Written by Gary
Consumer prices rise 5.4% in July (SPY +0.1%). The biggest premarket movers: Canada Goose, Wendy’s, Perrigo, Southwest.
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. | |
 | Big Oils Foray Into Green Energy Creates Highly Competitive MarketThe increased investments of international oil majors in renewable energy projects are diminishing the returns of the pure clean energy firms, especially combined with a surge in raw material prices this year, executives tell Bloomberg. For example, Equinor wants to be a big name in offshore wind, and Norways major bid for offshore wind acreage in the major ScotWind leasing round last month. So did BP and Shell. Members of the Big Oil club are now competing among themselves and with the pure renewables players for wind and solar tenders |
| Why Russian Oil Giant Lukoil Wont Give Up On This Huge OilfieldThere was always something that did not look quite right about Lukoils recent announcement that it was going to withdraw from Iraqs huge West Qurna 2 oil field, located 65 kilometers northwest of the southern port of Basra and with roughly 14 billion barrels of reserves in place. So it has proven, with the bland statement last week that Lukoil is, in fact, going to stay on in the role of lead developer on the supergiant site. OilPrice.com exclusively reveals what happened below. The recent development history for Lukoil in West Qurna |
| Can Anything Replace China As Demand Driver For Oil?That the oil-producing world is highly reliant on China’s appetite is a fact we are reminded of from time to time. Last year, Chinese buyers dragged oil prices out of the doldrums single-handedly as they stocked up on the cheap commodity to fill reserves. Now, this overreliance is backfiring with prices down and likely to stay down because of China. In all fairness, it is not so much China as it is the resurgence of Covid-19 in China that drove prices sharply down at the start of this week. Benchmarks hit the lowest in three weeks because of the |
| Colombias Oil Industry Tumbles Amid Violent ProtestsAfter being rocked by a harsh 2020 where the March 2020 oil price collapse and the coronavirus pandemic sharply impacted operations Colombias economically vital petroleum industry is struggling to recover. Even attempts by the national government in Bogota to reactivate the economy and crucial parts of the economy, including the hydrocarbon sector, are failing to gain traction primarily because of elevated political turmoil and a long-running security crisis. First-quarter 2021 gross domestic product (Spanish), despite climbing 1.1% year |
| Why Many Commodities Are Still UndervaluedExactly a year ago, I wrote a blog post titled, A Generational Opportunity In Commodities? arguing the bullish case for things like copper, precious metals, oil, etc. Since then, the Bloomberg Commodity Spot Index has almost doubled in value, leading some to believe it may now actually be overvalued. However, commodities have been in a consolidation phase for well over a decade now. The consolidation phase seen during the 1960s lasted just about as long as the current one; the subsequent breakout higher proved to be a good |
| Oil Rises Despite Small Inventory DrawsThe American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 816,000 barrels for the week ending August 6, bringing the total 2021 crude draw so far to nearly 56 million barrels, using API data. Analysts had expected a loss of 1.050 million barrels for the week. In the previous week, the API reported a draw in oil inventories of879,000 barrelsa figure much smaller than the nearly 3 million barrel draw that analysts had predicted. The price of a WTI barrel had risen earlier on Tuesday after a brutal |
| Vaccine passports gain traction as delta variant threatens travel reboundThe idea of vaccine passports is gaining traction in public opinion and private enterprise as the delta variant threatens the travel rebound, a survey finds. |
| Southwest Airlines says delta Covid variant is hurting bookings, lowers outlookSouthwest Airlines says the delta variant of Covid-19 is hurting bookings and sparking trip cancellations. |
| Cyber-fraud shifts to gaming, travel and leisure, report findsAs digital fraud attempts rise, cyber criminals are targeting the gaming and travel and leisure industries, a report finds. Here’s what consumers need to know. |
