18Nov2022 Market Close & Major Financial Headlines: Wall Street Markets Closed Up After A Sea-Saw Session Crossing The Unchanged Line

Wind Megaprojects Are Coming Online Across The Globe

The world’s largest floating wind farm, from Norwegian oil and gas giant Equinor, just produced its first power. Two further floating wind projects have been announced for the U.K. and France, expected to boost Europe’s wind energy output by 2030 significantly. These early floating wind projects provide hope to renewable energy companies looking to expand their operations, as well as fossil fuel companies aiming to decarbonize through the incorporation of clean energy technology in their oil and gas operations. With governments

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Wind-Megaprojects-Are-Coming-Online-Across-The-Globe.html

UK Capital Gains Tax Changes Deal Heavy Blow To Investors

The Chancellor has slashed the exemption amount for capital gains tax and cut the dividend allowance in half today in a move that will strike a heavy blow to the UK’s entrepreneurs and investors. In the Autumn statement, Jeremy Hunt said the government would cut the dividend allowance from 2000 to 1000, with a further 50 percent cut due to come from April 2024, meaning that investors will now pay tax on dividends at a rate depending on their wider income. Entrepreneurs who pay themselves via dividends are also

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Capital-Gains-Tax-Changes-Deal-Heavy-Blow-To-Investors.html

Moscow Ready For High-Level Talks With Washington Regarding Strategic Stability

Russian Deputy Foreign Minister Sergei Ryabkov says Moscow is hopeful a deal can be made with Washington to exchange prisoners, including convicted Russian arms dealer Viktor Bout, who currently is serving a 25-year sentence in a U.S. prison. “The Americans are showing some external activity. We are working professionally through a special channel designed for this,” Ryabkov told reporters in Moscow on November 18. “Viktor Bout is among those who are being discussed, and we certainly count on a positive result.” Relations between Moscow and Washington

Read more at: https://oilprice.com/Energy/Energy-General/Moscow-Ready-For-High-Level-Talks-With-Washington-Regarding-Strategic-Stability.html

Gold Demand Picks Up In India

The arrival of festivals and the wedding season coincide with a price pullback last month. This helped drive Indian retail demand higher according to the World Gold Council, pushing the local market back into a premium for most of the month. October retail demand remained strong with the onset of festivals and weddings. The festivals of Dussehra and Dhanteras sparked fresh demand for physical gold towards the end of the month. With a stable gold price before this date, demand received a boost from sales of jewelry (for weddings and everyday

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gold-Demand-Picks-Up-In-India.html

Metal Markets Breathe Sigh Of Relief As China Eases Covid Restrictions

Via AG Metal Miner It may be winter, but it feels like springtime for many in the metal industry and on metal prices in general. After years, China plans to ease up just a wee bit on its COVID-19 restrictions. This includes a reduction in the mandatory quarantine period, which has caused myriad problems for the country’s economy. As one of the world’s largest producers and consumers of metals and minerals, the country’s decision feels like hope to many weary buyers and sellers. Indeed, the decision provided a big boost to

Read more at: https://oilprice.com/Metals/Commodities/Metal-Markets-Breathe-Sigh-Of-Relief-As-China-Eases-Covid-Restrictions.html

EU: Regulations Will Be In Order Before Russian Oil Price Cap Deadline

The European Union will have its regulations in order before the Russian crude oil price cap and ban goes into effect, the EU’s energy commission told Reuters on Friday. Although the G7 price cap has yet to be quantified. The G7 plan to cap the price of Russian crude oil goes into effect on December 5, and the EU will ban Russian crude oil imports from the same date. The EU will also ban the import of Russian crude oil products starting on February 5. The US-led price capping mechanism of the G7 and the outright ban from the EU has

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Regulations-Will-Be-In-Order-Before-Russian-Oil-Price-Cap-Deadline.html

Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyers

Home sales weakened for the ninth straight month in October, weighed down by higher mortgage rates.

Read more at: https://www.cnbc.com/2022/11/18/home-sales-fell-for-ninth-straight-month-in-october.html

Taylor Swift slams ‘outside entity’ over ticket fiasco: ‘I’m not going to make excuses for anyone’

Taylor Swift fans flocked to Ticketmaster’s website earlier this week for the first round of presale tickets. The site couldn’t handle the demand.

Read more at: https://www.cnbc.com/2022/11/18/taylor-swift-slams-outside-entity-over-ticketmaster-tour-sale-fiasco.html

Carvana lays off 1,500 employees following stock free fall

Carvana is laying off about 1,500 people, or 8% of its workforce, following a free fall in the company’s stock, according to a message obtained by CNBC.

