01Feb2021 Midday Update: Dow Comes Off Session Highs As Wall Street Tries To Shake Off GameStop Jitters, DOW Up 250 Points At 12:30 ET, Nasdaq Up Sharply +2.3%, Silver Slips Fractionally To 28.64

Here is the current market situation from CNN Money

North and South American markets are mixed today. The Bovespa is up 1.88% while the S&P 500 gains 1.33%. The IPC is off 2.88%.

Tighter Oil Markets Send Oil Prices Higher

Oil prices rose early on Monday, supported by a risk-on sentiment on the equity markets and expectations that the oil production curbs by OPEC+ and its leader Saudi Arabia would tighten the market in the first quarter. As of 10:05 a.m. ET on Monday, WTI Crude was up 0.63 percent at $52.45 and the international benchmark, Brent Crude, was rising by 0.80 percent at $55.48. After gaining around 8 percent in January, oil prices began the month of February with gains, too, buoyed by Saudi Arabias commitment to reduce its crude oil production

Russia Says It May Go To Court Over Nord Stream 2 Sanctions

Russia could turn to a national or contract jurisdiction court to protect its interests against interference against the completion of the Russia-led Nord Stream 2 gas pipeline project, Dmitry Medvedev, former prime minister and now Deputy Chair of Russias Security Council, told Russian media on Monday. If there are reasons for this, it goes without saying the issue may be taken to court, TASS news agency quoted Medvedev as saying in an interview. The final stretch of the construction of the controversial pipeline from

Exxon And Chevron Discussed Merger In 2020

The two largest oil companies in the United States, Exxon and Chevron, were in talks to merge amid the pandemic crisis last year, the Wall Street Journal has reported, citing unnamed sources in the know. The report noted that such a tie-up would be one of the biggest corporate mergers ever and create a company that could be worth more than $350 billion based on Exxons and Chevrons current valuations. Yet such a deal, if it is still on the table, would also face considerable regulatory hurdles, the Wall Street Journals Christopher

OPEC+ Boasts 99% Compliance With Cuts

OPEC+ members complied almost completely with their production cut quotas last month, an unnamed source from the extended cartel told Bloomberg. At 99 percent, according to the source, the compliance level was based on preliminary estimated, to be reviewed tomorrow by the Joint Technical Committee of the group. OPEC+ agreed to cut 7.2 million bpd in combined production in January, in what was widely seen as a compromise decision for aggressive cutters like Saudi Arabia and more reluctant ones like Russia, which proposed adding 500,000 bpd to the

Goldman Expects Oil Demand To Rebound To 100 Million Bpd By August

Goldman Sachs had another bullish message for oil markets this week, saying in a note that it expected global oil demand to recover to pre-pandemic levels of 100 million bpd by August this year. According to Goldman, the oil market was in a deficit of 2.3 million bpd in the final quarter of 2020. With supply still tight at the start of 2021, the immediate future for prices is bright despite expectations for a slow demand recovery. Even so, supply will grow this year, Goldman Sachs also noted, with the deficit narrowing to 900,000 bpd during the

Will U.S. Shale Finally Reward Shareholders?

U.S. oil prices above $50 a barrel are helping the shale patch to generate more cash flow, especially after the massive capital spending cuts last year. But higher prices are also reviving the good old dilemma of U.S. shale producersraise production or raise payouts to shareholders, who have grown increasingly frustrated in recent years with the lack of meaningful returns while drillers were sinking cash flows, and even spending beyond cash flow generation into breaking production records. Most analysts believe

JetBlue reveals suites with sliding doors for London flights

JetBlue is planning to begin flights to London featuring the new seats in the summer.

Private jet company Wheels Up to go public in a $2 billion SPAC deal that could help it unlock new markets

The deal vaults the seven-year-old start-up past many of the industry’s longtime leaders in the race to become the Uber or AirBnb of private aviation.

Export controls on Covid vaccines from Europe could spark collapse in global supply, experts warn

The EU’s move to implement export controls on Covid vaccines is “highly problematic,” experts warn, saying it could lead to a collapse in global supply.

