Written by Gary
Disney increases layoffs to 32,000 workers (SPY +0.4%). Premarket biggest moves: AstraZeneca, Disney, Pfizer, Amazon. US Markets close at 1PM ET.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The DAX is higher by 0.22%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.44% and 0.08% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | Did Authorities Do Enough To Find Out Why Oil Prices Went Negative?In late April this year, Wet Texas Intermediate nosedived below zero, sending the market into a frenzy. The frenzy ended a day later when WTI rebounded to positive territory. Now, the Commodity Futures Trading Commission has issued a report on the unprecedented event. Still, it has failed to answer many questions. The report identified three fundamental factors and five technical factors that contributed to the slump in the U.S. oil benchmark. Among the fundamental ones, the CFTC identified the excess supply on global oil markets, which fused with |
| Here’s Why Electric Vehicle Stocks Have Exploded This YearThe electric vehicle boom has been one of the few bright spots for investors in 2020.Tesla has seen its stock price climb by more than 445% this year.NIO stocks have soared by more than 1070%.And even charging companies like PLUG have seen their stock prices rise by more than 630%.In what has been a perfect storm for this nascent sector, traditional companies have seen their value destroyed, the worlds biggest hedge funds have started to redirect their investments towards ESG stocks and multiple governments are preparing for a clean energy |
| Refineries Are Fighting Over Used Cooking Oil And Animal FatThe novel coronavirus has fundamentally changed the way that we consume energy and fuel around the world. The extreme and unanticipated slowdown of economy and industry has led to a sharp decrease in oil and gas demand, and has even led many to question whether we are now unequivocally headed toward the end of oil. While a move away from fossil fuels has been an inevitable side effect of the pandemic, many global leaders have suggested that the world should seize this opportunity to double down on the global green energy transition |
| UK Energy Giants Back Carbon Trading Over Carbon TaxLeading energy companies have urged the UK to embrace carbon trading after the Brexit transition period concludes and not adopt a carbon tax instead. In a letter to Boris Johnson, the group, which includes firms such as RWE and Uniper, said that tradable carbon credits remain the best way of cutting emissions. At the moment, the UK is a member of the EUs carbon trading system, which allows members to buy and sell credits allowing them to emit a certain amount of carbon. Although the government has said that it backs the development |
| Perus Oil Industry Is Engulfed In CrisisA combination of sharply weaker oil prices, inconsistent regulation, the COVID-19 pandemic, and constant conflict in the Amazon where most of Perus onshore oil industry is located has triggered a crisis that has brought the industry to the brink of collapse. This was recently recognized by Perus National Society of Mining, Oil, and Energy (SNMPE Spanish initials) which released a media statement (Spanish) asking the central government to implement measures to reverse the crisis. Lima has long downplayed Perus considerable |
| Total And Exxon Renegotiate A Major Gas Sharing DealSupermajors ExxonMobil and Total are renegotiating a natural gas resource sharing deal for their respective liquefied natural gas (LNG) projects offshore Mozambique, Reuters reports, citing sources with knowledge of the talks. Exxon and Total are leading the Rovuma LNG and the Mozambique LNG projects, respectively, and are looking to renegotiate a 2015 deal on using resources from the basins that would supply gas to their respective projects. Both oil majors, who are looking to cut project costs, want to use the resources from a shared field |
| Britain tries to cool AstraZeneca concerns as its CEO touts a new vaccine trialBritain has asked its medicine regulator to assess the vaccine for a temporary supply, which could mean it’s rolled out in the country before the end of the year. |
| The athleisure market is heating up as consumers flock to ‘comfort in uncomfortable times’The athleisure market, fraught with competition, is expected to see sales in the U.S. total $105.1 billion in 2020. |
| Main Street pins hopes on Small Business Saturday sales to help stay afloatIt’s uncertain how Small Business Saturday on Nov. 28 will move the needle and help the millions of business owners on Main Street struggling to survive. |
| Coronavirus mutations do not appear to be helping it spread more rapidly, study saysIt comes as drugmakers and research centers scramble to deliver a safe and effective vaccine to help bring an end to the coronavirus pandemic. |
| Disney increases layoffs to 32,000 workers as coronavirus batters its theme park businessThe majority of these layoffs will be from its parks, experiences and products division and include the 28,000 workers that the company previously announced. |
| One of November’s worst-performing stocks could have 30% upside, chart suggestsHanesbrands appears to be in a stronger position than the S&P 500’s other laggards this month, two traders say. |
| Singapore’s co-developed vaccine candidate is in ‘good shape’ for delivery in 2021Positive results were announced by Singapore’s Covid vaccine candidate ARCT-021, developed by Arcturus Therapeutics together with Duke-NUS Medical School. |
