28Mar2022 Market Close & Major Financial Headlines: DOW Closed Up 95 Points, NASDAQ Up 1.3%, S&P 500 Up 0.7%, Bitcoin At Closing $47,900, USD Fractionally Higher At 99.20

India Will Not Pay In Rupees For Russian Oil, For Now

For the time being, India will not pay in rupees for oil from Russia or any other oil exporter, the junior petroleum minister of the worlds third-largest oil importer said on Monday. At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian rupees, Indian junior oil minister Rameswar Teli told Parliament today, as carried by Reuters. Reports emerged earlier this month that India was exploring ways to

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Will-Not-Pay-In-Rupees-For-Russian-Oil-For-Now.html

Alaska Is Reaping The Benefits Of High Oil Prices

Thanks to skyrocketing oil prices, Alaska is reaping billions of U.S. dollars more than expected. As crude oil surged in recent months, the state where oil revenues account for a large part of the budget, general fund revenues, and state revenue from business is now considering the best ways to spend all the windfall from oil. Just before Russia invaded Ukraine and sent oil prices surging, Alaskas Department of Revenue started developing a monthly revenue outlook for the current and next fiscal years, to ensure that policymakers

Read more at: https://oilprice.com/Energy/Crude-Oil/Alaska-Is-Reaping-The-Benefits-Of-High-Oil-Prices.html

The Threat Of A Global Food Crisis Is Growing

The effects of the war in Ukraine are already being felt across the world, from rocking world energy markets to spurring a growing refugee crisis in Europe. But the conflict could have more ripple effects, including sparking a global food crisis. Russia and Ukraine account for roughly 30 percent of global wheat exports, while Russia is the world’s top exporter of fertilizer and a vital amount of the world’s wheat, corn, and barley is trapped in both countries because of the war, while an even larger portion of the world’s fertilizers is stuck in

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-Threat-Of-A-Global-Food-Crisis-Is-Growing.html

Russia Threatens G7 Nations As Ministers Reject Gas-For-Rubles Scheme

Russia on Monday has issued a firm and unyielding response to G-7 ministers who had dismissed as “unacceptable” its plan to only accept ruble payments for Russian gas going to “unfriendly” nations. Earlier Monday German Economy Minister Robert Habeck said from Berlin that the Kremlin’s demand for natural gas contracts to be paid in rubles is a “one-sided and clear breach of contracts” – saying the contracts must be honored under prior conditions, according to Bloomberg. “That means that a payment in rubles is not acceptable and we urge the relevant

Read more at: https://oilprice.com/Geopolitics/International/Russia-Threatens-G7-Nations-As-Ministers-Reject-Gas-For-Rubles-Scheme.html

Cabinet Clash Jeopardizes New Wind Project In The UK

A cabinet row about offshore wind threatens to destabilize the UKs energy policy, as a new poll suggests 90 percent of Brits would be happy to live near a wind turbine. Two ministers clashed over the approval of wind farms off the Suffolk coast, which would generate enough energy to power 1.2 million homes. Business Secretary Kwasi Kwarteng has to make a decision on the farms by Thursday, amid opposition from Work and Pensions Secretary, and local MP, Therese Coffey. There is also concern from local groups due to the position

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cabinet-Clash-Jeopardizes-New-Wind-Project-In-The-UK.html

Sanctions Are Forcing Russian Companies To Consider Moving To Kazakhstan

Companies in Russia hit by the international sanctions imposed in reprisal for the invasion of Ukraine are increasingly exploring ways to relocate to neighboring countries, including Kazakhstan, according to entrepreneurs working in the export sector. Speaking at a press conference on March 23, Alexander Tsygankov, a representative from KazakhExport, a state-owned Nur-Sultan-based export insurance company, said that some are looking to use Kazakhstan as a transit nation for goods, while others want to move production facilities there altogether.

Read more at: https://oilprice.com/Geopolitics/International/Sanctions-Are-Forcing-Russian-Companies-To-Consider-Moving-To-Kazakhstan.html

NFL blockchain rights go on sale this week, and the league picks Detroit to host the 2024 draft

The NFL said Monday that its 2024 draft would be held in Detroit, and teams are primed to start seeking blockchain sponsorship deals this week.

Read more at: https://www.cnbc.com/2022/03/28/nfl-draft-goes-to-detroit-in-2024-blockchain-rights-go-on-sale-this-week.html

Disney vows to help repeal ‘Don’t Say Gay’ law, says Florida Gov. DeSantis shouldn’t have signed it

Disney has vowed to help have Florida’s HB 1557 law, which is known as the “Don’t Say Gay” bill, repealed.

Read more at: https://www.cnbc.com/2022/03/28/disney-vows-to-help-repeal-dont-say-gay-law.html

NFL coaches are divided over whether to change overtime rules

NFL owners are set to review proposals that would have both teams get at least one possession in overtime.

Read more at: https://www.cnbc.com/2022/03/28/nfl-coaches-are-divided-over-whether-to-change-overtime-rules.html

The Oscars ceremony was a mess even before Will Smith slapped Chris Rock

Sunday’s 94th Academy Award ceremony was already a ham-handed attempt at boosting ratings even before Will Smith slapped Chris Rock on stage.

