13 October 2022 Market Close & Major Financial Headlines: Wall Street Roars Higher After September CPI Comes In Hot. 2-Year Treasury Yield Hits Fresh 15-Year High Of Almost 4.5%.

Prospectors Turn To Old Mines For New Riches

Coming up with the minerals for producing and using energy and fuels will require a wide range of critical metals. One of these rare earth elements, tellurium for example, is gaining in popularity for use in photovoltaics, or solar panels. As global demand for solar panels continues to increase, so is the need for critical metals like tellurium. Tellurium isn’t mined as by itself as a solo mineral. Currently, most tellurium is collected as a by-product from copper mining. Simon Jowitt, economic geologist at University of Nevada

Read more at: https://oilprice.com/Metals/Commodities/Prospectors-Turn-To-Old-Mines-For-New-Riches.html

Energy And More: Turkmenistan Improves Economic Ties With The U.S

In late August, the president of Turkmenistan signaled that the end was near for price caps for staple goods in state-owned stores. He has wasted no time. As Vienna-based Chronicles of Turkmenistan reported on October 10, the cost of bread in government stores in the capital, Ashgabat, has quadrupled. And while the price of a flatbread has increased, the weight of a standard loaf has fallen. Elsewhere in the country, expected amounts of price-controlled food have not been delivered at all, Chronicles reported. These changes have not been compelled,

Read more at: https://oilprice.com/Geopolitics/Asia/Energy-And-More-Turkmenistan-Improves-Economic-Ties-With-The-US.html

Angela Merkel Justifies Disastrous Energy Policy With Russia

Former German chancellor Angela Merkel has sought to justify the country’s energy policy that left Europe’s biggest economy too dependent on Russian gas, saying she has no regrets and that her policies were informed by the situation at that time. “You always act in the time in which you find yourself. In this respect, I do not regret decisions at all, rather, I believe that it was right from the perspective of the time,” she told reporters in Lisbon when quizzed about her government’s approach to Russia. Cheap Russian gas had allowed

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Angela-Merkel-Justifies-Disastrous-Energy-Policy-With-Russia.html

Hot Inflation Figures Could Spark 75-Point Interest Hike

US inflation climbed higher than expected on a monthly basis in September in a sign the Federal Reserve’s series of steep rate hikes are failing to tame the toughest price pressures. Inflation hit 0.4 percent last month, above Wall Streets expectations of a 0.2 percent increase and higher than August’s print, figures from the US Labour Department showed. On an annual basis, prices climbed 8.2 percent, down slightly from August. The hotter-than-forecast figures indicate Fed chair Jerome Powell and cos three successive 75

Read more at: https://oilprice.com/Energy/Energy-General/Hot-Inflation-Figures-Could-Spark-75-Point-Interest-Hike.html

Spain Withdraws From European Energy Treaty Over Climate Concerns

After months of speculation, Spain has officially kicked off the process of withdrawing from the Energy Charter Treaty, a European treaty that seeks to protect energy investments, over climate concerns. Spain will become the second country to withdraw from the treaty after Italy pulled out in 2016. Spains Energy Minister Teresa Ribera has told Politico that the country is now “certain” to withdraw from the treaty. The ECT, which dates back to 1998, was designed to secure energy supply in the region and offer protection to companies

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Spain-Withdraws-From-European-Energy-Treaty-Over-Climate-Concerns.html

U.S. Construction Weighed Down By Rising Interest Rates

Via AG Metal Miner The October Construction MMI (MetalMiner Monthly Index) dropped 6.96%. Not only did the construction cost index fall recently, but high-interest rates have seriously impacted the US housing construction sector. Billings are on the rise in both the US commercial construction sector and on the consumer end. Meanwhile, new housing construction continues to cool due to high-interest rates. Issues Plaguing US Housing Construction Cost Index In the non-commercial sector, housing construction dropped in recent months. This was partially

Read more at: https://oilprice.com/Energy/Energy-General/US-Construction-Weighed-Down-By-Rising-Interest-Rates.html

Netflix will charge $6.99 a month for new ad-supported plan starting Nov. 3 in U.S.

Netflix is debuting its advertising-supported subscription plan on Nov. 3 in the U.S. at $6.99 per month.

Read more at: https://www.cnbc.com/2022/10/13/netflix-to-charge-6point99-a-month-for-ad-supported-tier-starting-nov-3.html

Albertsons merger with Kroger could be announced this week

Albertsons’ stock jumped and was briefly halted after news that the grocery chain may get acquired by grocery giant Kroger.

Read more at: https://www.cnbc.com/2022/10/13/shares-of-albertsons-jump-on-report-of-potential-merger-with-grocery-giant-kroger.html

Delta forecasts another profit after summer boom drives record revenue

Delta forecast another profit and revenue above 2019 levels for the last three months of the year.

