07September 2022 Market Close & Major Financial Headlines: Wall Street Rallies Sending Major Indexes Higher, Nasdaq Snaps 7-Day Slump, Investors Shake Off Feds Rate Hike Concerns And Beige Book

The Energy Transition Could Be Derailed By A Looming Copper Shortage

Think of copper as a common carrier, so to speak, of decarbonization. It is literally the wiring that connects the present to the future, writes Nathaniel Bullard, BloombergNEF’s Chief Content Officer. While many of us imagine renewable energies to be just that infinitely renewable, with no use of finite resources the reality is that solar planes, wind turbines, energy transmission infrastructure, batteries for energy storage, and motors for your electric cars and electric bicycles all rely on metals that are not infinitely

Read more at: https://oilprice.com/Metals/Commodities/The-Energy-Transition-Could-Be-Derailed-By-A-Looming-Copper-Shortage.html

New UK Prime Minister Opposes Windfall Tax On Energy Companies

During question time in Parliament today, the UK’s new Prime Minister Liz Truss said she was against the windfall tax on oil and gas companies operating in the UK, reiterating her commitment to focus on developing domestic energy resources. “I am against a windfall tax. I believe it is the wrong thing to be putting companies off investing in the United Kingdom,” the prime minister said, as carried by Reuters. Following months of rumors and indecision, the UK government announced at the end of May a 25% Energy Profits Levy, commonly referred

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-UK-Prime-Minister-Opposes-Windfall-Tax-On-Energy-Companies.html

Will Electric Boats Ever Go Mainstream?

As electric cars become one of the fastest-growing industries of the decade, the electrification of other vehicles is not far behind. While electric cars get most of the public attention, due to the imminent move away from fossil fuel-powered cars, several companies around the globe are pumping funds into other electric vehicles. We could soon see high-tech electric boats on our waters, opening the potential for other battery innovations. Last month, Swedish luxury electric vehicle (EV) producer Polestar announced that it would be providing

Read more at: https://oilprice.com/Energy/Energy-General/Will-Electric-Boats-Ever-Go-Mainstream.html

Political Turmoil Weighs On London Markets

Short sellers piled into bets against UK firms in August as political turmoil and a looming recession continue to drag on Londons markets, new data has revealed. The UK made up 23.46 percent of all short positions in Europe at the end of August, up from 22.6 percent in July, followed by Germany with 21.83 percent, which has seen a decline from 22.18 percent in July from July, according to data to investment intelligence firm SEI Novus. It marks a continuation of long-term trends across the continent with the UK and Germany consistently topping

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Political-Turmoil-Weighs-On-London-Markets.html

Can South Africa Kick Its Coal Addiction?

South Africa announced last week that it would be blocking a major oil project by Shell after a court banned the proposed oil exploration. Yet, despite South Africas reluctance to welcome new fossil fuel operations, the country still relies heavily on coal to meet its energy demand. So, if not oil, will South Africa make the move to renewables or will it continue to rely on coal? A South African court ruled this month that Shell will not be allowed to go ahead with using seismic waves to explore for oil and gas off its Indian Ocean

Read more at: https://oilprice.com/Energy/Coal/Can-South-Africa-Kick-Its-Coal-Addiction.html

Sources: Hungary Is Threatening To Block EU Sanctions If Oligarchs Arent Spared

Hungary is threatening to block the renewal of some parts of the European Union’s sanctions regime against Russia if three oligarchs aren’t removed from a list that takes restrictive measures against more than 1,000 people in the wake of Moscow’s invasion of Ukraine in late February. According to several diplomatic sources with knowledge of the matter who aren’t authorized to speak on the record, the three Budapest wants to see de-listed from the visa ban and asset freeze list are Alisher Usmanov, Pyotr Aven, and Viktor Rashnikov. The move comes

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sources-Hungary-Is-Threatening-To-Block-EU-Sanctions-If-Oligarchs-Arent-Spared.html

Trump SPAC deal at risk as merger deadline approaches

The murky situation between Trump Media and Technology Group and the SPAC Digital World Acquisition Corp. has only become less clear in recent days.

Read more at: https://www.cnbc.com/2022/09/07/trump-spac-deal-at-risk-as-merger-deadline-approaches.html

Homeowners lose wealth as rising interest rates weigh on home values

Some homeowners are losing wealth as high mortgage rates weigh on home values, at least on paper, as the once red-hot housing market cools quickly.

Read more at: https://www.cnbc.com/2022/09/07/homeowners-lose-wealth-as-rising-interest-rates-weigh-on-home-values.html

Saudi Arabia and Gulf neighbors threaten Netflix over content that ‘violates Islamic values’

Netflix has come under fire in many Middle Eastern countries for its featuring of LGBTQ+ characters and content.

Read more at: https://www.cnbc.com/2022/09/07/saudi-arabia-and-gulf-neighbors-threaten-netflix-over-content-that-violates-islamic-values.html

Target CEO Brian Cornell to stay on for three more years, as company scraps retirement age

Cornell, who is 63, has been Target’s chief executive since 2014.

