29June2022 Market Close & Major Financial Headlines: Wall Street See-Sawed Across The Unchanged Line Throughout Today’s Session Finally Closing Mixed In Volatile Trading

The Future Is Bright For Green Hydrogen

Many oil majors and several governments around the world are betting big on the future of green hydrogen, viewing it as a major new replacement for fossil fuels. Numerous European countries, as well as international energy firms, have already invested heavily in the development of green hydrogen projects, with more looking to follow over the next decade as an energy shift takes place. Energy firms around the globe have been producing hydrogen to use as fuel for years but have often avoided eco-friendly green hydrogen projects due to the high

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/The-Future-Is-Bright-For-Green-Hydrogen.html

Bidens Green Energy Policy May End In Tears

American Founding Father Benjamin Franklin once said that experience is an expensive school but fools will learn in no other. Germany’s green energy policy, launched in the year 2000, could have been a cheap lesson for America today. The Biden administration has chosen to follow Germany, providing heavy subsidies for wind and solar while suppressing industries that could reliably meet America’s energy needs and even reduce its carbon footprint. In January, the administration announced that it had pulled every lever

Read more at: https://oilprice.com/Energy/Energy-General/Bidens-Green-Energy-Policy-May-End-In-Tears.html

Oil Likely To Hit $200: SEB Group

Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group. Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7s price capping proposal was a recipe for disaster given the current stress that the oil market is under. The G7 leaders agreed on Tuesday to study ways to cap the price of Russian oil sold internationally and are seeking support among “like-minded” nations. It was one of the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Likely-To-Hit-200-SEB-Group.html

Investors Dump Copper As Demand Stumbles

Copper prices have long been considered a major indicator of global economic health. So when they plunged to 16-month lows on June 23, investors quickly hit the panic button. According to this CNN Business article, the commodity’s 11% drop over two weeks shows that global growth is slowing. However, not everyone agrees. Chiles Codelco Thinks Copper Prices Will Shore Up Soon Reuters recently reported that Codelco, Chiles’s state-owned copper mine, isn’t convinced of imminent doom. As the largest global producer

Read more at: https://oilprice.com/Energy/Energy-General/Investors-Dump-Copper-As-Demand-Stumbles.html

U.S. Could Release Even more Oil From Strategic Stockpiles

The United States will reassess additional releases of crude oil from the nation’s Strategic Petroleum Reserves, White House Envoy Hochstein said on Wednesday, as the Administration struggles to rein in high prices at the pump. The Administration has already vowed to release a million barrels of crude oil from the stockpiles every day into the commercial markets. The plan, announced at the end of March, was to ultimately release 180 million barrels over a six-month period. The plan has so far depleted the nation’s emergency crude oil stockpiles

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Could-Release-Even-more-Oil-From-Strategic-Stockpiles.html

Oil Climbs Higher As Nuclear Talks Crumble In Qatar

High hopes had been placed on the indirect talks set to be held in Qatar starting Tuesday between Iran and the United States, which involved the European Union mediating between the two; however, after the second day, the Iranian side is reporting that talks have already ended without an agreement or any breakthrough. “Indirect talks between the United States and Iran to revive a 2015 nuclear agreement have ended in Qatar without a result, Iran’s semi-official Tasnim news agency reported on Wednesday,” Reuters reports. Underscoring the importance

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Climbs-Higher-As-Nuclear-Talks-Crumble-In-Qatar.html

Bed Bath & Beyond says it’s still open to selling its Buybuy Baby division

The baby gear banner has been a focal point in a dispute with activist investor, Ryan Cohen.

Read more at: https://www.cnbc.com/2022/06/29/bed-bath-beyond-says-its-still-open-to-selling-its-buybuy-baby-division.html

Starz could turn into an ‘acquisition machine’ after Lionsgate spins it off

A publicly traded Starz may look to increase in size by targeting other subscale media and entertainment companies.

Read more at: https://www.cnbc.com/2022/06/29/starz-could-turn-into-acquisition-machine-after-spinoff-from-lionsgate.html

Unilever reaches deal to keep selling Ben & Jerry’s ice cream in Israel

Unilever said it sold the Israeli branch of Ben & Jerry’s to Avi Zinger, whose American Quality Products already licenses the ice cream for sale in the country.

Read more at: https://www.cnbc.com/2022/06/29/unilever-reaches-deal-to-keep-selling-ben-jerrys-ice-cream-in-israel.html

Fight for Spirit Airlines goes down to the wire with competing bids from Frontier and JetBlue

The battle between Frontier and JetBlue for discount airline Spirit is the most contentious in recent years.

