26 August 2022 Market Close & Major Financial Headlines: Wall Street Waterfalls At Opening Bell After Powell Warns Of Pain Ahead And Continued Losses During Final Hours Of Session, Dow Slides 1000 points As Losses Mount, Main Indexes Close At Session Lows

Oil And Gas Producers To Break New Cash Flow Records

Despite rising costs, oil and gas producers globally are expected to book new records in cash flows and offer the best return on capital employed (ROCE) in 15 years, BMO Capital Markets said in a new report cited by Upstream. Stronger oil and gas prices will be the key driver of record cash flows in the industry, according to an analysis by BMO Capital Markets of 120 oil and gas firms globally. Last year, for example, those companies generated a record $300 billion of free cash flow, compared to just $17 billion in 2020, the Canadian bank

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-And-Gas-Producers-To-Break-New-Cash-Flow-Records.html

Iran Nuclear Deal Keeps Oil Markets On Edge

Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8 minutes, warning that there would be pain ahead. Friday, August 26th, 2022Oil prices have remained in limbo this week, with ICE Brent trending around $100 per barrel, as the market zoomed in on the prospects of an Iranian deal. As the Biden administration relayed its response to the European Union, acting as a broker between the two sides that refuse to negotiate directly, rumors seem to indicate that the proposed terms fall short of what

Read more at: https://oilprice.com/Energy/Energy-General/Iran-Nuclear-Deal-Keeps-Oil-Markets-On-Edge.html

Czech Republic Calls Emergency EU Meeting On Energy Crisis

The Czech Republic, which holds the rotating Presidency of the European Union, will convene an urgent meeting of the energy ministers of the bloc to discuss specific emergency measures to address the energy situation, Czech Prime Minister Petr Fiala said on Friday, as the energy crisis in the EU is worsening with prices rallying to new records. Jozef Skela, Minister of Industry and Trade of the Czech Republic, also tweeted on Friday, We are in an energy war with Russia and it is damaging the whole EU. In agreement with the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Czech-Republic-Calls-Emergency-EU-Meeting-On-Energy-Crisis.html

UAE Likely To Support OPEC Oil Production Cuts

The United Arab Emirates (UAE) has similar views to Saudi Arabia on the crude oil markets, a source familiar with the UAEs thinking told Reuters on Friday, as speculation intensifies over whether the OPEC+ group would consider making new cuts to production again. The idea of new OPEC+ cuts, just as the previous round of massive reductions is set to be fully rolled back by the end of this month, was aired earlier this week by Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman. The top Saudi oilman saidthat OPEC+

Read more at: https://oilprice.com/Energy/Crude-Oil/UAE-Likely-To-Support-OPEC-Oil-Production-Cuts.html

Russia Is Flaring Natural Gas While Choking Supply To Europe

Russia is flaring natural gas at the Portovaya plant near the Finnish border while drastically cutting gas flows via the Nord Stream pipeline to Germany, a Rystad Energy analysis shared with BBC News showed on Friday. The plant northwest of St. Petersburg is flaring an estimated around $10 million worth of natural gas per day as that would have gone to Germany otherwise. The Portovaya plant is near the compressor station of the same name where the Nord Stream route to Germany begins. Since June, Russia has significantly

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Flaring-Natural-Gas-While-Choking-Supply-To-Europe.html

Oil Rig Count Climbs As Permian Drilling Picks Up

The number of total active drilling rigs in the United States rose by 3 this week, according to new data from Baker Hughes published on Friday, interrupting a three-week decline. The total rig count rose to 765 this week257 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 4 this week, to 605. Gas rigs fell by 1, to 158. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin rose by 3 to 348 this week. Rigs in the Eagle Ford fell by 2 to 70. Oil and gas rigs in the Permian are 99

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Rig-Count-Climbs-As-Permian-Drilling-Picks-Up.html

HBO renews ‘House of the Dragon’ after more than 20 million watch first episode

Game of Thrones spin-off “House of the Dragon” will be renewed for a second season, HBO announced Friday.

Read more at: https://www.cnbc.com/2022/08/26/hbo-renews-house-of-the-dragon-after-20-million-watch-first-episode.html

Ford hikes price of electric Mustang Mach-E by as much as $8,475 due to ‘significant’ battery cost increases

Ford said the markups are due to “significant material cost increases, continued strain on key supply chains” and market conditions.

Read more at: https://www.cnbc.com/2022/08/26/ford-mustang-mach-e-price-hiked-by-as-much-as-8475-due-to-battery-costs.html

Bed Bath & Beyond says it will share its comeback strategy next week

The troubled home goods retailer is coping with slowing sales and dwindling cash as it prepares for the holiday season.

Read more at: https://www.cnbc.com/2022/08/25/bed-bath-beyond-says-it-will-share-its-comeback-strategy-next-week-.html

Gap withdraws 2022 financial outlook as Old Navy sales fall in second quarter

Gap withdrew its financial outlook for the year after its second-quarter sales fell from a year ago and it works to fix its struggling business.

