05Jan2022 Market Close & Major Financial Headlines: Fed Meeting Minutes Talk Of Decreased Balance Sheet Purchases Triggers Market Decline

Average Oil Price In 2021 Was The Highest In Past Three Years

A faster increase in global oil demand than growth in supply led to oil prices jumping last year, with the average Brent Crude price at $71 per barrelthe highest of the past three years, the U.S. Energy Information Administration (EIA) said on Tuesday. Rising vaccination rates, reopening economies, and the lifting of mass lockdowns resulted in oil demand outpacing supply last year, pushing oil prices from as low as $50 a barrel at the start of 2021 to an annual high of $86 at the end of October, the EIA notes. Brent Crude prices have retreated

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Average-Oil-Price-In-2021-Was-The-Highest-In-Past-Three-Years.html

High Lithium Prices Could Last Well Into 2022

Soaring energy prices this year have impacted people around the globe. I cited this as the Top Energy Story of 2021 in a previous column because of the impact on so many people. But it isnt just oil and gasoline prices that have soared. Other commodity prices have soared as well. Some of the commodity price increases are because they are energy-intensive industries, and energy prices have skyrocketed. Other commodity prices have soared because of lingering supply chain disruptions that began as a result of the Covid-19 pandemic. However,

Read more at: https://oilprice.com/Energy/Energy-General/High-Lithium-Prices-Could-Last-Well-Into-2022.html

Gas Prices In Europe Are Soaring Again Amid New Cold Snap

European benchmark natural gas prices rose on Wednesday for the third day in a row, as gas deliveries from Russia via Ukraine and Poland continue to be low while another cold snap is headed to Europe. On Wednesday, natural gas prices at the Dutch TTF hub, the benchmark for European gas, rose by 6 percent by mid-day, following a 30-percent jump on Tuesday. European gas prices reflect growing concerns that Russian natural gas flows to Europe via Ukraine and Poland have been abnormally low in recent days. Russian gas supply to Europe via Ukraine

Read more at: https://oilprice.com/Energy/Natural-Gas/Gas-Prices-In-Europe-Are-Soaring-Again-Amid-New-Cold-Snap.html

How Oil & Gas Companies Can Profitably Create Carbon-Negative Energy

A major opportunity has emerged to generate reliable power while capturing and sequestering carbon dioxide (CO2) from the atmosphere and can be implemented on a global scale. This is now possible due to advances in four key technology areas that can be combined into one larger system. Fossil fuel power generation with carbon capture, direct air capture (DAC), energy storage, and renewable energy can be combined to provide reliable power to the electrical grid and generate substantial negative carbon emissions at the same time. In addition to scaling

Read more at: https://oilprice.com/Energy/Energy-General/How-Oil-Gas-Companies-Can-Profitably-Create-Carbon-Negative-Energy.html

Clashes In Kazakhstan Over High Fuel Prices Continue

Unrest in oil and gas-rich Kazakhstan continued on Wednesday, even after the government resigned on Tuesday following protests over increased fuel prices. In a rare protest in tightly-controlled Kazakhstana major oil producer and part of the non-OPEC group in the OPEC+ alliancepeople took to the streets earlier this week to protest against higher fuel prices. The government had lifted price controls on liquefied petroleum gas (LPG), which many Kazakhs use to fuel their LPG-converted vehicles because its cheaper than gasoline.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Clashes-In-Kazakhstan-Over-High-Fuel-Prices-Continue.html

UK Scrambles For Solutions To Energy Crisis

The UK government believes it has until April to find a solution to ease the burden of surging natural gas and energy prices on utilities and households, although no immediate fixes have been adopted. As a result of the energy crunch, households in the UK will face much higher electricity prices beginning in April, as the government prepares to raise the so-called cap on utility bills. The UKs energy regulator Ofgem is expected to announce the new price cap on energy prices in early February, but the effect on household bills will be felt

Read more at: https://oilprice.com/Energy/Energy-General/UK-Scrambles-For-Solutions-To-Energy-Crisis.html

Walmart cuts paid Covid leave in half, as CDC isolation guidance changes

The CDC cut isolation requirements last week for asymptomatic people with Covid and shortened the time that close contacts need to quarantine.

Read more at: https://www.cnbc.com/2022/01/05/walmart-cuts-paid-leave-in-half-as-cdc-guidance-changes-.html

Nike sues Lululemon for patent infringement over at-home Mirror gym and fitness apps

Nike filed a lawsuit accusing Lululemon of patent infringement over the apparel maker’s at-home Mirror fitness device and related mobile applications.

Read more at: https://www.cnbc.com/2022/01/05/nike-sues-lululemon-for-patent-infringement-over-at-home-mirror-gym-and-fitness-apps.html

Grammy Awards postponed indefinitely amid omicron-fueled Covid surge

The 64th annual Grammy Awards show has been postponed indefinitely as Covid cases continue to rise.

Read more at: https://www.cnbc.com/2022/01/05/grammy-awards-postponed-indefinitely-due-to-concerns-about-omicron-covid-spread.html

Fauci says multiple preliminary studies find omicron is less severe than delta

White House chief medical advisor Dr. Anthony Fauci said preliminary data indicates omicron is less severe than delta.

