Written by Gary
U.S. crude oil inventories fell to 7 percent below the five-year average (SPY +0.6%). US economic growth ‘disappoints’ as Covid surges and Advance Estimate 2Q2021 GDP Is 6.5%.
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. | |
Total, Equinor To Quit Venezuela VentureFrench TotalEnergies and Norwegian Equinor will exit their oil joint venture with PDVSA, Bloomberg has reported, citing unnamed sources familiar with the matter. TotalEnergies held a 30-percent stake in the Petrocedeno venture, and Equinor held 10 percent in the company. But now, both have transferred these stakes to the Venezuelan state-owned oil firm, according to the Bloomberg sources. The report said the news was expected to be confirmed by the Venezuelan government on Wednesday, but as of the time of writing, there was no official confirmation. | |
Senate Advances Debate On $550 Billion Infrastructure BillThe U.S. Senate voted on Wednesday to begin deliberations on a $550-billion infrastructure bill after a bipartisan working group announced the measure had garnered enough support. The bill, proposed by U.S. President Joe Biden months ago, proposes funding for roads, bridges, public transit, electric vehicle (EV) infrastructure, electric buses, power infrastructure, and environmental remediation. Seventeen Republican Senators and all 50 Democrats voted 67-32 to advance the bill for discussion at the Senate. Senate Majority Leader Chuck Schumer (D-NY) | |
U.S. Nuclear Power May Not Have A Role In Energy Transition After AllExelon plans to shut down two Illinois nuclear power plants that it previously sought to keep afloat with state subsidiesand the reasons behind the shutdown raises questions as to the competitiveness of the nuclear industry as a whole. The parent company of Commonwealth Edison, which last year agreed to pay $200 million to settle bribery charges, had filed documents for the shutdown of the two nuclear power plants with federal regulators, it said in a statement. The filings are among the final steps in retiring the plants, which face | |
Oil Tops $75 On Shrinking U.S. Crude InventoriesBrent crude futures topped $75 on Thursday morning as U.S. crude oil inventories fell to 7 percent below the five-year average, according to EIA data. The September Brent crude futures contract rose 0.59% to $75.18 per barrel on Thursday at 10:30 p.m., EDT. The WTI benchmark, for its part, landed at $72.82 per barrel, up $0.44, or 0.59% on the day. The rise in crude oil prices comes despite oil demand concerns on the back of mounting fears regarding Covid-19s Delta variant and disappointing news of waning efficacy of the Pfizer jab after | |
OMV: Nord Stream 2 Could Start Shipping Gas This YearThe Russia-led Nord Stream 2 natural gas pipeline could begin shipping gas as soon as this year, one of the western investors in the project, Austrias OMV, said on Wednesday. I would like to keep my fingers crossed for the Nord Stream 2. The head of the company [Nord Stream 2 AG] said that the construction work would be completed at the end of August. So, we believe that the gas may be flowing this year. There is a good chance of this happening, OMVs chief executive officer Rainer Seele said on the companys Q2 | |
Shell Reports $5.5 Billion Net Profit And Hikes DividendsAnglo-Dutch Shell reported a net profit of $5.5 billion for the second quarter of the year on the back of stronger oil prices and said it will buy back $2 billion worth of shares. The company also booked free cash flow of $9.7 billion for the period, up from $200 million a year earlier, and reduced its net debt to $65.7 billion from $77.8 billion for the second quarter of 2020. We are stepping up our shareholder distributions today, increasing dividends and starting share buybacks, while we continue to invest for the future of energy, | |
Retailers are rethinking mask policies in the wake of new CDC guidance “and it could get complicatedRetailers are again contemplating whether or not to reinstate mask mandates in stores for shoppers and employees, following updated CDC guidelines. | |
Space start-up Varda, founded by SpaceX and Founders Fund veterans, aims to build factories in orbitVarda Space Industries, a start-up founded less than a year ago by a pair with experience at SpaceX and Founders Fund, has raised more than $50 million. | |
