Written by Gary
Gold edges lower as traders await Fed meeting (SPY flat +0.02%). Oil lower on COVID-19 worries. US durable-goods orders rose less than forecast in March.
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. | |
 | The U.S. Could See Record Natural Gas Production In 2022Natural gas production in the US is set to grow to a new record in 2022, at 93.3 billion cubic feet per day (Bcfd) and will continue to rise further, exceeding 100 Bcfd in 2024, a Rystad Energy analysis shows. As a result, the performance of the countrys key gas basins is going to attract increased interest from investors and markets, with CO2 emissions intensity, capital efficiency and potential bottlenecks drawing close scrutiny. The countrys output reached a record in 2019, at 92.1 Bcfd, but production declined subsequently to |
| Energy Transition Could Doom Africas Oil ProducersWhen it comes to the final frontier for big oil discoveries, its not the Guyana-Suriname basin where supergiants like ExxonMobil (NYSE:XOM), Hess Corp. (NYSE:HES), and CNOOC (NYSE:CNOOC) have already staked their claims. And its not the American shale patch, where production has hit reverse gear with no end in sight. Its Africa, where even small-cap companies are staking outsized claims of the kind that generously reward investors with a bigger risk appetite. Unfortunately, the second-largest continent is suddenly finding itself |
| Could We Harness The Tremendous Power Of Deep-Ocean Volcanoes?Scientists have found that volcanoes deep in the ocean discharge so much energy potential when they erupt that they could theoretically power the whole of the United States. Scientists at the University of Leeds in the UK have gathered data via remotely operated vehicles from deep-sea volcanic activity in the Northeast Pacific. They found that ocean volcanoes were as intriguing to study as volcanoes on land, although the observer doesnt get as spectacular views from ocean-erupting volcanoes as from those on land. The University |
| Canadas Oil And Gas Industry Must Innovate To SurviveAs the Canadian government, like many others, aims for net-zero carbon emissions by 2050, the nations energy industry is investing heavily in innovation and digital technology to enhance the oil and gas sector while achieving clean energy objectives. In 2020, the government announced an ambitious climate plan, aiming to reduce emissions and invest in clean technologies, sending the energy industry into a tailspin. However, oil and gas companies have responded by investing more heavily in digitalization, carbon capture technologies, |
| Has Polands Energy Diversification Drive Paid Off?In the words of prominent Polish politician Piotr Naimski, currently serving as the European countrys plenipotentiary for strategic energy infrastructure, Polish national sovereignty is strongly correlated with the ability to assure independence from Russian energy resources and pipeline infrastructure. Although the above mentioned can be traced back to 2006-2007, diversifying Polands energy supplies away from Russia remains a fully consolidated mantra of the Polish political class. Cognizant of the remarkably strained history between |
| How Russia Could Kickstart Another Oil Price WarRussias President Vladimir Putin is starting to feel the heat of new U.S. sanctions, as Washington is putting some additional bite into its confrontation with Moscow.At the same time, new sanctions or even a full-out (proxy) confrontation are looming on the horizon, looking at the tensions at the Russian-Ukrainian border. Putins reactions are straightforward, threatening asymmetric responses to any Western pressure or military interference in the coming months. The still fledgling or outright weak reactions of Western governments, |
| 5 things to know before the stock market opens MondayU.S. stock futures were mixed ahead of an onslaught of tech earnings this week, starting with Tesla after Monday’s closing bell. |
