Written by Gary
Durable goods new orders marginally slowed in july 2021 (SPY +0.3%). The biggest midday movers: Nordstrom, Toll Brothers, Dick’s Sporting Goods.
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. | |
Saudi Arabia And Russia Sign New Military AgreementSaudi Arabia and Russia have signed a military cooperation agreement at an arms expo outside Moscow. Saudi Deputy Defense Minister Khalid bin Salman announced on Twitter on August 24 that he signed the agreement with Russian Deputy Defense Minister Alexander Fomin aimed at developing joint military cooperation between the two countries. Salman also met with Russian Defense Minister Sergei Shoigu during his visit outside Moscow to the arms expo International Military-Technical Forum Army-2021. The deputy defense minister said the meeting | |
China And Russia Are Ready To Take Advantage Of Afghanistans Mineral WealthAmateur and professional bean counters are starting to take stock of what, exactly has changed during 20 years of war between the US and the Taliban. And while as China and Russia prepare to strengthen economic ties with the Taliban, the FT has published a mildly comprehensive rundown of how Afghanistan’s economic situation has changed since the US invasion began in 2001. Speaking to the FT for a story about Afghanistan’s economic development, Gareth Price, senior research fellow at think-tank Chatham House, said that while Afghanistan had “changed | |
Enbridge Scores Major Pipeline VictoryThe Minnesota Supreme Court on Tuesday declined to hear an appeal filed by opponents of the Line 3 oil pipeline project, effectively allowing construction of the replacement program and dealing a blow to opponents of Enbridges pipeline. By declining to hear the appeal, the Minnesota Supreme Court basically affirmed the decision of the Minnesota Court of Appeals, which had affirmed in June the approvals of the Line 3 project issued by Minnesota state regulators. Enbridges Line 3 Replacementprojectwill | |
China Announces Major Shale Oil DiscoveryChina announced on Wednesday the discovery of a major shale oilfield in the Daqing Oilfield cluster with expected reserves of 1.27 billion tons of oil, Chinese Xinhua news agency reported. Daqing Oilfield is one of China’s major onshore production centers, and the new discovery is expected to help it boost its oil production in the coming years, according to Xinhua. Daqing Oilfield, which saw the first exploration for shale oil in the 1980s, now has more than 40 wells producing crude. China National Petroleum Corporation (CNPC) aims | |
Oil Ticks Higher On Crude Inventory DrawOil prices recouped some of their latest losses today, after the Energy Information Administration reported a crude oil inventory draw of 3 million barrels for the week to August 20. This compared with a draw of 3.2 million barrels estimated for the previous week, and a moderate 1.62-million-barrel decline in last weeks inventories reported by the American Petroleum Institute. At 432.6 million barrels, the EIA said, crude oil inventories in the country are about 6 percent below the five-year seasonal average. Yet prices continue to be volatile | |
Biden Administration To Resume Oil Leasing On Federal LandOil and gas leasing on U.S. federal lands will resume later this year, sources from the Biden administration have said, according to court documents cited by Reuters. The White House said in January that it would review existing oil and gas leasing regulations to see if there was space for changes in them. While the review lasted, new oil and gas leasing would be suspended. The news caused an immediate and negative reaction from states that draw in tens of millions in revenues from oil and gas production royalties. A group of such states earlier | |
Gov. Hochul acknowledges nearly 12,000 more New York Covid deaths than Cuomo countedHochul’s administration acknowledged more Covid deaths in New York as part of a promise to offer more transparency after Cuomo left office. | |
Impossible Foods, Beyond Meat battle to achieve price parity with real meatBeyond Meat and Impossible Foods are perfecting plant-based meat products to have taste and texture similar to animal meat products, but costs are still high. | |
Rocket Lab begins trading on the Nasdaq, with SPAC merger growing its cash pileRocket Lab began trading on the Nasdaq on Wednesday, becoming the latest space company to close a SPAC merger and go public. | |
