16 August 2022 Market Close & Major Financial Headlines: Wall Street Opened Lower After Downbeat Retail Data And Remained In The Red, Tech Stocks Slide, Bed, Bath & Beyond Continues Wild Rally Rising As Much As 39%

How High Will European Gas Prices Go?

In recent weeks, there has been increasing mainstream coverage of the impending energy crisis in the UK and across Europe. While this issue is not news to those who are regularly engaged with energy markets, the looming impact on domestic utility bills is steadily being given more press coverage. In April 2022, regulator Ofgem increased the UK Energy Price Cap by 54% from 1,277 per year to 1,971 per year, based on typical use. In May, Ofgem stated this would rise again up to 2800 per year in October, however, it is widely

Read more at: https://oilprice.com/Energy/Energy-General/How-High-Will-European-Gas-Prices-Go.html

Iran Set To Boost Oil Exports In August

Iran could increase its oil exports in August as its crude is now estimated to be much cheaper than Russias in China, the key oil customer for both exporters, oil flows tracking firms told Reuters on Wednesday. Iran, as well as Russia, offer their crude at discounts to China, but the discount of Iranian crude to Russias Urals grade has doubled in recent weeks, which could prompt China to buy more oil from Iran, traders and analysts told Reuters. Irans crude for August is now being offered at around $8 a barrel below the price

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Set-To-Boost-Oil-Exports-In-August.html

How The EU Plans To Cut Natural Gas Consumption By 15%

Last week, European Union ministers accepted major gas cuts across Europe in the face of gas shortage worries going into the winter. So what are countries around the world doing to curb their energy usage as they see shortages and rising prices? Several governments are now introducing measures to ensure they maintain their energy security as the flow of Russian gas begins to slow. Last week, the European Commission proposed a 15 percent cut in gas usage across member states, starting in August and ending in March 2023 to ease worries of energy

Read more at: https://oilprice.com/Energy/Natural-Gas/How-The-EU-Plans-To-Cut-Natural-Gas-Consumption-By-15.html

Gulf of Mexico Oil Leases Up in the Air Amid Another Court Ruling

A U.S. court of appeals has ruled that President Joe Bidens pause on oil and gas leases on public land can be reinstated, just days after the passage of a landmark Inflation Reduction Act that calls for hastening fossil fuel production on federal lands. The 5th Circuit Court of Appeals on Wednesday ruled against an injunction that had stopped the Biden administrations pause on new oil and gas leasing. The injunction will now be sent back to a lower court for more proceedings. The appeals court decision was based on what it called

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gulf-of-Mexico-Oil-Leases-Up-in-the-Air-Amid-Another-Court-Ruling.html

Germany Will Have Less Than 3 Months Of Gas If Russia Halts Supply

Despite faster storage builds than usual, Germany will only have enough natural gas to cover two and a half months of consumption this winter if Russia completely suspends deliveries, Klaus Mller, the president of Germany’s energy regulator, the Federal Network Agency, told Bloomberg this week. Germany targets storage to be 85% full by the beginning of October and 95% full gas storage sites by the start of November. Even at 95% full storage by November, Europe’s biggest economy will have two and a half months to cover heating, power, and

Read more at: https://oilprice.com/Energy/Natural-Gas/Germany-Will-Have-Less-Than-3-Months-Of-Gas-If-Russia-Halts-Supply.html

German Uniper Says Its Facing Insolvency Amid $12 Billion Loss

Giant German utility Uniper has reported first-half 2022 losses of some $12.5 billion amid a mounting energy crisis that has seen natural gas supplies from Russia decline significantly over the past few months. According to Uniper, the losses were incurred due to the necessity of buying natural gas on the spot market as Russia cut flows to Germany. Uniper said the losses were related to anticipated future gas shortages. Uniper has, for months, been playing a crucial role in stabilizing Germanys gas supply at the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/German-Uniper-Says-Its-Facing-Insolvency-Amid-12-Billion-Loss.html

‘Flash’ star Ezra Miller’s apology is not a get-out-of-jail-free card, experts say

Ezra Miller has apologized and announced they are undergoing mental health treatment as Warner Bros. grapples with how to handle the release of “The Flash.”

