Written by Gary
India reports more than 330,000 new Covid cases, Mattel sales soared 47% and Fears of Biden’s capital gains tax proposal are discounting stocks (SPY +0.1%). Biggest movers: Intel, Snap, Silicon Labs, Boston Beer.
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. | |
Small Companies Rush To Buy Up Big Oils AssetsBig Oil is shedding assets like a dog sheds its winter coat. In a rush to prove their emerging environmentally conscious credentials, the supermajors are pledging billions in low-carbon energy investments and committing to net-zero goals over the next decade. Meanwhile, smaller oil and gas companies are snapping up the shed assets. The Wall Street Journal reported this week that small energy independents are happy to relieve Big Oil of its unwanted assets as they bet on the long-term future of oil and gas despite the seemingly ubiquitous ambition | |
The Era Of Lithium Is Only Just BeginningIts been a big week for lithium, with a multi-billion-dollar mega-merger, a new major production deal in Chile, and funding for Europes first large-scale lithium refinery in Chile. Things are looking up for the vital battery metal. Australian lithium miners Galaxy Resources (ASX:GXY) and Orocobre (ASX:ORE) agreed on a merger worth $3.1 billion, which will make them the fifth-largest lithium producer in the world. The company, to be based in Buenos Aires, plans to produce electric vehicle (EV) batteries using refined lithium to meet | |
Refiner Valero: U.S. Renewable Diesel Stocks Are Running LowThe U.S. renewable diesel market is hotso hot, in fact, that one of the feedstocks for the highly profitable renewable fuel is running low, according to Valero. That feedstockused cooking oil, or rather, waste oilis considered less carbon intense than vegetable oil when it comes to making renewable diesel. And this makes it a highly profitable enterprise for those companies hoping to earn trading credits under Californias low-carbon fuel standard (LCFS). In fact, those incentives, which include a $1/gallon | |
Jet Fuel Demand Is A Headache For Oil MarketsGlobal jet fuel demand is slowly recovering from last years collapse. The number of commercial flights has more than doubled since April 2020 and even tripled on some days in major domestic markets such as the United States. Yet, the recovery of aviation fuel demand is expected to be the slowest among all fuels, and a return to pre-pandemic levels is unlikely at least until 2023, analysts say. Recent weeks have seen an uptick in global airline passenger numbers, pointing to an improvement in jet fuel demandvery slow, but an improvement | |
China Pledges To Start Cutting Coal Consumption In 2026-2030In a bid to cut emissions, China will begin phasing down its consumption of coal in 2026-2030, Chinese President Xi Jinping said during the U.S.-led virtual Leaders Summit on Climate on Thursday, as carried by Reuters. Earlier on Thursday, the energy regulator of China said it would target to reduce the share of coal in the total energy mix to below 56 percent in 2021. China has pledged to reach carbon neutrality by 2060, and to see its greenhouse gas emissions peak before 2030. Yet, Beijing continues to plan, approve, build, and commission | |
Did The World Bank Just Doom LNG?The United States has a long-running love affair with natural gas, with fossil fuels acting as the lynchpin in the country’s power generation mix. At the same time, nearly half of American homes use the fuel for heating. With the transition from fossil fuels to renewables in full swing in many states, natural gas serves as the bridge that will make the switch smoother and less jarring. Top American civil rights activists are among those vehemently opposed to an abrupt switch from natural gas, putting them on a collision path with progressive Democrats | |
Presumptive top NFL draft pick Trevor Lawrence announces first endorsement deal ” with GatoradeThe star-studded Clemson quarterback has signed his first endorsement deal, with sports drink maker Gatorade. | |
Gymnast Simone Biles is leaving Nike to work with Gap’s Athleta brandGymnast Simone Biles is departing Nike to partner instead with Gap’s Athleta brand, the company confirmed on Friday. | |
India reports more than 330,000 new Covid cases, setting a fresh global recordAs of Friday, India has reported more than 4 million cases in April and at least 24,452 people have died. | |
China’s best-selling, GM-backed electric car brand launches a mini convertibleThe electric car is the latest from the popular Hongguang Mini EV line developed by GM’s joint venture with Wuling Motors and state-owned SAIC Motor. | |