Read more at: https://www.cnbc.com/2022/06/29/spirit-airlines-shareholder-vote-frontier-deal-as-jetblue-fights-back.html

LVMH buys California wine giant Joseph Phelps as high-end drinks market soars

The deal delivers Moet one of the best-known California winemakers, famous for its red table wines and trophy Insignia label.

Read more at: https://www.cnbc.com/2022/06/29/lvmh-buys-california-wine-giant-joseph-phelps-as-high-end-drinks-market-soars.html

Movies have momentum headed into the second half of 2022, if inflation doesn’t spoil it

A string of solid theatrical performances coupled with a strong slate of upcoming films has left most box office analysts optimistic.

Read more at: https://www.cnbc.com/2022/06/29/top-gun-maverick-gives-2022-box-office-momentum-inflation-could-hurt.html

‘It’s like going to the DMV online’: What to know about buying Series I savings bonds via TreasuryDirect

It’s not easy to purchase Series I bonds online through TreasuryDirect, a 20-year-old platform. Here’s how to avoid common pain points.

Read more at: https://www.cnbc.com/2022/06/29/how-to-buy-series-i-savings-bonds-via-treasurydirect.html

Stocks making the biggest moves midday: Bed Bath & Beyond, Carnival, Upstart and more

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

Read more at: https://www.cnbc.com/2022/06/29/stocks-making-the-biggest-moves-midday-bed-bath-beyond-carnival-upstart-and-more.html

Bed Bath & Beyond replaces CEO as retailer’s sales plummet

The home goods retailer has faced months of challenges, with supply chain woes and pressure from activist investor Ryan Cohen.

Read more at: https://www.cnbc.com/2022/06/29/bed-bath-beyond-bbby-q1-2022-earnings.html

Mortgage demand stalls again, even as interest rates swing briefly lower

Mortgage rates moved slightly lower last week, causing a small increase in demand for refinancing home loans.

Read more at: https://www.cnbc.com/2022/06/29/mortgage-demand-stalls-again-even-as-interest-rates-swing-briefly-lower.html

Delta offers free flight changes over July Fourth weekend ahead of possible ‘operational challenges’

Delta passengers won’t have to pay a fare difference to change trips booked from July 1 through July 4.

Read more at: https://www.cnbc.com/2022/06/29/delta-offers-free-flight-changes-over-july-fourth-weekend.html

Congested Port of Oakland slashing free wait time for import containers

The Port of Oakland, which has the longest cargo wait time in the U.S., is slashing the number of days import containers can stay for free.

Read more at: https://www.cnbc.com/2022/06/29/port-of-oakland-slashing-free-wait-time-for-import-containers.html

Bonds & The Dollar Bid As Recession Risks Rise, Black Gold & Breakevens Battered

Bonds & The Dollar Bid As Recession Risks Rise, Black Gold & Breakevens BatteredAn ugly third look at Q1 GDP  – higher inflation, lower growth and consumption – just added to the current malaise in growth fears (and forecasts from sentiment surveys) today and the recession trade was back on with oil and stocks sold and bonds bid (and the dollar rallied perhaps more on safe haven liquidity needs into quarter-end). And all this right before PCE prints tomorrow which is expected to pick up… and initial claims which could be about to explode higher.

The end result is that rate-hike expectations have stalled (i.e. the market no longer believes The Fed will be hiking as aggressively as it did) as recession fears are brought forward, and more notably subsequent rate-cut expectations have surged (now pricing in more than 3 rate-cuts)….

Source: Bloomberg

And more notably, Rate-cuts are now starting to be priced in for the Dec 2022 to March 2023 time frame…

Read more at: https://www.zerohedge.com/markets/bonds-dollar-bid-recession-risks-rise-oil-sinks

Transportation Secretary Warns: “There Are Going To Be Challenges” With Flights On Fourth Of July Weekend

Transportation Secretary Warns: “There Are Going To Be Challenges” With Flights On Fourth Of July WeekendSince Memorial Day weekend, airlines have canceled 20,000 flights and delayed more than 173,000, resulting in one of the worst travel periods for Americans.

In a matter of days, travel demand is set to soar as 3.55 million people are expected to fly over the Fourth of July holiday weekend. Concerns are already mounting as persistent pilot and crew shortages and understaffing among the Federal Aviation Administration (FAA) are expected to create another perfect storm of flight disruptions.

On Tuesday evening, Transportation Secretary Pete Buttigieg spoke with NBC Nightly News’ Lester Holt about the travel mess and offered no reassurance about an immediate resolution to chronic flight delays and cancellations plaguing airports across the country.

