Written by Gary
Dow on track for fastest bear-market recovery in 30 years (SPY +1.3%). US stock markets jumps as another potentially effective vaccine fuels recovery hope.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Wyoming Becomes A Haven For The Super Rich As Its Oil Industry CrumblesThe great outdoors and the super tax-friendly policies in Wyoming are attracting a growing number of the ultra-wealthy to the Cowboy State in search of quiet scenic retreats from the COVID pandemic in U.S. metropolitan areas. While the super-rich flock to the multi-million mountain ranch refuges in the nations least populous state, the energy industrywhich accounted for 40 percent of property taxes in the state in 2019is going through another bust due to the oil price and demand crash in the pandemic. Thousands |
| Oil & Gas Discoveries Resilient In 2020 Despite PandemicDespite delays in drilling campaigns and reduced exploration budgets due to COVID-19, the volume of oil and gas discoveries globally is set to reach 10 billion barrels of oil equivalent (boe) this year, avoiding a repeat of the multi-decade low during the previous crisis in 2016, Rystad Energy said in a new analysis on Monday. In 2016, just 7.7 billion boe were discovered globally. Between January and October this year, a total of 73 discoveries of oil and gas resources were announced, with the combined resources already exceeding 8 billion boe, |
| Is The Worlds Top Fertilizer The Missing Element In Super Batteries?Here’s an idea: what would happen if the world’s most popular fertilizer can double as energy storage? Maybe storage will inch that much closer to large-scale reality and ensure the future of renewables as our main source of energy. And maybe it will offer a necessary alternative to green hydrogen, hype and all. Ammonia is one of the most massively produced chemicals in the world. Its most common use, the one everyone must have heard about and the one that takes 80 percent of output, is as fertilizer. Ammonia is also used in the production process |
| Saudi Aramco Plans Multi-Billion-Dollar Bond IssueSaudi Arabias oil giant Aramco plans to issue U.S.-denominated bonds, with the exact amount subject to market conditions, the worlds largest oil-producing company said on Monday, as it has doubled down on paying huge dividends amid profit slumps. Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley, and NCB Capital will be underwriters of the upcoming bond issue, which will be in several tranches with a maturity of 3, 5, 10, 30 and/or 50 years, subject to market conditions, Aramco said in a filing with the Saudi stock |
| U.S. Natural Gas Stocks Close To Record-High At Refill Season EndNatural gas inventories in the United States ended the injection season between April and October 2020 close to the all-time high from 2016, the Energy Information Administration (EIA) said on Monday. At the end of the refill seasonwhich is April 1 to October 31the amount of working natural gas in storage stood at 3,920 billion cubic feet (Bcf), close to the record of 4,047 Bcf from the middle of November 2016, according to EIA data from its latest weekly natural gas inventory report last week. The injection season this year |
| Will Biden Lead To More Or Less Volatility In Oil Markets?Oil markets feared that a Biden victory will lead to a price crash given his clean energy agenda, yet, prices have only been affected by U.S. election uncertainty during the past weeks. Now a Joe Biden presidency is almost a certainty, equity markets and risk assets including oil are rallying. Adding fuel to the fire, markets have been bolstered by the announcement of a potentially effective vaccine by Pfizer and Moderna and talk about an extension of current OPEC+ output cuts. News about an extension of OPEC+ cuts came as the markets are digesting |
| Shoppers seek out personalized, thoughtful holiday gifts to feel connected during pandemicOnline searches on Etsy and Pinterest indicate that holiday shoppers are seeking out meaningful holiday gifts, from personalized items to handmade goods. |
| Francesca’s will close 140 stores, may file for bankruptcyMany retailers have taken a huge financial hit during the coronavirus pandemic after stores were temporarily closed to halt the virus’s spread. |
| WHO chief Tedros says countries that let Covid run unchecked ‘are playing with fire’“Those countries that are letting the virus run unchecked are playing with fire,” WHO Director-General Tedros Adhanom Ghebreyesus said on Monday. |
| Lordstown Motors shares jump on early demand and robust hiring to build EV pickupLordstown Motors says production of its all-electric Endurance pickup remains on track for next year, sending the company’s share up as much as 13%. |
| Momofuku joins Goldbelly’s delivery service as consumers seek out far-flung comfort food during the Covid pandemicGoldbelly is adding chef David Chang’s Momofuku to its national delivery service amid a boom sparked by the coronavirus pandemic. |
| HHS Secretary Azar says the FDA will move ‘as quickly as possible’ to clear Moderna and Pfizer’s Covid vaccinesHHS Secretary Alex Azar said Monday that the FDA will move “as quickly as possible” to issue an authorization for Covid-19 vaccines from Pfizer and Moderna. |
| Makers of diapers and baby formula brace for lower sales as pandemic leads to decline in birthsExperts are forecasting declining birth rates this year as a result of the coronavirus pandemic, according to The Wall Street Journal. |
