Written by Gary
Virgin Galactic stock jumps 28% in best day of the year after successful weekend spaceflight test (SPY +1.0%). Cryptocurrencies punch back, rise over 10% after Sunday sell-off.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Cement-Based Batteries Could Solve The Energy Storage ProblemResearchers have developed a concept for a rechargeable battery based on cementa world-first such concept that they suggest could one day turn buildings into giant energy storage facilities. The proof of concept at lab scale is an idea in its early stages, and it has challenges to overcome. But one day, the researchers in Sweden say, rechargeable cement-based batteries could result in future building materials which will have additional functions such as energy storage, 4G connections in remote areas, or cathodic protection against corrosion |
| EU Looks To Tax Jet Fuel In Push To Cut EmissionsThe European Union (EU) is looking to extend energy taxation to the aviation industry as the bloc is ramping up efforts to raise its chances of reaching the targets in the European Green Deal for carbon neutrality by 2050. During a weekend meeting of the finance ministers of the EU in Lisbon, the ministers backed, in general, a proposal to have an EU-wide taxation of aviation fuel, the Financial Times reported, citing officials. The European Commission (EC) is studying amendments in its policy on taxation of energy in the bloc in new legislation |
| The IEA’s Seven Pillars Of DecarbonizationLast week the International Energy Agency (IEA) released a new report detailing the steps that would be required to get the world to net?zero carbon emissions (NZE) by 2050. The report isNet Zero by 2050: A Roadmap for the Global Energy Sector, and it can be downloadedhere. The part of the report that has gotten the most attention so far is the idea that development of new oil and gas fields must stop, and that no more coal plants can be built if NZE is to be achieved. IEA Executive Director Fatih Birol said:If governments |
| People Protest Over Lack Of Jobs In Gulf Oil Producer OmanPeople took to the streets in cities in Arab Gulf oil producer Oman this weekend and on Monday in protest over the poor economy and lack of jobs, the Associated Press reports. Oman, a non-OPEC oil producer but part of the OPEC+ alliance, has been hit very hard by the oil price and demand crash in 2020, and is looking to raise additional funding while cutting government expenditures. According to the latest assessment by the International Monetary Fund (IMF) in its regional outlook published last month, Omans fiscal breakeven oil price the |
| Global Food Prices Soaring As Demand For Biofuels Continues To ClimbAs many of the world’s governments continue pushing to a greener future, the energy transition is colliding with another challenge facing the world as it struggles to emerge from the pandemic: skyrocketing food prices. Many energy companies plan to increase their biofuel capacity by 2030, mainly using crops like corn and soybean oil as a major feedstock. But such a move is driving price inflation for a host of commodities and vegetable oils, including palm oil, canola and soybean oil. Meanwhile, corn, oil, copper, and gasoline futures prices |
| Top Five Oil Firms Saw Revenues Fall 31% In 2020The five largest oil and gas companies in the world saw their combined revenues drop by 30 percent last year, although they still generated more than $1 trillion in total revenues, according to data compiled by Finbold. The combined revenues of state firms PetroChina and Sinopec of China, Saudi Aramco of Saudi Arabia, as well as international oil majors BP and ExxonMobil, stood at $1.14 trillion last year, down by around $500 billion, or by 30.9 percent, compared to their combined 2019 revenues of $1.65 trillion, according to data from companies |
| Space SPAC shares drop as struggling merger target Momentus does not expect to fly this yearStable Road’s merger with Momentus has been bogged down this year, largely due to national security concerns raised by multiple U.S. government agencies. |
| New York Covid vaccine rates plummet as states roll out more freebies for shotsNew York state administered just 63,000 vaccines in the last 24 hours, with a seven-day average of about 133,000 shots given in the past week as of May 24. |
| 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, 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 28% in best day of the year 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. |
| Bitcoin, Bullion, & Big-Tech Soar As Dollar Drop ResumesBitcoin, Bullion, & Big-Tech Soar As Dollar Drop Resumes As the inflation narrative fades amid a now-negative China credit impulse, all of the old favorite trades are back and today was the panic-buying of big-tech reignited once again. Nasdaq roared higher, Small Caps lagged along with the Dow, S&P ended up 1%..
Small Caps are coiling in a tight range between 50- and 100-DMAs…
And Nasdaq bounced after closing below its 100DMA, back above its 50DMA… |
| Ron Paul: Fed Inflation Is Propping Up Big Government SpendingRon Paul: Fed Inflation Is Propping Up Big Government Spending Via SchiffGold.com, Inflation came in hot in April. Initially gold sold off on the news. But over the following week, there appears to have been something of a pivot in the market. Gold and the dollar both started behaving as one would expect in an inflationary environment. Peter Schiff said it looks like investors are starting to worry the Fed won’t fight inflation after all. |
| Biden Spox Deflects Over Wuhan Bombshells During Tense ExchangeBiden Spox Deflects Over Wuhan Bombshells During Tense Exchange The White House on Monday deflected after Fox News’ Peter Doocy put spox Jen Psaki on the spot following a Wall Street Journal report that three workers at the Wuhan Institute of Virology fell ill with COVID-19 symptoms in December of 2019, bolstering the lab-leak theory for the origins of the pandemic.
“Why isn’t President Biden pushing for more access, more information to get to the bottom of exactly what happened,” asked Doocy. “We are,” replied Psaki, adding “and we have repeatedly called for the WHO to support an expert-driven evaluation of the origins. During that first phase of the investigation there was not access to data, there was not information provided. And now we’re hopeful that WHO can move into a more … |
| Hiking Corporate Taxes Won’t Improve Economic OutcomesHiking Corporate Taxes Won’t Improve Economic Outcomes Authored by Lance Roberts via RealInvestmentAdvice.com, The Biden Administration is discussing hiking corporate taxes to pay for the proposed infrastructure spending package. While the goal is to ensure the œrich pay their fair share,  a look at history suggests changing tax rates will have very little impact on economic outcomes. Leading up to, and following, the passage of the Tax Cuts and Jobs Act (Trump Tax Cuts) I wrote a lot of analysis on: The fallacy of tax cuts, Why tax cuts wouldn’t change corporate behavior; and, How tax cuts are an ineffective method of improving economic prosperity. What we know now, is that our analysis was correct. As noted, corporate behavior didn’t change, and instead of jumpstarting economic growth, tax cuts led to a wider dispersion of wealth inequality. As I stated then:
|
| Bank of England suspected Gupta bank in 2019Wyelands Bank, part of Sanjeev Gupta’s business empire, was under investigation two years ago. |
| 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. |
| A chill Fed, cool inflation, and a long list of reasons not to worry (so far)Most of the arguments have a counter – and a risk – if the economy that emerges from the pandemic works differently than before. That would force the Fed away from its current efforts to encourage maximum job growth, and back into its old role of hiking interest rates until prices ease |
| 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. |
| : One-minute COVID-19 breath test provisionally approved by SingaporeA breath test that aims to detect COVID-19 in under one minute has been provisionally approved by Singapore authorities, the National University of Singapore said in a statement on Monday. |
| : ‘Peter Rabbit’ helps Regal Cinemas owner Cineworld report strong reopening weekendRegal Cinemas owner Cineworld on Monday reported a strong opening weekend in the U.K., as film buffs flocked to the big screen following the lifting of COVID-19 lockdown restrictions. |
| : Female graduates accept job offers faster than men, and for less money ” but why?In some cases, the pay differences can be explained by the choice of industry. |
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:
