11July2022 Market Close & Major Financial Headlines: Wall Street Moved Lower As Labor Market Reality-Check Sends Stocks, Bond Yields Tumbling

Soaring Prices Have Led To An Uptick In Oil Theft In Colombia

A notable increase in lawlessness, corruption, and violence, fueled by record cocaine production and heightened poverty, has marred the four-year term of outgoing Colombian President Ivan Duque. Not only have massacres, violent crime, poverty and cocaine production surged during Duque’s term but the incidence of petroleum theft in Colombia is spiraling higher. Washington’s habitual ramping-up of efforts to combat cocaine trafficking, which has long been a key source of income for Latin America’s criminal syndicates, is forcing

Read more at: https://oilprice.com/Energy/Crude-Oil/Soaring-Prices-Have-Led-To-An-Uptick-In-Oil-Theft-In-Colombia.html

Natural Gas Will Play A Vital Role In Australias Energy Transition

Natural gas will play an important role in Australia’s accelerated energy transition as the country looks to boost renewable energy sources and phase down coal, according to Alan Finkel, Special Adviser to the Australian government on Low Emissions Technology. Australia currently relies on a lot of conventional energy sources. Coal and natural gas account for around 79 percent of the country’s electricity generation, data from the government shows. Renewable energy from wind, solar, and hydropower provide the remaining 21 percent of

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Natural-Gas-Will-Play-A-Vital-Role-In-Australias-Energy-Transition.html

Will A Gas Tax Holiday Help Ease Prices At The Pump?

I believe many of our political leaders have a comic book view of how gasoline prices are set. They envision oil companies adding up all of their input costs, and then tacking on a profit margin. Oddly, sometimes the oil companies are really generous and sell gasoline for under $2.00 a gallon. Other times, the belief must be that they are super greedy and sell it for $6.00 a gallon. Adding to all of the input costs and profit margins are the taxes. State and federal governments get a cut of each gallon of gasoline sold. Since 1993, the federal

Read more at: https://oilprice.com/Energy/Energy-General/Will-A-Gas-Tax-Holiday-Help-Ease-Prices-At-The-Pump.html

Russian Court Overturns Suspension Of Caspian Pipeline Consortium Exports

A Russian court of appeals in Krasnodar overturned on Monday a lower court decision that had ordered the suspension of most of Kazakhstan’s crude oil exports from a Russian port on the Black Sea. Last week, a Russian court ordered the Caspian Pipeline Consortium (CPC), which operates the key export route for two-thirds of Kazakhstan’s crude oil, to suspend activities for 30 days, citing environmental violations. The exports take place from the Russian port of Novorossiysk on the Black Sea. While the port is in Russia,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Court-Overturns-Suspension-Of-Caspian-Pipeline-Consortium-Exports.html

Iron Prices Dip As Demand From China Slows

2022 has been a roller coaster ride for iron ore prices, which dipped yet again on Monday. Of course, demand from Chinese steel remains the top reason for either a rise or downturn in prices. This week, as it turns out, was no different. In fact, prices tumbled immediately after analysts explained their bleak outlook for demand, citing that Chinese steel mills are reeling from losses and cutting production. Chinese President Xi Still Eager to Keep the Rebound on Track The news was so impactful that predictions of iron ore dropping

Read more at: https://oilprice.com/Metals/Commodities/Iron-Prices-Dip-As-Demand-From-China-Slows.html

French Industry Switches To Oil From Gas Amid Uncertainty Over Russian Supply

Major energy-intensive industries in France look to convert gas boilers to run on oil as French and European businesses prepare for another decline or a complete halt of Russian gas deliveries to Europe, Reuters reports. No Russian gas supply would hit many energy-intensive industries in Europe, including in its biggest economies, Germany, France, and Italy. Russia has already slashed gas supply via Nord Stream by 60% over the past month and has just started the regular maintenance on the pipeline that carries gas to Germany. The two-week-long

Read more at: https://oilprice.com/Latest-Energy-News/World-News/French-Industry-Switches-Oil-Gas-Amid-Uncertainty-Over-Russian-Supply.html

Costco CEO’s one-word answer to whether he would raise the price of hot dogs: ‘No’

The retail executive also said the company is putting off a hike in annual membership fees.

Read more at: https://www.cnbc.com/2022/07/11/costco-ceos-one-word-answer-to-whether-he-would-raise-the-price-of-hot-dogs-no.html

Homebuyers are canceling deals at the highest rate since the start of the pandemic

Higher mortgage rates and overall inflation are causing potential homebuyers to reconsider their purchases.

Read more at: https://www.cnbc.com/2022/07/11/homebuyers-are-canceling-deals-at-highest-rate-since-start-of-covid.html

Justice Department investigating PGA Tour for possible antitrust violations tied to LIV Golf

The DOJ is investigating PGA Tour for engaging in potentially anti-competitive behavior in its competition with LIV Golf.

Read more at: https://www.cnbc.com/2022/07/11/justice-department-investigating-pga-tour-for-possible-antitrust-violations-tied-to-liv-golf.html

Frontier urges Spirit to delay the vote again, and allow shareholders to consider the ‘best and final’ offer

Frontier Airlines has asked Spirit Airlines to further delay a shareholder vote on their planned merger.

Read more at: https://www.cnbc.com/2022/07/11/frontier-airlines-tells-spirit-airlines-offer-is-best-and-final-asks-to-delay-vote-again.html

How many F-bombs trigger an R rating? An obscure movie industry panel decides

A movie industry panel discusses how it assigns ratings to newly released films, including details about what constitutes an R rating.

Read more at: https://www.cnbc.com/2022/07/09/how-are-movie-ratings-assigned-film-industry-relies-on-obscure-panel.html

Rivian planning layoffs that could target about 5% of staff, report says

The cuts will come in areas where Rivian has grown too quickly, Bloomberg reported.

Read more at: https://www.cnbc.com/2022/07/11/rivian-planning-layoffs-that-could-target-about-5percent-of-staff-report-says.html

Texas grid operator tells residents to curb power as heat hits record highs

The Texas regulator projected a shortage in energy reserves on Monday “with no market solution available,” but said it does not expect systemwide outages.

Read more at: https://www.cnbc.com/2022/07/11/ercot-tells-texans-to-curb-power-use-as-extreme-heat-strains-the-grid.html

‘Thor: Love and Thunder’ pulls in $143 million in domestic opening

“Thor: Love and Thunder” tallied $143 million during its domestic debut, pushing the overall weekend haul to more than $200 million.

Read more at: https://www.cnbc.com/2022/07/10/box-office-thor-love-and-thunder-has-143-million-domestic-opening.html

4 things Costco CEO Craig Jelinek said in a rare interview on the economy, retail trends, and more

The Investing Club breaks down CNBC’s interview with Costco CEO Craig Jelinek.

Read more at: https://www.cnbc.com/2022/07/11/4-things-costco-ceo-craig-jelinek-said-in-a-rare-interview-on-the-economy-retail-trends-and-more.html

These midyear tax strategies can trim next year’s bill from the IRS and reduce ‘unwelcome surprises’

Whether you typically receive a tax refund or a bill, there’s still plenty of time to improve next year’s filing, experts say. Here are four moves to consider.

Read more at: https://www.cnbc.com/2022/07/11/these-4-mid-year-tax-strategies-can-trim-next-years-bill-from-the-irs.html

Ford’s Mustang Mach-E electric crossover is a hit with industry insiders — that could help it take on Tesla

Ford’s first real attempt at an electric vehicle has been quite a hit with critics.

Read more at: https://www.cnbc.com/2022/07/10/fords-mustang-mach-e-electric-crossover-awards-could-help-it-take-on-tesla.html

NFL will select a new Sunday Ticket partner by fall, Commissioner Roger Goodell says

The NFL plans to choose a winning bidder for Sunday Ticket by the fall, Commissioner Roger Goodell said Friday.

Read more at: https://www.cnbc.com/2022/07/08/nfl-will-select-new-sunday-ticket-partner-by-fall-commissioner-roger-goodell-says.html

India set to overtake China as the world’s most populous country in 2023, UN says

The United Nations’ report was released on World Population Day.

Read more at: https://www.cnbc.com/2022/07/11/india-on-course-to-overtake-china-as-worlds-most-populous-country-un.html

Labor Market Reality-Check Sends Stocks, Bond Yields Tumbling

Labor Market Reality-Check Sends Stocks, Bond Yields TumblingAs humans actually spent some time over the weekend examining the jobs data from Friday (and reading our post from Friday morning), the realization dawned that the labor market was in fact nothing like as strong as talking heads had proclaimed.

Household survey losing jobs and multiple jobholders rising are not a good sign for the consumer.

That realization sent futures down Sunday night and things went just a little bit more turbo at the US equity cash open, bounced across the EU Close and then sunk back to the Lows into the close…

Read more at: https://www.zerohedge.com/markets/labor-market-reality-check-sends-stocks-bond-yields-tumbling

Oil Dumped By Hedge Funds On Soaring Recession Risk

By John Kemp, senior market analyst

Investors dumped petroleum-related derivatives last week at one of the fastest rates of the pandemic era as recession fears intensified.

Hedge funds and other money managers sold the equivalent of 110 million barrels in the six most important petroleum-related futures and options contracts in the week to July 5.

Fund managers have now sold a total of 201 million barrels in the past four weeks, according to position records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

Read more at: https://www.zerohedge.com/commodities/oil-dumped-hedge-funds-heightened-recession-risk

Corn Prices Soar As Heat Could Damage Yields

Chicago corn soared the most in nearly a year after the sweltering summer heat may dent crop yields.

