08Sep2022 Market Close & Major Financial Headlines: Markets Close Up And So Does Consumer Credit

Putin’s Energy Weapon Is Backfiring

The long-promised Ukrainian counteroffensive in the south has not yet delivered any breakthrough, but it still signifies a critical turning point for the war: Russia cannot hope to win by sticking to the pattern of trench warfare and artillery duels. Some patriotic commentators have suggested that the failures of Ukrainian attacks would pave the way for a new Russian offensive toward Mykolaiv and Odesa, but the Kremlin’s high command hardly entertains such strategic fantasies (Svobodnaya pressa, September 3). Russian summer

Read more at: https://oilprice.com/Energy/Energy-General/Putins-Energy-Weapon-Is-Backfiring.html

EU Debates Proposed $3 Billion Spain-France Gas Pipeline

A proposed new natural gas pipeline connecting Spain and France may not make economic sense, Thierry Breton, the European Commissioner for the Internal Market, said on Thursday. It is unclear if such a project would make sense economically, Breton said by Reuters in the German capital Berlin. According to French President Emmanuel Macron, a new pipeline would not be necessary because the current two pipelines are not used to their full capacity. In August, German Chancellor Olaf Scholz discussed the idea of a gas pipeline

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Debates-Proposed-3-Billion-Spain-France-Gas-Pipeline.html

How Will China’s New $44 Billion Stimulus Impact Steel Prices?

A few days ago, Chinas State Council announced more stimulus policies. The new measures included an additional 300 billion yuan ($44 billion) in quotas for infrastructure spending and investments by banks. This was in addition to the 300 billion yuan announced at June-end. However, the only real question regarding the stimuli is looking at everything happening with steel and iron ore prices: will it help? Most initial reports suggest that the move may give impetus to steel and iron ore off-take, both of which are in a months-long slump.

Read more at: https://oilprice.com/Metals/Commodities/How-Will-Chinas-New-44-Billion-Stimulus-Impact-Steel-Prices.html

Hungary Aims To Cut Gas Use By 25% As Energy Crisis Persists

Hungarian Prime Minister Viktor Orban’s chief of staff has signaled the government’s intention to curb most institutional and commercial gas consumption by one-quarter “as fast as possible” as cutoffs and other energy fallout spread from Russia’s invasion of Ukraine. Gergely Gulyas announced the 25-percent target — with exceptions for hospitals and social institutions — along with a call for Hungarian consumers to use electricity and gas sparingly. He warned that potential collapses among small businesses attributable to rising energy bills could

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hungary-Aims-To-Cut-Gas-Use-By-25-As-Energy-Crisis-Persists.html

Africa Considers Creative Financing Options To Fund Climate Initiatives

While uncertainty abounds in global energy markets amid Russia’s ongoing invasion of Ukraine, African leaders are increasingly looking to the private sector to finance investment in clean energy ahead of the COP27 UN Conference on Climate Change, to be held in Sharm El Sheikh, Egypt in November 2022. The COP27 agenda will consider more than 140 projects in Africa, 19 of which are considered ready for implementation and investment, including four in Egypt that carry an estimated cost of $17.4bn but need additional private sector funding. The

Read more at: https://oilprice.com/The-Environment/Global-Warming/Africa-Considers-Creative-Financing-Options-To-Fund-Climate-Initiatives.html

UK Puts A Cap On Household Energy Bills

British households will have their annual energy bills capped at 2,500 for two years in a 130bn+ scheme that will save consumers thousands of pounds. Prime Minister Liz Truss said the two-year Energy Price Guarantee will begin at the start of October and that the government will pay energy suppliers the difference between the cap and what they would have charged without any intervention. The 2,500 figure is above Ofgems current 1,971 energy price cap, but far below what the cap would have risen to next month and

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Puts-A-Cap-On-Household-Energy-Bills.html

GM is betting on its electric Equinox, starting at $30,000, to kick-start ‘massive adoption’ of EVs

The all-electric Chevrolet Equinox EV is scheduled to go on sale in the U.S. next fall, starting at around $30,000.

Read more at: https://www.cnbc.com/2022/09/08/gm-bets-on-electric-equinox-to-kick-start-massive-adoption-of-evs.html

Trump-linked SPAC again adjourns meeting to continue vote on merger delay

The SPAC aiming to take Trump’s media company public adjourned its shareholder meeting for the second time Thursday to allow voting to continue on delaying the merger.

Read more at: https://www.cnbc.com/2022/09/08/trump-spac-merger-delay-dwac.html

NASA working to repair fuel leak on moon rocket and plans to launch Artemis mission later this month

NASA hopes to make another attempt at launching the lunar Artemis I mission later this month, but needs to clear a series of obstacles.

