07Apr2021 Midday Update: Stocks Sink On Yellen’s $2.5 Trillion Tax Reclamation Plan, DOW Down 36 Points At 12:30 ET, Nasdaq Down -0.1%, WTI Crude Sinks 58.13, Bitcoin At 56500

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.

Optimism Returns To Canada’s Oil Industry

Optimism is returning to the Canadian oil industry as demand rebounds and production follows, Bloomberg has reported, citing the chief of the Canadian Association of Petroleum Producers. “There’s no denying that we’ve been beaten, battered and wounded and industry was faced with some of the biggest challenges last year we’ve ever seen,”Tim McMillan said at the Scotiabank CAPP Energy Symposium. “Our industry still has its best days ahead of it. In fact, over the past year, our industry has rallied and we’re approaching a future with cautious

Texas Freeze To Hit Shells Q1 Earnings

Shell is set to benefit from the higher commodity prices in the first quarter of 2021, but earnings will be adversely impacted by up to $200 million from the Texas Freeze in February, which hit the supermajors upstream, refining, and chemicals businesses. The Texas winter storm had an impact on Shells operations and is expected to have an aggregate adverse impact of up to $200 million on adjusted earnings, the company said in a Q1 update note on Wednesday. The impact would be up to $40 million on the upstream segment, up to $80 million

Rising Fuel Stocks Push Oil Prices Lower

Crude oil prices fell on Wednesday after the Energy Information Administration reported a crude oil inventory draw of 3.5 million barrels for the week to April 2 along with a hefty gasoline stock increase and a build in distillates. This compares with an inventory decline of 900,000 barrels reported for the previous week and analyst expectations for an inventory draw of 1.325 million barrels for the period. A day earlier, the American Petroleum Institute had estimated a crude oil inventory draw of 2.62 million barrels but a much larger build in

EIA: Gas Prices At the Pump Could Hit 3-Year High

Gasoline prices could hit the highest in three years this summer, the Energy Information Administration said in this years edition of its Summer Fuels Outlook. The authority said it expected the impact of the pandemic on fuel markets in the United States to remain but weaken from last year, noting the vaccination drive and the federal government stimulus measures that are bound to reinforce the economic recovery of the country and, as part of it, spur greater fuel demand. As a result, the EIA forecast gasoline prices could average $2.78

UAE Presents Phenomenal Plan To Boost Its Position As Oil Hub

Three key developments were announced last week by the UAE in line with its role as a principal member of the U.S.s new Middle East strategy to counter Chinas dramatically increasing influence over the region: plans for a major economic expansion; plans to attract more oil trade into new contracts; and plans to counter Iranian threats to oil supplies through the Strait of Hormuz. The first of these developments – announced by UAE Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime

Irans Comeback To Oil Markets Unlikely To Cause Price Crash

Oil investors now have to contend with another wildcard: Iran soon returning to the oil markets. After a three-year layoff, Iran could be poised to officially rejoin the ranks of oil exporters as early as 2021. But does it really portend oil price doom? Not necessarily. Oil prices reacted positively after OPEC and its non-OPEC partners last week reached a favorable agreement to start gradually curbing production cuts beginning in May. Starting next month, OPEC+ will allow an additional 350,000 barrels per day to join the markets, with another

How Mercedes-Benz became so prestigious, and why it is challenged by a new era

Mercedes-Benz was there at the dawn of the automotive industry and has long been a leader. But some say it has been slow to adapt to a new electric era.

Nike suspends endorsement of NFL star Deshaun Watson over sexual misconduct allegations

The National Football League quarterback has been accused of sexual misconduct in lawsuits filed by 22 women.

1 in 3 Covid survivors suffers neurological or mental disorders, study finds

The study, published in The Lancet Psychiatry, is based on observational data from more than 230,000 patients.

Mall vacancies jump at fastest pace on record, hitting new high, as retailers cull store counts

If you noticed more darkened windows and empty stores at the mall recently, you’re not alone.

Ready to dress up again, teens turn to online brands Shein and Princess Polly, and thrift stores

Teen spending is slowly ticking up from a two-decade low, according to Piper Sandler’s 41st biannual œTaking Stock with Teens report.Â

IMF’s top economist says Covid vaccines are the ‘main weapon’ to achieve a faster economic recovery

Experts have highlighted why it’s in everybody’s interests to make sure adequately supplied inoculation programs are rolled out across the globe. Â

Hospitals are seeing more young adults with severe Covid symptoms, CDC says

Hospitals are seeing more and more younger adults in 30s and 40s admitted with severe disease from the coronavirus.

CDC says variant from the UK is now the most common strain circulating in the U.S.

The variant, known as B.1.1.7, is “now the most common lineage circulating in the United States.” CDC Director Dr. Rachelle Walensky said.

U.S. begins study assessing allergic reactions to Pfizer and Moderna Covid vaccines

The NIH said it has begun looking at why some people have suffered from allergic reactions after receiving the Pfizer-BioNTech and Moderna Covid-19 vaccines.

One restaurant stock to watch as reopening trade picks up steam, trader says

Restaurant stocks are back on investors’ menus as the reopening trade gains momentum. Matt Maley of Miller Tabak says he’s watching Starbucks.

AST SpaceMobile shares rise as the space SPAC stock begins trading on the Nasdaq

Shares of satellite-to-smartphone broadband company AST SpaceMobile began trading on the Nasdaq on Wednesday after closing its SPAC merger.

EU medicines regulator finds possible link between AstraZeneca Covid vaccine and blood clots

It comes after a review into extremely rare cases of unusual blood clots in some people vaccinated with the Oxford-AstraZeneca shot.

