Written by Gary
Cryptos show inflows after record outflows in previous 2 weeks (SPY +0.2%). Dow extends win streak to fifth session but AMC and other meme stocks take spotlight.
The Market in Perspective
Here are the headlines moving the markets. | |
Biden Nixes $35 Billion In Fossil Fuel Tax BenefitsPresident Biden’s administration has so far proven to be one of the most aggressive in pursuing climate and clean energy targets. After rejoining the Paris Climate Accord in one of his first pieces of business, Biden, in a virtual climate summit with 41 world leaders last month, unveiled an ambitious 10-year Climate Plan that has proposed cutting U.S. greenhouse gas emissions by 50-52% by 2030. That represents a near-doubling of the U.S. commitment of a 26-28% cut under the Obama administration following the Paris Agreement of 2015. Last week, | |
G7 Nations Invest More In Fossil Fuels Than Clean Energy Despite PledgesThe G7 nations have been pumping more in fossil fuels than in clean energy since the start of the pandemic, despite headline-grabbing pledges for building back greener, a new report found on Wednesday. Since the pandemic started, major industrialized nations, including the U.S. earlier this year, have pledged to achieve net-zero emissions by 2050 and strengthened policies to support renewable energy, electric vehicles, and energy storage. Yet, this was not enough, according to the analysis published by charity Tearfund, in collaboration | |
Massive Blaze Engulfs Tehran Refinery Hours After Sinking Of Iranian WarshipA major oil refinery in Tehran is nowengulfed in a huge blazejust hours after on Wednesday morning the Islamic Republic’s largest warshipcaught fire and sankin the Gulf of Oman under mysterious circumstances. Iranian stateTasnimnews in a breaking report has identified it as the Shahid Tondguyan oil refinery, considered among the country’s largest. #BREAKING: Another massive fire in #Iran today. Fars News’ Telegram account has just published video of a fire at an oil refinery in the Tehran area. Tasnim says | |
Saudi Oil Giant Readies $5B Bond To Fund Huge DividendSaudi Arabia’s oil giant Aramco plans to raise around US$5 billion in a new bond sale as early as this month, as it looks to fund its massive annual dividend of US$75 billion, Bloomberg reported on Wednesday, quoting sources familiar with the plans. Saudi Aramco has already lined up more than a dozen banks to manage the bond sale, which will not be the first one for the oil giant in recent years. The debt sale could be both U.S.-denominated and denominated in the local currency in a sukuk, or Islamic bonds, issue, according to Bloomberg’s sources. | |
Petrostates Will Never Again Get $1 Trillion In Oil And Gas Tax RevenueTotal global revenues from oil and gas taxes are set to approach the $1-trillion mark in 2021, but unlike in pre-COVID times, the world will never again see such high revenues from oil and gas, Rystad Energy said in an analysis on Wednesday. Before the 2020 crisis, all the countries with oil and gas resources would typically receive a combined more than $1 trillion in oil and gas taxes. Last year, however, due to the lower production and low commodity prices, total government income from oil and gas taxes slumped to as low as $560 billiona | |
Japan Looks To Become Leader In Wind EnergyJapan has notoriously been dependent on energy imports, being the worlds fifth-largest crude importer and second-largest LNG importer (having lost the top position to China last year). Its self-sufficiency ratio dropped substantially after the 2011 Fukushima incident, from some 20% to 7-8%. Even though Tokyo did manage to hew off a couple of percentage points from its import dependence (around 12% by 2020), this was largely done by means of curbing energy consumption and rendering it more energy efficient. It is against this background that | |
Investing in AMC and other ‘meme’ stocks can feel like a game. How to make sure you don’t loseAs shares of AMC Entertainment soar, individual investors should check themselves to make sure they’re not getting in too deep. Here’s what to think about. | |
Delta Covid variant first found in India spreads to 62 countries, hot spots form in Asia and Africa, WHO saysThe Covid-19 variant first detected in India in October has now spread to at least 62 countries as outbreaks surge across Asia and Africa. | |
AMC CEO Adam Aron’s wealth soared by more than $200 million from retail investor rallyAron’s shares were worth about $8 million at the start of 2021, according to share data compiled by Equilar. | |
McDonald’s is testing automated drive-thru ordering at 10 Chicago restaurantsTen McDonald’s restaurants in Chicago are testing automated drive-thru ordering using artificial intelligence software, CEO Chris Kempczinski said Wednesday. | |
Rent the Runway enters $33 billion fashion resale market as it looks to build back from pandemic lowsFashion rental platform Rent the Runway is getting into resale, the company said Wednesday. | |
Bed Bath & Beyond shares surge about 50%, buoyed by meme stock mania, product newsShares of Bed Bath & Beyond surged about 50% on Wednesday, buoyed by a retail investor-led rally and the launch of three private label brands this quarter. | |
Twelve U.S. states have 70% of adults at least partially vaccinatedTwelve U.S. states now have 70% of adult residents with at least one Covid vaccine shot, CDC data published Tuesday shows. | |
Biden doubles down on U.S. efforts to get more Americans vaccinated by the Fourth of JulySpeaking from the White House on Wednesday, Biden announced June as the “national month of action” to get more Americans vaccinated by July 4. | |
AMC trading frenzy triggers halts as stock climbs more than 100%Shares of AMC Entertainment are up more than 2,500% year to date. | |
Cyberattack on meatpacker JBS could pressure restaurant margins if not resolved quickly, analysts sayThe cyberattack on JBS, the world’s largest meatpacking company, could cause pain for restaurants if the situation isn’t fully resolved quickly, analysts say. | |
Kentucky Derby winner Medina Spirit’s failed drug test is confirmedA second test of blood from Kentucky Derby winner Medina Spirit confirmed the presence of the banned steroid betamethasone, a lawyer for the horse’s owner said. | |
Babe Ruth’s 1914 Baltimore card, valued at $6 million, sells for record price ” now you can own part of itThe sports card is the first to show 19-year-old Babe Ruth as a minor league pitcher and available via a sports collectible IPO. | |
Siemens Mobility to work on hydrogen tech for trains after signing agreementTrains are not the only mode of transportation to use hydrogen fuel cells. | |
Reddit-Rebels Rout Big-Shorts; Bonds, Bitcoin, & Bullion BidReddit-Rebels Rout Big-Shorts; Bonds, Bitcoin, & Bullion Bid Reddit-Rebels to big shorts today… Or put another way… Source: Bloomberg This was the biggest short-squeeze day since the peak of the chaos with GME in January… Sour … | |
Larry Fink: Inflation Will Be A “Pretty Big Shock”Larry Fink: Inflation Will Be A “Pretty Big Shock” According to every career economist, market strategist and Fed lackey, inflation is transitory. The most important man on Wall Street disagrees. Speaking at a virtual event hosted by Deutsche Bank, Blackrock CEO Larry Fink who manages more money than the Fed (over $9 trillion at last check) countered soothing talk that soaring prices are here and gone tomorrow, and said that investors may be underestimating the potential for a spike in inflation.