New survey shows most flight attendants have dealt with unruly passengersA labor union survey shows most flight attendants have faced unruly travelers and that 17% of them have encountered physical incidents on board. | |
Wegmans is moving into an old Kmart location to open its first Manhattan storeWegmans Food Markets announced Thursday it will be opening its second location in New York City as it moves into the old Kmart location at Astor Place. | |
Traeger, Weber battle it out in barbecue IPO mini-boom as consumers spend billions on outdoor cookingWith people staying home amid the pandemic, barbecuing and outdoor cooking boomed, providing Weber and Traeger boosts that led both companies to go public. | |
UK to study using overhead wires to power long-haul trucksThe U.K. government wants to create a net zero transport sector by the year 2050. | |
Grand jury indicts Trevor Milton, founder of electric carmaker Nikola, on three counts of fraudFederal criminal fraud charges against Trevor Milton accuse the Nikola founder of lying about “nearly all aspects of the business.” | |
To understand why Texas and Oklahoma want to move to the SEC, follow the moneyIf Texas and OU joined the SEC, the conference could attract higher media fees, given the marketing muscle of the schools in college football and basketball. | |
Yum Brands tops earnings estimates as sales rebound at Taco Bell, KFC and Pizza HutShares of Yum Brands rose more than 5% after the company reported better-than-expected second-quarter earnings and revenue on Thursday. | |
Danny Meyer’s Union Square Hospitality Group to require indoor diners show proof of Covid shotsDanny Meyer’s Union Square Hospitality Group will require indoor diners and drinkers at its restaurants to show they’ve been vaccinated against Covid. | |
‘Not clear yet’ if booster shots of Covid vaccine are needed, AstraZeneca CEO saysAstraZeneca’s CEO told CNBC the company did not have a “precise answer” on whether a third dose of its Covid-19 vaccine would be needed. | |
Great News For Cryptocurrencies: Senate Budget Deal Hinges On Billions In Crypto TaxesGreat News For Cryptocurrencies: Senate Budget Deal Hinges On Billions In Crypto Taxes First the bad news: as part of the Senate’s bipartisan infrastructure deal, lawmakers quietly snuck in a provision imposing stricter rules on cryptocurrency investors to collect more taxes to fund a portion of the $550 billion investment into transportation and electricity infrastructure. According to Bloomberg, the provisions would raise an additional $28 billion from cryptocurrency transactions, according to a summary of the plan. As had been discussed previously, the proposal – now formalized – would impose more rules on crypto brokers to report transactions of digital assets, including virtual currencies, to the IRS, and would also require businesses to report crypto transactions of more than $10,000. Senator Rob Portman noted that Congress has expressed concerns regarding crypto reporting and taxation requirements for some time: œEverybody’s been talking about the appropriate way to provide more reporting in particular and that leads to better compliance. Naturally, this is nothing that crypto investors aren’t already mandated to do by the IRS anyway, as anyone who has filled out a 1040 form knows too well: | |
Shrinkflation, Inflation’s Sneaky Cousin, Is On The RiseShrinkflation, Inflation’s Sneaky Cousin, Is On The Rise Authored by Klajdi Bregu via The Mises Institute, Inflation has been on the rise for the past year and in the last few months it has accelerated. In June 2021, inflation, measured by the Consumer Price Index (CPI), hit the highest level since 2008. By inflation, economists refer to the increase in the general level of prices, which means that prices on average are increasing. The Bureau of Labor and Statistics (BLS) has a basket of goods and services that it tracks and uses to create a measure of the CPI. While inflation is the topic of the day in the news media and everyday conversations, many have not heard about its sneaky cousin, shrinkflation. The term shrinkflation, is credited to British economist Pippa Malmgren, and refers to the shrinking weight of the products while the price for the package remains the same. This is in effect another form of inflation, since the per unit price of goods increases when products shrink. However, shrinkflation is trickier, since most consumers do not notice it (see here for a few examples of shrinkflation). Shrinkflation is an ongoing process, but we are seeing more of it in the past year, and especially the first half of 2021, as businesses scramble to catch up with | |
