08 November, 2022 Market Close & Major Financial Headlines: Wall Street Closes In The Green For Third Session

India Ramps Up Oil Imports From Iran And Russia

As India’s oil and gas demand continues to grow, the South Asian country is looking to any supplier offering a low-cost product, regardless of how controversial they may be. India’s refiners are diversifying their supply, in response to recent OPEC oil quota cuts, and turning to sanctioned states, such as Russia and Iran, to ensure their crude supply. With little support from the West to support the country’s burgeoning renewable energy industry, India’s partnership with controversial oil suppliers is likely to continue.

Read more at: https://oilprice.com/Energy/Crude-Oil/India-Ramps-Up-Oil-Imports-From-Iran-And-Russia.html

EIA Cuts World Oil Demand Growth For 2023

The U.S. Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not expanding supply, and as OPEC+ moved last month to cut production targets by 2 million bpd. The EIA has cut its 2023 world oil demand growth forecast by 320,000 barrels per day, to 1.16 million bpd, while raising 2022 oil demand growth by 140,000 bpd, to 2.6 million bpd, according to its Short-Term Energy Outlook published on Tuesday. The EIA expects global oil inventories to begin to fall

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EIA-Cuts-World-Oil-Demand-Growth-For-2023.html

European Commission Says Gas Price Cap Is Impossible

The European Commission told countries at a Monday seminar this week that there was no way to create a gas price cap as previously requested by EU leaders. Instead, the EC has proposed a market correction mechanism. Earlier on Tuesday, it was revealed that after the gas price cap discussions had been dragging on for weeks, with no decision reachedand that whatever agreement was finalized, it would probably not include a price cap on imports, based on the options the EC was currently considering. But while it was unlikely as

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Commission-Says-Gas-Price-Cap-Is-Impossible.html

Europe Ramps Up Renewable Capacity Amid War In Ukraine

Via AG Metal Miner Novembers Renewables MMI (Monthly MetalMiner Index) traded sideways for the first time since June. The index rose by 1.56% month-over-month. This primarily resulted from GOES (grain-oriented electrical steel) rising in price. Meanwhile, other renewable energy resources, like neodymium and Japanese steel plate, traded sideways. Silicon remains in particularly high demand, but supplies remain pinched along with many other metals. Indeed, this prevented the index from rising in price month-over-month. Lower production in

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Europe-Ramps-Up-Renewable-Capacity-Amid-War-In-Ukraine.html

Macron: United States And China Need To Step Up On Emissions Cuts

As the world’s biggest hypocrites arrive in their private jets at the UN Climate Summit in Egypt’s Sharm el-Sheikh (or as Rabo’s Michael Every puts it, “Sham el-Chic”), French President Emmanuel Macron quickly made an early splash (perhaps more so even than Greta who is trying to get rich from her book telling us how we need to destroy capitalism), when he “urged” the United States, China, and other non-European rich nations to pay their fair share to help poorer countries deal with climate change. “We need the United States and China to step up”

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Macron-United-States-And-China-Need-To-Step-Up-On-Emissions-Cuts.html

Sewage: The Next Renewable Energy Breakthrough?

Washington State University has announced a new method to treat sewage that can efficiently convert leftover sludge to biogas, an advance that could help communities lower their waste treatment costs while helping the environment. Reporting in the journal, Waste Management, a Washington State University research team tested a pretreatment technology, adding an extra step to typical treatments and using oxygen-containing high-pressure steam to break down sewage sludge. They found that they were able to convert more than 85% of the organic material to

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Sewage-The-Next-Renewable-Energy-Breakthrough.html

Kohl’s CEO Michelle Gass to step down, join Levi Strauss as CEO in waiting

The retailer has been under pressure and was the target of a failed acquisition bid.

Read more at: https://www.cnbc.com/2022/11/08/kohls-ceo-michelle-gass-to-step-down.html

Levi Strauss CEO says company’s search for new leader got help from unlikely source

The denim retailer said Gass will become its CEO within the next 18 months.

Read more at: https://www.cnbc.com/2022/11/08/levi-strauss-ceo-says-companys-search-for-new-leader-got-help-from-unlikely-source.html

Major League Pickleball’s newest team owner is Anheuser-Busch

Beer giant Anheuser-Busch is getting in on the pickleball craze as an owner of a Major League Pickleball team.

Read more at: https://www.cnbc.com/2022/11/08/major-league-pickleballs-newest-team-owner-is-anheuser-busch-.html

Boeing’s aircraft deliveries slipped in October on 737 fuselage flaw

Supply chain problems have hindered manufacturers from raising production rates.

