Written by Gary
DOW tops 34,000 for the first time amid blowout economic data, US slaps tough new sanctions on Russia (SPY +1.1%). SP 500 records record high as jobless claims hit pandemic low, retail sales surge.
The Market in Perspective
Here are the headlines moving the markets. | |
Shell To Exhaust Dwindling Oil & Gas Reserves By 2040Shell expects to have produced 75 percent of its current proved oil and gas reserves by 2030, and only around 3 percent after 2040, the supermajor said in its Energy Transition Strategy that it will put to a non-binding shareholder vote next month. Discussing the risk of stranded assets in the energy transition, Shell said that every year it tests its oil and gas portfolio under different scenarios, including prolonged low oil prices, and cross-references assets with break-even prices to assess if they would still be viable in case | |
This Strategic Shift Could Make Big Oil Much More ProfitableAt a certain point in its lifecycle, every industry faces its moment of reckoning with growing pressure to transform due to factors such as increasing competition, changing consumer preferences, government policy, and other secular headwinds. The transformation usually takes the shape of improved supply chain discipline as well asstreamlining business operations in order to achieve better operating margins. For the oil and gas industry, the moment of truth has finally arrived. Years of weak benchmark prices, shrinking margins and massive | |
The Permian Faces An Empty Pipeline CrisisJust a few short years ago, the United States was producing more shale oil than ever, pumping as much and as quickly as they could to keep up with an industry and a market going gangbusters. At its height, U.S. crude production reached an apex of 13 million barrels per day (bpd). Even as oil price volatility and the short lifespan of shale wells caused plenty of small-scale booms and busts in the West Texas Permian Basin, the sector charged onwards with a steadfast growth mindset. More and more companies popped up to get in while the getting was | |
Shell To Put Energy Transition Plan To Shareholder VoteOil supermajor Shell will put its Energy Transition Strategy to a non-binding shareholder vote at its annual general meeting next month, the first time an energy firm will be seeking an advisory approval of its plan to go to net zero. Shell has pledged to become a net-zero energy company by 2050, and said earlier this year that its oil production peaked in 2019 and was set for a continual decline over the next three decades. As we transform our business, it is more important than ever for shareholders to understand and support our approach, | |
Will Russias Oil Production Ever Return To Record Highs?According to Russias Ministry of Energy, the country is unlikely to return to pre-pandemic oil production levels. Prior to the pandemic, Russia was producing 560 million tonnes of oil, a rate of around 11.3 million bpd, hitting record levels in 2019. However, in 2020, production levels decreased for the first time in over a decade as Russia agreed to cut production alongside OPEC+ countries to help stabilize oil prices. Under this agreement, Russia decreased production by nine percent to 10.3 million bpd. The Energy Ministry | |
Businesses Call For Market-Based Approach To Climate ChangeBig businesses have called on politicians to set out a market-based, unified strategy for reducing global greenhouse gas emissions at next weeks Leaders Summit on Climate, Reuters reports. Climate change is a global problem, and what companies are looking to avoid is a fragmented approach where the U.S., China and the E.U. each does its own thing, and you wind up with a myriad of different methodologies, said the chief executive of trade association Institute of International Finance, Tim Adams, as quoted in the report. The | |
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. | |
Airline executives cast doubt on European summer vacations with borders still closedAirline executives say they don’t expect a jump in European bookings this summer with borders still closed. | |
Former Vice President Pence gets pacemaker implanted, expects full recoveryPence underwent surgery to have a pacemaker implanted after experiencing “symptoms associated with a slow heart rate,” his office said. | |
What early users of SpaceX’s Starlink satellite internet think about the service, speed and moreElon Musk’s SpaceX rolled out its Starlink early access program to the public six months ago, with the service growing to more than 10,000 users. | |
Pfizer CEO says third Covid vaccine dose likely needed within 12 monthsPfizer CEO Albert Bourla said people will “likely” need a third dose of a Covid-19 vaccine within 12 months of getting fully vaccinated. | |
As pandemic aid was rushed to Main Street, criminals seized on Covid relief programsA new report estimates overall fraud in the Covid-19 Paycheck Protection Program and Economic Injury Disaster Loan program and grants could reach $84 billion. | |
Lawsuit alleges Olive Garden parent’s tipping policy causes racial discrimination, sexual harassment in latest push against tipped minimum wageAdvocacy group One Fair Wage is suing Darden Restaurants, alleging its tipping policy encourages sexual harassment and racial discrimination. | |
