Written by Gary
Oil jumps as much as 6%, snapping longest losing streak since 2019 (SPY +1.0%). July 2021 CFNAI Super Index Moving Average Index Improves.
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. | |
Iran’s Mega Gas Find Could Become Major Supply Source For EUA new natural gas find in the Iranian section of the Caspian Sea could turn the country into a major supplier to Europe, the Tehran Times reported today, citing reserve estimates of the state company that made the discovery. “If the initial estimates are confirmed and exploration success is achieved, the Iranian sector of the Caspian Sea will play a significant role in gas exports to Europe in the near future, in which case Iran’s new gas hub will be formed in the north to let the country supply 20 percent of Europe’s gas needs from this region,”said | |
Merkel: Europe Will No Longer Need Russian Gas In 25 YearsEurope will no longer need Russian gas in twenty-five years, German Chancellor Angela Merkel said at a meeting with Ukraine’s president, Vladimir Zelenski. “Europe will need to achieve climatic neutrality step by step by 2050,” Merkel said, as quoted by TASS. “It means that in 25 year[s] no gas, or very small volumes of gas, will be supplied to Europe from Russia.” At the same time, the German Chancellor told her Ukrainian partner that Germany will make sure Russia continues shipping natural gas through Ukraine even after Nord Stream 2 enters into | |
Mexico Bans Vitol, Trafigura From Oil Trading With PemexThe Mexican government has banned commodity trading majors Vitol and Trafigura from doing business with state-owned oil and gas major Pemex on allegations of corruption, Bloomberg reported, citing Energy Minister Rocio Nahle. In an interview for the news agency, Nahle said the ban will be in effect until the end of President Andres Manuel Lopez Obradors term. Other commodity traders are not safe, either, as the official said the government is reviewing their conduct, too. Those who are carrying out corruption shouldnt be in | |
Oil Rebounds 3% After Seven-Day Losing StreakOil prices jumped 3% early on Monday, snapping the longest losing streak since 2019 of seven consecutive settlements in the red, as investor risk appetite increased and the U.S. dollar softened. As of 8:04 a.m. EDT on Monday, WTI Crude had jumped by 3.19% at $64.10 and the prompt price of Brent Crude traded up 3.24% at $67.27. A weaker U.S. dollar and China bringing local COVID cases back to zero after a month of drastic restrictions on movement encouraged crude oil buying in the market, which had settled lower on Friday for the seventh day in | |
Big Oil Looks To Woo Investors Back With Massive DividendsBig Oil is coming off yet another blockbuster season, posting the second consecutive quarter of stellar top-and-bottom line growth. According to the latest FactSet data, the energy sector’s Q2 2021 revenue growth rate of 24.9% came in way higher than Wall Street’s estimate of 19.4% while the sector reported earnings of $15.9 billion compared to a loss of -$10.6 billion in Q2 2020 marked the biggest Y/Y improvement of any of the S&P 500’s 11 market sectors. Interestingly, the Big Oil duo of ExxonMobil (NYSE:XOM) and Chevron Corp. (NYSE:CVX) | |
Will Big Oil Use High Oil Prices To Go Green?Estimate-beating profits and solid cash positions were marks of the first half of the year for Big Oil majors and for their smaller rivals, too. A strong rebound in fuel demand pushed oil prices so high that clean energy proponent President Joe Biden had to reach out to OPEC+ to ask for more oil. According to Wood Mackenzie, this is the best time for Big Oil to accelerate its decarbonization efforts. “It’s incredibly rare for an industry to get decades-long notice that its business is under threat,” the consultancy wrote in a report titled CO?mmit | |
Oil jumps as much as 6%, snapping longest losing streak since 2019Oil prices rebounded on Monday, breaking a losing streak that saw crude decline for seven straight sessions. | |
Watch live: FDA holds briefing after granting Pfizer-BioNTech’s Covid vaccine full approvalActing FDA Commissioner Dr. Janet Woodcock and Dr. Peter Marks, the agency’s top vaccine regulator, are scheduled to participate in the briefing. | |
Venice set to introduce an entry fee and booking system for touristsVenice is set to impose an entry fee for visitors in a bid to prevent huge swathes of tourists descending on the city. | |
FDA grants full approval to Pfizer-BioNTech’s Covid shot, clearing path to more vaccine mandatesThe FDA’s approval of the Pfizer and BioNTech Covid shot will likely spur more businesses to adopt vaccine mandates for workers. | |
Chinese firm announces giant 264-meter tall offshore wind turbineIt’s hoped a prototype of the turbine will be installed in 2023. | |
‘Paw Patrol’ box office haul shows why some studios are pushing kid films to 2022 or selling to streaming servicesThe box office haul for “Paw Patrol: The Movie” signals that families are not ready to return to movie theaters if films are streaming at the same time. | |
Fast-food wages climbed 10% in latest quarter, the largest jump in years, report saysWages for hourly limited-service restaurant workers climbed 10% in the second quarter compared with a year ago, according to a new report. | |
Target to add more than 100 Disney shops to stores as holiday season approachesThe retailer has added destinations like a mini Disney store or an Ulta Beauty shop to draw foot traffic and encourage shoppers to browse. | |
‘Free Guy’ outpaced a key box office metric this weekend, adding $18.8 million to domestic tally“Free Guy” added another $18.8 million domestically over the weekend, a 34% drop from its opening tally. | |
QR codes have replaced restaurant menus. Industry experts say it isn’t a fadRestaurants have replaced their physical menus with QR codes, a change that many in the industry believe will stick around long after the pandemic. | |
