Written by Gary
Florida Gov. DeSantis suspends all remaining Covid restrictions (SPY +0.2%). Verizon sold AOL and Yahoo for $5 billion.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Could Oil Prices Hit $80 Per Barrel?Despite the significant rally in oil over the past couple of weeks, demand uncertainty continues to affect prices.The outbreak of the second wave of a new Covid-19 strain in India has particularly left the markets concerned about fuel demand in the worlds 3rd largest oil consumer.According to Indian state-owned refiner, Bharat Petroleum, overall fuel demand in India is now estimated to have dropped by about 7% from pre-covid levels in April 2019. Furthermore, refineries have postponed maintenance plans, which has disrupted refinery |
| Australian LNG Exports To China Are Bouncing BackThe relationship between Australia and China has been going through a difficult period lately. Altercations surrounding the origins of COVID-19 rage on, all the while China has found ways to curb imports of Australian coal, oil and LNG to demonstrate that it would not refrain from weaponizing energy trade if it considers such steps to be necessary. Not every segment of bilateral trade was as impacted as hydrocarbons were China was tangibly more prudent with iron ore as roughly two-thirds of its monthly needs come from Chinese companies; |
| Venezuela Releases Citgo Oil Executives From Jail To House ArrestVenezuela has released from jail the six U.S. executives at Citgo, the U.S. subsidiary of Venezuelas state-held oil firm PDVSA, and placed them on house arrest in what sources tell U.S. media was a goodwill gesture from Nicolas Maduros regime as the Biden Administration is reviewing its policy toward Venezuela. The six U.S. executives at Citgo were initially detained by Nicolas Maduros regime in Venezuela in November 2017, and theCitgo 6 sat in jailtwo years after their detention. Venezuela arrested |
| Worlds Top Commodities Exchange To Launch Lithium FuturesCommodities exchange operator CME Group launched on Monday a futures contract for lithium, seeking to capitalize on the growing demand for the key ingredient in the batteries that power electric vehicles (EVs) and high tech devices. Five tonnes were traded at the Lithium Hydroxide CIF CJKon the first session at $14.25 per kg. The price is settled against Fastmarkets assessment for lithium hydroxide, which traded at $12.50-$13.50 per kg on April 29. That was 6% higher than the f $11.50-$13 per kg it traded a week earlier. Fastmarkets |
| Are Big Oils Renewable Investments Paying Off?The worlds largest oil companies reported solid earnings and strong cash flow generation for the first quarter. But all those profits had very little to do with the pledges from Europes major oil firms to boost investment in renewables and work more for low-carbon energy solutions to reach net-zero emissions by 2050. The main driver of the higher earningsin Exxons case a return to earnings after four consecutive quarters of losseswas the recovery of oil prices during the first quarter this year. All supermajors |
| Oil Turns Higher As EU Looks To Welcome Vaccinated TouristsOil prices recouped earlier losses and were rising by more than 1 percent on Monday morning, after the European Union unveiled a plan to open its borders to vaccinated tourists, giving more hope to oil bulls that economies and oil demand are set for a rebound in the summer months. As of 10:28 a.m. EDT on Monday, WTI Crude was trading up 1.46 percent at $64.47, and Brent Crude prices had risen by 1.26 percent at $67.57. Oil prices erased earlier losses in Asian trade, which had reflected the still critical situation with the coronavirus in |
| New Jersey to give free beer to Covid vaccine recipientsNew Jersey residents who get their first Covid vaccination in May will be eligible for a free beer at select breweries, Gov. Phil Murphy said Monday. |
| U.S. retailers scramble to crack the code on livestream shopping eventsAmid the pandemic-fueled rise in online commerce, retailers from Bloomingdale’s to Petco are giving livestream shopping a more serious look in the U.S. |
| WHO is closely monitoring 10 Covid variants as virus mutates around the worldWHO says it is closely following 10 Covid variants around the world. |
| GOP West Virginia governor urges young people to get Covid vaccine: You will ‘save a lot of lives’“This is our duty ” absolutely a duty ” to be vaccinated,” Republican West Virginia Gov. Jim Justice told CNBC. |
| Ford could produce its own EV battery cells by 2025, executive saysThe timeline is the most detailed Ford has given for such production, but it doesn’t mean the company will be producing battery cells by then. |
| Florida Gov. DeSantis suspends all remaining Covid restrictions: ‘We are no longer in a state of emergencyPrivate businesses can still require masks and enforce social distancing and other protective measures. |
| Boost in sales will outlive the pandemic as people spend more time at home, Newell Brands CEO Ravi Saligram saysThe company reported positive earnings on Friday and raised their guidance for 2021 after a boost in sales they expect to outlast the pandemic. |
| Ford and BMW lead $130 million round in EV battery start-up Solid PowerSolid-state batteries don’t use the liquid electrolyte found in lithium-ion batteries for today’s EVs. They can be lighter and provide more range at less cost. |
| Major drugstore chains offer same-day Covid vaccines as eligibility increases and immunization pace slowsThe drugstore chains are also expanding community clinics and signing deals with employers to reach Americans who may be busy or hesitant. |
| One of NYC’s – and the World’s – Top Restaurants to Go Totally Meat-FreeEleven Madison Park will reopen its main dining room June 10 with a menu that’s entirely plant-based, NBC New York reports. |
| 2 in 5 American adults fully vaccinated as daily average of new Covid cases falls below 50,000About 2 in 5 American adults are now fully vaccinated as the daily average of new Covid cases falls below 50,000 for the first time since October. |
| Demand is outpacing supply of new vehicles – why that’s bad for shoppers but good for investorsFor consumers, the shortage of new vehicles has meant higher prices and fewer choices. But for automakers and dealers, it has meant bigger profits. |