Read more at: https://www.cnbc.com/2022/09/08/nasa-repairing-hydrogen-leak-to-launch-artemis-1-mission-in-late-sept.html

Moviegoing won’t return to pre-pandemic levels, says former Disney CEO Bob Iger

The coronavirus pandemic has left a “permanent scar” on the movie theater business, says former Disney CEO Bob Iger.

Read more at: https://www.cnbc.com/2022/09/07/moviegoing-wont-return-to-pre-pandemic-levels-says-disneys-bob-iger.html

Procter & Gamble CFO reassures on forward guidance despite fears of a slowdown

Here’s a look at what the CFO said and what we think at the Club as shareholders in P&G.

Read more at: https://www.cnbc.com/2022/09/08/procter-gamble-cfo-reassures-on-forward-guidance-despite-fears-of-a-slowdown.html

Queen Elizabeth II: A life in pictures

Britain’s monarch Queen Elizabeth II was known for her dedication to duty and representing the royal family and U.K.

Read more at: https://www.cnbc.com/2022/09/08/queen-elizabeth-ii-a-life-in-pictures.html

You may owe taxes for federal student loan forgiveness if you live in one of these states

While student loan forgiveness isn’t federally taxable, it still may trigger a state tax bill. Here’s where borrowers may be affected.

Read more at: https://www.cnbc.com/2022/09/08/you-may-owe-taxes-for-federal-student-loan-forgiveness-in-these-states.html

2 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/2022/09/08/2-takeaways-from-the-investing-clubs-morning-meeting-on-thursday.html

HIV-positive people who have monkeypox are hospitalized more often, CDC study says

The CDC found that 38% of nearly 2,000 people diagnosed with monkeypox between May and July were living with HIV.

Read more at: https://www.cnbc.com/2022/09/08/hiv-positive-people-hospitalized-with-monkeypox-more-often-cdc-says.html

Stocks making the biggest moves midday: GameStop, Rivian, Regeneron, Snap and more

These are the stocks posting the largest moves in midday trading.

Read more at: https://www.cnbc.com/2022/09/08/stocks-making-the-biggest-moves-midday-gamestop-rivian-regeneron-snap-and-more.html

Jeep announces an all-electric Wrangler-inspired SUV as one of four new EVs by 2025

The Recon – a “brother” to the Wrangler – and the electric Grand Wagoneer are expected to go into production and arrive in U.S. showrooms in 2024, Jeep said.

Read more at: https://www.cnbc.com/2022/09/08/jeep-announces-all-electric-wrangler-inspired-suv-new-evs-by-2025.html

United Airlines raises bet on electric air taxis with 200 aircraft from upstart Eve

United will invest $15 million in startup Eve and order 200 of the four-seat aircraft.

Read more at: https://www.cnbc.com/2022/09/08/united-airlines-raises-bet-on-electric-air-taxis-with-200-aircraft-from-upstart-eve.html

GameStop reports wider loss, announces partnership with crypto exchange FTX

GameStop said quarterly sales declined and losses widened, as its inventory of video game equipment and more swelled.

Read more at: https://www.cnbc.com/2022/09/07/gamestop-gme-q2-2022-earnings.html

Twitter Whistleblower Scored $7M Settlement Days Before Dropping Bombshell Allegations

Twitter agreed to pay their former head of security, Peiter Zatko, $7 million in June in exchange for signing an NDA to stop him from speaking publicly about “extreme, egregious deficiencies” over a wide swath of issues – including privacy, platform integrity and content moderation.

Days later he dropped his bombshell allegations in the form of a Congressional whistleblower complaint – which is one of the few venues that trumps an NDA, according to the Wall Street Journal.

Twitter’s confidential June settlement was related to Mr. Zatko’s lost compensation and followed monthslong mediation over tens of millions of dollars in potential pay, the people said. Such compensation agreements aren’t unusual when an executive departs a company prematurely …

Read more at: https://www.zerohedge.com/political/twitter-whistleblower-scored-7m-settlement-days-dropping-bombshell-allegations

Tesla Delivers 76,965 Vehicles In China For August After Shanghai Resumes Normal Production

As parts of China continue to lock down to fight Covid and as U.S. tensions with both China and Russia continue to rise, it looks as though Tesla is officially back on track in in the country…at least for the time being.

The automaker delivers 76,965 China-made vehicles in August, which was up 172.8% from the month prior. Data from the China Passenger Car Association shows that the automaker sold 34,502 cars in China and exported 42,463 vehicles.

The numbers come even as battery maker CATL had to shut down part of its operations due to power restriction constraints during the month, Reuters reported. CATL’s Yibin plant supplies battery cells to Tesla Shanghai.

