16Dec2020 Pre-Market Commentary: US Retail Sales Fall 1.1%, DOW Up 41 Points, Nasdaq Up +0.2%, US Dollar Weaker At 90.25, Bitcoin At 18951

Here is the current market situation from CNN Money

European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.36% while London’s FTSE 100 is up 0.59% and France’s CAC 40 is up 0.04%.

Is It Time For A Correction In Oil Markets?

Crude oil prices rose to the highest since early spring after the FDA yesterday gave the green light to the Pfizer-BioNTech Covid-19 vaccine, with government officials saying several hundred vaccination sites across the country would be supplied with vaccines by tomorrow. But traderswho have been buying oil and fuels futures with renewed eagerness over the past few weeksare now preparing for a market correction. Traders from hedge funds slowed down their purchases of crude oil and derivatives contracts, Reuters John Kemp said

How An Obscure 400 Year Old Law Sparked A $5 Trillion Transportation Revolution

Nearly 400 years ago, Parliament passed an obscure law in London, which triggered the start of an estimated $5.7 trillion industry, the estimate of value that Uber puts on all passenger vehicle miles and all public transportation miles in all countries globally. This 3-page government document set in motion the first regulations in the budding Hackney carriage industry. At the time, only small innkeepers and their visitors had access to the services. But since then, its transformed the way people around the world work and travel every day

Big Oil Slammed With A $7 Trillion Reality Check

About a year ago, the world’s largest asset manager BlackRock Inc. (NYSE:BLK) declared its intention to increase its ESG (Environmental, Social and Governance) investments more than tenfold from $90 billion to a trillion dollars in the space of a decade. Few took the investment firm seriously, given its spotty track record on climate action in the past. But just in case investors thought BlackRock was bluffing as usual, the company recently issued a chilling update on its approach to engaging with companies, essentially saying it will abandon

UAE Cements US, Israel Alliance With This Huge Oil Deal

The Abu Dhabi National Oil Co (ADNOC) – the key corporate proxy at the centre of the U.S.s Middle East pushback against increasing Chinese and Russian influence across the region via the recent normalisation deals between Israel and the UAE and Bahrain last week further cemented this alliance with the award of a second major oil and gas exploration block concession to the U.S.s Occidental. The U.S. major had previously won the 5,782 square kilometre (sq. km) Onshore Block 3 in Abu Dhabi’s first competitive

Oil Reverses After API Reports Inventory Build Across The Board

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 1.973 million barrels for the week ending December 11. Analysts had predicted an inventory draw of 1.937 million barrels for the week. In the previous week, the API reported a build in oil inventories of 1.141-million barrels, after analysts had predicted a draw instead, of 1.514 million barrels. Both Brent and WTI were up on Tuesday afternoon before the data release, despite OPEC’s MOMR on Monday that showed the group’s oil production had risen for November

Another Corruption Scandal Engulfs Ecuadors Oil Industry

The trials and tribulations for Ecuadors deeply embattled petroleum industry continue. If crumbling infrastructure, refinery outages and pipeline ruptures were not enough, the Andean countrys state-controlled PetroEcuador finds itself embroiled in another scandal which could derail progress with reforming Ecuadors troubled energy sector. The national oil company which owns and operates Ecuadors refineries and related infrastructure is due to be merged with state-controlled PetroAmazonas which focuses on upstream operations.

FDA staff endorses emergency use of Moderna’s Covid vaccine in a critical step toward approval

Moderna’s vaccine could be administered as early as next week if it wins emergency use authorization from the FDA.

Your next flight might be carrying Covid vaccines as United ships doses on passenger planes

United Airlines has started shipping the Pfizer vaccine on passenger flights within the U.S. as demand for additional capacity increases.

It’s going to be a make-or-break holiday season for these retailers

All retailers could use a strong holiday season to ring in 2021. But for some companies it is especially true, with the holidays being a make-or-break time.

5 things to know before the stock market opens Wednesday

U.S. stock futures built on Tuesday’s rally as investors grew more optimistic about Washington reaching a deal on another coronavirus economic relief package.

Tom Cruise reportedly tears into film crew over breach of Covid rules

The filming of “Mission: Impossible 7” was delayed in October when 12 people on set in Italy tested positive for coronavirus.

Satellite-to-smartphone broadband company AST & Science to go public through a SPAC

Special purpose acquisition company New Providence will take next-generation satellite broadband specialist AST & Science public through a SPAC deal.

Prisoners have been excluded from Covid vaccine plans, and health experts are sounding the alarm

Health experts alike are deeply concerned about the notable absence of prison populations in existing vaccine guidance.

Euro zone business activity ‘close to stabilizing’ in December despite Covid lockdowns

Business activity in the euro zone picked up in December, according to the latest preliminary purchasing manager’s index (PMI) data for the region.

British retailers are set for a bumper ” but very different ” holiday shopping season

The coronavirus crisis has caused serious challenges for many retailers but experts say there are reasons to be positive ahead of the holiday shopping season.

