21July2022 Market Close & Major Financial Headlines: Morning Financial Calendar Posted Poor Numbers Which Investors Eventually Ignored. Initial Jobless Claims Rose Whilst Philly Fed Business Conditions Fell Sharply.

Will Western Sanctions Against Russias Gold Industry Work?

On July 14, both Western (Euractiv.com, July 13) and Russian (Rbc.ru, July 14) sources reported that the European Union’s seventh sanctions package will put an embargo on Russian gold imports. If this happens, the EU will join the United States, the United Kingdom, Canada, and Japan, which each already banned Russian gold imports some time ago (Interfax.ru, June 28). While Russian officials have attempted to ridicule the EU`s gold-related package, arguing that previous experience with anti-Russian sanctions has only led to EU citizens

Read more at: https://oilprice.com/Energy/Energy-General/Will-Western-Sanctions-Against-Russias-Gold-Industry-Work.html

Spain, Portugal, Greece Reject EU 15% Gas Usage Cut

Further cracks in a united front to tackle an energy crisis in Europe have arisen Thursday, with Spain, Portugal, and Greece rejecting the bloc’s plan to reduce natural gas consumption by 15% between this August and next Spring. Just hours after a dire warning by IEA chief Fatih Birol that Europe would need a 20% cut in consumption to make winter tolerable, officials in Madrid and Lison said they would not support the 15% initiative in the face of a potential Russian gas cutoff. According to both Spain and Portugal, mandatory reductions

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Spain-Portugal-Greece-Reject-EU-15-Gas-Usage-Cut.html

China’s Secret Debt Deals With Tajikistan Are A Cause For Concern

A ubiquitous sign seen around Tajikistan’s capital speaks volumes about the country’s reliance on its eastern neighbor: Assistance from China for a common future. The words are typically emblazoned on buildings and buses paid for with loans and grants issued by Beijing. One prime example is the new premises of parliament. That complex, which is going up where the headquarters of the Soviet-era Communist Party used to stand, is being completed with a $250 million grant. Another $120 million in handouts have

Read more at: https://oilprice.com/Geopolitics/International/Chinas-Secret-Debt-Deals-With-Tajikistan-Are-A-Cause-For-Concern.html

IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter

After calling on all member states to reduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union will need to cut even more in order to get through the winter. “Even if there is no single accident… #Europe still needs to reduce its gas consumption about 20% compared to today in order to have safe and normal winter months, IEA chief Fatih Birol said, issuing what he called a red alert for energy markets. The short-term issue with the Nord Stream 1 pipeline

Read more at: https://oilprice.com/Latest-Energy-News/World-News/IEA-Chief-Europe-Must-Cut-Gas-Usage-20-To-Survive-Winter.html

The Worlds Largest Economies Are Ramping Up Coal Consumption

Despite the best efforts to the contrary, short-term global reliance on coal has only increased. The main reason is, of course, Russia’s invasion of Ukraine. Indeed, energy is getting harder and harder to come by, and most countries are falling back on reliable if dirty sources. How will this affect coal imports and exports in the near term? First, we need to consider the facts. Energy Issues Have Left Many Nations with No Other Choice In the US, coal production has risen significantly from last year. Though higher prices

Read more at: https://oilprice.com/Energy/Coal/The-Worlds-Largest-Economies-Are-Ramping-Up-Coal-Consumption.html

Russia Blames Western Sanctions For Lower Gas Supply To Europe

Russia’s reduced gas flows via Nord Stream to Europe are the result of the EU sanctions that have created technical difficulties in repairs of equipment for the pipeline, Kremlin spokesman Dmitry Peskov said on Thursday. The President said in Tehran yesterday that Gazprom fulfilled, is fulfilling, and will fulfill its obligations to customers, Peskov told reporters in Moscow on Thursday, as quoted by the Russian news agency Interfax. Any technical difficulties connected with Gazprom’s obligations to customers

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Blames-Western-Sanctions-For-Lower-Gas-Supply-To-Europe.html

Airlines temper flying ambitions after chaotic — but profitable — travel rebound

Airlines are rethinking their growth plans as they face mounting flight disruptions.

Read more at: https://www.cnbc.com/2022/07/21/airlines-temper-flying-ambitions-after-chaotic-travel-rebound.html

Convenience store chain 7-Eleven cuts 880 corporate jobs as part of restructuring

Convenience store chain 7-Eleven has cut 880 jobs in the United States, CNBC has learned.

Read more at: https://www.cnbc.com/2022/07/21/7-eleven-cuts-880-jobs-as-part-of-restructuring.html

Domino’s earnings miss expectations as pizza chain struggles with driver shortage, higher costs

The ongoing shortage of delivery drivers hurt the chain’s sales again this quarter.

Read more at: https://www.cnbc.com/2022/07/21/dominos-pizza-dpz-q2-2022-earnings-.html

NFL legend Drew Brees used to joke about training for pickleball. Now he co-owns a pro pickleball team

Drew Brees has joined the ownership group of an Austin, Texas, professional pickleball team.

Read more at: https://www.cnbc.com/2022/07/21/drew-brees-is-now-a-co-owner-of-a-professional-pickleball-team.html

Ford reassures investors it has the battery supplies it needs for ambitious EV goals

Ford will begin offering lower-cost LFP batteries in its Mustang Mach-E and F-150 Lightning.

Read more at: https://www.cnbc.com/2022/07/21/ford-says-it-has-battery-supplies-needed-for-ambitious-ev-goals.html

The wealthy now have more time to avoid estate taxes, thanks to an IRS change

If your family has significant wealth, it’s now easier to avoid federal estate taxes, thanks to recent changes from the IRS. Here’s what to know.

Read more at: https://www.cnbc.com/2022/07/21/the-wealthy-now-have-more-time-to-avoid-estate-taxes.html

Consumers are shelling out an average of $10,000 more for used cars than if prices were ‘normal,’ research shows

If depreciation assumptions had held true, used cars would cost thousands of dollars less, depending on factors including its age.

Read more at: https://www.cnbc.com/2022/07/21/consumers-paying-average-10000-above-normal-prices-for-used-cars.html

AT&T shares fall after company says later payments, higher spending are hurting cash flow

AT&T shares fell about 9% after its second-quarter earnings reported a lower-than-expected cash flow.

Read more at: https://www.cnbc.com/2022/07/21/att-shares-fall-after-company-says-overdue-bills-higher-spending-are-hurting-cash-flow.html

Chipotle announces investments in startups focusing on kitchen automation, plant-based alternatives

Chipotle said its venture fund is investing in two startups that have the potential to accelerate its growth.

Read more at: https://www.cnbc.com/2022/07/21/chipotle-announces-investments-in-startups-focusing-on-kitchen-automation-plant-based-alternatives.html

United Airlines posts profit on travel surge but holds back on flight growth

United Airlines on Wednesday notched a key profit milestone in its pandemic recovery.

Read more at: https://www.cnbc.com/2022/07/20/united-airlines-ual-2q-2022-earnings.html

American Airlines forecasts third-quarter profit but scales back growth after flight disruptions

American’s CEO said the carrier would limit its expansion this year.

Read more at: https://www.cnbc.com/2022/07/21/american-airlines-aal-2q-22-earnings.html

From Gap to GameStop, there’s a retail executive exodus underway — and more departures are coming

Major leadership changes have become more frequent as the retail sector stares down a more challenging backdrop.

Read more at: https://www.cnbc.com/2022/07/20/three-reasons-why-retail-executives-are-quitting-getting-fired.html

32% of travelers overspend to earn credit-card sign-on bonuses. Here’s how to avoid that ‘siren song,’ says industry analyst

Credit-card sign-up bonuses can be lucrative, but also dangerous for customers who don’t use them wisely.

Read more at: https://www.cnbc.com/2022/07/21/how-to-avoid-the-siren-song-of-a-credit-card-sign-up-bonus.html

Watch: Dems Openly Admit Gun Control Bill Will Confiscate Firearms In “Common Use”

Authored by Steve Watson via Summit News,

New York Congressman Jerry Nadler openly admitted at a House Judiciary Committee hearing this week that the point of gun control legislation being pushed by Democrats is to confiscate firearms in “common use”.

When questioned by GOP North Carolina Rep. Dan Bishop if Democrats dispute that the “Assault Weapons Ban of 2021,” proposes to ban guns currently in “common use” nationwide, Nadler, chairman of the committee, replied, “That’s the point of the bill.”

“So, to clarify, Mr. Chairman, you’re saying it is the point of the bill to ban weapons that are in common use in the United States today,” Bishop again asked.

“Yes,” Nadler responded, adding …

Read more at: https://www.zerohedge.com/political/watch-dems-openly-admit-gun-control-bill-will-confiscate-firearms-common-use

Former Coinbase Employee Charged After Netting $1.5 Million From Trading Ahead Of Crypto Listing Announcements

In one of the first cases of its kind, a former employee of Coinbase Global and two other people have been charged by U.S. prosecutors in Manhattan with wire fraud for insider trading of cryptocurrency.

Former product manager at the cryptocurrency exchange Ishan Wahi was arrested Thursday, along with his brother Nikhil Wahi. They are expected to make their first appearance in federal court later in the day on Thursday, according to Reuters.

A friend of theirs, Sameer Ramani also faces civil charges by the Securities and Exchange Commission.

The case revolves around leaking what cryptos would soon be listed on Coinbase. Wahi “shared confidential information about forthcoming announcements of new cryptocurrency assets that Coinbase would allow users to trade,” Reuters reported.

