20Aug2021 Midday Update: Wall Street Recovers From A Lackluster Opening To Moderate Gains, DOW Up 250 Points At 12:30 ET, Nasdaq Up 0.7%, Bitcoin Closing In On 50K, 48600

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.

The Worlds Newest Oil Countries Are Racing To Exploit Reserves

The new kids on the oil blockGuyana, Suriname, and Ghanahave no plans to let their newly discovered oil wealth go to waste by joining global decarbonization efforts. They plan to exploit them as best as they can before they become worthless, Reuters has reported, citing statements by government officials made at this week’s Offshore Technology Conference in Houston. Billions of barrels of crude oil have been discovered in the Guyana-Suriname Basin offshore the two South African neighbors as well as in Ghana in recent years. “We have

Europe Faces LNG Supply Crunch

Europe is facing a potentially tough winter with natural gas supply nowhere near enough to meet heightened seasonal demand, Bloomberg has reported, citing storage data and industry insiders. LNG deliveries in July were at the lowest for that month in three years, the report noted, and this month things look even worse, with only one cargo set to arrive in the UK. Meanwhile, six cargos of LNG are set to depart from Spain in August as traders seek to profit from higher prices on the Asian market. Pipeline supplies from Russia are also problematic

Official: Oil Majors Owe Nigeria $4 Billion

Big Oil majors operating in Nigeria owe the state $4 billion, a government official has said, as quoted by Reuters. “International oil companies are expected to pay 3% of their annual budget to NDDC [the Niger Delta Development Commission] as their major income but they have been defaulting for a long period of time,” Tayo Alasoadura told media. “Efforts are being made to get the outstanding payments, which is up to $4 billion from them. All of them are owing,” the official added. Foreign oil companies operating in Nigeria include Exxon, Shell,

Oil Set For Longest Losing Streak Since 2019

Oil prices fell on Friday morning for the seventh day in a row, which would be the longest run of daily declines since 2019, amid growing concerns about global oil demand and the signal from the Fed it would ease its stimulus program. As of 8:25 a.m. EDT, WTI Crude was down 1.62% at $62.62 and Brent Crude had fallen by 1.58% at $65.36. Both benchmarks were set on course for a 6% loss this week alone, as the market is increasingly worried about oil demand with surging Delta variant cases in major economies and as Feds signal that it would

Skimming Stones Pattern Shows Wall Street Is Wrong About Oil

About a week ago, President Joe Biden made a highly unusual move by reaching out to OPEC, urging the cartel to increase oil production in a bid to tame rising gasoline levels for the U.S. consumer. Ostensibly, Biden feels that high oil prices will hold back the economic recovery amid the ongoing pandemic, though a more subtle reason could be the fact that gas prices tend to have a huge impact on the American psyche and could jeopardize the Democrats’ future political ambitions. Well, it appears that Biden could get his wish despite OPEC declining

Irans Huge Caspian Gas Find Is A Geopolitical Gamechanger

Iran last week revealed a huge new gas deposit located in the Iranian sector of the Caspian Sea. The Chalous structure is to be developed with the intention of forming a new gas hub in northern Iran to complement the southern gas hub centred on the massive South Pars field. The principal named developer of the Chalous site is Irans Khazar Exploration and Production Company (KEPCO) but technical and financial assistance will also come from Russia and China. If the initial estimates of the gas reserves held in the Chalous deposit

Dr. Scott Gottlieb says vaccinated people cannot ‘throw caution to the wind’ due to delta variant

“You can’t just throw caution to the wind. You can still become a vehicle for spread in your community,” Dr. Scott Gottlieb told CNBC on Friday.

Delta variant sparks renewed interest in college tuition insurance

The possibility of campus closures due to the delta variant has sparked renewed interest in college refund policies and tuition insurance.

‘Jeopardy!’ producer Mike Richards steps down as incoming host after controversial past comments

Mike Richards has stepped down as the host of “Jeopardy!”

Why your smartphone will be the next must-have barbecue grill accessory

Grilling is booming, and manufacturers like Weber and Traeger are leaning into connected technologies so expert and novice at-home cooks can make better food.

The SEC, and ESG advocates, want to know how well companies are treating their workers

A new SEC effort and ESG momentum may push companies to view frontline and low-wage workers as material to financial performance and risk in a new way.

Topps SPAC merger with Mudrick Capital dies because MLB killed 70-year-old trading card deal

Topps had been the trading card partner of Major League Baseball since 1952. Its SPAC merger with Mudrick Capital just blew up.

Foot Locker shares soar on huge earnings beat and on retailer’s optimism for 2H

Foot Locker crushed fiscal second-quarter earnings estimates and voiced optimism about the back half of the year.

Disney is developing an exoskeleton that could bring the Hulk to its theme parks

With Project Exo, Disney’s research and development team is trying to bring the company’s biggest characters to life at its theme parks.

Travel stocks drop, but one seasonal stock could weather a fall downturn

Thinking about travel stocks, trader Todd Gordon is looking to the slopes of Colorado.

Recovery in Singapore’s aviation sector will be a ‘long haul,’ says transport minister

The aviation sector contributes around 3% of Singapore’s gross domestic product.

