Wall Street Stocks extended losses in its final hour of trading today, emphasizing investors’ fears of deepening inflation and the inability of the Federal Reserve to control it. The DOW closed lower on losses for shares of Microsoft and American Express. The indexes were pulled lower largely by technology shares as U.S. Treasury yields marched higher.
Bitcoin fell below $40,000 as investors assessed global macro risks, inflation, and a possible recession. Bitcoin could dive to as low as $30,000 by June, considering its strong correlation with tech-heavy equities, according to Arthur Hayes, co-founder of crypto exchange BitMEX. But, Mr. Hays says, “as long as bitcoin trades above its fair valuation of $38,000, there shouldn’t be a crash.”
A summary of headlines we are reading today:
- Oil Sands Financing From Canadian Banks Doubles
- Russian Oil Exports Rebound, But Struggle To Find Buyers Outside Asia
- Oil drops, Brent crude falls below $100 as China lockdowns spark demand fears
- JPMorgan’s Resident Permabull Marko Kolanovic Says “Take Profits”
These and other headlines and news summaries moving the markets today are included below.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Russias Q1 Trade Surplus Hits Record As Oil And Gas Prices SoarRussias current account surplus, the broadest measure of trade, more than doubled in the first quarter of 2022 from the same period last year amid soaring oil and gas prices, according to data from the Russian central bank cited by Bloomberg. Russiawhich continued its oil and gas sales in Q1 at the highest prices in yearssaw its current account surplus jump by more than 2.5 times from last years first quarter to $58.2 billion from $22.5 billion. Russian revenues from oil and gas sales soared in the first quarter, while Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Q1-Trade-Surplus-Hits-Record-As-Oil-And-Gas-Prices-Soar.html |
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Oil Sands Financing From Canadian Banks DoublesDespite pledges of net-zero portfolios, Canadian banks doubled their funding for Canadas oil sands production and related projects to $16.8 billion last year, according to data from a recent report by environmental groups crunched by the Financial Times. Bank financing for 30 top oil sands production companies and six key oil sands pipeline companies increased their lending in 2021 by nearly $9 billion, according to the data, compiled by FT. Between 2016, the year after the Paris Agreement was signed, and 2021, the major Canadian banks financed Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Sands-Financing-From-Canadian-Banks-Doubles.html |
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TotalEnergies To Boost LNG Capacity At Louisiana ProjectTotalEnergies plans to raise the production capacity of the Cameron LNG plant in Louisiana in the United States, the French supermajor said on Monday, as the U.S. is looking to boost LNG shipments to Europe to help it reduce dependence on Russian gas. Under a recent heads of agreement signed with the other partners in the Cameron LNG project, TotalEnergies will expand the plant with a fourth production train with a production capacity of 6.75 million metric tons per annum (Mtpa). This would be a 5-percent increase of the current 13.5 Mtpa first Read more at: https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-To-Boost-LNG-Capacity-At-Louisiana-Project.html |
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The Biggest Hurdle In Nuclear Power AdoptionAs countries look for alternative energy production for greater energy security, concerns remain around the disposal of nuclear waste as governments establish new nuclear energy strategies for the coming decades. At present, there is no one accepted ideal nuclear waste disposal method, meaning that different countries have varying levels of success in getting rid of their waste safely, with scientists and governments around the world continuing to look for the best long-term solution. Around 350,000 tonnes of nuclear waste from decades past Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/The-Biggest-Hurdle-In-Nuclear-Power-Adoption.html |
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Russian Oil Exports Rebound, But Struggle To Find Buyers Outside AsiaRussias shipments of crude oil rebounded in the first full week of April to the highest level so far this year, although some cargoes are set on longer-than-usual voyages toward Asia, Bloomberg News tracker of crude leaving Russian ports showed on Monday. In the week to April 8, outbound Russian crude averaged nearly 4 million barrels per day (bpd), the highest volume leaving Russian ports this year. While Russia is shipping out the highest level of crude cargoes since the start of the year, not all of the cargoes have final destination Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Exports-Rebound-But-Struggle-To-Find-Buyers-Outside-Asia.html |
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The World Desperately Needs To Get Energy Costs Under ControlDespite continually rising energy prices, the affordability of energy costs for consumers is being widely overlooked. The current state of energy, with severe oil and gas shortages and continually rising prices, is likely to have a knock-on effect on the industry for years to come. But, right now, consumers are most concerned about how the global situation will affect their monthly energy costs, as many struggle to make ends meet. In the U.K., energy costs have gone up by over 50 percent and are set to continue rising as oil and gas shortages Read more at: https://oilprice.com/Energy/Energy-General/The-World-Desperately-Needs-To-Get-Energy-Costs-Under-Control.html |
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Philadelphia reinstates indoor mask mandatePhiladelphia will again require masks indoors at businesses and schools. The Health Department is still holding a briefing about the news. Read more at: https://www.cnbc.com/2022/04/11/-philadelphia-reinstates-indoor-mask-mandate.html |
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Jaguar Land Rover and Hitachi are backing this unique battery recyclerAscend Elements captures battery metals and formulates them into new battery materials, rather than just recycling whole components. Read more at: https://www.cnbc.com/2022/04/11/jaguar-land-rover-and-hitachi-are-backing-this-unique-battery-recycler.html |
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Fanatics wants to be a $100 billion company – here’s how it plans to get thereFanatics is expanding into online sports betting as investors pile in, fueling speculation about an IPO. Read more at: https://www.cnbc.com/2022/04/11/fanatics-aims-to-be-100-billion-company.html |
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Oil drops, Brent crude falls below $100 as China lockdowns spark demand fearsOil prices declined Monday, following two straight negative weeks, amid fears of a demand slowdown from China, the world’s largest oil importer. Read more at: https://www.cnbc.com/2022/04/11/oil-drops-brent-crude-falls-below-100-as-china-lockdowns-spark-demand-fears.html |
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Denver over Dubai: U.S. airports dominate rankings of world’s busiest last yearInternational travel remained subdued last year even though some countries, including the U.S., loosened Covid pandemic travel restrictions. Read more at: https://www.cnbc.com/2022/04/11/worlds-busiest-airport-rankings-dominated-by-us-cities-in-pandemic-travel-shift.html |
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Deepak Chopra: Here’s how to be mindful with your moneyMore than half of Americans are more stressed about finances now than they were a year ago. It can help to practice money mindfulness. Read more at: https://www.cnbc.com/2022/04/11/deepak-chopra-heres-how-to-be-mindful-with-your-money.html |
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Chinese electric car company Nio hikes prices, suspends productionChinese electric car company Nio said over the weekend it is raising prices and suspending production as the latest Covid wave added to supply chain challenges. Read more at: https://www.cnbc.com/2022/04/11/chinese-electric-car-company-nio-hikes-prices-suspends-production-.html |
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China Covid outbreak: Guangzhou closes schools, Shanghai’s new cases soar to a recordAnother major Chinese city has tightened Covid restrictions as the country struggles to contain an outbreak stretching from Shanghai to the northern provinces. Read more at: https://www.cnbc.com/2022/04/11/china-covid-outbreak-guangzhou-closes-schools-shanghai-record-cases.html |
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Russia-Ukraine war is having a limited impact on Europe vacation bookings, experts sayTravel advisors say the war in Ukraine is having a mild to negligible impact on Europe leisure bookings, despite higher airfares amid inflation. Read more at: https://www.cnbc.com/2022/04/10/russia-ukraine-war-has-limited-impact-on-europe-vacation-bookings.html |
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JetBlue is cutting its summer schedule to avoid further flight disruptionsJetBlue apologized for the recent flight disruptions. Read more at: https://www.cnbc.com/2022/04/10/jetblue-is-cutting-its-summer-schedule-to-avoid-further-flight-disruptions.html |
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Thinking about buying a car? Here’s what auto experts say you need to knowVehicle prices on both new and used cars and trucks have soared, and for auto shoppers that makes it’s a challenging time to find a deal. Read more at: https://www.cnbc.com/2022/04/09/thinking-about-buying-a-car-heres-what-experts-say-you-need-to-know.html |
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There’s a growing interest in wealth taxes on the super-rich. Here’s why it hasn’t happenedAmericans increasingly favor a wealth tax on the ultra-rich, but despite the uptick in proposals, these policies have struggled to gain traction. Read more at: https://www.cnbc.com/2022/04/09/theres-a-growing-interest-in-wealth-taxes-on-the-super-rich.html |
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Here We Go Again: Philadelphia Reinstates Indoor Mask MandateHere We Go Again: Philadelphia Reinstates Indoor Mask MandateHere we go again. With the entire nation – even mentally-challenged, nanny-state fanatics – having more or less moved on from the two-year covid scourge and even Fauci barely making hourly TV appearances, the liberal bastion that is Philadelphia just reminded us that covid will never be truly gone as long as the specter of harvested mail-in balloting is around, and today, with seven months left to go until the midterms – the city of brotherly mugging announced it will once again be under an indoor mask mandate. The Department of Public Health made the announcement on Monday afternoon during a press briefing.
Health Commissioner Dr. Cheryl Bettigole said mask precautions begin Monday, but in order to provide a one-week education period for businesses, masks will be required in all indoor public spaces as of Monday, April 18. Starting April 18, masks will be required in all indoor public spaces, including schools and child care settings, businesses … Read more at: https://www.zerohedge.com/markets/here-we-go-again-philadelphia-reinstates-indoor-mask-mandate |
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Which Leads To Doom, Which Leads To Revival: Free Money Or Frugality?Which Leads To Doom, Which Leads To Revival: Free Money Or Frugality?Authored by Charles Hugh Smith via OfTwoMinds blog, Clinging to delusional fantasies of “free wealth” won’t lead to positive outcomes, any more than swallowing handfuls of meds leads to “free health.”
