Written by Gary
Oil prices plunge as China grapples with new COVID-19 outbreak (SPY -0.04%). Crude falls 4% more on surging COVID cases, following worst week since October for oil.
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. | |
| Rural U.S. Falls Behind With Energy TransitionElectric cooperatives are still relying on coal for about a third of their output, the Wall Street Journal has reported, citing the latest data, for 2019. Co-ops, which serve some 42 million people in the West in Midwest, sourced 32 percent of their electricity from coal two years ago, versus 23 percent for the United States as a whole. This, according to the report, is because co-ops have less motivation to shift to wind and solar because of the lack of investor pressure on them. This, however, seems to be changing, as some co-ops want to make |
| Aramco Posts Near 300% Increase In Profits On Surging DemandSaudi Aramco reported a 288-percent increase in net profits for the second quarter of the year, to $25.5 billion, thanks to the rebound in oil prices spurred by growing demand. The company also reported net profit of $47.2 billion for the first half of the year, a 103-percent increase on the year. Free cash flow rose to $22.6 billion in the second quarter from $6.1 billion a year earlier. For the first half, free cash flow swelled to $40.9 billion from $21.1 billion a year earlier. Thanks to this strong performance, the Saudi major declared a dividend |
| UN Report Issues Code Red On Climate ChangeThe much-publicized goal of limiting global warming to 2 degrees Celsius above pre-industrial levels will be beyond reach unless the world makes immediate, rapid, and large-scale reductions in greenhouse gas emissions says a new landmark climate report from a UN panel. The Intergovernmental Panel on Climate Change (IPCC), the United Nations body for assessing the science related to climate change, published on Monday its Climate Change 2021: the Physical Science Basis report, which came as the starkest warning to humanity about the closing |
| Oil Prices Plunge As China Grapples With New COVID-19 OutbreakOil prices crashed by 4% early on Monday to the lowest level since May, after the worlds top crude importer, China, imposed more travel restrictions to fight what it sees as the worst outbreak since the original viral outbreak in Wuhan. Concerns about oil demand in China and the wider Asia region continued to weigh on oil prices at the start of this week. A stronger U.S. dollar also depressed oil prices as it makes crude more expensive for holders of currencies other than the greenback. Following a large weekly loss in the first week |
| The Most Exciting Mining Play Of 2021?The first Canadian gold rushthe Klondike–went down with picks and shovels and got individual miners some nice nuggets to take home. On the other side of the countrythe mother lode–could become the second gold rush and this time its high-tech, high-grade, and high-volume. A discovery last year in Quebec by Amex Exploration netted early-in investors up to 7,000% returns.But we think this is just the beginning. And this isnt just a gold rush. Gunning for a repeat of the Amex 2020 discovery |
| Chinas Commodity Stockpiles Remain A Complete MysteryChina has been trying to cool surging commodity prices by releasing inventory from its strategic reserves. The higher prices of oil, coal and metals have raised manufacturing costs, slowed down factory activity growth, and increased inflation in the worlds largest commodity consumer. Every week since April this year, Chinese authorities have announced measures to control the price of many commodities, including energy and metals. With all those auctions and reported releases of crude and coal from Chinas strategic |
| Jeffrey Epstein victims fund awards almost $125 million to about 150 peopleA fund set up to compensate victims of the late sex offender Jeffrey Epstein awarded almost $125 million to about 150 individuals. |
| SpaceX is buying satellite data start-up Swarm, in a rare acquisition by Elon Musk’s space companySwarm will become “a direct wholly-owned subsidiary of SpaceX upon consummation of the Proposed Transaction,” the start-up wrote in a FCC filing Aug. 6. |
| For Buffett, Berkshire, beating BlackRock ESG may be as hard as beating S&P 500Berkshire Hathaway is one of the best companies of the 20th century. Can it be one of the leaders of the 21st without adopting the market’s new ESG mantra? |
