Written by Gary
Procter & Gamble will raise prices in September to fight higher commodity costs (SPY -0.3%). Stocks making the biggest moves: Kansas City Southern, AutoNation, IBM.
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. | |
 | Deeply Discounted Crude Becomes Headache For OPECIf you ask an oil major what the last five years have been like, they would probably have something to say about price crashes and demand destruction. If you ask a large importer of crude, theyd have a completely different perspective. They may well praise price crashes that have allowed them to fill up on cheap crude, and they might even have a positive thing to say about the pandemic that brought prices to historic lows. And this is a problem for the worlds largest oil-producing cartel. OPEC, and its Russian and Central Asian partners |
| Why Iran Will Be Forced To Accept A Much Stricter Nuclear DealEven before the Joint Comprehensive Plan of Action (JCPOA) nuclear deal was agreed in 2015 between Iran and the P5+1 (U.S., U.K., France, China, Russia plus Germany), the issue of Iran testing and developing its missile technology was a crucial matter of contention. Now, though, with Irans economy near a critical point as shown by new economic data exclusively obtained by OilPrice.com sources close to the government in Tehran say that Iran may be willing to agree first the first time ever to tough new rules |
| Can The Energy Sector Maintain Its Crazy Momentum?Is the pessimism in the fossil fuel sector overdone? Can investing in oil and gas still pay off over the long term? After years of underperformance, the U.S. energy sector has been displaying flashes of brilliance that suggest that its still got some legs to run. The sector has just managed to trounce all other 10 sectors of the U.S. economy in the first quarter of the current year, bouncing back from historical lows set in 2020. The Energy Select Sector SPDR ETF (XLE) has reeled off an impressive 30.8% return in Q1 2021, good for a 78% |
| Philippines Ready To Claim Oil Resources With MilitaryThe disputed South China Sea may soon see an escalation in tensions over oil drilling rights between China and the Phillippines, according to Phillippine President Rodrigo Duterte who spoke to the public late on Monday. The President’s comments came as the Filipino leader was criticized for his soft response to China’s movements in the disputed sea. China announced earlier this month that it had drilled into the sea to retrieve sediment core from the seabed in the hopes of finding natural gas hydrate resources. It was a world record for deep-sea |
| Is This The End Of The Covid Oil Glut?Recovering economies and increased fuel demand have helped the enormous oil glut from this time last year to shrink to levels that could be further reduced with global oil demand expected to jump later this year. Commercial oil stocks in developed economies, where inventories are transparently reported, have plunged since the record-high surplus built during the second quarter of last year when demand crashed with nearly the whole world on lockdown shortly after the start of the pandemic. Oil in floating storage has also shrunk |
| Lithium Mega-Merger Creates New $3 Billion CompanyAustralian lithium minersGalaxy Resources (ASX:GXY)andOrocobre (ASX:ORE)haveagreed to a merger that would create a $3.1 billion (A$4bn) company, set to be the worlds fifth largest producer of lithium chemicals, the refined form of the raw material used to make electric vehicle (EV) batteries. The business combination, the biggest mining sector deal of the year so far, will unlock significant synergies for the new company, the miners said. The logic of this merger is compelling, Orocobre |
| Procter & Gamble will raise prices in September to fight higher commodity costsProcter & Gamble will hike prices on baby care, feminine care and adult incontinence products in September to respond to higher commodity costs. |
| NFL data rights owner Genius Sports closes $1.5 billion mergerGenius Sports said it will trade on the NYSE under ticker “GENI” with $145 million in cash and no debt. |
| 5 things to know before the stock market opens TuesdayU.S. stock futures fell as investors consider quarterly results from four Dow stocks and look ahead to afternoon Netflix earnings and an Apple product event. |
| Gap is taking its Athleta workout brand to Canada, rival Lululemon’s home turfThe move by Gap marks Athleta’s first expansion outside of the United States and is taking place on its rival Lululemon’s home turf. |
| Op-ed: Here’s how to reduce exposure to tax increases with charitable contributionsThe wealthy can reduce exposure to tax increases by making charitable donations. Among these vehicles are charitable remainder trusts and donor-advised funds. |
| Elizabeth Warren invites billionaire critic Leon Cooperman to testify at Senate hearing on taxesSen. Elizabeth Warren and billionaire Leon Cooperman have clashed many times. |