| Stocks making the biggest moves premarket: Canada Goose, Wendy’s, Perrigo, Southwest and othersThese are the stocks posting the largest moves before the bell. |
| 5 things to know before the stock market opens WednesdayFutures contracts tied to the Dow Jones Industrial Average and S&P 500 hovered around the flatline, as traders awaited the release of key inflation data. |
| PSG president says world will be ‘shocked’ by revenues from Messi signingParis Saint-Germain President Nasser Al-Khelaifi says the world will be “shocked” by the financial revenues generated by the club’s signing of global soccer superstar Lionel Messi. |
| UN climate report is our ‘final wake-up call,’ say environmental expertsA damning new U.N. report warning of certain devastation from climate change has been dubbed humanity’s “final wake-up call” by environmental experts. |
| Fully remote school year due to Covid ‘possible’ without mitigation tactics, says Dr. Scott GottliebDr. Scott Gottlieb explains why Covid-19 could, yet again, force schools to go fully remote. |
| Ethan Allen CEO says he expects furniture production backlogs to be resolved in four to six monthsEthan Allen CEO Farooq Kathwari told CNBC the company expects its production backlogs to catch up by early next year after pandemic-induced supply issues. |
| WHO says it urgently needs $7.7 billion to help poorer nations survive delta Covid variantWHO officials have set a goal of vaccinating at least 10% of the globe by the end of September, 40% by the end of this year and 70% by the middle of next year. |
| AMC is hoping sales at the box office reach $5.2 billion, here’s why that’s a big askAMC needs the box office to reach $5.2 billion to be cash flow positive, analysts say it won’t happen. |
| Stocks making the biggest moves after hours: Coinbase, Poshmark, FuboTV & moreCheck out the companies making headlines in after hours trading. |
| The 5 most expensive cars selling at Pebble Beach this weekThe Super Bowl of super-rich car collecting kicks off in Monterey, California. this week as more than $300 million of rolling trophies comes up for auction. |
| China Flight Departures Collapse Amid Delta Virus SpreadChina Flight Departures Collapse Amid Delta Virus Spread Outbreaks of the COVID-19 Delta have severe growth implications for Asia-Pacific (APAC) countries. Government restrictions to mitigate the spread of the virus have already dented air travel in the region, according to BloombergNEF. APAC countries, including China, Japan, Korea, India, Australia, and New Zealand, among others, reduced 11.1% of flights scheduled to depart this week, compared to this time last week. This has profoundly impacted jet fuel demand, slashing 170,000 barrels per day less – China led the cuts. Flight departures for APAC countries decreased by 2,250 on average each day WoW, one of the most significant declines in months. The collapse was evident in China, where 2,380 departures were scrapped each day this week as the government discouraged travel. Some airports in the country were closed to mitigate the spread of the virus. |
| Futures Dip, Yields Jump Ahead Of Critical Inflation ReportFutures Dip, Yields Jump Ahead Of Critical Inflation Report Another day, another extremely tight range of overnight futures trading – with spoos stuck in a 1% range for the past two weeks, it feels as if nothing can push the index away from its massive gamma gravity around 4,400, although today’s CPI – if it shocks either higher or lower relative to expectations – may be just the trigger that breaks this boring rangebound market. 10Y Yield rose as high as 1.375% as the dollar tracked the move higher. Amid muted trading volumes, S&P futures dipped slightly lower from a fresh record ahead of data out today showing U.S. consumer prices probably jumped again in July; Nasdaq futures fell on Wednesday, while Dow indicators rose slightly as investors swapped heavyweight technology stocks with economically sensitive sectors following the approval of a U.S. infrastructure bill. At 745am ET, Dow e-minis were up 2 points, or 0.1%, S&P 500 e-minis were down -5 points, or 0.11%, and Nasdaq 100 e-minis were down 31points, or 0.2%.
