23June2022 Market Close & Major Financial Headlines: The Dead Cat Hasn’t Stopped Bouncing, Wall Street Closed Higher In An Eyebrow Raising Late Session Rally – However, High Fuel And Food Prices Haven’t Gone Away

The EV Revolution Is Transforming Rental Companies

Following a huge increase in investments in electric vehicles (EV) over the last year, with many major automakers announcing their plans for electrification, rental companies worldwide are beginning to make the switch. As governments launch green energy strategies to curb the sale of traditionally fuelled vehicles in favor of less-polluting alternatives, and energy companies invest in widespread charging infrastructure, consumers are becoming more open to the EVs that rental firms are getting ready to provide. Over the last year, car manufacturers

Read more at: https://oilprice.com/Energy/Energy-General/The-EV-Revolution-Is-Transforming-Rental-Companies.html

Gunvor Can Deliver 13 Million Gallons Of Gasoline To U.S., But There’s Catch

Commodity trading giant Gunvor wants to deliver 13 million gallons of gasoline to the United States, but there’s a catch: they need a Jones Act waiver to do it, Reuters reported on Thursday. Gunvor SAan independent commodity trader and a large one that has asked the United States for a waiver to the Act, which states that any blending on board a vessel in a foreign port should not result in a new and different product. But Gunvor blended the gasoline blendstocks on the BW Egret in Europe. The Geneva-based Gunvor said that

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gunvor-Can-Deliver-13-Million-Gallons-Of-Gasoline-To-US-But-Theres-Catch.html

Dallas Fed: Surging Costs Hamper U.S. Shale Growth

The business activity index in the energy firms operating in Texas, northern Louisiana, and southern New Mexico jumped in the second quarter to the highest level in six years, but costs continue to escalate and supply chain delays are worsening, the Dallas Fed Energy Survey showed on Thursday. Activity in the oil and gas sector in the most prolific U.S. shale basin, the Permian, expanded at a robust pace in the second quarter, with the business activity index the surveys broadest measure of conditions facing energy firms up

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Dallas-Fed-Surging-Costs-Hamper-US-Shale-Growth.html

Romania Bets On Nuclear Energy To Reduce Dependence On Russian Gas

For years, nuclear researchers, investors, and advocates have said that small modular reactors (SMRs) will not only be the future of nuclear energy, but they will also be the future of energy, period. As the world rushes to balance the decarbonization imperative with the need to maintain energy security and independence, nuclear energy has emerged as a strong alternative to fossil fuels. SMRs, in particular, have gained a lot of attention for their myriad advantages, most notably their modularity. The field of SMRs is just emerging and models are

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Romania-Bets-On-Nuclear-Energy-To-Reduce-Dependence-On-Russian-Gas.html

A Strong Dollar Is Weighing On Precious Metals

Gold has started to trade within a range formed by swing lows and highs. A break above either range will clear up the overall direction. Without a big picture view, the overall direction remains unclear. According to a recent article, at least three gold analysts have a more bearish opinion of gold for the longer term. The analysts include James Steel, Chief Precious Metals Analyst at HSBC Securities, and Suki Cooper, Executive Director of Precious Metals Research Standard Chartered. There’s also Rhona OConnell, head

Read more at: https://oilprice.com/Latest-Energy-News/World-News/A-Strong-Dollar-Is-Weighing-On-Precious-Metals.html

Qatar Seeks Long-Term LNG Deals With EU Importers

Emboldened by a recent 20-year LNG deal a German energy company signed with a U.S. exporter, Qataranother top LNG exporter is now seeking long-term contracts with EU importers, which are racing to procure non-Russian gas, Bloomberg reported on Thursday, citing sources with knowledge of the talks. EU nations, for their part, want shorter LNG import commitments, as the bloc is also looking to stick to its goals to reach net-zero by 2050. The EU importers also argue that the Qatari supply offer is less flexible and doesn’t allow

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Qatar-Seeks-Long-Term-LNG-Deals-With-EU-Importers.html

Fanatics is in talks to buy sports betting company Tipico, sources say

Fanatics, the sports merchandising company, is in talks to acquire sports betting company Tipico, according to two people familiar with the matter.

Read more at: https://www.cnbc.com/2022/06/23/fanatics-is-in-talks-to-buy-sports-betting-company-tipico-sources-say.html

McDonald’s simplifies franchising policies to attract more diverse candidates

McDonald’s is making changes to how it awards franchises in the hopes of attracting more diverse candidates.

Read more at: https://www.cnbc.com/2022/06/23/mcdonalds-simplifies-franchising-policies-to-attract-more-diverse-candidates.html

‘Top Gun: Maverick’ sets sights on $1 billion global box office haul

“Top Gun: Maverick” soared past the $900 million mark globally Monday and has set its sights on the coveted $1 billion box office title.

Read more at: https://www.cnbc.com/2022/06/23/top-gun-maverick-sets-sights-on-1-billion-global-box-office-haul.html

The retail industry is facing a potential wave of bankruptcies – here’s why

Last week, Revlon became the first consumer-facing name in months to file for bankruptcy. Now the questions are: Which retailer will be next, and how soon?

