18Mar2021 Market Close: Climbing Yields, Stronger Dollar Weigh, 91.84 On Gold Prices, 1736, DOW Closes Down 153 Points, Nasdaq Sinks 3.0%, Rarely-Used Recovery Method Could Unlock Billions Of Barrels In Alaska

Written by Gary

Market ‘Punks’ Powell; Bitcoin Best As Crude Crushed, Tech Wrecked, Bonds Battered (SPY -1.5%). 13 March 2021 New York Fed Weekly Economic Index (WEI): Index Marginally Declined This Week.

The Market in Perspective

Here are the headlines moving the markets.
	India Throws The Oil Tanker Industry A Lifeline Indias growing demand for oil and its plans to rely less on crude from its biggest supply region, the Middle East, is set to support demand for oil tankers traveling on longer routes to the worlds third-largest oil importer. India, which imports more than 80 percent of the crude oil it consumes, has been hinting in recent years that it needs to look beyond the traditional Middle East suppliers for oil. As fortunate as it has been for the country to have some of the worlds biggest oil exporters so close to its shores,
	Subdued Chinese Demand Weakens Asias Spot Oil Market The spot oil market for physical barrels in the key demand region, Asia, started to weaken in the middle of this week, as purchases from Chinese buyers are subdued, traders tell Bloomberg. The evidence of the weakness could be found in the declining premiums of spot cargoes loading for Asia in the next two months compared to the official selling prices of the crude grades, according to traders who spoke to Bloomberg. For example, the premium of the Murban crude from Abu Dhabi over the official selling price fell by $0.10 per barrel in a day
	IEA: Asia To Account For 90% Of Global Oil Demand Growth Through 2025 Despite speculation that oil demand peaked in 2019, before the global pandemic hit the industry hard, a new IEA report suggests this assumption may have been overstated as demand is set to continue increasing until 2026. Innovations in renewable energy and the decreased demand in response to the Covid-19 pandemic made experts believe the oil era was slowly losing momentum. However, as the Asian market grows and many countries return to pre-pandemic demand levels, this may not be true. According to the new IEA report, demand for oil could
	Rarely-Used Recovery Method Could Unlock Billions Of Barrels In Alaska Early findings in an ongoing four-year study of enhanced oil recovery of heavy oil in Alaskas North Slope have shown promising results that could potentially unlock billions of barrels of oil, the Alaska Journal of Commerce reports. Alaskas North Slope holds heavy oil, and although it has not been precisely quantified, officials at the Department of Natural Resources think the volumes could be in the range of tens of billions of barrels, according to the Alaska Journal of Commerce. The joint study of Hillcorp Alaska and the University
	Climbing Yields, Stronger Dollar Weigh On Gold Prices Gold prices reversed course on Thursday, dropping froma more than two-week high, as bullions appeal continues to be tarnished by climbing US Treasury yields and a firmer dollar. Spot gold fell 1.1% to $1,728.96 per ounce by noon EST, while US gold futures for April delivery held steady at $1,728.80 per ounce. Meanwhile, the benchmark US 10-year Treasury yield rose to 1.74% for the first time since January 2020, helping to lift the dollar from a two-week low. The US Federal Reserve on Wednesday said the US economy was on
	Exxon’s Flagship Guyana Project Reaches Full Capacity The Liza Phase 1 offshore projectGuyanas first oil-producing project led by ExxonMobilhas reached its full planned production capacity of some 130,000 barrels per day (bpd), Guyanas President Irfaan Ali said on an online energy event this week. This year alone, operators are expected to drill as much as 10 appraisal and exploration wells offshore Guyana, Ali said on the Guyana Basin Summit event, as carried by Reuters. The Liza Phase 2 Project is designed to pump up to 220,000 bpd with a floating, production, storage,
	Rent is cheap, vacant space is everywhere: Retailers seize the moment to open stores Year-to-date, retailers in the United States have announced 3,199 store openings and 2,548 closures, according to a tracking by Coresight Research.
	‘I totally disagree with you,’ Fauci tells GOP senator in fiery exchange over masks Fauci pushed back against Sen. Rand Paul’s claim that people are not at risk of Covid after they’ve recovered from an infection or have been vaccinated.
	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.
	Lordstown Motors shares fall as much as 12.5% after confirming SEC inquiry CEO Steve Burns told investors Wednesday that company was “cooperating” with federal officials.
	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.
	European nations resume use of AstraZeneca Covid vaccine after regulator signs off The European Medicines Agency has ruled that the AstraZeneca coronavirus vaccine is safe, despite some concerns over possible side effects.
	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.
	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.
	Oakland Athletics close to selling first $64,000 luxury suite using bitcoin Oakland Athletics president David Kaval told CNBC’s “The Exchange” the team could finalize the sale of one of its 10 bitcoin suites for the season by Friday.