| Coinbase could jump up to 16% after earnings this week, trader saysCoinbase could jump 12-16% after its Tuesday earnings report, Blue Line Capital founder and president Bill Baruch says. |
| Covid vaccine mandates sweep across corporate America as delta variant spurs actionThe U.S. government may not require that everyone get Covid vaccines, but large employers are stepping into the void. |
| Crude falls 4% more on surging Covid cases, following worst week since October for oilOil prices were under pressure on Monday following a week of steep losses as rising Covid cases spark fears of a demand slowdown. |
| Delta variant, supply-chain chaos threaten to derail strong back-to-school shopping seasonShoppers have gown more anxious to visit stores, while some are cutting back spending, according to a new survey from First Insight. |
| Norwegian Cruise Line can require Florida passengers to show proof of Covid vaccination, federal judge rulesThe court’s decision clears the way for Norwegian Cruise Line to require customers to show proof of vaccination. |
| The world is nowhere near the end of the pandemic, says famed epidemiologist Larry BrilliantLarry Brilliant, an epidemiologist who was part of the WHO team that helped eradicate smallpox, said the delta variant is “maybe the most contagious virus” ever |
| Used car prices to stay high until automakers can fix production issues: Carvana CEOThere will be a ‘lasting impact’ on used car prices until automakers can solve production issues caused by chip shortages, says the CEO of Carvana. |
| The CDC reversal on masks changed the way companies view the delta variant, earnings calls showCompanies have been talking more about the Covid delta variant after new cases accelerated in the U.S. and the CDC reversed its mask guidance. |
| Disney ‘should be ashamed’ for statement against Scarlett Johansson, SAG president saysThe president of the Screen Actor’s Guild slammed Disney for “bullying” Scarlett Johansson in a public statement it made about the “Black Widow” star’s lawsuit. |
| Lionel Messi receives formal PSG two-year contract offer after Barcelona exitLionel Messi has received a formal two-year contract offer from Paris Saint-Germain. |
| Taliban Seizes 6th Provincial Capital In Afghanistan, Government Retreats “Without Fighting”Taliban Seizes 6th Provincial Capital In Afghanistan, Government Retreats “Without Fighting” Authored by Jack Phillips via The Epoch Times, The Taliban terrorist group took a sixth provincial capital in about as many days in northern Afghanistan amid claims that government forces simply retreated without fighting.
Samangan’s deputy provincial governor, Mohammad Dawood Kalakani, confirmed the takeover of Aybak, the capital, to international news outlets. Now, he said, the Taliban was œin full control while a Taliban spokesman wrote that all government and police installations in Aibak were œcleared. Abdalullah Mohammadi and Ziauddin Zia, two Samangan provincial lawmakers, … |
| “We Disagree” – Florida Set To Appeal Norwegian Cruise’s Preliminary Injunction On Vaccine Passports“We Disagree” – Florida Set To Appeal Norwegian Cruise’s Preliminary Injunction On Vaccine Passports Update (1142ET): Florida will take a stand against a federal judge’s decision to side with the Norwegian Cruise Line Holdings Ltd. lawsuit challenging the state’s vaccine passports ban, according to a spokeswoman for the Florida governor’s office. “We disagree with the judge’s legal reasoning and will be appealing to the Eleventh Circuit Court of Appeals,” the spokeswoman said. “A prohibition on vaccine passports does not even implicate, let alone violate, anyone’s speech rights, and it furthers the substantial, local interest of preventing discrimination among customers based on private health information.” Ahead of Norwegian’s Sept. 5 sail from Miami, the cruise line requires passengers and crew to be fully vaccinated. * * * On Sunday, a federal judge sided with Norwegian Cruise Line Holdings Ltd.’s lawsuit challenging Florida’s vaccine passports ban, per a statement from the company. U.S. District Judge Kathleen Williams granted Norwegian’s request for a preliminary injunction in a 60-page ruling that blocks Florida’s ban for businesses to require customers or guests proof of vaccination before entry. |
