30 August 2022 Market Close & Major Financial Headlines: Wall Street Fell Like A Rock After Positive Opening, Main Indexes Traded Sideways Most Of Session. Happy Birthday Warren Buffett

Oil Falls 5% On Growing Inflation Fears

Crude prices fell more than 5% on Tuesday afternoon as a result of inflation fears and concerns about demand returned. Chart of the Week Can Germanys Industry Withstand the Pressure? – With the eurozone already in recession territory and most governments mulling the possibility of blackouts, the economic prospects of Germany are worsening by the day amid plunging German stocks. – Germany’s largest gas importer Uniper (ETR:UN01) requested an additional 4 billion of bailout money from the German government, having already

Read more at: https://oilprice.com/Energy/Oil-Prices/Oil-Falls-5-On-Growing-Inflation-Fears.html

Norway’s Natural Gas Production Could Set New Record This Year

The European Union is reducing its dependence on Russian natural gas and has made some progress. Norway has displaced Russia as the top supplier of NatGas to the EU as energy supply chains are rejiggered, reported Reuters, as Moscow reduces flows to EU countries via the Nord Stream 1 pipeline. According to government data in May, Norway ramped up NatGas production by at least 8% versus last year. This means the Scandinavian country could produce upwards of 122 billion cubic meters (bcm) of NatGas this year. Refinitiv Eikon data show

Read more at: https://oilprice.com/Energy/Natural-Gas/Norways-Natural-Gas-Production-Could-Set-New-Record-This-Year.html

Croatian Energy Company Caught Up In Massive Gas Fraud

A court in Zagreb on Monday ordered the detention of five people on suspicion of defrauding Croatia’s national oil company INA of more than a billion Croatian kunas (US$133 million) by reselling the company’s gas abroad for 10 times the purchase price and keeping the profits. The five suspects are accused of selling INAs gas to a small company owned by one of them which then resold it to foreign customers for 10 times the price and pocketing the difference. While the Croatian authorities have not divulged the identities of the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Croatian-Energy-Company-Caught-Up-In-Massive-Gas-Fraud.html

U.S. Calls For Shutdown Of Shelled Nuclear Plant As IAEA Inspectors Seek Access

The United States said a “controlled shutdown” of the Russian-occupied Zaporizhzhya nuclear power plant in southern Ukraine was the “safest option” and urged Moscow to agree to a demilitarized zone around the site, where increased fighting is sparking fears of a possible massive radiation leak. “As we’ve said many times, a nuclear power plant is not the appropriate location for combat operations,” White House national security spokesman John Kirby told reporters on August 29. “We continue to believe that a controlled shutdown of the Zaporizhzhya

Read more at: https://oilprice.com/Geopolitics/International/US-Calls-For-Shutdown-Of-Shelled-Nuclear-Plant-As-IAEA-Inspectors-Seek-Access.html

Goldman Sachs: UK Inflation Could Break 22% If Gas Prices Remain High

Inflation could soar to the highest level since 1975 if global gas prices do not fall from their historic highs, a Wall Street investment bank warned today. The cost of living would climb to a peak of 22.4 percent if the energy watchdog is forced to heap even more woe onto households by passing on elevated gas prices again in January, according to Goldman Sachs. The fresh warning adds to the string of experts warning the UK is set to tumble into a tough slump over the winter that may last for more than a year. Goldman also warned in a note over

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-UK-Inflation-Could-Break-22-If-Gas-Prices-Remain-High.html

Russia Claims Sanctions Are Preventing Gas Supply To Europe

Only technological problems caused by the sanctions prevent gas flows to Europe from Russia, which remains a dependable supplier of gas, Kremlin spokesman Dmitry Peskov was quoted as saying on Tuesday, a day before Gazprom is set to halt all flows via Nord Stream to Germany for three days. Russia’s gas giant Gazprom said on August 19 that it would halt all deliveries via Nord Stream to Germany for three days between August 31 and September 2. This announcement raised renewed concerns in Europe that supply via the pipeline could

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Claims-Sanctions-Are-Preventing-Gas-Supply-To-Europe.html

Royal Caribbean partners with SpaceX’s Starlink for onboard internet

Royal Caribbean Cruises will begin offering onboard internet via SpaceX’s Starlink satellite network.

Read more at: https://www.cnbc.com/2022/08/30/royal-caribbean-partners-with-spacexs-starlink-for-onboard-internet.html

Cannabis drinks pop up as companies bet on the growing market for legal marijuana

As the U.S. market for recreational marijuana expands, companies are betting people will want to drink their cannabis.

Read more at: https://www.cnbc.com/2022/08/30/cannabis-drinks-companies-hope-to-capitalize-on-growing-market.html

Trump’s Truth Social barred from Google Play store over content moderation concerns

Truth Social, the would-be Twitter competitor created by Trump Media and Technology Group, remains unavailable on the Google Play store.

Read more at: https://www.cnbc.com/2022/08/30/trump-truth-social-barred-from-google-play-store-content-moderation-concerns.html

Home prices weakened in June, but were still much higher than a year ago, says S&P Case-Shiller

Home prices in June were 18% higher than during the same month last year, according to the S&P CoreLogic Case-Shiller Indices.

Read more at: https://www.cnbc.com/2022/08/30/home-prices-weaken-but-are-still-much-higher-than-a-year-ago-sp-case-shiller-.html

Lucid and Nikola move to raise additional funds as rising costs squeeze EV startups

Lucid and Nikola said in regulatory filings that they will issue new shares to raise cash as the EV industry faces sharply rising costs for battery minerals.

Read more at: https://www.cnbc.com/2022/08/30/lucid-and-nikola-file-to-raise-additional-cash.html

Best Buy’s quarterly sales drop, as inflation-weary consumers pull back on spending

Best Buy also reaffirmed its guidance for the fiscal year, saying it expects softer demand for consumer electronics.

Read more at: https://www.cnbc.com/2022/08/30/best-buy-bby-q2-2023-earnings.html

Bed Bath & Beyond will unveil its turnaround plan Wednesday. Here are 5 issues investors want to be addressed

The home goods retailer is under pressure as it struggles with slowing sales and competes for customers amid a tougher economic backdrop.

Read more at: https://www.cnbc.com/2022/08/30/bed-bath-beyond-turnaround-plan-5-issues-investors-want-addressed.html

Chipotle Mexican Grill tests spicy chicken al pastor in two markets

It’s the second time in less than a year that the burrito chain has tried out a new chicken option.

Read more at: https://www.cnbc.com/2022/08/30/chipotle-mexican-grill-tests-spicy-chicken-al-pastor-in-two-markets.html

Honda and LG Energy Solution to build $4.4 billion EV battery plant in U.S.

The plant will be built and operated by a joint venture between the companies, which is expected to be established this year.

Read more at: https://www.cnbc.com/2022/08/29/honda-lg-energy-solution-to-build-4point4-billion-battery-plant-in-us.html

Panera Bread tests artificial intelligence technology in drive-thru lanes

Two Panera Bread locations in upstate New York are testing artificial intelligence technology that takes drive-thru orders.

Read more at: https://www.cnbc.com/2022/08/29/panera-bread-tests-artificial-intelligence-technology-in-drive-thru-lanes.html

Trump-linked SPAC’s stock falls as shareholders weigh delaying merger with ex-president’s media firm

Digital World Acquisition Corp. is trying to extend the deadline to complete its merger with former Trump Media and Technology Group.

Read more at: https://www.cnbc.com/2022/08/29/trump-spac-digital-world-stock-falls-as-shareholders-consider-merger-delay.html

China Is Aggressively Reselling Russian Gas To Europe

One month ago, we were surprised to read how, despite a suppressed appetite for energy amid its housing crash and economic downturn (for which “zero covid” has emerged as a convenient scapegoat for emperor Xi), China has been soaking up more Russian natural gas so far this year, while imports from most other sources declined.

In July, the SCMP reported that according to Chinese customs data, in the first six months of the year, China bought a total of 2.35 million tonnes of liquefied natural gas (LNG) – valued at US$2.16 billion. The import volume increased by 28.7% year on year, with the value surging by 182%. It meant Russia has surpassed Indonesia and the United States to become China’s fourth-largest supplier of LNG so far this year!

This, of course, is not to be confused with pipeline gas, where Russian producer Gazprom recently announced that its daily supplies to China via the Power of Siberia pipeline had reached a new all-time high (Russia is China’s second-largest pipeline natural gas supplier after Turkmenistan), and earlier revealed that the supply of Russian pipeline gas to China had increased by 63.4% in the first half of 2022.

What was behind this bizarre surge in Russian LNG imports, analysts speculated? After all, while China imports over half of the natural gas it consumes, with around two-thirds in the form of LNG, demand this year had fallen sharply amid economic headwinds and widespread shutdowns. In other words, why the surge i …

Read more at: https://www.zerohedge.com/markets/china-aggressively-reselling-russian-gas-europe

Will This Housing Downturn Be Worse Than 2008?

Submitted by EPB Macro Research’s Eric Basmajian,

This is a map of home price growth at the housing bubble’s peak in 2005.

And this is a map of home price growth at the peak of the housing bubble in 2021.

See the difference?

