Written by Gary
The Biden tax increase makes no sense. Preliminary headline productivity improves. Biggest midday movers: Uber, Etsy, Moderna. Chinese oil imports dropped 11% in April.
Here is the current market situation from CNN Money | |
 | North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Oil Rally Stalls As India’s COVID Crisis WorsensOil prices dropped on Thursday morning, cutting short the rally to $70 a barrel after the worlds third-largest oil importer, India, reported a fresh record of new daily coronavirus cases. As of 11:17 a.m. EDT on Thursday, WTI Crude was down 0.96 percent at $64.99 and Brent Crude was trading down 0.86 percent at $68.37. Brent prices were a hairs breadth from reaching $70 a barrel on Wednesday, as the market was focused on the reopenings in the United States and Europe, and on the biggest draw in U.S. crude oil inventories since January |
| Norway’s Oil Industry Averts Strike With New Wage DealNorways oil companies and industry trade unions struck a wage deal this week, averting another strike that could have cost many millions in lost oil revenue. Reuters reported that the sides had agreed on a wage increase of more than $2,000 for this year. Norway, normally a country that rarely makes the oil news except with new drilling, regularly makes headlines when the time comes for its oil industry and the trade unions to negotiate wages. On more than one occasion, conflicts have arisen, ending with strikes that take considerable chunks |
| Chinese Oil Imports Dropped 11% In AprilChinas crude oil imports in April fell by 11 percent, according to energy analytics firm OilX, to 10.41 million bpd. While lower than March volumes, the April average was more than 5 percent higher than the April average for 2020, OilX also said, as quoted by EnergyVoice. In March, crude oil imports into China surged to 11.69 million bpd ahead of the start of refinery maintenance season. While considerably higher than the year-ago figure, the March average was lower than the February figure, which stood at 11.73 million bpd. The consequent |
| Higher Oil Prices Spur Brazil To Sell More AssetsBrazils state-run oil company has reopened the bidding of its legacy oilfield clusters, according to Reuters sources. The reopening announcement coincides with the higher price of oil, which would make such an offering significantly more attractive and once again commercially viable. Petroleo Brasileiro SA, or Petrobras, has reopened the bidding on the Golfinho offshore oilfield cluster. The cluster is located in the Espirito Santo basin, 60km offshore Brazil in 1,300-1,460 meters of water. Reserves have been estimated at 450mbbl. Petrobras |
| The Biggest Winners From The Texas FreezeThe cold spell that paralyzed Texas in February benefited companies that produce, distribute and trade natural gas, Reuters has reported, citing interviews and quarterly earnings reports. Among the biggest winners were commodity trading major Vitol, pipeline operators including Kinder Morgan, Enterprise Products Partners, and Energy transfer, and lenders including Goldman Sachs, Bank of America, and Macquarie Group, the report said. The cold wave that swept through swathes of the U.S. in February paralyzed Texas, freezing millions of barrels in |
| Hedge Funds Bet On Higher Oil PricesMoney managers intimate a growing confidence that oil prices have room to run higher this year, thanks to expectations of a robust economic rebound and rising global demand for crude. Last week, hedge funds added the most bullish positions in the oil complex in more than two and a half months, with the net long in crude oil futures jumping to the highest in six weeks. Rising mobility, the reopening of the economies, and the stimulus packages all point to strong economic growth and consequently, strong oil demand growth. The low-interest |
| Kellogg CEO says snacking is speeding up, fueling company’s sales growthKellogg, the owner of Pringles and Cheez-its, is seeing snacking accelerate. |
| 1-800-Flowers CEO says shortages of flowers and berries won’t ruin its Mother’s Day salesFarmers cut down on flower and berry production anticipating low demand, ultimately causing shortages. |
| The world needs to dramatically cut methane emissions to avoid worst of climate change, UN saysThe world could slash human-caused methane emissions by up to 45% this decade, according to the U.N.’s Global Methane Assessment. |
| From electric vehicles to air mobility: GM looks to grow beyond traditional auto industryGM CEO Mary Barra has cut costs, slashed 64,000 jobs, exited unprofitable markets and audaciously pledged to make GM an all-electric auto company by 2035. |
| Marc Lore’s next attempt to woo the affluent consumer: A fleet of on-demand food trucksA serial entrepreneur Marc Lore has made an investment in Wonder, a business that is part food truck, part ghost kitchen, CNBC has learned. |
| China’s greenhouse gas emissions exceed those of U.S. and developed countries combined, report saysChina is responsible for more than 27% of total global emissions, a new study says. The U.S. accounts for 11% of the global total. |
| More than 70% of Americans at least 65 years old now fully inoculated as U.S. Covid cases, vaccinations fallMore than 70% of Americans aged 65 years and older are fully vaccinated as the pace of daily shots fell further from peak levels. |
| How Apple’s latest iOS update could help Amazon’s growing ad businessAmazon’s advertising business is soaring, and Apple’s recent privacy changes will likely add more fuel to its growth. |
| Anheuser-Busch InBev stock rises as brewer picks an insider as its next CEOShares of Anheuser-Busch InBev rose 5% in premarket trading after the Bud Light brewer announced that CEO Carlos Brito will step down, effective July 1. |
| Russia authorizes use of ‘Sputnik Light,’ a one-shot Covid vaccine it says is 79% effectiveThe Russian Direct Investment Fund said the one-shot “Sputnik Light” Covid vaccine had an efficacy rate of 79.4% and would cost less than $10 a dose. |
| Moderna CEO expects more Covid variants to emerge in coming months: ‘This virus is not going away’Moderna CEO Stephane Bancel said Thursday the company expects more variants of the coronavirus will emerge in the coming months. |
| The Macao investors in that mysterious $100 million New Jersey deli sure are hard to findQuestions about $100 million New Jersey deli company Hometown International are growing, as investors in Macao were not found in offices where they get mail. |
| US, China To Hold First Bilateral ‘Phase One’ Trade Deal Talks Since Biden’s InaugurationUS, China To Hold First Bilateral ‘Phase One’ Trade Deal Talks Since Biden’s Inauguration Beijing has repeatedly expressed its frustration with President Biden’s reluctance to reconsider tariffs slapped on Chinese goods first imposed by President Trump. But after the first meeting between top US and Chinese diplomats in Alaska earlier this year, US trade rep Katherine Tai is reportedly expected to hold the first talks with her Chinese counterpart about a new trade deal.