| Lululemon is testing a resale program where shoppers can sell and buy used itemsLululemon is piloting a trade-in program in California and Texas next month, which will then expand online in June. |
| Streaming giants could win big as soccer community reels over Super League splitThe controversial Super League could reshape the broadcast rights deals that underpin the multi-billion dollar industry. |
| DraftKings adds martial arts betting deal with Professional Fighters LeagueDraftKings agreed to a multiyear deal with mixed martial arts company Professional Fighters League worth under $10 million. |
| Johnson & Johnson reports $100 million in quarterly sales from Covid vaccineJ&J’s financial results come as the company’s Covid-19 vaccine has been put on pause in the United States. |
| Procter & Gamble earnings beat as consumers hang on to pandemic cleaning habits; price hikes aheadProcter & Gamble topped Wall Street’s estimates for its fiscal third-quarter earnings and revenue. |
| Remember the pandemic stockpiling last year? Consumer products companies are still catching upSales of consumer packaged goods climbed 9.4% last year, according to the Consumer Brands Association. |
| ‘We are all ruined’ without change: European Super League chairman hits back at criticismThe chairman of the European Super League has said plans to form a new breakaway elite competition are designed “to save” soccer. |
| “Something Wicked This Way Comes”“Something Wicked This Way Comes” Authored by Bill Blain via MorningPorridge.com, Watching The Sky For Clues œWhen beggars die, there are no comets seen; the heavens themselves blaze forth the death of princes ¦. There is a general sense that œsomething wicked this way comes towards current priced for perfection markets, but trying to define the exact no-see-um likely to trigger a market correction or meltdown is a notoriously pointless game. However, there are plenty of ways to prepare for whatever comes next…
It’s never events you predict or expect that roil markets ” it’s the no-see-ums, the unexpected shocks and surprises that snowball and trigger corrections, meltdowns and crashes. Predicting the exact nature of no-see-ums is like waiting for a meteor thats spent billions of years wandering the solar system to neatly land in your catchers glove ” it just ain’t going to happen … |
| Conservative Laschet Will Be German Ruling Party’s Candidate For Chancellor In First Post-Merkel VoteConservative Laschet Will Be German Ruling Party’s Candidate For Chancellor In First Post-Merkel Vote Following a series of disappointments that has seen a string of would-be successors to Chancellor Angela Merkel rise and fall, Germany’s Christian Democratic Union, the dominant party in the country’s ruling coalition, has finally chosen a successor to the long-ruling Merkel.
On Monday, Conservative Armin Laschet put an end to a messy standoff over the future of Germany’s most powerful political party when he clinched the nomination to run for the chancellorship, signaling that, after 16 years of Merkel’s centrism, Germany might be heading in a more conservative direction. Laschet, who, as leader of the CDU, is firmly entrenched within the party establishment, fended off an upstart challenge by Markus Soder, the minister-president of Bavaria and leader of the Christian Social Union in Bavaria, which serves in a ruling coalition with the CDU. With rising fears about the liberal “Greens” potentially stealing power away from the German political establishment, Bloomberg noted that By picking the 60-year-old moderate, Germany’s conservatives are “f … |
| WeWork Will Accept Payment In Bitcoin As Venmo Start Allowing Customers To Trade CryptoWeWork Will Accept Payment In Bitcoin As Venmo Start Allowing Customers To Trade Crypto Remember WeWork? The money-incinerating, coworking giant created by megalomaniac Adam “I will live forever, be king of the world and be the first trillionaire” Neuman and backed by SoftBank, was the first company to demonstrate just how big the asset bubble is when its IPO spectacularly imploded in late 2019, leading to questions about overvaluation, a bitter and acrimonious legal fight between Neuman and his sponsor, Masa Son (whose business acumen were seriously tarnished), and hammered other similarly overvalued stocks for weeks. Well, after a lengthy hiatus, WeWork decided to give going public a second try by merging with a SPAC. But more apropos, the company whose entire business model is being “hip” with the “disruptive” zeitgeist even if it means burning even more cash, decided to at least try and capitalize on the latest crypto mania, and this morning WeWork announced that “it will begin servicing a new economy” by now accepting payment in select cryptocurrencies, and that in partnership with BitPay and Coinbase, “the company will expand its flexibility by utilizing cryptocurrency for inbound and outbound transactions.”
