Headlines:
U.S. Sanctions Will Not Target Russia’s Oil And Gas Exports
Molson Coors logs its first sales growth in a decade as turnaround plan takes hold
Hydrogen generation could become a $1 trillion per year market, Goldman Sachs says
Commodities Soar As Ruble Routed, Tech Wrecked, & S&P Enters Correction
Lead Prosecutors Abruptly Quit Trump Investigation
Market Extra: The next shoe to drop? The 125-year old Dow industrial s are on the brink of correction.
U.S. indices managed to cut their losses yesterday before closing, but today, Wall Street’s major indexes slithered down and closed near session lows. Traders who bought at the opening feel the pain of buying higher and selling low. Markets didn’t remain in the green for long, plunging downward within an hour into the red.
But, alas, there might be light at the end of the tunnel; these uninformed sheeple are hoping it isn’t a train coming their way. Today’s red volume was lighter than usual, signaling many investors are in a wait-and-see stance. Moreover, the trading volume for the past week or so has been somewhat ‘normal,’ not anywhere what one would expect during a full-fledged bear market reversal.
Without a doubt, Wall Street is in correction territory, but the panic sell phase coming from the Sheeple’s hasn’t become a factor of a full-blown market reversal. Although the S&P 500 enters its first correction in two years as the Russia-Ukraine conflict escalates, investors haven’t hit the red panic button yet.
Precious metals usually depict negative market movements, and they haven’t moved much higher in recent weeks. On the other hand, rising oil prices (WTI 91.77) directly responds to Russia’s ability to control certain aspects of the energy distribution flowing into Europe.
As usual, we have included below the headlines and news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Charting The Collapse Of Latin Americas Largest Oil NationFor decades after the rise of Pablo Escobar and the Medellin cartel, the violence-riven Latin American country of Colombia was long associated with being a narco-state. The Andean country emerged as a partial democracy where organized crime had deeply penetrated state institutions and embedded itself in political parties with politicians funded by cocaine cartels controlling the levers of power. After decades of endemic lawlessness and violence, which nearly caused the state to fail, Colombias government, with substantial support from Washington, Read more at: https://oilprice.com/Energy/Crude-Oil/Charting-The-Collapse-Of-Latin-Americas-Largest-Oil-Nation.html |
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Vietnam Grapples With Fuel ShortagesVietnam has been grappling with gasoline and diesel shortages for weeks after its main refinery cut production last month and forced the Southeast Asian nation to tap its strategic national reserves to alleviate the supply crunch. Hundreds of gas stations across Vietnam have had to close because they have run out of fuels, while the price of gasoline was raised to a record-high earlier this week as international crude oil prices rallied. Vietnam will be auctioning more than 26 million gallons of gasoline from its state reserves, state media in Read more at: https://oilprice.com/Latest-Energy-News/World-News/Vietnam-Grapples-With-Fuel-Shortages.html |
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An Increase In Polysilicon Production Could Help Curb Solar Power PricesAs the prices of solar power inputs reach 10-year highs, Indonesia is looking to boost solar panel manufacturing. In late January the Indonesian government told international media that it plans to establish a $4bn polysilicon industry. Polysilicon is a key raw material in the production of solar panels. Two plants are set to be constructed under the plans. The first, an $800m site in Batang, Central Java, will have an initial annual production capacity of 40,000 tonnes, with construction set to start in the third quarter of the year. Meanwhile Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/An-Increase-In-Polysilicon-Production-Could-Help-Curb-Solar-Power-Prices.html |
