Written by Gary
ISM and Markit Manufacturing Surveys continue to show strong growth (SPY +0.6%). Krispy Kreme shares rise 17%, GM’s second-quarter sales up nearly 40%.
The Market in Perspective
Here are the headlines moving the markets. | |
Norway Is Going Full Steam Ahead On Its Oil VenturesDespite announcements last year that it is striving for net-zero carbon emissions by 2050, Norway has now said it will go full steam ahead in its oil ventures over the coming decades. While neighboring Denmark plans to end all North Sea operations by 2050, Norway, Western Europes largest oil producer, continues to offer exploration and production contracts to several companies, as it intends to develop its already well-established oil industry further. In a white paper, Minister of Petroleum and Energy, Tina Bru, stated that The | |
Lithium-Ion Battery Demand To Jump Seven Times This DecadeIncreased adoption of electric vehicles (EVs) will lead to higher demand for metals used in batteries and to lithium-ion battery demand jumping seven times this decade, research provider BloombergNEF said in a new report this week. Demand for Li-ion batteries is set to exceed 2.8 terawatt-hours (TWh) annually by the end of this decade, which, according to Bloomberg estimates, is the equivalent of the annual production volumes of 80 Tesla gigafactories. Copper and aluminum will lead the surge in demand for battery metals by 2030, BloombergNEF (BNEF) | |
Imagining The City Of The FutureCities and municipalities can be the most effective policy executors. Being closer to their citizens and having more cohesive populations than nation-states helps them rally residents for challenging endeavors. Cities also adapt more easily to new digital tools, utilising data to monitor public sentiment and sharpen outreach efforts. These attributes allow cities and municipalities to act swiftly in normal times and in crises. Climate change and the city Cities address climate change individually and as part of a governance ecosystem. They work | |
Angola Debt To Oil Field Operators Swells To $1 BillionAngola owes foreign oil field operators some $1 billion, Reuters has reported, citing unnamed sources, adding this level of debt had forced the country to put up stakes for sale in several offshore oil and gas blocks. Sonangol announced the tender for the stakes in mid-June and many saw it as a litmus test for the oil industry, which has become a lot more cautious with its investments amid growing government and shareholder pressure to become more environmentally responsible. “Sonangol has been unable to meet its financial requirements in some | |
Uber Cashes In On DiDis IPOThe ride-sharing race is heating up as Chinese major ride-sharing company Didi, also known as the Uber of China and an actual Uber partner, debuted on the NYSE in one of the biggest China based companies listings in the United States. Didi started trading in New York at about $16.65, which is almost a 20% jump from its initial public offering price of $14 a share. Raising $4.4 billion from the stock sale, Didis IPO is the second biggest US share offering by a Chinese company, followed by Alibaba’s in 2014. Didi dominates ride-hailing | |
Oil Prices Jump As OPEC+ Reaches Preliminary DealRussia and Saudi Arabia have reportedly reached a preliminary deal for OPEC+ to gradually increase output by 2 million barrels per day between August and December, Reuters said, citing an unnamed OPEC+ source. This is this unofficial sourcing coming out of a meeting of the JMMC, which was still ongoing as of 13:00 EDT. An OPEC panel has proposed monthly increases in output of 0.4 million barrels per day. Updating on Twitter, Amena Bakr, Deputy Bureau Chief & Chief Opec Correspondent for EnergyIntel, reported that the JMMC was currently addressing | |
Portland Trail Blazers land NBA’s first cryptocurrency jersey patch dealCryptocurrency platform StormX will have a brand presence on the Blazers’ game and practice jerseys and in-arena signage. | |
Former NBA star Shane Battier joins board of software company Yext and wants to build his business away from sportsShane Battier joined Yext as a board member after vacating his executive role with the Miami Heat in June. | |
1,000 counties in the U.S. have Covid vaccination coverage of less than 30%, CDC saysUnvaccinated counties could see increased rates of delta variant transmission. | |
Trump Organization indictment alleges years-long scheme to dodge taxes on executive compensationTrump Organization CFO Allen Weisselberg pleads not guilty to scheme to defraud, grand larceny | |
White House to deploy response teams across the U.S. to combat highly contagious delta Covid variantThe White House is deploying response teams across the U.S. focused on combatting the highly contagious delta variant, the Biden administration announced. | |
Elon Musk says SpaceX competitor ULA would be ‘dead as a doornail’ without Pentagon helpSpaceX CEO Elon Musk sparred on Twitter with Tory Bruno, the CEO of Boeing and Lockheed Martin’s rocket-building joint venture United Launch Alliance. | |
Krispy Kreme shares rise 23% despite disappointing pricing, opening tradeKrispy Kreme made its return to the public markets on Thursday after five years away. | |
Porsche ramps up its EV roadmap but will still invest in gas cars, North America CEO saysThe automaker will invest in all-electric cars, plug-in hybrid models, and internal combustion engines, Porsche Cars North America CEO Kjell Gruner told CNBC. | |