Read more at: https://www.cnbc.com/2022/10/13/delta-air-lines-dal-earnings-3q-22-.html

Digital World Acquisition Corp shares jump after Google Play Store approves Trump’s Truth Social

Shares of the SPAC set to take Trump Media public spiked after Google added former President Donald Trump’s Truth Social app to its Play Store.

Read more at: https://www.cnbc.com/2022/10/13/trump-spac-shares-jump-after-google-play-store-approves-truth-social.html

Netflix to get Nielsen ratings as streaming giant rolls out ad-supported plan

Netflix shows on its ad-supported tier will be rated by Nielsen starting sometime next year.

Read more at: https://www.cnbc.com/2022/10/13/netflix-shows-on-ad-supported-plan-to-get-nielsen-ratings-in-2023.html

Walgreens beats sales expectations, as it expands its healthcare business

Walgreens’ profit outlook for the new fiscal year is largely in line with Wall Street’s expectations.

Read more at: https://www.cnbc.com/2022/10/13/walgreens-wba-q4-2022-earnings.html

‘Black Friday is here’: Holiday sales are already on, with record-breaking deals

Holiday sales are starting earlier this year as retailers try to unload excess inventory and entice shoppers worried about inflation.

Read more at: https://www.cnbc.com/2022/10/13/black-friday-is-here-the-2022-holiday-shopping-season-has-started.html

Biden unveils plan to pay farmers and cities for Colorado River water cuts

The Interior’s program will pay applicants a set amount of money per acre-foot of water that they don’t draw from Lake Mead, the country’s largest reservoir.

Read more at: https://www.cnbc.com/2022/10/13/biden-unveils-plan-to-pay-farmers-cities-for-colorado-river-cuts-.html

Stocks making the biggest moves midday: Digital World, Domino’s, Revlon, Albertsons and more

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

Read more at: https://www.cnbc.com/2022/10/13/stocks-making-the-biggest-moves-midday-digital-world-dominos-revlon-albertsons-and-more.html

Spotted lanternflies are feasting on U.S. grapevines and putting vineyards at risk

The spotted lanternfly feeds on a wide range of ornamental, fruit and woody trees, including grapevines.

Read more at: https://www.cnbc.com/2022/10/13/spotted-lanternflies-kill-grapes-put-vineyards-at-risk.html

Pfizer says omicron shots substantially boosted antibodies against BA.5 subvariant in early human data

The FDA has authorized Pfizer’s boosters without direct human data on how they perform against the omicron BA.5 subvariant.

Read more at: https://www.cnbc.com/2022/10/13/pfizer-says-omicron-shots-substantially-boosted-antibodies-against-bapoint5-subvariant-in-early-human-data.html

Domino’s reports U.S. same-store sales increase and stands by forecast for food costs

Domino’s Pizza reported an increase in U.S. same-store sales and stood by its forecast for food costs this year.

Read more at: https://www.cnbc.com/2022/10/13/dominos-pizza-dpz-reports-q3-2022-earnings.html

Nikola can complete its deal to acquire Romeo Power after clearing key hurdle

Nikola said that Romeo Power shareholders have tendered, or turned in, enough shares to allow the deal to go forward.

Read more at: https://www.cnbc.com/2022/10/13/nikola-nkla-tender-offer-romeo-power-rmo-acquisition-completed.html

Soaring CPI & Extreme Pre-Positioning Sparks Massive Swings Across Markets

CPI (soaring food and shelter costs) slammed the markets hard…but pre-positioning sparked a massive reversal everywhere…

Source: Bloomberg

Sheesh, that escalated quickly…

The day started off well with a series of headlines from the UK that Truss and Kwarteng would fold on tax cuts. Gilt and Linker yields tumbled as BoE accepted offers rose to top $5bn…

Read more at: https://www.zerohedge.com/markets/stocks-bonds-purgensurge-after-hot-cpi-rate-hike-odds-soar

Social Security Benefits Receive 8.7% Boost For 2023

Less than an hour after US core CPI surged to 40-year highs, the Social Security Administration announced that benefits for around 70 million Americans will increase 8.7% in 2023.

This will amount to an average increase of more than $140 per month beginning in January for Social Security beneficiaries, and beginning in December for more than 7 million Supplemental Security Income (SSI) beneficiaries.

Of note, the Social Security Act links the annual cost-of-living adjustment (COLA) to the increase in the Consumer Price Index.

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. …

Read more at: https://www.zerohedge.com/personal-finance/social-security-benefits-receive-87-boost-2023

Will Musk “End Twitter As We Know It”? I Sincerely Hope So…

Authored by Jonathan Turley,

Below is my column in USA Today on the panic among political and media figures at the prospect that Elon Musk might return free speech protections to Twitter. I have long advocated what I call the “First Amendment model” for social media to replicate the standards applied to the government. While I am often called a “free speech absolutist,” I recognize that a social media company (like the government) has some ability to curtail speech containing elements like threats. The question is the baseline, which is far lower when modeled on the First Amendment. This admittedly means that some offensive or false claims will be allowed on social media, which will function closer to a common carrier or other forums for communication like telephones. Rather than continue the expanding level of censorship and biased “content modification,” free speech can address such bad speech with better speech.