Read more at: https://www.cnbc.com/2022/08/25/gap-gps-reports-fiscal-q2-2022-results.html

Chipotle restaurant in Michigan votes to unionize, in a first for the chain

A Chipotle Mexican Grill restaurant in Lansing, Michigan, became the chain’s first location to vote to unionize.

Read more at: https://www.cnbc.com/2022/08/25/chipotle-restaurant-in-michigan-votes-to-unionize-in-a-first-for-the-chain.html

These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans. How to know if your debt cancellation will trigger a bill

While Biden’s student loan forgiveness plan is tax-free on federal returns, it may trigger liability at the state level. Here’s what borrowers need to know.

Read more at: https://www.cnbc.com/2022/08/26/13-states-may-hit-borrowers-with-state-tax-liability-on-forgiven-student-loans.html

Why the U.S. military faces a growing recruiting crisis

With low unemployment, a declining pool of eligible applicants and the public’s trust fading, how can the U.S. military change its recruiting fortunes?

Read more at: https://www.cnbc.com/2022/08/26/why-the-us-military-faces-a-growing-recruiting-crisis.html

‘House of the Dragon’ gets renewed for season 2 after setting an HBO record with the premiere episode

More than 20 million viewers watched the premiere episode of the prequel series, which is set 170 years before the events of the original show.

Read more at: https://www.cnbc.com/2022/08/26/game-of-thrones-hbo-renews-house-of-the-dragon-for-season-2.html

Here’s how Peloton CEO Barry McCarthy’s turnaround plan is going

Peloton investors are fleeing after the company’s discouraging fourth quarter. But CEO Barry McCarthy is trying to convince them to stick around.

Read more at: https://www.cnbc.com/2022/08/25/heres-how-peloton-ceo-barry-mccarthys-turnaround-plan-is-going.html

Sky-high rents hit the aircraft market as Boeing jets top $300,000 a month

The cost to rent aircraft has surged this year as travel demand returned while planes are in short supply.

Read more at: https://www.cnbc.com/2022/08/25/sky-high-rents-hit-the-aircraft-market-as-boeing-jets-top-300000-a-month.html

How to manage finances in a nontraditional relationship

Rachel, Kyle, Ashley and Yair share a house, car, pets and are planning for children. Here’s how they manage their finances in a nonmonogamous relationship.

Read more at: https://www.cnbc.com/2022/08/26/how-this-family-of-four-partners-manages-finances-in-a-nontraditional-relationship.html

Stocks making the biggest moves premarket: Electronic Arts, Gap, Ulta Beauty, and more

These are the stocks posting the largest moves before the bell.

Read more at: https://www.cnbc.com/2022/08/26/stocks-making-the-biggest-moves-premarket-electronic-arts-gap-ulta-beauty-and-more.html

5 things to know before the stock market opens Friday

Here are the most important news items that investors need to start their trading day.

Read more at: https://www.cnbc.com/2022/08/26/5-things-to-know-before-the-stock-market-opens-friday-august-26.html

Preventing ‘Unvaxxed’ Novak Djokovic From Playing The US Open Is An Outrageous Embarrassment

Submitted by QTR’s Fringe Finance

Novak Djokovic, a 21-time Grand Slam champion, is being robbed of the opportunity to further his legacy in the world of tennis, simply because he isn’t vaccinated. He announced on Twitter yesterday that he would not be able to travel to the U.S. for the U.S. Open due to travel restrictions mandating vaccination for entering the country.

Keeping Djokovic off the court more than 2 years after the pandemic’s inception makes absolutely zero sense, especially because, as I profiled in a piece just days ago, the CDC has now changed its guidelines regarding people who have been in contact with someone who has tested positive for Covid.

Specifically, the CDC dropped quarantine and social distancing requirements …

Read more at: https://www.zerohedge.com/markets/preventing-novak-djokovic-playing-us-open-being-unvaccinated-outrageous-embarrassment

Zelensky Warns Of “Radiation Disaster” As Reconnected Nuclear Reactor Is Building Up Capacity

A Friday statement by Ukraine’s Nuclear Energy Generating Company Energoatom confirmed that “Today, on August 26, 2022, at 14:04, one of the Zaporizhzhia NPP’s reactors, which was stopped yesterday, has been reconnected to the power grid. It is building up capacity.”

This after multiple instances of damage to transmission lines resulted in the entire plant being disconnected from the energy grid the day prior (which is a first in the plant’s history), reportedly the result of fires which comes amid ongoing fighting and shelling. Some 500 Russian troops have controlled the complex since March, but it has continued supplying electricity to Ukraine, though some temporary regional blackouts were reported this week.