Read more at: https://www.cnbc.com/2022/09/07/target-ceo-brian-cornell-to-stay-on-for-three-more-years-as-company-scraps-retirement-age.html

EV startup Harbinger, founded by Canoo and QuantumScape veterans, aims to shake up medium-duty truck market

Harbinger is aiming to electrify medium-duty trucks with two chassis coming late next year.

Read more at: https://www.cnbc.com/2022/09/07/harbinger-ev-startup-medium-trucks-naias-2022.html

California Gov. Newsom says prolonged extreme heat is a wake-up call on climate change

Newsom also said he has “no interest” in running for president.

Read more at: https://www.cnbc.com/2022/09/07/california-gov-newsom-on-climate-change-extreme-prolonged-heat.html

Mortgage demand drops further as interest rates shoot back to June high

Sharply higher mortgage rates are causing demand to fall even further for both homebuying and refinancing.

Read more at: https://www.cnbc.com/2022/09/07/mortgage-demand-drops-further-as-interest-rates-shoot-back-to-june-high.html

Outgoing Starbucks CEO Howard Schultz says he won’t return for a fourth stint

Outgoing Starbucks CEO Howard Schultz says that he’ll never return to the top job after the coffee giant announced a new succession plan last week.

Read more at: https://www.cnbc.com/2022/09/07/outgoing-starbucks-ceo-howard-schultz-says-he-wont-return-for-a-fourth-stint.html

Nio reports wider second-quarter loss despite increase in EV shipments

Nio’s second-quarter loss widened, but the company expects higher production and deliveries in the third quarter.

Read more at: https://www.cnbc.com/2022/09/07/nio-reports-wider-second-quarter-loss-despite-increase-in-ev-shipments.html

Lowe’s chief marketing officer leaves the company as part of broader shakeup

Lowe’s chief marketing officer Marisa Thalberg has left the retailer as part of a broader reorganization, the company said.

Read more at: https://www.cnbc.com/2022/09/06/lowes-chief-marketing-officer-marisa-thalberg-leaves-company-as-part-of-reorganization.html

Bed Bath & Beyond taps chief accounting officer as interim CFO after executive’s suicide

The company is also looking for a new CEO after its board ousted Mark Tritton in June.

Read more at: https://www.cnbc.com/2022/09/06/bed-bath-beyond-taps-chief-accounting-officer-as-interim-cfo-after-executives-death.html

‘Lego Movie’ producer Dan Lin won’t take DC film and TV chief role at Warner Bros.

Dan Lin, who had been in talks to take over Warner Bros. Discovery’s DC Comics film unit, isn’t taking the job, after all.

Read more at: https://www.cnbc.com/2022/09/06/dan-lin-wont-take-dc-film-and-tv-boss-role-at-warner-bros-discovery.html

Trump-linked SPAC to resume meeting Thursday as it seeks votes to delay merger with ex-president’s firm

DWAC, the Trump-linked SPAC, adjourned its meeting as it seeks votes to delay a merger with Trump’s technology firm and its Twitter competitor, Truth Social.

Read more at: https://www.cnbc.com/2022/09/06/shares-of-trump-spac-fall-after-merger-extension-vote-fails.html

Watch: Hillary Clinton Confirms She Will Never Run For President Ever Again

Authored by Jack Phillips via The Epoch Times,

Former Secretary of State and presidential candidate Hillary Clinton said she won’t be running for president in 2024 or ever again.

When asked by a CBS News reporter on Tuesday night whether she would run for president again, Clinton stated: “No, no.”

“But I’m gonna do everything I can to make sure that we have a president who respects our democracy and the rule of law and upholds our institutions,” the longtime Democrat and wife of former President Bill Clinton continued while criticizing former President

Read more at: https://www.zerohedge.com/political/watch-hillary-clinton-confirms-she-will-never-run-president-ever-again

BofA Warns “Not Enough Capitulation” For Bottom Yet

Despite uber-hawkish signaling from Fed vice-chair Brainard, US equity markets are bouncing today (after 7 straight down days for the Nasdaq), once again prompting the same-old-same-old remarks that “is this the low?” or “is The Fed ready to Pivot?” or some mixed version of the two (despite oil prices plunging like there’s a global recession imminent)…

The problem is – as BofA’s Technical Strategist Stephen Suttmeier remarks in his latest note, there has simply not been enough capitulation yet for a low to be in…

The S&P 500 (SPX) tested 3900, which is where the downside count for the August head and shoulders top, 61.8% retracement of the June-August rally and the July breakout and retest zone converge.

