Written by Gary
Treasury yields edge lower as stalled U.S. stimulus talks, Brexit worries spark demand for safe assets (SPY -0.1%). Rig count sees the largest one-week increase since January.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | EVs Take Record 15% Share Of UKs Used Car MarketLast months announcement that the UK would ban sales of new gasoline and diesel cars as of 2030 was most likely the reason why electric vehicle (EV) sales on the used car market in Britain surged to their highest market share ever15 percent of used car sales in December, Motortrader reported, citing online car supermarket BuyaCar.co.uk. In the middle of November, the UK government said it would ban the sales of new gasoline and diesel cars beginning in 2030. The ban is part of the UKs Ten Point Plan for a Green Industrial Revolution |
| Oil Takes a Breather After Big RallyOil prices fell back on Friday morning following a strong rally on the back of an OPEC+ agreement and new COVID-19 vaccine rollouts around the globe.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more.Friday, December 11th, 2020Brent hit $50 per barrel on Thursday for the first time since March, edging |
| Rig Count Sees Largest One-Week Increase Since JanuaryBaker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 338. The total number of active oil and gas rigs increased for the week by 15the largest increase to oil and gas rigs since Januarywith oil rigs increasing by 12 and gas rigs rising by 4. Miscellaneous rigs fell by 1. Total oil and gas rigs in the United States are now down by 461 compared to this time last year. The EIAs estimate for oil production in the United States stayed at 11.1 million barrels of oil per day for the second |
| Department Of Energy Extends LNG Export TermsThe U.S. Department of Energy has extended the export terms for seven LNG license until 2050 for projects currently under construction or pending the start of construction. The extensions include the Golden Pass terminal in Texas, the Brownsville project, also in Texas, as well as the Delfin, Driftwood, and Magnolia projects in Louisiana. The Costa Azul project in Mexico, led by Sempra Energy, was also included in the extensions. The success story of U.S. LNG continues to be written, and these extended authorizations will ensure that the |
| World Oil Demand Hits Two-Month HighGlobal demand for road fuels hit a two-month high last week, recovering from the slowdown in October and November when many countries in Europe imposed lockdowns for a second time this year, according to various data points about road use, traffic jams, and road freight services tracked by Bloomberg. Last week, global road usage was 24 percent below the typical levels before the pandemic, but this was an improvement from the road travel and freight transportation in the middle of November, when road usage was 30 percent below pre-COVID levels, |
| EU Reaches Agreement On Emission CutsThe European Union earlier today finally reached an agreement on more stringent emissions-cutting goals for the next decade. After long discussions, the block agreed to aim for a 55-percent reduction in net greenhouse gas emissions by 2030 from 1990 levels, the AP reported, as it strives to become net neutral by 2050. The previous target for 2030 was a 40-percent reduction in emissions from 1990 levels. Europe is the leader in the fight against climate change, the president of the European Council, Charles Michel said in a tweet. |
| FDA chief says agency will quickly approve Pfizer’s Covid vaccine for emergency useThe authorization of the vaccine should come “in the next couple of days,” Alex Azar, secretary of the Department of Health and Human Services, said on ABC’s “Good Morning America.” |
| White House threatens to fire FDA chief unless Pfizer Covid vaccine approved Friday, reports sayWhite House chief of staff Mark Meadows told the head of the FDA to submit his resignation if the agency doesn’t approve Pfizer’s vaccine Friday, reports say. |
| Walgreens may begin Covid vaccinations at nursing homes before ChristmasThe start of vaccinations at nursing homes represents a significant milestone in the pandemic, because long-term care facilities have been particularly hard hit. |
| Black health leaders try to build trust in the Covid vaccine among African AmericansMost African Americans are highly skeptical of the Covid vaccine. Black health-care leaders are trying to build trust in communities hard hit by the virus. |
| New York City will shut indoor dining starting Monday, Gov. Cuomo saysThe move marks a notable reversal of New York’s reopening plans since it allowed the city to resume indoor dining at 25% capacity on Sept. 30. |
| Stocks making the biggest moves midday: Tesla, Nio, Airbnb, Disney & moreCheck out the companies making headlines in midday trading. |
| Watch live: New York Gov. Cuomo holds a press briefing as state prepares to distribute Covid vaccineNew York Gov. Andrew Cuomo is scheduled to hold a press briefing Friday on the coronavirus pandemic as the state prepares to receive a Covid vaccine. |
