31 August 2022 Market Close & Major Financial Headlines: Wall Street Repeats Yesterday’s Session, Opens High, Closes In The Red

China Is Quietly Reselling Its Excess Russian LNG To Europe

One month ago, we were surprised to read how, despite a suppressed appetite for energy amid its housing crash and economic downturn (for which “zero covid” has emerged as a convenient scapegoat for emperor Xi), China has been soaking up more Russian natural gas so far this year, while imports from most other sources declined. In July, the SCMP reported that according to Chinese customs data, in the first six months of the year, China bought a total of 2.35 million tonnes of liquefied natural gas (LNG) valued at US$2.16 billion. The import

Read more at: https://oilprice.com/Energy/Natural-Gas/China-Is-Quietly-Reselling-Its-Excess-Russian-LNG-To-Europe.html

Italian Oil Major Becomes Victim Of Ransomware Attack

Italian oil major Eni reported a cyberattack on its computer networks on Wednesday. The attack appeared to be a ransomware attempt that has dealt only minor damage according to the Italian company. A company representative told Bloomberg News on Wednesday that Eni confirms that the internal protection systems have detected unauthorized access to the company network in recent days,. Cybercrime syndicates are increasingly using ransomware to attack companies in the energy sector as continuity of service is extra important for energy

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Italian-Oil-Major-Becomes-Victim-Of-Ransomware-Attack.html

Switzerland Scrambles To Keep Nuclear Plants Online

Switzerland is the latest country to get on board the “nuclear power before country-wide blackouts” trend, following in the recent footsteps of countries like Germany. In fact, a group of Swiss politicians has launched a petition with the intent of revising the country’s energy policy to keep nuclear as part of the mix, as a way to guarantee having enough power going forward. The country had planned to close its 5 nuclear reactors after a decision was made post-Fukushima in 2017. it has already shut down one reactor. Now, politicians

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Switzerland-Scrambles-To-Keep-Nuclear-Plants-Online.html

BPs Indiana Refinery Restarts After Fire

BP Plc’s Whiting, Indiana refinery has restarted production after being idled last week due to an electrical fire, Reuters reports, citing unnamed sources close to operations. The 435,000 barrel-per-day refinery, the largest in the Midwest, caught fire last week, leading to the shutdown of several units and a declaration of emergency across four states. The fire impacted supplies of gasoline, diesel and jet fuel in the Midwest, with Indiana, Illinois, Michigan and Wisconsin obtaining some 25% of their fuel supply from this facility. The outage

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BPs-Indiana-Refinery-Restarts-After-Fire.html

Russia Exported Record Amounts Of Crude In August

Six months into Russias war on Ukraine, Russia’s oil output has continued to exceed expectations. According to data from the Institute of International Finance (IIF), Russian oil shipments hit their highest ever August level this month, with Greek-owned tankers playing the biggest role in helping Russia’s oil get to international markets. IIF chief economist Robin Brooks has tweeted that the capacity of oil tankers departing Russian ports–a proxy for exports–came in at just under 160 million barrels in August, more than in any August in

Read more at: https://oilprice.com/Energy/Crude-Oil/Russia-Exported-Record-Amounts-Of-Crude-In-August.html

ExxonMobil Readies Lawsuit Against Russia Over Megaproject Exit

ExxonMobil could sue the Russian government over a decree from Vladimir Putin blocking the supermajor’s announced withdrawal from a massive oil project in Russia, The Wall Street Journal reports, citing sources with knowledge of the matter. Exxon has already notified Russian authorities it could pursue legal action unless Russia allows the U.S. oil and gas giant to exit the Sakhalin-1 joint venture. In the early days of the Russian invasion of Ukraine, Exxon said it would quit the Sakhalin-1 oil project in Russia. The company

Read more at: https://oilprice.com/Latest-Energy-News/World-News/ExxonMobil-Readies-Lawsuit-Against-Russia-Over-Megaproject-Exit.html

Walmart-owned Sam’s Club raises annual membership fee for the first time in nine years

Sam’s Club has grown during the pandemic and benefited from fuel discounts during inflation.

