Written by Gary
Bitcoin, big-tech, bullion, and bonds bounce as break-evens, black gold, and the buck breakdown (SPY +1.1%). Star backers, dip buyers help cryptos recover. Thefts of cars and pricey car parts have skyrocketed.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | There Is Light At The End Of The Tunnel For Argentinas Oil IndustryProtests and civil dissent are once again sweeping across Latin America, a region infamous for its political instability and economic inequality. While Colombias security crisis is threatening the strife-torn countrys petroleum industry, Argentinas hydrocarbon sector is recovering after striking healthcare workers lifted blockades in the Neuquen province at the end of last month. By early April 2021, striking healthcare workers demanding higher wages as they managed Argentinas COVID-19 crisis, were blockading the sprawling |
| The $87 Billion Chinese Car Maker That Hasnt Sold A Single CarWhen Nikola, the EV and hydrogen truck maker, blew up last year, nobody outside China had heard about Evergrande Autothe brainchild of Chinas biggest real estate developer, Xu Jiayun. Evergrande is listed on the Hong Kong exchange, and to date, has a market cap of $87 billion. And it hasnt even sold a single car yet. A flurry of electric carmakers have gone public in the United States over the past year through the new favorite of many investorsspecial-purpose acquisition vehiclesin strong proof that thousands |
| The Four Biggest Threats To U.S. Energy IndependenceThe United States shale revolution completely redrew the geopolitical map. The gush of cheap and plentiful shale oil and gas out of West Texas and New Mexico over the last decade has allowed the United States to achieve a new level of energy independence and has fundamentally changed the relationship between the U.S., and the rest of the world to some degree, with the oil-rich Middle East. But now the geopolitical power of the shale revolution is fading, and the worlds complex web of power dynamics are in flux once again. When it |
| Saudi Arabia Beats Russia Again To Top Chinese Oil Supplier SpotSaudi Arabia kept its status as Chinas top oil supplier in April, beating Russia for the eighth month in a row as the worlds largest oil buyer imported the lowest crude volumes since December. According to Chinese customs data on Thursday cited by Reuters, Saudi Arabia sent 1.57 million barrels per day (bpd) of oil to China last month, the lowest Saudi monthly volume since October 2020. Yet, the worlds largest oil exporter continued to be Chinas top crude supplier, eking out ahead of Russias deliveries which averaged |
| Colombias Oil Industry Is Desperate For Protests To EndProtests across Colombia, which have been raging for almost a month now, are hurting the oil and gas industry as producers are forced to shut in wells because of roadblocks and transport restrictions. Latin American oil and gas company Geopark announced a reduction in activities owing to difficulties with transportation, drilling, and the mobilization of equipment and personnel. This will mean an average production decrease of around 12,000-15,000 bpd of oil equivalent, a reduction of around 40-45 percent of its normal daily average, the |
| Iran: Main Agreement On Lifting Of U.S. Sanctions ReachedGlobal powers taking part in the indirect U.S.-Iranian talks on a return to the nuclear agreement have accepted that the U.S. sanctions on Iran, including on its oil exports, will be removed, Iranian President Hassan Rouhani was quoted as saying on Thursday. The main agreement has been made, Rouhani said, according to Iranian state television, Bloomberg reports. The talks in Vienna involving the United States, Iran, and the remaining participants of the Joint Comprehensive Plan of Action (JCPOA) have taken a major step, |
| Why thefts of cars and pricey car parts have skyrocketedThefts of cars and catalytic converters ” an expensive part used to filter exhaust ” surged in 2020 amid the coronavirus pandemic. |
| U.S. reports fewer than 30,000 cases for five straight days, with the nation averaging 1.8 million daily vaccinationsThe U.S. has reported fewer than 30,000 new infections for five straight days, bringing the seven-day average of daily new infections to about 30,300. |
| Wheels Up revenue surges 68% amid robust demand for private jet travelPrivate jet company Wheels Up reported a 68% jump in first-quarter revenue, as growing wealth creation and pandemic fears drive demand for flying private. |
| McDonald’s shareholders reelect board members despite criticism over ex-CEO’s firingMcDonald’s shareholders approved reelecting all of the company’s board members during its annual meeting based on preliminary results. |
| Oatly shares soar 18% in company’s public market debut on NasdaqOatly priced its U.S. initial public offering at $17 per share, raising $1.4 billion. |
| Ford announces joint venture with SK Innovation to manufacture EV battery cells in U.S.Production of the battery cells as well as supporting modules is expected to start by mid-decade, the companies said. |
| Ford already has 20,000 reservations for new electric F-150 Lightning pickupThe automaker unveiled the vehicle during an elaborate presentation at the company’s world headquarters in Dearborn, Michigan. |
| Europe is welcoming vaccinated tourists this summer: Here’s what you need to knowUltimately, each member state will decide when to reopen its borders and to whom. |
| Petco swings to a profit and boosts forecast, citing customer growth, but shares fallPetco reported first-quarter earnings that beat expectations for earnings and revenue, and the company raised its forecast for the rest of the year. |
| Kohl’s shares tumble despite the retailer’s strong sales beat and hiked outlookCEO Michelle Gass said momentum built throughout the quarter, especially in Kohl’s stores. |
| IHOP to launch new restaurant, Flip’d by IHOP, after rethinking pilot during pandemicIHOP will launch its fast-casual spinoff, Flip’d by IHOP, in July, more than a year after initially planned. |
