02Mar2022 Market Close & Major Financial Headlines: Wall Street Rally Gains Steam, DOW Closes Up 596 Points As Traders Try To Shake Off Ukraine-Russia Conflict, NASDAQ Closes Up 1.6%, S&P 500 Up 1.9%, Powell Points To March Rate Liftoff

Can Guyana Unlock Its True Energy Potential?

Will Guyana fulfill its potential and become a major hotspot for oil over the next decade? As several oil majors invest in the tiny state, it looks set to become a vital bridge in the transition to cleaner energy, offering low-carbon oil opportunities while demand is still high. Several new discoveries and the development of a national oil sector could see Guyana become one of the biggest energy players in Latin America and the Caribbean. This little-known country in the Caribbean has quickly transformed into an energy hub, offering low-cost, low-carbon

Read more at: https://oilprice.com/Energy/Energy-General/Can-Guyana-Unlock-Its-True-Energy-Potential.html

The Gulf’s Largest Economy Is Taking Advantage Of Triple Digit Oil Prices

As oil prices reach seven-a-half-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending. Saudi Arabia, the Gulfs largest economy, in mid-December announced that it expected to post its first budget surplus in eight years in 2022. The government has estimated that it will achieve a surplus of SR90bn ($24bn) this year, equivalent to 2.5% of GDP. This comes after the Kingdom recorded a deficit of 2.7% of GDP last year, which followed an

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-Gulfs-Largest-Economy-Is-Taking-Advantage-Of-Triple-Digit-Oil-Prices.html

The Billionaire Attempting To Kill Australias Coal Industry

Coal is having a renaissance. Despite the fact that even the most coal-dependent countries agree that coal needs to be phased out as soon as possible, its proving to be much, much easier said than done. As the price of energy soars on the back of geopolitical risks and supply shortages, legions of consumers are returning to the dirtiest of fossil fuels. In fact, the world consumed a record-breaking amount of coal in 2021 and is on track to reach an all-time high once again this year. All of the UN climate scenarios which could feasibly lead

Read more at: https://oilprice.com/Energy/Coal/The-Billionaire-Attempting-To-Kill-Australias-Coal-Industry.html

Russian Oil & Gas Giants Lose 95% of Their Market Cap On London Exchange

The Russian oil and gas giants listed on the London Stock Exchange have seen their shares crashing after Putin invaded Ukraine last week. Since last Thursday, when Russia invaded Ukraine, shares in Rosneft, Gazprom, Lukoil, and Surgutneftegas collapsed on the London market, losing as much as $190 billion of their combined market capitalization, or 95 percent, according to estimates from Saxo Group and Bloomberg shared by Saxo Banks Head of Commodity Strategy Ole Hansen. The companies could have seen their market cap crashing in Moscow, too,

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Oil-Gas-Giants-Lose-95-of-Their-Market-Cap-On-London-Exchange.html

UK LNG Workers Call On Government To Stop Inbound Russian Tankers

The government must immediately intervene to stop two Russian tankers containing enough liquid gas to supply the UK for up to 12 days from docking in Kent at the weekend, a union said this afternoon. The Boris Vilkitsky and Fedor Litke are bound for Grain LNG with plans to unload on Sunday, according to UNISON, which represents around 200 workers at the Isle of Grain importation terminal owned by National Grid. Grain LNG is the largest terminal in Europe for importing liquefied natural gas (LNG). It is situated on a 600-acre

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-LNG-Workers-Call-On-Government-To-Stop-Inbound-Russian-Tankers.html

Ukraine War Could Wipe Out 1 Million Bpd In Local Oil Demand

War in Ukraine could result in as much as 1 million barrels per day (bpd) of oil demand being removed from the global market, Rystad Energy research shows. The human and material costs of the conflict have been catastrophic just seven days into the military operation. Russia has so far shown no signs of backing down, and prospects of a breakthrough in negotiations appear slim. As a result, investors and markets are scrambling to assess the ramifications of the worsening crisis as the West slaps even more stringent sanctions on Russia, while institutions

Read more at: https://oilprice.com/Energy/Crude-Oil/Ukraine-War-Could-Wipe-Out-1-Million-Bpd-In-Local-Oil-Demand.html

Fanatics hits $27 billion valuation, adds BlackRock, Michael Dell as investors

Fanatics raises $1.5 billion in a funding round with Michael Dell and BlackRock that values the sports merchandise company at $27 billion.

Read more at: https://www.cnbc.com/2022/03/02/fanatics-hits-27-billion-in-new-funding-adds-blackrock-michael-dell.html

The 10 stock and bond funds with the biggest Russia exposure

A handful of stock and bond funds have above-average exposure to Russia. Some have taken big hits due to Western sanctions aimed at crippling Russia’s economy.

Read more at: https://www.cnbc.com/2022/03/02/the-10-stock-and-bond-funds-with-the-biggest-russia-exposure.html

Russian oligarch Roman Abramovich says he will sell Chelsea soccer club amid Ukraine war

Russian oligarch Roman Abramovich said he will sell the Chelsea soccer club, a move that comes in response to outrage over Russia’s invasion of Ukraine.

Read more at: https://www.cnbc.com/2022/03/02/russian-oligarch-abramovich-says-he-will-sell-chelsea-soccer-club-amid-ukraine-furor.html

Roman Abramovich willing to listen to offers for Chelsea amid UK sanctions fear

Roman Abramovich is willing to listen to offers for Chelsea amid fears of UK sanctions, with Swiss billionaire Hansjorg Wyss claiming he has been offered the chance to buy the club.

Read more at: https://www.cnbc.com/2022/03/02/roman-abramovich-willing-to-listen-to-offers-for-chelsea.html

WHO says war in Ukraine will increase Covid transmission, putting large numbers of people at risk of severe disease

“Infectious diseases ruthlessly exploit the conditions created by war,” said Dr. Bruce Aylward, a senior advisor at the WHO.

Read more at: https://www.cnbc.com/2022/03/02/who-says-war-in-ukraine-will-increase-covid-transmission.html

Why Intel CEO Pat Gelsinger was a guest at President Biden’s State of the Union address

Intel’s CEO Pat Gelsinger is choosing big domestic chip manufacturing investments over short-term shareholder rewards, and he has a big fan: President Biden.

Read more at: https://www.cnbc.com/2022/03/02/why-intels-ceo-was-a-guest-at-bidens-state-of-the-union-address.html

Ford plans to produce 2 million EVs annually, generate 10% operating profit by 2026

Both targets would be substantial increases from the company’s current operations.

Read more at: https://www.cnbc.com/2022/03/02/ford-plans-to-produce-2-million-evs-generate-10percent-operating-profit-by-2026.html

Everton suspend sponsorship deals with three Russian companies after invasion of Ukraine

On Monday, billionaire Alisher Usmanov had his assets frozen by the European Union in response to Russia’s invasion of Ukraine.

Read more at: https://www.cnbc.com/2022/03/02/everton-suspend-sponsorship-deals-with-three-russian-companies.html

How to score a tax write-off for 2021 donations to charity if you don’t itemize deductions

Single taxpayers can claim a tax write-off for cash gifts up to $300 and married couples filing together may get up to $600 in 2021. Here’s what to know.

Read more at: https://www.cnbc.com/2022/03/02/how-to-score-a-tax-write-off-for-2021-donations-if-you-dont-itemize-.html

OneWeb’s internet satellites caught in UK-Russia standoff days before launch

Russian space agency Roscosmos is refusing to launch the next batch of 36 OneWeb internet satellites unless the company meets the state agency’s demands.

Read more at: https://www.cnbc.com/2022/03/02/russias-roscosmos-refusing-to-launch-oneweb-internet-satellites.html

Veteran Ralph Lauren exec Howard Smith to resign after probe finds he violated company ethics

An investigation revealed conduct by Smith that violated Ralph Lauren’s code of business conduct and ethics and other policies, the retailer said.

Read more at: https://www.cnbc.com/2022/03/02/ralph-lauren-executive-howard-smith-will-resign-after-probe-finds-he-violated-company-ethics-conduct-codes.html

5 things to know before the stock market opens Wednesday

U.S. stock futures rose Wednesday as energy stocks followed surging oil prices higher.

Read more at: https://www.cnbc.com/2022/03/02/5-things-to-know-before-the-stock-market-opens-wednesday-march-2.html

Ryanair CEO says greater Western oil production ‘hits Russia hardest’

The CEO of budget airline Ryanair has said that the most effective way to target Russia amid its onslaught of Ukraine is to ramp up oil production in the West.

Read more at: https://www.cnbc.com/2022/03/02/ryanair-ceo-says-greater-western-oil-production-hits-russia-hardest.html

Crypto & Crude Extend Yesterday’s Gains As Bonds & Stocks See Massive Roundtrip

Crypto & Crude Extend Yesterday’s Gains As Bonds & Stocks See Massive RoundtripThe narrative for today’s gains were 1) apparently positive headlines from Ukraine (though contradictory messages from both sides on talks were made), 2) ADP showed strong job gains (but embarrassed itself as practically useless with a massive revision to last month’s job losses), and 3) Powell affirmed a single rate-hike in March but  opened the door for a 50bps hike in the future (reducing the odds of a 50bps hike , but the market shifted hawkishly on the actual rate trajectory).

Source: Bloomberg

And that prompted a buying-panic in stocks, reverting everything to Monday’s overnight highs. Small Caps led the charge with the rest of …

Read more at: https://www.zerohedge.com/markets/crypto-crude-extend-yesterdays-gains-bonds-stocks-see-massive-roundtrip

Zoltan Pozsar Warns Russian Sanctions Threaten Dollar’s Reserve Status

Zoltan Pozsar Warns Russian Sanctions Threaten Dollar’s Reserve StatusOver the weekend, the world gasped in shock when Western powers announced that the nuclear option would be used against Russia in retaliation for its invasion of Ukraine – sanctions against the country’s central bank and targeted expulsions of key banks from SWIFT, a move which has effectively locked Russia out of the western financial system and left its vast oil export industry – a key lifeline for the Putin regime – in limbo. But the real reason for the shock is that this was the first time the global reserve currency was weaponized against a G20 economy, setting a clear precedent for how the west would and could respond to any other nation that followed in Russia’s footsteps (something which China is clearly contemplating vis-a-vis Taiwan, and is carefully studying just how the west responds to Moscow),

As a result, and following this week’s dramatic freeze of the Russian central bank overseas assets, has prompted some to question just why countries build foreign currency reserves at all and, more broadly, whether the unprecedented western response to Russia hasn’t jeopardized the dollar’s reserve status.

In what one Washington lawyer described to Reuters as the “biggest hammer in the toolshed”, the G7 and European Union governments blocked certain Russian banks’ access to the SWIFT international payment system and also went a step further than many expected by paralyzing about half the Russian central bank’s $630 billion worth of foreign currency and gold reserves. In doing so, the west has undermined Moscow’s ability to defend the ruble – which has lost up to a quarter of its value since Friday …

Read more at: https://www.zerohedge.com/markets/zoltan-pozsar-warns-russian-sanctions-threaten-dollars-reserve-status

White House Degrades Russia’s Energy Primacy With Oil Tech Export Controls; Also Sanctions 22 Defense Entities

White House Degrades Russia’s Energy Primacy With Oil Tech Export Controls; Also Sanctions 22 Defense EntitiesUpdate(1538ET): Estimates in media reports based on Pentagon sources now after a week of the offensive on Ukraine indicate Russia has fired about 450 missiles of various types.

The widely reported “40-mile column” of infantry, tank and artillery forces expected to mount a major assault on Kiev is still stalled according to the Pentagon, likely due to significant logistical hurdles including lack of adequate food and fuel slowing the pace of advance.

Russian strike near the train station in #Kyiv this eveningpic.twitter.com/HkXMAO2t0J

— marqs (@MarQs__) March 2, 2022

And in a significant afternoon development, the White House is mulling taking action against Russian oil and gas, while trying to mitigate the blowback to Americans and the global economy. A fresh statement said the US and its allies “share a strong interest in degrading Russia’s status as a leading energy supplier.” This is expected to include export controls on sales of oil technology to Russia or Russia-linked entities. Bloomberg details…

Read more at: https://www.zerohedge.com/geopolitical/nearly-1-million-refugees-have-fled-ukraine-russia-warns-nato-stay-out

US Postpones ICBM Test To Avoid Escalating Tensions With Moscow

US Postpones ICBM Test To Avoid Escalating Tensions With MoscowDuring a briefing on Wednesday afternoon, Pentagon spokesperson John Kirby told reporters that the scheduled test launch of a Minuteman III intercontinental ballistic missile (ICBM) had been postponed to show restraint.

“In an effort to demonstrate that we have no intention in engaging in any actions that can be misunderstood or misconstrued, the Secretary of Defense has directed that our Minuteman III intercontinental ballistic missile test launch scheduled for this week to be postponed.

“We did not take this decision lightly, but instead to demonstrate that we are a responsible nuclear power,” Kirby said.

Happening now: @PentagonPresSec briefs the media pic.twitter.com/NbBqBGwBey

— Jeff Seldin (@jseldin) March 2, 2022

Here’s a video of Kirby’s afternoon briefing.

JUST IN: Pentagon press sec. John Kirby says the U.S. will postpone Minuteman-III intercontinental ballistic missile test planned for this week “to demonstrate that we are a responsible nuclear power” after Russian Pres. Putin raises nuclear alert level. https://t.co/atlOo6T2RF

Read more at: https://www.zerohedge.com/geopolitical/us-postpones-icbm-test-avoid-escalating-tensions-moscow

Oil price rises again as buyers shun Russian crude

Oil and gas prices continue to march upward as Western nations clamp down on major producer Russia.

Read more at: https://www.bbc.co.uk/news/business-60584798?at_medium=RSS&at_campaign=KARANGA

H&M temporarily suspends all sales in Russia

One of the world’s biggest fashion retailers said it was deeply concerned about conflict in Ukraine.

Read more at: https://www.bbc.co.uk/news/business-60593988?at_medium=RSS&at_campaign=KARANGA

Jerome Powell: US central bank boss says he plans to raise rates

The US central bank is under pressure to rein in inflation as prices in the US rise at the fastest rate in 40 years.

Read more at: https://www.bbc.co.uk/news/business-60593983?at_medium=RSS&at_campaign=KARANGA

Powell says still appropriate to raise interest rates by 25 bps in March

“I’m inclined to propose and support a 25 basis point rate hike,” Powell testified before Congress on Wednesday about the Fed’s upcoming March meeting.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/powell-says-still-appropriate-to-raise-interest-rates-by-25-bps-in-march/articleshow/89952787.cms

Can Anil Agarwal breathe easy now as Vedanta announces dividend?

The total payout from the company will be Rs 4,832 crore, of which Rs 3,367.42 crore will go to promoters.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-can-anil-agarwal-breathe-easy-now-as-vedanta-announces-dividend/articleshow/89951190.cms

Tech View: Nifty50 forms Doji candle; 16,400 to act as support level

If the index sustains above 16,478 level, sideways consolidation with a positive bias should continue, said Mazhar Mohammad of Chartviewindia.in.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-doji-candle-16400-to-act-as-support-level/articleshow/89949439.cms

Outside the Box: Here’s what will happen to U.S. food prices as wheat futures keep surging

Russia and Ukraine grow about 14% of the  world’s wheat and account for about 28% of global wheat exports.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-79FF-83ACF3ED6CE9%7D&siteid=rss&rss=1

Medill News Service: U.S. lawmakers split over targeting Russia’s energy sector

Democrats and Republicans were divided on the possibility of targeting the Russian energy sector as President Joe Biden gave his State of the Union address on Tuesday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7A10-E76624AE87FA%7D&siteid=rss&rss=1

Washington Watch: Republicans urge U.S. oil and gas ‘stability’ as answer to Russia, other security threats

Geopolitical turmoil and tight oil and gas markets are the time to open more U.S. production, trade group and leading Republicans argue.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-79F9-F81A85E2C51B%7D&siteid=rss&rss=1