01 November, 2022 Market Close & Major Financial Headlines: Second Day Wall Street Closed Moderately Down And Traded Sideways

Is Gold Finally Worth Buying?

Most people have a sense of history that goes back about two weeks. This is especially true in the world of investing and finance. As a result, people have a hard time seeing the big picture. For instance, a lot of people think the current inflation crisis was only due to the Fed failing to respond fast enough. As Peter Schiff pointed out, this inflation was, in fact, decades in the making. And as James Anthony pointed out, the current inflation problem, along with all of the big economic crises that occurred in the 20th and 21st centuries, have

Read more at: https://oilprice.com/Metals/Gold/Is-Gold-Finally-Worth-Buying.html

Electricity Restored In Kyiv But Damage From Russian Strikes Is Extensive

The mayor of Kyiv says electricity and water supplies have been restored after a day of Russian missile strikes on Ukrainian energy facilities, including hydroelectric power stations, that caused blackouts, mobile phone outages, and reductions in water supplies. “The water supply to the homes of Kyiv residents has been fully restored. Thank you to the experts of Kyivvodokanal and DTEK, who worked for almost a day to restore water and electricity [supplies] to the residents of the capital,” Vitali Klitschko wrote on Telegram early on November 1.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Electricity-Restored-In-Kyiv-But-Damage-From-Russian-Strikes-Is-Extensive.html

East vs West, ‘Stuff’ vs ‘Finance’

As a military conflict rages in Ukraine between Russia and what the Russian government calls “the West” (apparently meaning NATO allies and particularly the United States), there is a parallel economic battle between “stuff” and “finance.” Both categories are affected by economic sanction regimes imposed by each side. But there is a striking difference in what each side has to sell. In advanced countries, the percentage of the total economy devoted to services has long exceeded that devoted to goods. This is a reflection of the increasing productivity

Read more at: https://oilprice.com/Energy/Energy-General/East-vs-West-Stuff-vs-Finance.html

Europe’s Energy Crisis Is Bad, But Better Than Predicted

When Russia cut off natural gas supply to Europe overnight this fall, politicians and business leaders predicted a devastating energy crisis that would spark a massive recession. Europe was already contending with runaway energy prices as the continent struggled to recover from Covid-related supply chain and market hiccups while also sanctioning the Kremlin to condemn Putin’s illegal invasion of Ukraine. Slapping energy sanctions on Russia was no easy feat for Europe. To outright cut off trade with the energy titan would be a pyrrhic

Read more at: https://oilprice.com/Energy/Energy-General/Europes-Energy-Crisis-Is-Bad-But-Better-Than-Predicted.html

Russias October Oil Production 1.1 Million Bpd Below Quota: Novak

Russia’s oil production, excluding condensate, for October came in well below its production quota for the month, at just 9.9 million bpd, Russian Deputy Prime Minister Alexander Novak said on Tuesday, Interfax reported. Russia’s October production is 1.1 million bpd below its quota of 11 million bpd allowed under its quota assigned under the OPEC+ agreement, but mostly in line with Novaks estimates made last month. For November, Russia’s oil production quota will drop from 11 million bpd to 10.5 million bpd. Russias

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-October-Oil-Production-Millions-Of-Bpd-Below-Quota-Novak.html

Russia And Iran To Sign Free Trade Agreement With The Eurasian Economic Union

Russia and Iran have agreed to sign a free trade agreement with the Eurasian Economic Union, Russian Deputy Prime Minister Alexander Novak said on Tuesday. Russia and Iran are also eyeing opportunities for joint projects, including in shipbuilding. We have also agreed to remove all barriers that exist today on the way of developing bilateral trade. And we are talking about reducing barriers at the borders with third countries. We have agreed to conclude an agreement on a free trade zone between Iran and the Eurasian Economic Union in the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-And-Iran-To-Sign-Free-Trade-Agreement-With-The-Eurasian-Economic-Union.html

Taylor Swift holds all top 10 spots in Billboard Hot 100 as she announces first major tour in nearly 5 years

Taylor Swift has taken the top 10 spots of the Billboard Hot 100 with songs from her album “Midnights.”

Read more at: https://www.cnbc.com/2022/11/01/taylor-swift-holds-top-10-spots-in-billboard-hot-100-announces-tour.html

Inside the $23 million mega-mansion that Yankee Candle built

Juggler Meadow in Leverett, Massachusetts was built by Michael Kittredge, who made his fortune as the founder of the Yankee Candle Company.

Read more at: https://www.cnbc.com/2022/11/01/inside-the-23-million-mega-mansion-that-yankee-candle-built-.html

Brooklyn Nets part ways with head coach Steve Nash after 2-5 start

Steve Nash is out as head coach of the Brooklyn Nets, who are 2-5 despite having superstars Kevin Durant and Kyrie Irving.

