Written by Gary
Airline stocks are the most overbought they’ve been in years (SPY +0.3%). Rail week ending 13 February 2021 – a real bad week for rail.
Here is the current market situation from CNN Money | |
What Is Moving the Markets
Here are the headlines moving the markets. | |
How High Can Oil Really Go?Oil price revisions started cautiously: some banks saw Brent crude averaging $65 a barrel this year, and others, of a bolder nature, predicted that the oil benchmark could climb to $65 a barrel. Just a couple of months ago, these forecasts sounded pretty optimistic for the environment, given the slow rollout of Covid-19 vaccines, the continuing excess supply of oil, and reports of coronavirus variants emerging in different parts of the world, threatening new infection waves. Now, banks and traders are talking about Brent at $100 a barrel. Of course, | |
The Oil Of The Future Is Set To Soar In 2021This boulder could be an indication of an exciting development in the lithium market. Why? Processed, that boulder is an important ingredient to power rechargeable batteries for electric vehicles like Teslas, BMWs, Mercedes, Volvos, Cadillacs, Hummers and a lineup of new entrants to the EV frenzy. And with demand for lithium in Europe projected to rise 60X in the coming decade… This find couldnt have come at a better time. Not only is technology advancing rapidly but the EU is now supporting the industry in the same way the U.S. | |
The Oil Industry Is Ready To Fight President Biden In CourtReeling from the effects of the pandemic, the oil industry is in no mood to fool around. When newly inaugurated President Joe Biden canceled the Keystone XL pipeline project, refiners on the Gulf Coast shuddered. How would they get the Canadian oil they needed? But when President Biden paused all oil and gas permitting on federal lands and waters and canceled lease sales, struggling oil and gas companies took the gloves off and prepared for a fight. At stake is the industrys very survival. One recently announced fight involves | |
Which Banks Are The Biggest Backers Of Oil And Gas?Abouta month ago, BlackRock Inc.(NYSE:BLK), the world’s largest asset manager with $9 trillion in assets under management (AUM), sent shockwaves through the fossil fuel sector after it vowed to double down on climate activism by backing more shareholder resolutions on climate change and social issues in 2021. Around the same time, the $226 billion New York State pension fund and the $5BRockefeller Brothers Fund announced plans to divestthe majority of their fossil fuel investments and also sell shares of other companies that have | |
Car With Explosives Found Near Home Of India’s Richest ManIndian police found on Thursday a car with explosives near the home of Mukesh Ambani, Indias richest man and chairman of Indian oil-to-telecoms conglomerate Reliance Industries. Reliance Industries is the most valuable company in India and has diversified operations, including oil refining. Reliance Industries owns the biggest refinery in India and the biggest refining hub in the world, Jamnagar. The refinery has a crude oil processing capacity of 1.24 million barrels per day, while Reliance Industries is also invested in oil exploration | |
The Staggering Cost Of Weather-Proofing U.S. InfrastructureAs extreme weather conditions wreak havoc on Americas largest energy producing states, can they continue to provide for their citizens? The combination of climate change and aging infrastructure could soon spell disaster for California and Texas unless they address their contrasting realities. While soaring temperatures in California lead to wildfires, Texas faces blackouts and energy shortages when faced with winter storms. Each state battles their own extreme weather, but the result is the same dangerous living conditions | |
5 things to know before key FDA panel votes on J&J’s single-shot Covid vaccine todayA key FDA panel is to vote on whether to recommend J&J’s Covid vaccine for emergency use, which would help pave the way for a third vaccine in the U.S. | |
More travel hotspots are opening to people who work from homeFirst it was Barbados and Estonia, now it’s the Bahamas, Croatia, Dubai and Madeira. See the newest places where digital nomads can live and work abroad. | |
Nikola admits ousted chairman misled investors as legal costs mountThe fees are part of an increased legal expenses of $27.5 million primarily related to regulatory/legal matters in connection to fraud claims by a short-seller. | |
Beyond Meat strikes deals with McDonald’s, Yum but shares fall on wider quarterly lossBeyond Meat has struck deals with fast-food giants McDonald’s and Yum Brands. | |
Chinese electric car start-up Li Auto expects it will sell fewer cars than Nio has been deliveringLi Auto said late Thursday it expected to deliver between 10,500 and 11,500 cars in the first quarter of the year, or fewer than 4,000 vehicles a month. | |
Airline stocks are the most overbought they’ve been in years, chart analyst says as travel plays tumbleThe NYSE Arca Airline Index has reached relative strength levels not seen since 2016, which could set up for a pullback, Miller Tabak’s Matt Maley warns. | |
5 things to know before the stock market opens FridayU.S. stock futures were choppy as tech stocks tried to recover from Thursday’s rout that dragged the Nasdaq down 3.5% | |
As business travel falls, Airbnb sees opportunity in remote work travel“The lines between traveling and living are starting to blur together,” Airbnb CEO Brian Chesky told CNBC. | |
Fisker CEO says the EV startup is trying to do more than just take customers from Tesla“The real market opportunity is the 80 million people who buy a new car every year,” Fisker CEO Henrik Fisker told CNBC. | |
FAA fines Boeing $6.6 million over compliance and quality-control lapsesThe FAA fined Boeing $6.6 million over compliance and quality control lapses. | |
