Written by Gary
U.S. stock futures have fallen this morning, putting Wall Street on track for a second straight day of declines (SPY -0.1%). The biggest premarket movers: Lowe’s, Target, Krispy Kreme.
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. | |
Wall Street Bullish On Oil Despite Losing StreakOil prices fell on Friday but still managed to eke out a slight weekly gain at $68.44/bbl, as investors continued to weigh a bullishly tight global market against the worrying spread of the coronavirus delta variant. Oil prices have been highly volatile over the past few weeks, with the International Energy Agency (IEA) warning that the spread of the delta variant would slow the global oil demand recovery in its latest report “Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major | |
Is This South Americas Last Great Oil Boom?The Guyana-Suriname basin is gaining considerable attention from big oil despite the threat of peak oil demand and global push to significantly reduce carbon emissions. The U.S. Geological Survey calculated that the basin had mean undiscovered resources of 15.2 billion barrels of crude oil, 2.3 billion barrels of natural gas liquids and 42 trillion cubic feet of natural gas. Those numbers along with ExxonMobils exceptional exploration success in the Stabroek block offshore Guyana, with 21 high-quality oil discoveries, highlight the considerable | |
Aramco Is Quietly Shedding Some Of Its Gas Pipeline AssetsSaudi Aramco is looking to raise at least $17bn from the sale of a significant minority stake in its gas pipelines, sources told Reuters today. A sale that large for a slice of the pipeline deal would be higher than the $12.4bn raised from its oil pipeline deal. Potential bidders including North American private equity and infrastructure funds, as well as state-backed funds in China and South Korea have been approached by Aramco through its advisers before a formal sale process kicks off in the next few weeks, they said. The deal size may include | |
Oil Markets Unimpressed By Small Crude, Products DrawThe American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.163 million barrels for the week ending August 13, bringing the total 2021 crude draw so far to more than 56 million barrels, using API data. Analysts had expected a loss of 1.259 million barrels for the week. In the previous week, the API reported a draw in oil inventories of816,000 barrelsa loss smaller than the 1.050 million barrel draw that analysts had predicted. The price of a WTI barrel had fallen earlier on Tuesdayrounding | |
Canada Could Boost Oil Pipeline Capacity As Soon As SeptemberCanadas oil sands producers may find welcome relief to years of pipeline capacity constraints when the first new pipeline in years could enter into service as early as next month. Enbridge said in a filing with the Canada Energy Regulator last week that its Line 3 replacement program in the United States could be completed within the next 30 to 60 days which will allow the Line 3 replacement pipeline to commence service as early as September 15, 2021. Enbridges Line 3 Replacementprojectwill | |
The Afghanistan Crisis Could Destabilize The RegionGovernments across Central Asia appear as stunned as the rest of the international community in the face of the rapid disintegration of order in neighboring Afghanistan. Some leaders have held snap consultations with security officials and defense allies. Others are choosing to remain mute in the face of rapidly unfolding events. The potential for spillover looks limited for the time being, but multiple episodes of flight by defeated Afghan soldiers may be a troubling omen. A representative of the Afghan Embassy in Dushanbe told Eurasianet that | |
Target CEO Brian Cornell quells fears about out of stocks this holiday seasonTarget CEO Brian Cornell is confident the big-box retailer will have plenty of merchandise this holiday season, despite industry-wide supply chain obstacles. | |
The need for trip insurance amid the pandemic is reshaping the travel landscapeThe wisdom of acquiring comprehensive travel insurance with coverage for medical costs associated with Covid-19 is reshaping the travel landscape, insurers say. | |
Stocks making the biggest moves premarket: Lowe’s, Target, Krispy Kreme and othersThese are the stocks posting the largest moves before the bell. | |
The Fed is closing in on the taper, but there’s a lot the market, economy still can’t know for sureInflation has cooled a bit and the Fed seems more ready to taper. Here’s what is coming next for the economy, market and investors before 2021 is over. | |
Tesla is facing a critical technical support level ” and a break below could mean ‘bulls are no longer in charge,’ trader warnsInvestors should pay attention to the $610 level on the downside and the $730 level on the upside in Tesla, MKM Partners’ JC O’Hara says. | |
5 things to know before the stock market opens WednesdayU.S. stock futures fell Wednesday, putting Wall Street on track for a second straight day of declines. | |
Molson Coors’ bet on Dwayne Johnson’s Zoa Energy is off to a promising startZoa Energy, which is distributed by Molson Coors Beverage, is the top new energy drink in the last four weeks of IRI data. | |
Ford unveils 2022 Lincoln Navigator with hands-free drivingFord plans to expand its hands-free highway driving system to the automaker’s luxury Lincoln brand beginning next year with the 2022 Navigator SUV. | |
Old Navy overhauls plus-size fashion line for women to win sales in $32 billion marketOld Navy is overhauling its merchandise to offer women more choices in extended sizes, as demand for plus-size apparel is on the rise across the U.S. | |
Lowe’s earnings beat estimates, as home professionals help drive growthThe home improvement retailer has reported eye-popping growth during the pandemic. | |
Target earnings top estimates, and retailer raises forecast as back-to-school spending kicks inWith back-to-school spending off to a promising start, Target raised its forecast for the year, but shares fell. | |
Marlboro maker Philip Morris buys stake in British asthma inhaler firmTobacco group Philip Morris International on Wednesday said it had bought 22.61% of U.K.-based respiratory drug developer Vectura in a market purchase. | |
Sri Lanka replaces health minister said to promote shaman’s herbal syrup as a Covid remedyUnder the tenure of Health Minister Pavithra Wanniarachchi, the ministry was criticized over its handling of the pandemic. | |
