11 October 2022 Market Close & Major Financial Headlines: Wall Street Gives Back Earlier Gains In Choppy Trading, S&P 500 Sees 5-Session Losing Streak, Dow Closes In The Green

Battery Metals Trade Sideways As Market Becomes More Competitive

By AG Metal Miner The October Renewables MMI (Monthly MetalMiner Index) dropped yet again, but by less than in previous months. All in all, prices fell by 3.28%. The demand for battery metals due to the growing EV market largely kept the index afloat. Still recovering from August’s steep drop, Cobalt traded sideways between September 1 and October 1, then fell by a modest 2.03%. Cobalt Prices on a Roller Coaster Ride With the demand for EV batteries rising steadily, battery manufacturers are on the hunt for more and more resources. In the

Read more at: https://oilprice.com/Metals/Commodities/Battery-Metals-Trade-Sideways-As-Market-Becomes-More-Competitive.html

White House Leaves Door Open For Additional SPR Releases

The White House said on Tuesday that it has many options to counteract OPEC+s looming production cuts, including the release of even more crude oil from the nation’s Strategic Petroleum Reserves. According to the Energy Department’s deputy secretary David Turk, We still have some additional ability to use the Strategic Petroleum Reserve over the coming weeks and months as needed. The comments, made at an Axios-hosted event on energy reliability, come as the Biden Administration is winding down its release of 180

Read more at: https://oilprice.com/Latest-Energy-News/World-News/White-House-Leaves-Door-Open-For-Additional-SPR-Releases.html

German Panel Outlines Plan To Distribute 200 Billion In Subsidies

A German government-appointed expert panel on Monday proposed a two-stage system for distributing some of the up to 200 billion in subsidies Germany recently announced to ease the strain of high energy prices, a plan that the group said would still encourage people to save gas, but will merely subsidize even more gas purchases and in a supply-constrained environment, lead to even higher inflation (especially when paired with Russian “price caps”). According to AP, the panel suggested that the state take on the cost of natural gas customers’

Read more at: https://oilprice.com/Energy/Energy-General/German-Panel-Outlines-Plan-To-Distribute-200-Billion-In-Subsidies.html

Researchers Develop Lithium Battery With 40% More Energy Density

A Pohang University of Science & Technology research team succeeded in developing an anode-free lithium battery. The design maximized energy density and improved energy density by 40%. The Pohang University of Science & Technology (POSTECH) research team led by Professor Soojin Park and PhD candidate Sungjin Cho (Department of Chemistry) in collaboration with Professor Dong-Hwa Seo and Dr. Dong Yeon Kim (School of Energy and Chemical Engineering) at Ulsan Institute of Science and Technology (UNIST) have developed anode-free lithium batteries

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Researchers-Develop-Lithium-Battery-With-40-More-Energy-Density.html

U.S. Officials Promised Saudis It Wouldnt Let Oil Market Collapse

U.S. officials told Saudi Arabia prior to the OPEC+ meeting that it would help stave off a collapse in the oil market by buying oil at $75 per barrel to replenish the nation’s Strategic Petroleum Reserves, Wall Street Journal sources said on Tuesday. In the runup to last week’s OPEC+ meeting, Wall Street Journals sources suggest that the rift between Saudi Arabia and the United States grew wider over oil markets. The Wall Street Journal sources who remain anonymous but are cited as OPEC+ delegates paint an ugly picture

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Officials-Promised-Saudis-It-Wouldnt-Let-Oil-Market-Collapse.html

The Future Of Sustainable Aquaculture In Emerging Markets

With per capita fish consumption doubled in the past six decades, aquaculture is becoming more important in combatting food insecurity. Recent innovations seek to improve sustainability and productivity while assuaging quality concerns. Venture capitalists invested $39bn in food tech start-ups in 2021, double the amount seen in 2020. While over half of this amount went to digital grocers and online marketplaces, a number of companies developing innovative aquaculture technologies stand to benefit from investor interest. One such company,

Read more at: https://oilprice.com/The-Environment/Global-Warming/The-Future-Of-Sustainable-Aquaculture-In-Emerging-Markets.html

It’s bad enough that mortgage rates are over 7% – now it’s harder to qualify for a home loan

Mortgage rates are soaring, and credit availability is the lowest it’s been in over nine years.

Read more at: https://www.cnbc.com/2022/10/11/mortgage-rate-is-over-7percent-harder-to-qualify-for-loan.html

GM is launching a new business to connect homes and businesses with EV chargers, energy storage

GM is launching a new business unit to bring its battery and software expertise to home and business customers.

Read more at: https://www.cnbc.com/2022/10/11/gm-energy-launches-to-connect-homes-businesses-with-ev-chargers-energy-storage.html

American Airlines raises revenue forecast after strong summer travel season

The brighter forecast points to higher fares making up for a jump in expenses.

