09August2022 Market Close & Major Financial Headlines: Wall Street Opened Lower And Drifted Sideways Finally Closing In The Red

Germany’s Economy Faces A 260 Billion Blow As Energy Crunch Persists

Germany’s economy will lose over 220bn (260bn) in added value by the end of the decade, following Russia’s invasion of Ukraine and skyrocketing energy prices revealing negative effects on the country’s labor market. According to a study from the Institute of Employment Research (IAB), Germany’s price-adjusted gross domestic product will be 1.7 percent lower next year in comparison with expectations of a peaceful Europe, The study revealed there will be about 240,000 fewer people employed across the country,

Read more at: https://oilprice.com/Energy/Energy-General/Germanys-Economy-Faces-A-260-Billion-Blow-As-Energy-Crunch-Persists.html

EIA Lowers U.S. Oil Production Forecast

The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments to its production forecasts in its Short Term Energy Outlook published on Tuesday. The EIA now sees U.S. crude oil production averaging 11.86 million bpd for the full year 2022down from 11.91 million bpd forecast in July’s STEO. For the full year 2023, the EIA has adjusted its production forecast to an average of 12.70 million

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EIA-Lowers-US-Oil-Production-Forecast.html

An Iran Nuclear Deal Could Send Oil Prices Tumbling Towards $80

Speculation that a new Iran nuclear deal could soon be agreed upon has added downward pressure to oil prices, although the disruption of Russian oil flows to Central Europe is adding to supply worries. Chart of the Week- Ever-increasing energy costs are weighing on European consumers, with EU inflation nearing double-digit territory and the UK expecting a spike towards 13%, mostly driven by soaring gas prices.- Almost all European countries will be seeing increases in food prices in the double digits as spot TTF prices continue hovering around

Read more at: https://oilprice.com/Energy/Energy-General/An-Iran-Nuclear-Deal-Could-Send-Oil-Prices-Tumbling-Towards-80.html

Germany May Consider Lifting Its Ban On Fracking Amid Energy Crisis

Debates in Germany have resurfaced over whether Europe’s biggest economy severely hit by low Russian pipeline gas supplyshould consider lifting its ban on fracking, The Globe and Mail reports. Fracking for shale gas in Germany has been banned since 2017. Last month, Russia cut natural gas supply via Nord Streamto just 20% of the pipeline’s capacity. The further reduction in deliveries began just days after Gazprom restarted the pipeline at 40% capacity after regular 10-day maintenance.Before that, Russian supply was

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-May-Consider-Lifting-Its-Ban-On-Fracking-Amid-Energy-Crisis.html

UK Plans On Power Outages This Winter

The UK is planning on running short on natural gas this coming winter, resulting in blackouts, according to Bloomberg sources familiar with the government’s plan even with emergency coal-fired power plants in operation. The UK, under its reasonable worst-case scenario, is planning on exceptionally cold weather, necessitating energy conservation measures that will include organized blackouts across four days this coming January. While this is not the UK’s base case scenario, the reasonable worst-case scenario shines

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Plans-On-Power-Outages-This-Winter.html

Copper Prices Slide Sideways As Bulls And Bears Battle It Out

In the lead-up to August, copper prices saw notable increases. There were also several bullish indicators of note, including higher short-term highs. In short: after months of declines, prices ended up moving sideways. Yet despite this bullish price action, the macro trend still remains bearish, leaving the current market direction unclear. Unemployment Rate Falls to 3.5% The growing prospect of a global economic slowdown has weighed heavily on commodity prices these past few months. Before the recent base metal price consolidation, which included

Read more at: https://oilprice.com/Metals/Commodities/Copper-Prices-Slide-Sideways-As-Bulls-And-Bears-Battle-It-Out.html

Serena Williams announces her retirement from tennis

Tennis legend Serena Williams announced her retirement in a Vogue article published Tuesday.

Read more at: https://www.cnbc.com/2022/08/09/serena-williams-announces-retirement-from-tennis.html

Ford raises price of electric F-150 Lightning by up to $8,500 due to ‘significant’ battery cost increases

The starting prices for the F-150 Lightning will range from about $47,000 to $97,000, up from roughly $40,000 to $92,000.

Read more at: https://www.cnbc.com/2022/08/09/ford-increasing-price-of-electric-f-150-lightning-.html

Spirit Airlines posts loss on surge in costs, expects Florida challenges to continue

Spirit’s expenses soared more than 66% compared with three years ago. Its fuel bill more than doubled.

Read more at: https://www.cnbc.com/2022/08/09/spirit-airlines-save-earnings-q2-2022.html

Northrop Grumman moves Antares rocket work to U.S. from Russia and Ukraine with Firefly partnership

Northrop Grumman will move production of the engines and structures of its Antares rockets from Russia and Ukraine to the U.S.

Read more at: https://www.cnbc.com/2022/08/09/northrop-grumman-moves-rocket-work-from-russia-ukraine-with-firefly.html

Zales owner Signet buys online jewelry brand Blue Nile to bolster its portfolio

Signet Jewelers said Tuesday that it will acquire online jewelry retailer Blue Nile for $360 million in an all-cash deal.

Read more at: https://www.cnbc.com/2022/08/09/zales-owner-signet-buys-online-jewelry-brand-blue-nile.html

Ezra Miller charged with felony burglary days after Warner Bros. Discovery CEO Zaslav praises ‘Flash’ movie

Ezra Miller has been charged with felony burglary in Stamford, Vermont, according to a report from the Vermont State Police.

Read more at: https://www.cnbc.com/2022/08/08/ezra-miller-charged-with-felony-burglary-days-after-warner-bros-discovery-ceo-zaslav-praises-flash-movie.html

FDA expands monkeypox vaccine authorization to increase dose supply five-fold

The FDA will allow health-care providers to administer the shots through intradermal injection, or between the layers of the skin, for adults.

Read more at: https://www.cnbc.com/2022/08/09/fda-expands-monkeypox-vaccine-authorization-to-increase-dose-supply-five-fold.html

Inflation Reduction Act extends ‘pass-through’ tax break limits for 2 more years. Here’s what that means for entrepreneurs

Senate Democrats’ legislation would continue an existing limit on how pass-through businesses can use losses to reduce their tax bills.

Read more at: https://www.cnbc.com/2022/08/09/inflation-reduction-act-limits-pass-through-tax-break-for-2-more-years.html

With 87,000 new agents, here’s who the IRS may target for audits

The Senate approved nearly $80 billion in IRS funding with $45.6 billion for “enforcement.” Here’s who may be affected by more audits.

Read more at: https://www.cnbc.com/2022/08/09/with-87000-new-agents-heres-who-the-irs-may-target-for-audits.html

Norwegian Cruise Line shares fall as revenue, outlook lag pre-pandemic levels

The company reported second-quarter results that lagged pre-pandemic levels and warned of persistent volatility ahead.

Read more at: https://www.cnbc.com/2022/08/09/norwegian-cruise-line-nclh-earnings-q2-2022.html

On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it

A new Wells Fargo analysis looked at the best 20 days for the S&P 500 between August 1992 and July 2022. Almost half of them occurred amid a bear market.

Read more at: https://www.cnbc.com/2022/08/09/on-rare-days-markets-rise-10percent-how-to-make-sure-youre-there-for-it.html

4 takeaways from the Investing Club’s ‘Morning Meeting’ on Tuesday

The Investing Club talks oil stocks, the chip sector, and updates on several Club holdings.

Read more at: https://www.cnbc.com/2022/08/09/4-takeaways-from-the-investing-clubs-morning-meeting-on-tuesday.html

Axios to sell itself to Cox Enterprises for $525 million

Cox Enterprises said it is acquiring Axios and will expand the news site’s coverage to include more cities.

Read more at: https://www.cnbc.com/2022/08/08/axios-to-sell-itself-to-cox-enterprises-for-525-million.html

Stocks & Bonds Tumble As Rate-Hike Odds Rise

Higher than expected labor costs and the corresponding tumble in productivity prompted  combination of recession fears and inflation anxiety with the market pricing in more tightening in the short-term and then more easing after the recession hits…

Source: Bloomberg

Notably the Q1 rate-cut expectations are fading, notably almost back to zero probability of the cut…

Source: Bloomberg

St …

Read more at: https://www.zerohedge.com/markets/stocks-bonds-tumble-rate-hike-odds-rise

Bitcoin Is Money; Central Bank Digital Currencies Are Not

Authored by Wes Craik via BitcoinMagazine.com,

CBDCs are a form of social control, while Bitcoin represents hope for a more equitable human future based on the universal constant of 21 million…

Central Bank Digital Currencies (CBDCs) will soon be operational in various countries and it’s important to note that they’re a form of money with intrinsic programmability. Rules can and will be set as to how these central bank liabilities can be spent. Over time, CBDCs are the elimination of cash and thus, private exchange. They are also the most “slippery slope” ever witnessed.

In the wrong hands, the ability to program money is horrifying and will be used to serve authoritarian ends to varying degrees. Picture China — a

Read more at: https://www.zerohedge.com/crypto/bitcoin-money-central-bank-digital-currencies-are-not

Retail Investors Pile Into Meme Stocks Despite Violent Selloff

The meme stock euphoria that characterized the past week of trading and which sent names like BBBY, GME and AMC soaring…

… is conspicuously absent today, with Goldman’s meme stock basket tumbling as much as 6% and last down 4.1% on pace to end a six-day gain …

… if still up solidly on the month.

