21 October 2022 Market Close & Major Financial Headlines: Wall Street Stocks Advance Sharply Closing In The Green

China Plans Mammoth Offshore Windfarm

The Chinese city of Chaozhou in Guangdong has plans to begin construction on its massive 43.3 GW offshore wind farm within the space of a few years, according to the city’s most recent five-year plan. The location of the wind farm is ideal, with winds strong enough to run the turbines between 43% and 49% of the time – a figure that is high for the industry. But it’s not just the utilization rate that is impressive. At 43.3 GW of power generating capacity, the offshore wind farm will be capable of churning out as much power as the

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/China-Plans-Mammoth-Offshore-Windfarm.html

Macron Lashes Out At the United States Over Double Standard Energy Policies

U.S. trade and energy policies have created a double standard, with Europe left paying higher prices for its natural gas, French President Emmanuel Macron said on Friday. France, the latest and largest–country to withdraw from the Energy Charter Treaty, has switched from being a net exporter of energy last year to being a net importer of energy this year, after problems with its nuclear fleet surfaced. To compensate for its declining nuclear fleet and Russia’s complete halt of natural gas shipments into the country,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Macron-Lashes-Out-At-United-States-Over-Double-Standard-Energy-Policies.html

Iran Is Conducting Massive Military Drills On The Azerbaijan Border

Iran’s military is conducting large-scale military drills on its border with Azerbaijan, including practicing crossings of the Aras River, which defines a large part of the border between the two states. The exercises, called Mighty Iran, began on October 17. The exact location has not been specified, but Iranian media placed them in between Iran’s provinces of Ardabil and East Azerbaijan, the part of Iran across the Aras from Azerbaijan’s Fuzuli region. One expert on open-source intelligence, however, analyzed photos

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Is-Conducting-Massive-Military-Drills-On-The-Azerbaijan-Border.html

Oil Could Surge Well Above $100 After Midterms

With everyone obsessing over UK lettuce and the Fed blowing up the US economy, there was not enough digital ink to discuss the supreme irony of Biden unleashing another release of oil from the Midterm Petroleum Reserve and… oil surging. Unfortunately for the ever more addled president, this is just the start. On Wednesday, Amrita Sen, co-founder and research director at consultants Energy Aspects, said on Bloomberg TV that the market risks losing Russian barrels in December as EU restrictions on imports and shipping potentially dissuade tanker

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Could-Surge-Well-Above-100-After-Midterms.html

Frankly Terrifying: Energy Crisis Could Drag 26M Brits Into Fuel Poverty

The axing of the energy price guarantee from April next year could lead to almost 11m UK households falling into fuel poverty, campaigners have warned, which is about 26m people. It means more than one in three British households face the grim prospect of hardship: there are an estimated 28.1m households in the UK. The average household in Britain has 2.36 people. The End Fuel Poverty Coalition described the outlook as frankly terrifying and urged the Government to focus on a new package of support and energy market reforms, alongside

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Frankly-Terrifying-Energy-Crisis-Could-Drag-26-Million-Brits-Into-Fuel-Povert.html

Drilling Activity In The U.S. Sees Little Change This Week: Baker Hughes

The number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 771 this week229 rigs higher than the rig count this time in 2021. Oil rigs in the United States rose by 2 this week, to 612. Gas rigs stayed the same at 157. Miscellaneous rigs also stayed the same at 2. The rig count in the Permian Basin held steady at 346 this week. Rigs in the Eagle Ford stayed the same at 71. DJ-Niobrara saw an increase of 3 rigs this week, to 20.

Read more at: https://oilprice.com/Energy/Crude-Oil/Drilling-Activity-In-The-US-Sees-Little-Change-This-Week-Baker-Hughes.html

Here’s why it’s so hard to find cheap airfare this year — and why 2023 isn’t looking much better

Airline executives have said consumer demand has remained resilient despite higher fares.

Read more at: https://www.cnbc.com/2022/10/20/airfare-stays-high-despite-economic-weakness.html

Big bargains will dominate the holiday season, but shoppers may not be sold

Retailers are discounting computers, toys and more to try to sell off excess inventory and encourage budget-conscious shoppers to spend.

Read more at: https://www.cnbc.com/2022/10/20/inflation-weary-shoppers-see-more-holiday-sales-2022.html

PGA Tour sues LIV Golf’s Saudi backers to force evidence discovery

The lawsuit, filed Friday in the U.S. District Court for the Southern District of New York, continues a series of antitrust claims between the rival groups.

Read more at: https://www.cnbc.com/2022/10/21/pga-tour-sues-liv-golfs-saudi-backers-to-force-evidence-discovery.html

Amazon hires Hawaiian Air to fly rented Airbus cargo jets to replace older freighters

Amazon has also teamed up with another U.S. airline, Sun Country, to fly cargo jets.