| Moderna trial investigator says vaccinating U.S. against Covid will be a ‘major effort’“If we can do that we will be back to a normal state by the end of next year,” Dr. Carlos del Rio of Emory University told CNBC. |
| Biden holds joint meeting with union leaders and CEOs of major retail, auto and tech companiesPresident-elect Joe Biden hosted a joint meeting Monday with union leaders and the CEOs of Target, GM, Gap and Microsoft. |
| ‘Rule of the jungle’: Health expert sounds the alarm on fair access to Covid vaccinesThe race to deliver a vaccine coincides with a scramble to secure future supplies, even before their safety and efficacy have been established. |
| Beyond Meat to launch two new versions of its meatless burgerBeyond Meat’s line-up of meat substitutes will soon include two new versions of its Beyond Burger. |
| Dow Hits Record High As Vaccine Hope Trumps COVID ‘Casedemic’Dow Hits Record High As Vaccine Hope Trumps COVID ‘Casedemic’ Tyler Durden Mon, 11/16/2020 – 16:02 COVID cases are exploding higher, hospitalizations are rising, and deaths have increased, but for the second Monday in a row, big pharma has dropped a press release proclaiming a “miracle” vaccine efficacy against the deadly pandemic. Stocks soared initially… but just like last Monday, those early futures gains were quickly sold and Tech/momentum/growth was sold (weighing on Nasdaq)…From the vaccine headline, Nasdaq is unch, Small Caps significantly higher, Dow closed at cash high of the day… |
| Biden State Media Appointee Advocated Using Propaganda Against AmericansBiden State Media Appointee Advocated Using Propaganda Against Americans Tyler Durden Mon, 11/16/2020 – 15:45 Authored by Ben Norton via TheGrayZone.com, Richard Stengel, the top state media appointee for US President-elect Joe Biden’s transition team (namely, the official US Agency for Global Media), has enthusiastically defended the use of propaganda against Americans. “My old job at the State Department was what people used to joke as the chief propagandist,” Stengel said in 2018. “I’m not against propaganda. Every country does it, and they have to do it to their own population. And I don’t necessarily think it’s that awful.” Richard “Rick” Stengel was the longest serving under-secretary of state for public diplomacy and public affairs in US history. At the State Department under President Barack Obama, Stengel boasted that he “started the only entity in government, non-classified entity, that combated Russian disinformation.” That institution was known as the Global Engagement Center, and it amounted to a massive vehi … |
| There Has Been A Sudden, “Huge” Drop In COVID-Testing In The USThere Has Been A Sudden, “Huge” Drop In COVID-Testing In The US Tyler Durden Mon, 11/16/2020 – 15:30 The positive covid vaccine results from Pfizer last Monday, and again from Moderna today, could not have come sooner (although if they had, the outcome of the presidential election would have been vastly different for Trump, whose claims that a vaccine would be discovered this year were met with mockery by NBC’s fact checkers).
The reason why the good news was critical, is because as Bank of America writes, something big happened in the COVID crisis: a dramatic surge in new cases. |
| “All-In?”“All-In?” Tyler Durden Mon, 11/16/2020 – 15:10 Authored by Sven Henrich via NorthmanTrader.com, Ah it’s that time of the year again. Everybody is piling into stocks. Valuations who cares. It’s the end of year seasonality when stocks always go up, the Fed has our back, multiple vaccines are just around the corner, Wall Street paints a rosy picture into next year (as Wall Street always does) so what’s to worry. Â Let’s go all in stocks. |
| FTSE 100 and Dow Jones jump on second Covid vaccine hopesNews of a breakthrough by US drugs firm Moderna follows last week’s positive results from Pfizer. |
| Heathrow workers plan four-day December strikeHeathrow says the airport will keep operating despite the walk-out by workers. |
| Clintons boss: Supermarkets selling greeting cards ‘grossly unfair’Supermarkets should not be able to sell non-essential goods in lockdown, says boss of Clintons cards. |
| What makes this MSME lender hot favourite among investorsThe scrip of the mid-sized lender to micro, small and medium enterprises has gained 53% over the last three months compared with 27% gain in the S&P BSE finance index. |
| BPCL privatisation gets multiple bids; Reliance skips, no supermajor in race“Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received,” Finance Minister Nirmala Sitharaman also tweeted. |
| Consumer sector companies report a faster sequential recovery in Q2While analysts believe that the trend may sustain, some economists expect a more gradual pace of recovery in anticipation of abatement in pent-up demand and moderation in spending after the festive season. |
| Market Extra: Dow on track for fastest bear-market recovery in 30 yearsThe Dow Jones Industrial Average on Monday is on track to notch its first all-time high since February, marking a fallow period for the blue-chip benchmark that has been hit particularly hard by the COVID-19 pandemic relative to its peers. But it’s a climb that still represents the fastest rebound from a bear-market low for the benchmark in about three decades, according to Dow Jones Market Data. |
| Market Extra: Dow on verge of 30,000 and first record close in 10 months on back of Apple’s stock surge |
| : What Boris Johnson’s COVID isolation and firing of hard Brexiteers means for the U.K.-EU trade talksPessimism is rising over Brexit as PM Boris Johnson is forced into COVID isolation. |
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