Written by Gary
COVID-19 cases in the U.S. have hit a 6-month high, with hospitalizations rising (SPY -0.3%). Islamic State attacks an Iraqi oil field.
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. | |
| Chinese Miner To Invest $2.5 Billion Into DRC Cobalt ProjectDemand for cobalt is rising globally because of its use in electric vehicle batteries. As such, China Molybdenum (CMOC) is planning to invest as U.S. $2.51 billion to further augment output from its Tenke Fungurume mine in the Democratic Republic of the Congo (DRC), Reuters reported, citing the companys announcement. China Molybdenum to make $2.5B investment in DRC CMOC is the second-largest global cobalt feedstock producer after Switzerlands Glencore. Its TFM mine producing 15,400 tons of cobalt & 182,600 tons of copper in 2020. |
| Biden Administration Wants To Wean All Airlines Off Fossil Fuels By 2050As if we weren’t throwing enough trillions of dollars away (or, should we say, printing enough trillions away) incentivizing ill conceived “green energy” subsidies, the Biden administration is now set to be targeting weaning all airlines off of fossil fuels by 2050. The idea, which is likely going to be laughably impossible to implement at any point in the near future, is part of the White House’s plan to “fight climate change”. It follows the Biden administration’s push for auto manufacturers to go all electric and/or hybrid by 2030. And |
| New Wave Of COVID-19 Delays Chevrons Plans To Return To OfficeThe latest wave of Covid-19 infections has delayed Chevron’s plans to return employees to offices in California and Texas, Reuters reported this weekend, citing a company statement. The company, like many others across industries, planned to return employees to offices from September, but now this has been pushed back to October for Texas. For California, Chevron has yet to set a return date for its office employees. The company, however, said that about a third of its global workforce continues to work onsite at service stations and offshore platforms. |
| Aramco Moves Closer To Closing $25B Reliance MegadealSaudi Aramco is in an advanced stage of negotiations to buy in an all-stock deal, valued at up to $25 billion, some 20 percent of the oil refining and chemicals business of Indias conglomerate Reliance Industries, Bloomberg reported on Monday, quoting sources familiar with the matter. The Saudi state-held oil giant would pay with Aramco shares for the 20-percent stake in the refining and chemicals arm of the oil-to-telecoms conglomerate Reliance Industries of Indias richest man, Mukesh Ambani. An agreement could be reached as |
| Gazprom Neft Ready To Boost Production In Line With OPEC+ DealGazprom Neft, the oil arm of Russian gas giant Gazprom, will be able to swiftly raise its crude oil production in line with the OPEC+ deal for unwinding the collective cuts, one of Russias top oil-producing companies told Reuters in an email on Friday. Gazprom Neft has many oil wells, at which it had reduced production because of the OPEC+ production quotas. In addition, some oil wells have been sitting idle since last year, the company told Reuters.Last year, Gazprom Neft reduced its liquids production by 4 percent because of the OPEC+ |
| Islamic State Attacks Iraqi Oil FieldAn attack with an explosive device on an oil field in the northern Iraqi region of Kirkuk was blamed on Islamic State militants, according to an unnamed source who spoke to Turkey’s Anadolu Agency. No damage was done to the field, Bai Hassan, according to the source. Earlier this year, suspected Islamic State militants blew up two oil wells at the Bai Hassan field, killing at least one security officer and setting the oil wells ablaze. The Bai Hassan field that can produce around 200,000 barrels per day (bpd) of oil has more than 120 oil wells. |
| Bezos’ Blue Origin takes NASA to federal court over award of lunar lander contract to SpaceXJeff Bezos’ space company Blue Origin filed a sealed complaint in federal court against NASA on Monday. |
| Firms line up ‘green’ ammonia for fertilizer and future fuelDecarbonizing a broad range of sectors and industrial processes will be crucial in the years ahead. |
