29Nov2022 Market Close & Major Financial Headlines: Stocks Mostly Down As The Market Awaits Powell’s Speech Tomorrow

Xi’s Zero-Covid Policy Sparks Largest Protests Since 1989

The apparent failure by Beijing to determine new ways to handle the COVID-19 pandemic, given what many consider the largest mass protests since the student movement of 1989, has exposed the limited abilities of the new Chinese Communist Party (CCP) leadership to handle unexpected events despite its extensive security and surveillance apparatus. CCP General Secretary Xi Jinping, who gained near-total control of the party apparatus at the 20th Party Congress late last month, is nowhere to be seen after tens of thousands of students on at least 50

Read more at: https://oilprice.com/Geopolitics/International/Xis-Zero-Covid-Policy-Sparks-Largest-Protests-Since-1989.html

EasyJet Reports 300% Revenue Rise, But Fuel Costs Are Eating Away At Profits

Budget airline EasyJet has shrunk its losses as it braces for a 50 percent rise in the price of fuel next year as passenger levels fly. The loss-making airline, like most, had been struck hard by pandemic restrictions but is now battling against soaring inflation. EasyJet reported a pre-tax loss of 208m in the 12 months to the end of September, which includes around 78m associated with continued travel disruption. The airline has shrunk down a more than 1bn cavity from the year before. However, fuel costs are expected to eat

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EasyJet-Reports-300-Revenue-Rise-But-Fuel-Costs-Are-Eating-Away-At-Profits.html

The Oilprice Guide To Cutting Energy Costs This Winter

The global energy crisis is just getting started. The International Energy Agency (IEA), not one for hyperbole, announced in its annual energy outlook that were in the midst of a global energy crisis of unprecedented depth and complexity, and that there is no going back to the way things were before Russias illegal invasion of Ukraine and the resulting restructuring of global energy trade. In the short term, this is a nasty bit of news for consumers, who can expect market volatility to hit them hard at

Read more at: https://oilprice.com/Energy/Energy-General/The-Oilprice-Guide-To-Cutting-Energy-Costs-This-Winter.html

White House Changes Plan To Refill SPR At $70 Per Barrel

U.S. Energy Security Advisor Amos Hochstein said on Tuesday that the White House would look to refill the nations Strategic Petroleum Reserves when oil prices were consistently at $70 per barrel, Bloomberg said. In mid-October, the White House released a fact sheet that outlined the administration’s intention to refill the SPR when oil prices were between $67 and $72 per barrel, following the Presidents release of 180 million barrels from the SPR to help bring down the price of oil. According to the White House statement

Read more at: https://oilprice.com/Latest-Energy-News/World-News/White-House-Changes-Plan-To-Refill-SPR-At-70-Per-Barrel.html

Russia’s Pipeline Oil Exports To China Flat So Far This Year

Russia’s pipeline oil exports to China via the Eastern SiberiaPacific Ocean (ESPO) oil pipeline were flat between January and October compared to the same period of 2021, according to China National Petroleum Corporations (CNPC) Vice President Huang Yongzhang. Russia sent 33.26 million tons of oil to China via pipeline in the first ten months of this year, Huang was quoted as saying by Russian news agency TASS at a Russia-China energy forum. While pipeline oil deliveries were basically unchanged this year, China has significantly

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Pipeline-Oil-Exports-To-China-Flat-So-Far-This-Year.html

Volatile Metal Prices To Persist As China Grapples With Covid Spike

Via AG Metal Miner There have been a number of dynamics driving metals prices this year. Theyve ranged from the strength of the USD to the war in Ukraine to the still-ongoing energy crisis. However, as with the past two decades, the primary recurring theme remains Chinese demand. As both producer and consumer of most of the worlds major and minor metals, China is the driving force in supply. In short: when China sneezes, the entire metal market catches a cold. COVID-19 Continues to Affect Chinese Consumption Many investors

Read more at: https://oilprice.com/Metals/Commodities/Volatile-Metal-Prices-To-Persist-As-China-Grapples-With-Covid-Spike.html

Tesla still dominant, but its US market share is eroding as cheaper EVs arrive

S&P Global Mobility forecasts Tesla’s market share will decline to less than 20% by 2025, as EV models grow from 48 today to 159 by then.

Read more at: https://www.cnbc.com/2022/11/29/teslas-dominance-of-evs-is-eroding-as-cheaper-cars-hit-the-market.html

Shopper turnout hit record high over Black Friday weekend, retail trade group says

A record number of holiday shoppers turned out from Thanksgiving Day to Cyber Monday, according to the National Retail Federation.

Read more at: https://www.cnbc.com/2022/11/29/shopper-turnout-hit-record-over-black-friday-weekend-trade-group-says.html

AMC Networks plans significant layoffs as CEO steps down after less than three months

AMC Networks CEO Christina Spade is suddenly exiting the company after less than three months in the role.

Read more at: https://www.cnbc.com/2022/11/29/amc-networks-ceo-stepping-down-after-less-than-three-months-.html

‘Glass Onion’ could have made $200 million, but Netflix only let it play in theaters for a week

Netflix probably left hundreds of millions of dollars on the table by not keeping Rian Johnson’s “Glass Onion” in theaters.

Read more at: https://www.cnbc.com/2022/11/29/netflix-glass-onion-misses-out-millions-box-office.html

These are shaping up to be the best and worst luxury real estate markets for 2023

Even the strongest luxury markets are expected to cool next year, as interest rates rise and economies slow.

Read more at: https://www.cnbc.com/2022/11/29/dubai-miami-top-list-of-best-luxury-real-estate-markets-for-2023.html

It’s been a volatile year for the market: These are the key things to know before rebalancing your portfolio

After a volatile year for the stock and bond markets, it may be time to rebalance your portfolio. Here’s what to consider before making changes.

Read more at: https://www.cnbc.com/2022/11/29/what-to-know-before-rebalancing-your-investment-portfolio.html

Amazon used AWS on a satellite in orbit to speed up data analysis in ‘first-of-its kind’ experiment

Amazon’s cloud computing division successfully ran a software suite on a satellite in orbit, the company announced on Tuesday.

Read more at: https://www.cnbc.com/2022/11/29/amazon-aws-experiment-satellite-orbit.html

Disney CEO Bob Iger addresses ‘Don’t Say Gay’ fallout, importance of LGBTQ inclusion in stories

Disney CEO Bob Iger said inclusion and acceptance are among the core values of the company’s storytelling during a town hall with employees.

Read more at: https://www.cnbc.com/2022/11/28/disney-ceo-bob-iger-talks-dont-say-gay-lgbtq-inclusion-at-town-hall.html

Shares of Lordstown Motors rise as company begins electric truck deliveries

Lordstown said it received final regulatory approval to sell its Endurance EV pickup. It started shipping the first trucks from a planned batch of 500.

Read more at: https://www.cnbc.com/2022/11/29/shares-of-lordstown-ride-rise-as-company-begins-deliveries.html

Disney hiring freeze will stay in place, CEO Bob Iger tells employees

Disney CEO Bob Iger said he won’t remove the company’s hiring freeze and that he will reassess its cost structure.

Read more at: https://www.cnbc.com/2022/11/28/disney-hiring-freeze-will-stay-in-place-ceo-iger-tells-employees.html

Tech companies begin rerouting critical chip supplies to trucks with rail strike looming

Semiconductor chip suppliers are among companies starting to send more cargo to trucks ahead of a potential freight railroad strike.

Read more at: https://www.cnbc.com/2022/11/28/with-rail-strike-looming-tech-companies-reroute-chips-to-trucking-.html

Disney is the biggest winner — and loser — at the Thanksgiving box office

This year’s Thanksgiving box office was both feast and famine for Walt Disney.

Read more at: https://www.cnbc.com/2022/11/27/disney-is-the-biggest-winner-and-loser-at-the-thanksgiving-box-office.html

Adidas employees raised concerns about Ye’s conduct for years, report says

The CEO and other senior leaders at Adidas discussed the potential fallout from its relationship with Kanye West as far back as four years ago, one report said.

Read more at: https://www.cnbc.com/2022/11/27/adidas-employees-raised-concerns-about-yes-conduct-for-years-report-says.html

Fidelity Begins Opening Retail Bitcoin Trading Accounts

Authored by ‘BTCCasey’ via BitcoinMagazine.com,

Fidelity, one of the world’s largest financial services providers, has officially started opening retail bitcoin trading accounts.

The development comes after their announcement of a wait list previously this month. According to a report by The Block, certain users, presumably those on the wait list, received an email detailing the release, which stated that “The wait is over.”

Fidelity has been active in the bitcoin industry for some time — according to the company website, it began mining bitcoin in 2014. In addition, it

Read more at: https://www.zerohedge.com/crypto/fidelity-begins-opening-retail-bitcoin-trading-accounts

Stocks Cower Ahead Of Powell’s Speech Tomorrow But It Is The Blackout Period Right After That Matters More

In the data-packed week, it is tomorrow’s speech by Fed chair Powell at Brookings titled “Economic Outlook and the Labor Market” (at 1:30pm) that is captivating markets.

As Goldman notes, it is the risk that Powell will once again unleash a market beatdown that is keeping sentiment depressed. As Goldman puts it “keep an eye on Powell speech wed for more verbal Financial Conditions tightening”. The Fed chair will discuss the economy and labor market; echoing the language in the post-meeting statement, FOMC participants argued that the level of the policy rate, the uncertain lags with which monetary policy affects activity, and the incoming data would all be important factors for the future path of monetary policy.

Powell speech comes just days after a more dovish than expected FOMC Minutes helped push stocks above 4,000, however briefly, as gains then vaporized amid the Covid zero drama and with Powell’s own speech looming. On Monday morning, Goldman trader Rich Privorotsky said to “expect the market to trade weak into the event…” and although there is little that he can say to make Fed not be data dependent (NFP and CPI pre Dec FOMC still matter) “he can start to shape the reaction function.”

As Privorotsky concludes, “the message will be hawkish, an attempt to reiterate that even if it looks like inflation is falling this Fed will keep real rates higher for longer to ensure inflation expectations come down to their objective (2%).” To be sure, markets a …

Read more at: https://www.zerohedge.com/markets/stocks-cower-ahead-powells-speech-tomorrow-it-blackout-period-right-after-matters-most

Watch: Fauci Again Defends Chinese Lockdowns

Authored by Steve Watson via Summit News,

Anthony Fauci once again defended brutal Chinese lockdowns, admitting that the Communist government is forcefully locking people inside buildings but adding that if it means people get vaccinated then he is “okay” with it.

“China’s official news agency today published an op-ed asserting that the country’s strict COVID measure are scientific and effective. Are they?” host CNN host Jake Tapper asked.

“Well when you want to shut down in order to interrupt immediately a process that’s going on like the spread of infection, there should be a purpose to it like you want to make sure you get enough ventilators or enough PPE or you want to get your population vaccinated,” Fauci responded.

“The comment that I made about their severe actions that they’ve taken is that you have to have an endgame, …

Read more at: https://www.zerohedge.com/covid-19/watch-fauci-again-defends-chinese-lockdowns

Unions Furious As Biden, Pelosi Push Bill To Avert Rail Strike

Under pressure from President Biden, Speaker Pelosi said that House lawmakers will take up legislation on Wednesday to stop a nationwide strike by railroad workers by imposing a proposed contract that members at four railroad unions had rejected, saying Congress needs to intervene to prevent devastating job losses.

“I don’t like going against the ability of unions to strike, but weighing the equities, we must avoid a strike. Jobs will be lost, even union jobs will be lost, water will not be safe, product will not be going to market,” she said.

Both sides in the negotiations had agreed to a cooling-off period until Dec. 9 with the sticking points involving work schedules and paid sick time.

Read more at: https://www.zerohedge.com/political/unions-furious-biden-pelosi-push-bill-avert-rail-strike

Train strikes: Pub boss warns walkouts could ruin Christmas plans

The Fuller’s boss says festive parties could be cancelled without a speedy resolution to the dispute.

Read more at: https://www.bbc.co.uk/news/business-63791844?at_medium=RSS&at_campaign=KARANGA

Octopus takeover of Bulb challenged by rival firms

Octopus Energy’s acquisition of collapsed energy firm Bulb could be delayed by a legal fight.

Read more at: https://www.bbc.co.uk/news/business-63800602?at_medium=RSS&at_campaign=KARANGA

Bird flu: Free range turkey supplies hit by bird flu

About 600,000 birds have been culled or have died in the UK’s worst avian flu outbreak.

Read more at: https://www.bbc.co.uk/news/science-environment-63797896?at_medium=RSS&at_campaign=KARANGA

Nearly half of Nifty50 stocks emerge stronger than index from June lows

The month of November was not good but for many of its index constituents, as 9 stocks, including M&M, SBI, Bharti Airtel, L&T, and ICICI Bank scaled their respective lifetime highs.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nearly-half-of-nifty50-stocks-emerge-stronger-than-index-from-june-lows/articleshow/95847872.cms

This Adar Poonawalla-backed NBFC becomes D-Street’s ‘darling’; can the tag last long?

The number of mutual funds holding the stock in their portfolio has doubled since May, data on Trendlyne showed. Aditya Birla Sun Life Small Cap Fund was the highest buyer of the shares of the NBFC in October.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/this-adar-poonawalla-backed-nbfc-becomes-d-streets-darling-can-the-tag-last-long/articleshow/95848568.cms

Gautam Adani steals the show again! Pips Ambani to become richest Indian in 2022

Despite the year seeing a sharp depreciation in the rupee amid the weak global macroeconomic conditions, the combined wealth of India’s 100 richest people grew $25 billion to touch $800 billion in 2022, according to Forbes India

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/gautam-adani-creates-history-pips-ambani-to-become-richest-indian-in-2022/articleshow/95861180.cms

Five Questions With: Why Biden’s a ‘great bet’ for 2024, according to this expert on political gambling

An anthropologist focused on betting markets talks about how to wager on the 2024 presidential race and how those markets botched the 2022 midterm elections.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715D-41C81677D300%7D&siteid=rss&rss=1

The Ratings Game: Private-prison stock hits two-year high as analysts cite potential for more detention beds, detention alternatives

Shares of private-prison operator GEO Group Inc. jumped to their highest level in roughly two years on Tuesday after Wedbush analysts upgraded the stock.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715E-46B2D1B523C6%7D&siteid=rss&rss=1

The Tell: A Fed rate-hike cycle never hit stocks this hard before. Here’s what’s different this time.

The stock market’s slide since the Fed began hiking interest rates is the steepest of any rate-hike cycle on record, says Deutsche Bank.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715E-3148F3A764B6%7D&siteid=rss&rss=1