Written by Gary
14 November 2020 Initial Unemployment Claims Rolling Average Continue To Improve (SPY -0.3%). Jobless claims filings pick up climbing 31,000 to 742,000.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The CAC 40 is higher by 0.52%, while the DAX is leading the FTSE 100 lower. They are down 0.64% and 0.63% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Will The UAE Withdraw From OPEC?OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the group against the con of performing the dutiful and painful task of curbing production. And the UAE is said to be doing just that. Meanwhile, oil prices have really failed to rebound to the level that most OPEC members need them to, intensifying the predicament that most OPEC members find themselves in. Most of OPECs members have budgets that rely heavily |
| The 3 Hottest Electric Vehicle Stocks Of The YearThe $5-trillion global transportation industry is going green, and the result of the U.S. election only solidifies that fact. Tesla (NASDAQ:TSLA) might be too expensive a play to offer the upside were all looking for in the EV sector But some of the absolute best growth opportunities right now are in this sector–and anything that ties into it. EV-linked stocks are blowing away the S&P 500 and the Dow. Teslas on a tear–up over 400% this year–and the better it does, the better the EV-linked stocks do. But one thing is |
| Oil Crash Continues To Claim Bankruptcy Victims In U.S. Shale PatchAfter a wave of bankruptcies in the third quarter, oil producers and oilfield services companies in the U.S. shale patch continued to file for protection from creditors at the start of the fourth quarter, law firm Haynes and Boone said in its latest tally, warning that the ongoing borrowing base redetermination season could result in more filings. Filings from exploration and production (E&P) numbered 17 in the third quarter, while another three firms filed for bankruptcy in October, according to Haynes and Boone data as of October 31. |
| American Deepwater Oil Exploration Isnt DeadIn a move that came as a surprise to some, todays oil and gas lease round in the U.S. Gulf of Mexico generated substantial interest on Wednesday. The sum of the high bids clocked in at $120 million, according to the Bureau of Ocean Energy Management. Of the 14,900 blocks offered in Sale 256, 93 received bids, for a total 517,732 acres that received bids. Twenty-three companies submitted bids. The deepest blocks generated the most interest, with 36 of the 93 bids coming in for the blocks at 1600 or more meters, and nearly all of the interest |
| OPEC+ Needs To Compensate 2.35 Million Bpd OversupplyThe OPEC+ group has overproduced as much as 2.346 million barrels per day (bpd) over their collective quota since the start of the record production cuts, a source with knowledge of internal monitoring of the pact told Russian news agency TASS on Wednesday. Between May and October, participants in the OPEC+ agreement pumped 2.346 million barrels more than allowed under the pact, up by 160,000 bpd compared to May to September volumes, according to the source. This means that if the OPEC+ alliance were to fully comply to the letter with the deal, |
| Why Bidens Approach To Venezuela Is So Important For Oil MarketsIn a hard-fought campaign Democrat Joe Biden won the November 2020 U.S. presidential race beating incumbent Donald Trump. There were considerable fears in the run-up to the election that a Biden victory would put a damper on oil prices but, along with the boost given by news of a COVID-19 vaccine, the opposite has occurred. This has been a boon for many South American countries where petroleum production is an important economic driver. Bidens ascension to the top job marks an end to the hardline policy taken by the Trump White House toward |
| GM went public 10 years ago, and it’s been a mediocre investment ” here’s how it can improve for the next 10A decade after the “new GM” went public in an IPO, its balance sheet is sound but the stock’s performance has been a mediocre rollercoaster ride for investors. |
| Starbucks raises wages for baristas as restaurant industry braces for minimum wage hikeStarbucks is raising hourly wages for its baristas by at least 10%. |
| More than 400 Southwest mechanics get furlough warnings as cost-cutting talks falterMore than 400 Southwest mechanics get furlough notices after cost-cutting talks falter, the largest work group to be warned that their jobs are at risk. |
| Trump officials see surge in signs ups for free CVS, Walgreens Covid vaccine program for seniorsU.S. officials are seeing “tremendous uptake” of a program that will allow CVS Health and Walgreens to administer Covid vaccines to seniors in facilities. |
| HHS launches pilot program in five states using rapid Covid test deployed by NBAA molecular point-of-care test will help offset concerns of false diagnoses with antigen screenings, Cue Health founder Ayub Khattak said. |
| Super Bowl will go cashless this year as NFL cuts deal with Visa on ‘reverse ATMs’The NFL will benefit from the switch with more data on consumer behavior, while Visa can increase revenue with more transaction fees. |
| 5 things to know before the stock market opens ThursdayDow futures pointed to a decline at Thursday’s open after two straight down sessions for the 30-stock average. |
| Macy’s shares fall as same-store sales drop more than 20%Macy’s reported a same-store sales decline of more than 20%, as consumers cut back their spending on clothes and accessories at department stores. |
| Boeing 737 Max can fly again: The key level to watch in the stock, according to one traderBoeing’s new clearance from the FAA for its previously grounded 737 Max plane improves the stock’s long-term prospects, one trader says. |
| Covid vaccines must be ‘a global, public good,’ WHO saysLife-saving coronavirus vaccination programs must reach everyone around the world, the World Health Organization’s Europe chief said. |
| A door may be cracking open for Americans to travel to Europe againAmerican Airlines, British Airways and United Airlines launched preflight Covid-19 testing programs in hopes of restoring travel between the U.S. and the U.K. |