| This husband-and-wife team shares their tips for going into business togetherAs the husband-and-wife team behind clothes rental app Style Theory, Raena Lim and Chris Halim share their advice with other couple co-founders. |
| Airlines reroute planes around Afghanistan after Taliban takeoverUnited, British Airways and Singapore Airlines are avoiding Afghanistan airspace after Taliban fighters took over the country. |
| ‘Free Guy’ tops $28 million at the domestic box office and Ryan Reynolds says Disney is eyeing a sequelDisney’s “Free Guy” tallied more than $28 million at the domestic box office during its opening weekend, smashing expectations. |
| Democratic lawmakers want to expand Medicare. Here are the gaps in coverage and other costs to knowTo the surprise of many new Medicare beneficiaries, the program has some holes and is far from free. |
| New apps match travelers with trips that fit their budgets, interests, rewards points and moreTravel app Elude is built around a “budget-first” search engine that offers users instant options for flights and accommodations within their price range. |
| New York City vaccine mandate presents new challenges for restaurantsNew York City will become the first major U.S. city to require proof of vaccination to eat indoors, starting Monday. |
| McLaren F1 sells for $20.5 million, the most expensive car auctioned this yearA McLaren F1 auctioned at Pebble Beach on Friday night for $20.5 million, showing the continued strength of the classic car market. |
| With Hamilton, Lion King, Wicked ticket sales slow, Broadway isn’t backBroadway hits Hamilton, Wicked and The Lion King will be among the first musicals to open at 100% capacity. None sold out their first week of performances. |
| Epidemiologist agrees with Fauci, says everybody will someday ‘likely’ need a booster shot of the Covid vaccinesEpidemiologist Dr. Anne Rimoin explains when conditions will warrant everyone needing a Covid vaccine booster. |
| ‘Field of Dreams’ baseball game was a ratings win for Fox with 5.9 million viewersThe Chicago White Sox beat the New York Yankees, 9-8, in a Hollywood-like ending in MLB’s Field of Dreams game. |
| Mississippi seeks doctors, nurses and ventilators as Covid patients pack ICU bedsMississippi seeks doctors and nurses and has asked federal officials for ventilators as the state hit a record of more than 5,000 new Covid cases in one day. |
| Michael Burry Bets Against Cathie Wood’s Ark, Adds To Tesla PutsMichael Burry Bets Against Cathie Wood’s Ark, Adds To Tesla Puts Today is the deadline for 13F filings and while we already know what most of the marquee hedge funds have done during the quarter thanks to previously leaked investor letters (with the notable exception of the Soros Family Office which we learned over the weekend liquidated all of the $375MM of Archegos shares it had rushed to purchase in the last days of Q1 after suffering millions in losses), one filing was of particular interest, that of Scion Asset Management’s Michael “Big Short” Burry. And boy were there surprises. As a reminder, one quarter ago Burry’s 13F caused a stir across trading desks when the “Big Short” revealed a major Tesla put, which with nominal value of $534 million and representing just over 800K underlying shares, was Burry’s largest position in Q1. Also notable was Burry’s aggressive positioning for a surge in inflation (as a reminder, it was Burry back in February warned that Weimar hyperinflation is coming), which as of March 31 he traded as follows: PUT on the TLT 20+ Year TSY bond ETF, equivalent to some 1.266MM shares or $171.5 million CALL on the TBT 20+ Year Treasury Ultrashort ETF, equivalent to 2.536MM shares or $55.1 mill … |
| Meanwhile In Iraq… Islamic State Attacks Kirkuk Oil FieldMeanwhile In Iraq… Islamic State Attacks Kirkuk Oil Field Authored by Irina Slav via OilPrice.com, An attack with an explosive device on an oil field in the northern Iraqi region of Kirkuk was blamed on Islamic State militants, according to an unnamed source who spoke to Turkey’s Anadolu Agency.
