Written by Gary
US stock futures pointed to a flat opening (SPY -0.03%). The biggest premarket movers: Netgear, Unilever, Whirlpool, Crocs.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The Real Reason Oil Prices Arent At $80The UAEs awarding last week of a slew of huge drilling contracts aimed at increasing its crude oil output capacity from around 4 million barrels per day (bpd) to 5 million bpd underlines that the principal market risk from an oil traders perspective is still skewed towards further supply against a backdrop of an uneven bounce back in demand following the height of the global COVID-19 crisis in 2020. In the short- and medium-term, significant supply increases are likely to come from ongoing failures in the OPEC decision and implementation |
| Can The Airline Industry Live Without Fossil Fuels?The global war on emissions has exploded in recent years, with every company, industry, and government on earth now desperately attempting to reduce its carbon footprint. From the introduction of carbon taxes to the adoption of electric vehicles and the rising market share of renewable energy, carbon is under attack. But not all industries are equal, and the aviation industry, in particular, has proven incredibly hard to decarbonize. Today, we will take a look at why jet fuel is so hard to replace and whether it will ever be possible to fly emissions-free. |
| U.S., Germany Reach Deal On Controversial Nord Stream 2 PipelineThe United States and Germany reached a deal over the controversial Nord Stream 2 Pipeline, the U.S. State Department said on Wednesday, clearing the way for the completion of the Russian gas pipeline and handing Germany a decisive victory in the matter. The State Department media note, titled, Joint Statement of the United States and Germany on Support for Ukraine, European Energy Security, and our Climate Goals, began with Germany and the United States steadfast support for Ukraines sovereignty, territorial |
| 5 Wild New Ways To Generate EnergyWith the clean energy shift beginning to gain serious momentum, the prime candidates for a sustainable future have been solar, wind, and–to a lesser extent–geothermal energy and nuclear fission. But with the window for the world to act to avert catastrophic and irreversible climate change rapidly closing down, we are beginning to realize that every bit counts. That has led to a pondering of a litany of other technologies. Many of these technologies go way beyond the fringe, but the fringe itself has been relocated much further |
| Goldman Adjusts Crude Forecast Down On Delta SurgeAs oil prices dropped on the shock of a surge in Delta variant around the globe, Goldman Sachs has reduced its forecast for Brent crude in the third quarter by $5, to $75 per barrel. Oil prices had fallen by $5 per barrel on Monday on a surge in the prevalence of new Delta variant coronavirus cases at a time when OPEC+ agreed to ramp up production by 400,000 bpd starting in August and another 400,000 bpd in every month thereafter until the production cut is entirely wound down. The fear is that a resurgence of coronavirus cases could trigger more |
| Traders Brace For Major Oil Market Volatility This SummerAfter a period of relative stability in the oil market where U.S. crude benchmark WTI was trading above $70 a barrel for more than a month, traders are now bracing for a wild ride for the rest of the summer. Traders in the crude oil options market expect volatility to spike in the coming weeks and are hedging more against further price declines, data compiled by The Wall Street Journal showed. The increased caution suggests that market participants are weighing the prospect of rising oil supply from OPEC+ in the coming months against concerns |
| Planning to travel? Here’s why you need to insure your next tripCovid lockdowns last year saw many would-be travelers lose money because they had no travel insurance or the wrong kind. Here’s what they’re buying now and why. |
| Domino’s revenue beats as pizza demand remains strong in the U.S.Domino’s reported 3.5% same-store sales growth in the United States for its second quarter. |
| 5 things to know before the stock market opens ThursdayU.S. stock futures pointed to a third straight day of gains, making Monday’s major sell-off seem like a distant memory. |
| Biogen’s controversial Alzheimer’s drug generates $2 million in first few weeks after approvalBiogen’s Alzheimer’s drug, Adhulem, generated $2 million in revenue in the first few weeks of its approval, the company said in its second-quarter earnings. |
| Stocks making the biggest moves premarket: Netgear, Unilever, Whirlpool, Crocs & moreThese are the stocks posting the largest moves before the bell. |
| Crocs reports record revenue, raises full-year guidance amid strong demandCrocs reported second-quarter earnings on Thursday that beat. |
| American, Southwest post quarterly profits, boosted by travel surge, federal aidAmerican and Southwest posted quarterly profits due to a surge in travel demand and government aid. |
| Indonesia reported the highest new Covid cases in the world last week, says WHOIndonesia reported 350,273 new infections between July 12 and July 18, a 44% increase from the week before, the World Health Organization said. |
| Europe’s travel industry is on a knife edge as Covid surges, againAs Covid vaccines rolled out across Europe, hopes were high for a rebound in summer tourism. Instead, the season is looking highly uncertain. |
| Anxious about the easing of Covid restrictions? Here are 7 tips to help deal with itAfter almost 16 months of on-off lockdowns around the world, many people feel anxious about changes to Covid rules. |
| Jim Cramer reacts to Chipotle big earnings beat: ‘Chipotle delivered’“We always hear about these executives who say a crisis is a terrible thing to waste. Most of the time they’re just blowing smoke. Not Chipotle,” Cramer said. |
| Biden says what others are ‘afraid to say’ about tech, Salesforce’s Marc Benioff saysAs the White House gears up to challenge practices in the technology industry, Salesforce CEO said President Biden is “saying a lot of really smart things.” |
| Novartis CEO says Covid-related doctor visit delays likely impacting cancer diagnosis ratesNovartis CEO Vasant Narasimhan told CNBC there are now lower rates of diagnoses due to reduced hospital visits during the coronavirus pandemic. |
| China Evacuates Tens Of Thousands As Historic Rainstorms Spread NorthChina Evacuates Tens Of Thousands As Historic Rainstorms Spread North In the wake of the unprecedented rainstorms across central China, tens of thousands of people have been evacuated on Thursday as officials raised the death toll to 33 for the Henan province, according to Reuters. Entire blocks of Zhengzhou, the capital of Henan province, are still submerged after “once in 5,000 years” rainstorms from Sunday to Tuesday devastated the metro area and other surrounding areas. Zhengzhou received eight months of rain within 24 hours earlier this week which triggered flash floods. State broadcaster CCTV said Thursday the death toll stands at 33, with eight people missing across Henan. So far, 376,000 people have been evacuated in the province. The economic cost is estimated around Rmb1.2bn ($186m), but that figure is expected to rise.Â
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| Blain: Markets Are Ignoring The New Inflation RealityBlain: Markets Are Ignoring The New Inflation Reality Authored by Bill Blain via MorningPorridge.com, œNothing beside remains. Round the decay of that colossal wreck ¦ Markets have entirely recovered after their wobble earlier this week, but it’s based on a simple belief: central banks will stand behind markets. Investors are increasingly convinced inflation threats are irrelevant ” and they are wrong to do so. Inflation risks are growing from immediate climate change, the costs of rising environmental instability and inflation leaching out of financial assets into the real economy.
