Written by Gary
September 2020 Business Inventories Continue To Increase (SPY -0.5%). Tesla is joining the S&P 500, markets retreat from Monday records.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Argentinas Huge Vaca Muerta Shale Could Become A Stranded AssetSharply weaker oil prices, growing threats to oil demand and the imminent arrival of peak oil demand could unleash a wave of stranded oil assets in South America. Among the most vulnerable is Argentinas Vaca Muerta shale play. There were already significant headwinds impacting operations and investment in the shale oil and gas play before the March 2020 price crash and outbreak of the COVID-19 pandemic. Rising uncertainty sparked by the poor outlook for crude oil coupled with high breakeven costs and rising unease with Peronist Alberto Fernandez |
| India Urges Oil Firms To Consider Foreign Partners To Boost ProductionIndias oil and gas companies should consider selling stakes in their exploration acreage to foreign companies with the technology to tap more oil and gas resources, Indias Oil Minister Dharmendra Pradhan said on Tuesday. The government will grant petroleum mining lease rights but the companies should consider a farm-out (of a stake) to get global technology players, Pradhan said in Hindi, as quoted by Reuters. The minister was speaking at a news conference for the signing of the contracts for all 11 oil and gas blocks |
| Oil Markets See Light At The End Of The TunnelOil prices rose on Monday and remained steady on Tuesday morning as markets are cautiously looking beyond the COVID-19 pandemic Chart of the Week The EIA forecasts U.S. oil production remaining flat through the end of 2021. Production topped out at 12.9 mb/d (on a monthly basis) in November 2019, before falling to 10 mb/d by May 2020. Production rebounded to 10.6 mb/d by August. But with global demand unable to rebound to pre-pandemic levels until 2022 at the earliest, U.S. production will be unable to increase dramatically. Market Movers Devon |
| Exxons Deepest Guyana Oil Well DisappointsAfter a series of major oil discoveries offshore Guyana, ExxonMobil and partners found that the deepest well drilled so far offshore the Latin American country did not have commercial potential for a stand-alone development. The Tanager-1 well has been reported as an oil discovery, which is currently considered to be non-commercial as a stand-alone development, a minority partner on the Kaieteur Block, Westmount Energy, said in a filing to the London Stock Exchange on Tuesday. Westmount Energy holds 5.4 percent of Cataleya Energy, |
| Blackrock and Fidelity Are Betting Big On This $130 Trillion Mega-TrendThis isnt just a megatrend. Its a movement in Big Money, and its the most profound redistribution of investment that the worlds biggest asset and wealth managers have recently seen. Big money is fleeing anything thats not sustainable. By 2022, PwC says that 77% of institutional investors will stop buying non-ESG products entirely. ESG fund assets will account for over 50% of all European fund assets by 2025. Thats nearly $8 trillion. And its only the beginning. Europe |
| EIA Sees Flat U.S. Crude Oil Production Through 2021U.S. crude oil production is set to remain close to its current levels of around 11 million barrels per day (bpd) through the end of 2021, as new drilling activity will not be enough to offset declines from existing wells, the Energy Information Administration (EIA) said on Tuesday. Crude oil production in the United States hit a record 12.9 million bpd in November last year. As of March this year, when oil prices collapsed with the pandemic and the Saudi-Russian price war, American crude oil output averaged 12.7 million bpd. Over the next |
| $160 million mansion will be the most expensive ever auctionedThe nine-acre estate, called Villa Firenze, will be sold to the highest bidder by Concierge Auction next month. |
| Walmart sees stockpiling again as Covid cases rise “but this time it’s localizedWalmart CEO Doug McMillon said in certain states and cities, shoppers are stocking up on toilet paper, cleaning supplies and dry food. |
| Kohl’s shares rise on earnings beat, retailer promises big gains ahead in activewear, beautyKohl’s shares rose more than 5% Tuesday, as CEO Michelle Gass laid out the retailer’s plans to expand in activewear and personal care in 2021. |
| Boeing’s 737 Max is set to return to the skies as industry reels from the pandemicU.S. regulators are expected to remove a ban on Boeing’s 737 Max planes as early as this week, marking the end of the longest and largest grounding on record. |
| Retailers tap mall owner Simon to help make returning online purchases easierMall owner Simon Property will start using the concierge desks at a handful of its malls to accept retailers’ returns, ahead of the holiday season. |
| Rights to Taylor Swift’s first six albums sold by Scooter Braun to private equity firmTaylor Swift has confirmed that the rights to her first six albums have been sold by Scooter Braun to a private equity firm. |
| The NFL will hold a virtual Pro Bowl this year, with players competing in the Madden video gameThe NFL is partnering with EA’s Madden NFL ’21 to pit players head-to-head in a live video game. |
| Bill Gates says more than 50% of business travel will disappear in post-coronavirus world“We will go to the office somewhat, we’ll do some business travel, but dramatically less,” Microsoft co-founder Bill Gates said. |
| American Airlines and British Airways are latest to offer preflight Covid tests to passengersAmerican Airlines, British Airways and their alliance partner oneworld to trial Covid-19 tests in effort to spur international travel. |
| Ex-GM board member, union leader sentenced to 30 months in prisonJoe Ashton, who resigned from the GM board in December 2017, pleaded guilty to the charges in December as part of a deal with U.S. prosecutors. |
