19Nov2020 Market Close: October 2020 Leading Economic Index Improvement Continues, DOW Closes Up 45 Points, Nasdaq Up +0.9%, Bitcoin Back Up 18013, Tech Sector Paces Gains

Why The Energy Transition Will Be Fantastic For Small Oil Companies

Small, independent oil producers are seeing the potential for growth over the next decade as major energy companies look to invest in renewables. As big companies are being forced to introduce greener policies, independent producers could profit from this change. Paul Blakeley, chief executive of Jadestone Energy told the Financial Times on Monday., It wont be a Shell or BP that will be the last man standing in the oil and gas space It will be the small independents.. This comes in response to the uncertainty surrounding

OPEC+ On Edge As Libyas Oil Production Returns To Pre-Blockade Levels

While the OPEC+ group considers extending the production cuts for three months, oil output in Libya continues to increase and has returned to 1.25 million bpd, the level the OPEC member exempted from the cuts was pumping before the port blockade in January, Argus quoted Libyas National Oil Corporation (NOC) as saying on Thursday. The state corporation has also discussed potential fresh investments from Frances supermajor Total in Libyas oil industry, NOC said, as carried by Argus. If Libyas current level

Goldman Sets $2,300 Price Target For Gold In 2021

Gold prices are expected to break out of the current narrow trading range and soar through 2021 as the coronavirus recession gives way to higher inflation, analysts at Goldman Sachs say. Bullion has hovered around $1,900/oz over the past few weeks after its summer rally to record highs fizzled out. While uncertainty surrounding the U.S. election fueled a brief rally, positive news of covid-19 vaccine trials has pushed investors out of safe havens and into riskier assets. Spot gold declined 0.3% to $1,873.08/oz by 1:50 p.m. ET Wednesday. U.S. gold

Desperate Venezuelans Attempt To Refine Gasoline At Home

Fuel shortages in Venezuela are so bad amid the deepening crisis at its state oil firm that Venezuelans are stealing crude oil from idle oilfields and processing it at home to make low-quality gasoline, workers at PDVSA, and people with knowledge of the events have told Reuters. At the idled oilfield La Concepcion in western Venezuela, for example, people have made holes in the pipelines that were used to transport the crude to storage tanks. PDVSA employees are ready to accept bribes not to report such thefts as their meager salaries quickly

China Buys Into Mexicos Emerging Renewable Energy Sector

A Chinese energy giant has bought the biggest independent producer of renewable energy in Mexico, giving the industry a vote of confidence even as Mexicos authorities have moved to slow down private investment in renewable energy in the country. State Power Investment Corp (SPIC) of China, which has more than US$170 billion in energy assets globally, including in solar, wind, and hydrogen power in South America, has acquired Mexicos leading independent renewables firm Zuma Energia, a spokesman for the Mexican company told Bloomberg

The Oil Price Crash Has Made Diversification Vital For Gulf Nations

While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and in some cases accelerate their strategic plans. The implementation of social distancing measures and travel restrictions has impacted activity across all sectors in the region. With economies operating under capacity and global travel severely curtailed for much of the year, there has been a significant

CDC urges Americans against traveling for Thanksgiving as coronavirus outbreak worsens

The U.S. reported more than 170,100 new cases of the virus on Wednesday, the second-highest one-day spike reported to date, according to data compiled by Johns Hopkins University.

Consumer Reports is no longer recommending Tesla’s Model S and is panning the reliability of the new Model Y

The latest Consumer Reports’ annual Auto Reliability Survey also dropped a Toyota brand from No. 1 for the first time in 15 years.

Covid testing faces delays ” again ” as demand spikes ahead of the holidays

“The surge in demand for testing will mean that some members could reach or exceed their current testing capacities in the coming days,” the American Clinical Laboratory Association said.

GM ups spending on EVs and autonomous cars by 35% to $27 billion

GM will spend $27 billion on all-electric and autonomous vehicles through 2025 to support the release of 30 new EVs globally by 2025.

Macy’s may temporarily close more stores as Covid cases climb and threaten crucial holiday shopping season, CEO says

“Macy’s CEO Jeff Gennette said Covid is surging again, “and that continues to impede our recovery.”

Stocks rise slightly amid uptick in coronavirus cases. What four market analysts are watching

It’s worth taking a longer-term view on equities as new Covid-19 restrictions threaten the major averages in the near term, market analysts say.

Under pressure from Wall Street, General Motors has no interest in spinning off EV business

GM President Mark Reuss said the Detroit automaker analyzed the potential of a spinoff but determined it would not be the right thing for its business.

Watch live: White House coronavirus task force to address public for first time in months

As of Wednesday, more than 79,400 people nationwide were hospitalized with Covid-19, more than at any other point during the pandemic, according to data compiled by the COVID Tracking Project.

Trump International Hotel Washington DC sale put on indefinite hold

The Trump Organization hired Jones Lang LaSalle to shop the hotel to potential buyers last fall hoping for a price of about $500 million.

Macy’s same-store sales drop more than 20%, as Covid threatens holidays

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.

HHS launches pilot program in five states using rapid Covid test deployed by NBA

A molecular point-of-care test will help offset concerns of false diagnoses with antigen screenings, Cue Health founder Ayub Khattak said.