Bloomberg reports a heatwave over the Midwest grain belt is underway during corn’s pollination period, a flowering stage for the grain, and is the most crucial development period for yield determination. High temperatures and a lack of rainfall during the pollination phase usually result in lower yields.

Russia’s attacks across Ukraine’s agriculture sector and Western sanctions against Russian exports have tightened food supplies globally and shifted the spotlight on North America’s growing season.

“The market’s tightness going into season 2022 is beginning to reassert itself, as is the patchy weather outlook across several significant segments across Europe,” Tobin Gorey, commodities strategist at Commonwealth Bank of Australia, wrote in a note to clients. “Crop yields are at risk of a downgrade in many of these locations.”

As a result of the pessimistic outlook, corn futures in Chicago jumped as high as 5.6% on Monday. It was the most significant intraday gain since August.

Read more at: https://www.zerohedge.com/commodities/corn-prices-soar-heat-could-damage-yields

Peter Schiff: This Won’t Be A Short Shallow Recession

Via SchiffGold.com,

The mainstream seems to have conceded that the economy is heading toward a recession. But most people aren’t too worried. They seem to think the downturn will turn out short and shallow. In his podcast, Peter explains why the recession will more likely be long and deep. Since people don’t understand the nature of the boom, they can’t understand the nature of the bust.

Last week, the Atlanta Fed raised its projection for GDP in Q2, but it still remains negative at -1.2%. That would mean we are officially in a recession with two consecutive months of negative GDP growth.

Peter said everything he thought would be happening in the economy is happening.

The economy is, in fact, head …

Read more at: https://www.zerohedge.com/economics/peter-schiff-wont-be-short-shallow-recession

Energy bills to rise more than predicted says Ofgem boss

The regulator’s chief executive tells MPs its previous estimate on winter bills will prove to be too low.

Read more at: https://www.bbc.co.uk/news/business-62123691?at_medium=RSS&at_campaign=KARANGA

Train drivers vote for rail strikes over pay

Drivers at eight train companies have voted to walk out but a date for action has not yet been set.

Read more at: https://www.bbc.co.uk/news/business-62121258?at_medium=RSS&at_campaign=KARANGA

No plans for a windfall tax on electricity producers

Unlike a one-off tax on oil and gas firms, electricity generators will not be subject to the policy.

Read more at: https://www.bbc.co.uk/news/business-62121228?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 forms small bullish candle; upside hurdle at 16,300

To regain strength, the index needs to get past the 16,275 level, according to Mazhar Mohammad of Chartviewindia.in. “In that scenario, the pullback swing can further expand towards its 200-day EMA, whose value is around 16,545. Nevertheless, if we read the candles of the last three trading sessions in isolation, it is hinting at the short-term weakness that can be confirmed if the index slips below 16,115 level with initial targets close to 16,000 level,” he said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-small-bullish-candle-upside-hurdle-at-16300/articleshow/92807189.cms

Nomura picks up stake in smallcap multi-bagger stock

The company works with over 46 client governments, including embassies, diplomatic missions, and consulates, with an extensive network of more than 27,000 centres and a strength of over 20,000 employees and associates that provide consular, biometrics, and citizen services. It has processed over 62 million applications to date globally.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nomura-picks-up-stake-in-smallcap-multibagger-stock/articleshow/92809169.cms

Can PLI, China Plus One keep India’s pharma sector in pink of health?

The Indian pharmaceutical market flattened after the pandemic led to a massive upsurge in demand for drugs. The industry saw a rise in sales during the Covid spike but that settled down as the number of coronavirus cases came down, except for Q1FY2022, where the second Covid wave was dominant. This resulted in a dip in the top line of pharma companies in the successive quarters.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/can-pli-china-plus-one-keep-indias-pharma-sector-in-pink-of-health/articleshow/92797725.cms

Living With Climate Change: ERCOT warning: 5 electricity blackout risks facing the entire U.S., not just Texas

Texas has a unique state-run power grid, but its extreme-weather issues, and balancing natural gas and wind to create electricity, hold lessons for the nation.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F7E-F67368FADF86%7D&siteid=rss&rss=1

PC shipments plunging, consumer demand ‘at risk of perishing in the long term,’ analysis finds

Personal-computer shipments plunged in the second quarter to levels not seen since a pandemic buying spree began more than two years ago, and consumer demand “is at risk of perishing in the long term,” according to an analysis released Monday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F81-23E3E63A08DC%7D&siteid=rss&rss=1

Futures Movers: Natural-gas futures gain more than 6% on the shutdown of key European pipeline

Natural-gas futures rally on Monday, buoyed by the shutdown of a key European pipeline, while U.S, oil futures finish lower on the back of rising risks to energy demand from restrictions on activity in China as it attempts to squelch a rise in COVID-19 cases.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F7B-A81F77124A65%7D&siteid=rss&rss=1