| Tesla is joining the S&P 500. What Cramer and others see ahead for the electric auto makerTesla’s entry into the S&P 500 “speaks to profitability,” one market watcher says. |
| Dr. Fauci says the Covid outbreak isn’t a political issue: ‘You can’t run away from the data’“You can’t run away from the data. It’s incomprehensible to me how people are not seeing that,” White House coronavirus advisor Dr. Anthony Fauci said. |
| Walmart earnings top expectations as customers’ new shopping habits send e-commerce sales soaring 79%Walmart’s U.S. e-commerce sales soared by 79% in the third quarter, as customers continued to shop online during the coronavirus pandemic. |
| Illinois Moves To “Tier 3” Restrictions, Ohio Imposes 21-Day Curfew: Live UpdatesIllinois Moves To “Tier 3” Restrictions, Ohio Imposes 21-Day Curfew: Live Updates Tyler Durden Tue, 11/17/2020 – 16:06 Summary: Illinois casinos ordered to close NY releases latest numbers Maryland expected to impose curfew Ohio imposes 21-day 2200 curfew Maryland announces restaurant curfew NYC positivity rate stays below school closure threshold. NJ ICU occupancy quadruples Italy reports most new deaths in seven months Dr. Fauci says COVID will disappear if 75% get vaccinated French bars, restaurants expected to remain closed until mid-January Moderna strikes deal with the UK to sell 5MN doses Grassley to quarantine after exposure Global cases top 55 million US hospitalizations at new record US seeing 150k new cases per day India outbreak continues to slow Australian PM heads to Tokyo Illinois, Michigan more than 10k+ new cases * * * Update (1555ET): Illinois Gov Pritzker just announced that starting Friday, all regions of the state will move to “Tier 3” mitigation in an attempt to avoid another statewide stay at home order. The new rules limit the number of people who can be in “essential” stores, push businesses to let emp … |
| Short-Squeeze Sparks Small-Cap Buying-Panic, Bitcoin Nears Record HighShort-Squeeze Sparks Small-Cap Buying-Panic, Bitcoin Nears Record High Tyler Durden Tue, 11/17/2020 – 16:01 Overnight gains evaporated across the US cash open this morning – erasing all of the Moderna vaccine gains – but around 10amET, the boot of the short-squeeze army stomped on the throat of small-cap-sellers and sent the index soaring dramatically higher on the day (while the rest of the majors lifted only modestly to end unchanged from MRNA’s headlines)… |
| Shelton Nomination To Fed Blocked By SenateShelton Nomination To Fed Blocked By Senate Tyler Durden Tue, 11/17/2020 – 15:50 Senate Republicans have blocked President Trump’s controversial Federal Reserve Board nominee, Judy Shelton, after Senate Majority Leader Mitch McConnell (R-KY) switched his “yes” vote to “no,” thus preserving his ability to vote at a later date. |
| Goldman Plans Second Round Of Layoffs Ahead Of “Significant Staff Reductions” In 2021Goldman Plans Second Round Of Layoffs Ahead Of “Significant Staff Reductions” In 2021 Tyler Durden Tue, 11/17/2020 – 15:50 In the immediate aftermath of the covid pandemic, and just before the Fed injected $3 trillion into the system to make sure no financial firms fail ever again, US banks took the unusual step of expressing virtue signaling solidarity with their workers and promising nobody would be let go for the foreseeable future. Well, the foreseeable future ended in just a few months, because around mid-summer, the first round of layoffs hit, with tens of thousands of bankers suddenly finding themselves obsolete in a world of “lower rates for much longer.” Well, fast forward to today, when we just moved to round two with Bloomberg reporting that Goldman Sachs is set to trim its workforce for the second time in just three months, as a “moratorium on firings” during the pandemic gives way to a push to improve efficiency, i.e., aggressive cost cutting just before bonus season. … |
| British Airways to launch Covid testing trial for arrivalsThe airline wants to show that testing could remove the need for arrivals to quarantine. |
| Government to invest £4bn to create 250,000 new green jobsIt is part of a long-awaited plan to hit net zero emissions that will be released later on Tuesday. |
| Facebook and Twitter grilled over US election actionsMark Zuckerberg and Jack Dorsey face questions about misinformation labels and account bans. |
| Dutch unit sale might help Tata Steel deleverage balance sheet; analysts upbeat on the stockThe deal is expected to close in six-nine months; however the company will be able to access the value and complete the due diligence process by January 2021. |
| Market Movers: Snowman Logistics extends rally; 101 stocks hit new 52-week highWith a total traded quantity of 63.57 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. |
| Morgan Stanley believes Sensex may hit 50,000 by Dec 2021The target indicates an upside of nearly 14 per cent from the current levels. |
| September 2020 Business Inventories Continue To IncreaseWritten by Steven Hansen Headlines say final business sales data (retail plus wholesale plus manufacturing) improved month-over-month. The rolling averages improved. Inventories remain somewhat elevated.
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| : The weirdest sign of COVID-19 fatigue? More Americans are grinding their teethThe coronavirus pandemic is causing ‘an epidemic of jaw muscle pain’ across the U.S., dentists say |
| ‘Cytokine Storm’ ” the ‘intriguing’ similarity between COVID-19 and the 1918 influenzaA hyperinflammatory immune response to the influenza of 1918 was seen as one reason healthy people were so hard hit. How big a role has it played in 2020? |
| : German vaccine maker CureVac ramps up capacity to 300 million COVID-19 doses in 2021CureVac expects to announce partnerships with vaccine developers and manufacturers in coming weeks to ramp up capacity of its potential vaccine candidate. |
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