31Jan2022 Market Close & Major Financial Headlines: Wall Street Climbs Higher, U.S. Financial Conditions Tightened Significantly, S&P 500 Rallies Up 1.9% As Market Cuts Steep January Losses

Is Uganda Ready For An Oil Boom?

Uganda is aiming to become a crude oil exporter as the Uganda National Oil Company solidifies plans for a large oil field and pipeline project this year. This builds upon efforts by the government to attract greater foreign investment to the oil and gas sector. In addition, the development of a 60,000 bpd refinery will boost the countrys output. However, Uganda must strike the balance between fossil fuel development and its greenhouse gas emissions. As countries around the world curb their oil production in favor of renewable energy, as

Read more at: https://oilprice.com/Energy/Energy-General/Is-Uganda-Ready-For-An-Oil-Boom.html

Bitcoin Miners Face Backlash For Burning Coal Waste

At present, the energy footprint of Bitcoin is hovering around 137.4 Terawatt hours per year, the equivalent of an entire countrys energy use. In fact, the cryptocurrencys annual energy usage currently ranks between that of Ukraine and Egypt countries of over 40 and 100 million people, respectively. The sky-high energy demand of mining cryptocurrencies has earned scorn and criticism from the likes of Bill Gates, Elon Musk, and now the United States Congress. The exact amount of energy being used by Bitcoin miners in the United

Read more at: https://oilprice.com/The-Environment/Global-Warming/Bitcoin-Miners-Face-Backlash-For-Burning-Coal-Waste.html

U.S. Natural Gas Inventories Drop Below Five-Year Average Again

Colder-than-usual weather in January and high LNG exports reduced U.S. working natural gas storage levels to below the five-year average again, after one of the warmest Decembers on record had boosted inventories to above the five-year average last month, the Energy Information Administration said on Monday. The winter heating season began on November 1, with natural gas in storage at 3 percent below the previous five-year average. Then, due to a mild December, Lower 48 working natural gas in storage surpassed its five-year average in the middle

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Inventories-Drop-Below-Five-Year-Average-Again.html

Russian Natural Gas Production Expected To Hit All-Time High This Year

Russias natural gas production is expected to hit an all-time high this year, beating the 2021 record, yet this winter seasons deliveries to Europe have been much lower than usual. In 2021, Russias natural gas production is estimated to have increased by 10 percent year over year to reach a record of 762 billion cubic meters (bcm), the International Energy Agency (IEA) said in its quarterly Gas Market report on Monday. Gas giant Gazprom alone accounted for 80 percent of the rise in gas production, with its output nearing 513

Read more at: https://oilprice.com/Energy/Natural-Gas/Russian-Natural-Gas-Production-Expected-To-Hit-All-Time-High-This-Year.html

The U.S. Is Falling Behind In Energy Tech Research

Late last year, Yucheng Jiang and associates at Suzhou University of Science and Technology published a paper in which they described a device that could combine solar energy production with storage. That is, a combined generator and battery, which would operate at a higher efficiency level than the normal solar cell, and could retain the charge for seven days. Dont get too excited, yet, because this device has to operate at an extremely low temperature and is not in commercial production, either. But think of the implications.

Read more at: https://oilprice.com/Energy/Energy-General/The-US-Is-Falling-Behind-In-Energy-Tech-Research.html

Nigeria Lost Half A Billion In Oil Revenue To Force Majeure In December

Nigeria, the largest African producer in OPEC, lost an estimated $487.5 million from oil revenues as force majeure and sabotages led to a decline of 6.596 million barrels of oil in its production in December 2021, This Day outlet reported on Monday, citing data from the Nigerian National Petroleum Corporation (NNPC). The loss in Nigerian oil production means that the country failed to take advantage of an average $75 a barrel oil, losing nearly half a billion in proceeds. The oil and gas sector accounts for about 10 percent of Nigeria’s gross domestic

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Lost-Half-A-Billion-In-Oil-Revenue-To-Force-Majeure-In-December.html

Companies founded by Pharma Bro Martin Shkreli will pay up to $28M in class-action settlement over Daraprim price hike

Martin Shkreli raised the price of the prescription drug Daraprim by more than 4,000. He recently was banned for life from the pharmaceutical industry.

Read more at: https://www.cnbc.com/2022/01/31/companies-founded-by-martin-shkreli-will-pay-in-daraprim-case.html

Peloton internal docs show it slashed 2022 sales goals for apparel unit after segment revenue more than doubled last year

Peloton’s apparel business more than doubled to over $100 million in annual sales last year, according to internal documents obtained by CNBC.

Read more at: https://www.cnbc.com/2022/01/31/peloton-internal-docs-show-it-slashed-2022-sales-goals-for-apparel-unit-.html

Tesla climbs nearly 10% after Credit Suisse upgrade

Tesla had previously declined almost 20% in January amid a sell-off that dragged the Nasdaq down.

Read more at: https://www.cnbc.com/2022/01/31/tesla-climbs-nearly-10percent-on-monday-after-credit-suisse-upgrade.html

The omicron subvariant is more contagious, but vaccinated people are less likely to spread it, study finds

People who were fully vaccinated actually transmitted BA.2 less than BA.1, the currently dominant omicron strain.

Read more at: https://www.cnbc.com/2022/01/31/the-new-omicron-subvariant-is-more-contagious-but-vaccinated-people-are-less-likely-to-spread-it-study-finds.html

Boeing wins Qatar Airways order for 737 Max planes, new 777X freighters

Qatar Airways signs up for new 777X freighters Boeing plans to develop.

Read more at: https://www.cnbc.com/2022/01/31/boeing-wins-qatar-airways-orders-for-new-777x-freighters-.html

Best Buy could cash in from rise of the metaverse, analyst says

The consumer electronics retailer may sell pricier PCs and more virtual reality headsets if more Americans dive into the virtual world for gaming and socializing.

Read more at: https://www.cnbc.com/2022/01/31/best-buy-could-cash-in-from-rise-of-the-metaverse-analyst-says-.html

Stocks making the biggest moves midday: Tesla, Spotify, Netflix, Beyond Meat and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/01/31/stocks-making-the-biggest-moves-midday-tesla-spotify-netflix-beyond-meat-and-more.html

Millions of Americans have quit their jobs. Is Obamacare helping them?

The pandemic may be fueling the Great Resignation, but it has also led to some of the best subsidy opportunities for Obamacare health insurance plans.

Read more at: https://www.cnbc.com/2022/01/31/obamacare-great-resignation-health-insurance.html

UK investigation into Downing Street Covid lockdown parties finds ‘failures of leadership’

U.K. Prime Minister Boris Johnson has so far resisted calls to resign despite public anger over a long and growing list of alleged lockdown breaches.

Read more at: https://www.cnbc.com/2022/01/31/uk-investigation-into-alleged-downing-street-parties-finds-serious-failure-to-observe-high-standards.html

5 things to know before the stock market opens Monday

Despite Friday’s 2.4% rally, the S&P 500 is headed for its worst month since March 2020 when the Covid pandemic was declared.

Read more at: https://www.cnbc.com/2022/01/31/5-things-to-know-before-the-stock-market-opens-monday-jan-31.html

Global gaming company Entain looks to compete in metaverse, immersive entertainment

Entain will invest more than $130 million to launch an innovation lab to develop immersive sports and entertainment experiences in the metaverse.

Read more at: https://www.cnbc.com/2022/01/30/entain-looks-to-compete-in-gambling-in-metaverse-immersive-gambling.html

China’s Covid lockdown rules are sending prices higher, says Chinese EV start-up

Covid-related factory shutdowns and travel restrictions have increased production costs for Chinese electric car start-up WM Motor, CEO Freeman Shen told CNBC.

Read more at: https://www.cnbc.com/2022/01/31/ev-start-up-wm-motor-chinas-covid-lockdown-rules-send-prices-higher.html

Inflation at its worst: Some ticket prices are up as much as 100%

Attractions hard hit by the Covid pandemic are raising the price of admission in 2022.

Read more at: https://www.cnbc.com/2022/01/30/inflation-at-its-worst-some-ticket-prices-are-up-as-much-as-100percent.html

Panic-Bid Rescues Nasdaq (Barely) From Worst January Ever As Rate-Hike Odds Soar

Panic-Bid Rescues Nasdaq (Barely) From Worst January Ever As Rate-Hike Odds SoarTl;dr… January was this…

‘Bubble’ Markets continued to blow up in January (with the now ubiquitous month-end rebalance bounce of hope)…

Source: Bloomberg

This came as US financial conditions tightened significantly (ex-March 2020, this is as big a tightening as in Q4 2018 just before Powell folded). Bear in mind just how much ‘easier’ financial conditions are still than the ‘easiest’ they have been for the last decade…

Read more at: https://www.zerohedge.com/markets/nasdaq-crashes-worst-january-ever-rate-hike-odds-soar

Canadian Official ‘Expects Police To Take Appropriate Action’ As Freedom Convoy Blocks US-Canada Border Crossing

Canadian Official ‘Expects Police To Take Appropriate Action’ As Freedom Convoy Blocks US-Canada Border CrossingUpdate (1550ET): At least 100 truckers are blocking the Canadian border between Alberta and Montana for a third day in protest of vaccine mandates – and Canadian officials are beginning to freak out.

BREAKING: Massive convoy of truckers have blockaded the US-Canada border crossing in Alberta pic.twitter.com/A4KHrzETbv

— Jack Posobiec 🇺🇸 (@JackPosobiec) January 31, 2022

On Sunday, Alberta Premier Jason Kenney called for an end to the blockade, saying in a statement: “Canadians have a democratic right to engage in lawful protests. I urge those involved in this truck convoy protest to do so as safely as possible, and not to create road hazards that could lead to accidents or unsafe conditions for other drivers.”

According to the Calgary Herald, over 100 vehicles remain blocking the Southern Alberta highway.

Read more at: https://www.zerohedge.com/political/coward-19-trudeau-tests-positive-covid-while-hiding-out-canadian-truckers

Bostic Walks Back 50bps Rate Hike, Says Fed Won’t Start Recession But Yield Curve Says it’s Too Late

Bostic Walks Back 50bps Rate Hike, Says Fed Won’t Start Recession But Yield Curve Says it’s Too LateAs we reported on Sunday (in “Atlanta Fed President Pours Gasoline On Fire With 50Bps Hike Comment, But There Are Reasons To Fade It”), Atlanta Fed president Rafael Bostic (2024 voter, hawk) sparked a fresh round of Fed fears (and catalyzed much of the overnight weakness in US futures) when in an interview with the FT, he suggested that a more aggressive approach is possible if the data warranted it which would mean rate hikes at every remaining policy meeting this year, adding that a 50bp hike is possible if inflation remains stubbornly high. Although, as we explained, not only is that not his base case – he maintains his call for three 25bps hikes in 2022 – but there were various mitigating factors suggesting that investors should not equate his comment with a Fed trial balloon that a 50bps rate hike is coming in March.

Sure enough, fast forward to this afternoon, when perhaps seeking to ease market nerves, Bostic was interviewed by Apollo’s Yahoo Finance, and said clarified that “a 50bps hike is not his preferred policy action for March”, adding that the “Fed is not fixed on a set policy progression” and that we “should get a few rate moves in hand then reduce size of the balance sheet.”

“I would adjust my policy to maybe not be as aggressive in terms of raising interest rates” if i …

Read more at: https://www.zerohedge.com/markets/bostic-walks-back-50bps-rate-hike-says-fed-wont-start-recession-yield-curve-says-its-too

Tesla Accused Of Inflating Sales In Australia After Company Sales Data Fails To Reconcile With Official Registration Data

Tesla Accused Of Inflating Sales In Australia After Company Sales Data Fails To Reconcile With Official Registration DataColor us not surprised, but Tesla has been accused of inflating its sales numbers in Australia, a new Drive article reported this weekend.

