27Dec2022 Market Close & Major Financial Headlines: Wall Street Opened Sharply Down, Recovered Trading Along The Unchanged Line, And Finally Closed Mixed

War And Supply Chain Issues Dominated Steel Markets In 2022

By AGMetalminer.com Steel prices endured long-term declines throughout 2022. However, with so many geopolitical events and supply chain pinches, it is important to note that the market in general was quite volatile. Steel Prices: Q1 of 2022 Raw steel’s started the year with a huge bang, rising over 12% between January and February. China’s climate efforts caused iron ore futures to drop, as the country’s steel production sector makes up nearly 15% of all Chinese carbon emissions. Meanwhile, Mexico’s steel sector returned to

Read more at: https://oilprice.com/Metals/Commodities/War-And-Supply-Chain-Issues-Dominated-Steel-Markets-In-2022.html

The U.S. And China Are Rushing To Secure Resources In DR Congo

Authored by Conor Gallagher via NakedCapitalism.com, As the US intensifies its efforts to cut China off from advanced semiconductors, it is also making a run at the world’s most important source of minerals used in tech: the Democratic Republic of Congo (DRC). The DRC is sometimes called the Saudi Arabia of the electric vehicle age because it produces roughly 70 percent of the world’s cobalt, which is a key component in the production of lithium-ion batteries that power phones, computers, and electric vehicles. Electric

Read more at: https://oilprice.com/Energy/Energy-General/The-US-And-China-Are-Rushing-To-Secure-Resources-In-DR-Congo.html

Russia Is Prioritizing Gas Exploration In The East To Supply Asian Partners

Russia plans to ramp up geological prospecting and exploration of hydrocarbons – gas in particular – in the country’s east as it looks to increase supplies of gas to Asian partners, Russian Natural Resources and Environment Minister Alexander Kozlov has revealed in an interview. We have set a priority for ourselves in geological prospecting and exploration and in aiding the search for mineral resources, particularly hydrocarbons, to be geographically closer to future consumers and transport infrastructure. For example, the Power of

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Is-Prioritizing-Gas-Exploration-In-The-East-To-Supply-Asian-Partners.html

Russia Admits The Oil Price Cap Could Widen Its 2023 Budget Deficit

Russias budget deficit in the coming year might exceed the expected 2% of GDP as the oil price cap hurts export income, the country’s Finance Minister Anton Siluanov said on Tuesday. This marks the first time a Russian official has acknowledged that the $60 per barrel price cap imposed on Russia by Europe and G7 nations will negatively impact its economy. Siluanov says the country will tap debt markets to bridge the deficit. Russia expects to use just over 2 trillion roubles ($29 billion) from the National Wealth Fund (NWF) in

Read more at: https://oilprice.com/Energy/Energy-General/Russia-Admits-The-Oil-Price-Cap-Could-Widen-Its-2023-Budget-Deficit.html

GasBuddy: $4 Gasoline Could Return In May

Gasoline prices could return to the $4-a-gallon threshold as soon as May, GasBuddy has projected in an exclusive with CNN. GasBuddy expects the national average to climb from the current $3.10 a gallon to a range of $3.52 to $4.05 in May as more Americans hit the roads. After a relentless months-long climb, U.S. national average gas prices have declined to $3.104 per gallon per AAA. Gas prices have now declined 45 cents over the past 30 days and are actually lower than where they stood 12 months ago. There’s a key reason why gas

Read more at: https://oilprice.com/Latest-Energy-News/World-News/GasBuddy-4-Gasoline-Could-Return-In-May.html

Christmas Grid Chaos Paves The Way For Transportable Nuclear Plants

The cold blast this holiday weekend across the eastern half of the US exposed the fragility of power grids as soaring heating demand spiked peak total loads to record high in many areas while supplies were tight. Grid operators and utilities told tens of millions of Americans to conserve power — some conservation efforts are still ongoing Christmas morning. Christmas Eve was a mess for many customers in the Southeast states, including North Carolina and Tennessee, as utilities implemented rolling blackouts. Fossil fuels and nuclear power

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Christmas-Grid-Chaos-Paves-The-Way-For-Transportable-Nuclear-Plants.html

Southwest warns of more flight cancellations as meltdown draws federal scrutiny

Bitter cold, high winds, and snow sparked cascading flight cancellations and delays over the holiday weekend.

Read more at: https://www.cnbc.com/2022/12/26/airlines-cancel-17000-flights-due-to-severe-winter-weather-but-disruptions-ease.html

2023 could be another difficult year for the auto industry – here’s why

Supplies of new cars are finally improving. But will the automakers have to cut prices to find enough buyers?

Read more at: https://www.cnbc.com/2022/12/27/why-2023-could-be-another-difficult-year-for-the-auto-industry.html

Why restaurant chains are investing in robots and what it means for workers

Restaurant chains experimented with automation this year as the labor crunch pressured their profits.

Read more at: https://www.cnbc.com/2022/12/27/restaurant-chains-are-investing-in-robots-bringing-change-for-workers.html

Chinese EV maker Nio cuts delivery guidance for fourth quarter, citing Covid disruptions

Nio had expected to deliver up to 48,000 EVs in the fourth quarter, but Covid-linked supply chain issues pushed the Chinese company to cut its guidance.

Read more at: https://www.cnbc.com/2022/12/27/nio-cuts-4q-delivery-guidance-cites-covid-disruption.html

YouTube’s NFL ‘Sunday Ticket’ deal is a win for traditional TV networks, too – here’s why

The NFL’s deal with Google’s YouTube for “Sunday Ticket” could drive people back to the classic TV bundle.

Read more at: https://www.cnbc.com/2022/12/23/youtube-nfl-sunday-ticket-deal-win-for-traditional-media-companies.html

Marijuana’s black market is undercutting legal businesses

Across the country, thriving, unregulated marijuana businesses are threatening to undercut legal markets awaiting banking and tax reform.

Read more at: https://www.cnbc.com/2022/12/23/marijuana-black-market-undercuts-legal-business.html

FedEx and UPS warn storm could delay holiday packages, airlines cancel thousands of flights

High winds, snow, and bitter cold from severe winter weather are threatening holiday package deliveries before Christmas.

Read more at: https://www.cnbc.com/2022/12/23/storm-elliott-fedex-ups-warn-on-delays-airlines-cancel-more-flights.html

‘Avatar: The Way of Water’ needs a strong second week at the box office

This weekend will go a long way in determining whether James Cameron’s “Avatar: The Way of Water” will have a dominant box-office run.

Read more at: https://www.cnbc.com/2022/12/23/avatar-the-way-of-water-box-office-second-week.html

‘It’s massively welcome.’ What to know about the latest 1099-K tax reporting change for Venmo, PayPal

The IRS has issued a one-year delay for the 1099-K tax reporting change, applying to business transfers over $600. Here’s what taxpayers need to know.

Read more at: https://www.cnbc.com/2022/12/27/what-to-know-about-the-1099-k-tax-reporting-change-for-venmo-paypal-.html

China’s plans to scrap Covid quarantine rules is a win for key Club holdings

China’s latest move to roll back its zero-Covid policy by scrapping quarantine restrictions for travelers is the last leg of recovery we’ve been waiting for.

Read more at: https://www.cnbc.com/2022/12/27/chinas-plans-scrap-covid-quarantine-rules-win-for-key-club-holdings.html

What’s next for global economy after an ‘unusually slow’ holiday quarter: Forward Air CEO

Forward Air CEO Tom Schmitt on how long the decline in consumer demand and slowdown in shipping from China will last.

Read more at: https://www.cnbc.com/2022/12/27/whats-next-for-demand-after-unusually-slow-q4-forward-air.html

Stocks making the biggest moves midday: Southwest, Peloton, Tesla, Herbalife and more

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

Read more at: https://www.cnbc.com/2022/12/27/stocks-making-the-biggest-moves-midday-southwest-peloton-tesla-herbalife-and-more.html

The market’s most political stock picks had a bad year, but they’ll be back in 2023

ESG took a big political hit this year, but heading into 2023, investors are sticking with a stock picking approach that did about the same as the broad market.

Read more at: https://www.cnbc.com/2022/12/27/the-year-of-esg-was-worse-in-politics-than-stock-market-performance.html

Bankman-Fried Criminal Case Assigned To Judge In bin Laden, Epstein-Linked Cases

Bankman-Fried Criminal Case Assigned To Judge In bin Laden, Epstein-Linked CasesWith Sam Bankman-Fried – a democrat donor so generous a March 2021 interview in the leftist outlet VOX said that SBF was “among the people most responsible” for Joe Biden being in office – spending hundreds of millions to buy favors, influence and fawning media support, it was hardly a surprise when we learned last week that Judge Ronnie Abrams (appointed by Barack Obama in 2012) recused herself from prosecuting SBF in his upcoming criminal case due to work her husband Greg Andres’ law firm Davis Polk did for FTX (before joining Davis Polk, Andres served as an Assistant Special Counsel for Russian interference in 2016 United States elections under Robert Mueller).

So fast forward to today when Sam Bankman-Fried’s criminal case was reassigned to Bill Clinton-appointed District Judge Lewis Kaplan, recently known for handling a Epstein-linked sexual abuse lawsuit against Britain’s Prince Andrew, and defamation lawsuits against Donald Trump, and is also known for presiding over a number of federal racketeering cases involving Mafia members. In April 2010, Kaplan was assigned to preside over the cases of 14 Gambino crime family members arrested on charges, among others, of racketeering, racketeering conspiracy, witness tampering (in the 1992 trial of John Gotti), and sex trafficking of a minor.

Read more at: https://www.zerohedge.com/crypto/bankman-fried-criminal-case-assigned-judge-bin-laden-epstein-linked-cases

DOJ Employed ‘Reverse Spying’ In Attempt To Shut Down Investigation Into Russia Collusion Hoax: Devin Nunes

Authored by Katie Spence via The Epoch Times (emphasis ours),

Devin Nunes subpoenaed the DOJ and FBI for documents related to their involvement with the Russia collusion hoax when he was a congressman and chair of the House Intelligence Committee. In response, the DOJ engaged in “reverse spying” to try and stop the investigation, Nunes alleged in an interview that aired on Newsmakers by NTD and The Epoch Times on Dec. 21.

“It’s all common knowledge now that the FBI, DOJ, the Democrat National Party, they were all in cahoots together, taking made-up, phony dirt and taking it before a FISA court,” said Nunes, who was chair of the intelligence committee from 2015–2019.

Read more at: https://www.zerohedge.com/political/doj-employed-reverse-spying-attempt-shut-down-investigation-russia-collusion-hoax-devin

NY Congressman-Elect George Santos Admits To Being Total Liar

After a week of total silence, New York Representative-elect George Santos admitted to a laundry list of lies, ranging from his education, professional background, property ownership, and religion.

And he’s still going to take the oath of office on Jan. 3, joining the House majority.

Santos, who was elected in November to represent residents from north Long Island and northeast Queens, was confronted by the New York Times with several falsehoods.

“My sins here are embellishing my résumé,” he told the NY Post in a Monday interview.

The lies include;

Graduating from college

Claiming he worked for Citigroup or Goldman Sachs

That his family owns a real estate portfolio of 13 properties (he admitted Monday he’s not a landlord)

That he’s Jewish

“I never claimed to be Jewish,” he told the Post, adding “I am Catholic. Because I learned my maternal family had a Jewish background I said I was ‘Jew-ish.’

Read more at: https://www.zerohedge.com/political/ny-congressman-elect-george-santos-admits-being-total-liar

Big Spending Bill Is A Big Problem For The Fed’s Inflation Fight

Authored by Michael Maharrey via SchiffGold.com,

Just before Christmas, Congress passed a massive omnibus spending bill. This is yet another blow to the Federal Reserve’s feckless fight against inflation.

The $1.7 trillion bill will fund government operations for the remainder of fiscal 2023. It includes some $800 billion in domestic spending, a 9.3% increase over fiscal 2022. It also includes $858 billion in military spending, a 10% increase over last year’s levels.

Overall, the omnibus bill authorized about $1.5 trillion more than last year’s budget.

“Yes, indeed the goose is getting fat – we have a big bill here because we had big needs for our country,” House Speaker Nancy Pelosi said.

Of course, this is only one …

Read more at: https://www.zerohedge.com/political/big-spending-bill-big-problem-feds-inflation-fight

Train strikes: Disruption to continue into the New Year

Strikes this week include staff from customer service, safety, and timetabling at three companies.

Read more at: https://www.bbc.co.uk/news/business-64103969?at_medium=RSS&at_campaign=KARANGA

Boxing Day shoppers bounce back as footfall rises

More people headed to the shops compared to last year but numbers remain far below pre-Covid levels.

Read more at: https://www.bbc.co.uk/news/business-64093696?at_medium=RSS&at_campaign=KARANGA

Airport strikes could go on for months, says PCS union boss

The boss of the PCS union says Border Force staff walkouts on Friday could be the first of many.

Read more at: https://www.bbc.co.uk/news/business-64060584?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at the continuation of Santa Rally. What traders should do on Wednesday

Now, Nifty has to hold above 18081 zones for an up move towards 18250 and 18350 zones, whereas supports are placed at 18018 and 17950 zones, said Chandan Taparia of Motilal Oswal.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-continuation-of-santa-rally-what-traders-should-do-on-wednesday/articleshow/96545922.cms

Elin Electronics IPO: Here’s how to check share allotment status and GMP

The Kolkata-based company’s IPO consisted of fresh issue of shares worth up to Rs 175 crore, and an offer for sale by promoter entities and other shareholders worth up to Rs 300 crore

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/elin-electronics-ipo-heres-how-to-check-share-allotment-status-and-gmp/articleshow/96548533.cms

Adar Poonawalla-backed multibagger stock can rally up to 25%: Motilal Oswal

With huge growth opportunities for consumer and small business finance, the brokerage said that post-acquisition, PFL’s management has strengthened its foundation notably by investing in technology (aiding infrastructure/processes), distribution and talent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/adar-poonawalla-backed-multibagger-stock-can-rally-up-to-25-motilal-oswal/articleshow/96540774.cms

Futures Movers: U.S. oil ends near unchanged as refineries restart after winter storm

Oil ends near unchanged after jumping in early trade.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7171-13EF64E54150%7D&siteid=rss&rss=1

Crypto: Justice Department probing how $372 million disappeared from FTX wallets: Bloomberg

The Justice Department launched a criminal probe into how $372 million vanished out of FTX-controlled wallets the day the exchange filed for bankruptcy, Bloomberg reports.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7171-836BA77CE48E%7D&siteid=rss&rss=1

Market Snapshot: Dow wavers as bond yields rise after investors return from Christmas and look ahead to 2023

U.S. stocks traded mixed Tuesday as investors return from a three-day Christmas holiday, as bulls hold out hope for a seasonal “Santa Claus rally.”

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7171-09147F03E90F%7D&siteid=rss&rss=1