Written by Gary
Powell tells Senate he’s “not concerned” with the rising cost of living (SPY -0.5%). June 2021 Headline Industrial Production improves.
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. | |
| Oil Slips On Prospect Of Rising OPEC+ SupplyOil prices dropped early on Thursday as the market assesses the prospect of higher crude supply from the OPEC+ group after a reported compromise between key OPEC members Saudi Arabia and the United Arab Emirates (UAE). As of 11:21 a.m. EDT on Thursday, WTI Crude prices were down by 0.53 percent at $72.78 and Brent Crude was falling by 0.56 percent at $74.37. Oil prices extended losses from Wednesday, when the market fell sharply after reports emerged that Saudi Arabia and the UAE had resolved their nearly two-week-long standoff over baseline production |
| IEA: Renewables Growth Cant Meet Surging Electricity DemandGlobal power demand is rising so fast this year after the 2020 slump that even the continued strong growth of renewable electricity generation will not be enough to meet it, the International Energy Agency (IEA) said on Thursday, warning that coal power generation will jump and threaten efforts of emissions reduction. This year, global electricity demand is expected to surge by 5 percent from the levels of 2020, when power consumption fell by around 1 percent due to the effects of the pandemic, the IEA said in its semi-annual Electricity Market |
| Chinese Refineries Shatter Records In JuneChinas refineries processed a record amount of crude oil last month, at 14.8 million bpd, up by 3.9 percent from May when run rates also broke records, Reuters reported, citing data from the national statistics bureau. The average daily run rates for the first half of the year were even higher, at 15.13 million barrelsup by 10.7 percent from a year earlier, the data also showed. Refinery runs globally surged by as much as 1.6 million barrels per day in June, up from a stagnant performance in May, the International Energy Agency said |
| Iran To Resume Nuclear Talks After New Government Is FormedIran will not return to the negotiating table with the United States until it forms a new government, The Washington Post has reported, citing U.S. government officials. The new government should take office in August. The update should be welcome by all parties involved as it reduces the uncertainty about the future of the talks after the sixth round ended last month. No side had previously given any indication on when the next round would start. “They are not prepared to come back before the new government,”one unnamed diplomatic source |
| Goldman Bullish On Oil Despite Saudi-UAE AgreementGoldman Sachs has reiterated its $80 price forecast for Brent crude despite reports that Saudi Arabia and the United Arab Emirates had reached a deal on oil production that will extend the OPEC+ deal until the end of next year. Crude oil fell after the news of the Saudi-Emirati agreement broke as the uncertainty surrounding the future of the OPEC+ deal and OPEC itself disappeared. Yet, the agreement will mean more UAE oil coming to the market. It also means further pressure from the Emirates to boost production in the future. However, later on |
| The Conflict Within OPEC Is Far From OverAs expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict. For two weeks, the global oil market was shocked by the strong position taken by Abu Dhabis power brokers, which demanded higher baseline production quota. OPEC sources now have stated that both countries have reached a compromise on production.Even that the first reactions to the so-called agreement which includes a higher base line production level for the UAE are positive, the deal in reality is nothing more than |
| Fed up with being cursed out and attacked, flight attendants speak out about unruly passengersThe number of unruly passenger incidents on flights is skyrocketing. And the worst part? It’s not slowing down. |
| The Amazon rainforest is now releasing more carbon than it can absorb, study findsThe Amazon once absorbed more carbon than it released, but it now accounts for more than 1 billion metric tons of emissions every year. |
| Activewear and workout stocks are on the move. Two traders flag their favoritesWith workout stocks on the move, one activewear name in particular is the most attractive, two traders agree. |
| Former executives of FTE Networks charged with securities fraud and asset swindle, sued by SECMichael Palleschi, ex-CEO of FTE Networks, and ex-CFO David Lethem are accused of duping the public about their company’s financial condition. |
| Blue Origin reveals runner up in $28 million auction will fly with Jeff Bezos to space next weekJeff Bezos’ space venture Blue Origin on Thursday revealed that 18-year-old Oliver Daemen will fly in place of the still anonymous auction winner. |
| Airlines race to train pilots as travel demand roars backFlight simulators from Atlanta to Dallas to Miami are humming as airlines scramble to get hundreds of pilots trained to meet a rebound in bookings. |
| Oatly short seller says stock worth less than $10 after accusing company of overstating revenueShort seller Ben Axler said Thursday that Oatly’s stock is worth less than $10 a share. |
| UK doctors call for flu testing as Covid threatens to coincide with influenza epidemicPhysicians have warned a resurgence of respiratory viruses could be about to increase pressure on healthcare services. |
| Music festival in the Netherlands leads to over 1,000 Covid infectionsA festival in the Netherlands has shocked officials after 1,000 coronavirus infections were linked to the event despite requiring a “test for entry.” |
| Beam Suntory and Boston Beer form venture to sell Sauza drinks, bring Truly to spiritsBeam Suntory and Sam Adams brewer Boston Beer are joining forces through a new partnership that will bring the iconic brands into new categories. |
| New York’s retail rents set another record low, but restaurants are starting to sign leases againFood and beverage tenants were the most active in signing retail leases across Manhattan during the second quarter, according to a CBRE study. |
| Russian Fighter Jets Intercept B-52H Bombers Near Border For Second Time In JulyRussian Fighter Jets Intercept B-52H Bombers Near Border For Second Time In July Via SouthFront.org, In the early hours of July 15th, Russian MiG-31 and Su-35 fighters were scrambled to intercept US strategic bombers over the Bering Sea, Russia’s National Defense Control Center reported.
