Written by Gary
U.S. markets were off today closing down around 0.5% depending on the index. In fact, this was a down down for all major international markets. Overall markets had positive gains this month despite a generally bad week. The talking heads blame the bad hair day because of poor results from Amazon – but the COVID news is so bad that it seems business will take a new hit due to the CDC’s new mask policy. Oil marginally gained. Bitcoin closed over $40,000.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Oil Bulls Remain Confident Despite Covid ConcernsOil prices climbed this week as U.S. inventories tightened and the risk of Iran reaching a new deal and bringing extra crude online decreased.Friday, July 30th, 2021 Crude prices drew hefty support this week from U.S. inventory dynamics, with commercial stocks falling to their lowest since January 2020 and indications that the tightening is set to continue. Concurrently, the markets have seemingly got accustomed to the idea that there will not be any Iranian cliff-hanger as President-elect Raisi is to be sworn into office next week, mitigating |
| TC Energy To Use Renewable Energy To Run Pipeline NetworkCanadian TC Energy plans to start using renewable energy to run its pipeline network in a bid to reduce its carbon footprint, Reuters reports, citing a senior company official. “We started just with our liquids pipeline and it gives us really a lot of confidence that we’ll be able to pivot quickly to our natural gas pipeline business both in the U.S. and in Canada,”Corey Hessen, president of power and storage at TC Energy, told Reuters. Currently, the company is measuring how many tons of carbon dioxide it would save by switching from natural |
| U.S. Oil Rig Count Slips Amid Drop In U.S. Oil OutputThe number of oil and gas rigs in the United States fell by 3 this week, according to Baker Hughes, which reported the total rig count as 488, up 237 from the same time last year, but down sharply from the 790 active rigs prior to the pandemic. The U.S. oil rig count fell 2 this week to 385. The number of gas rigs slipped 1 to land at 103. The number of miscellaneous rigs also stayed the same. The EIAs estimate for oil production in the United States for the week ending July 23 slipped by 200,000 bpd for the week to an average of11.2 |
| Analysts See Oil Trading Closer To $70 Through Year-EndOil analysts and economists believe that $70 a barrel is a more realistic outlook for Brent Crude prices for the rest of the year than $80 oil, as COVID variants and the geopolitics of oil will continue to be a source of volatility on the market, the monthly Reuters poll showed on Friday. Brent Crude prices are expected to average $68.76 a barrel this year, 38 analysts and economists who took part in the Reuters poll said. The forecast from end-July is higher than the June estimate in the same poll, where analysts had predicted Brent Crude prices |
| Chevron Resumes Share Buybacks After Q2 Profit Beats EstimatesChevron (NYSE: CVX) is resuming share repurchases after reporting earnings above expectations for the second quarter on the back of rallying commodity prices. Chevron reported on Friday adjusted earnings of $3.3 billion, or $1.71 per diluted share for the second quarter 2021. This compares with $1.59 earnings per share (EPS) consensus estimate of analysts compiled by The Wall Street Journal. Chevrons second-quarter 2021 earnings compare with a loss of $2.9 billion it posted for the second quarter of 2020, when the market and demand slump |
| Natural Gas Deficit Causes Prices To SoarNatural gas prices are rising across Europe and Asia due to tighter supply of the commodity, lower production in Europe, and lower exports from Russia, the Financial Times reports, noting the supply crunch may intensify in the coming weeks. In Europe, the report notes, prices for natural gas have hit 40 euros per mWh for the first time ever, with UK gas prices at the highest in 16 years. This is equal to approximately $14 per million British thermal units. In Asia, gas prices have hit $15 per mmBtu. The price situation may worsen still, according |
| Royal Caribbean shares tumble as 6 Covid cases discovered on board a ship, cruise line expands U.S. testing policyRoyal Caribbean Cruises announced that it will require all guests to test for Covid after several fully-vaccinated guests tested positive. |
| CDC study shows 74% of people infected in Massachusetts Covid outbreak were fully vaccinatedThe CDC data published Friday was based on 469 cases of Covid associated with multiple summer events and large public gatherings in July in Massachusetts. |
| Spirit CEO urges employees, passengers to get Covid shots, but says the airline has no mandateSpirit Airlines CEO Ted Christie also told CNBC on Friday that leisure travel rebounded œquite quickly,” saying the low-cost carrier has had a “very, very busy summer.” |
| Dole stock slides 6% in public market debut on New York Stock ExchangeShares of Dole slid 6% in afternoon trading Friday as the company made its return to the public markets. |
| Scarlett Johansson’s agent slams Disney for accusing ‘Black Widow’ star of disregarding public Covid risksBryan Lourd fired back at Disney for “shamelessly and falsely” accusing Scarlett Johansson of being insensitive about the global coronavirus pandemic. |
| Ties are out and stretchy pants are in: The office wardrobe might never be the sameAs Americans slowly return to the office, many are adopting a style that’s been called “workleisure” ” a more put-together version of the athleisure. |
| Walmart tells corporate staff, managers they must have Covid vaccine by OctoberWalmart’s corporate staff as well as management-level employees must be vaccinated against Covid by Oct. 4, according to a memo obtained by CNBC. |
| Washington Nationals will release All-Star Starlin Castro for alleged domestic violenceMLB’s announcement did not give any details on the allegations against Castro, a four-time All-Star. |
