14July2022 Market Close & Major Financial Headlines: Dow Opened Nearly 600 Points Down Almost Recovering Losses For The Session, Nasdaq Was Barely In The Green, While The S&P 500 Remained In The Red. Initial Jobless Claims Continues To Grow.

Solar Experts Warns Of Overreliance On Chinese Panels

Some experts say that initiatives aimed at creating a zero-carbon future are being impacted by dependence on Chinese solar panels. Recently, the International Energy Agency announced a less-than-favorable outlook regarding China’s dominance in solar panel manufacturing. According to the IEA, the US’s high demand for solar panels has increased its dependency on China. In fact, the United States PV (photovoltaic) solar demand exceeds China’s by more than twice. Cost-efficiency plays a considerable role in outsourced solar

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Solar-Experts-Warns-Of-Overreliance-On-Chinese-Panels.html

Low French Nuclear Output Is Bad News For The UK

Low nuclear power generation in France, typically a net exporter of electricity to other European countries, including the UK, is setting off alarm bells in Britain, too. The UK power system faces another winter like the previous one, when supply buffers were too thin and resulted in surging electricity prices, Fintan Slye, director of National Grid ESO, the UK network operator, told Bloomberg. Imports of electricity accounted for 3.4 percent of the British power supply on Tuesday, National Grid ESO said on Wednesday. Natural gas generated 42.9

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Low-French-Nuclear-Output-Is-Bad-News-For-The-UK.html

Are Energy Markets Responsible For Currency Craziness?

As mentioned in the last post, the huge break in energy prices between the US and the rest of the world could explain the extreme dollar strength we have seen this year.Part of the problem I have with that is that the corollary of that trade is energy exporters should see a boost from the improved terms of trade. Australia is one of the biggest LNG exporters in the world, and it has not seen any currency appreciation. There is another way of looking at currency markets that would better explain this behavior. To generalize, central banks control

Read more at: https://oilprice.com/Energy/Energy-General/Are-Energy-Markets-Responsible-For-Currency-Craziness.html

Germany Forced To Tap Gas Storage As Russia Halts Nord Stream Operations

Germany withdrew on Tuesday more natural gas from storage than the gas volume injected into storage sites for the first time since April, Russian news agency TASS reported on Thursday, citing data from Gas Infrastructure Europe (GIE). The first German net withdrawal of gas since April occurred as Russia halted on Monday all gas deliveries via Nord Stream with the start of the two-week annual maintenance of the pipeline carrying gas from Russia to Germany. A month before the maintenance on Nord Stream began, Russia had already slashed gas supply

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germany-Forced-To-Tap-Gas-Storage-As-Russia-Halts-Nord-Stream-Operations.html

Soaring Energy Prices Spell Disaster For Pakistan

It seems that there is no end in sight for the Russia-Ukraine War, with tensions more likely to escalate rather than thaw. Finland and Sweden are on course to join NATO having completed their accession protocols while Moldova and Ukraine have been assigned NATO candidacy. Putin has made it clear that if NATO builds infrastructure in either Finland or Sweden then Russia will respond in kind. A further escalation of this war will have serious consequences for global energy markets, and the effects of the resultant energy crisis will

Read more at: https://oilprice.com/Energy/Energy-General/Soaring-Energy-Prices-Spell-Disaster-For-Pakistan.html

Shell Chief Warns Europe Could Be Forced To Ration Energy This Winter

With the reduced supply of Russian gas, Europe faces a harsh winter that could include energy rationing as European countries scramble to fill natural gas storage sites before November, according to Shell’s chief executive officer, Ben van Beurden. It will be a really tough winter in Europe. Some countries will fare better than others, but we will all be facing a very significant escalation in energy prices, van Beurden said at the Aurora Spring Conference in Oxford on Thursday, as carried by Reuters. There could be rationing

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-Chief-Warns-Europe-Could-Be-Forced-To-Ration-Energy-This-Winter.html

People are paying more for clothes even as retailers like Walmart and Gap mark down prices to cut inventory

Shoppers are paying more to refresh their wardrobes, even as retailers such as Walmart and Target, mark down prices to eat away at excess inventory.

Read more at: https://www.cnbc.com/2022/07/13/inflation-apparel-prices-remain-high-even-as-retailers-try-to-clear-inventory.html

These are the 10 cities seeing the most price cuts for homes

More home sellers are dropping their asking prices as rising mortgage interest rates and inflation have slowed down competition in the market.

Read more at: https://www.cnbc.com/2022/07/14/these-are-the-10-cities-seeing-the-most-price-cuts-for-homes.html

General Motors will build a network of EV fast chargers at Pilot travel centers along U.S. highways

GM and EVgo will install EV fast chargers at 500 Pilot and Flying J locations along U.S. highways, enabling coast-to-coast travel.

Read more at: https://www.cnbc.com/2022/07/14/gm-evgo-and-pilot-company-to-build-network-of-us-highway-ev-chargers.html

Molson Coors to return to the Super Bowl for the first time in more than 30 years

Molson Coors Beverage will return to the Super Bowl next year, making its first appearance during the big game in more than 30 years.

Read more at: https://www.cnbc.com/2022/07/14/molson-coors-returns-to-super-bowl-after-hiatus-of-over-30-years.html

Americans are paying record-high prices for new vehicles

If investors are looking for signs of a recession or weakening consumer spending, they can skip over new vehicle prices, which reached a new record in June.

Read more at: https://www.cnbc.com/2022/07/13/americans-are-paying-record-high-prices-for-new-vehicles.html

Average rent in Manhattan was a record $5,000 last month

The average monthly rent for a Manhattan apartment surpassed $5,000 for the first time.

Read more at: https://www.cnbc.com/2022/07/14/average-rent-in-manhattan-was-a-record-5000-last-month.html

5 of our stocks are in the headlines Thursday. Here’s our reaction to the latest research

The CNBC Investing Club provides an analysis of four Wall Street research notes on Qualcomm, Costco, and more.

Read more at: https://www.cnbc.com/2022/07/14/5-of-our-investing-club-stocks-are-in-the-headlines-thursday-july-14.html

Private investment in space companies dropped during Q2 despite monster SpaceX round, report finds

The sector was weighed down by broader economic and market headwinds but was salvaged in part by a funding round at Elon Musk’s SpaceX.

Read more at: https://www.cnbc.com/2022/07/14/space-capital-q2-report-investors-put-2point5-billion-into-companies.html

4 takeaways from the Investing Club’s ‘Morning Meeting’

Bank of America slashed its S&P 500 price target to 3,600 from 4,500, the lowest year-end target on Wall Street.

Read more at: https://www.cnbc.com/2022/07/14/4-takeaways-from-the-investing-clubs-morning-meeting.html

Republican AG group holds private retreat for corporate donors at swanky Palm Beach resort

CNBC obtained a list of nearly 20 corporations and trade groups that RSVP’d to attend a swanky, three-day retreat at the Breakers resort starting Sunday.

Read more at: https://www.cnbc.com/2022/07/14/republican-ag-group-holds-private-retreat-for-corporate-donors-at-swanky-palm-beach-resort-.html

Dimon rips Fed stress test as ‘terrible way to run’ financial system after his bank halts buybacks

JPMorgan Chase CEO Jamie Dimon didn’t mince words when it came to the regulatory process that forced his bank to suspend its stock buybacks.

Read more at: https://www.cnbc.com/2022/07/14/jamie-dimon-rips-fed-stress-test-as-terrible-way-to-run-financial-system-.html

Texas sues to block Biden from requiring doctors to provide abortions in medical emergencies

Three days before the Texas lawsuit, HHS Secretary Xavier Becerra told hospitals and physicians they have to provide abortions in medical emergencies.

Read more at: https://www.cnbc.com/2022/07/14/texas-sues-biden-administration-over-abortion-rule.html

Stocks making the biggest moves midday: JPMorgan Chase, Goldman Sachs, Conagra Brands, and more

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

Read more at: https://www.cnbc.com/2022/07/14/stocks-making-the-biggest-moves-midday-jpmorgan-chase-goldman-sachs-conagra-brands-and-more.html

Banks Dump, Bitcoin Pumps, Bullion Slumps As Inflation-Recession Battle Builds

PPI followed CPI’s lead and smashed expectations to the upside – panic!! Stocks tanked, long-end bond yields tumbled, rate-hike odds jumped higher – basically all the worst parts of the bible…

So, The Fed ‘released the Waller’ to save the world.

Did Waller just hint at where the “Fed Put” is?

Waller started off sounding hawkish – signaling base case 75bps and could be more…

While the June consumer price index report released Wednesday was a “major league disappointment,” Waller stressed that his vote is contingent on additional data due before the July 26-27 Fed policy meeting, citing retail sales and housing.

“With the CPI data in hand, I support another 75 basis-point increase,” Waller said Thursday in remarks to a Global Interdependence Center event in Victor, Idaho.

“If that data come in materially stronger than expected it would make me lean towards a larger hi …

Read more at: https://www.zerohedge.com/markets/banks-dump-bitcoin-pumps-bullion-slumps-inflation-recession-battle-builds

Taibbi: “Dialogueless” Abortion Rights Protests Continue

Authored by Matt Taibbi via TK News (emphasis ours),

“Don’t give us that whole vote out fascism bullshit!” one masked protester yelled into a bullhorn. “Riots work!”

In an example of the crisp verité journalism that’s becoming their trademark, Ford Fischer and his News2Share crew spend thirteen unsettling minutes capturing the range of street responses to the overturning of Roe v. Wade.

From a man in an Ichabod Crane beard spinning in delight and singing, We are dancing on the grave of Roe versus Wade!, to a couple of cops appearing to laugh at a sign reading IF PREGNANCY IS GOD’S WILL THEN SO IS ERECTILE DYSFUNCTION, to my personal favorite, Ford interviewing a weirdly impassive Guido Reichstadter by speakerphone as the protester stood spewing green smoke atop an arch of the Fredrick Douglass Memorial Bridge, News2Share captured all sides at their most profane, eccentric, and ecstatic.

As a symbol of America’s dialogue-less politics, the abortion issue is unparalleled …

Read more at: https://www.zerohedge.com/political/taibbi-abortion-rights-protests-continue

Elon The Scofflaw? Here’s What Could Happen If Musk Loses And Still Refuses To Buy Twitter

As Twitter’s lawsuit to force Elon Musk to complete his $44 billion purchase of the company heats up, many are speculating what might happen if Musk simply refuses no matter the outcome.

And while he’s given no indication he won’t comply, it’s a fun thought exercise, courtesy of Bloomberg Law.

To review, Musk claims that Twitter has essentially committed fraud by vastly underreporting the number of ‘bots’ or fake users on the platform. Twitter claims it’s under 5%, while Musk claims it could be 10x that amount and filed to pull out of the deal last Friday.

The lawsuit’s venue is Delaware’s Cancery Court, which has no jury, and will thus be decided by a judge – in this case, 42-year-old Chief Judge Kathaleen …

Read more at: https://www.zerohedge.com/political/elon-scofflaw-heres-what-could-happen-if-musk-loses-and-still-refuses-buy-twitter

Doug Casey On The Ridiculous Policies For Addressing Inflation And Rising Prices

Authored by Doug Casey via InternationalMan.com,

International Man: Recently, President Biden acknowledged inflation and its impact on Americans.

But he blamed “Putin’s Price hike” for the rising prices.

What’s your take on this?

Doug Casey: As Milton Friedman pointed out many years ago, inflation is always, in every instance, a monetary phenomenon. In other words, it’s caused solely by printing money. Period.

We have inflation in the United States because the Federal Reserve has been printing money by the ton. Is that going to change anytime soon? No, because the US Government is running one to two trillion in deficits—and that’s certainly going up as the economy goes into collapse over the next few years.

There’s no way that the government can finance those deficits except by selling t …

Read more at: https://www.zerohedge.com/economics/doug-casey-ridiculous-policies-addressing-inflation-and-rising-prices

Energy rationing cannot be ruled out, warns Shell

A “really tough winter in Europe” is ahead given doubts over Russian gas supplies, says the firm’s boss.

Read more at: https://www.bbc.co.uk/news/business-62167060?at_medium=RSS&at_campaign=KARANGA

Train drivers to go on strike on 30 July

Union Aslef says 5,500 workers from eight rail companies will strike on a Saturday over a pay row.

Read more at: https://www.bbc.co.uk/news/business-62166276?at_medium=RSS&at_campaign=KARANGA

Emirates refuses Heathrow’s demand to cut flights

The airline accuses the airport of “incompetence” and of having a “blatant disregard” for customers.

Read more at: https://www.bbc.co.uk/news/business-62163254?at_medium=RSS&at_campaign=KARANGA

Indian bonds will suffer most in Asia in a US recession scenario

Indian bonds have declined in tandem with a slide in the rupee. The currency is now hovering close to a record low against the dollar as elevated commodity prices stoke inflation and boost the subsidy bill. The options market is pricing in a 64% chance that the rupee will weaken to 82 per greenback in the next six months from around 79.6 now.

Read more at: https://economictimes.indiatimes.com/markets/bonds/indian-bonds-will-suffer-most-in-asia-in-a-us-recession-scenario/articleshow/92868083.cms

Tech View: Nifty50 forms bearish candle; 20-day SMA likely to act as support

​”As Nifty50 has approached its key 20-day moving average, whose value is placed around 15800, some buying support may emerge as the index is already down for the last four trading sessions. In that scenario, the bulls can make a pullback attempt, but strength shall not be expected unless it closes above 16,070. A close below 15,800 can confirm.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-bearish-candle-20-day-sma-likely-to-act-as-support/articleshow/92878875.cms

Will Street re-rate Hero Moto stock once headwinds abate?

In the past three years, Hero MotoCorp has been India’s only listed two-wheeler stock that has given shareholders single-digit returns. While the stocks of other two-wheeler companies have given double-digit returns in the trailing three-year period, the stock of Hero MotoCorp has underperformed every one of them.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/will-street-re-rate-hero-moto-stock-once-headwinds-abate/articleshow/92870895.cms

Deep Dive: If you believe in Amazon, its stock is now a bargain after falling 34% this year

It has been six years since Amazon’s shares have traded so low to expected sales.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F9E-EAFD4BD8F3B6%7D&siteid=rss&rss=1

Deep Dive: These 7 beaten-down value stocks are a buy, says a money manager who has outperformed the S&P 500 for 30 years

The damage is already done, says John Buckingham of the Prudent Speculator, who argues it’s time to scoop up shares of Meta, Micron, Capital One and other companies.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F96-177F47423A93%7D&siteid=rss&rss=1

Deep Dive: These high-yield stocks are down as much as 58% this year. But their inflation-fighting dividends have room to grow.

Despite high inflation and recession fears, these companies are expected to keep generating plenty of cash to support even higher payouts.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7F89-E4FCA6AE67DE%7D&siteid=rss&rss=1