18Mar2021 Midday Update: Oil Plunges On A Wave Of Bearish News, WTI Crude Falls From 64.80 To 61.05, DOW Trending Down At +130 At 1 ET, Bitcoin Up To 59600

Written by Gary

Nearly half the U.S. is in drought and conditions are expected to grow worse, NOAA says (SPY -0.5%). March 2021 Philly Fed Manufacturing Survey Index Index Hits 50-Year High.

Here is the current market situation from CNN Money
	North and South American markets are mixed. The IPC is higher by 0.26%, while the S&P 500 is leading the Bovespa lower. They are down 0.42% and 0.08% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.
	Biden Administration To Enforce Trump-Era Sanctions On Iran Oil Shipments A key tenet of the prior Trump administration’s crackdown on China and Iranwas to punishthose Chinese companies caught transferring sanctioned Iranian oil, which was often done through ‘ghosting’ or at other times offshore ship-to-ship transfers in order avoid detection. Since President Biden took office there’s been wide reports thatChina’s ‘illicit’ imports of Iranian oil havesoared, resulting in critics and Iran hawks charging the White House with”turning a blind eye”in terms of sanctions enforcement
	Oil Plunges On A Wave Of Bearish News Oil prices plummeted by 4 percent on Thursday morning, as a rising U.S. dollar, rising U.S. crude inventories, and fresh setbacks in vaccination programs in Europe weighed on the market. As of 11:45 a.m. EDT, WTI Crude prices were dropping by 4.20 percent at $61.89, and Brent Crude was plunging by 3.91 percent at $65.34. Oil prices were down for a fifth consecutive trading day, as the recent rally began to unwind with a continued increase in U.S. commercial inventories, a stronger U.S. dollar, and renewed concerns about demand this quarter and
	EVs Overrated As Climate Game Changers: Expert Electric cars are highly overrated as a means of tackling climate change, a renowned environmental policies expert has said, adding that subsidizing EVs is making things worse instead of better. “Electric cars are this icon of us doing something about global warming,” Bjorn Lomborg said in a recent interview with the Hoover Institution, a conservative policy and research think-tank. “Now remember, electric cars are actually good for the environment. They emit less CO2 on average — even if they charge from a coal-fired power plant — but not by
	China’s $6.4 Trillion Energy Transition To Transform Economy Chinas transition from the biggest polluter in the world to the leading force in renewable energy generation will completely transform its economy, a new report by Wood Mackenzie says. Calling the upcoming changes tectonic, Wood Mac analysts noted the transition will require investments of $6.4 trillion in new power generation capacity alone over the next few decades, and said that while some of this will be spent on nuclear capacity, the bulk of investments would go towards boosting Chinas solar and wind capacity, and the respective
	IEA: Gasoline Demand May Never Fully Recover Global gasoline may have peaked, thanks to fuel efficiency gains and the growing popularity of electric vehicles, the International Energy Agency said in a new report, noting that these trends offset growth in mobility in emerging economies. The report, which looks at the next five years, also suggests peak oil demand may be near, thanks to stronger government policiesif they materializein favor of renewable energy, and behavioral changes. The Covid-19 crisis caused a historic decline in global oil demand but not necessarily
	Big Oils Hottest Prospects In 2021 Judging by the first 3 months of 2021 it seems that this year has gone off into a wrong start, instead of economic rebounds we face a third rendition of a market slump. Nevertheless, 2021 is bound to become much more prolific in oil discoveries than 2020 was many of the wildcats initially planned for 2020 were moved to the next year for financial or health security reasons, all the while some new frontier areas were opened up only very recently and 2021 will see its natural continuation there. Several wells have already been spudded, for
	Biden will reach goal of having 100 million Covid vaccine ‘shots in arms’ in his first 100 days as early as Thursday Biden is scheduled to make an announcement on the “state of vaccinations” later Thursday where he may discuss the milestone.
	Starbucks shareholders vote against executive pay plan Starbucks shareholders rejected the coffee chain’s executive compensation proposal, in a rare admonition of an S&P 500 company.
	People are buying more ‘above the mask’ makeup during the pandemic, Ulta CEO says “Above the mask” makeup, like eyeliner, mascara and brow products did well during the pandemic, Ulta CEO Mary Dillon said.
	The Snyder Cut was a gamble for Warner Bros., but it may not have a big payoff for HBO Max WarnerMedia saw the fervent crusade for Snyder’s official cut of the movie as a way to appease fans and pad HBO Max with exclusive content.
	Peloton and Adidas are working together on an apparel line Peloton and Adidas are working together to create a new line of athletic apparel and lifestyle gear.
	Nearly half the U.S. is in drought and conditions are expected to grow worse, NOAA says Nearly half of the continental U.S. is in a drought that’s forecast to grow more severe and persistent, NOAA researchers announced on Thursday.
	European regulator greenlights AstraZeneca coronavirus vaccine after reports of blood clots The European Medicines Agency has ruled that the AstraZeneca coronavirus vaccine is safe, despite some concerns over possible side effects.
	Lordstown Motors shares fall as much as 12% after confirming SEC inquiry CEO Steve Burns told investors Wednesday that company was “cooperating” with federal officials.
	Satellite start-up Capella Space aims to tap $60 billion intelligence market with new imagery Satellite imagery specialist Capella Space released the first images captured by its two latest spacecraft launched in January on a SpaceX rocket.
	BP is working on a huge ‘blue hydrogen’ facility in the UK BP is one of many firms looking to develop projects connected to hydrogen production.
	FAA to inspect several Boeing Dreamliners due to production issues The FAA said Wednesday that it will inspect four of Boeing’s 787 Dreamliner planes itself after production issues surfaced last year.