…

Read more at: https://www.zerohedge.com/political/will-musk-end-twitter-we-know-it-i-sincerely-hope-so

Supreme Court Denies Trump Motion Seeking To Reinstall Special Master

The US Supreme Court has denied an appeal by former President Donald Trump to reinstate a special master to access classified documents seized by the FBI at Mar-a-Lago.

Trump had requested that the USSC vacate the 11th circuit’s stay of Judge Aileen Cannon’s order which required the DOJ to turn over more than 100 classified documents to Special Master Raymond Dearie for review, as part of an examination of the more than 11,000 government records seized during the August 8 raid – arguing that it “impairs substantially the ongoing, time-sensitive work of the special master.”

“Any limit on the comprehensive and transparent review of materials seized in the extraordinary raid of a president’s home erodes public confidence in our system of justice,” Trump’s lawyers argued.

NEW: The Supreme Court has denied Trump’s request to vacate the 11th circuit’s stay of Judge Aileen Cannon’s order requiring DOJ to turn over classified mater …

Read more at: https://www.zerohedge.com/political/supreme-court-denies-trump-motion-seeking-reinstall-special-master

Netflix ad-supported service to launch in November

The firm is rolling out a less expensive offering to try to attract viewers.

Read more at: https://www.bbc.co.uk/news/business-63245483?at_medium=RSS&at_campaign=KARANGA

Housing slowdown warning after mortgage rates rise

The warning comes as the Bank of England says the number struggling to pay mortgages could hit a 15-year high.

Read more at: https://www.bbc.co.uk/news/business-63230000?at_medium=RSS&at_campaign=KARANGA

Consumers urged to cut energy use this winter

Energy watchdog Ofgem will launch a campaign to cut consumption and ensure the UK has enough supplies.

Read more at: https://www.bbc.co.uk/news/business-63242050?at_medium=RSS&at_campaign=KARANGA

Nifty making lower highs for last 5 sessions. What investors should do on Friday

Nifty has been consistently taking support near its 200-DMA at 16,950, while facing strong resistance at 17,150. Now, it has to hold multiple support of 16,950 zones for a bounce towards 17,117 and 17,171 zones, whereas supports are at 16,950 and 16,888 zones, said Chandan Taparia of Motilal Oswal.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-making-lower-highs-for-last-5-sessions-what-investors-should-do-on-friday/articleshow/94840587.cms

Muhurat Trading Picks: 9 stock ideas for long-term wealth creation

Ahead of the beginning of Samvat 2079, the Hindu calendar year, domestic brokerage Axis Securities said the Indian equity market will likely outperform led by favourable macroeconomic factors and better-than-historical fundamentals of Indian corporates. The brokerage firm believes housing and banking will be major themes to watch out for in 2023 on account of their improved economic outlook and the pick-up in credit growth, while the QSR space is well-placed to deliver superior returns. Here are 9 Diwali picks for long-term portfolio from Axis Securities:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/diwali-muhurat-trading-picks-9-stock-ideas-for-long-term-wealth-creation/auspicious-start/articleshow/94826591.cms

Chart Check: This engineering & construction stock could rally 50% in next 6 months; time to buy?

The stock hit a fresh record high of Rs 461 on 12th October and most technical indicators suggest a possible uptrend to continue that could take the stock towards Rs 650 levels which translates into an upside of over 50 percent, suggest experts.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-this-engineering-construction-stock-could-rally-50-in-next-6-months-time-to-buy/articleshow/94827756.cms

Distributed Ledger: Will bitcoin continue to outperform stocks for rest of the year?

A weekly look at the most important moves and news in crypto and what’s on the horizon in digital assets.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7137-ECF66095C8EB%7D&siteid=rss&rss=1

Bond Report: 2-year Treasury yield hits fresh 15-year high of almost 4.5% after September CPI comes in hot

Treasury yields jumped on Thursday, sending the policy-sensitive 2-year rate to its highest since August 2007, after September’s U.S. consumer-price index came in hot and increasing the chances of another 75-basis-point rate hike by the Federal Reserve next month.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7138-6EEF1E31B335%7D&siteid=rss&rss=1

MarketWatch 25 Years: ‘Soft landing’ unlikely as Fed tries to get grip on inflation, says former Treasury Secretary Robert Rubin

The Federal Reserve is finally on the right path when it comes to fighting inflation, but it’s likely to result in a painful economic contraction, says Robert Rubin

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7139-2BEAA2A96154%7D&siteid=rss&rss=1