Written by Gary
Millions of evictions expected as moratorium expires (SPY +0.1%). Bitcoin nears $40,000, and Oil prices decline after four session gains in a row.
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. | |
Volkswagen CEO: EVs Will Be Cheaper Than ICE Vehicles In 2 To 3 YearsEver since the forced adoption of EVs by governments worldwide, all eyes have been on when the electric vehicles would finally make economic sense to produce. According to Volkswagen, that milestone is still years away but is moving closer. CEO Herbert Diess said at the company’s annual general meeting this week that its EVs would see margins at the same level of combustion cars “in two to three years”. The company also disclosed that its shift to EVs continues on schedule, as it delivered 170,939 all-electric vehicles in the first half of | |
Iraq Oil Expert: Baghdad Shouldn’t Replace Oil With RenewablesIt is not in Iraq’s best interest to adopt renewable energy at the expense of fossil fuels, energy and oil expert Hamza al-Jawaheri told local Shafaq News Agency in an interview on Monday. Iraq, OPEC’s second-largest producer behind Saudi Arabia, has been suffering from power outages and disruptions due to a lack of investment in its transmission grids. Iraq also relies on electricity and natural gas imports from neighboring Iran for its power supply and has received waivers from the United States to continue importing electricity from Iran despite | |
Chinese Refiner Reportedly Dodged $2 Billion In Fuel TaxesAn independent Chinese refiner may have avoided paying some $2 billion in taxes by falsifying the kind of fuels it sells, Bloomberg has reported, citing a report in a Chinese outlet owned by state news agency the Peoples Daily. The company, Hengli Petrochemical Co., according to the report, sold gasoline and diesel under false names, as fuels that carry a lower tax burden, which resulted in it saving some 13 billion yuan, or about $2 billion. If the report proves accurate, this could prompt a further government clampdown on independent refiners | |
Houthis Advance On Oil-Rich Province In YemenThe force of the Yemeni Houthis are advancing towards the country’s oil-rich Shabwah province, Iran’s Fars News reported this weekend, adding that the advance was an attempt “to choke off supplies of weapons and new fighters to the Saudi-led coalition and its mercenaries.” Fighting in Yemen has been ongoing for six years now after the Iran-affiliated Houthis overturned the elected president, which prompted Saudi Arabiahis allyto wage war on the rebel group. In response, the Houthis have made Saudi Arabia’s oil facilities their preferred | |
Oil Opens Lower As Delta Variant Fears Clash With Tight SupplyOil prices were trading slightly down early on Monday after having fallen 1 percent in Asia trade, as the bullish factor of tight market countered the bearish factor of the Delta variant spreading in many countries. As of 10:06 a.m. EDT on Monday, WTI Crude prices were trading slightly down, 0.46 percent at $71.68, and Brent Crude was down 0.20 percent at $73.90. Prices had fallen earlier on Monday by 1 percent as cases of the Delta variant of COVID-19 continued to rise in many countries, including in the United States. Crude futures were | |
Top Oilfield Service Providers See Multi-Year Recovery AheadThe three largest oilfield services providers in the world expect the vaccine-driven recovery in global oil demand to continue through the coming quarters and lead to the next upcycle in demand for oil drilling and completions. Halliburton Company (NYSE: HAL), which generates the largest share of its revenues from North America, was the first to report last week its Q2 financials and give an estimate about the industry going forward. Improved North American and international markets for drilling, completion, and production helped Halliburton book | |
Stocks making the biggest moves midday: Tesla, Zoom, Hasbro, Philips and moreThese are the stocks posting the largest moves in midday trading. | |
Hasbro CEO expects robust demand to continue despite higher prices, toymaker’s shares rise 11%Hasbro expects robust demand for toys to continue even though the company is hiking prices to offset increased shipping and other costs. | |
Swedish researchers are paying unvaccinated people $23 to have their Covid shotSwedish scientists are attempting to find out if financial incentives could motivate people to get vaccinated against Covid-19. | |
Americans are ‘mixing and matching’ Covid vaccines over concerns about the delta variantSome Americans say they are finding ways to get extra Covid shots, with some even going as far as receiving the extra shots from different companies. | |
Trump friend Tom Barrack pleads not guilty in UAE lobbying case after being heckled as ‘traitor’Private equity investor Thomas Barrack is accused of illegally lobbying then-President Donald Trump for the United Arab Emirates. | |
McDonald’s taps company veteran as its first global customer officerMcDonald’s announced Monday it has tapped company veteran Manu Steijaert as its first global chief customer officer. | |
BioNTech says it plans to develop an mRNA vaccine to prevent malariaBioNTech said it plans to develop an mRNA-based vaccine to prevent malaria, a life-threatening disease that impacts millions of people worldwide each year. | |
Dr. Scott Gottlieb says U.S. delta-driven Covid spike could peak in 3 weeks, following U.K. pattern“If the U.K. is turning the corner, it’s a pretty good indication that maybe we’re further into this than we think” in the U.S., Dr. Scott Gottlieb told CNBC. | |
Marlboro maker Philip Morris says it may stop selling cigarettes in Britain within 10 years“I want to allow this company to leave smoking behind,” Philip Morris CEO Jacek Olczak said in an interview with the Mail on Sunday. | |
Stocks making the biggest moves premarket: Hasbro, Otis Worldwide, Lockheed Martin and othersThese are the stocks posting the largest moves before the bell. | |
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. | |
Peter Schiff: The Mainstream Pundits Are the Real Stopped ClocksPeter Schiff: The Mainstream Pundits Are the Real Stopped Clocks Via SchiffGold.com, Mainstream pundits sometimes accuse Peter Schiff of being a œstopped clock. They admit he’s right occasionally, but only by virtue of sticking to the same narrative, talking about the malinvestments and misallocations in the economy and warning about an impending crisis. In this clip from his podcast, Peter said it’s the mainstream regulars on financial networks like CNBC who are the real stopped clocks. Peter said you can never count on mainstream œfinancial experts to warn you about an impending crisis.
