Written by Gary
Crypto currencies punch back, rise over 10% after Sunday sell-off (SPY +1.0%). Biggest midday movers: Beyond Meat, Virgin Galactic, AMC.
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 Rises On Demand OptimismOil prices rose by 2 percent early on Monday, buoyed by market expectations that fuel demand globally is rising with the re-opening of major economies in Europe and higher travel numbers in the United States. As of 10:01 a.m. EDT on Monday, WTI Crude was up 2.14 percent at $64.95 and Brent Crude had risen by 2.02 percent at $67.79. Earlier in Asia trade today, oil prices were rising by more than 2.5 percent, after Iran said over the weekend that its three-month agreement with the International Atomic Energy Agency (IAEA) for monitoring nuclear |
| Dakota Access To Remain In Operation, Judge RulesThe Dakota Access crude oil pipeline will remain in operation while federal regulators conduct a new environmental analysis of the infrastructure, Bloomberg reported, citing a ruling by the U.S. District Court for the District of Columbia from Friday. We are pleased the court correctly recognized that the continued operation of the Dakota Access pipeline presents no risk of harm to others and appropriately denied the efforts to shut down this vitally important pipeline, Energy Transfer Partners, the operator of the pipeline, told |
| Goldman Sees $80 Oil This Year Despite Pending Iran DealGoldman Sachs still expects crude oil to rise to $80 per barrel by the end of the year despite reports about progress on U.S.- Iranian talks about the lifting of sanctions. According to a note released by the bank’s analysts, the recovery in demand made possible by mass vaccinations will offset the effect of additional supply volumes from Iran, per a Reuters report. “The case for higher oil prices, therefore, remains intact given the large vaccine-driven increase in demand in the face of inelastic supply,”Goldman analysts said. Last week, Iranian |
| High Profile Merger Creates A New $17 Billion Shale GiantCabot Oil & Gas Corporation and Cimarex Energy announced on Monday another merger in the U.S. shale patch in an all-stock merger of equals that would result in a company with a total enterprise value of around $17 billion. Cabots approximately 173,000 net acres in the Marcellus Shale will combine with Cimarexs some 560,000 net acres in the Permian and Anadarko basins in a company with a multi-decade inventory of high-return development locations in the premier oil and natural gas basins in the United States, the companies said |
| Oil Prices Rebound As Iranian Nuclear Deal Hits A SnagOil prices rebounded from last week’s Iran deal optimism-inspired rout, as a new potential “snag” emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, even as Goldman Sachs said last night that the case for higher prices remains intact even with increased Iran exports. Brent crude oil futures for July rose $1.06, or 1.8%, to $67.50 a barrel West Texas Intermediate for July was at $64.73 a barrel, up $1.15, or 1.8%.Oil prices fell almost 3% last week after Iran’s president, Hassan Rouhani, said the United States was ready |
| Can The U.S. Compete With Qatari LNG?Qatar’s recent announcement that it would build the world’s largest LNG production facility did not prompt any applause from other LNG producers. Now, the tiny Gulf nation is also cutting its prices and expanding into the spot market to retain its number-one position in LNG exports. This could result in the death of some planned U.S. LNG projects. U.S. liquefied natural gas quickly became a threat for the world’s top exporter. While Qatar is still the cheapest LNG producer, the abundance of shale gas made it cheap and competitive in some markets, |
| Peloton to invest $400 million to build its first U.S. manufacturing facility in OhioPeloton announced it will invest $400 million to build its first factory in the United States, in Troy Township in Wood County, Ohio. |
| Stocks making the biggest moves midday: Beyond Meat, Virgin Galactic, AMC and moreThese are the stocks posting the largest moves in midday trading on Monday. |
| NBA lures players and investors to form Africa business entity valued at nearly $1 billionNBA Africa will help operate the Basketball Africa League, which launched this month and is run jointly with International Basketball Federation. |
| Nine states have 70% of adults at least partially vaccinated against Covid as U.S. cases, deaths fall furtherAbout 49% of the U.S. population has received at least one shot or more, according to the CDC, with 39% fully vaccinated. |
| Gottlieb says there’s growing circumstantial evidence that Covid may have originated in a labWith other coronaviruses, SARS and MERS, researchers were able to identify the animal those diseases emerged from at this point in those outbreaks. |
| Shoe company Birdies soared during the pandemic and learned a hard lesson along the wayBirdies CEO Bianca Gates explains what worked and what she could have done differently during the Covid pandemic. |
| John Malone sees merged WarnerMedia-Discovery becoming No. 3 global streamer behind Netflix, Disney+Billionaire media mogul John Malone told CNBC’s David Faber that Discovery’s global presence will be particularly beneficial for WarnerMedia’s HBO Max. |
| FirstGroup shareholder revolt grows over the sale its iconic U.S. school bus businessBritish multinational transport company FirstGroup is facing a shareholder rebellion over the sale of its two U.S. bus businesses to Swedish private equity firm EQT. |
| Virgin Galactic stock jumps after successful weekend spaceflight testVirgin Galactic shares jumped Monday, following the company’s successful weekend spaceflight test. |
| Ryanair CEO says Belarus plane grounding was ‘state-sponsored piracy’“This was a case of state-sponsored hijacking … state-sponsored piracy,” Ryanair’s Michael O’Leary said. |
| Two doses of Covid vaccines provide effective protection against variant found in India: StudyTwo doses of the Pfizer-BioNTech or AstraZeneca-University of Oxford vaccine provide protection against the Covid variant first found in India, a study found. |
| This $68 billion Australian city wants to become the next Silicon Valley“The world has learned a lot from Silicon Valley,” Greater Springfield’s founder told CNBC. “We said: that’s 85 years old. Let’s design the latest version.” |
| Social Media Censorship Slammed After Fauci Admits Possibility Of Wuhan Lab LeakSocial Media Censorship Slammed After Fauci Admits Possibility Of Wuhan Lab Leak Authored by Paul Joseph Watson via Summit News, Questions over the ethics of social media censorship policies that previously characterized the Wuhan lab leak theory as œmisinformation are being asked following a new report bolstering the explanation and Dr. Fauci admitting it’s a possibility.
