Written by Gary
Crude oil prices fell 4% Monday on Delta variant concerns; prices rise once again (SPY +0.2%). Cuomo resigns following sexual harassment allegations.
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. | |
| Peak Oil: Is This Top U.S. Refiner Ditching Oil For Batteries?Refiner Phillips 66 is betting on EV batteries for the future because it thinks we have already reached peak oil demand. The company has announced a strategic investment in an Australian lithium-ion battery materials supplier, saying, This strategic investment enables Phillips 66 to directly support the development of the U.S. battery supply chain. It advances our commitment to pursue lower-carbon solutions while leveraging our leadership position and expertise in the specialty coke market and supporting NOVONIXs emerging |
| Giving Up Oil Is Impossible: Alberta PremierGiving up oil and other fossil fuels is “patently unrealistic”, Alberta Premier Jason Kenney said in comments on the IPCC climate report released yesterday, which warned that humankind’s window for addressing climate change was closing fast. The report attributedwith a high to an extremely high degree of likelihoodthe accelerated and increasingly dramatic changes in the planet’s climate to our use of fossil fuels and the resultant emissions. “The notion that we can shut off a major, industrialized economy with the flick of a switch |
| Iran Nuclear Deal Talks Stalled Following Oil Tanker AttackWith new president Ebrahim Raisi now in office, Iran says it’s ready to resume JCPOA nuclear talks with world powers in Vienna, which includes indirect negotiations with the United States. The prior sixth round of talks had concluded on June 20, and have since been stalled with prior speculation that the seventh would continue by mid-August. But that doesn’t look to happen either, with theAssociated Pressnow citingEU officials familiar with the talkssaying theexpectation is for a resumption of talks in September. |
| China Restarts Coal Mines To Keep Up With Power DemandOperations at 53 shuttered coal mines in China will once again come to life, as China struggles to keep up with increased power demand, according to a statement by the National Development Reform Commission in China. Last week, China announced it would restart 38 coal mines in Inner Mongolia. Now, China has announced it will resume operations at 15 more coal mines, in the regions of Shanxi and Xinjiang. The mines will operate for a year and will produce as much as 44 million tons of coal, which China hopes will satisfy the growing calls for |
| Oil Prices Rebound From Three-Week LowsAfter hitting a three-week low on Monday, oil prices rose early on Tuesday as the market hopes that still resilient oil demand in the West would offset weakness in its top consumer and top global crude importer, China. As of 9:23 a.m. EDT on Tuesday, the price of WTI Crude was at $67.32, up 1.26%, and Brent Crude was trading at $69.74, up 1.01% on the day. On Monday, oil prices tumbled on concerns that the expanding targeted Chinese lockdowns and travel restrictions to fight the latest COVID outbreak would weigh on fuel demand in the worlds |
| Update On The Worlds Most Exciting Oil Play: Interview With Scot EvansAs Recon Africa (TSXV:RECO; OTC:RECAF) continues to de-risk what we believe is the most exciting onshore oil play the world has seen in decades, we had a chance to speak with the CEO Scot Evans about the results so far and why the management team are so excited about what they have discovered to date. To get a better understanding of Recon Africas incredible story you might want to look through some previous interviews with founder Craig Steinke and legendary geologist Dan Jarvie. Highlights of the interview with Scot: Why Recon Africa might |
| An auto rental shortage sparked a boom in peer-to-peer car-sharing. Entrepreneurs are hopping on the trendEntrepreneurs are finding success by providing customers with a personal touch that isn’t possible for Hertz, Enterprise and other big chains. |
| Main Street overconfidence: America’s small businesses aren’t worried about hackingAmerica’s small business owners think they can handle a hack. Most aren’t prepared and are overly confident when it comes to cybersecurity. |
| PepsiCo and Boston Beer to create alcoholic Mountain Dew drinkPepsiCo and Sam Adams brewer Boston Beer are teaming up to create an alcoholic version of Mountain Dew. |
| Moderna reaches deal with Canada to build ‘state-of-the-art’ Covid vaccine manufacturing plant after shortagesCanada was plagued by Covid shot supply shortages earlier this year after it struggled to obtain doses manufactured in other countries. |
| AMC CEO says theater chain is going ‘on offense’ with its $2 billion in liquidityAfter enduring the pandemic disruptions of 2020, AMC Entertainment has staved off bankruptcy and now the company’s CEO Adam Aron is going on the offensive. |
| Pizza Hut to offer Beyond Meat’s meatless pepperoni in five marketsPizza Hut is now offering Beyond Meat’s meat-free pepperoni as a topping in five U.S. cities. |
| The rise of Marriott and what’s next for the hotel giant post-pandemicThe rollout of Covid-19 vaccines and signs of pent-up travel demand among consumers has given Marriott International a renewed sense of optimism.  |
| America’s small businesses still can’t find workers, but that’s not their biggest problemThe job market is making things tough for small businesses, but even more entrepreneurs are struggling with inflation in raw materials and the supply chain. |
| Sports merchandise company Fanatics now valued at $18 billion with new investors including hip-hop mogul Jay-ZSports merchandise company Fanatics secured a $325 million money raise to expand into new sectors within its parent umbrella. |
| Lionel Messi agrees to join Paris Saint-Germain on two-year contract after leaving BarcelonaThe six-time Ballon d’Or winner arrived in Paris on Tuesday afternoon to seal his move to the French club on a deal worth £25m per year after tax, plus bonuses. |
| Etihad Airways expects ‘tidal wave of demand’ as first-half losses halve to $400 millionThe airline of the United Arab Emirates’ capital has been suffering losses for years. |
| China’s Covid lockdown could have economic costs to the world, says strategistChina’s tough Covid-19 measures to combat an uptick in daily cases would hold back economic growth and hit markets, said veteran strategist David Roche. |
| Cuomo Resigns Following Sexual Harassment AllegationsCuomo Resigns Following Sexual Harassment Allegations Following calls on both sides of the aisle to step down, embattled New York Governor Andrew Cuomo has resigned following sexual harassment allegations.
