Written by Gary
Philadelphia Fed factory index falls and oil sinks on signals fed may soon end stimulus (SPY -0.8%). The biggest premarket movers: Macy’s, Kohl’s, Tapestry, Petco.
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. | |
Oil Sinks On Signals Fed May Soon End StimulusWest Texas Intermediate sank to $63 per barrel after news reports suggested the Federal Reserve is about to start winding down its bond-buying program that kept the economy going through the worst of the pandemic crisis. CNBC reported on Wednesday that more and more Fed officials are backing the end of stimulus, and tapering could begin as soon as next month. The report noted that uncertainty still remained elevated because of the resurgence of the coronavirus, and yet oil prices reacted immediately. The central bank has been buying corporate bonds | |
JP Morgan: Dont Expect A Shock Transition In Energy MarketsThe energy transition dream clashes with a reality in which the funding and behavioral changes necessary for deep decarbonization of the global energy system are grossly underestimated. Thats one of the key messages of JP Morgans 2021 Annual Energy Paper published days after the International Energy Agency (IEA) said that if the world were to reach net-zero emissions by 2050, it would have to stop investing in new oil, gas, and coal supply immediately. Overwhelmed by enthusiasm about electric vehicles and solar and wind | |
New Wave Of COVID Is Nightmare For Gulf Oil ProducersThe resurgence of COVID in China could not have happened at a worse time for Middle Eastern producers. Saudi Arabia brought back all its 1 mbpd voluntary production cut and already started ramping up production along the lines of the latest OPEC+ deal that would largely see it adding 100kbpd every forthcoming month in 2021. In a similar fashion, the Emirati ADNOC has started to roll back its self-imposed supply cuts from 15% to an eventual zero. Thus, sizeable volumes of incremental supply will be coming back next month, just as peak summer demand | |
Libyas Oil Minister Wants NOC Chairman OutLibyas Oil Minister Mohamed Oun has recommended to the government of national unity that it replace the long-serving chairman of the National Oil Corporation (NOC), Mustafa Sanalla, in a board reshuffle, Argus reported on Wednesday, citing a Libyan source. Since getting a unity government in March and a petroleum minister for the first time in five years, Libya has vowed it would raise its oil production, provided that the NOC receives the necessary funds. However, according to Argus, the tensions between the oil minister Oun and NOCs | |
Another Wave Of COVID Could Dampen Oil DemandThe latest resurgence of the coronavirus that last year virtually shut down most of the world has considerably clouded the previously bright outlook for crude oil demand, driving prices down at the start of the week and capping gains made earlier today. The latest Covid-19 wave prompted movement restrictions in China plus the partial closure of some of the worlds busiest ports there, which also happen to be major oil hubs. This has cast a shadow on the immediate prospect for demand from the worlds top importer. Meanwhile, infection | |
Senators Want Tesla Investigated Over Misleading Autopilot ClaimsTwo U.S. Senators, both Democrats, asked on Wednesday the Federal Trade Commission to open an investigation into Tesla over potentially misleading practices in the advertising of its Autopilot and Full Self-Driving (FSD) features. Teslas marketing has repeatedly overstated the capabilities of its vehicles, and these statements increasingly pose a threat to motorists and other users of the road. Accordingly, we urge you to open an investigation into potentially deceptive and unfair practices in Teslas advertising and marketing | |
Oil falls for a sixth straight day, sinks to the lowest level since May on fears of slowing growthOil prices declined on Thursday amid demand fears, and after minutes from the Federal Reserve’s latest meeting boosted the dollar. | |
Robert Lewandowski: Bayern Munich striker wants new challengeRobert Lewandowski wants a new challenge away from Bayern Munich but the club has valued him at more than £100 million. | |
Stocks making the biggest moves premarket: Macy’s, Kohl’s, Tapestry, Petco and othersThese are the stocks posting the largest moves before the bell. | |
