Written by Gary
Federal spending soared in 2020 but state and local spending flatlined (SPY +0.1%). Fast and furious first half of 2021 keeps financial markets at full throttle.
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. | |
Goldman Sachs: Oil Markets To See Deficit Of 5 Million Bpd By End 2021The oil market will end 2021 in a deficit of 5 million bpd as demand grows by another 2.2 million bpd in the second half of the year, Goldman Sachs analysts said in a note as quoted by Reuters. This means that OPEC+ needs to bring more supply online to help narrow this deficit because other suppliers would find it more challenging to step in and boost production, the bank also said. “While a large new infection wave could slow the market rebalancing, we expect OPEC+ to remain tactical in its output hikes with downside risks to global supply elsewhere | |
40% Rally Puts Oil Prices On Track For Best First Half Since 2009Oil prices rose by 1 percent early on Wednesday and were set for the best performance in a first half of a year since 2009, as demand recovery and advances in vaccine programs have pushed up prices by more than 40 percent since the start of 2021. As of 9:06 a.m. EDT on Wednesday, ahead of the weekly EIA inventory report, WTI Crude prices were up by 1.41 percent and trading at $73.91, and Brent Crude was up 1.03 percent at $75.48. Oil prices jumped by over 40 percent between January and June this year, registering its best first-half performance | |
Oil Prices Spike On Large Crude Inventory DrawCrude oil prices jumped higher today after the Energy Information Administration reported an inventory decline of 6.7 million barrels for the week to June 25. This compares with a draw of 7.6 million barrels the EIA estimated for the previous week. A day earlier, the American Petroleum Institute had reported a crude oil inventory draw of over 8 million barrels for last week, the sixth consecutive week of inventory draws. Analysts had expected the EIA to report an inventory draw of 4.686 million barrels for the week to June 25. In gasoline, the | |
OPEC+ Delays Ministerial Meeting Amid DifferencesOPEC+ has delayed a meeting of oil ministers scheduled for today to give member states more times to come to an agreement about how they are to proceed with the addition of more production to global supply. Bloomberg reports the meeting will now take place on Thursday, the same day that the regular meeting was scheduled for. The disagreement, unsurprisingly, is between Saudi Arabia and Russiathe biggest producers in the club. According to the report, Russia supports a faster ramp-up of production. Saudi Arabia prefers to take things more | |
OPEC+ Fears Significant Oil Glut After April 2022The OPEC+ alliance expects a significant overhang of oil supply on the market after April 2022 when the current production cut pact expires, Reuters reported on Wednesday, citing an internal report of an OPEC+ panel it had seen. In 2022, a significant increase is seen, leading to an overhang of 181 million barrels by the end of the year, the Joint Technical Committee (JTC) of the OPEC+ group said in the report. While OPEC+ sees commercial oil stocks in OECD nations below the five-year average for the rest of this year, it expects | |
Nigeria Prepares To Reveal New Oil Bill 20 Years In The MakingNigerias Senate is expected to see on Tuesday the presentation of the countrys petroleum industry bill, a new regulation on the oil industry that has taken 20 years to draft. The bill is expected to be presented at the Nigerian Senate today, Reuters reported, quoting the legislations agenda it had seen. The Petroleum Industry Bill (PIB) has been two decades in the making to overhaul the way Nigeria will share its oil resources with international oil companies and aim to attract new investment in oil and gas. The Senate could | |
‘Hamilton’ receives $30 million grant from the government’s Shuttered Venue Operators Grant program“Hamilton” received a $30 million grant from the government’s program for shuttered businesses and could receive up to $20 million more. | |
Gap’s Yeezy brand with Kanye West could tally nearly $1 billion in sales in first year, Wells Fargo saysGap’s upcoming Yeezy line with rapper Kanye West could bring in nearly $1 billion in incremental sales next year, according to an analysis by Wells Fargo. | |
Biometric screening company CLEAR trades higher by as much as 35% in its first day as public companyBiometric screening company CLEAR made its market debut Wednesday on the New York Stock Exchange and is now trading under the ticker symbol œYOU. | |
‘We’re playing catch up’ ” Biden addresses wildfires, record heat wave with Western governorsThe meeting comes as a historic heat wave grips the Pacific Northwest and most of the U.S. West experiences the worst drought in the last two decades. | |
Philadelphia 76ers CEO Scott O’Neil steps downThe next CEO will be tasked with helping the Sixers land a new arena and increasing the value of the New Jersey Devils. | |
Richard Branson’s Virgin Orbit successfully launches second rocket this year from a 747 jetVirgin Orbit, the satellite-launching spinoff of Sir Richard Branson’s Virgin Galactic, sent its second mission of the year to orbit on Wednesday. | |
Trump Organization expects to be charged Thursday in Manhattan criminal caseThe Trump Organization has been told to expect that criminal charges will be filed against the company belonging to former President Donald Trump. | |
How CRISPR gene editing will treat diseases in future: Nobel-winning Intellia co-founder Jennifer DoudnaJennifer Doudna, 2020 Nobel Prize winner in chemistry for CRISPR gene editing and co-founder of Intellia Therapeutics, on future of the breakthrough technology. | |
Emirates, Etihad prepare for summer travel surge despite warnings over the delta Covid variantThe summer travel surge comes amid fresh warnings over the delta Covid variant, which makes up more than one-third of infections in the United Arab Emirates. | |
