Written by Gary
April 1, 2021, is a settlement holiday on account of Annual bank closing (SPY 0.4%). Weekly jobless claims higher than expected despite signs of labor market improvement.
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 Future Of U.S. LNG Hangs In The BalanceSoaring American exports of liquefied natural gas (LNG) could become a powerful tool of the Biden Administration to help other countries reduce their carbon footprint from more emission-intensive fossil fuels such as coal, U.S. shale gas producers say. Moreover, American natural gas is the sharpest diplomatic tool the Biden administration can wield in energy-related foreign policy and international trade negotiations, David Callahan, president of the Pittsburgh-based Marcellus Shale Coalition, wrote in InsideSources.com |
| The Real Ramifications Of China’s LNG Deal With QatarLast weeks signing of a 10-year purchase and sales agreement by the China Petroleum & Chemical Corp. (Sinopec) and Qatar Petroleum (QP) for 2 million tonnes per annum (mtpa) of liquefied natural gas (LNG) shifts the Emirate even more decisively into the Iran-China-Russia sphere of influence. This deal brings together the worlds top LNG exporter with one of the worlds top holders of gas reserves, both of which were founding members of the now 11-member Gas Exporting Countries Forum (GECF) together with Russia. The deal also |
| Shock Of The Week: Poll Reveals U.S. Pipelines Arent Actually UnpopularWhen it comes to oil pipelines, it seems that the American people really havent lost that loving feeling after all, according to new research conducted by Wakefield on behalf of the Association of Oil Pipe Lines (AOPL). AOPLs new data suggests that oil pipelines have a 70% approval rating, despite the hoopla surrounding many of the pipelines that would lead one to believe that Americans are fed up with fossil fuels safest and most economical transportation mode. That approval rating is higher than the maximum approval rating |
| Recent SEC Decision Could Spark Investment In Big OilEarlier this month, the Securities and Exchange Commission denied requests from ConocoPhillips and Occidental Petroleum to throw out shareholder motions for voting on detailed emission-reduction plans. The move sets a precedent in the industry, which might draw more activist investors with an ESG bend to the unloved industry. This is a breakthrough in the fight against climate change. Finally, shareholders can vote about the elephant in the room: product emissions. All our experience in Europe has shown that only shareholders votes |
| Volkswagens EV-Friendly Name Change Was Bad April Fools JokeIt looks like Volkswagen will not be changing the name of its U.S. business to Voltswagen after all, with the German carmaker admitting that the marketing stunt from earlier this week was an April Fools joke. Unfortunately, not all jokes are funny, and this time, the SEC might be having the last laugh. At the start of this week, Volkswagen accidentally published a press release that announced the pending name change. The press release was dated a month from now. The press release, which was published on |
| Why Is There So Much Hype About HydrogenRenewable energy sources can help lower emissions from electricity generation, but they have limitations when it comes to other sectors. Wind and solar, for example, cant help much with the decarbonization of energy-intensive industries such as steel-making, marine fuels, or heavy-duty transportation. So industries and governments are looking at alternative fuels that could make those hard-to-decarbonize sectors less polluting as the world grapples with reducing greenhouse gas emissions. In recent years, hydrogen has gained a |
| Funko shares soar after toymaker strikes deal to enter NFT marketShares of Funko surged after the pop culture collectible maker said it acquired a majority stake in TokenWave, putting it into the NFT market. |
| Frontier Airlines raises $570 million in IPO, starts trading todayThe budget carrier is the latest U.S. airline to go public as the industry recovers. |
| ‘Crazy Rich Asians’ director Jon M. Chu on Asian representation in Hollywood: ‘I think the doors are opening now’Jon M. Chu discusses the barriers Asian-American directors face in Hollywood and how the door for representation is opening wider. |
| ‘Everyone here is confused’: Europe’s see-sawing over AstraZeneca’s vaccine is stoking uncertaintyThere are signs that Europe’s diverging ” and changing ” usage rules when it comes to AstraZeneca’s Covid vaccine are sowing further confusion among citizens. |
| Convincing skittish parents to vaccinate their children will be key to curbing Covid, says Dr. HotezDr. Hotez explains why it will be important for the U.S. to launch a successful communications campaign when it comes to parents vaccinating their children. |
| Orsted to link a huge offshore wind farm to ‘renewable’ hydrogen productionCompany claims plans would result in “one of the world’s largest renewable hydrogen plants to be linked to industrial demand.” |
| How travelers who test positive for Covid can (legally) fly home fastTravelers who test positive for Covid abroad can face unexpected quarantines and substandard medical options, unless they have a way to get home. |
| Covid widened the gender gap ” it will now take 135 years to close that divide, WEF saysThe pandemic has worsened the global gender gap, and the World Economic Forum predicts it will now take 135.6 years to reach parity. |
| Ford slashes vehicle production at six plants in North America due to chip shortageFord’s actions vary py plant but range from shift cancellations to plants being closed for several weeks from April through June. |
| Sony Music acquires singer Paul Simon’s song catalogSony Music Publishing announced Wednesday that they acquired Paul Simon’s entire song catalog over his six-decade music career. |
| GM CFO ‘increasingly confident’ in achieving 2021 earnings targets despite chip shortageGM expects the chip shortage to cut $1.5 billion to $2.5 billion from its free cash flow in 2021. |
| Ghost kitchens and meal kits: Kroger experiments with new ways to sell prepared foodKroger said it is experimenting with new ways to offer customers restaurant-quality meals from ghost kitchens or preassembled dinner kits. |