Read more at: https://www.zerohedge.com/markets/bofa-warns-not-enough-capitulation-bottom-yet

Bad News Is Great: Stocks Hit Session Highs After Beige Book Downgrades Growth, Sees “Softening” Demand, Moderating Price Growth

Normally, today’s Beige Book would be bad news – if modestly for Democrats and the Biden administration – as it confirmed what everyone knows, namely that the US economy is stagnating at beast, and slowing in reality. However, with bad news now widely viewed as great by a market starved for anything that will accelerate the coming recession – as it means the Fed’s tightening campaign will be cut prematurely short – the fact that according to the Fed, economic activity was downgraded to “Stagnating” – or “unchanged” – since July’s “modest expansion”, with five Districts reporting slight to modest growth in activity and five others reporting slight to modest softening, with home sales falling in all twelve Districts and residential construction remained constrained as “residential loan demand was weak amid elevated mortgage interest rates”, was clearly just the bullish news markets wanted.

But while the slowdown in the economy was good, the outright “moderation in price levels” in nine of 12 districts, while the “outlook for future economic growth remained generally weak, with contacts noting expectations for further softening of demand over the next six to twelve months” was positively great, and just the catalyst that spoos needed to blast off to session highs.

Elsewhere, manufacturing was mixed, as supply chain bottlenecks continued to constrain activity in some locations, while labor markets remained tight but showed some signs of softening amidst improved worker availability (suggesting the next JOLTS report will be a doozy) …

Read more at: https://www.zerohedge.com/markets/bad-news-great-stocks-hit-session-highs-after-beige-book-downgrades-growth-sees-softening

Nomura: The Tightening Of Global Financial Conditions Will Not Stop Until…

Nomura: The Tightening Of Global Financial Conditions Will Not Stop Until…Despite all the hand-wringing and teeth-gnashing about lower asset prices – and “won’t someone do something?” – Nomura’s Charlie McElligott warns that the recent impulse tightening in global Financial Conditions (largely via US Dollar and Real Rates) likely will not stop until one or more of the following three events unfold:

1) Fed flip-flops – data allows Powell to signal a policy pivot without reminding markets of the 70s on-again-off-again FUBAR (not happening yet – The Fed desires this financial conditions tightening until inflation is on clear path towards target);

2) China stops playing “patty-cake” with negative RMB fixes (digitals at 7.00 in CNH gonna trade imminently, it seems) and instead TRULY eases with larger, more substantial stimulus and Credit pumping to improve fundamentals—but only without ZCS, which is stifling any chance at recovery; and / or

3) Japan (BoJ / MoF / FSA) caves and adjusts YCC or intervenes in Yen.

Analyzing each of the above, McElligott notes that the Timiraos piece this morning has enormous implications – because of his “Fed Whisperer” profile, it effectively now “locks in” a 75bps hike, as it renders “only” a 50bps hike as a DE FACTO “EASING,” where the financial conditions move off the back of “only” a 50bps hike would be massively counterproductive for the Fed’s “Tight FCI”goals (as Real Yields and USD would plummet, Credit Spreads gap tighte …

Read more at: https://www.zerohedge.com/markets/nomura-tightening-global-financial-conditions-will-not-stop-until

Royal Mail staff announce fresh strikes over pay

Further dates for walkouts are announced by staff in the Communication Workers Union.

Read more at: https://www.bbc.co.uk/news/business-62827928?at_medium=RSS&at_campaign=KARANGA

Pound falls to lowest level against dollar since 1985

It comes after the Bank of England warned that little could be done to stop a recession in the UK.

Read more at: https://www.bbc.co.uk/news/business-62817391?at_medium=RSS&at_campaign=KARANGA

Avanti West Coast: Government considers withdrawing rail operator’s contract

A transport minister tells MPs that Avanti West Coast’s contract could be withdrawn.

Read more at: https://www.bbc.co.uk/news/business-62824277?at_medium=RSS&at_campaign=KARANGA

Expensive valuations? Half of Nifty50 stocks trade at discount to historical averages

In the case of ONGC, the average target based on 23 analyst recommendations stands at Rs 173.71, suggesting a 33 per cent potential upside. Emkay Global, which sees ONGC at Rs 190 against Wednesday’s Rs 131-odd levels, has kept ONGC’s estimates unchanged for FY23 and beyond amid windfall taxes

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/expensive-valuations-half-of-nifty50-stocks-trade-at-discount-to-historical-averages/articleshow/94049460.cms

Tech View: Nifty50 sees buying on dips; index support seen at 17,500

Despite the index seeing buying on dips, the near-term trend seems to be sideways, said Mazhar Mohammad of Chartviewindia.in, adding that strength should emerge on a Nifty50 close above 17,777, while weakness should be expected on a close below the 17,400 level.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-sees-buying-on-dips-index-support-seen-at-17500/articleshow/94054774.cms

Nifty Bank: Key levels to watch out for on Thursday

It formed a small Bullish candle on daily scale but broke its higher lows formation of the last five sessions. Now, it has to cross and hold above 39,500 zones, for an up move towards 39,750 and 40,000, whereas supports are placed at 39,250 and 39,000 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-on-thursday/articleshow/94055810.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 processer 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