Coinbase Global rose in pre-market trading afte … |
| Beware Of Trading Treasuries On Headline Excitement From CPIBeware Of Trading Treasuries On Headline Excitement From CPI By Ven Ram, Bloomberg reporter and macro commentator Warning: Headline writers may drive themselves into a tizzy describing inflation if Wednesday’s data prints on the higher side. That will, however, have only a mild side-effect: nominal yields may grind higher, but escape velocity will still be elusive. It’s in the fitness of things that 10-year Treasury yields have inched up since July’s better-than-forecast non-farm payrolls data, though the increase has been oh-so-measured. With every single forecast in Bloomberg’s survey estimating the CPI print to come in above 5%, positioning on the day is perhaps overwhelmingly bearish on rates — meaning a softer-than-expected print may actually elicit a greater reaction.
Whatever the reaction, keep in mind that the Fed has pretty much embraced the idea that substantial further progress has been made on inflation, so trading rates isn’t just about price pressures anymore. In any case, the Fed does expect inflation to be elevated this year, so it’s best not to … |
| Oil Tumbles After Report Biden Will Call On OPEC To Boost Oil OutputOil Tumbles After Report Biden Will Call On OPEC To Boost Oil Output Remember when Trump would blast OPEC on twitter, demanding the cartel boost output to lower the price of oil? Well, now that gasoline prices are well above $5/gallon for the first time in a decade, this is yet another Trump idea that is being adopted by the Biden administration and this morning, oil plunged dropping more than a $1 after CNBC reported that taking a page right out of the Trump twitter feed, the White House “will call on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid-19.” According to the report, officials from the Biden Administration spoke with representatives from OPEC’s de facto leader Saudi Arabia this week, as well as with representatives from the United Arab Emirates and other OPEC+ members.
The only issue is that unlike the Tr … |
| Google may cut pay of staff who work from homeThe tech giant has developed a calculator that lets staff see the effects of remote working or moving offices. |
| Morrisons to give workers Boxing Day offThe supermarket chain has given all its 111,000 staff the day off as a reward for their work during the pandemic. |
| David Cameron denies lobbying for genetics firm IlluminaMr Cameron encouraged Matt Hancock to speak at a conference co-hosted by Illumina before it won a government contract. |
| Explainer: What is the new BSE rule that is hurting midcaps & smallcaps?The step has hurt smallcaps and midcaps the most, which are expected to be most affected by the circular. During the current week BSE Midcap index is down nearly 4 per cent while BSE Smallcap index has plunged over 5 per cent. |
| Zomato says it will do earnings, analyst calls once a yearThe company had posted its first quarter results after its listing on Tuesday, which saw a widening of its net loss to Rs 360.7 crore for the quarter ended on June 30 this year, mainly on account of a rise in expenses. |
| HDFC, Britannia, 5 other stocks that may help traders beat the StreetAs Nifty closed in a narrow band of 16,238-16,280 over the last five trading sessions, it appears that a tug-of-war is on between between bulls and bears as far as index heavyweights are concerned although the broader market continued to bleed. “We expect Nifty to breakout upwards of this band (though mildly) before seeing a larger correction,” says Deepak Jasani, Head of Retail Research, HDFC Securities. Here are seven stock ideas that may help traders stay ahead of the curve in the coming days. |
| Earnings Results: Unity Software raises outlook above Wall Street estimates following strong quarterUnity Software Inc. shares slid in the extended session Tuesday, following an initial uptick, after the gaming-engine company reported quarterly results and a raised outlook topping Wall Street estimates and announced plans to acquire a remote-streaming company. |
| The Ratings Game: Moderna’s stock price is ‘ridiculous,’ says BofA analystShares of Moderna Inc. have climbed so much that the biotechnology company’s valuation is ‘unjustifiable on a fundamental basis,’ said analyst Geoff Meacham, as his analysis suggests the stock could fall roughly 75% from current levels. |
| Earnings Results: Secondhand online retailers Poshmark, ThredUP report steep hikes in revenuePoshmark’s sales improved 22% to $81.8 million from $66.9 million a year ago. ThredUP said revenue jumped 27% to about $60 million from $47.3 million a year ago. |
Source: BloombergNEF
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