Written by Gary
Bipartisan talks on new stimulus stall (SPY -0.7%). Stocks making the biggest moves in the premarket: Disney, Qualcomm, Nio, Lululemon.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The CAC 40 is higher by 0.05%, while the DAX is leading the FTSE 100 lower. They are down 1.45% and 0.60% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Top U.S. Shale Gas Basin Continues To Bleed CashThe shale revolution may have made the United States and the world’s largest natural gas producer, but it has failed to make the biggest U.S. shale gas drillers any richer. Frackers in the top shale gas basin, the Appalachia, continue to bleed cash, despite the deep cuts in capital expenditures this year as a result of the plunge in gas prices in the first half of 2020 due to mild winter early in the year and depressed demand later on with the pandemic. Nine of the biggest shale gas producers in Appalachia cut their capex in Q3 by over one-third |
| How Texas Could Bounce Back From The Oil Price CrashJust a decade ago West Texas was the very image of a thriving industry. Bobbing pumpjacks dotted the landscape as boomtowns like Midland exploded in a flurry of economic activity and an influx of workers to provide the labor force for the United States so-called shale revolution. Now, those boomtowns have gone bust and an ever-increasing number of those once industrious pumpjacks sit idle. The shale revolution was already in steep decline before the pandemic hit, but the novel coronavirus dealt that golden age its coup de grace during what |
| The OPEC Member That Could Derail The Production Cut PlanAfter a week of contentious OPEC+ discussions, in which the UAE played a key role, it appears that the Abu Dhabi National Oil Company (ADNOC) is now aggressively pursuing market share. The UAE was very vocal during the OPEC+ meeting about its resentment of having to carry the burden of COVID-19 demand destruction and the global energy transition. Abu Dhabis Crown Prince Mohammed bin Zayed and ADNOCs CEO Sultan Ahmed Al Jaber have now clearly decided that it is time to reap the rewards of their large-scale oil and gas investments. |
| Aramco To Sell Stakes In Subsidiaries To Raise CashSaudi Arabia is looking to plug budget gaps by having its state-run oil giant, Saudi Aramco, sell some stakes in its subsidiaries, according to anonymous Bloomberg sources. The Kingdoms oil company has hired Moelis & Co. to come up with a plan to sell stakes In Aramcos pipelines for the purpose of coming up with nearly $10 billion. The move comes after Saudi Arabias neighbor, Abu Dhabi, engaged in a similar cash-raising activity as it, too, looks to bring in billions to prop itself up during what has become a major recession |
| The Companies That Could Benefit From A Major Pipeline ShortageThe pandemic-inflicted oil demand crash and price collapse did not spare any segment of the oil industry. U.S. drillers and refiners cut oil and fuel production after demand plunged, while the entire oil and gas sector slashed capital budgets to preserve cash amid low oil and gas prices. The crisis spilled over to energy infrastructure, where oil and gas pipeline operators deferred or outright canceled projects and also reduced capital expenditure (capex) plans. But its not all doom and gloom in the American midstream sector. |
| Is This The Worlds Next Major Driver Of Oil Demand?The energy industry has been plagued by the sharp and deep drop in oil demand for months, and the outlook does not look too good eitherwith or without vaccines. Traditionally, China has been the one bright spot on the global map as the large consumer that is always thirsty for crude. Now, there appears to be another driver of hope for oil demand: Brazil. The biggest country in South America has been one of the most severely affected by the coronavirus pandemic, but unlike other places that suffered mass infections, this has not harmed fuel |
| 5 things to know before the stock market opens FridayThe Dow was set to open lower Friday as bipartisan talks on new stimulus stall even as Pfizer’s Covid-19 vaccine moves closer to FDA emergency use approval. |
| Almost 40% of Americans plan to spend less this holiday season as the Covid pandemic lingersThe average American plans to spend just $886, down 10% from their planned spending last year, according to the CNBC All-America Economic Survey. |
| AstraZeneca to work on Covid vaccine combinations with Russia’s Sputnik V developersIt comes after the developers of the Sputnik V Covid-19 vaccine approached AstraZeneca via Twitter late last month. |
| See the list of the world’s most underrated food destinationsA new survey of chefs and food enthusiasts named the most underrated food cities and countries around the world. |
| Technology could help sustainable investing turn the corner, says JPMorganThe availability of technology and data could be what helps turn a corner, according to JPMorgan’s global head of sustainable investing. |
| Vaccine rollout will be ‘a Herculean operation’ with hitches along the way, Biden Covid advisory board member saysThe FDA will be voting on the final approval for emergency use authorization for Pfizer’s Covid vaccine. Atul Gawande and Former FDA chief Mark McClellan weigh in. |
| Jim Cramer recommends profit taking in speculative electric SPAC namesAfter shares of QuantumScape, Luminar, Arrival and Canoo surged in a short timeframe, the “Mad Money” host is recommending investors trim their holdings. |
