09Sep2022 Market Close & Major Financial Headlines: Week Ends On A High Note For The Markets

Magnetic Breakthrough Could Help Save Electricity

Scientists from the U.S. Department of Energy’s Ames National Laboratory and Oak Ridge National Laboratory conducted an in-depth investigation of the Kagome layered topological material TbMn6Sn6 to understand it and its magnetic characteristics better. These results could impact future technological advancements in quantum computing, magnetic storage media, and high-precision sensors. The research is discussed in the paper Low-temperature competing magnetic energy scales in the topological ferrimagnet TbMn6Sn6, published in

Read more at: https://oilprice.com/Energy/Energy-General/Magnetic-Breakthrough-Could-Help-Save-Electricity.html

Drought Forces British Columbia To Suspend Water Permits For Oil Firms

Persistent drought in the Canadian province of British Columbia has prompted the local energy regulator to ration water use in the oil and gas industry and suspend some permits to firms for drawing water from rivers and lakes. CBC News reports that the BC Oil and Gas Commission (BCOGC) suspended on Thursday as many as 20 water permits previously granted to 12 oil and gas firms in several areas. Low stream conditions are escalating concerns for impacts to fish, aquatic resources, and community supply, the B.C. energy regulator

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Drought-Forces-British-Columbia-To-Suspend-Water-Permits-For-Oil-Firms.html

EU Energy Ministers Divided On Russian Natural Gas Price Cap

EU county energy ministers met on Friday in an emergency setting to discuss capping the price of Russian gas but ended the meeting without an agreement, according to a draft meeting summary seen by media. The issue of capping the price of Russian gas was discussed, and it was agreed that proposals for capping should be delivered by mid-September, stating that further work is needed on the possibility of such a gas cap measure. While EU energy ministers appear divided on the subject of capping Russian gas prices, the group reportedly

Read more at: https://oilprice.com/Energy/Natural-Gas/EU-Energy-Ministers-Divided-On-Russian-Natural-Gas-Price-Cap.html

Europe’s Central Bank Rules Out Liquidity Support For Energy Firms

The European Central Bank will not give short-term financing to European energy firms struggling through the energy crisis, sky-high prices, and margin calls on the derivatives markets, ECB President Christine Lagarde said on Friday. As far as the ECB is concerned, and the national central banks of the Eurosystem, of course we stand ready to provide liquidity to banks, not to energy utility firms, Lagarde said at a news conference in Prague today, as carried by Bloomberg. In this current, very volatile

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Central-Bank-Rules-Out-Liquidity-Support-For-Energy-Firms.html

Oil Rig Count Slides In Tough Week For Crude

The number of total active drilling rigs in the United States dropped by 1 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 759 this week256 rigs higher than the rig count this time in 2021. Oil rigs in the United States fell by 5 this week, to 591. Gas rigs rose by 4, to 166. Miscellaneous rigs stayed the same at 2. The rig count in the Permian Basin dropped by 2 to 340 this week. Rigs in the Eagle Ford stayed the same at 71. Oil and gas rigs in the Permian are 86 above where they were

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Rig-Count-Slides-In-Tough-Week-For-Crude.html

Oil Prices Rise Despite Economic Concerns

Crude oil prices rose on Friday by 3% despite fears of a global recession which has pervaded the oil price narrative in recent weeks, weighing on prices. Fridays price rise was precipitated not by bullish production or supply outages nor by any significant demand outlook increases. At 11:45 a.m. ET, WTI was trading up $2.54 per barrel (+3.04%) at $86.08. While more than 3% rise on the day, the U.S. benchmark was trading down nearly $2 per barrel from last week. The Brent benchmark was trading up $2.60 per barrel at that

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Rise-Despite-Economic-Concerns.html

Confused about the housing market? Here’s what’s happening now – and what could happen next

From rising rates to low inventories, here’s what you need to know about the topsy-turvy U.S. housing market.

Read more at: https://www.cnbc.com/2022/09/09/housing-market-confusion-whats-happening-next.html

MLB unveils rule changes for 2023, including pitch timer, shift limits and bigger bases

The MLB announced rule changes for the 2023 season that will implement a pitch clock, limit defensive shifts and increase base size.

Read more at: https://www.cnbc.com/2022/09/09/mlb-rule-changes-pitch-clock-shift-limits-bigger-bases-coming-in-2023.html

Burger King unveils $400 million plan to revive U.S. sales with investments in renovations and advertising

Burger King on Friday said it plans to spend $400 million over the next two years on advertising and renovating its restaurants.

