Written by Gary
Historic heat wave linked to hundreds of deaths in Pacific Northwest (SPY +0.3%). GM’s second quarter sales up nearly 40%. Walgreens swings to a profit and raises forecast.
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. | |
Indias Oil Demand Expected To Return To Normal By End Of YearIndias oil demand is expected to get back to normal by the end of the year, following months of uncertainty in the face of a third wave of Covid-19 infections. Following months of increasing coronavirus infections across the country and heightened restrictions meaning a lower-oil demand, India can finally see the light at the end of the tunnel. According to new predictions, Indias oil demand could reach pre-pandemic levels by the end of 2021. Indias Oil Minister Dharmendra Pradhan told Bloomberg this week, There | |
Nio Defies Semiconductor Shortage With Blowout Delivery ReportShares of EV automaker NIO are up about 3% in the pre-market session after the company was able to buck the semiconductor shortage and report deliveries for June that were on the high end of analyst expectations. The Chinese automaker reported on Thursday morning that it had delivered 8,083 cars in June, bringing its second quarter total of vehicles delivered to 21,896 vehicles. Those numbers were at the high end of the company’s forecast for deliveries of between 21,000 and 22,000 for the quarter, CNBC noted. The company’s press release | |
UN Urges US To Lift Iran Oil Sanctions Before Its Too LateThe United Nations political affairs chief has called on the United States to either lift or waive the American sanctions against Iran as the Islamic Republic, the U.S., and the remaining signatories to the so-called 2015 nuclear deal continue difficult negotiations about Washington and Tehran returning to the agreement. Representatives of Iran and the United States have faulted each other for not complying with the 2015 accord, while UN Security Council delegates urge the parties to work to achieving a breakthrough in the ongoing talks in Vienna, | |
Exxon Sting Reveals Black Book Of SenatorsA Greenpeace sting has had an Exxon lobbyist expose the names of 11 Senators he said were crucial for the supermajors lobbying efforts. The names include both Republicans and Democrats, including Senator Joe Manchin, who represents gas-producing West Virginia and is chair of the Energy and Natural Resources Committee, whom the lobbyist called kingmaker when it comes to lobbying efforts in Congress. The list also includes Senator John Barrasso from Wyoming, a top Republican representative on the Energy and Natural Resources | |
Oil Surges Past $75 As OPEC+ Discuses 2 Million Bpd Output BoostOil prices shot up early on Thursday as reports started to emerge that OPEC and its non-OPEC partners led by Russia were discussing another gradual increase in oil supply of 2 million barrels per day (bpd) between August and December. At 9:00 a.m. EDT on Thursday, at the close of the initial OPEC-only meeting where ministers read prepared statements about the general market situation, the U.S. benchmark WTI Crude hit $75.90, exceeding the $75/barrel mark for the first time since October 2018. Brent Crude was above $76.60. The first OPEC meeting | |
Whats Behind The Massive Fluctuation In Natural Gas Prices?The Texas Freeze was one of those unprecedented events that have the potential to upend the way things are done, in this case, in power utilities. The crisis, which saw natural gas prices rise from two-figure to four-figure numbers, prompted an in-depth look at Texass grid and electricity market, and measures to ensure it never happened again. Now, gas prices are on the rise again, and many of the February bills have not been paid yet. Disgruntlement is building up across the swathe of states affected by the freezing cold spell in February. | |
Walgreens said it’s seeing a comeback in discretionary spending. Here are three areas driving growthAs people get out again, the drugstore chain said they are refreshing their makeup bags and ordering passport photos. | |
Historic heat wave linked to hundreds of deaths in Pacific Northwest and CanadaHundreds of deaths have been linked to a record-breaking heat wave in Oregon, Washington and British Columbia this week. | |
Danone rebrands Oikos Greek yogurt as workers get ready to ‘grab and go’ on the way into the officeOikos Greek yogurt is starting off this summer with a new look and formula as Danone North America aims to reignite the category. | |
