29Apr2022 Market Close & Major Financial Headlines: Terrible Month For The Markets Ends With Another Down Day

Demand Destruction Is Delaying An Oil Supply Crisis

Oil prices are on course for a fifth straight monthly increase despite significant demand destruction in China, a trend that highlights just how big the current supply problem is.Oilprice Alert:Our trading specialists have just released a special report on how to play today’s boom in oil prices. The current run up in commodity prices has created a generational opportunity in the energy markets. Join Global Energy Alert today and receive our 20-page research report ”5 Ways To Play The 2022 Oil BoomFriday, April 29, 2022As we

Read more at: https://oilprice.com/Energy/Energy-General/Demand-Destruction-Is-Delaying-An-Oil-Supply-Crisis.html

An EU Embargo On Russian Oil Is Imminent

Members of the European Union are expected to agree on an embargo of Russian crude oil imports as early as next week, according to officials, in a move that would lay to rest a point of contention among its members. Such a measure has been discussed for weeks with the United States adding pressure on the group to do its part to stop funding Russia with its payments for oil and gas supplies. The EU will continue to discuss the matter over the weekend, according to the New York Times, with the European Commission set to draft the finalized

Read more at: https://oilprice.com/Latest-Energy-News/World-News/An-EU-Embargo-On-Russian-Oil-Is-Imminent.html

The Rig Count Climbs As Markets Clamor For More Oil

The number of total active drilling rigs in the United States rose by 3 this week, after an increase of 2 rigs in the week prior, according to new data from Baker Hughes published on Friday. The total rig count increased to 698 this week258 rigs higher than the rig count this time in 2021 and the highest count since April 2020. Drilling has picked up substantially since the Russia invasion, adding 48 rigs over the last nine weeks. Oil rigs in the United States rose this week by 3 rigs to 552, while gas rigs stayed the same at 144. Miscellaneous

Read more at: https://oilprice.com/Energy/Energy-General/The-Rig-Count-Climbs-As-Markets-Clamor-For-More-Oil.html

Poland Threatens To Seize Russian Pipelines

As Poland desperately attempts to restore the flow of Russian gas to the country, its government has ordered Russian Novatek to hand over pipeline infrastructure or face legal action amounting to infrastructure expropriation. On Friday, a Polish government spokesman told the Associated Press that Russian Novatek Green Energy had been ordered to make its pipelines available to Polish companies and that failure to comply would mean legal action. Invoking crisis management laws, AP cited government spokesperson Piotr Mueller as saying

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Poland-Threatens-To-Seize-Russian-Pipelines.html

Diesel In Crisis Mode As Prices Break Records

Diesel prices, the lifeblood of industry, have hit a record $5.16 per gallon, trending $1 per gallon higher than gasoline prices, with inventory shortages adding severe pressure and resulting in inflated prices for consumer goods. While gasoline prices get much of the attention, diesel, which broadly is the fuel that moves the economy, has quietly surpassed its recent record high as distillate inventories, which include diesel and jet fuel, have plummeted to their lowest level in years, media quoted Patrick De Haan, head

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Diesel-In-Crisis-Mode-As-Prices-Break-Records.html

European Refiners Are Racing To Capitalize On Record-High Diesel Margins

Refiners in Europe are processing crude at capacityor very close to capacitybolstered by the highest diesel margins in at least three decades, traders told Argus on Friday. Every refinery in Western Europe not undergoing planned spring maintenance has ramped up throughput as refining margins for most fuels, especially diesel, are very high amid a distillate crunch in Europe following the Russian invasion of Ukraine. Refineries that were idled in 2020 amid the COVID-induced slump in demand are also returning online. France’s TotalEnergies,

Read more at: https://oilprice.com/Energy/Crude-Oil/European-Refiners-Are-Racing-To-Capitalize-On-Record-High-Diesel-Margins.html

CDC says adenovirus may contribute to liver injury in healthy children after investigating Alabama cases

The CDC published its most detailed findings so far about nine children in Alabama who developed severe hepatitis, after issuing a health alert last week.

Read more at: https://www.cnbc.com/2022/04/29/cdc-says-adenovirus-may-contribute-to-liver-injury-in-healthy-children.html

How this U.S.-made, $176,000 anti-tank weapon could change the war in Ukraine

The U.S. has sent thousands of Javelin weapon systems to Ukraine — what does this mean for supplies of this vaunted weapon?

Read more at: https://www.cnbc.com/2022/04/29/how-this-us-made-176000-anti-tank-weapon-could-change-the-war-in-ukraine.html

Most Americans still feel optimistic about retirement. But inflation is hurting some workers’ confidence

Despite the pandemic, most Americans still feel optimistic about retirement, a survery finds. But inflation is a top concern for those who aren’t prepared.

Read more at: https://www.cnbc.com/2022/04/29/most-americans-still-feel-optimistic-about-retirement-survey-finds.html

Meet Sox, the breakout star of Disney’s ‘Lightyear’ — and the next hot toy

The biggest buzz from Disney’s and Pixar’s “Lightyear” is for Sox, a robotic cat that is poised to take the toy industry by storm.

Read more at: https://www.cnbc.com/2022/04/29/meet-sox-the-breakout-star-of-disneys-lightyear-and-the-next-hot-toy.html

FAA delays environmental review of SpaceX’s Starship launches from Texas for a fourth time

SpaceX needs a license from the FAA to conduct further Starship flight tests and begin operational launches from its private facility in Boca Chica, Texas.

Read more at: https://www.cnbc.com/2022/04/29/faa-delays-environmental-decision-on-spacexs-starship-launches-to-may.html

FDA panel to discuss Novavax Covid vaccine for adults, Pfizer and Moderna shots for kids in June

The meetings are a sign that the vaccines are moving closer to a possible authorization.

Read more at: https://www.cnbc.com/2022/04/29/fda-panel-to-discuss-novavax-covid-vaccine-pfizer-and-moderna-kids-shots-in-june.html

The market just posted an unhealthy AOL-Time Warner bubble comparison

Ford, Amazon wrote-down stakes in Rivian. Google, Microsoft said equity bets lost value. But it’s the $6 billion charge from Teladoc that really stands out.

Read more at: https://www.cnbc.com/2022/04/29/the-market-just-posted-an-unhealthy-aol-time-warner-bubble-comparison.html

5 things to know before the stock market opens Friday

U.S. stock futures fell Friday, with the Nasdaq set to open down 1% as Amazon and Apple sank in the premarket.

Read more at: https://www.cnbc.com/2022/04/29/5-things-to-know-before-the-stock-market-opens-friday-april-29.html

Stocks making the biggest moves premarket: Robinhood, Amazon, Apple, Roku and more

These are the stocks posting the largest moves in premarket trading.

Read more at: https://www.cnbc.com/2022/04/29/stocks-making-the-biggest-moves-premarket-robinhood-amazon-apple-roku-and-more.html

Exxon Mobil’s first-quarter profit rises, even after $3.4 billion hit from Russia charge

Exxon’s profit rose during the first quarter, but the company booked a charge related to exiting Russia.

Read more at: https://www.cnbc.com/2022/04/29/exxon-xom-earnings-q1-2022.html

Victoria’s Secret is taking its beauty business to Amazon in its first-ever wholesale test

Victoria’s Secret is taking its beauty business to Amazon, marking the lingerie company’s first major tie-up with another retailer to sell its goods.

Read more at: https://www.cnbc.com/2022/04/29/victorias-secret-takes-beauty-business-to-amazon-in-wholesale-test.html

Chevron’s profit quadruples in the first quarter as higher oil and gas prices boost operations

Chevron’s first-quarter results were helped by higher oil and gas prices.

Read more at: https://www.cnbc.com/2022/04/29/chevron-cvx-earnings-q1-2022.html

Chinese leaders stick to Covid controls as the virus spreads and forces a Beijing luxury mall to close temporarily

China showed few signs of loosening its zero-Covid control policies as the country continued to battle its worst outbreak in two years.

Read more at: https://www.cnbc.com/2022/04/29/china-sticks-to-covid-controls-beijing-luxury-mall-closes.html

Nasdaq Collapses To Worst Month Since Lehman As Market Starts Pricing 75bps Hike In June

Nasdaq Collapses To Worst Month Since Lehman As Market Starts Pricing 75bps Hike In JuneRemember how great the second half of march was!? Well that de-escalated quickly…

A 50bps hike is now a done-deal for next week’s FOMC meeting and STIRs are now pricing a near 50% chance of a 75bps hike in June (not helped by a record surge in the Employment Cost Index this morning)!!

Source: Bloomberg

That would be The Fed’s first 75bps hike since 1994!

And no, US equity markets are not “pricing in” that level of hawkishness… yet…

Read more at: https://www.zerohedge.com/markets/nasdaq-collapses-worst-month-lehman-market-starts-pricing-75bps-hike-june

Elon Musk: “Democratic Party Has Been Hijacked By Extremists”

Elon Musk: “Democratic Party Has Been Hijacked By Extremists”Authored by Paul Joseph Watson via Summit News,

Prospective new Twitter owner Elon Musk says part of the reason for free speech being in peril is that the Democratic Party “has been hijacked by extremists.”

The billionaire has continued to respond to the fallout from his $44 billion dollar purchase of the company via the social media network.

On Thursday, Musk tweeted a diagram showing how the Overton Window has been dragged so far left, that people who not so long ago considered themselves liberals are now being lumped in with conservatives as “bigots.”

Critics responded by claiming that voting records show Republicans have moved further right.