Read more at: https://www.cnbc.com/2022/10/21/amazon-hires-hawaiian-air-to-fly-rented-airbus-cargo-jets-to-replace-older-freighters.html

Movie theaters want more from Netflix, but the streaming giant isn’t ready to budge on its release model

Netflix is finally embracing ads, leading some to question if it should start releasing more of its movies in theaters for longer runs.

Read more at: https://www.cnbc.com/2022/10/20/netflix-knives-out-sequel-glass-onion-limited-release.html

CDC is discussing using oral polio vaccine for first time in 20 years to stop New York outbreak

The U.S. currently uses the inactivated polio vaccine, which is highly effective at preventing paralysis but does not stop transmission of the virus.

Read more at: https://www.cnbc.com/2022/10/21/cdc-is-discussing-using-oral-polio-vaccine-for-first-time-in-20-years-to-stop-new-york-outbreak.html

Here’s why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get

A tax credit for entrepreneurs who buy new electric vehicles or machinery doesn’t carry many of the same restrictions that apply to consumers buying clean cars.

Read more at: https://www.cnbc.com/2022/10/21/why-an-electric-vehicle-tax-credit-for-business-owners-may-be-relatively-easy-to-get.html

Investors will be able to contribute up to $22,500 in 401(k) plans and $6,500 in IRAs in 2023

The IRS has increased the 401(k) contribution limits to $22,500 and individual retirement account limits to $6,500 for 2023. Here’s what investors need to know.

Read more at: https://www.cnbc.com/2022/10/21/investors-can-contribute-up-to-22500-in-a-401k-and-6500-in-iras-in-2023.html

Stocks making the biggest moves midday: Snap, American Express, Verizon, Twitter, and more

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

Read more at: https://www.cnbc.com/2022/10/21/stocks-making-the-biggest-moves-midday-snap-american-express-verizon-twitter-and-more-.html

These two strategies can help you stay diversified in any kind of stock market

Using correlations and the barbell strategy can help inform trading decisions in any market.

Read more at: https://www.cnbc.com/2022/10/21/these-two-strategies-can-help-you-stay-diversified-in-any-stock-market.html

The Rock’s ‘Black Adam’ is bland, ‘color-by-numbers’ DC Comics superhero movie, critics say

Not even Dwayne “The Rock” Johnson could salvage the Warner Bros.’ latest entrant into the DC Extended Universe, “Black Adam.”

Read more at: https://www.cnbc.com/2022/10/20/black-adam-reviews-the-rock-bland-predictable.html

GM’s new GMC Sierra EV will offer traditional truck buyers an upscale electric alternative to the Hummer

The GMC Sierra EV Denali Edition 1 comes with much of the same technology offered on the wild Hummer EV in a more traditional pickup package.

Read more at: https://www.cnbc.com/2022/10/20/gms-2024-gmc-sierra-ev-offers-electric-truck-alternative-to-hummer.html

J6 Committee Subpoenas Trump Hours After Bannon Sentencing

Hours after former White House adviser Steve Bannon was sentenced to four months in jail for defying a subpoena from the January 6th committee, the partisan panel subpoenaed former President Donald J. Trump in what the New York Times described as the ‘most aggressive step taken so far.’

The Friday subpoena comes a week after the committee voted unanimously to do so, and demands that Trump turn over documents by Nov. 4, as well as appear for a deposition on or around Nov. 14 in an interview that could last several days.

“The deposition will be under oath and will be led by the professional staff of the S …

Read more at: https://www.zerohedge.com/political/j6-committee-subpoenas-trump-hours-after-bannon-sentencing

Pentagon Chief Urges Russian Counterpart Keep ‘Lines Of Communication Open’ In 1st Call In Months

For the first time since May, the defense chiefs of the United States and Russia spoke by phone on Friday, after relations between Washington and Moscow have deteriorated almost to the point of no contact.

US Defense Secretary Lloyd Austin took the opportunity to urge his counterpart Sergei Shoigu to keep “lines of communication” open when it comes to the war in Ukraine, in order to avoid misunderstandings leading to possible unnecessary escalation between the two nuclear-armed powers.

“Secretary Austin emphasized the importance of maintaining lines of communication amid the ongoing war against Ukraine,” a call readout by Brigadier General Pat Ryder indicated.

