Written by Gary
Tesla Shares Jump After China-Made Vehicle Sales Rise 29% In May (SPY +0.2%). U.S. Claws Back Millions From Pipeline Ransomware Attackers.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Most Exciting Oil And Gas Play On The Planet? Interview with Bill MooneyAs Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) continues to excite investors and industry experts alike, we sat down with the man responsible for what could be the next major development in this story. Bill Mooney is the president of Polaris Geo, the company charged with carrying out the 2d seismic imaging plans in what some are calling one of the most exciting oil plays on the planet.During the interview, we touch on a number of points including:- Why he believes Kavango has incredible potential and is one of the most exciting oil and |
| Saudi Arabia And Russia Warn Of Major Oil Supply CrunchThe debate about emissions reduction and the path forward for oil companies moved to a whole new level since the International Energy Agency (IEA) dropped last month the bombshell report suggesting no new investment in oil and gas would be needed if the world is to reach net-zero emissions by 2050. Environmentalists and activist shareholders intensified pressure on large public oil firms to align their businesses with a net-zero scenario, while some of the international majors acknowledged they have a part to play in the energy transition. |
| Could This Household Chemical Become The Superfuel Of The Future?These two gases are some of the best options for zero-carbon fuel. That could make them the hottest commodities on the planet and the future stars of a multi-trillion-dollar energy transition. Everyone from governments and institutions to Big Tech, energy companies, and the investing universe may get fully locked in. The first gas is hydrogen, the simplest element on earth that makes up over 90% of all the atoms in the universe. Investors are already taking note of this, and one report says that demand for hydrogen may rise eight-fold |
| U.S. Claws Back Millions From Pipeline Ransomware AttackersThe FBI has seized $2.3 million of the $4.4 million paid to the ransomware attackers of the Colonial Pipeline. Colonial Pipeline had paid the $4.4 million ransomwarein the form of bitcointo the DarkSide ransomware group to quickly restore the flow of petroleum. The decryptor tool that Colonial purchased from the hackers, however, didnt work properly, leaving Colonial to rebuild its network through other means anyway, according to Wall Street Journal report. Colonial paid the ransom because it was not confident it understood |
| How Aramco Plans To Cover Its Unsustainable DividendSaudi Arabia has lined up 15 banks to manage new multi-billion dollar bond offerings for its flagship oil and gas company, Aramco, according to a number of domestic and international banking and oil industry sources spoken to by OilPrice.com last week. The new debt issues will comprise either conventional or Islamic bonds most likely a combination of both totalling at least US$5 billion but at least double that if the bidding for the paper allows for more to be issued at a reasonable coupon. The obvious question for those who do |
| Chinas Efforts To Curb Oil Prices Are FutileCrude oil imports into China dropped by almost 15 percent annually last month. While substantial, the drop is no reason for worry because it was caused by refinery maintenance season. What could be a reason for worry are rising benchmark prices. Brent crude topped $72 per barrel for the first time in two years at the end of last week, with West Texas Intermediate briefly touching $70 before retreating. The reasons for the rally were tightening supply as demand for fuels began to improve in reopening economies in Europe and North America. This tightening, |
| The first piece in Kanye West’s Yeezy Gap line sold out in a few hours. Here’s what it looks likeThe first item from rapper Kanye West’s highly anticipated Yeezy Gap line sold out after a few hours. |
| 5 things to know before the stock market opens TuesdayU.S. stock futures turned mostly positive Tuesday, with the S&P 500 set to make a run at last month’s record highs. |
| Southwest Airlines upsizes order for smallest Boeing 737 Max by 34 planesSouthwest Airlines said it will exercise options to receive more 737 Max 7 aircraft as travel demand recovers. |
| Covid vaccination tours? Russia is looking at travel packages to revive its tourism industryA three-week vaccine tour for foreigners will reportedly cost between $1,500 to $2,500. |
| Ford’s new Maverick hybrid pickup will get 40 mpg in the city and starts at $19,995Ford unveiled the compact pickup Tuesday as the smallest vehicle in its highly profitable truck lineup, slotting well below the full-size F-150. |
| Dementia expert says evidence behind Biogen Alzheimer’s drug ‘wasn’t sufficient’ for FDA approval“Desperation should drive funding for Alzheimer’s research, it should not drive the interpretation of scientific evidence,” Karlawish said. |
| Jim Cramer says Yellen’s interest rate comments ‘spooked the market’The “Mad Money” host said the decline in stocks created an opportunity in steelmaker Nucor, one of the best performers on the S&P 500. |
| T-Mobile CEO says company is poised to dominate 5G for the next decadeT-Mobile CEO Mike Sievert said the company expects to increase the reach of its Ultra Capacity, premium 5G product by about 40% this year. |
| Five Below CEO says the discount retailer is well positioned to handle inflationFive Below’s reputation for low prices helps it provide more value to customers in an inflationary period, CEO Joel Anderson told CNBC. |
| Stitch Fix shares soar as sales top estimates, styling service raises full-year outlookStitch Fix’s sales topped analysts’ estimates, driven by consumers refreshing their wardrobes and looking for styles in new sizes. |
| Kroger to hire 10,000 workers across its grocery brandsKroger plans to hire 10,000 new associates at an event on Thursday. |
| Biogen CEO says $56,000 annually for Alzheimer’s drug is ‘fair,’ promises not to hike price for at least 4 yearsBiogen CEO Michel Vounatsos told CNBC that the list price of $56,000 per year for the company’s FDA-approved Alzheimer’s disease drug aducanumab is “fair.” |
| NBCUniversal will air more than 7,000 hours of Olympics coverage on TV and streaming videoThe media company will use two broadcast networks, six cable networks and multiple streaming platforms to show the global games in Tokyo. |
