Written by Gary
DOW, SP 500 and Nasdaq slip as stock-market investors await Fed update (SPY -0.2%). May 2021 Import Year-over-Year Inflation Grows To +11.3%.
Here is the current market situation from CNN Money | |
North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
Here are the headlines moving the markets. | |
Bullish Fundamentals Drive Oil Prices HigherOil prices have rallied in recent days, as global demand continues to recover while OPEC+ keeps a tight rein on supply and speculators buy the oil complex, seeing few downside risks. Over the past week, prices have jumped amid bullish outlooks on demand from OPEC and the International Energy Agency (IEA), while the talks in Vienna about the possible return of the United States and Iran to the so-called nuclear deal are dragging on for a sixth round and are unlikely to result in an agreement before the presidential election in Iran on June 18. Not | |
Weak Emission Standards Put $27 Billion EU Battery Investment At RiskAnanalysispublished by the European Federation for Transport and Environment states that the EU and the UK risk wasting 27 billion in battery investments if they fail to strengthen car and van CO2 emission standards. The non-governmental organization points out that the surging EV market in the Old Continent has resulted in plans for 38 battery gigafactories, totalling over 1000gWh of output and almost 40 billion in investment. Out of the 38, 17 planned gigafactories have secured full funding, worth 25.5 | |
Oil Jumps On Significant Crude DrawCrude oil prices rose further today after the Energy Information Administration reported a 7.4-million-barrel draw/build in inventories for the week to June 11. In fuels, the authority reported mixed inventory changes. Yesterday, the American Petroleum Institute estimated a crude oil inventory draw of 8.537 million barrels for the period, which sent prices even higher. For the previous week, the EIA had reported an oil inventory draw of 5.2 million barrels, with gasoline inventories, however, adding 7 million barrels and middle distillate inventories | |
GM To Boost EV Investments By 35% By 2025GM plans to increase investments in electric vehicles by 35 percent from earlier plans over the next five years to $35 billion as the company eyes one of the top spots in this market, Reuters has reported, citing unnamed sources familiar with the matter. The automaker had already stated in November 2020 itsambition to lead in the EV racewith higher investments and 30 new global EV launches by 2025. The company plans to have 40 percent of the models it offers in its home market plug-in EVs by 2025. Then, in January this year, the auto | |
Judge Blocks Bidens Ban On Oil LeasingA Louisiana federal judge has blocked President Bidens ban on new oil leases on federal lands by issuing a preliminary injunction. According to a Wall Street Journal report, the administration had no right to stop leasing federal lands for oil and gas drilling without approval from Congress. The White House paused new oil and gas leases on federal lands in January, saying it was going to review the margin for potential changes in the existing regulation for the issuance of oil and gas leases. The immediate impacts of that pause were at the | |
2 Stocks That Could Play Pivotal Roles In Americas Infrastructure MakeoverRolling blackouts, freezing homes, and skyrocketing electricity prices. Back in February, Texas’ primary electric grid suffered a one-two punch wrought by the deep freeze and off-the-charts demand for power as power plants struggled to keep up with heating demand. Power outages such as the Texas one are not only becoming much more frequent compared to the situation two decades ago but are also increasing in severity mainly due to climate stresses and a power grid that’s increasingly unable to hold up. The Texas blackouts marked the third time the | |
Adidas CEO Kasper Rorsted says consumers will force fashion industry to be more sustainableThe scrutiny will force the fashion industry, which produces 8% to 10% of global carbon emissions, to improve, Adidas CEO Kasper Rorsted said. | |
Despite pressure from investors GM CEO insists the company is more valuable keeping its EV battery groupKeeping the unit within GM will create more value for the company than spinning it off, CEO Mary Barra said. | |
Tripadvisor launches service that it says offers bigger discounts on hotels, flightsTripadvisor announced Wednesday the launch of Tripadvisor Plus, a travel subscription service that provides access to travel savings and other perks. | |
Why Dow, S&P don’t seem as worried about inflation as everyone elseFrom Wall Street CEOs such as JPMorgan’s Jamie Dimon to home and car buyers and hirers, everyone is worried about inflation, so why are stocks still at records? | |
GM ups spending on EVs and autonomous vehicles by 30% to $35 billion by 2025 on higher profitsGM, America’s largest automaker, is racing to catch up to Tesla on EVs and become a leader in the space against other well-established automakers such as VW. | |
Novartis CEO says future pandemics are bound to happen. Here’s how to prepare for the next oneThe CEO of Swiss pharmaceutical giant Novartis outlined how policymakers and the health industry can improve pandemic preparedness. | |
Diageo becomes first spirits company to sign a sponsorship deal with NFLSmirnoff Vodka owner Diageo has signed a multi-year deal with the NFL to become the league’s first spirits sponsor. | |
How Rebecca Minkoff started her business with $10,000 and an appetite for riskFashion designer Rebecca Minkoff took risks to get her business off the ground. She applied that same philosophy toward surviving the coronavirus pandemic. | |
Ford’s luxury Lincoln brand aims for half of sales to be electric vehicles by 2026Lincoln expects about half of its sales to be all-electric models by 2026, as it plans to offer new EVs across its portfolio of vehicles within the next decade. | |
Volvo to produce new Polestar 3 electric SUV in South CarolinaSwedish carmaker Volvo plans to produce a new premium SUV for its electric Polestar brand at a plant in Charleston, South Carolina. | |
