17 October 2022 Market Close & Major Financial Headlines: Wall Street Reverses Downward Trend By Closing Moderately Higher In The Green

Putin Blames Outsiders As Central Asia Turns Its Back On Russia

If there are any tensions in relations between a bellicose Russia which has invaded its neighbor and its former colonies in Central Asia, outsiders are to blame for stirring them up. That, at least, was the message delivered by Russian President Vladimir Putin at a summit with Central Asian leaders in Kazakhstan on October 14. The situation that has taken shape in the world and in the region encourages the activation of all mechanisms of cooperation between us, he told the presidents of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan

Read more at: https://oilprice.com/Geopolitics/International/Putin-Blames-Outsiders-As-Central-Asia-Turns-Its-Back-On-Russia.html

Why The Lack Of Public Charging Infrastructure Isn’t Deterring EV Buyers

The large jump in electric vehicle (EV) demand over the past three years has brought into focus the growing importance of charging stations in key countries. Rystad Energy research shows that at present public charging infrastructure is not a limiting factor to the fast adoption of EVs, especially in nascent markets. In countries such as Germany, France, and Netherlands, there is no direct correlation between the growth of charging infrastructure and the number of EVs sold. Of far more significance to consumers are issues such as

Read more at: https://oilprice.com/Energy/Energy-General/Why-The-Lack-Of-Public-Charging-Infrastructure-Isnt-Deterring-EV-Buyers.html

Norway’s Equinor Considers Buying Chinese North Sea Oilfields

Reuters reported on Monday that Norway’s Equinor ASA (NYSE: EQNR)is considering buying oilfields in the British North Sea from China’s CNOOC Ltd (OTCPK: CEOHF), including a significant stake in the huge Buzzard oilfield in a deal valued at between 20 billion and 30 billion Norwegian crowns ($1.9 billion-$2.8 billion). The deal would rank among the largest in years on the U.K. continental shelf. According to the Norwegian newspaper DN, the deal might be finalized as early as the end of the current year. The assets were originally obtained

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norways-Equinor-Considers-Buying-Chinese-North-Sea-Oilfields.html

Russia Is Losing Its Influence In Central Asia

The difference between nay votes and non-votes, or abstentions, at the United Nations is symbolic, but often significant. A country that abstains might do so for any number of reasons, including fear of offending friendly countries on opposite sides of an issue. Voting yes or no, on the other hand, means taking sides and being prepared for the diplomatic consequences. On October 12, Central Asias two largest countries, Uzbekistan and Kazakhstan, joined 35 other UN members in abstaining on a resolution in favor of Ukraine’s territorial

Read more at: https://oilprice.com/Geopolitics/International/Russia-Is-Losing-Its-Influence-In-Central-Asia.html

Gasoline Prices See Abrupt Decline As U.S. Diesel Prices Continue To Rise

After a relentless four-week climb, U.S. national average gas prices have declined, falling 5.4 cents from a week ago to $3.86 per gallon on Monday. Still, the national average is still 20.6 cents higher from a month ago and a good 56.6 cents per gallon higher than a year ago. But while prices at the pump for gasoline have declined, diesel prices are on the opposite trajectory, rising 18.7 cents in the last week to $5.26 per gallon. After a sharp rise in the national average over the last few weeks, weve seen an abrupt, yet expected

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gasoline-Prices-See-Abrupt-Decline-As-US-Diesel-Prices-Continue-To-Rise.html

Copper Remains Range-Bound As Bears And Bulls Duke It Out

Via AG Metal Miner The October Copper Monthly Metals Index (MMI) fell 5.59% from September to October, with all components experiencing declines. Still, future copper prices face a wide range of challenges. Copper prices continue to show signs of short-term consolidation following a brief rebound that stalled in late August. Meanwhile, the bottom found in mid-July, and the peak of the subsequent rebound created a short-term trading range for the current sideways trend. Fed Remains Hawkish, Splits on Rate Hike Pace Accumulating rate hikes from the

Read more at: https://oilprice.com/Metals/Commodities/Copper-Remains-Range-Bound-As-Bears-And-Bulls-Duke-It-Out.html

Kanye West, who now goes by Ye, agrees to buy the conservative social media platform Parler, company says

Kanye West, who now goes by Ye, agreed to buy Parler, a conservative social media app after other platforms suspended him over antisemitic posts.

Read more at: https://www.cnbc.com/2022/10/17/kanye-west-is-buying-conservative-social-media-platform-parler-company-says.html

News Corp. stock up, Fox shares down as investors weigh possible merger

Shares of News Corp. rose and shares of Fox Corp. fell after the companies said they were exploring whether to merge again.

Read more at: https://www.cnbc.com/2022/10/17/news-corp-stock-up-fox-shares-down-as-investors-weigh-merger.html

WWE stock hits 52-week high, defying market trends, in aftermath of McMahon scandal

Shares of WWE, the company behind Smackdown and WrestleMania, haven’t traded at these levels since summer 2019.