GM’s second quarter sales up nearly 40% but slightly miss analyst expectationsGM reported sales of 688,236 vehicles during the second quarter, up 39.7% from a year earlier when the coronavirus pandemic caused buyers to shelter in place. | |
British geothermal site passes crucial milestone as firm plans four new power plantsThe “proof of concept” project is located on a site near the Cornish town of Redruth. | |
Warehouse demand at unprecedented levels in cities like Savannah, real estate firm JLL saysRetailers’ appetite for warehouse space to meet online demand is rocketing higher, according to a new report from JLL. | |
New Covid wave could be imminent as delta variant sweeps Europe, WHO saysThe WHO said a decline in the number of infections in the region over the past 10 weeks has now come to an end. | |
Walgreens swings to a profit and raises forecast, but shares fall on fears vaccination boost will fadeWalgreens Boots Alliance raised its outlook for the year and unveiled its turnaround plans on Thursday, after a stronger-than-expected fiscal third-quarter. | |
Electric vehicle SPACs try to prove their worth to Wall Street as shares fallCanoo and Lordstown Motors recently held in-person investor days to tout their technology following executive shake-ups, inquires by the SEC and share drops. | |
Automakers report 2Q vehicle sales today. Here’s what investors should expectAnalysts estimate automakers sold about 4.5 million vehicles in the U.S. in the second quarter ” a 52% to 53% increase compared with a year ago. | |
Australia’s mixed messages on Covid vaccines sow confusionAustralia’s vaccine rollout has been slow and chaotic, as government leaders and health advisors send out mixed messages. | |
Here’s a guide to build wealth, decade by decadeThere are different aspects to accruing and protecting your wealth. How you go about it depends on your age. | |
Space company Astra begins trading on the Nasdaq, stock jumps 20%Shares of rocket builder Astra Space began trading Wednesday on the Nasdaq, as it became the latest space company to go public. | |
130 OECD Members Back Yellen’s Global Tax Overhaul As China, India Drop Resistance130 OECD Members Back Yellen’s Global Tax Overhaul As China, India Drop Resistance Following weeks of intense talks involving diplomats from more than 130 countries and jurisdictions, Washington has succeeded in winning international backing for a new global minimum corporate tax framework that, if implemented, would constitute the biggest shakeup in international tax rules in a century. The world took a critical step toward implementing the deal, which involves implementing an international minimum corporate tax rate in exchange for the US sharing the tax spoils from hundreds of the biggest American multinationals. The plan is a critical piece of Biden’s “Build Back Better” strategy, which involves passing trillions of dollars in “infrastructure” spending that will be partially offset by the biggest tax hikes in decades. The deal, brokered with the help of the OECD, follows years of missteps and other setbacks for the organization, which has been trying to reform international tax rules for years, even before the US threw its support behind reform. The framework received the backing of the G-7 and G-20. Now, finance ministers from the G-20 are expected to sign off on an “agreement in principle” during a meeting in Venice, Italy set for next week. Both China and India have reportedly given their blessing to the deal, eliminating the last bit of resistance from within the G-20. | |
Pelosi Picks RINO Liz Cheney To Join “Bipartisan” Committee Investigating Capitol RiotsPelosi Picks RINO Liz Cheney To Join “Bipartisan” Committee Investigating Capitol Riots House Speaker Nancy Pelosi announced Thursday that Rep. Liz Cheney, the daughter of former VP Dick Cheney and a prominent GOP critic of Trumpism, has been selected to join the committee that will investigate the Jan. 6 Capitol insurrection. While Pelosi will undoubtedly tout Cheney’s appointment as evidence of “bipartisanship” on the committee, Cheney’s standing within the GOP has taken a hit after she was stripped of her leadership role within the GOP’s House caucus. So far, Cheney is the only Republican to join the 13-member committee, which will consolidate several ongoing House investigations. Pelosi’s goal with the appointment is to give the commission the same bipartisan credentials that were enjoyed by the 9/11 Commission. Members of the GOP, however, might better describe Cheney as a “RINO” – or “Republican in Name Only”. President Trump himself has denounced Cheney as such. The remaining five members will be picked by Pelosi “in consultation with” House Minori … | |
