Written by Gary
China Expands Lockdowns, Mass Testing To Manufacturing Hub Of Dongguan (SPY +1.2%). The biggest midday movers: DoorDash, MicroStrategy, ZipRecruiter.
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. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Crude Oil Imports At Chinas Private Refiners Set To Plunge This AutumnChina has slashed by 35 percent the crude import quotas for its independent refiners in the second batch of oil buying authorizations this year, suggesting that Chinese teapots will import much lower volumes in the second half of the year compared to last year and to recent months. The second batch of import quotas by Chinese authorities is 35 percent lower than the same batch last year, and some independent refiners that had previously been allowed to buy foreign crude are cut off from this years second batch, Reuters reported on Monday, |
| Commodity Prices Dip As Dollar SurgesIt wont have been missed by anyone in the metals markets, but commodity prices have drifted off this past week. The reason is a resurgent dollar. Commodity prices down on stronger dollar Its a simple but well-worn mantra: a stronger dollar equals weaker commodity prices. Policymakers at the Federal Reserve advised Wednesday that interest rates would rise from record lows sometime in 2023, updating an earlier forecast of rises not until 2024. The more bullish position on rates boosted the dollar. As a result, the dollar index |
| China Reports Major Oil And Gas Find At Record DepthsChina National Petroleum Corporation has made an oil and gas discovery with reserves estimated at 900 million tons, Chinese media reported. The discovery was made after six years of exploration work in the Tarim Basin in the Xinjiang Uygur Autonomous Region, northwestern China. The geology of the formation is challenging, the report said, requiring ultra-deep drilling, at a record 8,470 meters. “We have grasped the geological rules of oil and gas reservoirs,” said the general manager of Tarim Oilfield Company, Yang Xuewen. “In Fuman Oilfield, we |
| Iran Nuclear Plant Shuts DownIran’s only nuclear power plant was shut down this weekend in an emergency move that Iranian media reported on but provided no details. The Associated Press wrote, citing an Iranian power utility official, that the shutdown could result in blackouts but also that it would only last for three to four days. According to Russia’s Sputnik, which cited Iranian Press TV, the Bushehr plant was shut down four days ago, and it had already caused a power shortage of some 1,000 MW. Earlier this year, an official from Iran’s Atomic Energy Organization warned |
| BofA: Oil Prices Could Hit $100 In 2022Expectations that strong demand recovery would outpace supply in coming months could lead to oil prices briefly hitting $100 per barrel in 2022, BofA Global Research said in a note on Sunday, as carried by Reuters. We believe that the robust global oil demand recovery will outpace supply growth over the next 18 months, further draining inventories and setting the stage for higher oil prices, analysts at BofA wrote in the note, in which they significantly raised their price forecasts for average Brent Crude prices next year. |
| The Death Of Car Ownership: This $30 Trillion Trend Could Kill The Auto IndustryWe now officially live in a subscription economy and its worth trillions of dollars.The global live streaming market is predicted to hit $247 billion by 2027 By the end of next year, IDC expects that 53% of all software revenue will come through subscription models. Some analysts think the car subscription market is set to grow by over 70% next year. Its all about recurring revenue. And its one of the biggest trends of the decade because it dips into multiple trillion-dollar industries at once. This is how we |
| Dr. Scott Gottlieb worries about spread of delta Covid variant among kids in schools this fall“I think we’re going to see that children and schools do become more of a focal point of spread,” ex-FDA chief Dr. Scott Gottlieb told CNBC on Monday. |
| Stocks making the biggest moves midday: DoorDash, MicroStrategy, ZipRecruiter and moreThese are the stocks posting the largest moves in midday trading. |
| U.S. to split 55 million Covid vaccine doses between Latin America, Asia and AfricaThe 55 million vaccine doses are the remaining portion of 80 million shots President Joe Biden has committed to donating abroad. |
| Harry Kane: Man City make £100 million transfer bid for Tottenham strikerCity are open to including players in addition to the cash offer, but Tottenham are expected to reject the bid. |
| Amazon Prime Day is on. These are the deals you can skipThere will be 2 million deals during Amazon’s shopping event. Some are better than others. |
| DoorDash and Albertsons partner on same-day grocery delivery from nearly 2,000 storesDoorDash is partnering with Albertsons Companies to offer on-demand grocery delivery from nearly 2,000 of its stores, including Safeway, Vons and Jewel-Osco. |
| Bad at public speaking? Use this mental trick that takes just 15 minutes, says speech expertPublic speaking is one of the most common social fears. Most people assume it’s simply because they’re shy, but the real reason, according to a speech trainer, is because no one ever taught us how to express ourselves. Here are five simple steps to improvement. |
| How college athletes will be cashing in after Supreme Court NCAA decisionFormer Notre Dame QB Brandon Wimbush built an internet business for college athlete endorsements as the Supreme Court, states, and Congress rule on pay. |
| Salad chain Sweetgreen confidentially files for initial public offeringSalad chain Sweetgreen has filed for an initial public offering after the pandemic fueled its surging digital sales. |
| MicroStrategy now owns over 100,000 bitcoins worth more than $3 billion after latest purchaseThe enterprise software company said Monday the average purchase price of its 105,085 bitcoin trove is $26,080 apiece, including fees and other expenses. |
| This Amazon Prime Day, it’s not about the deals. How other retailers are looking to win your businessShoppers booting up a web browser and expecting to see steep discounts around Amazon’s Prime Day megasale this year might come away disappointed. |
| Wingstop launches a virtual restaurant selling chicken thighs as wing supplies tightenThe new brand will be available for delivery or carryout in 1,400 locations nationwide via DoorDash or on Thighstop.com, the company said. |