Read more at: https://www.cnbc.com/2022/11/01/brooklyn-nets-part-ways-with-head-coach-steve-nash-after-2-5-start.html

Disney+ subscribers are getting early access to exclusive merchandise, and it’s already selling out

Disney launched a limited test to see if its streaming subscribers will buy up exclusive merchandise themed to Disney+ shows and films.

Read more at: https://www.cnbc.com/2022/11/01/disney-subscribers-are-getting-early-access-to-exclusive-merchandise.html

Fox earnings lifted by advertising revenue from free streaming service Tubi

Fox said Tuesday its free streaming service Tubi helped boost its advertising revenue.

Read more at: https://www.cnbc.com/2022/11/01/fox-earnings-lifted-by-ad-revenue-from-tubi-streaming-service-.html

United pilots reject contract deal that ‘fell short’

United is the latest airline to hit a roadblock in contract talks with its highest-paid work group.

Read more at: https://www.cnbc.com/2022/11/01/united-pilots-reject-contract-deal-that-fell-short.html

Our guide to semiconductor companies and how their chips run our everyday lives

Semiconductors are perhaps one of the most important and complex sectors in the stock market to understand. Here’s our industry guide.

Read more at: https://www.cnbc.com/2022/11/01/semiconductor-stocks-guide-to-understanding-chip-companies.html

Migos rapper Takeoff killed in Houston shooting, aged 28

Migos rapper Takeoff died after he was shot outside of a downtown bowling alley in Houston early Tuesday, an attorney for the rapper confirmed.

Read more at: https://www.cnbc.com/2022/11/01/migos-rapper-takeoff-killed-in-houston-shooting-aged-28.html

SpaceX launches Falcon Heavy, the world’s most powerful rocket, on Space Force mission

Elon Musk’s SpaceX launched the first Falcon Heavy mission in over three years, a towering rocket that is the most powerful currently in operation.

Read more at: https://www.cnbc.com/2022/11/01/watch-live-spacex-launches-falcon-heavy-rocket-on-space-force-mission.html

Homebuilders say they’re on the edge of a steeper downturn as buyers pull back

Homebuilders say 2023 is going to bring an even sharper downturn in the market, as high-interest rates scare away buyers.

Read more at: https://www.cnbc.com/2022/10/31/homebuilders-say-steeper-downturn-is-coming-as-buyers-pull-back.html

Self-driving truck startup TuSimple fires its CEO over improper ties to a Chinese firm

TuSimple fired its CEO after its board found improper dealings with a Chinese startup.

Read more at: https://www.cnbc.com/2022/10/31/tusimple-tsp-ceo-leaves-amid-investigation-into-dealings-with-hydron.html

Terran Orbital stock jumps after spacecraft builder raises $100 million from Lockheed Martin

Shares of spacecraft manufacturer Terran Orbital rose Monday after the company added $100 million via an investment from existing shareholder Lockheed Martin.

Read more at: https://www.cnbc.com/2022/10/31/terran-orbital-stock-rises-after-lockheed-martin-invests-100-million.html

GM temporarily suspends advertising on Twitter following Elon Musk takeover

General Motors is suspending advertising on Twitter following Elon Musk’s takeover of the social media platform.

Read more at: https://www.cnbc.com/2022/10/28/gm-temporarily-suspends-advertising-on-twitter-following-elon-musk-takeover.html

Bonds & Stocks Battered As ‘Good’ JOLTS Print Sends Rate-Hike Odds Soaring

Weak ISM and PMI data (and a big drop in prices within them) were shrugged off by the market which focused on a notable headline JOLTS beat (a two-month-old metric that’s likely manipulated ahead of the midterms) sparking a ‘good news are bad news’ reaction in markets, punching rate-trajectory expectations dramatically more hawkish just a day ahead of the FOMC decision. The market is now pricing in a cycle-high terminal of 5.06%…

Source: Bloomberg

And while tomorrow’s 75bps hike is a lock, the odds of a 75bps hike in Dec jumped today and the odds of a 50bps hike in Feb also jumped notably today…

Read more at: https://www.zerohedge.com/markets/bonds-stocks-battered-good-jolts-print-sends-rate-hike-odds-soaring

In First Appearance Since Election, Bolsonaro Refuses To Concede, Vows To Follow Constitution

Update(1600ET): Brazilian President Jair Bolsonaro finally spoke publicly for the first time since losing Sunday’s election by a narrow margin. Many expected, or were hoping, for a concession speech – but that didn’t happen. But it appears the short press event itself was all about the optics of accepting the loss.

He vowed to “follow the Constitution” and called for “order” in the country- and yet didn’t explicitly concede nor did he congratulate declared winner Lula da Silva on victory for the Brazilian presidency, which he’s expected to take over on January 1st. At the same time Bolsonaro didn’t contest the result either.

As one Brazilian national outlet said of the very short speech, “Jair Bolsonaro has not said whether he will accept the election result. He didn’t mention Lula and he didn’t even congratulate the new elected president. It was a subtle pronouncement.”

