08Aug2022 Market Close & Major Financial Headlines: With Little News Today – The Markets Do Little.

UK Electricity Theft Breaks Records As Energy Bills Soar

A record number of people stole electricity in England and Wales last year, according to new figures released by the Home Office. Police forces received 3,600 reports of dishonest use of electricity in the 12 months to March 2022, an increase of 13 percent on the previous year and the highest level since records began in 2013. It comes after a protest website launched recently urging people not to pay their electricity bills from October. The average annual UK gas and electricity bill rose from 1,400 in October 2021 to 2,000,

Read more at: https://oilprice.com/Energy/Energy-General/UK-Electricity-Theft-Breaks-Records-As-Energy-Bills-Soar.html

Shell: UK North Sea Needs Investments In New Oil And Gas Projects

The UK North Sea oil and gas sector needs more investments in new developments as Britain will need domestic fossil fuel resources, Shells UK head of upstream Simon Roddy told Bloomberg in an interview published on Monday. There was only one major development consent for the whole of the North Sea last year. I don’t fundamentally think that’s a sustainable position, Roddy told Bloomberg. According to Shells executive, the UK will continue to need oil and gas, and the more it gets domestically, the lower

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Shell-UK-North-Sea-Needs-Investments-In-New-Oil-And-Gas-Projects.html

Canada’s Oil Province Will Soon Be A Renewable Energy Leader

The Canadian province of Alberta, home of the country’s oil and gas sector for decades, is set to undergo a renewable energy capacity surge in the coming years, attracting investments given its vast natural resources and favorable regulatory landscape. The country’s total renewables capacity is expected to grow from 19.6 gigawatts (GW) in 2021 to almost 45 GW in 2025, driven primarily by growth in onshore wind and solar energy projects. This is not surprising for a country whose power mix is predominantly hydropower-based, but the region

Read more at: https://oilprice.com/Energy/Energy-General/Canadas-Oil-Province-Will-Soon-Be-A-Renewable-Energy-Leader.html

Analyst: Oil To Hit $120 Again By Winter

While oil and gas prices may continue to weaken in the near term, by the time winter sets in, the market is going to become extremely tight and the per-barrel price of oil should return to around $120, Energy Aspects Amrita Sen told Bloomberg Surveillance on Monday. Sen suggests that while gasoline prices have declined, demand remains strong. Sen cites petrochemical weakness due to Chinas back-and-forth COVID lockdowns, which have contributed to the high availability of nafta to be blended into gasoline. However, she insists

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Analyst-Oil-To-Hit-120-Again-By-Winter.html

China Extends Taiwan Drills, Says It Is Training Under Real War Conditions

China’s military drills in six zones surrounding Taiwan were scheduled to wind down and end on Sunday, but on Monday Beijing announced it is extending the threatening military drills which Taipei officials have slammed as a “blockade” and simulation for future invasion. The drills were originally set for four days, but have now been extended into this new week. Not only have the drills launched in the wake of the last Tuesday into Wednesday visit to the self-ruled island of US House Speaker Nancy Pelosi disrupted surrounding air traffic and shipping

Read more at: https://oilprice.com/Geopolitics/International/China-Extends-Taiwan-Drills-Says-It-Is-Training-Under-Real-War-Conditions.html

UN Calls For Inspection Of Shelled Ukrainian Nuclear Plant

UN Secretary-General Antonio Guterres called on August 8 for international inspectors to be given access to the Zaporizhzhya nuclear plant after Ukraine and Russia traded accusations over the recent shelling of the facility. Any attack on a nuclear plant “is a suicidal thing,” Guterres told a news conference in Japan. His comments followed a visit to Hiroshima over the weekend, where Guterres gave a speech to mark the 77th anniversary of the world’s first nuclear bomb attack. Ukraine said renewed Russian shelling on August 6 had damaged three radiation

Read more at: https://oilprice.com/Geopolitics/International/UN-Calls-For-Inspection-Of-Shelled-Ukrainian-Nuclear-Plant.html

Boeing Dreamliner deliveries to resume in the ‘coming days,’ FAA says

Deliveries of Boeing’s 787 Dreamliners have been suspended for much of the past two years as regulators and Boeing reviewed a series of manufacturing flaws.

Read more at: https://www.cnbc.com/2022/08/08/boeing-dreamliner-deliveries-to-resume-in-the-coming-days-faa-says.html

Axios to sell itself to Cox Enterprises for $525 million

Cox Enterprises said it is acquiring Axios and will expand the news site’s coverage to include more cities.

Read more at: https://www.cnbc.com/2022/08/08/axios-to-sell-itself-to-cox-enterprises-for-525-million.html

Consumer confidence in the housing market hits the lowest point in over a decade

Consumer confidence in the housing market dropped to the lowest level since 2011, as both prospective buyers and sellers have become more pessimistic.

Read more at: https://www.cnbc.com/2022/08/08/consumer-confidence-in-housing-market-hits-lowest-in-over-a-decade.html

Higher prices, skimpier portions and apps — how fast-food chains are changing value deals

Fast-food chains have been working on providing focused value to consumers through mobile applications and rewards programs, as they pull away from traditional value menu offerings.

Read more at: https://www.cnbc.com/2022/08/06/higher-prices-skimpier-portions-apps-fast-food-deals-are-changing.html

Netflix is expanding its push into video games, but few subscribers are playing along

Netflix has been rolling out the games as a way to keep users engaged between show releases. But estimates suggest few subscribers are playing.

Read more at: https://www.cnbc.com/2022/08/06/netflixs-video-game-push-sees-few-subscribers-playing-along.html

Why creating a horror movie haven on Netflix may be a smart move for the streaming giant

Netflix has spent big in recent years on flashy, blockbuster-style action movies, meanwhile it’s found success in the comparatively low-budget horror genre.

Read more at: https://www.cnbc.com/2022/08/07/netflix-may-be-missing-an-opportunity-in-horror-movies.html

Allbirds ‘dramatically’ slows pace of new hires as loss widens

Allbirds announced cost-cutting efforts as the sustainable shoe maker reported wider loss compared with a year earlier.

Read more at: https://www.cnbc.com/2022/08/08/allbirds-bird-reports-q2-2022-losses-.html

3 takeaways from the Investing Club’s ‘Morning Meeting’ on Monday

The Club talks Nvidia’s miss and how the market is digesting the news, plus the impact of the Inflation Reduction Act.

Read more at: https://www.cnbc.com/2022/08/08/3-takeaways-from-the-investing-clubs-morning-meeting-on-monday.html

Some consumers are cutting back on restaurant spending, but CEOs say not all chains are affected

Bloomin’ Brands, Restaurant Brands International and Starbucks said they aren’t seeing changes in consumer spending.

Read more at: https://www.cnbc.com/2022/08/07/consumers-are-cutting-back-on-restaurant-spending-but-ceos-say-not-all-chains-are-affected.html

More Americans are working part-time — a potential harbinger of future jobs market instability

“Involuntary part-time workers,” those in part-time positions for economic reasons, increased by a seasonally-adjusted 303,000 in July.

Read more at: https://www.cnbc.com/2022/08/05/july-jobs-report-shows-more-americans-working-part-time.html

Bed Bath & Beyond is discontinuing a private brand as it tries to reverse declining sales

The retailer had made an aggressive push into exclusive brands and touted them as a linchpin of its turnaround strategy.

Read more at: https://www.cnbc.com/2022/08/05/bed-bath-beyond-discontinues-wild-sage-private-brand-as-it-tries-to-improve-sales.html

Bed Bath & Beyond closes nearly 40% higher, AMC surges as meme chatter on message boards increases

Bed Bath & Beyond and AMC Entertainment surged Monday as meme traders seemed to be betting on the stock despite the lack of any apparent catalyst for the move.

Read more at: https://www.cnbc.com/2022/08/08/bed-bath-beyond-shares-jump-30percent-as-message-board-mentions-soar.html

5 things to know before the stock market opens Monday

Here are the most important news items that investors need to start their trading day.

Read more at: https://www.cnbc.com/2022/08/08/5-things-to-know-before-the-stock-market-opens-monday-august-8.html

Markets In A World Of Pain As Most-Shorteds Squeeze Higher While TSY Curves Invert To Grotesque Levels

Markets In A World Of Pain As Most-Shorteds Squeeze Higher While TSY Curves Invert To Grotesque LevelsIt was a wasted day in the market, one where stocks ground higher overnight and hit session highs just after the open, before a concerted wave of VWAP selling pushed stocks back to flat for the day…

… with tech shares hit the hardest as buybacks appeared to be oddly missing today…

… while Nvidia’s unexpected earnings preannouncement and guidance c …

Read more at: https://www.zerohedge.com/markets/markets-world-pain-most-shorteds-squeeze-higher-while-tsy-curves-invert-grotesque-levels

Raining Taxpayer Money: Ukraine Gets $1BN More In Arms, Plus $4.5BN For “Budget Needs”

In what’s looking to be endless weapons transfers to Ukraine, the US Defense Department on Monday unveiled yet another $1 billion in additional security assistance to the Ukrainian military.

Acting Pentagon spokesman Todd Breasseale in a press briefing described it as “the single largest package using the president’s drawdown authority, including munitions for long-range weapons and armored medical transport vehicles…”

AFP via Getty ImagesThat’s right, it just won’t end…

“The package adds to about $8.8 billion in aid the United States has given Ukraine since Russia’s invasion on Feb. 24,” Reuters reports. “It includes munitions for HIMARS, NASAMS surface-to-air missile system ammunition and as many as 50 M113 armored medical transports.”

For those trying to tally the math of where this puts all defense monies committed to Ukraine thus far, the DoD statement includes

Read more at: https://www.zerohedge.com/geopolitical/raining-taxpayer-money-ukraine-gets-1bn-more-arms-plus-45bn-budget-needs

Hedge Funds “Confused, Baffled” And Steamrolled By Squeezes As Meme Stock Frenzy Returns

For those who made a killing last week after buying and then (hopefully) selling such names as Hong-Kong’s recently IPOed, zero revenue AMTD Digital (ticker HKD), which exploded 32,000% to surpass $400BN market cap before plummeting, we have some good news: the most-shorted, meme stock mania is back, as is FOMO.

As we first reported last week in “Explosion In Retail Buying Revealed As Source Of Latest Market Meltup”, the retail mania that characterized the market for much of H1 2021 is back. Take shares of Hong Kong-based small investment bank Magic Empire Global (MEGL) which on Monday more than doubled in US premarket trading, following the stock’s 2,325% surge in its debut session on Friday.

But one doesn’t have to go all they way to Hong Kong to find examples of such mouthwatering FOMO YOLO. As we noted earlier, now that FOMO is once again front and center, basement dwelling retail traders (most of them in their late teens and early/mid-20s), who lurk in forums like Reddit’s WallStreetBets are back to betting against Wall Street pros – and fighting the Fed – as rallies for meme stocks like Bed Bath & Beyond and AMC Holdings Inc. show shades of last year’s ma …

Read more at: https://www.zerohedge.com/markets/amc-gamestop-bed-bath-soar-meme-stock-frenzy-returns-leaving-hedge-funds-confused-baffled

“Looks Like A Battlefield”: Third Fuel Tank At Major Cuban Storage Facility Ignites

Cuba struggled for a fourth day Monday to contain a massive blaze at a fuel depot in the northern part of the country. The depot supplies the largest power plant in the communist country — there are no indications yet if crude supplies to the thermoelectric plant have been disrupted.

Cuban Army helicopters circled the Matanzas industrial complex on Monday, dumping water on the blaze with specialized buckets, though efforts to contain the blaze appear to have failed as a third tank caught fire.

“The third tank also collapsed, after fuel spilled from the second, further compromising the situation in the early hours of the morning,” the Cuban presidency tweeted Monday.

Read more at: https://www.zerohedge.com/commodities/looks-battlefield-third-fuel-tank-major-cuban-storage-facility-ignites

Cost of living: People turning back to cash as prices rise

Post Offices handled a record £801m in personal cash withdrawals in July.

Read more at: https://www.bbc.co.uk/news/business-62437819?at_medium=RSS&at_campaign=KARANGA

Energy bills: Charities warn people against not paying

If you’re struggling to afford your gas and electricity bills, you do have options.

Read more at: https://www.bbc.co.uk/news/business-62435432?at_medium=RSS&at_campaign=KARANGA

Qantas asks executives to work as baggage handlers for three months

The airline’s head of operations has asked for 100 volunteers to fill the roles for three months.

Read more at: https://www.bbc.co.uk/news/business-62460882?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 forms a strong bullish candle; what should traders do on Wednesday?

The Nifty index opened flat and moved in the positive direction for the entire session and headed towards 17,550. The next major resistance is placed above 17,700 on the upside, while support has been shifting higher towards 17,300, suggested experts.“ Nifty formed a Bullish candle on a daily scale and gave the highest closing of the last 81 sessions,” said Chandan Taparia, Derivative & Technical Analyst, MOSL.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-a-strong-bullish-candle-what-should-traders-do-on-wednesday/articleshow/93435031.cms

Equity mutual fund inflows record 42% drop in July, shows AMFI data

Flows in retail mutual fund schemes remained positive for the 17th consecutive month since March 2021, with net flows in the positive territory at Rs 3,847 crore as of July 31, 2022, according to the latest AMFI report. Funds mobilized under retail schemes stood at Rs 32,439 crore, outweighing redemptions which stood at Rs 28,592 crore during the month.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/equity-mutual-fund-inflows-record-42-drop-in-july-shows-amfi-data/articleshow/93432361.cms

Saurabh Mukherjea suggests 2 tools to cut risk in your equity portfolio

Saurabh Mukherjea says there are two tools that can help stock investors generate materially higher returns with less noise in the long run.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/saurabh-mukherjea-suggests-2-tools-to-cut-risk-in-your-equity-portfolio/articleshow/93420738.cms

BookWatch: Obsessing about success makes us unhappy. Surprisingly, so does a focus on passion. There is a healthier way to approach our lives.

The passion mindset prioritizes happiness, but paradoxically, the more we seek happiness, the more unhappy we become.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-710A-66B17A9E7852%7D&siteid=rss&rss=1

The Tell: A surging stock market is on the verge of signaling a ‘huge’ move — but there’s a catch

The pace of the stock market’s rise is nearing a magnitude that’s preceded “huge” moves in the past.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-710A-34DB869472C5%7D&siteid=rss&rss=1

Here are 10 reasons why JPMorgan says the global stock market rally will continue

Global stocks have marched 11% from the lows of March, but strategists at JPMorgan say the gains can continue through the end of the year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-710A-593B746F03A8%7D&siteid=rss&rss=1