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Millions Of Renters Face ‘Unprecedented Spike’ In Evictions As Moratorium ExpiresMillions Of Renters Face ‘Unprecedented Spike’ In Evictions As Moratorium Expires Millions of renters across the country face eviction as a federal moratorium set to expire at the end of July is unlikely to be extended, according to Bloomberg. Protesters call for stronger eviction protections in January in Sacramento, Calif The federal ban on evictions, which has been in place through most of the pandemic, is one of a raft of emergency programs set to end despite officials sounding the (perpetual) alarm over the Delta variant.
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New York Woman Charged With Hate Crimes In 4 Anti-Asian AttacksNew York Woman Charged With Hate Crimes In 4 Anti-Asian Attacks Authored by Isabel van Brugen via The Epoch Times, A 25-year-old black woman has been charged with hate crimes in connection to four separate, unprovoked attacks on people of Asian descent in Queens, New York. Maricia Bell of Queens allegedly attacked three women and a man, including a 63- and 75-year-old, in four separate incidents over the span of several months beginning on May 23, prosecutors said Saturday. According to Queens District Attorney Melinda Katz, Bell was arraigned on a complaint charging her with assault, robbery, and grand larceny, all as hate crimes, as well as weapons possession and harassment charges.
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Did Today’s Shockingly Bad Home Sales Data Just Derail The Fed’s Tapering PlansDid Today’s Shockingly Bad Home Sales Data Just Derail The Fed’s Tapering Plans In previewing Wednesday’s FOMC meeting, DB’s Jim Reid pointed out that the bank’s economists are generally expecting the Fed to provide an update on the progress of taper discussions that will help refine the likely timeline for an announcement in the coming months. Their view is that there’ll be a clearer signal from the Fed’s leadership that the timeline is coming into view at the Jackson Hole economic symposium in August or at the September meeting, before an official announcement at the November meeting, though the incoming data will dictate the exact sequence. Basically the meeting can be simplified to working out which the committee sees as the biggest risk – the recent rise in inflation vs the recent rise in the delta variant. Further to that, speculation is rife that that key debate topping the FOMC agenda on Wednesday is whether to taper the Fed’s purchases of mortgage-backed securities faster than its buying of Treasury debt. As Bloomberg wrote on Sunday, “policy hawks at the Federal Reserve are setting their sights on scaling back the U.S. central bank’s massive intervention in the mortgage market as home prices soar. But the Fed leadership doesn’t sound convinced by arguments in favor of a hasty exit strategy.” Maybe not. As today’s | |
Air travel yet to meaningfully restart, says UK industryBookings have not recovered due to the “frustrating” traffic light system, a trade group says. | |
Jaguar Land Rover owner Tata Motors feels chip shortage strainTata Motors sees losses narrow, but warns that a lack of semiconductors could halve car production. | |
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. | |
Bitcoin nears $40,000 as shorts fuel rally on Amazon speculationAs the largest digital token gained on the speculation, investors rushing to cover bearish bets fueled the rally, with the coin up as much as 15 per cent to $39,681 on Monday. | |
Axis Bank Q1 results: Net profit rises 94% YoY, misses estimate; NII rises 11%Axis Bank reported a 11 per cent on-year growth in net interest income to Rs. 7,760 crore in the reported quarter, which was also below Street’s estimate. | |
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. | |
Economic Report: Sales of new homes sink to lowest level since pandemic as high costs and slim pickings frustrate buyersSales of new homes in the U.S. fell in June to the lowest level since the first month of the U.S. coronavirus pandemic in early 2020, as high prices and a limited selection frustrated scores of would-be buyers. New-home sales dropped 6.6% to an annual rate of 676,000. | |
: With a cost of over $20 billion and decreased revenue due to no fans, how many billions will Tokyo lose on the Olympics?Estimated costs for the Olympics exceed $20 billion, far above the Olympic Organising Committee’s $6.7 billion revenue projection | |
Futures Movers: Oil prices decline after 4 session gains in a rowOil futures head lower on Monday, poised to end their four-session streak of gains as traders weigh prospects for demand amid the spread of delta variant of the coronavirus that causes COVID-19 and reports of a crackdown by China on crude importers. |
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