22Nov2022 Market Close & Major Financial Headlines: Wall Street Opened Up In The Green And Trended Higher Throughout Today’s Session Closing Sharply Higher

Putin’s Attempts Of Nuclear Blackmail Are Being Stonewalled By U.S. And China

The missile that landed in Eastern Polish farmland on November 15, killing two people and injuring three, caused a sharp international crisis, which Warsaw treated with due care and the utmost responsibility. Had the stray projectile been a Russian sea-launched Kalibr or an air-launched Kh-555, it would have constituted the first hostile strike on North Atlantic Treaty Organization (NATO) territory. Thus, every possible source of data was incorporated into the swift investigation, which established that it was in fact a misguided S-300 surface-to-air

Read more at: https://oilprice.com/Geopolitics/International/Putins-Attempts-Of-Nuclear-Blackmail-Are-Being-Stonewalled-By-US-And-China.html

Energy Storage Is The Backbone Of The Renewable Revolution

Renewables are exploding. Countries around the world are adding clean energy production capacity at a breakneck pace in a race against the clock to shore up energy security and beat climate change. While environmentalists and economists alike have been warning for decades that the future of the energy industry and, indeed, the global economy lies in renewable energies and not fossil fuels, industry and policy leaders have been slow to adapt. Until now. The massive scale and reach of the recent shocks to the global economy

Read more at: https://oilprice.com/Energy/Energy-General/Energy-Storage-Is-The-Backbone-Of-The-Renewable-Revolution.html

U.S., Allies Eye $60 Price Cap For Russian Crude

The United States and its allies are hoping to establish the price level at which Russian crude oil will be capped, people familiar with the talks told the Wall Street Journal on Tuesday. Officials are talking about setting the price at which Russia’s crude oil will be capped at $60 per barrel. The group will meet on Wednesday to try to come to some agreement on prices. 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 US-led price capping

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Allies-Eye-60-Price-Cap-For-Russian-Crude.html

Oil Recovers After Volatile Start Of The Week

In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week. We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy. Chart of the Week Not Since the April 2020 Price War Were Freight Costs This Crazy – Earnings on the US Gulf

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Recovers-After-Volatile-Start-Of-The-Week.html

Strike At BPs Largest European Refinery Could Deepen Diesel Crisis

Refinery workers at BPs biggest refinery in Europe are on a partial strike over demands for higher wages and will not cooperate in efforts to restart the Rotterdam refinery, which is currently offline. Employees at the 400,000-bpd refinery, a major supplier of diesel to northern Europe, threatened earlier this month to go on a strike if their pay rise demands are not met. The Rotterdam refinery accounts for almost 3% of northern Europe’s refining capacity, and delays to its restart could exacerbate the diesel crunch in Europe.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Strike-At-BPs-Largest-European-Refinery-Could-Deepen-Diesel-Crisis.html

EU Delivers Nat Gas Price Cap Without Silver Bullet

The European Union has unveiled a long-awaited natural gas price cap plan to protect consumers from soaring energy prices in the wake of Russias invasion of Ukraine, capping prices for the entire bloc at 275 euros (~$272) per megawatt hour, Reuters reports. The price cap proposal is for month-ahead derivatives on the Dutch natural gas benchmark TTF and would be in place for two weeks. The plan is being presented as a failsafe that would not be set in motion unless natural gas prices reached above specific levels for 10 straight

Read more at: https://oilprice.com/Energy/Natural-Gas/EU-Delivers-Nat-Gas-Price-Cap-Without-Silver-Bullet.html

Disney is counting on Bob Iger to make hard decisions about its streaming and TV assets – or find someone who will

Bob Iger may have to make major strategic decisions in his new tenure as Disney CEO that he avoided making in the past.

Read more at: https://www.cnbc.com/2022/11/22/iger-hard-decisions-disney-streaming-tv.html

Best Buy shares soar as retailer sticks with its holiday-quarter outlook

Best Buy raised its full-year forecast to reflect its better-than-expected quarterly results.

Read more at: https://www.cnbc.com/2022/11/22/best-buy-bby-earnings-q3-2023.html

Taylor Swift’s tour promoter says it had no choice but to work with Ticketmaster

AEG Presents, the company in charge of handling Taylor Swift’s upcoming tour, said it didn’t have any choice but to work with Ticketmaster.

Read more at: https://www.cnbc.com/2022/11/22/taylor-swift-tour-promoter-had-to-work-with-ticketmaster.html

Supreme Court agrees to hear Jack Daniel’s trademark case against dog toy company

The Supreme Court agreed Monday to hear a dispute between Jack Daniel’s and a dog toy company that sells “Bad Spaniels” whiskey bottles.

