Written by Gary
US Retail Sales Surprise climbing 1.3% To The Upside After Big Downward Revision, Auto Sales Slump (SPY +0.3%). The biggest premarket movers: Moderna, Didi, BioNTech, AMC.
Here is the current market situation from CNN Money | |
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What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Best 2 Stocks To Hold As Oil Prices ExplodeCrude oil was already having a banner year amid a faster-than-expected recovery from the pandemic. Now, with an OPEC compromise in place, there will be no oil price war, volatility will settle down, and oil couldonce againbecome Wall Streets No. 1 commodity. In mid-June, the ratio of bullish to bearish bets on oil in New York stood at an impressive 23 to 1. This compares with a ratio of 6 to 1 at the beginning of the year, according to the Wall Street Journal. Surging demand is beyond the expectations of many at this point, |
| Saudi Arabia And UAE To Lead OPEC Oil Production IncreaseOPEC pumped 26.03 million barrels per day (bpd) of oil in Juneup by 590,000 bpd from May, the cartel said on Thursday as it predicts demand for its crude at 27.7 million bpd this year, suggesting that the market would need more OPEC oil. In its closely watched Monthly Oil Market Reportespecially after the rift between the key OPEC members Saudi Arabia and the UAEthe organization said that crude oil output rose mainly in Saudi Arabia, the UAE, Angola, Iran, and Kuwait. The Beginning of a Trend? June was the second month |
| Why Russia Is Refusing To Send Europe More Natural GasRising commodity prices have strengthened the economic outlook of resource-rich countries. Russia is taking advantage of this in a major way, with a particular focus on crude oil and natural gas. As Europes most important supplier of gas, Gazprom is well-positioned to reap major dividends. However, the state-controlled energy behemoth’s lukewarm response to sending additional volumes to Europe could be a sign that the companys strategy has changed. In 2020, Gazproms exports decreased from 199 bcm in 2019 to 170 |
| Mexico’s State-Run Oil Trader Bans New Business With TrafiguraThe commercial arm of the state-run oil giant in the world’s fourth-largest oil products importer has banned any new business with global commodity trader Trafigura AG, according to documents seen by Reuters, as the investigations surrounding the global oil trader’s role in alleged corruption continues. The commercial arm of Mexico’s state-run oil giant, Pemex, has temporarily banned all new business with Trafigura. It follows crude oil trader PMI Comercio International’s similar action earlier this month, canceling new business interactions until |
| The American Pipeline War Is Only Just BeginningIt is not a great time to be an oil pipeline developer or operator in North America these days. Policymakers are canceling projects and threatening to close operational pipelines. Environmental groups are becoming more vocal in their opposition to any form of fossil fuel production in Canada and subsequent plans for the transportation of crude from Canadas oil sands sites to U.S. refining hubs. And this increased pressure on pipelines may change the course of the industry forever. Oil pipeline developers and operators continue to defend |
| EU Court Says Russia Should Limit Gas Supply To EuropeThe Court of Justice of the European Union upheld on Thursday a lower tribunal’s ruling which had said that Russia’s access to the OPAL gas pipeline should be limited. The court case is a win for Poland against an appeal of the lower court’s ruling filed by Germany. The OPAL pipeline, operated by OPAL Gastransport, is a 470-kilometer (292 miles) long pipeline, which links the operational Nord Stream 1 gas pipeline of Russian gas giant Gazprom to Germany. The European Commission (EC) granted in 2016 an exemption to the OPAL operator from EU energy |
| Stocks making the biggest moves premarket: Moderna, Didi, BioNTech, AMC and othersThese are the stocks posting the largest moves before the bell. |
| 5 things to know before the stock market opens FridayStock futures were flat Friday morning, with the Dow Jones Industrial Average on pace for its fourth positive week in a row. |
| Ford, VW offer test drives of new EVs at Chicago Auto Show to drive sales of Mach-E and ID.4Automakers are offering test drives and rides in new electric vehicles, which auto executives believe is a key first step to mass adoption of EVs. |
| Singapore announces separate Covid rules for people who are vaccinatedSeparate sets of Covid restrictions in Singapore will kick in on July 19 as a new cluster linked to nightlife establishments continues to grow. |
| No evidence yet that it’s time for a 3rd booster, says former FDA directorThere’s not enough evidence that booster vaccines are needed for now, said Norman Baylor, president and chief executive officer of Biologics Consulting. |
| Some portion of the U.S. population will get booster shots, Dr. Scott Gottlieb saysDr. Scott Gottlieb explains why he predicts that the U.S. will be giving Covid booster shots to a portion of the population. |
| Goldman Sachs says Covid delta variant could ‘significantly’ hit growth in Southeast AsiaThe spread of the more transmissible delta variant has pushed daily Covid-19 cases to record highs in Indonesia, Malaysia and Thailand in recent weeks. |
| Monthly child tax credit payments are one of the best forms of government spending, economist saysUniversity of Maryland economist Melissa Kearney told CNBC that Biden’s federal child tax credit policy is one of the best forms of government spending. |
| U.S. must invest in caregiving to stay competitive, Commerce Secretary Raimondo saysFamily care is keeping women out of the workforce and the U.S. must address it to remain competitive in the labor market, Commerce Secretary Gina Raimondo said. |