Read more at: https://www.cnbc.com/2022/10/11/american-airlines-raises-third-quarter-revenue-forecast.html

Defendants plead not guilty in case of $100 million New Jersey deli

Peter Coker Sr. and James Patten, charged in an alleged scheme involving a small-town deli, appeared in New Jersey federal court.

Read more at: https://www.cnbc.com/2022/10/11/100-million-nj-deli-case-peter-coker-sr-james-patten-appear-in-federal-court.html

Lyft exec was wrong about driverless vehicles — but he still believes in their potential

John Zimmer still believes his company can help bring about a revolutionary change to transportation — just on a different timeline than he’d first envisioned.

Read more at: https://www.cnbc.com/2022/10/11/lyft-president-still-thinks-driverless-cars-will-dominate-ride-share.html

Free weekly credit reports are available through the end of 2023. Why you may want to check yours now

Free weekly credit reports are now available from the three major credit bureaus through the end of 2023. Here’s how that can help boost your credit score.

Read more at: https://www.cnbc.com/2022/10/11/what-to-look-for-in-your-credit-report-to-lower-borrowing-costs.html

Fake billionaire fugitive Justin Costello had gold bars, $60K in cash, Mexican pesos and phony ID when FBI nabbed him

Prosecutors want Justin Costello held without bail, citing contents of a backpack FBI agents found when he was arrested on charges related to investment scams.

Read more at: https://www.cnbc.com/2022/10/11/fbi-found-gold-cash-on-fake-billionaire-fugitive-justin-costello.html

Amazon’s ‘Prime Early Access Sale’ is on — here are the best deals to shop now

The early holiday deals have begun. Here’s a look at some of the best deals being offered now.

Read more at: https://www.cnbc.com/2022/10/11/amazons-prime-early-access-sale-2022-here-are-the-best-deals.html

Here’s how to avoid buying a flood-damaged car following Hurricane Ian

While not all of these vehicles will end up for sale, buyers should be on guard against purchasing a used car that has damage from flooding.

Read more at: https://www.cnbc.com/2022/10/11/hurricane-ian-damaged-358000-vehicles-how-to-avoid-buying-one-of-them.html

Poliovirus found in Brooklyn and Queens sewage, New York health officials say

The sewage sample in Brooklyn and Queens that tested positive is genetically linked to the virus that paralyzed an unvaccinated adult in Rockland County over the summer.

Read more at: https://www.cnbc.com/2022/10/11/poliovirus-found-in-brooklyn-and-queens-sewage-samples-new-york-health-officials-say.html

Heiress and shareholder Abigail Disney on how to bring magic back to capitalism

Walt’s grandniece and shareholder Abigail Disney who became a viral hit for criticizing Bob Iger’s pay in 2019 keeps up her fight for workers and fair wages.

Read more at: https://www.cnbc.com/2022/10/11/heiress-abigail-disney-on-how-to-bring-magic-back-to-capitalism.html

3 takeaways from our daily meeting: Defensive stocks, trimming semis, Meta downgrade

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

Read more at: https://www.cnbc.com/2022/10/11/takeaways-from-our-meeting-defensives-trimming-semis-meta-downgrade.html

Stocks making the biggest moves midday: Amgen, Uber, Lyft, Zscaler, and more

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

Read more at: https://www.cnbc.com/2022/10/11/stocks-making-the-biggest-moves-midday-amgen-uber-lyft-zscaler-and-more.html

NY Times Updates Article That Claimed “Conspiracy Theory” Against Election Software Company After Charges Announced

Authored by Zachary Stieber via The Epoch Times,

The New York Times has added an editor’s note to an article it published on Oct. 3 claiming that allegations against a Michigan-based election software company were a “conspiracy theory.”

One day later, Los Angeles District Attorney George Gascon announced charges against the CEO of Konnech, the company, for allegedly stealing and storing election worker data on servers in China.

Read more at: https://www.zerohedge.com/political/ny-times-updates-article-claimed-conspiracy-theory-against-election-software-company

Funding Panic Imminent? Fed Quietly Sends $3.1 Billion To Switzerland Via Swap Line

BofA Chief Investment Strategist Michael Hartnett has a favorite market phrase that may be the only one a trader in this day and age needs: “Markets stop panicking when central banks start panicking.”

Well, in what may be the best news to shellshocked bulls after the worst September and worst Q3 in generations, in a harrowing year for markets, central banks are starting to panic. First, it was the BOJ, then the BOE and now, it’s Switzerland’s turn.

Two weeks ago after the (first) panicked pivot by the BOE, when global markets were in freefall, we said that markets desperately needed some words of encouragement from the Fed, or failing that – and with the dollar soaring to new all-time highs every day – the Fed had to make some pre-emptive announcement on USD Fx swap lines, if only to reassure global markets that amid this historic, US dollar short squeeze, at least someone can and will print as many as are needed to avoid systemic collapse.