When we look at home price growth at the peak of the last bubble in 2005, what we see is that home price growth was very concentrated in certain states and cities. Arizona, Nevada, …

Read more at: https://www.zerohedge.com/markets/will-housing-downturn-be-worse-2008

Iran Closes Border With Iraq, Flights Paused From Gulf Carriers, On Fears Of New Civil War

Influential Shia leader Muqtada al-Sadr, whose followers largely drove the past 48 hours of protests and violence that rocked the central Green Zone area of Baghdad – resulting in at least 30 deaths and injuries to hundreds more – has called for his supporters to disperse while further apologizing to the Iraqi people for the overnight deadly mayhem.

Al Jazeera correspondent observed Tuesday that “Supporters of Muqtada al-Sadr have started to leave the Green Zone area after their leader told them to end the protests.” Further suggesting greatly calmed streets which were hours ago scenes of running armed street battles with security forces, the report notes that “The military also announced that a nationwide curfew, which went into effect on Monday at 7 pm local time (20:00 GMT), has been lifted, further raising hopes that there might be an end to the street violence.”

File image via NDTVAct …

Read more at: https://www.zerohedge.com/geopolitical/iraq-seeks-reassure-oil-exports-unimpacted-fears-grow-new-civil-war

$2,000 ‘Inflation’-Stimulus Payments Should Be Sent Out: Pennsylvania Governor

Authored by Jack Phillips via The Epoch Times,

The governor of Pennsylvania on Monday called on the state legislature to provide $2,000 in stimulus payments for some families to “survive inflation,” although such programs have been flagged by critics as contributing to price pressures.

“I want to give Pennsylvanians the step up they need to survive inflation and higher prices. So, $2,000 to any family, to families making $80,000 dollars or less. We estimated that about 250,000 families will apply for this,” Democrat Gov. Tom Wolf said.

That’s the second time Wolf has attempted to get a bill passed that would hand out payments, he added.

Read more at: https://www.zerohedge.com/political/2000-inflation-stimulus-payments-should-be-sent-out-pennsylvania-governor

Eurostar to suspend direct trains to Disneyland Paris

The service from London will be suspended from 5 June next year to focus on “core routes”.

Read more at: https://www.bbc.co.uk/news/business-62728618?at_medium=RSS&at_campaign=KARANGA

Ryanair will grow even faster in recession, boss says

People will still fly during a downturn but they will choose low-fare airlines, Michael O’Leary says.

Read more at: https://www.bbc.co.uk/news/business-62728621?at_medium=RSS&at_campaign=KARANGA

Pubs closure warning: ‘My energy bill went to £35,000 from £13,000’

Six of the country’s largest breweries warn pubs will have to close without help on energy costs.

Read more at: https://www.bbc.co.uk/news/business-62688692?at_medium=RSS&at_campaign=KARANGA

Investing legend Warren Buffett turns 92 today. Here are his top 5 investing mantras

After Buffett’s initial plunge, he always kept at least 80 percent of his net worth in equities. His favored status throughout that period was 100 percent – and still is. Buffett has time and again advised first-time investors to not act as gamblers. Buffett said at Berkshire AGM: Investing is not as easy as it sounds.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/investing-legend-warren-buffett-turns-92-today-here-are-his-top-5-investing-mantras/articleshow/93875805.cms

Tech View: Nifty50 takes out swing high, faces resistance ahead

“The index is likely to witness selling pressure near 17,815-17,900. However, the overall structure suggests that a sharp decline in the short term is unlikely. What we can expect is a short-term consolidation in the broad range of 17,200-18,000,” Ratnaparkhi said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-takes-out-swing-high-faces-resistance-ahead/articleshow/93883492.cms

DreamFolks Services IPO: Here’s how to check allotment status & GMP

The company’s asset-light business model integrates global card networks operating in India, credit card and debit card issuers and other corporate clients, including airline companies, with various airport lounge operators.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/dreamfolks-services-ipo-heres-how-to-check-allotment-status-gmp/articleshow/93877994.cms

The Wall Street Journal: Secret Service official who figures in Jan. 6 investigation of Trump retires

Secret Service official Tony Ornato announced his retirement on Monday, two months after a former White House aide testified that he had told her then-President Donald Trump lashed out in anger when agents refused to drive him to the Capitol during the Jan. 6, 2021, riot by his supporters.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-C280C92CEA4E%7D&siteid=rss&rss=1

: AMD launching what it claims is ‘fastest processer in the world for gaming’ in September

At a time of cratering PC sales, Advanced Micro Devices Inc. late Monday launched its new generation of gaming cards and motherboards for fall availability — but the boast of having the fastest gaming card in the world might attract some attention and sales.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-8751AF039781%7D&siteid=rss&rss=1

The Margin: Of course Serena Williams’ U.S. Open sneakers have 400 diamonds on them

The tennis and fashion icon is hitting her presumed farewell tournament tour in style, with a custom Nike outfit inspired by figure skating dresses. Get the details here

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-BF4E195EF49D%7D&siteid=rss&rss=1