28June2022 Market Close & Major Financial Headlines: Wall Street Main Indexes Trend Sharply Lower After Opening In The Green

The Catastrophic Environmental Consequences Of Russias Invasion Of Ukraine

In addition to thousands of deaths and the destruction of crucial infrastructure, another, more invisible, crisis tied to Russian invasion could haunt Ukraine for years: environmental damage. From shelled chemical plants to forests scorched by missiles, the consequences will be felt not only by Ukraine’s ecosystems but also by its people. The list of damage caused by armed conflict in Ukraine since Russia’s illegal annexation of Crimea in 2014 is long and, if not given proper attention, could last for years. The Conflict and

Read more at: https://oilprice.com/Energy/Energy-General/The-Catastrophic-Environmental-Consequences-Of-Russias-Invasion-Of-Ukraine.html

Are Oil Prices Heading Back To $120?

Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week- The conflict between two rival governments in Libya is set to worsen as calls to replace the head of the national oil company (NOC), Mustafa Sanalla, intensify. Meanwhile, skirmishes in the country show no sign of letting up. –

Read more at: https://oilprice.com/Energy/Energy-General/Are-Oil-Prices-Heading-Back-To-120.html

U.S. Energy Employment Rises Despite Loss In Fossil Fuel Jobs

The number of U.S. jobs in fossil fuels dropped in 2021, but overall American employment in the energy sector increased by 4 percent last year, outpacing the growth in overall U.S. employment and led by job additions in the EV and hybrid vehicle-making sector, the 2022 U.S. Energy and Employment Report (USEER) showed on Tuesday. Last year, the U.S. energy sector added more than 300,000 jobs, and total employment in the industry grew to over 7.8 million in 2021. Energy jobs grew faster than the U.S. workforce overall, which rose by 2.8 percent in

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Energy-Employment-Rises-Despite-Loss-In-Fossil-Fuel-Jobs.html

Chinese Stocks Are On The Rise Following Unexpected Covid Shift

China’s move to ease quarantine rules for inbound travelers from three weeks to just one week has bolstered sentiment for Chinese equities. Bullish calls are rising on Chinese stocks as the CSI 300 Index inches near a bull market. Fred Hu, the founder of China-based investment firm Primavera Capital Group, told Bloomberg that he believes Chinese tech firms have turned the corner after a $2 trillion rout sparked by Beijing’s yearslong technology crackdown. NASDAQ Golden Dragon China Index plunged more than 76% since its peak in

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Stocks-Are-On-The-Rise-Following-Unexpected-Covid-Shift.html

Tensions Are Rising Ahead Of Xi-Biden Meeting

National Security Advisor Jake Sullivan said Monday that he expects President Biden will speak with Chinese President Xi Jinping in the coming weeks as tensions are soaring between the two powers. Sullivan said one of the reasons for the talks is the growing “convergence” among the US and its allies on the view of China. “We do think that there is increasing convergence, both at the G7 and at NATO, around the challenge China poses,” Sullivan said. “We’re not looking to divide the world into rival blocs and make every country choose” Sullivan sought

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tensions-Are-Rising-Ahead-Of-Xi-Biden-Meeting.html

Will Colombia’s New President Upend Its Oil Industry?

Leftist candidate Senator Gustavo Petro emerged victorious from Colombia’s June presidential run-off as the strife-torn country’s president-elect. On 7 August 2022 Petro will be sworn into office becoming the 34th president of the Republic of Colombia. This has roiled Colombian financial markets and the Andean country’s currency the peso. Since Petro beat multimillionaire businessman Rodolfo Hernandez the Colombian peso has tumbled by almost 6% while the domestic stock market has shed 6.1%. The president-elects proposed

Read more at: https://oilprice.com/Energy/Crude-Oil/Will-Colombias-New-President-Upend-Its-Oil-Industry.html

Target will cover employees’ travel to other states for abortions, company memo says

The big-box retailer joins a growing list of companies that have announced policy changes after the reversal of Roe v. Wade.

Read more at: https://www.cnbc.com/2022/06/28/target-will-cover-employees-travel-to-other-states-for-abortion.html

NASA begins return to the moon with low-cost CAPSTONE mission, launched by Rocket Lab

Rocket Lab launched a small spacecraft bound for the moon on Tuesday, a mission that represents firsts for both the company and NASA.

Read more at: https://www.cnbc.com/2022/06/28/rocket-lab-launch-of-capstone-begins-nasa-return-to-the-moon.html

3 trends to watch as retailers prep for back-to-school, holiday shopping

Shoppers will get an early start to holiday shopping and pay more attention to price this year, according to a new report from Salesforce.

Read more at: https://www.cnbc.com/2022/06/28/3-trends-to-watch-as-retailers-prep-for-back-to-school-holiday-shopping.html

New car quality declined sharply this year with supply chain problems, says J.D. Power

Buick, Dodge and Chevrolet topped the list while Volvo, Chrysler, and Polestar landed in the bottom three.

