23May2022 Market Close & Major Financial Headlines: Some Analysts Are Calling Today’s Wall Street Recovery A Dead Cat Bounce, Major Indexes Close Near Session Highs, Energy Shares Rise, U.S. Reserves Fall To A 35-Year Low

The Bears Are Back In Metals Markets

The bears are back in the metal markets, and one of their prime motivators is this year’s dismal prospects for China. A note in the FTs Unhedged today explored the country’s impossible trilemma of achieving 5.5% GDP growth, reaching a stable debt-to-GDP ratio, and meeting zero-COVID initiatives. When you combine this with the reality that China’s demand is already sagging, you have a real recipe for disaster. The article also mentioned how the typical get out of jail free card won’t work for

Read more at: https://oilprice.com/Metals/Commodities/The-Bears-Are-Back-In-Metals-Markets.html

Tensions Rise As Iraq Prepares To Usurp Kurdish Oil Contracts

Tensions are rising between Baghdad and Kurdish officials in the semi-autonomous Kurdistan Regional Government in Northern Iraq as Iraq’s Oil Ministry prepares to take control of the Kurdish oil sector, including contracts with foreign companies. On Saturday, the Iraqi Oil Ministry announced plans to create a new national oil corporation in the Kurdistan region of Iraq, Reuters reported, prompting Kurdish officials on Monday to call on Baghdad to refrain from any unilateral decisions, a KRG spokesman told S&P Global

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tensions-Rise-As-Iraq-Prepares-To-Usurp-Kurdish-Oil-Contracts.html

What Will It Take For Hungary To Agree On A Russian Oil Embargo?

Hungary has maintained its demands for energy investment before it agrees to a Russian oil embargo with its Western allies. Solutions first, sanctions afterward, Hungary’s Justice Minister Judit Varga said ahead of fresh talks with the European Union (EU) on the sixth package of sanctions against Russia after it invaded Ukraine. The Hungarian government has been clashing with multiple EU member states and its executive arm, the European Commission, which has been calling for swift approval of more energy sanctions against the

Read more at: https://oilprice.com/Energy/Crude-Oil/What-Will-It-Take-For-Hungary-To-Agree-On-A-Russian-Oil-Embargo.html

Eni, TotalEnergies Start Drilling Offshore Cyprus

Italian Eni and French TotalEnergies on Monday began the exploratory drilling of a natural gas well off the coast of Cyprus in the same block where a discovery was made in 2018. On Monday, the Tungsten Explorer drillship arrived off the coast of Cyprus to begin drilling in Block 6, where Eni Cyprus and TotalEnergies EP Cyprus BV are joint owners of the project, with Eni as the operator, Reuters reports. The announcement comes as exploration and discovery of natural gas gain critical momentum offshore Cyprus. In March, ExxonMobil

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Eni-TotalEnergies-Start-Drilling-Offshore-Cyprus.html

How Will NATOs Nordic Expansion Impact Georgia?

As Sweden and Finland move swiftly toward NATO membership, Georgians who have been seeking for more than a decade to enter the alliance are watching the process with mixed feelings. The accession of the two Scandinavian states would seem to override what has been seen as a Russian veto over further NATO expansion near its borders. That could help break the stalemate that has kept Georgia and Ukraine from joining since they were first promised membership in 2008, according to one line of thinking. But pessimists in

Read more at: https://oilprice.com/Geopolitics/International/How-Will-NATOs-Nordic-Expansion-Impact-Georgia.html

EV Sales Are Booming, But Battery Metals Remain A Problem

Global sales of electric vehicles (EVs) surged last year and have continued to grow strongly this year, but soaring prices of critical minerals and supply chain bottlenecks are the greatest obstacles to a continued surge in EV sales in the short term, the International Energy Agency (IEA) said in its Global EV Outlook 2022 published on Monday. Global EV sales broke all records last year and continued their strong performance in the first quarter of 2022, mostly thanks to sustained policy support in many markets, with overall public spending on

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EV-Sales-Are-Booming-But-Battery-Metals-Remain-A-Problem.html

Starbucks will exit Russia after 15 years, closing 130 licensed cafes

Starbucks has 130 locations in Russia, which previously saw McDonald’s, Exxon Mobil and other companies exit because of the Ukraine invasion.

Read more at: https://www.cnbc.com/2022/05/23/starbucks-will-exit-russia-after-15-years-closing-130-licensed-cafes.html

SpaceX looks to raise $1.7 billion in new funding, boosting its valuation to $127 billion

SpaceX is raising a massive round of fresh funding, CNBC has learned, sending the private company’s valuation to about $127 billion.

Read more at: https://www.cnbc.com/2022/05/22/elon-musks-spacex-looks-to-raise-1point7-billion-in-new-funding.html

The number of billionaires soared during the pandemic. How tax proposals aim to reduce wealth inequality

As the number of billionaires has grown since the pandemic started, calls to “tax the rich” has increased. Here’s how those levies may work.