Delta orders 25 additional Airbus A321neo jetliners, options for 25 moreDelta increases its Airbus A321 order as the carrier prepares for a rebound in travel. | |
Mattel sales soared 47% as parents bought toys with stimulus checks, toymaker raises outlookMattel’s sales jumped 47% in the latest quarter as families spent more on toys for their children. | |
California’s Cal State and UC to require Covid vaccinations for the fall semesterCalifornia’s largest university systems to require Covid vaccinations for the fall. | |
Surging Covid cases globally send medical supplier stocks higher in SingaporeThe Singapore-listed shares of Top Glove, the world’s largest medical glove maker, have risen 18.4% so far this month. | |
Nestle CEO says business case for sustainability emerges as consumers demand it more than before“Today’s consumer asks even more than before for sustainability,” Nestle CEO Mark Schneider said in a CNBC interview on Earth Day. | |
SpaceX Crew-2 reaches orbit, with Elon Musk’s company launching 10 astronauts in under a yearSpaceX launched a group of astronauts for NASA early Friday, with Elon Musk’s company now having sent 10 astronauts to space in under a year. | |
Fears of Biden’s capital gains tax proposal are discounting stocks, Jim Cramer says“Be ready to buy stocks that are getting crushed by tax fears that have nothing to do with the fundamentals,” the “Mad Money” host said. | |
Stocks making the biggest moves after the bell: Intel, Snap, Silicon Labs, Boston Beer & moreThese are the stocks posting the largest moves after the bell on Thursday, April 22. | |
$100 million NJ deli company was delisted for ‘irregularities’ ” related firm E-Waste is under scrutiny, tooN.J. deli owner Hometown International had its stock delisted by an over-the-counter markets firm. The company’s CEO is high school wrestling coach Paul Morina. | |
Trump Tells LeBron To Keep His “Racist Rants” To Himself As New Footage Of Ohio Incident EmergesTrump Tells LeBron To Keep His “Racist Rants” To Himself As New Footage Of Ohio Incident Emerges Authored by Steve Watson via Summit News, President Trump slammed NBA star Lebron James Thursday night for tweeting out a photo of the Ohio cop who shot and killed Ma’Khia Bryant as she attempted to stab two other women and captioning it ‘YOU’RE NEXT’. In a statement released by his office, Trump said that Lebron’s œRACIST rants are divisive, nasty, insulting, and demeaning. œHe may be a great basketball player, but he is doing nothing to bring our Country together! The Statement continued. Trump added that œLeBron James should focus on basketball rather than presiding over the destruction of the NBA, which has just recorded the lowest television RATINGS, by far, in the long and distinguished history of the League.
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Futures Rebound From Cap Gains Tax SelloffFutures Rebound From Cap Gains Tax Selloff US equity futures rebounded Friday following Thursday’s 1% selloff as investors digested a proposal for higher capital gains taxes and realized that i) it is nothing new compared to previous media reports and ii) the most likely outcome is a compromise tax rate (Goldman expects a final number no higher than 28%). Still, both the S&P 500 and Dow are on course for weekly declines, after four straight weeks of gains. At 730 a.m. ET, Dow e-minis were up 38 points, or 0.11%, S&P 500 e-minis were up 9 points, or 0.22%, and Nasdaq 100 e-minis were up 18.5 points, or 0.14%. Some key premarket moves: Cryptocurrency and blockchain-related stocks including Riot Blockchain and Marathon Digital dropped 6.6% and 7.1% after bitcoin tumbled overnight below $50,000 on fears plans to raise capital gains taxes would curb investment in digital assets. Bitcoin was last trading just above $50K. Intel shares fall 2.7% in U.S. premarket trading. T … | |
Bitcoin Crashes Below $50,000 To Critical SupportBitcoin Crashes Below $50,000 To Critical Support After coming within inches of $65,000 last week, Bitcoin has suffered two significant ‘liquidation’ events and broke back below $50,000 overnight for the first time since March 8th… Source: Bloomberg Various factors were being pitched as the impetus for the latest round of price losses, these including CME futures now trading below spot price as bearishness enters, as well as a negative Coinbase premium. Bitcoin is down around 27% from its highs as traders were unsure if Biden’s newly-leaked capital gains tax increases were a trigger for selling, or a positive for the crypto-lending business and implicitly supportive of bitcoin.