	Border openings and vaccine passes are essential for hotel recovery, says CEO of luxury hotel group Easing border restrictions, introducing vaccine passes will be essential to help revive the hard-hit hotel industry, says CEO of Hongkong and Shanghai Hotels.
	Senate confirms Xavier Becerra as HHS secretary as U.S. tries to emerge from Covid crisis Xavier Becerra, California attorney general and former U.S. representative, will play a major role in the Covid-19 vaccine rollout.
	Retail Euphoria Turns To Pain As Rates Wreck Tech Retail Euphoria Turns To Pain As Rates Wreck Tech By Elena Popina, Bloomberg reporter and Markets Live commentator It’s been aÂ familiar patternÂ for most of the past year: Newbie investors chasing upside in single stocks as professional money managers position for more trouble. This month, the sentiment gap between these groups has all but disappeared. Blame that on a selloff in tech high-fliers popular among amateur investors and a widening rotation into value names. Declines in stocks from Tesla Inc. to Plug Power Inc. slowed retail traders’ appetite for upside calls and triggered a spike in demand for downside loss protection, data compiled by Barclays show. The individual-stock skew, or cost of hedging against single-stock losses relative to gains, spiked as a similar measure for the broader index declined (as gains in one part of the stock market offset losses in the other.) As a result, a months-long gap between retail euphoria and institutional skepticism all but disappeared. œThe equity selloff had a larger impact o …
	Oil Crashes Most Since December As Inventories Jump, Demand Hope Fades Oil Crashes Most Since December As Inventories Jump, Demand Hope Fades Update (1240ET): The plunge in oil prices has accelerated with WTI now down 5%, the biggest intraday drop since December… We’re gonna need more OPEC+ jawboning! Â Â * WTI is extending its losses this morning, back down to a $62 handle, amid both supply and demand concerns: Disastrous European vaccine rollouts… …leaving EU demand expectations in the dust
	Here’s How Americans Said They Will Spend Their Latest $1,400 Stimulus Check Here’s How Americans Said They Will Spend Their Latest $1,400 Stimulus Check With the Fed depositing a fresh round of “free money” into the pockets of most Americans, the focus now turns to where the money is eventually going to wind up. Will it boost financial assets? Crypto? Will it finally hit consumer prices and cause a tick up in inflation? These are the questions that a new Bloomberg survey sought to answer earlier this week. As Americans enter what is hopefully the closing stages of the Covid pandemic and we attempt to get back to some form of normalcy, questions were abound about how a third (and perhaps final) stimulus would be rationed.Â Respondents to a new survey said overwhelmingly that the money would go to things like saving, food and housing, first and foremost. Following that was paying down credit card debt, home improvements and healthcare.Â Financial advisers are telling people they can diversify with how they dole out the newly acquired cash.Â Scott Co …
	Watch Live: EMA Safety Review Finds Benefits Of AstraZeneca Jab Outweigh Risks Watch Live: EMA Safety Review Finds Benefits Of AstraZeneca Jab Outweigh Risks Update (1200ET): In a statement leaked to the press just minutes before the announcement began, the EMA confirmed Thursday the results of its safety review: namely, that the benefits of the AstraZeneca vaccine far outweigh any side effects. After looking into the reports of incidences of rare blood clots, the agency has concluded that the vaccine is “safe and effective” and that it is “not associated with any blood clots.” Dr. Sabine Strauss, who spoke after Emer Cooke, the agency’s executive director, claimed the agency has been working long and hard since the first cases emerged last week. Scientists examined suspect batches and looked at the numbers of suspicious cases vs. the denominator of more than 11MM vaccines distributed and concluded that the AstraZeneca jab is safe enough, before arriving at a shocking admission. Dr. Strauss acknowledged that the agency saw clots develop “in a few cases” and even saw clots develop in the brain. The condition was linked to low levels of blood pla …
	Economic outlook ‘unusually uncertain’ despite ‘rapid’ vaccine rollout Bank of England says a rebound is likely in 2021, but it still depends on the “evolution of the pandemic”.
	Backlash grows against cut to electric car grants A government decision to reduce subsidies is criticised by the motor industry and UK businesses.
	Liberty Steel: Government must step in to save steel jobs, says Ed Miliband The shadow business secretary tells the BBC the company is too vital for the UK to collapse.
	14 stocks that are likely to gain from FTSE’s rebalancing on Friday Indian equities could witness a total inflow of nearly $1 billion following the changes announced by the FTSE in its quarterly index review.
	Bajaj Auto’s new dividend policy: What it means for investors The country’s largest two-wheeler maker by market capitalisation stated on Thursday that it can declare a dividend up to 90% of the standalone profit if the surplus cash is higher than Rs 15,000 crore.
	Accenture’s blockbuster results point to mouth-watering Q4 IT earnings Accenture’s strong deal wins bode well for Indian IT companies, who themselves have reported swashbuckling deal wins in recent quarters helped by increased demand for digital services among clients in the US and Europe.
	March 2021 Philly Fed Manufacturing Survey Index Index Hits 50-Year High Written by Steven Hansen The Philly Fed Business Outlook Survey significantly improved.
	ETF Wrap: ETF Wrap: We’ve gone to the dogs, and more on the Barstool bro for March Madness ETF Wrap is a briefing of what investors need to know about the exchange-traded fund sector, including exclusive commentary and interviews on the industry from MarketWatch
	: EU regulator says AstraZeneca vaccine is ‘safe and effective’ after blood clot investigation Europe’s regulator has concluded that the AstraZeneca COVID-19 vaccine is “safe and effective,” following its investigation into reports of blood clots in people that had received the shot.
	: Avoid these four mistakes when filling out your March Madness bracket College basketball fans have a 1 in 9.2 quintillion chance of a perfect bracket, but don’t let perfection stop you from filling out a bracket.