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| Watch: Protestor At Shanghai Auto Show Climbs On Tesla, Screams “Brake Failure”, In Now-Viral VideoWatch: Protestor At Shanghai Auto Show Climbs On Tesla, Screams “Brake Failure”, In Now-Viral Video A protestor at the Auto Shanghai expo this week climbed on top of a Tesla Model 3 sedan and screamed in protest while wearing a t-shirt that said œThe Brakes Don’t Work and œInvisible Killer . Video of the incident has caught fire in China and “ hit a nerve in China, sending complaints about the company ricocheting across the Chinese internet,” according to the Wall Street Journal. The woman was eventually dragged away by security guards, but not after catching the attention of hundreds in the building – and millions more on the web. The hashtag of the incident was viewed by 150 million people on Weibo, WSJ reported. Her plight garnered sympathy online, with one user saying Tesla was œhoodwinking Chinese consumers and others encouraging people to buy from competitors. Another user with 5 million followers shared their “litany of complaints” about other alleged glitches with their Tesla. In a statement, Tesla said the woman’s father was involved in a February accident where his Model 3 crashed into another vehicle. She had demanded a refund from the company, blaming the crash on a “technical problem”. Tesla said that her father had wrecked due to “excessive speed”. A … |
| Asda takeover ‘could lead to higher petrol prices’Prices could rise in some parts of the UK after the supermarket’s takeover, the competition watchdog says. |
| Aldi brings back Cuthbert the Caterpillar cake for charityAldi’s controversial cake is the subject of legal action by M&S, which alleges copyright infringement. |
| Under-35s bearing brunt of jobs crisisSome 635,000 people under 35 came off company payrolls in the year to March, official figures show. |
| CCD buzzing in grey market ahead of relisting: A trap or opportunity?The company has a debt of Rs 280 crore from banks or financial institutions. |
| Dolly Khanna exits her long-term stock bet NocilDolly Khanna was gradually trimming her stake in the company since holding 2.14 per cent stake in March quarter of 2019. |
| India’s biggest money manager shuffled allocations within the PSU pack in MarchSAIL shares have been in heavy demand recently, as steel companies hiked prices on the back of a rise in commodity prices and heightened demand. In the last one year, the scrip has gained 235 per cent. Some analysts say it is too late for an investor to get into metals. |
| NewsWatch: Ryan Jacob, the internet fund manager who navigated the dot-com bust, shares two stock tips in the crypto spaceRyan Jacob of the Jacob Internet Fund that got its start in 1999 has been dipping a toe in the hot cryptocurrency space. Here are a pair of stocks he likes. |
| The Wall Street Journal: The cryptocurrency dogecoin began as a joke, and now it’s worth more than FordA cryptocurrency that was created as a joke exploded into plain view on Wall Street on Monday, with a surge in dogecoin sending its 2021 return above 8,100% ” more than double the gains on the S&P 500 SPX, including dividends, since 1988. |
| London Markets: U.K. job vacancies jump in March ahead of reopening, as unemployment rate falls for second monthThe number of job vacancies in the U.K. jumped 16% from February to March, the Office for National Statistics said on Tuesday, as a wave of labor market data showed that the unemployment rate fell unexpectedly for the second month in a row. |
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