Read more at: https://www.cnbc.com/2022/11/08/boeings-aircraft-deliveries-slipped-in-october-on-737-fuselage-flaw.html

Auto loan delinquencies rise as loan-accommodation programs end

Subprime borrowers in particular are feeling the impact of higher prices for both new and used vehicles.

Read more at: https://www.cnbc.com/2022/11/08/auto-loan-delinquencies-rise-as-loan-accommodation-programs-end-.html

Improving Chinese import data bodes well for Estee Lauder, Wells Fargo says

Wells Fargo (WFC) raised its price target on Club holding Estee Lauder (EL) on the back of an improvement in cosmetics- and duty-free imports to China.

Read more at: https://www.cnbc.com/2022/11/08/improving-chinese-import-data-good-for-estee-lauder-wells-fargo-says-.html

Winning ticket for Powerball’s record $2.04 billion jackpot sold in California — here’s what will go to taxes

The winner will face a 24% federal tax withholding, but whether there are state taxes due depends where the ticket holder lives.

Read more at: https://www.cnbc.com/2022/11/08/winning-ticket-for-powerball-2point04-billion-jackpot-sold-in-california.html

Climate change threatens to destroy ‘the things Americans value most,’ U.S. government warns

The congressionally mandated report comes as leaders across the world meet this week at the U.N. Climate Change Conference in Egypt.

Read more at: https://www.cnbc.com/2022/11/08/climate-change-threatens-things-americans-value-most-govt-report.html

Stocks making the biggest moves midday: Lyft, Tripadvisor, Take-Two Interactive, and more

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

Read more at: https://www.cnbc.com/2022/11/08/stocks-making-the-biggest-moves-midday-lyft-tripadvisor-take-two-interactive-and-more.html

Disney is about to report quarterly earnings. Here’s what to expect

All eyes will be on Disney’s streaming numbers when the company reports its fiscal fourth-quarter earnings results after the bell Tuesday.

Read more at: https://www.cnbc.com/2022/11/08/disney-dis-earnings-q4-2022.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

Lordstown aims to boost EV production with Foxconn investment, seeks new automaker partner

Struggling electric truck startup Lordstown Motors still plans to deliver the first examples of its Endurance pickup truck before the end of the year.

Read more at: https://www.cnbc.com/2022/11/08/lordstown-ride-earnings-q3-2022.html

“Protest, Protest, Protest!” Trump Calls For Action Over ‘Complete Voter Integrity Disaster’ At Polls

Update (1535ET): Former President Trump has called for protests over voting irregularities across the country.

“The Absentee Ballot situation in Detroit is REALLY BAD. People are showing up to Vote only to be told, “sorry, you have already voted,” Trump wrote on Truth social. “This is happening in large numbers, elsewhere as well. Protest, Protest, Protest!”

Trump also said that “Maricopa County in Arizona looks like a complete Voter Integrity DISASTER,” adding “Likewise Detroit (of course!), Pennsylvania, and other places. Not being covered by the Fake News Media!”

Read more at: https://www.zerohedge.com/political/dominion-voting-machines-broken-new-jersey-reports-misread-ballots-arizona

Labour MP Diane Abbott Says Rape Of Teenage Boy At Refugee Hotel “Is What Happens When You Demonize Migrants”

Via Remix News,

After two sexual assaults at a refugee hotel housing both child and adult asylum seekers, Labour MP Diane Abbott criticized Home Secretary Suella Braverman for her anti-migrant rhetoric…

Former shadow home secretary for the U.K. Labour party, MP Diane Abbott

A U.K. Labour MP is under fire for suggesting the rape of a teenage boy at a hotel accommodating asylum seekers in northeast London last month “is what happens when you demonize migrants.”

Diane Abbott, the former shadow home secretary in ex-Labour leader Jeremy Corbyn’s shadow cabinet, made the remarks in a tweet published on Thursday afternoon.

She referenced the plight of a teenage boy who was raped at a hotel housing asylum seekers in the London boro …

Read more at: https://www.zerohedge.com/political/labour-mp-diane-abbott-says-rape-teenage-boy-refugee-hotel-what-happens-when-you-demonize

“An Asymmetric Payoff”: Why Goldman Sees Gold Soaring 30% When The Fed Starts Cutting Rates

In recent weeks, gold has been caught in a perfect vice of bullish and bearish forces.

On one hand, the Hawkish Fed has continued to pile relentless pressure on the precious metal; to wit, during his recent press conference, Chairman Powell hinted at slowing down the pace of rate hikes, while also signaling that terminal rates may peak at a higher level. Following the conference, US rates and the dollar surged. Importantly, the Fed reiterated that bringing inflation down to 2% remains a top priority, triggering a sharp fall in gold after the announcement.

