Written by Gary
Starbucks earnings beat, fueled by strong cold beverage sales in the U.S. (SPY -0.5%). CDC Reverses Guidance will mandate mask-wearing in “high transmission areas.”
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Venezuela Plans To Revive Its Oil Industry Despite U.S. SanctionsVenezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output. A document has been released showing that Venezuela has received delivery of condensate from the Rene supertanker in its Jose port. After national production broke down, Venezuela came to rely on condensate imports to thin its extra-heavy crude grades for processing. Due to U.S. sanctions on the country, introduced in 2019 in response to the dictatorship, Venezuela has not been able to produce |
| Germany Needs To Significantly Speed Up Wind Power InstallationsEven the 62-percent yearly jump in wind capacity installations in Germany in the first half of 2021 is not enough to meet the national and EU level of wind additions, wind power association BWE and VDMA engineering association said on Tuesday. During the first half of 2021, Germany installed 971 megawatts (MW) of wind capacity, a surge of 62 percent compared to the same period of 2020. Despite the strong growth and evidence that wind power installations are back on track after the pandemic, Germany needs a lot more capacity additions if it wants |
| Why The U.S. Wants China To Stop Importing Iranian CrudeIn an attempt to increase pressure on Iran in order to push through a nuclear deal with Iran, the U.S. is considering cracking down on Iranian oil exports to China. Chart of the Week- The government of the United States is mulling a ban on Chinese imports of Iranian crude as it becomes increasingly clear that reaching a deal with Iran before the inauguration of its new government is unlikely.- The oil markets see the U.S. somewhat unlikely to antagonize China further, yet Washington would be inclined to highlight |
| Mexicos New Refinery Is In Area Pemex Vowed To ProtectThe planned Dos Bocas refinery in Mexico, the favorite project of Mexican President Andrs Manuel Lpez Obrador for weaning the country off fuel imports, sits in a protected area which state oil firm Pemex pledged to protect more than a decade ago in exchange for drilling rights nearby, Bloomberg reported on Tuesday, citing environmental assessment documents it had seen. Originally, the plan for the Dos Bocas refinery in Lpez Obradors home state of Tabasco was expected to cost US$8 billion. According to Pemexs |
| India May Join China In Bid To Lower Oil PricesThe worlds third-largest crude oil importer, India, could join China in tapping into its strategic petroleum reserve in a bid to sell lower-priced crude to its refiners amid rallying international oil prices. India is reportedly considering selling half of its SPR to attract private participation in expanding its strategic storage capacity, government sources told Reuters last week. The sale of crude from reserves could also be a move from one of the importers most sensitive to price hikes to reduce the price of crude for its refiners, Reuters |
| Can Turkmenistan Become A Serious Gas Player In Europe?The Caspian Sea is one of the worlds largest and oldest oil and gas producing regions. During the Cold War, the hydrocarbon-rich area was Soviet-controlled as the vast majority of the reserves were located in the Soviet Union. Since the breakup of the communist state, international companies have flocked to the newly independent countries such as Azerbaijan and Kazakhstan. Of the littoral states, Turkmenistan has by far the largest reserves when it comes to natural gas. Geographic isolation and animosity with Azerbaijan long prevented the |
| Hobby Lobby’s $1.6 million Gilgamesh tablet has been forfeited to the U.S.A 3,500-year-old clay tablet purchased by the Hobby Lobby arts and crafts chain for $1.6 million has been forfeited to the United States. |
| Starbucks earnings beat, fueled by strong cold beverage sales in the U.S.Starbucks topped Wall Street’s estimates for its fiscal third-quarter earnings and revenue. |
| Mississippi and Louisiana have some of the worst vaccine rates and highest Covid hospitalizations in U.S.Two of the states hit hardest last week, Mississippi and Louisiana and, have some of the nation’s worst vaccination rates and climbing Covid hospitalizations. |
| Top U.S. doctors say kids need masks and social distancing in schools this fallExperts say desks could also be at least three feet apart and teachers could be assigned smaller class sizes to reduce risk of infection. |
| Why wealthy investors remain bullish on market and tech stocks in particularTech stocks took a hit early this year and again on the big earnings week for Apple, Microsoft, Alphabet and Facebook, but wealthy investors see opportunity. |
| China critic Sen. Tommy Tuberville of Alabama violated stock disclosure law, sold Alibaba optionAlabama Republican Sen. Tommy Tuberville is a top critic of China, but his portfolio in the past included stock and options of Chinese firm Alibaba. |
| Simone Biles drops out of Olympics team gymnastics final as Russian athletes upset USABiles, a gymnastics superstar, left the competition with what USA Gymnastics called a “medical issue.” |
| CDC reverses indoor mask policy, saying fully vaccinated people and kids should wear them indoorsThe CDC recommended that fully vaccinated people and school-age kids begin wearing masks indoors again in places with high Covid transmission rates. |
| Travel booking behemoth Amadeus is partnering with travel app developer Hopper, adding fintech offerings to product lineTravel giant Amadeus adds fintech functionality from travel app developer Hopper, which is eyeing future development of more financial products. |
| Many states are holding lotteries with cash or other prizes to boost vaccination rates. Here’s how much winners could owe in taxesWhether cash or another type of prize, the IRS expects winners of any lottery to pay taxes on the value of their jackpots. |
