03August2022 Market Close & Major Financial Headlines: Stocks Rally Reversing Two-Day Slide, Oil Prices Fall, Ford Reports Big Jump In July Sales

The Race To Produce A Commercially Viable Electric Supercar

When we think of electric vehicles (EVs) we likely conjure up the image of a sensible car made for short-distance runs, with people adopting EVs for their daily commutes to help reduce their impact on the environment. But there’s a little-talked-about EV industry that’s slowly getting ready for its big launch the electric hypercar. Several famous supercar manufacturers have been quietly planning to make their EVs commercially available within the next few years, as the demand for electric vehicles grows beyond the city

Read more at: https://oilprice.com/Energy/Energy-General/The-Race-To-Produce-A-Commercially-Viable-Electric-Supercar.html

Egyptian Port Serves As New Route For Russian Oil

With western sanctions looming and many nations shunning it, Russia appears to have discovered a new gateway for its crude, with Bloomberg reporting that Moscow has for the first time ever used Egypt’s El Hamra oil terminal on its Mediterranean coast. The first shipment took place on July 24, with 700,000 barrels of oil offloaded before another vessel collected a consignment from the port just a few hours later. According to vessel-tracking data by Bloomberg, there are speculations that the consignments may have included some or all

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Egyptian-Port-Serves-As-New-Route-For-Russian-Oil.html

The World Is Scrambling For New Rare Earth Supplies

The Rare Earths MMI (Monthly MetalMiner Index for rare earth metals) extended its decline in July, dropping another 2.8%. This is a significant move for rare earths prices, and reinforces the subtle downtrend that began back in April. Now more than ever, countries are frantically searching for ways to separate their rare earths supply from China. Rare Earth Metals: All Eyes Are on Turkey’s Big Find Back on July 7th, Turkey reported that it had discovered the second largest reserve of rare earth metals in the world. The site,

Read more at: https://oilprice.com/Energy/Energy-General/The-World-Is-Scrambling-For-New-Rare-Earth-Supplies.html

UBS: UK Gas Crisis Set To Plunge British Pound To Historic Lows

The British pound is expected to plunge to a historically low level versus the U.S. dollar in the fourth quarter of this year, when the energy and gas crisis in the UK will worsen, according to strategists at the private banking unit of UBS Group. “We expect GBP/USD to come under pressure this year,” Thomas Flury, head of currency research at UBS Wealth Management, and Dean Turner, UK economist at UBS Private Banking, wrote in a note carried by Bloomberg. “The eurozone and the UK are both likely to suffer energy supply shortages this winter,”

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UBS-UK-Gas-Crisis-Set-To-Plunge-British-Pound-To-Historic-Lows.html

Iranian Official Heads To Vienna To Restart Nuclear Talks

Iran’s chief nuclear negotiator, Ali Bagheri Kani, is heading to Vienna in an attempt to revive talks to save a 2015 nuclear accord with global superpowers. Iran’s Foreign Ministry told state media on August 3 that the talks will be coordinated by the European Union, and that “ideas presented by different sides will be discussed.” The EU’s lead coordinator for the indirect U.S.-Iranian talks to restore the so-called Joint Comprehensive Plan of Action (JCPOA) between Iran and major world powers from 2015 has said the two sides were close to a deal

Read more at: https://oilprice.com/Geopolitics/International/Iranian-Official-Heads-To-Vienna-To-Restart-Nuclear-Talks.html

Oil Prices Fall To $90, But Its Not Enough For Biden

After touching the highest level since 2009 above $130/bbl, oil prices have pulled back sharply over the past two months with both Brent and WTI crude currently trading at sub-$100/bbl, and the Biden administration is gunning for a much bigger drop. In an interview with Bloomberg, Amos Hochstein, the White House’s senior adviser for global energy security, has said that gas and oil prices need to go even lower while U.S. producers and OPEC+ need to raise output. As of 13:02 p.m. EST, Brent crude was trading down 3.32% on the day at

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Fall-To-90-But-Its-Not-Enough-For-Biden.html

Transportation Department proposes stricter rules for airline refunds after complaints surge

The DOT logged a surge in complaints about airline refunds since the Covid-19 pandemic began.

Read more at: https://www.cnbc.com/2022/08/03/transportation-department-proposes-stricter-rules-for-airline-refunds-after-complaints-surge.html

Mickelson, DeChambeau and other LIV golfers file antitrust lawsuit against PGA Tour over suspensions

Eleven LIV golfers filed an antitrust lawsuit against the PGA Tour Wednesday after being suspended from the tour.

Read more at: https://www.cnbc.com/2022/08/03/mickelson-liv-golfers-sue-pga-tour-over-suspensions.html

Comcast and Charter may need new focus as broadband growth stalls amid competition

The cable industry has had steady high-speed broadband growth for decades, but the end of an era may be approaching.

Read more at: https://www.cnbc.com/2022/08/03/comcast-and-charter-may-need-new-focus-as-broadband-growth-stalls-.html

Ford reports big jump in July sales, including for trucks and electric vehicles

Ford said its new vehicle sales last month increased 36.6% from a year ago, compared with industrywide sales that were estimated to have declined by 10.5%.

Read more at: https://www.cnbc.com/2022/08/03/ford-reports-big-jump-in-july-sales-including-for-trucks-and-evs.html

Yum Brands reports stronger sales for Taco Bell, but China lockdowns weigh on KFC

Yum Brands reported mixed quarterly results as Covid lockdowns in China weighed on KFC’s and Pizza Hut’s sales.

Read more at: https://www.cnbc.com/2022/08/03/yum-brands-yum-q2-2022-earnings.html

Under Armour cuts profit outlook for the full year as promotions eat into margins

Under Armour on Wednesday cut its profit forecast for the fiscal year 2023 as more promotions on its athletic apparel ate into margins.

Read more at: https://www.cnbc.com/2022/08/03/under-armour-uaa-q1-2023-earnings-and-guidance.html

Embryos can count as dependents on Georgia state tax returns: For many families ‘there is no benefit at all,’ says analyst

Residents of Georgia may now claim embryos as dependents on their 2022 state income tax returns. But the policy raises many questions.

Read more at: https://www.cnbc.com/2022/08/03/embryos-can-count-as-dependents-on-2022-state-tax-returns-in-georgia.html

Overwhelming abortion right win in in ‘red’ Kansas gives Democrats boost for fall midterms over ‘MAGA’ GOP, Schumer says

Democrats say concern about abortion rights in light of a Supreme Court ruling tossing out Roe v. Wade will motivate voters in upcoming elections.

Read more at: https://www.cnbc.com/2022/08/03/roe-v-wade-kansas-abortion-rights-vote-helps-democrats-in-midterms-schumer-says.html

Self-made millionaire Bethenny Frankel on why good ideas are not enough to be successful in business

Bethenny Frankel, founder of SkinnyGirl, says she has always been full of good ideas, but that is never enough to be successful in business.

Read more at: https://www.cnbc.com/2022/08/03/bethenny-frankel-on-why-good-ideas-are-not-enough-to-be-successful.html

CVS Health raises full-year forecast after beating second-quarter expectations

The health-care company said it now expects adjusted earnings per share for the full year to come in between $8.40 and $8.60.

Read more at: https://www.cnbc.com/2022/08/03/cvs-health-cvs-q2-2022-earnings.html

Starbucks earnings beat Wall Street estimates, fueled by U.S. demand for cold drinks

Shares of Starbucks have fallen 27% this year, dragging its market value down to $98.37 billion.

Read more at: https://www.cnbc.com/2022/08/02/starbucks-sbux-q3-2022-earnings.html

Dolphins owner Stephen Ross suspended, fined $1.5 million after NFL probe cites tampering violations

The penalties mark the conclusion of the NFL’s investigation into reports of tampering and intentionally losing games by the Dolphins.

Read more at: https://www.cnbc.com/2022/08/02/nfl-dolphins-investigation-finds-tampering-violations-fines-owner-stephen-ross.html

Mall owners say retailers are still opening stores in spite of recession fears

Retailers in the U.S. have announced 4,432 store openings so far this year, compared with 1,954 store closings, according to data from Coresight Research.

Read more at: https://www.cnbc.com/2022/08/02/mall-owners-retailers-still-opening-stores-despite-recession-fears.html

Explosion In Retail Buying Revealed As Source Of Latest Market Meltup, Tesla Stock Surge

A little less than a month ago we reported that in addition to institutional investors, many of whom we knew had already thrown in the towel with hedge fund gross and net exposure the lowest in years, retail investors had also capitulated as their BTFD euphoria, observed so often during the stimmy days of 2021, was nowhere to be found.

Well, not anymore. With TSLA stock soaring 50% from its recent May lows prompting many to wonder if this is another manipulated gamma squeeze by the “usual suspects”…

… this morning Vanda Research writes that retail investor flows have been the major driver of the rebound in equities in the last few days across the broader market, as aggregate buying has been consistently above the YTD average (avg. $1.36BN over the last five days), while the focus has been on classic tech stocks such as TSLA, NVDA, AAPL, AMD, and AMZN.

As we discussed recently, the relatively strong earnings season and positive performance of the equity market have drawn attention to si …

Read more at: https://www.zerohedge.com/markets/frenzied-retail-buying-revealed-source-tesla-stock-surge

A Market Bottom Will Need More Cuts To Estimates

By Michael Msika and Sagarika Jaisinghani, Bloomberg markets live commentators and reporters

The rally in stocks since June’s low has been built on shaky foundations and, according to many market watchers, a key ingredient for a solid base is still missing — more cuts to earnings estimates.

An analysis of the past four recessions by Bank of America showed that the S&P 500 Index bottomed only after earnings per share forecasts had fallen either to or below the level they were at when the market last peaked. Fast forward to now — while projections have fallen, they are still about 6% higher than at the time of January’s all-time record.

“We’re still in the very early innings of the downturn and estimate cuts,” Bank of America strategist Savita Subramanian said. “Was June the big low? Our bull market signposts say no.”

Their words will send a shiver through those that have chased equities higher over the past six weeks even as company executives sounded more cautious about economic growth. US stocks finished July with their biggest monthly gain since 2020 as weaker economic data spurred expectations that the Federal Reserve could slow the pace of rate hikes. A better-than-feared corporate earnings season has also stoked wagers that profit margins are proving resilient to scorching inflation and gloomier consumer sentiment.

Read more at: https://www.zerohedge.com/markets/market-bottom-will-need-more-cuts-estimates

Deadly Blaze Engulfs ‘Amazon Of Russia’ Warehouse Near Moscow, Deemed “Suspected Arson”

A huge out of control fire is ripping through a large warehouse of a popular Russian retailer near Moscow on Wednesday. “At least one person was killed and 13 injured when a huge fire broke out at a warehouse northwest of Moscow owned by e-commerce firm Ozon on Wednesday, RIA quoted the emergency services as saying,” as reported in Reuters.

“Dozens of firefighters battled to douse the fire using helicopters and 100 tonnes of water as a large plume of dark smoke billowed from the roof of the bright blue warehouse,” the report detailed.

Video of massive fire at #Russia’s Ozon warehouse near Moscow. At least one killed & 13 injured, fire raging all afternoon, now approaching fuel tanks. “Arson suspected” (RIA): pic.twitter.com/gKxcFYnvQu

— Joyce Karam (@Joyce_Karam) August 3, 2022

A huge emergency response ensued following the evacuation of employees, given also the fire had spread to an area of some 40,000 square meters, according to Russian emergency officials.

