Written by Gary
Wall Street futures are higher this morning, one day after a strong rally on the FDA’s full approval of Pfizer’s Covid vaccine (SPY +0.04%). The biggest premarket movers: Best Buy, Palo Alto Networks, Camping World.
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. | |
Who Will Fund Russias Answer To U.S. Shale?Russia regards its Arctic oil and gas development in the same way that the U.S. saw its shale oil and gas sector around 20 years ago, which is a truly game-changing opportunity to alter the balance of power in the worlds hydrocarbons markets. The Vostok Oil project, run by state oil giant Rosneft, is the cornerstone of these Arctic ambitions, combining the exploration and development of several huge oil and gas fields. Rosneft is now in talks with various groups of investors on taking part in the Vostok Oil project and whichever groups succeed | |
Merger Mania Is Over: Oil Deals To See Quietest Year In Decadesir Winston Churchill once admonished leaders to never let a good crisis go to waste, and Big Oil has rarely failed to heed the advice. Under normal circumstances, energy downturns have created perfect opportunities for deep-pocketed oil and gas heavyweights to land prime assets on the cheap. A good case in point: the last oil bust of 2016 was followed by a sizable number of huge M&A deals in the sector including the $60B tie-up between Royal Dutch Shell (NYSE:RDS.A) and BG Group, Canadian Oil Sands and Suncor EnergyEnergy, as well as a handful | |
New Breakthrough Sparks Hope For Nuclear Fusion AmbitionsThe decades-long dream of scientists to replicate the reaction of nuclear fusion of hydrogen atoms in the Sun just took a major step toward reality after U.S. scientists came close to triggering ignition for the first time ever. The milestone in nuclear fusion research gives hope to scientists around the world that nuclear fusion can be achieved on Earth after decades of experiments. The breakthrough also makes researchers and energy enthusiasts hopeful that humanity could be on the cusp of achieving clean, safe, zero-waste energy that would | |
Why South America Is Big Oils New Favorite ContinentSouth America continues to feature prominently among petroleum industry headlines. Offshore Brazil and Guyana have become the focal point of what is shaping up to be the continents two biggest oil booms, while Venezuelas once mammoth oil industry has nearly collapsed. Ongoing wrangling within OPEC plus over production cuts, with the United Arab Emirates disagreeing with Saudi Arabia at the last meeting, is putting considerable pressure on oil prices. The international oil price benchmark Brent has lost 16% since soaring to over $78 | |
Uganda Suspends NGOs Opposing Oil ProjectsThe government of Uganda has suspended 54 non-governmental organizations (NGOs) for non-compliance with local regulations, including organizations fighting to protect peoples rights from planned oil projects in the African country. Uganda says the suspended organizations have been meddling with local politics. Uganda signed earlier this year an agreement with Tanzania and two oil majors to construct a $3.5-billion pipeline that will carry Ugandan oil to the Tanzanian coast, from where it will reach international markets. The East-African | |
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 | |
CNBC road test: The U.S. EV charging network isn’t ready for your family road trip, let alone the expected wave of new carsOne of the biggest barriers to EV adoption is the charging network. There are roughly 136,400 gas stations in the U.S., but just 43,800 EV charging station. | |
Peloton to begin selling less expensive treadmill in U.S. next week, following recall and delayed launchFollowing a monthslong delay, Peloton said a less expensive version of its treadmill is finally set to debut in the United States next week. | |
Best Buy shares rise on earnings beat, retailer says consumers are upgrading tech to work at homeThe consumer electronics retailer said it has benefited from a healthy consumer, government stimulus and permanent lifestyle changes. | |
Starbucks’ new apple crisp macchiato joins pumpkin spice latte on the fall menuStarbucks is kicking off autumn with the apple crisp macchiato, the latest limited-time addition to its seasonal lineup. | |
Walmart launches delivery business to connect other local retailers with consumersWalmart on Tuesday announced the launch of a delivery service called GoLocal, which will carry goods from other retailers to consumers. | |
Disney World reaches deal with unions to require Covid-19 vaccinations for unionized employeesDisney has reached a deal with unions to require all of its unionized employees working at Disney World to be vaccinated against Covid-19 by October 22, 2021. | |
5 things to know before the stock market opens TuesdayU.S. stock futures rose Tuesday, one day after a strong rally on the FDA’s full approval of Pfizer’s Covid vaccine. | |
Covid deaths could ‘climb even higher in the next couple weeks,’ warns Dr. Ashish JhaThe dean of Brown University’s School of Public Health warns about the Covid-19 death toll in the U.S. as a result of the delta variant. | |
‘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. | |
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. | |
Blain: What We Really Should Be Worrying AboutBlain: What We Really Should Be Worrying About Authored by Bill Blain via MorningPorridge.com, œHow many divisions does the Pope have? As markets shake off their summer slumbers, what should we be worrying about? Lots..! From real vs transitory inflation arguments, the long-term economic consequences of Covid, the future for Central Banking unable to unravel its Gordian knot of monetary experimentation, and the prospects for rising political instability in the US and Europe. Same as, same as ¦. Â Not an Apology I’ve been told I should apologise for yesterday’s Porridge. A reader unsubscribed because I don’t treat Tesla seriously. (Shock, horror.. somehow I shall live with the pain of rejection ¦) Another commented: œhating Tesla must be a very difficult way to make a living. Sure. I agree ” it is. In my private Jihad versus Elon Musk I have missed massive market upside ¦ but then again, it’s not my job to pump up illusory market valuations. It’s to paint the picture as I see it, and caution foolish markets about their gullibility. I will continue to characterise Tesla as an unjustifiably overpriced automaker, pretending to be something else, run by a narcissistic show-boater. Meanwhile ¦ | |
