10June2022 Market Close & Major Financial Headlines: Wall Street Gaps Down At The Opening Bell, Equities Have Traded In A Sideways Narrow Zone On Fractionally Low Volume And Closed At Session Lows, Inflation Rate YoY MAY Rose To 8.6% From 8.3% – 40 Year High, Michigan Consumer Sentiment Prel JUN Plummets To 50.2 From 58.4, Bitcoin Down 35% Since Beginning Of April, And Now The Good News – NOT!

Weak Chinese Demand Weighs On Oil Prices

Oil prices fell slightly on Friday morning as one of the only consistently bearish factors in oil markets, weak demand from China due to Covid lockdowns, came into focus. Oilprice Alert: This month’s Intelligent Investor column, now available for Global Energy Alertmembers, 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 to sign up for Global Energy Alert. Friday, June 10th, 2022Just as it seemed COVID-19 was disappearing

Read more at: https://oilprice.com/Energy/Energy-General/Weak-Chinese-Demand-Weighs-On-Oil-Prices.html

Libya’s Oil Exports To Dip Again Amid Renewed Port Blockades

Libyan oil production and exports are set to drop again after two export terminals were blocked on Thursday, and protesters threatened on Friday to close another oil port. Groups of protesters closed the Ras Lanuf and Es Sider oil export terminals on Thursday, demanding a transfer of powers from Prime Minister Abdul Hamid Dbeibah, who has been refusing to step down for newly sworn-in eastern Prime Minister Fathi Bashaga. The Parliament-backed Bashagha has the support from eastern Libya and its east-based parliament, while Dbeibah is based in Tripoli.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyas-Oil-Exports-To-Dip-Again-Amid-Renewed-Port-Blockades.html

President Biden Looks For Ways To Increase U.S. Refining Capacity

U.S. President Joe Biden continues to look for ways to bring down the high cost of gasoline and the latest efforts have him taking a hard look at U.S. refinery capacity. According to White House economic advisor Cecelia Rouse who spoke to CNN in an interview on Friday, the President is looking to see what the administration can do, “whether that’s working with oil companies and refineries asking them, ‘We recognize your back capacity challenges – what can we do to help you maintain your refining capacity and bring more oil online?'” Rouse

Read more at: https://oilprice.com/Latest-Energy-News/World-News/President-Biden-Looks-For-Ways-To-Increase-US-Refining-Capacity.html

U.S. Oil Rig Count Jumps As Crude Holds At $120

The number of total active drilling rigs in the United States rose by 6 this week, after drilling increases stalled out in the week prior, according to new data from Baker Hughes published on Friday. The total rig count rose to 733 this week272 rigs higher than the rig count this time in 2021, but insufficient to ease market fears in the current tight oil market. Oil rigs in the United States rose by 6 this week to 580. Gas rigs stayed the same, at 151. Miscellaneous rigs also stayed the same at 2. The rig count in the Permian Basin rose

Read more at: https://oilprice.com/Energy/Crude-Oil/US-Oil-Rig-Count-Jumps-At-Crude-Holds-At-120.html

Falling Prices Help Germany Stock Up On Gas Ahead Of Next Winter

Now that the winter season ended, Germany has started the process of filling its natural gas storage sites via auctions. As prices have declined and are in contango, Europes biggest economy has managed to fill just over half of its gas storage capacity so far. Germany’s gas storage capacity was nearly 53% full as of June 9,according todatafrom Gas Infrastructure Europe. EU member states are now required to reach a minimum 80% gas storage level by November 1 to protect against potential interruptions

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Falling-Prices-Help-Germany-Stock-Up-On-Gas-Ahead-Of-Next-Winter.html

Centrica Looks To Reopen Britains Biggest Natural Gas Facility

Centrica has filed a formal application to reopen Britain’s biggest natural gas storage site after the site was closed five years ago for economic reasons. The Windsor-headquartered utility company has submitted a formal application to the North Sea energy regulator to reopen the Rough facility off the east coast of Yorkshire. Centrica previously closed its gas storage facility in 2017, after the government refused to subsidize the cost of repairs to the North Sea facility. The application comes as the government pushes forwards

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Centrica-Looks-To-Reopen-Britains-Biggest-Natural-Gas-Facility.html

U.S. drops Covid testing requirement for international travelers

The U.S. will no longer require travelers to show proof of a negative Covid test before boarding flights to the country.

Read more at: https://www.cnbc.com/2022/06/10/biden-administration-to-drop-covid-testing-requirements-for-international-air-travel.html

Big landlords jump into the home building business as demand for single-family rentals surges

Big publicly traded landlords are fast becoming homebuilders, as the supply of homes for rent drops and demand surges.

Read more at: https://www.cnbc.com/2022/06/10/big-landlords-jump-into-the-homebuilding-as-demand-for-single-family-rentals-surges.html

Fired Fox News editor Chris Stirewalt says he will testify before Jan. 6 riot committee

Chris Stirewalt came under fire from Trump and his supporters after the Fox News political desk was the first to call Arizona for Biden in November 2020.

Read more at: https://www.cnbc.com/2022/06/10/fired-fox-news-editor-chris-stirewalt-to-testify-at-jan-6-riot-committee-hearing.html

‘Jurassic World: Dominion’ is ‘the worst’ in the franchise, critics say

“Jurassic World: Dominion” may score at the domestic box office this weekend, but lackluster critical reviews and word of mouth could stall its potential haul.

Read more at: https://www.cnbc.com/2022/06/09/jurassic-world-dominion-critics-call-blockbuster-worst-in-franchise.html

Some monkeypox patients also have sexually transmitted diseases, CDC says

CDC Director Rochelle Walensky said some patients with monkeypox also had syphilis, herpes, gonorrhea or chlamydia infections.

Read more at: https://www.cnbc.com/2022/06/10/some-monkeypox-patients-also-have-sexually-transmitted-diseases-cdc-says.html

Scientists find microplastics in fresh Antarctic snow for first time

The discovery highlights the extent of global plastic pollution as even the remote region of Antarctica experiences contamination.

Read more at: https://www.cnbc.com/2022/06/10/microplastics-found-in-fresh-antarctic-snow-for-first-time-.html

Stitch Fix shares sink after company announces layoffs, offers weak guidance

Stitch Fix is laying off 15% of salaried positions within its workforce, mostly in corporate roles and styling leadership positions.

Read more at: https://www.cnbc.com/2022/06/09/stitch-fix-is-laying-off-15percent-of-its-salaried-employees-internal-memo-says.html

‘Jurassic World’ vs ‘Top Gun’: Two blockbusters are squaring off at the box office for the first time in a while

Universal’s “Jurassic World: Dominion” enters domestic theaters Friday, and it will snag the majority of premium format screens from “Top Gun: Maverick.”

Read more at: https://www.cnbc.com/2022/06/09/jurassic-world-dominion-box-office-dinosaurs-face-off-against-tom-cruise.html

GM and Lockheed are taking their lunar rover project to the commercial space market

The companies plan to produce moon-roving vehicles for commercial space missions and services powered by the automaker’s electric vehicle battery technology.

Read more at: https://www.cnbc.com/2022/06/09/gm-lockheed-take-lunar-rover-project-to-commercial-space-market.html

Southwest Airlines is closing reservations centers as customer service agents go fully remote

The shift is effective Sept. 1, Southwest said, though the airline added that most reservations agents have been working remotely throughout the pandemic.

Read more at: https://www.cnbc.com/2022/06/09/southwest-airlines-customer-service-agents-to-work-fully-remote.html

Disney fires TV content chief Peter Rice in abrupt shake-up as board backs CEO Bob Chapek

Disney has abruptly fired Peter Rice, its most senior television content executive.

Read more at: https://www.cnbc.com/2022/06/09/disney-fires-tv-content-chief-peter-rice-source-says.html

China struggles to stamp out Covid as Beijing, Shanghai reimpose some restrictions

China’s two largest cities are tightening some Covid controls again just days after loosening them as the virus appeared under control.

Read more at: https://www.cnbc.com/2022/06/10/chinas-zero-covid-struggle-beijing-shanghai-reimpose-some-bans.html

Here’s why Vitamin Shoppe’s owner wants to buy Kohl’s – and what could happen next

As Franchise Group inches closer to acquiring Kohl’s, experts point to the holding company’s recent acquisitions for a better sense of what could happen next.

Read more at: https://www.cnbc.com/2022/06/09/why-franchise-group-wants-to-buy-kohls-what-could-happen-next.html

New Legislation Will Join Missile Defense Of Israel & Gulf States Against Iran

New Legislation Will Join Missile Defense Of Israel & Gulf States Against IranAuthored by Kyle Anzalone & Will Porter via The Libertarian Institute,

Lawmakers with the bipartisan Abraham Accords Caucus have introduced a bill in the House and Senate that will require the Pentagon to coordinate missile defense upgrades for Israel and several newfound Arab allies, pointing to potential “attacks from Iran.”

Unveiled on Thursday, the Deterring Enemy Forces and Enabling National Defenses (DEFEND) Act would instruct the secretary of defense to “develop an acquisition approach” to improve anti-air weapons for a number of Middle Eastern states, among them Israel, Iraq, Jordan, Egypt and the six-member Gulf Cooperation Council.

Read more at: https://www.zerohedge.com/geopolitical/new-us-bill-will-join-missile-defense-israel-gulf-states-against-iran

Coinbase Rescinds Job Offers To Workers Who Quit Major Banks To Work There

Coinbase Rescinds Job Offers To Workers Who Quit Major Banks To Work ThereEmployees who left their jobs at investment banks like Goldman Sachs and BlackRock, in order to pursue employment with Coinbase, are finding out bad news: their job offers have been rescinded.

Workers formerly of “at least 10 of the biggest financial firms on Wall Street” are encountering the bad news, as Coinbase announced it was freezing hiring for the “foreseeable future” earlier this week.

Employees had left firms like Goldman Sachs Group Inc., Morgan Stanley, BlackRock Inc., Wells Fargo & Co.and Citigroup Inc., according to a Bloomberg writeup on the hiring SNAFU this week.

Coinbase was also poaching software engineers from banks like Credit Suisse and Capital One, the report says.