Nike taps the comfort trend with the launch of Go FlyEase, a no-lace slip-on sneaker

Nike launches a pair of slip-on sneakers, hoping to enjoy the same momentum that some of its footwear competitors like Crocs have seen during the pandemic.

Criminals are selling fake Covid test results as they look to profit from travel restrictions

Illicit sales of fake negative Covid-19 test results are becoming more widespread as criminals look to profit from travel restrictions, according to Europol.

Airlines cancel most NYC-area flights ahead of snowstorm

Airlines canceled most flights in and out the New York City-area as a Nor’easter approaches the region.

Walmart donates $14 million as part of broader pledge to advance racial equity

The big-box retailer gave an update on its promise to fight systemic racism though philanthropy and its business practices.

Ryanair expects a loss of over $1 billion this year as travel restrictions bite

Ryanair expects this fiscal year to be “the most challenging” in its 35 year-history on the back of travel restrictions across Europe.

The UAE is now offering citizenship to foreigners, and the economic gains could be ‘transformative’

Specific details of the new policy are yet to be seen, but it has the potential to spur greater investment in the UAE long-term, experts say.

NBA star Chris Paul starts Goalsetter campaign to deposit $40 in a million minority youth accountsÂ

Goalsetter’s Black History Month campaign will feature athletes selecting 100 minority youths and donating $40 saving accounts to each kid.

Cramer: GameStop trading frenzy unlikely big enough to topple entire stock market

Instead, “Mad Money” host Jim Cramer encouraged investors to look at strong corporate earnings reports last week. “There are some opportunities here.”

The 13 highest-grossing film franchises at the box office

Movie franchises such as Marvel, Harry Potter, Star Wars and Jurassic Park have bolstered the global box office for decades.

Biden’s climate change agenda will face big obstacles with evenly divided Senate

A razor-thin Democratic Senate majority limits the possibility for President Biden to achieve sweeping climate change reform to curb carbon emissions.

Facebook Oversight Reverses Hydroxychloroquine Censorship Decision

Facebook Oversight Reverses Hydroxychloroquine Censorship Decision

Facebook’s independent Oversight Board has ruled against the social media giant’s decision to remove an October 2020 post touting hydroxychloroquine (HCQ) – the antimalarial which Democrats and their media surrogates were cautiously optimistic about until former President Trump promoted it.

“In October 2020, a user posted a video and accompanying text in French in a public Facebook group related to COVID-19,” explained the board on its website. “The post alleged a scandal at the Agence Nationale de Sà curità du Mà dicament (the French agency responsible for regulating health products), which refused to authorize hydroxychloroquine combined with azithromycin for use against COVID-19, but authorized and promoted remdesivir. The user criticized the lack of a health strategy in France and stated that œ[Didier] Raoult’s cure is being used elsewhere to save lives. The user’s post also

Robinhood Got An Additional $2.4 Billion Capital Bailout Over The Weekend

Robinhood Got An Additional $2.4 Billion Capital Bailout Over The Weekend

Update 1134 EST: Confirming the rumors that CNBC’s David Faber reported earlier, The Wall Street Journal reports that, according to people familiar with the matter, Robinhood raised another $2.4 billion from investors. That is on top of the $1 billion raised last Thursday.

Robinhood just issued a statement to confirm WSJ’s reporting:

Robinhood has raised $3.4 billion to continue to invest in record customer growth, including $1 billion in funding announced on January 29. This funding is a strong sign of confidence from investors and will help us build for the future and continue to serve people through the exponential growth we’ve seen this year.

We’re witnessing a movement of everyday people taking control of their own financial futures, many investing for the first time through Robinhood. With this funding, we’ll build and enhance our products that give more people access to the financial system.

We will also continue to invest in expanding access to financial literacy in service of our mission to democratize finance for all. We look forward to sharing more details in the coming months.

The round was led by Ribbit Capital, with participation from existing investors including ICONIQ, Andreessen Horowitz, Sequoia, Index Ventures, and NEA with terms being finaliz …

In Defense Of Hedge Funds – Gamestop Squeeze Hides Market Excess Risk

In Defense Of Hedge Funds – Gamestop Squeeze Hides Market Excess Risk

Authored by Daniel Lacalle,

The short-squeeze forced in Gamestop and other stocks through Reddit’s WallStreetBets has generated a massive media frenzy against hedge funds and comments all over social media hailing the decision of a group of small investors to trigger a huge repurchase of a beaten-down stock.

