25Mar2021 Pre-Market Commentary: Futures, Yields Slide As Month-End Jitters Spread, DOW Down -162 Points, Nasdaq -0.6%, WTI Crude Continues To Slide 59.10, Bitcoin Lower 51100

Written by Gary

Economy not out of Covid woods yet, but threat to growth outlook less (SPY -0.4%). February 2021 trucking slows and U.S. fourth-quarter GDP reading revised up to 4.3% from 4.1%.

Here is the current market situation from CNN Money
	European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.

What Is Moving the Markets

Here are the headlines moving the markets.
	The Top 5 Natural Gas Wildcats Of 2021 Having assessed the most promising oil-focused exploration wells of 2021, the time has come to do pinpoint this years up-and-coming gas wildcats. It will not be easy to forget and let go of all the difficulties that 2020 generated global gas production decreased by 4% compared to 2019, capital expenditures were cut across all continents, exploration wells were routinely delayed until external conditions improve. In some cases, the COVID-induced market depression has had unexpected consequences that either directly or indirectly impact
	OPEC+ Will Keep A Lid On Oil Production OPEC+ will likely decide to keep oil production essentially steady for another month, according to four Reuters sources. Saudi Arabia and the UAE have both spoke out in favor of the need to tread lightly when it comes to how much oil is put into the market. And this week is perhaps proof positive that the group would be wise to heed. On Tuesday this week, the price of Brent crude plunged to $60.86 per barrel from $69.63 per barrel on March 11. By Wednesday, the price had rebounded to nearly $64 per barrelup more than 5% on the day. The dramatic
	Offshore Oil & Gas Spending Set To Jump To $44 Billion In 2021 After last years lowest spending on new field developments in 30 years, the offshore oil and gas sector is set to significantly increase capital expenditures this year to around US$44 billion, according to Westwood Global Energy Group. Offshore upstream oil and gas spending is expected to surge to around US$44 billion this year, compared to just US$12.3 billion worth of engineering, procurement, and construction (EPC) contracts awarded in 2020. In 2019, before the pandemic hit oil demand and prices, the EPC contracts in the offshore oil
	Pandemic Puts Saudi-Kuwaiti Oil Plans On Ice The market shock from the pandemic and the resulting crash in oil prices expectedly dragged down the net profit of the worlds biggest oil company and largest oil exporter, Saudi Aramco. The 2020 year of COVID also upended the development plans of the Saudi state oil giant at the oilfields it co-owns with other countries in the Gulf. In early 2020, Saudi Arabia and Kuwait were preparing to significantly boost oil production in the so-called neutral zone between the two countries after ending a five-year spat over concessions. Both
	Iran Looks To Expand Oil Influence In Africa Through New Pipeline Iraq remains the key cover through which Iran transports its oil to the rest of the world, as has been well-documented by OilPrice.com, so the news last week that Iraqi and Egyptian officials have discussed the possibility of extending the Basra-Aqaba pipeline to Egypt as this would be an important addition and a new outlet for Iraqi oil exports to North Africa (according to representatives of the two negotiating teams) should be read in this light. It should also be read in terms of the overall strategy for the expansion of influence
	India Is Shopping In The Americas To Cut Reliance On Middle East Oil Indian refiners are going shopping as far as North and South America, buying some crude grades for the very first time, as the worlds third-largest oil importer looks to diversify its oil imports away from the Middle East. Indias HPCL-Mittal Energy Ltd, a joint venture of state-run Hindustan Petroleum Corporation and steel tycoon Lakshmi Mittal, has bought the countrys first-ever crude oil cargo from thenewest oil-producing nation, Guyana, a source familiar with the plan told Reuters this week. Mangalore Refinery and
	Beauty and bargain retail could be the biggest winners in 2021, Wells Fargo predicts Beauty and bargain retail are poised to be the biggest winners in 2021 as consumers return to stores and socializing, according to a new survey by Wells Fargo.
	Data, doubts and disputes: A timeline of AstraZeneca’s Covid vaccine problems AstraZeneca’s Covid shot has always been accompanied by high hopes, but it has been mired in controversy ever since its inception.
	5 things to know before the stock market opens Thursday U.S. stock futures turned lower Thursday after morning comments from Fed Chairman Jerome Powell. Wall Street finished lower Wednesday.
	Compensation for victims of Covid vaccine injuries is limited Two government programs compensate victims of rare vaccine adverse reactions. Currently the Covid-19 vaccine is eligible for only a less generous program.
	Olive Garden parent’s earnings beat, forecasts stronger sales next quarter Darden Restaurants on Thursday reported quarterlyÂ earningsÂ that topped analysts’ expectations as more customers visited its chains than expected.
	Lowe’s looks beyond gardening, grills as it seeks to stretch pandemic stay-at-home gains into spring The retailer has expanded its range of merchandise online and is trying to sustain a strong, pandemic-fueled run.
	United targets Midwest vacationers in summer schedule boost United plans summer expansion with focus on outdoor coastal and mountain destinations.
	EU and Britain try to broker a vaccine supply deal as leaders discuss blockade The UK and the EU are trying to fix a dispute over Covid vaccine supplies, after EU officials announced stricter rules on exports of shots produced in the bloc.
	Space infrastructure conglomerate Redwire to go public via a SPAC Space infrastructure conglomerate Redwire Space is preparing to go public via a SPAC, the company announced Thursday.
	Amsterdam bet its post-Covid recovery on ‘doughnut’ economics ” more cities are now following suit British economist and author of “Doughnut Economics” Kate Raworth believes it is simply a matter of time before the concept is adopted at a national level.
	AstraZeneca revises Covid vaccine data with lower efficacy rate after accuracy questions The company now says its vaccine is 76% effective in protecting against symptomatic cases of virus.