| U.S. Covid vaccination rates rise as Americans in hard-hit states rush to get shots amid delta fearsStates with the worst Covid outbreaks are those seeing the largest jumps in vaccination rates across the U.S. |
| Walmart will require workers to wear masks in stores in high-risk U.S. countiesWalmart said it will begin requiring masks for store workers in high-risk counties in the U.S. as determined by the latest CDC rankings, effective immediately. |
| Want to go to a Broadway show or Carnegie Hall? Get ready to show Covid vaccination proofThe Broadway League announced Friday that it will require vaccinations for audiences, performers, crew and staff. |
| MyPillow pulls ads from Fox News after disagreement over commercial linked to election-fraud claimMyPillow’s Mike Lindell said he’s pulling ads from Fox News after the network said it wouldn’t take one of his commercials linked to election-fraud claims. |
| July Jolt: Small Caps & Bond Yields Plunge Most Since March 2020 COVID CrashJuly Jolt: Small Caps & Bond Yields Plunge Most Since March 2020 COVID Crash Small Caps end the month with a loss for the first time since March 2020, and only the 2nd monthly loss since then (Trannies were also down on the month, its 2nd monthly loss in a row). Nasdaq 100 outperformed on the month but was ‘only’ up 2.5%…
Source: Bloomberg … |
| ‘Up In Smoke:’ Tesla Megapack Battery Catches Fire In Australia‘Up In Smoke:’ Tesla Megapack Battery Catches Fire In Australia It’s not just Tesla cars that “spontaneously” combust. Reports indicate a 13 ton Tesla Megapack caught fire in Australia’s Victoria state on Friday morning. The Megapack battery unit is one of the world’s largest energy storage projects, operated by France’s Neoen SA, and uses Tesla batteries. Dubbed “Victorian Big Battery,” it was recently commissioned by local authorities “to boost the state’s energy reliability, drive down electricity prices and support Victoria’s transition to renewable energy – as well as creating local jobs as we take steps towards a COVID normal.” Fire and Rescue Victoria released a statement Friday indicating fire crews were “responding to a large battery fire” at the plant located in Moorabool. Toxic fumes from the battery fire sparked air quality warnings for surrounding suburbs and advised people to move indoors and close windows. |
| AOC Goes After Senator Krysten Sinema With A “No Climate, No Deal” ThreatAOC Goes After Senator Krysten Sinema With A “No Climate, No Deal” Threat Authored by Mike Shedlock via MishTalk.com, Sinema is not yet on board the Biden Socialist Express. Words are flying…
AOC Blasts Sinema On Wednesday, Senator Krysten Sinema (D., AZ) said she would not go along with the House Democrat’s proposed $3.5 trillion package. Here’s AOC’s response.
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| Hong Kong Police Arrest Man For Booing During Chinese National AnthemHong Kong Police Arrest Man For Booing During Chinese National Anthem Hong Kong police added another prisoner to the growing list of people being arrested under the new Beijing-imposed national security law. On the same day that the first protester to be sentenced received a 9-year prison sentence, another man was arrested in Hong Kong for allegedly booing during the Chinese national anthem during a live screening of an Olympic event.
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| Amazon hit with $886m fine for alleged data law breachThe tech giant rejects claims it has broken European Union data protection laws. |
| British Airways owner IAG to ramp up flightsIAG, which also owns Iberia, says it plans to run at 75% of its 2019 passenger capacity by the end of the year. |
| Eurozone out of recession after economy grows 2%Data suggests all economies in the 19-country bloc expanded in the last three months. |
| Growth worries to keep leash on Nifty50 as all eyes turn to RBIAnalysts say as concerns over India’s economic recovery rise in the wake of International Monetary Fund’s GDP growth downgrade and sluggish vaccination rollout, the index could continue to oscillate between 15,600 and 15,900 levels in the coming weeks. |
| Investors lose $1 trillion in China’s wild week of market shocksThe nearly $1 trillion selloff ignited by Beijing’s shock ban on profits at tutoring companies has triggered a new round of soul searching about the investment case for Chinese assets in the Xi Jinping era. |
| Liquidity surplus expanding but OMOs must continue – RBI stuck in the middleUnless the RBI steps in to purchase the 2031 paper under open market operations, treasury officials see yield on the benchmark security rising even further in the coming days. |
| 23 July 2021 ECRI’s WLI Growth Rate Decline Continues
ECRI’s WLI Growth Index which forecasts economic growth six months forward was marginally declined but remains in expansion. |
| Final July 2021 Michigan Consumer Sentiment Improves Slightly From PreliminaryWritten by Steven Hansen The final University of Michigan Consumer Sentiment for July came in at 81.2, up from the preliminary of 80.8, down from June’s 89.5, and down from May’s 82.9.
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| U.S. looks at improving internet access for Cubans, plans fresh sanctionsThe Biden administration is rolling out new measures aimed at Cuba that include efforts to improve internet access for the Caribbean island nation’s people, along with fresh sanctions, a senior administration official says Friday. |
| The Ratings Game: McDonald’s riding the trend in comfort food to soaring same-store sales resultsMcDonald’s launched its loyalty program in the U.S. earlier this month and already has 12 million members enrolled. |
| IPO Report: Grill companies Weber and Traeger are going public during BBQ season. Data shows one has the financial edgeRapidRatings says the backdrop for ‘grilling and chilling’ is perfect. |
Written by Steven Hansen
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