Written by Gary
Covid cases could spike if eviction ban is allowed to lapse, experts warn (SPY -0.5%). Treasury yields log 4th straight slide, 10-year briefly dips below 1.6%.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | How Will We Pay for the Energy Transition?Earlier this month, the International Renewable Energy Agency said the world needed to invest $131 trillion by 2050 in order to limit the estimated global rise in average temperatures to 1.5 degrees Celsius. Thats 30 percent more than what is currently planned. Its also equal to investments of $4.4 trillion every year from now until 2050. How realistic are these spending goals? Well, it appears that the realism of IRENAs estimates depends on how you look at the energy transition: as simply an increase in renewable energy generating |
| Worlds Newest Oil Hotspot Undeterred By Poor Drilling ResultsAfter a series of notable oil discoveries in offshore Guyana and then Suriname over the last six years the impoverished South American nations became a focal point for offshore drilling on the continent. Seismic and other geological data show that the region possesses many characteristics in common with the West African margin, where the world-class multi-billion-barrel Jubilee oilfield was discovered in 2007. Guyana and Suriname, along with French Guiana, share the Guyana-Suriname Basin which is now one of the worlds hottest drilling prospects |
| Oil Industry Hit Hard By New Travel RestrictionsA slump in Europes travel industry could have a knock-on effect for oil and gas as lockdowns spread across Europe once again. European airline shares plunged this week as Germany, France and Italy all announced new lockdown measures to be introduced over and beyond the Easter period. Vacation travel is also restricted until at least May across several countries including the U.K., which is fining those who choose to travel without need 5,000 ($6,900) for breaching restrictions. Sophie Griffiths, a market analyst at Oanda |
| UK Vows To Protect North Sea Oil JobsThe UK government has vowed to protect up to 40,000 oil and gas jobs in the North Sea during the countrys transition to a net-zero economy, which will involve shrinking oil and gas production. The oil and gas industry has, in turn, vowed to reduce emissions from its activities by 10 percent over the next five years and by 25 percent by 2027. By 2030, emissions should be reduced by 50 percent. This will involve an investment of some $22 billion (16 billion pounds), which will be shared by the industry and the government. The investment will |
| Turkey Looks To Improve Energy Relations With EgyptEver since the attempted coup in Turkey of 2016, Ankara has become more assertive regarding its near abroad foreign policy. With the rise of the AKP in the early 2000s, the countrys foreign minister Ahmet Davutoglu pursued the “zero problems with neighbors policy. However, it resulted in nothing but trouble. The more recent Blue Homeland policy further increases pressure in the region due to Turkeys confrontational and undiplomatic actions. Ankara, however, seems to realize the unsustainability of its current |
| Irans Oil Exports To Rise In MarchIrans crude oil exports are rising this month compared to February and March last year, tanker tracker Petro-Logistics told Reuters on Tuesday. Last week, Geneva-based Petro-Logistics said that Iranian oil exports were up so far in March, following very low exports in February. Yet, Irans oil exports in the first half of March were below the 21-month high seen in January, according to Petro-Logistics estimates. Iranian exports have remained at elevated levels compared to last year, the tanker-tracking firm |
| ‘You can now buy a Tesla with bitcoin,’ CEO Elon Musk said. But it could mean a tax billThe automaker said its customers can now purchase one of its electric cars using bitcoin as payment. Here’s what that transaction would mean for your taxes. |
| $19 million mansion sells in Delray Beach, setting new local home sales recordA 21,000-square-foot megahome in South Florida is the most expensive non-oceanfront home ever sold in Delray Beach. |
| Harry Potter could make HBO Max a streaming giant, but JK Rowling and a deal with NBC stand in the wayHarry Potter could be a game changer for HBO Max, but the anti-trans comments of its author J.K. Rowling have turned off fans. |
| 14 GOP state attorneys general sue Biden administration over oil and gas leasing moratoriumPresident Biden in January ordered the secretary of the Interior Department to halt new oil and natural gas leases on public lands and waters. |
| Stocks making the biggest moves midday: GameStop, Carnival, General Mills and moreThese are the stocks posting the largest moves in midday trading. |
| Covid-related fraud has cost Americans $382 millionMore than 217,000 people have reported coronavirus-related fraud since last year, according to the Federal Trade Commission. |
| Fauci says AstraZeneca will likely issue modified statement on Covid vaccineAstraZeneca will likely release a modified statement regarding its Covid-19 vaccine, White House Chief Medical Advisor Dr. Anthony Fauci said Wednesday. |
| UK sets out plan to prevent future pandemics and ‘external’ health threatsThe U.K. is to create a new health security agency to plan for, prevent and respond to future external health threats, such as infectious diseases. |
| Satellite imagery shows mega container ship blocking Egypt’s Suez CanalSatellite imagery gives another perspective on the developing situation in Egypt’s Suez Canal, where a mega container ship was turned sideways and became stuck. |
| Washington Football Team owner Dan Snyder to buy all minority shares for $875 million, report saysWashington Football Team owner Dan Snyder is close to buying the minority shares of his club for more than $800 million, according to The New York Times. |
| Covid cases could spike if eviction ban is allowed to lapse, experts warnResearch shows evictions lead to a spike in Covid cases, raising concern about what will happen if the national ban on evictions is allowed to expire in days. |
| GM forced to cut production of midsize pickups due to chip shortageIt’s the latest shutdown as General Motors prioritizes production of its larger, more profitable full-size pickups and SUVs. |
| Barry Sternlicht sees a travel ‘frenzy this summer,’ one of his Miami-area hotels ahead of 2019“We see all of this pent-up demand coming back,” Starwood Capital’s Barry Sternlicht told CNBC on Wednesday. |
| Tech Wrecks As Bitcoin, Black Gold, & The Buck Burst HigherTech Wrecks As Bitcoin, Black Gold, & The Buck Burst Higher Global supply-chain fragility was once again exposed as a giant container ship got stuck sideways in the Suez Canal (through which a major percentage of global trade and energy supply flows).