At the lectern now: @jairbolsonaro. pic.twitter.com/IA8y5mQprn

— Steve Herman (@W7VOA) November 1, 2022

However, according to breaking news wires…

Brazil’s Chief Of Staff: To Begin Process Of Transition With President Lula

Meanwhile raging pr …

Read more at: https://www.zerohedge.com/geopolitical/bolsonaro-supporters-block-roads-brazilian-president-silent-after-election-loss

Cybertruck Mass Production Set To Begin At End Of 2023

If you were hoping for your Tesla Cybertruck in 2023, it might be time to (again) realign your expectations.

A new report from Reuters indicates mass production of the Cybertruck will begin at the end of 2023, which means those who put down $100 to reserve the vehicle will have to wait for another year, according to two people with direct knowledge of the plans.

“We’re in the final lap for Cybertruck,” Elon Musk told investors on a conference call last month. The company said, “early production” of the vehicle will start in the middle of 2023. A full ramp-up in production would occur later in the year.

People have already waited several years for the sharp-angled electric truck, which could be years before all 1.3 million reservations are filled.

Read more at: https://www.zerohedge.com/markets/cybertruck-mass-production-begins-end-2023

Greta Thunberg Calls For “Overthrow Of Whole Capitalist System”

Authored by Paul Joseph Watson via Summit News,

Climate activist Greta Thunberg has gone fully mask off and is now calling for the overthrow of “the whole capitalist system.”

Thunberg made the extremist comments during an appearance on Sunday night at London’s Royal Festival Hall to promote her new ‘Climate Book’.

Nicholas Harris from UnHerd was there to watch Thunberg outline her demented manifesto.

Previously, she’d sold herself as a five-foot human alarm bell, a climate Cassandra. Her role was to warn, not to instruct: her most viral moments involved her scolding political leaders, not trying to supplant them. She strenuously avoided programmatic detail, saying such things were “nothing to do with me”. But now, on stage and in this book, she h …

Read more at: https://www.zerohedge.com/geopolitical/greta-thunberg-calls-overthrow-whole-capitalist-system

Morrisons to close 132 McColl’s stores putting jobs at risk

Owner Morrisons says that closing the loss-making stores will put 1,300 jobs at risk.

Read more at: https://www.bbc.co.uk/news/business-63407159?at_medium=RSS&at_campaign=KARANGA

Bank makes history as it reverses quantitative easing

It is the first central bank to start unwinding the emergency support brought in after the 2008 financial crisis.

Read more at: https://www.bbc.co.uk/news/business-63474176?at_medium=RSS&at_campaign=KARANGA

Elon Musk says £7 monthly fee for Twitter blue tick

Critics say the change could make it harder for people to find reliable sources on the social media site.

Read more at: https://www.bbc.co.uk/news/business-63478854?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms Doji candle on daily charts. What traders should do on Wednesday

​The index sustained above the hurdle of 18,096 levels on Tuesday, which is the previous top of the mid part of Sept 2022. Analysts said this is a positive indication, and one may expect further swing highs in Nifty.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-doji-candle-on-daily-charts-what-traders-should-do-on-wednesday/articleshow/95232319.cms

India set to become 3rd-largest stock market by next decade: Morgan Stanley

Offshoring, investment in manufacturing, and energy transition will lead to an economic boom in India, and these drivers will make it the world’s third-largest economy and stock market before the end of the decade, the investment bank said in its report.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/india-set-to-become-3rd-largest-stock-market-by-next-decade-morgan-stanley/articleshow/95225927.cms

Chart Check: Up 100% in a year! This aerospace stock is set to hit record highs in next 2 months; time to buy?

It rose more than 5% in a week, 10% in a month, and nearly 25% in the last three months. After hitting a high of Rs 2,639 on 12 September, the stock underwent some consolidation. It bounced back after taking support above the 50-DMA on the daily charts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-up-100-in-a-year-this-aerospace-stock-is-set-to-hit-record-highs-in-next-2-months-time-to-buy/articleshow/95226780.cms

Market Snapshot: Stocks trim losses in final hour of trade as investors await outcome of 2-day Fed meeting

U.S. stocks trimmed losses a day before the conclusion of a two-day Federal Reserve meeting and as the labor market shows little sign of slowing.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7147-9FB448FBC8C3%7D&siteid=rss&rss=1

Poseidon’s $10.9 billion take-private deal for Atlas Corp. sets sail at sweetened price

Buyer Poseidon Acquisition Corp. includes Atlas Corp.’s chairman as well as shipping company Ocean Network Express.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7147-F4E34CF1462C%7D&siteid=rss&rss=1

People are keen to move out of big cities due to inflation. They are eyeing these sunny locations for lower-cost living.

Americans are opting for sunny, more affordable destinations to relocate to, rather than big cities like New York and Los Angeles, according to a Redfin report.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7146-E840261F096C%7D&siteid=rss&rss=1