21Feb2022 Market Close & Major Financial Headlines: It’s Not Presidents’ Day – It’s Washington’s Birthday, Wall Street Closed, DOW Futures down 308 points, WTI Makes move higher 93.20, Gold Climbs To 1904

Refinery Explosion Threatens To Send Gasoline Prices Soaring

Gasoline prices have risen for eight straight weeks, according to new data published by Gas Buddy on Monday. And a major refinery explosion in New Orleans could threaten to send gasoline prices even higher. U.S. national gasoline prices were on the rise early on Monday, climbing 3.2 cents from a week ago to reach $3.52 per gallon as tensions between Ukraine and Russia flared. With tensions still very high that Russia may invade Ukraine, gasoline prices kept moving higher, tugged by the rising price of oil as the market concentrates on possible

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Refinery-Explosion-Threatens-To-Send-Gasoline-Prices-Soaring.html

Bitcoin Miners Are Fighting Over Flared Gas

Partnerships between oil producers and crypto miners are becoming more commonplace across the U.S. as bitcoin firms fight over flared gas. While bitcoin and other digital currency producers have struck up several deals with local American oil firms to repurpose their waste gas for mining, its only recently that oil majors have started to pay attention. With huge carbon-cutting potential through mutually beneficial partnerships, this could be a win-win for crypto and Big Oil. Over the past couple of years, interest in repurposing

Read more at: https://oilprice.com/Energy/Energy-General/Bitcoin-Miners-Are-Fighting-Over-Flared-Gas.html

Ukraine Invasion Could Crush Russias Nord Stream 2 Ambitions

The European Union would target Russia-led gas pipeline project Nord Stream 2 if Russian invades Ukraine, as part of an EU package of sanctions being prepared in case of an armed conflict, Austria said on Monday. Certification (of the pipeline) would then be stopped (if Russia invaded). There is no question about that. That, therefore, means that Nord Stream 2 is part of the sanctions, Austrian Chancellor Karl Nehammer said during a news conference on Monday, as quoted by Reuters. The pipeline construction is completed, but Nord Stream

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Invasion-Could-Crush-Russias-Nord-Stream-2-Ambitions.html

Middle Eastern Oil Nations Hike Prices As Production Falters

When OPEC+ agreed on its 400,000 b/d monthly increases back in August 2021, the overwhelming expectation for the first months of 2022 was a gradual return to normality, with key Middle Eastern crude producers ramping up production to almost pre-pandemic levels. Fast-forward to today and the world is facing a completely different picture inventories are the tightest in almost a decade, with the pace of stock depletion unparalleled in recent decades. The same key Middle Eastern powerhouses have played a part in this, underperforming their

Read more at: https://oilprice.com/Energy/Energy-General/Middle-Eastern-Oil-Nations-Hike-Prices-As-Production-Falters.html

Ukraine Calls On The EU To Hit Russia With Sanctions

The European Union has told Ukraine it is not ready to slap sanctions on Moscow at this time, but it did back plans for financial assistance to the country struggling under the threat of attack from Russia. Foreign policy chief Josep Borrell told reporters on the sidelines of the blocs foreign ministers summit in Brussels on February 21 that he would convene an extraordinary EU meeting to set sanctions only “when the moment comes.” The decision rebuffed calls by Ukrainian Foreign Minister Dmytro Kuleba for the West to immediately take steps

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Calls-On-The-EU-To-Hit-Russia-With-Sanctions.html

Whats Next For Egypts Burgeoning Oil Industry?

Egypt is expecting major investments in its oil sector this year as national and foreign oil companies increase operations across the country. The development of Egypts energy sector has been further supported by increasing petrochemical output and a strong export market. Its geographic location could make it a hub in the MENA region and its efforts to decarbonize will help it sustain its position in the international oil market. After a successful year in oil and gas in 2021, Egypt is expecting between $7.5 to $8 billion in foreign

Read more at: https://oilprice.com/Energy/Energy-General/Whats-Next-For-Egypts-Burgeoning-Oil-Industry.html

UK to roll out additional Covid vaccine shot for over 75s and vulnerable people within weeks

The U.K. will roll out an additional Covid vaccine shot for the elderly and its clinically vulnerable population.

Read more at: https://www.cnbc.com/2022/02/21/covid-uk-to-roll-out-additional-vaccine-shot-for-over-75s-vulnerable-people.html

Here are the 5 most valuable airline and hotel rewards programs

NerdWallet released its 2022 rankings of the top five most valuable airline and top five hotel rewards programs, based on rate of return on dollars spent.

Read more at: https://www.cnbc.com/2022/02/21/here-are-the-5-most-valuable-airline-and-hotel-rewards-programs.html

Power giants to scope offshore wind projects in India’s untapped market

According to India’s Ministry of New and Renewable Energy, the country is home to roughly 7,600 kilometers of coastline.

Read more at: https://www.cnbc.com/2022/02/21/rwe-tata-power-to-scope-offshore-wind-projects-in-india.html

Beam Suntory CEO says 2021 sales rose 11%, as shift to high-end spirits pays off

Beam Suntory’s shift toward high-end spirits is paying off, driving sales up 11% in 2021 and allowing the company to raise prices to fight inflation.

Read more at: https://www.cnbc.com/2022/02/21/beam-suntory-sales-rise-11percent-in-2021-fueled-by-shift-to-high-end-spirits.html

UK PM Boris Johnson lifts all remaining Covid restrictions in England

U.K. Prime Minister Boris Johnson on Monday lauded the lifting of all remaining Covid restrictions in England as a “moment of pride.”

Read more at: https://www.cnbc.com/2022/02/21/uk-pm-boris-johnson-to-lift-all-remaining-covid-restrictions-in-england.html

We should boost Europe’s energy independence by investing in renewables, CEO says

It comes as tensions between Russia and Ukraine have pushed discussions about energy independence to the fore.

Read more at: https://www.cnbc.com/2022/02/21/speed-up-renewables-investment-to-guarantee-energy-independence-ceo.html

Warby Parker has big growth plans. But analysts are split on its bid to take on EssilorLuxottica

While EssilorLuxottica has a much larger market capitalization than Warby Parker, the smaller company says it can grow “faster than the overall industry.”

Read more at: https://www.cnbc.com/2022/02/21/warby-parker-plans-to-take-on-glasses-giant-essilorluxottica.html

Indonesia relies heavily on China’s Sinovac vaccine. A new wave of infections puts it to the test

Indonesia hit a daily record high of more than 64,000 cases last week, superseding daily infections in the previous wave which peaked just under 57,000 in July.

Read more at: https://www.cnbc.com/2022/02/21/new-covid-wave-in-indonesia-puts-chinas-sinovac-to-the-test.html

Carl Icahn launches proxy fight with McDonald’s over treatment of pigs

Carl Icahn, the famed billionaire corporate raider, has pushed McDonald’s for better treatment of pigs in recent years.

Read more at: https://www.cnbc.com/2022/02/20/carl-icahn-launches-proxy-fight-with-mcdonalds-over-treatment-of-pigs.html

The chip shortage is so bad GM dropped heated seats in winter

The chip shortage is forcing automakers to drop key features such as heated seats, seat memory modules and infotainment features to keep producing.

Read more at: https://www.cnbc.com/2022/02/20/the-chip-shortage-is-so-bad-gm-dropped-heated-seats-in-winter.html

How Olympic speed skater Apolo Ohno learned to conquer his self-doubt

Eight-time Olympic medalist Apolo Ohno struggled after leaving speed skating. Now, he has advice for others making career pivots during the Great Resignation.

Read more at: https://www.cnbc.com/2022/02/20/how-olympic-speed-skater-apolo-ohno-learned-to-conquer-his-self-doubt.html

Britain’s Queen Elizabeth II, world’s longest-serving monarch, tests positive for Covid; symptoms are mild

Queen Elizabeth II tested positive for Covid-19 on Sunday and is experiencing mild, cold-like symptoms, Buckingham Palace said.

Read more at: https://www.cnbc.com/2022/02/20/queen-elizabeth-tests-positive-for-covid-her-symptoms-are-mild-and-she-is-vaccinated.html

Rodent infestation leads to recalls at more than 400 Family Dollar stores

The stores are located across Alabama, Arkansas, Louisiana, Missouri, Mississippi and Tennessee.

Read more at: https://www.cnbc.com/2022/02/19/rodent-infestation-leads-to-recalls-at-more-than-400-family-dollar-stores.html

Moscow Says US Embassy “Out Of Touch With Reality” After Dire “Terror Alert”

Moscow Says US Embassy “Out Of Touch With Reality” After Dire “Terror Alert”The US Embassy in Moscow issued an unusual “terrorism alert” to American nationals residing in the country on Sunday. It warned all US citizens of possible “attacks in shopping malls, metro, and railway stations” – and on that basis urged Americans to begin prepping plans to leave Russia.

However it didn’t invoke intelligence or official assessments, instead: “According to media sources, there have been threats of attacks against shopping centers, railway, and metro stations, and other public gathering places in major urban areas, including Moscow and St. Petersburg as well as in areas of heightened tension along the Russian border with Ukraine,” according to the alert.

Getty ImagesThe FSB (Federal Security Service) responded to the notification on Monday by

Read more at: https://www.zerohedge.com/geopolitical/moscow-says-us-embassy-out-touch-reality-after-dire-terror-alert

It’s Not Presidents’ Day – It’s Washington’s Birthday

It’s Not Presidents’ Day – It’s Washington’s BirthdayAuthored by Richard Lim via RealClear PublicAffairs (emphasis ours),

You probably know that George Washington was America’s first president, but do you know about his enduring impact on people around the world? I did not until I visited Hainan, China in 2007.

At a family reunion, I struck up a conversation with one of my cousins, a Chinese citizen, and discovered we had a mutual love of politics and history. Although he criticized many recent American foreign policy decisions, he also revealed his intense admiration for George Washington.

