Preparing Your Portfolio For Climate Change And Energy Shifts

When on Wall Street, we made predictions for a living. We tried to predict the implications of events (which we also had to predict) on stock and bond prices, act on these predictions, and the key to success was to be right more often than wrong.  Predicting long term trends was the best career strategy because it took a long time before the recipient of the advice could tell how good it was. So, with an active war under way, a heat dome frying the South and West, the US Congress unable to pass a defense budget, and Saudi Arabia now focusing…

Read more at: https://oilprice.com/Energy/Energy-General/Preparing-Your-Portfolio-For-Climate-Change-And-Energy-Shifts.html

Sustainability Group Slams UK Regulator For Postponing ESG Rules

The Financial Conduct Authority (FCA) has come under fire from a top industry group today after it announced it would delay a key set of regulations for environmental, social and governance (ESG) investment products. The City watchdog had been due to publish its policy statement on so-called Sustainability Disclosure Requirements and investment labels in the third quarter of this year, which would force firms to give greater details on products being flogged as green and eco-friendly. Regulators in the UK have been looking to clampdown on rampant…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Regulator-Slammed-Over-ESG-Regulation-Delays.html

Biden’s Infrastructure Boom Is Being Held Back By High Construction Costs

Via AG Metal Miner   The latest construction news reports that while interest rates remain high, inflation is finally losing steam. This could go a long way toward helping U.S. construction projects. However, the Construction MMI (Monthly Metals Index) continues to experience pull in both directions. This is mainly due to ongoing labor shortages and the inflated cost of materials plaguing construction efforts. While it appears the Fed’s hawkish stance on interest rates finally started to slow down inflation, the cost of construction…

Read more at: https://oilprice.com/Metals/Commodities/Bidens-Infrastructure-Boom-Is-Being-Held-Back-By-High-Construction-Costs.html

‘This Is Rigged’ Protesters Shut Down 70% of Scottish Fuel Supplies

‘This is Rigged’ activists have blocked fuel supplies in Scotland, with two dozen protesters climbing atop pipework and tankers, and preventing entrance or exit from two oil terminals, campaigning to “shut down” the Scottish oil industry.  Protest began on Wednesday at Scotland’s Ineos refinery in Grangemouth and at NuStar Clydebank oil terminal on the coast in West Dunbartonshire.   Grangemouth supplies an estimated 70% of Scotland’s fuel, according to media reports, and Clydebank NUstar houses…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/This-Is-Rigged-Protesters-Shut-Down-70-of-Scottish-Fuel-Supplies.html

Used-Car Prices On A Steady Decline As Inflation Cools

Auto research firm Cox Automotive – the owner of the closely followed Manheim price index – published new high-frequency data for the first 15 days of July that shows wholesale used-vehicle prices continue to slide. This data suggests a continued easing of inflation.  Manheim’s July preliminary used-car price index plunged to 213.1, down 11.1% from the full month of July 2022. The index is now at its lowest level since August 2021.  All major market segments saw lower declines year over year in the first half of July. Compact…

Read more at: https://oilprice.com/Finance/the-Economy/Used-Car-Prices-On-A-Steady-Decline-As-Inflation-Cools.html

Massive Carbon Credit Project Comes To Screeching Halt

A massive carbon credit project—the second-largest in the world—has come to a halt, with the project’s operators claiming that government policies are behind the stoppage. In May of this year, Zimbabwe said it would require companies to give up half of their revenue. This change of government regulatory policy has prompted the operators of the Kariba REDD+ Project to stop all work while the matter is sorted. The project is operated by South Pole and Carbon Green Africa. “We did write soon after the government advised that…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Massive-Carbon-Credit-Project-Comes-To-Screeching-Halt.html

Pemex Safety Record Under Fire After Another Platform Blaze

As Mexico’s state-owned Pemex experiences yet another fire on its platform, its health and safety standards are once again being called into question. Pemex has long faced international pressure to improve its health and safety standards following years of avoidable accidents that have had a detrimental impact on both its workers and the environment. Following another fire this month, the company is once again in the limelight with critics questioning whether it will ever improve.  At the beginning of July, at least two people were killed,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Pemex-Safety-Record-Under-Fire-After-Another-Platform-Blaze.html

China’s Oil Imports Hit New Highs, Output Soars

China is importing oil at near-record levels while its domestic product has also increased. China’s oil imports in June jumped 45.3 percent on the year to the second-highest monthly figure on record, with refiners building up inventories despite weak domestic demand. Oil imports in June totaled 12.67 million barrels per day–a sharp increase from a year ago when the country was still under Covid-19 lockdowns. The large increase in oil imports has come after Beijing lifted curbs imposed on independent refiners aka teapots.  Two years…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Oil-Imports-Hit-New-Highs-Output-Soars.html

