13September 2022 Market Close & Major Financial Headlines: Wall Street Waterfalls For Worst Day Of 2022 After Hot Inflation Data. Odds Of 100bps Fed Rate Hike to 47%.

Aluminum Prices Slip Despite Smelter Shutdowns Chipping Away At Supply

This week, aluminum prices approached long-term weekly demand zones. These are price levels that typically trigger a strong upswing. Before the most recent short-term declines, prices bounced off these levels, rising back into zones of strong downward movement (supply zones). Should prices continue to break downward, it could indicate a downtrend continuation. Moreover, the longer prices continue to trade within this range, the longer volatility and current uncertainty will persist. The Aluminum Monthly Metals Index (MMI) continued sideways, with

Read more at: https://oilprice.com/Metals/Commodities/Aluminum-Prices-Slip-Despite-Smelter-Shutdowns-Chipping-Away-At-Supply.html

South Sudan Won’t Let OPEC+ Stand In Way Of Increasing Oil Output

South Sudan has threatened to quit the OPEC group if it interferes with its ability to meet its ambitious oil production plans, first vice-president Riek Machar said on Tuesday. Speaking at an industry conference on September 13, Machar said that South Sudan’s petroleum minister has had difficulties with OPEC+ over its crude oil targets. South Sudan has ambitious plans to increase crude oil production to 230,000 BPD by 2024. South Sudan’s August production cap, agreed to by OPEC+, was significantly below that, at 130,000 BPD. Its actual production

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Sudan-Wont-Let-OPEC-Stand-In-Way-Of-Increasing-Oil-Output.html

Oil Prices Inch Lower On Hot Inflation Data

Crude prices fell on Tuesday morning, ahead of the weekly crude inventory reports, as August inflation data came in hotter than expected. Chart of the Week Gas-to-Oil Switching Counteracts Recession Fears – Despite the drop-off in European spot prices, the cost of natural gas remains prohibitively high, paving the way for global gas-to-oil switching in the power generation industry. – Refiners and energy-intensive industries are already adding some 350,000 b/d of incremental oil demand, coming from the burning of fuel oil and other oil products

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Inch-Lower-On-Hot-Inflation-Data.html

Xi Set For Face Time With Putin In Very Important Meeting

Chinese President Xi Jinping will leave China for the first time in more than two years in a trip to Central Asia that aims to boost Chinese leadership in the region and reaffirm Beijing’s partnership with Moscow in a meeting with Russian counterpart Vladimir Putin. The trip marks Xi’s return to the world stage and kicks off with a visit to Kazakhstan on September 14 followed by a trip to the ancient Silk Road city of Samarkand, in Uzbekistan, for the annual Shanghai Cooperation Organization (SCO) summit. At the SCO meeting, Xi will meet with various

Read more at: https://oilprice.com/Geopolitics/International/Xi-Set-For-Face-Time-With-Putin-In-Very-Important-Meeting.html

Cyberattacks Are A Major Risk For The Worlds Largest Oil Company

Cyberattacks are among the greatest risks Saudi Aramco faces these days, Amin Nasser, president and chief executive officer at the world’s biggest oil firm, said on Tuesday. Cyberattacks are one of the top risks we face at Aramco on a par with natural disasters or physical attacks, Nasser told the Global AI Summit 2022 in Riyadh. But while these attacks are growing in scale and severity, AI is helping fend off some of the threats. So our efforts should not only focus on greater efficiency or deeper customer insights,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cyberattacks-Are-A-Major-Risk-For-The-Worlds-Largest-Oil-Company.html

Scientists Report Major Progress On Tokamak Fusion Effort

Korea Superconducting Tokamak Advanced Research, or KSTAR, scientists have succeeded in sustaining a plasma gas at 100 million kelvin for up to 20 seconds without experiencing significant instabilities. This result is thought to be a significant step forward in the development of a sustainable nuclear fusion reaction. The KSTAR team’s research paper has been published in Nature. This result is a major development through a sustainable reactor that produces more energy than it consumes will be a product in the future. A primary problem is maintaining

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Scientists-Report-Major-Progress-On-Tokamak-Fusion-Effort.html

NBA suspends Suns owner Robert Sarver for a year over workplace harassment, use of racial slurs

The NBA has suspended Suns owner Robert Sarver for workplace misconduct including using racial slurs and harassing employees.

Read more at: https://www.cnbc.com/2022/09/13/nba-suspends-suns-owner-robert-sarver-for-using-racial-slurs-harassing-employees.html

Starbucks outlines plans for automated ordering, new coffee equipment to improve efficiency

Outgoing Starbucks CEO Howard Schultz said the coffee giant is projecting double-digit growth in revenue and earnings per share.

Read more at: https://www.cnbc.com/2022/09/13/starbucks-projects-long-term-earnings-revenue-growth-in-double-digits-as-it-implements-new-strategy.html

Warner Bros. Discovery CFO calls company’s HBO Max and Discovery+ ‘underpriced,’ suggesting price hikes may be coming

Warner Bros. Discovery plans to combine HBO Max and Discovery+ next year, which could give the company a chance to reset pricing for its streaming service.

Read more at: https://www.cnbc.com/2022/09/13/warner-bros-discovery-cfo-calls-companys-hbo-max-and-discovery-underpriced-suggesting-price-hikes-may-be-coming.html

Why Toyota – the world’s largest automaker – isn’t all-in on electric vehicles

Toyota doesn’t believe battery-electric vehicles are the only solution to producing more sustainable vehicles and achieving carbon neutrality.

Read more at: https://www.cnbc.com/2022/09/13/why-toyota-the-worlds-largest-automaker-isnt-all-in-on-evs.html

Peloton expands Bike rental program nationwide

Peloton will be expanding its rental bike program nationally, offering the base-level bike and subscription for $89 per month plus a $150 setup fee.

Read more at: https://www.cnbc.com/2022/09/13/peloton-expands-bike-rental-program-nationwide.html

Ferrari just revealed its first-ever 4-door model, a high-riding and powerful sports car called the Purosangue

Ferrari’s new Purosangue is an SUV-like sports model, with four doors and a powerful V-12 engine.

Read more at: https://www.cnbc.com/2022/09/13/ferrari-unveils-purosangue-a-4-door-v-12-powered-coupe.html

Emmy winner Quinta Brunson donated part of the ‘Abbott Elementary’ marketing budget to underfunded teachers

The Emmy winner said her mom’s 40-year teaching career made her appreciate how much work goes into being a teacher.

Read more at: https://www.cnbc.com/2022/09/13/quinta-brunson-gave-abbott-elementary-marketing-funds-to-teachers.html

Casino company Hard Rock to spend $100 million to raise employees’ wages

Hard Rock International will spend more than $100 million to raise wages significantly for thousands of employees, amid inflation worries and currency concerns.

Read more at: https://www.cnbc.com/2022/09/13/hard-rock-to-spend-100-million-to-raise-employees-wages.html

UN warns world is entering ‘uncharted territories of destruction’ from climate crisis

The report, compiled by the World Meteorological Organization, said that climate-related disasters have increased fivefold over the past five decades.

Read more at: https://www.cnbc.com/2022/09/13/world-entering-uncharted-territories-of-destruction-climate-crisis-un.html

Holiday shopping season is expected to be muted as inflation squeezes shoppers

A spate of reports say shoppers are likely feeling thrifty heading into the holidays as they face higher prices for groceries and other necessities.

Read more at: https://www.cnbc.com/2022/09/13/holiday-shopping-season-expected-to-be-muted-as-inflation-squeezes-shoppers.html

The Harlem Globetrotters are returning to TV for the first time in more than 40 years

The Harlem Globetrotters are returning to network TV for the first time in more than 40 years.

Read more at: https://www.cnbc.com/2022/09/13/harlem-globetrotters-return-to-tv-for-first-time-in-40-years.html

Boeing delivered 35 planes in August as new Dreamliners returned

Boeing’s aircraft deliveries rose in August helped in part by the return of the 787 Dreamliner.

Read more at: https://www.cnbc.com/2022/09/13/boeing-aircraft-deliveries-rose-to-35-in-august-as-dreamliners-returned.html

Peloton co-founders John Foley and Hisao Kushi are leaving the company in a broad executive shakeup

Peloton announced that co-founder John Foley is resigning as executive chairman, effective immediately, as CEO Barry McCarthy ushers in new changes.

Read more at: https://www.cnbc.com/2022/09/12/peloton-co-founders-john-foley-hisao-kushi-are-leaving-company.html

Half Of U.S. Workers Are “Quiet Quitters”

New research estimates that about half of U.S. workers could be considered “quiet quitters” – the new buzzword that’s being used for people who fulfill their job descriptions but are psychologically detached from their work.

A Gallup survey from June, profiled by Bloomberg, of over 15,000 full-time and part-time U.S. workers, showed that 50% of respondents met the definition of quiet quitting. Engaged employees, meanwhile, held steady at 32% and employees who were “actively disengaged” rose to 18% from 17%, the poll showed.

Engagement in employment began to sink in late 2021, the report notes, with workers indicating they felt “less connected to their organization’s mission, felt less clarity around what’s expected of them and saw fewer opportunities to learn and grow,” Bloomberg wrote.

Many who are disengaged are on the lookout for another position, the report …

Read more at: https://www.zerohedge.com/markets/half-us-workers-are-quiet-quitters

2 Russian Aircraft Enter North American Air Defense Zone Day Before NORAD Drills

Authored by Caden Pearsen via The Epoch Times,

The North American Aerospace Defense Command (NORAD) detected two Russian maritime patrol aircraft flying within the Alaskan and Canadian Air Defense Identification Zones (ADIZ) on Sunday, the day before a three-day military drill operation.

The two Russian aircraft stayed in international airspace and didn’t enter American nor Canadian sovereign airspace, according to officials.