Fauci: “There Are Now Two Americas, The Vaccinated & The Unvaccinated”Fauci: “There Are Now Two Americas, The Vaccinated & The Unvaccinated” Authored by Steve Watson via Summit News, America’s favourite Chinese lab funding coronavirus doomonger doctor Anthony Fauci announced Tuesday that there are now two Americas, a vaccinated America and an unvaccinated America. In an appearance on Dom Lemon’s CNN panic hour, Fauci declared that œWhen you have such a low level of vaccination super-imposed upon a variant that has a high degree of efficiency of spread, what you are going to see among under-vaccinated regions, states, cities or counties you’re going to see these individual types of blips. It’s almost like it’s going to be two Americas. œYou’re going to have areas where vaccination rate is high, where more than 70% of the population received at least one dose, he continued, adding œWhen you compare that to areas where you may … | |
Supreme Court Rules Arizona Law Against Ballot Harvesting ‘Not Racist’Supreme Court Rules Arizona Law Against Ballot Harvesting ‘Not Racist’ The US Supreme Court upheld two election integrity laws in Arizona on Thursday, in what may pave the way for other states to enact similar measures to prevent potential voter fraud. Illustration via the Arizona Capitol Times Voting 6-3 along ideological lines, the Court rejected Democrat claims that the Arizona laws – one which bans “ballot harvesting” in which third party activists collect and return other people’s ballots – and another which invalidates votes cast in the wrong precinct – don’t violate the 1965 landmark Voting Rights Act, according to Bloomberg. The ruling comes as Republican-controlled states move forward with a bevy of similar laws aimed at improving election integrity. Democrats argued that the Arizona laws disproportionately affect voters of color – claiming in an example that it’s particularly useful to the state’s Native American population because polling locations can … | |
Nissan announces major UK electric car expansionThe carmaker will build its new all-electric model in Sunderland, alongside a massive electric battery plant. | |
Four reasons why Gap is closing its shops in the UKFour reasons why the former High Street favourite is closing its shops in the UK and Ireland. | |
Bank governor warns against over-reaction to higher inflationBank of England governor says a rise will be “temporary” after a warning by the former chief economist. | |
Billionaire Gautam Adani plans to turn his business carbon negativeCoal helps produce nearly 70% of India’s electricity, although that share has been reducing with more clean energy entering the grid. | |
After 2,100% surge in 15 months, Adani stock heads for a crash. Analysts press exit buttonICICI Securities has a price target of Rs 1,085 on the stock, which suggests limited upside from its current level of Rs 1,019. The stock has hit lower circuit filters back to back in the past six days. | |
Auditor doubts Voda Idea’s ability to remain a ‘going concern’; analysts see 48% drop in stockThe streak of losses made the auditor of the telecom operator raise concerns over the telco’s ability to remain a ‘going concern’. Analysts have set price targets as low as Rs 5 on the stock, suggesting a potential 48 per cent plunge. | |
May 2021 Headline Construction Spending Marginally SlowsWritten by Steven Hansen The headlines say construction spending marginally slowed month-over-month. Our analysis shows the rolling averages improved. | |
The Ratings Game: Micron stock drags on chip sector as investors weigh demand trends amid tight supplyMicron Technology Inc. shares dragged on the chip sector Thursday as a beat-and-raise earnings report did not overcome uncertainty about how long memory chips will remain in high demand as supply shortages in the broader sector work themselves out. | |
ETF Wrap: What it might take to convert the largest bitcoin fund into the U.S.’s first ETFEvery week we highlight the most timely exchange-traded fund news, from new launches to inflows and performance. | |
Market Extra: Fed’s reverse repo program sees demand soar to just under $1 trillion overnightDemand surged for the Federal Reserve’s overnight reverse repo facility on Wednesday, with 90 firms parking a record $991.9 billion at the central bank in the last day of the year’s first half. |
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