Written by Gary
Consumer prices soar to 0.6%, CPI shows, and shove rate of inflation to a 13-year high (SPY +0.2%). Jobless claims drop to a post-pandemic low of 376,000.
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 Fuel Of The Future Thats 9 Times More Efficient Than LithiumThe worldwide shift toward cleaner, greener energy sources once again appears to be picking up speed. While the worlds focus on climate change understandably took a backseat to the Covid-19 pandemic for most of the past 18 months, that focus on climate change has started to return in a powerful way. In fact, our transition into a post-pandemic environment is triggering a number of significant opportunities in the green energy space. Much of the early attention of the clean energy movement was focused on lithium thanks to the heavy attention | |
Canadas Oil Industry Optimistic As Prices ReboundCanadas oil and gas sector is growing increasingly optimistic about its near-term future as economies recover and oil prices rally. Yet, the industry faces growing challenges in the medium and long term, mainly in the form of the neverending battle over pipeline takeaway capacity and the environmental and activist shareholder urgency to hold the oil industry accountable for climate change. With the U.S. benchmark WTI price rallying this year, Canadas largest oil companies expect stronger cash flow generation, which would | |
These EV Stocks Could Explode Higher This SummerIt doesnt matter how you look at it, the electric vehicle revolution is only going to continue in 2021. President Biden has already committed to spending $174 billion on boosting the electric vehicle market. Every major car company on earth is now pursuing its own EV project. And demand for electric vehicles is soaring around the globe as governments race to reduce emissions. In the last year alone: Teslas stock price soared by 256%… Chinese EV giant NIO handed investors an incredible 816% return… And GM saw its stock price jump | |
TC Energy Cancels Critical Keystone XL PipelineThe Keystone XL pipeline projects owner, TC Energy, said on Wednesday that it has terminated the controversial pipeline project that would have served as a lifeline to Canadian oilsands producers looking for more takeaway capacity. TC Energy Corporation (NYSE: TRP) confirmed Wednesday that after careful review of the available options and after consulting with the Government of Alberta, it has officially canceled the Keystone XL. Construction activities were stopped back in January. The projects cancellation comes several months after | |
The Iran Nuclear Deal Wont Happen Any Time SoonGlobal oil markets have been on edge recently due to the continuing JCPOA discussions and the possibility of the U.S. rejoining the deal. While there have been no real breakthroughs in the discussions so far, the possibility of Iranian oil exports coming back online is adding downward pressure to oil prices. Despite this added pressure, international oil benchmark Brent is still firmly above $70, and oil price optimism is only increasing. This optimism is due to the growing global demand for oil and petroleum products and is also driven by warnings | |
Oil Investors Shrug Off EV ‘Revolution’EVs can “eat into traditional market share for liquid fuels,” but that’s largely a “developed economy, or rich country issue at this point.” Dean Foreman, American Petroleum Institute. Over the past few years, the EV momentum has gone into overdrive thanks to the ESG craze and the shift to renewable energy. Last year marked a fresh high for the EV industry after the global electric-car market recorded growth of 41%, according to an International Energy Agency report. Global EV sales in 2020 increased by 39% Y/Y to 3.1 million units, | |
Moderna asks FDA to clear Covid vaccine for adolescents 12 to 17If approved, it would likely dramatically expand the number of Covid vaccine shots available to middle and high school students ahead of the next school year. | |
5 things to know before the stock market opens ThursdayU.S. stock futures were mixed ahead of what’s expected to be a hot inflation report, which could dictate Thursday’s trading on Wall Street. | |
After a dramatic seven-year renovation, an $87 million mansion hits the market in Bel-AirThe Bel-Air mansion’s makeover was nearly a total teardown, its owner said. Only one wall from the old house is still standing. | |
India reports more than 6,000 daily Covid deaths ” highest ever in the worldHealth ministry data showed 6,148 deaths were recorded over a 24-hour period, as daily reported cases remained below 100,000 for the third consecutive day. | |
Wind turbine giant Siemens Gamesa lays out plan to drive down cost of ‘green’ hydrogenHydrogen can be produced in a number of ways, including using renewable energy. | |
Singapore to start easing Covid restrictions as daily infections fallLocal infections in Singapore have fallen to single-digit levels in recent days. | |
The U.S. will be a ‘formidable competitor’ to China in Covid vaccine diplomacy, professor saysThe Biden administration is ramping up efforts to send Covid-19 vaccines abroad, said Huang Yanzhong of the Council on Foreign Relations. | |
Grab and GoTo IPOs could spawn more Southeast Asian startups, says venture capital firmThe public listings of two Southeast Asia tech giants will likely pave the way for more high-growth businesses from the region, said 500 Startups. | |
Ex-commodities chairman Timothy Massad calls for more regulation of tether, stablecoins“We need a better framework so that we can just be sure that there can’t be a run on something like this,” said Timothy Massad, formerly of the Commodity Futures Trading Commission. | |
Cramer says he’s ‘not against’ GameStop, AMC at current trading levelsWhile GameStop and AMC shares are worth buying here, the “Mad Money” host recommended investors protect profits if they bought at lower levels. | |
Crowdstrike CEO on the evolution of ransomware: ‘It’s become big game hunting’“Now the adversaries are taking a page out of nation-state actors,” Crowdstrike CEO George Kurtz said Wednesday in a “Mad Money” interview. | |
