18 August 2022 Market Close & Major Financial Headlines: Wall Street Opened Mixed And Slowly See-Sawed Moderately Into The Green

China’s Power Crisis Could Spark A Spike In Coal Consumption

A heatwave-induced power crisis is spreading across southwestern China, shuttering factories and worsening by the day, according to Nikkei Asia. The latest news from China is the Chongqing municipal government ordered factories, including Japanese-owned ones, to suspend production through Aug. 24 to conserve power as demand surges because of extreme heat. Chongqing is following its neighbor, Sichuan Province, which announced earlier this week that slumping hydropower generation has led to the closure of some of the world’s largest multinationals,

Read more at: https://oilprice.com/Energy/Energy-General/Chinas-Power-Crisis-Could-Spark-A-Spike-In-Coal-Consumption.html

UK Charging Infrastructure Is Struggling To Keep Up With Soaring EV Sales

Just 107 local authorities across the UK have successfully applied for on-street charging points in the UK, despite claims that the government is trying to drive forward electric vehicle growth. According to data released by the Department for Transport (DoT) today, just 2,869 charging points have been installed as part of the On-street Residential Chargepoint Scheme. Funding for a further 9,543 has been approved and will be delivered in the coming years, the DoT said. The figures come just a few weeks after Volkswagen Financial Services UK revealed

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/UK-Charging-Infrastructure-Is-Struggling-To-Keep-Up-With-Soaring-EV-Sales.html

U.S. Natural Gas Storage Sees Minimal Injection as Exports Rise

Falling far short of market expectations, the United States added only 18 billion cubic feet into its natural gas inventories for the week ending August 12, the Energy Information Administration (EIA) noted in its weekly natural gas inventory report on Thursday. The low injection rate for the week, compared to expectations of around 30 Bcf, pushed natural gas futures up early on Thursday, according to Natural Gas Intelligence. Heading into the fall and winter, this is a comparatively low injection rate. During the same week last year, the inventories

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Storage-Sees-Minimal-Injection-as-Exports-Rise.html

Oil Prices Rally As Traders Focus On Tight Supply Outlook

Crude oil prices resumed their climb on Thursday, reclaiming some of the ground lost over the last month. At 1:30 p.m. ET, the WTI benchmark was trading at $91.09, a 3.38% gain on the day. WTI prices are still down from the $100+ barrel mark seen last month, as recession fears took hold of the market, threatening to subdue crude demand growth. Crude oil prices are still nearly $20 over where they were at the start of the year, and roughly $28 per barrel gain over the last 12 months. While recession fearsand the possible demand destruction

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rally-As-Traders-Focus-On-Tight-Supply-Outlook.html

Green Hydrogen Is Gaining Traction Across The Globe

Green hydrogen operations are expanding even further as governments pump millions into the development of the sector. While the rise of green hydrogen production across Europe has been well documented, some European countries are investing even more heavily in the industry, as other projects are popping up in more unexpected regions, such as Latin America and Africa. With several governments and major energy companies backing green hydrogen development, it is likely to become a major renewable energy source worldwide. Green hydrogen has been

Read more at: https://oilprice.com/Energy/Energy-General/Green-Hydrogen-Is-Gaining-Traction-Across-The-Globe.html

Outage At Oil-fired Plant In Sweden Adds To Power Supply Issues

An oil-fired power plant in southern Sweden owned by German energy giant Uniper suffered a failure early on Thursday when a boiler tripped, adding to supply issues in the country where nuclear and wind power generation was lower than usual. The Karlshamn plant experienced the failure for just over an hour on Thursday morning in Sweden, according to a notice on the power exchange Nord Pool. The plant is now back online, but the outage highlights the vulnerability of Europes power generation when other sources are also in tight supply. Karlshamnsverket

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Outage-At-Oil-fired-Plant-In-Sweden-Adds-To-Power-Supply-Issues.html

Kohl’s cuts guidance, blaming inflation for softer sales from middle-income shoppers

Kohl’s said its middle-income customers have been particularly pressured by higher inflation.

Read more at: https://www.cnbc.com/2022/08/18/kohls-kss-reports-q2-2022-earnings.html

NFL, Deshaun Watson agree to 11-game suspension over sexual misconduct claims

Deshaun Watson has been suspended 11-games after an appeal of his initial six-game suspension.

Read more at: https://www.cnbc.com/2022/08/18/nfl-deshaun-watson-agree-to-11-game-suspension-after-sexual-harassment-allegations.html

Taco Bell tests its own meat substitute ahead of Beyond Meat launch later this year

Taco Bell is testing a plant-based meat substitute made from soy and pea protein at its restaurants in Birmingham, Alabama.

Read more at: https://www.cnbc.com/2022/08/18/taco-bell-tests-its-own-meat-substitute-ahead-of-beyond-meat-launch-later-this-year.html

Home Depot and Lowe’s cite strong demand in earnings reports, but softening could be ahead

Even as homebuilder sentiment dropped, Home Depot and Lowe’s saw continued strong demand from contractors.

Read more at: https://www.cnbc.com/2022/08/18/home-depot-and-lowes-cite-strong-demand-but-softening-could-be-ahead.html

Airline unions urge carriers not to resume buybacks when bailout ban ends this fall

Airline unions say carriers should prioritize stabilizing their operations instead of stock buybacks.

Read more at: https://www.cnbc.com/2022/08/18/airline-unions-urge-carriers-not-to-resume-buybacks-when-bailout-ban-ends-this-fall.html

Swedish entertainment company buys rights to ‘Lord of the Rings’ films and other Tolkien intellectual property

Embracer Group has bought the rights to some Tolkien intellectual property, including movies, video games and theme parks.

Read more at: https://www.cnbc.com/2022/08/18/embracer-group-buys-rights-to-lord-of-the-rings-and-tolkien-related-intellectual-property.html

The 5 most expensive cars up for sale at Pebble Beach this weekend

Auction sales at the Monterey Car Week are expected to total between $300 million and $490 million.

Read more at: https://www.cnbc.com/2022/08/18/monterey-car-week-5-most-expensive-cars-up-for-sale-at-pebble-beach.html

Yellen: These are the 4 top priorities for the nearly $80 billion in IRS funding

Treasury Secretary Janet Yellen has outlined four priorities for the $80 billion in IRS funding and requested a plan within six months.

Read more at: https://www.cnbc.com/2022/08/18/yellen-these-are-the-4-priorities-for-the-80-billion-in-irs-funding.html

U.S. to provide 50,000 monkeypox vaccines for Pride and other events with high attendance by gay men

The U.S. has delivered more than 1 million doses of the monkeypox vaccine across the country since the outbreak started in May, according to HHS.

Read more at: https://www.cnbc.com/2022/08/18/monkeypox-us-to-provide-vaccines-for-pride-other-events-attended-by-gay-men.html

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

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

Read more at: https://www.cnbc.com/2022/08/18/4-takeaways-from-the-investing-clubs-morning-meeting-on-thursday.html

Stocks making the biggest moves midday: Cisco, BJ’s Wholesale, Bed Bath & Beyond, Kohl’s and more

These are the stocks posting the largest moves midday.

Read more at: https://www.cnbc.com/2022/08/18/stocks-making-the-biggest-moves-midday-cisco-bjs-wholesale-bed-bath-beyond-kohls-and-more.html

Home sales fell nearly 6% in July as housing market slides into a recession

Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.

Read more at: https://www.cnbc.com/2022/08/18/home-sales-fell-nearly-6percent-in-july-as-housing-market-slides-into-a-recession.html

People aren’t cutting back on tips even as inflation surges

Even as diners face higher menu prices, they’re not cutting back on tips, according to a new report from Toast.

Read more at: https://www.cnbc.com/2022/08/18/diners-not-pulling-back-on-tipping-despite-inflation-report-says.html

Another ‘Mystery’ Ammo Depot Blaze In Russia Near Ukrainian Border

Another ‘Mystery’ Ammo Depot Blaze In Russia Near Ukrainian BorderRussian state media has confirmed another large blaze is engulfing an ammunition depot within its territory on Thursday, with social media videos capturing the incident, following a string of prior blasts, amid growing reports Ukraine is launching ‘sabotage operations’ deep within Russian territory, particularly in Crimea over the past week.

“An ammunition depot in Russia’s Belgorod Region caught fire on Thursday, regional Governor Vyacheslav Gladkov said, adding that no casualties had been reported,” according to TASS.

BAZA reports that an ammunition depot is on fire (and detonating) in the Belgorod Oblast of Russia. pic.twitter.com/bTEocYLmAL

— Status-6 (@Archer83Able) August 18, 2022

“The district’s head ordered the residents of the Timonovo and Soloti settlements to be evacuated to a safe distance. Response teams are working on the scene, efforts are underway to establish the cause of the fire,” the governor wrote further on Telegram of ongoing emergency efforts to control the blaze.

The area referenced merely a little over 5 kilometers from the Ukrainian border, where on the other side Russian strikes are pounding away on the major northeast city of Kharkiv. The two Russian villages have a combined popu …

Read more at: https://www.zerohedge.com/geopolitical/another-mystery-ammo-depot-fire-russia-near-ukrainian-border

Russia Shows Off Robo-Dog With RPG At Military Convention

Russia displayed new and experimental technologies at its annual defense convention at the Patriot Center near Moscow.

Russian President Vladimir Putin delivered an opening speech at the Military and Technical Forum ARMY 2022 on Tuesday, organized by the Russian Ministry of Defense, and said that over “28,000 modern samples of military and dual-use products” are being showcased by approximately 1,500 Russian manufacturers to defense officials from 72 countries.

In the speech, Putin continued:

“We are ready to offer our allies and partners the most modern types of weapons, from small arms to armored vehicles and artillery, from warplanes to drones. These guns are in demand among military professionals all over the world for their reliability, quality, and most importantly, their high efficiency. Almost all of them have been used many times in real military operations.”