Still could have been worse… The possibility of 13-15-day delays if tankers are forced to ‘go around’ sparked a panic-bid in crude oil (despite significant crude builds). This was WTI’s best day since early Nov (the vaccine headlines)… |
| Disney Shares Pop After Variety Reports Disney+ Price HikeDisney Shares Pop After Variety Reports Disney+ Price Hike Disney shares popped toward the end of the cash session on Wednesday after it was announced that Disney+ would be hiking its prices for streamers in the U.S. for the first time. It was the first signs of life for Disney stock in almost two weeks, as the equity has fallen consistently from highs near $200 per share earlier in the month. Starting March 26, the service will go up in price by a dollar, from $6.99 to $7.99. Annually, the service will cost $79.99, instead of $69.99, Variety, who broke the story, noted.
Disney is also going to be selling a three-way bundle of Disney+, Hulu with ads and ESPN Plus (which is used to stream most UFC fights exclusively now) for $13.99. Disney has about 100 million subscribers worldwide as of earlier this month. About 30% of global users are from India and Indonesia, which Variety notes “has a much lower average price point than other regions.” |
| Playboy Shares Go Full Mast, Then Limp, On Non-Fungible Token TeasePlayboy Shares Go Full Mast, Then Limp, On Non-Fungible Token Tease Playboy shares sprung higher on Wednesday after the company said it plans to leverage its artwork and its photography collection in the non-fungible token space. Shares were up as much as 17% before paring back alongside the broader market during mid-week trading. The company announced its plans during its conference call on Tuesday, according to Bloomberg, who noted that both Roth and Sidoti raised their price targets on the NFT angle.
Chief Brand Office Rachel Webber commented:Â œWe are sitting on almost 70 years of the most incredible and iconic art and photography. We are actively working on our non- fungible tokens or NFT, and digital collectible strategy to enter the space in a thoughtful way, designed for long-term growth. |
| Freedom Saves Lives TooFreedom Saves Lives Too Authored by Simon Black via SovereignMan.com, On the evening of December 12, 1799, George Washington, who at that time was 67 years old and happily retired from public life, came down with a minor cold and sore throat. The next day he lost his voice and began having trouble breathing. On the morning of December 14, his wife Martha sent word to several doctors asking them to come to the Washington’s estate at Mount Vernon. Three different doctors arrived, and each of them performed a ‘bloodletting’ to treat George Washington. Bloodletting was a popular treatment at the time in which a physician attempted to ‘drain’ sickness from the body by deliberately bleeding the patient. But when Washington’s condition failed to improve, the doctors doubled down on the bloodletting. They were certain that their approach was the correct one. Modern historians estimate that doctors removed FORTY PERCENT of Washington’s total blood supply that day. In addition, one doctor also gave Washington an enema, and another gave Washington a potent mixture to induce vomiting. So not only did Washington lose an incredible amount of blood, he was also extremely dehydrated. Big shocker ” his condition worsened further, and finally that evening ” December 14, 1799 ” George Washington passed away. We’ll never know what might have happened if Washington had just laid in bed and drank tea. But it’s hard to imagine that … |
| John Lewis to permanently close eight more shopsThe move puts 1,465 jobs at risk and means it has axed a third of its stores in less than a year. |
| Liberty Steel asks customers to pay up frontThe cash-starved steelmaker is struggling with cash flow after the collapse of its main backer. |
| Deliveroo: Investor warns of workers’ rights issues at firmOne of the UK’s biggest investors won’t invest in the delivery firm over concerns about workers’ rights. |
| Will Covid continue to haunt quarterly performance of India Inc in FY22?The first two quarters of 2021-22 are likely to depict a clear contrast year-on-year since those quarters last year were characterised by the strict nationwide lockdown imposed till May-end last year. |
| Demand for physical and paper gold picks up as prices fall 3% in MarchJewellers said that customers are quickly shift to online purchasing so they do not miss out the opportunity of buying gold at a lower price without visiting stores. |
| Laxmi Organic, Craftsman listing tomorrow: Will the IPO party fizzle out?The muted listings seem to have a rub off on listing prospects of Laxmi Organic and Craftsman Automation IPOs. |
| Bond Report: Treasury yields log 4th straight slide, 10-year briefly dips below 1.6%U.S. Treasury yields slip for a fourth day Wednesday as worries about a resurgence of COVID in Europe fuels buying of sovereign debt. |
| : The fate of Facebook’s business model may lie in the hands of the European Union supreme courtThe supreme court of the European Union has been drawn into a German battle over whether Facebook’s broad collection of user data is in breach of competition rules, in a landmark challenge threatening the viability of the tech giant’s business model. |
| : Secretary of State Blinken warns Europe against Russia’s Nord Stream 2 gas pipelineU.S. Secretary of State Antony Blinken reiterated the Biden administration’s hostility to the Nord Stream 2 gas pipeline currently being built between Russia and Germany. |
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