16 September 2022 Market Close & Major Financial Headlines: Wall Street Closed Lower Today After FedEx Earnings Warning Of Weakening Global Demand

What Iran Should Do If JCPOA Fails

The negotiations to revive the Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 (China, France, Russia, the United Kingdom, the United States, and Germany) are, to use a current term, under medical supervision. Iranian Foreign Minister Hossein Amirabdollahian declared that a successful agreement requires Washington’s realism and determination. United States (U.S.) Secretary of State Antony Blinken said a deal is unlikely. France, Germany and the United Kingdom said they would consult

Read more at: https://oilprice.com/Latest-Energy-News/World-News/What-Iran-Should-Do-If-JCPOA-Fails.html

U.S. And EU Nickel Imports From Russia Surge

Via AG Metal Miner Nickel prices began to rise this month, breaking through prior highs visible on shorter time frames such as the hourly and daily charts. Ultimately, prices bounced off bullish zones formed before the LMEs shutdown in March. This price action indicates nickel has the potential for upside reversal if prices continue to push up. Overall, however, prices remain in a mid-to-long-timeframe trading range. Investors will need to break this to establish a new long-term trend. High Inventory Levels Among Service Centers, Manufacturers,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-And-EU-Nickel-Imports-From-Russia-Surge.html

33% Of All UK Exporters To EU Vanish Due To Brexit-Related Red Tape

The number of UK businesses exporting goods to the EU fell 33 percent to 18,357 in 2021, from 27,321 in 2020, according to data from HMRC. Discussing the figures with City A.M., Michelle Dale, a senior manager at accountancy firm UHY Hacker Young, pointed out the fall is due to the extra red tape UK businesses must now comply with when exporting to the EU. Businesses are not getting enough support from the Government to navigate the post-Brexit trading minefield, she said. A lot of SMEs cant afford professional advice

Read more at: https://oilprice.com/Latest-Energy-News/World-News/33-Of-All-UK-Exporters-To-EU-Vanish-Due-To-Brexit-Related-Red-Tape.html

Octopus Expands Wind Energy Holdings With Investments In Germany And UK

Octopus has expanded its onshore and offshore wind portfolio with two investments in the UK and Germany. The asset manager today announced it has acquired an additional 7.75 percent stake in the Lincs offshore wind farm, while also buying the Leeskow facility in Brandenburg, north-east Germany. Lincs, which following the transaction represents almost 16 percent of Octopus portfolio, is located off the east coast of England and has been operational since 2013. Octopus initially bought a stake in Lincs in May, while another

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Octopus-Expands-Wind-Energy-Holdings-With-Investments-In-Germany-And-UK.html

Key Takeaways From The EU’s State Of The Union Address

It’s an event that gets Brussels types buzzing, but for those outside the world of EU politics, it normally wouldn’t even register. This year might be different, though, as the annual state-of-the-EU speech, given by European Commission President Ursula von der Leyen in front of the European Parliament in Strasbourg, covered a number of crucial and pressing issues: Russia, the war in Ukraine, the energy crisis, and the long winter ahead. Here are six takeaways on what it all means. No New Russia Sanctions For Now In the face of spiraling inflation,

Read more at: https://oilprice.com/Geopolitics/International/Key-Takeaways-From-The-EUs-State-Of-The-Union-Address.html

Massive Kazakh Oilfield Weeks Away From Restoring Output

The massive Kashagan oilfield in Kazakhstan will not return to full oil production until at least October, Kazakhstan’s energy minister told Reuters on Friday, adding that it would also take a few more weeks for two Black Sea oil loading terminals to return to operations. In early August, the offshore oilfield Kashagan, which pumps more than 300,000 barrels per day (bpd), was shut down after a gas leak was detected on the site. A few days later, the field operator said that it would partially restart production, and upon completion of repairs and

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Massive-Kazakh-Oilfield-Weeks-Away-From-Restoring-Output.html

Why Ford is keeping its Mustang gas-powered as part of its electric vehicle push

Ford CEO Jim Farley believes keeping the iconic American brand gas-powered makes good business sense for the automaker for the foreseeable future.

Read more at: https://www.cnbc.com/2022/09/16/ford-ceo-jim-farley-reveals-why-2024-mustang-is-staying-gas-powered.html

Michael Jordan’s ‘Last Dance’ jersey sells for a record-breaking $10.1 million

A jersey worn by Michael Jordan in the first game of the 1998 NBA Finals sold for $10.1 million at Sotheby’s on Thursday.

Read more at: https://www.cnbc.com/2022/09/16/michael-jordan-jersey-10point1-million-sothebys-record-memorabilia.html

Lunar tech company Intuitive Machines to go public via SPAC at close to $1 billion valuation

Lunar-focused space company Intuitive Machines announced Friday that it will go public via a SPAC in a deal that values the venture at about $1 billion.