| After calls to boycott Coca-Cola, CEO says the company has always opposed new Georgia voting lawCoca-Cola CEO James Quincey said that the company has always opposed legislation in Georgia that restricts voter access. |
| Wood Rides Again: ARKK Sees Record Inflows, ARKX Trades Almost $300 Million In DebutWood Rides Again: ARKK Sees Record Inflows, ARKX Trades Almost $300 Million In Debut Despite some of its questionable holdings, which we outlined days ago, the ARK Invest Space Exploration ETF saw more than $294 million of shares change hands during its debut on Tuesday. Bloomberg’s Eric Balchunas reported:
It marked the eighth best ETF debut in history, Bloomberg noted. ARKX’s inflow bested the $280 million initial inflow for Dave Portnoy’s VanEck Vectors Social Sentiment ETF (BUZZ). |
| What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise?What To Expect From Today’s OPEC+ Meeting: Another Saudi Surprise? After Wednesday’s JMMC meeting ended without reaching a recommendation (as is customary and expected), the key decision-making OPEC+ meeting – where ministers will hammer out May’s output quotas – begins at 1pm London Time. As Newsquawk notes, market expectations are skewed towards an extension of current cuts, but a clear stance from Saudi – who have a tendency to surprise in recent months – remains to be seen, namely on the decision regarding the extra 1MM barrels the Kingdom has kept offline since the start of the year. Commenting on today’s key event, Bloomberg’s Jake Lloyd-Smith reminds us that Saudi Arabia has sprung some big surprises in the oil market already this year, and may do so again today as OPEC+ grapples with a thorny decision on supply. That could make for a volatile session before the long weekend, and already has with oil whipsawing from gains to losses in jittery trading, amid market rumors that OPEC+ is i) considering a return to phased monthly oil-output hikes and ii) is also considering maintaining current cuts, according to a delegate… which pretty much covers every base so is completely useless. |
| S&P Futures Hit All Time High To Start The New QuarterS&P Futures Hit All Time High To Start The New Quarter Now that the quarter-end rebalance malarkey is behind us, it’s full steam ahead into the new quarter and S&P futures hit a new all time high overnight rising as high as 3,984 before stabilizing up 0.3%, breaching Wednesday’s best levels as signs of faster job creation in the US fueled optimism about the global recovery (although all that will change tomorrow if the NFP whisper of 1.8MM jobs is remotely accurate). Oil climbed above $60 per barrel before a meeting of OPEC+ on extending production cuts.
At 7:30 a.m. ET, Dow E-minis were up 12 points, or 0.04%, S&P 500 E-minis were up 12 points, or 0.30%. Nasdaq futures rose as much as 1.1%, as œhigh flying FAAMG stocks added between 0.6% and 1.1% after underperforming last month on concerns over elevated valuations. Some notable premarket movers: Micron rose 4.3% after the chipmaker forecast fiscal third-quarter revenue above Wall Street estimates due to higher demand for memory chips, thanks to 5G smartphones and artifi … |
| 4 Killed, Including A Child, In Shooting At SoCal Office Building4 Killed, Including A Child, In Shooting At SoCal Office Building Not that anybody is counting, but the US suffered its 4th mass shooting since most states started reopening their economies and schools when 4 people – including a child – were shot and killed Wednesday night after a gun man shot up an office building in Orange, Calif., about 30 miles southeast of Los Angeles. a fifth victim (an adult woman) was hospitalized with life-threatening injuries due to a gunshot wound, the NYT reports. The gunfire started around 1730PT. The suspect was also hospitalized with a gunshot wound, but authorities couldn’t say whether it was self-inflicted or not. A firearm was recovered from the scene, which spanned two floors and a courtyard.
Orange Police Department spokeswoman Lt. Jennifer Amat said during a news conference on Wednesday night that officers had responded to the area of 202 West Lincoln Avenue near Glassell Street. Shots were still being fired when officers arrived at the scene, she said. |
| Liberty Steel boss: Plants won’t shut on my watchMetal tycoon Sanjeev Gupta is racing to refinance his business after his financial backer collapsed. |
| Minimum wage rises for two million workersMost low-paid workers will receive a pay rise, but those on furlough will miss out. |
| Young and old shoppers boost Next’s online salesThe British retailer saw an uplift in online sales in the year to January, despite profits plunging. |
| Bitter bite? Grey market signalling weak listing for Barbeque NationDealers active in the grey market said the premium on the stock has fallen to Rs 10-12 from Rs 40 a week back. |
| Macrotech IPO to open on April 7; price band set at Rs 483-Rs 486The country’s largest property developer has set a price band for the offer at Rs 483 – Rs. 486 per equity share. |
| Banks closed today, tomorrow: Will it impact market?April 1, 2021, is a settlement holiday on account of Annual bank closing. A settlement holiday is a day when trading is possible, but clearing and settlement are closed for payin and payout of stocks and funds. |
| London Markets: Climate activists paint Bank of England blackClimate activists painted the Bank of England black on Thursday, accusing the central bank of not doing enough to limit climate change. |
| Bond Report: 10-year Treasury yield slips before data delugeU.S. Treasury yields are trading lower on early Thursday’s trade, kicking off the new quarter as investors eyed a raft of economic data that could illuminate the health of the jobs market and the manufacturing industry. |
| : PwC lets U.K.-based staff choose start times ” and clock off early in the summerPwC expects its U.K.-based employees to spend 40% “60% of their time working in the accounting giant’s offices, or at client sites, with the freedom to work remotely the rest of the week. |
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