Read more at: https://www.cnbc.com/2022/11/18/carvana-to-lay-off-1500-employees-amid-economic-uncertainty-.html

Marvel didn’t recast Chadwick Boseman in ‘Black Panther: Wakanda Forever’ — and it was the right move

Marvel and director Ryan Coogler felt “Black Panther: Wakanda Forever” should honor the death of Chadwick Boseman rather than have a new actor in his role.

Read more at: https://www.cnbc.com/2022/11/18/this-is-why-marvel-didnt-recast-chadwick-boseman-in-wakanda-forever.html

Qatar to ban beer at World Cup stadiums in dramatic reversal two days before the tournament starts

The conservative, gas-rich Muslim nation does not fully ban alcohol for visitors, but its sale and consumption is strictly controlled.

Read more at: https://www.cnbc.com/2022/11/18/qatar-to-reportedly-ban-beer-at-world-cup-in-dramatic-reversal.html

Buyers need a six-figure income to afford a ‘typical’ home, report finds. Here’s how to reduce the cost

In October, home buyers needed to earn $107,281 to afford the median monthly mortgage payment for a “typical home.” Here’s how to reduce the cost.

Read more at: https://www.cnbc.com/2022/11/18/how-to-afford-a-mortgage-as-interest-rates-and-home-prices-rise.html

Stocks making the biggest moves midday: Ross Stores, Carvana, Coinbase, Rent the Runway, and more

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

Read more at: https://www.cnbc.com/2022/11/18/stocks-making-the-biggest-moves-midday-ross-stores-carvana-coinbase-rent-the-runway-and-more.html

Walmart and Target’s quarterly results lay bare the retailers’ stark differences

Walmart and Target’s third-quarter results this week highlighted key differences between the retailers.

Read more at: https://www.cnbc.com/2022/11/17/walmart-and-targets-quarterly-results-lay-bare-retailers-differences.html

GM expects EV profits to be comparable to gas vehicles by 2025, years ahead of schedule

General Motors expects its new electric vehicles to be in-line with traditional cars and trucks with internal combustion engines by mid-decade.

Read more at: https://www.cnbc.com/2022/11/17/gm-investor-day-ev-guidance-updates.html

Taylor Swift public ticket sale canceled over extreme demand, Ticketmaster says

Tickets for Taylor Swift’s “Eras” tour will no longer be put on sale Friday, Ticketmaster said.

Read more at: https://www.cnbc.com/2022/11/17/fridays-public-ticket-sale-for-taylor-swift-eras-tour-canceled-after-extreme-demand.html

Washington Commanders accused of cheating ticket holders in DC attorney general lawsuit

D.C. Attorney General Karl Racine sued the Commanders a week after it filed another lawsuit against the team and the NFL.

Read more at: https://www.cnbc.com/2022/11/17/washington-commanders-accused-of-cheating-ticket-holders-in-dc-lawsuit.html

Gap beats on third-quarter revenue, but tempers expectations for holiday season

Gap on Thursday beat Wall Street’s quarterly revenue expectations but gave a cautious outlook for the holiday season.

Read more at: https://www.cnbc.com/2022/11/17/gap-gps-earnings-q3-2022.html

‘Indiscriminate use of hydrogen’ could slow the energy transition, report says

The report was published during the COP27 climate change summit in Egypt.

Read more at: https://www.cnbc.com/2022/11/18/indiscriminate-use-of-hydrogen-could-slow-energy-transition-report.html

Wealthier Shoppers Flocking To Walmart As Inflation Bite

Authored by Michael Maharrey via SchiffGold.com,

Walmart recently announced better-than-expected third-quarter sales growth. This may seem like great economic news until you realize the reason behind the retailer’s big jump in sales.

As it turns out, wealthier shoppers are flocking to Walmart to make ends meet as rising prices squeeze pocketbooks.

In its earnings report, Walmart said it is making “strong grocery share gains, including from high-income households.”

“Customers who came to us less frequently in the past are now shopping with us more often, including high-income customers,” Walmart CEO Doug McMillon said on a Tuesday call with investors and analysts.

Why ar …

Read more at: https://www.zerohedge.com/personal-finance/wealthier-shoppers-flocking-walmart-inflation-bites

Protesters Set Fire To Iconic Home Of Islamic Republic Founder Ayatollah Khomeini

Protesters Set A major development Thursday and Friday in Iran strongly suggests the protests crisis is escalating and will grow more violent, as hundreds of demonstrators set their sights on the historic and iconic “house of Ruhollah Khomeini” – the revolutionary hardline Islamic cleric credited with founding and leading the Islamic Republic.

