Written by Gary
Unvaccinated people are 29 times more likely to be hospitalized with Covid (SPY +0.2%). Short-squeeze surge sends stocks to record high. House Democrats clear path toward passing $3.5 trillion budget bill.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | India Wont Be Giving Up On Fossil Fuels Any Time SoonIndias population is projected to grow to 1.52 billion people by 2036, expectedly surpassing China to be the worlds most populous country around 2031. Despite the fact that Indias growth rate is slowing considerably — this decades growth rate is estimated to be the lowest since the nations independence from Britain — it is growing all the same. The monumental size of the subcontinent means that Indias trajectory for development will have a massive impact on the rest of the world as the global community |
| EU Considers Supporting Manufacturers Of Rare Earth MagnetsThe European Union is considering proposals and ideas to support manufacturers of rare earth magnetskey elements in electric vehiclesas the EU looks to reduce supply chain dependence on China and reach net-zero emissions by 2050, sources familiar with the plan told Reuters. Permanent rare earth magnets are critical to the energy transition because they are used in electric vehicles (EVs) and wind turbines. They contain rare earth minerals, a sector in which China currently dominates the global market and supply chains. Europe, as |
| Oil Rebounds On Mexico Production OutageCrude prices recovered for the second day in a row, fueled by optimism about falling COVID-19 infections in China and by a major production outage in the Gulf of Mexico Source: Baker Hughes. Chart of the Week Indian Crude Imports Drop to 1-Year Low in July – Indian demand seems to have bottomed out in July, hitting a 1-year low in crude oil imports at 3.4 million b/d. – The weak readings come from a double whammy of refinery maintenance in at least six major refineries across the country and still-high product stocks that were slow to clear during |
| Value Of Saudi Oil Exports Soared 123% In JuneThe value of Saudi Arabias oil exports jumped by 123.2 percent in June 2021 compared to the same month of 2020, the Kingdoms General Authority for Statistics said on Tuesday. Saudi oil exports rose to $16.4 billion (61.45 billion Saudi riyals) in June 2021, from $7.4 billion (27.65 billion riyals) in June 2020, the data showed, as oil prices rallied this year after the slump in the spring of 2020 due to the pandemic and the oil price war Saudi Arabia started in March 2020. This year, the surge in oil exports pushed the value of total |
| Chevy Bolt Recall Raises Concerns About Lithium Battery SafetySo far, it has been largely Samsung cell phones or laptops batteries that have caught the medias attention when devices have caught fire, particularly in contained locations like aircraft or offices. But a spate of reports suggests the problem could also extend to cars, where the potential for serious consequences could be even greater both financially and for life and limb. GM issues Chevy Bolt recall News late last week that General Motors is to recall all 2017 to 2022 Chevy Bolt EVs for battery replacements, saying the LG-supplied |
| Russia To Allocate $8 Billion To Develop Its EV MarketRussias new electric vehicle (EV) strategy to have 10 percent of all cars produced electric through 2030 is set to cost the equivalent of $8 billion, Bloomberg reported on Tuesday, citing the Russian governments press office. On Monday, Russias government approved the strategy for the EV market through 2030, which envisages a 15 percent share of EVs in the total fleet at the end of this decade. Russia is significantly lagging behind other markets in terms of EV sales. As of 2020, the number of EVs in the country with 144 million |
| WHO says Covid misinformation is a major factor driving pandemic around the worldAmericans least likely to receive a Covid vaccine are mostly white, less likely to have a college degree and Republican, according to Kaiser Family Foundation. |
| Chewy CEO Sumit Singh said online pet retailer wants to evoke same feelings as Disney WorldThe online pet retailer developed a cult following for its fast shipping and automatic deliveries of food and supplies. |
| Kohl’s CEO says rumored Amazon department stores won’t ruin its relationship with the e-commerce giantKohl’s Chief Executive Michelle Gass said there is plenty of room for the retailer and for Amazon to operate brick-and-mortar stores. |
| Japanese lunar start-up ispace reveals larger lander for missions starting in 2024Japanese lunar exploration start-up ispace on Monday unveiled the next generation of its cargo lander, under development by its U.S. subsidiary in Colorado. |
| Watch live: Biden addresses Afghanistan evacuation amid pressure to extend Aug. 31 withdrawal deadlineThe remarks, scheduled for 2:00 pm ET, will be the president’s third public address on the crisis in Afghanistan since the stunning Taliban take over. |
| CDC study shows unvaccinated people are 29 times more likely to be hospitalized with CovidThe new CDC study also found that unvaccinated people were nearly five times more likely to be infected with Covid than vaccinated people. |
| Salad chain Sweetgreen bets on automation by acquiring Spyce and its robotic kitchen techSalad chain Sweetgreen announced Tuesday that it has bought Spyce, a Boston restaurant company that made a name for itself with its automated kitchen. |
| Stocks making the biggest moves midday: Best Buy, Palo Alto Networks, JD.com and moreThese are the stocks posting the largest moves in midday trading. |
| Maersk spends $1.4 billion on ships that can run on ‘carbon neutral’ methanolThe shipping sector needs to find new ways of reducing its environmental footprint. |
| More 401(k) plans are adding Roth accounts ” but investors aren’t followingAbout 75% of 401(k) plans allow for Roth contributions. But the share of savers using Roth accounts is stubbornly low, according to retirement experts. |
| Fauci says he hopes U.S. will have ‘some good control’ over Covid by spring 2022White House chief medical advisor Dr. Anthony Fauci said Monday night he hopes the U.S. will have some control over Covid-19 by spring. |
| 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. |
| Short-Squeeze Surge Sends Stocks To Record High As ‘Soft’ Data Slumps To 14-Month LowsShort-Squeeze Surge Sends Stocks To Record High As ‘Soft’ Data Slumps To 14-Month Lows This morning’s major miss for Richmond Fed’s business sentiment survey confirmed the recent trend of ‘soft’ survey data dumping back to the reality of ‘hard’ data’s disappointment as the stimmies run dry…
Source: Bloomberg In fact, all the major economies (and in aggregate) are now seeing economic data surprises going more and more negative…
Source: Bloomberg O … |
| Officials Warn Refugee Groups To “Get Ready For 50,000 Afghans” As US Begins Withdrawing Troops From Kabul AirportOfficials Warn Refugee Groups To “Get Ready For 50,000 Afghans” As US Begins Withdrawing Troops From Kabul Airport Update (1600ET): US officials are reportedly telling US-based humanitarian groups to “get ready for 50,000 Afghans”, according to Bloomberg, but we can imagine the real number will be higher.
