohammed bin Salman said on Friday, admitting that the current oil income is not enough to cover the Kingdoms salaries bill. Saudi Arabia had projected last year that this years revenues for the state would be US$222 billion (833 billion Saudi riyals), of which US$137 billion (513 billion riyals) would come from oil, the crown prince said in a speech carried by the official Saudi Press Agency. However, after the | |
Enbridge Gets More Permits For Line 3Enbridge received a set of permits from Minnesota regulators that will allow it to push ahead with its Line 3 replacement project, the Minnesota Pollution Control Agency said. The agency noted it had placed stringent environmental protection conditions on the permits. “The MPCA has used sound science and thorough analysis to ensure that necessary safeguards are in place to protect Minnesota’s waters. The 401 certification requires Enbridge to meet Minnesota’s extensive water quality standards instead of lower federal standards,” said Laura Bishop, | |
Saudi Arabia Says It Foiled Houthi Attack On Oil FacilitySaudi Arabia has thwarted a planned attack with explosives against an oil products terminal near the border with Yemen, the Kingdom said early on Friday, adding that the attempted attack was the deed of the Iran-aligned Houthi rebels in Yemen. Saudi forces intercepted and destroyed on Wednesday evening two unmanned boats carrying explosives to a floating offloading platform that belongs to an oil products terminal at the port city of Jizan in southwestern Saudi Arabia just north of the border with Yemen, the official Saudi Press Agency reported | |
Why A COVID Vaccine Wont Invigorate The Oil MarketFor those who have been transfixed on oil demand forecasts over the last eight months, the recent news that Pfizers Covid-19 vaccine is 92% successful likely came with a renewed hope that oil demand will finally tick up and bring the industry out of the doldrums in which it has been languishing since the start of the pandemic. The lockdowns are to blame for the loss in oil demand. And now, invigorated with the possibility that this new vaccine will allow people to resume their normal way of life – air travel, dining out, and shopping – the | |
McDonald’s to conduct coronavirus safety checks to guard against pandemic fatigueMcDonald’s will conduct coronavirus safety reviews of its restaurants as new U.S. cases hit a record high. | |
Ford is ‘absolutely’ interested in producing EV batteries like Tesla and GMThe comments are a reversal from Farley’s predecessor, Jim Hackett, who told investors in July that the automaker saw “no advantage” in producing the batteries. | |
President-elect Joe Biden’s Covid advisors nix idea of U.S. lockdown to curb pandemic“I think of this as a dimmer switch, not an on-and-off light switch,” said Dr. Celine Gounder, a coronavirus advisor to President-elect Joe Biden. | |
Americans would spend more this holiday season with $1,200 stimulus checks, Gallup study findsA fresh round of stimulus checks could provide a welcomed boost to retailers during the holidays, a Franklin Templeton-Gallup study found. | |
Warner Bros. weighs ‘Wonder Woman 1984’ release as Covid cases continue to spikeWith six weeks to go before “Wonder Woman 1984” is set to debut in theaters, Warner Bros. executives are still debating the film’s release strategy. | |
Largest purple-pink diamond ever to be auctioned sells for nearly $27 millionThe largest purple-pink diamond ever to be auctioned has been sold in Geneva, Switzerland for 24,393,000 Swiss francs ($26,700,871). | |
GM recalling Chevrolet Bolt EVs due to fire risks amid federal probeGM is recalling 68,667 of the cars globally from the 2017 through 2019 model years, including nearly 51,000 in the U.S. | |
Biden Covid advisor warns that Thanksgiving travel is like ‘pouring gasoline on a fire’“Right now we have a fire blazing and to me…spending time with people over the holidays is sort of like pouring gasoline on a fire,” said Dr. Celine Gounder. | |
Dr. Fauci says it appears Covid strain from Danish mink farms won’t be a problem for vaccinesIt is hoped a vaccine could help bring an end to the coronavirus pandemic that has claimed over 1.29 million lives worldwide. | |
Money disputes expected as MLB and its players union get set to enter intense talks for 2021 seasonMajor League Baseball claims clubs lost a combined $3 billion in 2020 due to Covid-19 and will need to convince players of that to strike a deal to save 2021. | |
Singapore can forget about other air travel bubbles if it messes up its Covid-19 response, says tourism chiefIt is “crucial” for Singapore be in the right position before loosening coronavirus measures further, said Keith Tan of the Singapore Tourism Board. | |
Grocery shoppers trade up from dried beans and rice to premium foods as Covid cases riseConsumers have turned toward premium purchases such as higher-end coffees, cheeses and frozen entrees instead of value brands, market research firm IRI found. | |
Europe, North America have a ‘really clear’ need for Covid vaccine, says expertA vaccine along with distancing, masks and hygiene will be “very effective” in containing Covid-19, said Jerome Kim of the International Vaccine Institute. | |
