06 October 2022 Market Close & Major Financial Headlines: Looking Tired, Wall Street Saw A Sideways Sliding To A Negative Closing Effectively Stopping Another Rally

Automakers Are Struggling To Secure Steel Supply

Via AG Metal Miner The MetalMiner Automotive MMI dropped substantially in October, dipping by 9.08%. Manufacturing limitations due to energy shortages and smelter shutdowns remain the ongoing trend in car manufacturing. However, consumer demand for cars, especially in the US, still holds firm. This leaves many in the automotive industry trying to find a balance between available supplies and consumer demand. Car Manufacturing Fighting the Odds Smelter shutdowns in China and Europe are impacting the production of the steel used to fashion

Read more at: https://oilprice.com/Metals/Commodities/Automakers-Are-Struggling-To-Secure-Steel-Supply.html

Putin Sees Pakistan As A Potential Partner In Southeast Asia

On September 15, Russian President Vladimir Putin, during a meeting with Pakistani Prime Minister Shehbaz Sharif on the sidelines of the Shanghai Cooperation Organization (SCO) summit in Uzbekistan, declared Pakistan as one of Moscow’s primary partners in Southeast Asia. As the Russian leader put it, I would like to note that we see Pakistan as a priority partner in Southeast Asia as well as the continent as a whole. Relations between our countries are developing absolutely positively, and we are pleased about that (Kremlin.ru,

Read more at: https://oilprice.com/Geopolitics/International/Putin-Sees-Pakistan-As-A-Potential-Partner-In-Southeast-Asia.html

Czechs Propose 60% Tax On Excess Energy Profits

In an aggressive move even as far as windfall profit taxes go, The Czech Finance Ministry proposed on Thursday a whopping 60% tax on excess profits in its energy sector, media reported. Finance minister Zbynek Stanjura said at a Thursday news conference that the proposed tax would be on excess profits from the energy sector starting in 2023 through 2025, bringing in $3.4 billion next year, and $6 billion across the three years. The proposal requires parliamentary approval before it can be implemented. Affected companies would be electricity and

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Czechs-Propose-60-Tax-On-Excess-Energy-Profits.html

Cardboard Cars: The Race To Build The Worlds Most Sustainable EV

As Citroen introduces its new electric vehicle (EV) made from recycled cardboard it makes us wonder which other materials could be used in EV manufacturing to make cars both faster and greener. With automakers racing to create the most innovative, cost-effective EV designs, non-traditional components could help car manufacturers come out on top. In September, Citroen announced a new concept car to be made from recycled cardboard. The new EV oli, is expected to weigh just 1,000 kilograms, or one metric tonne, and achieve

Read more at: https://oilprice.com/Energy/Energy-General/Cardboard-Cars-The-Race-To-Build-The-Worlds-Most-Sustainable-EV.html

4 EU Countries Propose Dynamic Gas Price Corridor

Four European Union member states are seeking to temper soaring energy prices and inflation with what they are calling a dynamic gas price corridor proposal released on Wednesday and expected to be discussed by EU country leaders today and tomorrow in Prague. The initial draft proposal for a dynamic gas price corridor was drawn up by Poland, Italy, Belgium, and Greece and would be applied to all wholesale natural gas transactions not limited to import from specific jurisdictions and not limited to a specific use

Read more at: https://oilprice.com/Latest-Energy-News/World-News/4-EU-Countries-Propose-Dynamic-Gas-Price-Corridor.html

Smart Money Sees Opportunity In Natural Gas Selloff

With Russia cutting natural gas supplies to Europe, the bulls are eyeing bigger opportunities in natural gas, with funds parking their money into dividend stocks that could benefit from Europe’s energy crisis and protect against inflation. Funds are now parking their money into stocks such as Enbridge (NYSE:ENB), Cheniere Energy, Energy Transfer (NYSE:ET) and Pembina Pipeline Corp (NYSE:PBA), as well as into ETFs such as the Alerian MLP (NYSE:AMLP). The thesis is that even as Europe is filling its storage faster

Read more at: https://oilprice.com/Energy/Natural-Gas/Smart-Money-Sees-Opportunity-In-Natural-Gas-Selloff.html

Adidas says its relationship with Kanye West is under review

West partnered with Adidas in 2013 to manufacture and distribute items from his Yeezy clothing line. He’s recently been publicly critical of the company and its CEO.

Read more at: https://www.cnbc.com/2022/10/06/adidas-says-its-relationship-with-kanye-west-is-under-review.html

Peloton slashing 500 more jobs as it races to return to growth

Peloton is cutting about 500 jobs, but CEO Barry McCarthy says no further layoffs are planned.

Read more at: https://www.cnbc.com/2022/10/06/peloton-has-6-months-to-show-it-can-survive-500-job-cuts-coming.html

Pentagon awards $200 million spacecraft contract to private venture York

Spacecraft manufacturer York Space Systems won a Pentagon contact worth up to $200 million to build experimental satellites.