Read more at: https://www.cnbc.com/2022/01/05/fauci-says-multiple-preliminary-studies-find-omicron-is-less-severe-than-delta.html

Omicron variant likely to fuel inflation, as Americans keep shopping rather than dining out and traveling, retail trade group economist says

National Retail Federation’s chief economist, Jack Kleinhenz, said the latest Covid wave is unlikely to prompt an economic slowdown or a shutdown of businesses.

Read more at: https://www.cnbc.com/2022/01/05/omicron-variant-likely-to-fuel-inflation-as-americans-keep-shopping-economist-says.html

Walmart and FedEx sign deals with GM for thousands of new BrightDrop electric vans

Walmart and FedEx plan to add thousands of electric delivery vans produced by GM to their massive vehicle fleets in the coming years.

Read more at: https://www.cnbc.com/2022/01/05/walmart-and-fedex-sign-deals-for-thousands-of-gms-new-electric-vans.html

GM unveils new electric Chevrolet Silverado priced at $39,900 for work truck to $105,000 for luxury model

GM will initially sell a $39,900 work truck version of the pickup in spring 2023, followed by a fully loaded $105,000 RST limited first edition model that fall.

Read more at: https://www.cnbc.com/2022/01/05/-gm-unveils-new-chevrolet-silverado-ev-topping-100000.html

Peloton’s holiday may have been weaker than expected, analysts say, prompting lower forecasts

Weighing on Peloton’s sales growth are slowing subscriber acquisitions. The company might dissapoint when it reports second-quarter results.

Read more at: https://www.cnbc.com/2022/01/05/peloton-earnings-could-disappoint-investors-analysts-say.html

Chicago cancels public school classes after teachers’ union votes for remote learning amid Covid surge

It appears to be one of the biggest tensions yet in U.S. schools over the new omicron variant, shutting out more than 340,000 students for the day.

Read more at: https://www.cnbc.com/2022/01/05/covid-chicago-cancels-school-after-union-votes-for-remote-learning.html

Drugstores struggle to keep Covid at-home tests in stock as omicron rages across U.S.

There is a “tsunami of demand” for Covid tests as businesses prepare for the Biden’s administration vaccine and testing mandates and omicron surges.

Read more at: https://www.cnbc.com/2022/01/05/drugstores-struggle-to-keep-covid-at-home-tests-in-stock-as-omicron-rages-across-us.html

Novak Djokovic’s vaccine exemption entry into Australia delayed due to visa issues

Novak Djokovic’s entry into Australia on a vaccine exemption has been delayed due to issues with the visa he and his team submitted.

Read more at: https://www.cnbc.com/2022/01/05/novak-djokovics-vaccine-exemption-entry-into-australia-delayed-.html

Ford’s 2021 sales fall 6.8%, but automaker ends with strong fourth quarter

The U.S. automotive industry sold 15.1 million vehicles in 2021 despite major supply chain disruptions and the lingering impact of the coronavirus pandemic.

Read more at: https://www.cnbc.com/2022/01/05/fords-2021-sales-down-6point8percent-but-finishes-year-with-strong-fourth-quarter.html

Community theaters saw SBA’s Covid relief as a lifeline. Now they’re fighting to prove they qualify

The Shuttered Venue Operators Grant program was meant to help the live entertainment industry, but operators who appear to qualify for aid have been denied.

Read more at: https://www.cnbc.com/2022/01/05/small-entertainment-businesses-are-fighting-for-covid-relief-grants.html

First Two ‘Flurona’ Cases Detected In US: Officials

First Two ‘Flurona’ Cases Detected In US: OfficialsAuthored by Jack Philips via The Epoch Times

A Los Angeles County COVID testing site confirmed the first local case of “flurona,” or influenza combined with the CCP (Chinese Communist Party) virus that causes COVID, coming after a teen in Texas confirmed he was diagnosed with the two viruses.

Authorities at the 911 COVID testing site in Brentwood, California, confirmed a child tested positive for COVID and influenza A. The boy’s mother also tested positive for COVID.

“It was a family visiting from Mexico, from Cabo San Lucas,” Steve Farzam, the head of 911 COVID Testing, told KNBC-TV. “Some very mild symptoms, almost could be easily confused with sinusitis.”

The pair had recently returned from a vacation in Cabo San Lucas, Mexico, the company said.

Farzam said the chil …

Read more at: https://www.zerohedge.com/covid-19/first-2-cases-flurona-virus-detected-us

Rivian Shares Plunge After Amazon Agrees To “Significant” EV Van Deal With Stellantis

Rivian Shares Plunge After Amazon Agrees To “Significant” EV Van Deal With StellantisRivian Automotive Inc. shares tumbled Wednesday after Stellantis, the automaker formerly known as Fiat Chrysler, announced an agreement to supply Amazon with battery-electric delivery vans.

Rivian shares are down more than 9% to $91 handle on the news that Stellantis will be delivering electric vehicles to Amazon next year.

In 2019, Amazon awarded Rivian an order for 100k electric delivery vans. The first 10,000 vans will be delivered by the end of 2022. That places Stellantis directly in competition with Rivian for Amazon business and is why investors sold shares.

Stellantis CEO didn’t disclose the order’s size but said it was a “significant number.”

Read more at: https://www.zerohedge.com/markets/rivian-shares-plunge-after-amazon-agrees-significant-ev-van-deal-stellantis

Amid Hospital Bed Scare, Why Has Pritzker Admin Let Supply Of Illinois ICU Beds Collapse?

Amid Hospital Bed Scare, Why Has Pritzker Admin Let Supply Of Illinois ICU Beds Collapse?Authored by Ted Dabrowski via Wirepoints.org,

Since the start of the pandemic, the risk of overrun hospitals has been one of the key reasons given for why Illinoisans should put up with what have been some of the most oppressive COVID policies in the nation. Lockdowns, school closures, remote learning, mask mandates, vaccine mandates and more have been part of the Pritzker administration’s many remedies for, among other goals, ensuring sufficient bed capacity.

But if protecting hospital capacity was a real goal, then one of the big questions today for the governor has to be this one: < …

Read more at: https://www.zerohedge.com/political/amid-hospital-bed-scare-why-has-pritzker-admin-let-supply-illinois-icu-beds-collapse

A March Rate Hike? Not So Fast

A March Rate Hike? Not So FastOne look at the market reaction, and especially rate market’s reaction – which now sees 80% odds of a March rate hike…

… to the Fed’s rather hawkish minutes, and one would be left with the impression that a hike as soon as March is inevitable which is why rates have spiked, and stocks are tumbling.

But is that really likely, especially with inflation set to anniversary its base effect surge some time in March, and with Omicron now spreading at the fastest pace on record?

The answer, at least according to some, is a resounding no.

As strategists from TD write, the surge in Covid infections is expected to dent economic growth in Q1, making it less likely for Federal Reserve to start raising rates in March. According to TD’s Priya Misra, the near certainty of the first rate hike in March is “very aggressive especially given the recent rise in COVID cases.” Furthermore, “the spike in infections should have a modest negative impact on the economy, and sign …

Read more at: https://www.zerohedge.com/markets/march-rate-hike-not-so-fast

Covid: Pre-departure travel tests to be scrapped

The government announces that pre-departure tests will be scrapped from 4am on Friday in England.

Read more at: https://www.bbc.co.uk/news/business-59876063?at_medium=RSS&at_campaign=KARANGA

Kantar: Shoppers return to supermarkets for festive feasts

Store visits hit their highest level since March 2020 as consumer confidence returned, research suggests.

Read more at: https://www.bbc.co.uk/news/business-59880116?at_medium=RSS&at_campaign=KARANGA

PMQs: Labour’s Angela Rayner steps up call for 5% energy bill VAT cut

Angela Rayner says rising living costs are hitting families hard, but Boris Johnson insists help is available.

Read more at: https://www.bbc.co.uk/news/uk-politics-59886030?at_medium=RSS&at_campaign=KARANGA

After losing 95% value, this token is getting its mojo back; here’s why

The past 24 hours saw a massive jump in the traded volumes of ICP, which had been in a bearish territory of late

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/after-losing-95-value-this-token-is-getting-its-mojo-back-heres-why/articleshow/88709128.cms

Sebi begins hiring drive ahead of LIC IPO, to recruit 120 execs in 4 months

The regulator will be recruiting experienced officials across legal, information technology, research, general and official language departments

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-begins-hiring-drive-ahead-of-lic-ipo-to-recruit-120-execs-in-4-months/articleshow/88716328.cms

Tech View: Nifty faces 18,000 test; buy on dips, say analysts

Some indicators on the short term charts have reached overbought levels, hinting at caution. The index must sustain above 17,748 level as a breach of this can attract some selling pressure on an intraday basis, said Mazhar Mohammad of Chartviewindia.in.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-faces-18000-test-buy-on-dips-say-analysts/articleshow/88712844.cms

The Fed: Fed minutes paint a picture of a central bank ready to swiftly abandon its easy policy stance

Federal Reserve officials generally agreed that interest rate hikes may be needed sooner or at a faster pace than they had earlier thought.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-783A-11834011F458%7D&siteid=rss&rss=1

Market Snapshot: Dow sheds over 300 points, Nasdaq skids 2.9% after Fed minutes surprise with talk of shrinking balance sheet

Dow loses grip on gains Wednesday and stocks fall to session lows, after the release of the Fed’s December meeting minutes show robust discussion around the potential trimming of the central bank’s record-sized balance sheet.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7839-452284CDE6F2%7D&siteid=rss&rss=1

Bond Report: 2-year Treasury yield jumps to highest level in almost two years as Fed officials eye a more aggressive start to rate hikes

The yield most closely associated with the Fed’s near-term policy path jumped Wednesday after the release of the minutes from the Fed’s December policy meeting.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7838-1F3EEB55AF14%7D&siteid=rss&rss=1