Read more at: https://www.cnbc.com/2022/11/22/supreme-court-to-hear-jack-daniels-trademark-case-against-dog-toy-company.html

Trump Media deal partner says shareholders approve delay of merger with Truth Social parent

Digital World Acquisition Corp. aims to take the parent company of Donald Trump’s Truth Social public.

Read more at: https://www.cnbc.com/2022/11/22/trump-media-deal-partner-dwac-shareholders-approve-merger-delay.html

Investors’ home purchases drop 30% as price increases slow down

Investor home purchases dropped just over 30% in the third quarter of this year compared with the same period last year, according to Redfin.

Read more at: https://www.cnbc.com/2022/11/22/investor-home-purchases-plummet.html

Anthony Fauci says he will cooperate fully with possible House Republican investigation into Covid origins

Dr. Anthony Fauci has been the face of the U.S. Covid pandemic response in the Trump and Biden administrations, and a lightning rod for conservatives.

Read more at: https://www.cnbc.com/2022/11/22/fauci-to-cooperate-with-house-republican-into-covid-origins.html

Biden administration to extend payment pause on student loans until after June or when legal challenges resolve

The Biden administration announced that it will extend the payment pause on federal student loans while its forgiveness plan remains blocked in the courts.

Read more at: https://www.cnbc.com/2022/11/22/biden-administration-will-extend-student-loan-debt-repayment-holiday-to-june-reports-say.html

Here’s how to score a charitable tax break on ‘Giving Tuesday’

Here’s how to score the biggest tax break if you’re planning to donate to charity on Giving Tuesday.

Read more at: https://www.cnbc.com/2022/11/22/heres-how-to-score-a-charitable-tax-break-on-giving-tuesday-.html

Paramount scraps deal to sell Simon & Schuster to Penguin weeks after judge rejected merger

Paramount indicated that it would still seek to unload Simon & Schuster, despite the Penguin deal falling apart.

Read more at: https://www.cnbc.com/2022/11/21/paramount-scraps-deal-to-sell-simon-schuster-to-penguin-after-court-rejects-merger.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

Iger announces first big moves in new tenure as Disney CEO: Restructuring and departure of Chapek right hand Kareem Daniel

Iger’s decision marks the swift undoing of one of Chapek’s primary actions during his nearly three-year tenure as Disney CEO.

Read more at: https://www.cnbc.com/2022/11/21/kareem-daniel-disney-head-of-media-and-chapeks-right-hand-is-out-following-igers-return.html

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

Disney’s board reached out to 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

Corporate Defaults Would More Than Double Even In Mild Recession, S&P Global Warns

Authored by Katabella Roberts via The Epoch Times,

The rate of corporate defaults for companies in the United States could soar if the economy tips into a “shallow recession,” S&P Global analysts warned on Monday.

According to S&P Global Ratings, the default rate for American companies could reach 3.75 percent by September 2023 if the Federal Reserve’s hawkish policy of raising interest rates prompts a shallow or mild economic downturn.

In a far worse scenario in which a more serious economic downturn occurs, default rates could reach 6 percent, the highest since March 2021, analysts said.

“Much will depend on the length, brea …

Read more at: https://www.zerohedge.com/markets/corporate-defaults-would-more-double-even-mild-recession-sp-global-warns

Supreme Court Clears Way For House Dems To Obtain Trump’s Taxes

The Supreme Court on Tuesday cleared the way for House Democrats to obtain former President Trump’s tax return – denying a request to block an order that he surrender his tax returns.

The move by the Supreme Court, which offered no explanation in terms of dissent or even a vote breakdown, follows an urging by the Biden administration to grant Democrats access to the documents.

In a 30-page brief filed Nov. 10, Solicitor General Elizabeth Prelogar said that earlier rulings finding House Democrats’ request had legitimate legislative intent were correct, and that the nation’s top court should not diverge from them, the Epoch Times reported earlier this month.

The brief had the stamp of approval a lower court, after US District Judge Trevor McFadd …

Read more at: https://www.zerohedge.com/political/supreme-court-clears-way-house-dems-obtain-trumps-taxes

VP Harris Warns An Attack On The Philippines In South China Sea Would Trigger US Response

Authored by Dave DeCamp via AntiWar.com,

Vice President Kamala Harris on Monday reaffirmed that an attack on Philippine vessels in the South China Sea would trigger a US response under the 1951 Mutual Defense Treaty between the US and the Philippines. The warning to Beijing came as she was visiting Manila.

