Written by Gary
Americans are spending $765 more a month than they did in 2020 (SPY -0.9%). Industrial Production Continues To Improve.
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. | |
| China Continues To Tap Crude Reserves Despite Plunge In Refining ActivityThe worlds largest oil importer, China, is estimated to have drawn some crude from its oil reserves in July, although its refining throughput fell to the lowest level in over a year, Reuters columnist Clyde Russell has estimated based on official Chinese data. Last month, China is likely to have used 223,700 barrels per day (bpd) of its crude inventories, Russell calculates in an estimate of Chinas crude imports plus domestic crude oil production, minus the refinery throughput. The estimates showed that Chinese oil refinery throughput |
| Biden Administration Appeals Ruling On Oil, Gas Lease BanThe Biden administration has filed an appeal against a ruling by a federal judge against the oil and gas leasing ban the administration enforced earlier this year. The appeal of the preliminary injunction is important and necessary, the department said in a statement. Together, federal onshore and offshore oil and gas leasing programs are responsible for significant greenhouse gas emissions and growing climate and community impacts. Yet the current programs fail to adequately incorporate consideration of climate impacts |
| Rising COVID-19 Case Count Disrupt Oil Ports In ChinaThe rising Covid-19 case count in China has begun disrupting crude oil trade as it shutters some of the world’s busiest ports. Bloomberg reported earlier this week that the Ningbo-Zhoushan port, which is the world’s third-busiest, remained closed, albeit partially, for a sixth day. Now some expect these closures to multiply. “If we do see port closures increase in frequency and scale around China, that could really create some logistical headaches oil traders and Chinese refiners,” said Jay Maroo, Senior Market Analyst at trading and shipping market |
| Worlds Biggest Miner BHP Quits Oil In Megadeal With WoodsideBHP is offloading its oil and gas assets in an all-stock merger of its petroleum division with Woodside, which will create one of the worlds top ten independent energy companies by production. BHP, the worlds largest miner, announced on Tuesday the mega deal that will combine the oil and gas portfolios of BHP and Woodside to create the largest energy firm listed on the Australian stock exchange, ASX. The deal will see BHPs oil and gas business merge with Woodside, and Woodside issue new shares to be distributed to BHP |
| Oil Prices Set For Longest Losing Streak Since MarchAfter tentatively rising in Asian trade, oil prices reversed course and fell on Tuesday morning, poised for a fourth consecutive day of losses, which would be the longest losing streak since March this year. As of 8:38 a.m. EDT on Tuesday, WTI Crude was down by 0.85% at $66.73, and Brent Crude continued to linger below $70 a barrel, at $69.04, down by 0.68%. Oil prices were weighed down by a stronger U.S. dollar and concerns about oil demand in Asia, which continues to grapple with the COVID-19 resurgence. On Tuesday, Japan extended the state of |
| Why Norwegians Love Both EVs and OilMost Norwegians support their countrys current commitment to continue to search for oil and gas, even though Norway has the highest electric vehicle (EV) penetration anywhere in the world. Norway is set to hold a parliamentary election on September 13, a few months after the current government of a conservative-led coalition said in June thatthe Norwegian oil and gas sector willcontinue to play a major rolein long-term job creation, economic growth prospects, and value for the country. A recent poll of Norstat carried out |
| Satellite company Spire begins trading on the NYSE after completing SPAC mergerSmall satellite builder and data specialist Spire Global began trading on Tuesday, the latest space company to close a SPAC merger and go public. |
| NIH director says new Israeli Covid data is building case for booster shots in the U.S.Israel data shows a reduction in the effectiveness of Pfizer’s Covid vaccine against severe illness among people 65 and older who were fully vaccinated. |
| Home Depot says it sold out of an early drop of Halloween decor almost immediatelyHome Depot said it quickly sold out of an early release of Halloween products, serving as an indication that consumers are eager to decorate their homes. |
| Britain launches plan to ramp up ‘low carbon’ hydrogen capacityWhile there is excitement about potential use cases for low carbon hydrogen, hurdles remain. |
| Retail sales drop worse-than-expected 1.1% in July as rising Covid fears hit consumersRetail sales were expected to decrease 0.3% in July, according to economists surveyed by Dow Jones. |
| Airlines split on whether to mandate Covid vaccines for employeesSeveral airlines are mandating Covid vaccines for employees while others have maintained a policy of encouraging, not requiring them. |
| Americans are spending $765 more a month than they did in 2020, survey findsBetween dining out and travel, Americans are spending an average of $765 more a month compared to last year, according to a report. |
| With retail earnings in focus, Oppenheimer analyst names favorite play in the spaceWhile the retail earnings calendar is loaded, Oppenheimer’s Ari Wald looked to a retailer that isn’t reporting this week as his favorite play in the space. |
| Walmart earnings top estimates, fueled by strong grocery sales and back-to-school spendingThe discounter also sharpened its forecast for the year, saying it expects Walmart U.S. same-store sales to increase by 5% to 6%, excluding fuel. |
| Los Angeles Lakers trade Gatorade for BioSteel to fill team’s bench sponsorshipBioSteel will have exposure on the Lakers bench and in-arena signage at Staples Center. Beverage deals with top NBA teams can range up to $5 million per year. |
| Home Depot shares tumble despite earnings beat, retailer rang up fewer customers as DIY trends weakenHome Depot’s same-store sales came in slightly short of Wall Street estimates, as fewer people visited its shops to buy items for do-it-yourself projects. |
| Allbirds launches activewear line ahead of planned IPOValued at $1.7 billion, Allbirds is on track for an initial public offering this year. |