Oxford trial chief says its Covid vaccine could still be ready at a similar time to others

Drugmakers are scrambling to deliver a vaccine to help bring an end to the coronavirus pandemic that has claimed over 1.3 million lives.

Biden Covid advisor says more people ‘will get infected and die’ the longer Trump delays transition

“The longer we wait on transition the more people will get infected and die,” Dr. Celine Gounder, who sits on President-elect Joe Biden’s Covid-19 panel, said.

Value Rotation Stalls As Bond Yields, Dollar Slide

Value Rotation Stalls As Bond Yields, Dollar Slide Tyler Durden Thu, 11/19/2020 – 16:01

Stocks have never been more expensive, but that doesn’t stop the machines panic-buying them to record-erer expensive levels.

The major US equity indices were loitering with no intent for much of the day, gently unwinding the recent value-rotation when headlines hit on Schumer-McConnell talks (stimulus!!!! buy mortimer buy!)… The machines the headline, figured stimulus and were insta-bid…

But, the algos ignored the fact that Republicans said the meeting was about the government funding deadline, not COVID relief.

And after all that, all the majors ended higher on the day, with Nasdaq and Small Caps outperforming, Dow lagging…

Top Pathologist Claims COVID-19 Is “The Greatest Hoax Ever Perpetrated On An Unsuspecting Public”

Top Pathologist Claims COVID-19 Is “The Greatest Hoax Ever Perpetrated On An Unsuspecting Public” Tyler Durden Thu, 11/19/2020 – 15:55

Authored by Paul Joseph Watson via Summit News,

Top pathologist Dr. Roger Hodkinson told government officials in Alberta during a zoom conference call that the current coronavirus crisis is œthe greatest hoax ever perpetrated on an unsuspecting public.

Ex-Trader Who Pleaded Guilty To FX Rigging Now Makes $400/Hr Advising Clients Suing Banks

Ex-Trader Who Pleaded Guilty To FX Rigging Now Makes $400/Hr Advising Clients Suing Banks Tyler Durden Thu, 11/19/2020 – 15:45

A former trader for BNP Paribas who once pleaded guilty to rigging FX benchmarks is now making a living in a new way: charging $400 per hour to act as a “consultant” for investors who are suing banks for forex manipulation.Â

Hey, it’s great work if you can get it…

The trader, Jason Katz, is being hired by Allianz, Pimco and a number of other investors who have brought a multimillion dollar lawsuit against banks that include Citigroup and Barclays in London’s High Court. Similar lawsuits have been filed against Bank of America, among other banks, in the Southern District of New York.Â

According to FT, lawyers for the banks involved in the lawsuit recently filed documents asking a judge to prevent Katz from seeing confidential information in the lawsuit. They are claiming his involvement could be œinterfering with the recollection of a key fact witness .

< …

Boeing 737 Crashes Caused By A Few Lines Of Missing Code

Boeing 737 Crashes Caused By A Few Lines Of Missing Code Tyler Durden Thu, 11/19/2020 – 15:30

Authored by Mike Shedlock via MishTalk,

The FAA certified the Boeing 737 Max on Wednesday. Here’s the inside scoop on exactly what caused the crashes.

Buzzfeed to take over Huffington Post

The deal will bring together two of the world’s most high-profile digital media firms.

Peacocks and Jaeger collapse puts 4,700 jobs at risk

The two fashion chains fall into administration, putting almost 500 shops at risk.

Cineworld eyes UK cinema closures and rescue deal

The cinema chain has appointed restructuring experts to negotiate unlocking more cash from lenders.

ETMarkets Investors’ Guide: Are ETFs, ESG stocks really safe bets?

Tune in as Swarup Mohanty tells us the reason behind the growing popularity of ETFs and ESG stocks and if it’s actually prudent to invest in them!

Premium valuation of this auto ancillary stock looks sustainable. Should you buy?

The company’s domestic revenue from trucks division, which accounts for 40% of the standalone revenue, has started showing signs of revival following increasing fleet utilization and new infrastructure orders.

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.

October 2020 Leading Economic Index Improvement Continues

Written by Steven Hansen

The Conference Board Leading Economic Index (LEI) for the U.S. increased 0.7 percent in October to 108.2 (2016 = 100), following a 0.7 percent increase in September and a 1.6 percent increase in August – and the authors say “the leading index has been decelerating in recent months, which suggests growth will moderate significantly in the final months of 2020”.

October 2020 Headline Existing Home Sales Now Has Five Straight Months Of Sales Gains

Written by Steven Hansen

The headline existing home sales improved relative to last month with the NAR stating “First-time buyers were responsible for 32% of sales in October, up from the 31% in both September 2020 and October 2019”. This was a record month for October home sales.

Capitol Report: Did Trump drain the swamp? Watchdog gives him an F, while Biden starts with a C

The Revolving Door Project’s Jeff Hauser, an expert on Washington lobbying, speaks about President Donald Trump’s time in office and President-elect Joe Biden’s incoming administration.

Outside the Box: Active managers see value in these 3 company practices but indexers hate them. Who’s right?

Savvy investors see value in combining CEO and chairman role; staggered director terms and dual share classes, writes Lawrence A. Cunningham.

: Could Tesla and other auto makers see sales boom from Boris Johnson’s ambitious plan for electric vehicles?

PM Boris Johnson has a plan for a new green economy in the U.K., including rapidly accelerating the transition to electric vehicles and transforming national infrastructure to support them.