| UAE could stay on the UK’s travel ‘red list’ indefinitely, and mixed messages are stoking confusion“We’re not restricting the UAE due to the level of coronavirus in the UAE,” U.K. Transport Secretary Grant Shapps said. “The issue is one of transit.” |
| India reports record Covid cases for a fifth straight day with more than 350,000 new infectionsIn April, alone, India reported more than 5 million new cases, sending the country’s health care system to the brink. |
| Netflix snags 7 awards, nearly doubling its all-time Oscars tallyNetflix won seven Academy Awards Sunday, nearly doubling its total wins at the Oscars since it was first nominated in 2013. |
| U.S. to give India raw materials for vaccines, medical supplies to help fight Covid surgeThe U.S. response comes after Britain, France and Germany pledged aid to India over the weekend. |
| Attention shoppers: Price hikes are ahead, but consumer companies hope you won’t noticeConsumer companies like Coca-Cola and Procter & Gamble are hiking prices to offset rising commodity costs. |
| Chloe Zhao becomes second woman to win best director at Academy AwardsChloe Zhao made history at the Academy Awards on Sunday. The director is the second woman to win the best directing awards in nearly 100 years |
| Tesla reports earnings this afternoon. Traders share whether it’s a buy hereOn the eve of Tesla’s quarterly earnings report, traders Danielle Shay and Craig Johnson like the stock. |
| Germans confront new Covid lockdown rules that could last until JuneGermany has implemented tough new lockdown rules in a bid to curb a third wave of infections, issuing a set of unpopular measures expected to last until June. |
| Rent out your pool and swim in profits? Check your insurance before diving inA small start-up that lets you rent your pool by the hour got a big boost when Covid hit. Now, some homeowers could make close to six figures this summer. |
| Adobe’s newest top executive explains how Covid pandemic changed his first year on the jobAnil Chakravarthy joined Adobe in January 2020 to run the digital experience business. Soon, he was meeting all his co-workers and customers over video. |
| Biden job approval hits 53%, broad majority support his infrastructure plan: NBC News pollMore than half of Americans say they support President Joe Biden’s performance in office and approve of his Covid-19 relief bill and infrastructure proposal. |
| Jeff Bezos is obsessed with a common Amazon warehouse injuryJeff Bezos is known for tackling big issues and in his last annual letter included musculoskeletal disorders, a common workplace injury in Amazon warehouses. |
| The Fed Cannot Fix This & The Next “Bear Market” Will Not Be Like The Last…The Fed Cannot Fix This & The Next “Bear Market” Will Not Be Like The Last… Authored by Lance Roberts via RealInvestmentAdvice.com, When there is a discussion of low future returns due to valuations, what gets missed is that such requires a bear market. Let me explain. In œDo You Feel Lucky, Michael Lebowitz compiled a series of valuation metrics and their correlation to future returns. To wit:
The mistake many investors make is assuming that such means every year, over the next decade, returns will be near zero. As we will discuss, it is not every year, but one or two awful years, impacting the whol … |
| JP Morgan Launches Bitcoin Fund For Rich Clients After Years Of Bashing CryptoJP Morgan Launches Bitcoin Fund For Rich Clients After Years Of Bashing Crypto Ever since JP Morgan CEO Jamie Dimon first denounced bitcoin waaaaay back during the heady crypto-rally of 2017 (shortly before we revealed that JP Morgan’s asset-management arm was seemingly buying the dip on behalf of its wealthy clients via a Scandinavian ETN), teams of strategists employed by the bank have produced a steady stream of bearish reports warning its clients about the risks of investing in bitcoin.