Best Buy is speeding changes to adapt to a post-pandemic consumer: Smaller “and fewer “stores aheadThe retailer is reducing its headcount, testing smaller stores and evaluating the size of its store footprint across the country. | |
Costco is raising its minimum wage to $16 an hour for its U.S. store workersCostco is raising its minimum wage to $16 an hour, putting its starting wage above rivals like Amazon, Target and Best Buy. | |
CDC study finds nursing home residents who appear to have recovered from Covid were reinfected with an even worse caseA new CDC study released on Thursday suggests some people may be susceptible to coronavirus reinfection and could have worse outcomes later on. | |
Welfare Nation: Americans’ Income Tumbled In January Excluding Government HandoutsWelfare Nation: Americans’ Income Tumbled In January Excluding Government Handouts Thanks to government handouts starting to wash across the nation, analysts expected personal incomes to explode higher in January (and spending to rise after two declining months) and they were right. Personal incomes rose 10.0% MoM (better than the +9.5% expected) while spending rose 2.4% MoM (slightly worse than the +2.5% expected)…. Source: Bloomberg Government workers wages and salaries were steady at -2.4% YoY while private workers saw wages and salaries accelerate from +1.8% YoY to +2.2% YoY… | |
VIX Will Be Key TodayVIX Will Be Key Today Amid all the bond-related headlines yesterday, few noticed the huge spike in VIX (and vols broadly) that also hit. The ‘fear and greed’ index spiked from around 22 to over 31 and is holding those gains in the pre-market… And yesterday’s surge in implied correlation suggests major macro overlays were put in place (which could mean rotations from macro hedges to micro hedges today). Futures are holding 3825 after a putting in a 3800 low and 3850 high, but, as | |
Merchant Vessel Hit By Explosion In Gulf Of Oman, Report SaysMerchant Vessel Hit By Explosion In Gulf Of Oman, Report Says The International Maritime Security Construct tweets that the United Kingdom Maritime Trade Operations (UKMTO) is aware of a report “of an explosion on a non-IMSC flagged merchant vessel in the Gulf of Oman.” The incident occurred at 20:40 GMT on Thursday.Â
UKMTO said, “investigations are ongoing. Vessel and crew are reported to be safe and proceeding to next port of call.” | |
“Calm Returns”, Futures Rebound As Yields Drop After Historic Pounding“Calm Returns”, Futures Rebound As Yields Drop After Historic Pounding Global bond yields slid on Friday following Thursday’s epic meltdown as markets returned to firmer footing at the end of a week that saw the biggest decline in the Nasdaq 100 since the pandemic meltdown. Meanwhile, the quant who predicted this week’s meltdown in both bonds and stocks, turned bullish overnight (more in a separate post) a further indication the liquidation may be ending. US futures found support around 3,800 and have since rebounded, as global markets stabilized after central banks from Asia to Europe moved to calm a panic that had sent US government bond yields to their highest level in a year and triggered a loss of almost $900 billion in the value of the tech-heavy Nasdaq, the biggest since March. Contracts on the Nasdaq 100 and S&P 500 fluctuated before turning modestly higher. Thursday’s rout in yields which sent the 10Y as high as 1.61% after a catastrophic 7Y auction, has reversed with broad-based buying across the curve, especially after central bankers stepped in with the … | |
Amanda Staveley loses High Court fight with Barclays over damagesA businesswoman who sued Barclays for hundreds of millions loses her case, but says she might appeal. | |
Budget 2021: ‘My benefits top-up is a lifeline – don’t take it away’A benefits top-up to help the poor survive lockdown is due to end – unless it is extended at the Budget. | |
British Airways owner IAG calls for digital health passesIAG, which owns British Airways and Iberia, makes a record loss after the pandemic grounds flights. | |
How to rejig your portfolio to make the most of current market volatilityWith the local fiscal concerns added, the Indian market is seeing increased volatility with meaningful corrections in equity and debt markets over the past two weeks, writes Nimish Shah. | |
D-Street selloff in numbers: Top 3 cos lose Rs 1 lakh crore, select midcaps take a beatingIn numbers, investors lost Rs 5.43 lakh in wealth to the Freaky Friday, with three most valued stocks taking Rs 1.13 lakh crore crore hit. Every minute of Friday’s trade cost Rs 1,450 crore to stock investors. | |
D-St bull run hits speed bump, but what’s keeping money managers optimistic?The US 10-year Treasury bond yield spiked above the dreaded level of 1.5 per cent (bond yields rise when bond prices fall) on Thursday, in what some called a œtaperless tantrum . | |
Rail Week Ending 13 February 2021 – A Real Bad Week For RailWritten by Steven Hansen Week 7 of 2021 shows the same week total rail traffic (from the same week one year ago) significantly contracted according to the Association of American Railroads (AAR) traffic data. Total rail traffic has been mostly in contraction for over one year – and now is slowly recovering from the coronavirus pandemic. | |
Market Extra: Bitcoin may replace bonds, Cathie Wood saysBitcoin should be considered a new asset class, one that may even serve as a reserve currency in the future, ARK Invest’s Cathie Wood said Thursday. | |
Need to Know: So long, there-is-no-alternative trade. What should investors do now?The swift and violent rise in bond yields has meant that equities are no longer the obvious choice to make on a relative valuation basis. | |
Outside the Box: Ecuador’s democracy should not be derailed by false claims of election fraudLike Trump, the loser in Ecuador’s presidential election saw his early lead vanish as all the votes were counted. |
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