| Oxford-AstraZeneca Covid vaccine shows robust immune response among older adultsThe promising early-stage results were published in The Lancet, one of the world’s top medical journals, on Thursday. |
| Southeast Asia could gain as supply chains shift during the pandemic, Singapore minister saysThe pandemic has changed the way companies deploy their employees and they organize supply chains ” possibly creating opportunities for Southeast Asia, says Singapore’s trade minister. |
| “I’m Not Ruling Out” A Trump Re-Election – JPM AM CIO Fears ‘Remote Risk’ Of “American Horror Story”“I’m Not Ruling Out” A Trump Re-Election – JPM AM CIO Fears ‘Remote Risk’ Of “American Horror Story” Tyler Durden Thu, 11/19/2020 – 08:27 While the mainstream media has unequivocally called the election for Joe Biden, and the establishment lackeys (and their social media minders) around the world refuse to even mention (or allow the mention) of widespread voting irregularities (don’t says systemic fraud or you will be burned at the stake of Salem’s conspiracy theorists), there is one man willing to step out on to the ledge and – while hardly supportive of President Trump’s efforts – explain/admit that the current president may still have a path to re-election (and just what that might mean for America). |
| World Markets Slide On Spreading Covid Lockdowns, Ignore Vaccine NewsWorld Markets Slide On Spreading Covid Lockdowns, Ignore Vaccine News Tyler Durden Thu, 11/19/2020 – 08:12 Yesterday we joked that, now that all the “good” covid vaccine news have been priced in, if stocks are to go up then the vaccine makers must keep their mouth shut for the next few weeks:
Turns out the joke was on us, because shortly after the latest positive coronavirus vaccine news, this time from AstraZeneca, which hit just before 2am ET… *ASTRA, OXFORD CONFIRM VACCINE’S IMMUNE RESPONSE IN OLDER ADULTS … futures promptly tumbled, hitting session lows just after the European open. |
| Vaccines – Too Little, Too Late?Vaccines – Too Little, Too Late? Tyler Durden Thu, 11/19/2020 – 08:01 Authored by Charles Hugh Smith via OfTwoMinds blog, Trust in institutions, authorities and Big Pharma are scraping the bottom of the barrel, and rushing these vaccines into mass use with extremely high expectations of efficacy is setting up the potential for a devastating loss of trust in the vaccines should they fail to live up to the claims of 100% safety and 95% effectiveness. We’re being assured by Pfizer and Moderna that their Covid vaccines are 95% effective and are safe enough to be injected into hundreds of millions of people. Before accepting these extremely consequential claims, let’s look at the actual testing process and results. In the Pfizer trial, half of the 44,000 volunteers received the vaccine and the other half got a placebo shot. Then the researchers waited around to see how many of the volunteers randomly came down with Covid. Pfizer reported that out of 170 cases of Covid, 162 were in the placebo group and eight were in the vaccine group. So a total of 0.386% of the 44,000 volunteers came down with Covid by means unknown, and this tiny sample is the foundation of grandiose claims of 95% effectiveness? Note th … |
| Erdoganomics Is Over: Turkey Hikes Rates By 475bps To 15%Erdoganomics Is Over: Turkey Hikes Rates By 475bps To 15% Tyler Durden Thu, 11/19/2020 – 07:31 Over two years after Turkey launched the great monetary experiment known as Erdoganomics, in which monetary orthodoxy was turned on its head and inflation was “fought” using lower rates, it ended with a thud this morning when Turkey, under brand new central bank governor Naci Agbal, hiked its policy (one-week repo auction) rate by a whopping 475bps to 15%, on top of estimates as the central bank delivered the “stability hike” that analysts were expecting as it aims to regain credibility in its policy as well as the TRY. |
| Cineworld eyes UK cinema closures and rescue dealThe cinema chain has appointed restructuring experts to negotiate unlocking more cash from lenders. |
| Covid: One in three UK hospitality firms fear collapseThe sector, which has been hit hard by Covid, is the most downbeat about its prospects, data suggests. |
| Royal Mail parcels overtake letters for first timeOnline shopping during the pandemic means revenues from parcels surpasses letters for the first time. |
| BPCL acquisition could pay for itself, but question is how will Vedanta secure funding?While BPCL dividends could easily cover the cost of debt of any acquisition, “the question we have is how would Vedanta Ltd secure funding, given the worries on leverage at Vedanta and the parent?,” JP Morgan said in a report. |
| Stocks that helped PMSes deliver solid returns to the ultra-rich in OctThe top-performing PMS schemes gained up to 7 per cent for the month compared with a 3.5 per cent rise in Nifty during the month. |
| Another bitcoin bubble? This time it’s different, backers hopeBut with little mainstream usage as a form of payment and global uncertainty clouding financial markets, bitcoin is still far from a safe bet, analysts said. |
| 14 November 2020 Initial Unemployment Claims Rolling Average Continue To Improve Market expectations for weekly initial unemployment claims (from Econoday) were 685 K to 725 K (consensus 710 K), and the Department of Labor reported 742,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 755,750 (reported last week as 755,250) to 742,000 |
| : Boris Johnson boosts military spending to Cold War levels. Here’s whyU.K. prime minister has announced new funding to boost space-defense capabilities and for the creation of a new national cyber force. |
| : Why Poland and Hungary are blocking the EU’s $900 billion virus recovery fundThe Hungarian and Polish governments have withdrawn their approval for the launch of the European Union’s ‚¬750 billion COVID-19 recovery fund. |
| : AstraZeneca’s COVID-19 vaccine shows ‘encouraging’ immune response in older adultsThe experimental COVID-19 vaccine being developed by AstraZeneca and Oxford University produces a strong immune response in older adults, data from early trials have shown. |
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