| Canada Opens US Border For 1st Time Since March 2020, But Only For Vaccinated AmericansCanada Opens US Border For 1st Time Since March 2020, But Only For Vaccinated Americans Almost one-and-a-half years since it first closed in March 2020, the Canadian government announced Monday that it’s finally opening the US-Canadian border, but only for those fully vaccinated against coronavirus. “When the clock struck midnight on Monday, Canada reopened its borders to U.S. citizens after more than a year of only allowing essential travel,” Detroit Free Press observed. The government is citing it as a big step toward ‘normalcy’ on the border. “Canadians’ safety and security always come first. With rising vaccination rates and fewer cases in Canada, we can begin to safely ease border measures,” Canada’s minister of health Patty Hajdu said in a statement. |
| US Faces Another “Dangerous” Heat Wave Amid 100 Large Wildfires Ravaging WestUS Faces Another “Dangerous” Heat Wave Amid 100 Large Wildfires Ravaging West The dog days of summer have arrived as much of the country faces above-average temperatures. “It’s going to be a real oppressive week with dangerous heat and hot conditions across much of the U.S. Excessive heat watches are up across much of the Pacific Northwest for mid to late week, including in the Portland and Seattle metro areas. Meanwhile, heat advisories are in effect for a good part of the south-central U.S. and parts of western New York state,” according to the National Weather Service (NWS). Great Plains and Upper Midwest states could see triple-digit temperatures and daily record high temps, possibly in the central and southern High Plains. The combination of scorching temperatures and oppressive humidity could cause heat indices “to exceed the century mark on Monday and Tuesday across the middle and lower Mississippi Valleys,” said NWS. High temps in the 90s and real feel temps approaching the 100s could be seen across the Lower Great Lakes, the Mid-Atlantic, and Northeast the first half of the week. The average max high temperature in the U.S. is expected to move higher this week. |
| Anger at overflowing Covid test drop boxesProvider Randox says it is increasing collections but the tests for UK arrivals are branded “pointless”. |
| Groupon told to improve how it treats customersThe competition watchdog warns the discounter it faces legal action unless it takes ‘swift’ action. |
| Ocado Group offers staff remote working abroadThe tech firm’s move covers one month a year as the government says flexible working is “here to stay”. |
| Group debt, share pledge serve as major overhang for Chemplast, investors may waitThe promoter stake will shrink to 55 per cent after the IPO from 100 per cent reflecting the urgency to reduce debt. While business prospects look good, share pledges and group level debt would be an overhang. |
| NSE to soon open trading in US-listed stocks through NSE-IFSC platformThe offering will be in the form of unsponsored depository receipts. IFSCA has facilitated the same under the Regulatory Sandbox, the stock exchange said. |
| Market Movers: Sona Comstar sees a chaandi rally; IRCTC gets back on trackThe newly-listed automotive parts maker is a pure-play on the upcoming electric vehicle market and according to brokerage firm Nomura Securities India, the stock is the place to be as the global auto fleet gets revamped in the coming years. |
| Coronavirus Update: Austin, Texas is running out of ICU beds as U.S. daily average of COVID cases tops 100,000 to mark highest level since FebruaryThe highly transmissible delta variant of the coronavirus-borne illness COVID-19 has driven the daily average of new cases in the U.S. above 100,000 for the first time since February and created a crisis in Austin, Texas, where hospitals are running out of intensive care unit beds. |
| : Workhorse books $52 million loss on Lordstown Motors’ stock investmentWorkhorse Group Inc. books a $52 million loss as it sold off a chunk of its investment in embattled electric pickup-truck maker Lordstown Motors Corp., according to a company filing Monday. |
| : Bipartisan infrastructure bill looks set to pass Senate without changes sought by crypto advocatesA $1 trillion bipartisan infrastructure bill appears on track to pass the Senate shortly without changes sought by the cryptocurrency industry’s supporters, although one key senator said he expects the Treasury Department could issue guidance that will help. |
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