Sports tech firm Sportradar renews deal with FanDuel after announcing $100 million IPOSportradar has extended its deal to supply FanDuel with official data from pro leagues, including the National Basketball Association and Major League Baseball. | |
5 things to know before the stock market opens ThursdayU.S. stock futures fell Thursday amid growing concern the Federal Reserve’s stimulus removal this year could hinder the economic recovery. | |
Kohl’s earnings top estimates, retailer raises forecast as higher foot traffic drives salesKohl’s said its higher forecast positions the department store to achieve many of its 2023 strategic goals this year, well ahead of our plan. | |
Amazon is reportedly planning to open department stores, its latest experiment in physical retailThe company has opened brick-and-mortar book stores, grocery stores and cashierless convenience stores in recent years. | |
Facebook pledges to restore more water than it uses by 2030 as part of effort to combat climate changeFacebook announced a new sustainability goal to become water positive, meaning it will restore more water than it consumes, by the year 2030. | |
Macy’s shares jump as earnings trounce estimates, retailer says it’s gaining new customers onlineMacy’s also reinstated its dividend and said its board approved a $500 million stock buyback program. | |
Toys R Us is coming to more than 400 Macy’s stores next yearToys R Us will open pint-sized shops in more than 400 Macy’s locations next year. | |
Singapore to start quarantine-free travel for visitors from Hong Kong, Brunei and GermanySome travelers from Hong Kong, Macao, Germany and Brunei will soon be able to enter Singapore without having to serve quarantine. | |
China’s extreme weather deals a big blow to insurance companiesSevere flooding in China are hurting the profits of insurance companies, and highlight the shortfalls of the country’s natural disaster insurance system. | |
Biden administration’s booster shot guidance ‘prudent thing to do to stay ahead of this virus,’ says U.S. surgeon generalU.S. Surgeon General Dr. Vivek Murthy explains why the Biden administration is recommending booster shots for most vaccinated Americans beginning on Sept. 20. | |
The Smart Money Has Already SoldThe Smart Money Has Already Sold Authored by Charles Hugh Smith via OfTwoMinds blog, Generations of punters have learned the hard way that their unwary greed is the tool the ‘Smart Money’ uses to separate them from their cash and capital. The game is as old as the stock market: the Smart Money recognizes the top is in, and in order to sell all their shares, they need to recruit bagholders to buy their shares and hold them all the way down. Once the catastrophic losses have been taken by the bagholders, then the Smart Money slowly builds up positions amidst the wreckage. It’s easy to become a bagholder; all you need is greed. Been there, done that, for the siren songs luring bagholders to their ruin are compelling and numerous. The Smart Money doesn’t have to mislead anyone; all they do is let the strident super-Bulls talk up the riches to be had by all those who buy today and … | |
Stocks Plunge, Commodities Tumble, Dollar Soars On Global Risk-Off WaveStocks Plunge, Commodities Tumble, Dollar Soars On Global Risk-Off Wave In a perfect storm of adverse developments suddenly sweeping the complacent and calm sea of manipulated global markets, overnight futures plunged, global stocks slumped, commodities tumbled, as investors rushed to the safety of Treasurys, sending yields sharply lower and pushing the dollar to the highest level since November, amid concern the Federal Reserve may start tapering stimulus this year even as the delta virus variant undermines global growth. At 730 a.m. ET, Dow e-minis were down 0.92%, S&P 500 e-minis lower by 0.80% and Nasdaq 100 e-minis off 0.63%. Suddenly dismal investor sentiment echoed in premarket trading where China-linked stocks including Alibaba Group plunged, sliding to a record low in Hong Kong trading. Luxury shares in Europe fell as China seemed to put its wealthiest on notice in favor of a œcommon prosperity. Emerging-market equities plunged to this year’s low. All that meant a gauge of world stocks was poised for the worst week since February. US equity futures too … | |