But in a sudden reversal, JPMorgan’s traders – once threatened with firing should they dare touch bitcoin – will soon get their chance to trade the pioneering cryptocurrency on the bank’s behalf. In news that’s hitting just as bitcoin prices climb back from a Sunday dip, CoinDesk reported Monday morning that JP Morgan Chase will soon launch its own actively managed bitcoin fund, making JPM the latest US megabank to embrace hawking crypto assets (rather than struggling to co-opt blockchain technology for its own purposes). |
| Stock Buyback Monster Apple Commits To Invest $430BN In The US Over Five YearsStock Buyback Monster Apple Commits To Invest $430BN In The US Over Five Years The company that has repurchased more stock than any other corporation in the history of the world, Apple, buying back a whopping $67BN in 2019 alone, appears to be preparing to unleash another tidal wave of stock buybacks which explains why it is busy engaging in virtue signaling diversions this morning, when three years after its initial pledge to invest in the US, it recommitted this morning to plunking billions more into the US over the next five years, and now expects to spend $430BN by 2026, a 20% increase compared to its initial estimate. The iPhone maker – which was quick to note that it is the largest taxpayer in the US and has paid almost $45 billion in domestic corporate income taxes over the past five years alone, or about 20% of how much stocks it repurchased – will create 20,000 new jobs in innovative fields like silicon engineering and 5G technology across the country – or roughly how many part-time jobs each new Amazon warehouse creates – and fund a new campus in North Carolina, the company said in a statement Monday. œAt this moment of recovery and rebuilding, Apple is doubling down on our commitment to U.S. innovation and manufacturing with a generational investment reaching communities across all 50 states, said Chief Executive Officer Tim Cook. “Apple today announced an acceleration of its US investments, with plans to make new contributions of more than $430 billion and add 20,000 new jobs across the country over the next five years. Over the past three years, Apple’s contributions in the US have significantly outpaced the company’s original five-year goal of $350 billi … |
| S&P Futures Flat Ahead Of Earnings Deluge; Nasdaq Drops As Tesla LoomsS&P Futures Flat Ahead Of Earnings Deluge; Nasdaq Drops As Tesla Looms S&P futures were flat, Nasdaq futures dipped ahead of FAAMG earnings while European stocks clawed their way higher on Monday and Asia rose as world markets began the week in a relatively upbeat – if quiet – mood following further signs last week that economies are recovering rapidly. There were no major moves, however, as investors refrained from taking on large positions ahead of this week’s Federal Reserve meeting, US GDP print and corporate earnings barrage. At 7:30 a.m. ET, Dow e-minis were up 30 points, or 0.09%, S&P 500 e-minis were down 3.75points, or 0.08%, and Nasdaq 100 e-minis were down 48.75 points, or 0.37%.
Nasdaq 100 futures dropped to as much as 0.4%, reversing earlier gain of as much as 0.1%, as big technology stocks retreated ahead of first-quarter results later this week, while Treasury yields rose. Nasdaq was also weaker following a weekend report that investors had pulled a whopping $6BN from the QQQ ETF in the past five d … |
| UK economy ‘set to grow at fastest rate on record’Experts forecast faster growth because of the vaccine rollout and easing of lockdown restrictions. |
| Standard Life Aberdeen ditches vowels in rebrandThe firm says the change will make its brand more “dynamic”, but some social media users do not agree. |
| Post office scandal: Ex-boss quits director jobs after scandalPaula Vennells steps down from Dunelm and Morrisons after an IT scandal that saw workers wrongfully convicted. |
| India’s vaccination drive may lead to herd immunity by January, says YES SecuritiesThe brokerage said by the end of the current financial year, nearly 80 per cent of Indians will have received both jabs of Covid-19 vaccines. |
| PowerGrid InvIT IPO to hit D-Street on Thursday; price band at Rs 99-100The units of PowerGrid InvIT are proposed to be listed on bourses BSE and NSE. |
| Gold slides below Rs 47,450/10 gm mark. Should you buy?MCX gold futures for delivery on June 4 declined by Rs 121 or 0.25%. |
| Metals Stocks: Gold edges lower as traders await Fed meetingGold futures begin the week on a soft note as traders look ahead to this week’s meeting of Federal Reserve policy makers. |
| Earnings Outlook: Google’s earnings expected to be bright despite dark antitrust cloudsWhen Google parent Alphabet Inc. reports first-quarter earnings on Tuesday, the bottom-line should be stout with advertising sales. The same can’t be said for its prospects on the regulatory front. |
| Futures Movers: Oil lower on COVID-19 worriesOil futures trade lower Monday, losing ground as investors continue to monitor rising COVID-19 cases in India and other countries ahead of a meeting later this week of the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+. |
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