In between picking up phones and making important calls on a financial deal we’re working on ” my day job ” I’m going to be œfixed sights on today’s ECB meeting and its likely consequences. IÂ |
| ECB Keeps Policy Unchanged, Revises Forward Guidance But Is Less Dovish Than ExpectedECB Keeps Policy Unchanged, Revises Forward Guidance But Is Less Dovish Than Expected As expected, the ECB has left its rates and key policy metrics (QE) unchanged, while vowing to maintain a persistently accommodative monetary policy stance to meet its inflation target. No surprises there. Other unsurprising announcements: ECB Leaves Main Refinancing Rate Unchanged at 0% ECB to Reinvest Maturing PEPP Bonds at Least Through End-2023 PEPP to Run Significantly Faster Than at Start of Year Committed to Persistently Accommodative Monetary Policy Where there was a surprise, was in the ECB’s new language discussing the forward guidance emerging from its new strategic review and inflation policy, where the bank said that “in support of its symmetric two per cent inflation target and in line with its monetary policy strategy, the Governing Council expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term. This may also imply a transitory period in which inflation is moderately above target.” As Bloomberg reminds us, the strategy review changed the ECB’s target to œ2% inflation over the medium term from œclose to but below 2%. So the big question was: How will it change its guidance on when rates change? Here’s a reminder of the old guidance:
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| Another Day Of Gains As Futures Trade Within 1% Of All Time HighsAnother Day Of Gains As Futures Trade Within 1% Of All Time Highs US futures, European bourses and Asian markets extended on recent sharp gains on Thursday, the 10Y yields rose above 1.30% after hitting 1.13% just two days earlier and oil held onto sharp gains as investors seemed to set aside virus jitters for now and looked ahead to the European Central Bank for reassurance that policy support will continue; the dollar was steady. Japanese markets were closed for a holiday. At 7:15 a.m. ET, Dow e-minis were up 71 points, or 0.20%, S&P 500 e-minis were up 8 points, or 0.19%, and Nasdaq 100 e-minis were up 24.50 points, or 0.16%. Futures traded less than 1% from their record highs, completing a definitive V-shaped recovery from the recent slide.
The turnaround from the Monday selloff shows œcorporations have been very resilient through all this, Â David Mazza, Direxion head of product, said on Bloomberg Television. œEarnings estimates are quite remarkable, probably some of the best on record. Even through all this, we have central-bank liquidity remaining very abundant … |
| Covid: Panic buying discouraged amid new pingdemic peakBusiness Secretary Kwasi Kwarteng says the government is “concerned about instances of shortages”. |
| Charity, dating and pet spending booms, says NationwidePeople have been spending more on non-essentials as Covid restrictions ease, Nationwide says. |
| Bitcoin climbs as Elon Musk says Tesla ‘likely’ to accept it againThe firm had said in May it would no longer accept the cryptocurrency over environmental concerns. |
| Jubilant’s bet on dine-ins puts it in crosshairs with Zomato goalsBrokerages such as Edelweiss said Jubilant FoodWorks and Zomato, though not strictly comparable, have two common grounds: control over the delivery experience and usage of customer data to drive growth. They largely stayed positive on Jubilant FoodWorks’ intent to become a food tech company and its upping store addition guidance. |
| UltraTech Cement Q1 results: Net profit zooms 109% YoY to Rs 1,681 cr, beats estimates; sales rise 36%The strong topline performance in the quarter was aided by the low base of the year-ago quarter when the national lockdown adversely affected the company’s performance. |
| Rakesh Jhunjhunwala-backed Star Health Insurance files DRHP to raise funds via IPOThe initial stake sale will consist of issuance of fresh equity shares aggregating to Rs 2,000 crore and offer for sale (OFS) of up to 60,104,677 equity shares by the promoters and existing shareholders of the company. |
| : The FDA may not fully approve a COVID-19 vaccine until January. Here’s whyIt looks as though the first full approval of a COVID-19 vaccine will happen by January at the latest, according to the typical timeline for new therapies that are considered a priority by U.S. regulators. |
| 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. |
| IPO Report: Zevia IPO: 5 things to know about the zero-calorie beverage company before it goes publicZevia’s CEO Paddy Spence noticed all the sugar in his diet in early 2001 and has made reducing sugar in others’ diets a focus. |
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