06Dec2022 Market Close & Major Financial Headlines: Wall Street Slips Again Leaving The Three Major Indexes Down More Than 1% Today

High Oil Prices Are Fueling Economic Growth In The Middle East

In a year of global economic uncertainty fuelled by inflation, geopolitical crises, and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead. Whereas global GDP expansion is projected to slow from 6% in 2021 to 3.2% in 2022, sustained high oil prices are set to push GDP growth in the Middle East from 4.1% in 2021 to 5% in 2022, according to an October forecast from the IMF. Although

Read more at: https://oilprice.com/Energy/Oil-Prices/High-Oil-Prices-Are-Fueling-Economic-Growth-In-The-Middle-East.html

Italy’s Transport Minister Asks EU To Stop ICE Vehicle Ban

Italy’s Transport Minister Matteo Salvini has asked the EU Commissions Transport Commissioner and his French and German counterparts to review the ban on ICE vehicle sales that is set to go into effect in 2035. Salvini told Italian news outlet Ultimore that the proposed ban on the sale of fossil fuel-burning vehicles makes no economic, environmental or social sense. Salvini’s stance on the ICE vehicle sales ban echoes that of carmakers and the European car industry association, ACEA, in the summer of 2021. At that

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italys-Transport-Minister-Asks-EU-To-Stop-ICE-Vehicle-Ban.html

Which Countries Are Paying The Most For Energy And Fuel?

For some countries, energy prices hit historic levels in 2022. Gasoline, electricity, and natural gas prices skyrocketed as Russia’s invasion of Ukraine ruptured global energy supply chains. Households and businesses are facing higher energy bills amid extreme price volatility. Uncertainty surrounding the war looms large, and winter heating costs are projected to soar. Given the global consequences of the energy crisis, Visual Capitalist’s infographics below show the price of energy for households by country, with data from GlobalPetrolPrices.com.

Read more at: https://oilprice.com/Energy/Energy-General/Which-Countries-Are-Paying-The-Most-For-Energy-And-Fuel.html

Singapore Scientists Develop Technique To Turn Trash Into Battery Parts

Nanyang Technological University, Singapore, scientists have developed a technique to convert waste paper, from single-use packaging and bags, and cardboard boxes, into a crucial component of lithium-ion batteries. Through a process called carbonization which converts paper into pure carbon, the researchers turned the paper fibers into electrodes, which can be made into rechargeable batteries that power mobile phones, medical equipment, and electric vehicles. The findings have been published in the scientific peer-reviewed journal Additive

Read more at: https://oilprice.com/Energy/Energy-General/Singapore-Scientists-Develop-Technique-To-Turn-Trash-Into-Battery-Parts.html

Russia Considers A Crude Oil Price Floor

The G7s oil price cap may have gone into effect on Monday, but Russia’s response is to consider putting a price floor under its crude oil exports, two officials familiar with Moscow’s plan told Bloomberg on Tuesday. Russia had already said it would not ship crude oil to anyone playing along with the G7 oil price cap, and that it could even possibly respond by cutting oil production rather than ship its oil at too severe a discount, as dictated by the price cap. The G7 price cap landed on $60 per barrel above

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Considers-A-Crude-Oil-Price-Floor.html

Russia’s Army Is Running Out Of Ammunition

In the ninth month of Russia’s war against Ukraine, it is becoming increasingly obvious that the Russian army is being gradually overtaken by shell hunger. This should be expected based on earlier analyzes made in August 2022 (see EDM, August 16, 18) and has been partly confirmed by Estonian intelligence data (Err.ee, November 25), as well as analysis from the United States regarding Moscow’s purchase of artillery ammunition from North Korea (Aa.com, November 11). Overall. critical logistical difficulties continue to plague

Read more at: https://oilprice.com/Geopolitics/International/Russias-Army-Is-Running-Out-Of-Ammunition.html

Here’s what America’s top CEOs are saying about a possible recession in 2023

The CEOs of JPMorgan, General Motors, Walmart, and others are gearing up for a potential economic slowdown in 2023.

Read more at: https://www.cnbc.com/2022/12/06/recession-walmart-jpmorgan-gm-ceos-talk-about-possible-slowdown.html

David Zaslav’s top priority at Warner Bros. Discovery: Get the cash flowing again

Warner Bros. Discovery CEO David Zaslav is prioritizing cash generation over everything else.

Read more at: https://www.cnbc.com/2022/12/06/david-zaslav-warner-bros-discovery-cash-flow-debt.html

Rupert Murdoch will be deposed in Dominion’s $1.6 billion lawsuit against Fox

Fox Chairman Rupert Murdoch will face questioning next week as part of Dominion Voting’s lawsuit

Read more at: https://www.cnbc.com/2022/12/06/rupert-murdoch-deposed-dominion-lawsuit.html

BuzzFeed to cut 12% of its workforce

BuzzFeed on Tuesday announced plans to cut its workforce by nearly 12%, or around 180 staffers.

Read more at: https://www.cnbc.com/2022/12/06/buzzfeed-to-cut-12percent-of-its-workforce.html

Boeing’s last 747 is rolling out of the factory after a more than 50-year production run

Boeing has produced 1,574 of the planes at its factory north of Seattle.

Read more at: https://www.cnbc.com/2022/12/06/boeing-747-production-is-ending-with-shift-to-twin-engine-jets.html

4 financial moves if you have — or are worried about — long Covid

Households can manage or plan for the financial impact of long Covid via insurance, health, tax, and estate planning.

Read more at: https://www.cnbc.com/2022/12/06/4-financial-moves-if-you-have-or-are-worried-about-long-covid.html

Despite economic uncertainty, it’s a ‘great moment’ for dollar-cost averaging, says Betterment CEO

Despite economic uncertainty, experts at CNBC’s Financial Advisor Summit urge investors to stay in the market in 2023. Here’s what to know.

Read more at: https://www.cnbc.com/2022/12/06/why-dollar-cost-averaging-may-pay-off-amid-stock-market-volatility.html

Deutsche Banks says buy Estee Lauder ahead of China reopening — a move we started in September

Deutsche Bank upgraded Estee Lauder (EL) on the back of China’s expected reopening.

Read more at: https://www.cnbc.com/2022/12/06/deutsche-bank-validates-the-club-case-on-holding-estee-lauder-.html

Vietnamese EV maker VinFast files to go public in the U.S.

VinFast, Vietnam’s only domestic automaker, announced plans to go public in the United States.

Read more at: https://www.cnbc.com/2022/12/06/vinfast-ipo-vietnamese-ev-maker-files-to-go-public-in-the-us.html

Fanatics valuation hits $31 billion after $700 million investment round

Michael Rubin’s sports platform company Fanatics has raised $700 million in capital, raising its value to $31 billion.

Read more at: https://www.cnbc.com/2022/12/06/fanatics-valuation-hits-31-billion-after-700-million-investment-round.html

Rising thefts at Walmart could lead to price jumps, store closures, CEO says

Walmart stores are grappling with a jump in shoplifting that could lead to price spikes and closures, Walmart CEO Doug McMillon said Tuesday

Read more at: https://www.cnbc.com/2022/12/06/walmart-ceo-says-shoplifting-could-lead-to-price-jumps-store-closures.html

Paramount shares fall as CEO lowers fourth-quarter ad revenue forecast

Paramount CEO Robert Bakish warned that the company’s advertising in the fourth quarter will come in “a bit below” numbers seen in the third quarter.

Read more at: https://www.cnbc.com/2022/12/06/paramount-shares-fall-as-ceo-lowers-ad-revenue-forecast.html

GM continues to evaluate Twitter advertising suspension following Musk takeover

Mary Barra said GM’s decision to suspend advertising on Twitter was influenced by the fact that Musk’s electric vehicle company, Tesla, is a competitor.

Read more at: https://www.cnbc.com/2022/12/06/gm-evaluates-twitter-advertising-suspension-following-musk-takeover.html

Apple Lifts Pedal On Self-Driving Car, Delays Debut Until 2026

Apple Inc. has postponed the target launch of its self-driving car by about a year to 2026, Bloomberg reports, citing people familiar with the matter. The project, known internally as Titan, has been in limbo for several months as executives reconcile the project’s vision with the fact that current technology simply isn’t advanced enough to pull it off.

To cope, Apple is now planning a less-ambitious design that will include a steering wheel and pedals for driving around town, while fully autonomous driving will be done only on the highway, according to anonymous sources.

The latest changes underscore the challenge Apple faces in pushing into an entirely new product category and taking on technological obstacles that have bedeviled some of the world’s biggest companies. The secretive project, underway for yea …

Read more at: https://www.zerohedge.com/markets/apple-lifts-pedal-self-driving-car-delays-debut-until-2026

“Fool Me Once…” – Why The Public Is Not Buying The Latest Media Campaign Against Twitter

Authored by Jonathan Turley,

Below is my column on the media response to the “Twitter Files,” including misleading narratives being repeated across various media platforms. The effort is to assure the public that there is “nothing to see here” but it may backfire. After Twitter employed one of the most extensive censorship systems in history to prevent people from reading opposing views on subjects from Covid to climate change, media figures are now insisting that the public should really not be interested.

The public, however, is not buying it. They are buying Twitter. With users signing up to Twitter in record numbers, a majority supports Musk’s efforts to restore free speech protections and to force greater transparency despite an unrelenting counter-campaign in the media. Some of the media claims would meet the very definition of disinformation used by Twitter and its allies previously to censor information and discussions.  Indeed, the Wall Street Journal has noted that it turns out that the greatest purveyors of disinformation turned out to be fo …

Read more at: https://www.zerohedge.com/political/fool-me-once-why-public-not-buying-latest-media-campaign-against-twitter

Goldman, BofA, JPM CEOs Paint Grim Picture Of US Economy, Market In 2023

Notorious Wall Street DJ and occasional Goldman Sachs Chief CEO David Solomon struck a downbeat note about the economic outlook saying smaller bonuses and even potential job cuts should come as no surprise in 2023.

“You have to assume that we have some bumpy times ahead,” Solomon said in a Bloomberg Television interview Tuesday. “You have to be a little more cautious with your financial resources, with your sizing and footprint of the organization.” That would mean a heightened focus on costs (layoffs) and a slowdown in hiring, which the bank has already undertaken. “That might also come from pruning in certain areas,” Solomon said.

The business of Goldman, whose sell-side research has turned increasingly bearish in recent weeks and sees a flat market in 2023, is closely linked to the economy, and the bank has forecast slowing growth ahead. That would mean the firm will have to make some tough decisions, Solomon said, especially since a soft landing is far from assured. Solomon said the US could see a recession in 2023, even though the firm’s economists (still) say it could still avoid one. Then again, it’s the same economists whom we mocked as recently as a year ago for predicting inflation would be transitory,

“It shouldn’t be surprising to people — watching the performance of the business this year — that 2021 was an exceptional year,” the 60-year-old CEO said. “2022 is a different year, and so naturally compensation will be lower.”

The Vampire squid is also facing a tricky balancing act to keep a lid on total spending while rewarding its top performer …

Read more at: https://www.zerohedge.com/markets/goldman-bofa-jpm-ceos-paint-grim-picture-us-economy-market-2023

Did Trump Really Call For Termination Of The Constitution?

Authored by Mark Fitzgibbons via AmericanThinker.com,

Following Twitter’s release last Friday of shocking revelations of collusion between the Deep State and Big Tech to censor news about Hunter Biden’s “Laptop from Hell,” Donald Trump took to Truth Social, and what followed may have been another Charlottesville moment among the media, other Trump haters, and more.

From CNN:

“Trump calls for the termination of the Constitution in Truth Social post.”

Over at Axios:

“‘A few hours ago the leader of the republican party donald trump called for destroying the Constitution and making himself dictator,’ Rep. Bill Pascrell (D-N.J.) tweeted.”

Read more at: https://www.zerohedge.com/political/did-trump-really-call-termination-constitution

Petrol prices dropping too slowly says watchdog

Retailers may have put prices up quickly when wholesale costs rose but dropped slowly in 2022.

Read more at: https://www.bbc.co.uk/news/business-63871270?at_medium=RSS&at_campaign=KARANGA

Cost of living: ‘I couldn’t tell the real bills from scams’

People falling behind on bills are being bombarded with letters, calls, and texts, a charity says.

Read more at: https://www.bbc.co.uk/news/business-63872176?at_medium=RSS&at_campaign=KARANGA

December train strikes: Union told not to hold country ‘to ransom’

The new Christmas Eve walkout threatens to hit celebrations and travel over the festive weekend.

Read more at: https://www.bbc.co.uk/news/business-63872789?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at an upside bounce in the offing. What traders should do on Wednesday

Chart readers say 18700 would be the key level to watch out for as an upside above the same could lead to a fresh uptrend rally till 18800-18850. Resistance is seen at 18600-18500 zone.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-upside-bounce-in-the-offing-what-traders-should-do-on-wednesday/articleshow/96030635.cms

Are midcaps a good buy in this market? Neeraj Dewan of Quantum Securities answers

“Valuation wise what Maruti has been trading on last 10-15 years average it is already trading above that, so that valuation comfort, which was there earlier in automotive stocks especially Maruti is not there, so I would actually prefer Mahindra & Mahindra in this slot where valuation wise it is much more attractive than where Maruti is.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/are-midcaps-a-good-buy-in-this-market-neeraj-dewan-of-quantum-securities-answers/articleshow/96032237.cms

Rupee weakens 1% against the dollar to end at one-month low

The dollar index, which measures the strength of the greenback against a basket of six major currencies, hung on to most of the previous session’s gains to be the last at 105.30

Read more at: https://economictimes.indiatimes.com/markets/forex/rupee-weakens-1-against-the-dollar-to-end-at-one-month-low/articleshow/96029617.cms

The Ratings Game: Apple confirms it’s one of TSMC’s first Arizona customers, while Intel preps for return to cutting edge in 2023

Apple Inc.’s Tim Cook confirmed at an event in the company is one of Taiwan Semiconductor Manufacturing Co.’s first Arizona fab customers, while Intel Corp. hopes to join TSMC on the cutting edge by the end of 2023.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7163-48B30D37FD2F%7D&siteid=rss&rss=1

The Tell: ‘No cuts until 2024,’ says Goldman economist about Fed’s likely path on interest rates

The Federal Reserve will keep raising rates through May 2023, albeit at a slower pace, but don’t count on any cuts next year, says Goldman Sachs’ Jan Hatzius.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7163-437A033DFA5E%7D&siteid=rss&rss=1

Washington Watch: Here are the politicians who received money from FTX’s Sam Bankman-Fried

FEC filings show the vast majority of his donations went to Democrats, but the FTX founder claims he made “dark-money” contributions to Republicans.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7162-24C2E9892455%7D&siteid=rss&rss=1