Written by Gary
May 2021 Headline Pending Home Sales Rise (SPY +0.1%). LegalZoom shares jump 30% and UK to end coal power.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Russia Is Ready To Open The TapsThere is economic life after the pandemic. While the novel coronavirus hasn’t been vanquished, oil demand has significantly risen in the past couple of months. According to the IEA, by the end of 2022 demand could have rebounded to pre-Covid levels. Rising prices are causing mild distress in Moscow which fears that the global economic upturn could be slowed. While many uncertainties remain, sources expect Russia to opt for increased production during the OPEC+ meeting in a few days. At the start of the pandemic in April 2021, OPEC+ agreed on historic |
| IEA: World Needs Forgotten Giant Hydropower For Net-Zero GoalsHydropower, the forgotten giant of low-carbon electricity, will need major policy support to help accelerate the expansion of solar and wind power and put the world on track for net-zero goals, the International Energy Agency (IEA) said on Wednesday. Hydropower currently provides one-sixth of global electricity generation and is the single largest source of low-carbon powerand more than all other renewables combined, the IEA estimates. In 2020, hydropower was the third?largest electricity generation source after coal |
| This Norwegian Flagship Crude Could Save The Brent BenchmarkDeliberations on which benchmark presents the best opportunities to trade just never seem to stop. The gradual decline of all erstwhile champions of North Sea output champions has compelled pricing agencies to include newer and newer grades into the Brent basket to ensure the traded benchmarks liquidity.The recent maintenance of the Forties pipeline system, with the UK grade being the largest stream within the Brent price-setting barrel pool, has rekindled speculation that pricing transparency requires substantial volumes, which can only |
| Big Oils Digital Pivot Marks The Beginning Of A New Era For The IndustryThe oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate change. Along with artificial intelligence, machine learning, digital twins, and robotics, the worlds biggest oil and gas firms and oilfield services providers are betting on 3D printing, also known as additive manufacturing, to streamline operations, cut costs and save time, and reduce |
| UK To End Coal Power A Year Earlier Than PlannedThe UK is bringing forward its target to end coal use in electricity generation by one year, to October 2024 as part of its aim to lead the world in tackling climate change, the government said on Wednesday. Today were sending a clear signal around the world that the UK is leading the way in consigning coal power to the history books and that were serious about decarbonising our power system so we can meet our ambitious, world-leading climate targets, Energy and Climate Change Minister Anne-Marie Trevelyan said in a |
| UK Government Must Keep Investing In Nuclear Power CapacityThe UK government has today been urged to make sure that the country has at least 10 gigawatts of operational nuclear capacity by the early 2030s as the current fleet of power plants begin to be shut down. In a new report, the cross-parliamentary group for nuclear power urged ministers to commit to new nuclear projects in order to keep on track to achieve its net zero goal. Developing such capacity would put the government in line with the recommendations of the Committee on Climate Change (CCC) in its latest carbon budget. A government spokesperson |
| Incoming Howard dean Phylicia Rashad’s comments on Bill Cosby’s release draw outragePhylicia Rashad faced harsh criticism Wednesday after celebrating controversial comedian Bill Cosby’s release from prison. |
| LegalZoom shares jump 30% in market debut; CEO sees further opportunity in online legal servicesThe online legal platform was valued at over $7.5 billion as shares soared as high as 38%. |
| Chip shortage causes Ford to slash vehicle production at several plants in JulyFord said it will idle or reduce vehicle production at eight plants for varying periods of time into early August due to the shortage of semiconductor chips. |
| Bill Cosby released from prison after court overturns sex assault convictionThe Pennsylvania Supreme Court on Wednesday overturned Bill Cosby’s sex assault conviction, setting the stage for the release of the comedian later in the day. |
| Yale drops drama school tuition following David Geffen’s $150 million donationYale announced on Wednesday that its drama school received a $150 million donation from David Geffen, allowing it to stop charging tuition for those students. |
| ‘Here’s a curveball’: Attorney for alleged shell stock hijacker quits lawsuit targeting New World GoldA lawyer for a Minnesota man criminally charged with hijacking dormant shell companies in a pump-and-dump stock scheme abruptly withdrew from a civil lawsuit. |
| Volvo unveils EV concept with suicide doors as ‘manifesto’ for its all-electric futureSwedish automaker Volvo unveiled a new concept EV that previews the future design direction of the company’s lineup as it transitions to only offer EVs by 2030. |
| ‘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. |