It noted that MiG-31 and Su-35 fighters had been scrambled to identify the targets and prevent a violation of the Russian state border. œThe Russian fighters’ crews identified the aerial targets as US Air Force B-52H Stratofortress strategic bombers and escorted them over the Bering Sea, the report said.
After the US strategic bombers made a U-turn from Russia’s state border, the Russian fighter … |
| Powell Tells Senate He’s “Not Concerned” With Rising Cost Of LivingPowell Tells Senate He’s “Not Concerned” With Rising Cost Of Living Update (1150ET): Powell has made some more eye-catching comments, the first concerning keeping the public focused on “risk management”.
Speaking once again on cryptocurrencies, Powell insisted that they have “failed” as a payment system, a factor of their volatile prices and heft transaction fees. As his testimony comes to an end, Powell denied that prices are moving up broadly across the economy. Should inflation expectations get out of control, the Fed will “react”, Powell promised (without offering much in the way of detail).
Earlier, Powell said he’s not concerned about the rising cost of living in the US as the most intense price … |
| Tucker Goes All In, Airs Evidence “Improperly Duplicated” Ballots From 2020 ElectionTucker Goes All In, Airs Evidence “Improperly Duplicated” Ballots From 2020 Election Fox News host Tucker Carlson went all-in on Wednesday, where he laid out the case for “meaningful election fraud” in Fulton County, Georgia during the 2020 election.
“At least 36 batches of mail-in ballots from the November election were double counted in Fulton County. That’s a total of more than 4,000 votes,” said Carlson, adding “The final tally from the double counts we know about amounts to more than 3,300 votes for Joe Biden and 865 votes for Donald Trump.” Carlson then played a clip of what appears to be the same ballot counted twice in both the initial vote and the audit.
|
| JPMorgan Goes After Cathie Wood, Urges Buying Puts On Her “Bubble-Like” Ark FundJPMorgan Goes After Cathie Wood, Urges Buying Puts On Her “Bubble-Like” Ark Fund Until now, JPMorgan’s feud was mostly with bitcoin, publishing hitpiece after hitpiece with Swiss watch regularity every other day (as it quietly accumulates the cryptocurrency for its own recently launched fund for rich clients). But now, the largest US bank, which has been furiously clinging to its favorite reco of buying cyclical and value names at the expense of growth stocks – a trade which has backfired painfully in recent weeks – is escalating its crusade against tech by going after the poster child, or rather poster woman, of the latest tech bubble, Cathie Wood. In a note from JPM published this morning, equity derivative strategist Shawn Quigg says that Cathie Wood’s flagship ETF, ARKK, is exhibiting many “bubble-like traits” seen in growth-based funds in 2000 ahead of the popping of the dot com bubble, and investors should hedge against a similar outcome by buying puts on the Ark Fund. Taking precious time away from its favorite bitcoin bashing pastime, JPMorgan – which we doubt is Cathie’s Prime Broker – writes that “excessive speculation in high-growth sub-sectors year-to-date is causing some growth-based funds to exhibit bubble-like cycles (Fig. 1), similar to that witnessed in 2000 (Fig. 2). The ARK Innovation ETF exhibits many of these traits, and may be luring investors into a bull trap scenario.” |
| Sainsbury’s and Tesco to encourage mask-wearing from MondayThe supermarkets will ask shoppers to keep the Covid measure even after the legal mandate is dropped. |
| Nissan and Rolls-Royce hit as staff forced to isolateRolls-Royce warns it may have to halve production at Goodwood, while hundreds of Nissan workers are hit. |
| Biggest rent rises in commuter and coastal townsCity centre rents show signs of increasing again as the easing of Covid restrictions sees demand rise. |
| Anil Kumar Goel on a selling spree; books profit in 6 stocksAnil Kumar Goel has trimmed his stake in Vardhman Special Steels to 12,66,000 equity shares or 3.1 per cent, as on June 30, 2021. |
| Rakesh Jhunjhunwala picks stake in PSU metal stockThe state-owned insurance behemoth LIC of India has trimmed its stake in SAIL to 34,81,00,137 shares or 8.43 per cent in the June 2021 quarter. It held 38,23,02,962 equity shares or 9.26 per cent stake as the quarter ended March 31, 2021. |
| Infy’s best growth in a decade leaves D-Street drawing parity with TCSAnalysts said the maintenance of FY22 Ebit margin projection at 22-24 per cent range and raising of FY21 revenue guidance to 14-16 per cent from 12-14 per cent was much in line with expectations, but there is ample scope for improvement in the latter, as the revenue guidance was conservative and did not fully factor in the growth prospects. |
| June 2021 Headline Industrial Production ImprovesWritten by Steven Hansen The headlines say seasonally adjusted Industrial Production (IP) improved month-over-month – and remains in expansion year-over-year due to comparison to the recession period one year ago. Our analysis shows the three-month rolling average improved.
|
| Outside the Box: Love and money: How your relationship with your spouse and your finances are connectedAt its core, marriage is a business relationship |
| : Coca-Cola Zero Sugar gets a recipe refreshCoca-Cola announced the new look and recipe as PepsiCo reports a rise in soda sales. |
| NewsWatch: Apple, Amazon, ARKK, and other big names indicate a market correction is coming, strategist says. Here’s why.Stocks are near all-time highs, and though U.S. futures point to a soft open on Thursday, it’s easy to find bulls these days. But a technical indicator suggests investors should be bearish. |
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