Investor Kyle Bass blasts U.S. companies for cozying up to China in the name of profits“They are social justice warriors where they see fit until it affects their wallet,” hedge fund manager Kyle Bass told CNBC. | |
Passport photos and makeup sales may help Walgreens drive sales beyond the Covid vaccination bumpAs 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. | |
Dollar & Stocks Bid To Start H2, Crypto Bounce CrumblesDollar & Stocks Bid To Start H2, Crypto Bounce Crumbles Small Caps led the market to start the second half of the year and Nasdaq lagged… This is the 6th record close in a row for the S&P 500, but the Smart money wasn’t buying it… Source: Bloomberg Or put another way… | |
CNN’s Jim Acosta Booed While Heckling Trump During Texas Border VisitCNN’s Jim Acosta Booed While Heckling Trump During Texas Border Visit Jim Acosta just can’t quit Donald Trump, as the CNN’s post-election ratings continue to spiral into oblivion. While on a Wednesday visit to the southern US border with Gov. Greg Abbott (R), Acosta shouted “Will you apologize about Jan. 6?” to the former president, after Trump concluded a speech near a section of border wall. “No!” shot back several people in the crowd, which began booing at the former White House correspondent who’s now a weekend anchor, according to The Hill. Acosta took to Twitter to complain:
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Supreme Court Opens Door For Nationwide ‘Ballot-Harvesting’ Ban With AZ RulingSupreme Court Opens Door For Nationwide ‘Ballot-Harvesting’ Ban With AZ Ruling The US Supreme Court upheld two election integrity laws in Arizona on Thursday, in what will undoubtedly 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.
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9 Million Workers Return To The Labor Force In September: What Happens To Wages Then9 Million Workers Return To The Labor Force In September: What Happens To Wages Then While Goldman has been largely dismissive of inflation so far, the bank recently highlighted three key inflation risks that it would take seriously if they emerged, namely, more aggressive increases in wage growth, shelter inflation, and inflation expectations than the bank has already assumed in our forecasts. These risks, Goldman notes, rather than temporary reopening effects on prices, “are the ones that would matter beyond this year and will ultimately be most relevant for monetary policy.” In a note published overnight by Goldman’s chief economist Jan Hatzius, he points to Goldman’s forward-looking wage survey leading indicator, which measures business and household expectations of future wage growth, which has picked up to 3.5% and notes that while “these are firmer numbers than usually seen when the economy is just emerging from a recession, but they are still consistent with trend unit labor cost growth of 2% or less.” However, in a potential red-light, Hatzius concedes that wages for lower-paid workers have risen more sharply, especially in recent months, amidst widespread reports of worker shortages: specifically, wages for lower-wage groups have grown 6% since the pandemic began, despite large remaining employment losses and in contrast to tepid wage pressures at the top On one hand, this is to be expected: Goldman explains that low-end wages are always the most responsive to labor market conditions, and that staggered state and local minimum wage hikes across the US have provided a strong boost to wage grow that the bottom over the last few years. On the other hand, e … | |
Global tax overhaul backed by 130 countriesThe OECD, which led the talks, announces that many have backed plans for a 15% minimum corporate tax. | |
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. | |
The man who started the $11 trillion index revolution‹John œMac McQuown never helmed a big bank, crafted policy from Washington D.C., nor enjoyed name recognition like his kindred spirit Jack Bogle. | |
Nifty earnings per share projections back above pre-pandemic levelThe benchmark Nifty 50 trades at 21 times FY22 expected earnings, which is nearly 30 per cent higher than long-term average. The Nifty 50 EPS projections imply earnings growth of 40 per cent and 14 per cent for FY22 and FY23, respectively. | |
Allcargo’s strong Q4 show and better prospects to make its delisting more expensiveAllcargo had passed a special resolution last October to delist the company where the promoter group holds 70% stake. The delisting floor price was set at Rs 92.6. | |
June 2021 ISM and Markit Manufacturing Surveys Continue To Show Strong GrowthWritten by Steven Hansen The ISM Manufacturing survey insignificantly declined but remains in expansion. The Markit PMI manufacturing index was unchanged and remains in expansion. | |
The Tell: Inflation has ‘really rung’ an alarm for equities forecast, Acadian portfolio manager saysInflationary pressures are bearing down on Acadian Asset Management’s forecast for stocks. | |
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. | |
Crypto: Robinhood IPO filing reveals dogecoin as one of its biggest risk factors in filingRobinhood Markets has officially filed for an initial public offering that will be one of the more hotly anticipated of the coming months, but one of the most intriguing elements of the its public documents, made public on Thursday, was its dependence on dogecoin. |
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