03June2022 Market Close & Major Financial Headlines: May Employment Report Shows 46K Fewer New Jobs Than Last Month, Unemployment Rate Remains The Same At 3.6%, Equities Gap Down At The Opening Bell, Remain In The Red At Closing

Qatar LNG Output Falls As Desperate Market In Crisis Begs For More

LNG production in Qatar has fallen this year, even with increased calls for the fuel amid an energy crisis in Europe as the bloc attempts to wean itself off Russian gas, Bloomberg reported on Friday. Qatar exported less than 35 million tons of LNG from January to Maya loss of 1 million tons from the same period in 2021, according to ship-tracking data compiled by Bloomberg. The news comes just a few short months after Qatar wanted guarantees from Europe leading up to Russia’s invasion of Ukraine that the bloc would limit

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Qatar-LNG-Output-Falls-As-Desperate-Market-In-Crisis-Begs-For-More.html

Chevron CEO Says No New Refineries In U.S Ever

Chevron CEO Mike Wirths view of U.S. refineries is that there will never be another new refinery building in the United States. High prices at the pump have triggered a host of discussions around where the market constraints are, but current refinery utilization in the United States which is at more than 90%–combined with low product inventories and sky-high refining margins, indicates that the bottleneck to getting more gasoline to market is the refining segment not pumping crude. But according to Wirth, there may be no relief

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chevron-CEO-Says-No-New-Refineries-In-USEver.html

A Week Of Turmoil For Oil Markets

There has been plenty of turmoil in oil markets this week, with the EU banning Russian oil, OPEC accelerating its production increases, and U.S. inventories dropping once again. At the end of the week, sentiment is decidedly bullish, with OPEC unable to calm the oil price rally. Oilprice Alert:This month’s Intelligent Investor column, now available for Global Energy Alert members, highlights two oil and gas pipeline stocks that could provide strong income for investors. If you’re an investor in the energy space then now is the time

Read more at: https://oilprice.com/Energy/Energy-General/A-Week-Of-Turmoil-For-Oil-Markets.html

Ukraine Hikes Interest Rates To 25% To Boost Budget Revenues

Ukraine’s central bank is considering bringing in extra import duty on non-critical imports, having hiked its main interest rate to a seven-year high. The country has increased interest rates from a previously frozen 10 percent to 25 percent today, in the first tightening of policy from the National Bank of Ukraine (NBU) since the start of Russias invasion. Speaking in a press briefing earlier today on the possibility of hauling in an extra import levy, NBU deputy governor Yuriy Heletiy said: We should first reinstate the taxation

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Hikes-Interest-Rates-To-25-To-Boost-Budget-Revenues.html

New Drilling Stalls Out In The U.S. Oil Patch

The number of total active drilling rigs in the United States stayed the same this week, after the 1 rig dip in the week prior, according to new data from Baker Hughes published on Friday. The total rig count stayed at 727 this week271 rigs higher than the rig count this time in 2021. Oil rigs in the United States stayed the same this week at 574. Gas rigs also stayed the same, at 151. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin also saw no changes this week, staying at 342. The Eagle Ford also saw no changes,

Read more at: https://oilprice.com/Energy/Crude-Oil/New-Drilling-Stalls-Out-In-The-US-Oil-Patch.html

Israel Warns It Will Use Right To Self-Defense To Keep Nukes Out Of Iran

Israeli Prime Minister Naftali Bennett has told the head of the UN’s nuclear watchdog that the Jewish state is ready to use its “right to self-defense” to prevent Iran from achieving nuclear weapons. In a meeting with IAEA chief Rafael Grossi on June 3 in Jerusalem, Bennett accused Tehran of deceiving the world about its atomic activities. Bennett expressed Israel’s deep concern regarding Iran’s continued progress toward achieving nuclear weapons while deceiving the international community by using false information and lies,

Read more at: https://oilprice.com/Geopolitics/International/Israel-Warns-It-Will-Use-Right-To-Self-Defense-To-Keep-Nukes-Out-Of-Iran.html

Kohl’s sale negotiations could drag on for weeks, possibly longer, amid market volatility

This saga at Kohl’s has been playing out for more than half a year, which deal experts describe as an abnormal amount of time.

Read more at: https://www.cnbc.com/2022/06/03/kohls-sale-negotiations-could-drag-on-for-weeks-possibly-longer.html

Frontier offers $250 million reverse breakup fee if regulators block Spirit merger

Frontier Airlines’ parent company said it would pay a $250 million reverse breakup fee to Spirit Airlines if regulators don’t approve the planned merger.

