Written by Gary
Volkswagen wants half of its vehicle sales to be electric by 2030 SPY +0.1%). PepsiCo raises forecast after earnings crush estimates.
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. | |
Shipping Firms Look To Prevent Illicit Ship-To-Ship Oil TransfersThe worlds largest shipping companies have strengthened their regulations and scrutiny to avoid becoming unwittingly involved in illicit ship-to-ship transfers of crude oil, especially out of Iran and Venezuela which are under U.S. sanctions, executives told Reuters. As the United States tightened the sanctions against Iran and Venezuelas oil exports over the last two years, the countries have become increasingly inventive in seeking ways to push their crude on the international market, hiding the true origin. If caught in such schemes, | |
Why Saudi Arabia Is Likely To Win The OPEC+ StandoffOPEC+ could take until August to decide whether to adjust production baselines, Arab News reported, citing JP Morgan analyst Christian Malek. According to Malek, the oil cartel could take up to six weeks to decide on its next steps. In the end, we expect Saudi to get its way, Malek wrote in a note to clients, adding The proposal led by Saudi and Russia of an increase of 400,000 barrels per month starting from August (until reaching the April 2020 reference production level) has yet to be endorsed by the UAE, despite the fact | |
Yellen Urges Development Banks To Stop Fossil Fuel FundingU.S. Treasury Secretary Janet Yellen is prepared to gather together the heads of development banks to persuade them to stop fossil fuel project funding, according to Bloomberg. The Treasury Secretary intends to articulate our expectations that the MDBs align their portfolios with the Paris Agreement and net-zero goals as urgently as possible, according to a written speech she is set to deliver at a climate conference in Italy. The speech, soon to be delivered, follows just days behind a similar message that the financial community | |
The IEA Warns Of Another Oil Price WarThe oil market has been on edge for a week now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said on Tuesday, adding that the current impasse is also threatening to derail the global economic recovery. In June, global oil demand is estimated to have jumped by as much as 3.2 million barrels per day (bpd) to 96.8 million bpd, the agency said in its closely watched Oil Market Report for July.For the rest of the year, oil demand will continue to rebound thanks to solid economic growth, | |
Huge Dividend Cripples Worlds Largest Oil CompanyThe transformation of Saudi Arabias flagship asset, Aramco, from perpetual cash-generation machine into a debt-laden giant is set to pick up pace in the coming weeks with a series of schemes aimed at raising much-needed funding for the now-beleaguered oil and gas company. It has not been forgotten by many senior Saudis that the reason for this terrible transformation of the former jewel in the crown of Saudi Arabias business sector – and the cornerstone of any power that the Kingdom might have had on the world stage | |
The Ongoing Transformation Of Big OilWhen last year BP vowed to reduce its oil and gas output by 40 percent by 2030 as it shifts to renewable energy, it came as a shock to many, pushing the company’s share prices down sharply. Yet since then, pressure on Big Oil to stop doing what it does has only been growing. And Big Oil is responding. The Houston Chronicle’s Paul Takahashi in a recent article detailed supermajors positioning to effectively move away from their core business and into low-carbon energy. Takahashi noted several examples of Big Oil partnering with majors from other | |
Dr. Anthony Fauci says talk of Covid booster shots doesn’t mean vaccines aren’t workingDr. Anthony Fauci told CNBC on Tuesday that the discussion around Covid boosters “has absolutely nothing to do with the effectiveness of the vaccine.” | |
Emmys 2021: Here are the nominees for the 73rd Primetime Emmy AwardsThe complete list of nominees for the 73rd Primetime Emmy Awards. | |
PepsiCo and Conagra plan to battle rising costs with higher pricesPepsiCo and Conagra Brands said Tuesday they plan to pass along higher input costs to customers as inflation accelerates. | |
Music fans pushed sales of vinyl albums higher, outpacing CDs, even as pandemic sidelined stadium toursIn the first six months of 2021, 19.2 million vinyl albums were sold, outpacing CD volume of 18.9 million, according to analytics firm MRC Data. | |
Multiple REvil ransomware sites are down on the darkwebDarkweb sites linked to the REvil ransomware gang were not operating. The gang, also known as Sodinokibi, took credit for the July 2 international attack. | |