According to a report by the Wall Street Journal, a US intelligence report reveals that three researchers at the Wuhan Institute of Virology became so sick in November 2019 that they required hospital treatment. Two months later and China was still telling the WHO that there was zero human to human transmission of the virus. Dr. Anthony Fauci was also asked by Katie Sanders of Politifact if he thought COVID-19 had developed naturally. Fauci responded by suggesting other causes are a possibility. œI am not convinced about that, I … |
| “I Have Some Bitcoin”: Dalio Prefers Bitcoin To Bonds, Thinks Ethereum Is More Efficient“I Have Some Bitcoin”: Dalio Prefers Bitcoin To Bonds, Thinks Ethereum Is More Efficient A question that has been nagging Wall Street’s traders and millions of retail crypto enthusiasts since late 2020 was finally answered:
During today’s CoinDesk Consensus 2021 Conference, Ray Dalio said that not only would he rather own bitcoin than bonds – and for the world’s largest risk parity hedge fund which traditionally hedges its equity exposure using a balanced 60/40 bond/stock split that’s saying a lot – but putting all doubt to rest, he said that “I have some bitcoin.”
Expanding on a theme that he has been discussing extensively in recent months, Dalio said that should cryptocurrencies continue to gain traction, investors might decide to invest in them rather than government bonds, with the r … |
| Russia May Cripple Google Services Over Failure To Remove ‘Illegal Content’Russia May Cripple Google Services Over Failure To Remove ‘Illegal Content’ Russia may forcibly slow down Google services after the tech giant failed to remove 12 YouTube videos containing “illegal content” regarding unauthorized opposition rallies held in January 2021, according to the Moscow Times.
In response to demands by Russia’s internet regulator Roskomnadzor to remove the 12 videos it says calls on minors to participate in unauthorized rallies, it has now emerged that Google filed its first-ever lawsuit against the regulator on April 23 in the Moscow Arbitration Court, which was accepted by the court on May 11. The first hearing is scheduled for July 14.
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| Why Big Tech Is Melting Up TodayWhy Big Tech Is Melting Up Today Bad news is great news for big-tech.
As we detailed over the weekend, with China’s credit impulse reversal, it appears the market’s rotating back to the deflation narrative, and with it the growth over value bet is back.
The latest Chinese credit data means that SocGen’s forecast for sharply lower credit impulse in the coming years will be validated. And as this all too critical metric fades, virtually every asset across the globe will be affected (especially if it i … |
| Shopper numbers still almost 30% below pre-pandemic levelsConsumers remain cautious after lockdown curbs eased further, with numbers still well down on 2019. |
| Warning of Weetabix shortage amid ‘fire and rehire’ strike rowUnions say production could be halted if strikes over pay and conditions go ahead. |
| Liberty Steel to sell Stocksbridge plant to pay off lenderThe struggling steel-maker says the move will allow it to pay back one of its main creditors in full. |
| Ray Dalio bats for crypto’s relevance, admits to having œsome BitcoinThe sharp change in Dalio’s position will come as music to the ears of cryptocurrency investors who have been battered by an intense meltdown in the asset class over the past week. |
| Cryptocurrencies punch back, rise over 10% after Sunday sell-offBitcoin jumped more than 10% to $38,538, erasing losses of 7.5% from a day earlier but still down by more than 40% from last month’s record high. |
| When you invest in index funds, ETFs; should you choose Sensex or Nifty?There is no right answer to this, but there are certain points that one can consider, and they include things as important as returns and diversification. |
| Coronavirus Update: WHO head slams ‘scandalous inequity’ in COVID vaccines with 10 countries accounting for 75% of doses administeredThe head of the World Health Organization slammed wealthy countries for a “scandalous inequity” in COVID-19 vaccines that is prolonging the coronavirus pandemic, and said 10 countries account for 75% of the vaccine doses that have so far been administered. |
| : One of France’s most shorted companies dives, after auditor doesn’t sign accountsOne of the most shorted stocks in France fell as much as 77%, after its auditor refused to sign off on its annual report. |
| Diagnosed with COVID-19? Two signs that predict higher mortality are ‘easily measured’ at home‘These findings apply to the lived experience of the majority of patients with COVID-19: being at home, feeling anxious, wondering how to know whether their illness will progress.’ |
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