The first thing we need to understand is that hedge funds play an essential role in markets. They provide liquidity, and in many cases are the ones that buy when the largest proportion of equity and bond markets, long-only investment funds, panic, and sell massively.

It is interesting to see how the average citizen and the media tends to blame hedge funds for market crashes when these investment firms account for less than 3% of global assets under management.

When markets crash it is not because of hedge funds attack, but because long-only large funds sell. However, the activity of shorting (borrowing a stock and selling it to repurchase it afterward at a cheaper price) has been demonized numerous times, and usually by CEOs of companies that are missing earnings, underdelivering on their strategy, and destroying value.

Hedge Funds are the easiest scapegoat to blame for the excesses of markets. However, …

Cuomo Declares State Of Emergency As Powerful Nor’easter Blasts NYC

Cuomo Declares State Of Emergency As Powerful Nor’easter Blasts NYC

Update (1115ET):Â By Monday morning, about six inches of snow had already fallen in New York City. Preparing for the worst as a powerful nor’easter is dumping snow across the metro area and the state, along with much of the Tri-state area, New York Gov. Andrew Cuomo has declared a state of emergency.Â

Cuomo and state officials are preparing for heavy snow and high winds to generate whiteout conditions. There’s also concern that widespread power losses could be experienced.Â

Cuomo declared a state of emergency in New York City and nine other counties throughout the Hudson Valley and Long Island areas.

“This storm is no joke and the main concern right now is that the expected snowfall rate of two inches per hour this afternoon creates an extremely dangerous situation on our roadways,” Governor Cuomo said.Â

“When snow is falling that quickly, it makes it very difficult for plows to keep up with it. I want New Yorkers to hear me loud and clear – stay home and off the roads and if you must travel, get where you’re going before noon, and expect to remain home for some time. We’ve been through this before and we will get through it again,” he said.Â

State officials expect “snowfall rates to increase to 1-3 inches per hour later this morning as the storm progresses northward. Wind gusts could reach 50 mph or more on Long Island, especially eastern Long Island where 60 mph wind gusts could occur, while …

Thousands of jobs at risk as Asos strikes Arcadia deal

Asos buys Topshop, Topman, Miss Selfridge and HIIT brands, but not their shops, in £295m deal.

GameStop investor battle moves on to silver as prices surge

Silver hits an eight-year high amid social media calls to buy the metal.

Ryanair forecasts ‘strong return’ of beach holidays this summer

Boss Michael O’Leary thinks travel restrictions will be dropped once high risk groups are vaccinated.

GameStop sinks as shorts interest drops, retail looks elsewhere

The video-game retailer fell for the second time in three sessions as shares of silver miners and AMC Entertainment Holdings Inc. became the focus for retail investors and Reddit users.

View: Some of Budget’s boldest moves happened in financial sector

The government has followed a consultative approach as a number of suggestions made by various industry forums over time have found acceptance in this Budget.

Market momentum back! Which stocks should you buy after Budget?

Analysts applauded the Budget saying it connects capital to infrastructure which has been the biggest missing link. What we now need is meticulous structuring of these initiatives and good execution, they said.

December 2020 Construction Spending Again Improves

Written by Steven Hansen

The headlines say construction spending grew month-over-month. Our analysis shows the rolling averages improved.

: Retirement Tip of the Week: Active investing, a Reddit-fueled GameStop rally and your retirement savings

Here’s your weekly recommendation for bolstering your retirement savings, now and in the future.

The Margin: Evan Rachel Wood accuses Marilyn Manson of ‘horrifically’ abusing her for years

At least three women have joined the ‘Westworld’ star in alleging the musician abused them

NewsWatch: Dow comes off session highs as Wall Street tries to shake off GameStop jitters

U.S. stocks trade higher as the market attempts to recover from its worst weekly loss since October after worries about GameStop Corp., stemming from trading in videogame retailer and others, fueled a ripple of selling on Wall Street.