	Dollar General will open more than 1,000 stores this year and expand its Popshelf brand The discount chain said it will grow its store footprint and appeal to a broader range of customers to drive sales beyond the pandemic.
	Suryakumar Yadav fifty paves way for India’s eight-run, series-leveling win over England in fourth T20 Suryakumar Yadav’s eye-catching fifty in his maiden international knock paved the way for India’s eight-run, series-leveling win over England in the fourth T20, in Ahmedabad.
	Lamborghini reports record profits in 2020, CEO teases electric future Despite a mandatory factory shutdown during the pandemic, the “raging bull” of the auto world delivered 7,430 cars in 2020.
	Petco CEO says shift to suburbs is fueling company growth Last year, the pet industry boomed as 3.3 million new pets found homes.
	Market ‘Punks’ Powell; Bitcoin Best As Crude Crushed, Tech Wrecked, Bonds Battered Market ‘Punks’ Powell; Bitcoin Best As Crude Crushed, Tech Wrecked, Bonds Battered After one of the dovish-est of already-dovish-est Fed statements and press conference, the market is shouting a big “F**k you” to Jay Powell and his pals as both the timing of the first rate-hike and the trajectory of rate-hikes thereafter have hawkishly surged since the Fed chair stopped speaking… Expectations for a hike by the end of 2022 are soaring… Source: Bloomberg And from Dec ’22 to Dec ’24, the market is now pricing in 130bps of hikes…
	Ford To Move $900 Million Plant From Ohio To Mexico: Report Ford To Move $900 Million Plant From Ohio To Mexico: Report The Ford Motor Company has reportedly shifted a $900 million investment for an Avon Lake, Ohio assembly plant towards a site in Mexico, according to the United Auto Workers (UAW) union. According to a letter sent to Ohio Assembly Plant (OHAP) employees, where around 1,740 Ford workers manufacture F-650 and F-750 medium duty trucks, UAW official Gerald Kariem claims the company had committed to investing $900 million into the project in 2019, according to Breitbart. The massive investment, Kariem wrote to workers, included a Ford commitment to bring a œnext-generation product to the Ohio Assembly Plant for production by 2023 and …
	Is Kanye West Now The Richest Black Man In America? Is Kanye West Now The Richest Black Man In America? In yet another indication of just how wildly out of hand valuations have become since the Fed slashed the Fed funds rate back to zero and unleashed a wave of liquidity last year, media reports are claiming that Kanye West, the rap superstar who recently separated from wife Kim Kardashian (and who once claimed to be more than $50MM in debt), is now a billionaire many times over thanks to his sneaker and clothing lines. According to Bloomberg, West officially became a billionaire in 2020 – making him one of only a handful of billionaires in hip-hop, and sending his net worth rocketing past mentor/rival Jay-Z, one of the first rapper-businessmen to find massive success. But over the last year, West’s net worth has since ballooned to an astronomical $6.6 billion. While many of his fans speculated about his mental state after West came out in support of President Trump a few years back, looking at his net worth, …
	Peter Schiff Exposes The Fed’s Game Of Chicken Peter Schiff Exposes The Fed’s Game Of Chicken Via SchiffGold.com, The Federal Reserve wrapped up its March FOMC meeting yesterday. As expected, there were no policy changes. Interest rates remain at zero. Quantitative easing carries on as it has been. Peter talked about the Fed meeting and Fed Chair Jerome Powell’s messaging in his podcast. He said the Fed is playing a game of chicken with interest rates and inflation. While the Fed remained dovish in its policy, the FOMC did up its growth outlook and sang a much more optimistic tune about an economic rebound. Nevertheless, Powell made it crystal clear there are no plans for rate hikes for at least two years. The Fed also didn’t give any indication that it is going to do anything about the continuing rise in long-term bond yields. Peter has likened this to a game of chicken. Markets reacted positively to the …
	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.
	Relentless yield climb continues as Fed to let inflation run hot The number of Americans filing for jobless benefits unexpectedly rose last week, while a separate report indicated the Philly Fed business index jumped more than expected to its highest level since 1973.
	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.
	13 March 2021 New York Fed Weekly Economic Index (WEI): Index Marginally Declined This Week Written by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) continues to show an economy that is just above the worst seen during the Great Recession. This index recovery is slowly improving based on the 13-week rolling average.
	: Nikola strategic partner Hanwha to sell half its stake South Korea’s Hanwha Group intends to sell half its stake in electric-truck maker Nikola Corp.
	Bond Report: U.S. 30-year Treasury yield knocks on 2.50% mark, climbing to July 2019 high U.S. Treasury yields surge Thursday as investors dump government bonds even after the Federal Reserve doubled down on its dovish monetary policy messaging at its meeting on Wednesday.
	: EU regulator declares AstraZeneca vaccine ‘safe’ 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.