Written by Gary
Futures slide as Chinese stocks crash (SPY -0.3%). The biggest premarket movers: Hasbro, Otis Worldwide, Lockheed Martin.
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. | |
Natural Gas Stocks Still Have Major UpsideAfter an epic, pandemic-induced crash in 2020, the U.S. stock market has gone back to winning ways and is enjoying yet another bumper season in the current year. The S&P 500 is already up 16.0% in the year-to-date and constantly taking out fresh all-time highs. Few sectors of the market have, however, done better than the long-suffering energy sector. After years of underperformance, the energy sector has been a standout performer in the current year with the Energy Select Sector SPDR ETF (NYSEARCA:XLE) up 30.0% YTD, second only to the 49.8% | |
Why Short Sellers Are Desperately Trying (And Failing) To Sink Recon AfricaWhen a small, ambitious exploration company starts drilling in a 6.3-million-acre onshore oil play, the vultures descend. In the case of Reconnaissance Energy Africa (TSXV:RECO; OTC:RECAF), those vultures are in the form of short sellers who have stooped to dangerously low levels in their failed attempt to destroy one of the best exploration plays weve seen in a long time and with a company that isnt just fully funded for a 4 well drilling campaign, but one thats already reported results confirming an active petroleum | |
Big Oil Faces Mounting Pressure To Cut Upstream EmissionsPressure is mounting on the oil and gas sector to clean up its act and reduce emissions from operations, the so-called Scope 1 and Scope 2 emissions. Many of Europes largest oil corporations, including Shell, BP, Eni, Repsol, and Total, have imposed their own targets to cut carbon intensity from their upstream operations as they have pledged to become net-zero emission businesses by 2050 or sooner. The pressure from investors and shareholders is also growing, including on the oil industry to reduce the so-called Scope 3 emissionsthose | |
The Net-Zero Narrative Is Riddled With HolesWhen the International Energy Agency released its Roadmap to Net Zero report, OPEC slammed it as destabilizing. Russia said the IEAs plan could push oil to $200 per barrel. Even the IEA itself said the targets in the roadmap were going to be challenging. And yet, the people who will foot the bill for the energy transition are being told nothing about challenges. Bjorn Lomborg, environmentalist and president of the Copenhagen Consensus, recently addressed this discrepancy between the public narrative and the realities of the | |
Russia Is Finally Embracing The Electric Vehicle BoomLate in the race, Russia has recently announced investments targeting electric vehicle (EV) growth in an attempt to catch up with the transition across the rest of Europe. Russia is expected to start work on its EV infrastructure creation, starting in Moscow. The city plans to install 200 EV charging stations annually, until 600 are established by 2023, beginning in 2021. The head of the city’s transport department, Maxim Liksutov, stated “There are around 2,000 (electric) cars in Moscow now and their number increases every year by about | |
Mercedes To Bet $47 Billion On An Electric FutureOne by one, the world’s auto manufacturers have made bold commitments to electric vehicles, setting targets for turning over their entire fleets and disclosing large capital expenditure plans for the future. Today, it looks like it’s Mercedes turn. The luxury auto manufacturer has said this morning it is going to spend more than $47 billion over the next 10 years to “electrify its lineup and defend its position as the worlds best-selling luxury-car maker through a historic industry transformation,” according to Bloomberg. Mercedes | |
Marlboro maker Philip Morris says it could stop selling cigarettes in Britain within 10 yearsU.S. tobacco group Philip Morris International has reportedly said it plans to stop selling cigarettes in the U.K. in 10 years’ time. | |
Stocks making the biggest moves premarket: Hasbro, Otis Worldwide, Lockheed Martin and othersThese are the stocks posting the largest moves before the bell. | |
5 things to know before the stock market opens MondayDow futures dropped modestly Monday, cutting much of the overnight losses of almost 300 points as stocks in Hong Kong and China plunged. | |
Budget airline Ryanair posts 273 million euro loss as Covid continues to wreak havocLow-cost airline Ryanair said Monday that it’s still facing a “challenging” environment and that it might finish the fiscal year “somewhere between a small loss and breakeven.” | |
Action on climate change can provide a shot in the arm for the global economy, economist saysThe fatal floods in Germany in recent weeks have put the impacts of climate change firmly in the spotlight again. | |
Disney executives won’t attend CinemaCon in-person as delta Covid variant rages in Las VegasDisney executives won’t be traveling to Las Vegas next month to attend the National Association of Theatre Owner’s CinemaCon. | |
Boston Beer CEO acknowledges Q2 hard seltzer sales miss – ‘we don’t look very smart’Boston Beer CEO David Burwick said the company’s hard seltzer sales dropped fast when people retuened to bars this summer. | |
Cramer’s week ahead: The most important week of earnings season“This is the toughest week of the quarter when it comes to making informed financial decisions,” CNBC’s Jim Cramer said ahead of reports from Apple and others. | |
M. Night Shyamalan’s ‘Old’ falls flat, bogged down by clunky dialogue and ‘ham-fisted’ explanations, critics say“Old” currently holds a 55% “Rotten” score on Rotten Tomatoes from 153 reviews. | |
Former Virgin Galactic CEO to launch on the company’s next spaceflight testGeorge Whitesides, the former CEO of Virgin Galactic, will fly on the company’s next spaceflight test, CNBC has learned. | |
National ballet company predicts largest audiences in years for its return after Covid halt“I think that the audiences are ready, they’ve missed us, and they’re eager to come back,” ABT Executive Director Kara Medoff Barnett told CNBC on Friday. | |
How a Walmart worker with Down syndrome ” and her sister ” fought and beat the giant retailer after getting firedThe former Walmart employee’s sister says she hasn’t stopped fighting and wants to make sure no other employees with disabilities wrongfully lose their jobs. | |
Sweltering temperatures expected across U.S. next week as heat dome descends on Midwest, Great PlainsHigh temperatures next week will be the result of a heat dome, a strong high pressure system of air that descends from the atmosphere and heats up near land. | |
Bitcoin Holds Gains After Massive Short Liquidation EventBitcoin Holds Gains After Massive Short Liquidation Event After crypto’s dramatic surge higher overnight, the narratives have been flowing. From technical breakouts (BTC above its 50DMA) to fundamental (Amazon insider says “ready to roll” on accepting crypto payments), but Occam’s Razor still rules. Simply put, it was a massive short liquidation. More than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com. Source: bybt.com œThe extent of the jump was probably driven by over-leveraged shorts, said Vijay Ayyar, head of Asia Pacific at crypto exchange Luno in Singapore, while adding the rumors over Amazon likely had a role to play too. For now, Bitcoin is holding on the majority of the short-squeeze gains… | |
Earnings, Multiples, & Untold Truths About Forward ValuationsEarnings, Multiples, & Untold Truths About Forward Valuations Authored by Lance Roberts via RealInvestmentAdvice.com, Earnings up, multiples down. Such seems to be a straightforward rationale for why investors should pile into markets as it enters a œnew phase.  Such was the suggestion made recently by Yahoo! Finance anchor Myles Udland.