Ex-Tesla Exec Secures $5 Billion Valuation On Battery Recycling Venture

Former Tesla executive JB Straubel’s battery recycling company is about to fetch a $5 billion valuation during its latest round of funding, according to a new report from FT. From there, the company plans on opening its first major facility in Nevada. Redwood Materials, founded in 2017, has the goal of acting as the missing link in the battery sustainability cycle. By reusing materials used in the batteries that are now ubiquitous in almost all major consumer products, including EVs, the company looks to reduce the need for mineral mining.…

Read more at: https://oilprice.com/Energy/Energy-General/Ex-Tesla-Exec-Secures-5-Billion-Valuation-On-Battery-Recycling-Venture.html

Baker Hughes Q2 Profit Beats Analyst Estimates

Oilfield services provider Baker Hughes (NASDAQ: BKR) reported on Wednesday second-quarter earnings beat analyst expectations as strong global upstream activities and the return of offshore drilling more than offset a recent market softness in North America. Baker Hughes, one of the three biggest energy service providers in the world, reported adjusted diluted earnings of $0.39 per share for the second quarter. The earnings beat the analyst consensus estimate of $0.33 per share compiled by The Wall Street Journal. Orders and revenues both jumped…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Baker-Hughes-Q2-Profit-Beats-Analyst-Estimates.html

WTI Drops Despite Crude Inventory Draw

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory dip of 700,000 barrels for the week ending July 14, falling to 457.4 million barrels—a figure that is 1% above the five-year average for this time of year. This compared with an inventory build of 5.9 million barrels for the previous week. In gasoline, the EIA estimated an inventory draw and in middle distillates, it reported an inventory rise. Gasoline stocks declined 1.1 million barrels in the week to July 14, with…

Read more at: https://oilprice.com/Energy/Crude-Oil/WTI-Drops-Despite-Crude-Inventory-Draw.html

Food Security At Risk As Russia And Ukraine Seek Alternatives To Grain Deal

Ukraine and Russia both said they were seeking alternative ways to keep grain supplies flowing after an agreement that allowed exports to Africa, the Middle East, and Asia collapsed when Moscow refused to renew its participation in the deal as it expired on July 18. Russian Foreign Minister Sergei Lavrov spoke with his Turkish counterpart, Hakan Fidan, on ways to supply “the neediest countries,” the ministry in Moscow said in a statement, while Ukrainian President Volodymyr Zelenskiy chaired a government meeting in Kyiv where the “No. 1 issue was…

Read more at: https://oilprice.com/Geopolitics/International/Food-Security-At-Risk-As-Russia-And-Ukraine-Seek-Alternatives-To-Grain-Deal.html

Oilfield Services Giants Signal Weaker U.S. Shale Drilling

Two of the world’s top three oilfield service providers, Halliburton and Baker Hughes, reported on Wednesday consensus-beating profits for the second quarter, but both signaled softer demand for drilling on the North American market. Weaker North American performance was more than offset by stronger international businesses at both companies. Halliburton (NYSE: HAL) reported adjusted net income for the second quarter of $691 million, or $0.77 per diluted share, higher than the analyst consensus in The Wall Street Journal, which…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oilfield-Services-Giants-Signal-Weaker-US-Shale-Drilling.html

New Study: Leaky Infrastructure Could Make Gas As ‘Dirty’ As Coal

Over the past decade, natural gas has been touted as the perfect ‘bridge fuel’ as the world transitions to low-carbon fuels. That appears pretty straightforward considering natural gas emits almost 50% less CO2 than coal when burnt as fuel. However, recent studies have discovered that leakages from natural gas infrastructure occur at much higher rates than previously thought, potentially denting the fuel’s green credentials. A new peer-reviewed analysis in the journal Environmental Research Letters finds that relatively…

Read more at: https://oilprice.com/Energy/Natural-Gas/New-Study-Leaky-Infrastructure-Could-Make-Gas-As-Dirty-As-Coal.html

Europe’s Natural Gas Prices Steady Despite Heatwave

Europe’s benchmark natural gas prices were steady on Wednesday as above-average inventories offset higher cooling demand in the prolonged heatwave that has gripped southern and central Europe.    The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, traded at $30.64 (27.32 euros) per megawatt-hour (MWh) as of 12:43 p.m. GMT on Wednesday, slightly up by 0.9% on the day. On Monday, prices extended last week’s losses to drop by nearly 3% after a prolonged maintenance period on a key Norwegian gas…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Natural-Gas-Prices-Steady-Despite-Heatwave.html

Netflix earnings are out – Here are the numbers

Netflix reported second quarter earnings after the bell on Wednesday.

Read more at: https://www.cnbc.com/2023/07/19/netflix-nflx-earnings-2q-2023.html

Tesla reports earnings after the bell Wednesday

Investors will likely be looking for information on how Tesla’s price cuts affected margins in the quarter.

Read more at: https://www.cnbc.com/2023/07/19/tesla-tsla-earnings-q2-2023.html

Dow jumps 100 points for its eighth straight winning day, a first since 2019: Live updates

Stocks rose Wednesday as the corporate earnings season continued, with the Dow Jones Industrial Average trying for its eighth straight day of gains.

Read more at: https://www.cnbc.com/2023/07/18/stock-market-today-live-updates.html

As Macy’s stock struggles, the retailer bets on private brands with more modern looks

Macy’s plans to launch private brands, make over some existing brands and ditch others in the coming years.

Read more at: https://www.cnbc.com/2023/07/19/macys-confronts-struggles-with-new-exclusive-brands.html

This new ETF offers 100% downside protection for investors who can be patient

A new Innovator fund is designed to give investors full downside protection over a two-year period, in exchange for capped upside.

Read more at: https://www.cnbc.com/2023/07/19/this-new-etf-offers-100percent-downside-protection-for-patient-investors.html

Goldman Sachs misses on profit after hits from GreenSky, real estate

Costly writedowns and a Wall Street slump weighed on Goldman Sachs results this quarter.

Read more at: https://www.cnbc.com/2023/07/19/goldman-sachs-gs-earnings-2q-2023.html

Trump loses bid to move New York hush money criminal case to federal court

Donald Trump is accused of falsifying business records related to a hush money payment to porn star Stormy Daniels before the 2016 presidential election.

Read more at: https://www.cnbc.com/2023/07/19/trump-loses-effort-to-move-new-york-hush-money-criminal-case-to-federal-court.html

Apple stock pops on report it’s developing its own equivalent of ChatGPT

The move signals Apple is taking recent advances in the technology seriously and is considering integrating them into future products.

Read more at: https://www.cnbc.com/2023/07/19/apple-reportedly-building-chatgpt-equivalent.html

Ether reclaims $1,900, and Nasdaq halts crypto custody plans: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Apple App Store founding director Phillip Shoemaker weighs in on Google Play announcing a major shift in its policy. It will now allow developers to incorporate digital assets, like NFTs, into their apps and games in the store.

Read more at: https://www.cnbc.com/video/2023/07/19/ether-reclaims-1900-nasdaq-halts-crypto-custody-plans-cnbc-crypto-world.html

Ukraine war live updates: Russia says it views all Ukraine-bound ships as military cargo carriers; Odesa under attack again

The attacks follow Russia’s withdrawal from a U.N.-brokered grain deal.

Read more at: https://www.cnbc.com/2023/07/19/russia-ukraine-live-updates.html

‘Barbenheimer’ opening weekend could top $200 million, a jolt for Hollywood’s soft box office

Warner Bros.’ “Barbie” and Universal’s “Oppenheimer” open this weekend. Dubbed Barbenheimer, the two films are expected to dominate the box office.

Read more at: https://www.cnbc.com/2023/07/19/barbie-oppenheimer-opening-weekend-could-be-huge.html

Carvana shares jump more than 30% on deal to reduce debt by $1.2 billion

Carvana said the agreement will eliminate more than 83% of Carvana’s 2025 and 2027 unsecured note maturities and lower its required cash interest expense.

Read more at: https://www.cnbc.com/2023/07/19/carvana-deal-to-reduce-debt-shares-soar.html

Oddity starts trading with a 40% debut pop — here’s what the beauty and tech company does

Oddity Tech, the beauty platform behind the Il Makiage and Spoiled Child brands, opened on the public markets with an approximate valuation of $2.8 billion.

Read more at: https://www.cnbc.com/2023/07/19/oddity-ipo-beauty-company-to-go-public-after-pricing-above-range.html

CEO Of Worldcoin Says “Something Like World ID Will Eventually Exist… Whether You Like It Or Not”

Authored by Didi Rankovic via ReclaimTheNet.org,

Right now, it’s about those who voluntarily surrender their biometric data and receive “small sums” in Worldcoin in return for signing up to the World ID scheme.

But if Open AI CEO Sam Altman has anything to say about how Worldcoin, a project within his company, develops – everyone who wants to use the internet will eventually be required to use World ID – or “something like it.”

And right now, it seems that people in several southern European countries, notably Spain and Portugal, are simply itching to give away their iris biometrics as proof of identity and right to a cryptocurrency transfer wallet.

The signup process involves exposing your eyes to what’s known as

Read more at: https://www.zerohedge.com/technology/ceo-worldcoin-says-something-world-id-will-eventually-exist-whether-you-it-or-not

A Decade Of ‘Deals’: The Definitive Timeline Of The Bidens’ Influence-Peddling

Ahead of Wednesday testimony from IRS whistleblowers, the Committee on Oversight and Accountability has released a comprehensive timeline of the Biden family influence peddling scheme in their quest to determine whether the Biden family has been targeted by foreign actors, President Biden is compromised, or US national security has been compromised.

Four main themes emerge; Romania, the CCP-linked Chinese energy company CEFC, China-Bohai Harvest RST Equity Investment Fund (BHR) and dealings in Kazakhstan.

2009 – The Obama-Biden administration takes office

November 1, 2013 – China / BHR:

Hunter Biden, business associate, and Chinese investors agree to create Bohai Harvest RST Equity Investment Fund Management Co., Ltd. (BHR), an investment fund controlled by the Bank of China, to focus on mergers and acquisitions, and investm …

Read more at: https://www.zerohedge.com/political/bidens-influence-peddling-timeline

Watch: Trump Says Media Is Lying About Scale Of Death In Ukraine

Authored by Steve Watson via Summit News,

In an interview Tuesday, President Trump warned that the media is not accurately covering the scale of death and destruction in Ukraine, asserting that “hundreds of thousands of people are dying.”

Trump again reiterated that he wants the war to end immediately, noting “You have cities with no buildings standing. It looks like just a demolition zone. It’s so horrible and, you know, and then they’ll say two people were hurt.”

“No. Hundreds of people and thousands of people were killed. You’re gonna find out when this whole thing is over that the number of people killed is far greater than they tell you,” Trump further urged.

He continued, “They’re not telling you the truth. Many, many thousands, hundreds of thousands of people are dying. Their cities are bei …

Read more at: https://www.zerohedge.com/political/watch-trump-says-media-lying-about-scale-death-ukraine

Tesla Earnings Preview: Margins Once Again The Key Focus

Tesla is slated to report earnings after the bell today, and the street is expecting

• revenue of $24.5B
• EPS of $0.81
• gross margin at 18.7%, down from 19.3% in Q1
• EBITDA at $4.14 billion, down from $4.27 billion YOY
• free cash flow of $2.2 billion

Guidance will be the bigger issue, with Investing.com astutely noting that “a negative EPS surprise can be easily offset by the message that, despite the still challenging 2023, a bright 2024 is on the horizon.”

Revenue projections for the quarter (via electrek)

Read more at: https://www.zerohedge.com/markets/tesla-earnings-preview-margins-once-again-key-focus

McDonald’s abused workers told to come forward by Rishi Sunak

Workers with harassment allegations should go through the firm’s complaints process, Rishi Sunak said.

Read more at: https://www.bbc.co.uk/news/business-66247184?at_medium=RSS&at_campaign=KARANGA

Nigel Farage launches fresh attack over Coutts bank closure

The ex-UK Independence Party leader accuses the BBC of falling for “spin”, saying his account was closed due to his views.

Read more at: https://www.bbc.co.uk/news/business-66247057?at_medium=RSS&at_campaign=KARANGA

Interest rates: Big rise less likely after inflation surprise

The Bank of England is under less pressure to put up interest rates after inflation fell from 8.7% to 7.9% in June.

Read more at: https://www.bbc.co.uk/news/business-66237492?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Thursday

“Asian Development Bank retained forecasts for India’s economic growth at 6.4% for FY24 and 6.7% for FY25, citing robust domestic demand that would continue to support the region’s recovery. Nse Cash market volumes were lower as compared to recent averages,” says Devarsh Vakil of HDFC Securities

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-thursday/articleshow/101965302.cms

Goldman Q2 Results: Profit slides 60% to 3-year low on consumer losses

The results were the worst for the Wall Street giant since the second quarter of 2020, when it took writedowns over corruption scandal linked to Malaysian state fund 1MDB.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/goldman-q2-results-profit-slides-60-to-3-year-low-on-consumer-losses-missing-estimates-but-shares-rise-1-on-outlook/articleshow/101966075.cms

The Ratings Game: Rivian’s stock gains as EV sales are ‘ramping well,’ analyst says

Rivian’s stock rose Wednesday after Mizuho’s Vijay Rakesh sees potential for the EV maker to beat its full-year delivery target.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7230-3CFF95659B6E%7D&siteid=rss&rss=1

Bond Report: 10-year Treasury yield finishes at three-week low, helped by easing U.K. inflation

Treasury yields end mostly lower after cooler-than-forecast U.K. inflation bolsters the narrative that central banks will soon be done raising interest rates.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7230-2DE92D0C0CF8%7D&siteid=rss&rss=1

Commodities Corner: Wheat prices gain over 8% as Russia-Ukraine tensions rise after the suspension of the grain deal

Wheat futures rally by more than 8% on Wednesday to settle at the highest in three weeks, with tensions between Russia and Ukraine rising the wake of Moscow’s suspension of the Black Sea grain deal.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7230-B47743CDF611%7D&siteid=rss&rss=1