Austin additionally “underscored the international community’s continued support in building Ukraine’s enduring strength and safeguarding Ukraine’s ability to defend itself in the future.” The t …

Read more at: https://www.zerohedge.com/geopolitical/pentagon-chief-urges-russian-counterpart-keep-lines-communication-open-1st-call-months

Giorgia Meloni Tells Ex-PM Berlusconi ‘Keep Your Mouth Shut’ After Audio Leaks Bashing NATO

An audio leak of three-time former prime minister and leader of the Forza Italia party Silvio Berlusconi is driving scandal and fragmentation within the Italian Right just ahead of Giorgia Meloni’s being sworn in as Italy’s first female prime minister on Saturday.

The contents of the recording, which have driven Italian media headlines this week, were condemned by Meloni. She warned Berlusconi in Wednesday comments that his future position in any new government is in question if he toes a ‘pro-Putin line’ on the war in Ukraine.

Silvio Berlusconi and Giorgia Meloni, via Shutterstock”Italy will never be the weak link of the West with us in government,” Meloni vowed in a message seeking to reassure Western European allies after Berlusconi was heard saying it was Ukraine that “provoked” the Feb.24 invasion.

…

Read more at: https://www.zerohedge.com/political/giorgia-meloni-tells-ex-pm-berlusconi-keep-your-mouth-shut-after-audio-leaks-bashing-nato

GOP Governors Promise Not To Mandate COVID-19 Vaccine For Children

Authored by Steve Watson via Summit News,

Following the CDC’s Advisory Committee on Immunization Practices voting 15-0 to add Covid-19 shots to the children’s recommended vaccine schedule, Republican governors have vowed not to institute mandates in their states.

The Covid-19 vaccine has been placed as a recommendation from 6 months of age and older, as well as being approved for the federally funded Vaccine for Kids program, which provides vaccines to children at no or low cost to families.

Florida Governor Ron DeSantis led the way in promising not to institute any COVID vax mandates.

“As long as I am Governor, in Florida there will not be a COVID-19 vaccine mandate for children in our schools,” DeSantis said.

He continued, “That is your decision to make as a parent. These are new shots. I get a kick out of it when peo …

Read more at: https://www.zerohedge.com/political/gop-governors-promise-not-mandate-covid-19-vaccine-children

Pound sinks as UK economic uncertainty rises

Government borrowing rose in September and people are shopping less than pre-Covid, new figures show.

Read more at: https://www.bbc.co.uk/news/business-63340725?at_medium=RSS&at_campaign=KARANGA

Tesco raises meal deal price as food costs soar

It is the first time in 10 years the popular lunch choice has gone up for all customers.

Read more at: https://www.bbc.co.uk/news/business-63346320?at_medium=RSS&at_campaign=KARANGA

Spain lifts final Covid rules for UK travelers

British holidaymakers will no longer have to provide Covid or vaccination status to get into Spain.

Read more at: https://www.bbc.co.uk/news/business-63347870?at_medium=RSS&at_campaign=KARANGA

Will the rupee hit 84? Further depreciation likely on cards amid dollar strength

The rupee has fallen 0.4% against the dollar this week, marking the sixth straight weekly fall

Read more at: https://economictimes.indiatimes.com/markets/forex/will-rupee-hit-84-further-depreciation-likely-on-cards-amid-dollar-strength/articleshow/95018298.cms

Asian Paints stock: Soft Q2 leaves investors disappointed. Should you sell?

The Nifty company also announced a capex of Rs 6,750 crore over the next 3-4 years with the primary objective of becoming a more cost-efficient producer that allows it flexibility to price more competitively. Analysts said the company management’s message is clear—prioritize market share gains/defense over margins and return ratios.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/asian-paints-stock-soft-q2-leaves-investors-disappointed-should-you-sell/articleshow/95007354.cms

India’s stocks are yet to feel tight money

To see why, start with what the brokerage HDFC Securities is calling the “changing contours of monetary transmission” in India. In March 2020, less than 10% of floating-rate rupee loans were priced off an external benchmark such as the RBI’s repurchase rate. By June this year, that figure had jumped to 47%. Taking advantage of rising interest rates, lenders have frequently reset loan prices.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indias-stocks-are-yet-to-feel-tight-money/articleshow/94999569.cms

TaxWatch: IRS sets new 401(k) limits — investors can save a lot more money in 2023

Workers age 50 and over will benefit in particular from the new 401(k) contribution limits for 2023.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713F-AFFE8A8585BC%7D&siteid=rss&rss=1

TaxWatch: New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now the bad news.

‘You can’t put a tax refund in February 2024 into the gas tank,’ one tax lawyer said.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713D-99DA1CAEC278%7D&siteid=rss&rss=1

‘It really does have a profound impact’: Renters in these properties have seen prices jump by $400 since February 2020

‘If you think about what a renter could do with that $400, that really cuts into their expenses,’ an economist said.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713B-E40033BB3B5D%7D&siteid=rss&rss=1