Written by Gary
Stocks roaring higher as dozens of systemic risk indicators flash red (SPY +0.9%). July 2021 Headline Existing Home Sales Expand.
The Market in Perspective
Here are the headlines moving the markets. | |
Brazil Could Provide A Quarter Of The Worlds Offshore Oil In 4 YearsAs Brazils oil industry looks set to soar over the next decade, with the potential to provide almost a quarter of the worlds offshore oil by 2025, Big Oil is betting big on the oil-rich state. Unlike the rest of the world, which reined in oil production in 2020 as demand stagnated in the wake of a global pandemic, Brazil actually increased its output. These sustained levels of production put it on route to double its output by 2030, making it the worlds fifth-largest exporter, a target that appears realistic thanks to | |
Libya Needs 40% Rise In Oil Production To Start Economic RecoveryLibya will have to raise by 40 percent its oil productionits major and almost exclusive foreign revenue streamnext year in order to meet its expenditures and start restoring the economy crippled by 10 years of civil war, Central Bank governor Sadiq Al-Kabir told Bloomberg in an interview published on Monday. [I]t is of course imperative that production rates in 2022 have to go higher, said Al-Kabir of Libyas oil output, which is around 1.3 million barrels per day (bpd) at present. According to the central banks | |
How Will The Taliban Finance Afghanistan?Once the excitement of taking over a country settles, such as checking out the presidential gym and enjoying some fun on bumper cars, Afghanistans new Taliban authorities will face the same issues any other government will: how to finance the country. Following the Taliban’s takeover of the country last weekend, many international financial institutions have blacklisted the new government, and the currency is in freefall. On Thursday, the International Monetary Fund (IMF) decided that Afghanistan would no longer be able to access its | |
Solar Energy Generation Declines Due To WildfiresSmoke from wildfires has reduced the amount of energy that solar panels can generate in southern Alberta this year, as particulate matter pollution prevents more sunlight from reaching the panels. Residents in Calgary, for example, report as much as a two-thirds decline in solar power generation of their rooftop installations, also due to the smoke from wildfires blocking the sun, Dave Dormer of CTVNewsCalgary.ca reports. The city of Calgary said in a statement to CTV News that in July 2021 solar power output was lower by 14 per cent compared | |
Will Activist Investors Succeed In Transforming ExxonMobil?As Oil Price readers know, the tiny activist hedge fund, Engine No. 1, challenged management and won three seats on Exxons board of directors back in late May. There is nothing unusual in the fiercely competitive US corporate world about hedge funds managers trying to influence top management to increase their and other shareholders wealth more expeditiously. But because of Exxons size and its large number of shareholders, it is difficult to launch this type of attempt at shareholder democracy. To make the task more difficult, | |
Vaccine Mandates Reach Oil IndustryU.S. oil and gas supermajor Chevron has started to require thousands of its employees to get COVID-19 vaccinations. Chevron is also considering whether it will make vaccines mandatory for its broader workforce, The Wall Street Journal reported on Monday, citing people with knowledge of the plans. Employees who travel internationally, employees on U.S.-flagged ships, and expatriate employees are now required to receive vaccinations, Chevrons spokesman Braden Reddall told the Journal. In addition, Chevron will also require offshore workers | |
Private foundation, donor-advised fund or both: Here are tips for deciding what makes sense for your charitable dollarsWhile both donor-advised funds and private foundations let you donate money over time while getting an immediate tax break, there are some key differences. | |
‘Please get vaccinated now,’ Biden urges after FDA approves Pfizer Covid shots“Those who have been waiting for full approval should go get your shot now,” Biden said during a press briefing. | |
Mayim Bialik tapped as first ‘Jeopardy!’ guest host after Mike Richards controversyMayim Bialik will be the first guest host of “Jeopardy!” following Mike Richards’ short stint. | |
Disney wants to move Scarlett Johansson’s lawsuit behind closed doors. Her lawyers want an open courtDisney filed a motion to force Scarlett Johansson into a private arbitration over her “Black Widow” lawsuit, but the actor’s lawyers want their day in court. | |
NIH director says Covid likely came from nature, but doesn’t rule out it could have escaped from labAbout three months ago, President Joe Biden gave the U.S. intelligence community 90 days to investigate Covid’s origins and report the findings. | |
Stocks making the biggest moves midday: Pfizer, Moderna, Boeing and moreThese are the stocks posting the largest moves in midday trading. | |