| NBA’s Oklahoma City Thunder arena will be called Paycom Center in 15-year dealThe agreement will include in-arena signage and a rooftop sign for the Oklahoma City downtown arena. |
| World’s 20 best airlines are named by air safety websiteFor the first time, the ratings review site AirlineRatings.com factored Covid-19 safety measures into its annual rankings of the top airlines in the world. |
| Stocks, Dollar, & Bond Yields Tumble After Beijing Bloodbath, Mask-Mandate MiasmaStocks, Dollar, & Bond Yields Tumble After Beijing Bloodbath, Mask-Mandate Miasma What a shitshow! All the narratives are breaking (tech’s not a bubble, growth to the moon alice, and vaccines work)… Between China Tech’s trouncing and the China virus’ reemergence driving American ‘health’ officials to reinstate mask mandates, the recipe for derisking and growth scares was set. More China pain overnight prompted total carnage in the Nasdaq Golden Dragon China Index, which is now down 50% from its highs…
Source: Bloomberg Spread to US markets amid rumors of a “Asia-focused fund in trouble”. Markets did their usual magical levitation back after around 1330ET.. |
| The Overall Mood In The US Grows More PessimisticThe Overall Mood In The US Grows More Pessimistic Authored by Mike Shedlock via MishTalk.com, A new ABC News/Ipsos poll shows most disapprove of Biden’s handling of gun violence, immigration, and crime…
A new Ipos Poll shows support for Biden is crumbling in several areas. Key Findings Currently, 45% are optimistic about where the country is headed over the next year, while 55% are pessimistic. This marks a nearly 20-point decline in optimism from late April, the last time this question was asked. At that time, 64% were optimistic about the year ahead. A majority approve of Biden’s handling of the pandemic, economic recovery, and the withdrawal of troops from Afghanistan. However, Biden’s approval rating on handling the pandemic is now nine pe … |
| CDC Reverses Guidance, Will Mandate Mask-Wearing In “High Transmission Areas”CDC Reverses Guidance, Will Mandate Mask-Wearing In “High Transmission Areas” Update (1510ET): As expected, CDC Director Rachel Walensky announced Tuesday afternoon that because not enough Americans got the vaccine, those who did will now be asked once again to wear masks in public. While the vast majority of transmission is occurring via unvaccinated individuals, the CDC admitted that some vaccinated people might experience “breakthrough” infection. Conveniently, she said the changes are the result of “new science”.
This “new data” show that the delta variant behaves “uniquely” compared with past strains.
Walensky said new data shows the variant behaves œuniquely differently from past strains of the virus, indicating that some some vaccinated people infected with the delta variant œmay be contagious and spread the virus to others.” While the pandemic remains mostly a “pandemic … |
| Tesla Autopilot System Mistakes Moon For Yellow Traffic LightTesla Autopilot System Mistakes Moon For Yellow Traffic Light Elon Musk touted in January that he was “highly confident [a Tesla] would be able to drive itself with reliability in excess of human this year.” To many of us, we knew his claims were utter nonsense. Tesla’s Full Self Driving version 9.0 beta version warned users earlier this month full self-driving software “may do the wrong thing at the worst time.” Such as the vehicle’s Autopilot system mistaking the moon for a yellow traffic light.Â
Twitter user “Jordan Nelson” posted a video that shows his Tesla in autonomous mode, driving down a highway, and the car is confusing the moon for a yellow traffic light.Â
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| Morrisons’ shareholder will not back takeover bidSilchester International says it is not inclined to support a £6.3bn deal for the supermarket chain. |
| Tesco offers £1,000 joining bonus for HGV lorry driversThe supermarket chain is deploying the recruitment tactic amid a shortage in lorry drivers. |
| Covid: Insurance threat for pinged holidaymakersSome travel insurance policies will not cover cancellation costs for travellers told to self-isolate. |
| RBI’s communication key to handling excess liquidity, says StanChart’s SahayAt present, liquidity in the banking system is estimated to be around 6 lakh crore rupees while the government is expected to be sitting on around 4 lakh crores, taking the core liquidity above 10 lakh crores. |
| Rolex Rings IPO to open tomorrow: Should you subscribe?Given the cyclical nature of the business, past record of loan default, growth prospects, better return ratios, and a focus on reducing debt, investors with a high-risk appetite may consider the IPO. |
| Tatva Chintan set to become 2nd stock in July to double investor money on debutThe stock, whose listing is likely on Thursday, has seen its grey market premium (GMP) swell further to Rs 1,125 apiece from Rs 1,100 on Monday. |
| : CDC: Vaccinated Americans should start wearing masks again in public indoor spaces in areas with high COVID-19 transmission ratesFederal health officials are once again calling for tighter rules about wearing masks in public indoor spaces in areas with “substantial or high” rates of COVID-19 transmission, citing the more infectious delta variant. |
| : UPS stock dives as earnings beat, but U.S. domestic revenue, outlook come up shortShares of United Parcel Service Inc. took a dive Tuesday, toward the worst performance in nine months, after the package delivery giant reported overall second-quarter profit and revenue that beat expectations, but did so despite a revenue miss by its largest U.S. business segment. |
| Coronavirus Update: CDC reverses policy on face masks, amid reports of breakthrough infections with delta variant of COVID-19Reports of breakthrough infections with the delta variant of the coronavirus-borne illness COVID-19 in Americans who are fully vaccinated has prompted the Centers for Disease Control and Prevention to change its policy on face masks in public settings for some parts of the U.S. |
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