He was astonished that after defeating Great Britain and winning American independence, Washington relinquished all his power to the people� …

Read more at: https://www.zerohedge.com/political/its-not-presidents-day-its-washingtons-birthday

Goldman Calculates How Much Various Markets Will Move Under A Russia-Ukraine War

Goldman Calculates How Much Various Markets Will Move Under A Russia-Ukraine WarYesterday we published an extensive analysis courtesy of Rabobank, looking at all the ways a war between Russia and Ukraine would impact the regional and global economy, how it would affect risk premia and risk assets, what it would do to oil and gas prices (spoiler alert: higher), and much more. Readers can read the full analysis at “How We Would Pay For The War.”

However, for those who are time strapped, or are mostly interested in how a conflict would impact various capital markets, Goldman this morning published a note analyzing how much geopolitical risk is priced into global assets, and finds that – among other things – the S&P could drop 6% in a potential downside case, or jump 5.6% in a “de-escalation scenario”, and also calculates the following ranges for these markets:

Stoxx 600: down 9.3% in maximum Ruble undervaluation scenario, or up 8.4% in de-escalation;

Russell 2000: down 10.2%, up 9.2%

Nikkei 225: down 8.6%, up 7.7%.

MSCI Emerging Markets: down 7.7%, up 6.9%

And so on, as shown in the full table at the bottom of this article.

As Goldman’s Dominic Wilson writes, in explaining the bank’s approach to the analysis, “we are asked increasingly how much geopolitical risk premium could now be priced in various assets.” And while he concedes that it is always difficult to be precise in these cases, he suggests one way of estimating that issue here.

The bank approaches the answer in two steps: first …

Read more at: https://www.zerohedge.com/markets/goldman-calculates-how-much-various-markets-will-move-under-russia-ukraine-war

In The Age Of COVID, We’re Reminded An Unjust Law Is No Law At All

In The Age Of COVID, We’re Reminded An Unjust Law Is No Law At AllAuthored by Ryan McMaken via The Mises Institute,

It has become something of a habit in both the American and Canadian media to insist that the Canadian trucker protest against vaccine mandates is an “illegal protest.” They are “illegal border protests,” one American news affiliate proclaims. Canada’s National Post dutifully refers to the protests in its headlines as illegal acts. The term “illegal” has been used a multitude of times by Liberal Party politicians in the House of Commons. The premier of Ontario—one of Canada’s most hysterical politicians—not only paints the protests as illegal but as a “siege.” Other opponents of the protests refer to them as an “occupation” and as an “insurrection.”

Read more at: https://www.zerohedge.com/political/age-covid-were-reminded-unjust-law-no-law-all

Businesses warn against end of free Covid tests

Leaders did, however, cautiously welcome the “living with Covid” plan that will end self-isolation rules.

Read more at: https://www.bbc.co.uk/news/business-60471312?at_medium=RSS&at_campaign=KARANGA

Post Office scandal: Stop the game right now, pleas victim

Victims of one of Britain’s biggest miscarriages of justice tell an inquiry of the impact on their lives.

Read more at: https://www.bbc.co.uk/news/business-60431533?at_medium=RSS&at_campaign=KARANGA

British Airways blames luggage delays on high winds

The airline says continuous high winds are making it difficult to offload passengers’ luggage.

Read more at: https://www.bbc.co.uk/news/business-60464257?at_medium=RSS&at_campaign=KARANGA

Day Trading Guide: 2 stock recommendations for Tuesday

India VIX rallied to settle near levels of 23. Higher VIX levels are likely to keep near term structure uncertain.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-2-stock-recommendations-for-tuesday/articleshow/89725387.cms

Market movers: Why Indiabulls Group stocks tanked up to 20%

While the drama was unfolding in one part of Mumbai, shares of Indiabulls Group companies trading in different parts tanked. Dhani Services plunged 20 per cent while Indiabulls Housing Finance fell 10 per cent. Indiabulls Real Estate was down 15 per cent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-why-indiabulls-group-stocks-tanked-up-to-20/articleshow/89726819.cms

LIC largest holder of G-secs, equities, household savings: Report

As of December, it owns 10 per cent of RIL, 5 per cent each in TCS, Infosys and ITC, and 4 per cent each in ICICI Bank, L&T and SBI.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/lic-largest-holder-of-g-secs-equities-household-savings-report/articleshow/89732276.cms

The Moneyist: ‘They have an uneasy truce’: How do I keep my girlfriend’s abusive estranged husband from getting his hands on any inheritance I leave her?

‘She plans to divorce him eventually, but she is not ready to take that step for fear of what will happen at that time.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7942-F4EC667BE458%7D&siteid=rss&rss=1

The Moneyist: We’ve been married for 5 years. I pay two-thirds of my wife’s mortgage and spent $12,000 on repairs — but she says her daughter will inherit our home

‘What can I do at this point to secure my investment in the house?’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7934-322BC6E1757F%7D&siteid=rss&rss=1

Market Snapshot: Will Fed rate hikes crush the stock market? Here’s why speed matters

History shows stocks can rise as the Federal Reserve begins lifting interest rates, but a closer look at the data shows equities perform less well when central bankers are in a rush.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7975-7FA8A66C29F0%7D&siteid=rss&rss=1