Meanwhile the White House is centering Biden’s rationale to keep the Aug.31 deadline for full troop pullout at Kabul airport, despite the possibility that Americans might be left behind, on the lingering threat of terrorism.
Update (1524ET): It’s looking like the troop draw down order has already been executed, after Pentagon officials indicated they would need ‘several days’ to get the some 6,000 US soldiers out of Kabul International Airport, who meanwhile themselves are busy overseeing the evacuation operation. |
| Taliban Appoints Former Gitmo Detainee As Afghanistan’s New Defense MinisterTaliban Appoints Former Gitmo Detainee As Afghanistan’s New Defense Minister Via AlMasdarNews.com, Afghanistan’s new Taliban government has appointed former Guantanamo detainee mullah Abdul Qayyum Zakir as it’s acting defense minister, according to Qatari based Al Jazeera news channel on Tuesday, subsequently reported in Reuters. He was among the first senior Taliban commanders to enter Kabul last week as the group overran the capital amid the American troop exit, and after US-trained national forces largely fled. Until being named as Defense Minister, Qayyum was deputy to the Taliban’s commander-in-chief, Mullah Yaqoob. He was freed from the notorious US military prison at Guantanamo Bay, Cuba, in 2007, despite being rumored to have been close to the Taliban’s spiritual leader, Mullah Mohammed Omar. … |
| How The Holy Spirit Moved Cathie Wood To Become The Pied Piper Of Robinhood TradersHow The Holy Spirit Moved Cathie Wood To Become The Pied Piper Of Robinhood Traders After reading the latest profile of Ark Invest founder Cathie Wood (published this week by the New York Times) readers will likely be left with the following conclusion: Cathie Wood is a Walt Disney-level optimist. Of course, Wood has already received the profile treatment by WSJ, Bloomberg and other members of the American financial press. But this week, a broader swath of Americans were introduced to the breakout portfolio manager of 2020. Whether this portends a turnaround for Ark Invest’s funds remains to be seen. But in the latest profile, entitled “God, Money, YOLO: How Cathie Wood Found Her Flock” the NYT focuses on how Wood’s faith inspired her to launch Ark, with the Holy Spirit leading her to become a billionaire. Right at the start, the NYT notes the incongruity between Wood – a deeply religious, deeply conservative “creature of Wall Street and the Connecticut suburbs” – and her army of retail trading devotees.
… |
| 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. |
| Amazon offers £1,000 joining bonus for new UK staffThe online shopping giant is offering a joining fee incentive amid a growing recruitment crisis. |
| 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. |
| 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. |
| Market Movers: Risk takers make a comeback; Bajaj Finserv roars over MF licenseToday, the Nifty Midcap 100 and Nifty Smallcap 100 surged nearly 2 per cent each and outperformed the benchmark Nifty50 by a mile. The breadth of the market was stellar as more than three stocks rose on the National Stock Exchange for every one that fell. |
| 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. |
| July 2021 New Home Sales Continues To Confirm Significant SlowingWritten by John Lounsbury and Steven Hansen The headlines say new home sales growth improved month-over-month. But when compared to last year, there was a significant decline in year-over-year growth.
|
| The Margin: Over half of Americans are more likely to shop at businesses with vaccine mandates: pollAnd 62% of Gen Z consumers would more likely shop stores that require all employees to be vaccinated |
| Bond Report: Treasury yields inch higher as U.S. stocks stretch further into record territoryLong dated Treasury yields edge higher Tuesday as the S&P 500 and Nasdaq Composite indexes head for records. |
| Market Snapshot: U.S. stocks rise, with S&P 500, Nasdaq still heading for recordsU.S. stocks advanced Tuesday afternoon, with the S&P 500 on track for a record close as bulls continue to find fuel in the formal approval a day earlier of a COVID-19 vaccine and as investors await a speech at the end of the week from Federal Reserve Chairman Jerome Powell. |
Gitmo prison, file image
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
