10 November, 2022 Market Close & Major Financial Headlines: Wall Street Skyrockets, Dow Soars Over 1,200 Points After Inflation Report

Rare Earths And Hydrogen At The Core Of New EU-Kazakhstan Trade Deals

Europe has turned its sights on distant Kazakhstan as it casts around for supplies of rare earth metals and clean hydrogen to meet its green economy targets. On November 7 the European Commission signed an agreement with Kazakhstan’s government to develop supplies of green hydrogen and raw materials to manufacture equipment such as wind turbines and batteries for electric cars. The memorandum of understanding, signed on the sidelines of the COP27 climate change conference in Egypt, will boost the green and digital transformation

Read more at: https://oilprice.com/Metals/Commodities/Rare-Earths-And-Hydrogen-At-The-Core-Of-New-EU-Kazakhstan-Trade-Deals.html

World’s Top Chipmaker Eyes Arizona For New $12 Billion Semiconductor Plant

Currently, US semiconductors are a measly 10% of global production. Most chips are produced in Asia, particularly South Korea and Taiwan, and the Biden administration has pushed the Chips and Science Act to boost development and production domestically. The CHIPS Act earmarks $52 billion to revert a decades-long trend of US production shifting abroad to low-cost labor regions. There was evidence some of this production is being reshored, according to a WSJ report, revealing Taiwan Semiconductor Manufacturing Co., the world’s largest contract

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Top-Chipmaker-Eyes-Arizona-For-New-12-Billion-Semiconductor-Plant.html

U.S. Pushes For Direct Peace Talks Between Azerbaijan And Armenia

The United States believes that continued direct dialogue between Armenia and Azerbaijan is key to resolving their issues and to reaching a lasting peace. Following talks between the foreign ministers of Armenia and Azerbaijan, Ararat Mirzoyan and Ceyhun Bayramov, hosted by U.S. Secretary Antony Blinken in Washington on November 7, State Department spokesman Ned Price told a news briefing the next day that the United States remains “committed to promoting a peaceful future for the South Caucasus region.” “What we are doing is trying to create a

Read more at: https://oilprice.com/Geopolitics/International/US-Pushes-For-Direct-Peace-Talks-Between-Azerbaijan-And-Armenia.html

Steel Giant ArcelorMittal Faces Growing Economic Headwinds

Via AG Metal Miner As markets prepare for more bad steel news, ArcelorMittal plans to idle one of two blast furnaces at its Fos-sur-Mer site in southern France. The Luxembourg-headquartered group stated on November 4 that the move was a direct response to current market conditions. In a sharply deteriorated macroeconomic context, coupled with a major impact from soaring energy prices and an increase in steel imports in Europe, the Fos-sur-Mer site is, in turn, facing a slowdown in demand for steel. Order forecasts are down for late 2022 and

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Steel-Giant-ArcelorMittal-Faces-Growing-Economic-Headwinds.html

IMF: Middle East Needs To Invest $1 Trillion By 2030 To Meet Emissions Pledges

The Middle East has shown that it means business at COP27. The 27th United Nations Climate Change Conference kicked off Monday in Sharm El Sheikh, Egypt and already, less than a week into the event, leading Arab Nations have been making big green energy deals. Saudi Arabia has pledged $2.5 billion to build and host a green initiative in the Middle East over the next 10 years and signed an energy deal with Oman which includes renewable energies, while on the sidelines the United Arab Emirates (UAE) has inked a deal with Egypt to develop one of the

Read more at: https://oilprice.com/Energy/Energy-General/IMF-Middle-East-Needs-To-Invest-1-Trillion-By-2030-To-Meet-Emissions-Pledges.html

Watchdogs Say Iran Boosting Stockpiles Of Atomic Fuels

The International Atomic Energy Agency (IAEA) has revealed that Iran has failed to provide any new answers regarding nuclear material found in Tehran, noting the continued construction work at Iran’s Parchin military base, where Iran may have conducted explosives tests. Iran has long denied U.N. inspectors access to the base and has dismissed the allegations about its nuclear program, while reports have emerged Thursday that the country’s stockpiles of highly-enriched uranium have hit new records over the past three months, amid anti-government

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Watchdogs-Say-Iran-Boosting-Stockpiles-Of-Atomic-Fuels.html

Mortgage rates fall sharply to under 7% after inflation eases

Mortgage rates fell sharply Thursday after a government report showed that inflation had cooled in October.

Read more at: https://www.cnbc.com/2022/11/10/mortgage-rates-fall-sharply-to-under-7percent-after-inflation-eases.html

D.C. attorney general sues Washington Commanders and NFL over an alleged secret deal to deceive fans

The D.C. attorney general sued the Washington Commanders and the NFL for allegedly deceiving fans about a probe into the team’s toxic workplace.

Read more at: https://www.cnbc.com/2022/11/10/nfl-roger-goodell-washington-commanders-sued-by-dc-attorney-general.html

Thanksgiving flight bookings are down from 2019, but higher fares lift revenue, Adobe says

High fares have helped airlines make up for a surge in costs.

