Written by Gary
Transports stocks are in correction territory ahead of earnings (SPY +0.7%). Life expectancy in the U.S. in 2020 registered its biggest annual decline in generations.
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. | |
Azerbaijan Desperately Needs To Diversify Its Energy PortfolioAzerbaijan risks significant economic shocks in the future if it continues to rely heavily on oil and gas as the main pillar of its economy, a new report from the International Energy Agency (IEA) warns. The post-Soviet development of Azerbaijans substantial energy reserves, and the construction of new pipelines to transport them to European markets, allowed the countrys economy to grow by a staggering 2,178 percent between 1995 and 2014. But, the IEAs 160-page report warns, global energy markets are changing rapidly. The industrialized | |
Oil Dips After EIA Reports Crude Inventory BuildCrude oil prices briefly dipped after the Energy Information Administration reporteda crude oil inventory build of 2.1 million barrels for the week to July 16. Last weeks inventory build compared with a draw of 7.9 million barrels for the previous week and an estimatedand shockingincrease in crude inventoriesof 806,000 barrels, as reported by the American Petroleum Institute on Tuesday. At the time of writing, Brent crude wastradingat $ 71.53 a barrel and West Texas Intermediate was trading at $69.51 | |
Saudi-Owned Motiva Hasnt Given Up On Its Texas Petchem PlansMotiva Enterprises, owned by Saudi Aramco, is considering a relaunch of a previously halted expansion of its Port Arthur refinery with a petrochemical unit in 2023, Bloomberg reports, citing sources with knowledge of the plans. Motiva became the sole owner of the largest refinery in the United States, the 630,000-bpd refinery in Port Arthur, after Saudi Aramco and Royal Dutch Shell split up their joint venture in 2017. While Bloomberg reported that Motiva Enterprises is now looking to revive plans for a petrochemicals unit at the refinery, | |
China Wants A Piece Of The $30 Billion Shipping Fuel MarketChina has been raising its marine fuel sales in recent years, aiming to grow its share of Asias large bunkering market, which is valued at more than US$30 billion and is dominated by Singapore, Bloomberg reports. Singapore, the leader of the bunkering market, sold nearly 50 million tons of marine fuels in 2020, according to data on bunker sales in port from the Maritime and Port Authority of Singapore (MPA). Thats around one-fifth of all bunker sales in the world for last year, according to Bloomberg. China, for its part, is estimated | |
Oil Rallies After Poor OpenOil prices started Wednesday trade in Asia lower, extending the slide from late on Tuesday, when an industry report of a surprise U.S. crude inventory increase stopped the rise in prices earlier in the day. The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw so far to a hair under 50 million barrels, using API data. However, the API report of a rise in crude stockpiles contrasts with analyst expectations of an | |
Could This Be The Most Promising Oil Play Of The Decade?No oil discovery narrative appears to have captured investor attention this year as much as Reconnaissance Africas (TSXV:RECO, OTC:RECAF) acquisition of the rights to Namibias giant, 6.3-million-acre Kavango Basin, which was followed in short order by two confirmations of an active petroleum system. Its captured our attention for several reasons; not the least of which is that onshore discoveries are pretty much a thing of the past, except in the final frontier of Africa, where Namibiawhich has never produced a barrel | |
United Airlines shares rise on upbeat demand forecast despite delta variantUnited Airlines shares rose after the carrier issued an upbeat demand forecast. | |
Charlamagne The God and Stephen Colbert to launch late night TV talk show on Comedy CentralCharlamagne Tha God, co-host of morning radio show “The Breakfast Club,” is taking his unique brand of comedy and social commentary to late night TV. | |
NFTs may outlast physical art galleries, says famed British artist Damien Hirst“Anything that looks good and feels good” is art, Damien Hirst told CNBC on Wednesday. “It doesn’t have to be in a gallery.” | |
John Kerry issues warning over climate, calls on China to step up on emissions cutsWorld leaders are set to gather in Glasgow, Scotland, for the COP26 climate change summit later this year. | |
Philip Morris CEO defends the company’s intentions to buy inhaler maker VecturaPhilip Morris CEO Jacek Olczak defended the tobacco company’s plans to buy an inhaler maker, saying nothing will stop its efforts to “leave smoking behind.” | |
Transports stocks are in correction territory ahead of earnings. Here’s what to watchThe transports stocks have hit a roadblock as several companies such as CSX and Southwest prepare to release earnings. Two traders share what they’re watching. | |
The beta Covid variant is causing concerns in Europe. Should we be worried?There are quiet concerns in parts of Europe about the Covid beta variant, which was discovered in South Africa. | |
Tech company TCS renews NYC Marathon rights and will spend $280 million on race sponsorshipsTCS has also become the new title sponsor of the London Marathon. | |
Johnson & Johnson expects $2.5 billion in global sales from Covid vaccine this yearGlobal sales of the Covid vaccine in the quarter were $164 million. | |
Coca-Cola quarterly revenue tops 2019 levels; company raises full-year forecastShares of Coke have risen 2% this year, giving the company a market value of $241 billion. | |
