24 October 2022 Market Close & Major Financial Headlines: Wall Street Closes Higher Even With Steep Slide In Last 15 Minutes

The Dutch Resolve: Will The Netherlands Boost Gas Production?

Modern global society is steeped in the idea of trade-offs, the notion that one must suffer losses to obtain desired gains. This prepares the way for disingenuous leaders to explain why sacrifices are necessary to reach supposedly exalted goals. Usually, those sacrifices are made by the powerless in society; they are certainly not made by the leaders who call for sacrifices nor by the wealthy and powerful who benefit from them.* This coming fateful winter season in Europe is likely to include a lively debate about whether the Dutch should make

Read more at: https://oilprice.com/Energy/Gas-Prices/The-Dutch-Resolve-Will-The-Netherlands-Boost-Gas-Production.html

Ukraine Steelmakers Slammed By Electricity Outages

Via AG Metal Miner Russian forces continue to wage rocket attacks on Ukraine’s cities and energy networks. So far, the destruction has caused at least one steelmaker and one iron ore producer to lower their production levels. Integrated longs producer ArcelorMittal Kriviy Rih recently announced it would limit the electricity consumption of its most energy-intensive equipment. According to an October 11 Telegram, the loading and dispatching of finished products will continue as normal for the time being. ArcelorMittal Kriviy Rih sits

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Steelmakers-Slammed-By-Electricity-Outages.html

Texas Natural Gas Prices Sink Close To Zero

While U.S. natural gas futures gained more than 4% on Monday, natural gas in the Waha part of the Permian Basin was falling and trading close to zero, traders told Bloomberg on Monday. Flourishing natural gas production in the Permian has swamped pipelines, putting an undue burden on takeaway capacity, resulting in an oversupply situation that has caused natural gas prices to sag to as low as 20 cents per MMBTU, traders have reported, and up to 70 cents per MMBTU. That compares with overall U.S. natural gas futures that are trading at more than

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Natural-Gas-Prices-Sink-Close-To-Zero.html

Indonesia’s Pivot Away From Coal Will Require Massive Investments

Getting Indonesia to kick its coal habit will be no easy feat. Not only does coal dominate the island nations energy mix, it is deeply embedded in the countrys politics. Indonesia is the world’s largest exporter of coal, and leaving the dirtiest fossil fuel behind will require massive investment as well as political upheaval. Coal money currently funds local and national budgets, and coal-powered development plans are what put President Joko Widodo, in addition to many other Indonesian politicians, into office. Transitioning

Read more at: https://oilprice.com/Energy/Coal/Indonesias-Pivot-Away-From-Coal-Will-Require-Massive-Investments.html

Food And Energy Supply Chain Disruptions To Blame For Runaway Inflation

The International Monetary Fund has said that it expects inflation pressures to be significant around the world throughout 2022. In fact, as Statista’s Katharina Buchholz reports, inflation is predicted to be worse in developing economies, where price increases are projected to reach 9.9 percent on average over the course of this year. In developed nations, this number was put at 7.2 percent by the IMF. After the invasion of Ukraine by Russia in February, the organization revised its inflation projections upwards by 3.3 percent for developed

Read more at: https://oilprice.com/Energy/Energy-General/Food-And-Energy-Supply-Chain-Disruptions-To-Blame-For-Runaway-Inflation.html

Blinken Dismisses Russian Claim That Ukraine Is Prepping A Dirty Bomb Attack

U.S. Secretary of State Antony Blinken has scoffed at Russia’s transparently false allegations that Ukraine is preparing to use a “dirty bomb” and reaffirmed Washington’s support for Kyiv in its fight to repel invading Russian forces. “The United States rejects Russian Defense Minister Shoigus’s transparently false allegations that Ukraine is preparing to use a dirty bomb on its own territory and that the world would see through any attempt by Russia to use this allegation as a pretext for escalation [of the war],” Blinken told

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Blinken-Dismisses-Russian-Claim-That-Ukraine-Is-Prepping-A-Dirty-Bomb-Attack.html

Talent agency CAA drops Ye, as film studio MRC ditches documentary because of his antisemitic remarks

Hollywood talent agency CAA dropped Ye, previously known as Kanye West, as a client.

Read more at: https://www.cnbc.com/2022/10/24/caa-drops-ye-mrc-ditches-documentary-over-antisemitic-remarks.html

Beyond Meat is rolling out its steak substitute in grocery stores

Beyond Steak is coming to Kroger, Walmart, and other grocery stores on Monday.

Read more at: https://www.cnbc.com/2022/10/24/beyond-meats-steak-substitute-coming-to-grocery-stores.html

Nio, BYD, and other Chinese EV stocks fall sharply amid sell-off

Shares of many U.S.-listed Chinese companies, including EV makers BYD, Li Auto, Nio and Xpeng, opened the week sharply lower.

Read more at: https://www.cnbc.com/2022/10/24/chinese-ev-stocks-nio-byd-li-auto-xpeng-fall-sharply-amid-selloff.html

Walmart overhauls its intimates and sleepwear line to keep pace in a competitive market

The renamed Walmart brand is debuting as the discounter gears up for the holidays and is attracting more shoppers with its low-priced groceries.

Read more at: https://www.cnbc.com/2022/10/24/walmart-joyspun-intimates-sleepwear-brand-launches.html

Ivermectin — a drug once touted as a Covid treatment by conservatives — doesn’t improve recovery much, clinical trial finds

“These findings do not support the use of ivermectin in patients with mild to moderate COVID-19,” the scientists concluded.

Read more at: https://www.cnbc.com/2022/10/24/ivermectin-once-touted-as-a-covid-treatment-by-conservatives-doesnt-improve-recovery-much-clinical-trial-finds.html

There’s still time for big savers to use ‘after-tax contributions’ to funnel more into 401(k) plans for 2022

If you’ve maxed out 401(k) contributions for 2022 and want to save more, some plans allow after-tax deposits above the deferral limits.

Read more at: https://www.cnbc.com/2022/10/24/how-to-save-above-401k-deferral-limits-with-after-tax-contributions.html

Andreessen Horowitz-backed startup takes on mass-producing spacecraft

Apex has so far raised $7.75 million in a round led by Andreessen Horowitz, alongside other venture investors including XYZ, J2, Lux Capital and Village Global.

Read more at: https://www.cnbc.com/2022/10/24/andreessen-horowitz-backed-apex-space-aims-to-mass-produce-spacecraft.html

‘Star Wars’ movie in development from ‘Watchmen’ showrunner and ‘Ms. Marvel’s director, reports say

Damon Lindelof, showrunner for “Lost,” “The Leftovers” and “Watchmen,” is co-writing the new Lucasfilm movie, with Sharmeen Obaid-Chinoy of “Ms. Marvel” signed on to direct.

Read more at: https://www.cnbc.com/2022/10/24/new-star-wars-movie-coming-from-watchmen-showrunner-reports-say.html

The major space players and diverging strategies in the race to connect your smartphone via satellites

The potential untapped is spurring a tale of two strategies. For some companies, it means billions spent on what could end up being a losing approach.

Read more at: https://www.cnbc.com/2022/10/23/space-race-to-connect-satellites-to-phones-with-apple-spacex-att.html

Police arrest German climate protesters who threw mashed potatoes at Monet painting

The German climate group Last Generation took credit for the stunt, which was intended to draw attention to global climate change.

Read more at: https://www.cnbc.com/2022/10/24/police-arrest-climate-protestors-who-threw-mashed-potatoes-at-monet-painting.html

JPMorgan Chase uses Advancing Black Wealth Tour to boost financial literacy, address racial wealth gap

JPMorgan Chase’s Advancing Black Wealth Tour, which recently stopped in Philadelphia, aims to boost financial literacy and narrow the racial wealth gap.

Read more at: https://www.cnbc.com/2022/10/24/jpmorgan-chase-uses-advancing-black-wealth-tour-to-boost-financial-literacy.html

2 takeaways from our daily meeting: We like health care and staples, Club names in the news

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

Read more at: https://www.cnbc.com/2022/10/24/2-takeaways-from-our-daily-meeting-we-like-health-care-and-staples-club-names-in-the-news.html

‘Black Adam’ tallies $67 million in domestic debut, first film opening since July to top $50 million

Warner Bros.’ latest DC Extended Universe film “Black Adam” tallied $67 million at the domestic box office during its opening weekend.

Read more at: https://www.cnbc.com/2022/10/23/black-adam-tallies-67-million-in-domestic-debut.html

UC Berkeley To Offer Course On Nicki Minaj

Via The College Fix,

The University of California Berkeley will be offering a course this coming spring that focuses on popular female rapper Nicki Minaj.

Officially titled “The Galaxy of Hip-Hop Feminisms” in the UC Berkeley 2022-23 Academic Guide, instructor Peace And Love B El Henson’s (pictured below) class will delve into the “many iterations” of the topic “on stage and in everyday spaces.”

Read more at: https://www.zerohedge.com/political/uc-berkeley-offer-course-nicki-minaj

GOP Sues Google Over Routing Donation Emails To Spam

Two weeks before the midterm elections, the Republican National Committee hit Alphabet Inc.’s Google with a lawsuit, claiming they can’t communicate with party members to fundraise because the big tech firm routes their emails into spam folders.

The GOP lawsuit alleges Google “has relegated millions of RNC emails en masse to potential donors’ and supporters’ spam folders during pivotal points in election fundraising and community building.”

“The timing of Google’s most egregious filtering is particularly damning…

“For most of each month, nearly all of the RNC’s emails make it into users’ inboxes. At approximately the same time at the end of each month, Google sends to spam nearly all of the RNC’s emails. Critically, and suspiciously, this end of the month period is historically when the RNC’s fundraising is most successful,” GOP said.

GOP argues in the lawsuit this has been an ongoing issue for ten months. The committee is asking for unspecified monetary damages and a court order to “remedy Google’s violations of state and federal law.”

Read more at: https://www.zerohedge.com/political/gop-sues-google-over-routing-donation-emails-spam

Investing Is Difficult And Speculating Is Dangerou

Authored by Bruce Wilds via Advancing Time blog,

Many of us are under the impression something in the economy or the financial system is about to break. If so, things will get much more volatile and unsettled before things play out. This has forced me to explore different scenarios and listen to various so-called experts I disagree with in an attempt to avoid reinforcing poor or biased conclusions. Individuals that look only at views they agree with tend to strengthen their convictions and reassure themselves. The problem is that this can take us down the often more dangerous path of speculation rather than investing. During unsettled times the risk of putting your money and wealth “out there” can hold far more risk than is offered in return.

Speculating is akin to gambling and not a prudent way to go about procuring a solid future. Jason Zweig, a leading financial journalist who writes the widely read “The …

Read more at: https://www.zerohedge.com/markets/investing-difficult-and-speculating-dangerous

Crown Prince Mocks Biden As Mentally Challenged Amid Crashing US-Saudi Relations

Just when you thought the Saudis couldn’t humiliate the Biden administration anymore, the Wall Street Journal reports that Crown Prince Mohammed bin Salman is reportedly talking massive trash about the US president behind closed doors.

Saudi Crown Prince Mohammed bin Salman, the kingdom’s 37-year-old day-to-day ruler, mocks President Biden in private, making fun of the 79-year-old’s gaffes and questioning his mental acuity, according to people inside the Saudi government. He has told advisers he hasn’t been impressed with Mr. Biden since his days as vice president, and much preferred former President Donald Trump, the people said. –

Read more at: https://www.zerohedge.com/geopolitical/mbs-mocks-biden-mentally-challenged-us-saudi-relations-continue-sour-wsj

Investors calm as Rishi Sunak wins race for prime minister

The pound is broadly unchanged against the dollar while government borrowing costs are down on the day.

Read more at: https://www.bbc.co.uk/news/business-63367738?at_medium=RSS&at_campaign=KARANGA

Rishi Sunak: The most urgent problems facing the new prime minister

Rishi Sunak, the fifth Conservative prime minister in seven years, inherits many pressing challenges.

Read more at: https://www.bbc.co.uk/news/uk-63373258?at_medium=RSS&at_campaign=KARANGA

UK doomed without Brexit rethink, warns past Tory backer

Financier Guy Hands claims the UK is facing an IMF bailout because of the way its EU exit was negotiated.

Read more at: https://www.bbc.co.uk/news/business-63371743?at_medium=RSS&at_campaign=KARANGA

Samvat 2079 looks more promising for Nifty bulls than last year. Here’s why

“The Indian market has been outperforming the global markets as of now and we anticipate a decent rise in the next one year with targets of 20,500-21,000 anticipated since the last one year has been stagnant and with a breakout above 18,600 zone, at least 12%-15% gain is expected,” domestic brokerage Prabhudas Lilladher said.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/samvat-2079-looks-more-promising-for-nifty-bulls-than-last-year-heres-why/articleshow/95065164.cms

Undeterred by global central banks’ moves, long-term FPIs stay put in Indian equities

The share of sticky foreign funds – these include global central banks, pension funds, sovereign funds, and entities where a majority stake is owned by governments – in equity assets held by foreign portfolio investors rose to a record 24.30% last month, data from NSDL show. The increased share of sticky funds is an indication that redemption pressure on Indian equities will be relatively lower during the period of extreme risk aversion.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/undeterred-by-global-central-banks-moves-long-term-fpis-stay-put-in-indian-equities/articleshow/95059131.cms

Private banks’ profit margins soar in Q2

ICICI Bank reported a 31-basis-point increase in NIM to 4.31% in the September quarter from a year earlier. NIM is the difference between the yield a bank earns on loans and the interest it pays on deposits, and is considered a key matrix to judge bank profitability. One basis point is 0.01 percentage point.

Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/private-banks-profit-margins-soar-in-q2/articleshow/95059267.cms

Mark Hulbert: Stock market bulls have a new story to sell you. Don’t believe them — they’re just in the ‘bargaining’ stage of grief

The stock market’s odds of rising aren’t any higher just because it has tumbled.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7141-1A0C4DC0F84E%7D&siteid=rss&rss=1

Prepare for this largely unforeseen inflation impact next year, analysts warn

When it comes to healthcare spending, ‘consumers can only really choose between paying up or walking away,’ one analyst told MarketWatch.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-713B-45BF51D56DD2%7D&siteid=rss&rss=1

Market Snapshot: Stocks extend bounce, with Dow up almost 500 points, amid renewed hopes of a Fed pivot

Stocks are near session highs as investors assess disappointing data and the possibility of a Federal Reserve pivot by year-end.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7140-AA7B4C1C16DD%7D&siteid=rss&rss=1