| Pentagon Says Goal To Evacuate 5,000 To 9,000 People Per Day From Kabul AirfieldPentagon Says Goal To Evacuate 5,000 To 9,000 People Per Day From Kabul Airfield Top US generals are saying that after the shocking scenes of chaos and death the world witnessed out of Hamid Karzai International Airport Monday, Kabul airfield is now “secure” – however with the Taliban just outside the gates providing its own version of “security” and order…
In a Tuesday morning Pentagon briefing, spokesman John Kirby announced a goal of evacuating between 5,000 and 9,000 people per day, mostly remaining American diplomatic staff and personnel, journalists, aid workers, as well as select local Afghans who worked with US forces and are now “wanted” by the Taliban. On that front, Kirby interestingly acknowledged that there are some 500 to 600 Afghan national security forces actually assisting with security at Kabul airport. This is surprising given the Afghan government has collapsed and ousted president Ghani fled long ago, over the weekend. The Pentagon indicated according to a Fox national security correspondent that:
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| Nomura: What’s Behind The Market’s “Monster” Upward Flows And How It Could All Go Horribly WrongNomura: What’s Behind The Market’s “Monster” Upward Flows And How It Could All Go Horribly Wrong Today’s market action, despite a modest spike in Eminis after the big retail sales miss and the even more unexpected jump in yields despite the latest confirmation the US economy is slowing down rapidly, generally makes sense at least in the context of the absolutely bizarre market action in recent weeks: Chinese Equities are struggling to digest the ugly weekend data misses coupled with the latest now-daily crackdown and warning from SEC head Gensler, while in the US, stocks are drifting on fresh lockdown fears (after New Zealand locked down its entire economy after 1 (ONE) case of covid) and fears the best is far behind us in an economy where retail sales have missed for the past three months while the Citi Global Economic Surprise Index is lunging back towards œzero after 14 consecutive months of œupside surprises from the economic recovery. But – as Nomura’s Charlie McElligott writes in his morning note, – “how about yesterday’s S&P 44-handle rip off the lows?! “ Rehashing what we wrote last June in our primer on gamma and option-driven equity flows, where we quoted Goldman who said that “Gamma has the potential to be one of the most important non-fundamental flows in equity markets (particularly when “short gamma” causes volatility to accelerate)”, McElligott writes that in standard œtail wags the dog fashion, “two monster options-derived / vol-sensitive flows simply overwhelm … |
| Washington On Edge As Durham Prepares Possible Indictments And ReportWashington On Edge As Durham Prepares Possible Indictments And Report Authored by Jonathan Turley, Below is my column in The Hill on recent reports of grand jury testimony in the Durham investigation. The implications of the grand jury – and the eventual report – have rattled folks in the Beltway this week… for good reason.
Here is the column: This week Texas Rangers infielder Brock Holt became a baseball legend when he went to the mound and threw an œeephus, a high-arching, off-speed pitch, in a game against the Athletics. It is believed to be the slowest pitch recorded in MLB history, and A’s batter Josh Harrison stood in disbelief as the 31 mph pitch was called a strike. Harrison just … |
| Chinese Media Warns Taiwan Against Acting As US Puppets, Calls Afghan Pullout A ‘Lesson’ For ThemChinese Media Warns Taiwan Against Acting As US Puppets, Calls Afghan Pullout A ‘Lesson’ For Them Taiwan’s Democratic Progressive Party (DPP) should wake up to the reality that if a war breaks out in the Strait – the island’s defense will collapse, and the US military won’t come to help, according to an op-ed in Chinese state-run media outlet Global Times. DPP authorities should wake up from their secessionist dreams from China and observe the rapid withdrawal of US forces from Afghanistan.Â
Global Times provides several accounts of the US abandoning its allies over the last few centuries.Â
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| Afghan bank governor flees saying country left in chaosAfghanistan’s central banker Ajmal Ahmady says he tried to maintain calm before fleeing crowds and gunshots. |
| UK job vacancies at record high as wages pick upJob vacancies hit 953,000 amid signs the country’s labour market is rebounding “robustly”. |
| Mastercard to end magnetic strip on cardsThe company sets an expiry date of 2033 for the decades-old technology. |
| How a mechanism for formal trading of unlisted securities can be a gamechangerNASDAQ’s Private Markets, founded in 2014, provides a way for private companies to trade shares ahead of a stock market listing. It offers a trading platform for high quality private issuers who want to remain private. |
| Cathie Wood rebuts Michael Burry, saying he misses innovation fundamentalsIn a Twitter thread on Tuesday, Wood laid out the thinking behind Ark Investment Management’s approach and called out Burry directly. |
| Tech stocks, Home Depot pull S&P 500, Dow Jones from record highsHeavyweight growth names Google-owner Alphabet Inc , Facebook Inc, Microsoft Corp, Tesla Inc and Amazon.com fell between 0.4 per cent and 3.1 per cent, pulling the S&P 500 and the Dow from record highs. |
| July 2021 Headline Industrial Production Continues To ImproveWritten by Steven Hansen The headlines say seasonally adjusted Industrial Production (IP) improved month-over-month – and remains in expansion year-over-year due to comparison to the recovery period one year ago. Our analysis shows the three-month rolling average improvement slowed.
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| NewsWatch: Here’s what Vanguard found to be the most potent inflation-fighting asset classQuantitative analyst at index fund manager Vanguard found the most potent inflation-fighting asset classes. |
| : Americans have been paying higher prices for months. Will the delta variant finally put a halt to rising prices?Shelter, food, energy costs and new cars drove inflation last month. |
| : 7 burning bitcoin questions for your retirement plansShould this rising asset have a place in your long-term investments? |
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