Written by Gary
Wall Street ends down as stocks fall sharply on renewed COVID worries (SPY -1.5%). Investors betting on grocers like Kroger and Costco as COVID cases spook investors.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | South American Oil Under Threat As Unrest Grapples The RegionThe Arab Spring, which was a series of pro-democracy anti-government uprisings over a decade ago that swept across several largely Islamic states, triggered a substantial regional conflict that ultimately impacted global oil production. Those events left a legacy of civil war in OPEC member Libya, Syria, and Yemen. There are emerging fears of similar developments occurring in Latin America, with many countries in the region rocked by widespread anti-government protests since 2019. Colombia, Latin Americas fourth-largest oil producer, and |
| US Considers Choking Off Iran’s Oil Exports To China Amid Stalled Nuclear TalksThe United States is considering clamping down on Iran’s rising oil exports to China as a tool to either force Tehran to conclude a nuclear deal or punish it if it does not, The Wall Street Journal reported on Monday, quoting U.S. officials and sources with knowledge of the plans. The nuclear talks in Vienna, aimed at bringing the United States and Iran back to the so-called nuclear deal, have been going on for months now. Talks are currently adjourned, until Iran’s new president Ebrahim Raisi takes over. This is expected to occur at some point |
| Europe Ramps Up Pivot Away From Fossil FuelsReducing carbon emissions seems to be on the top of everybodys agenda at the moment. A recent post in The New York Times reports on proposals being discussed in the European Union to drive the regions pivot away from fossil fuels over the next nine years. Tariffs for exporters with weaker carbon emissions regulations According to the report, the most radical and possibly contentious proposal would impose tariffs on certain imports from countries with less-stringent climate protection rules. The proposals would also include eliminating |
| Indiana Unveils Wireless Charging Highway For Electric VehiclesThe Indiana Department of Transportation (INDOT) has begun the first phase of a project to transform a segment of the state’s highway into wireless charging pavement for electric vehicles, according to local news WRTV. INDOT partnered with Advancing Sustainability through Power Infrastructure for Road Electrification (ASPIRE) Initiative, in a three-phase project that will use magnetizable concrete, developed by a German startup Magment GmbH, to allow seamless wireless charging of electric vehicles while in motion. “We’re quite eager |
| Saudi Arabia Boosted Crude Oil Exports To 4-Month High In MayThe worlds top oil exporter, Saudi Arabia, raised its crude oil exports in May to the highest level in four months after OPEC+ decided in April to gradually ease its cuts and the Kingdom started unwinding its extra unilateral cut of 1 million bpd between May and July. Saudi Arabia exported 5.649 million barrels per day (bpd) of crude oil in May, data from the Joint Organisations Data Initiative (JODI)showedon Monday. This was up from 5.408 million bpd of crude oil exports in April, according to JODI, which compiles self-reported |
| Everything You Need To Know About OPECs New AgreementOPEC+ agreed on Sunday exactly how the group should proceed with its oil supply management in the coming months, putting an end to a two-week stalemate over baseline production levels. The group hopes that this new united front will reassure the markets that there is no oil price war looming. The ministers of the OPEC+ alliance held a virtual meeting on Sunday, two weeks after it had failed to clinch a deal due to the objections of the United Arab Emirates (UAE) – OPECs third-largest producer behind Saudi Arabia and Iraq – which had insisted |
| GM confirms third electric pickup truck ahead of Hummer productionThe electric GMC full-size pickup is expected to be more of a traditional pickup than a “lifestyle” vehicle like the upcoming GMC Hummer EV. |
| WHO officials say we could have Covid under control next year ‘if we’re really lucky’The pandemic could end sooner if countries ensure the vaccines are distributed equitably to poorer nations. |
| Robinhood CEO Vlad Tenev could be worth $2.5 billion after IPORobinhood CEO and co-founder Vlad Tenev will have a paper fortune of over $2.5 billion when the company starts trading, according to an SEC filing. |
| CDC tells individuals to ‘avoid travel’ to the UK as Covid cases riseThe CDC told travelers to avoid traveling to the UK as the delta variant of Covid-19 continues to spread. |
| Victoria’s Secret says it will bring back iconic fashion show ” one dayVictoria’s Secret told analysts Monday it is planning to one day bring back its iconic fashion show ” but in a “culturally relevant” way. |
| Cruise stocks fall amid Covid concerns, court ruling in FloridaCruise Stocks stumbled after an appeals court handed down a decision that will temporarily keep in place pandemic restrictions on the industry. |
| Victoria’s Secret to test off-mall ‘store of the future’ later this fallVictoria’s Secret plans to test three locations that it refers to as a “store of the future” later this fall. One of them will be off-mall. |
| Peloton says it’s preparing to enter the video game businessPeloton is about to debut an in-app video game called Lanebreak, the company confirmed to CNBC. |
| Investors bet on grocers like Kroger, Costco as Covid cases spook Wall StreetThe rise of the delta variant of Covid has complicated predictions about when people will return to pre-pandemic levels of dining out. |
| Airline stocks, Boeing tumble as Covid cases climbAirline stocks tumbled in a broad market sell-off amid concerns about the spread of the delta variant of Covid-19. |
| U.S. oil drops as much as 8% to below $70 as OPEC prepares to boost production, Covid concerns weighOil prices dropped more than 8% on Monday amid fears that a jump in covid cases will hurt demand just as OPEC+ boosts production. |
| Nike could run out of sneakers made in Vietnam as Covid crisis worsens, S&P Global warnsThe warning comes after two of Nike’s suppliers in Vietnam recently halted production due to a rapidly growing Covid outbreak in the region. |
| “Fear” Nears 2020 Highs As Stocks, Bond Yields, & Crude Crash“Fear” Nears 2020 Highs As Stocks, Bond Yields, & Crude Crash After having the boot of fiscal and monetary repression firmly placed on the throat of uncertainty for months (if not years), today was a refreshing slap in the face for many ‘experienced’ traders who have been buying with both hands and feet since last March’s stimmies arrived as possibilities of an imminent taper and Biden’s big spending plan starting to stall raised the specter of reality peeking out from behind the Oz-ian curtain.
