06June2022 Market Close & Major Financial Headlines: Major Wall Street Indexes Gap Up To Last Thursday’s Closing High At The Opening Bell, Then Fall Sharply To Friday’s Support, Last Half-Hour Pushes Equities Solidly Into The Green

What Do Bidens New Ethanol Mandates Mean For You?

Expect higher food prices but little relief at the pump with Biden’s latest questionable move to combat inflation Last Friday, Biden’s EPA Mandated the Most Ethanol Use Ever. The EPA, after gathering comments since releasing it proposed blending requirements in December, said Friday it will require refiners to blend 20.77 billion gallons of ethanol, biodiesel, and other renewable fuel this year. Additionally, the oil industry must blend 250 million more gallons of renewable fuel, both this year and next, after a federal court found the

Read more at: https://oilprice.com/Energy/Energy-General/What-Do-Bidens-New-Ethanol-Mandates-Mean-For-You.html

Russias Oil Export Earnings Set To Decline On Heavily Discounted Urals

While Moscow said earlier this week it was anticipating a more than $6-billion boost in oil revenues in June, despite sanctions, a new report from Bloomberg shows that while Russian seaborne crude oil shipments have increased, Moscow is earning far less on exports. In the seven days to June 3rd, Russian crude oil shipments by sea hit their highest rate in six weeks, according to Bloomberg. However, those cargoes are being sold to Asian buyers at heavy discounts. Russia is still raking in oil revenues, but its selling more, for

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Export-Earnings-Set-To-Decline-On-Heavily-Discounted-Urals.html

Russia Sanctions U.S. Energy Secretary

The Russian Foreign Ministry has placed sanctions on U.S. Energy Secretary Jennifer Granholm along with 60 other U.S. citizens and top officials, Interfax news agency reports. On Monday, the Russian Foreign Ministry updated its blacklist to include 61 high-ranking Americans, including Granholm, Treasury Secretary Janet Yellen, White House economic adviser Brian Deese and Senior presidential advisor Mike Donilon. The sanctions are in retaliation for constantly expanding U.S. sanctions against Russian political and public figures,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Sanctions-US-Energy-Secretary.html

LNG Tanker Rates Soar To Highest Level In 10 Years

Last week we showed that while US nat gas prices have had several catalysts that have propelled them higher in recent weeks, one of the biggest drivers why nat gas is trading at the highest level in over a decade, was the recent surge in LNG exports to Europe as Reuters’ energy expert John Kemp explained in detail. But while the surge in oil exports is bad news for US consumers, it’s fantastic news for LNG tankers because as the FT reports, the world’s largest gas traders are scrambling to secure liquefied natural gas tankers ahead of winter

Read more at: https://oilprice.com/Energy/Natural-Gas/LNG-Tanker-Rates-Soar-To-Highest-Level-In-10-Years.html

More Iranian Crude May Be Coming To World Markets

The U.S. may relax its sanction pressure on Tehran to allow more Iranian oil barrels to enter the global market, the head of Asian operations at Vitol, Mike Muller, told Bloomberg over the weekend. Uncle Sam might just allow a little bit more of that oil to flow, Muller said. If the midterms are dominated by the need to get gas prices lower in America, turning a somewhat greater blind eye to the sanctioned barrels flowing out is probably something you might expect to see. US intervention in these flows has always been

Read more at: https://oilprice.com/Latest-Energy-News/World-News/More-Iranian-Crude-May-Be-Coming-To-World-Markets.html

Not Even $100 Oil Can Rescue Colombia’s Ailing Oil Industry

The COVID-19 pandemic hit Latin America particularly hard. Some countries in the region, aside from experiencing high mortality rates and case counts, saw their fiscally vulnerable economies and extractive industries devastated by the fallout from the disease. Colombia’s oil-dependent economy and hydrocarbon sector were heavily hit. Not only did the strife-torn countrys gross domestic production contract by 7% during 2020 but petroleum production plunged to under 800,000 barrels per day for the first time since 2010. Colombia only

Read more at: https://oilprice.com/Energy/Energy-General/Not-Even-100-Oil-Can-Rescue-Colombias-Ailing-Oil-Industry.html

These charts show the state of the global supply chain as China eases Covid lockdowns

China’s “zero Covid” measures on trucking and cross-city transport limitations continue to slow down manufacturing and logistics.

