13Jan2022 Market Close & Major Financial Headlines: Biden Administration Blocked From Enforcing Vaccination Mandate For Large Private Companies

Norway Rakes In Highest-Ever Oil Revenues As Prices Surge

Norways petroleum revenues reached a record-high in 2021, thanks to rising commodity prices, growing global demand, and high production from 94 offshore fields, the Norwegian Petroleum Directorate (NPD) said on Thursday. Stable high production from Norways continental shelf is expected to continue over the next few years, the authority said in its Shelf 2021 overview presented today. In the fourth quarter of 2021, the export value of Norways oil and gas exceeded $11.5 billion (100 billion Norwegian crowns) in each of the months,

Read more at: https://oilprice.com/Energy/Energy-General/Norway-Rakes-In-Highest-Ever-Oil-Revenues-As-Prices-Surge.html

Manchin Wants Nuclear Tax Credit Extended In Bidens Build Back Better Bill

West Virginia Democratic Senator Joe Manchin is seeking tax credits for nuclear power plants for 10 years instead of the six years as put in President Joe Bidens Build Back Better bill, which Manchin himself stalled late last year with his opposition to many of its provisions. Just before Christmas, Democratic Senator Joe Manchin of coal and gas-producing West Virginia, a crucial vote in a divided Senate, said he would not support President Bidens Build Back Better bill. Democrats are nowtrying to salvagethe bill and may

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Manchin-Wants-Nuclear-Tax-Credit-Extended-In-Bidens-Build-Back-Better-Bill.html

Why Global Emissions Bounced Back In 2021

Greenhouse gas emissions are up worldwide despite big promises for carbon-cutting and a transition to renewables. Optimism around the drop in emissions throughout 2020, mainly owing to pandemic restrictions and a change in lifestyle, as well as enthusiasm around international action coming out of COP26, was perhaps misguided. While many governments and energy companies around the world have carbon-reduction and net-zero ambitions, we can expect to see high levels of carbon emissions until low-carbon energy becomes more widely available. Emissions

Read more at: https://oilprice.com/Energy/Energy-General/Why-Global-Emissions-Bounced-Back-In-2021.html

Libya’s Once-Great Oil Industry Is Facing A Plethora Of Challenges

There are still high hopes for Libyas oil industry despite weeks of disruption to its output. However, as the country continues to face political uncertainty and disruption to production due to aging infrastructure, several changes will have to be made if it hopes to develop its energy industry to its full potential. The minister for oil and gas in Libya, Mohammed Oun, stated in December that the country has a promising future in oil and gas with the potential to generate enormous wealth for the country. He explained,

Read more at: https://oilprice.com/Energy/Crude-Oil/Libyas-Once-Great-Oil-Industry-Is-Facing-A-Plethora-Of-Challenges.html

Reliance Industries To Invest $76 Billion In Indian Renewables

Indias oil-to-telecoms conglomerate Reliance Industries plans to invest as much as $76 billion in green energy projects in India over the next 15 years, the group chaired by Asias richest man, Mukesh Ambani, said on Thursday. Reliance Industries already announced last year a commitment to invest more than $10 billion in three years in a new business unit that would build solar module, battery storage, electrolyser, and fuel cell factories. As part of a drive to be part of India-made energy transition solutions, Reliance will now create

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Reliance-Industries-To-Invest-76-Billion-In-Indian-Renewables.html

Saudis Arabia Reserves $10 Billion To Buy The Stock Market Dip

The Saudis are taking another step toward “diversifying” as Crown Prince Mohammed bin Salman tries to make the Saudi economy less dependent on the energy sector. Flush with cash thanks to the ongoing ramp in oil and natural gas prices, Saudi Arabia’s massive $500 billion+ sovereign wealth fund has apparently decided to put it to work by buying some $10 billion in publicly traded equities during the coming year. The decision comes as the Saudi wealth fund has promised to double its assets by 2025. As Bloomberg points out, heavy buying of equities

Read more at: https://oilprice.com/Energy/Energy-General/Saudis-Arabia-Reserves-10-Billion-To-Buy-The-Stock-Market-Dip.html

Supreme Court blocks Biden Covid vaccine mandate for businesses, allows health-care worker rule

The Supreme Court ruled against the Biden administration’s rule for OSHA, saying it did not have the power to require vaccination for millions of Americans.

Read more at: https://www.cnbc.com/2022/01/13/supreme-court-ruling-biden-covid-vaccine-mandates.html

Biden says U.S. to provide high-quality masks for free to Americans

President Joe Biden said the White House next week will announce how it is providing high-quality masks to Americans for free.

Read more at: https://www.cnbc.com/2022/01/13/biden-says-us-to-provide-high-quality-masks-for-free-to-americans.html

Stocks making the biggest moves midday: Ford, Snap, Virgin Galactic and more

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

Read more at: https://www.cnbc.com/2022/01/13/stocks-making-the-biggest-moves-midday-ford-snap-virgin-galactic-and-more.html

Ford’s market cap tops $100 billion for first time ever

Ford shares were up by as much as 5.7% to $25.87, continuing a more than 20-year high for the automaker’s stock price.

Read more at: https://www.cnbc.com/2022/01/13/fords-market-cap-tops-100-billion-for-first-time-ever.html

‘Green’ fuels will cost the consumer — but we need to think long term, Maersk CEO says

Shipping is not unique in attempting to find more sustainable ways of powering operations.

Read more at: https://www.cnbc.com/2022/01/13/green-fuels-more-expensive-but-need-to-think-long-term-maersk-ceo.html

Biden deploys military medical teams to hospitals in six states as omicron disrupts essential services

The federal government will deploy six teams of military medical personnel to hospitals in New York, New Jersey, Ohio, Rhode Island, Michigan and New Mexico.

Read more at: https://www.cnbc.com/2022/01/13/omicron-biden-deploys-military-medical-personnel-to-hospitals-in-six-states.html

Delta CEO says 8,000 employees have tested positive for Covid in last 4 weeks

Delta’s CEO says the operation has since stabilized.

Read more at: https://www.cnbc.com/2022/01/13/delta-ceo-says-8000-employees-have-tested-positive-for-covid-in-last-4-weeks.html

Databricks CEO dismisses cloud sell-off, says growth rates will determine valuations

Databricks, valued last year at $38 billion, is now focusing on industries such as retail, and its CEO isn’t worried about a cloud sell-off in recent weeks.

Read more at: https://www.cnbc.com/2022/01/13/databricks-launches-lakehouse-for-retail-as-ceo-focuses-on-growth.html

Virgin Galactic stock falls after announcing plans to add up to $500 million in debt

Shares of Virgin Galactic fell in trading on Thursday after the space tourism company announced plans to raise up to $500 million in debt.

Read more at: https://www.cnbc.com/2022/01/13/virgin-galactic-stock-falls-after-plans-to-raise-500-million-in-debt.html

5 things to know before the stock market opens Thursday

U.S. stock futures rose slightly Thursday after another hot but unsurprising inflation report.

Read more at: https://www.cnbc.com/2022/01/13/5-things-to-know-before-the-stock-market-opens-thursday-jan-13.html

Stocks making the biggest moves premarket: Delta Air Lines, Moderna, Virgin Orbit and others

These are the stocks posting the largest moves before the bell.

Read more at: https://www.cnbc.com/2022/01/13/stocks-making-the-biggest-moves-premarket-delta-air-lines-moderna-virgin-orbit-and-others.html

Delta keeps 2022 profit forecast on travel rebound despite omicron

Delta expects travel to recover this spring after cases of the omicron variant peak.

Read more at: https://www.cnbc.com/2022/01/13/delta-air-lines-dal-earnings-4q-21.html

Omicron will challenge Hong Kong’s zero-Covid policy, ex-U.S. diplomat says

The highly transmissible omicron variant will be a “very difficult challenge” as Hong Kong sticks to its zero-Covid policy, said Kurt Tong of The Asia Group.

Read more at: https://www.cnbc.com/2022/01/13/omicron-will-challenge-hong-kongs-zero-covid-policy-ex-us-diplomat.html

Bitcoin, Breakevens, & Big-Tech Breakdown As Inflation Batters Bond Bears

Bitcoin, Breakevens, & Big-Tech Breakdown As Inflation Batters Bond BearsWith a non-stop barrage of hawkish FedSpeak today, following record high PPI, no one should be surprised that stonks shit the bed as the realization dawns that any Powell Put is struck considerably lower than this and the game of chicken continues. Nasdaq wasa clubbed like a baby seal today, down over 2.5% (from up almost 0.5% after PPI). The S&P fell 2%, Small Caps -1% and even The Dow was dumped into the close…

Big-Tech tumbled today and so did bond-yields. The most risky, longest-duration stocks suffered most…

Read more at: https://www.zerohedge.com/markets/bitcoin-breakevens-big-tech-breakdown-inflation-batters-bond-bears

Ron Paul: “We Need A Revolution”

Ron Paul: “We Need A Revolution”Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

A recent Washington Post/University of Maryland poll found that 34 percent of Americans think violent action against the government can be justifiable. This view is held by 40 percent of Republicans and 23 percent of Democrats. The result may seem surprising since leftists have been responsible for much of the recent politically-motivated violence, and many Democrats have called for violence against Trump supporters. However, the cultural Marxists appear to have (temporarily) ceased using violence as a tactic – although had President Trump won reelection, it may well have been ANTIFA members inside the Capitol on January 6 trying to “stop the steal.”

The rising support for violence against government is rooted in the growing (and justified) belief that the people’s liberties are being taken by a ruling class that is indiff …

Read more at: https://www.zerohedge.com/political/ron-paul-we-need-revolution

In His Last Comment As Fed Vice Chair, Clarida Echoes Brainard, Says Rate Hikes Coming

In His Last Comment As Fed Vice Chair, Clarida Echoes Brainard, Says Rate Hikes ComingIn his last speech as Fed Vice Chairman Richard Clarida, who departs the Fed on Friday, two weeks before his term was scheduled to end after revelations of controversial personal trading activity, wrote that the central bank’s plans to raise interest rates in 2022 is justified within its new policy framework.

In the paper released by the Fed, Clarida wrote that a measure of inflation that smooths out base effects from a sharp decline then rise in prices during the pandemic is running at 3% in the months from February 2020 through October 2021 — a level “well above what I would consider to be a moderate overshoot of our 2% longer-run goal for inflation.”

He also said he thinks the economy will achieve full employment if the jobless rate, currently 3.9%, drops to 3.5 percent by the end of 2022.

“Commencing policy normalization in 2022 would, under these conditions, be entirely consistent with our new flexible average inflation targeting framework” he wrote adding that he continues to believe the underlying rate of inflation was hovering close to 2%, and that once price adjustments related to demand shifts and supply bottlenecks ease, the current inflation bout will prove “largely transitory under appropriate monetary policy.” Right.

Unfortunately, Clarida failed to disclose which stocks he is short to celebrate the coming rate shock, or whether he is simply buying puts.

But one thing that is clear is that today’s hawkish parade by Fed speakers has once again spooked stocks, which hit session lows following not just the paper by Clarida but also hawkish speeches by s …

Read more at: https://www.zerohedge.com/markets/his-last-comment-fed-vice-chair-clarida-echoes-brainard-says-rate-hikes-coming

Revenue At Goldman’s Commodity Desk Soars To Highest In A Decade, Setting Up Partners For Massive Bonuses

Revenue At Goldman’s Commodity Desk Soars To Highest In A Decade, Setting Up Partners For Massive BonusesIt wasn’t that long ago that many wondered if Goldman’s commodity desk – once among the most powerful and profitable on Wall Street – would be quietly shut down as a result of sliding profits. Indeed, as we reported at the time, after a 75% plunge in commodity revenue at the vampire squid, which hit an all time low of less than $300 million in the year that saw the longest stretch of single-digit VIX prints on record, the future for Goldman’s commodity team was bleak.

GOLDMAN COMMODITY REVENUE SAID TO DROP 75% TO LOWEST ON RECORD: BBG

— zerohedge (@zerohedge) January 16, 2018

So fast forward to today when we once again get a reminder of Goldman’s striking ability to reinvent (and reinvigorate) itself, with Bloomberg reporting today that revenue at Goldman’s commodity desk shot past $2.2 billion in the final months of 2021, “topping a windfall it generated in 2020 for its strongest performance in a decade” and adding credence to the revival of the trading desk which a decade ago regularly generated more than $3 billion in revenue.

As Bloomberg details, Goldman’s energy traders have thrived on the wild ride of the post-covid era: “profiting in the months after outbreaks …

Read more at: https://www.zerohedge.com/markets/revenue-goldmans-commodity-desk-soars-highest-decade-setting-partners-massive-bonuses

Ocado and Next cut sick pay for unvaccinated isolating staff

Staff required to self-isolate will no longer be eligible for full sick pay if they haven’t had the jab.

Read more at: https://www.bbc.co.uk/news/business-59963700?at_medium=RSS&at_campaign=KARANGA

French holiday bookings surge after rule change

The easing of French travel restrictions has led to an immediate increase in holiday bookings, operators say.

Read more at: https://www.bbc.co.uk/news/business-59972439?at_medium=RSS&at_campaign=KARANGA

UK and India launch trade talks ‘worth billions’

Britain says a deal could be worth billions of pounds and almost double exports to India by 2035.

Read more at: https://www.bbc.co.uk/news/business-59972444?at_medium=RSS&at_campaign=KARANGA

Last year’s 3-bagger Sintex Ind’s share price may drop to zero

Analysts warned that the resolution plans suggested by companies vying to buy Sintex’s assets proposed to write off the existing equity fully

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/last-years-3-bagger-sintex-inds-share-price-may-drop-to-zero/articleshow/88875535.cms

The future of sports currency: What are fan tokens and how do they work?

Fan tokens or sports cryptocurrencies are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/the-future-of-sports-currency-what-are-fan-tokens-and-how-do-they-work/articleshow/88870009.cms

After meteoric 2,50,00,000% rise, Shiba Inu is buzzing again; can it rally more?

The meme coin has appreciated 2,50,00,000 per cent in the last one year. An investment of Rs 1,000 in the token would have turned into Rs 25,00,00,000 during the period. However, it is important to note that cryptocurrencies, especially meme coins, are a highly volatile investment.

Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/after-meteoric-25000000-rise-shiba-inu-is-buzzing-again-can-it-rally-more/articleshow/88873385.cms

Deep Dive: These 14 bank stocks are in the best position to benefit from rising interest rates

A screen of dozens of banks shows a select few that may increase earnings at double-digit rates through 2023.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7855-C123AAF2E17C%7D&siteid=rss&rss=1

Bond Report: 10- and 30-year Treasury yields fall to lowest in over a week after `decent’ $22 billion bond auction, scant 0.2% rise in wholesale prices

Yields for U.S. government debt were lower Thursday after data showing U.S. wholesale prices rose just 0.2% last month.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7866-8C4C379EA8C3%7D&siteid=rss&rss=1

The Margin: ‘Inflation was killing my grocery budget’ — Meal delivery company uses inflation fears in latest ad

Meal delivery company Factor75 is using fears of inflation in its latest advertisement.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7861-28227CB16762%7D&siteid=rss&rss=1