Written by Gary
Treasury yields notch biggest weekly rise in over a month after Friday’s jobs report comes in hot (SPY +0.2%). Nasdaq Composite posts 1.1% weekly gain despite Friday’s drop.
The Market in Perspective
Here are the headlines moving the markets. | |
Signs Of Demand Weakness Emerge In Oil MarketsOil market sentiment is decidedly cautious this week as covid cases climb and U.S. crude inventories increase.Friday, August 6th, 2021Despite the Friday trading session recovering somewhat from this weeks aggregate declines, the overarching sentiment on the oil markets is still that of caution, seeing China and the United States confronting COVID-19 case surges. Whilst tensions in the Persian Gulf added a new layer of geopolitical upside risk for prices, this was largely counteracted by the week-on-week hike in US crude inventories.Biden | |
Israel Says Its Prepared To Attack Iran After Oil Tanker Drone StrikeIsrael is prepared to attack Iran, Israeli Defense Minister Benny Gantz was quoted as saying on Thursday, a week after an Israeli-linked oil tanker was attacked in the Gulf of Oman by what Israel, the U.S., and the UK said was Iran. Yes, Gantz said when asked in an interview broadcast by an Israeli media website if Israel was ready to attack Iran, Bloomberg reported. The tensions in the Middle East, and especially between Israel and Iran, have escalated in the past week after the drone attack on the oil tanker Mercer Street, which | |
U.S., Canadian Rig Count RiseThe number of oil and gas rigs in the United States rose by 3 this week, according toBaker Hughesafter falling by 3 last week. a The total rig count is now 491, up 244 from the same time last year, but down sharply from the 790 active rigs prior to the pandemic. The U.S. oil rig count rose by 2 this week to 387, while the number of gas rigs stayed the same. Miscellaneous rigs rose by 1. The EIAs estimate for oil production in the United States for the week ending July 30 stayed the same, for an average of11.2 million barrelsper | |
Activists Call For Federal Bailout As High Energy Cost Plague U.S.A coalition of activist organizations is calling for a federal bailout for people who cant pay their utility bills as well as a suspension of service cutoffs, Energy News Network reported. The Michigan Environmental Justice Coalition says the need for federal protection for the people who cant afford to pay their electricity bills is particularly dire in Michigan, which is among the states with the fastest-rising electricity rates. Last year, rates in Michigan registered the second-highest rise nationally last year. Under the proposal, | |
BofA: Saudi Aramcos $75B Dividend Isnt EnoughSaudi Aramco will have to raise its already massive annual dividend of $75 billion if it wants to remain competitive with other oil giants and raise its dividend yield to the average for international oil majors, Bank of America said in a note carried by Bloomberg. Despite the fact that it is the worlds largest, the Saudi oil giants dividend needs to be even higher if Aramco wants to have a dividend yield at least at the level of international oil giants. ExxonMobil, Chevron, and BP, for example, each have a dividend yield of over | |
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 | |
Nursing home chain Brookdale Senior Living to require Covid vaccine for staff, CEO says“Even though our associate-vaccination rates are increasing, we want them to be even higher,” Brookdale Senior Living CEO Cindy Baier told CNBC on Friday. | |
Half of Americans are now fully vaccinated against Covid, White House saysHalf of Americans are fully vaccinated against Covid, a White House official said, a major milestone as the nation battles a surge fueled by the delta variant. | |
Expedia CEO urges everyone to get Covid vaccine but says company won’t require it for employeesExpedia is holding off on a companywide Covid vaccine mandate even as other major businesses begin to implement them, CEO Peter Kern told CNBC on Friday. | |
California shuts down major hydroelectric plant amid record-low water levels at Lake OrovilleThe loss of power could fuel rolling blackouts as the state struggles with a historic drought and record-breaking heat waves. | |
Musk: ‘Dream come true’ to see fully stacked SpaceX Starship rocket during prep for orbital launchElon Musk’s SpaceX stacked a Starship prototype rocket on top of a Super Heavy rocket booster for the first time on Friday morning. | |
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. | |
Big Jobs Beat Batters Bonds & Commodities; Crypto & Stocks BounceBig Jobs Beat Batters Bonds & Commodities; Crypto & Stocks Bounce Before we look at this week’s market malarkey, some thoughtful words from a ‘chap’ that didn’t want to be a ‘dictator’… After a volatile week, all major US equity indices closed higher by around 1% as cash-openings all week saw chaos… A big surge in Value stocks today after the jobs print (and weakness in Growth) left them both up around 0.9% on the week… | |