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Asian Stocks Tumble As Japan Declares Third COVID-19 State Of EmergencyAsian Stocks Tumble As Japan Declares Third COVID-19 State Of Emergency Update (0750ET): As expected, PM Suga has officially declared the new state of emergency, apologizing to those impacted while offering some reassurances of a 5 trillion yen contingency fund ($46.4 billion) to soften the financial repercussions for individuals. 500 billion yen ($4.6 billion) will also be set aside to support Japanese firms, he said. JAPAN PM SUGA DECLARES VIRUS EMERGENCY IN TOKYO AND 3 AREAS JAPAN PM SUGA APOLOGISES FOR DECLARING STATE OF EMERGENCY AGAIN JAPAN’S PM SUGA: 500 BILLION YEN WILL BE SET ASIDE TO SUPPORT COMPANIES. The declaration – officially announced by Suga Friday night in Tokyo – was earlier endorsed by a panel of experts advising the Japanese government on COVID-19. Both the governors of Tokyo and Osaka requested the emergency status. * * * Japanese stocks tumbled on Friday, dragging down stock indexes across the region to cap off Asian equities biggest weekly drop in a month, as Prime Minister Yoshihide Suga declared a state of emergency in Tokyo, Osaka, Kyoyo and Hyogo in the hopes of tamping down the country’s worst COVID-19 outbreak yet. The lockdowns rules will take effect Sunday and continue through May 11. Notably, the state of emergency will coincide with the Golden Week holiday. | |
Convicted Post Office workers have names clearedJudges quash convictions of 39 former postmasters after the UK’s most widespread miscarriage of justice. | |
Post Office scandal: What the Horizon saga is all aboutThe background to the case of sub-postmasters whose convictions were based on evidence from faulty IT. | |
Postmaster’s widow: ‘I will never forgive them’The convictions of 39 Post Office branch managers have been overturned, but for one family it is too little, too late. | |
Rupee’s fortunes depend on RBI’s intent to prevent further weakness: EconomistsThe rupee has already lost 2.6% against the dollar so far this month, putting it on the cusp of marking its worst month, since the pandemic hit the country early last year. | |
Yellen, Powell’s views on crypto show lack of knowledge, says Chris WoodWood’s comments came after the US Federal Reserve Chief Powell recently said that cryptocurrencies are œreally vehicles for speculation at a virtual event. Even the US Treasury Secretary Janet Yellen had termed Bitcoin a œhighly speculative asset in her remarks in February. | |
Zomato founder denies filing IPO draft papers with SebiœWouldn’t typically comment on speculation, but had to in order to stop the barrage of phone calls from the press and friends/family. Back to work (sic), said Goyal. | |
Rail Week Ending 17 April 2021 – Carload Growth Now In Positive Territory Year-to-Date Compared to 2020Written by Steven Hansen Week 15 of 2021 shows the same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. Total rail traffic – which has been in contraction for over one year – is now surging as it is being compared to the pandemic lockdown period one year ago. | |
: Global chip shortages to last 2 more years: Intel CEONew Intel Chief Executive Pat Gelsinger said on Thursday that supply constraints, and the œimmense investment needed to meet demand, mean that the chip shortages affecting the automobile industry and other sectors are likely to last two more years. | |
Metals Stocks: Gold edges higher, on track for weekly gainGold futures edge higher Friday, on track for a weekly rise. | |
BookWatch: Imagining Berkshire Hathaway after Buffett: Who will be CEO, what else will change ” and what won’tThe next CEO will need a plan to return cash to shareholders. |
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