Read more at: https://www.cnbc.com/2022/03/28/oscars-2022-ceremony-bungled-even-before-will-smith-slapped-chris-rock.html

Terran Orbital starts trading on the NYSE with $200 million in outstanding spacecraft orders

Spacecraft manufacturer Terran Orbital began trading on the New York Stock Exchange on Monday after closing its SPAC merger.

Read more at: https://www.cnbc.com/2022/03/28/spacecraft-manufacturer-terran-orbital-llap-begins-trading-on-the-nyse.html

Russia will ‘always’ be a part of OPEC+, UAE energy minister says

The UAE’s energy and infrastructure minister said Monday that Russia will always be part of OPEC+ even as governments shun Moscow over the war in Ukraine.

Read more at: https://www.cnbc.com/2022/03/28/russia-will-always-be-a-part-of-opec-uae-energy-minister-says.html

Chinese EV maker Nio delivers its first ET7 electric sedans

The ET7 is one of three new Nio models expected in 2022.

Read more at: https://www.cnbc.com/2022/03/28/nio-et7-deliveries-begin.html

New Balance bulks up manufacturing presence in U.S. amid global supply chain backlogs

New Balance has opened a manufacturing facility in Methuen, Massachusetts, the sneaker retailer’s fifth in North America.

Read more at: https://www.cnbc.com/2022/03/28/new-balance-bulks-up-manufacturing-presence-in-us-amid-supply-chain-backlogs.html

Oil slides more than 8% as Shanghai lockdown prompts demand fears

Oil prices declined on Monday as a fresh set of lockdowns in China — the world’s largest oil importer — sparked demand slowdown fears.

Read more at: https://www.cnbc.com/2022/03/28/oil-slides-7percent-as-shanghai-lockdown-prompts-demand-fears.html

How this risky strategy can leave retail investors vulnerable

Options contracts can be a useful investment tool to hedge risk, but they can also be incredibly risky without the proper strategy and execution.

Read more at: https://www.cnbc.com/2022/03/28/how-this-risky-strategy-can-leave-retail-investors-vulnerable.html

MLB reaches a $125 million sponsorship deal with Capital One

Capital One has become the “official bank and credit card partner” for Major League Baseball, according to an announcement Monday.

Read more at: https://www.cnbc.com/2022/03/28/mlb-reaches-125-million-sponsorship-deal-with-capital-one.html

5 things to know before the stock market opens Monday

U.S. stock futures were relatively flat Monday after Wall Street logged a two-week winning streak.

Read more at: https://www.cnbc.com/2022/03/28/5-things-to-know-before-the-stock-market-opens-monday-march-28.html

Calm Before The Storm?

Calm Before The Storm?Authored by Charles Hugh Smith via OfTwoMinds blog,

Stocks don’t vanish when sold; somebody owns the shares all the way to the bottom. These owners who refuse to sell because they have convinced themselves the next dip will be the hoped-for resumption of the bullish trend are called “bagholders.”

Trends are tricky. Humans anticipate the present conditions will continue on into the future. In economics and finance, we call this continuation a “trend.” Trends continue until something fundamental changes and the trend takes a new course.

If asset prices, credit, sales, jobs, tax revenues and profits are all expanding, we call this trend “bullish.”

If the economy and asset prices are contracting, we call this “bearish.”

People are much happier in bullish trends because they’re making money without any effort as the assets they own are going up in value. They feel wealthier and so they borrow and spend more m …

Read more at: https://www.zerohedge.com/markets/calm-storm

Oil, Gold, Yen, & Yield-Curve Slapped Lower; Ruble & Crypto ‘Rock’et Higher

Oil, Gold, Yen, & Yield-Curve Slapped Lower; Ruble & Crypto ‘Rock’et HigherWhile oil plunged and crypto soared, perhaps the biggest news of the day was that the Ruble continued to charge higher, almost erasing all of the post-invasion losses…

Source: Bloomberg

And gold in rubles has fallen back towards CBR’s buying level announced last week…

Source: Bloomberg

Crude crashed on demand anxiety as China begins its lo …

Read more at: https://www.zerohedge.com/markets/oil-gold-slapped-lower-ruble-crypto-growthy-stocks-rocket-higher

Dumbphone Sales Are Soaring As People Revolt Against “Overwhelming” Smartphones

Dumbphone Sales Are Soaring As People Revolt Against “Overwhelming” SmartphonesIn a time when various “developed world” intelligence agencies are filling up petabytes of hard disk space with domestic phone recordings and tracking their own citizens who – in the pursuit of a “liberal” agenda – have been escalated to a greater terrorist threat than actual foreign terrorists, some people have had enough and are throwing their smart phones into the trash and replacing them with “dumbphones” instead.

One among them is seventeen-year-old Robin West, who according to the BBC is an anomaly among her peers: “she doesn’t have a smartphone.” Instead of scrolling through apps like TikTok and Instagram all day, she uses a so-called “dumbphone”.

