Written by Gary
Treasury yields fall as worries around COVID-19 linger despite Congress passing aid bill (SPY -0.2%). CDC says no evidence new COVID strain causes increased risk of death.
The Market in Perspective
Here are the headlines moving the markets. | |
The Worlds First Hydrogen Hubs Are In The MakingWhile hopes for hydrogen as a major energy carrier go back decades, a new generation of hydrogen plans are now coming forth from companies, industry groups and countries. The EUs ambitious plan for hydrogen is complemented by a growing number of national and regional plans in Europe, Asia and elsewhere. The remarkable number of hydrogen plans around the world indicate that a significant threshold has been reached. They cover an extensive range of applications. But they share a perspective that sees hydrogen as an indispensable energy | |
ConocoPhillips Makes Large Oil Discovery Offshore NorwayConocoPhillips has made a large oil discovery in the Norwegian Sea close to a producing oilfield, the U.S. oil and gas company said on Tuesday. Preliminary estimates point to the field containing between 75 million barrels and 200 million barrels of recoverable oil equivalent, ConocoPhillips said, adding that additional appraisal would determine the flow rates and the ultimate resource discovery, as well as a potential plan for development. The new discovery on the Slagugle prospect is just 14 miles north-northeast of the Heidrun Field, which was | |
Oil Rally Unravels On New COVID-19 LockdownsOil prices lost gains early this week after a new strain of Covid-19 is threatening the global demand recovery. Chart of the Week Demand for transportation fuels (gasoline, distillates, and jet fuel) was down 11% during the Thanksgiving holiday compared to the holiday week a year earlier. Jet fuel, however, was down by nearly half, or a decline of about 0.9 mb/d. There were about 107,000 flights during the week of Thanksgiving, down about 45% from 2019 levels. Market Movers ConocoPhillips (NYSE: COP) announced a significant oil discovery in the | |
Pipeline Crunch Cost Canadian Heavy Oil Producers Over $14 BillionThe many delays in expanding oil pipeline takeaway capacity out of Alberta have cost Canadas producers of heavy crude oil at least US$14 billion between 2015 and 2019, IHS Markit said in a new analysis on Tuesday. Canadas heavy crude usually trades at discounts to the U.S. benchmark because production is landlocked and away from major markets and it is compared to different crudes. However, the pipeline constraints over the past half-decade have additionally widened the discount at which Western Canadian Select trades relative to | |
The Worst May Be Over For U.S. OilMore than 40 oil and gas companies in the United States filed for bankruptcy protection in the first eleven months of this year, according to Haynes & Boones latest report. Their cumulative debt load is $24.732 billion. And yet, things in the U.S. oil patch may not be as bad as the number of bankruptcies might suggest. Bloomberg Intelligence recently reported the value of oil and gas bonds trading at a distressed level in mid-March totaled $144 billion. By the end of November, this was down to $37 billion. And analysts expect a lot fewer | |
Norways Supreme Court Rejects Green Groups Challenge To Arctic Oil DrillingThe Norwegian Supreme Court voted 11-4 on Tuesday to reject a lawsuit from environmental groups that had sued Norway for opening up acreage in the Arctic to oil drilling five years ago. In 2016, environmentalist organizations, including the Norwegian chapter of Greenpeace and Natur og Ungdom (Nature and Youth), took the Norwegian government to court over the awarding of oil drilling licenses in the Arctic,arguing that the 2015 licenses should be withdrawn as they violate Norways constitution and the countrys pledge to fulfill | |
