04May2022 Market Close & Major Financial Headlines: Markets Up For The Third Day In A Row

Russia’s War In Ukraine Is Fueling A Spike In Fertilizer Prices

With the Ukraine war closing in on the 70th day, the global economy is decidedly in worse shape than it was before Russia decided to invade its neighbor to the west. According to the World Trade Organization, Russia’s war in Ukraine has created immense human suffering, with WTO economists having downgraded their expectations for 2022 trade volume growth from 4.7% to 3%. A ban on Russian gas is expected to plunge Europe into a recession, with the EU currently mulling a total ban on Russian energy imports. As expected, Ukraine

Read more at: https://oilprice.com/Energy/Energy-General/Russias-War-In-Ukraine-Is-Fueling-A-Spike-In-Fertilizer-Prices.html

Diesel Prices Hit New Record On Wednesday

Diesel prices hit yet another new record on Wednesday at $5.43 per gallon, now some $1.2 more than a gallon of gasoline, according to AAA. While high prices at that pump for gasoline have somewhat leveled off, diesel continues to steadily rise, causing an increase in prices of consumer goods because it fuels the trucks that transport an estimated 70% of consumer goods freighted in the United States. With diesel prices now up more than 75% from the year-ago average, Syracuse University supply chain expert Professor Patrick Penfield told

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Diesel-Prices-Hit-New-Record-On-Wednesday.html

Chinas Coal Capital Could Emerge As A Green Energy Poster Child

China is trying to have it all. As China develops the future of its energy and industrial landscapes through sweeping programs like the Belt and Road Initiatives and increasingly ambitious five-year plans and climate targets, President Xi Jinpings administration is performing an increasingly intricate tightrope walk between trying to position Beijing at the forefront of the global clean energy industry and shoring up Chinese energy security by any means necessary be it clean or coal. China is both the worlds biggest investor

Read more at: https://oilprice.com/Energy/Energy-General/Chinas-Coal-Capital-Could-Emerge-As-A-Green-Energy-Poster-Child.html

Americas LNG Giant Cheniere Reports Unexpected Loss

Houston-based Cheniere Energy Inc reported an unexpected Q1 loss, but bumped its full-year profit forecast by 17% in its earnings release Wednesday, on the back of soaring LNG demand and natural gas prices. The largest LNG exporter in the United States, Cheniere reported earnings up to $8.7 billion before interest, taxes, depreciation and amortization. That represents a $1.2-billion increase over analyst estimates from Bloomberg. Today we are raising our 2022 financial guidance due to the sustained strength in the global LNG market and an

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Americas-LNG-Giant-Cheniere-Reports-Unexpected-Loss.html

Oil Prices Hit $110 As Europe Prepares To Ban Russian Crude

Oil soared to $110 mid-Wednesday as details on the European Unions plans to ban Russia oil continue to be revealed and digested by the market. Up 4.75% on the day as of 1:53 p.m. EST, just under $110 per barrel, oil prices are responding to additional details on European Union plans to embargo Russian oil, including through sanctions on insurance companies. In one month, the European Commission proposes to ban all shipping, brokerage, insurance and financing servers related to the import and transport of Russian oil, Reuters cited

Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Hit-110-As-Europe-Prepares-To-Ban-Russian-Crude.html

Oil Prices Hit $110 As Europe Prepares To Ban Russian Crude

As Europe moves closer to a ban on Russian oil, the voices to replace Russian gas continue to grow louder, with Norway’s Gassco pipeline operator saying on Wednesday that it could end up exporting a record 117 billion cubic meters to Europe in 2022, Reuters reports. Gassco has not hit numbers like that since 2017. “I think we will see it (in) that range and I will not be surprised if it’s a bit over,” Reuters cited Gassco Chief Executive Frode Leversund as saying. Measured by export value, Gassco also enjoyed high gas prices

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Norway-Plans-Record-Gas-Volumes-For-Europe.html

U.S. Secretary of State Blinken tests positive for Covid, has mild symptoms

Secretary of State Anthony Blinken had not seen President Joe Biden in person for several days before testing positive for the coronavirus.

Read more at: https://www.cnbc.com/2022/05/04/us-secretary-of-state-blinken-tests-positive-for-covid-has-mild-symptoms.html

FAA to increase Florida air traffic controllers, work with airlines to avoid more flight disruptions in state

Airlines have ramped up capacity beyond 2019 levels at several major Florida airports.

Read more at: https://www.cnbc.com/2022/05/04/faa-to-boost-florida-air-traffic-controllers-work-with-airlines-to-avoid-disruptions.html

Dead priest’s niece sues Catholic University, auction house to block sale of Judy Garland ‘Wizard of Oz’ dress

The niece of a long-dead priest is suing to block the sale of one of Judy Garland’s iconic “Wizard of Oz” frocks that was missing for decades.

Read more at: https://www.cnbc.com/2022/05/04/catholic-university-sued-over-auction-of-judy-garland-wizard-of-oz-dress.html

Here’s what changed in the new Fed statement

This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting on March 16.

Read more at: https://www.cnbc.com/2022/05/04/federal-reserve-statement-may-heres-what-changed.html

A slate of EV automakers report earnings this week and will try to prove they can turn hype into production

All three stocks are down sharply from highs: Can the companies regain momentum?

Read more at: https://www.cnbc.com/2022/05/04/ev-auto-earnings-lucid-nikola-fisker-report-as-wall-street-eyes-production.html

Stocks making the biggest moves midday: Uber, Lyft, Airbnb, Starbucks and more

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

Read more at: https://www.cnbc.com/2022/05/04/stocks-making-the-biggest-moves-midday-uber-lyft-airbnb-starbucks-and-more.html

Location data broker SafeGraph stops selling information on visits to abortion providers

The Supreme Court is poised to reverse the Roe v. Wade ruling that gives people a constitutional right to abortion, a leaked opinion shows.

Read more at: https://www.cnbc.com/2022/05/04/data-broker-safegraph-stops-selling-abortion-provider-information.html

More wealthy investors would rather hold or add stocks than sell if markets keep sliding, survey says

Wealthy investors are more likely to add to their stock holdings or shift out of certain sectors rather than sell if stocks continue to decline.

Read more at: https://www.cnbc.com/2022/05/04/wealthy-investors-want-to-buy-or-hold-stocks-amid-declines-survey-says.html

This 35-year-old turned her eBay side hustle into a $141 million company: ‘Here’s the business plan I used’

In 2014, Tori Gerbig quit her $35,000-per-year job to grow her e-commerce side hustle, Pink Lily. Today, she runs the $141 million company full-time with her husband. The 35-year-old entrepreneur shares the simple five-step business plan she used.

Read more at: https://www.cnbc.com/2022/05/04/a-35-year-old-who-turned-her-side-hustle-into-a-141-million-business-shares-the-business-plan-she-used.html

Here’s how much cash retirees need to weather a stock market downturn

With high inflation and rising interest rates, many worry about a prolonged stock market downturn. Here’s how much cash retirees need to prepare.

Read more at: https://www.cnbc.com/2022/05/04/heres-how-much-cash-retirees-need-to-weather-a-stock-market-downturn.html

Ford reports smaller sales decline in April while chip shortage weighs on supply

Ford on Wednesday reported a 10.5% decline in April sales compared with a year ago, notably narrowing its losses compared with recent months.

Read more at: https://www.cnbc.com/2022/05/04/ford-reports-smaller-sales-decline-in-april-while-chip-shortage-weighs-on-supply.html

Miami hosts its first F1 Grand Prix this weekend, and thousands of fans are spending a ton just to be in town

Miami’s top hotels, restaurants and night clubs are offering high-priced packages for race-goers.

Read more at: https://www.cnbc.com/2022/05/04/formula-1-miami-grand-prix-brings-extraordinary-wealth-to-race-weekend.html

Volkswagen is prolonging its use of coal due to Russian energy ‘threat’

VW chief Herbert Diess’ comments were made during an interview with CNBC’s Annette Weisbach.

Read more at: https://www.cnbc.com/2022/05/04/volkswagen-to-prolong-coal-fired-power-as-russia-concerns-continue.html

Stocks, Bonds, Gold, & Crypto Rip After Powell Takes 75bps Hike ‘Off The Table’

Stocks, Bonds, Gold, & Crypto Rip After Powell Takes 75bps Hike ‘Off The Table'”Inflation is much too high,” warned Fed Chair Powell in his opening words, in an effort to assure the American people – and the markets – that they are really really serious this time, pinky-swear, about hiking even if the market pukes its guts out… (or not).

Powell: “It is important that they know that we know how painful it is.”

You mean the pain you caused when you said it was transitory for 9 months straight!?

— zerohedge (@zerohedge) May 4, 2022

The market did not like that news (stocks fell, yields rose, rate-hike-odds rose)

But then Powell tried to assuage fears of a 75bps hike:

“A 75 basis point increases …

Read more at: https://www.zerohedge.com/markets/stocks-bonds-gold-crypto-rip-after-powell-takes-75bps-hike-table

Roots Of Our Current Inflation: A Deeply Flawed Monetary System

Roots Of Our Current Inflation: A Deeply Flawed Monetary SystemAuthored by Anthony Mueller via The Mises Institute,

A monetary system that allows the creation of money out of thin air is vulnerable to the fits of credit expansion and credit contraction. Periods of credit expansion typically occur over many years and even decades while the phases of credit contraction happen like sudden implosions. The monetary policy makers tend to promote the prolongation of credit expansion because they fear deflation.

By doing this, however, the central banks prevent monetary moderate deflation as it would happen as the natural consequence of rising productivity. This way, an antideflationary monetary policy lays the groundwork for an upsurge of price inflation along with augmenting the risk of an abrupt contraction of the financial markets.

Credit CyclesFinancial cycles can extend over long periods of time. In the past decades, there has been a …

Read more at: https://www.zerohedge.com/economics/roots-our-current-inflation-deeply-flawed-monetary-system

Biden Calls MAGA ‘Extreme’ Ideology

Biden Calls MAGA ‘Extreme’ IdeologyWith his agenda stalled, inflation out of control, and most Americans refusing to believe the White House narrative that it’s all Putin’s fault, President Joe Biden is now lashing out at the so-called ‘MAGA agenda.’

In Wednesday remarks prior to the Fed decision on rates, Biden suggested that GOP proposals are largely in-line with Donald Trump’s Make America Great Again ethos which champions lower taxes, America first trade policies, and border security.

During his speech, Biden sought to distance his own economic agenda from Trump’s, saying: “It’s a MAGA agenda. Meanwhile, millionaires and billionaires and corporations skate by,” pointing to a proposal by Florida GOP Senator Rick Scott, who chairs the Senate GOP campaign organization.

Read more at: https://www.zerohedge.com/political/biden-calls-maga-extreme-ideology

Has The Fed Already Pricked The Housing Bubble?

Has The Fed Already Pricked The Housing Bubble?Via SchiffGold.com,

The Federal Reserve has raised rates once – a mere 25 basis points (with another hike on the table today). So, it’s just getting started, but has it already popped the housing bubble? It sure looks that way. The question is how long will it take for the air to really start coming out.

As mortgage rates push up, mortgage applications continue to fall. As of last week, applications were down 17%, and at the lowest level since May 2020 when the economy was shut down for COVID, according to last week’s Mortgage Bankers Association’s weekly Purchase Index. The index has dropped 30% from peak demand in late 2020 and early 2021.

Meanwhile, pending home sales in February dropped 4% and another 1.2% in March. It was the fifth consecutive mon …

Read more at: https://www.zerohedge.com/personal-finance/has-fed-already-pricked-housing-bubble

US makes biggest interest rate rise in 22 years

The Federal Reserve is under pressure as the US grapples with its worst inflation in four decades.

Read more at: https://www.bbc.co.uk/news/business-61324482?at_medium=RSS&at_campaign=KARANGA

Halifax apologises after interest rate email blunder

Halifax has said sorry after it incorrectly said the Bank of England had raised interest rates.

Read more at: https://www.bbc.co.uk/news/business-61320828?at_medium=RSS&at_campaign=KARANGA

Boohoo hit as shoppers return more clothes than before Covid

The fast fashion brand says shoppers are returning clothes at a higher rate than before the pandemic.

Read more at: https://www.bbc.co.uk/news/business-61318087?at_medium=RSS&at_campaign=KARANGA

Key takeaways from surprise RBI rate hike: What investors should look for

In a video statement, Das said that the RBI’s six-member Monetary Policy Committee had held a two-day meeting starting May 2 and decided unanimously to increase the repo rate to 4.40 per cent from the record low of 4 per cent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/key-takeaways-from-surprise-rbi-rate-hike-what-investors-should-look-for/articleshow/91319104.cms

Market Movers: Zomato tanks 7% to hit all-time low; here’s why

The selloff in the counter has come when almost all tech stocks have suffered. Even those listed in the US are in bear grip.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-zomato-tanks-7-to-hit-all-time-low-heres-why/articleshow/91319842.cms

Is Venky’s chic enough to beat competition from online players?

Venky’s earns its revenues by selling poultry & poultry products, animal health products as well as oilseeds.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/can-integrated-player-venkys-safeguard-margins-from-inflation/articleshow/91309900.cms

Earnings Results: Booking Holdings stock surges on earnings beat

Booking Holdings Inc. shares surged in the extended session Wednesday after the travel reservations site operator topped Wall Street expectations and expects to benefit from a busy, summer travel season.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7CD2-768A97F83AC8%7D&siteid=rss&rss=1

The Margin: Amazon, Citigroup, Yelp, to help pay for workers’ abortion travel costs

A growing number of companies have told workers that they will reimburse their travel costs for abortion access

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7CBE-43D0FFFA833B%7D&siteid=rss&rss=1

The Ratings Game: AMD ‘is just a different company now,’ and Wall Street is cheering

Advanced Micro Devices Inc. shares rose Wednesday, as analysts described the chip maker’s earnings report as “a potential watershed moment” that proved AMD is a data-center powerhouse following its acquisition of Xilinx Inc.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7CC9-B487AF7EEC83%7D&siteid=rss&rss=1