Written by Gary
US Export Prices Unexpectedly Rebound In July, Import Prices From China At 6 Year Highs (SPY +0.1). Import Year-over-Year Inflation ‘Declines’ To +10.2%.
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. | |
The Oil & Gas Inflation Trap That No One Wants To Talk AboutPresident Joe Biden has lately sought to soothe fears that rising inflation could hurt the U.S. recovery and undermine his $4-trillion spending plans. This comes after U.S. inflation for the month of June accelerated to the fastest clip since 2008, as the economy continues to recover following the Covid-19 related lockdowns. According to the Labor Department, the consumer price index (CPI) climbed 5.4% Y/Y in the month of June. That’s about twice the average rate over the past decade. Biden has something else to worry about: Rising oil prices. | |
House Republicans Urge Biden To End Budget Restrictions To U.S. Oil IndustryIn the light of high gasoline prices in the United States, House Republicans on Thursday sent a letter to the White House requesting that it end the budget restrictions on the U.S. fossil fuel industry. The letter comes just a day after the White House urged OPEC to produce more crude oil to alleviate high gasoline prices that are squeezing consumers during pandemic times. The letter, sent by House Republicans on the Transportation and Infrastructure Committee, asked Biden to remove the current restrictions in the 2022 budget that prohibits the | |
Venezuelas Oil Reserves Doomed To Become The Worlds Largest Stranded AssetThe aggressive push to decarbonize the world economy is forcing big oil to examine how the carbon emissions of its operations can be reduced with a goal of becoming carbon neutral. That coupled with the threat of peak oil demand has seen oil supermajors reevaluate their business strategy, with many now choosing to eschew high-cost carbon-intensive petroleum projects. This poses a major threat to Venezuela and the crisis-torn petrostates economic recovery. The OPEC member possesses the worlds largest oil reserves, estimated to be around | |
Top Wind Firms Q2 Profits Hit by Lack Of.WindThe financial performance of some of the largest offshore wind developers in the world was hit in the first half of 2021 by significantly low wind speeds and other weather-related events. Denmarks rsted and Germanys RWE both reported H1 interim financials on Thursday, and they both cited low wind speeds as a drag on their core earnings. Power generation decreased by 4 % relative to Q2 2020, primarily due to significantly lower wind speeds and lower availability, rsted said, noting that wind speeds across | |
Why An Oil Deal Between Kurdistan And Baghdad Is UnlikelyThe recent transfer of IQD200 billion (US$137 million) from the Federal Government of Iraq (FGI) in Baghdad to the semi-autonomous region of Kurdistans government (KRG) in Erbil raised hopes that a new era of cooperation across the two regions enormous oil and gas resources might be dawning. However, according to a series of statements from both sides, this transfer of funds was a one-time payment only and not the beginning of a monthly series of payments from Baghdads central government budget to the KRG in exchange for oil | |
Clean Energy Investment In Australia DropsAustralia saw just three new projects reaching the stage of financial commitment in the second quarter of 2021, the second-lowest tally for quarterly project commitments since early 2017, The Sydney Morning Herald reports, citing data from Australias industry group Clean Energy Council. The constant changes in Australias energy policies over the past year, as well as its resistance to commit to a net-zero by 2050 target like many industrialized nations, are part of the obstacles that solar and wind power projects in the country face, | |
Texas deploys 2,500 out-of-state medical workers to fight Covid as younger, healthy patients crowd hospitalsTexas Gov. Greg Abbott said the state was bringing in 2,500 out-of-state medical personnel to relieve exhausted doctors and nurses. | |
With college kids returning to campus, back-to-dorm spending on track to make bigger “but later “splashSome shoppers are putting off purchases until later in the season, as they juggle summer activities and wait for details about colleges’ plans for the fall. | |
Stocks making the biggest moves premarket: Disney, Airbnb, 23andMe, DoorDash and othersThese are the stocks posting the largest moves before the bell. | |