Read more at: https://www.cnbc.com/2022/10/17/wwe-stock-hits-52-week-high-mcmahon-scandal-aftermath.html

Trucking company XPO releases some quarterly results ahead of brokerage spinoff

XPO Logistics said it expects to post third quarter revenue that comes in just under what analysts had been expecting.

Read more at: https://www.cnbc.com/2022/10/17/xpo-logistics-xpo-preliminary-3q-results.html

‘The hell with it’: Elon Musk tweets SpaceX will ‘keep funding Ukraine govt for free’ amid Starlink controversy

It was not immediately clear whether Elon Musk was being sarcastic. In response to a tweet about the move, he said, “we should still do good deeds.”

Read more at: https://www.cnbc.com/2022/10/15/elon-musk-tweets-on-starlink-well-just-keep-funding-ukraine-govt-for-free.html

Trump Media fired executive whistleblower after he spoke to Washington Post, shared documents

Donald Trump’s media company fired an executive after he shared internal documents from an SEC whistleblower complaint with The Washington Post.

Read more at: https://www.cnbc.com/2022/10/15/trump-media-fired-whistleblower-after-he-spoke-to-washington-post.html

Kroger has to win over Wall Street and Washington on its Albertsons deal – here’s how it plans to do that

Kroger and Albertsons must persuade federal regulators, investors and shoppers that the deal is beneficial.

Read more at: https://www.cnbc.com/2022/10/14/albertsons-deal-how-kroger-plans-to-win-over-regulators-investors.html

Nikola founder Trevor Milton found guilty of fraud over statements he made while CEO of the EV company

Trevor Milton, who founded electric truck maker Nikola and ran it until September 2020, has been found guilty of fraud related to statements he made while CEO.

Read more at: https://www.cnbc.com/2022/10/14/nikola-nkla-founder-trevor-milton-found-guilty-of-fraud-.html

NFL Sunday Ticket still up for grabs as Apple pushes for flexibility with game rights

Apple’s negotiations for Sunday Ticket have gotten complicated because of existing restrictions around the package, sources say.

Read more at: https://www.cnbc.com/2022/10/14/nfl-apple-are-at-odds-sunday-ticket-talks.html

Stellantis debuts pure-electric Jeep, pledges new target on energy self-sufficiency

Other Stellantis brands include Fiat, Chrysler and Citroen.

Read more at: https://www.cnbc.com/2022/10/17/stellantis-debuts-electric-jeep-pledges-new-energy-target.html

In the new thriller ‘Emily the Criminal,’ director John Patton Ford takes on the student loan crisis

“Emily the Criminal,” a film about a woman who gets involved in credit card fraud, is at heart about the student loan crisis.

Read more at: https://www.cnbc.com/2022/10/16/emily-the-criminal-director-ford-takes-on-student-loan-crisis-.html

For GM auto union workers, there’s still a lot to learn about making EVs

GM’s Lake Orion, Michigan, plant made Chevy Bolt EVs as far back as 2015, and its UAW union workers were among the first to be trained for the new auto era.

Read more at: https://www.cnbc.com/2022/10/16/how-one-gm-auto-plants-union-workforce-is-learning-to-make-evs.html

Rupert Murdoch explores reuniting Fox and News Corp.

Rupert Murdoch is considering reuniting Fox News’ parent with The Wall Street Journal’s owner.

Read more at: https://www.cnbc.com/2022/10/14/rupert-murdoch-explores-putting-fox-and-news-corp-back-together.html

The Trump Subpoena: Why The Jan 6 Committee’s Timing Is Both Terrible And Telling

Authored by Jonathan Turley,

Below is my column in The Hill on the issuance of a subpoena for former President Donald J. Trump by the January 6th Select Committee. It brought to together two obsessions: the Bears and the law. The final scheduled play in both the Bears game and the Committee hearings had one striking similarity. In both cases, the throw was solid but it came too late and the reception was much in doubt.

Here is the column:

Two events consumed Washington on Thursday. The hapless Commanders won a game against the Chicago Bears — and the House Select Committee on Jan. 6 issued a subpoena to former President Trump.

The …

Read more at: https://www.zerohedge.com/political/trump-subpoena-why-jan-6-committees-timing-both-terrible-and-telling

Boston University Creates COVID Strain With 80% Mortality In Mice

Researchers at Boston University have created a new strain of Covid-19 that has an 80% kill rate in humanized mice.

In an effort to research what makes Omicron so transmissible, the researchers cobbled the Omicron spike protein to the original strain of Covid-19. The resulting virus was five times more infectious than Omicron.