Read more at: https://www.cnbc.com/2022/05/23/as-number-of-billionaires-climbs-new-calls-for-wealth-taxes-emerge.html

Automakers are jacking up prices on electric vehicles to bake in rising materials costs

Automakers have begun raising EV prices as commodity costs surge. Will mainstream consumers be priced out?

Read more at: https://www.cnbc.com/2022/05/21/electric-vehicle-prices-rise-at-tesla-rivian-gm-and-other-carmakers.html

Prices are surging, but fans are still paying top dollar to watch live sports

People are eager to get out and experience live sports, even as inflation rises everywhere.

Read more at: https://www.cnbc.com/2022/05/22/inflation-is-rising-but-fans-are-paying-for-nba-nfl-other-sports-tickets.html

After seeing Hawaii’s beaches littered with plastic, this islander built a company to make straws from seaweed

Loliware substitutes seaweed for plastic in making disposable utensils.

Read more at: https://www.cnbc.com/2022/05/23/loliware-straws-from-seaweed-founded-by-hawaiian-.html

CDC officials sound alarm for gay and bisexual men as monkeypox spreads in community

Dr. John Brooks, a CDC official, emphasized that anyone can contract monkeypox through close personal contact regardless of sexual orientation.

Read more at: https://www.cnbc.com/2022/05/23/cdc-officials-sound-alarm-for-gay-and-bisexual-men-as-monkeypox-spreads-in-community-.html

Photos: Bangladesh and India endure catastrophic floods

Severe floods in parts of Bangladesh and India have killed at least 24 people and left thousands displaced in recent weeks.

Read more at: https://www.cnbc.com/2022/05/23/photos-bangladesh-and-india-endure-catastrophic-floods.html

Tax breaks aren’t prime reason for high-net-worth philanthropy, study finds

Tax breaks aren’t the primary incentive for philanthropy among the ultra-wealthy, according to a charitable giving study.

Read more at: https://www.cnbc.com/2022/05/23/tax-breaks-arent-prime-reason-for-high-net-worth-philanthropy.html

Monkeypox outbreak is primarily spreading through sex, WHO officials say

An outbreak of the monkeypox virus in North America and Europe is primarily spreading through sex among men with about 200 confirmed and suspected cases.

Read more at: https://www.cnbc.com/2022/05/23/monkeypox-outbreak-is-primarily-spreading-through-sex-who-officials-say.html

FDA panel sets June 15 meeting on Pfizer, Moderna Covid vaccines for infants and toddlers

The FDA said it will complete its review of Pfizer’s and Moderna’s applications within days of each other.

Read more at: https://www.cnbc.com/2022/05/23/kids-covid-shots-fda-panel-sets-june-15-meeting-on-pfizer-moderna-vaccines-for-infants-and-toddlers.html

Stocks making the biggest moves midday: JPMorgan Chase, Gap, VMWare & more

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

Read more at: https://www.cnbc.com/2022/05/23/stocks-making-the-biggest-moves-midday-jpmorgan-chase-gap-vmware-more.html

We’re adding to an underappreciated stock and another that’s right for the moment

The combination of these purchases speaks to the importance of balancing a long view with a short focus.

Read more at: https://www.cnbc.com/2022/05/23/investing-club-were-adding-to-an-underappreciated-stock-and-another-thats-right-for-the-moment.html

‘Dimon’-Hands Lift Stocks; Bonds, Bitcoin, & Dollar Dumped

As says JPMorgan’s CEO Jamie Dimon, so goes the stock market… at least for today… During JPM’s Investor Day (not exactly a time for dour outlooks), investors hear optimistic tones in the following sentence from Dimon…

“Strong economy, big storm clouds,” the JPMorgan Chase & Co. chief executive officer said at the firm’s investor day Monday.

“I’m calling it storm clouds because they’re storm clouds. They may dissipate.”

Dimon added that a recession is possible, but it would be unlike past downturns because of the unique blend of economic conditions acting on the economy.

As a reminder, Dimon’s comments follow remarks from Goldman CEO David Solomon last week, saying that there is a chance or recession amid “extremely punitive” inflation, though he’s not overly concerned about the risk of such a downturn.

JPM rallied 6% today, its best day since Nov 2020…

Read more at: https://www.zerohedge.com/markets/dimon-hands-lift-stocks-bonds-dollar-dumped

Google And Facebook Targeted By Bipartisan Lawmakers Over Advertising Dominance

Google And Facebook Targeted By Bipartisan Lawmakers Over Advertising DominanceA bipartisan group of lawmakers have proposed legislation aimed at breaking Google and Facebook’s market dominance over digital advertising.

Introduced by Sen. Mike Lee (R-UT), the Competition and Transparency in Digital Advertising would ‘restore and protect fair competition’ in digital advertising markets dominated by the tech giants, according to the Washington Times.

“This lack of competition in digital advertising means that monopoly rents are being imposed upon every website that is ad-supported and every company — small, medium or large — that relies on internet advertising to grow its business,” said Lee. “It is essentially a tax on thousands of American businesses, and thus a tax on millions of American consumers.”