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Chinas Crackdown On Speculative Trading Could Impact A Key Metal MarketThe price decline of iron ore appears short-lived as the Chinese government cracks down on speculative trading. This has led many market analysts to forecast a rise in ore prices in the coming months. Fitch, in its latest report, has expressed optimism due to Chinese demand for iron ore. The reporting agency believes ongoing supply constraints and fresh demand would eventually combine to restore market equilibrium. Rising iron ore forecasts Based on current market conditions, Fitch Solutions Country Risk and Industry Research now joins some of Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Crackdown-On-Speculative-Trading-Could-Impact-A-Key-Metal-Market.html |
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U.S. Sanctions Will Not Target Russia’s Oil And Gas ExportsThe sanctions that the United States is imposing on Russia for recognizing two breakaway regions in eastern Ukraine and sending troops there are not targeting Russian oil and gas flows, nor will they target such flows in subsequent sanctions that could be imposed in the near future, the U.S. said. “The sanctions that are being imposed today, as well that could be imposed in the near future, are not targeting and will not target oil and gas flows,” a senior U.S. State Department official told Reuters on the condition of anonymity. “We would like Read more at: https://oilprice.com/Energy/Energy-General/US-Sanctions-Will-Not-Target-Russias-Oil-And-Gas-Exports.html |
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Rio Tinto Faces Headwinds Despite Record-Breaking ProfitsRio Tinto has paid out a monster $16.8bn (12.4bn) dividend to shareholders, the second biggest in the history of the FTSE 100, after it rebounded from the pandemic with record profits. In the companys freshly released full-year results, the miner recorded a 116 percent boost in after-tax profits, rising to $21.1bn. It also unveiled a total dividend of $10.40 per share representing a 79 percent pay-out. This is a record payout for the company, and the second biggest dividend in the history of the index, behind only Vodafones Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rio-Tinto-Faces-Headwinds-Despite-Record-Breaking-Profits.html |
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Allbirds shares fall as sneaker retailer reports widening losses, despite 23% jump in salesAllbirds on Wednesday reported fourth-quarter sales that beat analysts’ estimates and a net loss that was in line with expectations. Read more at: https://www.cnbc.com/2022/02/23/allbirds-bird-reports-q4-2021-earnings.html |
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Ford CEO says automaker has no plans to spin off its electric vehicle businessSome Wall Street analysts have pressured traditional automakers such as Ford and General Motors to separate their electric vehicle businesses. Read more at: https://www.cnbc.com/2022/02/23/ford-has-no-plans-to-spin-off-its-ev-business-ceo-says.html |
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Pro sports have never had a Black commissioner — and many doubt it’ll happen soonExperts and academics say leagues have a long way to go to improve representation in front offices, especially in the C-suite. Read more at: https://www.cnbc.com/2022/02/23/why-pro-sports-have-never-had-a-black-commissioner-.html |
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U.S. Postal Service moves ahead with plan to spend billions on gas vehiclesThe Postal Service’s plan to purchase thousands of gas-powered vehicles has drawn strong opposition from the Biden administration and environmental groups. Read more at: https://www.cnbc.com/2022/02/23/usps-moves-ahead-with-plan-to-spend-billions-on-gas-vehicles.html |
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Investing Club: We’re looking past Bausch’s mixed quarter to the greater value a breakup bringsThe upcoming Bausch + Lomb and Solta Medical IPOs are key to realizing upside earnings power locked away in the bigger company. Read more at: https://www.cnbc.com/2022/02/23/were-looking-past-bauschs-mixed-quarter-to-the-greater-value-a-breakup-brings.html |