| Jim Cramer says flood of IPOs is weighing on stock prices“Many stocks are getting hit here because there’s not enough cash to buy all the junk that’s been created of late,” the “Mad Money” host said. |
| American Airlines cancels flight attendants’ voluntary leaves, plans to hire 800 to meet travel demandAmerican will call flight attendants back from voluntary leave by the end of the year and plans to hire 800 flight attendants to support demand. |
| ‘Space Jam: A New Legacy’ is a bloated mess with shameless plugs to other Warner Bros. content, critics say“Space Jam: A New Legacy,” which debuts in theaters and on HBO Max Friday, currently holds a 37% “Rotten” score on Rotten Tomatoes from 78 reviews. |
| CDC Director Walensky calls Tennessee’s decision to cease vaccine outreach to teens ‘incredibly disturbing’CDC Director Rochelle Walensky said Tennessee’s decision to cease vaccine outreach to teenagers while in the midst of a pandemic is “incredibly disturbing.” |
| US Retail Sales Surprise To The Upside After Big Downward Revision, Auto Sales SlumpUS Retail Sales Surprise To The Upside After Big Downward Revision, Auto Sales Slump Having consistently ‘nailed it’ over the past few months, BofA’s forecast ahead of today’s retail sales data was ominous, suggesting a “marked slowdown”:
For the first time this year, they were wrong as headline retail sales rose 0.6% MoM (vs -0.3% exp). However, the big June jump is offset by a big downward revision in May to -1.7% MoM (from -1.3%)… |
| Peter Schiff: The Transitory Inflation RusePeter Schiff: The Transitory Inflation Ruse Via SchiffGold.com, The markets were looking for signs that the transitory inflation period was coming to an end. They didn’t get it when the June CPI number came in much hotter than expected. In his podcast, Peter Schiff talked about the latest price data and said it reveals the dirty little secret ” all of this talk about transitory inflation is a ruse. Even worse, despite what the markets seem to think, there’s nothing the Federal Reserve can do it.
The producer price index (PPI) numbers that came out Wednesday didn’t do anything to ease inflation concerns. Producer prices charted the largest gain in over 10 years. Year on year, the PPI surged 7.3%. That was the biggest year- … |
| South African President Says Social Unrest Was “Planned”; Violence Recedes As Military DeployedSouth African President Says Social Unrest Was “Planned”; Violence Recedes As Military Deployed South African President Cyril Ramaphosa said Friday the riotous looting that transformed parts of the country into a warzone was planned, and his “government would not allow anarchy, mayhem” to continue as 25,000 troops have begun to deploy. “It is quite clear that all these incidents of unrest and looting were instigated, there were people who planned it and coordinated it,” Ramaphosa said. “We are going after them, we have identified a good number of them and, we will not allow anarchy and mayhem to just unfold in our country,” he told reporters while touring the KwaZulu-Natal province, more specifically, the port city Durban, one of the worst-hit areas by unrest.Â
So far, the president’s plan is working. Calm is returning to Gauteng and … |
| Futures Rebound As Op-Ex Gamma Trapdoor LoomsFutures Rebound As Op-Ex Gamma Trapdoor Looms US equity futures rebounded from yesterday’s slide and losses of as much as -0.3% overnight on dismal volumes, as 10Y yields rose up to 1.335% and the dollar pushed higher. At 7:15 a.m. ET, Dow e-minis were up 51 points, or 0.14%, S&P 500 e-minis were up 7.75 points, or 0.17%, and Nasdaq 100 e-minis were up 34 points, or 0.23%.
Volatility shrank, but with today’s op-ex seeing a third of SPX gamma expiring, there is a chance volatility may spike, and with the vol trigger level just below spot, there may be some market turbulence today. |
| Warnings grow about staff forced to self-isolateAlarm mounts over fears of a “surge” in workers and medical staff forced to quarantine after being “pinged”. |
| Petrol prices at eight-year high, says AAPrices hit the highest since October 2013 amid forecasts of a very busy summer on UK roads. |
| Drugs giant GSK plans to create up to 5,000 jobs in new UK hubGSK aims to expand its Stevenage facility to create one of the largest life sciences sites in Europe. |
| India’s largest money manager ends love affair with PSU stocksSBI Mutual Fund, the biggest public money manager, is now selling those PSU stocks that it had accumulated over the last one year. The buy-sell data for June showed SBI MF sold 2.75 crore shares of oil explorer Oil & Natural Gas Corporation, 1.56 crore shares of SAIL and over 57 lakh shares of Bharat Electronics. |
| Bernstein values RIL green biz at $36 bn, may add Rs 395 to stockAt present, most clean energy companies trade at 2-3 times price-to-sales. Based on Reliance’s capex plans for clean energy, the business may add Rs 395 per share to Reliance’s stock, Bernstein said while upping its price target for the stock to Rs 2,830 from Rs 2,470. |
| HDFC AMC Q1 results: Profit after tax rises by 14% to Rs 345 croreThe company’s total income rose to Rs 607.99 crore in the June quarter, from Rs 491.31 crore in the year-ago period. |
| Need to Know: Megacap tech stocks have been on a roll. Why they could thrive even if interest rates turn higher again.The knee-jerk expectation in markets is that when interest rates rise, tech stocks fall, and vice versa. Historical data don’t back that up. |
| MarketWatch Premium: Fearing a stock market crash? These are two strategies for surviving themResearch highlights the use of bonds and options to mitigate a decline in the stock market. |
| Futures Movers: Oil on track for biggest weekly drop since MarchOil futures trade edge higher Friday, but the U.S. benchmark remains on track for its biggest weekly fall since March as traders brace for more supply. |
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