“This recent Russian activity in the North American ADIZ is not seen as a threat nor is the activity seen as provocative,” NORAD said in a

Read more at: https://www.zerohedge.com/geopolitical/2-russian-aircraft-enter-north-american-air-defense-zone-day-norad-drills

Fed Mouthpiece Speaks: “At LEAST 75bps Next Week” Sends Odds Of 100bps Rate Hike to 47%

A little over an hour ago we reported that while everyone was waiting for the Fed’s WSJ mouthpiece Nick Timiraos to leak whatever it is that Powell wanted markets to know during the Fed’s blackout period, Nomura became the first bank to forecast an out of consensus 100bps rate hike during next week’s FOMC meeting.

To some this seemed far too high, but the Nomura case just got a powerful boost moments ago when Timiraos hit publish on his long-awaited WSJ market trial balloon in which he said that “the acceleration in inflation last month clinches the case for the Federal Reserve to lift interest rates by AT LEAST 0.75 percentage point at its meeting next week and raises the prospect of hefty increases continuing in coming months.”

Another large jump in underlying prices squashes hopes for a slower pace of interest-rate increases

The August CPI could lead more officials to project somewhat higher rates relative to previous expectations in next week’s quarterly projections https://t.co/3e4yCcHOMh

— Nick Timiraos (@NickTimiraos) September 13, 2022

He continues:

Fed officials had suggested they …

Read more at: https://www.zerohedge.com/markets/fed-mouthpiece-speaks-least-75bps-next-week-sends-odds-100bps-rate-hike-47

Watch Live: What’s Next For Stocks As “Drained Puts” Reawaken Into $3.2 Trillion OpEx After CPI Shock

Ahead of this morning’s hotter-than-expected CPI print, the world and their pet rabbit was convinced – and chasing – that ‘peak inflation’ was here, The Fed would pivot, and stonks would continue to rip higher into a utopian soft-landing.

That has all gone to hell today as every asset class shits the bed in response…

…as rate-hike expectations are smashed hawkishly higher and the odds of a subsequent recession soar.

Read more at: https://www.zerohedge.com/markets/watch-live-whats-next-stocks-drained-puts-reawaken-32-trillion-opex-after-cpi-shock

Backlash as Center Parcs to close for Queen’s funeral

Holidaymakers have been told they must leave Center Parcs sites for a day or go home early.

Read more at: https://www.bbc.co.uk/news/business-62893476?at_medium=RSS&at_campaign=KARANGA

Twitter shareholders approve $44bn Musk deal

Twitter shareholders have approved a $44bn deal for the world’s richest man to buy the company.

Read more at: https://www.bbc.co.uk/news/technology-62894600?at_medium=RSS&at_campaign=KARANGA

Asda and Odeon cinemas among businesses closing for Queen’s funeral

Major supermarkets, John Lewis and Primark have all also said they will close on Monday 19 September.

Read more at: https://www.bbc.co.uk/news/business-62879563?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty50 takes out 18,000, but strength missing

Tuesday’s market action signal a formation of spinning top-type candle at the high, said Nagaraj Shetti of HDFC Securities, who said such a formation after a reasonable upmove or at the hurdle could be considered as a reversal pattern post confirmation.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-takes-out-18k-but-strength-missing/articleshow/94178684.cms

Nifty Bank: Key levels to watch out for on Wednesday

Like the Nifty50 index, Nifty Bank extended its gains for the fourth straight session and rose 0.74 per cent, almost in line with its headline peer.The banking index continued the momentum it had in the early hours of trade and managed to hit the intraday high of 40,904.30 on Tuesday.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-bank-key-levels-to-watch-out-for-on-wednesday/articleshow/94180208.cms

Foreign investors snap up Indian bonds set for inclusion in global indices

Nearly half of the purchases have been in the five-year 7.38% 2027 and the former benchmark 6.10% 2031 bonds, which have seen inflows of 16 billion rupees and 15 billion rupees, respectively, during this period. Goldman Sachs had said last month it expects an inclusion of Indian bonds in global indexes this year.

Read more at: https://economictimes.indiatimes.com/markets/bonds/foreign-investors-snap-up-indian-bonds-set-for-inclusion-in-global-indices/articleshow/94175513.cms

Market Extra: Rising sea levels put Miami, New York at biggest risk for severe and extreme flooding at commercial properties

Billions worth of office buildings, retail centers and apartments are at risk of extreme and severe flooding as sea levels rise, according to a new DBRS Morningstar report.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7120-A4B34234F795%7D&siteid=rss&rss=1

The Margin: U.S. News college rankings: How a lower spot could cost a school tens of millions of dollars

Columbia University, the Ivy League institution in New York, dropped from No. 2 to No. 18 in the latest U.S. News & World Report rankings of universities.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7121-525C9E4361D6%7D&siteid=rss&rss=1

Market Snapshot: Dow down 1,000 points as losses accelerate, stocks face worst session since mid-June

The Dow slumps more than 1,000 points heading into the final hour of trading Tuesday as losses accelerate led by technology stocks while bond yields soar, leaving all three equity benchmarks on track for their worst session since at least mid-June following an unexpected uptick in August consumer-price inflation.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7120-CFBBA9B08BDA%7D&siteid=rss&rss=1