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Black upward mobility strongest in diverse neighborhoods with mentorship opportunities, says Census BureauMany African-Americans face an uphill battle when it comes to building wealth. A small group of neighborhoods and entrepreneurs are bucking this trend. Read more at: https://www.cnbc.com/2022/02/23/black-families-are-achieving-upward-mobility-in-high-opportunity-areas.html |
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Molson Coors logs its first sales growth in a decade as turnaround plan takes holdMolson Coors’ fourth-quarter earnings fell short of Wall Street’s expectations, but its revenue topped analysts’ calls. Read more at: https://www.cnbc.com/2022/02/23/molson-coors-tap-q4-2021-earnings.html |
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CDC says waiting longer between Pfizer, Moderna doses may reduce rare myocarditis risk for younger menThe CDC said males ages 12- to 39-years-old should consider waiting eight weeks between the first and second doses of Pfizer’s and Moderna’s vaccines. Read more at: https://www.cnbc.com/2022/02/23/cdc-says-waiting-longer-between-pfizer-moderna-doses-may-reduce-myocarditis-risk.html |
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Elon Musk cheers on Justice Department probe of short sellersTesla CEO Elon Musk took fresh shots at short sellers and the SEC, two of the billionaire’s most frequent targets for insults and criticism. Read more at: https://www.cnbc.com/2022/02/23/elon-musk-cheers-on-justice-department-probe-of-short-sellers.html |
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On Main Street, the need to take on more debt is rising with inflationTaking out loans as a small business isn’t easy, but supply chain, inflation and wage issues are making more on Main Street look to debt as Covid relief ends. Read more at: https://www.cnbc.com/2022/02/23/need-a-business-loan-inflation-leads-main-street-into-more-debt-.html |
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Target to test new curbside options: Returns and Starbucks order pickupThe retailer has added groceries, alcohol and more features to its curbside pickup service. Read more at: https://www.cnbc.com/2022/02/23/target-to-test-starbucks-order-pickup-returns-from-the-parking-lot.html |
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Kraft Heinz wants to make plant-based hot dogs through new joint ventureKraft Heinz announced Tuesday that it is forming a joint venture with TheNotCompany, a Chilean start-up that makes plant-based substitutes. Read more at: https://www.cnbc.com/2022/02/23/kraft-heinz-wants-to-make-plant-based-hot-dogs-through-new-venture.html |
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Hydrogen generation could become a $1 trillion per year market, Goldman Sachs saysWhile there is excitement in some quarters about hydrogen’s potential, the vast majority of its generation is currently based on fossil fuels. Read more at: https://www.cnbc.com/2022/02/23/hydrogen-generation-could-become-1-trillion-market-goldman-sachs.html |
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Biden Wants US To Be Police Of The World But Can’t Even Deal With The Violence In Our Own StreetsBiden Wants US To Be Police Of The World But Can’t Even Deal With The Violence In Our Own StreetsAuthored by Michael Snyder via TheMostImportantNews.com, The Biden administration may believe otherwise, but the truth is that the days when the United States could dictate how everyone else in the world is going to behave have come to an end. Russia is demonstrating how weak the U.S. has become by moving troops into Donetsk and Luhansk. And China keeps talking about a “permanent solution” in Taiwan. Now that the western world is fixated on Ukraine, the Chinese may decide that this is a perfect time to make a move. On top of everything else, a major conflict between Israel and Iran could literally erupt at any time, and the Biden administration is not going to be able to prevent it from happening.
Biden and his minions may be strutting around as if they are “the masters o … Read more at: https://www.zerohedge.com/geopolitical/biden-wants-us-be-police-world-cant-even-deal-violence-our-own-streets |
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Trudeau Revokes Emergency Powers ActTrudeau Revokes Emergency Powers ActWatch live:
And here, he says he’s ‘confident that existing laws and bylaws are now sufficient to keep people safe.’
