21Nov2022 Market Close & Major Financial Headlines: Wall Street Opened Lower, Tried For The Gold Ring And Failed Closing Fractionally In The Red

Nickel Prices Could Be Set For A Rally

Via AG Metal Miner

The recent rise in aluminum, copper, and nickel price has created some short-term uncertainty as companies finalize their long-term contracts for 2023. Earlier this month, all three metals rose on the back of rumors that China might begin easing zero-COVID restrictions. In addition, the USD index has dropped from its September peak of 114. As of press time, the index sits at just 106. In this post, we’ll discuss some of the primary drivers of the recent surge. Well also attempt to determine whether or not

Read more at: https://oilprice.com/Metals/Commodities/Nickel-Prices-Could-Be-Set-For-A-Rally.html

Russia Has Lost Over 90% Of Its European Oil Market Share

Russia has already lost over 90% of its previous top European market northern Europe’s shipments have slumped to below 100,000 barrels per day (bpd) in recent weeks from more than 1.2 million bpd before the Russian invasion of Ukraine, according to Bloomberg’s estimates. The EU embargo on seaborne imports of Russian crude oil and the attached price cap mechanism on Russian crude are set to enter into force on December 5. Russia has already lost more than 90% of its top market in the runup to February.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Has-Lost-Over-90-Of-Its-European-Oil-Market-Share.html

UAE Denies OPEC+ Production Hike Discussions

The UAE has reiterated that it has not been in any discussions with OPEC members to change the existing agreement, denying talks of a potential production hike first quashed by the Saudi energy minister following a report in the Wall Street Journal earlier Monday. Emphasizing that the most recent OPEC+ agreement is valid until the end of 2023, the UAE said it remained committed to the aim of OPEC+ to balance the oil markets, and will support any decision to achieve that goal. Shortly before the UAEs denial of rumors

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-Denies-OPEC-Production-Hike-Discussions.html

Excessive Debt Will Be Chinas Biggest Challenge

Since the beginning of this year, investment banks and international financial organizations, including the International Monetary Fund and the World Bank, have steadily downgraded their forecasts for the People’s Republic of China’s (PRC) GDP growth in 2022 to around 3.2 percent (Nikkei Asia, October 7). Most analysts agree that Beijing is in a difficult economic position, but the situation has the potential to become far worse due to off-balance sheet liabilities. Such debt risks defaulting, or may otherwise need to be covered by

Read more at: https://oilprice.com/Geopolitics/International/Excessive-Debt-Will-Be-Chinas-Biggest-Challenge.html

Colombia Reportedly Reconsidering Its Idea To Halt On New Oil And Gas Projects

Colombia could reconsider a campaign pledge from its newly-elected leftist President Gustavo Petro to stop new oil and gas exploration licensing in the country, according to Finance Minister Jos Antonio Ocampo. Petro, a former guerilla fighter who took office earlier this year, ran for president, campaigning on the promise that he would stop new exploration for oil and gas in Colombia. But finance minister Ocampo signaled in an interview with the Financial Times that the government would not hasten to suspend licensing before

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Colombia-Reportedly-Reconsidering-Its-Idea-To-Halt-On-New-Oil-And-Gas-Projects.html

Europe Still Can’t Quit Russian LNG

As Europe edges nearer to its 5th December cut-off date for Russian oil imports, it is still finding it hard to wean itself off all Russian energy. Reliance on Russia’s gas is proving more of an issue than initially anticipated, as Europe is reluctant to introduce sanctions on the natural gas product for fear of shortages and rising prices. While European imports of Russian coal and oil have dropped significantly since Russia invaded Ukraine earlier this year, the region continues to rely heavily on Russian LNG. Exports of the liquid

Read more at: https://oilprice.com/Energy/Natural-Gas/Europe-Still-Cant-Quit-Russian-LNG.html

Disney board’s decision to replace Bob Chapek with Bob Iger makes everyone look bad

Disney had just renewed Bob Chapek’s contract in June, and Bob Iger had said publicly he wouldn’t return.

Read more at: https://www.cnbc.com/2022/11/21/disney-chapek-iger-decision-makes-everyone-look-bad.html

Disney blindsided Chapek with CEO decision after reaching out to Iger on Friday

Disney’s board reached out Bob Iger on Friday over concerns about the company’s soft earnings report this month.

Read more at: https://www.cnbc.com/2022/11/21/disney-board-reached-out-to-iger-friday-after-concerns-over-earnings.html

NASA’s Orion spacecraft flies by the moon in a milestone for Artemis 1 mission

NASA’s Orion spacecraft made its closest approach to the moon on Monday morning during day five of the Artemis 1 mission.

Read more at: https://www.cnbc.com/2022/11/21/nasas-orion-spacecraft-flies-by-the-moon-on-artemis-1-mission.html

Bob Iger’s stunning return as Disney CEO throws all of Bob Chapek’s major decisions into question

Iger disapproved of several of Chapek’s changes to Disney despite hand-picking him as his successor in early 2020.

