Global equities rose today despite inflation scares and the continuing war in Ukraine. U.S. equities finished near session highs as bond yields slip, and Fed’s Waller says inflation may have peaked – NOT! Stocks rally on mostly positive earnings, snapping a 3-day losing streak for the S&P 500, closing up 1.1%.
Salient notes from the Labor Department’s report:
“Gasoline prices skyrocketed 48%, and one analysts says, breakfast cereal is the new reserve currency because cereal prices jumped 9.2%. Not outdone, meat prices have spiked even more to a scary 14.8%. Men’s jackets, suits, and coats will cost you 14.5% more, and airline fares rose 10.7%. Think again about buying a used car. Prices have spiked 35% over the past year.”
A summary of headlines we are reading today:
- India Faces Coal Shortage, Again
- U.S. Energy Grid Faces Huge Problems Amid Push To Electrify Everything
- Jamie Dimon Sees ‘Storm Clouds’ Ahead For U.S. Economy Later This Year
- Russian Oligarch Roman Abramovich Has $7 Billion In Assets Frozen In Jersey In Latest Ukraine Fallout
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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India Faces Coal Shortage, AgainIndia faces another coal crunch as coal inventories at utilities are at the lowest for this time of the year in nearly a decade, while power demand is set to surge, analysts and officials told Reuters. Power cuts are not out of the question, too, considering that coal inventories before the summer are currently sitting at a nine-year low. Last autumn, Indias massive coal fleet was running out of coal, threatening a power crunch in the country that relies on the dirtiest fossil fuel for most of its electricity generation. Coal is the Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Faces-Coal-Shortage-Again.html |
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Why Are Europes Biggest Commodity Traders Still Dealing With Russian Oil?It’s seven weeks into the fastest-growing humanitarian crisis since World War II, and the war appears to have entered a new phase with no obvious route to end the conflict. Russian President Vladimir Putin on Tuesday called the war in Ukraine a “tragedy” but insisted that Russia had “no choice” but to invade its western neighbor. Putin added that economic sanctions imposed on his country have “failed,” asserting that the Russian economy is steady despite the blows. With some of its $630 billion in foreign currency reserves still accessible, it Read more at: https://oilprice.com/Energy/Energy-General/Why-Are-Europes-Biggest-Commodity-Traders-Still-Dealing-With-Russian-Oil.html |
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Transportation Sector, Ridesharing Slammed By High Fuel PricesThe surge in diesel and gasoline prices this year is stoking inflation and affecting many businesses. The distillate fuel crunch and high prices globally and in the United States are eating into the margins of road freight transport operators, while gasoline prices at a seven-year-high are slamming the drivers at rideshare services and adding surcharges for customers. The highest oil and gasoline prices since 2014 and the highest diesel prices in the U.S. on record struck in March and are raising operating expenses for trucking companies hauling Read more at: https://oilprice.com/Energy/Energy-General/Transportation-Sector-Ridesharing-Slammed-By-High-Fuel-Prices.html |
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Putin Confident Russia Will Find New Buyers Of Its EnergyAs many Western buyers shun Russian oil, gas, and coal, Moscow will find new customers for its energy products both domestically and overseas, Russian President Vladimir Putin was quoted as saying on Wednesday. As for Russian oil, gas, coal, we will be able to raise their domestic consumption, stimulate higher complexity of feedstock processing and raise energy supplies to other parts of the world — somewhere, where they are really needed, Putin said during a meeting with the cabinet and company representatives, as carried by Bloomberg. Read more at: https://oilprice.com/Latest-Energy-News/World-News/Putin-Confident-Russia-Will-Find-New-Buyers-Of-Its-Energy.html |
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U.S. Energy Grid Faces Huge Problems Amid Push To Electrify EverythingThe Associated Press (AP) story covered two pages and began with a big headline, Storms batter aging power grid. The accompanying pictures showed homes awash and power poles atilt. The gist of the story was that more powerful storms are here to stay and the power grid needs an upgrade. Just in case you think this is hyperbole, consider that, since 2000, the number of major system disturbances has octupled, the number of disturbances that led to a loss of 100 MW or more has quadrupled; and the number of disturbances affecting Read more at: https://oilprice.com/Energy/Energy-General/US-Energy-Grid-Faces-Huge-Problems-Amid-Push-To-Electrify-Everything.html |
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Chinas Offshore Oil Giant Exits Western Markets Over Sanction FearsChinese CNOOC, the offshore oil and gas producing giant, is getting ready to quit its businesses and assets in the U.S., the UK, and Canada, over concerns that it may come under secondary sanctions over the war in Ukraine, Reuters reported on Wednesday, citing industry sources. CNOOC has stakes in operating fields in the U.S. Gulf of Mexico, the North Sea, and in Canadian oil sands projects, after it bought Nexen of Canada nearly a decade ago. CNOOC is estimated to produce around 220,000 barrels of oil equivalent per day (boepd) from assets in Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Offshore-Oil-Giant-Exits-Western-Markets-Over-Sanction-Fears.html |
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Rent the Runway CEO sees inflation as a competitive advantage for the companyOn Wednesday, the fashion rental platform reported fiscal fourth-quarter revenue ahead of analysts’ estimates along with a narrower-than-expected loss. Read more at: https://www.cnbc.com/2022/04/13/rent-the-runway-rent-q4-2021-loss.html |
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Jamie Dimon sees ‘storm clouds’ ahead for U.S. economy later this yearThe JPMorgan CEO’s remarks show just how quickly events can change the economic landscape. Read more at: https://www.cnbc.com/2022/04/13/jpmorgan-ceo-jamie-dimon-sees-storm-clouds-ahead-for-us-economy-.html |
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Starbucks is weighing better benefits for nonunion workersJust days into his new tenure, Howard Schultz has already been waging a more aggressive campaign against the union than previous CEO Kevin Johnson. Read more at: https://www.cnbc.com/2022/04/13/starbucks-is-reportedly-weighing-better-benefits-for-non-union-workers.html |
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Uninsured face surprise medical bills for Covid testing, hospital treatment after U.S. Congress fails to fund pandemic aid programJennifer Tolbert, an expert at KFF, said the uninsured will likely faced reduced testing, treatment and vaccine services. Read more at: https://www.cnbc.com/2022/04/13/covid-uninsured-face-testing-hospital-bills-after-pandemic-aid-runs-out.html |
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Russian oligarch Roman Abramovich has $7 billion in assets frozen in Jersey in latest Ukraine falloutThe freezing of assets of Roman Abramovich in Jersey is the latest financial hit to that Russian oligarch as a result of the Ukraine war. Read more at: https://www.cnbc.com/2022/04/13/russian-oligarch-roman-abramovich-has-assets-frozen-in-jersey.html |
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Stocks making the biggest moves midday: JPMorgan, Delta Air Lines, PayPalThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2022/04/13/stocks-making-the-biggest-moves-midday-jpmorgan-delta-air-lines-paypal.html |
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UBS expects 50,000 store closures in the U.S. over the next 5 years after pandemic pauseWhile analysts at UBS see more pain ahead, it’s not as many closures as the investment bank had initially projected about a year ago. Read more at: https://www.cnbc.com/2022/04/13/ubs-50000-retail-store-closures-in-us-by-2026-after-pandemic-pause.html |
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Biden administration extends transportation mask mandate for 15 more daysThe U.S. has repeatedly extended the mask mandate during the pandemic. Read more at: https://www.cnbc.com/2022/04/13/us-extends-mask-mandate-for-airplanes-and-transit-by-15-days.html |
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WHO says Covid still a global public health emergency even as deaths fall to lowest level in two years“It’s always easier to declare a pandemic than undeclare one,” said Didier Houssin, chair of the internal committee that advises WHO on health emergencies. Read more at: https://www.cnbc.com/2022/04/13/who-says-covid-still-global-health-emergency-even-as-deaths-fall-to-lowest-level-in-two-years.html |
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Delta ends $200 monthly health insurance surcharge on unvaccinated employees after Covid cases dropDelta Air Lines this month ended its $200 monthly surcharge on unvaccinated employees’ company health insurance. Read more at: https://www.cnbc.com/2022/04/13/delta-ends-200-health-insurance-surcharge-on-unvaccinated-employees.html |
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What big companies are saying about consumer spending and inflation as earning season beginsConsumer spending has stayed hot even as inflation has risen sharply. However, there are signs as earnings season begins that it is beginning to fade. Read more at: https://www.cnbc.com/2022/04/13/where-will-americans-spend-their-next-dollar-ceos-are-getting-worried.html |
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Kia unveils redesigned Niro EV and updated Telluride SUVKia on Wednesday unveiled its new lineup of Niro hybrid and EV crossovers as well as updates to its extremely popular Telluride SUV. Read more at: https://www.cnbc.com/2022/04/13/kia-unveils-redesigned-niro-ev-and-updated-telluride-suv.html |
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Covid outbreaks in New York and DC infect senior officials as omicron BA.2 variant sweeps the U.S.BA.2 now represents of 86% of new cases, almost completely displacing the earlier version of omicron that fueled the unprecedented winter surge. Read more at: https://www.cnbc.com/2022/04/13/covid-outbreaks-in-new-york-and-dc-infect-senior-officials-as-omicron-bapoint2-variant-sweeps-the-us.html |
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“Historic Blizzard” Pounds Northern Plains With Feet Of Snow“Historic Blizzard” Pounds Northern Plains With Feet Of SnowWhile it’s not entirely unusual for the Northern Plains to observe a snowstorm this late in the season, it’s the intensity of the latest storm, which is battering parts of North Dakota and eastern Montana today, that is truly “historic,” according to the National Weather Service (NWS).
Read more at: https://www.zerohedge.com/weather/historic-blizzard-pounds-northern-plains-feet-snow |
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Bonds, Big-Tech, Bullion, Bitcoin, & Black Gold All Bid As Dollar & Dimon DumpedBonds, Big-Tech, Bullion, Bitcoin, & Black Gold All Bid As Dollar & Dimon DumpedAfter yesterday’s plunge, it was only fair that US equities would rip higher today, right? As a hotter than expected PPI (are we really listening to freaking Delta’s outlook to drive the entire market?!!) actually shifted post-hike rate-cut expectations lower (hawkish!)… Market now priced for less than 2 rate-cuts after the 9 rate-hikes this year
The tumble in rates sparked the chaos algos into panic-bid long-duration stocks – Small Caps and Nasdaq dramatically outperformed, S&P and Dow managed solid 1% gains… Read more at: https://www.zerohedge.com/markets/bonds-big-tech-bullion-bitcoin-black-gold-all-bid-dollar-dimon-dumped |
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“There’s Worry On The Horizon”: JPMorgan Shocks Wall Street With Huge Loss Provision, First Since COVID Crash“There’s Worry On The Horizon”: JPMorgan Shocks Wall Street With Huge Loss Provision, First Since COVID CrashJPMorgan launched Q1 earnings season on a decidedly sour note, with the stock sliding 4% after the largest US commercial bank reported earnings that not only missed expectations but were the worst since the covid crisis in Q1 2020.