| Stocks & Bonds Soar In ‘Stagflationary’ Q2, June Gloom Crushes CryptoStocks & Bonds Soar In ‘Stagflationary’ Q2, June Gloom Crushes Crypto An ugly year for “hard data”, especially relative to expectations, but that didn’t stop oil prices, big-tech stocks from soaring (as the yield curve flattened dramatically with the long-end well bid)
Source: Bloomberg And Q2 saw ominous stagflationary signals…
Source: Bloomberg As Bubble Markets followed The Fed’s balance sheet flow… |
| Oh No You DIDIn’t!! Chinese Ride-Sharing Firm Crashes Back Near IPO PriceOh No You DIDIn’t!! Chinese Ride-Sharing Firm Crashes Back Near IPO Price Update: Who could have seen this coming? DIDI just crashed back to within pennies of its IPO price…
We appear to have where the underwriters were waiting. *Â *Â * Didi raised about $4.4 billion in its initial public offering Tuesday after pricing shares at $14 apiece, making it the biggest IPO haul for a Chinese company since Alibaba Group Holding Ltd. listed shares in 2014, according to Dealogic. BUT… Having been proudly displayed by CNBC et al. as indicative of investor demand for recovery stocks and “money on the sidelines” being put to work, DIDI is puking after its open this morning… Didi’s American depositary shares opened trading at $16.65 on Wednesday afternoon, 19% above their $14 IPO price. At the open, Didi’s market capitalization was roughly $80 billi … |
| As California Begins To Burn, Biden Meets With Western GovernorsAs California Begins To Burn, Biden Meets With Western Governors Update: President Biden met with governors from Western states Wednesday to discuss new measures to contain wildfires as this year’s fire season could be one for the record books amid the latest historic heat wave and megadrought. “We know this is becoming a regular cycle and we know it’s getting worse,” Biden said at the meeting. “The truth is, we’re playing catch-up. This is an area that’s been under-resourced, but that’s going to change if we have anything to do with it.” “Wildfires are not a partisan phenomenon,” Biden added. “We need a coordinated, comprehensive response ¦ an we want to know what you, the states and localities and tribal governments, those on the frontlines, are facing in this danger, and what you think would help the most.” Biden said the government has “to act fast” in containing and preventing wildfires, adding that, “We’re late in the game here.” The president addressed the wage issue among federal firefighters by increasing their minimum wage from $13 per hour to $15. As we noted below, Biden last week called $13 “ridiculously low.” He said more federal firefighter positions would become permanent rather than seasonal “so that when fires aren’t burning, we have a workforce of experienced hands enhancing our forest management, reducing the risks of future fire seasons.” For the fiscal year 2022, the Biden administration is requesting $30 billion for wildfire management and relief and a 62% rise in hazardous fuels treatment funding. * * * President Biden is expected to meet … |
| Former Defense Secretary Donald Rumsfeld Dead At 88Former Defense Secretary Donald Rumsfeld Dead At 88 Former defense secretary Donald Rumsfeld, the main planner for the Iraq war until former President George W. Bush replaced him, has died at the age of 88, according to a statement from the family.Â
“It is with deep sadness that we share the news of the passing of Donald Rumsfeld, an American statesman and devoted husband, father, grandfather and great grandfather. At 88, he was surrounded by family in his beloved Taos, New Mexico,” the statement read.
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| Gap to close all 81 stores in UK and IrelandThe fashion chain says it will be online-only from the end of September. |
| Green Saving Bond details revealed – except for one key factorSavers’ money will go to the government for environmental projects, but the interest to be paid remains unknown. |
| Bank of England’s Andy Haldane voices 4% inflation fearThe Bank of England’s departing chief economist warns that the risk of high inflation is “rising fast”. |
| 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. |
| Small stocks give higher returns to investors so far this fiscal yearIn the last financial year too, small stocks gave handsome returns to investors. |
| Volatility poised to make a comeback and even bulls are concerned‹The Cboe Volatility Index, or VIX, has fallen more than six points this year, close to a 16-month low. |
| May 2021 Headline Pending Home Sales RiseWritten by Steven Hansen The National Association of Realtors (NAR) seasonally adjusted pending home sales index rose. According to the NAR:
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| Cryptos: Tom Brady, Gisele Bundchen take equity stakes in crypto company FTXIn a statement Tuesday, FTX said the couple will enter a long-term partnership as company ambassadors and receive an unspecified amount of crypto assets. |
| : Is it a bird? Is it a plane? No it’s a flying car on track for productionA prototype flying car powered by a BMW engine has completed its first intercity flight |
| : Victoria’s Secret shows how reluctance to embrace the plus-size market can hurt an apparel businessPlus-size fashion label Torrid has filed to go public and tap a market forecast to reach $697 billion by 2027. |
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