“An armed attack on the Philippines Armed Forces, public vessels, or aircraft in the South China Sea would invoke US mutual defense commitments. And that is an unwavering commitment that we have to the Philippines,” Harris said while meeting with Philippine President Ferdinand Marcos Jr.

Read more at: https://www.zerohedge.com/geopolitical/vp-harris-warns-attack-philippines-south-china-sea-would-trigger-us-response

DCG Founder Silbert Says “We’ll Come Out Of It Stronger” Amid Crypto Crisis

Update (1440ET): Digital Currency Group founder and CEO Barry Silbert has responded to market chatter and sent a reassuring note to shareholders.

The Block reports that Silbert told shareholders: “DCG will continue to be a leading builder of the industry and we are committed to our long-term mission of accelerating the development of a better financial system,”

“We have weathered previous crypto winters and while this one may feel more severe, collectively we will come out of it stronger,”

And continued:

“Genesis Global Capital, Genesis’ lending business, temporarily suspended redemptions and new loan originations last Wednesday, November 16 after market turmoil sparked unprecedented withdrawal requests.

This is an issue of liquidity and duration mismatch in the Genesis loan book.  Importantly, these issues have no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.

Genesis leadership and their board decided to hire financial and legal advisors and the firm is exploring all possible options amidst the fallout from the implosion of FTX.

In recent days, there has been chatter about intercompany loans between Genesis Global Capital and DCG.  For those unaware, in the ordinary course …

Read more at: https://www.zerohedge.com/crypto/crypto-conglomerate-dcg-trouble-genesis-verge-bankruptcy

Train strikes: Rail workers to strike in run-up to Christmas

The RMT says a series of strikes will take place across four 48-hour periods in December and January.

Read more at: https://www.bbc.co.uk/news/business-63715658?at_medium=RSS&at_campaign=KARANGA

FTX: Court says Sam Bankman-Fried ran FTX as a ‘personal fiefdom’

FTX’s collapse was described in court as “one of most abrupt and difficult” in corporate America.

Read more at: https://www.bbc.co.uk/news/business-63720310?at_medium=RSS&at_campaign=KARANGA

UK faces worst downturn of any advanced economy, OECD says

The OECD says the UK will contract more next year than any other of the world’s wealthiest nations.

Read more at: https://www.bbc.co.uk/news/business-63704841?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bullish candle. What traders should do on Wednesday

In the absence of any major event, the performance of the global indices, especially the US markets, will dictate the market trend. Besides, the upcoming expiry of November month derivatives contracts would keep the participants busy. Meanwhile, we suggest continuing with a stock-specific trading approach and focusing on sectors that are showing resilience in the recent dip.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bullish-candle-what-traders-should-do-on-wednesday/articleshow/95691983.cms

Chart Check: This pharma stock hits fresh record high, breaks out from 70-week consolidation; time to buy?

Most of the technical indicators are in a buy mode. Additionally, it gave a breakout from 70-week consolidation which auger well for the bulls. On the price front, the stock price is trading above most of the crucial short- and long-term moving averages such as 5,10,30,50,100, and 200-DMA which is a positive sign for the bulls.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-this-pharma-stock-hits-fresh-record-high-breaks-out-from-70-week-consolidation-time-to-buy/articleshow/95676129.cms

US stocks open higher on gains in Walgreens, Best Buy

At 10:07 a.m. ET, the Dow Jones Industrial Average was up 267.99 points, or 0.80%, at 33,968.27, the S&P 500 was up 19.71 points, or 0.50%, at 3,969.65, and the Nasdaq Composite was up 1.11 points, or 0.01%, at 11,025.62

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/us-stocks-open-higher-on-gains-in-walgreens-best-buy/articleshow/95693767.cms

Washington Watch: Retirement stock plans can use ESG scrutiny, new rule at Labor Department says

Labor Department finalized a rule to explicitly permit retirement-plan fiduciaries to consider climate change and other ESG features.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715A-68F0A22A1A55%7D&siteid=rss&rss=1

Market Extra: This isn’t a ‘close your eyes and buy anything’ kind of market

Bond yields are near the highest levels in 15 years, but stocks could flounder if a U.S. recession unfolds next year. It’s a disorienting time for investors.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7159-FD378A030211%7D&siteid=rss&rss=1

Outside the Box: ‘You’re the customer and deserve to know the truth.’ Ask your mortgage lender these 3 questions before you commit to 30 years of payments.

Make sure you know how your lender will take care of you.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715A-D9EA1CE9B2CA%7D&siteid=rss&rss=1