Read more at: https://www.cnbc.com/2022/06/28/new-car-quality-declined-11percent-blame-supply-chain-problems-jd-power.html

Chinese electric vehicle maker Li Auto to raise $2B from U.S. investors in a new stock offering

Li Auto is raising $2 billion via an “at-the-market” offering to fund new models and technologies

Read more at: https://www.cnbc.com/2022/06/28/chinese-electric-vehicle-maker-li-auto-to-raise-2b-in-us-stock-offering.html

JetBlue ups offer for Spirit Airlines as shareholder vote on Frontier bid nears

Spirit shareholders are set to vote on an existing merger agreement with Frontier on Thursday.

Read more at: https://www.cnbc.com/2022/06/27/jetblue-ups-offer-for-spirit-airlines-ahead-of-shareholder-vote.html

Crypto is not replacing the U.S. dollar, Bitfury CEO Brian Brooks says

Crypto assets that have prices should be viewed more like internet stocks than currency, said Brian Brooks, the former U.S. Acting Comptroller of the Currency.

Read more at: https://www.cnbc.com/2022/06/28/crypto-is-not-replacing-the-us-dollar-bitfury-ceo-brian-brooks-says.html

HHS secretary vows women in states that ban abortion will have access in cases of rape, incest, risk to woman’s life

Health Secretary Xavier Becerra directed federal health agencies to ensure victims of rape and incest have ready access to abortion.

Read more at: https://www.cnbc.com/2022/06/28/roe-v-wade-hhs-secretary-becerra-vows-women-will-have-abortion-access-in-certain-cases.html

Juul seeks to extend stay on FDA ban, saying agency did not evaluate all its evidence

Juul Labs is seeking a stay on the FDA’s market denial order, saying the FDA overlooked 6,000 pages of evidence.

Read more at: https://www.cnbc.com/2022/06/28/juul-seeks-to-extend-stay-on-fda-ban-saying-agency-did-not-evaluate-all-its-evidence.html

Home price increases slowed in April for the first time in months, S&P Case-Shiller says

Prices rose 20.4% nationally in April compared with the same month a year ago, according to the S&P CoreLogic Case-Shiller Index.

Read more at: https://www.cnbc.com/2022/06/28/home-price-increases-slowed-slightly-in-april-says-sp-case-shiller.html

CVS capping purchases of Plan B pills to ensure consistent supply

CVS says it’s capping the number of Plan B pills people can buy per order to ensure a “consistent supply.”

Read more at: https://www.cnbc.com/2022/06/27/cvs-capping-purchases-of-plan-b-pills-to-ensure-consistent-supply.html

Nike earnings top Wall Street’s expectations, despite inflation in the U.S. and Covid lockdowns in China

Nike posted better-than-expected sales and profit for its fiscal fourth quarter.

Read more at: https://www.cnbc.com/2022/06/27/nike-nke-earnings-q4-2022-earnings-.html

Trump SPAC deal threatened by federal criminal probe

A federal criminal investigation is threatening the proposed merger between former President Donald Trump’s social media enterprise and a SPAC.

Read more at: https://www.cnbc.com/2022/06/27/trump-spac-deal-threatened-by-federal-criminal-probe.html

‘Bad News’ Is Bad News Again: Stocks Slammed On Macro Meltdown, Bonds Shrug

Well that rotation didn’t last long.

Yesterday’s ‘good news’ spoiled the ‘growth scare’ narrative (which would pressure The Fed to lift its foot off the market’s throat) and sent stocks lower.

Today, a disastrous set of data reignited the ‘bad news is bad news’ mantra as Consumer confidence crashed, Richmond Fed was routed, and Retail and Wholesale inventories rose less than expected (not good for GDP and a signal that companies are losing confidence in the consumer), Home Price acceleration slowed a smidge, Goldman’s Retail Spending comps index tumbled to its weakest since 2019, and Nielsen data showed increasing price pressures on the US consumer.

All of which pushed ‘hope’ back near pre-Trump lows with soft survey data leading hard real economic data lower…

Read more at: https://www.zerohedge.com/markets/bad-news-bad-news-again-stocks-slammed-macro-meltdown-bonds-shrug

Pentagon Moves To Wrest Rare Earths Control From China

Pentagon Moves To Wrest Rare Earths Control From ChinaAuthored by Greg Isaacson via The Epoch Times,

The battle for control of the global rare earth’s supply chain is heating up, with the U.S. Department of Defense investing in a new processing plant in a bid to challenge China’s chokehold over the critical minerals.

The Pentagon has agreed to fund the entire $120 million cost of a heavy rare earth’s separation facility to be built in Texas by Australia’s Lynas Rare Earths, advancing a program launched in 2020, the company announced on June 14.