Alas, unlike the Fed, Fink actually know what he is talking about: he began his career at First Boston Corp. in 1976, in during runaway US inflation, with the Consumer Price Index hitting a high of 14.8% in March 1980, and forcing Volcker to hike rates as high as 20%. Fink added that central banks may have to reassess their policies if higher prices become a concern, but as even the shoeshine boy knows by now, the Fed’s mantra is that “inflation is transitory” and thus the Fed has absolutely no idea what to do if it loses control of inflation as the alternative is the biggest market crash in history. Instead, to keep markets stable, the Fed has vowed to keep rates at zero for at least another two years. If the Fed were to reconsider that, it would be incompatible with the massive fiscal stimulus unleashed by the US, Fink said. Joe Biden has proposed additional measures to stimulate the U.S. economy, including a $1.7 … | |
Biden’s Budget Plan May Lead The US To Weaker Growth And Less JobsBiden’s Budget Plan May Lead The US To Weaker Growth And Less Jobs Authored by Daniel Lacalle, The first thing any economist should do wen reading a budget proposal is to analyse the basic macro assumptions and the results presented by the administration. When both are poor, the budget should be criticised. This is the case of the Biden Budget Plan. Same growth, a lot more debt and less employment. According to the administration, the impact on growth of this budget will be negligible, as their own -and optimistic- estimates see no change in the slowdown of the U.S. economic growth trend. The CBO (Congressional Budget Office, The Budget and Economic Outloo … | |
Iran Says Nuclear Negotiators Close To Agreement - Remaining Barriers “Not Unsolvable”ÂIran Says Nuclear Negotiators Close To Agreement - Remaining Barriers “Not Unsolvable” Iran now says that remaining contested issues between it and the United States are “not unsolvable” and that all parties appear in agreement on this point at a moment the latest round of talks in Vienna are wrapping up. The Islamic Republic’s deputy foreign minister and chief negotiator Abbas Araghchi told state TV on Wednesday that of nuclear issues which remain, presumably including the dropping of US sanctions, they “have reached a point where everyone believes that they’re not unsolvable.” “All the delegations are determined and there is full seriousness” he added, while also noting Wednesday’s meeting will decide a “return date” for talks, also as after last week it was widely reported that draft documents were being finalized, suggesting a deal which includes US reentry into the JCPOA is imminent. Via AFP< … | |
Pension scandal: ‘I’ve lost 14 years of payments’Tens of thousands of elderly female pensioners are set to miss out on life changing payments. | |
US delays tariffs in ‘tech tax’ rowExtra US tariffs on UK and other goods are delayed as international tax talks continue. | |
Etsy snaps up Gen-Z focussed shopping app Depop for $1.6bnThe British second-hand clothing app Depop has unique items and potential to scale up, the boss of Etsy says. | |
RIL says O2C biz restructuring to attract pool of investor capitalRIL is courting Saudi Aramco to buy a minority stake in the oil-to-chemical business, talks for which are still going on. | |
Up 66% in 3 months! Investors gung ho about this software exporterMastek provides software services including applications development, digital commerce, Oracle Suite and Cloud Migration, and testing. UK is its major market contributing nearly 70 per cent to the revenue followed by the US with 14.6 per cent share and the rest from the Middle East and other regions. | |
Cryptos show inflows after record outflows in previous 2 weeksGrayscale remains the largest digital currency manager at $33.6 billion, but their assets under management were down from $47.3 billion two weeks ago. | |
: 7-Eleven to add 500 electric-vehicle charging ports by end of 2022œ7 ‘Eleven’s rapid expansion of EV charging ports across the country is good for our customers and our planet and it’s the right thing to do, 7 ‘Eleven President and CEO Joe DePinto said Tuesday. | |
: U.K. gets green light on trade talks with a successor to the Trans-Pacific PartnershipThe 11 countries in a major Pacific trading bloc agreed on Wednesday to allow the U.K. to begin the process of joining the group. | |
: Pandemic bookworms and ‘Harry Potter’ fans drive huge gains for book publisher BloomsburyBloomsbury Publishing lifted its profit guidance for the third time this year, amid a renewed enthusiasm for reading among people stuck at home during the COVID-19 lockdowns. |
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