No damage was done to the field, Bai Hassan, according to the source. Earlier this year, suspected Islamic State militants blew up two oil wells at the Bai Hassan field, killing at least one security officer and setting the oil wells ablaze. The Bai Hassan field that can produce around 200,000 barrels per day (bpd) of oil has more than 120 oil wells. Based on these reports, it is an attractive target for the Islamic State, which despite international efforts, is alive and well in Iraq and Syria. A recent re … |
| President Biden Orders 7,000 US Troops To Protect Kabul Airport After Horrific ScenesPresident Biden Orders 7,000 US Troops To Protect Kabul Airport After Horrific Scenes update(1200ET): With President Biden scrambling back to the White House to contain the unmitigated disaster that is the American pullout from Afghanistan, the Administration has decided to pull a complete 180, and send thousands of troops back to Afghanistan. Fox News’ Pentagon correspondent Lucas Tomlinson reported that Biden (commander-in-chief of the American military) has ordered another 1,000 paratroopers fro the 82nd Airborne to Kabul. That will bring the total number of ground troops to 7,000.
When Biden arrived in the White House, the US has 2,500 troops in the country. A few days ago, Biden authorized another 5,000 troops in an emergency deployment to ensure a safe and orderly withdrawal, bringing the total on the ground to 6,000. As Biden faces what very well might be remembered as the darkest moment of his presidency, it appears he’s starting to consider dramatic alternatives, like doing a 180 on his decision to pull troops out entirely? Meanwhile, notoriously corr … |
| US Troops Kill Two Armed Men Attempting To Breach Kabul AirportUS Troops Kill Two Armed Men Attempting To Breach Kabul Airport Through Monday US troops scrambled to secure Hamid Karzai International Airport in Kabul as thousands of desperate civilians swarmed the runways, with reports of looting in the terminal and general chaos resulting in some tragically plunging to their deaths after clinging to the underbody of a C-17 as it took off. “Worse than Saigon” – some are now saying of the deteriorating situation as it seems by the minute more and more shocking images emerge. A riot control situation is now giving way to reports of combat engagements at the airport: “US troops shot and killed two armed men at Kabul’s international airport, according to a US official,” The Wall Street Journal writes in a breaking report. “The armed m … |
| ‘New York vaccine mandate could destroy my restaurant’City residents need to be jabbed to use restaurants, gyms and theatres – and businesses are worried. |
| Parcel delivery texts now the most common con-trickText messages asking for a fee to deliver a package are responsible for most “smishing” fraud. |
| Afghanistan conflict: Airlines reroute flights out of Afghan airspaceVirgin Atlantic made its last journey over the region on Sunday while Emirates has suspended flights. |
| Cardano’s ADA token is now world’s third-largest cryptocurrencyWith the so-called ADA cryptocurrency jumping around 50 per cent over the past week alone, optimism is rising that new technological enhancements will allow smart contracts on Cardano by its announced goal of Sept. 12. |
| 3 out of 4 stocks make dull debut on Dalal Street: Is the IPO party over?Astha Jain of Hem Securities suggested that investors should book partial profits in Krsnaa Diagnostics and Exxaro Tiles. |
| Tata Group smallcap having its day in the sun with 150% jump in 2021The company has gained about 35 per cent in the last one week. The scrip was locked at the buyer’s circuit of 5 per cent on Friday to Rs 493.55. |
| Earnings Outlook: Nvidia earnings will be a data-center show, but don’t miss the software on the side stageNvidia Corp. is known for its chips, but as it resides at the top of the semiconductor segment in terms of valuation, it may be time to look at the software that runs all those the graphics processing chips. |
| Project Syndicate: The U.S. and the world will regret the choice by Trump and Biden to abandon AfghanistanSometimes what matters in foreign policy is not what you can accomplish but what you can avoid. Afghanistan was such a case. |
| Coronavirus Update: Cities begin to roll out COVID-19 vaccination rules as cases in the U.S. hit a six-month highThe U.S. continues to grapple with a worsening surge in COVID-19 cases and hospitalizations as the spread of the delta variant among the unvaccinated remains the most pressing concern in the nation’s pandemic response. |
US troops are attempting to establish a perimeter at Kabul’s airport, Agence France-Presse/Getty ImagesEarnings Summary for Today
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