Written by Gary
BLS Jobs Situation – Job Gains Again Excellent, with the unemployment rate worsening from 5.9 % to 5.4 % (SPY +0.2%). There are now more job openings than unemployed workers.
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. | |
| Saudi Arabias Latest Oil Price Hike For Asia May BackfireSaudi Arabia raised its September official selling prices for crude oil by between $0.20 and $0.30 per barrel for Asian buyers to a four-month high. This time, however, their move could backfire, writes Bloomberg. The largest oil producer in OPEC regularly hikes prices for its biggest market when international benchmarks improve and demand grows. But a resurgence of the coronavirus in China will likely affect local oil buyers appetite. Whats more, as Bloomberg notes, there are now more competitive alternatives to Saudi Arabias |
| Indias Oil Import Bill Soars 190% In Q1Indias crude oil imports tab for the first quarter of its financial year soared by 190 percent to $24.7 billion although volumes only grew modestly, by 14.7 percent on the year, the Hindustan Times reports. The substantial increase reflected the sustained increase in international oil prices, highlighting once again the overwhelming dependence on foreign oil lllpppone of the worlds top consumers. Also, the increase in the import bill came despite the fact fuel consumption has yet to recover to pre-pandemic levels. In fact, the first |
| Oil Prices On Track For Worst Weekly Loss Since MarchOil prices rose early on Friday but were still headed for their worst weekly performance since March, depressed by rising COVID cases in many countries and renewed travel restrictions in the worlds largest oil importer, China. As of 8:41 a.m. EDT on Friday, WTI Crude was up 0.59% at $69.80. Brent Crude was trading up 1.14% at $72.10. Both benchmarks, however, were down more than 5 percent for the week, the worst showing for oil prices since March this year. This week, oil settled lower in three consecutive sessions amid fears that the faster-spreading |
| IHS Markit: Natural Gas Is Crucial In Energy TransitionNatural gas could become a pillar of emissions reduction both in the near and long term, IHS Markit said in a new study this week. While many analysts and net-zero advocates have started to question the role of natural gas in global emissions reductions, IHS Markit has a different view. According to the study, A Sustainable Flame: The Role of Gas in Net Zero, natural gas could support in the short term early action of switching from the more polluting coal and oil. More importantly, in the longer term, gas infrastructure could |
| Recon Africa De-Risks The World’s Most Exciting Oil FindNamibia has every right to celebrate. Its never produced a barrel, but now, its Kavango Basin test wells have hit hundreds of meters of oil. And the junior exploration company behind it all thinks it might be sitting on a potential mammoth conventional oil play. On August 5th, Reconnaissance Energy Africa (TSXV:RECO, OTC:RECAF) and its partner, NAMCOR, Namibias state oil company, released their most stunning results yetwith lab tests comprehensively confirming an active petroleum system and results from a second test well hitting |
| Why Are Oil Stocks So Undervalued Right Now?Lately, the oil bulls just can’t seem to catch a proper break. Just when oil prices were consolidating after OPEC+ reached an agreement on production quotas, the markets have gone into free-fall once again. Oil prices are on pace for their worst trading week in more than nine months after the latest EIA data showed that U.S. crude inventories unexpectedly rose sharply last week, with crude inventories showing a +3.6M barrels build vs. -3.1M consensus, and -4.1M the previous week. But it’s not just rising U.S. stockpiles that have thrown the markets |
| Tidal power project in Canada’s Bay of Fundy secures support of Japanese firmsThe planned development is located at the Fundy Ocean Research Centre for Energy. |
| Biden infrastructure bill has big business backing. Here is how small business feelsThe Infrastructure Investment and Jobs Act can help small business in many ways, from jobs to broadband and community improvements, but it isn’t perfect. |
| Walmart to offer bonuses to keep warehouse workers on the job through the holidaysA growing number of retailers and restaurants have been hiking pay and dangling new perks to recruit and retain employees. |
| Loungefly’s geeky backpacks are big business for collectible company FunkoWhile Loungefly accounted for only 12.5% of Funko’s total sales, it is a fast-growing brand and has thrived even during the pandemic. |
| United Airlines will require all U.S. employees to get Covid vaccines, a first for domestic carriersUnited employees must be vaccinated five weeks after the FDA fully approves a Covid vaccine or five weeks after Sept. 20, whichever is first. |
| Norwegian Cruise Line posts mixed results ahead of first U.S. voyage since last yearNorwegian Cruise Line reported mixed second-quarter results as future bookings remained strong ahead of its first cruise in the U.S. since last year. |
| Singapore to start relaxing Covid restrictions Aug. 10 as vaccination rate risesAround 67% of Singapore’s population has received two doses of Covid-19 vaccine, said Health Minister Ong Ye Kung. |
| Technology is shaping the future of food but practices rooted in tradition could still have a role to playDiscussions about how and where we produce food are set to continue for a long time. |
| ‘We couldn’t get in front of it.’ Spirit Airlines CEO explains what caused the carrier’s meltdownSpirit Airlines CEO says the company expects to “turn a corner” after hundreds of cancellations. |
| 3 charts show how far Covid delta variant has spread around the worldThe delta variant, first detected in India last October, has been found in more than 130 countries globally, according to the World Health Organization. |
| Olympic track and field legend Carl Lewis slams system that’s failing relay athletesOlympic track and field legend Carl Lewis explains why he was so critical of the U.S. men’s 4x100m relay team after it finished sixth in its semifinal. |
