Written by Gary
SP 500 futures fall as tech shares got hit amid rising bond yields (SPY -0.4%). Biggest premarket movers: Discovery, ViacomCBS, Credit Suisse, PayPal, Roku.
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. | |
 | Why The Worlds Largest Oil Company Won’t Cut DividendsDespite a 44 percent drop in its 2020 profits, the Saudi Arabian government has instructed majority-state-owned Saudi Aramco to stick to the US$75 billion per year dividend payout for shareholders that it pledged at the time of the companys initial public offering (IPO) in December 2019. Sticking to such a huge dividend payout a guaranteed US$18.75 billion paid every quarter has necessitated a significant cut in Aramcos capital expenditure in the coming year that will damage the companys prospects for growth |
| Canadas Oil Crisis Could Hurt U.S. ConsumersJob losses, a chronic pipeline capacity shortage, a “bill for spills”, and a carbon tax – these are just some of the problems that the Canadian energy industry is wrestling with right now and are likely to continue wrestling with for the observable future. While some of these problems are shared by much of the global oil industry, some are uniquely Canadian and make the industry’s future quite murky. Those pesky pipelines Canadian crude oil exports by rail to its main client, the United States, have been on a substantial rise in recent months because |
| Is Natural Gas Still A Safe Bet For Oil Majors?Increased scrutiny over the environmental impact of natural gasa key source of methane, which is a much more harmful greenhouse gas than carbon dioxidehas some industry analysts questioning the long-term prospects of global gas demand in the energy transition. Big Oil has bet big on natural gas developments in the past decade, expecting incessant growth in demand for decades to come. Today, the majors continue to expect solid demand for natural gas, justifying investments in more production. But investors and buyers of natural |
| Oil Prices Rise As Suez Canal Crisis Comes To An EndOil prices were trading up on Monday afternoon, even as news quickly spread in the market that the vessel that has blocked the Suez Canal for days had finally been freed. At 2:47 p.m. EDT, WTI was trading up $0.46 per barrel at $61.43 per barrel, while Brent crude was trading up $0.32 per barrel at $64.89. The vessel known as the Ever Given had caused a major traffic jam in the Canal, which has held up oil tankers in the area for days. Canal traffic is soon expected to be moving once again, but will take some time to clear the 360-strong |
| Colombia Is Preparing For A Fracking BoomIt was roughly a decade ago when hydraulic fracturing, known as fracking, was identified as a crucial means for boosting Colombias meager hydrocarbon reserves and production. A shortage of proved crude oil and natural gas reserves along with declining production is threatening Colombias economy. Despite only possessing two billion barrels of proved oil reserves with a short six-year production life, Colombia is highly reliant upon petroleum production to drive the economy. During 2020, at the height of the pandemic and oil price crash, |
| Irans Only Operational Nuclear Power Plant Risks ShutdownIrans only operational nuclear power plant risks shutdown as the U.S. sanctions prevent the Islamic Republic from transferring money internationally to buy equipment, an executive of the Atomic Energy Organization of Iran was quoted as saying on Monday. Mahmoud Jafari, a deputy at the Atomic Energy Organization of Iran, said that the Bushehr nuclear power plant was facing the risk of shutdown, because of the inability to buy the necessary equipment from outside Iran, Bloomberg reports, citing the semi-official Iranian Students |
| Here’s what post-pandemic travel might look likeAs vaccination rates increase and people venture out of quarantine, here’s how travel has changed and what to expect on vacation in 2021 and beyond. |
| Crypto investor who bought Beeple’s NFT for $69 million says he would have paid even moreIn his first TV interview, Vignesh Sundaresan, also known as MetaKovan, told CNBC, “This NFT is a significant piece of art history.” |
| Covid cases, vaccinations on the rise as U.S. officials urge continued cautionAs cases rise and vaccinations are administered more rapidly, government officials are urging Americans to continue taking Covid-19 precautions. |
| The U.S. announces plans to ramp up offshore wind capacity in a big wayIt’s hoped the new target will generate both jobs and investment. |
| Meet the full crew of the Inspiration4 mission flying with SpaceX in SeptemberThe Inspiration4 mission, dubbed “the world’s first all-civilian mission” and launching with SpaceX to orbit in September, unveiled the final two crew members. |
| Mutations could render current Covid vaccines ineffective in a year or less, epidemiologists warnMutations of the coronavirus could render current vaccines ineffective in a year or less, according to a survey of experts. |
| Eli Manning talks BBQ and life after footballThe former Giants quarterback says he is busier than ever in retirement working with sponsors, coaching sports and learning about the business world. |
| Stocks making the biggest moves premarket: Discovery, ViacomCBS, Credit Suisse, PayPal, Roku & moreThese are the stocks posting the largest moves before the bell. |
| 5 things to know before the stock market opens TuesdayU.S. stock futures dropped Tuesday as the 10-year Treasury yield hit a new 14-month high in early trading |
| Virgin Galactic unveils ‘VSS Imagine,’ the first of its next-generation spaceship seriesThe rollout of VSS Imagine gives the space tourism company a second spacecraft to begin testing. |
| Aviation start-up Lilium to go public through SPAC deal with ex-GM executiveThe transaction gives the combined company an enterprise value of $2.4 billion and an equity value of $3.3 billion. |
| Lexus unveils the LF-Z Electrified, a new concept EV symbolizing future lineupLexus is planning to introduce 20 new vehicles globally by 2025, at least half of which will be all-electric or electrified hybrid models. |
| Double mutation of the Covid variant in India risks spreading to other countries, doctor saysThe new variant will not be limited to India, but will likely emerge in other parts of the world as well, said Dr. Kavita Patel of the Brookings Institution. |
| Crushed Archegos Portfolio Stocks Start Announcing Buybacks, Spike In PremarketCrushed Archegos Portfolio Stocks Start Announcing Buybacks, Spike In Premarket One of the biggest shocks in the aftermath of the Archegos margin call and hedge fund/prime broker blow up, is that the companies that have been swept in the “bath water” liquidation, who in the past had been aggressive buyers of their own stock, had remained suspiciously, almost ominously quiet and made no announcement about stabilizing their share prices by repurchasing their own stock as a result of the forced liquidations. What made matters even more confusing is that the event that triggered this whole fiasco was Viacom’s stock sale exactly one week ago when Viacom raised $3BN in new capital, including the sale of 20MM shares of common stock at a price of $85. Well, with VIAC stock now trading at roughly half that price, we said two days ago that Viacom should immediately repurchase the same amount of stock not only for an immediate accounting gain but also to show support and belief in its own value.