Volkswagen wants half of its vehicle sales to be electric by 2030Half of Volkswagen’s sales are expected to be battery-electric vehicles by 2030, the German carmaker said Tuesday. | |
J&J, AstraZeneca explore modifying Covid vaccines in response to rare blood clot issueThe blood clotting, which some scientists are now calling vaccine-induced immune thrombotic thrombocytopenia, or VITT, has been linked to both shots. | |
Long Covid? Soon there could be a test to show if you have it“Long Covid” is not going anywhere but there are hopes that a test could soon be available to tell you if you have the condition. | |
Mastercard and Verizon announce partnership for 5G contactless paymentsThe alliance, which aims to yield innovations by 2023, looks to further digitize and disrupt global consumer spending at retailers and other merchants. | |
Fauci says he would be ‘astounded’ if Pfizer, Moderna and J&J Covid vaccines don’t get full FDA approval“The data are about as good as it gets,” Dr. Anthony Fauci told CNBC, saying he expects Pfizer, Moderna and J&J’s vaccines to receive full FDA approval. | |
PepsiCo raises forecast after earnings crush estimates, fueled by returning restaurant demandPepsiCo reported that its quarterly revenue rose more than 20% from a year earlier as restaurant demand for its drinks returned, fueling an earnings beat. | |
One Bank Asks A Very Uncomfortable Question As 2022 Inflation Expectations SurgeOne Bank Asks A Very Uncomfortable Question As 2022 Inflation Expectations Surge In his CPI post-mortem note, Deutsche Bank credit strategist Jim Reid cynically recaps the market action this morning, writing that “after another huge US inflation print and big beat relative to expectations (which saw core CPI rise the most since Nov 1991), the market has already looked through the report and looked at some of the temporary œdistortions as tempering the strength.” Indeed, as we showed earlier, used cars were up +10.5% mom which surprised the market after surveys from the likes of Manheim had pointed to a recent mean reversion of prices. Sure enough, echoing BofA’s conclusion that used car prices will now detract from CPI in the near term, Reid notes that “at some point soon it will likely do so in the CPI.” And while it is certainly true that at some point soaring inflation prints will reverse, at this point Reid asks two uncomfortable que … | |
Live Updates: Elon Musk On Trial Over Solar City AcquisitionLive Updates: Elon Musk On Trial Over Solar City Acquisition We will be updating this post with notes and analysis as the trial progresses: Tuesday, 7/13/2021 1130 EST: BBG reports œA court security officer says the courtroom is closed for two hours after a person threw up. The recess was called because someone vomited in the courtroom, a court official confirms. We don’t know who. 1100 EST: WaPo’s Will Oremus writes: œMusk has kept his tone of voice calm, while his words & facial expressions often convey exasperation. Today he told Baron, ‘Your questions are so deceptive it’s silly.’ And another time, when he caught Baron out on a numerical claim: ‘You’re shooting yourself in the foot here.’ 1056 EST: Baron is making inroads on proving that Musk was involved in the SCTY deal he claims he recused himself from, per BBG. The lawyer œplay[ed] tape of a deposition in which an executive of the investment banking advisory firm Evercore testifies that, on a July 2016 call with Musk, she found him ‘very concerned about the pace of due diligence’ for the deal. BBG reports that in the clip, Courtney McBean, senior managing director with Evercore, said Musk œwas going to see what he could do about the diligence request and œwould make the company move faster. Musk claims Baron is trying to conjure up a conspiracy and that he had œalmost no interaction regarding the deal. 1026 EST: Plaintiff attorney Baron is digging at the idea that “Musk saw a flailing company in SolarCity — in which he held about 22% of the stock — and rushed to offer a deal as a bai … | |
Democrat Groups Plan To “Fact Check” Private Text MessagesDemocrat Groups Plan To “Fact Check” Private Text Messages Authored by Paul Joseph Watson via Summit News, Groups allied with the Biden administration are planning on working directly with cellphone network providers to ‘fact check’ private SMS messages if they contain œmisinformation about vaccines. The revelation is made in a Politico article which explains how the White House is preparing to characterize œconservative opponents of its Covid-19 vaccine campaign as dangerous and extreme. The decision to ramp up the information war against vaccine skeptics was made after conservatives showed resistance to the Biden administration’s plan to go œdoor-to-door to increase vaccination rates.