| First Afghan Provincial Capital Falls To Taliban, Rolling Through City In US HumveesFirst Afghan Provincial Capital Falls To Taliban, Rolling Through City In US Humvees For the first time amid the Biden-ordered US troop exit from Afghanistan a provincial capital has fallen to the Taliban, also as they make broad gains in various parts of the country, and as insurgent attacks and assassinations begin to reach deep within the capital of Kabul itself. Zaranj, the capital city of Nimruz province which lies in the southwest near the border with Iran, and with a population of an estimated 160,000, was taken by the Taliban on Friday, according to The Washington Post. A statement by Nimroz’s police force described the Taliban rapidly and easily captured the city due to “a lack of reinforcements from the government.” And |
| Cuomo ‘Could Be Arrested’ After Accuser Files Criminal Complaint With Albany Sheriff’s OfficeCuomo ‘Could Be Arrested’ After Accuser Files Criminal Complaint With Albany Sheriff’s Office New York Governor Andrew Cuomo ‘could be arrested’ if sexual misconduct allegations filed with the Albany County Sheriff’s Office are substantiated, according to the New York Post. Sheriff Craig Apple told the Post that the victim, who was identified as “Executive Assistant #1” in Attorney General Letitia James’ sexual harassment report, filed the complaint on Thursday afternoon during a brief afternoon meeting with sheriff’s officials – who then contacted the Albany County District Attorney’s office. “The end result could either be it sounds substantiated and an arrest is made and it would be up … |
| MMT – When Theories Collide With RealityMMT ” When Theories Collide With Reality Authored by Lance Roberts via RealInvestmentAdvice.com, Previously, we discussed Modern Monetary Theory (MMT) and its one limitation of inflation. However, as is always the case when œtheories  collide with œreality,  the tenants of the theory are quickly discarded. There is no doubt that since 2020 both Republicans and Democrats alike have shunned fiscal responsibility for the short-term gratification of MMT. Ms. Kelton tweeted such earlier this year.
From the $2.2 trillion CARES Act to the $900 billion HERO Act, to President Biden’s $1.9 trillion American Rescue Plan, the government has plunged into MMT with both feet. If you are unfamiliar with MMT, Kelton describes it as a macroeconomic school of thought or paradigm that explains how a sover … |
| There Are Now More Job Openings Than Unemployed WorkersThere Are Now More Job Openings Than Unemployed Workers Starting in 2018 and lasting all the way until the covid pandemic, a remarkable golden age flourished in the US job market: that’s when for 24 consecutive months there were more job openings in the US than unemployed people. Of course, this remarkable strength in the job market ended with a thud in early 2020 when the US economy was shut down in March due to the covid pandemic, and when there were a record 18.5 million more unemployed than there were job openings. How things have changed since then: according to the BLS, as of July the number of unemployed employees had dropped to 8.7 million, down sharply from 9.5 million in June and the lowest since March 2020. But what is more notable is that this happens during a time of historic labor shortages, with the NFIB yesterday reporting that unfilled job openings at small business had hit a new record high, with 49% of owners reporting job openings they could not fill in July, according to NFIB’s monthly jobs report. Unfilled job openings have remained far above the 48-year historical average of 22%. œSmall business owners struggled to find qualified workers for their open positions, which has impaired business activity in the busy summer months, said NFIB Chief Economist Bill Dunkelberg. œOwners are raising compensation to the highest levels in 48 years to attract needed employees. And putting this number in its proper context, according to the latest JOLTs report, there were 9.2 million job openings as of May with the NFIB report confirming that this number had only risen in the subsequent two months. What this means is that at least according to this key … |
| Morrisons agrees to raised £6.7bn takeover offer from FortressThe new £6.7bn bid for the supermarket from Fortress comes amid rumours of a rival offer from another US firm. |
| Energy bills to rise by at least £139 for millions of householdsFuel poverty charities say the price cap increase will come at the worst time during winter. |
| US economy adds more jobs than expected in JulyUS employers added 943,000 jobs in July, while the unemployment rate fell to 5.4%. |
| RBI policy: Has the central bank lost the plot in terms of communication?RBI Governor Shaktikanta Das and Deputy Governor Michael Patra raised more questions than answers on Friday. Das was repeatedly asked at a press conference as to why the central bank has taken the step of increasing liquidity withdrawal operations ” variable rate reverse repos — from Rs 2 lakh crore to Rs 4 lakh crore. |
| Market Movers: Bezos’ first punch sinks RIL in red; Tata Chemicals soars on EV hopeThe Supreme Court’s verdict of upholding the emergency arbitration order given by a Singapore Court that halts the sale of Future Retail to Reliance Industries came as a major blow to RIL and its retail ambitions in the country. |
| SEBI relaxes lock-in period rules for promoters, pre-IPO investors of IPO companiesThe market regulator said that the lock-in period for promoter’s shareholding in an IPO company will be reduced to 18 months from the date of allotment of IPO shares instead of three years currently, albeit, under certain conditions. |
| July 2021 BLS Jobs Situation – Job Gains Again Excellent
The headline seasonally adjusted BLS job growth was near expectations, with the unemployment rate worsening from 5.9 % to 5.4 %. |
| Outside the Box: Small investors punch above their weight when it comes to improving corporate governance |
| Economic Report: How workers quitting is a signal for economic recovery |
| The Moneyist: I’m a teenager and worked in my mom’s summer camp. My dad won’t cash my check unless I agree to save 85%. How do I change his mind? |
Photos from NY AG Letitia James’ 165-page report into sexual harassment allegations against Governor Andrew Cuomo
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