11May2022 Market Close & Major Financial Headlines: Wall Street Falls In Volatile Trading After Hot Inflation Report Of 8.3%, Cryptos Continue To Slip, Investors Fear Of An Economic Slowdown Accelerates

Could Carbon Capture Tech Be The Key To A Net-Zero Future?

With the White House announcement that it will invest $2.3 billion in carbon capture over the coming years, its understandable why companies are racing to come up with the best new technology. As governments and energy firms make ambitious aims for carbon reduction, this is only the beginning for carbon capture and storage (CCS) technologies. Last week, the U.S. Department of Energy stated that it was beginning to distribute the $2.3 billion earmarked for CCS technology in President Bidens Bipartisan Infrastructure Law. Energy Secretary

Read more at: https://oilprice.com/Energy/Energy-General/Could-Carbon-Capture-Tech-Be-The-Key-To-A-Net-Zero-Future.html

Turkey Looks To Kazakhstan To Form New Trade Route To Bypass Russia

Ukraine was on the agenda, along with trade and transportation routes, as President Kassym-Jomart Tokayev paid his first state visit to Turkey this week since coming to power in 2019. However, anyone looking at reports from Tokayevs office on his May 10 talks with his Turkish counterpart Recep Tayyip Erdogan had to read between the lines to surmise that they discussed Ukraine at all since it did not mention the country by name. Instead, Akorda, the presidential palace, talked euphemistically of the deterioration in the geopolitical

Read more at: https://oilprice.com/Geopolitics/International/Turkey-Looks-To-Kazakhstan-To-Form-New-Trade-Route-To-Bypass-Russia.html

Asian Refinery Restarts After Two-Year Hiatus

An Asian refinery co-owned by Saudi oil giant Aramco has resumed crude processing for the first time since closing after a deadly fire in 2020, sources familiar with the operations told Reuters, in what could be some relief for tight Asian and global markets for refined products. The Pengerang Refining and Petrochemical complex in Malaysia, capable of processing 300,000 barrels per day (bpd) of crude oil, is owned and operated by PRefChem, a strategic alliance between Malaysia’s national oil company PETRONAS and Saudi Aramco, through

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Asian-Refinery-Restarts-After-Two-Year-Hiatus.html

Colombia Has To Choose Between Energy Security And The Environment

The fight between energy security backers who want to boost oil operations and environmentalists is intensifying in Colombia. While a Colombian oil and gas industry group says Colombia must boost its crude output to ensure the country’s energy security, activists are fighting to stop fracking. With presidential elections coming up, the future of Colombian energy hangs in the balance. The Colombian Petroleum Association (ACP) warned this week that Colombia may lose its energy self-sufficiency by as early as 2028 if it does not take action

Read more at: https://oilprice.com/Energy/Energy-General/Colombia-Has-To-Choose-Between-Energy-Security-And-The-Environment.html

Italys PM Suggests Forming Oil Purchasing Cartel With U.S.

Italys Prime Minister Mario Draghi has suggested after a meeting with U.S. President Joe Biden this week that oil consumers unite to form a cartel with the goal of capping oil prices. Draghi visited the White House on Tuesday to discuss, among other things, the state of the energy market. According to Draghi, both he and President Biden have agreed that the current structure of the energy market isn’t working. Draghi also suggested pressuring OPEC to produce more, an idea that is not only not new, but has been attempted, both

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italys-PM-Suggests-Forming-Oil-Purchasing-Cartel-With-US.html

UK To Investigate Major Steel Producer Threatening Ukraine Stability

The UK government recently announced an asset freeze on London-headquartered metal and mining group Evraz. Authorities claim that Evraz is receiving benefits or support from the Russian government to conduct business in strategic and economic sectors. True or not, the freeze has broad implications for global steel production. Evraz Investigated for Threatening Ukrainian Stability HM Treasurys Office of Financial Sanctions Implementation (OFSI) went public with the move against Evraz on Thursday, May 5. As in similar situations,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-To-Investigate-Major-Steel-Producer-Threatening-Ukraine-Stability.html

Cushman & Wakefield appeals subpoenas order in Trump Organization probe by New York attorney general

As Cushman & Wakefield appealed, a judge conditionally lifted a contempt of court finding against Donald Trump related to a subpoena for other documents.

Read more at: https://www.cnbc.com/2022/05/11/trump-organization-probe-cushman-wakefield-appeals-subpoenas-order.html

Disney reports earnings after the bell. Here’s what to expect

All eyes will be on Disney’s streaming numbers when the company reports its fiscal second-quarter earnings results after the bell Wednesday.

Read more at: https://www.cnbc.com/2022/05/11/disney-dis-fiscal-q2-2022-earnings.html

McDonald’s franchisees are worried the company’s new grading system will alienate workers

McDonald’s is rolling out a new grading system for its restaurants and tensions are boiling over for some owner-operators.