Delta Air Lines is raising health insurance premiums for unvaccinated employees by $200 a month to cover higher Covid costsDelta is the latest company to issue new rules for employee vaccinations, but stopped short of an outright mandate. | |
American Airlines says August revenue weaker than expected because of rise in Covid casesAmerican is the latest airline to warn about the impact of the Delta variant on bookings and revenue. | |
Australian project to examine potential of using wastewater in hydrogen productionThe idea of using waste to produce hydrogen is not unique to Australia. | |
Covid protection for the fully vaccinated is waning, UK study findsProtection against the coronavirus is waning among those who have received both shots of the AstraZeneca and Pfizer vaccines, a new U.K. study has found. | |
Ford delays return-to-work program until January due to Covid delta surgeFord informed staff of its plans Wednesday morning, about five months after initially announcing the flexible working program. | |
Baby on cover of ‘Nevermind’ sues Nirvana alleging child pornographyThe man photographed as a baby in the nude on the cover of Nirvana’s “Nevermind” album has sued the band alleging the image constitutes child pornography. | |
Harry Kane announces he is to stay at Tottenham this summer after failed Man City bidsKane made his announcement in a post on Twitter. | |
Dick’s Sporting Goods shares rise after second-quarter sales surge 21%, retailer raises forecastThe big-box retailer’s sales have soared during the pandemic, as customers have bought workout clothes, sneakers, golf clubs and other outdoor equipment. | |
S&P Hits 4500 Record High, Breadth Flashes “Extreme Fear” SignalsS&P Hits 4500 Record High, Breadth Flashes “Extreme Fear” Signals The S&P 500 has surged off last week’s lows to break above 4,500 for the first time ever today… On the heels of another massive short-squeeze… What is ‘odd’ about this pre-J-Hole euphoric move in stocks is that investors remain full of “fear”… | |
What A Miami Stripper And Fiscal Elephant Have In CommonWhat A Miami Stripper And Fiscal Elephant Have In Common Authored by Michael Lebowitz via RealInvestmentAdvice.com,
In his book and movie, The Big Short, Michael Lewis tells the story of a few intelligent and courageous investors that saw what no one else wanted to see. Instead of turning a blind eye to absurdity, they did their homework. What they quickly found was many subprime loans were likely to default. These investors were laughed at by Wall Street’s best and brightest � simply for betting on an obvious truth. Myopia and fat profits clouded the ability of many investment professionals to see the housing bubble. Worse, well-educated PhDs at the Fed, charged with preventing financial instability, had the same blind spot.A Now, a decade later, a much larger problem is brewing. Once again, those on Wall Street and the Fed do not see the debt elephant in the room. Maybe worse, they see it but perpetuating the problem serves their interests best. Spotting The Elephant In 2008 the sub-prime mortgage market crashed for several reasons. Chief of them, borrowers were ill-equipped to make mortgage payments if interest rates rose or incomes got compromised. Equally problematic, the collateral (home prices) backing the loans were grossly overvalued. Federal debt, while vastly different than private debt, is equally unsustainable. The graph below helps quantify … | |
Pentagon Orders Military Servce Members To “Immediately” Get Covid VaccinePentagon Orders Military Servce Members To “Immediately” Get Covid Vaccine On Monday, just hours after the Pfizer vaccine was granted FDA approval, the Pentagon announced that it was set to require vaccinations for all service members. Except, around one-third of US service members have refused the jab. In July, between 60% and 70% of personnel were fully vaccinated – with the Navy being the most vaccinated and the Marines being the least, according to the Washington Post. So fast forward to today when in an apparent gamble that could see a third of the US military resign en masse, defense secretary Lloyd Austin ordered service membersA to immediately begin � receiving the COVID-19 vaccine, according to a Pentagon memo released Wednesday. To defend this Nation, we need a healthy and ready force. After careful consultation with medical experts and military leadership, and with the support of the President, I have determined that mandatory vaccination against coronavirus disease 2019 (COVID-19) is necessary to protect the Force and defend the American people, � Austin wrote in theA memo seen by Reuters. No timeline was given for when troops are required to get the shot, but Austin said he di … | |