| Tesla Shares Jump After China-Made Vehicle Sales Rise 29% In MayTesla Shares Jump After China-Made Vehicle Sales Rise 29% In May Well, it looks like we finally might have some clarity as to why Elon Musk was bashing bitcoin. The answers – we think – could lie in Tesla’s sales numbers in China. After an April where Tesla sales collapsed, ostensibly as a result of an ongoing rocky relationship between the company and the CCP, China’s passenger car association just reported that the company’s May numbers were “back on track”, of sorts, rising 29% from April. Sales were 33,463 cars in May, including exports, according to Reuters. Total NEV sales in China surged 177% to 185,000 cars in May. Tesla stock was up about 3% in pre-market trading on Tuesday morning on the news. We can’t help but noting the timing. Sales in China slipped in April after a protestor made a public scene at the Shanghai Auto Show about Tesla’s brakes being faulty. This was also a point in time where Musk was embracing Bitcoin and the CCP had continually been railing against the use of cryptocurrencies in China. |
| 4 Reasons Why The Market Doldrums End With Next Friday’s Op-Ex4 Reasons Why The Market Doldrums End With Next Friday’s Op-Ex While stocks remain rangebound ahead of Thursday’s CPI print which according to Deutsche is “the most closely watched data release so far this year”, the real action remains below the surface where the continuation of last week’s big story in Equities is the acute underperformance of Longs relative to the Squeeze in Short Books led by the Retail œMeme, SPAC and Bankruptcy plays. As Nomura’s Charlie McElligott shows, this appeared in risk-premium HF Crowding Factor which dropped -1.3% on the week, along with Size Factor (Large over Small) -1.3%, Growth Factor -1.6% and 1m Reversal -2.2%
Yet while the return of the short-squeeze is a closely watched if transitory phase, the big picture “renormalization reflation” narrative remains alive and well, with the 3 month Value inflow now surging to $44.5 billion (99.9%-ile since 2003) compared to a 3-month outflow from Growth stocks of -$20.8BN (2.7%-ile). … |
| Futures Briefly Dip After Global Internet Outage, Then Storm To All Time HighsFutures Briefly Dip After Global Internet Outage, Then Storm To All Time Highs US equity futures suffered a violent airpocket shortly after 6am, sliding 20 points in minutes after news that a Fastly outage had sent many media and government websites offline in a repeat of last year’s Cloudflare fiasco, pushing traders to buy safe assets, but then rebounded just as quickly rising to session highs even as the dollar and Treasuries also rose. Nasdaq 100 contracts rebounded. The 10-year yield fell back to 1.55% area with focus turning toward Thursday’s blistering CPI report that may offer clues on how far the Fed can postpone a tapering of stimulus.
Fastly shares fall as much as 5.5% Tuesday morning in pre-market trading after its services went down, impacting websites across the internet including the New York Times, Reddit, and the U.K. government. It has since pared its losses to about 2.7%, after the software company said the issues that were impacting some of its services earlier had been identified and a fix is being implemented. Cyberstocks which moved on the news wer … |
| Websites Come Back Online After Global Fastly OutageWebsites Come Back Online After Global Fastly Outage Update (0736ET): After an hour of websites and apps worldwide went dark, many are coming back online around 0730 ET. The core problem was an “issue” identified on the Fastly CDN (content delivery network) network. Popular websites such as Twitch, Pinterest, HBO Max, Hulu, Reddit, Spotify, which Fastly runs a content delivery network to push data around the internet, went down around 0600 ET. With so many websites relying on Fastly’s technology to act as a high-level website and application hosting service to serve millions of users, the internet breaks when their servers go down. There are many similarities between this outage and an issue with Cloudflare last year. The point here is to have the entire internet rely on a single point of failure like Fastly and Cloudflare could be something hackers may exploit. * * * Update (0708ET): Fastly issued a new update that reads: “The issue has been identified and a fix has been applied. Customers may experience increased origin load as global services return.” |
| Covid-19: Less than a quarter of pubs confident of surviving three monthsOfficial figures show pub owners’ level of confidence almost half that other other businesses. |
| People moving home drive mortgage borrowing surgeA record proportion of mortgage lending was made to home movers during a surge in the UK housing market. |
| ‘Five-day office week will become the norm again’Traditional working patterns could return within two years, a think tank tells the BBC. |
| Bitcoin slumps toward levels last seen in May’s crypto selloffThe largest token tumbled almost 7 per cent at one point on Tuesday and was around $33,100 as of 6:09 a.m. in New York. The wider Bloomberg Galaxy Crypto Index fell as much as 10 per cent. |
| Big Bull’s top stocks give mega puzzle: Some cut price targets, others up themThe Big Bull has mildly lowered his holding in Titan, but maintained it in the remaining two over the past couple of quarters. |
| Happiest Minds surges on management’s optimistic FY22 sales growth outlookThe company said that the growth will exceed its medium-term target in 2021-22 due to acquisitions and a favourable base in 2020-21. |
| April 2021 Consumer Credit ExpandedWritten by Steven Hansen Headline consumer credit expanded in April and near expectations. Our analysis of the unadjusted data shows annual growth is now growing year-over-year.
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| Economic Report: U.S. trade deficit narrows in April after hitting record in prior monthThe trade balance narrowed 8.2% to $68.9 billion in April, the Commerce Department said Tuesday. |
| London Markets: Aviva shares shoot up as activist investor Cevian Capital builds a stake in insurance giantCevian Capital has called on insurance giant Aviva to cut costs and return capital to shareholders after building a near 5% stake in the group. |
| Metals Stocks: Gold futures struggle to find purchase above $1,900Gold futures on Tuesday fight to claim a spot above a key level, closely watched by market technicians, a day after booking back-to-back gains. |
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