Biden and Johnson to agree on new ‘Atlantic Charter’ covering tech, trade and travelThe U.S. and U.K. have pledge to agree on a new “Atlantic Charter” to cement trade, travel and tech ties between the two nations. | |
A 110-year-old bottle of Champagne is about to go on the block in an auction that could fetch millionsThe auction of 900 lots includes a bottle of Moet & Chandon that dates to 1911. | |
Core Consumer Prices Surge At Fastest Rate Since 1992Core Consumer Prices Surge At Fastest Rate Since 1992 With the world’s eyes having moved on from China’s rip-roaring PPI (and post-data decision to unleash price controls), this morning’s CPI print has been heralded as the arbiter of “is it transitory or not” with some (BofA) even suggesting we are nearing a period of “transitory hyperinflation.” The answer for now is – inflation’s still accelerating as headline CPI soared 5.0% YoY (hotter than the +4.7% expected). That is the highest level of inflatuion since Aug 2008. Source: Bloomberg But it is core CPI that is the huge outlier, soaring 3.8% YoY – the hottest level of inflation since 1992… | |
Biden Launches Plan To Close Gitmo “Quietly” After Obama Tried & FailedBiden Launches Plan To Close Gitmo “Quietly” After Obama Tried & Failed Despite long being part of the Democrats’ agenda, especially under Obama, closing America’s most controversial post-9/11 detention facility at Guananamo Bay, Cuba has remained elusive especially given the question of what to do with those “high security risk” prisoners housed there. But now NBC is reporting that President Biden has “quietly” initiated efforts to pick up where Obama left off in pursing its permanent closure, but this time “using an under-the-radar approach to minimize political blowback” ahead of the 20th anniversary of the Sept. 11 attacks. Biden’s approach will reportedly be centered on a plan to transfer the remaining some 40 detainees to foreign countries for these host countries to deal with them legally. This would not, however, include the most infamous prisoner at Gitmo Khalid Sheikh Mohammed and the group dubbed the “9/11 five” – believed to be … | |
Greenwald: Yet Another Media Tale – Trump Tear-Gassed Protesters For A Church Photo Op – CollapsesGreenwald: Yet Another Media Tale – Trump Tear-Gassed Protesters For A Church Photo Op – Collapses Authored by Glenn Greenwald via greenwald.substack.com For more than a year, it has been consecrated media fact that former President Donald Trump and his White House, on June 1 of last year, directed the U.S. Park Police to use tear gas against peaceful Lafayette Park protesters, all to enable a Trump photo-op in front of St. John’s Church. That this happened was never presented as a possibility or likelihood but as indisputable truth. And it provoked weeks of unmitigated media outrage, presented as one of the most egregious assaults on the democratic order in decades. | |
ECB Keeps Policy Unchanged, Renews Pledge For Faster Bond BuyingECB Keeps Policy Unchanged, Renews Pledge For Faster Bond Buying As previewed this morning, after lots of noise, the ECB ended up keeping its key policy unchanged, and continues to see PEPP purchases “to continue at significantly higher pace” for at least the current quarter, meaning that the ECB’s Dovish policies remain in place for summer with bond buying to continue at a “significantly higher” pace in 3Q and ahead of the Sep strategy review. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase program with a total envelope of EU1.85t until at least the end of March 2022. The key sentence: œBased on a joint assessment of financing conditions and the inflation outlook, the Governing Council expects net purchases under the PEPP over the coming quarter to continue to be conducted at a significantly higher pace than during the first months of the year, the European Central Bank says in statement. The word “coming” is the only change to the April statement, replacing “current.” Additionally, bond-buying under the older APP program will continue at a monthly pace of EU20b for as long as necessary Next up: ECB President Christine Lagarde speaks at 2:30 p.m. in Frankfurt, when ECB watchers should expect a cautious message and emphasis on avoiding a tightening of financial conditions at presser. Inflation … | |
Ex-Brewdog staff allege ‘culture of fear’ at brewerFormer employees allege “cult of personality” in firm and claim “toxic attitude” to junior staff. | |
US overtakes UK as hardest hit by Covid deaths in G7UK pandemic deaths are the second worst of the seven big Western economies, an analysis for the BBC says. | |
UK economy lags behind other countries in Covid recoveryThe G20 major economies grow slightly compared with pre-pandemic levels, but UK trails behind. | |
A $43 billion jump in Adani’s fortune is fraught with many risksThe analysis underscores the vulnerability of the rapid wealth surge Adani has seen in 2021, beating the gains for Warren Buffett and his compatriot Mukesh Ambani. | |
US to remain world’s ultra-rich hot spot even as China, India surgeThe number of ultra-high-net-worth individuals in the US will increase 36 per cent to about 28,000 in 2025 compared with last year, the firm said in its 2021 Global Wealth Report released Thursday. | |
Are you averse to booking losses in stocks? It’s best time to remove the weedsA typical retail investor portfolio is likely to have many low-grade stocks and even penny stocks. Bull market presents opportunities to get out of the low-grade stocks and to invest the proceeds in quality stocks. | |
Economic Report: Jobless claims drop to post-pandemic low of 376,000Initial jobless claims fell 9,000 to 376,000 in the week ended June 5, the Labor Department said Thursday. | |
Economic Report: Consumer prices soar again, CPI shows, and shove rate of inflation to a 13-year highThe cost of living surged again in May and drove the pace of inflation to a 13-year high of 5%, reflecting a broad increase in prices confronting Americans as the economy fully reopens. The consumer price index jumped 0.6% last month. | |
: Shopify and Affirm launch broad rollout of installment paymentsCompanies plan to offer buy-now, pay-later option to ‘hundreds of thousands’ of Shopify merchants as partnership progresses. |
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