Read more at: https://www.cnbc.com/2022/06/06/these-charts-show-state-of-supply-chain-as-china-eases-covid-lockdowns.html

Chipotle and Kraft use this start-up to track and prove how green they are

HowGood is a startup that measures the environmental sustainability of thousands of ingredients that go into foods. Kraft Heinz is its latest client.

Read more at: https://www.cnbc.com/2022/06/06/chipotle-and-kraft-use-start-up-howgood-to-track-how-green-they-are.html

‘No different than the mortgage crisis’: NAACP President Derrick Johnson on why student loan cancellation is needed

CNBC recently spoke with NAACP President and CEO Derrick Johnson about why he won’t stop talking about student debt cancellation.

Read more at: https://www.cnbc.com/2022/06/06/heres-why-the-naacp-keeps-talking-about-student-loan-forgiveness.html

Retirement tax breaks benefit higher earners, leaving middle-class savers behind, report finds

Tax breaks designed to boost retirement savings may primarily benefit higher earners, leaving middle-class workers behind, according to a report.

Read more at: https://www.cnbc.com/2022/06/06/retirement-tax-breaks-leaving-middle-class-savers-behind-report-finds.html

Novavax faces high-stakes FDA review this week that will decide the fate of its Covid vaccine in the U.S.

Novavax was part of the U.S. race to develop a vaccine in 2020, but the company faced manufacturing hurdles that delayed authorization.

Read more at: https://www.cnbc.com/2022/06/06/novavax-faces-high-stakes-fda-review-this-week-that-will-decide-the-fate-of-its-covid-vaccine-in-the-us.html

Here’s why we’re fans of Amazon’s 20-for-1 stock split

While fractional shares are offered on brokerage platforms, many people want to own full shares. Splits allow them to do so more easily.

Read more at: https://www.cnbc.com/2022/06/06/investing-club-heres-why-were-fans-of-amazons-20-for-1-stock-split.html

Paramount sued over ‘Top Gun’ copyright as ‘Maverick’ soars at the box office

The family of the author whose article inspired 1986’s “Top Gun” based is suing Paramount Pictures for copyright infringement.

Read more at: https://www.cnbc.com/2022/06/06/paramount-sued-over-top-gun-copyright-as-maverick-soars-at-box-office.html

U.S. has more than 36,000 Jynneos monkeypox vaccine doses immediately available in national stockpile

Bavarian Nordic also holds 1 million U.S.-owned doses and can fill another 16.4 million shots upon request by the federal government.

Read more at: https://www.cnbc.com/2022/06/06/us-has-36000-doses-of-jynneos-monkeypox-vaccine-immediately-available-in-national-stockpile.html

Starbucks is looking externally for its next CEO, Howard Schultz says

Starbucks’ next CEO will come from outside the company, interim leader Howard Schultz told The Wall Street Journal.

Read more at: https://www.cnbc.com/2022/06/06/starbucks-is-looking-externally-for-its-next-ceo-howard-schultz-says.html

Solid Power, backed by Ford and BMW, begins pilot production of innovative EV battery with longer range and quicker recharging

Solid Power has begun pilot production of its new solid-state EV battery, offering better range and shorter recharging.

Read more at: https://www.cnbc.com/2022/06/06/solid-power-begins-pilot-production-of-solid-state-ev-battery.html

Online marketplace StockX hits back at Nike over claims of counterfeit shoe sales

StockX, in a response to Nike’s allegations, defended its anti-counterfeiting measures and said Nike itself had previously praised them.

Read more at: https://www.cnbc.com/2022/06/06/stockx-hits-back-at-nike-over-claims-of-counterfeit-shoe-sales.html

Kohl’s sale negotiations could drag on for weeks, possibly longer, amid market volatility

This saga at Kohl’s has been playing out for more than half a year, which deal experts describe as an abnormal amount of time.

Read more at: https://www.cnbc.com/2022/06/03/kohls-sale-negotiations-could-drag-on-for-weeks-possibly-longer.html

Walmart’s annual hometown bash returns as retailer acknowledges challenge of inflation

Walmart’s CEO said the company is “taking action to get our costs down” and tapping the expertise from countries with a history of high inflation.

Read more at: https://www.cnbc.com/2022/06/03/walmart-welcomes-back-annual-hometown-bash-acknowledges-challenge-of-inflation.html

UK PM Boris Johnson Survives ‘No Confidence’ Vote

UK PM Boris Johnson Survives ‘No Confidence’ VoteUpdate (1600ET): UK Prime Minister Boris Johnson has survived a vote of no confidence with a of ‘secret’ vote of 211 to 148 leaving him remaining in office but significantly weakened.

This is reportedly a worse result than former PM Theresa May suffered.

Current rules prevent another vote from taking place within 12 months, although Tory party sources indicated that rule could be changed if there was sufficient demand.

One Conservative MP said: “It’s the beginning of the end. It’s actually far better for everyone if he goes voluntarily.”

Another predicted that Johnson would “be gone in six months… It is Theresa May 2.0 [and] she lasted seven months.”

A third said his win would leave the party “bitter” and divided. He said another vote of no confidence would be triggered as early as September, after the privileges committee report into whether Johnson misled Parliament, is published.

Developing..

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Authored by Bill Blain via MorningPorridge.com,

“I think he honestly believes that it is churlish of us not to regard him as an exception, one who should be free of the network of obligation which binds everyone else.”

Big theme for the week in UK politics will be the last act in The Tragedy of Boris Johnson. His likely denouement coincides with rising economic stress, increasing corporate defaults and doubts o …

Read more at: https://www.zerohedge.com/political/uk-faces-massive-political-vacuum-boris-johnson-no-confidence-vote-looms

Bitcoin & Bond Yields Soar As Stocks Puke Payrolls-Gains

Bitcoin & Bond Yields Soar As Stocks Puke Payrolls-GainsFor once US Macro data did not disappoint today… because there were none.

Rate-hike expectations continue to rise (hawkishly) to their highest level since the May FOMC meeting and press conference…

Source: Bloomberg

Stocks surged overnight (driven by enthusiasm about easing COVID restrictions in China, plus an influx in activity after several exchanges around the globe were closed last week for public holidays), recovering all the post-payrolls losses from an ugly Friday and prompting more asset-gatherers and commission-rakers to say ‘the bottom is in’. However, realization that surging bond yields were more a technical factor (heavy IG calendar) than fundamental, stocks puked all the gains back into the European close. The standard bid appeared, but the machines just could not hold it…

Read more at: https://www.zerohedge.com/markets/bitcoin-bond-yields-soar-stocks-puke-payrolls-gains

Respect The Fed? No, End The Fed!

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

President Joe Biden has unveiled a three-part plan to fight inflation – or at least make people think he is fighting inflation.

One part of the plan involves having government agencies “fix” the supply chain problems that have led to shortages of numerous products. Of course, any attempt by the government to solve the supply chain problems (which were caused by prior government interventions such as shutting down the economy for over a year) will not just fail to solve the supply shortages but will create new problems.

Deficit reduction is another part of Biden’s anti-inflation plan. However, Biden is not proposing cutting welfare or warfare spending. Instead, his deficit reduction plan consists of “tax reforms to increase revenue,” which is DC-speak for tax in …

Read more at: https://www.zerohedge.com/markets/respect-fed-no-end-fed

Texas AG Launches Investigation Into Twitter; Alleges Company Lied About Number Of Bots

Texas AG Launches Investigation Into Twitter; Alleges Company Lied About Number Of BotsUpdate (1530ET): Texas Attorney General Ken Paxton on Monday announced an investigation against Twitter to determine whether they’re lying about the number of fake bot accounts on the platform.

According to Paxton’s office, “bots” or spam accounts “inflate followers and reach, and often push deceptive and annoying activity,” Fox News reports.

“A large number of bot accounts not reduces users’ experience on the platform, but may also inflate the value of the company and the costs of doing business with it, thus directly harming consumers and businesses – specifically, Texas consumers and businesses,” according to the report.

Paxton said the difference between Twitter’s claims that less than 5% of users are bots versus his projections of possibly 20%, “would dramati …

Read more at: https://www.zerohedge.com/markets/twitter-tumbles-musk-threatens-breach-merger-deal-over-fake-account-disclosure

Fears grow for summer holidays after flight cancellations

Travel agents say staff are dealing with calls from holidaymakers anxious about their plans.

Read more at: https://www.bbc.co.uk/news/business-61704432?at_medium=RSS&at_campaign=KARANGA

Elon Musk threatens to walk away from Twitter deal

The billionaire accuses the company of “thwarting” his requests to learn more about spam accounts.

Read more at: https://www.bbc.co.uk/news/business-61709782?at_medium=RSS&at_campaign=KARANGA

Revolut’s banking app crashes for some customers

The fintech firm says it is working to fix the problem “as soon as possible”.

Read more at: https://www.bbc.co.uk/news/business-61711648?at_medium=RSS&at_campaign=KARANGA

Tech view: Market trend likely to remain positive, Nifty moving to 16,800 in near term

“Normally, a formation of such patterns after a reasonable up move or down move calls for reversal on either side. But, having formed this pattern amidst a range movement, the predictive value could be less. Nifty has sustained above the cluster supports of around 16,400-16,450 levels as per change in polarity and daily 10 and 20-period EMA. As long as the area of 16,400 level is protected, there is a possibility of upside bounce in the market,” he added.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-trend-likely-to-remain-positive-nifty-moving-to-16800-in-near-term/articleshow/92040278.cms

Market Movers: As Covid cases rise, multiplex stocks catch the bug again

“Multiplex industry being a highly sensitive sector, the possibilities of such reactions are inevitable. The recent rally was in anticipation of a better business outlook on the back of subsiding Covid cases. However, the current spike in cases and reinstatement of restrictions forced investors to rethink the pace of such recovery.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/market-movers-as-covid-cases-rise-multiplex-stocks-catch-the-bug-again/articleshow/92041762.cms

Half of Nifty firms trading at premium to their historical average: MOSL

MSCI India is trading at an 87 per cent premium to MSCI EM, above its historical average of 61 per cent in P/E terms. Over the last 12 months, MSCI India, which has gained 7 per cent, has outperformed MSCI EM, which has dropped 22 percent.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/half-of-nifty-firms-trading-at-premium-to-their-historical-average-mosl/articleshow/92040058.cms

: Are retail investors better at picking stocks than hedge funds? Bank of America says The answer is ‘yes’

Turns out, there is some merit to ‘the wisdom of crowds’ — at least when it comes to investment returns, says BofA Global

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E2A-96541E94185B%7D&siteid=rss&rss=1

Bond Report: 10-year Treasury yield tops 3% ahead of this week’s CPI reading

Treasury yields from 5 to 30 years out all rise above 3% Monday morning ahead of an important inflation reading due at the end of the week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E27-863BB0ED0CDB%7D&siteid=rss&rss=1

Biden official says administration ‘still looking’ at canceling student loans

The Biden administration is continuing to work on getting to a decision on the issue of broad-based forgiveness of federal student loans, a top U.S. Education Department official said Monday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7E2C-B1E2F1451D91%7D&siteid=rss&rss=1