Written by Gary
Nasdaq briefly recorded a new historic high, then fell sharply (SPY -0.4%). California Gov hints at more drastic COVID action.
The Market in Perspective
Here are the headlines moving the markets. | |
OPEC+ Forced To Reschedule Meeting As Disagreements PersistThe OPEC meeting ended on Monday without an agreement among its members regarding the production cuts next year. Instead, the meeting ended with three of its heavyweightsRussia, Saudi Arabia, and the UAEholding different opinions as to how to handle things going forward. The meeting with OPEC+ was set to resume tomorrow, but a lateand a rather surprisingannouncement came in the afternoon saying that the meetings had been rescheduled to December 3 as more talks are needed. Saudi Arabia, as the predominantand perhaps | |
OPEC+ Rumors Send Oil Prices DivingWhile there was a lot of uncertainty about the OPEC+ meeting, this headline (from Bloomberg) was not one of them… *SAUDI ARABIA MULLS RESIGNING ROLE AS CO-CHAIR OF OPEC+ JMMC The reaction in crude prices was insta-selling, pushing WTI back below $45…While the headline is unclear, it strongly suggests that the discord within OPEC+ is far greater than was believed; and the fact that it is only these relationships that are holding the entire energy complex up in the face of lockdown-inducing demand slumps is worrisome. The move is likely simply | |
Gold Set For Its Worst Month In 4 YearsGold prices extended their decline below $1,800/oz on Monday as growing optimism for an end to the pandemic continues to direct investors towards riskier assets, casting shadow over safe havens like bullion. Spot gold dropped 0.5% to $1,781.30 per ounce to 11:40 a.m. EST, on course for its worst month in four years. US gold futures traded 0.2% lower at $1,783.40 per ounce in New York. The latest boost for risk appetite came over the weekend when top US health officials said a vaccine will probably be deployedacross the nation before the end | |
Is Brazils Oil Boom In Danger?Brazils massive offshore oil boom, notably in the deepwater offshore pre-salt oilfields, is continuing to grow despite weaker oil prices and the sharp impact of the COVID-19 pandemic. Strong demand from Asian refiners, especially those in China, for lighter sweeter crude oils saw demand for Brazilian crude oil soar since the end of 2019. The COVID-19 pandemic, a second round of lockdowns among Europes largest economies, a rapidly decelerating world economy, and a poor global economic outlook have done little to curb Chinas | |
Goldman Sachs Sees Oil Hit $65 In 2021Goldman Sachs expects Brent crude to reach $65 a barrel next year following the release of an effective Covid-19 vaccine and a limited increase in supply from OPEC+. However, before this, global demand will drop by 3 million bpd because of the string of national lockdowns in Europe, the investment bank also warned. OPEC+ is still a major factor for prices, Goldman also said, and if it fails to agree to an extension of the current production cuts, this could cost the oil industry a $5 price drop per barrel. OPEC+ begins a two-day meeting today to | |
Venezuelas Oil Crisis Is An Environmental Time BombThe international media think tanks and government agencies have discussed at length the near failure of Venezuela, once Latin Americas most stable and developed nation, and the emergence of this centurys second-worst humanitarian crisis. The countrys implosion can be blamed upon a variety of factors, the key being the socialist Maduro regimes gross mismanagement of its economic engine, Venezuelas oil industry. While the economic, political, and humanitarian fallout from what can only be described as the worlds | |
4 reasons why empty malls on Black Friday aren’t a bad omen for the holiday shopping seasonHoliday shoppers’ dramatic shift towards buying gifts online during the pandemic will challenge retailers as they try to drive both sales and profitability. | |
New York implements emergency hospital measures as Covid cases surge, Gov. Cuomo says“If a hospital gets overwhelmed, there will be a state investigation,” Gov. Andrew Cuomo said. | |