Read more at: https://www.cnbc.com/2022/10/06/york-space-wins-200-million-pentagon-contract-for-t1des-satellites.html

Apartment demand unexpectedly fell during its busiest season, according to a new report

It’s the first time the rental technology platform RealPage has recorded a third-quarter drop in the 30 years it’s been tracking the metric.

Read more at: https://www.cnbc.com/2022/10/06/apartment-demand-fell-during-busiest-renting-season-realpage-report-says.html

Mercedes-Benz CEO says luxury drivers will help spur the transition to electric vehicles

Kallenius said that while Mercedes plans to sell internal combustion models for a while longer, he expects luxury car shoppers will increasingly choose EVs.

Read more at: https://www.cnbc.com/2022/10/06/mercedes-benz-ceo-says-ev-transition-will-be-helped-by-luxury-drivers.html

United Airlines is aiming to have electric planes flying by 2030

United Airlines is aiming to have electric aircraft flying regional routes by 2030, part of the company’s goal to fully reduce its carbon footprint by 2050.

Read more at: https://www.cnbc.com/2022/10/06/united-airlines-is-aiming-to-have-electric-planes-flying-by-2030.html

U.S. will screen people arriving from Uganda for Ebola as East African nation battles outbreak

Uganda is battling on Ebola outbreak with 63 confirmed cases and 29 deaths. No cases of Ebola have been reported in the U.S., according to CDC.

Read more at: https://www.cnbc.com/2022/10/06/us-will-screen-people-arriving-from-uganda-for-ebolavirus-at-five-airports.html

How this popular Jeff Bezos quote drives Amazon’s climate goals

In 2019, Amazon made a commitment to decarbonize by 2040, a decade ahead of the Paris climate accord deadline. Getting there requires discipline and planning.

Read more at: https://www.cnbc.com/2022/10/06/how-this-popular-jeff-bezos-quote-drives-amazons-climate-goals.html

The climate investor who bet right on ExxonMobil on how to stay ahead of the market for the next decade

Engine No. 1 became known for its winning proxy war against ExxonMobil, but it sees the future of energy investing and climate change as a market being broader.

Read more at: https://www.cnbc.com/2022/10/06/climate-investor-who-made-right-exxon-bet-on-how-to-beat-the-market.html

Gun industry faces a new wave of lawsuits that could reshape how firearms are sold

The gun industry has broad legal immunity from the fallout of mass shootings. Experts say plaintiffs in new lawsuits face an uphill battle.

Read more at: https://www.cnbc.com/2022/10/06/gun-companies-sued-over-mass-shootings.html

A $150 million beach home for sale would be the Hamptons’ priciest ever — if it can find a buyer

The compound, called La Dune, draws from a tiny pool of buyers, likely billionaires, and has been on and off the market since 2016.

Read more at: https://www.cnbc.com/2022/10/06/inside-a-150-million-hamptons-summer-home-for-sale.html

Rivian needs to sharply ramp up EV production to meet 2022 targets — Wall Street is betting it can

EV startup Rivian Automotive told investors in March that it will produce 25,000 vehicles in 2022. It has three months and a seemingly tall order to get there.

Read more at: https://www.cnbc.com/2022/10/06/rivian-2022-ev-production-targets-will-mean-a-sharp-ramp-up.html

New York Comic Con tries to get back to normal in a world changed by Covid

New York Comic Con, which will feature events from DC and Marvel Comics, among others, begins Thursday and is set to run through Sunday.

Read more at: https://www.cnbc.com/2022/10/05/new-york-comic-con-2022-marvel-dc-jacob-javits-center.html

Feds Have Enough Evidence To Slap Hunter Biden With Tax, Gun Charges: WaPo

Federal investigators looking into Hunter Biden’s dealings have enough evidence to charge him with tax crimes and a false statement related to a gun purchase, the Washington Post reports.

The investigation into Hunter Biden began in 2018, and became a central focus for then-president Donald Trump during his unsuccessful 2020 reelection effort. Initially, the investigation centered around Hunter Biden’s finances related to

Read more at: https://www.zerohedge.com/political/feds-have-enough-evidence-slap-hunter-biden-tax-gun-charges-wapo

US Gasoline Demand Unexpectedly Soars To Highest In Five Years As Inventories Crater

Two months ago, amid some major discrepancies in key points, the energy market was swept with speculation that the Biden admin – in this case the Department of Energy – was publishing “very crooked numbers” to artificially represent gasoline demand as much lower than it really was in order to depress the price of oil (considering the lengths to which the Soros administration has gone to keep gas prices low ahead of the midterms, even threatening OPEC+ that it had committed a “hostile act” for daring to put its own interest ahead of the Democrats’ chances of winning the midterms). What made the manipulated “data” even more absurd is that gasoline demand had somehow collapsed below levels hit in 2020 when the US economy was largely shut down by covid.