“The best way I can help now is if I step aside… and that’s what I will do,” Cuomo said during a Tuesday press conference, adding that his resignation would be effective in 14 days.
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| DeFi Platform Poly Network Hacked, Over $600 Million Potentially LostDeFi Platform Poly Network Hacked, Over $600 Million Potentially Lost Crypto prices dipped modestly following news that cross-chain protocol Poly Network was hacked resulting in over $600 million worth of assets being taken by hackers. In an early morning tweet, Poly Network – whose protocol allows users to swap tokens across multiple blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Polygon, and others – revealed that it had fallen victim to an exploit resulting in the loss of over $600 million worth of assets across the Binance Smart Chain, Ethereum mainnet, and the Polygon network.
In the same twitter thread, Poly Network listed the addresses where funds were transferred, requesting that miners and crypto exchanges blacklist tokens coming from the hacker’s addresses. Additionally, Poly Netwo … |
| Senate Passes $1.2T Infrastructure PackageSenate Passes $1.2T Infrastructure Package Update (1200ET): The package has passed by a margin of 69-30. *Â *Â * Update (1150ET): While the Senate vote on the $1.2 infrastructure package is ongoing as of this writing, the chamber now has enough votes to pass the legislation and send it to the House. *Â *Â * After 50 hours of congressional debate over a 2,700 page, $1.2 trillion infrastructure bill, the US Senate is expected to pass the “once-in-a-generation” legislation, before it’s kicked back to the House of Representatives – where Speaker Nancy Pelosi (D-CA), has vowed to shelve it until the Senate also passes a separate $3.5 trillion partisan budget. The infrastructure bill includes $550 billion in direct federal spending on a range pf projects, while reauthorizing spending on existing federal public-works programs. Breaking it down, the new spen … |
| Tropical Storm Fred May Form Tuesday, South Florida In CrosshairsTropical Storm Fred May Form Tuesday, South Florida In Crosshairs The National Hurricane Center is monitoring Potential Tropical Cyclone 6, which is set to become Tropical Storm Fred as early as Tuesday. As of 0500 ET, Potential Tropical Cyclone 6 is 65 miles southwest of Guadeloupe, an island group in the southern Caribbean Sea. NHC states the storm has a 90% chance of developing into a tropical storm over the next 48 hours. WFTV Orlando’s Meteorologist Brian Shields expects Potential Tropical Cyclone 6 to be upgraded to Tropical Storm Fred “soon.” He expects the storm will soon “impact Puerto Rico as a tropical storm, and then move into the Dominican Republic.”Â
By the weekend, Shields expects the storm could impact the South Florida area. NHC’s forecast cone shows the storm could begin to produce tropical storm conditions in South Florida as early as Saturday morning. |
| David Cameron personally promoted Greensill to investorsBBC Panorama finds Mr Cameron appeared alongside the controversial company’s founder at a 2019 event. |
| JetBlue to launch NY-UK flights despite pandemicThe airline says there is “strong demand” for the route as the global travel industry recovers. |
| Tobacco giant Philip Morris in auction showdown to buy asthma firmPhilip Morris is locked in a £1bn battle with private equity firm Carlyle over drugmaker Vectura. |
| Market Movers: What triggered bloodbath in smallcap and midcap stocks?Nearly one out of five stocks traded on the National Stock Exchange ended in the red today while over 300 stocks closed at the lower circuit limit. The intensity of the selling took most of the market by surprise even as the benchmark indices managed to keep a poker face amid the mayhem. |
| Gold prices may rally above Rs 47,000 mark in a month. Here’s whyRising coronavirus cases across the United States and other countries fuelled fears of a pandemic resurgence, sending shockwaves through stock markets as the highly contagious Delta variant appeared to be taking hold. |
| Retail buying pushes 4 BSE500 stocks up 50-85% so far in 2021The four ” namely Indian Energy Exchange, Indiabulls Real Estate, Dixon Technologies, and Just Dial ” have climbed 50-85 percent so far in Calendar 2021, thanks to a 572-896 basis points hike in holdings by small investors in the two quarters to June 30 ( i.e. the first six months of the calendar), data suggests. |
| IPO Report: European Wax Center’s clients are nearly all women, making men a target for growth at the newly public companyEuropean Wax Center shares are up 5.5% in Monday trading after climbing in its first couple of days as a public company. |
| : Google, United Airlines tell employees to get vaccinated before returning to workSee which U.S. companies are requiring workers to get vaccinated before returning to the office |
| NewsWatch: Climate change is urgent and preparing your portfolio should be too. Five ways to start thinking about it, from Jefferies strategistsThe U.N. climate report is a tough pill to swallow. Investors need to wake up too, says our call of the day, which offers ways to start thinking about it now. |
Lead GOP negotiators, Sens. Lisa Murkowski, Bill Cassidy, Rob Portman, Susan Collins and Mitt RomneyEarnings Summary for Today
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