Read more at: https://www.cnbc.com/2022/05/11/mcdonalds-franchisees-worry-new-grading-system-will-alienate-workers.html

Here’s what we want to hear from Disney on earnings after the bell

Disney is slated to release second-quarter results after the bell Wednesday. Here’s what Jim Cramer and the CNBC Investing Club hopes to hear.

Read more at: https://www.cnbc.com/2022/05/11/investing-club-heres-what-we-want-to-hear-from-disney-on-earnings-after-the-bell.html

Peloton took $182 million impairment charge last quarter as inventories piled up

Peloton’s took a $182 million hit in its previous fiscal quarter as inventory levels ballooned and consumer demand for its bikes and treadmills waned.

Read more at: https://www.cnbc.com/2022/05/11/peloton-took-182-million-impairment-charge-last-quarter-as-inventories-piled-up.html

Meet GM’s most expensive and powerful Cadillac Escalade yet, starting at $150,000

The 2023 Cadillac Escalade-V features a supercharged 6.2-liter V-8 engine that delivers 682 horsepower and 653 foot-pounds of torque.

Read more at: https://www.cnbc.com/2022/05/11/gms-new-cadillac-escalade-is-the-most-expensive-powerful-yet-at-150000.html

Southwest is upgrading its planes with faster Wi-Fi, bigger overhead bins and new drinks to woo travelers

Southwest and other carriers are working on upgrading cabins with more passenger comforts like in-seat power and faster internet as travelers return.

Read more at: https://www.cnbc.com/2022/05/11/southwest-airlines-revamping-planes-with-faster-wifi-bigger-overheard-bins.html

Nearly 7 in 10 Americans want to live to 100, study finds. Here’s how retirement is changing

Despite fears of outliving savings, most Americans still want to live longer, with 65% hoping to reach age 100, according to a study on longevity.

Read more at: https://www.cnbc.com/2022/05/11/nearly-seven-in-10-americans-want-to-live-to-100-study-finds.html

Target employees at Virginia store file for union election amid a broader labor push at big companies

Target employees at a store in Virginia filed on Tuesday with the National Labor Relations Board for a union election.

Read more at: https://www.cnbc.com/2022/05/11/target-employees-at-virginia-store-file-for-union-election.html

Toyota warns ‘unprecedented’ raw materials costs could cut profits by 20%

Toyota said it expects materials costs to more than double from to 1.45 trillion yen, or about $11.1 billion, in its fiscal year that started in April.

Read more at: https://www.cnbc.com/2022/05/11/toyota-warns-raw-materials-costs-could-cut-profits-by-20percent.html

Kohl’s shareholders vote to keep current slate of directors despite activist pressure

The shareholder meeting took place as activist firm Macellum Advisors has been pushing for Kohl’s to revamp its slate of directors.

Read more at: https://www.cnbc.com/2022/05/11/kohls-shareholders-vote-to-keep-current-slate-of-directors-despite-activist-pressure.html

The maker of Marlboro cigarettes is betting big on nicotine pouches placed under your upper lip

Marlboro-maker Philip Morris International confirmed Wednesday a $16 billion bid to buy rival Swedish Match as part of its accelerated push into smoke-free tobacco alternatives.

Read more at: https://www.cnbc.com/2022/05/11/philip-morris-international-bids-16-billion-for-swedish-match-.html

Dorsey Agrees With Musk On Trump’s Twitter Ban

Dorsey Agrees With Musk On Trump’s Twitter BanAuthored by Tom Ozimek via The Epoch Times (emphasis ours),

Twitter co-founder Jack Dorsey said he backs Tesla CEO Elon Musk’s plan to reinstate former President Donald Trump’s account on the platform, calling the move to ban Trump a “business decision” and a “failure.”

(L): Elon Musk speaks at the E3 gaming convention in Los Angeles, on June 13, 2019. (R): Jack Dorsey speaks at the Consensus 2018 blockchain technology conference in New York City, on May 16, 2018. (Mike Blake, Mike Segar/Reuters)Musk suggested on Tuesday he would overturn Trump’s suspension from Twitter if his takeover bid for the social media platform ends in success. …

Read more at: https://www.zerohedge.com/political/dorsey-agrees-musk-trumps-twitter-ban

US Overdose Deaths Reach New Record As Fentanyl/Meth Use Soars

US Overdose Deaths Reach New Record As Fentanyl/Meth Use SoarsDrug overdose deaths reached another record last year, peaking at just under 108,000, according to new data published by the CDC.

The increase of nearly 15% followed a much steeper rise of almost 30% in 2020, continuing a depressing but hardly surprising trend: the number of drug overdose deaths has increased every year but 2018 since the 1970s.

A growing share of deaths came from overdoses involving fentanyl, a class of potent synthetic opioids that are often mixed with other drugs, and methamphetamine, a cheap and popular stimulant. State health officials told the NYT that a growing number of deaths appeared to be the result of users combining the two.

Drug overdoses, which have long since topped deaths from AIDS, car accidents and guns, killed about a quarter as many Americans as COVID did last year.