Read more at: https://www.cnbc.com/2022/06/03/frontier-offers-250m-reverse-breakup-fee-if-spirit-merger-is-blocked.html

Walmart to open high-tech fulfillment centers to ship online orders faster

The retailer is building four warehouses with automated systems that it says will help it pack and ship items to customers more quickly.

Read more at: https://www.cnbc.com/2022/06/03/walmart-to-open-high-tech-fulfillment-centers-to-ship-online-orders-faster-.html

Starbucks union creates $1 million fund to cover lost pay for striking baristas

As of early this week, 100 Starbucks locations have voted to unionize under Workers United.

Read more at: https://www.cnbc.com/2022/06/02/starbucks-union-creates-1-million-fund-to-cover-lost-pay-for-striking-baristas.html

House Republicans unveil energy and climate plan that would boost fossil fuels, hydropower

The plan shows how Republicans would address climate and energy issues if the party wins control of the House of Representatives in the November midterms.

Read more at: https://www.cnbc.com/2022/06/03/house-republicans-energy-and-climate-plan-pushes-fossil-fuels-hydro.html

How the U.S. Space Force plans to police outer space

Outer space is getting crowded, with both commercial endeavors and secretive military projects. And it’s going to be up to the newest United States military branch, the Space Force, to protect American interests there.

Read more at: https://www.cnbc.com/2022/06/03/how-the-us-space-force-plans-to-police-outer-space.html

House Democrats push Treasury, IRS for repeal of rule blocking state and local taxes cap workaround

Three House Democrats are pushing for relief on the $10,000 limit on the federal deduction for state and local taxes by pleading to reverse a 2019 rule.

Read more at: https://www.cnbc.com/2022/06/03/house-democrats-push-for-repeal-of-rule-blocking-salt-cap-workaround.html

‘Lots of luck on his trip to the moon’: Biden shrugs off Elon Musk’s economic fears, touts Ford investments

The president had been asked about Musk after a speech in Delaware touting the solid jobs report released earlier Friday.

Read more at: https://www.cnbc.com/2022/06/03/biden-shrugs-off-tesla-ceo-elon-musks-bad-economic-feeling-touts-ford.html

Lululemon raises guidance as customers keep spending despite higher prices

Lululemon expects the momentum in its business to continue in spite of broader economic headwinds.

Read more at: https://www.cnbc.com/2022/06/02/lululemon-lulu-q1-2022-earnings-beat-estimates.html

‘Buy now, pay later’ loans make it tough to get a handle on your credit

The popularity of “buy now pay later” soared during the pandemic. Now some consumers are realizing this type of credit could be a risky way to take on debt.

Read more at: https://www.cnbc.com/2022/06/03/buy-now-pay-later-loans-make-it-tough-to-get-a-handle-on-your-credit.html

Dave Roberts is one of the most powerful executives at ESPN – and he wants more diversity behind the scenes

Dave Roberts oversees tons of programming for ESPN, including the NBA Finals, and he’s pushing for more diversity at the network.

Read more at: https://www.cnbc.com/2022/06/02/nba-finals-espn-executive-dave-roberts-pushes-for-more-diversity.html

Oil Pops, Stocks Drop As Hawks & ‘Hurricanes’ Killed The Dead-Cat-Bounce

Oil Pops, Stocks Drop As Hawks & ‘Hurricanes’ Killed The Dead-Cat-BounceJamie Dimon downshifted his economic outlook from “clouds on the horizon” to an imminent hurricane”, Goldman President John Waldron confirmed Dimon’s anxiety noting that “the shocks to the system are unprecedented,” and finally, Elon Musk warned he has a “super bad feeling” about the economy.

FWIW…

McLovin’s fake ID from “Superbad” says he was born June 3, 1981.$TSLA pic.twitter.com/4Qsk5NDp5A

— Timothy Connolly CFA (@SconsetCapital) June 3, 2022

Apparently confirming the ‘hurricane’, the number of news articles mentioning “hiring freeze” has recently jumped to a level not seen since the first few months of the pandemic in 2020.

Read more at: https://www.zerohedge.com/markets/oil-pops-stocks-drop-hawks-hurricanes-killed-dead-cat-bounce

January 6th Committee Kicks Off Prime-Time Hearings Next Week

January 6th Committee Kicks Off Prime-Time Hearings Next WeekThe Democrat-run January 6th committee is set to hold its first hearings next week, kicking off a prime-time presentation to ring the shame bell on Trump supporters who breached the capital while protesting the results of the 2020 US election.

The hearings will kick off on Thursday, June 9, at 8pm ET – with additional hearings set for June 13, 15, 16, 21 and June 23 according to Reuters.

“The committee will present previously unseen material documenting January 6th, receive witness testimony, preview additional hearings, and provide the American people a summary of its findings about the coordinated, multi-step effort to overturn the results of the 2020 presidential election and prevent the transfer of power,” the committee wrote in its notice.