Read more at: https://www.cnbc.com/2022/08/31/walmart-sams-club-raises-membership-fee-for-first-time-in-9-years.html

Bed Bath & Beyond announces store closures, layoffs and new financing to fix struggling business

The struggling retailer announced announced the new financing ahead of an investor update early Wednesday.

Read more at: https://www.cnbc.com/2022/08/31/bed-bath-beyond-announces-500-million-in-new-financing-plans-for-layoffs.html

Mortgage demand falls even further, as rates shoot back up to July highs

After falling earlier this month, mortgage rates began rising again to the highest level since mid-July. That caused mortgage demand to pull back even further.

Read more at: https://www.cnbc.com/2022/08/31/mortgage-demand-falls-even-further-as-rates-shoot-back-up-to-july-highs.html

McDonald’s U.S. head says California fast-food bill unfairly targets big chains

McDonald’s U.S. President Joe Erlinger on Wednesday criticized a landmark California bill that would give the state more control over pay for fast-food workers.

Read more at: https://www.cnbc.com/2022/08/31/mcdonalds-us-head-says-california-fast-food-bill-unfairly-targets-big-chains-.html

Walmart invests in ranchers’ company as more shoppers opt for premium beef

Walmart, the nation’s largest grocer, is investing in agriculture and food production as consumers eat differently and want to know where their food comes from.

Read more at: https://www.cnbc.com/2022/08/31/walmart-invests-in-ranchers-company-as-shoppers-favor-premium-beef.html

We’re making a buy in this down market but also a rare small sale

We’re making a couple of more trades for the portfolio late Wednesday afternoon, with the net effect of putting more cash to work.

Read more at: https://www.cnbc.com/2022/08/31/were-making-a-buy-in-this-down-market-but-also-a-small-sale.html

Despite recession fears, most 401(k) investors haven’t changed their portfolios. Here’s what advisors suggest

Despite recession worries, only 5% of 401(k) and 403(b) investors shifted their asset allocations during the second quarter of 2022. Here’s what to know.

Read more at: https://www.cnbc.com/2022/08/31/despite-recession-fears-most-investors-havent-shifted-401k-assets.html

Who wants to be a billionaire? 6 in 10 Americans strive to be mega-wealthy, report finds

Six in 10 adults want to become a billionaire one day, according to a recent report. But as the wealth gap widens, there’s also resentment toward the mega-rich.

Read more at: https://www.cnbc.com/2022/08/31/44percent-of-americans-think-they-can-achieve-billionaire-status.html

Stocks making the biggest moves midday: Bed Bath & Beyond, Express, Snap, Rocket Lab and more

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

Read more at: https://www.cnbc.com/2022/08/31/stocks-making-biggest-midday-moves-express-snap-rocket-lab-and-more.html

‘Lord of the Rings’, ‘Star Wars’, ‘Cobra Kai’: Here are 8 highly-anticipated shows streaming on Amazon, Disney+, Netflix and more in September

Amazon’s ‘Lord of the Rings’ show is the first out of the gate in a month jam-packed with streaming content.

Read more at: https://www.cnbc.com/2022/08/31/8-new-shows-coming-to-amazon-disney-netflix-in-september.html

Stricter standards needed for carbon offsets, several House Democrats urge

Offset projects include a slew of initiatives that conserve habitats able to store carbon, including forests, grasslands, wetlands and blue carbon ecosystems.

Read more at: https://www.cnbc.com/2022/08/31/stricter-standards-needed-for-carbon-offsets-congressional-reps-urge.html

We’re adding to two stocks in an oversold market — it’s what our discipline mandates

Oversold conditions in the market serve as a reminder that stocks have been hit hard in a very short period of time.