Deaths involving synthetic opioids (largely fent …

Read more at: https://www.zerohedge.com/political/overdose-deaths-reach-new-record-over-100000

Wall Street’s Biggest Bear Sees Much More Pain, S&P Dropping As Low As 3,350

Wall Street’s Biggest Bear Sees Much More Pain, S&P Dropping As Low As 3,350On the surface there isn’t a big difference between Morgan Stanley’s Michael Wilson and JPMorgan Marko Kolanovic: both of them are best known for fiercely sticking to their financial view and week-after-week hammering their market position, come rain or shine. The only difference, of course, is that while Marko has been wrong for all of 2022 – a fact which hasn’t bothered him one bit and this week he urged what few clients he has left to BTFD for the 19th consecutive week even as the S&P tumbled 1000 points below his year-end price target of 4,900…

… Wilson has been bearish all along, and right. And just as Kolanovic refuses to stop digging the hole he is in, and keeps on repeating that any minute now the ramp will arrive and stocks will merrily return to their all time highs, so Wilson keeps pouring salt into t …

Read more at: https://www.zerohedge.com/markets/wall-streets-biggest-bear-sees-much-more-pain-sp-dropping-low-3350

Major Trucking Firms Prepare For “Imminent Diesel Shortage In Eastern Half Of US”

Major Trucking Firms Prepare For “Imminent Diesel Shortage In Eastern Half Of US”Major trucking fleets across the eastern half of the US are preparing for an “imminent” diesel shortage, according to logistics firm FreightWaves.

Founder and CEO of FreightWaves Craig Fuller said “3 very large fleets” are preparing for diesel pumps at fuel stations to run dry. Drivers of these fleets received notifications about fuel shortages that could materialize in the coming weeks across the Mid-Atlantic and Northeast regions.

Major truckstop chains Loves and Pilot warning about imminent diesel shortages in the eastern half of the US

— Craig Fuller 🛩🚛🇺🇦 (@FreightAlley) May 11, 2022

Fuller tweeted several messages that drivers received from fleet operators. The notifications were alarming.

pic.twitter.com/yFYyjzYMWE

— Craig Fuller 🛩🚛🇺🇦 (@FreightAlley) May 11, 2022

Read more at: https://www.zerohedge.com/commodities/major-trucking-firms-prepare-imminent-diesel-shortage-eastern-half-us-freightwaves-says

Windfall tax on energy firms still an option

Officials say Rishi Sunak is still open to the idea if energy firms do not reinvest their profits in the UK.

Read more at: https://www.bbc.co.uk/news/business-61408522?at_medium=RSS&at_campaign=KARANGA

Adidas sports bra adverts banned over bare breasts

The advertising watchdog received complaints that the images ‘reduced women to body parts’.

Read more at: https://www.bbc.co.uk/news/business-61413184?at_medium=RSS&at_campaign=KARANGA

Aviva chief responds to ‘sexist’ shareholder jibes

Amanda Blanc says unacceptable behaviour towards her has become more overt in her career.

Read more at: https://www.bbc.co.uk/news/business-61411229?at_medium=RSS&at_campaign=KARANGA

Does the cryptocurrency crash pose a threat to the financial system?

Bitcoin accounts for nearly $600 billion of that value, followed by ethereum, with a $285 billion market cap.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/does-the-cryptocurrency-crash-pose-a-threat-to-the-financial-system/articleshow/91496104.cms

Amid rate hikes, turnaround in FPI equity flows requires strong earnings show by India Inc

“For equity flows to turnaround, there must be strong signals either on corporate earnings or policy reforms given that the days of easy monetary policy are over. Further, the fiscal stimulus in our context has been limited. Therefore, even on the equity side, there may not be significant inflows.”

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/amid-rate-hikes-turnaround-in-fpi-equity-flows-requires-strong-earnings-show-by-india-inc/articleshow/91488265.cms

Is it the right time to invest in bank stocks?

Yash Gupta- Equity Research Analyst, Angel One, suggests retail investors to wait for some time and let the dust settle down in the market. Long-term investors may look to add some positions in bank stocks, he added.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/is-it-the-right-time-to-invest-in-bank-stocks/articleshow/91489631.cms

Bond Report: Treasury curve flattens as investors weigh impact of April’s CPI data on economic outlook

Most Treasury yields were lower on Wednesday, handing the 10- and 30-year rates their biggest three-day declines since March.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D1A-1575506A0AF9%7D&siteid=rss&rss=1

The Ratings Game: Planet Fitness is raising the price of its Black Card membership but still offers a $10 option

Planet Fitness is raising its monthly Black Card membership fee, but analysts say the “value-oriented” chain could still benefit during a period of high inflation

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D24-A94295AADB81%7D&siteid=rss&rss=1

Market Extra: What’s next for markets after inflation data fails to deliver ‘watershed moment’

Stock and bond investors looking for a “watershed” moment in Wednesday’s inflation data were left disappointed.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7D1F-D37FB393EF48%7D&siteid=rss&rss=1