Read more at: https://www.cnbc.com/2022/11/10/thanksgiving-flight-bookings-down-from-2019-but-higher-fares-lift-revenue.html

Juul reaches financing deal, plans to cut 30% of jobs to dodge bankruptcy

Juul Labs said it secured a financial lifeline as it aims to cut jobs and operating costs in a bid to avoid bankruptcy.

Read more at: https://www.cnbc.com/2022/11/10/juul-strikes-financing-deal-plans-to-cut-jobs-to-dodge-bankruptcy.html

KFC apologizes after Kristallnacht promotion in Germany

KFC apologized on Thursday for sending a mobile app alert telling German customers to “treat yourself” on Kristallnacht.

Read more at: https://www.cnbc.com/2022/11/10/kfc-apologizes-after-kristallnacht-promotion-in-germany.html

‘Black Panther: Wakanda Forever’ aims to break box office records this weekend

Anticipation for Marvel’s “Black Panther: Wakanda Forever” is so intense that it could open higher than “Doctor Strange in the Multiverse of Madness.”

Read more at: https://www.cnbc.com/2022/11/10/black-panther-wakanda-forever-aims-to-break-box-office-records.html

Keurig Dr Pepper CEO resigns after violating company’s code of conduct

Keurig Dr Pepper said Ozan Dokmecioglu’s violations were not related to the company’s strategy, operations or financial reporting.

Read more at: https://www.cnbc.com/2022/11/10/keurig-dr-pepper-ceo-resigns-after-violating-code-of-conduct.html

How Spotify stayed No. 1 in streaming audio even with Apple, YouTube, and Amazon aiming for it

In spite of competition from Apple, Google, Amazon, battles with Taylor Swift and Neil Young, and the Joe Rogan controversy, Spotify is still No. 1 in streaming.

Read more at: https://www.cnbc.com/2022/11/10/how-spotify-stayed-no-1-in-streaming-music-vs-apple-youtube-amazon.html

Massachusetts voters approve ‘millionaire tax.’ What it means for the wealthy

Massachusetts voters approved a “millionaire tax” of 4% on annual income above $1 million, on top of the state’s current 5% income tax. Here’s what to know.

Read more at: https://www.cnbc.com/2022/11/10/what-the-millionaire-tax-in-massachusetts-means-for-the-wealthy.html

Carvana shares jump more than 30% from record lows

Despite the double-digit increase, Carvana’s stock remains off roughly 97% this year.

Read more at: https://www.cnbc.com/2022/11/10/carvana-shares-surge-from-record-lows.html

Nio reports strong third-quarter revenue as it gears up for a big year-end production push

Nio’s loss widened significantly from a year ago, but revenue was strong, and the company guided to a big jump in production in the fourth quarter.

Read more at: https://www.cnbc.com/2022/11/10/nio-q3-2022-earnings-revenue-loss-guidance.html

Judge rejects Walmart’s request for new trial after firing of employee with Down syndrome

The judge’s denial is the latest in a seven-year battle between the employee’s family and the nation’s largest private employer.

Read more at: https://www.cnbc.com/2022/11/09/walmarts-request-for-new-trial-denied-in-firing-of-employee-with-down-syndrome.html

Microsoft co-founder Paul Allen’s art collection smashes record with $1.6 billion auction

The collection of Paul Allen, the late co-founder of Microsoft, was a treasure trove of masterpieces spanning 500 years.

Read more at: https://www.cnbc.com/2022/11/10/microsoft-co-founder-paul-allen-art-tops-1point5-billion-at-auction.html

Biden Signals 2024 Run, Will Announce ‘Early Next Year’

With Donald Trump on the cusp of announcing a 2024 run for the White House, President Joe Biden has given the clearest indication yet that he’ll seek reelection.

“Our intention is to run again. That’s been our intention, regardless of what the outcome of this election was,” Biden told reporters, noting that he and wife Jill plan to discuss the matter between Thanksgiving and Christmas, FT reports.

“I don’t feel any hurry one way or another to make that judgment . . . my guess [is] it will be early next year,” Biden added.

Biden’s comments come after a long-predicted ‘red wave’ of Republican wins failed to materialize during this week’s midterm elections – a blow to Trump, who said the results were “somewhat disappointing” but still a “very big victory.”

Demo …

Read more at: https://www.zerohedge.com/political/biden-signals-2024-run-will-announce-early-next-year

The End Of World Dollar Hegemony: Turning The US Into Weimar Germany

Authored by Patrick Barron via The Mises Institute,

In a recent essay, I explained how over time the US abused its responsibility to control the supply of dollars, the world’s premier reserve currency for settling international trade accounts among nations. This abrogation of its duties is leading to the likely adoption of a new reserve currency, commodity-based and controlled not by one nation but by members, all watchful that the currency is not inflated.

