23Mar2022 Market Close & Major Financial Headlines: DOW Sees Worst Day In Two Weeks As Oil Prices Spike Above 120, and More Fed Officials Call For Half-Point Rate Hikes, DOW Down 449 Points, NASDAQ Down 1.3%, WTI Settles At 114, Bitcoin Up To 42300

EU Considers $100 Billion Energy Relief Package For Companies

Europe faces an unprecedented energy crisis that requires extraordinary policy action, such as a possible 100 billion euro in relief funds to businesses hit the hardest by soaring energy prices. Bloombergcites MF daily that said the European Union on Wednesday is considering a massive 100 billion euro bond issuance for a new relief program that would provide relief funds to businesses hit hardest by rising gas and electricity prices, as criticism soars about out of control commodity inflation and the bloc’s inability to tame prices.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Considers-100-Billion-Energy-Relief-Package-For-Companies.html

Not All Banks Are Jumping On The Net-Zero Bandwagon

Banks have gone from oil industry backers to some of the loudest critics of the industry and the most ambitious target-setters in a few short years. Some of the biggest lenders in the world have joined the Net Zero Banking Alliance and have made pledges to limit their business with oil and gas. Some, however, are fine doing business with the “dirty” pariah industry. Bloomberg reported this week that Wells Fargo provided $28 billion in funding to oil and gas companies last year. This made the Wall Street major the biggest oil lender for the year,

Read more at: https://oilprice.com/Energy/Energy-General/Not-All-Banks-Are-Jumping-On-The-Net-Zero-Bandwagon.html

A New Era Has Dawned For Nuclear Power

The IAEA has already increased projections for nuclear growth this year, but will the need for greater energy diversity and security in response to the Russian invasion of Ukraine push this figure even higher? Some countries are already opening up their existing nuclear power plans for discussion, with the potential for greater nuclear energy development over the next decade. With the international push to transition away from fossil fuels to renewable alternatives coming out of the COP26 climate summit last November, many are reconsidering

Read more at: https://oilprice.com/Energy/Energy-General/A-New-Era-Has-Dawned-For-Nuclear-Power.html

TotalEnergies: Oil Majors’ Exit From Russia Easier Said Than Done

Despite pledges from numerous international oil majors to leave Russia, this is easier said than done, and companies from the U.S. and the UK are still stuck with their Russian assets, Patrick Pouyanne, CEO at TotalEnergies, said on Wednesday. In the days after the Russian invasion of Ukraine began, UK’s BP and Shell said they would divest their Russian assets and stop trading with Russian oil. The war in Ukraine “has caused us to fundamentally rethink bp’s position with Rosneft. I am convinced that the decisions we have taken as a board

Read more at: https://oilprice.com/Energy/Energy-General/TotalEnergies-Oil-Majors-Exit-From-Russia-Easier-Said-Than-Done.html

Karabakh Claims Azerbaijan Is Cutting Its Gas Supplies

The de facto authorities in Nagorno-Karabakh have accused Azerbaijan of cutting natural gas supplies to the territory for the second time in as many weeks, depriving the people thereof heat for their homes amid a sharp cold spell. Nagorno-Karabakh gets its gas supplied via Armenia, through a pipeline that transits territory over which Azerbaijan regained control in the 2020 war between the two sides. Supplies from the pipeline were first disrupted on March 8, as tension spiked in the region following the launch of Russias invasion of Ukraine.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Karabakh-Claims-Azerbaijan-Is-Cutting-Its-Gas-Supplies.html

Will Hydrogen Power The Trains Of The Future?

With governments putting pressure on transport companies to introduce cleaner modes of travel, several companies are looking to hydrogen as the future of green transportation. Hydrogen fuel cells offer a longer range and faster fuelling than electric alternatives, which means we could soon see hydrogen trains in cities and towns around the world. This month, the IEA released its 10-point-plan to cut oil use, with one of the points being to Make public transport cheaper; incentivize micro-mobility, walking and cycling. This has been

Read more at: https://oilprice.com/Energy/Energy-General/Will-Hydrogen-Power-The-Trains-Of-The-Future.html

Russia and Turkey will rival UK & Ireland to host Euro 2028 after surprise applications

Russia and Turkey have joined the UK and Ireland in declaring an interest to host Euro 2028.