CDC is leaving it up to states to set guidelines for mask wearing, director saysThe CDC has “always said that local policymakers need to make policies for their local environment,” CDC Director Dr. Rochelle Walensky. | |
Covid delta variant unlikely to cause another ‘raging epidemic’ in U.S., Dr. Scott Gottlieb says“In parts of the country where vaccination rates are high … I think we’re largely protected,” Dr. Scott Gottlieb told CNBC on Wednesday. | |
7-Eleven and Yum Brands franchisee buys bakery-cafe chain Au Bon PainFranchisee Ampex Brands announced Wednesday that it bought the bakery-cafe chain Au Bon Pain. | |
3D printer Relativity Space is expanding, with giant new facility to build reusable rockets3D-printing specialist Relativity Space is building a second rocket factory in Long Beach, California, where the company will move its headquarters. | |
Putin Raises Question Of Russia’s Next President, Setting Off Alarm In USPutin Raises Question Of Russia’s Next President, Setting Off Alarm In US Russian President Vladimir Putin on Wednesday held an annual event that’s somewhat unique to Russia referred to as a marathon call-in, which allows ordinary citizens to ask questions of their leader via a “direct line” telethon show lasting for hours. Putin engaged in discussion on multiple pressing topics, perhaps the most interesting which was the question of his successor. Reuters and other US-based press agencies misleadingly characterized Putin as saying that “the time will come when I name my possible successor”. This suggests that he spoke as if he’s a dynastic king or emperor or something, an image which West … | |
The Fed: Why Federal Spending Soared In 2020 But State And Local Spending FlatlinedThe Fed: Why Federal Spending Soared In 2020 But State And Local Spending Flatlined Authored by Ryan McMaken via The Mises Institute, In the wake of the Covid Recession and the drive to pour ever-larger amounts of œstimulus into the US economy, the Federal Government in 2020 spent more than double “as a percentage of all government spending “of what all state and local governments spent in 2020, combined. By the end of 2020, the US’s federal government was spending 68 percent of all government spending in America, while state and local governments spent only 31 percent of all government spending. More specifically, federal expenditures reached 6.8 trillion for the year while state and local spending reached œonly 2.9 trillion. This was a sizable change from the decade leading up to 2020 when the federal government’s share of all gov … | |
Microsoft, Google Abandon “Truce” As Tech Giants Turn On Each Other Amid Anti-Monopoly PushMicrosoft, Google Abandon “Truce” As Tech Giants Turn On Each Other Amid Anti-Monopoly Push Now that humbling America’s tech giants has become an issue with bipartisan support, a package of restrictive new measures targeting Big Tech is slowly moving through Congress, while President Biden prepares to slap the industry with a new executive order empowering regulators to tighten scrutiny of any anti-competitive behaviors. While all the money firms like Facebook, Amazon and Google spend on lobbying may have saved them from being forcibly broken up, the new restrictions will unquestionably hurt the bottom line of big tech, while making it more difficult for the biggest firms to simply buy out any competitors who might threaten their dominance. While Facebook recently won a major court victory when a judge dismissed a lawsuit brought by the DoJ and a handful of State attorneys general, Google has once again found itself squarely in the sight of regulators hoping to humble the company’s display ads business, an integral piece of Google’s dominance of the digital advertising space. | |
La Niña Ended In May, So When Is The Break From This Heat In The US?La Niña Ended In May, So When Is The Break From This Heat In The US? Authored by Mike Shedlock via MishTalk.com, La Niña weather patterns generally associated with dry condition in the Southwest ended in May. So when is the relief? El Niño and La Niña SciJinks discusses the Difference Between El Niño and La Niña.
El Niño and La Niña: Freque … | |
Checkatrade boss warns of shortage of skilled trade workersRichard Harpin says it should be made easier for EU bathroom fitters and kitchen installers to come to the UK. | |
Dixons says pandemic has led to a permanent shift in the use of techAlex Baldock says the pandemic and working from home opened people’s eyes to the value of tech. | |
Name all firms receiving furlough cash, say MPsThe call from an influential committee of MPs comes amid fears of fraud and error in Covid schemes. | |
New margin rule: Now hedge your commodity positions at 75% discountThe markets regulator is making changes to the margin rules, which will benefit those who hedge their positions in individual commodity derivatives and related commodity index futures. | |
Fast and furious first half of 2021 keeps financial markets at full throttleVaccine programmes and some of the biggest fiscal and central bank stimulus ever seen have made for compelling viewing. | |
Mukesh Ambani, Gautam Adani, 4 other Indians earned $45 billion in 6 monthsData from Bloomberg Billionaire Index shows that half a dozen wealthy Indians, including Mukesh Ambani and Gautam Adani, added $44.75 billion in the first six months of 2021 to their fortunes. | |
Outside the Box: How LGBTQ investors can win at marriage, money, family and retirementPride month and beyond: Tips for LGBTQ+ financial wellness | |
Lawrence A. Cunningham’s Quality Investing: Why high-quality, trustworthy companies have beaten the S&P 500 by 30%-50%More predictable businesses tend to be more profitable stock investments. | |
NewsWatch: Full FDA approval of Pfizer’s and Moderna’s COVID-19 shots would reinvigorate the U.S. vaccination push ” but it could still be months awayThe “full” approval of Pfizer and Moderna’s COVID-19 vaccines sometime this year could boost sagging vaccination rates in the U.S., though the Food and Drug Administration’s decision may not happen until the end of the year. |
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