Another Day, Another Record High For Futures As China Stocks Bounce, Brent Back Over $70Another Day, Another Record High For Futures As China Stocks Bounce, Brent Back Over $70 Another day, another record high in US equity futures as spoos hit a new record high of 4492 just before the European open, with Nasdaq 100 futs also hitting a record as positive news around U.S. vaccination boosted shares of energy and travel-related companies while expectations of a dovish Jackson Hole boosted overall market sentiment. At 7:30 a.m. ET, Dow e-minis were up 57 points, or 0.16%, S&P 500 e-minis were up 7.5 points, or 0.17%, and Nasdaq 100 e-minis were up 39points, or 0.25%. All three major U.S. stock indexes ended the session sharply higher on Monday, with the benchmark S&P 500 hitting an intra-day record driven by a surge in energy and industrial shares after the CDC gave the first full approval for a COVID-19 vaccine. The rally continued overnight after a rebound in Chinese technology stocks carried through to U.S.-listed Chinese companies in pre-market trading, with Alibaba Group Holding Ltd. and JD.com Inc. up more than 5% and 8% respectively. However, the ramp lost … | |
CIA Chief Met “Secretly” With Taliban Leader On MondayCIA Chief Met “Secretly” With Taliban Leader On Monday As the Biden Administration scrambles to convince the Taliban to extend the deadline for the western evacuation from Kabul – which is presently slated to conclude Aug. 31, regardless of how many Americans and Afghan collaborators remain in the country – CIA Director William Burns was dispatched to Kabul to meet with the Taliban’s de facto leader, Abdul Ghani Baradar on Monday, the Washington Post reports. William Burns The meeting marks “the highest-level encounter between the Biden Administration and the Taliban since the militant group seized Kabul for the first time since they were initially driven from the capital by American forces two decades ago. Biden dispatched Burns likely because of his status as a veteran of America’s Foreign Service (Burns is the most decorated diplomat in Biden’s Cabinet). WaPo described the Biden Administration’s evacuation effort as “frantic”, and Biden has called the Kabul exit “one of the largest, most difficult airlifts in history.” While the CIA declined to comment on reports of the meeting, WaPo … | |
FAA Launches New Safety Probe Into Boeing As Employees Complain About Pressure To Cut CornersFAA Launches New Safety Probe Into Boeing As Employees Complain About Pressure To Cut Corners The FAA isn’t done punishing Boeing for the oversights (later revealed to be systemic) that led to the devastating crashes of two Boeing 737 MAX 8 jets, killing roughly 350 passengers and crew. According to a WSJ report, the FAA is launching a “broad review of how Boeing employees handle safety matters” after several company engineers told the agency they had faced “undue pressure” to skirt over them. The FAA survey, conducted this year, revealed that 35% of a small sample of certain Boeing employees reported problems including pressure and hurdles to transparency, according to an Aug. 19 agency letter to Boeing that was obtained by WSJ. Some surveyed employees, who are part of a group empowered by the agency to assist with its work, said they encountered difficulties in being transparent with regulators. As WSJ explained, aviation regulators have long relied on engineers to act on the agency’s behalf when performing certain tasks, especially when it comes to signing off on safety assessments. Any lapses in Boeing’s safety overviews should have been anonymously reported to the agency. Yet, as we learned more than 18 months ago, engineers working on the 737 MAX 8 resented their managers, and privately complained to one another about the shortc … | |
McDonald’s runs out of milkshakes in England, Scotland and WalesOutlets in England, Wales and Scotland hit by supply problems caused by a widespread shortage of lorry drivers. | |
Airbnb offers free accommodation for 20,000 Afghan refugeesAirbnb says it will house 20,000 Afghan refugees at no charge to help them resettle across the world. | |
Retail bosses demand more protection for UK workersIndustry leaders are calling on the UK government to follow Scotland’s lead on protecting shop workers. | |
Dodge that Dogecoin and 6 other cryptocurrencies before it is too lateIt might be time to remind the millennials that all that glitters is not gold. At least some cryptocurrencies ” the new-age investment asset class ” are on the verge of extinction. After all, not all tokens are created equal.Here are some cryptocurrencies that may be unworthy of a slot in your investment portfolio: | |
Are auto stocks worth a relook after rank underperformance?In 2021 so far, the Nifty Auto index has risen merely 6 per cent as against 18 per cent gains for the benchmark Nifty50 index. Automobile stocks are among the biggest underperformers in the Nifty50 index this year. | |
Red-hot D-Street rally is narrowing faster than you think. Here are some hintsThe NSE Nifty 200 Index has more than doubled from a March 2020 low — weathering alarming Covid-19 infection and death rates, strict lockdowns and slower economic growth — thanks to a massive liquidity boost from the central bank and foreign inflows. Gauges of small- and mid-cap shares have climbed a lot more amid the broad surge. | |
Need to Know: There’s a market conundrum developing that casts a shadow over risk-taking, Bank of America technical analyst saysThe markets are in an optimistic mood the last few days ” but here’s why that might not last. | |
Market Extra: How Afghanistan woes raise risk level even as global financial markets ignore the chaosThere’s no direct link between Afghanistan and recent moves across major financial markets, but the chaotic U.S. exit is heightening underlying geopolitical risks and potentially clouding the outlook for President Joe Biden’s legislative agenda, analysts say. | |
London Markets: Sainsbury retreats from three-year high as FTSE 100 slipsU.K. supermarket chain J Sainsbury on Tuesday retreated from a three-year high, as no bid has yet to materalize. |
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