Written by Gary
Passenger dies of COVID-19 amid outbreak on Carnival cruise ship (SPY +0.2%). Dodge that Dogecoin and and other cryptocurrencies before it is too late.
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. | |
Oil Glut In Asia WorsensThe amount of oil held in floating storage at Asian ports is growing, with Iranian and Venezuelan crude cargoes earlier this month pushing Asian floating inventories to the highest in three months, according to data from energy intelligence provider Kpler, as quoted by Bloomberg. The glut follows Chinas crackdown on independent refinersthe so-called teapotswhich have come to account for a solid portion of total Chinese crude oil imports. This year, however, Beijing has targeted the independent refiners with tax evasion claims, | |
Brent Climbs Back Above $70 On Major Production OutageOil prices extended Mondays 5-percent gain early into Tuesday, as concerns about global demand started to ease while a major outage in Mexico supported prices on the supply side. As of 8:22 a.m. EDT, WTI Crude was up 1.34% at $66.55, and Brent Crude was up 1.50% at $69.77, attempting to bounce back to the $70 a barrel handle. Oil prices had surged 5% at Mondays close, rebounding from the longest losing streak since 2019 of seven consecutive settlements in the red, as investor risk appetite increased and the U.S. dollar softened. The | |
Mexico’s Oil Production Crashes As Fire Platform Fire Kills 5A fire that broke out at a Pemex oil platform this Sunday during maintenance killed five workers and injured another six, Pemex said in a press release, adding that two people were missing. The platform where the fire erupted is part of a gas-processing hub in the Campeche Bay. Its outage as a result of the fire has reduced Pemex’s production by some 444,000 bpd. The natural gas processed at the Ku-Maloob-Zaap center is used to boost oil production from offshore fields, Reuters noted in a report citing a Pemex document. As a result of the fire, | |
U.S. Strategic Oil Reserve Selloff May Suppress Fuel PricesGasoline prices may be a thorn in U.S. President Bidens side, but a large sale of crude oil stashed in the Strategic Petroleum Reserve could change all that. The United States will hold its largest sale this year of crude oil from its SPR, at 20 million barrels. This amount is twice what it sold a few months ago, according to a statement issued on Monday by the Office of Fossil Energy and Carbon Management. The U.S. Department of Energy will take bids until August 31, with award contracts occurring by September 13. The crude oil will be | |
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 | |
Fauci says he hopes U.S. will have ‘some good control’ over Covid by spring 2022U.S. health officials maintain that vaccinations are the nation’s best hope to dramatically reduce the number of new cases and bring an end to the pandemic. | |
Japan targets floating wind farms for its deep coastal watersCosts of floating offshore wind will, however, need to be driven down going forward. | |
Passenger dies of COVID-19 amid outbreak on Carnival cruise shipA 77-year-old woman became the first reported death among passengers since cruises resumed in June from the Caribbean and United States. | |
McDonald’s taps new CMO, international market leaders in executive shuffleMcDonald’s tapped company veterans and a Petco executive to fill slots leading marketing efforts and its international markets. | |
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 stations. | |
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. | |
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. | |
Coinbase slammed for what users say is terrible customer service after hackers drain their accountsCustomers of the nation’s largest cryptocurrency exchange, Coinbase, say their accounts were taken over by criminals and the company’s customer service is poor. | |
“Pet Rocks” & Other Signs Of A Rich Market“Pet Rocks” & Other Signs Of A Rich Market Authored by Lance Roberts via RealInvestmentAdvice.com, œPet Rocks  first appeared in the mid-70s as a novelty item. Just recently, digital NFT’s of œpet rocks  sold for over $100,000. To wit:
As I noted on my | |