Read more at: https://www.cnbc.com/2022/09/09/burger-king-400-million-plan-to-revive-us-sales-with-remodels-advertising.html

American Eagle joins list of clothing retailers reporting bleak earnings

American Eagle joined the list of retailers struggling with excess inventory and offering discounts to move products.

Read more at: https://www.cnbc.com/2022/09/09/american-eagle-joins-list-of-clothing-retailers-reporting-bleak-earnings.html

Shares of Smith & Wesson fall after gun maker reports drop in demand

Shares of Smith & Wesson Brands Inc. after the gun maker reported a drop in demand for its fiscal first quarter.

Read more at: https://www.cnbc.com/2022/09/09/smith-wesson-revenue-falls-on-gun-makers-waning-demand-.html

Companies are slashing parental leave benefits as their ‘purse strings have tightened.’ Here’s how to prepare

After boosting paid parental leave during the pandemic, many companies are now cutting or reducing the benefit. Here’s what future parents need to know.

Read more at: https://www.cnbc.com/2022/09/09/how-to-plan-for-children-if-you-dont-get-paid-parental-leave-benefits.html

How Big Tech is muscling in on health care — we rank the strategies of our 4 core holdings

They’re all vying for a slice of the more than $4 trillion that Americans spend each year on their health.

Read more at: https://www.cnbc.com/2022/09/09/how-big-tech-is-muscling-in-on-health-care-we-rank-the-strategies-of-our-4-core-holdings.html

Prestige is the prize for AppleTV+ at the Emmys, not subscribers

AppleTV+ won the Best Picture award at the Oscars and now it’s looking to snag Outstanding Drama and Outstanding Comedy Series at this year’s Emmys.

Read more at: https://www.cnbc.com/2022/09/09/prestige-is-the-prize-for-appletv-at-the-emmys-not-subscribers.html

Airlines’ chaotic summer is over. These 5 charts show how it went

Flight cancellation and delay rates were up this summer compared with 2019.

Read more at: https://www.cnbc.com/2022/09/09/airlines-chaotic-summer-is-over-heres-how-it-went.html

Two top House Democrats seek review of whether airlines used Covid bailout funds for staff buyouts

Two House Democrats asked the Treasury Department watchdog to review airlines’ use of the more than $50 billion in aid for staff buyouts.

Read more at: https://www.cnbc.com/2022/09/09/democrats-want-probe-of-airline-covid-bailouts-over-staff-buyouts.html

Trump-linked SPAC lacks votes to delay merger, adjourns shareholder meeting until October

Digital World Acquisition Corp. adjourned its shareholder meeting for over a month as its planned merger with Donald Trump’s media firm hangs in the balance.

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

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

“Yellen Was Massively Blind” – RH CEO Routs ‘Slow & Wrong’ Policymakers For Making Things Worse

In April, RH (the stock-buyback/short-squeeze mogul formerly known as Restoration Hardware) reported dismal earnings which sent its stock plunging and prompted CEO Gary Friedman to give an ominous assessment of the overall macro situation.

While first quarter sales and margin strand to remain healthy due to the ongoing relief of our backlog, we have experienced softening demand in the first quarter that coincided with Russia’s invasion of Ukraine in late February and the market volatility that followed. We believe it is prudent to remain conservative until demand trends return to normal and — we are providing the following outlook for the first quarter of 2022.”

This was shocking at the time as it was the first direct admission of tangible weakness in consumer end-demand, and was soundly mocked by all the ‘consumer is strong’ narrative-pushers as idiocysncratically focused on RH and not systemically-based. Friedman went on at the time:

…And you’ve got inflation like I’ve never seen.

Now I was telling people, when Yellen said, we’re going back to 2%, we were just signing our new freight contracts, ocean freight contracts. I just wonder if the Fed has picked up the phone and called a business person and said, hi, what do you think is happening with inflation?

How is ocean rates? How is this? How is that?

I mean I don’t think anybody really understands what’s coming from an inflation point of view, because either bus …

Read more at: https://www.zerohedge.com/personal-finance/yellen-was-massively-blind-rh-ceo-routs-slow-wrong-policymakers-making-things

Hunter Biden Said He’d Be “Happy” To Introduce Business Partners To Top Chinese Official: Emails

Authored by Dorothy Li via The Epoch Times,

Hunter Biden, the son of President Joe Biden, said he “would be happy” to introduce business partners to a senior Chinese official who allegedly sat next to him during a dinner in Beijing, a leaked 2014 email shows.