| World’s largest medical glove maker becomes the epicenter of Malaysia’s Covid resurgenceTop Glove has shut 20 manufacturing sites in Malaysia after thousands of workers tested positive for the coronavirus disease. |
| AstraZeneca and Oxford defend Covid vaccine trials after questions raised in the U.S.œWe believe that this product will never be licensed in the U.S., one group of critical U.S.-based analysts wrote this week. |
| No ski resorts and no fireworks: How Europeans will spend Christmas this yearThere’s one thing that most people are agreed upon: Christmas is not likely to be the same this year. |
| Thanksgiving is usually a $250 million box office haul. This weekend it will be hard to reach $20 millionThe Thanksgiving box office is set to see its worst haul in decades due to the coronavirus pandemic. |
| Cornish hens and restaurant meals: What Thanksgiving looks like in a pandemicThe coronavirus pandemic means consumers will be celebrating Thanksgiving differently this year. |
| Nissan is trying to bounce back from turmoil and lossesNissan was once regarded as one of the automotive world’s great comeback stories. But now it is embroiled in turmoil and struggling once again. |
| Blain: The Global Financial Crisis 2007-2031Blain: The Global Financial Crisis 2007-2031 Tyler Durden Fri, 11/27/2020 – 08:30 Authored by Bill Blain via MorningPorridge.com, A short rant about how financial uncertainty will continue for years due to the consequences of the ongoing Global Financial Crisis that began in 2007. |
| Gold Pukes Below $1800 As VIX Flash-Crashes To February LowsGold Pukes Below $1800 As VIX Flash-Crashes To February Lows Tyler Durden Fri, 11/27/2020 – 08:17 Greed is good… |
| Futures Rise On Black Friday As “Massive” Month-End Pension Selling Fails To AppearFutures Rise On Black Friday As “Massive” Month-End Pension Selling Fails To Appear Tyler Durden Fri, 11/27/2020 – 08:14 According to Goldman and JPMorgan, markets were supposed to be hit with a near-record tidal wave of month-end pension funds selling (up to $160BN according to JPM) after a month of record equity putperformance over bonds. However, any selling has yet to materialize, with futures now trading higher than where they closed on Wednesday ahead of the Thanksgiving holiday, and once again within points of the all time high. Don’t expect fireworks in today’s subdued session which sees equity trading end at 1:00 p.m. and the bond market closes at 2:00 p.m. ET |
| Trump Says He Will Leave White House If Biden Wins Electoral College Despite “Rigged” ElectionTrump Says He Will Leave White House If Biden Wins Electoral College Despite “Rigged” Election Tyler Durden Fri, 11/27/2020 – 07:49 President Trump took questions from reporters on Thursday evening for the first time since Election Day. And after confirming a few days ago via Twitter that he would tell the GSA to formally begin the transition process, the president confirmed to a group of MSM journalists that he would formally surrender power to Biden should Trump’s rival win the Electoral College vote. |
| Topshop owner Arcadia on brink of collapseThe company could make an announcement as soon as Monday, putting 13,000 jobs at risk. |
| Royal Mail could save £225m by cutting Saturday post, regulator saysThe postal regulator says it could drop weekend letter deliveries and still meet people’s needs. |
| TSB owner Sabadell considers bank’s future as BBVA deal scrappedThe Spanish bank is seeking “strategic alternatives” after scrapping a merger with BBVA. |
| Bitcoin the new gold? Analysts see 19-times upside by Dec 2021A leaked report from Citibank, titled ‘Bitcoin: 21st Century Gold’ said the price of the bitcoin could hit the $3,18,000 mark by December 2021. This will mean a 19-times growth from the current level of around $17,000. |
| Nifty firms belie doomsayers’ estimates to report best-ever profits for Q2Cost reduction, better-than-expected demand recovery and lower provisions for financial firms are some of the things that helped boost the bottom line, said Gautam Duggad, Head of Research at Motilal Oswal Financial Services. |
| Write-off of Lakshmi Vilas Bank’s debt to sting small lendersThe Reserve Bank of India on late Thursday said 3.18 billion rupees ($43 million) of Tier 2 bonds of Lakshmi Vilas Bank Ltd. will be fully written down as DBS Group Holdings Ltd. acquires the lender. |
| Rail Week Ending 21 November 2020 – Rolling Averages WorsenWritten by Steven Hansen Week 47 of 2020 shows same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is slowly recovering from the coronavirus pandemic.
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| 20 November 2020 ECRI’s WLI Continues To Improve
ECRI’s WLI Growth Index which forecasts economic growth six months forward marginally improved and remains in expansion. |
| Market Extra: Here are some ETFs for Black FridayA roundup of exchange-traded funds that will help you invest in e-commerce plays. |
| Futures Movers: Oil prices trade mixed Friday but both grades set for weekly gainCrude-oil futures on Friday trade mixed ahead of an important OPEC meeting, after settling on Wednesday at the highest level since early March. |
| Where Should I Retire?: I’m a ‘young 68’ with $3,200 a month in Social Security and don’t want it taxed ” where should I retire north or west of Colorado?œI love the outdoors, hiking, photography, mountains and snow. |
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