According to Hong Kong-based English-language newspaper SCMP, Tai and her Chinese counterparts are set to review the phase one trade deal in the coming weeks.
So far, Tai, who was sworn in on March 18, has held more than 20 virtual meetings with her counterparts … |
| Three Reasons Why The Biden Tax Increase Makes No SenseThree Reasons Why The Biden Tax Increase Makes No Sense Authored by Daniel Lacalle via The Mises Institute, Anyone who believes the œrich and large corporations will pay for $28 trillion in debt or the $2 trillion in new deficit has a real problem with math.
Biden’s announcement of a massive tax increase on businesses and wealthier segments of the population simply makes no sense. The tax hikes will have a significant impact on economic growth, investment, and job creation and do not even scratch the surface of the structural deficit. Even if we believe the gross domestic product growth and revenue estimates announced by the Biden administration, the impact on debt and deficit is negligible. So, what is their response? That debt and deficits do not matter because the key now is to spur growth and the cost of borrowing is low despite rising debt. Furthermore, the Biden administration has been inundated by MMT (modern monetary theory) proponents who passionately believe that deficits are goo … |
| Merkel Breaks With Biden, Opposes WTO Plan To Waive Vaccine IP ProtectionsMerkel Breaks With Biden, Opposes WTO Plan To Waive Vaccine IP Protections Stocks are surging Thursday on reports that German Chancellor Angela Merkel has reportedly announced that she will oppose a proposal to waive IP protections for COVID-19 vaccines. The decision represents a major break with the Biden Administration, perhaps the biggest rift between Berlin and Washington since President Trump left office. MERKEL OPPOSES BIDEN PLAN TO WAIVE CORONA VACCINE PATENT According to a spokeswoman, the plan would create “severe complications” for the production of vaccines, according to German government spokeswoman. Biden’s top trade rep revealed yesterday that the White House had decided to back the proposal for a waiver at the WTO, breaking ranks with a host of developed countries to join a host of developing nations in a conflict between rich and poor nations. Shares of vaccine makers and biotech stocks more broadly sold off on news that Biden was backing the waiver. But they’ve bounced back on reports of Merkel’s opposition. The Nasdaq biotech stocks trimmed their losses, leading the index higher, while Moderna erased some of its losses. |
| Here Comes The Squeeze: Goldman Prime Says Hedge Funds Shorted Tech For 9 Of The Past 10 DaysHere Comes The Squeeze: Goldman Prime Says Hedge Funds Shorted Tech For 9 Of The Past 10 Days With the Nasdaq set for its biggest weekly drop since the end of February, when the infamous, catastrophic, “near-failed” 7Y auction sparked reflation fears and hammered tech stocks and duration in general…
… it will not come as a surprise that “someone” has been puking tech stocks, especially after we reported on Tuesday that in the past 4 weeks BofA’s hedge fund clients had sold a record amount of stocks. |
| Liberty steel owner in talks over £200m lifelineSanjeev Gupta’s beleaguered UK steel business may yet find the help it needs, the BBC understands. |
| UK economy set to grow at fastest rate in more than 70 yearsEconomy expected to grow by 7.25% in 2021 as lockdown restrictions are eased, says Bank of England. |
| UK service sector growth hits seven-year highThe UK’s dominant services sector rebounded in April as lockdown restrictions were eased. |
| Hero MotoCorp Q4 results: Net profit rises 39% YoY to Rs 865 cr, beats estimates; automaker to pay Rs 35 dividendThe company also reported a 39 per cent growth in revenue from operations to Rs 8,686 crore, which was above analysts’ estimates. |
| HDFC Q4 preview: Net profit likely to rise 32% YoY, NII may climb 23%The company’s performance in the quarter will be aided by strong demand for housing loans during the quarter. The domestic housing market had a stellar March quarter aided by stamp duty cuts in major markets and government initiatives. |
| Trade setup: Nifty has key support at 14,675 and 14,580 levels; stick to defensive stocksEven if Nifty is able to move past the 50-DMA, the present technical setup makes it very clear that it is unlikely to move and break out of the current falling channel. |
| 1Q2021 Preliminary Headline Productivity ImprovesWritten by Steven Hansen
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| Outside the Box: For just $25 billion, the U.S. could jump-start a project to quickly vaccinate the entire world against COVIDA crash program to increase manufacturing and distribution could save millions of lives and prevent economic disaster. |
| IPO Report: Honest Co. CEO ready to face big-name competition with ‘clean’ brand strengthHonest Co. shares soared in their Nasdaq debut, even as the company acknowledged it will face challenges while competing with some of the biggest consumer products companies in the world. |
| Need to Know: Cryptos and stocks like NIO and Tilray are crucially linked. Here’s what you need to watch, says strategist.The tech-heavy Nasdaq is set to outpace other stock market indexes at the open on Thursday, ready to recover from a more than 2% slide since the beginning of this week. |
A simple summary of the headlines for this release is that labor costs growth declined on a quarter-over-quarter basis whilst productivity improved.Earnings Summary for Today
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