On July 22, 2014, James Bulger, the nephew of Boston mobster James “Whitey” Bulger, wrote an email to Hunter Biden, requesting him to make an introduction of two business partners to a Chinese official called “Mr Tung,” likely referring to Tung Chee-hwa.

Tung, the first chief executive of Hong Kon …

Read more at: https://www.zerohedge.com/political/hunter-biden-said-hed-be-happy-introduce-business-partners-top-chinese-official-emails

Greece Informs Allies Of Ukraine-Style War Looming With Turkey

With the Queen of England’s death as well as the EU energy crisis topping headlines, followed by the enduring Ukraine war, too few in the West seem to realize that a major crisis has been brewing in the Mediterranean which could see two NATO members enter a shooting war.

Greece has taken the unprecedented step of informing NATO HQ, the EU, and UN that a Ukraine-style war is looming with Turkey. The two have long been locked in disputes over maritime rights, the status of Greece’s Aegean islands, and airspace violations.

The letters from Athens, sent earlier this week, blasted Turkish leader Recep Tayyip Erdoğan growing war rhetoric which had expressly threatened Greece in a weekend speech, “we may come down suddenly one night” and that the “the price will be heavy.” Erdogan has accused Athens of militarizing islands off Turkey’s coast in contravention of historic treaties.

Read more at: https://www.zerohedge.com/geopolitical/greece-informs-allies-ukraine-style-war-looming-turkey

Recession Signals Abound As Fed Hikes Rates

Authored by Lance Roberts via RealInvestmentAdvice.com,

At the Jackson Hole Summit, Jerome Powell made it clear the Federal Reserve remains focused on combatting inflation despite recession signals rising in tandem. To wit:

“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”

While the Federal Reserve is focused on fighting inflation and willing to cause “some pain” to achieve victory, they hope to do so without evoking a recession. Such may be a challenge for two primary reasons:

The Fed remains focused on lagging economic data, such as employment, which are highly subject to future revisions, and;

Changes to monetary policy do not show up in the economy until roughly 9-12 months in the future.

The second challenge is the most important.

There is little doubt we are amidst an economic slowdown. With the Federal Reserve focused on combatt …

Read more at: https://www.zerohedge.com/personal-finance/recession-signals-abound-fed-hikes-rates

Bank of England delays interest rate decision after Queen’s death

The UK’s central bank postpones its meeting by a week “in light of the period of national mourning”.

Read more at: https://www.bbc.co.uk/news/business-62847329?at_medium=RSS&at_campaign=KARANGA

Fixed energy bills to get automatic discount

Energy suppliers will adjust fixed tariffs under the government’s plan to cap customers’ bills.

Read more at: https://www.bbc.co.uk/news/business-62834191?at_medium=RSS&at_campaign=KARANGA

Royal rebranding: What will happen to stamps, coins, banknotes and passports?

We’re used to seeing Queen Elizabeth II’s portrait and coat of arms in our change and on cereal boxes.

Read more at: https://www.bbc.co.uk/news/uk-59596996?at_medium=RSS&at_campaign=KARANGA

M-cap of BSE-listed firms hit fresh all-time high of Rs 283 lakh cr

“Although market pared gains, Sensex hitting the psychological 60,000-mark intra-day signifies investors’ faith in the domestic economy. While stock markets may look a bit pricey, India’s long-term growth potential does bring some stability at a time when the economic slowdown in key economies is staring at recession fears,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mcap-of-bse-listed-firms-hit-fresh-all-time-high-of-rs-283-lakh-cr/articleshow/94102928.cms

Tech View: Nifty forms bullish candle for 2nd week, but analysts see weakness ahead

“If this observation holds true, sooner than later, a downswing should unfold, with eventual targets present below 17,166 level, though confirmations are awaited in this regard. Nevertheless, to regain the upper hand, the bulls initially need a close above 17,992 levels and ultimately beyond 18,114 levels to decisively catapult the medium-term trend in their favour,” he said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bullish-candle-for-2nd-week-but-analysts-see-weakness-ahead/articleshow/94099642.cms

Equity mutual fund inflow at 10-month low, SIP contribution at record high

“Monthly SIP contribution, SIP AUM, SIP folios, overall mutual fund folios, and AUMs, all at an all-time high coupled with continued positive flows in most categories of mutual fund schemes, signify rising and informed investment preference towards mutual funds. Investors continue to stay fully invested and also adhere to goal-based investing,” said AMFI CEO N S Venkatesh.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/equity-mutual-fund-inflow-at-10-month-low-sip-contribution-at-record-high/articleshow/94097485.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