Written by Gary
DOW and SP 500 set new record highs (SPY +0.6%). Bed Bath and Beyond is closing more than 40 stores this year and manufacturing new orders improvement continues.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Hedge Funds Havent Been This Bullish On Oil Since Pandemic StartedMoney managers started 2021 with optimism that oil prices will benefit from a rise in economic activity as vaccines are being rolled out. Hedge funds and other portfolio managers held at the end of December 2020 the most bullish overall position in the most traded oil futures and options contracts since the beginning of 2020. Fund managers held an overall net long positionthe difference between bullish and bearish betsof as much as 741 million barrels equivalent of oil in the six most important petroleum contracts as of December |
| Iran: U.S. Owes Tehran $70B In Damages For Missed Oil RevenuesIran claims that the U.S. should pay Tehran as much as US$70 billion as compensation for lost oil revenues due to the U.S. sanctions, as a prerequisite for a return to the nuclear deal. Kamal Kharrazi, the chairman of Irans Strategic Council on Foreign Relationsa body advising Irans Supreme Leader Ayatollah Ali Khameneisaid this payment would be a prerequisite if U.S. President-elect Joe Biden wants to return to the so-called Iranian nuclear deal, according to the state-run Islamic Republic of Iran Broadcasting, quoted |
| U.S. Banks Don’t Want To Be Forced To Lend Money To Oil & GasU.S. banks want to continue choosing whether to lend money to the oil and gas industry according to risk and reputation management practices, asking a regulator not to proceed with a new rule that could force them to deal with such companies. The Office of the Comptroller of the Currency (OCC) has recently proposed a new rule to ensure the so-called fair access to financial services, aiming to finalize a rule soon. The proposal has drawn numerous comments during the 45-day comment period that ended on Monday, including that of the Bank Policy Institute |
| Ecuador Scrambles To Clean Up Its Oil IndustryThe last year was difficult for Ecuadors beaten-down hydrocarbon sector. Aside from the severe fallout from the COVID-19 pandemic and sharply weaker oil prices, the industry was rocked by yet another corruption scandal and a series of environmental disasters. Those events sharply impacted oil production, will deter urgently required investment and spark greater dissent among Ecuadors indigenous communities. Like southern neighbor Peru, most of the equatorial countrys operational oilfields and infrastructure is in Ecuadors |
| Exxon Discloses Value-Chain EmissionsUnder pressure from investors, Exxon has released an Energy and Carbon Summary that for the first time in the companys history, makes public the amount of carbon dioxide emissions produced across its value chainso-called Scope 3 emissions. In the document, Exxon reported that its Scope 3 emissions in the upstream segment last year amounted to 570 million tons of carbon dioxide equivalent and emissions from refining operations came in at 630 million tons of carbon dioxide equivalent. Emissions from petroleum product sales were the |
| Goldman: Saudi Oil Strategists Fear Weak Demand In 2021Saudi Arabias unexpected major oil production cut announced on Tuesday is likely a sign that the worlds largest oil exporter expects oil demand to weaken in coming weeks due to the renewed strict lockdowns in major economies, Goldman Sachs says. After the two-day OPEC+ ministerial meeting reached a compromise on production levels for Februarygiving Russia and Kazakhstan a combined 75,000 bpd increase in production in FebruarySaudi Arabia, the biggest producer and de facto leader of OPEC, announced it would voluntarily |
| CDC says severe allergic reactions to the Covid vaccine run 10 times reactions to the flu shot but they’re still rareThe severe allergic reactions among Covid vaccine recipients are still thought to be rare and the drugs are safe for people to use, a top CDC official said. |
| HHS secretary recommends states open Covid vaccinations to older Americans, vulnerable groupsHealth and Human Services Secretary Alex Azar urged states against “micromanaging” their allotted coronavirus vaccine doses, saying it’s better to get the shots out as quickly as possible. |
| Macy’s is closing dozens of stores this year. Here’s the full listThe closures are part of a previously announced plan by Macy’s to shut 125 locations by 2023. Last year, it closed about 30 stores. |
| The Covid vaccine’s long journey: How doses get from the manufacturing plant to your armThe Covid vaccine’s distribution involves complex logistics, from cooling it with dry ice to making sure snowstorms don’t delay shipping. |
| Ford’s U.S. sales fell 15.6% in 2020 due to Covid and F-150 availabilitySales of the popular full-size pickup were off a third in the fourth quarter, leading to a 12.2% decline in 2020 for the automaker’s F-Series trucks. |
| Dr. Scott Gottlieb: Getting Covid vaccine doesn’t mean people can just return to pre-pandemic life“It’s not going to be like it was in 2017 and 2018, when we didn’t worry at all about catching a respiratory pathogen,” Dr. Scott Gottlieb told CNBC. |
| South African Covid variant appears to ‘obviate’ antibody drugs, Dr. Scott Gottlieb saysDr. Scott Gottlieb explains why vaccinating Americans against Covid is critical, especially as the South Africa variant appears to inhibit antibody drugs. |
| CVS, Walgreens to finish first round of Covid vaccines in nursing homes by Jan 25Vaccinating residents and staff at nursing homes and assisted living facilities is one of the first major steps in the nationwide rollout. |
| Airlines move flight crews to D.C. airport hotels to avoid Trump protestAmerican Airlines is sending flight crews to Washington D.C. airport hotels to avoid protests and unrest in the capital |
| NFL is still committed to playoffs despite more Covid-19 outbreaksThe NFL’s players union said it continues to operate under an “understanding” playoff games will not be postponed if Covid-19 outbreaks are contained. |
| Bed Bath & Beyond is closing more than 40 stores this year. Here’s a map of where they areBed Bath & Beyond is in the process of liquidating dozens of stores, as part of its previously announced plans to close roughly 200 locations by 2022. |
| EU gives final approval for Moderna Covid vaccine, paving way for extra dosesModerna’s vaccine is the second to be greenlit by European regulators. |
| UK auto sales hit lowest since 1992 despite electric cars posting ‘best-ever year’The U.K.’s best selling car in December 2020 was the Tesla Model 3. |
| Big-Tech & Bonds Battered But Bitcoin Bid On ‘Blue Wave’, Gold Pumped’n’DumpedBig-Tech & Bonds Battered But Bitcoin Bid On ‘Blue Wave’, Gold Pumped’n’Dumped Well, that was quite a day!! As it became clear the Republicans were losing the Georgia race, early this morning Bill Blain noted earlier that he was pinged awake by an American chum:
Blain added that this was from a senior Republican not given to hyperbole. After a major divergence overnight as Georgia signaled a ‘blue wave’ loomed (Reflation trade – Small Caps up, Nasdaq down), stocks soared out of the gate as soon as the cash market opened (and Schumer promised $2000 checks for all). But that all fell apart as scenes of protests in DC sparked major selling. The S&P is back to unchanged YTD and Nasdaq down 2% while Small Caps are up over 4% YTD… |
| Pelosi, Schumer Urge Trump To Demand All Protesters Leave Capitol, As National Guard, FBI DeployedPelosi, Schumer Urge Trump To Demand All Protesters Leave Capitol, As National Guard, FBI Deployed At the siege of the Capitol continues, moments ago top Democrats Nancy Pelosi and Chuck Schumer issued a statement in which they urge Trump “to demand that all protestors leave the U.S. Capitol and Capitol Grounds immediately.”
They echoed Lindsey Graham, who said that “people need to leave the Capitol now”, with the DC Attorney General also picking up on this, and urging Trump to “order his supporters to leave the district.” Trump, who is reportedly located in the White House now, tweeted just around 315pm saying that he is “asking for everyone at the U.S. Capitol to remain peaceful. No violence!”
|
| DNC Headquarters Evacuated; Explosive Device Found At RNCDNC Headquarters Evacuated; Explosive Device Found At RNC As the Capitol descends into chaos with people shot and officers wounded, the DNC and RNC are evacuating their offices after an explosive device has reportedly been found at the RNC. The two offices are located just blocks from the capitol, which is currently being overrun by pro-Trump protesters, according to the NYT.
This appears to be an escalation as the chaos spills out from the Capitol to the rest of the District. The National Guard has been deployed by Trump and by Virginia Gov Ralph Northup. |
| To Leftist Lawyers, Everything Trump Touches Turns Instantly To Criminal GoldTo Leftist Lawyers, Everything Trump Touches Turns Instantly To Criminal Gold Authored by Jonathan Turley, For many legal analysts, President Donald Trump remains a type of criminal Midas figure: everything he says or does turns instantly into a crime. Â
Over the last few years, the media has published a long line of unfounded criminal theories by experts claiming that a tweet or a meeting or a statement established a clear prosecutable case. It is a popular and profitable take with the media which has been feeding an insatiable appetite for such reassuring views. Law has become a recreation and legal analysts have become part of the legal entertainment. This pattern is continuing to the very end of the Trump Administration. Within minutes of the leaking of a call between Trump and Georgia election officials, the same experts were declaring yet ano … |
| McDonald’s pauses walk-in takeaways in lockdownDrive-through and delivery services will still be available while it reviews its safety procedures. |
| Shoppers told not to buy more than normalStores seek to reassure shoppers that there is no need to bulk-buy in new lockdown. |
| Fake NHS vaccine messages sent in banking fraud scamOne scam tells recipients they are “eligible to apply for your vaccine” with a link to a bogus NHS website. |
| NYSE reverses again with plan to delist China telecom firmsThe exasperation reached the highest levels of the administration of President Donald Trump, who signed an executive order in November requiring investors to pull out of Chinese businesses deemed a threat to U.S. national security. |
| Faang stocks slide on regulatory worries, reflation angstThe Faang megacap stocks fell premarket Wednesday after Democrats won one of two seats in Georgia that they need to take control of the U.S. Senate. The other race remains too close to call. |
| Sebi prepares ground to end NSE’s dominance with liberal ownership norms for MIIsSebi’s move comes in the backdrop of multiple technological failures encountered by the NSE and both the Central Depository Services Ltd and National Securities Depository Ltd over the past few years and concerns over dominant market shares of these companies. |
| 16 December 2020 FOMC Meeting Minutes: Downside Risks Remain Especially After ADP’s Poor Employment Numbers Today
The 16 December 2020 meeting statement presented the actions taken. This post covers the economic discussion during this FOMC meeting between the members. An interesting quote regarding the economy:
|
| November 2020 Headline Manufacturing New Orders Improvement ContinuesWritten by Steven Hansen
|
| : Europe hopes next COVID stimulus will be the lastThe attention of governments is turning to the new fiscal effort needed to support the economy until vaccination campaigns succeed in controlling the pandemic. |
| Bond Report: U.S. 10-year Treasury yield rises above 1% for first time since March with Democrats set to secure SenateU.S. Treasury yields jump on Wednesday after Democrats appeared on track to win both Senate seats in Georgia and thus control of Congress, an outcome that would give the Biden administration more room to enact his policy agenda. |
| : Brazilian president says his country is ‘broke’ ” here’s whyBrazilian President Jair Bolsonaro said that he couldn’t œdo anything about it, laying the blame on what he called the œpress-fueled coronavirus pandemic. |
— this post authored by Steven Hansen
US Census says manufacturing new orders improved month-over-month with unfilled orders continuing to shrink. Our analysis shows the rolling averages improved but remain in contraction.Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
