Written by Gary
Oil suffers double whammy in weakest week since march (SPY -0.3%). Headline Retail Sales marginally improved in June 2021.
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. | |
| Greenland Ditches Oil Exploration Efforts After 50 Years Of FailureGreenland is abandoning its ambition of 50 years of becoming an oil-producing nation, suspending its oil exploration strategy because of environmental and climate concerns. Greenland, an autonomous territory part of Denmark, has been trying to find oil reserves for 50 years, without success, and it now considers that the climate concerns are far greater than the potential benefits of becoming an oil producer, the government of Greenland says. According to one estimate from the U.S. Geological Survey (USGS), Greenlands offshore area, East |
| Biden, Merkel Agree To Disagree On Nord Stream 2President Biden and Chancellor Angela Merkel agreed to disagree on the Nord Stream 2 gas pipeline project of Gazprom during Merkel’s visit to Washington. Per a Reuters report, President Biden said, “Good friends can disagree,”with regard to the pipeline, which the United States opposes with the argument that Russia could use it to penalize Ukraine. Germany, however, needs a lot more natural gas as it shuts down coal and nuclear plants in its own green push and has staunchly defended Nord Stream 2. This has strained bilateral relations because, |
| 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 could once again become 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, |
| Angola Receives 45 Bids For Oil BlocksAngola has received 15 bids for a total of nine oil blocks the government tendered in 2020, Energy Voice reports, citing the Africa Energy Chamber as saying that 15 companies submitted a total of 45 offers for all of the tendered blocks. The combined value of the bids topped $1 billion, the Chamber also said. Angola has been suffering from declining production due to a lack of investment in new exploration. The tender results are rather encouraging for the West African country that is the continent’s second-largest oil exporter, struggling to get |
| Oil Suffers Double Whammy In Weakest Week Since MarchOil prices are likely to record their worst week since March under the double blow of additional OPEC supply coming to markets and unfavorable fuel inventory data from the United States. What started as a relatively strong week for benchmarks turned into a slide on Wednesday after the Energy Information Administration reported yet another sizeable crude oil inventory draw with builds in both gasoline and middle distillates, at 1 million barrels and 3.7 million barrels, respectively. Meanwhile, Saudi Arabia and the United Arab Emirates moved closer |
| Saudi Arabia And UAE To Lead OPEC Oil Production IncreaseOPEC pumped 26.03 million barrels per day (bpd) of oil in June up 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 Report especially after the rift between the key OPEC members Saudi Arabia and the UAE the 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 |
| Lordstown Motors confirms DOJ probe into SPAC deal and preordersLordstown Motors said it has “cooperated, and will continue to cooperate, with these and any other regulatory or governmental investigations and inquiries.” |
| England’s lifting of Covid lockdowns is a danger to the entire world, experts warnGlobal scientists have criticized the U.K. government’s plans to ease almost all Covid-19 restrictions, calling it unethical and dangerous for the whole planet. |
| How shipping behemoth Maersk is navigating the global container crisisMaersk announced in May its first-quarter revenue was $12.4 billion. |
| Millions of Brits set for self-isolation as restrictions ease and Covid cases soarMore than 500,000 people in Britain were told to self-isolate last week by the government-backed Covid-19 Test and Trace app. |
| Here’s how Black Americans can begin building wealth right nowWhile societal changes are needed to address the wealth gap, there are also steps Black Americans can take right now to start building wealth, experts say. |
| Square is building a decentralized finance business using bitcoinSquare wants to make it easier to build “decentralized financial services” using bitcoin. |
| Plans for huge new gigafactory in England take shape, as countries ramp up battery-making capacityFactory would be built in a part of England known for its longstanding connection to vehicle manufacturing. |
| 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. |
| “Scheduling Conflicts” – Person Who Paid $28 Million For Space Trip With Jeff Bezos Backs Out“Scheduling Conflicts” – Person Who Paid $28 Million For Space Trip With Jeff Bezos Backs Out On Sunday, Sir Richard Branson was the first billionaire in space. The next could be Amazon founder Jeff Bezos on July 20. Bezos will be joined by Mark Bezos (Jeff’s brother), Wally Funk (82yo aviator), and newcomer Oliver Daemen (18yo high school student). Bezos’ Blue Origin revealed Thursday that newcomer Daemen replaced the winner of the auction for a rocket ride with the billionaire to low Earth orbit, who wished to remain anonymous, due to “scheduling conflicts.”
