Written by Gary
Daily US COVID cases remain above 70 K amid Johnson & Johnson vaccine pause, PepsiCo revenue rises 6.8%, WEI: Index Again Improved (SPY 0.9%).
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. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Shale Executive: US Production Rebound Will Lead To New Oil Price WarThe U.S. oil industry faces a new oil price war if shale production rebounds next year by rising 1 million bpd compared to this year, Scott Sheffield, chief executive at shale giant Pioneer Natural Resources, said at BloombergNEFs annual summit. Last year, the OPEC+ group broke up their production pact in March after demand started crashing in the pandemic and U.S. crude oil production had hit 13 million bpd in the weeks prior to the start of the pandemic. OPEC and Russia were upset that we grew too much, Sheffield said |
| Mexican Parliament Passes Law That Restricts Fuel Imports Of Private CompaniesThe lower house of the Mexican Congress passed changes to an energy law that gives the government power to restrict private oil companies’ activity in oil and fuel imports, Reuters has reported, adding the matter has now been passed to the Senate to vote on the changes. MPs voted in favor of the changes despite warnings from Mexico’s antitrust regulator, COFECE, that they would have a negative effect on competition on the domestic oil market and could make fuels pricier for end-consumers. The proposed changes are part of a broader push by the Andres |
| WoodMac: Oil Prices Could Drop To $10 In 2050Brent Crude oil prices could fall to $10 per barrel by 2050 if the world accelerates the energy transition with decisive action to achieve the Paris Agreement climate goals, energy consultancy Wood Mackenzie said on Thursday. The scale of change if the world moves on track to limit global warming to 2 degrees Celsius would be so great that it would revolutionize the energy industry and sink demand for oil, the power of major oil producers, and oil prices, according to WoodMac. Still, the consultancys Accelerated Energy Transition |
| Executives’ Pay Deters Big Oil From Acting On Climate ChangeThe way executives at large oil companies are paid encourages these companies to extract more fossil fuels, a study has suggested, as reported by The Guardian, who said it was given exclusive access to the findings. The study came from the Climate Accountability Institute, an organization that says about itself that it “engages in research and education on anthropogenic climate change, dangerous interference with the climate system, and the contribution of fossil fuel producers’ carbon production to atmospheric carbon dioxide content.” According |
| Macquarie: Lithium Prices May Double Over The Next 4 YearsLithium sharesare on a rollafter investment bank Macquarie (ASX: MQG) joined peers in predicting a further increase in prices for the key battery metal driven by increasing demand from the electric vehicles (EVs) sector, which is expected to push the market into undersupply. Analysts at the bank are now forecasting prices to rise by between 30% and 100% over the next four years. Our bullish EV demand outlook sees the lithium market move to deficit in 2022 with material shortages emerging from 2025, Macquariesaid |
| The Permian Will Never Face A Pipeline Shortage AgainJust three years ago, the Permian shale oil boom was under threat: production was growing fast, but pipeline capacity wasnt. At one point, over one two-week period, eight of the biggest oil producers with a presence in the play shed a collective $15.6 billion in market valueor over $1 billion per dayas the producers rushed to ditch their backed-up crude at basement prices. Now, three years later, there are too many pipelines in the Permian. Almost half of oil pipelines carrying crude oil from wells in the Permian are going |
| Mercedes-Benz unveils new flagship EQS electric sedan to take on TeslaThe 2022 Mercedes-Benz EQS marks a new era for the German automaker as it pivots to EVs. The car will be part of its large S-Class car family. |
| Hyundai enters U.S. pickup market with new Santa Cruz ‘Sport Adventure Vehicle’Hyundai is calling the 2022 Santa Cruz a “Sport Adventure Vehicle” because it has the characteristics of a crossover, but the bed of a pickup truck. |
| Archipelago off the coast of England to explore potential of wave, tidal and floating wind powerThe U.K. is home to a number of projects and initiatives related to marine energy. |
| Rockstar Energy sales growth returns after PepsiCo revamps brandRockstar Energy sales are growing again after new owner PepsiCo gave the brand a makeover earlier this year. |
| Daimler CEO expects ‘intense competition’ if Apple and Alibaba enter electric vehicle marketThe chief executive of Germany’s Daimler believes the automaker will face stiff opposition from tech giants if they decide to launch their own cars. |
| Walmart investing in GM’s Cruise self-driving car companyWalmart’s decision to invest comes about five months after the companies started working on a pilot program for deliveries in Scottsdale, Arizona. Â |
| Daily U.S. Covid cases remain above 70,000 amid Johnson & Johnson vaccine pauseThe rate of new U.S. Covid cases remains elevated as the country continues efforts to ramp up its vaccination campaign. |
| Delta posts nearly $1.2 billion quarterly loss, expects to break even in June as bookings improveDelta says bookings have improved over the past several months and expects to break even by June. |
| NBA stars John Wall, Carmelo Anthony invest in cannabis company LEUNEThe California-based company raised approximately $5 million in a funding round that includes NBA power agent Rich Paul. |
| PepsiCo revenue rises 6.8% despite unbalanced economic recovery outside of the U.S.PepsiCo on Thursday reported quarterly earnings that topped analyst estimates as consumers maintained their pandemic snacking habits. |
| Why big companies are spending billions on deal sites like Honey and SlickdealsDeal-finding and coupon code sites make millions in commissions. The sites are being bought by behemoths like PayPal, Goldman Sachs and Rakuten. |
| Merck ends development of Covid drug it acquired from OncoImmuneMerck announced Thursday it will end the development of its experimental drug for patients hospitalized with severe Covid-19. |
| Target is testing a new approach to get packages to customers’ doors even fasterThe retailer is trying to make its e-commerce business more profitable and fend off larger and sometimes speedier e-commerce rivals like Amazon and Walmart. |
| BLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into FinancesBLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into Finances Authored by Steve Watson via Summit News, The National Black Lives Matter organisation is threatening legal action against one of its own activists after he called for an independent investigation into how finances are being spent, following revelations concerning co-founder Patrisse Khan-Cullors’ property spending binge, and further money raking activities.
