Written by Gary
Dow modestly lower as Yellen, Powell testify before lawmakers (SPY +0.2%). Jobless crisis shows signs of easing but under-25s hit hard.
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. | |
| California Senators Urge Biden To Phase Out Gasoline CarsTwo Democratic Senators from California are urging the Biden Administration to follow Californias lead and set a date for phasing out new sales of gasoline and diesel-powered cars. In a letter to President Joe Biden, U.S. Senators Alex Padilla and Dianne Feinstein of California pushed the Administration to reinstate Californias authority to set greenhouse gas and zero-emission vehicle standards. The Senators also urge the White House to follow Californias lead and set a date by which all new cars and passenger trucks |
| Deutsche Bank Turns Bullish On Teslas Largest CompetitorCertainly one of the more exciting stories in the world of EV investing over the past several weeks has been Volkswagen. We have documented the legacy automaker’s stock during a rapid ascent over the last few trading sessions, on the heels of the company positioning itself as a direct competitor to Tesla. The move has been part of a broader reversion to the mean in EV valuation that we think is likely to continue. Of course, the lingering question remains:what is VW’s business actually worth, given the new pivot to EVs? Deutsche |
| U.S. Driller May Get Lead Role In Major Mexican OilfieldMexico’s Pemex is considering letting U.S.-based Talos Energy lead the development of the Zama oil field, Reuters reported, citing the state oil company’s chief executive. Talos Energy, leading a consortium of foreign oil companies, discovered the largeZama oil depositin 2015. At an estimated 670 million recoverable oil barrels, the discovery was the largest oil find in Mexico by a private company in decades. Pemex, however, said that the Zama deposit extends to a neighboring block operated by the Mexican company. Last year, the Mexican |
| Canadas Oil & Gas Mergers Hit Record $18 Billion So Far This YearCanadas energy industry saw a record US$18 billion worth of mergers and acquisitions year to date, data showed on Tuesday, while analysts predict 2021 will be a bumper year for M&A in the Canadian oil and gas industry. According to data from Dealogic, cited by Reuters, energy deals in Canada between the start of 2021 and March 18 totaled US$18 billion, the highest combined value of energy deals in more than 25 years. Moreover, Canadian energy deals accounted for 16.2 percent of the global M&As between January 1 and March 18, the |
| BP Drops Reserve Replacement RatioThe ratio of oil and gas reserve replacement has become the latest radical change UK supermajor BP has made on its road to a net-zero future. In its annual report for 2020 released this week, BP said it would no longer use the reserve replacement ratio as one of its key performance indicators because it was no longer a useful measure of its strategic performance. Like other supermajors, BP has struggled to replace its reserves fully in the last few years. Yet now it is pivoting to renewable energy, and the reserve replacement ratio may have become |
| Oil Plunges As European Countries Extend LockdownsOil prices dipped by more than 4 percent early on Tuesday, weighed down by concerns about immediate demand and speculators liquidating long positions. As of 9:45 a.m. EDT, WTI Crude prices were trading below the $60 a barrel mark, at $59.02, down by 4.13 percent on the day. Brent Crude was falling by 4.18 percent at $61.92. The nearest Brent Crude contract for May was trading at a discount to the next-month contract, the June contract, for the first time since January this year. The contangothe structure in which the front-month price is |
| Meet Bentley’s new 208-mph Continental GT Speed for $275,000The third-generation Bentley Continental GT Speed could be one of the last, if not the last, non-electrified versions of the car. |
| Pfizer begins early stage clinical trial testing oral antiviral drug for CovidThe drug is part of a class of medicines called protease inhibitors and works by inhibiting an enzyme that the virus needs to replicate in human cells. |
| Free Krispy Kreme doughnuts, cash and even marijuana ” businesses pile on the perks for getting vaccinatedBusinesses are offering incentives to encourage vaccinations. From Krispy Kreme doughnuts to cash and gift cards, here are a few of the freebies available now. |
| Penn National Gaming CEO says casino recovery has been ‘incredible’ as Covid vaccines roll out“We had one of the biggest weekends this last weekend that we have seen in years,” Penn National Gaming CEO Jay Snowden told CNBC. |
| Regal Cinemas to reopen in April, strikes new deal with Warner Bros.As lockdowns ease, Regal Cinemas will reopen in the U.S. after six months of being shuttered. |
| Chipotle will open its first Canadian restaurant since 2018 as it accelerates international expansionChipotle Mexican Grill said it plans to accelerate its Canadian expansion over the next 12 months. |
| Booking Holdings vs Pinterest, Snap: Analysts’ call on reopening puts two traders at oddsPinterest and Snap downgrades by Bank of America sow some disagreement between Oppenheimer’s Ari Wald and Chantico Global’s Gina Sanchez. |
| Lockheed Martin partners with satellite start-up Omnispace to build a space-based 5G networkLockheed Martin announced a strategic interest agreement with satellite start-up Omnispace, “to explore jointly developing 5G capability from space.” |
| The future of the F-35 and the Air Force fight fleetThe Joint Strike Fighter is the most expensive weapons program ever, but costly delays may push the Air Force to look for a cheaper option. |
| 5 things to know before the stock market opens TuesdayTuesday marks one year since the Covid low in the stock market, which ended the fastest bear market ever and ushered in another bull market. |
| ‘Highly unfair’ to accuse the EU of vaccine nationalism, trade chief says“We need to speed up the vaccination, we need to speed up both vaccine production and supply,” EU trade chief Valdis Dombrovskis told CNBC. |
| Putin prepares to get Covid vaccine ” but the Kremlin refuses to say which oneRussian President Vladimir Putin is expected to receive a coronavirus shot on Tuesday, as intrigue surrounds the country’s vaccine strategy. |