Military equipment including an Mi-8 helicopter and two Ka-32 helicopters …

Read more at: https://www.zerohedge.com/geopolitical/suspected-arson-large-deadly-blaze-engulfs-retailer-warehouse-near-moscow

Senate Bill Classifying Bitcoin As A Digital Commodity To Be Introduced Today: Report

Authored by Shawn Amick via BitcoinMagazine.com,

The bill seeks to empower the CFTC to regulate bitcoin as a digital commodity while excluding securities from also falling under the same category…

A new bill classifying bitcoin as a digital commodity could be introduced today.

This move would empower the current watchdog of derivatives and future markets, the CFTC, to gain regulatory jurisdiction over bitcoin.

The bill seeks to expand on previous definitions in the bitcoin ecosystem while also excluding securities from being digital commodities.

Leaders of the Senate Agriculture Committee (SAC) are planning to introduce a bill that would classify bitcoin as a digital commodity, according to a report from the Wall Street Journal.

Read more at: https://www.zerohedge.com/crypto/senate-bill-classifying-bitcoin-digital-commodity-be-introduced-today-report

M&S stops selling disposable barbecues across UK

The supermarket says the move is to protect open spaces after record temperatures sparked a spate of fires.

Read more at: https://www.bbc.co.uk/news/business-62414352?at_medium=RSS&at_campaign=KARANGA

Oil output to see small hike to ease energy prices

Opec+ members will pump an extra 100,000 barrels a day in September, an amount some say is “meaningless”.

Read more at: https://www.bbc.co.uk/news/business-62352272?at_medium=RSS&at_campaign=KARANGA

Bain consultancy banned from government work over ‘misconduct’

The management consultancy cannot work for the UK government for three years over ‘misconduct’ in South Africa.

Read more at: https://www.bbc.co.uk/news/business-62408116?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bullish candle; resistance likely at 17,500

“It is marginally away from its subsequent target of 17,500, which is 78.6 per cent retracement of the April-June decline. Once that is tested then the Nifty50 is expected to step into a short term consolidation mode,” Ratnaparkhi said. For the day, the index closed at 17,388.15, up 42.70 points or 0.25 per cent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bullish-candle-resistance-likely-at-17500/articleshow/93323773.cms

Perfect Trifecta: 7 stocks where promoters, FIIs, DIIs raised stakes in Q1

>> For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/perfect-trifecta-7-stocks-where-promoters-fiis-diis-raised-stakes-in-q1/articleshow/93323894.cms

DIIs closing gap with FPIs in race to D-Street domination. Here’s how

“This further showcases the rise of domestic investors and the huge counterbalancing role they have played to foreign investors. To also put this in perspective, as on March 31, 2015, FPI share was 23.30 per cent while the combined share of DII, retail and HNI was just 18.47 per cent,” said Pranav Haldea, Managing Director at PRIME Database Group

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/diis-closing-gap-with-fpis-in-race-to-d-street-domination-heres-how/articleshow/93320005.cms

Crypto: Michael Saylor drops Microstrategy CEO role — Here’s what it means for bitcoin

Some critics attributed Michael Saylor’s executive transition to MicroStrategy’s impairment losses on bitcoin, but others think it is bullish for the crypto.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7108-1B7F5007945A%7D&siteid=rss&rss=1

Market Extra: This is where emerging-markets guru Mark Mobius sees ‘opportunities’ — and why U.S. stocks haven’t bottomed

“We are finding good companies in all regions,” says emerging-market pioneer Mark Mobius.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7107-D4B73DC64680%7D&siteid=rss&rss=1

TaxWatch: With Roe v. Wade overturned, Georgia allows pregnant women to claim embryos as dependents — and it may not be the last state to do so

In Michigan, a bill aims to let parents claim a $200 income-tax credit for a fetus that reached 12 weeks gestation by the end of 2022.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7107-FFB4462F692F%7D&siteid=rss&rss=1