Then, the defendants used ethereum blockchain wallets to acquire the …

Read more at: https://www.zerohedge.com/markets/former-coinbase-employee-charged-wire-fraud-after-netting-15-million-trading-ahead-crypto

Job Listings Starting To Trend Lower

By Alyce Andres, Bloomberg Markets Live commentator and reporter

Online data show companies are putting the brakes on job listings for the third month (see “Fed Mission Accomplished: Real-Time Indicators Show The Labor Market Just Cratered”).

It may be a sign that the Fed rate hikes partly aimed at cooling wage inflation amid a red-hot job market are starting to work.

In the economics world, three in a row can make a trend. Active job listings in the US dropped 2.8% in June, according to LinkUp data. That’s on top of 4.2% and 3.1% decreases in May and April, according to the firm. LinkUp is a global job-market data and analytics firm in the online jobs space.

Declines in job listings were seen nationwide, with 94% of states seeing a decline in help wanted ads. Deleted job listings rose 6.9%, according to LinkUp data released Tuesday. …

Read more at: https://www.zerohedge.com/economics/job-listings-starting-trend-lower

US “Started” The Ukraine Crisis, China Says, In Fiercest Official Criticism Yet

With the Russian invasion of Ukraine now five months in, China has issued its strongest condemnation of Washington’s role in the crisis yet, essentially blaming the US for “creating” the conditions for the war.

The Chinese Foreign Ministry said further in a press briefing earlier this week that while the US could be pursuing peace and formal talks between Russian and Ukraine, it is busy playing “world police” while fueling the conflict – and all the while trying to confront China – according to the words of foreign ministry spokesman Zhao Lijian.

Via APHis scathing criticism perhaps marks the first time Beijing has officially and so bluntly charged that the US “started” or “created” the Ukraine war, while also repeating the frequent line of the US stoking a “new Cold War”.

The FM spokesman said: “As the one who started the Ukraine crisis and the biggest factor fueling it, the US needs to deeply reflect on its …

Read more at: https://www.zerohedge.com/geopolitical/us-started-ukraine-crisis-china-says-fiercest-official-criticism-yet

Truss tax plans accused of breaking spending rules

Tax cut plans mean higher borrowing or lower public spending, or both, says the Institute for Fiscal Studies.

Read more at: https://www.bbc.co.uk/news/business-62255081?at_medium=RSS&at_campaign=KARANGA

Drivers warned of delays around Dover as summer getaway begins

Roads around Dover are expected to be extremely busy as most schools in England and Wales break up.

Read more at: https://www.bbc.co.uk/news/business-62256633?at_medium=RSS&at_campaign=KARANGA

Eurozone raises interest rates for first time in 11 years

The European Central Bank has raised rates as it tries to tackle soaring eurozone inflation.

Read more at: https://www.bbc.co.uk/news/business-62240730?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 tops 16,600 mark but stiff hurdle ahead

The momentum readings on the lower time frame chart have reached the overbought zone and, the 50 percent retracement resistance on the daily chart is seen around 16,650, said Ruchit Jain of 5paisa.com.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-tops-16600-mark-but-stiff-hurdle-ahead/articleshow/93031264.cms

Tesla sells 75% of its Bitcoin holdings, expert say Musk did not fancy it much

Tesla’s Chief Executive Officer Elon Musk said on the earnings conference call that the company sold the Bitcoin to maximize its cash because of Covid-related uncertainty. He added that the sale should not be seen as ‘a verdict on Bitcoin.’

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/tesla-sells-75-of-its-bitcoin-holdings-expert-say-musk-did-not-fancy-it-much/articleshow/93032116.cms

Smoke screen lifts over ITC stock. Is it now on verge of re-rating?

In recent times, the ITC stock has witnessed a significant rally, outperforming the benchmark Nifty 50 and the Nifty FMCG index. From January 1, 2022, to June 30, 2022, the stock has yielded a double-digit return of 25.4%, while the benchmarks BSE Sensex and Nifty 50 have generated negative returns of 9% each. The stock has also outperformed the sectoral index, the Nifty FMCG, which yielded a flat return during the period.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/smoke-screen-lifts-over-itc-stock-is-it-now-on-verge-of-re-rating/articleshow/93024964.cms

Bond Report: Treasury yields drop by most since June on signs of slowing U.S. economy, Biden’s positive COVID test

Treasury yields have their biggest declines of the past three to five weeks on Thursday, reversing course from earlier in the day.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7FEB-55F495D23E16%7D&siteid=rss&rss=1

Rex Nutting: Almost all the economic numbers are aligned: A U.S. recession is now likely

Most economic indicators are signaling a slump — except the strong jobs market. Is that enough to keep the expansion going?

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7FDD-978180B62173%7D&siteid=rss&rss=1

How Amazon’s $3.9 billion wager on primary care could change your Prime membership

The deal is the e-commerce giant’s biggest bet on healthcare to date, and it hints at a future in which primary care and streaming options will be bundled together.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7FF3-675BFBA98079%7D&siteid=rss&rss=1