Why Friday Could See A Huge Move In TreasuriesWhy Friday Could See A Huge Move In Treasuries In less than 48 hours, Jerome Powell will have held his extremely anticipated Jackson Hole speech, scheduled for 10am Eastern, and while pundits can’t stop talking about what the Fed chair may or may not say about the impending taper (as a reminder, even if Powell announces a taper, it won’t really matter as the Fed will still be buying bonds for most of 2022 and more to the point, it is the Treasury that will be draining as much as $800 billion in liquidity in the coming months as part of its post debt-ceiling quantitative tightening as explained yesterday). What is more remarkable is that for all the verbal diarrhea, markets could care less. As Nomura’s Charlie McElligott explains this morning, both rates and equities are pricing-in de minimis event-risk around Jackson Hole, “with Friday’s TY Straddle pricing a little over 6.4bps implied breakeven (the lowest 5 day straddle seen in 10 weeks, per IFR), while Equities shows SPY Aug 27th 448 Straddle at just 0.7% move.” There is a reason for this: the market has convinced itself that Powell will hold fire on a taper announcement, and in fact the risk of a dovish Powell has increased at a time of lowered Q3 GDP forecasts which are “reflecting a greater impact of delta variant on the outlook, as evidenced by weaker housing starts, retail sales and manufacturing surveys – while at the same time, fwd looking U Mich- and Service PMI- surveys are showing significant drops as well.” Furthermore, … | |
Tesco and Iceland bosses warn over Christmas suppliesBut Tesco’s chairman says don’t “overdramatise” lorry driver crisis, as Iceland warns problem getting worse. | |
Delta Airlines imposes $200 monthly surcharge on unvaccinated staffThe US airline also says Covid sufferers won’t get sick pay unless they are double-jabbed. | |
Amigo warns of collapse as losses jump and compensation payouts riseSub-prime lender Amigo faces a APound Sterling345m compensation bill for mis-selling and warns it may not survive. | |
Sadbhav Engg lost 50% in 2 months but can still double investor moneyFollowing the recent sharp correction, the risk-reward has, however, turned positive, with brokerage targets of up to Rs 100 suggesting a potential 32-100 per cent upside from prevailing levels. | |
Market Movers: Why are stocks of oxygen suppliers soaring on Dalal Street?While the surge in shares of oxygen suppliers like Refex Industries and Linde India may not indicate that a third wave is coming soon, the move is related to the preparation towards that eventuality. | |
Sebi orders defreezing of bank, demat accounts, MF folios of Rana KapoorThe regulator, in March, had attached bank accounts, share and mutual fund holdings of Kapoor to recover dues of over Rs 1 crore. The decision was taken after Kapoor failed to pay the fine imposed on him. | |
Headline Durable Goods New Orders Marginally Slowed In July 2021Written by Steven Hansen The headlines say the durable goods new orders declined. Our analysis shows the rolling averages were little changed. . | |
Market Snapshot: Dow regains footing higher as S&P 500, Nasdaq Composite looks to extend record ascentU.S. stock indexes inch further into record territory midday Wednesday, and a climb for the Dow Jones Industrial Average is gaining some momentum, as the strength of second-quarter corporate earnings offset doubts about the pace of economic recovery with the coronavirus delta variant limiting consumer and business activity in some countries. | |
Market Extra: Chicago gambled on federal stimulus and will now use $500 million to pay off short-term borrowingThe city of Chicago bought itself time last December by temporarily plugging a budget hole with debt. Its gamble worked, but was that at the expense of transparency and good community governance? | |
: Saving for retirement on TikTok? Gen Z invests differently ” how firms are responding to thatInvestment companies are using influencers and apps to get young people thinking about retirement |
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