Biden Snaps In Interview When Asked About ‘Afghans Falling’ From AirplanesBiden Snaps In Interview When Asked About ‘Afghans Falling’ From Airplanes It’s little wonder why Biden keeps briskly walking away from the podium after he gives scripted remarks to the press on the Afghan fiasco while taking no questions. The White House did try to control the situation by having the president sit down with ABC News’ George Stephanopoulos on Wednesday to discuss the utterly botched and chaotic evacuation efforts in Kabul still unfolding. That didn’t go well either…
“When you look at what’s happened over the last week, was it a failure of intelligence, planning, execution, or judgement?” Stephanopoulos asked Biden at the start of the segment which led to the questions about the tragic deaths at Kabul International Airport on Monday. Biden then began blaming the ousted Afghan president for “getting on a plane and taking off for another country,” as well as the US-trained forces which immediately collapsed, before Stephanopoulos pinned him down on the following…
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European Luxury Stocks Tumble On China’s “Wealth Redistribution” PlansEuropean Luxury Stocks Tumble On China’s “Wealth Redistribution” Plans European luxury stocks slumped, and were among the worst performers in Europe’s Stoxx 600, after Chinese state media this week said President Xi Jinping offered an outline for œcommon prosperity via “wealth redistribution” – who know that China was communist after all – that includes income regulation and redistribution, putting China’s wealthiest citizens on notice. Among the biggest losers were Richemont -5.6%, Kering -5.3%, LVMH -4.2%, Swatch -3.6%, Burberry -2.7%, Hermes -2.2%. Hong Kong-listed Prada plunges 10%. While there are currently limited details on how to address wealth disparity in mainland China, it’s œno secret that wealth disparity is supportive to luxury demand, HSBC analyst Erwan Rambourg wrote in emailed comments. Rambourg sees hard luxury companies such as Swatch and Richemont as most exposed to Chinese demand, and Burberry and Prada among soft luxury players. As Bloomberg’s Heather Burke w … | |
Chip shortage: Toyota to cut global production by 40%The world’s biggest carmaker will cut output in September, while VW warns it may have to make further cuts. | |
FTSE bosses earn 86 times more than average worker in 2020The bosses of Britain’s biggest public companies earned 86 times the average full-time wage last year. | |
Ultra Electronics deal unlikely to be rejectedThe government is to investigate the takeover of Ultra Electronics, but its sale is unlikely to be stopped. | |
Morgan Stanley sees RBI hiking rates in each of the four quarters next yearThe research house said in the beginning of the next year, India will join four other Asia-region economies–Australia, South Korea, Indonesia and Malaysia–which will begin policy normalisation, whether in form of rate hikes or tapering of bond buying programmes. One of the biggest risks to the market is rising inflation, which many see will force economies to take action. Many officials at the US Federal Reserve have said the tapering should begin by the end of the current year. | |
Real estate stocks may be in for a treat as sales likely to peak in 2023Mumbai is likely to comprise a 28 percent share of total sales and nearly 30 percent of new launches. Bengaluru’s share will be 20 percent and 17 percent, respectively while Delhi-NCR may comprise an 18 percent share of sales and 15 percent of new launches, as per estimates. | |
Short term investors & traders in a very risky zone: Sandip SabharwalœShort term investors are in a very risky zone as the broader market has cooled down. People who do not have a very long term horizon, should be wary of hospital and diagnostic stocks which have very high valuations, at this point of time. | |
London Markets: FTSE 100 slumps as commodity producers struggleA downturn in commodity prices blasted the FTSE 100 on Thursday. | |
: Who can get a COVID booster shot, and where do you get one? Here’s what we know so far.‘It will be easy — just show your vaccination card and you’ll get a booster,’ President Biden said | |
NerdWallet: Discouraged by travel sticker shock? Try these ways to make a trip both fun and budget-friendly.Sometimes a little creativity not only saves you money, but makes for a richer experience. |
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