Biden Reportedly Admits To G-7: “Won’t Get Everyone Out Of Afghanistan” By DeadlineBiden Reportedly Admits To G-7: “Won’t Get Everyone Out Of Afghanistan” By Deadline Update (1100ET): This could be a problem. Given the Taliban’s red-line deadline of Aug 31st for being out of Afghanistan, reports from the G-7 meeting suggest President Biden is facing another potential crisis. Bloomberg reports, according to an official familiar with comments during this morning’s G-7 Afghanistan meeting, that President Biden admitted the US “won’t be able to get everyone out of Afghanistan”, presumably by the deadline. Additional comments include Germany’s Angela Merkel warning that “many will face great danger in Afghanistan,” and UK’s Johnson noted that “recognition and money” are leverage with the Taliban. The question for The White House, and most specifically Jen Psaki, is: “does that mean those Americans are ‘stranded’?” * * * If things weren’t already bad enough with the past week of evacuation efforts and US scramble to get everyone out of Kabul international airport, the desperate situation is about to get a lot worse as Biden’s previously stated Aug.31 deadline for full withdrawal fast approaches. A Taliban spokesman has put Washington on notice, telling Sky News there will be “consequences” if the Pentagon stays past the Aug.31 date, which is a mere week away. The Taliban official, identified as Suhail Shaheen, asserted that “President Biden announced that on 31 August they would withdraw all their military forces. So, if they extend it that means they are extending occupation while there is n … | |
Kamala Harris’ Flight To Vietnam Delayed Over Alleged ‘Havana Syndrome’ IncidentKamala Harris’ Flight To Vietnam Delayed Over Alleged ‘Havana Syndrome’ Incident Vice President Kamala Harris was unable to depart Singapore for Vietnam according to the schedule of her southeast Asia tour due to an unnamed ‘health incident’. Her plane was delayed for there hours, according to reports. The State Department has confirmed the delay is due to a possible “anomalous health incident” – after the US Embassy in Hanoi, Vietnam communicated the incident to her office in Washington. Crucially, US officials have typically reserved this term for what’s become known as “Havana Syndrome” – sending observers into a flurry of speculation. Whatever the case, and ambiguous as the reported claims remain, this seems a possible well-timed distraction from the administration’s fumbling of the worsening evacuation situation in Kabul. Via Fox News Spokeswoman for the US embassy in Hanoi said in a Tuesday statement: “Earlier this evening, the Vice President’s … | |
Nomura Warns Stocks Face “Extreme De-Risking Flow Overhang” After Last Few DaysNomura Warns Stocks Face “Extreme De-Risking Flow Overhang” After Last Few Days The last three days in stock-market-land have been somewhat farcical as stocks have exploded higher (dominated by action at the cash market open) while bonds have refused to follow suit… Source: Bloomberg What drove this crazy? Simple – as Nomura’s Charlie McElligott notes – A good ol’ fashion short-squeeze: Source: Bloomberg The cross-asset-class strategist noted that yesterday our futures imbalance … | |
McDonald’s runs out of milkshakes in England, Scotland and WalesSupply issues at English, Welsh and Scottish outlets are due to the lorry driver shortage, the firm says. | |
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. | |
Infosys becomes 4th Indian company to touch $100 bn market capAccording to the latest m-cap data, Reliance Industries is the most-valued firm at Rs 13.7 lakh crore, followed by Tata Consultancy Services (TCS) at Rs 13.44 lakh crore and HDFC Bank at Rs 8.42 lakh crore. | |
Bharti Airtel, ICICI Pru Life among 14 stocks sending sell signals on MACDIn total, the momentum indicator has signaled bearish crossovers on 14 stocks ” a sign of bearish undertone ” hinting at possible downsides in the days ahead. The list includes largecaps such as AMCs UTI AMC and HDFC AMC, life insurer ICICI Prudential Life, BSE100 constituent Bajaj Holdings, telecom major Bharti Airtel and electric utility company Power Grid. | |
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: | |
Outside the Box: Protecting voting rights isn’t just the right thing to do, it’s also good for businessA strong economy and stock market can’t thrive without a strong democracy | |
The Margin: CDC adds the Bahamas and five other destinations to its list of places to avoidThe CDC’s list of places to avoid now includes 80 destinations. | |
: Alibaba, JD.com, Pinduoduo shares post strong rallies after rough stretch for China internet stocksU.S.-listed shares of Chinese internet stocks are rallying sharply Tuesday after coming under pressure in recent weeks amid concerns about the potential for increased regulation. |
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