Virgin Galactic shares fall after Richard Branson dumps another huge stake worth $300 millionVirgin Galactic founder Sir Richard Branson sold more of his ownership of the space tourism company this week. | |
5 things to know before the stock market opens FridayStock futures are slightly higher Friday after the S&P 500 and Dow closed the prior session at a record high. | |
Ryan Reynolds’ ‘Free Guy’ is the box office barometer Hollywood has been looking for“Free Guy” is getting a rare theatrical-only release this weekend and is an original concept with no franchise ties. | |
‘Breaking society apart’: Unvaccinated people are angry as they face more Covid restrictionsThe divide between the vaccinated and unvaccinated when it comes to Covid is likely to become even deeper as time goes on. | |
Olympic Games: CJ Ujah, silver medalist for GB in 4x100m relay, handed provisional anti-doping suspensionCJ Ujah, a member of Great Britain’s silver medal-winning men’s 4x100m relay team at the Olympics in Tokyo, has been provisionally suspended for an anti-doping violation. | |
Treehouses are getting booked by wealthy travelers ” and the photos show whyModern treehouses are in demand by travelers who want a five-star, outdoor experience with a dose of childhood nostalgia. | |
This map shows the latest Covid outbreak in mainland ChinaLocally transmitted cases reported in mainland China have increased this month as the highly transmissible delta variant spreads across the country. | |
China’s zero-Covid policy is so strict that it shut down a whole shipping terminal after just one caseChina on Wednesday shut down a key terminal at its Ningbo-Zhoushan port, the third busiest port in the world, after one worker was found to be infected by Covid. | |
FDA permits Covid vaccine booster shots for people with weakened immune systemsThe FDA’s move may shield some of the most vulnerable Americans from the highly contagious delta variant. | |
How this 32-year-old couple is redressing the multibillion-dollar fashion rental industryWhen husband and wife Chris Halim and Raena Lim saw an opportunity to redress sustainability issues in the fashion industry, they wanted to do so in style. | |
US Export Prices Unexpectedly Rebound In July, Import Prices From China At 6 Year HighsUS Export Prices Unexpectedly Rebound In July, Import Prices From China At 6 Year Highs Import price inflation slowed again in July, falling from +11.3% YoY to +10.2% YoY (still high by any measure). However, export prices rebounded unexpectedly to +17.2% from +16.9% YoY ion June (and well beyind the +16.0% YoY expected)… Source: Bloomberg Notably, Import prices ex-petroleum rose just 0.1% m/m after rising 0.7% in June (and ex-food and fuels saw a 0.1% MoM drop in July) Additionally, import prices from China are at their highest since Dec 2015… | |
America’s White Population Shrank For 1st Time In US History, Census Data ShowAmerica’s White Population Shrank For 1st Time In US History, Census Data Show Authored by Jack Phillips via The Epoch Times, The 2020 census results show that the total white population in the United States shrank for the first time in U.S. history, according to data released by the Census Bureau on Aug. 12. The share of the white population fell to 57.8 percent in 2020 from 63.7 percent a decade prior, the data show. In California, Hispanics became the largest racial or ethnic group, growing to 39.4 percent from 37.6 percent over the previous decade, while the white population dipped to 34.7 percent from 40.1 percent. There were also significant increases among people who identify as multiracial, Hispanic, and Asian, driving much of the population growth throughout the decade. People who identify as mul … | |
Friday 13th Futures Hit New All-Time High, Europe Set For 10th Straight Record CloseFriday 13th Futures Hit New All-Time High, Europe Set For 10th Straight Record Close S&P 500 futures celebrated Friday the 13th with a brand new record highs on Friday boosted by Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains. But the real party today was in Europe, where stocks headed for the 10th consecutive record high, the longest winning streak since 1999, as bullishness swept across markets after a blowout earnings season and economic recovery out of lockdowns. Asian markets, Treasury yields and the dollar dipped while cryptos surged with both bitcoin and ethereum up around 5%. At 730 a.m. ET, Dow e-minis were up 46 points, or 0.13%, S&P 500 e-minis were up 1.5 points, or 0.06%, and Nasdaq 100 e-minis were down 3 points, or 0.01%. œEven though the delta variant keeps weighing on market sentiment in many regions like Asia, investors are optimistic about countries with more aggressive vaccination programs in place, such as Europe and th … | |