| Covid pandemic drove a record drop in global carbon emissions in 2020Researchers said carbon emissions will likely rebound in 2021 and urged governments to prioritize a shift to clean energy in their Covid recovery plans. |
| Cramer says it’s ‘crazier’ to short the market than to buy Airbnb, DoorDash at current levels“The backdrop is too positive to bet aggressively against anything here,” the “Mad Money” host said. |
| Merck CEO optimistic on Covid vaccines, sees at least 6 more months of social distancing and masksMerck’s Kenneth Frazier told CNBC the coronavirus vaccines from Pfizer and Moderna “look fantastic” but cautioned the rollout will take time. |
| FDA panel recommends approval of Pfizer’s Covid vaccine for emergency useIf the FDA adopts the recommendation it would mark a pivotal moment in the Covid-19 pandemic, which has killed roughly 290,000 in the U.S. in less than a year. |
| These Airbnb hosts earned more than $15,000 on Thursday after the company let them buy IPO sharesIn Airbnb’s IPO Wednesday night, the room-sharing company sold up to 3.5 million shares to hosts on the site. |
| “Free Speech Is Being Weaponized”: Columbia Dean And New Yorker Writer Urges More Censorship“Free Speech Is Being Weaponized”: Columbia Dean And New Yorker Writer Urges More Censorship Tyler Durden Thu, 12/10/2020 – 21:00 Authored by Jonathan Turley, We have been discussing how reporters, editors, commentators, and academics have embraced rising calls for censorship and speech controls, including President-elect Joe Biden and key advisers. This includes |
| America Last: Melinda Gates ‘Incredibly Disappointed’ After Trump Gives Americans Vaxx FirstAmerica Last: Melinda Gates ‘Incredibly Disappointed’ After Trump Gives Americans Vaxx First Tyler Durden Thu, 12/10/2020 – 20:40 Melinda Gates is ‘incredibly disappointed’ that Americans will be receiving COVID-19 vaccines, developed by American companies, before the rest of the world. |
| The Oil Refinery Crisis Will Worsen This WinterThe Oil Refinery Crisis Will Worsen This Winter Tyler Durden Thu, 12/10/2020 – 20:20 Authored by Julianne Geiger via OilPrice.com, It was only to be expected that many of the world’s refiners would be pinched between low demand for finished products and rising inventories as the pandemic lockdowns continue to stifle activity. But the warm December that is expected this year is also threatening finished products demand. And it’s possible that many of the older, small refiners won’t survive at all. |
| California Versus TexasCalifornia Versus Texas Tyler Durden Thu, 12/10/2020 – 20:00 California has had a nearly identical case trajectory as Texas… |
| UK banks can weather pandemic, says Bank of EnglandMost risks to financial stability posed by Covid and a no-deal Brexit have been mitigated, the Bank says. |
| Post Office scandal: Postmasters have convictions quashedSix former sub-postmasters have their convictions for fraud linked to a new computer system dismissed. |
| Heathrow to shut Terminal 4 until end of next yearThe airport operator says passenger numbers fell sharply following a second lockdown. |
| RBI new policy: Shriram Transport Finance meets past years criteria for dividend paymentAccording to Reserve Bank of India’s draft guidelines on dividend declaration by NBFCs, net NPA should be less than 6% in each of the last three years, including the accounting year for which it proposes to declare dividend. |
| Can credit rating agencies be liable for defaults? SAT to give its verdictPassing an interim order in the matter SAT opined œquestions arise in the matter whether a rating agency can be held liable for a credit default even if all the internal procedures were followed and there is no ‘mala fide’ intention on the part of CRA. |
| What brokerages are saying about UPL stock after whistleblower claimsInvestec, Edelweiss and CLSA have maintained buy ratings. Kotak Institutional Equities has maintained a sell rating. |
| November 2020 Producer Price Final Demand Continues To Show Modest Year-over-Year GrowthWritten by Steven Hansen The Producer Price Index (PPI) year-over-year inflation moved from +0.5 % to +0.8 %.
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| Rail Week Ending 05 December 2020 – Improvement ContinuesWritten by Steven Hansen Week 49 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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| Capitol Report: Here’s what Biden’s first 100 days could mean for health care, energy and more key sectorsJoe Biden’s actions in his first 100 days as president will ripple across the U.S. economy, including major industries. |
| : Asset managers with $9 trillion under watch launch a plan for net zero emissions ” though U.S. funds sit this one outGlobal asset managers responsible for over $9 trillion of investments under management have pledged to support a goal of net zero greenhouse gas emissions by 2050 or sooner, in line with Paris Accord efforts to limit warming to 1.5°C. |
| : Disney plans Marvel, ‘Star Wars’ series in huge slate of offerings as Disney+ subscriber numbers soarIn coming years, the Disney+ streaming service will be home to 10 new Marvel series, 10 new ‘Star Wars’ series, 15 animated and live-action Pixar and Disney series, and 15 Disney-Pixar films that will be newly branded as Disney+ Original. |
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