25Nov2022 Market Close & Major Financial Headlines: Markets Closed Mixed. Walmart Scores Win Over Amazon In Search For Black Friday Bargains.

BP Snags Contract To Market Guyanas Share Of Exxon’s Offshore Oil

The UKs largest energy company BP Plc (NYSE: BP) has won a contract to market Guyana’s share of crude oil produced over the next year from two offshore production platforms. According to the state’s Ministry of Natural Resources, BP has agreed to market the state’s share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, replacing Saudi Aramco’s trading unit. With ~11 billion barrels found to date Guyana is home to one of the largest oil discoveries over the last decade. U.S. oil and gas supermajor

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BP-Snags-Contract-To-Market-Guyanas-Share-Of-Exxons-Offshore-Oil.html

EU To Resume Talks On Russia’s Oil Price Cap

After failing to reach an agreement on a price cap for Russian gas, the EU is set to resume talks on limiting the price of Russian crude on Friday night. And, just as was the case for natural gas, the bloc has so far failed to agree on how strict the price cap should be or how it should be implemented. Countries such as Poland are opposed to the EU executive arms proposal to set a $65 per barrel limit, saying it was too generous to Russia while others like Greece dont want to go below that level. Indeed, Bloomberg has reported

Read more at: https://oilprice.com/Energy/Energy-General/EU-To-Resume-Talks-On-Russias-Oil-Price-Cap.html

Chinese Oil Giant Spends $1.9 Billion On 5% Stake Of Huge Brazilian Oilfield

China’s oil and gas giant CNOOC has paid Brazil’s Petrobras $1.9 billion to buy 5% in the production sharing contract for the huge Buzios offshore oilfield, the Brazilian state oil firm said in a statement. After the agreement, subject to approval from Brazil’s ministry of energy and mines, comes into effect, Petrobras will hold 85% in the production sharing contract for Buzios, CNOOC’s unit CNOOC Petroleum Brasil Ltda. (CPBL) will have 10%, and CNODC Brasil Petrleo e Gs Ltda (CNODC), will have 5%, the Brazilian

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Oil-Giant-Spends-19-Billion-On-5-Stake-Of-Huge-Brazilian-Oilfield.html

Russian Hackers Target Dutch LNG Terminal

Russian hackers have been doing exploratory research into the systems of the Dutch LNG terminals, trying to find ways into the systems, American cyber security company Dragos has reported. According to Dragos Casey Brooks, hacker groups Xenotime and Kamacite have been poking at the digital systems of Gasunies LNG terminal in Eemshaven in Rotterdam. The FBI has revealed that Xenotime and Kamacite have ties to the Russian secret service. Dutch company ElectricIQ has also reported increased activity around vital

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Hackers-Target-Dutch-LNG-Terminal.html

Germany Warns Of Rationing This Winter If Gas Storage Dips Below 40%

Germany may have to take drastic measures such as gas rationing if levels of gas in storage drop below 40% by February 1st next year, according to the German Federal Network Agency, which will enact such measures if necessary. Germanys gas storage sites were 99% full at the start of the heating season and the onset of colder weather in November. As of November 23, Germanys gas storage was 98.95% full, according to data from Gas Infrastructure Europe. The gas drawdowns are now set to accelerate as winter progresses. If gas storage

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Warns-Of-Rationing-This-Winter-If-Gas-Storage-Dips-Below-40.html

Russia’s Crude Trades At $52, Well Below The Proposed Price Cap

Russia’s flagship crude grade Urals currently trades at around $52 per barrel, more than $10 a barrel lower than the low end of a proposed G7-EU-UK price cap of $65-$70 per Russian barrel of crude, according to Bloomberg. No final decision has been taken by the G7 and the EU yet, but the price cap mechanism and the EU embargo on imports of Russian crude by sea are set to enter into force in less than two weeks, on December 5. Reports emerged on Wednesday that the EU is discussing capping the price of Russian oil at somewhere between

Read more at: https://oilprice.com/Energy/Energy-General/Russias-Crude-Trades-At-52-Well-Below-The-Proposed-Price-Cap.html

Online shoppers spent a record amount on Thanksgiving

People spent $5.29 billion on the internet on Thanksgiving. The typical online shopping day results in $2 billion to $3 billion in sales.

Read more at: https://www.cnbc.com/2022/11/25/black-friday-2022-online-shoppers-spent-record-amount-on-thanksgiving.html

Walmart shooter bought pistol on the day of the attack and left behind a ‘death note’

Andre Bing, accused of killing six co-workers at a Virginia Walmart, bought a pistol the morning of the attack, officials said.

Read more at: https://www.cnbc.com/2022/11/25/walmart-shooter-bought-gun-day-of-attack-left-behind-death-note.html

Frontier Airlines gets rid of telephone customer service

Frontier said customers can text or use social media channels like WhatsApp.

