Written by Gary
Nasdaq explodes higher, gold gains, dollar and bond yields crash after dismal jobs data (SPY +0.4%). April payrolls huge miss: just 266k jobs added on expectations of 1 million.
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. | |
Why Exxon And Chevron Are Not Going All-Out In The PermianThe U.S. oil supermajors are leading by example what shale drilling discipline should look like. Neither ExxonMobil nor Chevron are rushing to boost production in the biggest American shale play, the Permian, despite the oil price rally this year that has sent WTI prices to above $60 per barrel. The two biggest U.S. oil corporations are now prioritizing debt reduction and increased cash flows to pay down the excess debt they had accumulated last year when oil prices crashed. Their crude oil production targets in the Permian remain unchanged | |
U.S. Shale Pre-Hedge Revenues Set To Hit All-Time High In 2021The US shale industry is set to achieve a significant milestone in 2021: If WTI futures continue their strong run and average at $60 per barrel this year and natural gas and NGL prices remain steady, producers can expect a record-high hydrocarbon revenue of $195 billion before factoring in hedges, a Rystad Energy analysis shows. The previous record of $191 billion was set in 2019. The estimate includes hydrocarbon sales from all tight oil horizontal wells in the Permian, Eagle Ford, Bakken, Niobrara and Anadarko regions. The Permian Basin alone | |
The Energy Crisis That No One Is Talking AboutWe live in a world where words are very carefully chosen. Companies hire public relations firms to give just the right spin to what they are saying. Politicians make statements that suggest that everything is going well. Newspapers would like their advertisers to be happy; they certainly wont suggest that the automobile you purchase today may be of no use to you in five years. I believe that what has happened in recent years is that the truth has become very dark. We live in a finite world; we are rapidly approaching | |
Gasoline Prices Set To Soar This SummerA shortage of tanker truck drivers in the United States made headlines recently, sparking fears that Americans may face higher prices at the pump this driving season, just as traveland gasoline demandbegins to really recover. Yet not all agree there are good reasons for this fear. In an article for Forbes, Suzanne Rowan Kelleher noted several experts’ opinions that were on the calm side. According to these experts, the tanker truck driver shortage was a temporary problem, not a dramatic event that would send prices at the pump soaring. | |
ERCOT Expects Record Power Demand In Texas This SummerThe Electric Reliability Council of Texas (ERCOT) expects record demand for electricity this summer, but sees a low risk of emergency conditions, the manager of the Texas power grid said on Thursday. ERCOT, however, will visit some select power plants to inspect their preparedness for summer heat and extreme weather events for the first time, after the Texas Freeze in February left millions of people without electricity for days. Back in the middle of February, ERCOT called for rotating outages across the state as extreme winter weather forced | |
Copper Price Hits All-Time-High In Commodities Bull RunCopper price hit a record high on Thursday as Chinese investors unleashed fresh demand following a five-day holiday. Copper for delivery in July was up 1.71% by 1:42 pm (EDT), with futures at $4.6015 per pound ($10,123 a tonne) on the Comex market in New York, over the $4.58 per pound high reached in February 2011. The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 also on Thursday. Copperhas gained 28.1% | |
UK to offer under-40s alternative to AstraZeneca Covid-19 vaccine given rare blood clot concernsA very small number of people who have been inoculated with the AstraZeneca vaccine have suffered blood clots. | |
5 things to know before the stock market opens FridayU.S. stock futures rose Friday ahead of the government’s April employment report and after a record close for the Dow. | |
Pfizer and BioNTech begin the process of seeking full U.S. approval for their Covid vaccinePfizer and BioNTech are the first companies to seek full regulatory approval of Covid vaccines in the U.S. | |
Germany’s move to electric vehicles will affect thousands of workers, new study saysIn some countries a transition to electric vehicles appears, slowly but surely, to be underway. | |
India reports over 400,000 daily cases for the third time in a week as second wave hammers countryHealth ministry data released Friday showed there were 414,188 new cases over a 24-hour period, where at least 3,915 people succumbed to the disease. | |
Adidas reports 150% sales hike in China despite local boycott over human rightsAdidas said sales in China grew by 156% over the first three months of the year, despite a boycott by consumers in mainland China. | |
India’s rich are not the only ones fleeing the Covid crisis on private jets, says CEOThe situation in India has become so dire that even upper-middle class families are pooling their resources to escape, says private jet charter company JetSetGo. | |
CDC can consider lifting indoor Covid mask mandates now, former FDA chief says“I think we should start lifting these restrictions as aggressively as we put them in,” said Dr. Scott Gottlieb, former head of the FDA. | |
Jim Cramer says investors only buying ‘inflation winners’ should be carefulCNBC’s Jim Cramer said investors will eventually wish they “own more than just the red-hot stocks of the minerals, the oils and the banks.” | |
Peloton says treadmill recall will lower fourth-quarter sales by $165 millionPeloton said Thursday it expects its fiscal fourth-quarter sales to take a $165 million hit due to a treadmill recall. | |
Norwegian Cruise Line CEO says U.S. ships are unlikely to sail this summer, calls CDC guidance ‘unfair’Shares of Norwegian Cruise Line fell nearly 7% on Thursday after the company released financial results for the first quarter. | |
