07 November, 2022 Market Close & Major Financial Headlines: Wall Street Closes Higher Ahead Of Midterm Elections

Iranian Drones Are Proliferating In Middle East And Eurasian Battlefields

On October 10, Iranian loitering munitions rained over Ukraine’s urban centers, including Kyiv. Two weeks later, Israeli forces struck an Iranian drone factory in Syria (Al Arabiya, October 23). This demonstrated how Irans drone program is now beyond Iran, both in terms of production and operational impact. Iran has become a drone-exporting nation and Iranian drones are creating new flashpoints in different geopolitical axes. Tehran’s drone program is hardly new, however. In fact, it dates back to the 1980s war of attrition with

Read more at: https://oilprice.com/Geopolitics/International/Iranian-Drones-Are-Proliferating-In-Middle-East-And-Eurasian-Battlefields.html

Goldman Sachs Downgrades Shell For Above-Average Valuation

Goldman Sachs on Monday downgraded Shell over what it views as overvaluation compared to its supermajor peers. The European Union’s big oil sector, SXEP, has generated what Goldman Sachs referred to as a strong free cash flow of $44.8 billion in the most recent quarter, yet Shell’s outperformance has resulted in a relatively expensive valuation vs peers. In a research report, Goldman Sachs downgraded Shell from buy to neutral, citing above-average valuation

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Downgrades-Shell-For-Above-Average-Valuation.html

Auto Sector Remains Susceptible To Semiconductor Shortage

Via AG Metal Miner The November Automotive MMI (Monthly MetalMiner Index) continued its long-term downward trend, falling by 5.04%. The drop is surprising to some extent, considering the demand for cars remains high in the U.S. and backlogs are keeping sales lucrative. However, obtaining raw materials for part manufacturing remains a problem. For instance, steel prices are still on shaky ground. Considering around 50% of most vehicles feature steel parts, most vehicle manufacturers feel they’re in a volatile situation. Meanwhile, copper

Read more at: https://oilprice.com/Energy/Energy-General/Auto-Sector-Remains-Susceptible-To-Semiconductor-Shortage.html

France’s Nuclear Power Problems Are Mounting

France’s nuclear troubles are mounting due primarily to routine maintenance of the country’s 56 aging reactors. A new update from French electric utility company Electricite de France SA, commonly known as EDF, said an outlook for nuclear power generation was slashed ahead of winter, causing chaos in energy markets. EDF is the world’s largest owner of nuclear plants. It reported Friday that its fleet of nuclear reactors is expected to produce between 275 and 285 terawatt-hours of energy this year, down from the range of 280 and 300 terawatt-hours.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Frances-Nuclear-Power-Problems-Are-Mounting.html

Coal Is Casting A Shadow Over China’s Remarkable Renewable Achievements

China is struggling to balance its pressing need to shore up energy security with its ambitions to position itself at the forefront of the global clean energy transition. As the world gears up for the 27th annual United Nations Climate Change Conference, more commonly known as COP27, the worlds major political powers will be competing to place themselves at the vanguard of a brave new energy world. While China has made great strides in the clean energy sector and has secured a chokehold on many of the supply chains that feed into renewable

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Coal-Is-Casting-A-Shadow-Over-Chinas-Remarkable-Renewable-Achievements.html

Zelensky Tells Ukrainians To Brace For More Electricity And Water Outages

Ukrainian President Volodymyr Zelensky has told Ukrainians to brace for potentially more Russian military strikes on the country’s already damaged energy infrastructure as the mayor of Kyiv told residents of the Ukrainian capital to consider leaving temporarily if the city lost power and water. Speaking in his regular nightly address on November 6, Zelenskiy said Russia was “concentrating forces and means for a possible repetition of mass attacks on our infrastructure. First of all, energy.” More than 4.5 million consumers were already without

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Zelenskiy-Tells-Ukrainians-To-Brace-For-More-Electricity-And-Water-Outages.html

Here are the states voting on marijuana legalization on Election Day

Voters in a handful of states are set to decide on ballot proposals that could legalize recreational marijuana.

Read more at: https://www.cnbc.com/2022/11/07/recreational-marijuana-legalization-is-on-the-ballot-in-these-states.html

Tyson CFO, also the chairman’s son, arrested for public intoxication, trespassing

Tyson Foods CFO John Tyson was arrested early Sunday after allegedly becoming intoxicated and falling asleep in the wrong house.

Read more at: https://www.cnbc.com/2022/11/07/tyson-foods-cfo-arrested-for-public-intoxication-falling-asleep-in-wrong-house.html

Shares of Trump-linked SPAC soar 66% as former president hints at 2024 run

Shares of Trump-linked SPAC Digital World gained 66.5% after Trump hinted at a 2024 presidential run.

Read more at: https://www.cnbc.com/2022/11/07/shares-of-trump-linked-spac-soar-as-former-president-hints-at-2024-run.html

Mattress Mack’s record $75 million Astros payout will cost Caesars, Penn big this quarter

Jim “Mattress Mack” McIngvale placed $10 million on his beloved Houston Astros to win this year’s World Series, across several wagers.