Holt asked Buttigieg, “Is the July 4 holiday a recipe for disaster given the issues with the system right n …

Read more at: https://www.zerohedge.com/markets/transportation-secretary-warns-there-are-going-be-challenges-fourth-july-flights

What Will It Take To End Rampant Home-Price Inflation?

Authored by Ryan McMaken via The Mises Institute,

Real wages are falling, inflation is at a 40-year high, and the Atlanta Fed predicts we’ll find GDP growth at zero for the second quarter. Meanwhile, both the yield curve and money-supply growth point to a recession.

But when it comes to the latest data on home prices, there’s still no sign of any deflation or even moderation.

For example, the latest Case-Shiller home price data shows home prices surged above 20 percent year-over-year in April, marking yet another month of historic highs in-home price growth. It’s now abundantly clear that a decade of easy money, followed by two years of covid-induced helicopter money, has pushed home price growth to levels that dwarf even the pre-2008 housing bubble. …

Read more at: https://www.zerohedge.com/personal-finance/what-will-it-take-end-rampant-home-price-inflation

Why Is The VIX So Low? A Surprising Answer Emerges In The Market’s Microstructure

One of the most frequent questions tossed around Wall Street trading desks (and strip clubs), and which was duly covered by Bloomberg recently in “Fear Has Gone Missing in Wall Street’s Slow-Motion Bear Market”, is why despite the crushing bear market and the coming recession, does the VIX refuse to rise sustainably above 30, or in other words, why is the VIX so low?

As Goldman’s Rocky Fishman wrote in a recent note “Option Markets Take the SPX Bear Market in Stride” (available to professional subs), “one of the most popular questions we have received is why the VIX hasn’t surpassed its March peak (36) despite the SPX being lower than it was in March and realized vol being higher than it was in March.”

Here, Fishman notes that implied volatility was unusually high in March, and the current V …

Read more at: https://www.zerohedge.com/markets/why-vix-so-low-surprising-answer-emerges-markets-microstructure

Farmers cut food production as costs soar

Soaring costs are forcing farmers to cut back on food and milk production.

Read more at: https://www.bbc.co.uk/news/business-61958468?at_medium=RSS&at_campaign=KARANGA

Heinz products off Tesco shelves after pricing dispute

The beans, sauce and soup-maker is pausing supply to the UK’s largest supermarket in a row over price rises.

Read more at: https://www.bbc.co.uk/news/business-61978595?at_medium=RSS&at_campaign=KARANGA

Royal Mail managers vote to strike over job cuts

Proposed strike dates will be announced in the coming days, Unite the Union says.

Read more at: https://www.bbc.co.uk/news/business-61989059?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 bulls not ready to give in; momentum positive

“After the false upside breakout of 15,800-15,900 levels on Monday, Nifty50 has declined gradually in the last two sessions, which could be a positive indication for the bulls to make a comeback from the lows. Normally, such range movements from near important resistances eventually result in sharp upside bounces,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-bulls-not-ready-to-give-in-momentum-positive/articleshow/92549009.cms

Should you keep buying stocks? Readings from S Naren’s valuation model

The Equity Valuation Index indicates that overall market valuations have moderated from their recent peak amidst rising global uncertainty

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/wondering-if-you-should-keep-buying-stocks-readings-from-s-narens-valuation-model-can-help/articleshow/92534134.cms

Chart Check : After nearly doubling in 3 months, this smallcap stock is on buyers’ radar

The stock with a market capitalization of about Rs 1,000 crore has been witnessing strong price action in the last week as well as on a one-month basis.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-after-nearly-doubling-in-3-months-this-smallcap-stock-is-on-buyers-radar/articleshow/92534619.cms

: ‘It’s nuts’: Real-estate agents describe chaotic bidding wars in New York City’s red-hot rental market

As workers and college students return to the city over the summer, rental prices have shot up.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F01-D529F263D842%7D&siteid=rss&rss=1

The Human Cost: ‘We shouldn’t have to be doing this’: North Dakota’s only abortion clinic has one month to pack up and move to Minnesota — raises $815,000 on GoFundMe

With Roe v. Wade overturned, Red River Women’s Clinic will be moving to neighboring Minnesota

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F0E-51E263E382F4%7D&siteid=rss&rss=1

Inflation is forcing Americans to change their diets: ‘We make vegetable soup’

The rise in the cost of living has prompted people to cut down on meat, and eat out less.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7EDD-4F5EBDDCD32B%7D&siteid=rss&rss=1