Written by Gary
‘Growth’ gains, ‘value’ pains as yields plunge, dollar jumps, crude dumps (SPY -0.2%). 10- and 30-year Treasury yields end at lowest levels since February as the holiday-shortened week kicks off.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Saudi Aramco Sees A Major Market Forming For HydrogenTheres a lot of buzz going around about green hydrogen. Its virtually emissions-free, it burns hot enough to replace combustible fossil fuels, and when it combusts it leaves behind nothing but water vapor — a seeming silver bullet for the clean energy industry. Not only can it be used to replace things like coking coal, which wind and solar cant replace because of the ultra-high temperatures needed, green hydrogen could also be a key component to scaling up other clean energies by providing a green method of storing energy |
| Soaring Fuel Prices In Lebanon Could Trigger A ‘Social Explosion’Lebanon, which is in the midst of a severe economic crisis, is days away from a social explosion, the countrys caretaker prime minister warned on Tuesday, moments before renewed, violent protests broke out as people desperately search for essential medicines, gasoline, and food. Lebanon is a few days away from the social explosion. The Lebanese are facing this dark fate alone, caretaker Prime Minister Hassan Diab said in a speech during a meeting with international organizations and ambassadors. I appeal |
| Oil Rally Grinds To A HaltU.S. WTI futures are retreating after having reached a six-year high on Tuesday morning. The OPEC+ standoff has been the latest in a string of bullish events that has sent crude prices up by almost 60 percent since the beginning of the year.Chart of the Week- Investors that bet against U.S. oil fund USO (NYSEARCA:USO) got burned following the failed OPEC meeting.- The popular oil ETF nearly doubled in value since October last year as a result of falling U.S. crude inventories and tighter markets.- |
| Scottish Electric Firm To Pledge $5.5 Billion In Net-Zero PushScottish and Southern Electricity Networks (SSEN) may pledge over 4bn in the push for net-zero, the energy giant said in a draft business plan today. The draft plan for 2023 to 2028, which was led by stakeholders according to SSEN, set goals like cutting unplanned power interruptions by 20 percent and connecting a further 1.3m EV charge points. SSEN added that it plans to slash its carbon footprint by 35 percent, to align itself with the Paris Agreement as well as create a 1bn net-zero foundation. The need to transform our |
| Coal Prices Soar As China Refuses To Buy From AustraliaChina banning Australian coal imports might be one of the most peculiar commodity stories of 2021. At a time when commodity prices are climbing, Chinese authorities decided to drop Australian coal, leading to a surge in worse-quality alternatives just as regional demand peaks. Meanwhile, Chinas aim of punishing Australia for calling for an investigation into the origins of Covid has largely failed as Australian producers simply rerouted their cargoes towards India. China, on the other hand, was forced to buy increasing amounts of Indonesian |
| Rockets Target U.S. Troops As Iraqi Militia Leader Vows RevengeAs rockets hit an Iraqi airbase housing U.S. personnel, the leader of an Iran-affiliated Iraqi militia has vowed to take revenge on the United States for the killing of four militiamen last month in an airstrike along the border between Iraq and Syria The Ain al-Asad airbase in western Iraq was hit with at least three rockets late Monday, presumably targeting U.S. forces stationed there, but causing no casualties, Reuters reports. The attacks coincided with a threat issued in an exclusive interview for the Associated Press, by a pro-Iranian Iraqi |
| Space company Satellogic, backed by Tencent and SoftBank, to go public via Cantor Fitzgerald SPACSatellite imagery specialist Satellogic is preparing to go public, announcing plans to merge with a SPAC sponsored by Cantor Fitzgerald. |
| Marc Lasry helped double Milwaukee Bucks’ NBA value — now the team needs some luckAThe Bucks will attempt to win their first NBA championship since 1971 and first under new owners, including private equity tycoon Marc Lasry. |
| ESPN sits NBA reporter Rachel Nichols for Suns-Bucks finals amid furor over Maria Taylor race commentESPN’s move before the NBA Finals follows comments by reporter Rachel Nichols to LeBron James advisor Adam Mendelsohn about Maria Taylor, her Black colleague. |
| Biden’s new Covid vaccine push focuses on workers, students, doctor’s offices to stifle delta variantBiden noted his team is ramping up efforts to get more adolescents ages 12 to 18 inoculated against Covid before they head back to school. |
| Biden administration makes it easier to qualify for Covid funeral reimbursementFEMA now lets applicants for Covid funeral assistance receive funds even if the death certificate of a loved one doesn’t cite the virus as a cause of death. |
| Shuttered fitting rooms anger shoppers and boost returns. How these retailers are trying to fix thatA survey from Coresight found that 42.4% of consumers in the U.S. returned unwanted products from March 2020 to March 2021, and most of that was clothing. |
| Dr. Scott Gottlieb says people who had Covid get ‘best of both worlds’ if they get vaccinated“At least with one dose, you do develop a broad, very deep, very durable immunity based on the data that we’ve seen so far,” Dr. Scott Gottlieb told CNBC. |
| Home Depot, Lowe’s amp up focus on home pros, as consumers swap DIY projects for parties, travelCustomers tackled do-it-yourself projects during the pandemic, but are now inviting contractors back into their homes and dining out instead of painting. |
| AMC says it won’t seek shareholder approval to boost stock outstandingAMC EntertainmentA said it has tabled a proposal that would have asked its shareholders to allow the movie theater chain to issue up to 25 million more shares. |