Read more at: https://www.cnbc.com/2022/11/07/mattress-macks-record-75-million-astros-payout-will-cost-caesars-penn-big-this-quarter.html

Consumer confidence in the housing market hits a new low, according to Fannie Mae

Rising mortgage rates, high home prices and uncertainty in the overall economy have Americans feeling more pessimistic about the state of the housing market.

Read more at: https://www.cnbc.com/2022/11/07/consumer-confidence-in-housing-hits-new-low-says-fannie-mae.html

Wells Fargo’s downgrade of Costco underappreciates the retailer’s value

Wells Fargo downgraded Club holding Costco (COST) in a rare move Monday, citing “brewing headwinds” to the wholesale retailer’s growth momentum.

Read more at: https://www.cnbc.com/2022/11/07/wells-fargos-downgrade-of-costco-underappreciates-value-.html

SpaceX adds data restrictions for Starlink power users

SpaceX added a new policy on data use that will result in “slower speeds” for customers who use one terabyte of data per month during “peak hours.”

Read more at: https://www.cnbc.com/2022/11/07/spacex-adds-data-restrictions-to-starlink-satellite-internet-service.html

Here’s how much equity U.S. homeowners have lost since May

As home prices fall, homeowners are losing equity at the fastest pace in over a decade.

Read more at: https://www.cnbc.com/2022/11/07/homeowners-lost-1point5-trillion-in-equity-since-may-as-home-prices-drop.html

While building Truth Social, Trump spoke with rivals about competing partnerships

Months after Donald Trump announced his social media platform, Truth Social, he considered jumping ship and backing a competitor.

Read more at: https://www.cnbc.com/2022/11/07/while-building-truth-social-trump-spoke-with-rivals-about-competing-partnerships.html

Carvana stock tanks in continued sell-off

Shares of Carvana were briefly halted Monday due to volatility, down by as much as 24% at one point to below $7 per share — its lowest point on record.

Read more at: https://www.cnbc.com/2022/11/07/carvana-stock-tanks-in-continued-sell-off.html

Sweetgreen is launching its first national dessert — a ‘healthy’ take on the Rice Krispies Treat

Sweetgreen worked with pastry chef Malcolm Livingston II to create the Crispy Rice Treat.

Read more at: https://www.cnbc.com/2022/11/07/sweetgreen-tries-national-dessert-a-version-of-rice-krispies-treat.html

Lidar makers Ouster and Velodyne agree to merge

Lidar makers Ouster and Velodyne have agreed to merge, combining roughly $400 million in market value.

Read more at: https://www.cnbc.com/2022/11/07/lidar-makers-ouster-and-velodyne-agree-to-merge.html

Shonda Rhimes is among the creators unhappy with Netflix’s mid-video ads, sources say

Shonda Rhimes is among a group of creators who have expressed displeasure with Netflix’s midroll advertising, sources say.

Read more at: https://www.cnbc.com/2022/11/04/shonda-rhimes-others-unhappy-netflix-ads.html

Chinese President Xi To Visit Saudi Arabia By Year-End

Authored by Tsvetana Paraskova via OilPrice.com,

Chinese President Xi Jinping is expected to visit Saudi Arabia by the end of this year as the world’s top oil importer and the top oil exporter strengthen energy and strategic ties while U.S.-Saudi relations are at a historically low level.

China’s Xi is set to meet with Saudi Arabia’s Crown Prince Mohammed bin Salman during a visit to the Kingdom expected to take place this month or next, sources with knowledge of the preparations for the official visit told The Wall Street Journal on Monday.

China – the world’s largest importer of oil and a major customer of Saudi Arabian crude – and the Kingdom have deepened ties in recent years, including …

Read more at: https://www.zerohedge.com/geopolitical/chinese-president-xi-visit-saudi-arabia-year-end

House Republicans Offer Preview Of Upcoming Investigations In Scathing Indictment Of DOJ, FBI

Republican members of the House Judiciary Committee released a massive report on Friday detailing whistleblower disclosures about the politicization of the Justice Department (DOJ) and FBI under Attorney General Merrick Garland and FBI Director Christopher Wray.

According to the report, Garland has been a “willing participant of the Biden Admin’s weaponization of law enforcement,” while the FBI has “abused its law-enforcement authorities for apparently political purposes.”

What followed was a laundry list of incidents and whistleblower reports illustrating how politicized federal law enforcement has become.

What’s more, the report shows that the FBI has been inflating domestic extremism figures to fit an agenda.

One of the most significant findings of the report showed that the FBI has been encouraging its agents to artificially inflate the …

Read more at: https://www.zerohedge.com/political/house-republicans-offer-preview-upcoming-investigations-scathing-indictment-doj-fbi

Price Action Suggests Dollar Has Peaked For Now

By Simon White, Bloomberg Markets Live reporter and analyst

The dollar’s sharp selloff on Friday, overbought extremes and seasonality point to further downside in the coming weeks.