| Watch live: World Health Organization holds press conference on the coronavirus outbreak as the U.S. is poised to clear Pfizer vaccineThe briefing comes as U.S. regulators say the authorization of Pfizer’s Covid-19 vaccine is imminent. |
| 2020 has shone a light on the importance of good teachers, but many are paid less than a living wage in the U.S.A good teacher may be a key factor in student achievement, but in many parts of the country teachers live below a family living wage. |
| AMC secures $100 million investment, but bankruptcy concerns still loomAMC secured a $100 million investment from Mudrick Capital Management, but it won’t be enough to solve liquidity issues. |
| Walmart prepares to administer Covid vaccines at stores across the U.S.Walmart is getting ready to administer Covid vaccinations across the country once a vaccine is approved, the company’s chief medical officer said Thursday. |
| Disney unloads a slew of impressive Disney+ announcements, announces price hikeDisney boosted estimates for Disney+ subscriber numbers, announced increased investment in original content and reiterated that it will be profitable in 2024. |
| Coronavirus vaccines will get GPS tracking and flight priority, UPS, FedEx sayFedEx and UPS outlined for lawmakers how they plan to prioritize and protect shipments of coronavirus vaccines when regulators sign off on the first ones. |
| Dow Clings To 30K Amid IPOpalooza, Bonds Bid On Brexit & Bailout BustsDow Clings To 30K Amid IPOpalooza, Bonds Bid On Brexit & Bailout Busts Tyler Durden Fri, 12/11/2020 – 16:01 This is not a bubble… |
| Wealth Taxes, Mask Nazis, And COVID Crackdowns… Oh My!Wealth Taxes, Mask Nazis, And COVID Crackdowns… Oh My! Tyler Durden Fri, 12/11/2020 – 15:40 Authored by Simon Black via SovereignMan.com, Are you ready for this week’s absurdity? Here’s our Friday roll-up of the most ridiculous stories from around the world that are threats to your liberty, risks to your prosperity ¦ and on occasion, inspiring poetic justice. |
| BofA: Central Banks Are Buying $1.3 Billion In Assets Every Hour, Creating A “Frankenbull” MarketBofA: Central Banks Are Buying $1.3 Billion In Assets Every Hour, Creating A “Frankenbull” Market Tyler Durden Fri, 12/11/2020 – 15:25 One week after BofA CIO Michael Hartnett issued a “code red” for stocks after publishing a report in which he showed that while current market euphoria has surpassed dot com levels, what was going now is absolutely staggering and it’s only getting crazier with each passing day and new all time high, he has tripled down on his calls for a near-term correction (recall his first reco to “sell the vaccine” hit about a month ago), he is out with a new report warning that the current “froth, greed, vaccine, inflation, renminbi the new Deutschmark” all portend a “toxic brew for uber-Goldilocks 2021 consensus”, and is why he has called the current market with what may be the best sellside definition we have heard to date: the Frankenbull. |
| More Than Half Of New York’s Restaurants Are In Danger Of ClosingMore Than Half Of New York’s Restaurants Are In Danger Of Closing Tyler Durden Fri, 12/11/2020 – 15:10 By Erika Adams of Eater.com, Across the country, restaurants have been decimated by the pandemic. But according to a new survey conducted by the New York State Restaurant Association, in partnership with the National Restaurant Association, New York restaurants are hurting more from the economic crisis in comparison to the industry nationwide. |
| Odeon cinema owner warns it’s running out of cashAMC Entertainment Holdings, owner of Odeon Cinemas, is burning through $125m a month. |
| 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. |
| Pound falls on the prospect of a no-deal BrexitPrime Minister Boris Johnson said it is ‘very, very likely’ the UK will not secure terms with the EU. |
| 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. |
| 04 December 2020 ECRI’s WLI Growth Rate Improvement Continues
ECRI’s WLI Growth Index which forecasts economic growth six months forward improved and remains in expansion. |
| Preliminary December 2020 Michigan Consumer Sentiment Improved Due To Biden WinWritten by Steven Hansen The preliminary University of Michigan Consumer Sentiment for December came in at 81.4, up from November’s 76.9, up from October’s 81.2, and up from September’s 80.4.
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| Bond Report: Treasury yields edge lower as stalled U.S. stimulus talks, Brexit worries spark demand for safe assetsTreasury prices rise Friday, dragging down yields, as investors show interest in safe assets as prospects for another round of U.S. aid spending fade and the potential for a œno-deal Brexit looms larger. |
| : ‘This COVID situation has really widened my eyes about capitalism’: Students locked into ‘unforgiving’ rents amid college confusionSome students struggle to break leases and experts anticipate a more tenant-friendly market in the future. |
| : In one of the worst pandemics to hit the U.S., tens of millions of people are still without health insurance‘Health insurance is your ticket to health care in the United States.’ |
Written by Steven Hansen
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