Read more at: https://www.cnbc.com/2022/11/20/bob-iger-return-disney-impact.html

Disney shares rise after Iger replaces Chapek as CEO

Investors approved of Disney’s decision to replace Bob Chapek as CEO with his predecessor, Bob Iger.

Read more at: https://www.cnbc.com/2022/11/21/disney-dis-shares-rise-after-iger-replaces-chapek-as-ceo.html

DraftKings says no evidence systems were breached following report of a hack

The company said it has identified less than $300,000 of customer funds that were affected by unusual activity.

Read more at: https://www.cnbc.com/2022/11/21/draftkings-says-no-evidence-systems-were-breached-following-report-of-a-hack.html

Biden grants PG&E $1.1 billion to keep Diablo Canyon nuclear plant open

Diablo Canyon was originally scheduled to be shut down in two phases in 2024 and 2025, but state lawmakers have voted to keep it open for five more years.

Read more at: https://www.cnbc.com/2022/11/21/biden-grants-pge-1-billion-to-keep-diablo-canyon-nuclear-plant-open.html

Bob Iger returns as Disney CEO, replacing Bob Chapek after a brief, tumultuous tenure

Bob Iger is back as CEO of Disney. Bob Chapek, who replaced Iger in 2020, is out after a brutal earnings report that sowed further doubt about his leadership.

Read more at: https://www.cnbc.com/2022/11/21/bob-iger-named-disney-ceo-effective-immediately.html

Inflation forces mom and pop restaurants and big chains to lean on their unique strengths

Inflation is hitting the entire restaurant industry, but chains and independent eateries have different advantages when it comes to tackling higher costs.

Read more at: https://www.cnbc.com/2022/11/20/inflation-vs-restaurants-how-chains-and-independents-cope.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

Bob Iger is back. He’s the steady hand that Disney needs as CEO to get it back on track

We’re pleased to see Bob Iger is returning to the CEO role because a leadership change is exactly what Disney (DIS) needed.

Read more at: https://www.cnbc.com/2022/11/21/bob-iger-is-back-hes-the-steady-hand-that-disney-needs-as-ceo-to-get-it-back-on-track.html

‘We are very frustrated’: World Cup teams in Qatar ax pro-LGBTQ armbands after FIFA threat

FIFA, which has vocally defended Qatar in the face of criticism, rejected the “OneLove” campaign and instead has promoted its own “No Discrimination” campaign.

Read more at: https://www.cnbc.com/2022/11/21/qatar-world-cup-2022-teams-ax-pro-lgbtq-armbands-after-fifa-threats.html

‘This is such an obvious opportunity’: New Goodwill store goes live online with a Picasso print, designer handbags and other treasures

With the resale business booming, Goodwill launched GoodwillFinds.com to meet the needs of shoppers increasingly interested in unique finds.

Read more at: https://www.cnbc.com/2022/11/21/goodwill-helps-bring-thrifting-into-the-mainstream-with-online-store.html

President Biden, The UN, & The Climate Lobby Seek To Spread More Fossil Fuel Misery

Authored by Mike Shedlock via MishTalk.com,

Please consider these COP 27 Closing Statements by the Secretary-General.

COP27 took place not far from Mount Sinai, a site that is central to many faiths and to the story of Moses, or Musa. It’s fitting. Climate chaos is a crisis of biblical proportions.

Instead of a burning bush, we face a burning planet.

Justice for those on the frontlines who did so little to cause the crisis – including the victims of the recent floods in Pakistan that inundated one-third of the country.

I welcome the decision to establish a loss and damage fund and to operationalize i …

Read more at: https://www.zerohedge.com/geopolitical/president-biden-un-climate-lobby-seek-spread-more-fossil-fuel-misery

“Absolutely Tragic”: 1 Killed, 16 Hurt After SUV Plows Into Apple Store Near Boston

A criminal investigation has been launched after a black SUV plowed into an Apple Store near Boston, killing one person and leaving 16 others injured, according to Boston 25 News.

Plymouth District Attorney Timothy Cruz said first responders arrived at the Apple Store in Hingham, a town outside of Boston, around 1045 ET and “found a gaping hole in the glass facade of the store, a black SUV that had come to a stop on the sales floor inside, and multiple people suffering from various injuries.”

SUV plows into Apple Store near Boston, one killed, over a dozen injured. pic.twitter.com/eZy1IP4RIj

— Mike Sington (@MikeSington) November 21, 2022

Cruz said fourteen people were taken to South Shore Hospital, while two others were taken to Boston for treatment. He didn’t release the name of the person pronounced dead at the scene.

“This investigation is active and ongoing,” Cruz said, calling the deadly crash “absolutely tragic” and “absolutely unthinkable.” He said the driver wasn’t hospitalized and is in police custody, adding charges have yet to be announced.

Read more at: https://www.zerohedge.com/markets/absolutely-tragic-1-killed-16-hurt-after-suv-plows-apple-store-near-boston

Silver Demand On Pace For Record Year

Via SchiffGold.com,

Silver demand is on pace to hit record levels in 2022, driven by new highs for physical investment, industrial demand, jewelry, and silverware production, according to the Silver Institute’s Interim Silver Market Review.

