Wall Street equities making the biggest moves midday: Citrix Systems, Boeing, Nike, Kellogg. WTI crude is higher at 71.37 but remains range-bound. U.S. stocks gain today, positioning ignited by renewed investor fears that swelling Omicron case numbers could derail economic recovery and worsen inflationary pressures. NASDAQ gained 2.3%, and the S&P 500 rose 1.8%.
Global stocks buoyed by renewed risk appetite; oil rebounds 3.7% higher as crude attempts to bounce back from the omicron selloff. While climbing Omicron cases have sparked fear of demand destruction, supply issues in Libya and falling U.S. oil inventories pushed prices higher.
On Tuesday, Europe’s energy crisis worsened and faces a full-blown energy crisis as gas prices smash all records. A shortage of natural gas, nuclear outages, declining wind power output, and cold weather contributed to higher prices.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Oil Prices Bounce Back On Bullish NewsWhile climbing Omicron cases have sparked fear of demand destruction, supply issues in Libya and falling U.S. oil inventories pushed prices higher.Chart of the Week- India needs to add 40 GW per year of renewable capacity to reach the 2030 objective it agreed to at the COP26 summit in Glasgow, but the country seems increasingly unlikelyto do so.- Renewables currently account for only 11% of Indias aggregate generation capacity, with coal – the countrys main source of energy – still having ample spare capacity.- With thermal Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Bounce-Back-On-Bullish-News.html |
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Colombia May Lose Energy Independence As Crude Production FallsColombia, Latin Americas third-largest oil producer after Brazil and Mexico, is in danger of losing its energy self-sufficiency and a significant part of its gross domestic product (GDP) in the future, unless the pace of exploration accelerates, a Rystad Energy report has revealed. The countrys oil and gas output along with its total proven reserves tally are in decline, while investments will likely fail to recover to pre-Covid-19 pandemic levels this decade. Crude oil production in Colombia this year is on track to hit its lowest Read more at: https://oilprice.com/Energy/Crude-Oil/Colombia-May-Lose-Energy-Independence-As-Crude-Production-Falls.html |
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Tackling One Of The Fracking Industrys Biggest ProblemsIn the previous article, I discussed some of the issues involving water and hydraulic fracturing (fracking). In a nutshell, although fracking has proven to be a highly effective means of boosting oil and natural gas production, the process requires millions of gallons of water. Further, there is the potential to contaminate water supplies. Although fracking isnt going away anytime soon, it would be beneficial if there were some complementary tools for drillers in the event that conventional fracking could prove to be problematic. For example, Read more at: https://oilprice.com/Energy/Energy-General/Tackling-One-Of-The-Fracking-Industrys-Biggest-Problems.html |
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Europe Faces Full Blown Energy Crisis As Gas Prices Smash All RecordsEurope’s energy crisis got even worse on Tuesday as a shortage of natural gas, nuclear outages, declining wind power output, and cold weather boosted prices. The gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared 10% to a new record high of 165euros permegawatt-hour after gas entering Germany at the Mallnow compressor station plunged to zero. Flows were diverted eastward to Poland. European gas prices hit a record high. For some context, European NatGas is trading at an oil-barrel-equivalent price Read more at: https://oilprice.com/Energy/Energy-General/Europe-Faces-Full-Blown-Energy-Crisis-As-Gas-Prices-Smash-All-Records.html |
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New Oil And Gas Projects In UK Need To Pass Net-Zero TestThe UK will still allow the development of new oil and gas oilfields in the North Sea if they pass a so-called net-zero test, the government said on Monday as it opened a consultation seeking input on a new climate compatibility checkpoint for the oil and gas industry. The checkpoint will apply to any future oil and gas licenses to ensure they are aligned with the UKs climate change commitments and net-zero by 2050 target, the government said. The proposed climate compatibility checkpoint sets out potential tests that could Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-Oil-And-Gas-Projects-In-UK-Need-To-Pass-Net-Zero-Test.html |