Read more at: https://www.cnbc.com/2022/03/23/russia-will-rival-uk-ireland-to-host-euro-2028.html

Walmart sues BJ’s Wholesale claiming it stole self-checkout technology

Scan & Go has become more popular since the Covid-19 pandemic began in the U.S. in early 2020 as shoppers adopted social distancing and contactless checkout.

Read more at: https://www.cnbc.com/2022/03/23/walmart-sues-bjs-wholesale-claiming-theft-of-sams-club-self-checkout-tech.html

Omicron BA.2 subvariant will soon dominate in U.S., but Fauci doesn’t expect another surge

Data from Walgreens, which conducts testing at its pharmacies nationwide, shows BA.2 as the dominant variant at 51% of all positive Covid cases as of March 19.

Read more at: https://www.cnbc.com/2022/03/23/covid-omicron-bapoint2-subvariant-will-soon-dominate-in-us-but-fauci-doesnt-expect-another-surge.html

Broadway tickets are more expensive now than before the pandemic – and attendance is strong

Ticket prices for many blockbuster Broadway shows have become more expensive – as theatergoers are paying up for an evening out on the Great White Way.

Read more at: https://www.cnbc.com/2022/03/23/broadway-tickets-more-expensive-as-pandemic-eases.html

SpaceX raises prices for rocket launches and Starlink satellite internet as inflation hits raw materials

The price hikes range from as much as a 20% increase for new Starlink hardware, to 8% for launches with the company’s Falcon 9 and Falcon Heavy rockets.

Read more at: https://www.cnbc.com/2022/03/23/spacex-raises-prices-for-launches-and-starlink-due-to-inflation.html

Stocks making the biggest moves midday: GameStop, Adobe, General Mills and more

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

Read more at: https://www.cnbc.com/2022/03/23/stocks-making-the-biggest-moves-midday-gamestop-adobe-general-mills-and-more.html

Stellantis, LG Energy Solution to invest $4.1 billion in Canadian EV battery plant

The new plant is part of the automaker’s plans to accelerate its EV investment to achieve sales of 5 million EVs globally by 2030.

Read more at: https://www.cnbc.com/2022/03/23/stellantis-lg-to-invest-4point1-billion-in-canadian-ev-battery-plant.html

Petco CEO says company’s growth is inflation-proof, as Americans splurge on pets and bigger homes

Petco is trying to grab a bigger piece of the pet market by expanding vet care and private label offerings.

Read more at: https://www.cnbc.com/2022/03/23/petco-is-inflation-proof-ceo-says.html

Alaska Airlines is trying to ease staffing shortage by offering flight attendants double pay to pick up shifts

Major airlines last rolled out incentive pay ahead of the year-end holidays to stem a staffing shortage.

Read more at: https://www.cnbc.com/2022/03/23/alaska-airlines-flight-attendants-get-double-pay-to-pick-up-shifts.html

Beyond Meat and PepsiCo launch meatless jerky as the first product under their partnership

The two companies announced the joint venture nearly a year ago with the goal of creating plant-based snacks and drinks together.

Read more at: https://www.cnbc.com/2022/03/23/beyond-meat-pepsico-meatless-jerky-launches-.html

5 things to know before the stock market opens Wednesday

U.S. stock futures dropped Wednesday, one day after Wall Street rebounded from Monday’s Fed-driven decline.

Read more at: https://www.cnbc.com/2022/03/23/5-things-to-know-before-the-stock-market-opens-wednesday-march-23.html

Omicron’s ‘stealth’ subvariant BA.2 could go ‘wild’ in Europe before going global, top epidemiologist says

The rise in cases across the continent is being driven by several causes including the spread of the omicron subvariant, BA.2.

Read more at: https://www.cnbc.com/2022/03/23/omicrons-subvariant-bapoint2-could-spread-wildly-in-europe-epidemiologist.html

Moderna Covid vaccine for kids under 6 years old was up to 44% effective against omicron infection

Moderna also asked the FDA to authorize its vaccine for children 6- to 11-years-old, the company announced Wednesday.

Read more at: https://www.cnbc.com/2022/03/23/covid-moderna-vaccine-for-young-kids-up-to-44percent-effective-against-omicron.html

House Dems Want To Stop Oil Inflation By Creating Money Out Of Thin Air, Offering Americans “Direct Payments”

House Dems Want To Stop Oil Inflation By Creating Money Out Of Thin Air, Offering Americans “Direct Payments”To stop the inflation…we must create inflation…

The lunacy about gas prices, driven by useless congressional automatons who have little understanding of economics, continues. The latest chapter in “micromanaging markets to make a large problem into a much larger problem under the guise of creating a solution” comes from house Democrats (surprise), who are now considering the idea of direct payments to Americans to try and help with high gas prices.

Reps. Mike Thompson of California, John Larson of Connecticut and Lauren Underwood of Illinois are proposing the idea of an “energy rebate” equating to $100 per month for individuals or $200 for couples with an additional $100 per dependent, according to KSDK.

They want the payments to stay in place “for each month the national gas price exceeds $4 per gallon” throughout 2022, the report says.

Like the economic stimulus payments during Covid, the rebates would be available based on the same guidelines as the 2021 Economic Impact Payments. This means that “single filers earning up to $75,000 or married couples filing jointly earning up to $150,000 would be eligible,” KSDK wrote.

The article then notes that the statement on respective Rep.’s website who introduced the bill “did not explain how it would be paid for”.

Read more at: https://www.zerohedge.com/markets/house-dems-want-stop-oil-inflation-creating-money-out-thin-air-offering-americans-direct

Watch: Gingrich Says Kamala Harris “May Be The Dumbest Person Ever Elected Vice President”

Watch: Gingrich Says Kamala Harris “May Be The Dumbest Person Ever Elected Vice President”Authored by Steve Watson via Summit News,

Appearing on Fox News Monday, former Speaker of the House Newt Gingrich declared that Kamala Harris “may be the dumbest person ever elected Vice President” following another bizarre speech from Harris earlier in the week.

Referring to Joe Biden and Harris, Gingrich proclaimed “You know, he may or may not have cognitive decline problems at his age, but at her age, she’s just dumb.”

“Let’s be clear, Kamala Harris may be the dumbest person ever elected vice president in American history and that’s why people keep resigning,” Gingrich further asserted, referring to Harris’s office losing yet another official this week in national security advisor Nancy McEldowney.

Gingrich continued, “If you …

Read more at: https://www.zerohedge.com/political/watch-gingrich-says-kamala-harris-may-be-dumbest-person-ever-elected-vice-president

Bonds, Bullion, Black Gold, & ‘Babki’ Jump As Stocks Dump

Bonds, Bullion, Black Gold, & ‘Babki’ Jump As Stocks DumpPerhaps the most notable move in markets today was from the Ruble (the term old woman, babki – бабки, overshadowed other slang names for the Russian currency), which saw its biggest daily gain since Dec 2014 today on the back of Putin’s call for all gas payments to be made in Rubles…

Source: Bloomberg

The desperate attempt to ignite momentum after the US cash market open succeeded but could not survive the European close, after which US stocks went south fast…

Read more at: https://www.zerohedge.com/markets/bonds-bullion-black-gold-babki-jump-stocks-dump

Madeleine Albright, First Female Secretary Of State Under Clinton, Has Died

Madeleine Albright, First Female Secretary Of State Under Clinton, Has DiedMadeleine Albright, who was the first female Secretary of State under Bill Clinton, has died of cancer Wednesday at the age of 84, her family announced. “She was surrounded by family and friends,” her family said on Twitter. “We have lost a loving mother, grandmother, sister, aunt and friend,” the statement reads, and confirmed that the cause was a battle with cancer.

After being tapped by then President Clinton to be America’s top diplomat starting in 1996, she served for four years. The Associated Press writes, “At the time, she was the highest-ranking woman in the history of U.S. government. She was not in the line of succession for the presidency, however, because she was a native of Czechoslovakia. She was a native of Prague.”

Madeleine Albright (1937-2022): pic.twitter.com/TonYHPyiQD

— Michael Beschloss (@BeschlossDC) March 23, 2022

Lauded and praised by establishment foreign policy pundits for her hawkish orientation which tended toward ‘muscular’ US responses to crises abroad, many of her statements attracted immense controversy and outrage, particularly the infamous “price is worth it” response during a 60-Minutes interview on the devastation wrought by US-imposed sanctions on Iraq…

The death of 500,000 dead Ir …

Read more at: https://www.zerohedge.com/political/madeleine-albright-first-female-secretary-state-under-clinton-has-died

People face biggest drop in living standards in 66 years

Wages will lag soaring prices meaning the biggest drop in standards since 1956, says the OBR.

Read more at: https://www.bbc.co.uk/news/business-60846951?at_medium=RSS&at_campaign=KARANGA

Fuel duty cut by 5p a litre to help motorists

The cut aims to deal with soaring costs, but the RAC says prices will remain at a high level.

Read more at: https://www.bbc.co.uk/news/business-60850217?at_medium=RSS&at_campaign=KARANGA

How Rishi Sunak’s Spring Statement will affect you

Surging prices, National Insurance changes and fuel duty cuts – the impact on your finances explained.

Read more at: https://www.bbc.co.uk/news/business-60819205?at_medium=RSS&at_campaign=KARANGA

Trade setup: 17,500-17,000 pt range remains consolidation zone for Nifty

Options data helps us fairly conclude that unless the zone of 17,350-17,500 is taken out convincingly, there are greater possibilities of the markets facing corrective pressure at higher levels.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-17500-17000-pt-range-remains-consolidation-zone-for-nifty/articleshow/90403994.cms

Ruchi Soya FPO: Shares available at deep discount but should you subscribe?

“The industry is valued at a TTM PE of 31.5x and Ruchi Soya’s TTM PE multiple is 33.5x while the FPO is valued at a multiple of 21x. Hence, we recommend ‘SUBSCRIBE’ for the listing and long-term gains for this FPO,” said Parvati Rai, Head Research at KRChoksey Shares & Securities.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/ruchi-soya-fpo-shares-available-at-deep-discount-but-should-you-subscribe/articleshow/90392179.cms

9 stocks that may deliver handsome returns in short term

The market has more or less recovered from shocks delivered by Russian invasion in Ukraine and the following selloff. Though concerns over inflation remain, many stocks are signaling buy on technical charts. Analysts recommend nine such short-term picks that may deliver strong returns:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/reliance-itc-among-9-stocks-that-may-deliver-handsome-returns-in-short-term/money-making-ideas/articleshow/90388306.cms

: KB Home says supply-chain, employment issues are delaying construction of new homes, stock sinks

KB Home executives said that issues with supplies and hiring enough workers harmed the company’s ability to complete construction of homes early in 2022, and financial results missed expectations in a Wednesday report, sending shares lower.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7B08-6DFDD15C2DD8%7D&siteid=rss&rss=1

Market Snapshot: Dow industrials see worst day in 2 weeks as oil prices spike, more Fed officials call for half-point rate hikes

U.S. stock indexes end near session lows Wednesday, after oil prices hit 2-week highs and another Fed official calls for more aggressive rate hikes this year to cool inflation.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AFC-495459BB370E%7D&siteid=rss&rss=1

: Ketanji Brown Jackson says she plans to recuse herself from Harvard affirmative-action case if confirmed to Supreme Court

Wednesday is the third day of Judge Ketanji Brown Jackson’s confirmation hearing before the Senate Judiciary Committee, and it’s featuring more questions for the Supreme Court nominee from the committee’s Democratic and Republican senators.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7AFE-490EE8322F8B%7D&siteid=rss&rss=1