Global silver demand is projected to reach a new high of 1.21 billion ounces in 2022. That would be a 16% increase from 2021.

Institutional demand for silver has faced headwinds due to rising interest rates with Federal Reserve’s inflation fight. This has led to a decrease in silver ETF holdings. But demand for physical silver has been robust. Physical investment demand is on pace to jump by 18% to 329 million ounces this year. According to the Silver Institute, “Support has come from investor fears of high inflation, the Russia-Ukraine war, recessionary concerns, mistrust i …

Read more at: https://www.zerohedge.com/commodities/silver-demand-pace-record-year

“You’re An Absolute Fraud”: CME CEO Terry Duffy Recalls First Meeting Sam Bankman-Fried In March 2022

CME Chairman and Chief Executive Officer Terry Duffy has been the talk of social media today, after a podcast appearance with CNBC’s Guy Adami and Dan Nathan began making its rounds on Monday morning.

Among other topics discussed on the podcast was Duffy recalling his first meeting with Sam Bankman-Fried, which took place in March 2022.

Ole’ Terry’s senses from days of being in the pit are still sharp as can be. He pegged FTX for a fraud before the company blew up – and told Bankman-Fried as much to his face, as he called on the podcast.

Duffy says he was approached by SBF at a conference who told him he wanted to compete with CME in crypto. Instead, Duffy says he offered to give SBF his crypto franchises in exchange for working together. “Let me be your risk manager. I’ll clear it so that I know it’s done properly,” Duffy says he told SBF.

When SBF asked if Duffy would deploy his model, Duffy told him “Your model is crap. Why would I deploy a model that introduces risk into the system? Of course I’m not going to deploy your model!”

“You’re a fraud. You’re an absolute fraud.” – @CMEGroup CEO Terry Duffy recalls his encounter with Sam Bankman-Fried last March.

Listen to the whole interview with Terry, @RiskReversal & @GuyAdami:

Read more at: https://www.zerohedge.com/markets/youre-absolute-fraud-cme-ceo-terry-duffy-recalls-first-meeting-sam-bankman-fried-march-2022

Tesco follows other supermarkets in rationing eggs

The retailer introduces a temporary buying limit of three boxes per customer due to supply issues.

Read more at: https://www.bbc.co.uk/news/business-63708155?at_medium=RSS&at_campaign=KARANGA

Passengers warned over Christmas rail disruption

Passengers told to plan journeys in advance due to engineering works over the festive period.

Read more at: https://www.bbc.co.uk/news/business-63703648?at_medium=RSS&at_campaign=KARANGA

Solve worker shortages with immigration – CBI boss

The boss of the UK’s largest business group urges politicians to be “practical” about immigration.

Read more at: https://www.bbc.co.uk/news/business-63697458?at_medium=RSS&at_campaign=KARANGA

Kaynes Technology poised for a strong debut at D-st? Here’s what the grey market is signaling

Abhay Doshi, co-founder, UnlistedArena, said despite pricey valuations, the company has a strong business model leading to strong subscriptions during the three-day bidding process.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/kaynes-technology-poised-for-strong-debut-at-d-st-heres-what-the-grey-market-is-signalling/articleshow/95663002.cms

Goldman Sachs cuts 4Q oil forecast by $10/bbl on China ‘speed bump’

“We still believe Russian production will decline about 0.6 million barrels per day from here, with risks of a deeper, more abrupt disruption, still present,” the bank said, warning that inventories could deplete once again in the first half of 2023 if OPEC and its allies maintain current output quotas.

Read more at: https://economictimes.indiatimes.com/markets/commodities/news/goldman-sachs-cuts-4q-oil-forecast-by-10/bbl-on-china-speed-bump/articleshow/95658797.cms

Should you hold Archean Chemical after listing pop or book profits?

The majority of the analysts remain positive on the counter in the longer run suggesting investors to stay put as they see more steam left in the shares. However, a few suggested booking profits after the listing pop.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/should-you-hold-archean-chemical-after-listing-pop-or-book-profits/articleshow/95656355.cms

The Fed: Fed’s Daly says financial markets are acting like interest rates are much higher than they actually are

Financial markets are acting like the Federal Reserve’s benchmark interest rate is around 6%, San Francisco Fed president Mary Daly says.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7159-717971C34A08%7D&siteid=rss&rss=1

The Big Number: Coinbase set to be worth less than $10 billion for the first time ever

The punishing decline of Coinbase Global Inc.’s stock this year is set bring the company’s closing market value below $10 billion for the first time on record.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7159-B625A58201DA%7D&siteid=rss&rss=1

Crypto: Sam Bankman-Fried, Tom Brady and Steph Curry named in lawsuit over FTX collapse

Celebrities including Tom Brady, Steph Curry and Kevin O’Leary were among the equity holders in FTX when the crypto exchange went bankrupt.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7156-1A34D1C53219%7D&siteid=rss&rss=1