Written by Gary
U.S. stock futures gained ground this morning (SPY +0.4%). Royal Caribbean shares tumble as 6 Covid cases discovered on board a cruise ship.
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. | |
 | Not Even The Peak Oil Threat Can Slow Brazil’s Oil BoomThe global push to substantially reduce carbon and other fossil fuel emissions is expected to sharply impact demand for fossil fuels. It will eventually trigger a phenomenon known as peak oil demand, where crude oil consumption will cease growing, flat line, and then progressively contract causing prices to fall. A raft of analytical agencies and global oil supermajors believe that it could occur by 2030, or potentially even earlier as fallout from the coronavirus pandemic has indicated. While peak oil demand poses an ominous long-term threat to |
| The Hydrogen Hype Is Real, But Is It Justified?Amid all the hype hydrogen is getting lately as an energy source, the reality is that this fuel faces significant challenges in scaling up in the global energy system. Thats the lead conclusion of the Innovation Insights Briefing prepared by the London-based World Energy Council (WEC) in collaboration with the Electric Power Research Institute (EPRI) and PwC. Hydrogen, especially green hydrogen made of water electrolysis using electricity from solar or wind,has been gaining momentumin recent years. Hydrogen |
| Will Carbon Taxes Level The International Playing Field?A year ago, the idea of a carbon border tax was more of a hypothetical than an actual plan. But a year ago, the EU had not yet tightened its already tight emission reduction targets that forced a number of businesses in highly polluting industries to invest in emission-cutting. Now, we have the brand new EU Carbon Border Adjustment Mechanism and a proposal for a carbon border tax in the United States. There is also talk about other countries following. The U.S. case is particularly interesting. Washington was quick to react to the EU’s idea of |
| Tesla Lowers Prices In China While Raising Them In The U.S.After posting its most recent earnings “beat”, Tesla is taking on two starkly different strategies for its U.S. and its China business. In the United States, the automaker is raising prices in an attempt to boost profit margins, while in China it is keeping prices steady in what is likely an attempt to drum up more demand, Reuters reported. So far, Tesla has raised the price of its Model 3 and Model Y “about a dozen times” in the U.S. this year, the report notes. At the same time, the company also introduced an affordable version of |
| Coal Demand Is Spiking In 2021Amid all the talk of global warming, climate change-induced catastrophes, decarbonization and green finance, the global trade in dirty coal is enjoying an ironic renaissance. Bulk ships are busy transporting coal to Asia and to eco-conscious Europe boosting freight income for some of the very shipowners who publicly tout their environmental bona fides to investors. Turns out the news of the demise of coal has been greatly exaggerated, said Stifel analyst Ben Nolan in a new client note. Despite |
| China Doubles Down On Coal Despite Global Push To Go GreenDespite global expectations to move away from coal, demand in China is still strong, as rising global temperatures causing heat waves are driving up electricity demand and coal prices. Thermal coal futures reached record highs in July as a heatwave in China sent electricity use soaring. In industrial areas of the country such as Zhejiang near Shanghai, electricity use exceeded 100 million kilowatts per hour as temperatures rose to 37 degrees Celsius. In response to the high energy usage across the country, coal prices exceeded 900 yuan |
| DOJ and SEC send warning to SPACs with criminal charges against Nikola founder Trevor MiltonNikola is one of at least three EV start-up companies being investigated by federal prosecutors about potentially misleading investors. |
| Health experts fear unlocked England could become an incubator for new Covid variantsEngland’s relaxation of Covid-19 restrictions is risking the emergence of new, potentially more dangerous variants of the virus, scientists have warned. |
| ‘Jungle Cruise’ tallies $34.2 million in domestic debut, adds $30 million from Disney+Disney’s Jungle Cruise opened with a $34.2 million domestic haul, as well as $30 million from digital sales on Disney+. |
| Ireland turns to vaccine passes to fully reopen its hospitality industryIreland’s tourism and hospitality trade has been dealing with stop-and-starts on reopening throughout the Covid-19 pandemic. |
| Why travel stocks could deliver some of this week’s most important earnings reportsMarriott’s results could indicate how the Covid-19 delta variant could impact reopening trades, says Piper Sandler’s Craig Johnson. |
| The high prices of used cars may finally be dropping: Sonic Automotive presidentUsed car prices are at all-time highs, but there are signs that may change as new car inventory improves despite continued semiconductor chip shortages. |
| Nio delivered fewer cars than Xpeng and Li Auto did in JulyChinese electric car start-up Nio said it delivered less than 8,000 vehicles in July, while Li Auto and Xpeng both topped that figure. |
| 5 things to know before the stock market opens MondayU.S. stock futures gained ground Monday, the first trading day of August, after the S&P 500 logged its sixth straight monthly gain in July. |
| India’s chief economic advisor hits back at IMF downgrade, says it’s ‘significantly off the mark’The International Monetary Fund cut India’s growth outlook to 9.5% for the fiscal year ending in March 2022 ” that’s 3% lower than the fund’s April forecast. |
| Why Apple shareholders shouldn’t be too worried after the earnings selloffApple was among big tech stocks investors sold after earnings along with Facebook, Microsoft and Amazon. The earnings power of these companies has not changed. |
| Cryptocurrency is taking off as a way to pay for those vacation getawaysMore travel suppliers are starting to accept bitcoin and other cryptocurrencies, as the market grows and tech-savvy future travelers loom on horizon. |
| Disney tells salaried and non-union employees in the U.S. they must be vaccinated by end of SeptemberDisney is requiring all salaried and non-union hourly employees in the U.S. to be fully vaccinated against the coronavirus by the end of September. |
| 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. |
| Watch: Chaos Erupts On The Streets Of Berlin As Police Attack Anti-Lockdown ProtestersWatch: Chaos Erupts On The Streets Of Berlin As Police Attack Anti-Lockdown Protesters Authored by Steve Watson via Summit News, Worldwide protests against the decimation of freedom continued this weekend, with Berlin in Germany becoming the focal point as thousands took to the streets, rising up against lockdowns and the introduction of vaccine passports in the country.