Read more at: https://www.zerohedge.com/political/january-6th-committee-kicks-prime-time-hearings-next-week

US Reinstates “We Do Not Support Taiwan Independence” Line To Fact-Sheet

Authored by Aldgra Fredly via The Epoch Times,

The U.S. State Department has once again amended its fact sheet on Taiwan and reinstated the line about not supporting the Chinese-claimed island’s independence, just weeks after removing it in May.

The State Department had previously removed the line on not supporting Taiwan’s independence and on recognizing Beijing’s position that Taiwan is a part of China from its fact sheet, a move China

Read more at: https://www.zerohedge.com/geopolitical/us-reinstates-we-do-not-support-taiwan-independence-line-fact-sheet

Texas Inmate With Mexican Cartel Ties Escaped ‘High Secure’ Prison Bus, Killed An Entire Family

Texas Inmate With Mexican Cartel Ties Escaped ‘High Secure’ Prison Bus, Killed An Entire FamilyA convicted murderer with Mexican cartel ties serving a life sentence escaped custody last month, going on a killing spree as he tried to evade authorities across Texas before police shot him dead Thursday night after disabling his vehicle.

“The escaped Texas inmate on the run for three weeks was killed in a shootout Thursday after he killed an adult and four children at a home, officials said,” NBC News reports Friday morning. “Gonzalo Lopez, 46, had no connection to the family that was found dead in Leon County in east Texas, said Jason Clark, chief of staff for the Texas Department of Criminal Justice.”

Via KHOU-11Lopez had escaped a ‘high security’ prison transfer bus starting May 12 while it was en route to Huntsville, Texas. He was serving back-to-back life sentences for …

Read more at: https://www.zerohedge.com/political/texas-inmate-mexican-cartel-ties-escaped-high-secure-prison-bus-killed-entire-family

US firms add more jobs than expected in May

Key data shows that employers created 390,000 roles while the jobless rate stayed at 3.6%.

Read more at: https://www.bbc.co.uk/news/business-61684059?at_medium=RSS&at_campaign=KARANGA

London’s iconic Camden Market put up for sale

The market’s billionaire owner is reportedly hoping a deal will net him as much as £1.5bn.

Read more at: https://www.bbc.co.uk/news/business-61680387?at_medium=RSS&at_campaign=KARANGA

Ukraine war: Marriott hotel chain to leave Russia after 25 years

Marriott says Western sanctions have made it “impossible” to continue to remain in Russia.

Read more at: https://www.bbc.co.uk/news/business-61685925?at_medium=RSS&at_campaign=KARANGA

Market movers: LIC hits all-time low of Rs 800; strict stance of govt on saccharin leaves bitter taste for some

Colgate Palmolive ended down 1.66 percent, while Procter & Gamble Hygiene & Health Care was down over 2 percent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-lic-hits-all-time-low-of-rs-800-strict-stance-of-govt-on-saccharin-leaves-bitter-taste-for-some/articleshow/91990392.cms

Tech View: Nifty sees selling at high; support intact at 16,400

Amol Athawale of Kotak Securities said while short-term texture of the market is still on the bullish side, on weekly charts the Nifty has formed a Hammer candlestick formation, which is indicating further weakness from the current levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-sees-selling-at-high-support-intact-at-16400/articleshow/91988070.cms

This beaten-down Jhunjhunwala stock is up 20% in a week. Can it rally more?

The company is among ace investor Rakesh Jhunjhunwala’s top bets as his better half Rekha Rakesh Jhujhunwala owned 50 lakh equity shares or an 8.04 per cent stake in the company as of March 31, 2022.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/this-beaten-down-jhunjhunwala-stock-is-up-20-in-a-week-can-it-rally-more/articleshow/91981094.cms

Bond Report: Treasury yields secure their biggest weekly gains in a month or more after May’s strong jobs report

Treasurys yields climb on Friday, racking up their largest one-week gains in at least a month after a stronger-than-expected May jobs report.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E18-539D533886B7%7D&siteid=rss&rss=1

Biden dismisses Elon Musk’s ‘super bad feeling’ about economy, wishes SpaceX CEO ‘lots of luck on his trip to the moon’

President Joe Biden on Friday sounds dismissive of Elon Musk’s warning about the economy.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E1A-CA1D64318629%7D&siteid=rss&rss=1

Unlike Target and Walmart, beauty and fashion retailers post better-than-expected quarterly results as shoppers fill their social calendars

The retail sector is feeling pressure from inflation and other factors, but companies that serve customers heading back to social activities have fared better.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E20-219A118C29EC%7D&siteid=rss&rss=1