Those readers who had a cell phone in the late 1990s are all too familiar with these; for everyone else these are basic handsets, or feature phones, with very limited functionality compared to say an iPhone. For the most part, you can typically only make and receive calls and SMS text messages. And, if you are lucky, listen to radio and take very basic photos, but definitely not connect to the internet or apps.

Robin’s decision to ditch her former smartphone two years ago was a spur of the moment thing. While looking for a replacement handset in a second-hand shop she was lured by the low price of a “brick phone”. Her current handset, from French firm MobiWire, cost her just £8. And because it has no smartphone functionality she doesn’t have an expensive monthly data bill to worry about.

Read more at: https://www.zerohedge.com/markets/dumbphone-sales-are-soaring-people-revolt-against-overwhelming-smartphones

Reporters Hammer Biden Over Russian ‘Regime Change’ Comment At Budget Press Briefing

Reporters Hammer Biden Over Russian ‘Regime Change’ Comment At Budget Press BriefingUpdate (1510ET): After unveiling his 2023 budget proposal, the first questions asked of President Biden during Monday’s press briefing had nothing to do with the budget, but instead focused on his comments over the weekend about how Russian President Putin “cannot remain in power”.

Biden insisted that he “wasn’t walking anything back” (of course, he has let his aids and his Secretary of State do that for him), while insisting that his comments wouldn’t “escalate” the conflict.

“I was expressing my outrage, he shouldn’t remain in power…bad people shouldn’t be allowed to continue to do bad things. But that doesn’t mean we have the policy to remove him,” Biden insisted.

The line, which was improvised by Biden at the end of his speech, was merely a plea to the Russian people – not a call to topple the Russian government. Of course, if Washington isn’t actively trying to destabilize the regime, then what are all these sanctions (and calls for Putin to be tried as a “war criminal”) really about?

Fox News’ Steve Doocy then pressed Biden about his remarks about boots on the ground in Ukraine, chemical weapons and regime change, asking what it says about the president’s credibility that his comments keep getting walked back. Biden responded with outright denial, which probably only served to underscore Doocy’s point in the eyes of the public.

Doocy: “The big things you say on the world stage keep getting walked back.”

Biden: “What’s getting walked bac …

Read more at: https://www.zerohedge.com/political/watch-live-biden-calls-tax-hikes-corporations-and-ultra-rich-2023-budget

P&O: Second ferry detained over safety concerns

The Maritime and Coastguard Agency held the Pride of Kent in Dover after it failed a safety inspection.

Read more at: https://www.bbc.co.uk/news/business-60908750?at_medium=RSS&at_campaign=KARANGA

Cadbury shrinks size of Dairy Milk sharing bar

Despite the size of the chocolate bar getting 10% smaller, the £2 price tag will remain.

Read more at: https://www.bbc.co.uk/news/business-60902583?at_medium=RSS&at_campaign=KARANGA

Sainsbury’s urged to up pay to match cost of living

A group of investors wants the supermarket to ensure pay covers the rising cost of living.

Read more at: https://www.bbc.co.uk/news/business-60898827?at_medium=RSS&at_campaign=KARANGA

Trade setup: Unless 17,500 Nifty level is taken out, all profits must be protected

Tuesday is likely to see the levels of 17,300 and 17,385 as strong resistance points. The supports come in at 17,180 and 17,060 levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-unless-17500-nifty-level-is-taken-out-all-profits-must-be-protected/articleshow/90500483.cms

IPO mart sees best fiscal year ever! 52 firms raise Rs 1.11 lk cr

The largest IPO in FY22 was from One 97 Communications (Paytm) for Rs 18,300 crore. It was also the largest Indian IPO ever, which will soon be eclipsed by the issue of Life Insurance Corporation of India.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/ipo-mart-sees-best-fiscal-year-ever-52-firms-raise-rs-1-11-lakh-crore/articleshow/90494693.cms

Emami ‘Dermicool’ buyout no game changer but up to 56% upside likely

Emami has historically used an inorganic route to growth including the acquisition of Zandu (2009), Kesh King (2015) and German brand Creme 21 (2019). These brands or businesses have over the years emerged as major brands for the company.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/emami-dermicool-buyout-no-game-changer-but-up-to-56-upside-likely/articleshow/90496862.cms

Bond Report: Treasury yield curve flattening accelerates

Most Treasury yields slipped on Monday, as buyers returned to government debt following last week’s brutal selloff.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B30-D0E48AE0983D%7D&siteid=rss&rss=1

: ‘Thousands of potential race-related flags’: Biden administration wants to root out racial bias in home appraisals — but research suggests it’s endemic

The White House has released a 21-step action plan intended to bring greater oversight to the appraisal industry.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B2D-FDB81F15AEEB%7D&siteid=rss&rss=1

: Apple stock just accomplished something for the first time in more than a decade

On the heels of its milestone Academy Awards victory, Apple Inc. shares notched their longest winning streak in more than a decade Monday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B35-CCEECB61DA55%7D&siteid=rss&rss=1