It’s a good question. With wealth investors expecting to earn 17% average annual returns, there currently does seem to be little concern about valuations.
However, to assess œhow much,  we need to understand wha … | |
Futures Slide As Chinese Stocks Crash, Bitcoin Surges Ahead Of FedFutures Slide As Chinese Stocks Crash, Bitcoin Surges Ahead Of Fed Futures started off the week on the wrong foot, sliding overnight from Friday’s record high before recovering some losses as Chinese stocks crashed on multiple parallel crackdowns by Beijing (more on this shortly), souring global bullish sentiment while cryptos exploded higher further kicking Keynesian apes in the groin. All of this is happening ahead of the busiest week of Q2 earnings season and Thursday’s FOMC meeting, while a majority of traders are rushing to catch some rays ahead of the next round of covid lockdowns/vote-purchasing stimmies. S&P 500 E-minis were down 11.00 points, or 0.25%, at 715 a.m. ET. Dow E-minis were down 131 points, or 0.37%, while Nasdaq 100 E-minis were down 21.75 points, or 0.14%. Treasuries pushed higher, with the 10-year real yield hitting a record-low -1.127%. The dollar fluctuated and oil declined below $72 a barrel. The culprit for the risk off was China and HK, where shares tumbled amid a selloff in education tech companies after Beijing announced sweepi … | |
Another Coup? Violent Protests Erupt In Tunisia As President Suspends ParliamentAnother Coup? Violent Protests Erupt In Tunisia As President Suspends Parliament Roughly a decade has passed since Tunisians took to the streets to oust former dictator Zine El Abidine Ben Ali, igniting the social movement known to history as the ‘Arab Spring’. Now, Tunisians are taking to the streets to push back against a coup instigated by President Kais Saied, who froze parliament and ousted the prime minister – his top political rival – with the support of the army. President Saied made a declaration Sunday evening that froze parliament and suspended the PM for 30 days. The president and the parliament were both elected in separate popular votes in 2019, while PM Hichem Mechichi took office last summer, replacing another short-lived government. Once it’s over, Saied said he will govern alongside a new premier. Source: Reuters Saied said in his statement that his actions were in line with Article 80 of the constitution. He also cited the article to suspend the immunity of m … | |
Ministers consider blocking China’s role in UK nuclear powerThe move, amid rising tensions with Beijing, could impact the development of a plant in Suffolk. | |
Heathrow warns of further fall in passenger numbersThe airport says it could see even fewer travellers in 2021 due to testing requirements and restrictions. | |
Marlboro maker Philip Morris could stop selling cigarettes in UKHealth charity Ash said it was hard to take such claims seriously from a cigarette manufacturer. | |
ICICI Bank new darling of Dalal Street as HDFC Bank faltersIf there is one bank that analysts believe will trump all others in the current leg of economic growth, it is ICICI Bank. This stock has been outperforming some of the biggest names in the sector for a while now ” in terms of business as well as stock price. | |
Zomato surges 12% after dream debut, surpasses TechM in m-capThe online food aggregator commanded a market capitalisation (m-cap) of Rs 1,10,499 crore, which exceeded the Rs 1,08,340 crore market value of the fifth-largest IT firm Tech Mahindra. Zomato was not far behind Bajaj Auto’s Rs 1,11,262 crore market capital. | |
Kotak Mahindra Bank Q1 results: Net profit rises 32% YoY to Rs 1,642 cr; asset quality weakensThe private sector lender reported net interest income growth of 6 per cent on-year to Rs 3,942 crore, which was also below analysts’ estimates. | |
The Fed: Fed to tiptoe towards tapering this weekThe Federal Reserve meeting will start to work on its plans to slow down its bond purchases but Fed Chairman Jerome Powell won’t give away crucial details like when it will actually pull back. | |
Europe Markets: Philips shares tumble on fears over outlook as broader European stock markets slipPhilips led a downturn in European markets on Monday, as investors responded negatively to the Dutch conglomerate’s outlook even as second-quarter earnings were a touch ahead of estimates. | |
Metals Stocks: Gold edges higher as traders look ahead to Fed meetingGold futures trade slightly higher as investors prepare for this week’s meeting of Federal Reserve policy makers. |
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