Read more at: https://www.cnbc.com/2022/09/16/intuitive-machines-going-public-via-spac-near-1-billion-valuation.html

London’s Heathrow alters 15% of Monday flights for Queen Elizabeth II’s funeral

Britain’s busiest airport said it would reduce flights to avoid noise during the queen’s funeral Monday.

Read more at: https://www.cnbc.com/2022/09/16/heathrow-alters-15percent-of-monday-flights-for-queen-elizabeth-iis-funeral-.html

Canela.TV, a free Spanish-language streaming service with 23 million users, launches original shows

Canela.TV, available in the U.S., Mexico, and Colombia is stepping further into the competitive streaming ecosystem with original content.

Read more at: https://www.cnbc.com/2022/09/16/spanish-language-streaming-service-canelatv-launches-original-shows.html

The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven’t filed

The tax deadline extension is Oct. 17. Here’s how to get organized if you still haven’t filed your return.

Read more at: https://www.cnbc.com/2022/09/16/the-extended-tax-deadline-is-oct-17-heres-what-filers-need-to-know.html

Here’s why Hispanic workers could face an outsized hit in a U.S. recession

Hispanic workers have been disproportionately affected by past recessions, and the next one will likely be no different, according to Wells Fargo.

Read more at: https://www.cnbc.com/2022/09/16/heres-why-hispanic-workers-could-face-an-outsized-hit-in-a-us-recession.html

PayPal threatens to sever partnership with Phoenix Suns if owner Sarver returns

PayPal, the jersey sponsor for the Phoenix Suns, warned that it would sever ties with the team if owner Robert Sarver remains affiliated with the organization.

Read more at: https://www.cnbc.com/2022/09/16/paypal-threatens-to-sever-partnership-with-phoenix-suns-if-owner-sarver-returns.html

Stocks making the biggest moves midday: FedEx, Adobe, Boeing and more

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

Read more at: https://www.cnbc.com/2022/09/16/stocks-making-the-biggest-moves-midday-fedex-adobe-boeing-and-more.html

3 takeaways from Friday’s meeting, including how defensive plays are wins in this two-sided market

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

Read more at: https://www.cnbc.com/2022/09/16/3-takeaways-from-fridays-meeting-including-how-defensive-plays-are-wins-in-this-two-sided-market.html

Joshua Bassett doesn’t know how much Disney pays him for ‘High School Musical’: ‘I choose not to let money dictate how I live my life’

The 21-year-old singer-songwriter told his business manager not to tell him how much he makes.

Read more at: https://www.cnbc.com/2022/09/16/hsmtmts-star-joshua-bassett-still-doesnt-know-his-disney-salary.html

Lindsey Graham’s abortion ban bill baffles some Republicans as Democrats sharpen attacks in key midterm races

Graham’s abortion ban bill baffled even some Republican strategists who say the GOP should focus on issues such as crime and economic problems under Biden.

Read more at: https://www.cnbc.com/2022/09/16/lindsey-graham-abortion-ban-bill-splits-gop-on-midterm-message.html

FedEx shares sink after company cites weakening global demand

Shares of FedEx sank Friday morning after the company withdrew its full-year guidance and cited weakening global demand.

Read more at: https://www.cnbc.com/2022/09/15/fedex-fdx-earnings-q1-2023-miss-estimates.html

Patagonia Founder’s ‘Donation’: Benevolent Planet-Saver Or Giant Tax-Dodge

Now that the mindless lemmings in the mainstream media have finished gushing over the idea that Patagonia’s founder, Yvon Chouinard, was giving up all of his company’s profits for benefit of fighting climate change, the reality of the situation can finally start to make its way out.

No doubt you saw a headline somewhere this week praising Yvon Chouinard for forfeiting ownership of his company and giving away its profits to a “charity fighting climate change”. There was no shortage of liberal “I told you so’s” being passed around on social media, citing Chouinard as some type of living proof that capitalism is evil and that everything will eventually revert to a Marxist utopia where all profits are collectively shared for the greater good.

Here’s CNBC’s headline from this week, writing that “Earth” was now Patagonia’s only shareholder:

And of course, NPR gushed similarly:

Read more at: https://www.zerohedge.com/markets/patagonia-founder-praised-donating-company-fight-climate-change-also-conveniently

1.3 Million Jobs Were Result Of Double-Counting This Year, Heritage Economist Says

Authored by Andrew Moran via The Epoch Times (emphasis ours),

The monthly U.S. jobs reports have topped market estimates many times this year, including the July and August non-farm payrolls reports, which showed 528,000 and 315,000 new jobs, respectively, higher than what many economists and analysts had initially projected.

