Written by Gary
Covid cases rise across more than half of the U.S. as the country races to vaccinate (SPY +1.0%). Aramcos 2020 Profits Fell By 44%.
Here is the current market situation from CNN Money | |
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
Low-Rated U.S. Oil Firms Raise Record $20 Billion In BondsThe recovery in oil prices this year has increased investor appetite for high-yield bonds of low-rated U.S. energy firms, helping them to raise a record more than US$20 billion on the bond market so far this year, the Financial Times reported, citing data from companies tracked by Refinitiv. In light of the rising oil prices since November last year, debt investors have grown more interested in high-yield energy bonds, after having steered clear of the sector for most of the past two years. As a result, the riskier lower-rated U.S. oil firms have | |
Is The Worlds Most Controversial Pipeline About To Pivot To Hydrogen?Keeping the position of key energy supplier to the Old Continent comes at a price. And it looks like its a price Russia is ready to pay it. Moscow is silently investing in the production of hydrogen, potentially aiming to make it flow through its new NordStream 2 pipeline. While the future of the controversial project still fuels debates and uncertainties, Russia decided to adapt to its neighbor’s needs for cleaner energy sources, and in particular for hydrogen, which the European Commission put at the forefront of its recovery agenda. | |
SEC: ConocoPhillips, Occidental Should Hold Shareholder Votes On Emission GoalsThe U.S. Securities and Exchange Commission (SEC) has told ConocoPhillips and Occidental that they should hold a vote from shareholders on how they plan to reach their new emission-reduction targets, denying requests from the companies to have the SEC throw out investor motions on such votes in the annual meetings. In response to ConocoPhillips and Occidental, the SEC said on March 19 that the Commission was unable to concur with the companies proposing to omit such votes at their meetings. Occidental Petroleum told the SEC in January | |
Natural Gas Pipeline In Venezuela ExplodesA section of a natural gas pipeline in Venezuela exploded on Saturday, which the countrys energy minister blamed on an attack, Reuters reports, citing a document produced by state energy company PDVSA. According to the same document, PDVSA had to suspend operations at the reinjection plant that the pipeline supplied with gas to stop the resulting fire and evaluate the damage. Energy minister Tareck El Aissami blamed the explosion on a terrorist attack without elaborating. Last year, an explosion at a refinery in northern Venezuela was also | |
Saudi Forces Strike Yemen In Response To Attack On AramcoSaudi-led coalition forces conducted airstrikes against Houthi military bases in Yemens capital Sanaa, Bloomberg reported, citing local residents and a Houthi-controlled TV channel. The attacks, according to the report, targeted military camps and Houthi facilities near the Sanaa airport and the suburbs of the city. They came in response to a Houthi drone attack on Saudi oil facilities that took place on Friday. According to Saudi media, the attack did not cause any damage. This is just the latest in a series of airstrikes by the Saudi-led | |
Aramcos 2020 Profits Fell By 44%Saudi Aramco reported a net profit of $49 billion for 2020, down 44 percent on the year but still a positive figure despite the pandemic that plunged some major oil companies into the red. The company kept its annual dividend at $75 billion and said its capital expenditure for this year would be around $35 billion. Earlier, the company had planned capex in the range of $40-45 billion for 2021. Looking ahead, our long-term strategy to optimize our oil and gas portfolio is on track and, as the macro environment improves, we are seeing a pick-up | |