Read more at: https://www.cnbc.com/2022/08/31/were-adding-to-two-stocks-in-an-oversold-market-its-what-our-discipline-mandates.html

Bosch will invest $200 million to build fuel cells for electric trucks in South Carolina

Bosch will build fuel cells for electric heavy trucks, including Nikola’s, in South Carolina starting in 2026.

Read more at: https://www.cnbc.com/2022/08/31/bosch-200-million-investment-fuel-cells-south-carolina.html

Western Allies Led By UK’s Johnson Sabotaged Tentative Ukraine-Russia Peace Deal

Western Allies Led By UK’s Johnson Sabotaged Tentative Ukraine-Russia Peace DealThere’s mounting evidence that the war in Ukraine could have been over by this point, but key Western backers of Kiev sought to sabotage the potential for peaceful settlement through negotiations. That’s precisely what regional Ukrainian media reports concluded as early as May, soon after the UK’s Boris Johnson showed up in the capital to meet with President Volodymyr Zelensky for the first time.

This is what a bombshell story in Ukrainska Pravda said at the time, but which was almost completely ignored in Western mainstream media:

According Ukrainska Pravda sources close to Zelenskyy, the Prime Minister of the United Kingdom Boris Johnson, who appeared in the capital almost without warning, brought two simple messages. The first is that Putin is a war criminal, he should be pressured, not negotiated with.

And the second is that even if Ukraine is ready to sign some agreements on guarantees with Putin, they [the UK and US] are not. Johnson’s position was that the collective West, which back in February had suggested Zelenskyy should surrender and flee, now felt that Putin was not really as powerful as they had previously imagined, and that here was a chance to “press him.”

Read more at: https://www.zerohedge.com/geopolitical/western-allies-led-uks-johnson-sabotaged-tentative-ukraine-russia-peace-deal

DoJ Bans Officials From All “Partisan Political Events” Amid Allegations Of Bias

Authored by Jack Phillips via The Epoch Times,

Attorney General Merrick Garland on Tuesday announced a significant update to the Department of Justice’s policies regarding bans on political involvement amid allegations of bias at the agency.

“Although longstanding Department policy has permitted non-career appointees to attend partisan political events, e.g., fundraisers and campaign events, in their personal capacities if they participated passively and obtained prior approval, under the new policy, non-career appointees may not participate in any partisan political event in any capacity,” Garland said in a memo (pdf).

The attorney general did not make any references to any specific Department of Justice (DOJ) employees or incidents.

Read more at: https://www.zerohedge.com/political/doj-bans-officials-all-partisan-political-events-amid-allegations-bias

Wired Gushes Over Rivian’s R1T And R1S, Gives EVs A Record 9/10 Rating

Move over Tesla, people are starting to swoon over the new Rivian models. Certainly that was the case with Wired, who reviewed the models in a new piece out yesterday, giving the vehicles a 9/10 rating.

The result? The R1T turned out to be the highest rated EV author Matt Jancer has ever reviewed.

Most importantly were the truck’s range claims and ability to gauge how much range was left. As the review notes “changes in temperature, weather conditions, driving style, speed, and traffic congestion can all throw a range estimator off” but “the Rivian was remarkably precise on its range calculations at all times”.

“Real-world range during my 1,300-mile journey was strong,” he wrote. “Only significantly changing my altitude or temperature seemed to throw the range estimator into momentary confusion, which is expected and normal.”

He also talked about all of the driving modes for the truck, lauding its for its speed, acceleration and torque: “Slight movements on the pedal call forth surges of instantaneous power, and the Rivian is a fast truck. With the quad-motor Rivian packing 835 horsepower and 905 foot-pounds of torque, it can apparently reach 60 miles per hour from a standstill in three seconds.”

“Both the R1S and R1T performed competently, thanks to a NASA control room’s worth of electronic calculations and adjustments that the truck continuously makes to send the right amount of power to the right wheels at the right time,” he continued.