And so, after we raised a big stink, and after the …

Read more at: https://www.zerohedge.com/markets/us-gasoline-demand-unexpectedly-soars-highest-five-years-inventories-crater

Newly Obtained Emails Shed More Light On CDC’s False Vaccine Safety Monitoring Statements

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

Newly obtained emails show the Centers for Disease Control and Prevention (CDC) made a false statement on COVID-19 vaccine safety monitoring in 2021, months before agency officials gave false statements on the matter to The Epoch Times.

The Centers for Disease Control and Prevention (CDC) headquarters in Atlanta, Ga., on April 23, 2020. (Tami Chappell/AFP via Getty Images)The emails also show top officials in the agency discussing performing safety monitoring on a key database for myocarditis, a form of heart inflammation that has been linked to the vaccines fr …

Read more at: https://www.zerohedge.com/covid-19/newly-obtained-emails-shed-more-light-cdcs-false-vaccine-safety-monitoring-statements

Tyson Joins Chicago Corporate Exodus; Moves “All Employees” To Arkansas

Companies are finding it increasingly difficult to operate in the Chicago metropolitan area after progressive policies and defunding the police rhetoric have transformed the area into a violent mess. The latest company with operations in Chicago to run towards the exit door is America’s top meat company, Tyson Foods Inc.

Tyson announced Wednesday plans to move “all its corporate team members from the Chicago, Downers Grove, and Dakota Dunes area corporate locations to its world headquarters in Springdale, Arkansas.”

“The move will foster closer collaboration, enhance team member agility and enable faster decision-making, positioning Tyson to win with its team members, customers, and consumers. Team members will begin the phased relocation in early 2023,” Tyson continued in a statement.

Bloomberg pointed out that 1,000 employees from downtown Chicago and surrounding regional offices, as well as those in Dakota Dunes, South Dakota, will be relocated to Springdale.

Donnie King, President & CEO of Tyson, said the move was about bringing their corporate team closer “together under one roof unlocks greater opportunities to share perspectives and ideas, while also enabling us to act quickly to solve problems and provide the innovative products solutions that our customers deserve and value.”

Even though Tyson and King say …

Read more at: https://www.zerohedge.com/markets/chicago-faces-corporate-exodus-wave-tyson-moves-all-employees-arkansas

Homes face winter power cuts in worst-case scenario, says National Grid

Cuts would probably occur at peak times and customers would be warned in advance.

Read more at: https://www.bbc.co.uk/news/business-63155827?at_medium=RSS&at_campaign=KARANGA

Train strike: Only one in five services set to run on Saturday

People are being warned to only travel if absolutely necessary as the RMT union holds another strike.

Read more at: https://www.bbc.co.uk/news/business-63158807?at_medium=RSS&at_campaign=KARANGA

Why is everyone going on strike?

Thousands of workers have walked out or threatened to this summer, causing widespread disruption.

Read more at: https://www.bbc.co.uk/news/business-62134314?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty fails to close above 50-DMA. What investors should do on Friday

Now, the index has to hold above 17,300 for an up move towards 17,442 and 17,500 zones, whereas support can be seen at 17,167 and 17,071 zones. Options data suggests a broader trading range in between 16,800 to 17,700 zones, while an immediate trading range is between 17,000 to 17,500.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-fails-to-close-above-50-dma-what-investors-should-do-on-friday/articleshow/94684520.cms

How to trade Nifty & Nifty Bank in new weekly series

Nifty’s coming week expiry option chain reflects on PE writers actively adding their positions all the way till 15,000 strikes – overall more than 30 thousand contracts each, with CE writers standing tall at 17,400/17,500 zones, with over 60 thousand contracts each.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/how-to-trade-nifty-nifty-bank-in-new-weekly-series/articleshow/94684638.cms

Defence is a multiyear theme! These 3 private sector companies are a good buy: Sandip Sabharwal

“Historically, we have seen that in PSUs, there will be growth, but there will be hiccups in between, and margins will not improve. I think whoever is playing a margin improvement story in PSU defence companies, you have to assume that margins might compress,” he said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/defence-is-a-multiyear-theme-ignore-psu-buy-these-3-private-sector-companies-are-a-good-buy-sandip-sabharwal/articleshow/94686578.cms

Biden asks agencies to review marijuana’s classification, pardons prior federal-possession offenses

President Joe Biden said he will pardon all prior federal offenses of simple possession of marijuana, and asked U.S. agencies to review how it is classified.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7133-848DB5B070A8%7D&siteid=rss&rss=1

Futures Movers: Oil up a 4th session, with Brent prices at their highest in a month after OPEC+ agrees to an output cut

Oil futures tally a fourth straight session climb on Thursday, with the global crude benchmark settling at its highest price in a month, a day after OPEC+ agreed to cut production.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7132-B63742CC4EFD%7D&siteid=rss&rss=1

MarketWatch Options Trader: There are early signs that the bear market is going into hibernation

Also, new options-trade recommendations for Harmonic and Bristol-Myers Squibb.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7133-0480036EE0D2%7D&siteid=rss&rss=1