05Dec2022 Market Close & Major Financial Headlines: Wall Street Equities Opened Lower And Trended Down To Close Near Session Bottom As Economic Soft Landing Hopes Fade

Europe’s Energy Crisis Is Reshaping Geopolitics

Europe’s energy crisis is about far more than just energy. It’s also the impetus for a major geopolitical reconfiguration at a global scale. No one knows exactly what the worlds energy and political landscapes will look like when the dust settles (which, by the way, will be years from now) but it’s guaranteed that it will be markedly different than it was the day before Russia historically the largest exporter of oil and natural gas to the European Union by a long shot illegally invaded Ukraine. This

Read more at: https://oilprice.com/Geopolitics/International/Europes-Energy-Crisis-Is-Reshaping-Geopolitics.html

Gasoline Prices Continue To Plummet In The U.S.

After a relentless months-long climb, U.S. national average gas prices have declined, falling 16 cents from a week ago to $3.403 per gallon on Monday as per AAA. Gas prices have now declined 43 cents over the past 30 days, and are only $1.01 cents higher than a year ago. However, GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country show that gas prices are actually lower than where they sat 12 months ago. For the first time in 670 days, the national average

Read more at: https://oilprice.com/Energy/Energy-General/Gasoline-Prices-Continue-To-Plummet-In-The-US.html

Apple Ramps Up Efforts To Move Production Of Out China

Apple has accelerated plans to shift some of its production outside of China, the Wall Street Journal reports, citing insiders. The company has been reportedly telling suppliers to ‘actively’ plan on assembling Apple products elsewhere in Asia – primarily India and Vietnam, as the company looks to reduce dependence on Taiwanese assemblers spearheaded by Foxconn. The company’s goal is to ship 40-45% of iPhones from India, vs the current single-digit percentage, according to TF International Securities analyst, Ming-chi Kuo. Vietnam is also expected

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Apple-Ramps-Up-Efforts-To-Move-Production-Of-Out-China.html

Rare Earth Supply Chains Are In Chaos

Via AG Metal Miner The December Rare Earths MMI (Monthly MetalMiner Index) traded sideways for the second month in a row. The index dropped 1.55% and MetalMiner anticipates it will continue sideways, most definitely for the short term and possibly in the long term. This is mostly thanks to the supply of global rare earth magnets being interrupted by the current events within China, the world’s #1 supplier of rare earth elements. Contrary to its name, rare earths are not rare. However, they are rare in concentrated amounts. This makes mining

Read more at: https://oilprice.com/Metals/Commodities/Rare-Earth-Supply-Chains-Are-In-Chaos.html

UK’s Economy To Dip Into Recession This Winter

The UK’s recession will officially begin this winter and is likely to last for most of next year, a closely watched survey out today suggests. S&P Global and the Chartered Institute of Procurement and Supply (CIPS) final purchasing managers index (PMI) measuring private sector activity in November was unchanged at 48.2, the lowest number since January 2021 when the UK was constrained by tough pandemic lockdowns. The reading was below analysts’ expectations but held steady from an earlier estimate. The services

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UKs-Economy-To-Dip-Into-Recession-This-Winter.html

UK Energy Reforms Could Stifle Growth

Ofgems flurry of reforms to the energy sector could stop new ideas from entering the market and improve outcomes for customers warned the boss of challenger supplier Good Energy. Chief executive Nigel Pocklington feared the watchdog is overcompensating following heavy criticism from charities such as Citizens Advice and parliamentary committees over its handling of the energy crisis, which has seen 30 suppliers collapse in the past 18 months. This includes the collapse of Bulb Energy into de-facto nationalization for over

Read more at: https://oilprice.com/Energy/Energy-General/UK-Energy-Reforms-Could-Stifle-Growth.html

Nike and Kyrie Irving split up after the antisemitism controversy

Nike said Monday that Brooklyn Nets star Kyrie Irving is no longer affiliated with the athletic wear giant.

Read more at: https://www.cnbc.com/2022/12/05/nike-parts-ways-with-nba-star-kyrie-irving-after-antisemitism-flap.html

U.S. again delays the deadline for Real IDs, until May 2025

Homeland Security has delayed the enforcement of the Real ID Act for a period of two years.

Read more at: https://www.cnbc.com/2022/12/05/us-again-delays-deadline-for-real-ids-until-may-2025.html

Warner Bros. Discovery closes in on ‘Max’ as the name of its combined HBO Max-Discovery+ streaming service

Warner Bros. Discovery plans to merge its HBO Max and Discovery+ streaming services in the spring and will rename the service.

Read more at: https://www.cnbc.com/2022/12/05/warner-bros-discovery-max-streaming-service-name.html

Who will be Disney’s next CEO? Here are the top contenders to succeed Bob Iger

There are several internal and external candidates who could take over as Disney CEO after Bob Iger ends his tenure there.

Read more at: https://www.cnbc.com/2022/12/04/disney-ceo-top-contenders-succeed-bob-iger.html

North Face owner VF Corp. falls 10% after guidance cut, CEO steps down

VF Corporation on Monday lowered its revenue and earnings expectations for the second half of its fiscal year.

Read more at: https://www.cnbc.com/2022/12/05/vf-corp-lowers-full-year-guidance-announces-ceo-is-retiring.html

DHL buying Ford E-Transit cargo vans showcases the automaker’s electric vehicle strategy

The benefits of Ford Motor’s (F) multipronged EV strategy are displayed in delivery giant DHL’s plans to acquire 2,000 E-Transit vans.

Read more at: https://www.cnbc.com/2022/12/05/dhl-buying-fords-electric-cargo-vans-showcases-club-holdings-ev-strategy.html

‘You can control your tax-reporting destiny’. 4 key year-end tax moves

While your tax return isn’t due until April, several key deadlines are approaching by year-end, experts say. Here’s what filers need to know.

Read more at: https://www.cnbc.com/2022/12/05/4-key-year-end-moves-to-control-your-tax-reporting-destiny.html

CDC encourages people to wear masks to help prevent the spread of Covid, flu, and RSV over the holidays

Covid, flu, and respiratory syncytial virus are circulating at the same time, putting strain on hospitals.

Read more at: https://www.cnbc.com/2022/12/05/cdc-encourages-people-to-wear-masks-to-prevent-spread-of-covid-flu-rsv.html

Gen Zers are coming home for the holidays on mom and dad’s dime, study says

About half of young adults plan to travel home this holiday season. However, many will rely on their parents to pick up the tab, according to a recent report.

Read more at: https://www.cnbc.com/2022/12/05/gen-zers-coming-home-for-the-holidays-on-mom-and-dads-dime-study-says.html

Stocks making the biggest moves midday: Tesla, VF Corp, Marriott, MGM, and more

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

Read more at: https://www.cnbc.com/2022/12/05/stocks-making-the-biggest-moves-midday-tesla-vf-corporation-marriott-mgm-and-more.html

Los Angeles bans oil and gas drilling within city limits

Oil wells are located in nearly all parts of the city, including Wilmington, Harbor Gateway, downtown, West LA, South LA, and the northwest San Fernando Valley.

Read more at: https://www.cnbc.com/2022/12/05/los-angeles-bans-oil-and-gas-drilling-within-city-limits.html

Jim Cramer’s Investing Club meeting Monday: Trimming oil, Starbucks, Eli Lilly

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

Read more at: https://www.cnbc.com/2022/12/05/jim-cramers-investing-club-meeting-monday-oil-sale-starbucks.html

Ford claims No. 2 spot in EVs behind Tesla – but gap remains wide

Ford topped Hyundai after the South Korean automaker lost the incentive of consumer tax credits of up to $7,500 for buyers of its EVs.

Read more at: https://www.cnbc.com/2022/12/02/ford-claims-no-2-spot-in-evs-behind-tesla-passing-hyundai.html

Stocks, Bonds, Bullion, & Black Gold Battered As ‘Soft Landing’ Hopes Fade

Futures drifted gently lower overnight despite Chinese stocks rising on COVID-restriction-lifting rumors but then got bitch-slapped down by Fed whisperer Nick Timiraos pushing the ‘higher rates for longer’ narrative to walk back some of the market’s post-Powell exuberance. That sent bonds and stocks lower and terminal Fed rate expectations higher.

A mixed bag in the Services surveys (PMI down hard but ISM higher somehow) and Factory Orders rose more than expected, prompting another leg down in stocks and higher in terminal Fed rate expectations (back above 5.00%)…

Source: Bloomberg

So The Fed will hold rates ‘higher for longer’ as ‘good’ economic news remains too strong… not a good sign for the ‘soft landing’ narrative.

All of this prompted an ugly session in stocks with the S&P and Nasdaq down 2% (Small Caps worst of the majors on the day, down 3%)…

Read more at: https://www.zerohedge.com/markets/stocks-bonds-bullion-black-gold-battered-soft-landing-hopes-fade

The Gall Of Lockdowners Who Support China’s Anti-Lockdown Protests

Authored by Michael Senger via ‘The New Normal’ Substack,

If the intent was to get western elites to simultaneously support totalitarianism in their own countries while pretending to oppose it in China, then Xi Jinping has certainly made his point…

Across the political spectrum, voices have risen up in support of the Chinese people who’ve launched protests of unprecedented scale against the Chinese Communist Party’s indefinite Covid lockdown measures.

As well they should. Even by Chinese standards, the lockdowns that Xi Jinping pioneered with the onset of Covid are horrific in terms of their scale, their duration, their depravity, and the new totalitarian surveillance measures to which they’ve led. Anyone who participates in a protest in China runs a risk of being subject to cruel and arbitrary punishment. For ordinary Chinese people to brave that risk in defiance of this new form of inhuman medical tyranny is an act of courage worthy of admiration.

There are notable exceptions to the otherwise widespread support the protesters have received. Apple has been silent about the protests, and had the gall to limit the protesters’ use of a communication service called AirDrop in compliance with the …

Read more at: https://www.zerohedge.com/geopolitical/gall-lockdowners-who-support-chinas-anti-lockdown-protests

Peter Schiff: A Currency Crisis Will Fuel the Inflationary Fire

Via SchiffGold.com,

According to the Democrats and many mainstream pundits, the US economy is “resilient.” As Laura Ingraham put it, “it’s all peaches and cream according to Joe and his team.”

But what’s the truth?

Peter Schiff painted a less rosy picture during his appearance on The Ingraham Angle, saying the coming currency crisis is going to fuel the inflationary fire.

Setting up the discussion, Ingraham pointed out that the savings rate has dropped to the lowest level since the Great Recession. Meanwhile, Americans are piling up debt. Meanwhile, we’re starting to see significant layoffs, especially in this tech sector. Is this a sign of a healthy economy?

Former UBS America CEO Robe …

Read more at: https://www.zerohedge.com/markets/peter-schiff-currency-crisis-will-fuel-inflationary-fire

Iranians Skeptical That Morality Police Actually Disbanded After Surprise Announcement

Iranians Skeptical That Morality Police Actually Disbanded After Surprise AnnouncementSkepticism is growing that the government of Iran has disbanded its feared morality police, after widespread weekend reports said Tehran took the drastic measure as a compromise in order to appease and soften the still raging ‘anti-hijab’ protest movement.

Iranian Attorney General Mohammad Jafar Montazeri suggested the change was made on Saturday, however, this “announcement” that the morality police has been disbanded remained ultra-vague, leading to confusion and rising skepticism.

“The morality police have nothing to do with the judiciary, and it was abolished by those who created it,” Iranian Attorney General Mohammad Jafar Montazeri had said on Saturday, but without elaborating on the surprise assertion. “But of course, the judiciary will continue to watch over behavioral actions in the society,” he had added.

Read more at: https://www.zerohedge.com/geopolitical/iranians-skeptical-morality-police-were-disbanded-after-surprise-announcement

December train strikes: Extra train strikes planned over Christmas

The union is urging its member to reject a new offer, which will be put to a ballot.

Read more at: https://www.bbc.co.uk/news/business-63867226?at_medium=RSS&at_campaign=KARANGA

Employees can ask for flexible working from day one

New laws proposed by the government mean workers will no longer have to wait for 26 weeks.

Read more at: https://www.bbc.co.uk/news/business-63859390?at_medium=RSS&at_campaign=KARANGA

Cost of living: New average mortgage rates fall below 6%

The typical interest rate shot up after the mini-budget but lenders are gradually reducing rates.

Read more at: https://www.bbc.co.uk/news/business-63858641?at_medium=RSS&at_campaign=KARANGA

US VC firm Sequoia Capital sells 3.7% stake in Go Fashion for Rs 228 cr

Through its affiliate Sequoia Capital India Investments IV, the venture capital firm sold 20,00,000 shares

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/us-vc-firm-sequoia-capital-sells-3-7-stake-in-go-fashion-for-rs-228-cr/articleshow/96007867.cms

At multi-year highs: These 5 stocks gave 5-year breakouts

In the Nifty 500 pack, five stocks crossed their previous 5-year high value at the close on December 2, suggesting bullishness in counters, according to stockedge.com’s technical scan data. Take a look:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/at-multi-year-highs-these-5-stocks-gave-5-year-breakouts-on-december-2/at-a-high/articleshow/95994489.cms

Golden Crossovers: These 5 stocks signal further bullishness

CMP: Rs 119.3550-day SMA: Rs 105.44200-day SMA: Rs 105.2

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/golden-crossovers-on-december-5-these-5-stocks-signal-further-bullishness/manappuram-finance/articleshow/95992617.cms

FA Center: This little-known but spot-on economic indicator says recession and lower stock prices are all but certain

The divergence between two consumer sentiment measures is a strong predictor.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7162-09F5598E3C3F%7D&siteid=rss&rss=1

Even the Winklevoss twins aren’t immune to the crypto crisis, with $900M of their customers’ money frozen in wake of FTX collapse

The brothers’ Gemini exchange has hired lawyers and formed a creditors committee to try to recoup funds from Genesis which froze withdrawals last month.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7162-888905F3FB69%7D&siteid=rss&rss=1

Hertz to pay $168 million to settle vehicle-theft allegations

Hertz Global Holdings Inc. said Monday it will pay $168 million to settle hundreds of claims stemming from vehicle-theft reporting, which in some cases were false and led customers to face wrongful arrests for car theft.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7162-86E00317D48C%7D&siteid=rss&rss=1