Let us continue the analogy of an individual receiving a “magic checkbook” which allows him to write as many checks for as much money as he desires. Receivers of these checks could only pass them along to others through the normal course of trade. Over time the owner of the magic checkbook becomes increasingly irresponsible. He funds all kinds of welfare and warfare initiatives.

Naturally dollar reserves build to levels completely unnecessary for peaceful exchange. Prices start to rise at a faster and faster rate. Then a reform consortium assembles a team to offer an alternative currency. Why, one may ask, is that such a problem for the dollar and dollar users?

Read more at: https://www.zerohedge.com/economics/end-world-dollar-hegemony-turning-us-weimar-germany

Market Explosion Sends CTAs Into Short Covering Frenzy: $79BN To Buy

With today’s much cooler-than-expected CPI out of the way, and with Q3 earnings season mostly over (despite some notable blow-ups it was not nearly as bad as some had feared), we are out of major market catalysts until December’s payrolls report – which we can now confidently say will be a disaster as the BLS no longer has to cover Biden’s ass as the midterms are over and tech companies are engaging in mass layoffs – and the December FOMC which is now a lock for 50bps after which there will be less than 2 hikes left according to today’s market pricing of the terminal rate which is now at 4.89%, or less than 4 hikes away.

Which also means that we are once again back to trading technicals and seasonals for at least the next 3 weeks, which really means retail flows, buybacks, and CTAs.

When it comes to the first two, we already know the Pavlovian reflex is so deeply ingrained that retail will keep buying that once things stabilize, we ar …

Read more at: https://www.zerohedge.com/markets/market-explosion-sends-ctas-short-covering-frenzy-79bn-buy

Some US Officials See Winter As Opportunity For Diplomacy In Ukraine

Authored by Dave DeCamp via AntiWar.com,

Some US and Western officials believe this winter will provide an opportunity for diplomacy between Russia and Ukraine as they don’t think either side can fully achieve their goals in the war, NBC News reported on Wednesday, citing anonymous sources.

“In the winter everything slows down,” one Western official said. “The potential for talks, we would like to see that happening.” The report said Western military officials don’t believe that Ukraine can drive Russia out of all the territory it has captured.

Also on Wednesday, Russia announced that it was pulling out of the southern Ukrainian city of Kherson. US and Western officials told NBC that if Ukraine retakes Kherson, it could put the government of Volodymyr Zelensky in a “better position to negotiate.”

Read more at: https://www.zerohedge.com/geopolitical/some-us-officials-see-winter-opportunity-diplomacy-ukraine

FTX woes: ‘I’m waiting to get £2,000 back from crypto giant’

One user told the BBC he was able to lodge a withdrawal request on the beleaguered exchange.

Read more at: https://www.bbc.co.uk/news/business-63577783?at_medium=RSS&at_campaign=KARANGA

Train drivers will strike again over pay

Some 9,500 drivers from 12 firms will walk out on Saturday 26 November, the fifth strike since July.

Read more at: https://www.bbc.co.uk/news/business-63585602?at_medium=RSS&at_campaign=KARANGA

Musk tells Twitter staff remote working will end

The boss of the social media firm also warns workers to prepare for “difficult times”, reports say.

Read more at: https://www.bbc.co.uk/news/business-63582273?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bearish candle on daily charts. What traders should do on Friday

Option data suggested a broader trading range between 17,800 and 18,500 zones while an immediate trading range between 17,900 and 18300 zones

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bearish-candle-on-daily-charts-what-traders-should-do-on-friday/articleshow/95429266.cms

Ahead of Market: 10 things that will decide D-Street action on Friday

Nifty has formed a bearish candle with a gap but has managed to close above 18,000 level. Broad based indices Nifty 500 indicates slight gloomy over bulls as 127 stocks advanced while 373 declined

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-friday/articleshow/95434610.cms

Inox Green Energy’s Rs 740-crore IPO: All you need to know

>> For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/inox-green-energys-rs-740-crore-ipo-all-you-need-to-know/articleshow/95427351.cms

In One Chart: ‘We’ve seen this before,” warns BofA. Why inflation could take until 2024 to fall to 3% and weigh on stocks.

The U.S. economy is ‘less sensitive to a blunt instrument like interest rate hikes,’ which is why it’s likely too early to rush into battered stocks, say analysts at BofA Global.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7151-AA20B28C2112%7D&siteid=rss&rss=1

Mystery couple spent $2 million dishing out money to people around the world — here’s what happened to the recipients

People in seven countries each received a $10,000 gift and had three months to spend it as part of a study on cash windfalls and happiness.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7151-89C2C39F11CB%7D&siteid=rss&rss=1

The Big Move: I’m moving to Florida to be near my grandchildren. My daughter wants me to build a $150,000 addition to her house. Should I do it?

‘My wife and I thought about getting a condo in Florida, but the upkeep and the expense of two different residences is not something I care to deal with.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-714E-8046FD711C56%7D&siteid=rss&rss=1