5 things to know about the new Covid strain spreading in the U.K.Scientists and infectious disease experts are still piecing together what they know about the new strain, which hasn’t yet been detected in the U.S. | |
‘Soul’ is a ‘gorgeous muddle’ filled with artistry, charm and a tangled plotCritics have widely praised Disney’s Pixar film “Soul,” which arrives on Disney+ on Christmas Day. | |
Punch Bowl Social files for Chapter 11 bankruptcy after pandemic devastates its businessPunch Bowl Social filed for Chapter 11 bankruptcy on Monday after the coronavirus pandemic devastated its business. | |
GM’s defense unit sees $25 billion potential market in EV and other military contracts for automakerGM has significant growth plans for its new military defense unit, which quietly launched three years ago and recently started fulfilling its first contract. | |
Joe Biden says he will push for more stimulus checks in next Covid relief billJoe Biden will push for a third round of stimulus checks in the next Covid-19 relief bill. | |
West Virginia on track to deliver Covid vaccines to all its nursing homes by year-end, governor saysWest Virginia has leaned on local pharmacies to vaccinate its long-term care facility staff and residents, Gov. Jim Justice told CNBC. | |
Mayo Clinic CEO: Take the first Covid vaccine available, don’t wait for a specific one“Get the first vaccine that is offered because their benefits far outweigh any potential risk,” Mayo Clinic CEO Dr. Gianrico Farrugia told CNBC. | |
Sen. Warren introduces bill to provide free Covid testing for teachers, students and essential workers across U.S.“It’s long past time that the federal government throws real muscle behind controlling and mitigating the spread of COVID-19,” Sen. Elizabeth Warren said. | |
Alaska Airlines makes big Boeing 737 Max order in first U.S. sales since lifting of flight banAlaska Airlines is adding 23 Boeing 737 Max planes to its fleet. | |
Peloton shares hits all-time high as investors bet Precor deal will ease manufacturing delaysPeloton shares hit a record high on the heels of the company’s announcement that it plans to buy Precor for $420 million. | |
Rethinking stimulus: How Covid economic recovery can help battle climate changeGlobal carbon dioxide emissions will rebound next year and continue to surge unless the worldwide recovery effort from Covid-19 prioritizes climate change. | |
CDC says new Covid strain in UK could already be circulating undetected in U.S.“Given the small fraction of US infections that have been sequenced, the variant could already be in the United States without having been detected,” CDC said. | |
Adam Silver has to get the NBA through one more Covid-shortened season, but the league could take off after thatThe NBA is more diverse with competing teams and stars are spread out. The remaining task is managing a season where the Covid pandemic is raging. | |
Elon Musk Tweets That Tim Cook “Refused To Take A Meeting” About Acquiring TeslaElon Musk Tweets That Tim Cook “Refused To Take A Meeting” About Acquiring Tesla If you’re wondering whether or not the news of Apple pursuing self-driving has made its way into Elon Musk’s psyche – the answer is yes. Musk took to Twitter on Tuesday in response to an analyst from ARK Invest critiquing Apple’s reported entrance into the industry. Musk tried to take a shot at Apple, but it appears that all he did was admit he went running to Apple looking for a bailout during the early days of the Model 3. Musk admitted that during the Model 3’s “darkest days”, he reached out to Apple and that Tim Cook didn’t give him the time of day. “During the darkest days of the Model 3 program, I reached out to Tim Cook to discuss the possibility of Apple acquiring Tesla (for 1/10 of our current value). He refused to take the meeting,” Musk tweeted.