New Jersey likely to pause reopening plans as Covid cases rise, governor saysThe state’s seven-day average of new cases has increased by more than 10% compared with a week ago, according to a CNBC analysis of Johns Hopkins University data. | |
Analysts cheer ‘surprisingly positive’ AstraZeneca U.S. trial dataJefferies health-care analyst Peter Welford said the new analysis of the AstraZeneca shot was better than expected. | |
Jeep unveils all-electric Wrangler concept SUVThe Wrangler “Magneto” is a concept vehicle, meaning it’s a custom product typically built by automakers to gauge customer interest or show a future direction. | |
Third Covid wave hits Europe: Lockdowns imposed and vaccines remain a problemMore than a year after the coronavirus outbreak was declared a pandemic, Europe is continuing to struggle with the virus. | |
AstraZeneca vaccine found to be 79% effective in U.S. trial, ‘no increased risk’ of blood clotsThe safety and efficacy analysis of the vaccine was based on 32,449 participants in a phase 3 trial. | |
Dr. Scott Gottlieb: CDC needs to adapt Covid guidance to new science quicker, with more transparencyThe CDC’s coronavirus recommendations need to be updated more often and with additional clarity to reflect the latest science, Dr. Scott Gottlieb told CNBC. | |
Covid cases rise across more than half of the U.S. as the country races to vaccinateWhite House Chief Medical Advisor Dr. Anthony Fauci urged states last week not to declare victory prematurely. | |
SpaceX’s Starlink satellite internet in talks for a place in the UK’s $6.9 billion ‘Project Gigabit’Elon Musk’s SpaceX is in talks with the United Kingdom for Starlink to potentially earn funding from a $6.9 billion internet infrastructure program. | |
Texas Roadhouse founder Kent Taylor dies at 65 after taking life following post Covid struggleTaylor died by suicide after a battle with post-Covid-19 related symptoms, including severe tinnitus, his family said in a company-issued statement | |
Leaving a tip is an American custom. Why that’s a problemWith millions of restaurant servers doing essential work for low pay during the pandemic, there have been renewed calls for a $15 minimum wage. | |
UK and EU vaccine dispute deepens as Brussels considers new export controlsTensions are high between the U.K. and the European Union as the 27-member bloc considers restricting exports of Covid vaccines across the English Channel. | |
Boat shows are back and drawing big crowds amid robust demandAs boat show organizers begin hosting in-person events again, they are drawing larger-than-expected crowds. | |
5 things to know before the stock market opens MondayThe Nasdaq on Monday was set to build on Friday’s gain as the 10-year Treasury yield retreated from last week’s 14-month high. | |
“City Isn’t Safe” - South Beach Extends Curfew As Partygoers Run Wild Through Streets“City Isn’t Safe” - South Beach Extends Curfew As Partygoers Run Wild Through Streets After a week of social disturbances in South Beach, Miami Beach Mayor Dan Gelber declared a state of emergency on Saturday. By Sunday evening, unruly spring break crowds continued to wreak havoc in the area’s entertainment district, forcing the mayor and city leaders to extend curfews and close roadways through April 12, according to Miami Herald.  South Beach’s entertainment districts have been flooded with not the typical spring break crowd of drunk college students using their student loans to party but adults letting loose after a year of strict social distancing. Perhaps these adults are ‘balling out’ with their stimmy checks. On Saturday, Miami Beach officials established an 8 p.m. curfew through 6 a.m., forcing local businesses to shutter operations during curfew hours. Police officers employed numerous crowd-controlling measures to disperse massive crowds on Saturday night, including the use of pepper balls. Gelber, who announced Sunday’s emergency commission meeting, said massive crowds had swarmed South Beach, transforming it into a “tinder over the last couple of weeks.”