Branson’s Virgin Orbit to go public through a SPAC at $3.7 billion valuationRichard Branson’s Virgin Orbit is preparing to go public, announcing on Monday that it will merge with a SPAC to list on the Nasdaq. | |
“Vols Are Being Puked Indiscriminately” – Nomura Explains Why Stonks Have Screamed Higher In The Last 3 Days“Vols Are Being Puked Indiscriminately” – Nomura Explains Why Stonks Have Screamed Higher In The Last 3 Days The dollar is down modestly, gold up significantly, and Treasury yields are unchanged this morning. But US equity markets are screaming higher, panic-bid since the cash markets opened… The surge in stocks has been going on for 3 days now, with the cash market open being the dominant source of buying pressure… The narrative for today’s surge is that headlines from the PBoC pledging to support the … | |
Don’t Be Fooled By The Fed’s Taper TalkDon’t Be Fooled By The Fed’s Taper Talk Authored by Brendan Brown via The Mises Institute,
The Fed’s prospective œtaper, Â now the endless subject of the twenty-four-hour financial TV news cycle, provides a case study for explaining this response. The US central bank, on course to deliver this year a record amount of inflation tax revenue to the federal government, is now using all its instruments of propaganda to tell us about its looming œmonetary normalization program, otherwise described as œtapering. Â An ostensible aim is to keep marke … | |
Kamala Harris Dogged By Afghan Crisis On Singapore Trip, Tells Press ‘Time For Analyzing’ Is LaterKamala Harris Dogged By Afghan Crisis On Singapore Trip, Tells Press ‘Time For Analyzing’ Is Later One question which persisted throughout last week’s incredibly botched and woefully ill-prepared US evacuation from Afghanistan, which is still spiraling into what will be a weeks-long logistics nightmare, was: where’s Kamala Harris? No doubt seeking to put distance between herself and the unfolding fiasco which proved such a political bomb for Biden that even CNN and other normatively sycophantic networks momentarily turned on the Democratic president, she wasn’t heard from for days. One headline questioned: Where’s Kamala? ‘Last person in room’ Harris silent 6 days amid Afghan pullout chaos. Vice President Harris kicked off her planned tour of southeast Asia, arriving in Singapore on Monday. And though the purpose of this her second foreign trip as Biden’s VP is shoring up support from regional allies to counter Chinese influence, the ongoing Afghan debacle is taking center stage. She said during her Singapore press conference that the US remains “singularly focused” on completing the ongoing urgent evacuations of Americans in Afghanistan. | |
Rabobank: Virtually ThereRabobank: Virtually There By Jane Foley, head FX strategist at Rabobank Central bankers who had been expecting to be visiting the Grand Teton National Park, just outside Jackson Wyoming, this weekend will instead be staying put. The Fed’s annual symposium will now take place virtually œdue to the recently elevated Covid-19 health-risk level in Teton County . Fed Chair Powell will still deliver his remarks on the economic outlook on Friday, but the audience will have to tune in the Kansas City Fed’s YouTube channel to watch. Having anticipated this gathering of central bankers for so long, the event could prove to be a damp squib for Fed watchers. The market had already started to suspect that the Delta variant may impact the Fed’s plans, though not necessarily in this way. On Friday the Fed’s Kaplan remarked that he was watching the Delta variant and that he may need to adjust his view if it slows US economic growth materially. Kaplan stated that for now he was leaving his forecasts unchanged. If growth plays out as he is currently forecasting, Kaplan stated that he would still support an tapering announcement from the Fed next month, to start in October. | |
Prisoners to plug worker shortage in meat industryMeat industry leaders tell the BBC the government is “keen” to link up businesses with inmates. | |
Bitcoin back above $50,000 as recovery continuesThe digital currency is rebounding from a deep slump as more mainstream financial firms recognise it. | |
UK recovery slows as staff shortages plague firmsAugust has seen an “abnormally large slowdown” in economic activity, says a closely watched survey. | |
ICICI Sec calls Zomato a great value stock, expects co to surprise scepticsThe brokerage firm said that its price target of Rs 220 is counting on 22 million Indians ordering food from Zomato only four times a month in 2024-25. | |
Gold ETFs log Rs 61 crore outflow in July as investors prefer equity, debt fundsDespite the negative flows in the category, the number of folios went up to 19.13 lakh in July from 18.32 lakh in the preceding month, data with Association of Mutual Funds in India (Amfi) showed. | |
Nuvoco Vistas makes strong comeback after flop listing. What should investors do now?According to analysts and market experts, investors should hold Nuvoco Vistas stock for a longer period. | |
July 2021 CFNAI Super Index Moving Average Index ImprovesWritten by Steven Hansen The economy’s rate of growth accelerated based on the Chicago Fed National Activity Index (CFNAI) 3 month moving (3MA) average – and the economy is above the historical trend rate of growth. | |
: PayPal to roll out crypto trading platform in the U.K.PayPal Holdings Inc. will start giving its U.K. users the ability to buy and sell cryptocurrencies on its platform, marking the expansion of a feature that the company said has proved popular in the U.S. | |
: Employers face a dilemma: keeping workers safe with vaccine mandates ” and holding onto their employeesSome companies are worried workers will balk at a vaccine requirement — and walk away at a time when they’re desperate to retain workers. | |
Retirement Weekly: Why alternative investments belong in 401(k) plansPrivate equity, real estate, and hedge funds can be used to create a ‘diversified TDF’ that improves retirement income outcomes |
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