The bill, which has yet to be scheduled for consideration in committee, will face resistance from lawmakers – particularly those from California which is home to Facebook, Googl …

Read more at: https://www.zerohedge.com/technology/google-and-facebook-targeted-bipartisan-lawmakers-over-advertising-dominance

An Epic Set Of ‘Alligator Jaws’ Redux

An Epic Set Of ‘Alligator Jaws’ ReduxAuthored by Jesse Felder via TheFelderReport.com,

Exactly a year ago I shared a chart here that represented “An Epic Set Of Alligator Jaws.”

It plotted the weighting of the energy sector within the S&P 500 Index versus the combined weightings of the tech and communications services sectors (which were a single sector until recently).

“For my money, those alligator jaws look more likely to snap shut than to open even wider,” I wrote at the time.

Indeed, the energy sector has risen more than 60% over the past twelve months, outperforming the index, while the combined tech and communications services sectors have fallen, underperforming the index, resulting in those alligator jaws closing to some degree.

Read more at: https://www.zerohedge.com/markets/epic-set-alligator-jaws-redux

Tesla Set To Return To Pre-Lockdown Production Schedule At Shanghai On Tuesday

Tesla Set To Return To Pre-Lockdown Production Schedule At Shanghai On TuesdayTesla looks like it could be finally planning to return to its pre-lockdown production in Shanghai.

The move comes after weeks of jostling back and forth between production plans, with the company’s output impacted not only by Covid and the country’s lockdowns, but also due to supply shortages.

Shanghai should return to normal production by Tuesday, according to a new report by Reuters. At that point, the factory will increase its daily output to 2,600 vehicles, from the current 1,000 vehicles per day the company is producing.

Recall we wrote just days ago that Tesla’s situation in Shanghai could be an “epic disaster” for its Q2, according to Wedbush’s Dan Ives.

Ives called the situation in China “an epic disaster” for Tesla’s coming June quarter and said he expects to see “modest delivery softness”, according to a Bloomberg note out Thursday morning.

Ives also said he is expecting a “slower growth trajectory” in China into the second half of the year and called the headwinds out of Asia “hard to ignore”.

He also commented that the ongoing Twitter drama “may be a distraction” for Musk at a time when his attention should be focused on dealing with Tesla’s issues.

Read more at: https://www.zerohedge.com/markets/tesla-set-return-pre-lockdown-production-schedule-shanghai-tuesday

Starbucks pulls out of Russia after 15 years

The coffee giant makes the decision to exit after suspending operations there in March.

Read more at: https://www.bbc.co.uk/news/business-61555306?at_medium=RSS&at_campaign=KARANGA

Millionaires at Davos say ‘tax us more’

At the annual meeting of the business and political elites, wealthy attendees call for fairer tax.

Read more at: https://www.bbc.co.uk/news/business-61549155?at_medium=RSS&at_campaign=KARANGA

Ukraine calls for safe passage for grain exports

The country’s inability to export its grain has led to food prices rising around the world.

Read more at: https://www.bbc.co.uk/news/business-61548029?at_medium=RSS&at_campaign=KARANGA

Want to invest in cryptos during bear market? Have a look at these segments

Bharat Vivek, Co-founder and COO, Kassio, said investors can look at yield-based crypto products, which give users a fixed per cent interest earning on their crypto holdings. Such products will gain more popularity going ahead, he said.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/want-to-invest-in-cryptos-during-bear-market-have-a-look-at-these-segments/articleshow/91739747.cms

What is grey market signalling for the listing of Delhivery and Venus Pipes?

Another listing candidate, Venus Pipes and Tubes, is commanding a premium of Rs 35-40 or 10-12 per cent in the grey market over the issue price of Rs 326. It is signalling a mild listening pop.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/what-is-grey-market-signalling-for-the-listing-for-delhivery-and-venus-pipes/articleshow/91749482.cms

Tech View: Nifty sees selling at high; likely to stay in 16,000-16,400 range

“The 16,400 level proved to be a strong barrier yet another time. The hourly chart shows that the upper end of an upward sloping channel also created pressure near 16,400. The overall structure shows that the Nifty50 is likely to witness sideways action in the short term. The 16,000-16,400 is expected to be the range for the next few sessions,” said Gaurav Ratnaparkhi at Sharekhan.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-sees-selling-at-high-likely-to-stay-in-16000-16400-range/articleshow/91746284.cms

Key Words: Herschel Walker says he’s in favor of a ‘no exception’ abortion ban

Walker is currently running for a Georgia Senate seat as a Republican.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7DA3-E2D3580A076A%7D&siteid=rss&rss=1

: Monkeypox cases are driving up stock prices for these companies

Monkeypox concerns have sent shares of several vaccine and drug companies soaring.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7DA5-5515857E4EF4%7D&siteid=rss&rss=1

Key Words: Bank of America CEO says Americans still haven’t spent all their stimulus money

Brian Moynihan says his bank’s customers have more money now compared with a year ago, despite increased inflation.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7DA1-E5BB22EEBC8F%7D&siteid=rss&rss=1