	Jim Cramer advises buying high-quality cyclicals on any weakness “You need to use any opportunity to buy high-quality cyclicals into weakness,” the “Mad Money” host said.
	United Wholesale Mortgage says its crosstown war with Quicken Loans is paying off Matt Ishbia, whose United Wholesale Mortgage is in a crosstown battle with rival Quicken Loans, gave mortgage brokers an ultimatum to cut ties with the firm.
	The Number Of Americans On Jobless Benefits Rose Last Week, Despite Initial Claims Drop The Number Of Americans On Jobless Benefits Rose Last Week, Despite Initial Claims Drop The number of Americans filing for first-time jobless benefits last week fell to 684k – the first drop below 700k since the start of the pandemic as Texas chaos filters out of the data. Source: Bloomberg However, some context shows we are still dramatically above pre-COVID norms… Source: Bloomberg Pandemic emergency claims rose to a new record, even as the ‘normal’ continuing claims dropped back below 4mm…
	AstraZeneca Re-Releases COVID Jab Trial Data After Rebuke From US Regulator AstraZeneca Re-Releases COVID Jab Trial Data After Rebuke From US Regulator Earlier this week, AstraZeneca managed to destroy the last remaining shreds of its credibility by prematurely releasing an analysis of its COVID vaccine Phase 3 trial data, drawing an uncomfortably public rebuke from an American oversight board tasked with regulating the trials. In response, the company acknowledged that the data it had just released was based on an interim analysis, and promised to re-release its final results later in the week. The company made good on its promise early Thursday morning, when it re-published the trial data with one notable tweak: the jab, which was initially touted as 79% effective, is now 76% effective. Although the company’s claim that the jab is “100% effective” against serious disease was unaltered (scientists counted eight severe cases during the trial, all among trial participants who received the placebo). The data included 190 confirmed cases of COVID among the trial participants – 49 new cases that weren’t included in the data released Monday. On top of this, the company said there are 14 “possible or probable cases to be adjudicated so the total number of cases and the point estimate may fluctuate slightly.”
	Futures, Yields Slide As Month-End Jitters Spread Futures, Yields Slide As Month-End Jitters Spread US equity futures faded a modest overnight rebound on Thursday, ahead of data that is expected to show a small drop in weekly jobless claims after last week’s surprise spike, while the tech-heavy Nasdaq looked set to stabilize after its latest 2% rollercoaster drop in the previous session. The dollar and 10Y yields were unchanged from Thursday’s close, while oil turned lower after a rally spurred by theÂ blockage ofÂ the Suez Canal fizzled. It wasn’t clear what was the reason for the persistent late – and as of today, early – selloff, but increasingly many are speculating that the month-end rebalance by pensions is winning the battle, if not the war, against the quant buying we noted in “Month-End Set For Epic Clash Between Forced Pension Selling And Quant Buying.” At 730 a.m. ET, Dow e-minis were up 27 points, or 0.09%, S&P 500 e-minis were flat, and Nasdaq 100 e-minis were up 24 points, or 0.18%. …
	“What’s Going On?” – SEC Opens Probe Into Wall Street’s SPAC Mania “What’s Going On?” – SEC Opens Probe Into Wall Street’s SPAC Mania The SPAC bubble sweeping across U.S. capital markets continues to catch the attention of the U.S. Securities and Exchange Commission (SEC).Â Reuters reports the SEC has sent letters to top Wall Street banks about blank check acquisition schemes. The agency is inquiring how underwriters control the risks associated with taking a company public via a SPAC. The letters are requesting information voluntarily.Â Sources told Reuters the letters could be a precursor to a formal investigation into SPAC mania. If one needs to be reminded amount of SPAC volumes over the last 16 months, take a look at the chart below. AndÂ the average deal sizeÂ has increased since the start of the year… …as SPACs
	Santander to close more than 100 branches The bank says 840 staff will be affected by the decision although it will try to offer them roles elsewhere.
	Nationwide tells 13,000 staff to ‘work anywhere’ The UK’s biggest building society says it wants to give employees more control over their lives.
	New Alan Turing Â£50 note design is revealed The banknote will enter circulation on 23 June – Alan Turing’s birthday – and will be made of polymer.
	ESG embedded in India Inc, as Sebi expands reporting norms The move comes in the face of rising preference among investors for companies with a high environment, social and governance score and the rising prominence of ESG funds.
	Can less volatile stocks really ensure good long-term returns? The Nifty Low Volatility 30 index ” an index of large-cap companies with lower volatility relative to the benchmark index ” earned 12.9% return over the past decade compared with 10.1% return of the Nifty 50.
	Economy not out of Covid woods yet, but threat to growth outlook less: RBI Guv Shaktikanta Das said that GDP growth rate projections for next year may not require downward revision even though he accepted that spike in viral cases is a matter of concern.
	February 2021 Trucking Slows Written by Steven Hansen Headline data for the CASS Freight Index show that truck volumes show volumes slowed month-over-month – and the year-over-year growth declined but remained in positive territory. The American Trucking Association (ATA) index declined and is in contraction year-over-year.
	The Fed: Powell promises ‘great transparency’ on exit from easy policy stance Federal Reserve Chairman Jerome Powell on Thursday promised ‘great transparency’ about when and how the central bank will pull back from its ultra-easy policy stance.
	London Markets: Cineworld shares fall after turning to bond market for more funds, while Vodafone climbs on positive broker note Cineworld shares fell as much as 14% as the movie-theater operator set out plans to raise more money with its cinemas still shut.
	Need to Know: It’s ‘all systems go’ for global growth and the risk rally, Barclays says. Here’s how to play it. U.S. stocks look set for modest gains at the open on Thursday following Wednesday’s tech selloff on Wall Street.