31May2022 Market Close & Major Financial Headlines: Wall Street Finishes Month Swinging Between Gain And Losses Finally Closing With The Three Major Indexes Down, Oil prices rose to a two-month high over the weekend, Bitcoin Rose In A Relief Rally, Average Gas Per Gal $4.62

Rising Energy Prices Could Tip World Into 1980s-Style Recession

Rising energy prices and boxing Russian crude oil out of the global market risks a global recession, Bank of America’s head of global commodities and derivatives research Francisco Blanch warned in a recent research note. “Can the global economy continue to expand with tightening oil supplies? Our estimates suggest that the world can handle a total disruption of just about 2mn b/d of Russian oil without risking a global recession,” the note cautioned. In 2023, BoA sees oil demand approaching pre-Covid levels but only if Russia’s crude oil

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rising-Energy-Prices-Could-Tip-World-Into-1980s-Style-Recession.html

Oil Prices Continue To Climb As Supply Uncertainties Mount

Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week- According to Bloomberg, the ESG industry is facing an increasing amount of criticism despite its incredible growth. While the industry is worth as much as $40 trillion, a large portion of that value is reportedly due to greenwashing.-

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Continue-To-Climb-As-Supply-Uncertainties-Mount.html

OPEC Considers Suspending Russia From Oil Deal

Some OPEC members are mulling over the possibility of suspending Russia from the OPEC+ deal that limits the amount of crude oil that each member can produce, the Wall Street Journal reported on Tuesday, citing OPEC delegates. Suspending Russia’s role in the group could allow other members to increase oil production at a quicker pace although there are only a few OPEC members believed to have the capacity to ramp up production as quickly as the current deal allows. Removing Russia from the group could be more of a long-term move, or

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Considers-Suspending-Russia-From-Oil-Deal.html

EU Commission Studies Price Cap On Imported Russian Gas

The European Commission will look into setting a price cap on imported Russian natural gas, Italy’s Prime Minister Mario Draghi said on Tuesday. The Commission received a mandate to study the feasibility of a gas price cap, Draghi told reporters after today’s summit in Brussels. The European Union leaders agreed to cut Russian crude oil imports by as much as 90 percent by the end of this year, setting out first to target crude oil shipments via tankers. Hungary, Slovakia, and the Czech Republic are exempt from the embargo.

Read more at: https://oilprice.com/Energy/Energy-General/EU-Commission-Studies-Price-Cap-On-Imported-Russian-Gas.html

Double-digit Inflation Prompts Russia To Raise Wages, Pensions

The federal Russian government will increase minimum wages and pensions from June 1 as it seeks to counter the effects of double-digit inflation closely linked to Western sanctions. Inflation in Russia stood at an annual 17.83 percent in April, according to official statistics, and 1.14 percent on a monthly basis. The United States, the UK, and the European Union have all imposed sanctions on Russia and Russian citizens and entities, and while some of these are largely symbolic, such as banning high-ranking officials from traveling to certain countries,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Double-digit-Inflation-Prompts-Russia-To-Raise-Wages-Pensions.html

Permian Leaves Rivals Behind As Production Continues To Grow

Permian oil production growth is set to outpace OPEC heavyweight Iraq this year and next as demand for oil surges on historically tight supply, Rystad Energy research shows. Total oil output from the Permian, including both conventional and unconventional, is forecast to grow by almost 1 million barrels per day (BPD) this year, jumping from 4.7 million to 5.6 million bpd, before climbing further to around 6.5 million BPD in 2023. By contrast, Iraq’s output will grow by some 600,000 BPD in 2022 and 400,000 in 2023. In 2010, the Permian only

Read more at: https://oilprice.com/Energy/Crude-Oil/Permian-Leaves-Rivals-Behind-As-Production-Continues-To-Grow.html

Help (mostly) wanted: A diverging job market boosts some workers’ prospects and puts others on notice

The divergence could mean a slowdown in wage growth, or hiring itself, and could curtail spending, which has been robust despite low consumer confidence.

Read more at: https://www.cnbc.com/2022/05/29/us-job-market-divide-boosts-some-workers-prospects-puts-others-on-notice.html

The first act of the streaming wars saga is over — Netflix’s fall from grace has ushered in the pivotal second act

Netflix’s fall from grace has ended the first act of the streaming wars. Act two will determine whether the industry can right itself.

Read more at: https://www.cnbc.com/2022/05/29/netflix-and-rivals-enter-pivotal-second-act-of-streaming-wars-saga.html

The Hamptons summer rental market is facing an unexpected chill as inventory piles up and prices come down

After two years of strong demand and soaring prices, the supply of rentals in the Hamptons is surging, leading to a wave of last-minute price cuts.

Read more at: https://www.cnbc.com/2022/05/30/hamptons-summer-rental-market-beach-house-inventory-is-up-prices-are-down.html

Ex-Disney CEO Bob Iger takes stake in Australian design company Canva, which has been valued at $40 billion

Bob Iger, the former Disney chief, has already invested his own money in GoPuff and Funko.

Read more at: https://www.cnbc.com/2022/05/29/former-disney-ceo-bob-iger-takes-stake-in-australian-design-company-canva.html

Taco Bell locations are running out of Mexican Pizza less than two weeks after its return

Demand for Mexican Pizza was seven times higher than the last time it was on Taco Bell’s menu.

Read more at: https://www.cnbc.com/2022/05/31/taco-bell-is-running-out-of-mexican-pizza-less-than-two-weeks-after-its-return.html

Stocks making the biggest moves midday: American Eagle Outfitters, Unilever, Nio and more

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

Read more at: https://www.cnbc.com/2022/05/31/stocks-making-the-biggest-moves-midday-american-eagle-outfitters-unilever-nio-and-more.html

Rising gas prices and inflation top travel concerns, overtaking Covid, survey finds

Most Americans plan to travel this summer, but rising gas prices and inflation now top their list of concerns, overtaking Covid.

Read more at: https://www.cnbc.com/2022/05/31/gas-prices-and-inflation-overtake-covid-as-top-travel-worry-.html

As employers call workers back to the office, some AAPI women are on edge

One of the many things lost since the coronavirus pandemic began more than two years ago is a sense of safety in public spaces.

Read more at: https://www.cnbc.com/2022/05/31/as-employers-call-workers-back-to-the-office-some-aapi-women-worry-.html

Home prices surged over 20% in March as interest rates also rose, according to S&P Case-Shiller

Home prices continued to increase their gains, despite slower sales and higher mortgage rates.

Read more at: https://www.cnbc.com/2022/05/31/home-prices-surged-in-march-as-interest-rates-also-rose-sp-case-shiller.html

‘Top Gun: Maverick’ grosses $124 million, making it Tom Cruise’s best domestic opening weekend

“Top Gun: Maverick” soared to $124 million during its opening weekend, earning Tom Cruise his highest domestic debut.

Read more at: https://www.cnbc.com/2022/05/29/top-gun-maverick-box-office-results-tom-cruise.html

Britain urges people with monkeypox to abstain from sex as cases rise

U.K. health authorities have issued new guidance, including sexual abstinence, for anyone who tests positive for monkeypox.

Read more at: https://www.cnbc.com/2022/05/31/britain-urges-people-with-monkeypox-to-abstain-from-sex-as-cases-rise.html

“Our Legal System Is Corrupt” – Trump Responds After Sussman ‘FBI-Russia-Hoax-Lie’ Acquittal

“Our Legal System Is Corrupt” – Trump Responds After Sussman ‘FBI-Russia-Hoax-Lie’ AcquittalUpdate (1600ET): Following the Sussman acquittal, Former President Donald Trump was quick to respond, raging that the legal system isn’t working properly…

“Our Legal System is CORRUPT,” Trump said in a post on Truth Social, adding that “our Judges (and Justices!) are highly partisan, compromised, or just plain scared” before lamenting that Michael Sussmann, the lawyer, was found not guilty.

Jason Miller, a former Trump campaign aide, also reacted to the verdict, writing on Gettr that Sussmann admitted to giving opposition research to the FBI and not telling the bureau that the research was conducted for Clinton.

“How did Sussmann get off??? RIGGED SYSTEM!!!” Miller wrote.

The jury unanimously found Sussmann not guilty.

“I don’t think it should have been prosecuted,” one juror told reporters.

“There are bigger things that affect the nation than a possible lie to the FBI.”

We are unsure what that has to do with the legal principles involved in judging Sussman’s guilt? But then again…

Read more at: https://www.zerohedge.com/markets/hillary-lawyer-sussman-acquitted-lying-fbi-russia-hoax-farce

Stocks Go Nowhere In May, USD Sinks Amid Worst Macro-Meltdown Since Lehman

Stocks Go Nowhere In May, USD Sinks Amid Worst Macro-Meltdown Since LehmanTl;dr: May… 30Y Bond unch-ish, S&P unch-ish, Gold unch-ish, Oil way-up, Crypto way-down, USD down, US Macro data total collapse…

Source: Bloomberg

To put that in context, outside of the April 2020 crash (where the government basically shut down the entire economy), May 2020’s collapse in US Macro Surprise data was the worst since Oct 2008 (the immediate aftermath of the Lehman crisis and freezing of all capital markets).

The S&P, Dow, and Russell 2000 were basically unchanged on the month, thanks to the ramp of the last few days) but Nasdaq ended the month red (4th red month of the last 5 for Nasdaq)…

Read more at: https://www.zerohedge.com/markets/stocks-go-nowhere-may-usd-sinks-amid-worst-macro-meltdown-lehman

Ron Paul: Don’t Trade Real Liberty For Phony Security

Ron Paul: Don’t Trade Real Liberty For Phony SecurityAuthored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Authoritarian politicians wasted no time using the recent shootings in Buffalo, New York, and Uvalde, Texas, to justify new infringements on liberty. Just days after the Buffalo shooting, the US House of Representatives passed a law creating new domestic terrorism offices in the FBI, the Justice Department, and the Department of Homeland Security.

This is a step toward achieving the longstanding goal of many progressives of focusing the national security state on “domestic terrorists” and “right-wing extremists.” Supporters of these efforts have used the Buffalo shooter’s mention of “replacement theory” in his “manifesto” to attack prominent conservative commentators, most notably Tucker Carlson. Carlson and others are accused of sp …

Read more at: https://www.zerohedge.com/political/ron-paul-dont-trade-real-liberty-phony-security

“Just Another Bear Market Rally”: Mike Wilson Spoils The Bulls Party, Sees Just 5% More Upside

“Just Another Bear Market Rally”: Mike Wilson Spoils The Bulls Party, Sees Just 5% More UpsideWith the S&P tumbling as low as 3,800 just over a week ago, briefly triggering a bear market, before exploding higher in yet another furious bear market rally, one may think that Wall Street’s (second) most bearish strategist (after BofA’s Michael Hartnett), Michael Wilson, is content with the market collapsing in line with his weekly prophecies of doom and gloom, and is finally calling for a bounce. No such luck: in fact, in his latest weekly note (available to pro subs in the usual place), Wilson first takes yet another victory lap writing that “consensus is now more in line with our bearish outlook”, and using that as his basis, asks rhetorically “what’s the bull case?” His answer: “outside of a peace agreement in Ukraine, it’s difficult to construct a case for more than a bear market rally” which according to Wilson could at best push stocks another 5% higher, and the main reason for his downbeat view – his gloomy view on the state of the US consumer who “remains a focal point for whether a recession is coming” (and as we discussed last week, it is).

Let’s go over his arguments, starting at the top, namely Wilson’s contention that “over the past few months, many clients, competitors, and commentators have moved into our more bearish camp” i.e., that Wilson he was ahead of everyone, claiming that his “competitors” have even adopted a ‘Fire’ and ‘Ice’ narrative—i.e., Fed tightening into a growth slowdown …

Read more at: https://www.zerohedge.com/markets/just-another-bear-market-rally-mike-wilson-spoils-bulls-party-sees-just-5-more-upside

More flights canceled ahead of Jubilee break

Tui has cut six flights a day as around two million passengers prepare to fly over the bank holiday.

Read more at: https://www.bbc.co.uk/news/business-61638567?at_medium=RSS&at_campaign=KARANGA

What are my rights if my flight is canceled?

Airlines including Tui and EasyJet have canceled dozens of flights over the half-term holiday.

Read more at: https://www.bbc.co.uk/news/business-61646214?at_medium=RSS&at_campaign=KARANGA

Russian gas firm Gazprom to cut some supply to Shell

Shell says it will work to keep Europe supplied after Gazprom says it will cut flows to it and Orsted.

Read more at: https://www.bbc.co.uk/news/business-61652931?at_medium=RSS&at_campaign=KARANGA

Trade Setup: Strong chances of markets consolidating at current levels

This has converted the level of 16,700 into an immediate resistance point for the index. For any sustainable extension of the up move to happen, moving past 16,700 will be crucial and moving past this level comprehensively will open up some more upside for the markets.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-strong-chances-of-markets-consolidating-at-current-levels-immediate-technical-structure-remains-strong-and-buoyant/articleshow/91922731.cms

Market movers: Bharat Dynamics rockets 5% on deal with MoD; NCC spikes 5%

NXT Digital and Thaicom Public Company made a joint announcement of having signed a binding Memorandum of Understanding (MOU) to form a strategic partnership to enter the Broadband-over-satellite (BoS) market and related services in India.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-bharat-dynamics-rockets-5-on-deal-with-mod-ncc-spikes-5/articleshow/91921678.cms

Tech View: Nifty50 forms indecisive Doji but uptrend intact, say analysts

The price action for the last couple of sessions is developing as a Flag pattern on the hourly chart, said Gaurav Ratnaparkhi of Sharekhan, who believes the sideways action can continue in the range of 16,500-16,700 before the index prepares for the next leg up.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-indecisive-doji-but-uptrend-intact-say-analysts/articleshow/91919172.cms

: 5 large companies that will emerge from the tech wreck as even more fearsome

Technology companies that provide a real value for the economy will stand apart from those that benefited from pandemic-era hype.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7DEB-E8AEA7B45D1E%7D&siteid=rss&rss=1

The Tell: Retailers hit with ‘double-whammy’ as inventories rise, consumer sector stocks punished in May

The economy’s “normalization process” after the COVID-19 crisis was never going to be “orderly,” according to Morgan Stanley Wealth Management.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7DF2-40EB881E96AC%7D&siteid=rss&rss=1

Deep Dive: Dividend stocks have trounced the market this year. Here are 15 high-yield stocks expected to raise payouts the most through 2024

Investors have favored companies with healthy cash flows as the central bank dials back stimulus.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7DBE-A91680331DFB%7D&siteid=rss&rss=1