Trump Campaign Drops Lawsuit Seeking Arizona Ballot ReviewTrump Campaign Drops Lawsuit Seeking Arizona Ballot Review Tyler Durden Fri, 11/13/2020 – 13:08 As President Trump’s Press Secretary Kayleigh McEnany told reporters earlier today, the president still expects to serve a second term. However, the campaign’s strategy of filing lawsuits to point out inconsistencies and highlight suspicious incidents reported by pollwatchers suffered another setback Friday when the campaign dropped its lawsuit “Since the close of yesterday’s hearing, the tabulation of votes statewide has rendered unnecessary a judicial ruling as to the presidential electors,” the Trump campaign wrote in a filing. However, the campaign still wants a ruling on requests to reiew two down-ballot races. The Arizona lawsuit was initially filed Saturday. It alleged some voters had been confused on Election Day, and that some ballots in Republican-leaning parts of the state had been misreported by the counting machines. The campaign lasered in on these so-called “overvotes” (a mislabel applied by the machine). But while some were found, the number hasn’t risen to the level where it’s close to the margin between the two candidates. During a 6-hour hearing yesterday, a lawyer for the Trump campaign walked back its request and said it would only file a complaint if the votes exceeded the margin of victory, since Trump can’t win more than 100% of the … | |
As Bill Ackman Shorts Credit, CDS Payouts Soar To Highest Level Since 2009As Bill Ackman Shorts Credit, CDS Payouts Soar To Highest Level Since 2009 Tyler Durden Fri, 11/13/2020 – 12:50 It was reported this week that billionaire hedge fund manager Bill Ackman had placed another massive bearish bet in credit markets as the resurgence of COVID-19 cases risks another nationwide lockdown, especially if Joe Biden is in the White house. Ackman’s Pershing Square Capital Management recently bought credit protection on various global investment grade and high yield credit indices to hedge against another downturn. Earlier this year, Ackman pocketed $2.6 billion in profits on a (credit) hedge amid stock market complacency ahead of its March collapse. With Ackman expecting markets to crash again, it makes sense why the billionaire would be buying credit-default swaps, as he must protect some of his gains this year. Pershing is up 44% year-to-date. Ackman’s dabbling in CDS markets comes as contracts linked to 19 borrowers have been settled this year – the highest since 2009 – and with looming lockdowns and the reimposition of strict social distancing measures – more companies are expect … | |
Watch: Are Phone Networks Now Censoring Links About Election Fraud?Watch: Are Phone Networks Now Censoring Links About Election Fraud? Tyler Durden Fri, 11/13/2020 – 12:30 Authored by Paul Joseph Watson via Summit News, A video posted to Twitter shows a woman attempting to send a URL about alleged vote fraud to an iPhone but the message going undelivered, prompting claims that phone networks are now censoring links. | |
Pfizer, Moderna Results Leave Many Important Questions UnansweredPfizer, Moderna Results Leave Many Important Questions Unanswered Tyler Durden Fri, 11/13/2020 – 12:10 “The light at the end of the tunnel.” It’s a phrase we’ve heard a lot this week, since Pfizer confirmed that its experimental mRNA COVID-19 vaccine is 92% effective: “The light at the end of the tunnel”. That is, the notion that a the emergence of an effective vaccine means we’re reached the beginning of the end of the global COVID-19 pandemic, which has come roaring back in the US and Europe as the fall weather arrives, Bloomberg reports. | |
Hays Travel founder dies after collapsing at workJohn Hays ran the UK’s largest independent travel agent alongside his wife, Irene. | |
Covid: Watchdog shelves plans to protect loyal saversThe Financial Conduct Authority has also dropped proposals to restrict exit fees paid by investors. | |
Wells Fargo former boss charged with misleading investorsJohn Stumpf agreed to pay $2.5m to settle the latest claims arising from the bank’s fake accounts scandal. | |
ONGC Q2 profit falls 19% YoY to Rs 4,335 crore; revenue declines 18%Consolidated revenue from operations declined 17.70 per cent YoY to Rs 83,619.16 crore. | |
Tata Steel Q2 profit plunges 63% YoY to Rs 1,546 cr; revenue rises 7%Consolidated revenue from operations increased 7.44 per cent YoY to Rs 37,153 crore. | |
Why govt is pushing PSUs to shell out large dividendsThe department has asked all CPSEs to consider giving œat least 90% of the projected annual dividend in one or more instalments as interim dividend. | |
06 November 2020 ECRI’s WLI Continues To ImproveWritten by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved and remains in expansion. | |
Preliminary November 2020 Michigan Consumer Sentiment Significantly Declines Due To Republican ConsumersWritten by Steven Hansen The preliminary University of Michigan Consumer Sentiment for November came in at 77.0, down from October’s 81.2, and down from September’s 80.4. | |
: Jeff Bezos sold $3 billion of Amazon stock in pivotal U.S. election weekAmazon’s founder and chief executive sold $3 billion worth of his shares in Amazon in the pivotal U.S. election week, representing 1.8% of his total stake in the tech giant. | |
The Margin: How to throw together a smaller, no-fuss Thanksgiving dinner at the last minuteThese butchers, supermarkets, meal-kits and restaurants can deliver everything you need ” contact-free, if you want. | |
: Here are 5 things to know about BioNTech and the married couple developing the COVID-19 vaccine with PfizerCo-founded by Turkish scientists UÄŸur Åžahin and his wife Ã-zlem Türeci, BioNTech is now worth $25 billion. |
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