So having sparked a major short-squeeze storm – and generated substantial gains in a very short period of time …

Read more at: https://www.zerohedge.com/markets/retail-investors-pile-meme-stocks-despite-violent-selloff

Ukraine Claims Unprecedented Attack On Russian Airbase Deep Inside Crimea

Update(1516ET): Earlier Tuesday a large explosion at Russia’s Saki air base deep within Crimea immediately set off speculation that Ukraine’s military could have just launched its boldest attack yet of the six-month long war. Russia’s defense ministry quickly tried to down play the incident, which it said resulted in a handful of injuries. The suggestion from the Kremlin was that it was an accidental ignition of munitions being stored on base, but Ukrainian government sources are meanwhile busy leaking that it was the result of its long-range rockets targeting the base.

A number of Western pundits were suspicious over the quick Kremlin denial of a Ukrainian army attack, and alleged Russia desired to avoid escalation, and also sought to deny allowing Kiev forces a ‘victory’ by covering up the strike. But now The New York Times has said Ukraine is claiming the attack:

A senior Ukrainian military official with knowledge of the situation said that Ukrainian forces were behind the attack. A spokesman for the Kremlin-installed leader of Crimea confirmed that there had been an explosion but asked residents to refrain from jumping to conclusions about its cause.

…Russian and occupation authorities did not speculate publicly about the possibility of a Ukrainian attack. The senior Ukrainian official, however, took credit for it.

“This was an air base from which planes regularly took off …

Read more at: https://www.zerohedge.com/geopolitical/crimea-base-rocked-huge-explosion-possible-long-range-missile-strike

Energy bills forecast to hit over £4,200 a year

The average household could pay £355 a month, up from £164 currently, consultancy Cornwall Insight warns.

Read more at: https://www.bbc.co.uk/news/business-62475171?at_medium=RSS&at_campaign=KARANGA

Royal Mail staff to stage four-day strike action

If 115,000 staff strike, it could be the biggest ever action by the Communication Workers Union.

Read more at: https://www.bbc.co.uk/news/business-62485314?at_medium=RSS&at_campaign=KARANGA

US invests $280bn in high tech to compete with China

US President Joe Biden said the new funding for tech would keep the US competitive.

Read more at: https://www.bbc.co.uk/news/business-62482141?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide stock action on Wednesday

“A sustainable move above 17,550 levels could be considered as an upside breakout of the range and that could pull Nifty towards the next important resistance of 17,800-17,900 levels in the near term. Immediate support is placed at 17,430 levels. “That said, here’s a look at what some key indicators are suggesting for Wednesday’s action

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-stock-action-on-wednesday/articleshow/93456389.cms

Chipmakers drag Wall Street lower after Micron’s warning

The Dow Jones Industrial Average fell 25.18 points, or 0.08%, at the open to 32,807.36. The S&P 500 opened lower by 6.95 points, or 0.17%, at 4,133.11, while the Nasdaq Composite dropped 86.97 points, or 0.69%, to 12,557.49 at the opening bell.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chipmakers-drag-wall-street-lower-after-microns-warning/articleshow/93458958.cms

Day Trading Guide: Paytm among 4 stock recommendations for Wednesday

On Monday, the 30-share pack Sensex advanced 465.14 points or 0.80 per cent to close at 58,853.07. Its broader peer, Nifty50, added 127.60 points or 0.73 per cent to close comfortably above the 17,500 mark. The benchmark has managed to close above 17,500 for the first time since April 12, 2022. “In the previous week, a recent few sessions were sideways for the domestic markets. However, today the benchmark indices manage to break out from the consolidation zone. The index Nifty managed to clear the hurdle of 17500 on a closing basis. Thus in the coming session, we might see momentum towards 17600/17800 but that could be a strong hurdle since we have a major falling trend line there. We advise traders to start booking positions in this zone. On the downside, support is placed at 17350 and a breach of the same might bring in some consolidation,” said Mehul Kothari – AVP, Technical Research, Anand Rathi Shares & Stock Brokers. Here are the top four stock recommendations which analysts suggest

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-paytm-among-4-stock-recommendations-for-wednesday/stock-ideas/articleshow/93455024.cms

International Living: How this man went from unemployment to early retirement in the Caribbean

“I’m still learning as I go, but what better place to do it than a tropical island?”

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-710B-8EF4D3A9750A%7D&siteid=rss&rss=1

Gray divorce can be financially devastating — especially for women

Hire financial, legal and relationship experts — and get tough.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-710A-7D1B21E7B477%7D&siteid=rss&rss=1

Rivian: ‘Zombie’ company or charging down a path to EV success?

Investment research firm New Constructs has added Rivian to its list of “zombie” companies, citing cash as a potential problem for the car maker

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-710B-83726C52B426%7D&siteid=rss&rss=1