Regeneron antibody ‘cocktail’ can save lives in hospitalized Covid patients, study findsAnother potentially life-saving treatment for hospitalized Covid-19 patients has been discovered by researchers at the University of Oxford. | |
Watch Live: Putin & Biden Hold Separate “He Said, He Said” Press ConferencesWatch Live: Putin & Biden Hold Separate “He Said, He Said” Press Conferences Having already seen The White House scramble to “clarify” some of President Biden’s actions (a head nod, not words), we look forward to the notably separate press conferences. Just ahead of Putin coming out to give his press conference first, Reuters is reporting Putin’s talks with Biden as “quite successful”…
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Fox Affiliate Fires Reporter After Release Of “Censorship” Clips Via Project VeritasFox Affiliate Fires Reporter After Release Of “Censorship” Clips Via Project Veritas Authored by Isabel van Brugen via The Epoch Times, A Fox affiliate station has fired a reporter after she went off-script during a weather segment on Monday saying she is being allegedly muzzled by Fox News, and later shared with Project Veritas recordings she says show the network’s censorship and corruption. Ivory Hecker, 32, who formerly worked for Fox 26 in Houston, has been let go by the station, a representative confirmed in a statement to several news outlets Tuesday. Hecker during the live segment claimed that Fox Corporation has been œmuzzling her to œkeep certain information from you, the viewer. œAnd from w … | |
Media Meltdown Over Biden Nodding That He “Trusts” Putin Forces White House StatementMedia Meltdown Over Biden Nodding That He “Trusts” Putin Forces White House Statement Before even talking to Joe Biden himself, the White House felt the need to do damage control from the moment Biden was inside the room during the first rounds of talks with Putin, which are expected to last throughout the day. “The White House says that President Joe Biden was not suggesting to reporters that he trusts Russian President Vladimir Putin with his reaction to a reporter’s question in Geneva,” AP reports based on the statement. It appears that a mere head nod from the president has sent the Western mainstream into a tizzy.
“At the start of a high-stakes summit in Geneva, Biden appeared to suggest that he can take the Russian leader at his word, nodding his head during a photo opportunity when asked by a reporter if Putin can be trusted,” AP continues. The opening meet and greet brief press event between the two leaders involved a nearly unprecedented “chaotic scrum with reporters shouting over each othe … | |
GM Is So Desperate To Hire Employees It’s Considering Dropping Its Mandatory Marijuana TestingGM Is So Desperate To Hire Employees It’s Considering Dropping Its Mandatory Marijuana Testing We know the labor shortage in the U.S. is getting bad when companies finally throw their hands up and call off drug testing in an attempt to be able to recruit more workers. Such is the case at General Motors, where hiring has gone so poorly for the summer that the company is “considering dropping the requirement that potential employees be tested for marijuana use,” according to Motor 1. The company is reportedly having extreme difficulty finding temporary summer workers at the plant that produces the Chevy Silverado, the report says. GM is seeking to hire 450 temporary part time employees at Flint and 275 at Fort Wayne. The UAW believes that “the company’s testing for marijuana use is limiting and deterring potential employees,” the report says. We wonder if they have looked closely at how much free money the government has been doling out over the last 18 months. Regardless, medical and recreational use o … | |
Eviction ban on firms behind on rent is extended by nine monthsThe government’s ban on landlords evicting companies in rent debt will now end in March 2022 | |
‘Mediocre’ male managers are stopping women’s riseA survey of women in finance finds men are progressing because they are better at office politics. | |
John Lewis boss says young staff lack basic numeracy skillsChairwoman Dame Sharon White says that new recruits’ literacy and numeracy are weak. | |
Borrowing costs begin to rise as lockdown conditions ease in IndiaœAs the lockdown conditions ease and economic growth revives leading to a pickup in the credit demand, banks will need to mobilise deposits, which can possibly come at slightly higher rates than what they now are, said Anil Gupta, vice president, sector head ” Financial Sector Ratings, ICRA. | |
NCLT raises doubt over confidentiality of liquidation valuation of VideoconThe liquidation value of Videocon Industries and its 12 group companies was Rs 2,568.13 crore and fair value of the assets was Rs 4,069.95 crore. While the bid amount submitted by Twin Star Technologies in the resolution plan was Rs 2,962.02 crore. | |
Bay Capital-backed Samco Securities launches Tinder-like app for investment ideasThe brokerage firm has launched ‘KyaTrade’ app on mobile to provide actionable investment ideas for its clients and investors. The app allows investors to ‘right swipe’ the investment idea they like and take action on it, while ‘left swiping’ ideas they do not. | |
May 2021 Import Year-over-Year Inflation Grows To +11.3%Written by Steven Hansen Year-over-year import price indices inflation grew from +10.6 % to +11.3 %. | |
NewsWatch: Dow struggles as stock-market investors await Fed updateU.S. stock benchmarks were trading flat Wednesday morning, as Wall Street braces for what is widely viewed as an important policy update from the Federal Reserve on the U.S.’s economic recovery from COVID and the pace of inflation. | |
: Adidas launches period-proof tights as athletic companies turn their attention to womenAdidas has a number of products in the pipeline for launch that are geared toward all women athletes. | |
Coronavirus Update: CDC says Delta COVID variant is ‘of concern,’ as experts warn of higher risks of infection and serious illnessThe Centers for Disease Control and Prevention has reclassified the Delta variant of COVID-19 as one “of concern,” underscoring how much more prevalent the B.1.617.2 variant first identified in India is becoming in the U.S. |
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