Dr. Scott Gottlieb says the delta variant-fueled Covid surge in the American South has peakedFormer FDA chief Dr. Scott Gottlieb told CNBC it’s “pretty clear” Covid cases in the South are rolling over. | |
Federal Maritime Commissioner Sola says agency will weigh in on cruise line refunds soonFederal Maritime Commissioner Louis Sola is looking to amend regulations governing refunds for canceled cruise voyages. | |
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. | |
New York City mandates Covid vaccine shots for public school teachers and staff following FDA approvalNew York City is requiring all 148,000 public school faculty and staff to get their Covid-19 vaccine shots this fall. | |
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. | |
Crypto, Gold, Oil, & Stocks Soar On Dismal Data As Dollar DumpsCrypto, Gold, Oil, & Stocks Soar On Dismal Data As Dollar Dumps EU consumer sentiment tumbled this morning (mirroring US’ sentiment collapse) and US PMIs both plunged to multi-month lows… that’s great news right? US economic surprise data plunged to -45.5 – as bad as it was in March 2020 – and global economic surprise data has been tumbling for weeks and just went negative… Source: Bloomberg ‘Bad news is good news’ for stocks (and vol-selling flows) as Taper Tantrums are potentially delayed and stocks roared higher at the cash open and never looked back. Small Caps and Nasdaq were the most impacted by panic-buyers as vol-sellers dominated… The last few minutes some profit-taking on the day’s gamma-squeeze malarkey… | |
Landlords Ask 5th Circuit Court To Stay CDC Eviction MoratoriumLandlords Ask 5th Circuit Court To Stay CDC Eviction Moratorium Authored by Matthew Vadum via The Epoch Times (emphasis ours), Landlords in Louisiana are asking a federal appeals court to block the Centers for Disease Control and Prevention’s legally dubious nationwide eviction moratorium while that court considers an appeal from the landlords. Centers for Disease Control and Prevention Director Dr. Rochelle Walensky is seen during a Senate Appropriations Subcommittee hearing in Washington on May 19, 2021. (Greg Nash-Pool/Getty Images) The Centers for Disease Control and Prevention (CDC) extended the moratorium earlier this month after President Joe Biden acknowledged doing so would be illegal and after Congress opted not to extend it. CDC Director Dr. Rochelle Walensky | |
What Do Credit Markets Know That Record-High Stocks Are Choosing To Ignore?What Do Credit Markets Know That Record-High Stocks Are Choosing To Ignore? It’s often said (or at least it was before The Fed killed every market signal) that ‘Credit anticipates and equity confirms’. If that is coming true right now, Powell and his tapering-pals may have a problem. Th US high yield credit market is trading at its weakest since March (despite stocks hitting record highs)… Source: Bloomberg We’ve seen this pattern before numerous times… and it generally didn’t end well for stocks. Most recently, in early 2020, credit sniffed out issues while stocks just ignored the fact that a global pandemic was looming… | |
Stocks Roaring Higher As Dozens Of Systemic Risk Indicators Flash RedStocks Roaring Higher As Dozens Of Systemic Risk Indicators Flash Red Submitted By Larry McDonald, as excerpted from his latest must-read Bear Traps report
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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. | |
High-flying equity may keep gold prices under pressure; silver may fall moreGold is positioned slightly better than silver, as it is trading within a range. Analysts said the major reason behind gold’s drop from close to Rs 48,500 to current level is the continued rally in equities. | |
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. | |
IHCL’s board approves to raise up to Rs 3,000 cr via rights issueIn a regulatory filing, IHCL said the objective of the rights issue is to meet the company’s financing needs for capital expenditure, growth plans and debt repayment and will be finalised in consultation with the merchant bankers. | |
July 2021 Headline Existing Home Sales ExpandWritten by Steven Hansen The headline existing home sales grew relative to last month with the NAR stating ” Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter homes available”. | |
: Foot Locker and Adidas join list of companies citing COVID-related supply chain challenges in Vietnam heading into the holiday shopping seasonFoot Locker CEO Richard Johnson said the problems in Vietnam will have a “knock-on effect.” | |
: Target prepares for the holidays with expanded Disney partnership, more toy exclusivesTarget plans to have more than 160 Disney shops in its stores by the end of the year | |
Bond Report: Treasury yields little changed Monday as investors recalibrate expectations for Powell’s Jackson Hole speechU.S. Treasury yields are mixed Monday as investors await an important speech from a key policy maker later this week, which could provide the clearest insights yet about the timetable and pace of rolling back COVID-era accommodations. |
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