Written by Gary
Pfizer makes the case to U.S. officials today on the need for Covid vaccine booster shots (SPY +0.2%). OPEC+ Still Far From Resolving UAE-Saudi Spat.
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. |
Traders Corner – Health of the Market
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| India: Rich Economies Must Help Foot Our Energy Transition BillWealthy economies must help with financing Indias energy transition, Bloomberg reported this week, citing the countrys Environment Secretary. Every policy decision has a cost to the economy. Going net-zero or using less carbon also has a cost, Rameshwar Prasad Gupta said in an interview. We are not anti-net-zero. But without adequate climate finance being definitively available, we cant commit on that part. The officials comments add to worries about the cost of the energy transition, especially |
| Energy Executives Dominate Houstons Highest Earners ListMore than half of Houstons ten highest-paid corporate executives in 2020 were managers of companies in the oil and gas industry, the Houston Chronicle reports. Six out of the ten top earners of Houston-based companies were from the energy sector, despite the fact that last year was one of the most difficult in the U.S. oil and gas industry, which had to cope with the crash in oil prices and demand during the pandemic. Even amid the crisis, companies were careful in changing pay to executives, Ani Huang, president and CEO of the Center on |
| Iran Nuclear Deal 90% Done: Russian DiplomatAbout 90 percent of the work on the Iran nuclear deal has been done, but the 10 percent that remains might prove a tough nut to crack. Thats according to the permanent representative of Russia at Vienna international organizations. In an interview for Russian business daily Kommersant, Mikhail Ulyanov said that some politically sensitive issues remain and have yet to be settled by the negotiators. This includes the question of whether the United States could again pull out of the deal under different leadership. Ulyanov noted that the U.S. |
| Foreign Oil Companies Hopeful After Mexican Mid-Term ElectionNationalization fears for foreign oil companies were slightly calmed this weekend, following initial results from Mexicos Sunday mid-term elections in which the ruling coalition looks set to lose its qualified majority in the lower house of Congress. If the ruling coalition loses its qualified majority and maintains only a simple majority, Mexican President Andrs Manuel Lpez Obrador (AMLO) may not be able to pass any significant legislative or constitutional reforms. Initial official results, as reported by CNN, show AMLOs |
| OPEC+ Still Far From Resolving UAE-Saudi SpatThe odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and the United Arab Emirates (UAE), which resulted in a failure to decide future production levels last week, sources at OPEC+ told Reuters on Monday. The UAE blocked a deal on OPEC+ raising oil production from August, making any agreements contingent on revising the unfairly low Emirati baseline from 2018. Despite mediation, consultations, and side talks in the |
| The IEAs Climate Warnings Grow Louder, But Is Anyone Listening?Earlier this month the International Energy Agency had yet another dire warning for those concerned about the welfare of the planet. Natural gas demand, the IEA said, was improving faster than earlier expected and this could throw the world off the agencys Roadmap to Net Zero by 2050. The gas demand rebound was the result of the recovery in economic activity, the agency acknowledged as well as noting the strong growth in this demand expected in the near future would be due to natural gas replacing more polluting fossil fuels such as coal |
| Pfizer to make the case to U.S. officials Monday on the need for Covid vaccine booster shotsThe meeting comes amid a public dispute between the drugmaker and U.S. officials on if and when Americans will need additional doses of the Covid vaccines. |
| Imax CEO says partner AMC’s stock surge has helped his business as well“AMC is our partner, not our competitor,” Imax CEO Richard Gelfond told CNBC on Monday “Their liquidity is good for us.” |
| NASA chief says Richard Branson’s flight was a great milestone in human space exploration“We put up Alan Shepard and Gus Grissom into suborbital 60 years ago, and now we’ve come to this,” NASA Administrator Bill Nelson told CNBC on Monday. |
| UK wealth gap widens as richest households gain over $70,000 during Covid pandemic, report saysThe pandemic has further widened the U.K.’s wealth gap, with the richest 10% of households seeing an average gain of £51,238 ($70,977) during the crisis. |