| Panera Bread’s new design transforms it into a neighborhood bakery in a bid to build loyaltyPanera Bread’s latest restaurant design looks to transform the soup and sandwich chain into a local neighborhood bakery, just with more technology. |
| Dubai launches region’s ‘first industrial scale’ green hydrogen plantThose behind the development hope it will help to catalyze the region’s renewable energy sector. |
| Bitcoin, Big-Tech, Bullion, & Bonds Bounce As Breakevens, Black Gold, & The Buck BreakdownBitcoin, Big-Tech, Bullion, & Bonds Bounce As Breakevens, Black Gold, & The Buck Breakdown After yesterday’s bloodbathery, today was the big bounce back. Big-tech had bounced off the intraday lows yesterday to end unchanged and were violently panic-bid from the cash open today (only briefly stalled in their gamma-squeeze surge into tomorrow’s opex by a brief interruption as Yellen tanked crypto). Nasdaq ended up over 2% today (and up 4% from yesterday lows ahead of the cash open). The S&P erased yesterday’s losses, but The Dow and Small Caps, despite today’s gains, could not get back to even from Tuesday…
Nasdaq stalled today at its 50DMA… |
| Cathie Wood’s Explanation For The Bitcoin Crash Is Demonstrably FalseCathie Wood’s Explanation For The Bitcoin Crash Is Demonstrably False Authored by Oliver Renick via TD Ameritrade Network My intent is not to target Cathie Wood or the ARK team personally. I very much enjoy their work, think their analysts are incredibly unique thinkers, and have enjoyed learning from them over the years. But Cathie’s commentary on bitcoin yesterday is easily, verifiably false and demands a fact-check. Here is the explanation she gave my former Bloomberg colleague Carol Massar today on why bitcoin’s dropping:
The Nasdaq has indeed been under some pressure, and inflation is certainly the talk of the town, but there is no broad de-risking happening in the market, according to the data so far. Cathie’s arguing that bitcoin is down because investors are in a risk-off period of sel … |
| Israel Announces Truce In Gaza – Will Take Effect OvernightIsrael Announces Truce In Gaza – Will Take Effect Overnight It appears the persistent rumors over the past two days that an Israel-Hamas ceasefire over Gaza is imminent will now become a reality as Israel’s Ynet news is reporting that Israel’s security cabinet has formally approved a truce in Gaza. One Israeli official was cited in Ynet as saying the truce agreement was based on “quiet in exchange for quiet”.Â
Netanyahu had called the urgent meeting of his security cabinet for 7pm Jerusalem time, and it came a day after President Biden phoned the Israeli leader to urge “de-escalation” and to set in motion a path toward ceasefire. Initially on Wednesday Netanyahu had appeared to rebuff Biden’s proposal, saying the military would seen all necessary operations in Gaza through to the end. |
| Biotech Firm Launches SPAC To Buy Back SPAC At Massive PremiumBiotech Firm Launches SPAC To Buy Back SPAC At Massive Premium There’s no question that the SPAC frenzy has slowed substantially from its frenzied peak late last year, but even as the pace of dealmaking has slowed (giving weary junior investment-banking analysts a rest), there’s little question that the SPAC trend has changed the nature of dealmaking, especially for Private Equity firms, as Institutional Investor pointed out. PE firms are sponsoring a growing percentage of SPACs, as these firms take advantage of the power of public markets to generate capital – even as their LPs will always be better positioned thanks to the benefits bestowed on SPAC sponsors (including generous warrants and free stakes). But as the trend continues to snowball, one company caught the attention of Bloomberg reporters when it announced plans to launch a SPAC specifically to buy back a former subsidiary business that it spun off with a SPAC ln late 2019. So basically, they’re launching a SPAC to take over another SPAC. It’s a SPAC inside a SPAC for investors who really like SPACs.
from Imgflip Meme Generator But we digress: The scenario revolves around a drugmaker called Roivant Sciences, which wants to merge with a SPAC then take over a SPAC that acquired Immunovant from Roivant. For those who aren’t familiar with its business Roivant is a kind of incubator: … |
| Better rail services promised in huge shake-upTransport Secretary says there is no “hidden agenda” to raise fares but there could be no guarantees. |
| Rail reform: What does the shake-up mean for you?How will a government promise to simplify the UK’s “complicated” rail network impact passengers and fares. |
| Oatly: Oprah-backed firm’s shares soar in stock market debutThe Swedish-based alternative milk brand has been backed by other celebrities such as Jay-Z. |
| Bitcoin nears $42,000 as star backers, dip buyers help cryptos recoverThursday’s gains brought bitcoin back to near $41,600, or approximately where it traded in early February. Smaller rival ether was up 12% at $2,935 after its 28% tumble. |
| Don’t fear the taper: Fed to dominate treasury market for yearsThe stake is so large that even once the Fed’s purchases wind down, it is expected to keep its holdings steady by buying new Treasuries whenever old ones mature, reducing the amount that would need to be sold to the public. |
| Hindalco Q4 preview: Consolidated PAT likely to jump 78% on strong operating showThe company will announce its March quarter earnings on Friday. |
| Cryptos: Bitcoin has moved from trendy to tacky, says Deutsche Bank analystKarl Lagerfeld’s assertion that “trendy is the last stage before tacky” may be a useful framework for analyzing bitcoin, according to Deutsche Bank analyst and Harvard University lecturer Marion Laboure. |
| : Booster dose of COVID vaccines to be given to U.K. volunteers in new trialThousands of volunteers will be given a third dose of COVID-19 vaccines as part of a clinical trial to examine whether a œbooster shot can protect against COVID-19 and new coronavirus disease variants. |
| TaxWatch: Treasury wants businesses to report crypto transactions above $10,000‘They are signaling ‘we are going to get all kinds of indications of people spending crypotcurrency,’ one observer said |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