Located on the Gulf Coast, the new facility will give the United States access to domestically produced heavy rare earth’s that are essential to industries such as electric …

Read more at: https://www.zerohedge.com/geopolitical/pentagon-moves-wrest-rare-earths-control-china

Oil Tanker Halted By US Authorities In Transit From Russia To New Orleans

US authorities have stopped a tanker that was transporting oil and other fuel products from a Russian port to New Orleans, the Wall Street Journal reported on Tuesday citing American officials privy to the ongoing customs investigation of the vessel.

“The Daytona tanker is owned by Greek shipowner TMS Tankers Ltd. and was chartered by Vitol, a commodity trading house based in Switzerland,” the WSJ details. “It sailed from Russia’s Taman peninsula in the Black Sea in early June carrying fuel oil and vacuum gasoil, the data showed, and was planning to arrive in New Orleans on Sunday.”

File image: tankers delivering to refineries located along the Mississippi River just north of New Orleans.

In line with the US embargo on Russian oil, th …

Read more at: https://www.zerohedge.com/commodities/oil-tanker-halted-us-authorities-transit-russia-new-orleans

Economic Winter Has Arrived

Authored by Doug French via The Mises Institute,

The average card-carrying Austrian would say that the Federal Reserve is creating money by the bale, with evidence being Consumer Price Index prints of 8.6 percent per the Bureau of Labor Statistics or over 15 percent per John Williams’s shadowstats.com computation based on the way the government calculated CPI back in 1980. Surely, at best, the US dollar is only the cleanest dirty shirt in the currency laundry basket.

But Uncle Sam’s dollar continues to strengthen (vis-à-vis other government fiat), with the result being market crashes in … everything.

“People have started to realize that when the dollar goes up, it’s not good for anybody,” Alhambra Investments’ Jeff Snider told Maggie Lake on Real Vision. Snider’s � …

Read more at: https://www.zerohedge.com/markets/economic-winter-has-arrived

Walgreens abandons Boots sale after market turmoil

The owner of the UK pharmacy chain says no buyer was able to make an adequate offer.

Read more at: https://www.bbc.co.uk/news/business-61966202?at_medium=RSS&at_campaign=KARANGA

Heathrow told to reduce passenger charge

The airport is told to cut its charges for airlines each year until 2026 by the UK’s aviation regulator.

Read more at: https://www.bbc.co.uk/news/business-61933731?at_medium=RSS&at_campaign=KARANGA

Scratch card sales fall as cost of living rises

Camelot says there are signs consumers have “tightened their belts” as living costs rise.

Read more at: https://www.bbc.co.uk/news/business-61964399?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms small bullish candle; a revisit of 16,000 level likely

“The index witnessed a brief consolidation near 15,700-15,800 throughout the day and took a leap on the upside towards the end of the session. The hourly chart shows that the Nifty50 is moving up in an upward sloping channel and can test the upper channel line near 16,000

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-bullish-candle-a-revisit-of-16000-level-likely/articleshow/92523754.cms

Chart Check: IndusInd Bank forms Head & shoulder pattern; short for Rs 650 target

The stock with a market capitalization of more than Rs 63,000 crore hit a 52-week high of Rs 1241 on 28 October 2021 but failed to hold on to the momentum. It closed at Rs 806 on 24 June 2022 which translates into a downside of over 35 percent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-indusind-bank-forms-head-shoulder-pattern-short-for-rs-650-target-in-1-2-months-says-kapil-shah/articleshow/92516523.cms

AMFI rejig: Adani Power may soon get largecap tag; LIC, HAL too in the race

Amfi’s forthcoming list of stock categorization is due, which will take into account data from January- June 2022, a period that saw record FPI outflows and high volatility on Dalal Street. ICICI Securities believes the type of stocks that will get upgraded from small to midcap and from midcap to large-cap categories do not indicate a risk-off environment as most of them belong to cyclical and capital-intensive sectors, such as financials and industrials. On the flip side, quite a few of the downgrades are from growth, quality and defensive buckets, ICICI Securities said. Below are the stocks which are likely to enter or exit various mcap categories.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/amfi-rejig-adani-power-may-join-largecaps-lic-adani-wilmar-too-in-the-race/amfi-rejig/articleshow/92512915.cms

What’s Worth Streaming: Here’s everything coming to HBO Max in July 2022, and what’s leaving

Get ready for new shows from Nathan Fielder and Issa Rae, a ‘Pretty Little Liars’ spinoff, the return of ‘Harley Quinn’ and ‘FBoy Island,’ and much more

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EEA-F7CE68B72DB5%7D&siteid=rss&rss=1

Crypto: Crypto exchange CoinFlex says one of the most prominent names in the industry defaulted on $47 million USDC debt

CoinFlex’s chief executive Mark Lamb said Tuesday that it issued a notice of default to Roger Ver, alleging that Ver failed to meet a margin call and owes the exchange $47 million USDC.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F10-1E1E7612BD13%7D&siteid=rss&rss=1

Who are the 50 people influencing markets the most this year? Tell MarketWatch what you think.

We are seeking nominations for the MarketWatch 50, the most influential people in markets in 2022.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F00-07C187EB5852%7D&siteid=rss&rss=1