HHS Secretary Azar says the public will get Covid vaccine ‘by the end of February into March’

Health and Human Services Secretary Alex Azar provides an update on when he believes the American public will be able to get a Covid vaccine.

Lululemon CEO expects digital growth momentum to continue post pandemic

“I think there are some lasting [pandemic] inflection points across the guests,” Lululemon CEO Calvin McDonald said in a “Mad Money” interview.

Jim Cramer says investors are powering the December rally with conflicting bets

“With a vaccine glut on the horizon, at-home testing [and] the possibility of a stimulus deal in Washington … I’d worry not being bullish enough,” the “Mad Money” host said.

Rocket startup Astra reaches space for the first time with second launch attempt from Alaska

San Francisco-area startup Astra became the latest U.S. rocket builder to reach space on Tuesday, with the successful launch of its Rocket 3.2.

US Retail Sales Disappoint, Tumble Most Since April

US Retail Sales Disappoint, Tumble Most Since April Tyler Durden Wed, 12/16/2020 – 08:36

While analysts expected a modest drop in US retail sales in November (after its big slowdown in October), and BofA credit card sales data suggested otherwise, they were both seriously off as the final print was a big disappointment. Headline retail sales tumbled 1.1% MoM (far worse than the 0.3% drop expected) and October’s 0.3% MoM rise was revised drastically to a 0.1% MoM drop.

Futures, Yields Spike On Report $900BN Covid Package Could Come “As Early As This Morning”

Futures, Yields Spike On Report $900BN Covid Package Could Come “As Early As This Morning” Tyler Durden Wed, 12/16/2020 – 08:23

Looks like Goldman was right this time: one day after the bank’s chief political economist Alec Phillips flipped his stimulus position again, and said yesterday that think “it is more likely than not that Congress will pass this week a package similar to the recent $748bn bipartisan proposal, which would be close to our standing assumption of a $700bn (3.3% of GDP) package” moments ago Politico’s Jake Sherman confirmed what was already widely expected when he tweeted that negotiators “are on the brink of a $900bn coronavirus rescue package that would include a new round of direct payments, but would leave out state and local aid, and a liability shield.”

More importantly, he added that “a deal could come as early as early this morning.”

🚨BREAKING ¦ Hill negotiators are on the brink of a $900bn coronavirus rescu …

LGBT Activist Calls For All Children To Be Put On Puberty Blockers

LGBT Activist Calls For All Children To Be Put On Puberty Blockers Tyler Durden Wed, 12/16/2020 – 08:10

Authored by Paul Joseph Watson via Summit News,

An LGBT activist has called for ALL children to be put on puberty blockers until a decision is made as to what gender they are going to be.

Global Stocks Hit All Time High On Stimulus Optimism Ahead Of Fed Meeting

Global Stocks Hit All Time High On Stimulus Optimism Ahead Of Fed Meeting Tyler Durden Wed, 12/16/2020 – 07:40

Another overnight session, and – predictably – futures are higher in keeping with the most glaringly obvious market trend since 2016 of stocks surging during overnight US trading (while trading flat in regular trading hours)…

Brexit: Hornby stops non-UK orders due to price confusion

The model train maker says it’s in a difficult position and has paused all international orders until January 2021.

Bosses earn 100 times lowest paid staff

Data shows huge gaps in earnings from the top to the bottom of the UK’s largest firms.

Supreme Court lifts ban on Heathrow third runway

In a blow to campaigners, judges say ministers’ decision to approve the runway was legitimate.

Kotak Sec expects markets to remain flat or correct in 2021; targets Sensex to be at 46,000

Kotak Securities said the BSE benchmark Sensex will be at 46,000 points at the end of 2021, as against the Wednesday’s close of 46,666 points, and cited a shift in stances from major central banks in the world as the biggest factor influencing its view.

Sebi clears new shareholding norms for Corporate Insolvency Resolution Process cos

The move would ensure revival of the corporate debtor pursuant to the resolution plan and provide any listing gains over the next three years to shareholders.

Market Movers: Burger King trebles from issue price, realty stocks jump; 66 counters flash buy

Realty stocks saw a spike as investors expect the pick up in residential sales to continue into a solid recovery, while Burger King India trebled from its issue price, and is showing no signs of slowing down.

Headline Retail Sales Decline in November 2020

Written by Steven Hansen

Retail sales modestly declined according to US Census headline data. The three-month rolling average improved. Year-over-Year growth remains in positive territory

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: New COVID-19 vaccine candidate Valneva starts clinical trials

The U.K. has spent almost £12 billion ($16 billion) so far to secure, make and administer hundreds of millions of coronavirus shots.

Project Syndicate: The U.S. still has time to avoid a vicious COVID cycle

As excited as we all understandably are about the arrival of the first COVID-19 vaccines, the immediate road ahead remains treacherous.

Market Snapshot: U.S. stock futures edge higher on hopes for fiscal stimulus; Fed decision awaited

U.S. stock-index futures rise modestly early Wednesday as lawmakers in Washington hold out hope for a deal on another round of financial aid to combat the economic impact of the coronavirus pandemic and as investors await a new round of guidance from the Federal Reserve.