US jobs data on Friday triggered an aggressive drop in the dollar. The DXY fell 1.8% – that might not sound much, but it’s in the bottom 0.2% of all moves in the DXY going back to 1970. Generally, such moves see follow-through: when the DXY sells off by at least 1.8% in a single day, it goes on to fall an average of 0.2% over the next five days. Over the next 30 days it is approximately flat, but over the next 100 days the average fall is 2.2%.

This accords with breadth data for the DXY, which is at extremes. All currencies that are part of the DXY basket are rising on a six-month basis. As the chart below shows, such extremes almost always mark interim peaks in the dollar.

Moreover, seasonals start to shift against the dollar into year-end. November has a small positive seasonal bias for the DXY, but December sees a …

Read more at: https://www.zerohedge.com/markets/price-action-suggests-dollar-has-peaked-now

Used-Car Prices Collapse The Most Since Lehman Meltdown

With soaring borrowing costs, the Federal Reserve has slammed the brakes on the once-booming used car market. The latest data on wholesale used-vehicle prices show October’s decline on a year-over-year basis was the worst since the financial crisis over a decade ago.

The Manheim Used Vehicle Value Index for October declined to 200, or about 10.6%, the worst decline since December 2008 when the global economy was melting down (and the 5th largest decline ever)…

The Fed’s rapid pace of rate hikes this year is slowing demand, as Edmunds data showed the average annual percentage rate on used-car loans was a staggering 10% for some borrowers.

Average financing rates right now:

New cars: 6.27%

Read more at: https://www.zerohedge.com/markets/manheim-used-car-prices-crash-most-lehman-meltdown

Made ex-boss says offer to save company ‘rebuffed’

The former boss of furniture brand says his offer to rescue firm from administration was rejected.

Read more at: https://www.bbc.co.uk/news/business-63542386?at_medium=RSS&at_campaign=KARANGA

Facebook owner Meta expected to announce major job losses

The company faces difficult economic conditions and is investing heavily in its metaverse push.

Read more at: https://www.bbc.co.uk/news/technology-63541591?at_medium=RSS&at_campaign=KARANGA

Cost of living: Millions have no savings as prices soar

A quarter of those asked in a survey had less than £100 in savings, exposing them to unexpected bills.

Read more at: https://www.bbc.co.uk/news/business-63517823?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at indecisiveness. What traders should do on Wednesday

Chartists said a sustainable move above the high of Doji at 18,255 levels is likely to nullify the negative impact of the pattern. The momentum indicator RSI was in a positive crossover. Nifty supports are seen at the 18,100 level, while resistance is around the 18,350 mark.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-indecisiveness-what-traders-should-do-on-wednesday/articleshow/95357766.cms

FIIs are reducing stake in these 5 companies; stocks slide over 50% in 2022

In recent times, FIIs slowly turned out to be net buyers in Indian equity, but overall, for 2022, they remained massive net sellers to the tune of about Rs 1.50 lakh crore. ET markets study, FIIs are reducing their stake in Indian stocks. The analysis shows that from the BSE universe, there were about 167 stocks where FIIs consistently reduced their stake in each of the last three quarters of 2022 (March-Sept 2022) compared to their preceding quarters; we considered only stocks with a market cap of over Rs 500 crore. Five stocks from the list tumbled over 50 percent, and 4 of them have more weak points than strengths on SWOT analysis. Take a look at key weak points of these stocks on SWOT analysis, according to Trendlyne.com.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fiis-reducing-stake-in-these-5-companies-stocks-slide-over-50-in-2022/stock-watch/articleshow/95352461.cms

ETMarkets Smart Talk: Reshma Banda on 4 factors that can derail the bull run in Indian market in next 12 months

“The long-term India growth story remains intact and from a macro perspective, India remains better positioned as one of the fastest growing major economies over the coming years. However, returns in the immediate term could be moderate as the valuations of the Indian markets enjoy a significant premium to other emerging markets.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-reshma-banda-on-4-factors-that-can-derail-the-bull-run-in-indian-market-in-next-12-months/articleshow/95339931.cms

Crypto: Tensions rise between crypto exchanges Binance and FTX. What it means for the market.

Some investors are concerned that rising tensions between crypto exchanges Binance and FTX could weigh on the digital asset market.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714D-AA9E20E83B25%7D&siteid=rss&rss=1

LBRY loss against SEC threatens to make ether a security, crypto boosters fear

A federal judge ruled Monday that video-hosting platform LBRY Inc. illegally sold its native token to U.S. investors in a win for the SEC.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714D-ADE7B37A1A2E%7D&siteid=rss&rss=1

Market Snapshot: Dow up more than 400 points as investors await midterm elections, inflation data

After last week’s Fed rate hike and strong jobs report, traders prepare for midterms and inflation data.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714D-0BBFAACBBFF2%7D&siteid=rss&rss=1