| The Euphoria Behind Stimulus Plans Is UnwarrantedThe Euphoria Behind Stimulus Plans Is Unwarranted Authored by Daniel Lacalle, The United States retail sales and jobless claims weakness, significantly below estimates, coincides with the largest fiscal and monetary stimulus in history. Something is not right when these figures come significantly below estimates in an environment of massive upgrades to Gross Domestic Product (GDP). Why? The diminishing returns of stimulus plans are very evident. Artificially boosting GDP with large government spending and monetized debt generates a short-term sugar-high that is rapidly followed by a sugar-low. The alleged positive effects of a $1 trillion stimulus plan fade shortly after three months. I recently had a conversation with Judy Shelton where she mentioned that the recovery would be stronger without this latest massive stimulus package. The economic debacle happened due to lockdowns and the recovery comes from the re-opening. We need to let the economy breathe and strengthen, not bloat it. The diminishing returns of stimulus plans are evident. A $20 trillion fiscal and monetary boost is expected to deliver just a $4 trillion real GDP recovery followed by a rapid return to the historical trend of GDP growth this will likely lead to new record levels of debt, weaker productivit … |
| “We Can’t Let It Get The Upper Hand” – ‘Delta’ Variant Threatens To Derail Europe’s COVID Recovery“We Can’t Let It Get The Upper Hand” – ‘Delta’ Variant Threatens To Derail Europe’s COVID Recovery The FT reported in today’s edition of the paper that the Delta COVID mutant first identified in India has swept across the UK while also becoming the dominant strain in Portugal and Germany, with the strain threatening other countries as well, just as Europe is suffering multiple setbacks to its vaccine rollout. According to an FT analysis of European infection data, the new strain is gaining ground, though it’s not quite the dominant strain in the EU. Delta accounts for 96% of sequenced COVID infections in Portugal, more than 20% in Italy and about 16% in Belgium. The small but rising number of cases have raised concerns that the Delta variant could halt the progress the EU has made over past the two months in bringing new infections and deaths down to their lowest level since the fall.
VÃ ran said only 2%-4% of virus samples being analyzed in France were showing as the Delta variant, “you might say this is still low but it is similar to the situation in the UK a few weeks ago.” The FT’s analysis suggested that the percentage of Delta case … |
| Watch: Biden Security Advisor Refuses To Say How China Will Be Punished For Non-Cooperation With COVID InvestigationsWatch: Biden Security Advisor Refuses To Say How China Will Be Punished For Non-Cooperation With COVID Investigations Authored by Steve Watson via Summit News, Likely expecting a softball interview on CNN Sunday, Joe Biden’s national security advisor surprisingly found himself having to dodge questions about what action will be taken to pressure China to co-operate with investigations into the origins of the coronavirus pandemic.
CNN host Dana Bash asked Jake Sullivan to explain what will be done to force the communist government in China to fall into line.
|
| China Expands Lockdowns, Mass Testing To Manufacturing Hub Of DongguanChina Expands Lockdowns, Mass Testing To Manufacturing Hub Of Dongguan Despite China’s success in reining in COVID-19 cases, a recent outbreak in Guangdong, China’s most populous province, has apparently spread even further despite lockdown measures that were first imposed in late May, before being tightened earlier this month. And on Monday, Reuters reported that despite these restrictions, the outbreak has spread to the manufacturing hub of Dongguan, which is also situated in Guangdong Province. The city launched mass testing on Monday and even blocked off certain communities after detecting the first infections tied to the current outbreak. Officials have said that the “Delta” mutant strain – first discovered in India – has been driving the latest outbreak.
According to |
| Gupta-owner Jaguar Land Rover supplier in talks with lendersLiberty Aluminium Technologies employs 250 people across sites in Coventry, Witham and Kidderminster. |
| Morrisons’ share price soars 30% on takeover offerThe supermarket has rejected a proposal from a US private equity firm valuing the firm at £5.5bn. |
| New flexible tickets go on sale for part-time commutersRail passengers who travel to work two or three days a week now have the option of a flexible monthly ticket. |
| Govt eases listing norms for companies having over Rs 1 lakh cr m-capSuch entities will be required to increase its public shareholding to 10 per cent in two years and raise the same to at least 25 per cent within five years. |
| Relief for PNB Housing Finance: SAT allows vote on Carlyle’s Rs 4,000-crore infusionThe shareholders’ meet is scheduled on June 22. Market regulator Securities & Exchange Board of India had last week told PNB Housing not to seek shareholders approval on the deal before carrying out a valuation on its business by an independent agency. |
| Fed’s “big tent” framework may fray under inflation surgeWhen the Fed unveiled its new framework just 10 months ago, with a view that employment could expand as much as possible as long as prices did not rise too fast, the language was kept vague on key points in order to maintain unanimous support. The limits to that “big tent” approach are now becoming clear. |
| May 2021 CFNAI Super Index Moving Average Index ImprovedWritten by Steven Hansen The economy’s rate of growth accelerated based on the Chicago Fed National Activity Index (CFNAI) 3 month moving (3MA) average – and the economy is slightly above the historical trend rate of growth.
|
| : Do you know how much your coworkers make? There may be a downside to finding outIn some cases ‘pay transparency reduces the bargaining power of employees,’ according to research circulated by the National Bureau of Economic Research. |
| : 5 things NOT to buy on Amazon Prime DayAmazon’s annual Prime Day kicks off on June 21 and ends on June 22. |
| : Supreme Court unanimously rules against NCAA in athlete compensation caseThe Supreme Court has ruled the NCAA is currently violating U.S. antitrust law by restricting compensation for student-athletes |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