As we |
| Iran Teases 90% Enrichment While Threatening To Cut Off Vienna Talks If “Not Constructive”Iran Teases 90% Enrichment While Threatening To Cut Off Vienna Talks If “Not Constructive” Iran is warning that it doesn’t plan to let nuclear negotiations “drag on” and has threatened to cut talks short if they are “not constructive”. The fresh warning from Iranian Deputy Foreign Minister Abbas Araghchi comes the same day Tehran has initiated its uranium enrichment process up to 60% purity as retaliation for Sunday’s Natanz nuclear facility sabotage attack, widely blamed on Israel. The country’s Supreme Leader Ayatollah Khamenei weighed in on this note with forceful words Wednesday, saying, “The talks shouldn’t become talks of attrition,” and that they “shouldn’t be in a way that parties drag on and prolong the talks. This is harmful to the country.” This is a signal to Washington that it’s running out of time for sanctions relief, which is Iran’s singular demand for even coming to the table for “direct” talks (interaction with the US team in Vienne is only happening “indirectly”). |
| Pelosi Won’t Allow Vote On Dems Court-Packing Bill, Says Issue Must Be “Studied Further”Pelosi Won’t Allow Vote On Dems Court-Packing Bill, Says Issue Must Be “Studied Further” Update (1130ET): House Speaker Nancy Pelosi greeted the unveiling of a Democrat-backed bill to pack the Supreme Court with apparent disdain on Thursday when she said she would not bring the bill to a vote on the floor, adding that the issue of court packing needs to be “studied further”. As we already know, President Biden agrees, which is why he signed an executive order creating a commission to study court-packing earlier this month. But just because Pelosi is expressing opposition to the bill doesn’t mean she opposes the idea of court packing. SCOTUS Justice Stephen Breyer has warned that appearing to pack the court for political reasons would undermine public confidence in the courts, and Democrats are well aware that public opinion polls show a majority of Americans oppose packing the courts. Still, Pelosi believes Court Packing should be “considered” and supports Biden’s efforts to study the issue, before noting that changing the size of the court “has been done before” and that changes in the US economy “might necessitate such a thing.” Of course, this talk about the changing nature of the US economy is just more academic nonsense, as the Dems pursue their strategy of packaging … |
| Bond Yields Are Tumbling. Here’s Why…Bond Yields Are Tumbling. Here’s Why… Despite soaring vaccination rates, surging economic data and spiking inflation prints, Treasury yields have been (unexpectedly) plunging in the last few days with 10Y, for example, down 15bps this week alone, to its lowest in five weeks…
Source: Bloomberg Yields are tumbling across the entire curve as 30Y seemed to find resistance at the Nov 2019 highs just too much to break…
Source: Bloomberg And it’s not just bonds, the reflation trade (value over growth) has notably unwound in recent weeks… … |
| Sanjeev Gupta’s firm says it did nothing wrong over Covid loansThe company behind the UK’s Liberty Steel says it did nothing wrong when seeking government funds. |
| Benefit Cosmetics backtracks over NHS staff refusalThe brand saw a social media backlash after a nurse claimed staff were being turned away for beauty treatments. |
| Deliveroo apologises to riders for bonus overpaymentsThe food delivery firm suffered a technical glitch, but says it has resolved the situation. |
| Wipro Q4 takeaways: Strong guidance, deal wins may lift stock on FridayWipro’s quarterly revenue growth run rate has continued to tick higher in a strong demand environment for IT companies. The company said that revenue growth guidance does not include the impact from acquisition of Capco. |
| Piramal aims to have 10-20 fintech partnerships in next one yearThe company which is in the process of acquiring Dewan Housing Finance has already inducted two technology platforms into its system that allow it to crunch credit data in-house, the chief executive of Piramal’s retail finance business, Jairam Sridharan, said. |
| Wipro’s June quarter forecast hints at strong business momentumA double digit growth in the dollar denominated revenue appears to be highly probable though it would be on a lower base of the year gone by. A sustained deal momentum and a record employee addition support the expectations of high growth ahead. |
| 10 April 2021 New York Fed Weekly Economic Index (WEI): Index Again ImprovedWritten by Steven Hansen The New York Fed’s Weekly Leading Index (WLI) improved mostly due to the economic sharp deterioration which occurred one year ago. This index recovery is improving based on the 13-week rolling average.
|
| : Walmart invests in San Francisco-based autonomous vehicle company, CruiseConsumer companies are investing in and partnering with companies that can help them pick up delivery speed |
| The Ratings Game: Intel faces a costly and uncertain road back to glory, analyst warns of ‘pain’ aheadRecent enthusiasm for Intel Corp.’s new chief executive and his ambitious plans to transform the company overlooks the risks and costs associated with the chipmaker’s strategy, an analyst argued Thursday. |
| NewsWatch: Buy bank stocks after Citi, Goldman Sachs, BoA and JPMorgan earnings wowed, says this research groupCoinbase’s hotly-anticipated initial public offering hogged the spotlight on Wednesday, eclipsing blowout results from banks, which kicked off earnings season with a bang. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