Under various guises, labels and rationalizations, “free money” has now been established as the default policy fix for any problem. Stock market falters? The solution: free money! Economy falters? The solution: free money! Bankers face collapse from ruinously risky bets? The solution: free money! Infrastructure crumbling? The solution: free money! Inflation raging? The solution: free money! Ruh-roh. We have a problem free money won’t fix. Instead, free money accelerates the conflagration. Dang, this is inconvenient; the solution to every problem makes this problem worse. Now what do we do? Despite the apparent surprise of the policy-maker … Read more at: https://www.zerohedge.com/economics/which-leads-doom-which-leads-revival-free-money-or-frugality |
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Bonds, Bitcoin, & Big-Tech Battered As US ‘Misery’ Reaches 40 Year HighsBonds, Bitcoin, & Big-Tech Battered As US ‘Misery’ Reaches 40 Year HighsDespite no economic data and minimal fresh news, Tech wrecked again today as yields rose and hawkish FedSpeak abounded. Late in the day, everything puked (all US majors and crypto) on new news catalyst as they broke technical levels. Nasdaq was the ugliest horse in the glue factory while Small Caps ‘outperformed’ the rest (but were still red, unable to hold unch late on…
Defensives and Cyclicals were equally smacked today but Growth was puked relative to Value, now down dramatically since last Monday’s upside spurt… Read more at: https://www.zerohedge.com/markets/bonds-bitcoin-big-tech-battered-us-misery-reaches-40-year-highs |
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Biden Announces New “Ghost Gun” Rule, Names New ATF NomineeBiden Announces New “Ghost Gun” Rule, Names New ATF Nominee
Update (1550ET): Summarizing this afternoon’s press conference in the Rose Garden, President Biden and the Justice Department announced new steps at regulating unserialized 80% lower kits. The new rule, published by the Justice Department, requires manufacturers of 80% lower kits to include serial numbers. Gun shops will be forced to conduct background checks for anyone wanting to purchase these kits. “It’s going to help save lives, reduce crime and get more criminals off the streets,” Biden said. “If you commit a crime with a ghost gun, expect federal prosecution.” The president picked up an 80% lower of a pistol and said: “This is the gun … It’s not hard to put together … Doesn’t take very long. Anyone could order it.”
Biden also asked Congress to do more to combat gun violence, including passing universal background checks, banning assault weapons, and high-capacity magazines. … Read more at: https://www.zerohedge.com/political/biden-announce-new-ghost-gun-rules-rose-garden-ceremony |
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UK economic growth slows sharply in FebruaryA sharp fall in car and computer production weighed on the UK’s economic expansion. Read more at: https://www.bbc.co.uk/news/business-61064546?at_medium=RSS&at_campaign=KARANGA |
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Priority for fresh goods at Dover not realistic, minister saysHauliers have warned fresh produce is losing quality and value due to long queues at the port. Read more at: https://www.bbc.co.uk/news/business-61065847?at_medium=RSS&at_campaign=KARANGA |
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Benefits and state pension increase outpaced by rising pricesAn increase of 3.1% comes into force but prices are rising faster, leading to warnings from charities. Read more at: https://www.bbc.co.uk/news/business-61040694?at_medium=RSS&at_campaign=KARANGA |
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Trade setup: Market action to stay highly stock-specific during holiday-shortened weekTuesday is likely to see a tepid start to the day. The levels of 17,750 and 17,835 will act as resistance points. The supports come in at 17,600 and 17,560 levels. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-market-action-to-stay-highly-stock-specific-during-holiday-shortened-week/articleshow/90782634.cms |
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Adani Green becomes 10th most valued firm with m-cap of Rs 4.22 lakh crShares of the company jumped 16.25 per cent to settle at Rs 2,701.55 apiece on BSE. During the day, it zoomed 19.99 per cent to Rs 2,788.70. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/adani-green-becomes-10th-most-valued-firm-with-m-cap-of-rs-4-22-lakh-cr/articleshow/90782040.cms |
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Tech View: Nifty50 slips below 17,700; sideways movement likelyNagaraj Shetti, Technical Research Analyst at HDFC Securities said a small negative candle was formed with gap down opening, which was placed beside the long positive candle of Friday. Technically, this pattern reflects ongoing sideways movement in the market at the support of 17,600 level, he said. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-slips-below-17700-sideways-movement-likely/articleshow/90780155.cms |
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Living With Climate Change: Climate change demands financial innovation. Here’s a company that fronts cash to contractors to let storm-ravaged homeowners rebuild faster.Demetrius Gray of fintech company Captain — which secures contractors on site after storms with a no-interest bridge loan — believes the climate emergency is here. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BC8-6A65525572DF%7D&siteid=rss&rss=1 |
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Market Snapshot: Dow falls more than 400 points, Nasdaq finishes 2.2% lower as Treasury yields keep surgingDow industrials and the S&P 500 index book their biggest one-day declines since March on Monday, as government-bond yields soar to three-year highs. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BD0-4B3A41EC9C71%7D&siteid=rss&rss=1 |
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Bond Report: 10-year Treasury yield tops 2.7% as traders await this week’s inflation dataTreasury yields continued to rise Monday as traders await a busy week of inflation data. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BCF-A8BE8CEF56B6%7D&siteid=rss&rss=1 |