It’s true that on aggregate, the right has moved more to the extreme than the left in Washington. But the small group on the far left has b …

Read more at: https://www.zerohedge.com/political/elon-musk-democratic-party-has-been-hijacked-extremists

Brazil’s Top Farmer To Slash Fertilizer Usage By 25% Amid Shortage

Brazil’s Top Farmer To Slash Fertilizer Usage By 25% Amid ShortageSoaring prices for industrial fertilizer have forced one of Brazil’s largest farmers to initiate plans to reduce nutrient spreading on fields by at least a quarter in 2022-23, according to Bloomberg.

SLC Agricola SA, which manages soybeans, corn, and cotton fields in an area larger than the state of Delaware, will reduce the use of fertilizer by 20% and 25%, Chief Executive Officer Aurelio Pavinato said.

Pavinato’s planned reduction of fertilizer comes as prices have soared to record highs due to shortages stemming from the Russian invasion of Ukraine. He said fewer nutrients won’t necessarily affect crop production yet.

“It’s possible to cut fertilizers in a year and have a null impact on production,” he said in an interview, adding there are fertilizer reserves in the soil from previous seasons.

SLC’s decision to reduce fertilizer on fields is a prime example of how farmers worldwide are coping with high prices and shortages. Some farmers are switching to crops that need less fertilizer.

Even though Pavinato doesn’t think harvests will be affected in the near term. The prospect of lower yields is a significant concern among ag traders and continues to push

Read more at: https://www.zerohedge.com/commodities/brazils-top-farmer-slash-fertilizer-usage-25-amid-shortage

Goldman Sachs Offers Its First Bitcoin-Backed Loan

Goldman Sachs Offers Its First Bitcoin-Backed LoanAuthored by ‘NAMCIOS’ via BitcoinMagazine.com,

Goldman has reportedly offered its first ever lending facility backed by BTC as the Wall Street giant deepens its Bitcoin offerings.

Goldman Sachs has offered its first bitcoin-backed loan.

The arrangement, made popular over the past few years in the Bitcoin industry by newer companies, enables a bitcoin holder to obtain fiat money like U.S. dollars by putting up their BTC as collateral to the bank. If the price of bitcoin drops, the user may be required to increase their collateral, risking getting liq …

Read more at: https://www.zerohedge.com/crypto/goldman-sachs-offers-its-first-bitcoin-backed-loan

Prepay energy customers disconnect over price rises

A record number of households have stopped topping up their pay-as-you go meters, Citizens Advice says.

Read more at: https://www.bbc.co.uk/news/business-61270970?at_medium=RSS&at_campaign=KARANGA

Russia says it has made payments to avoid debt default

Moscow has paid interest on foreign bonds in dollars but admits there are “difficulties with payments”.

Read more at: https://www.bbc.co.uk/news/business-61275576?at_medium=RSS&at_campaign=KARANGA

Sunflower oil substitutes named by food watchdog

Supply shortages mean products may contain palm, coconut or soybean oils, says standards agency.

Read more at: https://www.bbc.co.uk/news/business-61271558?at_medium=RSS&at_campaign=KARANGA

Market Movers: Metals get reality check as iron ore shipment halves

NMDC closed down over 1 per cent. National Aluminium, and Welspun Corps were other big losers of the day. Nifty Metal eventually ended down 0.55 per cent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-metals-get-reality-check-as-iron-ore-shipment-halves/articleshow/91186069.cms

With renewed interest of whales, will Dogecoin get its glory back?

The largest hodlers are called whales, who hold over $1 million worth of crypto in their wallets. Holding is an industry term for users who hold large amounts of crypto without selling them, in hopes of future profits.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/with-renewed-interest-of-whales-will-dogecoin-get-its-glory-back/articleshow/91175470.cms

Confused between HDFC Bank vs ICICI Bank? Investors making money by betting on none

In the last one year, Nifty Bank index has delivered a better-than-FD return of 8 per cent but the Nifty PSU Bank index has outperformed with a 35 per cent return. On a year-to-date basis, the PSU Bank index has rallied over 8 per cent against a flat Nifty Bank.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/confused-between-hdfc-bank-vs-icici-bank-investors-making-money-by-betting-on-none/articleshow/91172190.cms

Market Extra: A rough 4 months for stocks: S&P 500 at risk of booking the worst start to a year since 1942. Here’s what pros say you should do now.

April showers apparently bring dramatically lower markets on Wall Street, and this month’s slump for the S&P 500 is shaping up to be a doozy.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C85-621484429733%7D&siteid=rss&rss=1

Washington Watch: Trump-backed Senate hopeful Vance tied in polls ahead of Ohio primary seen as key test for ex-president

Ohio’s Republican Senate primary is shaping up to be a nail-biter, with just days before voters hit the polls in a high-profile contest that’s also seen as a key test for President Donald Trump’s position in the GOP.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C89-C55BDFD97135%7D&siteid=rss&rss=1

The Ratings Game: Domino’s wants more customers to pick up their own pizzas rather than wait for delivery

Domino’s reports a disappointing first quarter in which staffing challenges took a toll but the company and analysts say demand is still high.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7C9A-F6F728FAD17D%7D&siteid=rss&rss=1