Fed has to issue FX swap line press release before open

— zerohedge (@zerohedge) September 26, 2022

Fast forward two weeks when there still hasn’t been any formal announcement from the Fed, but every so quietly – and just as we expected – the Fed

Read more at: https://www.zerohedge.com/markets/funding-panic-imminent-fed-quietly-sends-31-billion-switzerland-swap-line

The “Economy Is Starting To Go Through The Windshield” – El-Erian Blames The Fed For “Totally Avoidable” Crisis

“The economy is starting to go through the windshield, the financial system is starting to go through the windshield,” warned Mohamed El-Erian during an interview with Bloomberg TV this morning, following remarks from JPM Asset Manager CIO Bob Michel’s comments:

The chief economic adviser at Allianz SE has been a frequent critic of The Fed in recent years for refusing to see the non-transitory nature of inflation and worse still, refusing to start tightening policy sooner – even after they admitted it was not so transitory after all.

Central banks made the mistake of holding on too long to the notion that inflation would be transitory, El-Erian said.

And “when they retired that word from their vocabulary, they didn’t act. They didn’t act in any meaningful way.”

Read more at: https://www.zerohedge.com/markets/economy-starting-go-through-windshield-el-erian-blames-fed-totally-avoidable-crisis

BoE’s Bailey Sparks Market Chaos With Pension Fund Threat

After doubling down on its pension fund bailout scheme, BoE’s Bailey spoke in Washington this afternoon, initially warning that “market volatility went beyond bank stress tests” (which is scary), then reinforcing the “serious risk to UK financial system stability,” noting that the buying program is “temporary”.

But the piece de resistance was his noting that BoE will be out by the end of the week, adding a simple threat…

“My message to the funds involved and all the firms is you’ve got three days left now,” Bailey said at an event in Washington on Tuesday.

“You’ve got to get this done. The essence of financial stability, is that it (intervention) is temporary. It’s not prolonged.”

Or what?

Our tweet says it all…(Roughly translated: ‘you have 3 days to sell everything’)…

Was his teleprompter hacked? This is the dumbest possible thing you can say https://t.co/R9xIVOdDZP

— zerohedge (@zerohedge) October 11, 2022

“The way that the bank has structured this intervention is they can only buy assets if people put offers into them, but nobody is putting offers in,” said Craig Inches, head of rates and cash at Royal London Asset Management.

…

Read more at: https://www.zerohedge.com/markets/boes-bailey-sparks-market-chaos-pension-fund-threat

Bank of England in fresh emergency move to calm markets

The Bank of England warns of a “material risk” to financial stability as it buys more government bonds.

Read more at: https://www.bbc.co.uk/news/business-63211743?at_medium=RSS&at_campaign=KARANGA

IMF warns rising prices will be worse in UK

Slovakia is the only eurozone country expected to have higher inflation than the UK by the end of next year.

Read more at: https://www.bbc.co.uk/news/business-63206733?at_medium=RSS&at_campaign=KARANGA

Co-op launches trial to cut back use of lighting

As energy bills remain high, the Co-op supermarket chain has announced it will cut back on lighting costs.

Read more at: https://www.bbc.co.uk/news/business-63214968?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty charts hint at more trouble ahead. What investors should do on Wednesday

Option data suggests a shift in lower broader trading range in between 16,600 to 17,500 zones while an immediate trading range in between 16,800 to 17,200 zones.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-more-trouble-ahead-what-investors-should-do-on-wednesday/articleshow/94788566.cms

​Charting Trend: Strong SIP numbers underscore retail confidence in equity markets

For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/charting-trend-strong-sip-numbers-underscore-retail-confidence-in-equity-markets/articleshow/94789721.cms

15 stocks that are likely to deliver over 100% growth in Q2 profit

For India’s largest car manufacturer Maruti Suzuki, Motilal expects a 297% YoY growth in its Q2 profit at Rs 1,900 crore. Besides the easing of supply-chain constraints, the auto major’s EBIT margin is expected to improve on a QoQ basis due to price hikes, forex benefits, and operating leverage.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/15-stocks-that-are-likely-to-deliver-over-100-growth-in-q2-profit/articleshow/94776125.cms

Crypto Update: Why Bored Ape creators Yuga Labs is being investigated by the SEC

Yuga Labs, the founder of the Bored Ape Yacht Club collection, is being investigated by the SEC over an ongoing debate about whether NFTs are securities.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7136-C8B8BC81FF0D%7D&siteid=rss&rss=1

The Fed: Fed’s Mester says there’s been no progress on inflation, so interest rates need to move higher

With little or no progress made on bringing inflation down, the Federal Reserve needs to continue raising rates, Cleveland Fed President Loretta Mester said.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7136-A6B3280B9D5D%7D&siteid=rss&rss=1

Financial Crime: Helena Bonham-Carter’s cousin indicted for allegedly helping Russian oligarch evade sanctions

Prosecutors say Graham Bonham-Carter managed Oleg Deripaska’s UK properties and made secret payments and art transfers for his boss.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7136-C5A93C79D3F3%7D&siteid=rss&rss=1