As we reported last week, authorities in Germany have indicated that unvaccinated people could be banned from cinemas and restaurants and that those who have taken the jab will have œmore freedom. Angela Merkel’s chief of staff Helge Braun stated that unvaccinated people, even if they test negative for COVID, would not be allowed to go to venues like restaurants, cinemas, or stadiums, because œthe r … |
| Futures Jump, China Soars After Beijing Promises More StimmiesFutures Jump, China Soars After Beijing Promises More Stimmies Any other day, especially with traders so on edge over anything to do with China, futures would be deep in the red after Beijing reported another sharp drop in the Caixin manufacturing PMI, which slumped from 51.3 in June to 50.3, missing expectations of 51.0 and on the verge of contraction while the new orders sub-index did contract, sliding to 49.2 from 51.6, the first time below 50 since last May….
… but not today, and instead Chinese stocks surged by the most in ten weeks as traders rushed to buy everything from baijiu producers to construction firms on expectations of increased support for the economy after Beijing signaled it would intensify policy support in the second half of the year to bolster the country’s economic growth amid deceleration, China Daily says in a report on Monday and con … |
| Millions Locked Down As China Battles Worst COVID Outbreak Since WuhanMillions Locked Down As China Battles Worst COVID Outbreak Since Wuhan We noted last week that the delta variant has finally arrived in China, causing one of the country’s worst outbreaks since the original wave of COVID that spread from Wuhan across China (and world). Well, despite authorities’ best efforts, the outbreak appears to have worsened over the weekend, and now officials are reimposing COVID-related restrictions in Beijing for the first time in months as questions about the efficacy of Chinese COVID vaccines multiply. According to Bloomberg, the outbreak is now the broadest since the original outbreak in late 2019 as cases are being found in 14 of 32 provinces. The fact that delta has spread so widely across China – even if the case numbers, which are likely under-reporting (perhaps dramatically) the true levels of delta penetration, are still relatively low – is alarming government officials. |
| The Short And Long-Term Bull Cases For EthereumThe Short And Long-Term Bull Cases For Ethereum Via Vineyard Holdings,
OVERVIEW Thesis Long term: sustainable growth, huge TAM, superior products, scale economics shared, underappreciated due to complexity, and mispriced as a “young bitcoin”. Short term: Upcoming gross supply/demand mismatch given structural outflows of supply enforced by the London fork (EIP1559) and the phased Ethereum 2.0 rollout. Short term (18 months) upside on flows alone. Big questions Can it scale to facilitate many, frequent, complex transactions? Yes, Eth2.0 plus rollups cuts gas fees to viable levels where cost/Stx outcompetes payment processors and computation cost/byte will compete around 2022 with software and infrastructure providers when a premium is afforded to verification. Transaction size, latency, and frequency out-competes existing payment players. |
| Young bankers told to stop complaining about hoursThe London Stock Exchange’s former boss says “entitled” bankers have it easy compared to working mums. |
| Defence firm Meggitt’s new US owner in jobs pledgeUS company Parker-Hannifin, which is buying Meggitt for £6.3bn, says it will safeguard UK jobs. |
| Banking giant HSBC sees first half profit more than doubleThe UK-based firm said the jump in profits was driven by an economic rebound in Britain and Hong Kong. |
| 2,400% rally in 5 years! Rakesh Jhunjhunwala to invest Rs 31 crore in this multibaggerAccording to a regulatory filing by the company, Rakesh Jhunjhunwala is going to buy up to 6,00,000 unsecured compulsory convertible debentures (CCDs) worth Rs 30.9 crore in the smallcap multibagger. |
| Why analysts are bullish on M&M Financial Services despite reporting worst-ever quarterly resultsLoan disbursement growth is expected to come back during the upcoming festive season due to seasonal momentum in the rural economy, making Mahindra and Mahindra Financial Services a favourite of analysts. |
| A Rs 750-cr firm bags Rs 975-cr project from govt; stock climbs 7%The company said it received Rs 976.50 crore order for Luhri Hydro Electric Project Stage I (210 MW) (Luhri Project) from Sutlej Jal Vidyut Nigam, a joint venture between the Government of India and Himachal Pradesh State Government. |
| IPO Report: Authentic Brands IPO: 5 things to know about the company behind Sports Illustrated, Forever 21 and Marilyn MonroeAuthentic Brands’ business spans across fashion, entertainment, like WWE wrestling, and tourist attractions like Graceland. |
| 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. |
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