Headlines:
Sixty million U.S. households have ordered free COVID tests, White House says.
S&P Suffers Worst Start To A Year Since 1939 As Yield Curve Yells ‘Recession.’
HP wins multi billion-dollar fraud case over Autonomy sale.
The two-year Treasury yield has the biggest weekly advance since 2019 as Fed raises the prospect of multiple hikes this year.
U.S. Rig Count Rises Along With Crude Prices
Oil Markets Bullish As Brent Breaks $90, WTI settles at 87.24. Oil markets are increasingly bullish as geopolitical risks spike and inventories continue to drain. Friday, January 28th, 2022, for the first time in seven years, Brent prices surged past $90 per barrel this week. In addition, the number of active drilling rigs in the United States rose by six this week, bringing the total rig count to 610, as oil prices continue to climb to attractive levels for drillers.
As usual, we have included below the headlines and news summaries moving the markets today.
The Market in Perspective
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Oil Markets Bullish As Brent Breaks $90Oil markets are looking increasingly bullish as geopolitical risks spike and inventories continue to drain.Friday, January 28th, 2022For the first time in seven years, Brent prices surged past $90 per barrel this week, buoyed by a series of bullish factors. First, low inventories remain the number one reason underlying investment banks $100 per barrel short-term forecasts. The fact that US commercial stocks just fell for the third time in a row has not helped that. Second, with much of Europe captivated by the prolonged Russia-Ukraine standoff, Read more at: https://oilprice.com/Energy/Energy-General/Oil-Markets-Bullish-As-Brent-Breaks-90.html |
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Japans Coal Imports Soar Amid Surging Natural Gas PricesJapan is set to import the highest quantity of coal in January in just over two years, as utilities scramble to get supplies for power generation amid high spot liquefied natural gas (LNG) prices, Bloomberg reported on Friday, citing intelligence firm Kpler and Japanese customs data. A cold and snowy winter in Japan has raised the electricity demand, and domestic utilities are looking to buy more coal for power generation. Japan is expected to import over 17.3 million tons of coal in January, according to Edwin Toh, a dry bulk manager at Kpler, Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japans-Coal-Imports-Soar-Amid-Surging-Natural-Gas-Prices.html |
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U.S. Rig Count Rises Along With Crude PricesThe number of active drilling rigs in the United States rose by 6 this week, bringing the total rig count to 610, as oil prices continue to climb to attractive levels for drillers. Last week’s countcomparedwith an increased rig count if 3 to 604 during the previous week. Baker Hughes reported this week that the total active rig figure was 226 rigs higher than the rig count this time in 2021. Oil-directed rigs rose 4 to 495, while gas-directed rigs were up by 2 to 115. Oil production in the U.S. last week fell to 11.6 million bpd for Read more at: https://oilprice.com/Energy/Energy-General/US-Rig-Count-Rises-Along-With-Crude-Prices.html |
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Australia Ready To Ship LNG To Europe Amid Russia-Ukraine CrisisOne of the worlds top liquefied natural gas exporters, Australia, says it is ready to ship LNG cargoes to Europe to support its friends and allies, as the U.S. is looking to raise alternative gas supply in case a Russian invasion of Ukraine disrupts Russias gas supply to Europe. Australia, of course, stands ready to support its friends and allies. We have a well-developed gas resource. We have the capacity to deliver not only domestically but right across the world, Australias Resources and Water Read more at: https://oilprice.com/Energy/Gas-Prices/Australia-Ready-To-Ship-LNG-To-Europe-Amid-Russia-Ukraine-Crisis.html |
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Is Crypto Mining Driving Up Power Costs For U.S. Consumers?A group of Democratic lawmakers, led by Senator Elizabeth Warren, demand that six major cryptocurrency mining companies detail their high energy usage, the possible impact on the environment, and the role in driving up power bills for U.S. consumers. Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group, and Bit Digital were sent letters by the lawmakers, who were concerned about their extraordinarily high energy usage, Senator Warren said on Thursday. In the letters, the Read more at: https://oilprice.com/Latest-Energy-News/World-News/Is-Crypto-Mining-Driving-Up-Power-Costs-For-US-Consumers.html |
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UK Gas Production Could Plunge 75% By 2030The UK could become much more vulnerable to price shocks and geopolitical events unless new offshore fields are approved and developedand the UKs gas production could plummet by 75 percent by 2030, the offshore energy industry body OGUK said on Thursday. Without new investment in new gas fields in the North Sea, the UK will be left more vulnerable to crisis, such as the current one between Russia and Ukraine, the industry association noted. Additional price shocks would add to the ongoing energy crisis in the UK where gas and power Read more at: https://oilprice.com/Energy/Natural-Gas/UK-Gas-Production-Could-Plunge-75-By-2030.html |
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Bengals-Rams Super Bowl could boost Best Buy’s TV sales. A Chiefs-49ers game would be the worst-case scenario, analyst saysChicago-based Loop Capital Markets projects the Cincinnati Bengals 33-year Super Bowl drought could benefit Best Buy sales. Read more at: https://www.cnbc.com/2022/01/28/bengals-rams-super-bowl-is-ideal-game-for-best-buy-tv-sales-analyst.html |
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Cramer’s Investing Club: We’re putting more cash to work, adding to Disney and HoneywellFollowing the trade, the Charitable Trust will own 725 shares of Disney and 575 shares of Honeywell. Read more at: https://www.cnbc.com/2022/01/28/cramers-investing-club-were-putting-more-cash-to-work-adding-to-disney-and-honeywell.html |
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60 million U.S. households have ordered free Covid tests, White House saysPeople can order the free tests at covidtests.gov. Read more at: https://www.cnbc.com/2022/01/28/60-million-us-households-have-ordered-free-covid-tests-white-house-says.html |
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Prince Andrew gives up St. Andrews golf club membership amid Jeffrey Epstein victim sex lawsuitPrince Andrew has been plagued for years by his connections to the sex criminals Jeffrey Epstein and Ghislaine Maxwell. Read more at: https://www.cnbc.com/2022/01/28/jeffrey-epstein-case-prince-andrew-ends-st-andrews-golf-membership.html |
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A ‘Gen U’ of young Starbucks baristas is powering a growing push to unionizeFrom coast to coast, young Starbucks baristas are pushing to unionize their cafes. Read more at: https://www.cnbc.com/2022/01/28/young-starbucks-baristas-are-powering-a-growing-push-to-unionize.html |
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Airlines cancel hundreds of flights ahead of winter stormNew York and Boston area airports were most impacted. Read more at: https://www.cnbc.com/2022/01/28/winter-storm-set-to-snarl-northeast-air-travel.html |
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What really happens to Amazon returnsReturns are at a record high as online shopping booms. Now Amazon is trying to destroy less inventory with new options to refurbish, resell and liquidate items. Read more at: https://www.cnbc.com/2022/01/28/amazon-returns-what-really-happens-to-them.html |
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Out of 118 countries, these are the top 5 for road trips in 2022A new ranking analyzed 118 countries for road trip factors, such as sights, road quality, gas prices and landscapes. Here are the five that came out on top. Read more at: https://www.cnbc.com/2022/01/28/which-countries-are-best-for-road-trips-see-the-top-5-in-the-world-.html |
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5 things to know before the stock market opens FridayVolatility continued Friday, with Dow futures swinging wildly. Read more at: https://www.cnbc.com/2022/01/28/5-things-to-know-before-the-stock-market-opens-friday-jan-28.html |
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Shell says one of the largest hydrogen electrolyzers in the world is now up and running in ChinaHydrogen has a diverse range of applications and can be deployed in a wide range of industries. Read more at: https://www.cnbc.com/2022/01/28/green-hydrogen-one-of-planets-largest-electrolyzers-up-and-running.html |
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How The North Face is moving to compete with PatagoniaRenewed interest in outdoor activities and a move into streetwear has given a boost to The North Face. Read more at: https://www.cnbc.com/2022/01/27/how-the-north-face-is-moving-to-compete-with-patagonia-.html |
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Newsom says California is doing the ‘hard work’ to fight climate change, not just talking a good gameIn an exclusive interview with CNBC, Newsom explains how the state’s budget proposal will result in concrete changes. Read more at: https://www.cnbc.com/2022/01/27/newsom-california-in-transformational-moment-to-fight-climate-change-.html |
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S&P Suffers Worst Start To A Year Since 1939 As Yield Curve Yells ‘Recession’S&P Suffers Worst Start To A Year Since 1939 As Yield Curve Yells ‘Recession’Before we start, let’s make this clear right from the start – despite today’s panic-buying, this is the worst start to a year for the S&P 500 since 1939 (and on course for its worst January ever)…
Nasdaq is down 5 straight weeks (16% from its highs) – the longest losing streak since 2012 – while Small Caps are down 22% from their highs (in a bear market)…
Read more at: https://www.zerohedge.com/markets/sp-slumps-worst-start-year-1939-yield-curve-yells-recession |
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Oaktree Threatens Rift With China After Seizing Evergrande’s Prized “Versailles” Plot, Derailing Massive Restructuring PlanOaktree Threatens Rift With China After Seizing Evergrande’s Prized “Versailles” Plot, Derailing Massive Restructuring PlanWhile the collapse and default of Evergrande was 2021’s business, the subsequent restructuring – and its potentially absurd fallout – will be with us for a long time. Take the fluid restructuring plan of China’s most indebted property developer: according to Bloomberg, Chinese authorities are considering a proposal to dismantle China Evergrande Group by selling the bulk of its assets. The restructuring proposal, which was submitted to Beijing by officials in Evergrande’s home province of Guangdong, calls for the developer to sell most assets except for its separately listed property management and electric vehicle units. A group led by China Cinda Asset Management, a state-owned bad debt manager and major Evergrande creditor, would take over any unsold property assets, the Bloomberg sources said. If approved by Beijing, the plan – which we previewed several weeks ago – would mark the biggest step yet by China’s government to prevent a disorderly collapse of the world’s most indebted developer from roiling China’s financial markets and economy before the closely watched Communist Party leadership transition later this year. As part of this “Chapter 7-like” liquidation, proceeds from the asset s … Read more at: https://www.zerohedge.com/markets/oaktree-threatens-rift-china-after-seizing-evergrandes-prized-versailles-plot-derailing |
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Navy Confirms Newly Emerged Video Shows F-35 Crash In South China SeaNavy Confirms Newly Emerged Video Shows F-35 Crash In South China SeaThe US Navy has confirmed that an image and video that emerged in social media this week showing the crash landing of an advanced F-35C stealth fighter is authentic. It crashed and apparently rolled off the USS Vinson aircraft carrier and landed in the South China Sea on Monday. The US Navy is reportedly working on the daunting task of recovering the aircraft after the “landing mishap” which injured seven in total, including the pilot who had successfully ejected and six sailors who were presumably injured while on the flight deck. “The ship has assessed that the video and photo covered by media today were taken onboard USS Carl Vinson,” Cmdr. Hayley Sims, a 7th Fleet public affairs officer, belatedly acknowledged Friday. He said the images, one of which was posted to Reddit, were taken from aboard the carrier “during the crash.” Here is now confirmed authentic video…
CNN was the first to report the Navy’s confirmation of the imagery authenticity, writing that “The $100 … Read more at: https://www.zerohedge.com/geopolitical/navy-confirms-newly-emerged-video-shows-f-35-crash-south-china-sea |
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Amazon Is No Longer The ‘New New Thing’… Doesn’t It Look Tired?Amazon Is No Longer The ‘New New Thing’… Doesn’t It Look Tired?Authored by Bill Blain via MorningPorridge.com, “The four most dangerous words in politics; doesn’t she look tired?” Dismiss FOMO and Speculation! The markets will focus on fundamentals in 2022 – which means taking a long hard look at everything we think we know, and figuring out what ain’t necessarily so. Amazon is a case in point – just how deep is its moat, and what might revelations of an internal toxic culture do to its price?
Oh, these markets…. Desist from fear. The ying of a Hawkish Fed is balanced by yang of Tesla’s record results… (or maybe it’s the other way round!). Worry not about the in, out, whirl-it-all-about sharp spikey vol lines on the index charts. No one can predict the madness of crowds in periods of turmoil, or guess how the stock market voting machine is going to weight the votes … Read more at: https://www.zerohedge.com/markets/amazon-no-longer-new-new-thing-doesnt-it-look-tired |
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Return to the office must not harm women’s careers, says Aviva bossAviva’s chief executive says firms need to think about gender equality as workers return to offices. Read more at: https://www.bbc.co.uk/news/business-60166475?at_medium=RSS&at_campaign=KARANGA |
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HP wins multibillion-dollar fraud case over Autonomy saleThe tech giant says Autonomy’s founder “artificially inflated” the Cambridge-based firm’s worth. Read more at: https://www.bbc.co.uk/news/uk-england-cambridgeshire-60170510?at_medium=RSS&at_campaign=KARANGA |
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Grenfell: Gove calls for insurance probe as costs soarHousing secretary says the market is failing leaseholders as premiums rise after the Grenfell tragedy. Read more at: https://www.bbc.co.uk/news/business-60166471?at_medium=RSS&at_campaign=KARANGA |
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Cryptocurrency investors rush to ‘blue chip’ coins amidst volatility“The trading volumes in terms of quantity have increased for Bitcoin and Ether as there have been some price corrections. Our platform attracts infrequent traders and holders. It has stood true during correction times as well,” said Sathvik Vishwanath, Co-founder and CEO Unocoin, a cryptocurrency exchange. Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/cryptocurrency-investors-rush-to-blue-chip-coins-amidst-volatility/articleshow/89181203.cms |
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Hard-hit hotel sector eyeing these measures in Budget to recover from Covid blowThe hospitality sector, like the realty sector, has been demanding ‘infra’ status for a long time. Any such grant would be welcomed Read more at: https://economictimes.indiatimes.com/markets/stocks/news/hard-hit-hotel-sector-eyeing-these-measures-in-budget-to-recover-from-covid-blow/articleshow/89178749.cms |
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L&T Q3 results: Net profit down 17% YoY at Rs 2,055 cr; revenue rises 11%The revenue from operations came in at Rs 39,562.92 crore, up 11.14 per cent against Rs 35,596.42 crore in the corresponding quarter last year. This compares with the analyst estimate of Rs 39,732 crore. Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/lt-q3-results-net-profit-down-17-at-rs-2055-cr-revenue-rises-11/articleshow/89180167.cms |
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Bond Report: Two-year Treasury yield has biggest weekly advance since 2019 as Fed raises prospect of multiple hikes this yearYields on U.S. government debt were lower Friday, but finished higher on the week, as economic reports capped a volatile week highlighted by a hawkish Fed. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78CF-D8D00DF95FDB%7D&siteid=rss&rss=1 |
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Living With Climate Change: The bitter breakup with gas stoves is getting closer — here’s another reason whyGas emitted from stoves and ovens is not only potentially dangerous to health, but is believed to be aggravating the climate crisis more than thought: study Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78D4-A44A0A1CBFA2%7D&siteid=rss&rss=1 |
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Crypto: LeBron James partners with Crypto.com to teach kids blockchain technologyThe crypto platform is teaming up with James’s I Promise School to educate students on cryptocurrency and blockchain Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-78D3-3EAB3C0336AA%7D&siteid=rss&rss=1 |