US Housing Starts Plunge In JulyUS Housing Starts Plunge In July Following the plunge in homebuilder sentiment (beginning to catch down to homebuyer sentiment) and the disappointment in home sales, analysts oddly expected mixed data with Starts falling but forward-looking permits rising modestly. They underestimated both… After Housing Starts unexpectedly surged in June, July saw starts collapse, down 7.0% MoM (vs -2.6% expected). Building Permits went the other way, rising 2.6% MoM, better than the +1.0% expected (this is the first MoM rise in permits since March)… Source: Bloomberg Total Permits and Starts are back at pre-COVID levels… | |
“There Will Be No More Drinking Alcohol With Your Mask Off” – Melbourne, LA Compete For “Least-Scientific” COVID Masking Rules“There Will Be No More Drinking Alcohol With Your Mask Off” – Melbourne, LA Compete For “Least-Scientific” COVID Masking Rules Anybody who is still on the fence about whether masks are effective at slowing the transmission of COVID – or whether mass-masking policies being revived in the battle to slow the spread of the delta variant are actually effective – should first consider the science, then take a look at two recent instances of what we like to call policy-setting-by-headlne. While Americans were probably more focused on US-related issues like the disastrous pullout from Afghanistan, Australian media became obsessed with reports of an engagement party and a shady pub crawl in the city of Melbourne, which were blamed by Premier Daniel Andrews for extending the Melbourne’s lockdown, while the capital area joined in after finding just a single case (which quickly turned into more than a dozen in the following days). Reports of small-time COVID rulebreakers have become an obsession of the Australian press, and now po … | |
European 2Q Earnings Leave Stocks With Support To GrindÂEuropean 2Q Earnings Leave Stocks With Support To Grind By Heather Burke, Bloomberg reporter and macro commentator European stocks will get a fundamental lift from a robust 2Q earnings season that could alleviate a possible 2H economic slowdown pressuring margins. Profit upgrades have and can continue to support August gains, even if they are becoming more defensive. The Citigroup Earnings Revision Index for Europe ex-U.K. hit a record at the end of July and hasn’t been negative since January. Two-thirds of companies beat expectations and the y/y growth rate rose to 180% versus initial estimates of 132%, according to Bloomberg Intelligence. Cyclicals including banks, autos and energy are driving future earnings revisions despite the spread of the Delta variant. An analysis of results transcripts by Barclays found companies are positive on demand, margin and pricing but more concerned about cost inflation and China growth. These rapid revisions can only last so long as companies move past last year’s downturn. Yet peak earnings growth doesn’t mean profits can’t … | |
Futures Dip As Traders Await Fed MinutesFutures Dip As Traders Await Fed Minutes US equity futures and global markets were flat in listless trading as investors assessed the outlook for economic recovery and awaited the latest Federal Reserve minutes to gauge the direction of monetary policy while tracking the latest covid lockdown in New Zealand and on edge ahead of possible turbulence in Friday’s OpEx. Overnight the MSCI Asia Pacific Index added 0.4% while Japan’s Topix index closed 0.4% higher. In Europe the Stoxx 600 Index was broadly unchanged. S&P 500 futures pointed to a small move lower at the open, the 10-year Treasury yield was at 1.277%, oil rose and gold moved higher, while cryptos rebounded from a late Tuesday selloff. Viacom CBS advanced 1.9% in premarket New York trading after Wells Fargo Securities raised the stock to overweight from equal weight, citing the media company’s success with streaming-video services. Targets slumped more than 3% in premarket trading despite posting stronger than expected results as sales growth moderated after the pandemic boom. Here are some of the other biggest U … | |
Northern English regions drive house price growthWales also records rapid rises as the UK sees property prices go up at the fastest rate for 17 years. | |
Nando’s hopes to fully reopen from Saturday after supply shortageThe chain had to shut about 50 restaurants due to food shortages thought to include its signature peri-peri chicken. | |
Price rises cool amid clothes and shoe discountingThe UK inflation rate fell by more than expected to 2% in July, down from 2.5% the previous month. | |
Not a smooth ride anymore: Is it time to bite the bullet and sell this multibagger?In the last five sessions, shares of Eicher Motors, which produces these motorcycles, have fallen nearly 9 per cent. The company recorded a superlative sales growth in the first few years of the last decade, thanks to new designs, product launches and the rising purchasing power of the middle class. | |
Vodafone Idea tumbles 50% in 2021. Analysts see more pain in the offingAnalysts say Vodafone Idea’s liabilities are much higher than what its profit & loss (P&L) statement indicates. Default is a real risk at the telecom operator, they add, slashing the stock’s target to as low as Rs 4, suggesting up to 29 per cent downside. | |
Hinduja brothers boost IndusInd Bank collateral after shares drop‹IndusInd founders led by brothers Srichand and Gopichand Hinduja had raised about $300 million in February by pledging about 36% of their stake in the the bank. | |
July 2021 Import Sea Container Growth Continues At A Record PaceWritten by Steven Hansen The import container counts for the Ports of Los Angeles and Long Beach rate of growth continues in record territory. Exports are still having the worst year since 2006. | |
Need to Know: Labor Day has been a turning point in markets the last three years. Here’s what one strategist sees happening next.The last three years, Labor Day marked a turning point in markets. Here’s what one strategist anticipates. | |
Futures Movers: Oil prices rise as industry data shows fall in U.S. crude inventoriesOil futures rise Wednesday after industry data show a fall in U.S. crude inventories ahead of an official reading from the Energy Information Administration. | |
Bond Report: Treasury yields tick higher ahead of July Fed minutesTreasury yields rise as investors await the release of minutes of the Federal Reserve’s July policy meeting. |
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