“The Omicron spike (S) protein, with an unusually large number of mutations, is considered the major driver of these phenotypes. We generated chimeric recombinant SARS-CoV-2 encoding the S gene of Omicron in the backbone of an ancestral SARS-CoV-2 isolate and compared this virus with the naturally circulating Omicron variant,” reads the pre-print.

Role of spike in the pathogenic and antigenic behavior of SARS-CoV-2 BA.1 Omicronhttps://t.co/Zpt1LVtUuy

— Paul D. Thacker (@thackerpd)

Read more at: https://www.zerohedge.com/covid-19/boston-university-engineers-sars-cov-2-chimera-80-mortality-rate-mice

Bitcoiners Have Cassandra’s Curse

Authored by Mark Maraia via BitcoinMagazine.com,

While being armed with knowledge is powerful, it can be frustrating for Bitcoiners who see the solutions to the world’s monetary woes…

Legend has it that there was once a princess of Troy named Cassandra, the daughter of King Priam and Queen Hecuba, sister to Hector, the prince of Troy who famously fought Achilles (of heel-related fame). The god Apollo fell in love with her and in an attempt to woo her, he gave her the gift of being able to see the future. Unimpressed, she rejected his love. A god could not take back a divine gift once it had been given, so in his anger Apollo could only give her something more — this time a curse. Cassandra was fated always to see the truth of the future, but never to be believed by anyone who she told her vision to.

Read more at: https://www.zerohedge.com/crypto/bitcoiners-have-cassandras-curse

White House Scrambles After Biden Suggests Pakistan’s Nukes Are ‘Unsafe’

The White House is in damage control after rare criticism directed against US ally Pakistan by President Joe Biden has created an uproar and severe diplomatic tensions.

Biden said last Thursday that Pakistan was “one of the most dangerous nations in the world” because it has “nuclear weapons without any cohesion.” The statement strongly suggesting Pakistan’s nukes are insecure and therefore in potentially unsafe hands, according to an official transcript of remarks given at a Democratic Party fundraiser in Los Angeles.

On Monday the US administration sought to reassure its central Asian ally, saying the United States remains “confident” that Pakistan can secure its nuclear arsenal – a reversal of Biden’s own words.

Image source: AFP”The United States is confident of Pakistan’s commitment and …

Read more at: https://www.zerohedge.com/political/white-house-scrambles-after-biden-suggests-nukes-unsafe-allied-pakistan

What Jeremy Hunt’s statement means for you

The new chancellor has outlined a host of policy changes. This is how is affects your finances.

Read more at: https://www.bbc.co.uk/news/business-63285246?at_medium=RSS&at_campaign=KARANGA

Energy bill help to be reduced from April, says Jeremy Hunt

Promise to cap household bills for two years will now be scaled back, says Chancellor Jeremy Hunt.

Read more at: https://www.bbc.co.uk/news/business-63283436?at_medium=RSS&at_campaign=KARANGA

Plan to remove bankers’ bonus cap to go ahead

Jeremy Hunt dismantled much of the mini-budget, but will still be scrapping the cap on bankers’ bonuses.

Read more at: https://www.bbc.co.uk/news/business-63290169?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at more trouble ahead. What investors should do on Wednesday

Option data suggests a shift in lower broader trading range in between 16,600 to 17,500 zones while an immediate trading range in between 16,800 to 17,200 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-more-trouble-ahead-what-investors-should-do-on-wednesday/articleshow/94788566.cms

HDFC’s exit from Nifty may pave way for one of these stocks​

For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/hdfcs-exit-from-nifty-may-pave-way-for-one-of-these-stocks/articleshow/94918245.cms

Electronics Mart India: Should you book profits after stellar debut or hold it for long-run?

Shares of Electronics Mart India jumped to Rs 91 before dropping to Rs 83.25 on BSE, its intra-day lows till 11.45 am. Market analysts remain divided about any immediate move over the listing price. They unanimously suggest to avoid making a fresh entry on the counter.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/electronics-mart-india-should-you-book-profits-after-stellar-debut-or-hold-it-for-long-run/articleshow/94913948.cms

The Human Cost: ‘That’s an extra $2,600 this year’: Breastfeeding mothers tell MarketWatch they’re struggling to keep up with the weekly grocery bill

Two families tell MarketWatch how they’ve cut back on their grocery bills.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7138-C4C1ECD4B4EF%7D&siteid=rss&rss=1

The Margin: Cisco gear is being shipped into Russia from China and other countries, leaked customs database shows

Following Russia’s invasion of Ukraine in February, a host of major U.S. corporations, including Cisco, ended their Russian operations.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713A-DB80DCE3FE20%7D&siteid=rss&rss=1

Futures Movers: Oil prices end lower as traders weigh recession fears versus tight crude supplies

Oil futures give up their Monday gains to finish the session lower, as investors weigh recession fears against tight crude supplies.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713A-CF617E8012DB%7D&siteid=rss&rss=1