| On an island north of Scotland, tidal power is providing juice for electric vehiclesThe facility is located on Yell, which is part of Shetland, an archipelago of roughly 100 islands. |
| UN Says Saudis Bombed Grain Port In Yemen On Same Day Riyadh Talked Up CeasefireUN Says Saudis Bombed Grain Port In Yemen On Same Day Riyadh Talked Up Ceasefire Authored by Dave DeCamp via AntiWar.com, The US-backed Saudi-led coalition continues to launch airstrikes across Yemen. Over the past few days, Saudi bombs have hit the capital Sanaa, Maarib province, and the Red Sea port of Salif. On Monday, the UN said the airstrikes in Salif targeted a grain port and hit a warehouse and the living quarters of a food production company. “Local authorities and company management stated that six injured workers were transferred to local medical facilities for treatment,” the UN mission in Hodeidah, Yemen, said in a statement. Accord … |
| “First Tangible Step” – Evanston, Illinois, Becomes First City To Pay Reparations To Blacks“First Tangible Step” – Evanston, Illinois, Becomes First City To Pay Reparations To Blacks Evanston, Illinois has become the first city in the US to make preparations to financially compensate Black residents for addressing the wealth inequality gaps they have experienced because of historical racism and discrimination in housing, according to NBC.Â
The Chicago suburb’s City Council voted Monday 8-1 to distribute $400,000 to eligible black households. Each qualifying family would receive up to $25,000 for homeownership and or improvement grants, as well as mortgage assistance. The housing money is part of a much greater reparations initiative by the city to distribute $10 million over ten years to qualifying households. The funds will be derived from annual marijuana taxes over the next decade. About 16% of the 75,000 residents who live in Evanston are Black.Â
|
| Is The End Of The Value Trade Near?Is The End Of The Value Trade Near? Authored by Lance Roberts via RealInvestmentAdvice.com, The end of the value trade may be near as investors push prices beyond economic growth expectations. Interestingly, it was just last year that I wrote:Â œThe Rotation To Value Is Inevitable. Â The critical point of that article was this:
The unparalleled monetary policy use to push markets higher, massive fiscal spending designed to keep economic growth positive, and corporations shunning future growth for œshare rep … |
| Kiwi Crumbles As New Zealand Targets Speculators To Burst “Dangerous” Housing BubbleKiwi Crumbles As New Zealand Targets Speculators To Burst “Dangerous” Housing Bubble One month after the New Zealand government took the historic step of adding a fresh mandate to its central bank, tasking it with considering the impact its monetary and financial policy decisions have on housing prices, a move to help calm the country’s red-hot property market, overnight New Zealand’s government took another step at popping the local housing bubble by taking aim at property speculators with a suite of new measures to tackle runaway house prices and prevent the formation of a œdangerous bubble. As a reminder, back in February, Finance Minister Grant Robertson said the Reserve Bank of New Zealand (RBNZ) must take into account government policy relating to more sustainable house prices. “Today’s announcement is just the first step as the government considers broader advice about how to cool the housing market, Robertson said in a statement. “We know the rapid increases we have seen in recent months are not sustainable, which has meant many first-home buyers are struggling to access the market.” However, with home prices refusing to dip and stubbornly sticky at all time highs, rising by a record 21.5% in February… |
| ‘Thrill of investing’ leads young to take risksThey are investing in high-risk products for the “challenge, competition and novelty”, the regulator says. |
| Fresh warnings over Royal Mail parcel scamTrading standards officers say the text scam links to a copycat website run by fraudsters. |
| Jobless crisis shows signs of easing but under-25s hit hardThe number of workers on UK company payrolls climbed by 200,000 in the three months to February. |
| Barbeque Nation IPO opens tomorrow: An overpriced buffet?Investors will be better-off by waiting to see the company’s performance over the next few quarters before making an investment decision given the impact of the pandemic on the fine dining segment of the hospitality sector. |
| Sebi issues new framework for delivery default in derivatives segmentSebi said, clearing corporation, having commodity derivatives segment, should have an appropriate deterrent mechanism in place against intentional or wilful delivery default and ensure adequate compensation to the non-defaulting counterparty. |
| What’ll be the real impact of SC order on bank balance sheets?Analysts said it remains to be seen if the cost of refunding compound interest on loans of over Rs 2 crore will be compensated by the government, as was the case earlier or will it be absorbed by the banks themselves. |
| February 2021 Headline New Home Sales Significantly SlowWritten by John Lounsbury and Steven Hansen The headlines say new home sales significantly declined month-over-month. The overall sales-to-date in 2021 is better than any other year since 2006 – but the slowing of growth is swift and likely will continue to decelerate in the coming months.
|
| Market Snapshot: Dow modestly lower as Yellen, Powell testify before lawmakersStocks trade mostly lower as the first of two days of testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen gets under way on the state of the government’s efforts to limit the economic damage from the COVID-19 pandemic. |
| Brett Arends’s ROI: If we want to defend Social Security we’ll have to fightWithout a drastic fix, our retirement protection will be cut by about 20% |
| : ‘Plexiglass will stay up for a while’: Shoppers remain anxious about COVID but head back to storesSalesforce says retailers should prepare for a surge in the second half of the year |
Via Reuters
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