‘Unfortunately, business is booming’: Companies that fly home Covid-positive travelers have a busy summer

During a summer when it was hoped travel would start to normalize, medical evacuation companies are setting records for both memberships and rescues.

The Cost Of Saving The Economy: $1.7 Billion Per Hour Every Hour

The Cost Of Saving The Economy: $1.7 Billion Per Hour Every Hour

Back in 2014, Citigroup’s Matt King calculated that it costs central banks $200 billion per quarter to avoid a market crash. Boy have things changed since then.

After another modest dip in the market was bought with frenzied gusto this morning, BofA chief investment strategist Michael Hartnett writes in his latest Flow Show note that “investors have zero fear of central banks”, to which one can add that investors fully expect central banks to bail out even the tiniest market dip.

And who can blame them? On Wednesday, the New Zealand Central Bank – which as a reminder is now tasked with also containing the country’s massive housing bubble it helped create -Â balked at raising rates this week after the country announced a fresh round of lockdowns due to one covid case, despite NZ house prices up 30%.

US Still Considering Bombing Military Equipment, Especially Aircraft, Left In Afghanistan

US Still Considering Bombing Military Equipment, Especially Aircraft, Left In Afghanistan

Multiple disturbing and shocking reports have detailed this week that literally billions of dollars in US weaponry and military equipment were left behind amid the US withdrawal from Afghanistan. The Taliban have been proudly sporting these weapons, even in some cases posing with US-supplied air force hardware liked Black Hawk helicopters. Â

Biden admin officials says they are still mulling plans to bomb and destroy US equipment in the country from the air. “Everything that hasn’t been destroyed is the Taliban’s now,” one official told Reuters.

Source: USNW …

Did The Fed’s Monetary Policy Experiment Just Fail?

Did The Fed’s Monetary Policy Experiment Just Fail?

Authored by Lance Roberts via RealInvestemntAdvice.com,

Did the Fed’s œmonetary policy experiment fail? The recent dislocation between consumer confidence and the financial markets may indicate just that.

œU.S. consumer sentiment dropped sharply in early August to its lowest level in a decade, in a worrying sign for the economy as Americans gave faltering outlooks on everything from personal finances to inflation and employment, ” Reuters

However, to understand why I am asking the question, we have to revisit whatBen Bernanke said in 2010 to support the idea of a second round of œQuantitative Easing.

œThis approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose, and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending.

What he is referring to is known as œAnimal Spirits.

Animal spirits came from …

Military Tear Gasses Crowd At Kabul Airport As US Struggles To Ramp Up Evacuation Effort

Military Tear Gasses Crowd At Kabul Airport As US Struggles To Ramp Up Evacuation Effort

While the State Department has warned the thousands of Americans still in Afghanistan that they are on their own when it comes to finding safe passage to the Kabul airport, which remained mobbed on Thursday, as it has been for the prior five days as thousands of Afghans and foreigners attempt to flee as the Taliban retake control of the country, WSJ.

Even after the US sent thousands of soldiers to secure the airport while evacuations continue, many Afghan passengers, including those with SIVs (Special Immigrant Visas) are still finding it next-to impossible to get out.

A man who has an approved SIV gave up entering Kabul Airport after over 24 hours attempt. œWe were stuck be­tween th …

Nvidia’s takeover of Arm raises serious concerns, says watchdog

The UK competition watchdog mounts an in-depth probe into US firm Nvidia’s proposed £29bn takeover of Arm.

M&S says recovery plan boosting sales and profits

The High Street giant’s shares soar on upbeat trading news, as official figures show UK retail sales sank in July.

Apple delays recalling staff to the office until 2022

The decision comes as fears grow over the impact of surging Covid cases in the US.

Sebi puts Adani Wilmar’s Rs 4,500 cr IPO on hold over pending probe

Under SEBI rules, a related entity of a company under investigation by the regulator cannot get approval for an IPO for 90 days, which can be extended by another 45 days.

RBI MPC member says easy money today can lead to higher rates tomorrow

Professor Jayanth Varma was the only detractor among the six members of the Reserve Bank of India’s rate-setting panel and marked the first sign of fissure in the panel on monetary policy since the beginning of the pandemic.

Market Movers: HUL dusts off its cape to provide haven to iffy investors

Among all the sectoral indices on the National Stock Exchange, Nifty FMCG was the only one with gains as investors fled riskier bets in the market. The flight to safety meant shares of HUL jumped nearly 5 per cent today, their biggest one-day gains since May 2020.

The Margin: At least 130 pet deaths potentially linked to Midwestern Pet Foods ” here are the symptoms to watch for

The Food and Drug Administration has issued a warning letter to Midwestern Pet Foods after inspections of its manufacturing facilities revealed violations that may be linked to the deaths of more than 130 pets and the illness of at least 220 others.

Extra Credit: How college closures affect taxpayers and students: ‘You stole my money and I’m $188,000 in debt and for what?’

This week’s Extra Credit continues our series examining the downfall of a chain of colleges

Bond Report: Treasury yields on track for weekly decline as growth worries rise

Treasury yields turned mixed Friday, with long-dated rates heading for a weekly decline, as worries over the economic growth outlook still weighed on markets.