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 | |
Virgin Galactic shares erase 2021 gains after Richard Branson’s stake saleShares of Virgin Galactic dropped in trading on Thursday, erasing its 2021 gains after founder Richard Branson sold more stock. | |
Bond Bears Barf, COIN Carnage Continues As Dollar Dumps, Crypto JumpsBond Bears Barf, COIN Carnage Continues As Dollar Dumps, Crypto Jumps Before we get to the real bloodbath (for bond bears), COIN was a shitshow again (down over $100 from its highs yesterday)… Will Cathie be buying the dip again? Big-tech stocks surged, continuing to outperform small caps. Dow and S&P made new record highs… The cash open saw a panic puke in Small Caps while everything else was bid… so bid in fact that the TICK surged to two-week highs (after last night’s puke)… | |
Peter Schiff: We’re On Autopilot Down The Road Toward InflationPeter Schiff: We’re On Autopilot Down The Road Toward Inflation Via SchiffGold.com, During his recent 60 Minutes interview, Federal Reserve Chairman Jerome Powell reiterated that he thinks any spike in price inflation will be transitory. As he put it during the interview, we may see œtemporarily higher prices but not persistent inflation. Peter Schiff appeared on RT Boom Bust to talk about Powell’s view on rising prices. He called the Fed chair’s position, œlaughable. Peter said in the first place, contrary to popular opinion, we don’t actually have an economic recovery.
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3rd Dose Of Pfizer’s COVID Vaccine “Likely” Needed To Combat Mutant COVID Strains, CEO Says3rd Dose Of Pfizer’s COVID Vaccine “Likely” Needed To Combat Mutant COVID Strains, CEO Says As American waits for the CDC to finish a review of blood-clotting risks associated with Johnson & Johnson’s COVID-19 vaccine, Pfizer CEO Albert Bourlas has warned reporters that recipients of the Pfizer vaccine – the most widely distributed jab in the US – will “likely” need to receive a third “booster” shot within 12 months of being vaccinated, and possibly as early as six months after receiving their second dose. The news is hardly a surprise. Comments and rumors about the need for booster shots have been reported by the US media since late last year. But on Thursday, Bourlas said a booster shout would likely be necessary, and that patients may need to be vaccinated against COVID annually, similar to the way that flu vaccines are developed and distributed. “It is extremely important to suppress the pool of people that can be susceptible to the virus,” he told CNBC’s Bertha Coombs during an event with CVS Health. Bourlas added that vaccines will need to … | |
“A Reckoning Is Coming” – Remembering Madoff And Completely False BeLIEf Systems“A Reckoning Is Coming” – Remembering Madoff And Completely False BeLIEf Systems Authored by Sven Henrich via NorthmanTrader.com, Yesterday’s news of Bernie Madoff passing away in prison at 82 serves as a reminder of false belief systems. You know what got him caught? Not forensic accounting, not regulators, not investors, not the Fed or the SEC. But the world’s greatest cleansing process: The tide going out otherwise known as markets going down. His Ponzi scheme may have never been exposed were it not for markets collapsing and his new cash inflows stopping which exposed the facade of his fraud. But people had believed. They had believed that magical returns can come out of nothing. And as long as people believed they kept sending him money. Belief is a powerful force and humanity through the eons has structured societies around belief system that were completely false, but as long as enough people believe something it is perceived to be true no matter how false t … | |
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. | |
What does it mean to invest ‘ethically’ or with ‘impact’?While all forms of investing in theory have ‘impact’, for good or ill, funds which carry the label look to ensure the positive impact is measurable. | |
Inflation and lockdown worries weigh on G-secs; yields rise 10 bpsThe move came on a day when the Reserve Bank of India conducted its first government securities acquisition programme (G-SAP), a mechanism to keep rising yields under check. | |
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. | |
Bond Report: 10-year Treasury yield tumbles most since November despite blowout retail sales reportU.S. Treasury yields slump Thursday, even after a raft of better-than-expected data shows the strength of the consumer who has benefited from direct payments to households by Congress and an accelerating vaccine rollout. | |
: U.S. slaps tough new sanctions on Russia over election meddling and hackingThe measures include for the first time far-reaching financial sanctions, including restrictions on U.S. financial institutions’ ability to trade Russian sovereign debt. | |
The Big Number: Cutting these emissions by 30% could yield up to $68 billion in health benefits each yearHealth-care risks linked to climate change were among the featured eye-opening dollar figures laid out before lawmakers. |
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