Via DW: Zaporizhzhia nuclear power plant is Europe’s largest nuclear facility. …

Read more at: https://www.zerohedge.com/geopolitical/zelensky-warns-radiation-disaster-reconnected-nuclear-reactor-building-capacity

The US Has Conducted 3 Consecutive Days Of Airstrikes In Syria

Authored by Dave DeCamp via AntiWar.com,

The US launched more airstrikes in Syria on Thursday, marking the third day of violence since President Biden ordered the bombing of facilities in Deir ez-Zor, Syria, on Tuesday night. A US official told CNN that Thursday’s strikes were launched from an AC-130 gunship and killed a number of “enemy combatants” in Deir ez-Zor. The official said the strike was in response to rocket attacks that hit US bases in eastern Syria on Wednesday, which injured three US troops.

But Washington had already launched helicopter strikes in response to the earlier rocket attacks. US Central Command (CENTCOM) said in a press release Thursday that over the past 24 hours, CENTCOM forces had struck “Iran-affiliated” fighters with “AH-64 Apache attack helicopters, AC-130 gunships, and M777 artillery.”

Read more at: https://www.zerohedge.com/geopolitical/us-has-conducted-3-consecutive-days-airstrikes-syria

“Abuse Of Power”: WaPo And WSJ Slam Biden Student Loan Handout; Penn Wharton Sees Trillion Dollar Cost

After the Biden administration announced its ham-fisted scheme to eliminate $10,000 in student loans for borrowers making less than $125,000 per year, and $20,000 for Pell grant recipients, the Washington Post and the Wall Street Journal editorial boards independently wrote about what a stupid idea it is.

“This is easily the worst domestic decision of his Presidency and makes chumps of Congress and every American who repaid loans or didn’t go to college,” writes the Journal editorial board.

Democrats said these plans would reduce defaults. They haven’t. Federal student debt has ballooned because many borrowers don’t make enough to cover interest and principal payments, so their balances expand. Student debt has nearly doubled sin …

Read more at: https://www.zerohedge.com/political/abuse-power-wapo-and-wsj-slam-student-loan-handout-penn-wharton-sees-trillion-dollar-cost

‘Lives at risk’ without more help on energy bills

The typical household energy bill will hit £3,549, prompting concern for people’s health this winter.

Read more at: https://www.bbc.co.uk/news/business-62674301?at_medium=RSS&at_campaign=KARANGA

Energy price cap: Rising bills – four discounts and payments that could help you

Colletta Smith tells you – in a minute – about money available to help with rising energy costs.

Read more at: https://www.bbc.co.uk/news/business-62674146?at_medium=RSS&at_campaign=KARANGA

Royal Mail strike: 115,000 postal workers begin strike

Delivery delays are expected as staff walk out on on the first of four strike dates.

Read more at: https://www.bbc.co.uk/news/business-62672783?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 forms small bearish candle; resistance seen at 17,720-725 levels

Friday’s small bearish candle was placed within a long bear candle of the previous session. Technically, this action indicates range movement in the market with high volatility, said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-small-bearish-candle-resistance-seen-at-17720-225-levels/articleshow/93801835.cms

RIL AGM: No fireworks likely, but Ambani may spell out details on succession plan

Some amount of update on roadmaps, succession planning and unlocking of the value in the subsidiaries… from a minority shareholder point of view, all I can say is that the breaking up of Reliance Industries (RIL) would be very positive for minority shareholders where we can get shares of Reliance Jio as well as Retail,” Mehta said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ril-agm-no-fireworks-likely-but-ambani-may-spell-out-details-on-succession-plan/articleshow/93798713.cms

Zerodha crosses 1 crore customer base mark, Aadhaar biggest tipping point: Nithin Kamath

“The plan to rely on word-of-mouth & have a single offering for all customers had benefits that we never thought of at the start. Economies of scale kicked in not just in tech but across support & ops—the team size has remained the same as we went from 20lk to 1cr clients,” Kamath said on Twitter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/zerodha-crosses-1-crore-customer-base-mark-aadhaar-biggest-tipping-point-nithin-kamath/articleshow/93804900.cms

Bond Report: Two- and 10-year U.S. bond yields rise for fourth straight week after Powell’s hawkish Jackson Hole address

U.S. bond yields close mixed on Friday, though 2- and 10-year yields notched their fourth straight weekly advances, after Federal Reserve Chair Jerome Powell’s blunt message that fighting inflation would be policy makers’ No. 1 job despite the costs to the economy.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7116-D2DE8EDD1039%7D&siteid=rss&rss=1

Market Snapshot: Dow tumbles 950 points, Nasdaq drops 3.8% after Powell warns of pain to households in inflation battle

U.S. stocks tumble after Federal Reserve Jerome Powell said that the central bank will continue its inflation battle until it falls back to around 2%.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7116-C732D7B855C4%7D&siteid=rss&rss=1

Market Extra: The Fed isn’t pivoting. Why were stock investors the last to know?

As U.S. stocks head for their biggest daily drop in more than two months, equities looked like the last asset class to give up on the notion of a looming Federal Reserve pivot to a less aggressive monetary policy stance.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7117-629D5004D8A3%7D&siteid=rss&rss=1