Biden Urges Congress To Extend Eviction Moratorium In 11th Hour PleaBiden Urges Congress To Extend Eviction Moratorium In 11th Hour Plea President Biden has asked Congress to extend an eviction moratorium set to expire on Saturday, saying in a statement that while he would have strongly supported a decision by the CDC to do so, “the Supreme Court has made clear that this option is no longer available.” “In June, when the CDC extended the eviction moratorium until July 31, the Supreme Court’s ruling stated that “clear and specific congressional authorization (via new legislation) would be necessary…”
“For nearly 11 mon … | |
Lawmakers Accuse NBA Players Of “Profiting Off Slavery” Via Chinese Sponsorship DealsLawmakers Accuse NBA Players Of “Profiting Off Slavery” Via Chinese Sponsorship Deals We joked earlier that Thursday would likely be another wild day for China-related newsflow, and so far, we haven’t been wrong. As political tensions between the White House and Beijing intensify (even as Beijing looks poised to back off its ban on future US IPOs) Politico reported in its “China Watcher” newsletter on Thursday that some lawmakers are demanding that American NBA players sever endorsement contracts with Chinese sportswear firms. Last month, we reported on the first rumblings of potential Congressional action to stave off any “reputational risks” for the players (who are … | |
US economic growth ‘disappoints’ as Covid surgesThe world’s largest economy grew by 6.5% in the second quarter but fell short of forecasts. | |
Fewest people on furlough since pandemic beganUnder-25s are coming off furlough twice as fast as all other age brackets, says the Treasury. | |
Drug firm fined for huge price rise that hit NHSAdvanz pushed up the price of thyroid tablet packs more than 10-fold, says the competition watchdog. | |
Market Movers: Why metal stocks are rallying and what’s giving Maruti engine troubleThe main drivers of the rally were a clutch of important developments in China, the world’s largest commodity consumer. The Chinese government has reportedly decided it no longer wants to give incentives to its steel companies to export and instead wants to dissuade them altogether. | |
Forget inflation, investors should worry if growth is transientIn India, growth has already undergone several downgrades as the new fiscal year started on a tumultuous note with the vicious return of the virus that most policymakers and investors thought had gone for good. | |
Tech Mahindra Q1 results: Consolidated PAT surges 25% QoQ to Rs 1,353 cr, beats estimates; sales rise 5%The IT services major reported a 4.8 per cent quarter-on-quarter rise in consolidated revenues to Rs 10,198 crore for the reported quarter, which was slightly above analysts’ expectations. | |
Advance Estimate 2Q2021 GDP Is 6.5%Written by Steven Hansen The advance estimate for the second-quarter 2020 Real Gross Domestic Product (GDP) is a positive 6.5 %. This growth is an improvement from the previous quarter’s growth of 6.3 % (downwardly revised) if one looks at quarter-over-quarter headline growth. The year-over-year rate of growth significantly improved. | |
NewsWatch: U.S. economy tops pre-COVID level with GDP surging at 6.5% pace in the springThe U.S. economy grew at a blistering pace in the spring and repaired most of the damage caused by the pandemic thanks to widespread coronavirus vaccinations and a nearly full reopening of the economy. | |
: Bipartisan infrastructure deal still faces long, uncertain roadWhile a bipartisan infrastructure plan is advancing in the Senate, analysts are warning that it remains on a bumpy road, with plenty of political maneuvering still ahead. | |
Economic Report: Jobless claims retreat from two-month high in a sign delta hasn’t hurt much yetInitial jobless claims declined by 24,000 to 400,000 in the week ended July 24, the Labor Department said Thursday, retreating from a two-month high in the prior week |
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