As a reminder, Tesla claimed that it had sold 15,000 vehicles locally in Australia in 2020 – but the company’s official number doesn’t jibe with registration data out of the country.

Official Australian data “revealed 12,000 Tesla cars were added to the nation’s roads in 2021,” the Drive wrote, leaving an obvious delta of 3,000 vehicles from Tesla’s reported numbers.

The numbers hold extra weight in Australia because Tesla’s reported numbers would end the 28-year winning streak of the Toyota Camry in the mid-size sedan class, the report says. But Australia’s official numbers would put Tesla below the Camry:

Based on unsubstantiated figures released by Tesla and the Electric Vehicle Council, the Tesla Model 3 sedan has scuppered the 28-year winning streak of the Toyota Camry in the mid-size sedan class in Australia (15,054 versus 13,081 sales).

However, based on national registration data, the Tesla Model 3 finished a close second behind the Toyota Camry last year (12,058 versus 13,081 sales) and the 28-year winning streak still stands.

Read more at: https://www.zerohedge.com/markets/tesla-accused-inflating-sales-australia-after-company-sales-data-fails-reconcile-official

Co-op workers win legal argument in equal pay fight

Shop floor workers at the supermarket are a step closer to securing equal pay with warehouse staff.

Read more at: https://www.bbc.co.uk/news/business-60199023?at_medium=RSS&at_campaign=KARANGA

Wine drinkers face higher prices and less choice, firm warns

Proposed changes to alcohol duty could also push smaller firms out of business, a wine seller warns.

Read more at: https://www.bbc.co.uk/news/business-60195871?at_medium=RSS&at_campaign=KARANGA

Key Post Office deal agreed for future of cash

Customers of 30 banks and building societies can continue to use post offices to deposit cash.

Read more at: https://www.bbc.co.uk/news/business-60199157?at_medium=RSS&at_campaign=KARANGA

Market movers: Likely Nifty inclusion lifts Info Edge; CLSA upgrades fuels rally in RIL

Shares of Info Edge rallied over 11 per cent, recovering some of the losses sustained in sell-off in the last one month

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-likely-nifty-inclusion-lifts-info-edge-clsa-upgrades-fuels-rally-in-ril/articleshow/89250719.cms

SBI, Maruti Suzuki among 7 stocks to position yourself before Budget Day

All eyes are on Budget now. There are many expectations and speculations in the market that are keeping the stocks buzzing. Many traders would like to make the most of this buzz. Technical analysts suggest seven names that may be best positioned to deliver handsome short term gains.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sbi-maruti-suzuki-among-7-stocks-to-position-yourself-before-budget-day/money-making-ideas/articleshow/89242630.cms

Adani Wilmar IPO garners 17 times bids on final day

The company has reserved equity shares aggregating to Rs 107 crore for its eligible employees who will get a discount of Rs 21 per share during the bidding process.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/adani-wilmar-ipo-subscribed-1-32-times-so-far-on-day-3/articleshow/89238630.cms

The Ratings Game: Netflix stock set for best day in a year as analysts say subscriber slowdown doesn’t tell the full story

Shares of Netflix Inc. are rocketing toward their best day in more than a year Monday after a pair of analysts say the stock’s selloff had gone too far.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78DB-0E53FF04E315%7D&siteid=rss&rss=1

: Market corrections are good buying opportunities, says Goldman Sachs — but only when this happens

Is it time to wade in? Yes, if you’re confident one thing won’t happen, say strategists at Goldman Sachs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78DA-1F8823CA7AAB%7D&siteid=rss&rss=1

FA Center: Stocks shook off COVID but the market could weaken if the virus becomes part of life

Lessons from the Spanish Flu pandemic a century ago.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78DA-1A85D0C761F8%7D&siteid=rss&rss=1