Two days after Canadian lawmakers voted to extend emergency powers allowing police to quell potential unrest, Prime Minister Justin Trudeau is now set to revoke them now that the Ottawa protest is over, according to the Canadian Press, citing two senior government sources. Read more at: https://www.zerohedge.com/geopolitical/trudeau-set-revoke-emergency-powers-report |
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Commodities Soar As Ruble Routed, Tech Wrecked, & S&P Enters CorrectionCommodities Soar As Ruble Routed, Tech Wrecked, & S&P Enters CorrectionNasdaq is now down 5 straight days (and S&P down 4 straight) with today’s reflexive BTFD overnight gains (Nasdaq was up 1.5% pre-open and ended down 2.5%) evaporating as various headlines hit – all escalating tensions…
Nasdaq is down 3.5% from last Friday’s (pre-Putin) close leading the rest of the majors lower. Notice that each time the algos tried to get us back to even from pre-Putin, a wave of selling hit… Read more at: https://www.zerohedge.com/markets/commodities-soar-ruble-routed-tech-wrecked-sp-enters-correction |
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US Rejects Israeli PM’s Criticism Of Iran Nuclear Talks As Deal “A Few Days” AwayUS Rejects Israeli PM’s Criticism Of Iran Nuclear Talks As Deal “A Few Days” AwayAuthored by Jason Ditz via AntiWar.com, Few things are more predictable than Israeli officials taking time out of their busy schedule to complain about Iran, with Prime Minister Naftali Bennett going in hard in condemning Iran’s nuclear talks lately. Those talks are making progress expected to result in a deal, however, and likely anticipating a new salvo of Israeli comments, the State Department is criticizing Bennett’s comments, saying that coordination would be the best way to achieve their mutual goals.
Read more at: https://www.zerohedge.com/geopolitical/us-rejects-israeli-pms-criticism-iran-nuclear-talks-nuclear-deal-few-days-away |
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Petrol prices hit new high amid Ukraine tensionsUK gas and fuel prices continue to rise as Russia-Ukraine tensions worsen. Read more at: https://www.bbc.co.uk/news/business-60490749?at_medium=RSS&at_campaign=KARANGA |
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Barclays freezes ex-boss’s bonus amid Epstein linksJes Staley’s payments are suspended as regulators examine how he described his links to Epstein. Read more at: https://www.bbc.co.uk/news/business-60490377?at_medium=RSS&at_campaign=KARANGA |
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Fines loom for late self-assessment tax returnsNearly 1.5 million people are still to file and so could face fines from the start of March. Read more at: https://www.bbc.co.uk/news/business-60493207?at_medium=RSS&at_campaign=KARANGA |
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T+1 settlement to kick in from Feb 25. What it means for you and marketBefore Sebi introduced the T+2 settlement system in April 2003, India followed the T+3 settlement system, meaning it took three days for shares and money to be credited to the account. Now, with the T+1 settlement system, you can expect credit of shares and money within 24 hours. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/t1-settlement-to-kick-off-from-feb-25-what-it-means-for-you-and-market/articleshow/89771842.cms |
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Top tier IT firms likely to report stellar growth in FY23 backed by strong demandThe aggregate dollar-denominated revenue of the country’s top five exporters increased by 4.4% sequentially, which was similar to the growth in the previous quarter. On a year-on-year basis, it grew by 17.8%. HCL Tech and Infosys reported the highest sequential growth of 6.7% and 6.3% in that order. Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/top-tier-it-firms-likely-to-report-stellar-growth-in-fy23-backed-by-strong-demand/articleshow/89774610.cms |
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The Russia-Ukraine crisis is shaking markets and portfoliosGlobal markets typically rebound from war and disaster, and they are likely to do so this time, too. But Russia’s nuclear arsenal raises the risks beyond calculation. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/the-russia-ukraine-crisis-is-shaking-markets-and-portfolios/articleshow/89770920.cms |
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Earnings Results: Booking revenue more than doubles as it sees travel trends improvingDespite the omicron variant’s effects on travel at the the end of the fourth quarter, Booking said Wednesday that its business still did better than it expected. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7991-9A178C1CB4E8%7D&siteid=rss&rss=1 |
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Market Snapshot: Dow tumbles 465 points, narrowly avoids correction, as Russia-Ukraine tensions ratchet higherU.S. stock gauges all close sharply lower Wednesday, with the Dow narrowly averting a correction. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7982-362D41A8DB1C%7D&siteid=rss&rss=1 |
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Earnings Results: NetApp stock falls as earnings forecast comes in under Street viewRead more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-79A1-D81AAF8723B9%7D&siteid=rss&rss=1 |
Prime Minister Naftali Bennett, pool photo via NY Times”We cannot make …