Proof of Covid-19 vaccination, tests should only be temporary travel requirements, industry group says

The head of the International Air Transport Association says requirements like proof of vaccines or negative Covid tests should be lifted after the pandemic.

Massive Crowds Reported At Wuhan Cemeteries, Raising Questions About Actual Death Toll

Massive Crowds Reported At Wuhan Cemeteries, Raising Questions About Actual Death Toll

To anyone paying the slightest bit of attention, the official number of COVID-19 cases in Wuhan, China has remained largely ‘on brand’ for the CCP. In all of Hubei province – which has a population of more than 60 million – they claim to have had just 90,000 cases and 4,636 deaths to date.

For comparison, the lockdown state of California – with a population of 40 million – has had 3.7 million cases and 59,000 deaths since the pandemic began.

And while California hasn’t exactly been welding infected residents inside of apartment buildings, the discrepancies between China’s reported death toll and the rest of the world’s experience has strained credulity for

Stocks Sink On Yellen’s $2.5 Trillion Tax Reclamation Plan, Fed Warnings Over “Excess & Imbalances”

Stocks Sink On Yellen’s $2.5 Trillion Tax Reclamation Plan, Fed Warnings Over “Excess & Imbalances”

Stocks just got hit with a double-whammy of hawkishness as Fed’s Kaplan threatened to wirth draw accommodation as the pandemic ends and Treasury’s Yellen unveiled a plan to grab back $2.5 trillion in taxes from corporations.

Just a week after his last warning sank stocks, Federal Reserve Bank of Dallas President Robert Kaplan is at it again.

Last week he opined that:

œI’m concerned about excess risk-taking and if that excess risk-taking goes too far, whether it creates excesses and imbalances, that could ultimately create challenges,

This week he reiterated that fear and went further as stocks began to slip around 1115ET when Fed’s Kaplan warned:

“I do worry about excesses and imbalances,” adding that “failing to communicate Fed exit could stoke risk …

Facts First? CNN Host Don Lemon Insists Biden “Misspoke” On Georgia Election Law… Repeatedly

Facts First? CNN Host Don Lemon Insists Biden “Misspoke” On Georgia Election Law… Repeatedly

Authored by Jonathan Turley,

The White House is not the only outfit struggling to explain the false statements repeatedly made by President Joe Biden about Georgia’s election law. Â

Biden’s false claims have been widely refuted, including by the Washington Post. Yet, CNN’s host Don Lemon mocked those raising the false statements and insisted that Biden merely misspoke. The problem is that he repeated the false claims after they were refuted and White House Press Secretary Jan Psaki has insisted that Biden was speaking truthfully in the Biden version of œalternative facts. Â

What was also not explained on CNN was how the Georgia law is œJim Crow on steroids if these two objections are untrue and states like New York and Delaware (and Colorado where the MLB is sending the All-Star game) have stricter provisions.

…

Doormen Who Witnessed NYC Attack On Asian American Woman Fired

Doormen Who Witnessed NYC Attack On Asian American Woman Fired

Aside from the actual attack itself, it was the talk of the town: two doormen who witnessed a Filipino-American woman brutally assaulted on the sidewalk outside of their building stood idly by and did nothing to help. Rather, they simply closed the door to their building.

Now, they’ve been fired.

The building’s owners told its residents on Friday that the doormen have been fired for not following œrequired emergency and safety protocols.

œFor this reason, their employment has been terminated, effective immediately, Â Rick Mason, the executive director of management at the Brodsky Organization, wrote to the building’s tenants.Â

Last Monday, 65 year old Vilma Kari was senselessly attacked and beaten on the street on her way to church. The video of the incident went viral and, in addition to the outrage over the attack, there has been widespread outrage about two doormen who appeared to witness the a …

JP Morgan boss plans for ‘significantly’ less office space

Jamie Dimon’s shareholder letter includes thoughts on home working and Brexit – Europe has “upper hand”.

Driving lessons to resume in England and Wales on 12 April

Lessons can start on 12 April and tests will return 10 days later, the transport secretary says.

Deliveroo shares rise on first full trading day as some riders go on strike

Wednesday is the first day of trading for 70,000 retail investors, as 400 UK riders are expected to stage a strike.

What is RBI trying to achieve with GSAP, VRRR and all that

It is well-understood that the current level of overnight rates is too low and, thus, has limited shelf-life.

Rupee may lose further ground as RBI’s bond-buying plans dent sentiment: Analysts

Analysts said that Wednesday’s loss — wherein the rupee tumbled 105 paise to end the day at 74.47 against the US dollar — has turned the rupee into Asia’s worst-performing currency so far this month.

Sectoral analysis: Which Nifty50 companies will emerge as winners in Q4?

On a sequential basis, revenue and profit growth in the March 2021 quarter is likely to be 17% and 2% respectively compared with 11.4% and 14.3% in the previous quarter.

NewsWatch: U.S. economy will boom into 2023, but inequality must be addressed: Jamie Dimon in his latest letter to JPMorgan shareholders

JPMorgan Chase & Co.’s Jamie Dimon published his annual letter to shareholders on Wednesday, and as usual offered a broad overview of the state of the world after a year of a global pandemic, honing in on the hardship it has created for many and the widening wealth gap.

Coronavirus Update: CDC says now-dominant variant poses risk even with nearly 20% of U.S. fully vaccinated

The U.S. COVID-19 vaccine push continued to gain ground on Wednesday with 19% of the population now fully vaccinated, according to the Centers for Disease Control and Prevention, though experts remain concerned about stubbornly high case numbers that continue to rise.

The Fed: Strong March job gains don’t call for change to the easy policy stance, Fed officials say

The strong employment gains in March were good news but don’t mean there should be any change in loose monetary policy, several Fed officials say.