Ulta Beauty’s first mini shops in Target will open in August as both retailers chase new customersThe scaled-down shops will feature curated merchandise from more than 50 prestige beauty brands, including Clinique, MAC Cosmetics and Ariana Grande. | |
US Charges 4 Chinese Nationals Working With Spy Agency In Global Hacking CampaignUS Charges 4 Chinese Nationals Working With Spy Agency In Global Hacking Campaign Authored by Frank Fang via The Epoch Times (emphasis ours), Four Chinese nationals working with China’s top intelligence agency have been charged in a global hacking campaign to steal trade secrets and sensitive information from companies, universities, and government bodies. A man uses a computer in an Internet cafe in Beijing on June 1, 2017. (Greg Baker/AFP via Getty Images) The charges were announced as the United States and allies in a coordinated push on Monday condemned the Chinese regime for sponsoring œmalicious cyberattacks against targets around the world. China’s Ministry of State Security (MSS), the regime’s chief intelligence agency, is behind the deployment of … | |
Southern Oregon’s Bootleg Fire Grows To Nearly 400,000 AcresSouthern Oregon’s Bootleg Fire Grows To Nearly 400,000 Acres The Bootleg Fire in Southern Oregon is now one of the largest in the nation and will continue to increase in size as the fire season rolls on. As of Wednesday morning, nearly 400,000 acres of forest and grasslands have burned. There’s a risk that months of back-to-back heatwaves could increase the fire to as much as 100,000 acres, according to Portland news KOIN. The fire is currently 32% contained. The fire has been raging for about two weeks. Last Monday, we noted the fire was likely to “double in size.” Gov. Kate Brown on Tuesday warned the situation could get worse. She said 5,000 firefighters are battling wildfires across the state.Â
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Big Tech: “Our Terms Have Changed”Big Tech: “Our Terms Have Changed” Authored (satirically) by Charles Hugh Smith via OfTwoMinds blog, So go ahead and say whatever you want around all your networked devices, but don’t be surprised if bad things start happening. I received another “Our Terms Have Changed” email from a Big Tech quasi-monopoly, and for a change I actually read this one. It was a revelation on multiple fronts. I’m reprinting it here for your reading pleasure: We wanted to let you know that we recently updated our Conditions of Use. What hasn’t changed:
What has changed:
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Senate Republicans Set To Short-Sheet Schumer’s Infrastructure VoteSenate Republicans Set To Short-Sheet Schumer’s Infrastructure Vote Senate Republicans are about to thwart Majority Leader Chuck Schumer’s (D-NY) bid to begin Senate debate on Wednesday on Joe Biden’s still-unfinished infrastructure plan, while signaling that they’ll instead be ready to move forward next week, according to Bloomberg.
“Today we are not going to be able to support moving forward,” said lead GOP negotiator Rob Portman (OH) in a Wednesday morning statement to CNBC. “We will be able to on Monday and I hope that is what the majority leader decides to do, put this vote off until Monday.” Schumer, meanwhile, says the bipartisan gro … | |
‘Catastrophic’ backlog at driving licence body, warns unionMPs are told bad decisions by DVLA managers resulted in a “catastrophic” processing backlog of 1.4 million cases. | |
UK property sales at new record as boom peaksSales surged during June but analysts say the property boom has peaked as stamp duty holidays are withdrawn. | |
M&S to cut Christmas products in Northern IrelandChairman Archie Norman says customs checks will mean higher prices and less choice for customers. | |
Why investing in passive funds can be a good diversification strategyThe debate over whether investors should use active or passive strategies in their portfolios has traditionally been viewed through the lens of outperformance. In reality, both can co-exist in a portfolio where an investor can follow a blended approach. | |
HUL Q1 preview: Company may see firm sales growth, but input cost inflation likely to dent marginsHindustan Unilever is expected to report a near 15 per cent year-on-year growth in its net sales to Rs 12,105 crore, according to an average of estimates from 11 brokerages polled by ETMarkets.com. | |
As action fades on D-Street, Indian investors pour money in US stocksDomestic equity benchmark indices have gained merely 6 percent during the June 2021 quarter as the second wave of Covid-19 jittered investors sentiments. | |
NewsWatch: Dow up more than 200 points as stocks extend rebound rallyU.S. stocks open higher Wednesday, as healthy corporate earnings reports support a rebound from a plunge that kicked off the week on fears that the spread of the delta variant of the coronavirus in many countries would slow the economic recovery from the pandemic. | |
Coronavirus Update: Delta variant of SARS-CoV-2 is now in 124 countries and will likely be dominant strain globally within months, says WHOThe highly transmissible delta variant of COVID-19, now present in 124 countries, will become the dominant strain globally in the coming months as it is rapidly outcompeting other variants, the World Health Organization said Wednesday. | |
The Wall Street Journal: Life expectancy in the U.S. in 2020 registered its biggest annual decline in generationsThe coronavirus pandemic was one notable factor as life expectancy in the United States declined by a year and a half. |
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