The “anti-hijab” protests which have raged for two months are now attempting to destroy the republic’s most sacred symbols, after a Tehran court began handing out the country’s first death sentences to protesters, or “rioters” as state authorities have called them.

Astonishing scenes from #Iran. Protesters have burned down the house of Ruhollah Khomeini, the Islamic Republic’s founder.

The house has been a museum for the past 30 years. This is an attack in the essence of the republic itself. pic.twitter.com/Qtk5jr5AR6

— David Patrikarakos (@dpatrikarakos) November 18, 2022

Reports AFP, “Protesters in Iran have set on fire the ancestral home of the Islamic Republic’s founder Ayatollah Ruhollah Khomeini.”

The report furth …

Read more at: https://www.zerohedge.com/geopolitical/protesters-set-fire-home-islamic-republic-founder-ayatollah-khomeini

Without Easy Money, The Tech Sector Faces Hard Times

Authored by Ryan McMaken via The Mises Institute,

The tech sector in the US has benefited from more than a decade of ultra-low interest rates and easy money. But now it looks like the easy-money era may be ending—at least for now—and that means problems for the sector so long wedded to cheap loans.

Just a year ago, the ten-year treasury’s yield was 1.4 percent. This month, however, the 10-year’s yield is up to over 3.6 percent, and throughout the economy, debtors are finding that debt service isn’t nearly as cheap as it used to be.  Employers in the tech sector are responding as one might expect. Meta/Facebook has announced 11,000 layoffs. Amazon will soon lay off 10,000 employees. Twitter has laid off at least 3,700 employees. Stripe, Microsoft, and Snap have each laid off about a thousand workers. Salesforce and Zillow have laid off hundreds. Dozens of other firms

Read more at: https://www.zerohedge.com/technology/without-easy-money-tech-sector-faces-hard-times

AG Garland Names Hague War Crimes Prosecutor As Special Counsel To Investigate Trump

Update (1430ET): Garland named John L. Smith, known as Jack Smith, a war crimes prosecutor at The Hague and a former federal prosecutor, to begin serving as special counsel immediately.

Smith was previously the chief of the Justice Department’s Public Integrity Section, where he oversaw public corruption and elections-related investigations.

“Based on recent developments, including the former president’s announcement that he’s a candidate for president in the next election … I have concluded that it’s in the public interest to appoint a special counsel.”

Garland noted that the special counsel’s investigation will be two-fold: the Jan. 6 investigation and the Mar-a-Lago matter.

Presumably, this probe will take just under two years, leaking regular updates of “now we’ve got him” soundbites, until the findings are released just before the election showing that there’s no there, there.

*  *  *

Just a few short days after Trump said during his 2024 campaign launch:

“Nothing is greater than the weaponization from the system, the FBI or the DOJ. We must conduct a top to bottom overhaul to clean out the festeri …

Read more at: https://www.zerohedge.com/political/ag-garland-name-special-counsel-investigate-trump

Strikes to hit airports and ports over Christmas

Public sector workers including passport controllers are to strike over the Christmas period.

Read more at: https://www.bbc.co.uk/news/business-63682695?at_medium=RSS&at_campaign=KARANGA

Keir Starmer accepts £55bn ‘black hole’ calculation

Labour says it will use the same analysis of the public finances as the Conservatives to set future policy.

Read more at: https://www.bbc.co.uk/news/business-63681941?at_medium=RSS&at_campaign=KARANGA

Higher taxes look to be here to stay, says IFS

The Institute for Fiscal Studies warns households are in for a “long, hard, unpleasant journey”.

Read more at: https://www.bbc.co.uk/news/business-63675313?at_medium=RSS&at_campaign=KARANGA

Zomato co-founder Mohit Gupta resigns

Gupta said the journey to build a world-class tech business out of India, for India (and then maybe the world) is still on

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/zomato-co-founder-mohit-gupta-resigns/articleshow/95609408.cms

NSE amends rules for deletion of merged entities from indices

Under the new rule, the target company will be deleted from the index a day before the ex-date in case of a merger

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nse-indices-amends-rules-relating-to-deletion-of-merged-company-from-indices/articleshow/95611313.cms

Tech View: Nifty forms red candles on daily and weekly charts. What traders should do next week

“Nifty has to hold above 18,250 zones for an up move towards 18,444, then 18600 zones, whereas supports are placed at 18,188 and 18,000 zones,” said Chandan Taparia of Motilal Oswal. Analysts said the positive chart pattern, like higher tops and bottoms continued on the daily chart, and Nifty is currently in line with the formation of a new higher bottom formation.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-red-candles-on-daily-and-weekly-charts-what-traders-should-do-next-week/articleshow/95606801.cms