A man walks past a “We’re Hiring” sign posted outside of a restaurant in Arlington, Va., on June 3, 2022. (Olivier Douliery/AFP via Getty Images)White House officials have taken victory laps on the data, noting that these numbers are proo …

Read more at: https://www.zerohedge.com/markets/13-million-jobs-were-result-double-counting-year-heritage-economist-says

Putin Tells Allies ‘No Hurry’ In Ukraine, Warns Of “More Serious” Action To Come

In Friday remarks before the Uzbek-hosted Shanghai Cooperation Organization (SCO) summit, Russian President Vladimir Putin was pressed by reporters over Ukraine’s reportedly successful counteroffensive going on in northeast Ukraine.

Putin responded by saying Russia’s military is in ‘no hurry’ to finish its campaign in Ukraine, perhaps to the surprise of the audience, stressing “The plan is not subject to adjustment” – while not denying the difficulty the counteroffensive has posed for his forces. “Our offensive operations in Donbas itself do not stop. They are going at a slow pace… the Russian army is occupying newer and newer territories,” Putin said, and added, “We are not in a hurry … there are no changes.”

Sputnik via Reuters: Russian President Vladimir Putin speaks with Chinese President Xi Jinping in Samarkand, Uzbekistan, o …

Read more at: https://www.zerohedge.com/geopolitical/putin-tells-allies-no-hurry-ukraine-warns-more-serious-action-come

New York City ‘Nearing Its Breaking Point’ With Influx Of Illegal Immigrants From Texas: Mayor

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

New York City’s shelter system is close to being overwhelmed by the continued influx of illegal immigrants from Texas, the city’s mayor said on Sept. 14.

“In this new and unforeseen reality, where we expect thousands more to arrive every week going forward, the city’s system is nearing its breaking point,” Mayor Eric Adams, a Democrat, said in a statement.

Illegal immigrants arrive in New York City from Texas on Aug. 25, 2022. (Spencer Platt/Getty Images)New York has recorded over 11,000 illegal immigrants entering its …

Read more at: https://www.zerohedge.com/political/new-york-city-nearing-its-breaking-point-influx-illegal-immigrants-texas-mayor

Transport bosses warn mourners of London queues

Huge numbers of people are expected to head to London on Monday for the funeral of Queen Elizabeth II.

Read more at: https://www.bbc.co.uk/news/business-62930532?at_medium=RSS&at_campaign=KARANGA

Which businesses will close and stay open on the day of the Queen’s funeral?

Here’s an at-a-glance guide to what will be open and closed on bank holiday Monday.

Read more at: https://www.bbc.co.uk/news/business-62879563?at_medium=RSS&at_campaign=KARANGA

Pound hits new 37-year low as retail sales slide

Weaker-than-expected sales figures send sterling lower as fears grow for the strength of the economy.

Read more at: https://www.bbc.co.uk/news/business-62923994?at_medium=RSS&at_campaign=KARANGA

Nifty forms bearish candle on daily and weekly charts; what should investors do on Monday?

The Nifty50 closed 346 points lower at 17,530. On a weekly basis, the index corrected 1.7 percent. It formed a bearish engulfing candle after two consecutive bullish candles, which suggests that the momentum could take a breather.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-bearish-candle-on-daily-and-weekly-charts-what-should-investors-do-on-monday/articleshow/94249408.cms

Nifty Bank: Key levels to watch out for on Monday

Nifty Bank formed a small-bodied Bearish candle on the daily scale and an inverted hammer on the weekly frame. Now, till it holds below 41,000 zones, weakness could be seen towards 40,500 and 40,250 zones, whereas resistance is at 41,250 and 41,500 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-on-monday/articleshow/94250258.cms

Pound falls to 37-year low as poor retail sales lift economic woes

The pound fell more than 1% against the dollar to 1.1351, its lowest since 1985, its fall accelerating once it passed through the then 37-year low hit last week.

Read more at: https://economictimes.indiatimes.com/markets/forex/pound-falls-to-37-year-low-as-poor-retail-sales-lift-economic-woes/articleshow/94244550.cms

The Ratings Game: Roblox stock drops as Wall Street sees a ‘Pandora’s box of problems’

Roblox Corp.’s stock continued to sell off Friday as many analysts questioned some of growth initiatives presented at the social-media company’s investor day on Thursday and others commented that August metrics were below expectations.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7123-6367157D8D93%7D&siteid=rss&rss=1

Fintech company Ocrolus co-authors study on how automation can reduce bias in lending

David Snitkof of document handling company Ocrolus says the fintech’s machine learning technology can reduce bias in lending, as shown in a recent NYU study.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7124-29DA1947DDAB%7D&siteid=rss&rss=1

The Ratings Game: The retail slump could end soon, and there are four ‘turnaround’ stocks JPMorgan says you will want as it does

As department stores and clothing retailers try to adapt to a consumer focused more on essentials, a few analysts are “cautiously optimistic” about next year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7124-661B5370C75B%7D&siteid=rss&rss=1