Tesla stock wasn’t helped along much on Monday when we noted that Apple was throwing its hat into the self-driving car business. In addition to designing self-driving vehicles, Reuters also report … | |
CDC Says “No Evidence” UK COVID Mutation Is Deadlier, Or More Severe: Live UpdatesCDC Says “No Evidence” UK COVID Mutation Is Deadlier, Or More Severe: Live Updates Summary: SC Gov McMaster quaratines after COVID tests positive. CDC says ‘no evidence’ new COVID strain causes ‘increased risk of death’ Dr. Fauci vaccinated with Moderna jab France allows truckers from UK with negative COVID test US 7-day deaths average * * * Update (1300ET): Canada just followed in the steps of the CDC, as its chief drug regulator warned that it’s “too soon” to say whether the new mutation will impact Canada in a serious way, following a similar remark earlier in the day. Now, despite the EU’s practically non-stop warnings, anxiety about the new variation is growing intensely. * * * Update (1145ET): As the world continues to panic about the new COVID mutation discovered in southern England (while others wonder about the ‘hard evidence’, of which there appears to be none), the CDC has officially weighed in for the first time, with the agency stating that there’s “no evidence” the variation causes more severe illness, or in any way increases the risk of death. The variant, which is knownby the name “B.1.1.7.” also has yet to be identified by scientists in the US, though former FDA chief Scott Gottlieb said during an interview earlier that the new strain has almost certainly alr … | |
Mattel’s Cybertruck Toy Is, In True Tesla Fashion, Facing Production DelaysMattel’s Cybertruck Toy Is, In True Tesla Fashion, Facing Production Delays Toys are becoming so realistic these days… Mattel’s planned Cybertruck toy – much like the Cybertruck itself – is facing delays and won’t be arriving on time for the holidays, according to Engadget. The toy was originally planned to ship this month, but due to a (we swear we are not making this up) œunforeseen production issue, it has been delayed. Customers received the bad news via email from Mattel this week, who said the new targeted delivery date is going to now be May 2021. Recall, Tesla had partnered with Hot Wheels back in February of this year to produce the RC toys, according to electrek. The partnership was struck about 3 months after the actual Cybertruck’s reveal, which was in November 2019. “The 1:64 scale Cybertruck is going to sell for just $20 while the bigger 1:10 sca … | |
Hospital Workers Turn Down COVID Vaccine: “There’s Too Much Mistrust”Hospital Workers Turn Down COVID Vaccine: “There’s Too Much Mistrust” Less than a week after we reported on widespread resistance among healthcare workers in one Chicago hospital, BeckersHospitalReview.com’s Ayla Ellison reports that the virus of vaccine mistrust is spreading… Many employees at Howard University Hospital in Washington, D.C., have reservations about taking the COVID-19 vaccine, and CEO Anita Jenkins is trying to get workers to follow her lead by getting vaccinated, according to CNN. The hospital, a major healthcare provider for the Black community, received 725 doses of the Pfizer vaccine Dec. 15 and expects to receive a second shipment this week. As of Dec. 18, only … | |
Tesco puts buying caps on several productsThe move by Britain’s biggest supermarket comes amid shortage fears due to disruption at UK ports. | |
Royal Mail ends two-year dispute with union in ‘landmark’ dealThe postal service agrees a deal with unions to end a bitter dispute over pay and conditions. | |
Ports chaos ‘bad for trust and post-Brexit trade’The food industry says port disruption makes it hard for foreign firms to trust UK exporters post-Brexit. | |
Top 10 consistent and biggest wealth creators of Dalal StreetBerger Paints and HDFC delivered CAGR returns of 24 per cent and 19 per cent, respectively. | |
Why now is a good time to bet on smallcap stocksSince January 2018, the Nifty 50 has given a 29% absolute return, while the Nifty Smallcap 100 has lost 28%. Fund managers said this has made valuations cheaper compared to large-caps. | |
Can automakers protect margins from rising raw material costs?Steel, a major input, is costlier by 49% YoY. It accounts for 50-85% of the total raw material costs. The percentage of steel usage is the highest in the commercial vehicle and lower in the two-wheeler. Steel traders expect more price increases in December. | |
: When will I get my second stimulus check? Can U.S. citizens married to non-citizens get one? Your stimulus check FAQsWill there be another round of stimulus checks after this one? President-elect Joe Biden signaled on Tuesday that he would push for another round. | |
Bond Report: Treasury yields fall as worries around COVID-19 linger despite Congess passing aid billU.S. Treasury yields slip Tuesday amid concerns about an ongoing surge in coronavirus cases in many American states and in Europe, even though a vaccine rollout is underway and Congress passed another financial aid bill to help consumers and businesses. | |
Project Syndicate: Can poor countries avoid a COVID-19 vaccine bidding war?Without a multilateral agreement to allocate doses of COVID vaccines globally, the road to recovery will be much longer than it otherwise could have been. |
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