Cuomo’s Cosby Defense? The New York Governor Could Ultimately Rely On The Comedian’s DefenseCuomo’s Cosby Defense? The New York Governor Could Ultimately Rely On The Comedian’s Defense Authored by Jonathan Turley, One of the threats faced by New York Gov. Andrew Cuomo is the pending criminal assault allegation in the Albany Police Department. If proven, the allegation of the former staff members of being groped by Cuomo could meet the standard for criminal assault. It would however not be easy to prove and prosecutors would likely seek to bring in other women to show a pattern and practice by Cuomo. That is common in sexual harassment cases and hostile workplaces where you can get around statute of limitations when at least one case is recent or ongoing. However, as shown by the Bill Cosby case, such evidence can create reversible error in criminal cases. Indeed, if charged, Cuomo is likely to use a Cosby defense. | |
“No”: Biden Admin Has ‘No Concern’ Over ‘Emotional, Academic And Psychological Effects’ Of Forcing Kids To Wear Masks“No”: Biden Admin Has ‘No Concern’ Over ‘Emotional, Academic And Psychological Effects’ Of Forcing Kids To Wear Masks On Friday, Biden spox Jen Psaki said that the administration is not taking into account the “emotional, academic, and psychological effects” of forcing school children to wear masks at school. President Joe Biden whispers to little girl during White House signing (Aug 6, 2021) Fox News’ White House correspondent Peter Doocy first asked Psaki what she thought of Florida Governor Ron DeSantis’ (R) threat to withhold funds from school districts that don’t let parents opt out of masking requirements, to which Psaki said she wants ‘public health officials to make decisions about how to keep my kids safe,’ adding that DeSantis is ‘fundraising off of this.’ “Our view as an administration that parents in Florida, parents across the country, should have the ability and the knowledge that their kids ar … | |
Consumer Credit Soars Most On Record As Credit Card Borrowings Hit An All Time HighConsumer Credit Soars Most On Record As Credit Card Borrowings Hit An All Time High The American consumer has made a triumphal return. After several months of subdued increases in consumer credit, moments ago the Fed reported that in June, total consumer credit surged by the most on record, soaring by $37.69 billion, nearly double the consensus estimate of $23 billion. The monthly increase was a whopping 10.6% SAAR, pushing the total to a new record high of $4.319 trillion. What was behind this stunning surge? Well, just as stimmies ran out, US household decided to shift from debit to credit cards, and splurged to a never before seen pace, pushing revolving credit, i.e., credit card debt, higher by a whopping 17.9$ billion, the biggest monthly increase on record, and pushing the total revolving debt back to just shy of $1 trillion or $992.2 billion. | |
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. | |
Virgin Galactic space flight tickets to start at $450,000The firm has reopened ticket sales after successfully completing its first fully-crewed space flight in July. | |
Snickers Spain pulls TV advert after homophobia accusationsThe brand apologises for a “misunderstanding” after its Spanish commercial was heavily criticised. | |
India nullifying retro taxes will lift FDI flows, boost divestment plans: AnalystsG Chokkalingam, Founder at Equinomics Research & Advisory, said the move would surely benefit India and boost medium to long-term foreign direct inflows, as it would improve the business climate, even as it may or may not add much to Nifty50 targets in the near future. | |
RBI more convinced about transient inflation than othersIf indeed the duration of high inflation is longer, RBI may need to re-think its GSAP purchases and start normalising the extant liquidity deluge, which has risen to 5.4 per cent of banks deposits. | |
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. | |
Documentary Of The Week: Pre-Columbian Explorers In The New WorldWritten by John Lounsbury There are researchers who claim evidence exists that place many earlier explorers in the Americas. Chinese explorers may have reached the new world, not only in the early 1400s sailing across the Altantic, but 1,500 years ago across the Pacific. Of course, Viking settlements from a thousand years ago have been discovered in Newfoundland, Canada. But there is some evidence that Europeans may have reached the New World as long as 20,000 years ago. | |
FA Center: It’s no fun haggling with your insurance company over a claim. Here’s how advisers negotiate their way to bigger payoutsThe real test of an adviser’s value comes when clients sustain a loss and report a claim. | |
Bond Report: Treasury yields notch biggest weekly rise in over a month after Friday’s jobs report comes in hotU.S. Treasury yields notch their biggest weekly rise since June after a monthly reading on employment from the Labor Department showed that the U.S. created 943,000 jobs in July. That was the biggest jobs gain in nearly a year and a sign that the economy’s rebound might not be impeded by the delta strain of COVID-19. | |
: DraftKings’ stock jumps amid revenue beat, raised guidanceDraftKings CEO says ‘everything is still rapidly increasing,’ alleviating concerns that the lifting of COVID-19 restrictions would lead to less betting. |
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