The stark difference in month-over-month numbers comes as China’s Shanghai plant was down for a planned upgrade for most of July. Recall, deliveries in China had crashed -64.2% heading into the month of August.

Read more at: https://www.zerohedge.com/markets/tesla-delivers-76965-vehicles-china-august-after-shanghai-resumes-normal-production

“There Is Simply No Way Out” – Charles Nenner Warns Of ‘Anti-Dollar’ Global War In H2 ’23

Via Greg Hunter’s USAWatchdog.com.

Renowned geopolitical and financial cycle expert Charles Nenner says his analysis shows there is big trouble coming for the U.S. dollar.  The dollar’s reserve currency status is on its way to being a thing of the past.

Nenner explains, “The dollar is still up.  We have a target on the dollar of 113 (on the USDX).  It’s now around 110, but it’s not going to be surviving as the major currency…”

” People don’t trust what is going on in the United States. . . . We have seen this happen to other countries.  We saw this happen to the British.   They are going to go to another major currency.  The BRIC countries and China are preparing to have an anti-dollar.  I have told you for years that the dollar is not going to crash, but now it is time.

Read more at: https://www.zerohedge.com/markets/there-simply-no-way-out-charles-nenner-warns-anti-dollar-global-war-h2-23

ARK Invest, Whose Flagship Fund Is Down About 55% YTD, Promotes Its Director Of Research To “Chief Futurist”

It looks as though ARK Invest is expanding its research department – and maybe that Cathie Wood, the firm’s head, could be thinking about eventually passing the torch…

That’s speculation for now, but Wood’s company, whose flagship fund is down about -56% year to date and closer to -66% over the last 12 months, put out a press release this week announcing two promotions (we think) of analysts that have helped oversee the firm’s performance over the last couple of years.

The company said in its release that it “plans to scale its Research Department, promoting Brett Winton to the role of Chief Futurist and four Senior Research Analysts to Director roles, and hiring five Research Associates.”

Was the title of “technoking” unavailable?

And what would an ARK Press Release be without a bombastic prediction from Cathie Wood herself? “According to our research, emerging innovation platforms will transform our lives and the global economy radically, potentially scaling their equity market capitalizations from $7-8 trillion today to more than $200 trillion in 2030,” she said.

Maybe the new research department can get busy on breaking down those figures first and foremost…

Wood continued: “This reorganization will help us scale the team and develop d …

Read more at: https://www.zerohedge.com/markets/ark-invest-whose-flagship-fund-down-about-55-ytd-promotes-its-director-research-chief

Energy bills to be capped at £2,500 for typical household

The new prime minister unveils a multi-billion pound plan to limit energy bill rises from October.

Read more at: https://www.bbc.co.uk/news/business-62831698?at_medium=RSS&at_campaign=KARANGA

What the new Liz Truss energy plan means for you

The government will borrow tens of billions of pounds to limit energy bill rises. What does it mean for you?

Read more at: https://www.bbc.co.uk/news/business-62833623?at_medium=RSS&at_campaign=KARANGA

Energy bills: ‘The government help is no use to me’

Households and businesses remain nervous over rising energy costs as the PM announces new measures.

Read more at: https://www.bbc.co.uk/news/business-62823884?at_medium=RSS&at_campaign=KARANGA

Nifty Bank: Key levels to watch out for on Friday

The index, which has been outperforming the benchmark index Nifty, surpassed the levels of 40,000 and formed a sizable bullish candle. Moreover, all components of the index ended in the green. Analysts see Nifty Bank having support at 39,000 levels and resistance at 40,700 levels. Momentum oscillators are in the strong buy zone and the index is trading above 8 out of 8 SMAs.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-on-friday/articleshow/94078374.cms

Tech View: A follow-up buying may ensure Nifty50 bulls are back

Weakness, Mohammad said, shall not be expected unless Nifty50 closes below 17,650. Therefore, traders with high risk-taking ability can buy the dips for a target of 17,990, but the stop shall remain below the 17,650 level, he said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-a-follow-up-buying-may-ensure-nifty50-bulls-are-back/articleshow/94075599.cms

LLF policy changes fail to lift Concor estimates but stock is still a ‘buy’

The new LLF framework approved by the Union Cabinet proposes LLF to be charged for 35 years at 1.5 per cent of the market value of land per annum as against 6 per cent in the existing policy. The bidding mechanism will be carried out for 300 new PM Gati Shakti Cargo terminals that are to be developed over the next five years.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/llf-policy-changes-fail-to-lift-concor-estimates-but-stock-is-still-a-buy/articleshow/94069808.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