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Global Oil And Gas Discoveries Set To Hit 75-Year Low In 2021Global oil and gas discoveries in 2021 are on track to hit their lowest full-year level in 75 years should the remainder of December fail to yield any significant finds, Rystad Energy analysis shows. As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent (boe) and, with no major finds announced so far this month, the industry is on course for its worst discoveries toll since 1946. This would also represent a considerable drop from the 12.5 billion boe unearthed in 2020. Liquids Read more at: https://oilprice.com/Energy/Crude-Oil/Global-Oil-And-Gas-Discoveries-Set-To-Hit-75-Year-Low-In-2021.html |
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Watch live: Biden speaks on U.S. efforts to contain Covid as omicron cases surgePresident Joe Biden will discuss the coronavirus pandemic and share his administration’s plans amid the rapid spread of the highly contagious omicron variant. Read more at: https://www.cnbc.com/2021/12/21/watch-biden-speech-on-us-fight-in-covid-pandemic-amid-omicron-surge.html |
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Superyacht building boom creates a supply crunch and crew shortage for ultrarich buyersShipyards are straining to keep up with demand for superyachts. Wealthy buyers are being told they have to wait three to five years for their custom orders. Read more at: https://www.cnbc.com/2021/12/21/a-superyacht-building-boom-has-created-a-supply-crunch-crew-shortage.html |
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‘Spider-Man: No Way Home’ provides hope for the 2022 box office, but there are still hurdles ahead“Spider-Man: No Way Home” proves that audiences are ready to return to movie theaters, but the industry still faces major obstacles. Read more at: https://www.cnbc.com/2021/12/21/spider-man-no-way-home-provides-hope-for-the-2022-box-office.html |
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‘World’s biggest offshore wind farm’ produces first power, passing key milestoneThe U.K. is home to a mature offshore wind sector that looks set to expand in the coming years. Read more at: https://www.cnbc.com/2021/12/21/orsted-milestone-for-wind-farm-expected-to-power-1point3-million-homes.html |
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Bob Iger says Pixar was ‘probably the best’ acquisition he made during his tenure with DisneyBob Iger says the acquisition of Pixar is his ‘proudest decision’ because it led to the revitalization of Disney animation and the Marvel and Lucasfilm deals. Read more at: https://www.cnbc.com/2021/12/21/disneys-bob-iger-says-pixar-was-probably-the-best-acquisition-as-ceo.html |
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McDonald’s is selling digital tech startup Dynamic Yield to MastercardMcDonald’s said Tuesday it’s selling a tech company it acquired roughly three years ago to Mastercard for an undisclosed amount. Read more at: https://www.cnbc.com/2021/12/21/mcdonalds-to-sell-digital-tech-startup-dynamic-yield-to-mastercard-.html |
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Walgreens, CVS limit how many at-home Covid tests customers can buy due to demand surge on omicron fearsWalgreens said the “unprecedented increase in demand” for rapid at-home Covid tests started after Thanksgiving and have continued through the week of Christmas. Read more at: https://www.cnbc.com/2021/12/21/walgreens-limits-at-home-covid-tests-to-four-per-customer-due-to-demand-surge-amid-omicron-fears.html |
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Bob Iger says Disney+ needs ‘more content for more people,’ but company is addressing the gapIn order to hit lofty subscriber goals, Disney+ needs “more content for more people,” said former Walt Disney CEO Bob Iger. Read more at: https://www.cnbc.com/2021/12/21/bob-iger-says-disney-needs-more-content-for-more-people.html |
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Drugstore chain Rite Aid to close at least 63 stores in the coming monthsDrugstore chain Rite Aid said Tuesday it plans to shutter at least 63 stores as it reassesses how many locations it needs in the United States. Read more at: https://www.cnbc.com/2021/12/21/rite-aid-to-close-at-least-63-stores-in-the-coming-months.html |
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Unplanned pregnancies cost the U.S. over $5.5 billion in 2018 but sex education still leaves students with questions. Here’s why.Sex education is inconsistent across the U.S., leading to serious public health and economic consequences. Read more at: https://www.cnbc.com/2021/12/21/unplanned-pregnancies-cost-billions-but-sex-education-is-lacking.html |
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CDC director says initial Covid shots ‘may not be enough’ as omicron rapidly sweeps the nationDr. Rochelle Walensky said omicron has “over 50 mutations and because of those mutations, just being vaccinated with two doses may not be enough.” Read more at: https://www.cnbc.com/2021/12/21/cdc-dir-walensky-being-vaccinated-with-two-doses-may-not-be-enough.html |
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SEC cracks down on SPAC claims as electric truck maker Nikola agrees to pay $125 million to settle fraud chargesElectric truck maker Nikola has agreed to pay the Securities and Exchange Commission $125 million to settle charges that it defrauded investors. Read more at: https://www.cnbc.com/2021/12/21/nikola-to-pay-125-million-to-settle-fraud-charges-as-sec-cracks-down-on-spac-claims.html |
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CNN Shuts Down Offices As COVID-19 Cases Rise: MemoCNN Shuts Down Offices As COVID-19 Cases Rise: MemoAuthored by Jack Phillips via The Epoch Times (emphasis ours), CNN is closing all its offices in the United States as COVID-19 cases have recently increased across the country, the cable station announced on Dec. 18.
The directive was confirmed by CNN commentator … Read more at: https://www.zerohedge.com/covid-19/cnn-shuts-down-offices-covid-19-cases-rise-memo |
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Markets Are Pricing Rising Volatility For 2022; Goldman Warns Of Increasingly Macro-Led MovesMarkets Are Pricing Rising Volatility For 2022; Goldman Warns Of Increasingly Macro-Led MovesTomorrow is VIX expiration, and, as SpotGamma notes, we head into that expiration with an elevated VIX structure. If you compare today’s VIX term structure to that of mid-November you can see current levels (black) remain well above Nov(blue).
Nov is “pre Omnicron” and “pre Taper” so it makes sense that current prices are elevated – but we suspect that the VIX expiration will start to drag current prices lower as traders roll. Read more at: https://www.zerohedge.com/markets/markets-are-pricing-rising-volatility-2022-goldman-warns-increasingly-macro-led-moves |
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NY Governor Intends To Redefine “Fully Vaccinated” To Include BoostersNY Governor Intends To Redefine “Fully Vaccinated” To Include BoostersAuthored by Bill Pan via The Epoch Times (emphasis ours), New York Gov. Kathy Hochul said the state may sooner or later change the definition of “full vaccinated” to include a booster dose.
“I have said all along I have two missions. O … Read more at: https://www.zerohedge.com/covid-19/ny-governor-intends-redefine-fully-vaccinated-include-boosters |
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Watch Live: President Biden Explains Why Vaxx’d Breakthroughs Are All The Unvaxx’d FaultWatch Live: President Biden Explains Why Vaxx’d Breakthroughs Are All The Unvaxx’d FaultWith cases surging and his agenda collapsing, it’s time for President Biden to face the public. Of coourse, the president and his team have already leaked all the important details of what he’s prepared to say this afternoon to the press, and we reported on them this morning. As we said, the administration is preparing to roll out a new federal plan to swiftly get 500M tests into the hands of Americans, and place army-trained medical personnel into vulnerable hospitals across the country, among other measures. But what’s been especially notable about recent developments (especially for anybody who saw the tripled-vaxxed Jim Cramer’s rant on CNBC Tuesday morning) is that the White House appears to finally be backing away from its strategy of blaming all the nation’s troubles on the unvaccinated, and instead acknowledging that everybody will likely get sick in the end anyway – but we have plenty of vaccines and drugs that can be taken to try and deal with that, for those who are at risk. The announcement notably comes as the FDA prepares to approve new pills from Merck and Pfizer that treat patients already sickened with COVID, patients who are specifically deemed to be high risk. But we wonder: will this narrative shift provoke the press into pressing Biden to explain whether all these breakthrough infections are still somehow the unvaccinated population’s fault? He w … Read more at: https://www.zerohedge.com/political/watch-live-president-biden-explains-why-vaxxd-breakthroughs-are-all-unvaxxd-fault |
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Covid grants a start but more help needed, say firmsPubs and restaurants largely welcome new support package, but some say it is not enough. Read more at: https://www.bbc.co.uk/news/business-59741361?at_medium=RSS&at_campaign=KARANGA |
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Nationwide customers hit by payment delaysProblems with inbound and outgoing payments mean some people face issues receiving their wages. Read more at: https://www.bbc.co.uk/news/business-59747677?at_medium=RSS&at_campaign=KARANGA |
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Hundreds of trains cancelled as Covid hits railwaysChristmas journeys are at risk as train operators prepare for more disruption. Read more at: https://www.bbc.co.uk/news/business-59743461?at_medium=RSS&at_campaign=KARANGA |
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Looking to go global? Bet on these themes to diversify your portfolioInternational equity offers a great diversification opportunity as it usually tends to have a very low correlation with Indian equity. Since different markets rarely move in tandem over the medium to long term, underperformance in one market may be offset by better performance in another. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/looking-to-go-global-bet-on-these-themes-to-diversify-your-portfolio/articleshow/88415346.cms |
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Top 2021 stock bets of HNIs deliver big returns but YES disappointsHNIs made big profits on Mastek, which delivered 143 per cent return year-to-date. HNI holding in this IT firm went up by 12.37 percentage points to 23.59 per cent in September quarter from 11.22 per cent in the December quarter last year. Ashish Kacholia and Mukul Agrawal are among shareholders in this company. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/hnis-top-2021-stock-bets-deliver-big-returns-but-yes-disappoints/articleshow/88405408.cms |
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RIL’s weightage could rise in Sensex; ICICI Bank, HDFC twins, Infosys, TCS could see declineReliance Industries’ weightage in the S&P BSE Sensex may increase by 0.68 per cent to 12.5 per cent. TCS and Infosys, the two largest domestic IT companies, may see reductions of 0.05 per cent and 0.08 per cent in the index to 5.8 per cent and 10.4 per cent respectively. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/rils-weightage-could-rise-on-sensex-icici-bank-hdfc-twins-infosys-tcs-could-see-decline/articleshow/88408583.cms |
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Futures Movers: U.S. oil benchmark ends 3.7% higher as crude attempts to bounce back from omicron selloffOil futures end strongly higher Tuesday, taking back a chunk of a two-day plunge stoked by worries over the spread of the omicron variant and its potential toll on demand. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-780A-2D6D956AEE6D%7D&siteid=rss&rss=1 |
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: CFPB shuts down payday lender it calls ‘a darling’ of venture capitalThe Consumer Financial Protection Bureau forced payday lending company LendUp to stop making new loans and cease collecting some outstanding loans as part of a resolution to a lawsuit alleging that the company engaged in illegal and deceptive marketing practices, the regulator said Tuesday. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-780D-3CD614A2C78B%7D&siteid=rss&rss=1 |
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Market Snapshot: Dow up 550 points after Biden vows no return to March 2020-style lockdowns as omicron ragesU.S. stock indexes rebound Tuesday, after a sharp sell off in the past three sessions, with optimism aided by the Biden administration’s plan to fight rising COVID-19 cases driven by the omicron variant. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7809-B6F8B5A5B388%7D&siteid=rss&rss=1 |
People enter the CNN Center in Atlanta, Ga., in a file photograph. (Ric Feld/AP Photo)Only employees who must work onsite will be allowed access to the offices and must remain masked regardless of vaccination status, CNN President Jeff Zucker in a memo to workers.
New York Gov. Kathy Hochul speaks at an event in New York on Dec. 10, 2021. (Mary Altaffer/AP Photo)Hochul, whose broad mask mandate for New York businesses just came into effect, was asked during a Dec. 16 press briefing what’s next on the list of things she seeks to implement. She replied that her office would ask businesses to only admit people who are fully vaccinated inside.