With the S&P 500 around 3.5% off its record highs, we note that fear has exploded. The last time fear was this high, the S&P was down 40%!… |
| Global Head Of FX: This Is The Real Trillion Dollar QuestionGlobal Head Of FX: This Is The Real Trillion Dollar Question Late last week, Deutsche Bank’s head of FX research George Saravelos attended a “virtual macro dinner” with a mix of real money, hedge fund and public sector institutions. Here is a summary of the main observations he made during the event Mind the gap. Many would argue that there is a linear continuity in the global economic reopening throughout the year. We don’t agree. It is better to look at 2021 in two discrete phases. The first half has been marked by truly unprecedented procyclical government intervention: an immense fiscal stimulus led by the US, a lifting of restrictions on activity, and a massive vaccine roll-out program. This unprecedented mix generated the “gangbusters” recovery narrative of H1. But the second half of the year will be completely different: fiscal support is being withdrawn across the globe; the initial burst of activity in a return to “normal” is complete; and the G3 vaccine roll-out has run its course. The next few months will be all about the hand-off in growth drivers to the private sector. It is this period that is crucial to understanding what the “new normal” will look like; we should be very cautious in projecting the H1 macro story to H2, and it is precisely this caution that the market has been pricing in recent weeks. What have we learned so far? As this handover has started to take place, we have learnt a few important things, which have leaned negative. First, bottlenecks and price increases have caused greater demand destruction than one would have assumed. This can be seen in the sharp slowing in US housing a … |
| Apollo’s Black Paid His Long-Time Mistress Millions To Keep Affair Under WrapsApollo’s Black Paid His Long-Time Mistress Millions To Keep Affair Under Wraps Leon Black might be the only billionaire in America who is having a worse year than Bill Gates.
As Black continues to face suspicions surrounding his relationship with Jeffrey Epstein (whom Black paid more than $100MM for tax consulting purposes), the Apollo founder is also facing a lawsuit accusing him of forcing a former model into a yearslong abusive relationship. In her lawsuit, filed June 1, she accused Black of rape, abuse and enforcing a “cycle of intimidation, abuse and humiliation.” But on Tuesday, Black – or, we should say, Black’s lawyers – offered some compelling claims that appeared to rebut the model’s original lawsuit. In the document, Black’s lawyers claimed that the private equity baron had been in a consensual relationship with the model – Russian-born Guzel Ganieva – for six years before she started trying to extort him, at which point the relationship ended.
|
| Biden Backtracks On Facebook “Killing People” As Fauci Urges Americans To Listen To “Trusted Messengers”Biden Backtracks On Facebook “Killing People” As Fauci Urges Americans To Listen To “Trusted Messengers” As analysts blamed the delta variant for Monday’s market ructions, Dr. Anthony Fauci said in an interview that the variant is increasingly becoming the “dominant” strain in the US, while he continued to share data about the efficacy of American-made vaccines despite the growing evidence that the efficacy they provide against Delta is much lower than some believe. Dr. Fauci said that while vaccinated people are “generally protected”, the efficacy of the jab is only 93% to 94%. Meanwhile, earlier today, UK chief scientific advisor Patrick Vallance stated that roughly 60% of people being admitted to hospitals in the UK have already received two vaccine doses. Top health authorities in Israel have arrived at a similar conclusion, warning that the Pfizer jab is only 64% effective.
What’s more, Dr. Fauci also pushed back once again on reports that COVID may have been the result of a leak from the Wuhan Institute of Virology, despite reports over the weekend claiming that the intelligence community is increas … |
| Covid: Two jabs needed to enter nightclubs from SeptemberPeople will need to be fully vaccinated to enter venues where large crowds gather, the government says. |
| Global shares slide amid Covid economic recovery fearsStock markets in the UK, the US and Europe fall on concerns that rising cases may impede a recovery. |
| Zoom bets billions on home working continuing in Five9 dealThe firm announces a $14.7bn (£10.7bn) deal to buy Five9, a cloud-based call centre operator. |
| HCL Tech Q1 Takeaways: Second wave dents India performance, margins shrinkWhile the company’s consolidated net profit met Street estimates, the topline fell little short. |
| Bajaj Finance Q1 preview: Profit likely to swell, but asset quality stress to showDue to the second wave of the pandemic and subsequent lockdown, analysts are expecting defaults to rise but one thing going in favour of Bajaj Finance is its cautious stance and high level of provisioning. |
| Indian regulators probing Adani group companies for non-compliance of rulesIt was not immediately clear when the investigation was launched. The minister, Pankaj Chaudhary, did not name which companies were involved. |
| : Biden says inflation expected to be temporary as he pushes big infrastructure, social spending packagesPresident Joe Biden on Monday pressed anew for his infrastructure and social-spending agenda, while counterattacking critics who are blaming his policies for leading to high inflation. |
| The Margin: Billionaire space race: As Jeff Bezos blasts off, here’s how his flight compares to Richard Branson’s tripWho’s flying higher, who’s going to be in space longer, and what’s at stake with Blue Origin and Virgin Galactic’s first passenger flights |
| The Margin: Oliver Daemen, 18, is ‘super excited’ to join the Blue Origin crew and become the youngest person in spaceThe Dutch teen joins Jeff Bezos on Blue Origin’s first passenger flight after a $28 million auction winner backed out. |
Summary of Economic Releases this Week
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:
