05 October 2022 Market Close & Major Financial Headlines: Wall Street Closes In The Red With The Three Major Indices Closing Fractionally Lower

China’s Balancing Act In Afghanistan

In late June, a severe earthquake struck southeastern Afghanistan. In the immediate aftermath of the disaster, the Peoples Republic of China (PRC) announced it would provide 50 million RMB ($7.2 million) in emergency aid, including tents, blankets, cots, and other sorely needed supplies to the impacted areas (Peoples Republic of China Ministry of Foreign Affairs (FMPRC), June 25). Beijing invests in Afghanistan to further its long-term economic, strategic and political interests. Since the U.S. withdrawal last year, China has had an

Read more at: https://oilprice.com/Geopolitics/International/Chinas-Balancing-Act-In-Afghanistan.html

Russia Officially Claims Ownership Of Ukraine Nuclear Plant

Russian President Vladimir Putin has decreed Ukraine’s Zaporozhye Nuclear Power Plant is a Russian federal asset, absorbing all facilities and employees as the Kremlins push in the east loses momentum against Ukrainian forces. The nuclear facility, the largest in Europe, was captured by Russian forces in March, with Ukrainian employees running day-to-day operations under siege conditions that have the world’s nuclear watchdog, the IAEA, concerned about the facility’s vulnerability to disaster. In a decree published

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Officially-Claims-Ownership-Of-Ukraine-Nuclear-Plant.html

Russia Signs Fuel Deal With Taliban

The Taliban, struggling to navigate Afghanistan through an economic and humanitarian crisis as its rule over the country remains unrecognized by the world, has found willing partners in two countries whose trade is severely restricted by international sanctions — Russia and Iran. Moscow joined Tehran on the short list of capitals willing to deal with the Taliban under a preliminary agreement signed last week. Afghanistan will get 1 million tons of gasoline, 1 million tons of diesel fuel, 500,000 tons of liquefied petroleum gas, and 2 million tons

Read more at: https://oilprice.com/Geopolitics/International/Russia-Signs-Fuel-Deal-With-Taliban.html

Georgia Grapples With Russias Mobilization Exodus

A new piece of street art in a Tbilisi underpass is a play on the classic Soviet The Motherland Calls poster from World War II. But instead of holding the military oath as in the original, the woman is clutching a Georgian khinkali dumpling. And instead of the patriotic slogan, the caption now reads, Hurry, or it will get cold. As thousands more Russians again pour into Georgia this time, escaping their countrys mass military mobilization for the war in Ukraine Georgians are greeting them with

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Georgia-Grapples-With-Russias-Mobilization-Exodus.html

Tokyo Scientists Announce Breakthrough In CO2 Conversion Tech

Tokyo Institute of Technology scientists developed a polymer-based photocatalyst for CO2 reduction that exhibits unprecedented performance. Made from abundant elements and requiring no complex post-synthesis treatment or modifications, it could pave the way for a new class of photocatalysts for efficiently converting CO2 into useful chemicals. The idea is to convert CO2 into useful chemicals, such as carbon monoxide (CO) and formic acid (HCOOH). In particular, photocatalytic CO2 reduction systems use visible or ultraviolet light to drive CO2 reduction,

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Tokyo-Scientists-Announce-Breakthrough-In-CO2-Conversion-Tech.html

ArcelorMittal Makes $5 Billion Bet On Indian Steel Manufacturing

ArcelorMittal appears quite bullish on India. In fact, the company recently announced its intention to double steel manufacturing at one of its primary plants. ArcelorMittal-Nippon Steel India Ltd. (AM/NS India) plans to spend US $5.1 billion at its Gujarat plant in western India. Betting on strong growth in domestic consumption, the company hopes to boost its crude steel capacity to 15 million tons by 2026. The plant, a deal between ArcelorMittal SA & Nippon Steel Corporation, currently has a capacity of 7.6 million tons. During a recent presentation

Read more at: https://oilprice.com/Latest-Energy-News/World-News/ArcelorMittal-Makes-5-Billion-Bet-On-Indian-Steel-Manufacturing.html

SpaceX launches Crew-5 mission for NASA, carrying astronauts to space station

The mission is SpaceX’s fifth operational crew launch for NASA to date, and the company’s eighth human spaceflight in just over two years.

Read more at: https://www.cnbc.com/2022/10/05/spacex-crew-5-nasa-launch-live-stream.html

New York Comic Con tries to get back to normal in a world changed by Covid

New York Comic Con, which will feature events from DC and Marvel Comics, among others, begins Thursday and is set to run through Sunday.

Read more at: https://www.cnbc.com/2022/10/05/new-york-comic-con-2022-marvel-dc-jacob-javits-center.html

Ukraine joins Spain and Portugal’s joint bid to host 2030 World Cup

Ukraine has joined Spain and Portugal in their joint bid to host the 2030 World Cup.

Read more at: https://www.cnbc.com/2022/10/05/ukraine-joins-spain-and-portugals-joint-bid-to-host-2030-world-cup.html

Ford to end production of $500,000 GT supercar with special edition

The 2022 Ford GT LM (Le Mans) will be the last model of the third-generation car, which was resurrected in 2016 after being a decade out of the market.

Read more at: https://www.cnbc.com/2022/10/05/ford-to-end-production-of-500000-gt-supercar-with-special-edition.html

Mortgage applications plummet 14% as higher interest rates and Hurricane Ian crush demand

The highest mortgage rates in more than 20 years coincided with one of the deadliest hurricanes on record, both contributing to a steep drop in mortgage demand.

Read more at: https://www.cnbc.com/2022/10/05/weekly-mortgage-applications-plummet-14percent-as-higher-interest-rates-and-hurricane-ian-crush-demand.html

President Joe Biden addresses Hurricane Ian victims in Fort Myers, Florida

President Joe Biden traveled to Fort Myers, Florida on Wednesday to address the aftermath of Hurricane Ian.

Read more at: https://www.cnbc.com/2022/10/05/watch-live-president-joe-biden-addresses-hurricane-ian-victims-in-fort-myers-florida.html

Key Democrat outlines 5 priorities for $80 billion in IRS funding

Senate Finance Committee Chairman Ron Wyden, D-Ore., has outlined five priorities for nearly $80 billion in new IRS funding. Here’s a breakdown of each one.

Read more at: https://www.cnbc.com/2022/10/05/key-democrat-outlines-5-priorities-for-80-billion-in-irs-funding.html

Stocks making the biggest moves midday: Tesla, Enphase Energy, Exxon Mobil, and more

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

Read more at: https://www.cnbc.com/2022/10/05/stocks-making-the-biggest-moves-midday-tesla-enphase-energy-exxon-mobil-and-more.html

Streaming bundles are forming, but don’t expect a cable TV-like package any time soon

It’s easy to say streaming will morph into cable-like bundles, but business realities are working against the concept.

Read more at: https://www.cnbc.com/2022/10/04/dont-expect-cable-tv-like-package-for-streaming-bundles.html

Spacecraft builder York sells stake to private equity firm AEI at over $1 billion valuation

York Space Systems is selling a majority stake in the company to private equity firm AE Industrial Partners at an enterprise valuation of $1.125 billion.

Read more at: https://www.cnbc.com/2022/10/04/york-space-hits-1-billion-valuation-after-aei-investment-deal.html

Defendant in case of $100 million NJ deli hires lawyer who repped ‘pharma bro’ Martin Shkreli

Peter Coker Sr., one of the defendants in the case of the $100 million New Jersey deli, hired a lawyer who previously represented “pharma bro” Martin Shkreli.

Read more at: https://www.cnbc.com/2022/10/04/defendant-in-100-million-nj-deli-case-hires-lawyer-who-repped-martin-shkreli.html

High mortgage rates, tight supply, and economic uncertainty: Here’s what’s happening with home prices

Recent reports are using monthly comparisons because of the sharp turnaround in the once-hot, pandemic-driven housing boom. So the changes can appear dramatic.

Read more at: https://www.cnbc.com/2022/10/04/whats-happening-with-home-prices.html

JPMorgan Sees Oil Rising Back Over $100 If These Five Conditions Are Met…

The OPEC+ meeting has come and gone, with “Fist-bump bro” Biden humiliated…

TL/DR pic.twitter.com/UQIEmYNktY

— zerohedge (@zerohedge) October 5, 2022

… and the White House scrambling to save at least a little face…

*US HAS MADE ITS VIEWS CLEAR TO OPEC MEMBERS: BLINKEN

OPEC made its views clear to the White House as well

— zerohedge (@zerohedge) October 5, 2022

… and failing.

And so, with oil surging – even as the dollar spikes sharply higher – traders are asking two questions: i) is the drop in oil over, and ii) how much higher can it get.

Here are the answers: i) with just a few more weeks left on Biden’s SPR drain mandate, which has soaked up a record 30% of all the “emergency” oil inventory this year…

Read more at: https://www.zerohedge.com/markets/jpmorgan-sees-oil-rising-back-over-100-if-these-five-conditions-are-met

Biden Blasts “Short-Sighted” OPEC+ Cut, Blames US Energy Firms For Surging Pump Prices

The Biden administration is absolutely furious with the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, for agreeing to slash oil production by 2 million barrels per day.

CNN’s Chief Congressional Correspondent Manu Raju tweeted that Biden responded to the OPEC+ cut announcement by saying he’s “concerned” and called it “unnecessary.”

“I need to see what the detail is. I am concerned, it is unnecessary,” Biden says of OPEC+ scaling back oil output of 2 million barrels per day

— Manu Raju (@mkraju) October 5, 2022

Biden’s top national security and economic advisors expressed their disappointment in the OPEC+ production cuts via a statement:

The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the gl …

Read more at: https://www.zerohedge.com/commodities/white-house-panics-prices-rebound-mulls-gasoline-export-ban-blasts-opec-hostile-acts

“The Whites Of Their Eyes”

By Peter Tchir of Academy Securities

The Whites of Their Eyes“Don’t Fire Until You See the Whites of Their Eyes” was allegedly the command given to soldiers at the Battle of Bunker Hill. The original intent of the order was to ensure that ammunition wasn’t wasted when the shots were unlikely to be effective.

That has changed over time to mean “don’t act too early.”

But maybe we need to go back to the original order and think about the soldiers (nervous, even scared, facing an enemy likely already firing at them) and imagine how difficult it was to stand their ground and hold their fire until the right moment.

At Academy, many of my colleagues have faced enemy fire. I think that universally they will tell you how difficult it is. Even with intense training, team building, leadership, and so many other things designed to prepare them for that moment, it is still a difficult test.

Which brings me to the Fed. The Fed has had a consist …

Read more at: https://www.zerohedge.com/markets/whites-their-eyes

Meanwhile Over At Lehman-Suisse…

What do credit traders know that equity traders are ignoring?

While equity prices had risen for the last two days, dragged higher by the market’s melt-up, Credit Suisse credit risk continued to wide dramatically…

For context, with CDS trading at around 373bps, the equity market (price and volatility) is implying a spread around 157bps…

So either CDS is drastically too high, and/or CS stock price is too hi …

Read more at: https://www.zerohedge.com/markets/meanwhile-over-lehman-suisse

Average two-year mortgage rate highest for 14 years

A typical two-year fixed rate deal has breached the 6% mark for the first time since November 2008.

Read more at: https://www.bbc.co.uk/news/business-63144506?at_medium=RSS&at_campaign=KARANGA

Faisal Islam: Is Truss’s growth plan running out of time?

The prime minister wants to be judged on boosting economic growth, but how easy will that be to deliver?

Read more at: https://www.bbc.co.uk/news/business-63144645?at_medium=RSS&at_campaign=KARANGA

Petrol price rise warning after Opec oil output cut

Major oil producers including Saudi Arabia will pump less, raising fears of higher petrol prices.

Read more at: https://www.bbc.co.uk/news/business-63149044?at_medium=RSS&at_campaign=KARANGA

Is the stock market rally a case of dead cat bounce or festive cheer?

The rally in the global markets was triggered by an unexpected slowdown in the US Manufacturing PMI, which gave hope that the US Fed would slow the pace of policy tightening. Following suit, US bond yields fell in tandem with the US dollar.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/is-the-stock-market-rally-a-case-of-dead-cat-bounce-or-festive-cheer/articleshow/94661826.cms

Mindblowing multibaggers that delivered up to 1500% return since last Dussehra

IT stocks were the worst hit as the BSE IT index slumped over 22% during the period amid worries around the impact of the recession on margins as well as demand. The realty index was hit equally badly as interest rates began to rise.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mindblowing-multibaggers-that-delivered-up-to-1500-return-since-last-dussehra/articleshow/94656662.cms

Will Q3 be better than Q2 for D-St? Top stocks to buy in the Oct-Dec quarter

Nifty gained over 9% in September quarter even as Fed’s ultra-hawkish move led to heavy sell-off. Domestic brokerage ICICI Direct amid global headwinds, expects anxiety around the global volatility to settle down in coming weeks. Further, it sees the index reclaiming September 2022 high of 18,100 in coming months. It suggests that investors should not view the ongoing correction as negative and instead should use it as an incremental buying opportunity as key support exists around 16,500.​In this backdrop, the brokerage suggested top stocks to buy this quarter across eight sector

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/will-q3-be-better-than-q2-for-d-st-top-stocks-to-buy-in-the-oct-dec-quarter/betting-on-rebound/articleshow/94658278.cms

Jonathan Burton’s Life Savings: This stock-market strategist says the coming recession could be the biggest ever: ‘I recommend prayer’

‘I’m about as bearish as I’ve been since 2008,’ says Hedgeye’s Keith McCullough. He’s steering investors to cash, gold and other defensive plays.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-712D-DE918562A102%7D&siteid=rss&rss=1

Outside the Box: Investors have been pouring money into companies promising climate-change solutions. Here’s how to spot the winners.

An estimated $100-$150 trillion will be needed by 2050 to decarbonize the global economy and cut greenhouse gas emissions to near-zero.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7129-3B605E295B94%7D&siteid=rss&rss=1

The Margin: Aaron Judge could earn $300 million after home run record, MLB executives say. Will the Yankees reward him?

Judge hit his 62nd home run of the season on Tuesday, breaking the American League total from Roger Maris in 1961.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7127-35240C75AA45%7D&siteid=rss&rss=1