FDA Authorizes Covid Booster Shots For Immunocompromised PatientsFDA Authorizes Covid Booster Shots For Immunocompromised Patients After growing chatter over the past week, late on Thursday the U.S. Food and Drug Administration authorized booster shots for certain people with weakened immune systems, likely the launch of broader efforts to better protect against evasive variants like Delta. The agency said that other fully vaccinated individuals do not need an additional vaccine dose right now, clarifying that the clearance is specifically for solid organ transplant recipients or those who are diagnosed with conditions that are considered to have an equivalent level of immunocompromise. œAfter a thorough review of the available data, the FDA determined that this small, vulnerable group may benefit from a third dose of the Pfizer-BioNTech or Moderna Vaccines, Acting FDA Commissioner Janet Woodcock said in a statement. She said other people who are fully vaccinated are adequately protected and don’t need an additional dose at this time. The agency is reviewing whether an additional dose may be needed in the future, she said. The decision expanding the authorization of the mRNA shots follows “scientific evidence” that vaccines are less effective at protecting people with weakened immune systems from Covid-19 than the general population. Immunocompromised people who didn’t have an antibody response after two doses of the mRNA vaccines had responses after a third dose, studies indicated, supporting the decision to recommend a third dose. About 2.7% of American adults are immunocompromised, which also includes people who live with HIV or take cancer treatments and other drugs that suppress their immune systems. We expect the “scientific evi … | |
Lord of the Rings: Amazon moves show to UK from New ZealandThe multi-million dollar production is one of the most expensive shows in the history of television. | |
Gatwick in talks with lenders amid Covid lossesThe airport says Covid travel restrictions and a collapse in customer demand pushed it to a loss. | |
Crypto hacker offered reward after $600m heistThe anonymous hacker has returned almost all the money, but claims not to be interested in reward. | |
Investors richer by Rs 1.35 lakh cr as Sensex surges 593 ptsThe 30-share pack Sensex climbed 593.31 points or 1.08 per cent to close at 55,437.29. Its broader peer NSE Nifty rose 164.70 points or 1.01 per cent to 16,529.10. Both indices scaled new highs. | |
Trouble in paradise as many midcap, smallcap stocks enter bear marketThere is trouble brewing under the surface, as more than a quarter of the stocks that are part of the Nifty Smallcap 100 and Nifty Midcap 100 index are now deep in the bear market territory. A stock is said to be technically in the bear market, if it falls more than 20 per cent from its recent high. | |
Burger King India Q1 results: Net loss narrows on-year; sales rise 289%The company’s sales in the quarter surged 289 per cent year-on-year to Rs. 149.7 crore aided by a depressed base of the year-ago quarter. | |
July 2021 Import Year-over-Year Inflation ‘Declines’ To +10.2%Written by Steven Hansen Year-over-year import price indices inflation marginally declined from +11.3 % to +10.2 %. | |
Rail Week Ending 07 August 2021 – Positive Growth Continues But Year-over-Year Growth Is Being Compared To Shutdown Period Last YearWritten by Steven Hansen Week 31 of 2021 shows the same week total rail traffic (from the same week one year ago) improved according to the Association of American Railroads (AAR) traffic data. | |
: The best job-market fix you’ve never heard of: ‘occupational licensing reform’ may be having a momentNearly one-third of all jobs require a state-level license, making it harder for workers to become part of those occupations and be fully mobile around the country. “Occupational licensing reform” is an issue that resonates with progressives and libertarians alike. | |
: FDA says doctors can give an extra COVID-19 dose to some people with weak immune systems. This is the first authorization for a booster shot in the U.S.The U.S. Food and Drug Administration late Thursday authorized an extra COVID-19 booster shot for some people with compromised immune systems in a move that underscores the risk that the virus still poses to vaccinated Americans. | |
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