And while the bank’s trading operations performed admirably and came in well above expectations, JPM’s investment banking group suffered badly and as a result of sharply higher rates and a surge in volatility, both equity and debt underwriting cratered. How bad was it? Consider that equity underwriting plummeted 76% year-over-year to a puny $249 million, while debt underwriting slumped 20%. Read more at: https://www.zerohedge.com/markets/worry-horizon-jpmorgan-shocks-wall-street-huge-loss-provision-first-covid-crash |
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Could A Full Oil Embargo Stop The War In Ukraine?Could A Full Oil Embargo Stop The War In Ukraine?By Irina Slav of OilPrice.com A “real embargo” on Russian oil could end the war in Ukraine in a matter of months, the BBC has reported, citing a former chief economic adviser to President Putin.
According to Andrei Ilarionov, who resigned in 2005, if the West “would try to implement a real embargo on oil and gas exports from Russia… I would bet that probably within a month or two, Russian military operations in Ukraine, probably will be ceased, will be stopped”.
Illarionov was also openly critical of the Russian government, saying that President Putin’s “territorial ambitions, his imperial ambitions, are much more … Read more at: https://www.zerohedge.com/commodities/could-full-oil-embargo-stop-war-ukraine |
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Jersey court seizes $7bn of Roman Abramovich’s assetsThe Channel Island is the latest jurisdiction to crack down on the Russian billionaire Read more at: https://www.bbc.co.uk/news/business-61098873?at_medium=RSS&at_campaign=KARANGA |
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Inflation: Five things driving up prices at record ratesPetrol, furniture, sunflower oil and milk are among the products increasing in price. Read more at: https://www.bbc.co.uk/news/business-61095186?at_medium=RSS&at_campaign=KARANGA |
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P&O ferry detained at Dover fails second safety checkThe Pride of Kent and the Spirit of Britain cannot sail, prompting fears of travel disruption at Easter. Read more at: https://www.bbc.co.uk/news/business-61086897?at_medium=RSS&at_campaign=KARANGA |
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Investors punish this Ambani Group firm after 61% plunge in profitHathway Cable and Datacom, a cable television service operator based in Mumbai, said its consolidated net profit plunged 61 per cent during the quarter ending March. This happened despite the revenues being stable. This apparently happened due to a high base. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-investors-punish-this-ambani-group-firm-after-61-plunge-in-profit/articleshow/90826829.cms |
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After 30% rally in 24 hours, can Shiba Inu offer more upside?Among the newly listed tokens, Shiba Inu was the most abuzz as it rallied 31 per cent to $0.00002977 from $0.00002272 within 24 hours. However, the token is still 65 per cent below its all-time peak of $0.00008 hit in October 2021. Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/shiba-inu-rallies-30-in-24-hours-can-this-meme-coin-turn-a-multibagger/articleshow/90818312.cms |
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Half of equity mutual fund managers fail to beat benchmark for another yearThe markets rallied for most part of 2021 in this one-year period with the S&P BSE 100 rallying 26 per cent. Read more at: https://economictimes.indiatimes.com/markets/bonds/half-of-equity-mutual-fund-managers-fail-to-beat-benchmark-for-another-year/articleshow/90818124.cms |
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The New York Post: Texas Gov. Abbott’s migrant bus discharges passengers at D.C. building housing Fox News, NBC News, C-SPANThe first bus filled with dozens of illegal immigrants from Texas arrived in Washington, DC, Wednesday, one week after Gov. Greg Abbott vowed to transport migrants in the US illegally to the nation’s capital as the immigration crisis along the southern border grows. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BED-15F48C705FE2%7D&siteid=rss&rss=1 |
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: Amazon to hit U.S. third-party sellers with 5% inflation and fuel surchargeAmazon.com Inc. will hit U.S. third-party sellers with an inflation and fuel surcharge of 5%, saying in a memo that it already has absorbed “significant cost increases.” Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BF1-B2C0A94A1D54%7D&siteid=rss&rss=1 |
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Key Words: ‘My fellow New Yorkers, we got him’: Mayor Adams on arrest of Brooklyn subway shooting suspectFrank James is a suspect in the subway shooting early Tuesday that left at least 10 people wounded. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7BF1-1F2D430945BC%7D&siteid=rss&rss=1 |