But wait, isn’t inflation good for the world’s oldest inflation hedge? Well, as Goldman’s Mikhail Sprogis writes in a note this morning, in given circumstances, it is: for example, high inflation tends to be (extremely) bullish for gold when the market questions the central bank’s ability to fight it, such as during Burns’s tenure in the 1970s. In contrast, high inflation tends to be bearish for gold when the market gives the CB credit in its ability to reduce it, such as during Volcker’s fight on inflation in the early 1980s.

In any case, the Fed’s consistent message that it is willing to sacrifice growth to bring inflation under control has helped keep breakeven inflation expectations stable and pushed real rates to the highest level since the GFC. As a result, gold ETFs and speculative positions have fallen as the effect of higher real rates has offset the impact of rising recession worries.

On the other hand, as we reported last week, …

Read more at: https://www.zerohedge.com/commodities/asymmetric-payoff-why-goldman-sees-gold-soaring-30-when-fed-starts-cutting-rates

Abortion Fails To Rally Men, Older Voters

Ahead of the U.S. midterm elections, the topic of abortion rights failed to gain major traction as several surveys found that voters were more concerned with inflation and crime.

As Statista’s Katharina Buchholz details below, as the cost-of-living crisis is unfolding around the world in the aftermath of Russia’s invasion of Ukraine, the initial wave of outrage about the Supreme Court decision of overturning Roe v. Wade has ebbed, weakening a key topic that Democrats could rally voters around.

A survey by The Economist and YouGov shows which groups among registered voters consider abortion to be a central topic as of late October and early November – and which don’t. The biggest disconnect is predictably between those registered Republican and Democrat. However, big gaps also exist between age groups and the sexes.

Read more at: https://www.zerohedge.com/political/abortion-fails-rally-men-older-voters

Egg farmers squeezed as costs rise

Some farmers have accused supermarkets of not paying them a fair price for their eggs.

Read more at: https://www.bbc.co.uk/news/business-63555318?at_medium=RSS&at_campaign=KARANGA

Primark delays price rises as ‘snuddie’ sales soar

The firm’s owner said the soaring cost of living is putting households under pressure.

Read more at: https://www.bbc.co.uk/news/business-63553057?at_medium=RSS&at_campaign=KARANGA

Tesla recalls 40,000 cars over power-steering fault

The recall affects the 2017-21 Model S and Model X vehicles.

Read more at: https://www.bbc.co.uk/news/technology-63557384?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide stock action on Wednesday

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, ”After showing a sustainable upside bounce from the lows on Friday, Nifty shifted into a decent up move amidst volatility on Monday”.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-stock-action-on-wednesday/articleshow/95381960.cms

Wall Street opens higher as voting in the midterm election begins

The S&P 500 opened higher by 10.22 points, or 0.27%, at 3,817.02, while the Nasdaq Composite gained 47.01 points, or 0.44%, to 10,611.53 at the opening bell.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/wall-street-opens-higher-as-voting-in-midterm-election-begins/articleshow/95384245.cms

Day Trading Guide: Adani Ports among 6 stock recommendations for Wednesday

Benchmark indices ended Monday’s session on a positive note with Nifty topping 18,200 levels at the close. Technicals suggest that market mood is still indecisive.“The domestic markets remained extremely volatile in today’s session. The Benchmark NIFTY50 oscillated in a range of 200 points (approx.) to close on a positive note. On the technical front,18300 is still not breached on a closing basis, since we have seen a pair of DOJI structures on the daily chart which is a sign of indecision between buyers and sellers. So correction till 18000 from current levels is on cards,” noted Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Here are 6 stock recommendations for Wednesday:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-adani-ports-among-6-stock-recommendations-for-wednesday/stock-ideas/articleshow/95381162.cms

The Ratings Game: Coinbase stock plunges on news of Binance-FTX merger, which sets up ‘seismic’ change in competition

Shares of Coinbase Global Inc. tumbled in active trading Tuesday as the cryptocurrency platform faced concerns over increased competition from the Binance-FTX merger deal.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714E-EFD7CD3788A6%7D&siteid=rss&rss=1

The Margin: Lottery expert: Here are possible reasons for the Powerball problems

The Powerball system is a complex, multi-state one. When ticket sales surge, it increases the chances for discrepancies, a lottery expert says.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714E-FFC36EA0A632%7D&siteid=rss&rss=1

Key Words: “People have legitimate reason to worry”: Crypto industry insiders react to Binance’s intent to acquire FTX

Industry insiders were quick to react Tuesday after news broke of a planned deal between two of the world’s largest crypto exchanges – Binance and FTX.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714E-D92E0B5EC8E7%7D&siteid=rss&rss=1