| Child tax credit payments could act as a stimulus for retailers as soon as this monthThe enhanced child tax credits, which begin Thursday, will be the latest government-funded cash infusion. |
| GM ‘looks much more appealing than Ford’ here, trader says of 2021 underdogGeneral Motors’ technical setup looks more promising than Ford’s, says Mark Newton, president and founder of Newton Advisors. |
| From Aerie to Zara, retailers are turning viral TikTok moments into sales goldWhen a Lululemon skort went viral across TikTok earlier this summer, 16-year-old Kylie knew she had to get her hands on it. |
| Rare case shows it’s possible to have two Covid variants at the same time, experts sayIt is possible to be infected with two different strains of the coronavirus at the same time, experts say. |
| Nordstrom buys stake in four apparel brands owned by UK fashion house Asos, in bid for younger shoppersNordstrom President Pete Nordstrom said the collaboration could redefine the way a department store operator works with brands. |
| The world must start preparing for the next pandemic, Singapore’s senior minister says“We don’t have the luxury of waiting for Covid to be over,” said Singapore’s Senior Minister Tharman Shanmugaratnam. |
| ‘Black Widow’ snags $80 million from its theatrical debut, $60 million from Disney+“Black Widow” tallied $80 million at the domestic box office during its debut, the most of any film released in the wake of the Covid epidemic. |
| UK government confirms plan to lift lockdown measures in England despite fears over delta surgeU.K. Health Minister Sajid Javid on Monday confirmed that the final easing of lockdown rules in England will go ahead on July 19. |
| Woman Duct-Taped To Seat After Trying To Open Plane Door MidflightWoman Duct-Taped To Seat After Trying To Open Plane Door Midflight A viral TikTok video shows a woman duct-taped to an American Airlines flight seat after she went mental and attempted to open the plane’s door, according to TMZ. The video was taken by TikTok user @lol.ariee but has since been deleted, but there are enough screenshots saved from the mid-air incident that parts of the chaotic scene.Â
Last Tuesday, during a late-night flight from Dallas-Fort Worth, Texas to Charlotte, North Carolina, the unidentified woman in first class unbuckled her seat belt, made a mad dash to the door, and tried to open it. Flight attendants scrambled to stop her and tackled her before the door was open. The passenger was then duct-taped and zip-tied to the seat. @lol.ariee explained the incident began one hour into the two-hour flight when “all flight attendants were running up and down the aisles, frantically kind of like whispering to each other.” After the woman was restrained, the crew locked bathrooms b … |
| Live Updates: Elon Musk Testifies Over Solar City AcquisitionLive Updates: Elon Musk Testifies Over Solar City Acquisition We will be updating this post with Musk’s testimony as the day progresses: 1158 EST: Musk says on being a CEO: “I don’t want to be a CEO, I tried hard not to be the CEO at Tesla, but I had to or it would die. I rather hate being a boss. I’m an engineer, per BBG. 1142 EST: Elon Musk says he “doesn’t want to be CEO” and “hates being a boss”, according to TOPLive, per BBG. œTo be honest, I don’t want to be the boss of anything, BBG reports him as saying. 1141 EST: The judge has had to warn Musk to “listen to Baron’s questions closely and answer them directly without wandering in his responses,” per BBG. 1100 EST: As of the “first break of the morning”, Delaware reporter Isabel Hughes writes that “Musk has spent a lot of time arguing the pandemic is to blame for poor solar performance” and that Musk has told the plaintiff’s attorney that his questions are “tricky and deceptive”. “Musk has thus far taken the opportunity to elaborate on every yes-or-no question. Also has told [plaintiff’s attorney] Baron several times he’s just wrong,” Hughes writes. 1052 EST: Jef Feeley, legal reporter, writes that “Musk is getting more combative under questioning from Baron,” per BBG. 1039 EST: Peter Jeffrey, legal editor, writes that Musk has now interrupted once or twice to push back, and Baron has warned him it’s going to go really slow if he keeps that up. œSome of your questions are tricky and deceptive, Musk … |
| Rand Paul Pushing For Investigation Into NSA Spying On Tucker CarlsonRand Paul Pushing For Investigation Into NSA Spying On Tucker Carlson Authored by Steve Watson via Summit News, Senator Rand Paul is seeking an investigation into claims that the NSA has been monitoring Tucker Carlson’s private communications and leaking details to left-wing journalists.