And while literally moments later, Tencent did announce a $1 billion buyback…
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| Bonds & Bullion Are Being Dumped As Bitcoin & The Dollar SurgeBonds & Bullion Are Being Dumped As Bitcoin & The Dollar Surge Gold and bonds are getting dumped amid the ongoing fallout from the Archegos debacle, and the dollar is bid, as it appears a broad-based demand for liquidity is trumping any quarter-end rebalancing flows that may have been expected. At the same time, bitcoin has been stable and acted as a source of stability. Rather unexpectedly, Treasuries are being sold into quarter-end, with 10Y yields back above 1.75%…
Source: Bloomberg Gold futures are back below $1700 as the sell first, think second plan for liquidity appears to be in play.. |
| Russian National Wealth Fund Turning To Gold, Dumping DollarsRussian National Wealth Fund Turning To Gold, Dumping Dollars Via SchiffGold.com, The Russian Finance Ministry has given the green light for the Russian National Wealth fund to diversify and invest in gold and other precious metals. According to a report by RT, this is part of a broader move to de-dollarize the wealth fund.
The National Wealth Fund falls under the direction of the Russian Finance Ministry. One of the fund’s primary purposes is to support the nation’s pension system. According to the fund’s website, œFund’s primer assignments are to co-finance voluntary pension savings of Russian citizens and to balance the budget of Pension Fund of the Russian Federation. The fund can also be tappe … |
| Futures Slides As Yields Surge, Archegos Jitters PersistFutures Slides As Yields Surge, Archegos Jitters Persist US index future slumped on Tuesday as traders continued to fret over fallout from the implosion of Archegos (especially after Morgan Stanley said it was not done selling residual blocks) and as Treasury yields soared to the highest since Jan 2020.
Emini S&P futures were down 13 points or -0.3% to 3,946, with ViacomCBS shares rising 2.6% premarket; Discovery Inc. and the American Depositary Receipts of Chinese companies linked to the Archegos block trades also posted gains. Tesla fell after a report Xiaomi Corp. plans to invest $15 billion to make electric cars. Industrial stocks and banks such as JPMorgan, Morgan Stanley and Boeing added between 0.9% and 1.4%. American Airlines rose 1.2% after an upgrade from Jefferies. The carrier expects to put most of its fleet back in service in the second quarter on signs of a travel rebound. Nasdaq 100 futures slipped 0.7% as the FAAMG stocks dropped between 0.6% and 0.8% premarket, pressured by the latest reflation scare which pushed the 10Y as high as 1.77%. The N … |
| Liberty Steel nationalisation ‘an option’ to save jobsBusiness secretary concerned about “opaque” nature of ownership but won’t rule out public purchase. |
| Easter egg sales ‘soar by almost 50%’Spending on Easter eggs is up by almost £50m, research suggests, as people prepare for weekend celebrations. |
| Wetherspoon plans new pubs and jobs if ‘no further lockdowns’The chain plans to open 18 new pubs and upgrade others, but only if there are no more Covid restrictions. |
| Explained: What caused US hedge fund to blow up & how it can affect marketsInvestment banks such as Goldman Sachs and Morgan Stanley dumped over $20 billion worth equity positions on behalf of Bill Hwang’s fund in a series of block trades that caused trepidation among traders. |
| Has Popeyes chicken tenders made Jubilant FoodWorks mouthwatering?The company, which runs a number of food chains in India, acquired the master franchise rights for Popeyes. |
| Futures Movers: Oil falls as Suez Canal reopens, focus shifts to OPEC+Oil futures lose ground Tuesday, feeling pressure after ships resumed moving through the Suez Canal and traders turn their attention to a meeting of the Organization of the Petroleum Exporting Countries and its allies. |
| : World leaders call for global pandemic treatyThe coronavirus experience has shown the need for a global treaty on the coordinated management of pandemics, writes a group of 23 world leaders. |
| What’s Worth Streaming: Here’s what’s worth streaming in April 2021: ‘Handmaid’s Tale,’ ‘Mosquito Coast’ and much morePrestige dramas such as Hulu’s “The Handmaid’s Tale,” HBO’s “Mare of Easttown” and Apple’s “The Mosquito Coast” are on tap for April, as streaming services try to squeeze in their awards hopefuls before the Emmy deadline May 31. |
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