Nikola shares crater by more than 20% after GM gives up equity stake in smaller, reworked dealGeneral Motors and Nikola announced a reworked, smaller agreement that abandons plans to build Nikola’s Badger pickup truck for consumers. | |
First ‘mass air shipment’ of Pfizer’s Covid vaccine arrives as airlines prepare for moreUnited’s first flight carrying Pfizer’s Covid-19 vaccines arrived in Chicago on Friday. | |
A historic Atlantic hurricane season is ending. Here’s a look at the records it shatteredAn unforgiving hurricane season shattered records this year and battered parts of Central America and the U.S. Gulf Coast. | |
Thanksgiving air travel rises to pandemic high ” but still less than half of last year’s levelsAir travel surged during the Thanksgiving break despite warnings from health officials. | |
Up to 30% of Americans may be infected with coronavirus by year-end, Dr. Scott Gottlieb says“You’re getting to levels where this virus is not going to circulate as readily,” the former FDA chief told CNBC on Monday. | |
Cyber Monday sales could reach $13 billion, testing everything retail learned during the pandemicCyber Monday is expected to be the largest digital sales day ever in the U.S., with spending reaching between $10.8 billion and $12.7 billion. | |
CEO of Montana hospital, which lost a doctor to Covid, says he expects Thanksgiving-related surge“We’re at or beyond capacity. We’re making every possible infrastructure, including more airflow rooms,” Billings Clinic CEO Dr. Scott Ellner told CNBC. | |
The first doses of the Covid-19 vaccine could go out next month. Distributing it to over 330 million people living in the U.S. is the next hurdleDoses of Pfizer’s Covid-19 vaccine could go out next month. The process of distributing the medicine, however, could prove a logistical challenge. | |
Under Armour launches a brand with NBA star Steph Curry to better compete with Nike’s JordanUnder Armour announced its official launch of the Curry Brand with NBA star Stephen Curry, in a bid to reach more younger consumers and compete with Nike. | |
Moderna says new data shows Covid vaccine is more than 94% effective, plans to ask FDA for emergency clearance later MondayModerna will be the second drugmaker to seek emergency use from the FDA after Pfizer applied for the same authorization on Nov. 20. | |
Chipotle is testing smoked brisket in Cincinnati, SacramentoChipotle said it’s testing the meat at participating locations in Cincinnati and Sacramento for a limited time. | |
California’s Newsom Warns Of “Dramatic, Arguably Drastic” New Restrictions To Come As Hospitalizations Hit Record Highs: Live UpdatesCalifornia’s Newsom Warns Of “Dramatic, Arguably Drastic” New Restrictions To Come As Hospitalizations Hit Record Highs: Live Updates Tyler Durden Mon, 11/30/2020 – 16:00 Summary: California Gov hints at more drastic COVID action Vietnam confirms first COVID case in 89 days NYC positivity rate tops 4% NY sees another 6k+ new cases WHO: treat slowdown in cases with caution NJ Gov tightens restrictions NYC limits viewing times for Rockefeller Christmas tree Moderna sends in emergency application Hong Kong orders civil servants to work from home Italy approves fourth stimulus package California tops 15k cases France sees fewest new cases in nearly 2 months Germany’s Merkel says Germany can’t continue compensating companies for lost sales Hong Kong imposes new restrictions Canada expands travel ban UK’s Johnson says tiered system will have ‘sunset’ date of Feb. 3 * * * Update (1555ET): California Gov Gavin Newsom just warned that more drastic steps could be taken to contain the virus after the state reported another 15k+ new cases yesterday. The Golden State could be facing “much more dramatic, arguably drastic” measures to contain the spread of the virus. T … | |
Global Stocks Soar To Best Month Ever As Bitcoin Hits Record HighGlobal Stocks Soar To Best Month Ever As Bitcoin Hits Record High Tyler Durden Mon, 11/30/2020 – 16:00 Global stocks soared over 13% in November – the greatest monthly gain in its history – apparently on the heels of vaccine news… | |