Read more at: https://www.cnbc.com/2022/08/17/flash-star-ezra-miller-apology-not-enough.html

Target’s earnings take a huge hit as retailer sells off unwanted inventory

The big-box retailer cut its profit outlook in June, saying it would take a hit as it marked down unwanted goods and canceled merchandise orders.

Read more at: https://www.cnbc.com/2022/08/17/target-tgt-q2-2022-earnings.html

Mortgage demand fell last week even as rates declined slightly

A small drop in mortgage rates was not enough to fuel any kind of recovery in consumer demand for home loans.

Read more at: https://www.cnbc.com/2022/08/17/mortgage-demand-fell-last-week-even-as-rates-declined-slightly.html

Lowe’s reports mixed second-quarter results, citing shortened spring that hurt sales

Lowe’s said improved operations offset lower-than-expected sales that were hurt by a shortened spring.

Read more at: https://www.cnbc.com/2022/08/17/lowes-low-earnings-q2-2022.html

Best Buy to sell over-the-counter hearing devices this fall following change in FDA regulation

Best Buy will begin selling over-the-counter hearing devices as early as mid-October following a new FDA rule.

Read more at: https://www.cnbc.com/2022/08/17/best-buy-to-sell-otc-hearing-aid-devices-after-fda-regulation.html

LeBron James agrees to 2-year, $97.1 million contract extension with the Lakers, reports say

LeBron James reportedly agrees to a two-year $97.1 million contract extension.

Read more at: https://www.cnbc.com/2022/08/17/lebron-james-agrees-to-97-million-contract-extension-with-lakers.html

CDC Director Walensky to reorganize agency after admitting Covid pandemic response fell short

The organizational changes are focused on sharing data more quickly and making public health guidance easier for people to understand.

Read more at: https://www.cnbc.com/2022/08/17/cdc-admits-covid-response-fell-short-launches-reorganization.html

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

The Investing Club hosts its “Morning Meeting” every weekday at 10:20 a.m. ET.

Read more at: https://www.cnbc.com/2022/08/17/4-takeaways-from-the-investing-clubs-morning-meeting-on-wednesday.html

Stocks making the biggest moves midday: Bed Bath & Beyond, Krispy Kreme, Target and more

These are the stocks posting the largest moves midday.

Read more at: https://www.cnbc.com/2022/08/17/stocks-making-the-biggest-moves-midday-bed-bath-beyond-krispy-kreme-target-and-more.html

Walmart CEO Doug McMillon says even wealthier families are penny-pinching

Inflation is rising at the fastest rate in decades and groceries, one of the retailer’s key categories, have especially jumped in price.

Read more at: https://www.cnbc.com/2022/08/16/walmart-ceo-doug-mcmillon-says-even-wealthier-families-are-penny-pinching-.html

Dodge’s first electrified vehicle will be a new crossover called the Hornet

The first electrified vehicle for Stellantis’ Dodge brand will be a plug-in hybrid crossover called the Hornet, a resurrected name of a 1970s station wagon.

Read more at: https://www.cnbc.com/2022/08/16/2023-hornet-this-is-dodges-first-electrified-vehicle.html

Homebuyers are backing out of more deals as high mortgage rates persist and recession fears linger

Homebuilder cancellation rates have more than doubled since April, according to surveys by John Burns Real Estate Consulting.

Read more at: https://www.cnbc.com/2022/08/16/homebuyers-are-backing-out-of-more-deals-as-recession-fears-linger.html

Trump-linked SPAC Digital World Acquisition postpones earnings report after seeking to delay merger

Digital World Acquisition Group, the SPAC that plans to merge with Trump Media and Technology Group, requested a delay in its earnings report.

Read more at: https://www.cnbc.com/2022/08/16/trump-spac-postpones-earnings-report-as-it-seeks-to-delay-merger-deadline.html

Ford Hikes Price Of EV F-150 Up To $8,500, More Than Biden’s “Inflation Reduction” Subsidy

Ford Hikes Price Of EV F-150 Up To $8,500, More Than Biden’s “Inflation Reduction” SubsidyToday in both “price fixing is useless” and “your taxpayer dollars at work” news…

In a move that can only be described as inconspicuously timed, Ford announced last week that it is raising the price of its high end electric F-150 by up to $8,500; an amount that adds another $1,000 onto the new $7,500 EV subsidy that was including in President Biden’s “Inflation Reduction Act”. Base models are seeing their prices hiked by $7,000.

Biden signed his “flagship” act on Tuesday afternoon.

One more time, so we’re clear: a $7,500 taxpayer subsidy included in an act named after reducing inflation appears to have spurred an even larger price hike on electric pickup trucks.

The electric F-150 had previously been listed for $40,000 for its base version. Now, it is priced at $47,000, according to CNN. The better equipped versions of the vehicles have similar price hikes, up to $8,500.

Rather …

Read more at: https://www.zerohedge.com/markets/ford-hikes-price-electric-f-150-7000-almost-exact-same-amount-bidens-inflation-reduction

Dershowitz: Arresting Or Convicting Trump Won’t Keep Him Out Of 2024 Race

Dershowitz: Arresting Or Convicting Trump Won’t Keep Him Out Of 2024 RaceAuthored by Jack Phillips via The Epoch Times (emphasis ours),

Former President Donald Trump will likely not be arrested on charges stemming from the FBI’s raid last week, according to a former Harvard Law School professor.

“Yes, it’s possible [but] I don’t think it’s going to happen,” Alan Dershowitz told Newsmax on Tuesday about whether Trump would be arrested. People who believe that prosecution and an indictment would keep Trump away from the 2024 campaign are “dead wrong,” he remarked.

“He can run for president even if he’s indicted, convicted, and wearing striped shirts, prison garb,” he added to the channel. “The Constitution provides only four bases for disqualification for president, and being convicted of a crime is not one of them. Congress can’t change the criteria that are in the Constitution for the election of the president.”

Read more at: https://www.zerohedge.com/political/dershowitz-arresting-or-convicting-trump-wont-keep-him-out-2024-race

FOMC Minutes: Anticipation For “Rate Increases” But Risk Fed Could Tighten “More Than Necessary”; Financial Conditions Already “Tightened Notably”

FOMC Minutes: Anticipation For “Rate Increases” But Risk Fed Could Tighten “More Than Necessary”; Financial Conditions Already “Tightened Notably”As we wrote in our preview to the Minutes from the July FOMC, expectations were wide ranging: on one hand the minutes were expected to detail the Fed’s dovish breakaway from forward guidance (as the Fed, like the BOE, finally admitted it has no clue what will happen next week let alone net year). On the other, the market is looking for clues on the rate path and the terminal rate… or in other words, forward guidance.

Well, those hoping for some glimpse into what’s coming got just that when the Fed revealed moments ago that while “Fed Officials Judged Moving to Restrictive Stance Was Required” as “inflation was “unacceptably high” and inflationary pressures as broad based” and officials also “Judged That Bulk of Tightening Effect Yet to Be Felt” while “Playing Down Lower Commodity Prices Cooling Inflation”, there was a rather dovish twist in that nany Fed officials saw a risk to over-tightening, because of constant changes in the economic environment and the lag in the meffect of monetary policy, saying: “the committee could tighten the stance of policy by more than necessary to restore price stability” and furthermore,  officials saw a “slower pace of rate hikes at some point.”

The question, of course, is when?

Here are some more highlights from the minutes:

POLICY

Several of the participants who commented on issues related to financial stability noted that, on balance, asset valuations had e …

Read more at: https://www.zerohedge.com/markets/fomc-minutes-anticipation-ongoing-rate-increases-risk-fed-could-tighten-more-necessary

Peloton To Redesign Bike For DIY Assembly At-Home

Peloton To Redesign Bike For DIY Assembly At-HomeThe days of Peloton Interactive Inc. sending a delivery technician to a customer’s home to complete the bike assembly could end, according to Chief Executive Officer Barry McCarthy.

McCarthy told Bloomberg that Peloton has been working on a bike redesign that would allow customers to unbox and assemble it themselves, instead of a delivery technician spending 30 minutes to complete the assembly.

“We’ve been working on it for a while, and it’s a real thing,” he said. “We’ll continue to cost-reduce the hardware, and we will engineer it so that you can assemble it, so that we can ship it via FedEx.”

The do-it-yourself push is to eliminate the fleet of delivery vans Peloton runs across the country, which is costly as the newly appointed CEO continues to implement a sweeping restructuring plan that just last week included the cut of 800 jobs, raising prices for its Bike+ and Tread machines, and outsourcing functions such as equipment deliveries and customer service to outside companies.

Read more at: https://www.zerohedge.com/markets/peloton-redesign-bike-dyi-assembly-home

Royal Mail workers vote for further strikes

Members of the Communication Workers Union at the Royal Mail voted to strike over terms and conditions.

Read more at: https://www.bbc.co.uk/news/business-62582240?at_medium=RSS&at_campaign=KARANGA

UK inflation: Food costs push price rises to new 40-year high

Prices climb 10.1% in the year to July as the cost of food, household goods and holidays soars.

Read more at: https://www.bbc.co.uk/news/business-62562025?at_medium=RSS&at_campaign=KARANGA

Tencent sees first sales fall as China economy slows

The WeChat owner is also feeling the effects of a regulatory clampdown on gaming.

Read more at: https://www.bbc.co.uk/news/business-62581182?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 in overbought zone, but there are no signs of weakness. Here’s why

“Intraday weakness can be seen below 17,833 with initial targets placed in the zone of 17,764 and 17,724 levels. However, traders are advised to remain cautious about creating fresh long positions as some momentum oscillators on daily as well as weekly charts are in overbought zones,” Mohammad said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-in-overbought-zone-but-there-are-no-signs-of-weakness-heres-why/articleshow/93619086.cms

Dogecoin surges 50% in three weeks. Look, what sparked the rally!

Dogecoin is technologically becoming competitive with Ethereum due to the launch of Dogechain, said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.The blockchain use cases such as DeFi (decentralised finance) and NFTs (non-fungible tokens) can be built on this.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/dogecoin-surges-50-in-three-weeks-look-what-sparked-the-rally/articleshow/93618243.cms

FPIs stock holding slips 14% to $523 bn in Jun quarter: Report

“During the quarter ended June 2022, the value of FPI investments in Indian equities fell by 14 per cent to USD 523 billion from USD 612 billion recorded in the previous quarter,” the report noted.As of June 2021, the value of FPI investments in Indian equities was USD 592 billion.FPIs’ contribution to Indian equity market capitalisation also fell during the quarter under review to 16.9 per cent from 17.8 per cent in the March quarter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fpis-stock-holding-slips-14-to-523-bn-in-jun-quarter-report/articleshow/93613782.cms

Futures Movers: Oil prices post first gain in 4 sessions as weekly U.S. crude supplies drop by more than 7 million barrels

Oil futures finish higher for the first time in four sessions on Wednesday, as U.S. government data showing a more than seven million-barrel weekly drop in domestic supplies helps offset concerns over the global growth outlook.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7110-6FBEC9400848%7D&siteid=rss&rss=1

MemeMoney: Bed Bath & Beyond shares continue to skyrocket; ‘This isn’t about rationality’

The rally appears to be driven by the Wall Street Bets crowd on Reddit, the same noisy corner of the online forum that turned AMC and Game Stop into meme stock darlings.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7110-E064C7E2FA89%7D&siteid=rss&rss=1

Bond Report: Treasury yields remain higher after Fed minutes point to risk of central bank tightening ‘by more than necessary’

U.S. bond yields are still up across the board on Wednesday as investors scan the minutes from the Federal Reserve’s July rate-setting meeting.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7110-6C1019D99719%7D&siteid=rss&rss=1