Putin Speech at the opening ceremony: of the Army 2022 forum and the International Army Games 2022: Aerobatics teams at the opening of the military-technical forum #Army2022 :International military-technical forum “Army-2022” Vladimir Putin took part in the opening pic.twitter.com/A5Hts9VYoK

— World News 24 (@DailyWorld24) August 15, 2022

Read more at: https://www.zerohedge.com/military/russia-shows-robo-dog-rpg-military-convention

Trump CFO Allen Weisselberg Pleads Guilty To Tax Scheme, Will Testify Against Trump Org

Trump Org CFO Allen Weisselberg has pleaded guilty to 15 felonies – admitting that he conspired with other Trump Organization executives to carry out a tax-avoidance scheme connected to lavish corporate benefits – including lease payments for a luxury car, rent for a Manhattan apartment and private tuition for his grandchildren.

As part of the deal, he has agreed to testify against the Trump Organization in an October trial – however he has refused to implicate Donald Trump in any wrongdoing. The company is accused of helping Weisselberg and other executives dodge taxes by failing to accurately report their full compensation to the IRS.

As Bloomberg notes, “Trump hasn’t been charged in the case and, according to a person familiar with the matter, Weisselberg won’t implicate his boss as part of his plea. But because Weisselberg’s deal requires him to testify against his employer, an admission of criminal conduct could mean trouble for the Trump …

Read more at: https://www.zerohedge.com/political/trump-cfo-allen-weisselberg-pleads-guilty-tax-scheme-will-testify-against-trump-org

Trump Spox Calls For ‘No Redactions’ Of FBI Trump Raid Affidavit After Judge Orders DOJ To Unseal ‘Portions’

Update (1550ET): In response to Judge Reinhart ordering the DOJ to release a redacted version of the Trump raid affidavit, Trump spokesman Taylor Budowich called for no redactions,” citing “Democrats’ penchant for using redactions to hide government corruption.”

Trump spokesman @TayFromCA says again that affidavit should be made public and calls for “no redactions,” citing “Democrats’ penchant for using redactions to hide government corruption.” pic.twitter.com/9ZjMVx5AWS

— Philip Melanchthon Wegmann (@PhilipWegmann) August 18, 2022

*  *  *

The Trump-hating judge who signed off on the FBI warrant to raid Mar-a-Lago has ordered the DOJ to unseal portions of the underlying affidavit, after several media outlets and activist groups made the case that it was in the public interest to see it.

Read more at: https://www.zerohedge.com/political/clear-and-powerful-public-interest-judge-urged-unseal-fbi-mar-lago-raid-affidavit

Jim Ratcliffe: Who is the man bidding for Man Utd?

One of the UK’s richest men, Sir Jim has built a multi-billion pound business by buying unloved assets.

Read more at: https://www.bbc.co.uk/news/business-44101223?at_medium=RSS&at_campaign=KARANGA

Train strikes: Passengers face disruption as rail services hit

Half of Britain’s lines are shut and some places have no trains at all, as 45,000 workers walk out.

Read more at: https://www.bbc.co.uk/news/business-62578613?at_medium=RSS&at_campaign=KARANGA

Pulsic takeover by Super Orange HK blocked on security grounds

The move is the latest attempt by the government to limit China’s involvement in UK business and technology.

Read more at: https://www.bbc.co.uk/news/business-62588656?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 bulls look tired; stay cautious

Mazhar Mohammad of Chartviewindia.in said the weakness is not panning out, as clear-cut sell signals are missing on short-term charts despite being in extremely overbought zones”It needs to sustain above 17,833 to retain a positive stance as the breach of said level can trigger.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-bulls-look-tired-stay-cautious/articleshow/93642318.cms

Beginners guide to financial freedom: 4 steps to start your investment journey

Saving is an indispensable part of the financial toolbox, providing the capital imperative to invest: on a minimum level investing allows one to keep pace with cost-of-living expense-upswing created by inflation; on a maximum level, long-term investing opens the possibility of compounding interest.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/beginners-guide-to-financial-freedom-4-basic-steps-to-start-your-investment-journey/articleshow/93630554.cms

3 triggers that can make Sensex, Nifty hit record highs before Diwali

“We will probably hit record high before Diwali but the short term is very difficult to predict. In the near term, we might see a small correction before going up again,” says market expert Abhishek Basumallick, who runs equity research firm Intelsense.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/3-triggers-that-can-make-sensex-nifty-hit-record-highs-before-diwali/articleshow/93629173.cms

Rex Nutting: The Fed is not getting cold feet about wrestling inflation to the ground, so stop misreading its minutes

There was no secret dovish message in the minutes of the Federal Reserve’s July 26-27 meeting. But some found one anyway.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7111-AE30458CF488%7D&siteid=rss&rss=1

The Tell: JP Morgan quant who called summer rally says there’s plenty of ammunition to drive stocks higher — and here’s why

Positioning is the only factor that matters for stocks right now, said JPMorgan Chase & Co.’s Marko Kolanovic.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7111-C7B2FD97B12F%7D&siteid=rss&rss=1

Bond Report: 2-year Treasury leads decline in U.S. yields on the dearth of market-moving economic news

Treasurys rally, driving most yields modestly lower, in moves that traders attributed to a range of factors.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7111-5D1BD0AFFA8C%7D&siteid=rss&rss=1