Axios reports that Paul sent a letter to the head of the NSA, Gen. Paul Nakasone asking for an explanation, œcasting doubt on the NSA’s public denial of spying on Carlson and defending the Fox News host as a journalist who should be protected by the First Amendment. The report further notes that Paul, who is on the Senate Committee on Homeland Security and Governmental Affairs, wrote that a œlong train of abuses  by the spy agency means a tweet denying Carlson’s charges isn’t enough. |
| Subpar, Tailing 3Y Auction Sends Yields To Session High Ahead Of 10Y Treasury SaleSubpar, Tailing 3Y Auction Sends Yields To Session High Ahead Of 10Y Treasury Sale After a nearly 3 week hiatus from Treasury auctions with the last coupon sale taking place on June 24, a silent period some said was among the causes for the recent drop in treasury yields, moments ago the Treasury came back to the market with a bang in the first of the day’s two coupon auctions when it sold $58 billion in 3Y Treasurys, 90 minutes ahead of the day’s next sale when at 1PM the Treasury will sell $38bn in a 10Y reopening. So how did the market digest the first coupon auction in 18 days? Well, it was subpar at best, printing at a high yield of 0.426%, the highest since March 2020 and tailing the When Issued 0.424% by 0.2bps. The Bid to Cover was 2.411, below June’s 2.467, the lowest since April and well below the 2.468 six-auction average. The internals were somewhat better, with Indirects taking down 52.3%, down from 54.2% last month but the second highest since October and comfortably above the 51.3 recent average. And with Directs taking down 18.3% of the auction, which was above the 16.8% six auction average, Dealers were left holding 28.6% of the final allotment, modestly below the average of 31.9%. |
| Large events advised to ask for vaccine passportsThose attending nightclubs and other events should be asked for proof they have had their jabs, says health secretary. |
| Virgin Galactic may sell $500m of shares after space successThe company filed to sell up to $500m (£360m) in stock the day after its founder reached the edge of space. |
| Heathrow’s long queues blamed on self-isolating staffTerminal 5 sees long queues at security because the staff was told to self-isolate by the NHS app. |
| Trade setup: Profit taking to continue, Nifty’s key resistance at 15,800 levelNifty’s technical picture remains evidently weak. Strike prices 15,700 and 15,800 saw significant Call writing during the day. The 15,800 level continued to hold maximum Call Open Interest. The index has seen the resistance level shift lower from 16,000 to 15,800 levels. |
| Damani flagship D’Mart doubled profit in Q1. Should you buy or sell?The D’Mart operator’s numbers showed the impact of a strong second wave of Covid, as the hit from the lockdown was greater compared with last year. |
| Gautam Adani clarifies on confusion over Mauritius fundsCalling reports of freeze “reckless and irresponsible”, he said it caused unexpected fluctuations in the market prices of Adani stocks. “Unfortunately, some of our small investors were affected by this twisted narrative which seemed to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure,” he said. |
| : Here’s why Virgin Galactic stock is falling after a successful space flightVirgin Galactic Holdings Inc. has filed to sell 500 million shares, according to a filing Monday, sending the stock lower after the weekend’s successful space-tourism flight. |
| : ‘Trying to strangle local governments’: What happens when states and their cities become adversaries?Is state-level tax activism starving local communities of services they need, including public safety? |
| Coronavirus Update: Fauci says COVID-19 vaccine boosters not needed for now, with delta variant mostly infecting the unvaccinatedDr. Anthony Fauci, chief medical adviser to President Joe Biden, did the round of Sunday talk shows on Sunday to say COVID-19 vaccine boosters are not needed in the U.S. right now as almost all new cases are in unvaccinated people, but he didn’t rule out that they may be needed over time for certain individuals. |
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