| Subway upgrades menu and mobile app as part of its comeback bidSubway is hoping that upgrading its ingredients and mobile app will help draw customers back to its restaurants. |
| Formula 1: Australian Grand Prix cancelled for second successive year due to coronavirusFormula 1’s Australian Grand Prix has been cancelled for the second year in a row due to “restrictions and logistical challenges” related to the coronavirus pandemic. |
| ‘Growth’ Gains, ‘Value’ Pains As Yields Plunge, Dollar Jumps, Crude Dumps‘Growth’ Gains, ‘Value’ Pains As Yields Plunge, Dollar Jumps, Crude Dumps As America came back to work after celebrating (are we allowed to say that nowadays) Independence Day, Beijing had a surprise in store with its very visible hand stomping on China tech stocks. China’s three storms arrive – military threats (Taiwan and South China Sea), geopolitical threats (BRI Funding ‘capture’), financial threats (currency devaluation, overseas investment control, and tech crackdowns)… DIDI dived below its IPO price…
And Nasdaq’s Golden Dragon Index continued its crash… |
| Patrick Hill: Persistent Inflation Threatens The RecoveryPatrick Hill: Persistent Inflation Threatens The Recovery Authored by Patrick Hill via RealInvestmentAdvice.com,
Crimmins’s observation summarizes how business costs are driving persistent inflation due to multiple factors.A Labor shortages are severe in the manufacturing, warehousing, retail, leisure, and hospitality sectors.A Lack of workers drives wages up across thousands of businesses forcing management to raise prices to end customers and consumers.A Leasing and rent costs have skyrocketed for warehousing-dependent manufacturers, e-commerce, and transportation companies.A Container cargo from Asia to the U.S. has been bottlenecked since the pandemic began in the spring of 2020. A Analysts think a mismatch of demand in Asia and the U.S. has caused too many empty containers in low-demand ports. Shipping bottlenecks forced manufacturers to buy more inventory than they needed to maintain sales.A The hoarding is triggering price increases for many raw materials and f … |
| Goldman Trader: In 18 Years On Wall Street, I Could Not Imagine Typing These Large Numbers. “I Needed To Check Them Twice”Goldman Trader: In 18 Years On Wall Street, I Could Not Imagine Typing These Large Numbers. “I Needed To Check Them Twice” Just a few days after Goldman trader Scott Rubner observed last week that the market is entering the best 2-week seasonal period of the year …
… he is out with a follow up note, in which he first points out a striking market statistic:
… but it was his observation on the rate of fund flows that was truly remarkable:
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| Nomura Nukes Most Of Its Hedge Fund Business After Archegos BlowupNomura Nukes Most Of Its Hedge Fund Business After Archegos Blowup Like its European rival Credit Suisse, Japanese financial giant Nomura and its management were badly shaken by the fallout from the Archegos trading blowup. Nomura lost billions of dollars on the deal, and was second perhaps only to Credit Suisse.
In the aftermath of the blowup, Nomura hinted that it would soon enact sweeping cuts at the prime brokerage division responsible for the losses. And on Tuesday afternoon in the US Bloomberg reported that the bank would follow Credit Suisse by slashing most of its US and European-focused prime brokerage business, leaving its slice of the potentially lucrative (but sometimes disastrously loss-making) business up for grabs. The cuts will focus on the bank’s US and European business, according to Bloomberg. In the wake of the Archegos blowup (after it was revealed that Credit Suisse made only $17MM in fees from its business relationship with Archegos, critics have bee … |
| Some firms to insist customers and staff still wear face masksSome customers will still be asked to wear face masks even after it becomes a “personal choice” on 19 July. |
| Vauxhall UK plant safe with electric vehicle planThe Ellesmere Port factory will get a APound Sterling100m investment to build electric vehicles and protect 1,000 jobs. |
| Britishvolt gigafactory: ‘Game changer’ car battery plant approvedThe “gigafactory” at the site of a former power station will create 3,000 jobs, it is claimed. |
| Now earn interest like bank savings account on your Bitcoin walletZebPay Earn will support earnings on Bitcoin (BTC), Ether (ETH), Tether (USDT), Polygon (MATIC), Binance Coin (BNB), and Dai (DAI). |
| Nifty companies to report robust numbers in Q1 as low base effect kicks inThe sample’s revenue is expected to grow by 56.3% year-on-year while net profit is likely to treble. In the year-ago quarter, revenue and profit had fallen by 27% and 48% respectively. |
| NSE clarifies on Nifty futures trade spike, says its systems fineThe clarification comes after certain Nifty futures trades surged on Monday within seconds of the opening bell without any similar rise in the underlying cash market. |
| : Amazon stock rides to record as JEDI deal gets canceled on new CEO’s first dayAmazon.com Inc. shares notched their first record close in more than 10 months Tuesday, when a new chief executive was welcomed by news that the Department of Defense cancelled a $10 billion contract that Microsoft Corp. had won instead of Amazon. |
| The Moneyist: I earn $54,000. My wife earns $28,000. I pay most of our bills, but she’s upset that she pays our $3,000 taxes‘Yearly, I pay about $20,000 for expenses. She contributes $7,200 to our savings per year.’ |
| Bond Report: 10- and 30-year Treasury yields end at lowest levels since February as holiday-shortened week kicks offU.S. Treasury yields fell Tuesday, with the 10-year and 30-year rates at their lowest levels since late June, at the start of a holiday-abbreviated week for U.S. financial markets, after the observance of Independence Day on Monday given the holiday fell on a Sunday this year. |
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