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“Anarchy On The Ground” – South Africa Deploys Military Amid Widespread Social Unrest “Anarchy On The Ground” – South Africa Deploys Military Amid Widespread Social Unrest  South African President Cyril Ramaphosa deployed the military Monday to restore law and order after days of violent protests and mass looting following the imprisonment of former leader Jacob Zuma. The latest round of social unrest is some of the worst since the mid-1990s. The widespread looting and social unrest were triggered by last week’s incarceration of former President Zuma. Ramaphosa addressed the nation Monday evening, pleading for calm and for looters to consider the consequences of their actions.
The president also warned that in a matter of weeks, “there’s a huge risk of food insecurity and medication insecurity.” His comments on national television come 24 hours after COVID lockdowns were extended for another two weeks. The deployment of the army and other forces have been sent to several … | |
Covid passes for nightclubs branded unworkableThe government is passing the buck by not making the policy mandatory, say nightclub operators. | |
Inflation: Used cars and food push US prices higherConsumer prices in the US rose 5.4% in the 12 months ending in June, official data show. | |
Firms left to decide own rules on face masksTravel firms and others are setting out their own safety rules for when legal bindings lift. | |
Mindtree Q1 results: Net profit rises 8% QoQ to Rs 343 cr, beats estimates; firm sees record deal winsThe company’s consolidated revenues in the quarter grew 8.6 per cent sequentially to Rs 2,291.7 crore for the reported quarter, slightly ahead of analysts’ expectations. | |
As Zomato hogs limelight on D-Street, should you sell shares of Domino’s operator?Zomato is also being compared with Jubilant Foodworks, the operator of Domino’s Pizza chain in India. Jubilant is a profitable company with an established track record and has been able to fight off the rise of Zomato and Swiggy successfully. | |
Earnings disappointment a risk for market; Nifty may end at 15,500 by year end: JPMorganœValuations in India are looking extended, Mookim said in a video interview. œThere is an expectation or belief that reopening equals growth. We see many reasons that, even if we open up, we may not be in a very strong economic growth path. | |
June 2021 CPI: Year-over-Year Inflation Largest Increase Since 2008Written by Steven Hansen According to the BLS, the Consumer Price Index (CPI-U) year-over-year inflation rate was 5.4 % year-over-year (up from the reported 5.0 % last month). The year-over-year core inflation (excludes energy and food) rate grew from 3.8 % to 4.5 %. | |
: Here’s how much money the 2021 MLB draft picks will makeThe first overall selection in the MLB draft, Henry Davis, could earn over $8 million from the Pittsburgh Pirates. | |
Coronavirus Update: WHO head slams countries for ordering millions of COVID booster shots, when much of the world has not even vaccinated the most vulnerableThe head of the World Health Organization slammed countries and regions that are ordering millions of booster doses of COVID-19 vaccines before many others have had the supplies to vaccinate even their most vulnerable and again called on world leaders to ensure more equitable access to jabs. | |
Market Snapshot: U.S. stocks hover near records after hot CPI data, as big banks kick off earnings seasonStocks are putting in a mixed performance a day after major benchmarks clinched another round of records, as investors sift through hotter-than-expected inflation data and parse quarterly results from some of the country’s biggest banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc. |
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