| Dr. Scott Gottlieb: Here’s why it’s important even for young Americans to get a second Covid shot“If you really want to get a durable effect from the vaccine, you really should get the second dose,” former FDA chief Dr. Scott Gottlieb said. |
| Crypto & Gold Jump As Dollar Dumps, Stocks & Bonds RiseCrypto & Gold Jump As Dollar Dumps, Stocks & Bonds Rise Aside from a disappointing stagflationary miss on ISM Manufacturing (and Buffett and Munger musings on inflation), the big headlines of today are in crypto where altcoins are screaming higher…
It’s really escalating… Ethereum has literally exploded to record-er and recor … |
| Here Are The Best Performing Assets In April And YTDHere Are The Best Performing Assets In April And YTD April was another solid month for financial markets, with 31 of the 38 non-currency assets in Deutsche Bank’s main sample gaining ground (alas, unlike Goldman, DB refuses to include cryptos to the main sample of assets it tracks). As DB’s Henry Allen writes, investor sentiment was supported by the continued economic recovery and blockbuster earnings, with numerous indicators showing incredibly strong growth, as well as reassurance from the Fed that they were in no hurry to withdraw monetary stimulus anytime soon. Against this backdrop, the major equity indices climbed to all-time highs, commodities saw a big rally, and even haven assets like gold and US Treasuries recovered after a poor Q1. DB does note that even though it does not show its performance in the summary charts (see below), the one asset that wasn’t so lucky was Bitcoin, with April seeing its run of 6 successive monthly gains finally come to an end. Bitcoin aside, the biggest story in April was a major rise in commodity prices across the board, with agricultural prices in particular seeing an astonishing surge. Starting with the bank’s main sample, the key industrial bellwether of copper topped the leaderboard with a +12.1% increase, which took the metal to its highest level in a decade. The move has been aided by continued hopes for the global economic recovery as the vaccine rollout proceeds, as well as the fact that copper stands to benefit from a wave of fiscal support that’s set to see fresh spending on infrastructure and clean energy goals. Meanwhile oil prices maintained their existing YTD lead, with WTI (+7.5%) and Brent (+5.8%) both moving hig … |
| Watch: Stunning Video Shows Bullets Fly As Armored Car Crew Narrowly Escape Brutal HeistWatch: Stunning Video Shows Bullets Fly As Armored Car Crew Narrowly Escape Brutal Heist Authored by Elias Marat via TheMindUnleashed.com, Dramatic dash cam footage from Pretoria, South Africa, shows the moment that the crew of an armored car narrowly escaped an attempt by armed robes to stage a heist.
The shocking video shows a pair of private security officers transporting cash in a bulletproof Toyota truck on April 22 before they suddenly come under attack by armed assailants. For the first minute of the roughly three-minute-long video, the security guards can be seen routinely driving down a highway. The vehicle then comes under fire as bullets can be heard slamming into the driver side of the car, with the window by the driver’s side shattering … |
| JPM: Biden’s Infra Bill Faces Enough Dem Opposition That It Will Be Materially Lower Than $4 TrillionJPM: Biden’s Infra Bill Faces Enough Dem Opposition That It Will Be Materially Lower Than $4 Trillion After weeks of bombastic announcements by the Biden administration, which included an utterly unprecedented $6trln in new federal spending split between The American Families Plan, American Jobs Plan, and American Rescue Plan, JPMorgan has published a brief note that pour serious cold water on what the 78 year old president will actually achieve. From JPM:
Said otherwise for all its inherent sound and fury, when all is said and done Biden’s grand American reincarnation and wealth redistribution plan won’t be a bang, and may not even be a whimper. |
| Yahoo sold again in new bid to revive its fortunesThe internet trailblazer is sold as part of a $5bn deal that includes another pioneer, AOL. |
| Covid: Some foreign travel opening up on 17 May – Boris JohnsonMore details will come soon about foreign holidays but we have to be cautious, Boris Johnson says. |
| Vodafone using Google’s cloud and AI to retain customersTelcos are increasingly turning to machine learning, cloud and data analytics to boost revenues. |
| Cathie Wood buys Twitter dip amid worst plunge since OctoberArk Investment Management scooped up about 1.3 million shares of the social media network worth $71 million on Friday as the stock plunged 15%, according to an email on the firm’s trading activity. |
| Fidelity halves valuation of Ant Group after Chinese crackdownThe new valuation for the Jack Ma-founded company, which has been forced to restructure following scrutiny from Beijing, was $144 billion as at the end of February, based on regulatory filings cited by the WSJ. |
| PNB Housing Fin yet to detail timeline for proposed Rs 1,800-cr equity raising plan“I would not be able to comment on the large shareholders, or any of the entities who would like to come about in terms of the capital raise and what would happen,” chief executive Hardayal Prasad told analysts during a customary earnings call last week. |
| The Fed: Powell releases new Fed data showing how pandemic hit the poorest hardestFederal Reserve Chairman Jerome Powell on Monday releases data showing how low-income and minority groups bore the brunt of the damage to livelihoods from the pandemic. |
| The Wall Street Journal: From Apple to Domino’s Pizza, U.S. companies are scrambling to meet surges in demandConsumers are splurging on cars and furniture ” and facing extended waits for delivery. Restaurants and gyms are reopening ” and struggling to find workers. Factories and home builders are trying to ramp up ” but are short on semiconductors or raw materials. |
| : Richard Cordray to oversee America’s $1.5 trillion student loan portfolioThe former head of the CFPB under Obama will take charge of the office that oversees many high-stakes aspects of paying for college in the U.S. |
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