The commission on Sunday extended curfew … | |
Is A 20%-Stronger US Dollar On The Cards?Is A 20%-Stronger US Dollar On The Cards? Authored by Martin Enlund and Andreas Steno Larsen via Nordea, The USD should be rising 20% in YoY terms instead of falling 15% according to relative growth expectations. Unless the Biden-administration annihilates the USD, there are strong reasons to expect a sound USD comeback this year. Quote of the week
The price action in USD yields reminds us of the Swedish Eurovision winning song by Loreen:Â “We are going UP UP UP UP UP UP UP”. We have long warned of this move, why we are tempted to sing “Diggi-loo diggi-ley, life is goin’ my way, when I’m walkin’ in my golden shoes”.. Joking aside, The Fed … | |
Saudi Arabia Floats Peace Deal To End War In Yemen, Spark Economic RevivalSaudi Arabia Floats Peace Deal To End War In Yemen, Spark Economic Revival Amid a growing number of Houthi-launched attacks on Saudi Arabian oil refineries which recently inspired the kingdom to launch a round of naval drills intended to intimidate, Saudi Arabia has proposed a sweeping cease-fire agreement that would end the world’s worst humanitarian conflict and help revive Yemen’s badly damaged economy. While Syria garners more headlines in the west due to the lingering American involvement, Yemen has for years been decried as the most devastating humanitarian conflict as mass starvation afflicts the population under constant assault from bombings and drone strikes. But on Monday, Saudi Foreign Minister Faisal bin Farhan Al Saud announced a new Riyadh-backed peace initiative to end the conflict in Yemen between Saudi-backed Sunni forces and the Shia Houthi rebels, widely suspected of receiving support from Iran (something the Iranians vehemently deny, along with any involvement in the milita-led cross-border strikes on Saudi energy infrastructure). Along with the nationwide ceasefire, the proposal … | |
New Jersey Halts Reopening, NYC Asks Cuomo To Do The Same, As Mutant COVID SpreadsNew Jersey Halts Reopening, NYC Asks Cuomo To Do The Same, As Mutant COVID Spreads Update (1200ET): Gov. Cuomo has just announced that the minimum age for vaccinations in New York will be lowered to 50.
Now, will Cuomo agree to pause the reopening? Considering he’s depending on the reopening narrative to bury his two contemporaneous scandals and the state and federal investigations spawned by them, we suspect that would be unlikely. And cue more criticisms about Cuomo’s “political” decision-making. * * * In an abrupt reopening U-turn, New Jersey Governor Phil Murphy has just decided to halt the Garden State’s reopening plans as its total case count surges to become the highest in the US. The decision follows an announcement on Friday that capacity at gyms, restaurants, hair/nail salons and other “recreational” businesses would be raised to 50%. The number of people allowed at outdoor gatherings has also doubled to 50 from 25. | |
B&Q-owner Kingfisher boosted by new ‘young DIY-ers’Kingfisher says 18-34 year-olds did more home improvements during lockdown than any other age group. | |
Deliveroo targets valuation of up to £8.8bn in share listingThe company plans to issue shares on the London Stock Exchange with customers invited to invest. | |
Apollo investment chief Leon Black leaves early following Epstein probeLeon Black unexpectedly steps down, saying inquiries into links with Jeffrey Epstein took a toll on his health. | |
ONGC and Oil India may be headed for a slippery slopeThe buoyancy in price has more to do with restricted supplies than improvement in the global demand, which dropped by 8.8% in 2020. | |
NSE finds root cause of Feb 24 technical glitch, takes steps to address issueThe exchange, after further investigations, has found that the risk management system was affected by the disruption in the telecom links primarily because of œunexpected behaviour of the Storage Area Network (SAN) system . | |
Grey market premia of Nazara, Anupam, Laxmi decline sharplyThe premium for Rakesh Jhunjhunwala-backed Nazara Technologies has come down to Rs 750 from Rs 820, a drop of 9 per cent while the same for Suryoday Small Finance Bank has vanished and the stock is trading at par with its issue price. | |
February 2021 CFNAI Super Index Moving Average Index DeclinedWritten by Steven Hansen The economy’s rate of growth declined based on the Chicago Fed National Activity Index (CFNAI) 3 month moving (3MA) average – and the economy remains below the historical trend rate of growth. | |
The Conversation: What is a hate crime? The narrow legal definition makes it hard to charge and convictHate crimes and hate murders are rising across the U.S., but long-term polling data suggests that most Americans are horrified by bias-motivated violence. They also support hate crime legislation, an effort to deter such attacks. | |
Key Words: Elon Musk: Tesla would be ‘shut down’ if its cars spied on ChinaChina’s military reportedly banned Tesla vehicles from its complexes over camera security concerns | |
: Amazon-backed Deliveroo targets $12 billion valuations in blockbuster London IPODeliveroo sets price range of between £3.90 and £4.60 per share as demand for takeout meals has soared during the COVID-19 pandemic. |
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