Read more at: https://www.cnbc.com/2022/06/23/why-retail-industry-is-facing-bankruptcy-wave.html

FDA bans Juul e-cigarettes as U.S. pursues broader crackdown on nicotine products

The Food and Drug Administration rejected Juul’s application to sell its e-cigarettes in the U.S.

Read more at: https://www.cnbc.com/2022/06/23/fda-bans-juul-e-cigarettes-as-us-cracks-down-on-nicotine-products.html

Can media companies weather a recession? Executives say they’re in stronger shape this time

History shows recessions have led to spikes in media layoffs, but executives say this time may be different.

Read more at: https://www.cnbc.com/2022/06/23/media-executives-say-they-can-weather-recession.html

Netflix lays off 300 more employees as revenue growth slows

Netflix is laying off around 300 employees across the company, CNBC confirmed Thursday.

Read more at: https://www.cnbc.com/2022/06/23/netflix-lays-off-300-more-employees-as-revenue-growth-continues-to-slow.html

Chipotle restaurant in Maine becomes chain’s first to file for union election

A Chipotle Mexican Grill location in Augusta, Maine, filed a petition for a union election on Wednesday.

Read more at: https://www.cnbc.com/2022/06/23/chipotle-restaurant-in-maine-files-petition-for-union-election-.html

CDC panel recommends Moderna two-dose Covid vaccine for kids ages 6 to 17

CDC Director Dr. Rochelle Walensky is expected to sign off on the recommendation later Thursday,.

Read more at: https://www.cnbc.com/2022/06/23/cdc-panel-recommends-moderna-two-dose-covid-vaccine-for-kids-ages-6-to-17.html

United Airlines will cut 12% of Newark flights in effort to tame delays

United Airlines has blamed some of the issues on airport construction among other factors.

Read more at: https://www.cnbc.com/2022/06/23/united-airlines-will-cut-12percent-of-domestic-newark-flights-to-help-tame-delays.html

We’re trimming a winner we still believe in to raise some cash and right-size our position

We do not want to be greedy like we were with our oil names. We do not want to make the same mistake twice.

Read more at: https://www.cnbc.com/2022/06/23/investing-club-were-trimming-a-winner-we-still-believe-in-to-raise-some-cash-and-right-size-our-position.html

Franchise Group considers lowering Kohl’s bid closer to $50 a share from about $60, source says

Retail holding company Franchise Group is weighing lowering its bid for Kohl’s, according to a person familiar with the deal talks.

Read more at: https://www.cnbc.com/2022/06/22/franchise-group-considers-lowering-kohls-bid-closer-to-50-a-share-from-60.html

Olive Garden’s parent company Darden beats earnings estimates as sales jump

Olive Garden’s parent company issued a mixed forecast for fiscal 2023 as it prepares to face inflation and economic uncertainty.

Read more at: https://www.cnbc.com/2022/06/23/darden-restaurants-dri-q4-2022-earnings.html

At The Military Olympics, October 2019, Wuhan, China, Athletes Caught COVID

Commentary authored by Jeffrey A. Tucker via The Epoch Times,

It’s going to take far more than a few investigators to piece together the timeline of the great disaster of our times, much less figure out all the parties responsible. As an example, I’ve followed this as closely as anyone but one key date somehow eluded my radar until now.

The Chinese sturgeon Bingbing is seen during the 7th CISM Military World Games at the Wuhan Tianhe International Airport, on March 29, 2019. (Al.geba/Shutterstock)It is the Military World Games held in Wuhan, China, 2019, drawing athletes from all over the world. In this high p …

Read more at: https://www.zerohedge.com/covid-19/military-olympics-october-2019-wuhan-china-athletes-caught-covid

Stocks & Bonds Surge As Recession Fears Tank Rate-Hike Odds

Ugly PMIs in Europe and the US sent yields tumbling across both continents and rate-hike odds fell significantly as investors pivoted from inflation fears to growth scares. Copper and Crude sold off (growth fears) and while stocks ramped late in the afternoon, they were oscillating wildly early on as they weakened on recession anxiety and then strengthened on the post-recession rate-cut/QE hope.

Nasdaq led the chaos with a late-day buying-panic (nope, no fundamental catalysts) as stocks seemed committed to the post-recession reaction function rather than the actual recession…

Aside from the COVID lockdowns, this is the weakest level for US Macro Surprise Index since Aug 2011…

Read more at: https://www.zerohedge.com/markets/stocks-bonds-surge-recession-fears-tank-rate-hike-odds

Bitcoin & The Resurgence Of The Bearer Asset

Authored by Scott Hill via BombThrower.com,

If you’ve seen the film “Die Hard” you’ll notice the villain is trying to steal strange assets called Bearer Bonds. Why did this entire asset class disappear from the modern financial landscape?

Which properties of these long-forgotten assets are important for the future the Crypto industry is trying to build? Why did governments around the world outlaw the Bearer Asset in the first place?

History of the Bearer AssetUntil the 1980s, bearer assets were very common. Bonds would be issued on paper and bondholders would present the instruments physically to receive payment. In fact, the paper certificates would often have small tear-off sections that were redeemable for interest payments. This record-keeping mechanism is why we still call the interest payments from Bonds, “coupons”.

In the pre-digital …

Read more at: https://www.zerohedge.com/crypto/bitcoin-resurgence-bearer-asset

“Chicago Is Like Afghanistan”: Ken Griffin Is Moving Citadel To Miami, Leaving Chicago Crime Cesspool Behind

Ken Griffin has had it with the Chicago crime cesspool.

The billionaire is moving Citadel’s headquarters to Miami, the third major employer after Boeing and Caterpillar to announce the move of a corporate headquarters from Illinois in the past two months after the trading titan decried the city’s crime rate and voiced frustrations with political leadership in Illinois.

In a letter to employees sent on Thursday, Griffin said he had personally moved to Florida and that his market-making business, Citadel Securities, would also transfer. He wrote he views Florida as a better corporate environment and though he didn’t specifically cite crime as a factor, company officials said it was a consideration, the WSJ reported. Which reminds us: where is the Netflix special on inner-city black-on-black crime in general, and Chicago’s weekly murder spree in particular? Oh, it’s not there… what a shocker.

The relocation will affect both hedge fund Citadel and Citadel Securities, the market-making business, firm spokesman Zia Ahmed said Thursday according to Bloomberg, and marks the first step in a multi-year process that will involve the firm building a new office in Miami, which will serve as its global headquarters, and where a few hundred people will be based as soon as next year.

“Chicago will continue to be …

Read more at: https://www.zerohedge.com/markets/ken-griffin-moving-citadel-miami-leaving-chicago-crime-cesspool-forever-behind

British Airways Heathrow staff back summer strikes over pay

About 700 workers at Heathrow Airport voted in favor of industrial action during the summer holidays.

Read more at: https://www.bbc.co.uk/news/business-61906236?at_medium=RSS&at_campaign=KARANGA

Juul: US bans all products from leading vaping company

Authorities say they do not have enough data to be sure Juul’s e-cigarettes meet health standards.

Read more at: https://www.bbc.co.uk/news/business-61914166?at_medium=RSS&at_campaign=KARANGA

Germany takes step closer to gas rationing

The country triggers the “alarm” stage of its emergency gas plan after a drop in Russian supplies.

Read more at: https://www.bbc.co.uk/news/business-61908998?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 bulls indecisive; upside capped at 15,700

The index appears to be finding some support at 15,380, said Mazhar Mohammad of Chartviewindia.in. This is the lower end of the bullish gap zone registered on June 21, he said, adding that as long as this counter sustains above 15,382 on a closing basis, hopes of a pullback rally remain alive.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-bulls-indecisive-upside-capped-at-15700/articleshow/92412620.cms

Chart Check: 25% returns in 6 months! This FMCG stock is on buyers’ radar

A close above Rs 268-270 will confirm the breakout that could take the stock towards its 52-week high levels of Rs 280-284, suggest experts in the next 4-6 weeks. The stock closed 1.7 percent lower at Rs 265 on the BSE on 22 June 2022.ITC is one of India’s foremost private sector companies and has a diversified presence in FMCG, hotels, packaging, paperboards and specialty papers, and agri-business.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-25-returns-in-6-months-this-fmcg-stock-is-on-buyers-radar/articleshow/92404089.cms

RBI looks to have boosted forwards intervention in rupee fight

The move shows the central bank is pulling out all the stops to curb losses in the currency, which set a series of record lows this month and threatens to further accelerate inflation. The RBI’s intervention strategy has caused dollar-rupee one-year annualized forward premiums to fall below 3% for the first time in a decade, according to Standard Chartered.

Read more at: https://economictimes.indiatimes.com/markets/forex/rbi-looks-to-have-boosted-forwards-intervention-in-rupee-fight/articleshow/92403873.cms

Key Words: Dr. Fauci’s COVID case was ‘mild’ thanks to being vaccinated and double-boosted, he says

‘All is well with Fauci’ the White House’s chief medical adviser said during a COVID-19 Response Team briefing, He also took Paxlovid to treat his COVID case.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EE8-F729E7E54B86%7D&siteid=rss&rss=1

What’s Worth Streaming: Here’s what’s new to Hulu in July 2022, and what’s leaving

New seasons of ‘What We Do in the Shadows’ and ‘Solar Opposites’ on the way, along with ‘The Bob’s Burgers Movie’ and every season of ‘The Americans’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EDE-BCFE065051DF%7D&siteid=rss&rss=1

The Tell: 3 ways to ease record gasoline prices over the long run, according to JPMorgan

President Joe Biden’s proposal to bring down gas prices might provide only temporary relief to U.S. consumers, and instead could encourage them to drive more, says JPMorgan analysts

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EE7-E3D0E2313B48%7D&siteid=rss&rss=1