Written by Gary
Texas gas companies to pay steep bill to avoid another power crisis (SPY -0.4%). DOW ends session flat as economic comeback plays offset losses in tech.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Blackrock: Investors Cannot Run Away From Oil IndustryBlackRock, the worlds largest asset manager, will continue to work with oil and gas firms in order to help them through the energy transition, Reuters quoted chief executive Larry Fink as saying on Thursday. BlackRock is a major shareholder in many large oil and gas companies, including in the two U.S. supermajors, ExxonMobil and Chevron. Investors cannot run away from the oil and gas industry, Fink said. Most of the decarbonization costs now fall on the private sector, the executive added, and suggested that governments should |
| Are Regional Companies Ready To Dominate South Asian Oil Markets?Hibiscus Petroleum Bhd. is set to take over Repsols operations in Malaysia and Vietnam as the Spanish company sells its exploration and production assets in a move away from Malaysia to focus on its core market. Repsol announced it will be selling oil exploration and production assets in Malaysia as well as Block 46 CN in Vietnam to a Malaysian Hibiscus Petroleum-owned subsidiary. Kuala-Lumpur listed Hibiscus will acquire the whole equity interest in Fortuna International Petroleum Corp for $212.5 million. Rumors have been circulating |
| Canadian EV Maker Unveils World’s First Crypto-Mining CarDaymak Inc, a Canadian electric vehicle manufacturer, has debuted a three-wheel EV resembling a spaceship that includes cryptocurrency mining technology that allows the vehicle to mine while parked. Here’s the head-turning section of Daymak’s latestpress release, explaining its upcoming Spiritus electric car would be capable of mining cryptocurrencies while parked. Effective today, Daymak is accepting Spiritus pre-order payments in a multitude of cryptocurrencies including Doge, Ethereum, Cardano, and Bitcoin, making it one of the first |
| Texas Gas Companies To Pay Steep Bill To Avoid Another Power CrisisTexas legislators have hashed out their differences in proposed legislation to address the failures at power plants and gas infrastructure and prevent another deadly power crisis like the disaster in February, which led to the death of more than 100 people and left over 11 million without electricity for days. The Texas House and Senate passed the new legislation, Senate Bill 3, in the nick of time, and sent it to Governor Greg Abbott one day before 87th Texas Legislature expired, which was on Memorial Day. In the version passed by the House and |
| Brazils Worst Drought In 91 Years Is Good News For LNGBrazil is importing so much liquefied natural gas (LNG) this year that volumes are close to levels usually seen in countries in Europe and Asia, as the South American countrys electricity system grapples with the worst drought in nearly a century. Brazils electricity mix is heavily dependent on hydroelectric power, which accounted for more than 75 percent of electricity generation in 2020, according to data from the International Energy Agency (IEA). Brazil has the largest installed hydropower capacity in South America and accounts |
| Saudi Arabia Hikes Oil Prices For Asia Expecting Strong Demand ReboundThe worlds top oil exporter, Saudi Arabia, raised on Thursday its official selling prices for Asia for July shipments amid rallying international oil prices and expected strong demand going forward. Saudi Aramco lifted its OSP for its flagship Arab Light grade for key customer Asia by $0.20 to a premium of $1.90 a barrel above the Dubai/Oman benchmark, off which Middle Eastern producers price their oil going to Asia. The increase was more than the $0.10 rise analysts polled by Bloomberg had expected. Asian refiners also expected the rise, |
| NIH scientists say they may have found a promising new oral antiviral drug for CovidThe drug, called TEMPOL, can reduce Covid-19 infections by impairing an enzyme the virus needs to make copies of itself once it’s inside human cells, they said. |
| Key levels to watch in Lululemon stock after earnings, according to Miller TabakLululemon is set to report earnings after the bell Thursday. Matt Maley of Miller Tabak and Delano Saporu of New Street Advisors discuss what’s next for the stock. |
| Banking executive funds lobbying effort to help minor league baseball get Covid relief moneyGreg Rosenbaum, a banking executive, is funding a lobbying effort to secure federal Covid relief money while the next season gets underway. |
| Vanessa Bryant, Kobe’s widow, alleges Nike leaked unauthorized Mambacita shoesVanessa Bryant wants Nike to explain why the exclusive sneakers that she worked on to honor her daughter have been released without her permission. |
| AMC says it has already completed share offering, raises $587 millionAMC sold 11.55 million shares at an average price of approximately $50.85 per share in an at-the-market equity program launched earlier Thursday. |
| SpaceXÂ sends cargo to the space station, with the company on a record launch pace for 2021SpaceX sent the latest cargo mission for NASA to the space station on Thursday, with Elon Musk’s company launching its 17th orbital rocket this year. |
| White House lays out plan to share millions of Covid doses with poorer nationsThe U.S. plans to allocate 75% of the vaccines through the COVAX global vaccine sharing program, according to the White House. |
| Ice Cube’s Big3 basketball league signs media rights deal with Triller – here’s what it meansThe agreement will see Triller host the Big3’s first all-star game and could feature signage opportunities on ViacomCBS platforms. |
| Stocks making the biggest moves midday: AMC, BlackBerry, Ford and moreThese are the stocks posting the largest moves in midday trading. |
| World’s largest offshore wind farm developer to recover, reuse or recycle turbine bladesThe number of wind turbines looks set to increase as governments around the world attempt to reduce emissions. |
| Watch live: Biden Covid team holds briefing as U.S. doubles down on vaccine effortsPresident Biden’s Covid-19 response team is holding a news briefing Thursday on the nation’s response to the coronavirus pandemic. |