Too busy for space? What on God’s green earth would someone who paid $28 million for a roundtrip pass to space be doing that is more important? “The winner of Blue Origin’s auction, w … |
| Big Tech “Acting Like Arms Of The Government” – Senator Hawley Warns “It’s Scary Stuff”Big Tech “Acting Like Arms Of The Government” – Senator Hawley Warns “It’s Scary Stuff” Authored by Steve Watson via Summit News, Missouri Sen. Josh Hawley warned Thursday that big tech is œacting like arms of the government  after the White House admitted that it is asking Facebook to comply with censoring anyone who posts content it deems to be œmisinformation .
Here’s the backstory:
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| “Catastrophe Of Historic Proportions” – At least 100 Dead, 1,300 Missing After Devastating German Floods“Catastrophe Of Historic Proportions” – At least 100 Dead, 1,300 Missing After Devastating German Floods At least 1,300 people are still unaccounted for Friday after flash floods in western Germany and Belgium left more than 100 dead and several towns devastated. Rescue efforts continue for the second day as the true extent of this tragedy is only being revealed as floodwaters recede. According to CNN, 103 people have died in Germany following torrential rainfalls that swept through the country on Wednesday and Thursday. So far, authorities are saying that 1,300 people are missing and the Europe-wide death toll is 117. The death toll in Rhineland-Palatinate, a southwest German state bordered by France, Belgium, and Luxembourg, has soared to at least 60, the state premier Malu Dreyer said Friday. Dreyer said there was bad news every hour as rescue efforts continue to find more bodies.Â
In North-Rhine Westphalia, a western German state, 43 have been confirmed dead, the state’s Interior Ministry spokeswoman Katja Heins told CNN. Armin Laschet, North-Rhine Westphalia’s state premier, said the flooding is “a catastrophe of historic proportions,” adding that more fatalities are expected. Officials beli … |
| “Premature” To Rule Out COVID-19 Lab Leak Theory: WHO Chief Admits“Premature” To Rule Out COVID-19 Lab Leak Theory: WHO Chief Admits Authored by Isabel van Brugen via The Epoch Times, World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said Thursday that it was œpremature to rule out the possibility that COVID-19 could have emerged from a lab in Wuhan, China, without sufficient evidence.
Walking back on a March WHO report that designated the COVID-19 lab leak theory … |
| 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’s plan 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. |
| Market Movers: Retail investors buy the shovel sellers amid equity gold rushRetail investors and high net-worth individuals are pouring money into stocks of brokerage firms and other market infrastructure plays, said dealers. |
| India’s largest money manager ends love affair with PSU stocksSBI Mutual Fund, the biggest public money manager, is now selling the 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. |
| Headline Retail Sales Marginally Improved in June 2021Written by Steven Hansen Retail sales marginally improved according to US Census headline data. The three-month rolling average declined. Year-over-Year growth also declined due to the comparison to reopening after the lockdown period one year ago. . |
| Coronavirus Update: COVID-19 cases now rising in all 50 states, as global tally tops 189 millionThe global tally of confirmed cases of COVID-19 climbed above189 million on Friday, as the highly transmissible delta variant continued to spread across the world, pushing new infection numbers higher in many countries, including the U.S. |
| The Margin: New Subway website declares it uses real tuna, and chews out the New York TimesSubway responds to a recent report that claimed to find no tuna DNA in its tuna sandwiches |
| The Ratings Game: An Intel deal for GlobalFoundries could either be a ‘huge distraction’ or a ‘great fit’Analysts are split on the merits of a possible deal between Intel Corp. and GlobalFoundries after a report indicated that the two chip players are in merger discussions. |
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