Peloton delays May launch of its less expensive treadmill in the U.S. to add safety featuresPeloton said it will delay the launch of its Tread machine in the United States, which had been scheduled for May 27, until new safety features are added. | |
Beyond Meat swings to a loss as grocery sales growth slowsBeyond Meat on Thursday reported a wider-than-expected loss in the first quarter as restaurant customers take longer to return. | |
Nasdaq Explodes Higher, Gold Gains, Dollar & Bond Yields Crash After Dismal Jobs DataNasdaq Explodes Higher, Gold Gains, Dollar & Bond Yields Crash After Dismal Jobs Data Well that escalated quickly. The dismally disappointing payrolls data has sparked chaos across capital markets as investors consider ‘tapering the taper’ talk. The equity market is very mixed as the rotation back to ‘growth’ explodes with Nasdaq soaring and Small Caps plunging… Treasury yields have crashed to two-month lows… The dollar is puking back to its weakest since February… | |
April Payrolls Huge Miss: Just 266K Jobs Added On Expectations Of 1 MillionApril Payrolls Huge Miss: Just 266K Jobs Added On Expectations Of 1 Million For once the disappointing ADP report was right. With expectations of today’s payroll print soaring, consensus expecting a whopping 1 million number and some forecasters calling as high as 2+ million, few were prepared for a miss. And of course the market gods made sure to inflict the most possible pain with the BLS reporting an April payroll of just 266K in April, a huge miss compared to the 1 million consensus estimate. The miss was a 3+ sigma miss to expectations, one of the biggest in recent history. | |
China Trade Soars In April As Global Economies ReopenChina Trade Soars In April As Global Economies Reopen Another month, another blowout trade report from China. China’s April exports rose 32.3% yoy in dollar terms, well above market expectations of 24.1%, suggesting its trade out-performance could last longer than expected this year, fueled by global fiscal stimulus. This implies a sharp sequential rebound of 9.4% in April vs. -6.6% in March. At the same time, imports soared 43.1% yoy on strong domestic demand and soaring commodity prices, in line with consensus expectations of 44.0%, and the sequential growth moderated to +2.1% sa non-annualized in April (vs. +3.7% in March). The surge in exports led to a bigger-than-expected trade surplus of $42.85 billion, above the $27.7 billion consensus. Here are the key numbers (USD-denominated): Exports: 32.3% yoy in April (Bloomberg consensus: +24.1%). March: +30.6% yoy. Sequential growth (seasonally adjusted by GS): +9.4% non-annualized in April vs. -6.6% in March. Imports: 43.1% yoy in April (Bloomberg consensus: +44.0%). March: +38.1% yoy. Sequential growth (seasonally adjusted by GS): +2.1% non-an … | |
“Eurodollar Whale” Bet On J-Hole Policy-Pivot Explodes Ahead Of Jobs Print“Eurodollar Whale” Bet On J-Hole Policy-Pivot Explodes Ahead Of Jobs Print Last week, we first highlighted an unusually large position being built in Eurodollar Mid-Curve options anticipating a Fed hawkish shift in outlook built around the Jackson Hole event held in late August. Bloomberg’s Edward Bolingbroke was the first to highlight the massive ED trade by an unknown entity, who appears to be betting that the Fed’s dovish stance will end with a bang not in June, as many analysts predict, but in August with Powell making the inevitable taper announcement at Jackson Hole, which will lead to a bloodbath across the curve and especially the short-end. Why Jackson Hole? Because last year, Powell unveiled a new policy framework for inflation, while in 2012 Ben Bernanke signaled more bond purchases were on the table. Since we first noted it, there has be … | |
British Airways owner IAG calls for action to restart flightsThe airline group says there is a “high level” of pent-up demand from passengers. | |
Covid travel rules: ‘Green list’ countries to be revealedEngland’s list of œgreen countries , with fewest restrictions, is expected to be released later. | |
Twitter adds ‘tip jar’ to pay for good tweetingTwitter launches a new payment feature for good tweets – but it comes with privacy concerns. | |
RBI to conduct SLTRO of Rs 10,000 crore for small finance banks on May 17To provide further support to small business units, micro and small industries, and other unorganised sector entities adversely affected during the current wave of the pandemic, the RBI has decided to conduct SLTRO of Rs 10,000 crore at the repo rate for the SFBs, to be deployed for fresh lending of up to Rs 10 lakh per borrower. | |
India Inc’s early birds signal acute cost pressure in Q4; downgrades beginAggregate profit for 25 companies (including financials), which account for about 70 per cent of Nifty50 weightage, jumped 77 per cent YoY to Rs 74,166 crore from Rs 41,957 crore year-on-year. | |
Dabur Q4 results: Net profit jumps 34% to Rs 377 crFlagging a œchallenging operating environment amid the devastating second wave of Covid-19, the company reported 25.3 per cent increase in consolidated revenue to Rs 2,337 crore for the January-March 2021 quarter. | |
Rail Week Ending 01 May 2021 – Growth Surge Over Lockdown One Year AgoWritten by Steven Hansen Week 17 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. | |
The Escape Home: Can’t find a hotel? Here’s how to book a glamorous spot to go glampingThere’s been a 300% growth in glamping — or high-end camping — since the pandemic started. | |
Need to Know: Here’s the catalyst that could shift the market debate from selling the news to buying the dipInvestors didn’t reward earnings beats this quarter. Here’s what could change that response. | |
: Under-40s to be offered alternative COVID-19 vaccines to AstraZeneca’sPeople under the age of 40 in the U.K. will be offered an alternative to the AstraZeneca COVID-19 vaccine, where possible, due to an “extremely small risk” from rare blood clots. |
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