| Daily U.S. Covid case counts remain below 20,000 as nation averages 1.1 million vaccine shots per dayThe level of average daily Covid cases remained below 20,000 for the third straight day Wednesday, according to data compiled by Johns Hopkins University. |
| Ford to expand profitable truck lineup with new small Maverick pickupThe Ford Maverick pickup is expected to be among the smallest and cheapest pickups in the U.S., filling a void for some buyers. |
| Dollar Spikes Most In 9 Months As Meme-Mania Distracts MarketsDollar Spikes Most In 9 Months As Meme-Mania Distracts Markets While “meme-mania” dominated the headlines today, the biggest thing that happened in global markets was a sudden, violent, and sustained bid for the dollar, which saw its biggest daily gains since September 2020…
Source: Bloomberg Which we’re sure will please the Chinese…
Source: Bloomberg But anyway, that’s enough of that – we know you want to see the malarkey in meme stocks… |
| Dangerous Heatwave Heads For Northeast This WeekendÂDangerous Heatwave Heads For Northeast This Weekend A dangerous heatwave plagues much of the Western US this week as scorching heat pushes towards the east through the weekend and into early next week. Heat warnings and advisories are in effect from the California/Mexico border to Washington state, where temperatures anomalies are 30 degrees above normal in some areas. “Extreme heat in these locations will significantly increase the potential for heat-related illnesses,” the Weather Prediction Center (WPC) warned. “Additionally, much of the Southwest and West is experiencing severe to exceptional drought conditions, which will undoubtedly be exacerbated by the current heatwave,” added WPC. We noted earlier this week the “megadrought” that continues to sweep through the western half of the country could be one of the worst in decades. This is troubling news because major water reservoirs have already dropped to extremely low levels, cutting off access to farmers. |
| How Biden’s Favored Unions Could Get Jammed in His Infrastructure TrafficHow Biden’s Favored Unions Could Get Jammed in His Infrastructure Traffic By Vince Bielski, RealClearInvestigations President Biden repeatedly insists that his infrastructure plan will create millions of jobs and labor unions will be the big winners. But interviews with economists, union leaders, government officials and trade groups as well as basic math suggest otherwise. The once dominant trade and construction unions no longer have enough members outside of their strongholds on both coasts and in the Midwest to claim most of the projected infrastructure jobs. By some estimates, two-thirds of these jobs will go to nonunion workers who dominate the construction markets in most states. Biden, in short, appears to be harking back nostalgically to an era of union strength in the private sector that is decades gone. œIt’s going to be really hard for unions, says David Macpherson, an economist at Trinity University who specializes in organized labor. œI expect they would get far less than half of the infrastructure jobs. In addition, the overall number of jobs that the $2 trillion American Jobs Plan will generate is a matter of debate. The proposal is so sprawling — covering roads, bridges, water and transit systems, broadband, the power grid, clean energy, housing and more ” and the labor market is so unpredictable because of the pandemic … |
| No Joke: Babylon Bee Activates Lawyers After NYT DefamationNo Joke: Babylon Bee Activates Lawyers After NYT Defamation Since its inception in March of 2016, the Babylon Bee has made a name for itself as the most hilarious satire website in the known universe – cranking out headlines that would fool only the most abject of morons with no inner monologue, while making the rest of us spit coffee all over our screens. |
| Biden expands US investment ban on Chinese firmsPresident Biden bars 59 firms with alleged China military ties from US investment. |
| Travel sector dismay as Portugal faces tougher rulesPortugal will be taken off the green list for travel from next Tuesday, sparking stinging criticism from Easyjet’s boss. |
| AMC cinema chain issues warning to small investorsIssuing a new share sale, the firm warned investors could lose their money if they bought at current prices. |
| 65% jump in a month! Ruchi Soya seeks to add heft with healthy foodThe scrip soared 5 per cent to hit to settle at Rs 1,137.50 on Thursday. |
| Govt set to pick iBankers for LIC IPO soonThe government will send out invitations in the coming weeks for the share sale of the country’s biggest insurer, said the people, who asked not to be identified as the discussions are private. An offering could happen as soon as March 2022, the people said. |
| Sebi ups overseas investment limits for individual mutual funds to $1bThe capital market regulator said that individual mutual funds can now make up to $1 billion in overseas investments within the overall industry limit of $7 billion. |
| Documentary Of The Week: Michael Hudson On Debt And PowerWritten by John Lounsbury Michael Hudson sees a future with serious economic dislocations because of excessive private debt that cannot be repaid. Throughout much of history before the 14th century excessive private debt was resolved with debt Jubilees wherein all private debts were cancelled. This happened on a recurring basis in many civilizations past. Debtors were saved from financial serfdom and yet lenders survived to lend again.
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| ETF Wrap: Here’s what AMC Entertainment’s monster stock surge ‘memes’ for ETFsEvery week we highlight the most timely exchange-traded fund news, from new launches to inflows and performance. |
| Crypto: Let the crypto price wars begin, as Robinhood touts ‘commission free’ trade vs. Coinbase rivalsIs a zero-commission war about to erupt in the crypto arena? |
| Project Syndicate: Higher prices aren’t always a bad thing. Sometimes they nudge producers and consumers toward necessary changes“Chipageddon” is not the end of the world. Rather, it is giving chip producers a clear signal to ramp up production and increase supply. |
Screenshot via the Babylon Bee
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