Read more at: https://www.cnbc.com/2022/11/25/frontier-airlines-gets-rid-of-telephone-customer-service.html

Black Friday means deep discounts for shoppers — and intense pressure for retailers

Black Friday weekend will take on additional importance this year after retailers like Target and Macy’s reported a recent lull in sales.

Read more at: https://www.cnbc.com/2022/11/25/black-friday-2022-big-discounts-high-pressure-retailers.html

Walmart overtakes Amazon in shoppers’ search for Black Friday bargains

Retailers are battling for shoppers’ eyeballs and wallets amid an unusual holiday shopping season clouded with sky-high inflation.

Read more at: https://www.cnbc.com/2022/11/25/walmart-overtakes-amazon-in-shoppers-search-for-black-friday-bargains.html

Omicron boosters probably aren’t very effective against mild Covid illness, but will likely prevent hospitalizations, experts say

The study did not look at hospitalization, but experts believe the omicron booster shots will provide strong protection against severe outcomes.

Read more at: https://www.cnbc.com/2022/11/25/covid-omicron-boosters-arent-very-effective-against-mild-illness.html

Omicron BQ Covid variants, which threaten people with compromised immune systems, are now dominant in U.S.

The BQ coronavirus subvariants are likely resistant to key antibody medications used by people with compromised immune systems.

Read more at: https://www.cnbc.com/2022/11/25/covid-omicron-bq-variants-dominant-xbb-circulating-at-low-level.html

3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end

There’s still time to trim your 2022 tax bill or boost your refund before the end of the year. Here are three lesser-known strategies to consider.

Read more at: https://www.cnbc.com/2022/11/25/lesser-known-ways-to-reduce-your-2022-tax-bill-or-boost-your-refund-.html

Stocks making the biggest moves midday: Apple, Manchester United, Activision Blizzard and more

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

Read more at: https://www.cnbc.com/2022/11/25/stocks-making-the-biggest-moves-midday-apple-manchester-united-activision-blizzard-and-more.html

Adidas launches investigation into Ye conduct claims

The German sportswear brand said it was taking anonymous allegations made about the musician’s conduct while working on Yeezy products “very seriously.”

Read more at: https://www.cnbc.com/2022/11/25/adidas-launches-investigation-into-ye-conduct-claims.html

Postal workers in the UK launch Black Friday strike as industrial action sweeps the country

Thousands of postal workers in the U.K. began a two-day strike on Thursday, disrupting Black Friday after talks between Royal Mail and the Communication Workers Union fell through.

Read more at: https://www.cnbc.com/2022/11/25/postal-workers-in-the-uk-launch-black-friday-strike-as-industrial-action-sweeps-the-country.html

Hyundai is on a hot streak in the U.S., but Biden’s Inflation Reduction Act could spoil it

With new EVs and SUVs, the company’s Hyundai, Kia and Genesis brands are expected to capture nearly 11% of the U.S. new vehicle market this year.

Read more at: https://www.cnbc.com/2022/11/23/hyundais-best-years-in-the-us-face-an-inflation-reduction-act-test.html

Disney CEO Bob Iger to hold town hall with employees on Monday

Disney CEO Bob Iger to speak with Disney employees at town hall on Monday, a week after he was rehired.

Read more at: https://www.cnbc.com/2022/11/23/disney-ceo-bob-iger-to-hold-town-hall-with-employees-on-monday.html

FTX & The Corruption Of America

Authored by Charles Hugh Smith via OfTwoMinds blog,

What all the entrenched insiders in America’s parasitic, predatory elites and institutions don’t dare admit is that to protect themselves from consequence, we’ve had to sacrifice everything else.

Thanks to the FTX swindle, we now know the cost of a get out of jail free card in America: $40 million, paid to political elites. It seems even get out of jail free cards have suffered from inflation.

With hefty “donations” (heh) to elites, all wrong-doing is swept under a very capacious carpet. Jeffrey Epstein sprinkled a few million on the elites of Harvard, and he was ushered into this elite circle as an intimate pal. The fact that he was a rapacious predator of children was of no concern. A few million showered on the right people and causes makes evil and criminality disappear.

If a financier l …

Read more at: https://www.zerohedge.com/markets/ftx-corruption-america

Dovish Fed Sparks Bond & Stock Surge During Holiday Week

Amid a holiday-shortened week of low liquidity, bonds and stocks rallied as the dollar drifted lower on the heels of dovish Fed ‘pause’ hopes which sent terminal rate expectations slightly lower and subsequent rate-cut expectations higher…

Source: Bloomberg

Bonds were bid with the long-end of the curve outperforming significantly, inverting the yield curve even deeper…

Source: Bloomberg< …

Read more at: https://www.zerohedge.com/markets/dovish-fed-sparks-bond-stock-surge-during-holiday-week

The Vaccinated Now Account For A Majority Of COVID Deaths

Authored by Techno Fog via The Reactionary (emphasis ours),

There’s a remarkable concession appearing in The Washington Post today:

“a majority of Americans dying from the coronavirus received at least the primary series of the vaccine.”

The latest data shows that 58% of COVID-19 deaths in August 2022 were from people who were vaccinated or boosted. Based on past figures and the current trends, we can reasonably estimate that the number of vaccinated/boosted COVID-19 deaths will only rise. (In September 2021, the vaccinated accounted for 23% of COVID-19 deaths; in January/February 2022, the vaccinated were 42%.)

This …

Read more at: https://www.zerohedge.com/covid-19/vaccinated-now-account-majority-covid-deaths

30-Year-Old Co-Founder Of Crypto Trading Platform Amber Dies “Unexpecteldy” In His Sleep

Tiantian Kullander, a former Morgan Stanley trader who co-founded digital-asset trading platform Amber Group, has died. He was only 30 years old.

Kullander “passed away unexpectedly in his sleep” on Nov. 23, Amber said in a statement on its website on Friday. “He led by example with his intellect, generosity, humility, diligence and creativity,” the firm added.

The crypto entrepreneur, nicknamed “TT,” started Amber in 2017 together with a group of former finance professionals, including Goldman Sachs Group and Morgan Stanley alumni. The company, whose backers include Singaporean state investment company Temasek Holdings, was in talks to raise about $100 million, Bloomberg reported earlier this month (although in light of recent events those plans have likely been put on hold).

As Bloomberg notes, five of Amber’s founders – Kullander, Michael Wu, Wayne Huo, Tony He and Luke Li – previously worked together on Morgan Stanley’s fixed-income trading f …

Read more at: https://www.zerohedge.com/markets/30-year-old-co-founder-crypto-trading-platform-amber-dies-unexpecteldy-his-sleep

Black Friday sales rebound as shoppers seek bargains

Figures show sales beat 2021 volumes, with energy-efficient products in high demand.

Read more at: https://www.bbc.co.uk/news/business-63737595?at_medium=RSS&at_campaign=KARANGA

Jaguar Land Rover cuts output at UK factories due to chip shortage

The carmaker is reducing production at its factories in Solihull and Halewood until the spring.

Read more at: https://www.bbc.co.uk/news/business-63756079?at_medium=RSS&at_campaign=KARANGA

Energy sector reforms criticised by British Gas owner

Regulator Ofgem announces plans to strengthen the sector but is criticised by the UK’s biggest supplier.

Read more at: https://www.bbc.co.uk/news/business-63756303?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bullish engulfing pattern on weekly chart. What traders should do on Monday

As reflected by the fear gauge index India VIX, volatility has been cooling off for the last nine weeks and supporting the bulls to hold at higher zones. The momentum indicator has reached the falling trendline on the daily timeframe.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bullish-engulfing-pattern-on-weekly-chart-what-traders-should-do-on-monday/articleshow/95767858.cms

Fundamental Radar: Why KEI Industries could surpass October highs to hit record in next 12 months?

KEI Industries is a leading player in the wires and cables (W&C) space with an extensive product portfolio and distribution reach with PAN India presence. KEI ranks among the top three wires and cables (W&C) manufacturers in the country. It services retail and institutional customers.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fundamental-radar-why-kei-industries-could-surpass-october-highs-to-hit-record-in-next-12-months/articleshow/95757272.cms

PNB jumps over 9% to hit 52-week high. What’s driving the rally?

Out of the 14 analysts covering the stock, only two have buy ratings while six have sell ratings, and another six have hold ratings. The average share price target of the stock signals a downside potential of 25% from the current market price.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/pnb-jumps-over-9-to-hit-52-week-high-whats-driving-the-rally/articleshow/95756450.cms

Retirement Weekly: Getting older and losing confidence? Here’s how to get it back.

Put aside self-imposed worries and take action.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715C-9C649F695559%7D&siteid=rss&rss=1

Retirement Weekly: My dad makes charitable donations from his IRA. Can I do the same with my 401(k)?

I want to make a charitable donation from my 401(k) because selling an investment to raise cash to donate would trigger a gain.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715C-66A5E1123B66%7D&siteid=rss&rss=1

Gig workers and online sellers to get 1099-K tax forms for the first time due to new $600 threshold

Millions of gig workers and sellers on platforms like eBay and Esty look set to get a tax form in the new year that they haven’t received before

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715C-815CDD20B02A%7D&siteid=rss&rss=1