JPMorgan Downgrades US Stocks To Neutral, Just Weeks After Hiking 2021 S&P Price Target To 4,500JPMorgan Downgrades US Stocks To Neutral, Just Weeks After Hiking 2021 S&P Price Target To 4,500 Tyler Durden Mon, 11/30/2020 – 15:55 JPMorgan may have been wrong recently calling for an end to the rally in bitcoin (the cryptocurrency just hit a new all time high today), but it was correct in urging the bank’s clients to buy US equities, and especially to rotate out of growth and into value at the start of November, a month which saw a tremendous outperformance of beaten-down value and small cap names over the former tech and FAAMG meca-cap leaders. Which is why today’s report laying out the bank’s 2021 Outlook report was especially notable: in it, for the first time in years, JPMorgan’s Croatian chief equity strategist Mislav Matejka cut his opinion of US stocks, downgrading the US to neutral while upgrading Europe to Overweight. What is remarkable about this U-turn is that the downgrade takes place just three weeks after that “other” JPM strategist, Dubravko Lakos-Bujas, who also happens to Croatian (incidentally, so does Marko Kolanovic) upped his 2021 year-end S&P price target to as much as 4,500. So… on one hand stocks will soar almost 1,000 points, on the other hand, they are no longer worth of an Overweight reco. | |
Oil Slides After Tuesday’s OPEC Meeting Rescheduled “As More Talks Needed”Oil Slides After Tuesday’s OPEC Meeting Rescheduled “As More Talks Needed” Tyler Durden Mon, 11/30/2020 – 15:44 On the first day of OPEC’s Vienna meeting, when nothing was achieved due to continued resistance from such oil producers as the UAE, Kazakhstan and Iraq, who refuse to extend production cuts, and when delegates leaked that a decision would likely be forthcoming after tomorrow’s OPEC+ meeting, moments ago oil slumped following a Bloomberg report that tomorrow’s meeting has been “rescheduled to Dec 3 as more talks are needed.” Oil and the energy complex promptly slumped following the report. | |
Topshop owner Arcadia goes into administrationAlthough the fall of the retail group puts 13,000 jobs at risk, there will be no immediate redundancies. | |
Has Topshop boss Philip Green done anything wrong?Every generation has its business pantomime villain – what’s the real story with Philip Green? | |
Is my pension ruined if a retail empire crumbles?The collapse of Topshop owner Arcadia could mean thousands of pension holders take a hit. | |
Bitcoin rallies above $19,000 after biggest rout since pandemicThe most-traded digital coin rose over the weekend and added almost 5% more on Monday to $19,109. That topped its peak closing level reached last week, before prices started tumbling. A Bloomberg gauge of the biggest cryptocurrencies is up 13% from Friday. | |
Nifty setup extremely risky, don’t chase momentumRegardless of the global setup that we inherit on Tuesday morning and some incremental up moves that we may see, the domestic technical setup has now become extremely risky. Chasing momentum would just not be a good idea. | |
How India’s growth-inflation dynamics have turned wobblyOwing to the global deluge of capital flows along with the likelihood of Covid-19 vaccine being designed, the equity market continued to show a buoyant trend. | |
IPO Report: Wish IPO: 5 things to know about the mobile e-commerce companyContextLogic Inc., the parent company to mobile e-commerce platform Wish, has filed for an initial public offering amid a massive shift to online shopping during COVID-19. | |
: Here’s why cod and haddock threaten to scuttle trade talks as both EU and U.K. send Brexit warningsDeadlines have come and gone in the last 10 months, but the legal calendar now only leaves a few days for both sides to strike a deal in time for its ratification by parliaments. | |
Market Extra: The stock market saw a historic November rally ” here’s why that might not bode well for DecemberThe stock market is wrapping up a historic November rally, but if history is a guide, the largest monthly gain on record for the small-cap Russell 2000 and big advances by other major indexes point to a potentially choppy period ahead, Wall Street pros warn. |
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