Read more at: https://www.zerohedge.com/markets/wired-gushes-over-rivians-r1t-and-r1s-gives-evs-record-910-rating

The Politically Incorrect Guide To Economics

Authored by David Gordon via The Mises Institute,

The Politically Incorrect Guide to Economics
by Thomas J. DiLorenzo
Regnery Publishing, 2022; xx + 242 pp.

Like Ludwig von Mises and Murray Rothbard, Tom DiLorenzo is an economist with an extraordinary knowledge of history, and this shows to great advantage in his brilliant new book. In it, he stresses that economists who fail to grasp how the free market works often devise elaborate theories to show “market failures,” but when examined in the light of historical evidence, these theories fall to the ground.

As a prime example of this, Paul Samuelson in his Economics, for decades the most influential university textbook, indicted the market for its failure to conform to the welfare ideal of “perfect competition.” Concerning this, DiLorenzo says:

That never-to-be-realized-anywhere-on-earth st …

Read more at: https://www.zerohedge.com/economics/politically-incorrect-guide-economics

John Lewis and Waitrose offers free food to staff over winter

All permanent, temporary and agency staff will get free meals from October to January.

Read more at: https://www.bbc.co.uk/news/business-62742305?at_medium=RSS&at_campaign=KARANGA

Snapchat to cut a fifth of jobs

The social media platform is restructuring as advertisers worry about the economy.

Read more at: https://www.bbc.co.uk/news/technology-62744858?at_medium=RSS&at_campaign=KARANGA

Train strikes: More drivers set to walk out on 15 September

Thousands of drivers will walk out in their biggest strike yet as part of an ongoing dispute over pay.

Read more at: https://www.bbc.co.uk/news/business-62735147?at_medium=RSS&at_campaign=KARANGA

August made equity investors richer by Rs 13.66 lakh crore. Will India continue to outperform?

After a troublesome summer in June, July and August both proved positive for the equity market. In August, Nifty Smallcap and Nifty Midcap indices gained 5 per cent and 6 per cent, respectively, for the month.Nifty Energy and Metal were the top sectoral performers gaining over 8 per cent each during the month.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/august-made-equity-investors-richer-by-rs-13-66-lakh-crore-will-india-continue-to-outperform/articleshow/93903949.cms

Stock market strategy: Know when to sell and when to continue holding the stock!

The best time to sell a stock is just before it starts going down but is it really as simple as this? I’m sure your answer must be a big NO! Why? Because it is difficult to time the turning points and selling a stock is more a function of educated estimation than a decision based on a formula-driven process.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/stock-market-strategy-know-when-to-sell-and-when-to-continue-holding-the-stock/articleshow/93898223.cms

Why inflation may become a non-issue for investors by March 2023

Developed economies began sourcing from China at competitive rates. China emerged as the manufacturing hub for the developed world. India supplied cheap labor through BPO/KPO and IT services, while Ukraine and Russia addressed global energy needs

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/why-inflation-may-become-a-non-issue-for-investors-by-march-2023/articleshow/93898034.cms

The Wall Street Journal: Secret Service official who figures in Jan. 6 investigation of Trump retires

Secret Service official Tony Ornato announced his retirement on Monday, two months after a former White House aide testified that he had told her then-President Donald Trump lashed out in anger when agents refused to drive him to the Capitol during the Jan. 6, 2021, riot by his supporters.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-C280C92CEA4E%7D&siteid=rss&rss=1

: AMD launching what it claims is ‘fastest processor in the world for gaming’ in September

At a time of cratering PC sales, Advanced Micro Devices Inc. late Monday launched its new generation of gaming cards and motherboards for fall availability — but the boast of having the fastest gaming card in the world might attract some attention and sales.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-8751AF039781%7D&siteid=rss&rss=1

The Margin: Of course Serena Williams’ U.S. Open sneakers have 400 diamonds on them

The tennis and fashion icon is hitting her presumed farewell tournament tour in style, with a custom Nike outfit inspired by figure skating dresses. Get the details here

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7118-BF4E195EF49D%7D&siteid=rss&rss=1