A Coinbase blog post from this week read: “After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro-environment requires.”

It continued: “The extended hiring pause will include backfills, ex …

Read more at: https://www.zerohedge.com/markets/coinbase-rescinds-job-offers-workers-who-jumped-ship-major-wall-street-banks-join-company

Jan. 6 Committee: An Exercise In Brainwashing The American People

Jan. 6 Committee: An Exercise In Brainwashing The American PeopleAuthored by David Zukerman via AmericanThinker.com,

The title of this submission is actually a search request put to Google.

It seems to this writer that the hearings of the Jan. 6 House Select Committee are a desperate attempt by the deep state, including Democrat officials and their media allies, to brainwash the American people into delegitimizing the Republican Party.  The search request was intended to bring up like-minded commentaries.   Here are the first few search results to this query:

Not one of these results mentions “brainwashing.”

But note how the results reflect that deep state party line on the Jan. 6 hearings.

What hath the Google algorithm wrought — on the matter of brainwashing the American people into regarding the GOP with fear and loathing?  To put to Google a search request …

Read more at: https://www.zerohedge.com/political/jan-6-committee-exercise-brainwashing-american-people

Syria Halts Flights As Latest Israeli Airstrikes Hit Damascus International Airport

Syria Halts Flights As Latest Israeli Airstrikes Hit Damascus International AirportNot for the first time, Syria has been forced to halt all flights from its largest commercial international airport following fresh Israeli airstrikes.

“Syria on Friday halted flights to and from Damascus International Airport, the transport ministry said, after Israeli airstrikes damaged a runway, according to sources,” the AFP reports.

Damascus International Airport, via AFPSyrian officials, said the temporary “suspension of incoming and outgoing flights through Damascus International Airport” was due to “technical disruptions” – however, airport sources acknowledged that an early morning Israeli attack had “affected” the airport.

“We had to postpone all flights for at least 48 hours and some flights have been rerouted through Aleppo airport,” the airport source told AFP.

…

Read more at: https://www.zerohedge.com/geopolitical/syria-halts-flights-latest-israeli-airstrikes-hit-damascus-international-airport

Worried households cut back on energy and food

Official data reveals heightened concern among households about the rising cost of living.

Read more at: https://www.bbc.co.uk/news/business-61757183?at_medium=RSS&at_campaign=KARANGA

Morrisons raises pay as stores battle for staff

The UK’s fourth-largest supermarket says it will pay a minimum of £10.20 per hour to its workers.

Read more at: https://www.bbc.co.uk/news/business-61759806?at_medium=RSS&at_campaign=KARANGA

Energy and food drive US inflation to highest for 40 years

Rising energy and food costs pushed inflation to 8.6% in May, the highest rate in more than 40 years.

Read more at: https://www.bbc.co.uk/news/business-61762131?at_medium=RSS&at_campaign=KARANGA

Nifty earnings have so far weathered the global storm, but can RBI rate hikes derail the story?

Topline growth at the Nifty level excluding financials was at 9.8 percent quarter-on-quarter and 24 percent on a yearly basis, ICICI Securities said in a recent note. The bottom line grew at a healthy 14 per cent year-on-year, the brokerage said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-earnings-have-so-far-weathered-the-global-storm-but-can-rbi-rate-hikes-derail-the-story/articleshow/92134255.cms

‘No future:’ Analysts weigh in on new Luna token’s prospects

Luna 2.0 emerged out of the ashes of crypto entrepreneur Do Kwon’s ecosystem, which collapsed after the TerraUSD algorithmic stablecoin at the center of it dropped from its dollar peg in early May. But any hopes of a quick recovery for investors who lost billions of dollars in the crash are fading, with the token losing more than half of its value in the past week alone.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/no-future-analysts-weigh-in-on-new-luna-tokens-prospects/articleshow/92129640.cms

10 stocks where value of fixed assets is greater than market cap: Time to buy or avoid?

Top 10 stocks filtered where the value of the fixed asset is greater than the current market capitalization include names like ONGC, IOC, Tata Steel, HPCL, Apollo Tyres, GE Shipping, etc. among others.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/10-stocks-where-value-of-fixed-assets-is-greater-than-market-cap-time-to-buy-or-avoid/articleshow/92120049.cms

Metals Stocks: Gold ends higher Friday, books strong weekly gain as investors head for havens after hot U.S. inflation report

Prices of gold finish sharply higher Friday as investors plow into haven assets after May’s inflation report dashed hopes of a peak for surging U.S. price pressures.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E60-890FDBF9E5D2%7D&siteid=rss&rss=1

The Number One: The best bar in North America is this Lower East Side speakeasy known for custom cocktails

The inaugural North America’s 50 Best Bars awards toasted several NYC and Mexico City drinking spots. Here’s the full list.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E3F-426E52640B4A%7D&siteid=rss&rss=1

Vitaliy Katsenelson’s Contrarian Edge: Inflation is making everything we buy more expensive, and once stagflation hits things could get even worse

As inflation outpaces the growth in wages, consumers find themselves poorer.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E4D-CCED8C213B40%7D&siteid=rss&rss=1