11 November, 2022 Market Close & Major Financial Headlines: Wall Street Continues Rally Closing Moderately Higher In The Green

Ukraine Building Concrete Walls To Shut Out Belarus

Ukraine is erecting a reinforced concrete wall on its border with Belarus to mitigate the risk of Russia further using its ally to stage more ground invasions. Ukraine has already built three kilometers of reinforced concrete walls topped with barbed wire on the border with Belarus in the region of Volyn, Reuters reported, with additional fortifications going up elsewhere in two other regions. Ukrainian officials did not disclose further details of the fortifications, but protecting the 1,000-kilometer-long border will be challenging.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Building-Concrete-Walls-To-Shut-Out-Belarus.html

The Climate-Friendly Solution Is More U.S. Oil, Not Less: U.S. Republicans

On the sidelines of COP27 this week, U.S. House Republicans are arguing that additional crude oil production from the United States will be necessary to meet global oil demandand better for the climate than the alternatives, Bloomberg reported on Friday. At the UN climate summit in Egypt, U.S. Republicans have argued that the cleanest oil in the world comes from the United States. If we are going to be increasing global demand of oil and gas we must ensure that the extraction, exploration and production activities are occurring

Read more at: https://oilprice.com/Energy/Crude-Oil/The-Climate-Friendly-Solution-Is-More-US-Oil-Not-Less-US-Republicans.html

Disagreement Over Gas Price Cap Threatens EU Energy Crisis Solutions

Four EU countries are threatening to derail a package of measures designed to address the current energy crisis, including measures for joint buying of natural gas and speeding up permitting for renewable energy projects. The four countries, Belgium, Greece, Italy, and Poland, threatened to block the entire package of energy-related measures designed to alleviate the energy crisis in 27 EU countries because a natural gas price cap plan is not included in the current list of detailed proposals. It is just the latest in a series of arguments over

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Disagreement-Over-Gas-Price-Cap-Threatens-EU-Energy-Crisis-Solutions.html

U.S. Rig Count Sees Highest Weekly Gain Since July

The number of total active drilling rigs in the United States rose by 9 this week, according to new data from Baker Hughes published on Friday. It is the largest single-week increase since the end of July. The total rig count increased to 779 this week223 rigs higher than the rig count this time in 2021, and 296 rigs lower than the rig count at the beginning of 2019, prior to the pandemic. Oil rigs in the United States rose by 9 this week, to 622. Gas rigs stayed the same at 155. Miscellaneous rigs also stayed the same at 2. The rig count

Read more at: https://oilprice.com/Energy/Energy-General/US-Rig-Count-Sees-Highest-Weekly-Gain-Since-July.html

Pakistan Has No Option But To Ration Natural Gas Supply This Winter

Pakistan has no other option but to ration natural gas supply this winter, with gas provided three times a day for cooking to households, amid acute shortages and a forex crisis in the world’s fifth most populous country, an official from the petroleum ministry told a Parliament panel this week. The energy crisis in Pakistan has deepened this year, and now, natural gas supplies will be very limited for households, according to officials. There would be no gas supply (to household consumers) for 16 hours a day, Muhammad

Read more at: https://oilprice.com/Energy/Natural-Gas/Pakistan-Has-No-Option-But-To-Ration-Natural-Gas-Supply-This-Winter.html

Trinidad Asks U.S. To Allow Gas Imports From Venezuela

Trinidad and Tobago asked the United States to authorize Venezuelan gas imports to restart a liquefaction train in the Caribbean country, sources close to the matter said, Reuters reported on Nov. 4. Under U.S. sanctions, companies and governments need to request authorization from the U.S. Department of Treasury before entering into business with PDVSA, Venezuela’s state-owned oil company.Trinidad’s previous request to the Treasury was left unanswered. However, the United States has recently been considering easing sanctions on Venezuela,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trinidad-Asks-US-To-Allow-Gas-Imports-From-Venezuela.html

SpaceX shakes up Starship leadership in Texas as push for the rocket’s next milestone intensifies

SpaceX president and COO Gwynne Shotwell and vice president Mark Juncosa are now overseeing the facility and operations of company’s Starbase location.

Read more at: https://www.cnbc.com/2022/11/11/spacex-shakes-up-starbase-leadership-in-starship-push.html

Gyms and at-home fitness battle for prominence this holiday season

Inflationary pressures and a post-lockdown reset look poised to benefit traditional gyms and threaten connected at-home fitness equipment like Peloton.

Read more at: https://www.cnbc.com/2022/11/11/home-workouts-vs-gyms-inside-the-holiday-season-fitness-fight.html

Here’s what critics are saying about Marvel’s ‘Black Panther: Wakanda Forever’

Ryan Coogler’s latest Marvel Cinematic Universe film, “Black Panther: Wakanda Forever,” is over 80% “fresh” on Rotten Tomatoes.

Read more at: https://www.cnbc.com/2022/11/11/black-panther-wakanda-forever-reviews-what-critics-are-saying.html

Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance

Cost cuts and higher sales helped EV maker Polestar trim its operating loss from a year ago. The company expects to deliver 50,000 vehicles in 2022.

Read more at: https://www.cnbc.com/2022/11/11/polestar-psny-earnings-lower-operating-loss-confirms-guidance.html

United gives pilots 5% raises early after contract talks turn rocky

The raises were part of a 2020 cost-cutting agreement with the union.

Read more at: https://www.cnbc.com/2022/11/10/united-airlines-gives-pilots-5percent-raises-early-.html

Omicron BQ variants resistant to antibody treatments are quickly becoming dominant in U.S.

Omicron subvariants BQ.1 and BQ.1.1 now make up 44% of new Covid cases, compared with 32% last week, according to CDC data.

Read more at: https://www.cnbc.com/2022/11/11/omicron-bq-variants-resistant-to-antibody-treatments-are-becoming-dominant-in-us.html

Keurig Dr Pepper CEO resigns after violating company’s code of conduct

Keurig Dr Pepper said Ozan Dokmecioglu’s violations were not related to the company’s strategy, operations or financial reporting.

Read more at: https://www.cnbc.com/2022/11/10/keurig-dr-pepper-ceo-resigns-after-violating-code-of-conduct.html

Biden names pick for new IRS head as agency plans for $80 billion funding, wrestles with backlog

President Joe Biden intends to nominate Danny Werfel to become the next IRS Commissioner, overseeing the plan for the agency’s nearly $80 billion in funding.

Read more at: https://www.cnbc.com/2022/11/11/president-biden-decides-on-nomination-for-irs-commissioner-.html

Estee Lauder’s stock jumps as China loosens Covid rules, in line with Club investment case

Estee Lauder (EL) popped after China loosened its Covid restrictions, a move we’ve long predicted.

Read more at: https://www.cnbc.com/2022/11/11/estee-lauder-stock-rises-on-back-of-china-loosening-covid-restrictions.html

Stocks making the biggest moves midday: Walgreens, Coinbase, Duolingo, Ralph Lauren and more

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

Read more at: https://www.cnbc.com/2022/11/11/stocks-making-the-biggest-moves-midday-walgreens-coinbase-duolingo-ralph-lauren.html

Mortgage rates fall sharply to under 7% after inflation eases

Mortgage rates fell sharply Thursday after a government report showed that inflation had cooled in October.

Read more at: https://www.cnbc.com/2022/11/10/mortgage-rates-fall-sharply-to-under-7percent-after-inflation-eases.html

KFC apologizes after Kristallnacht promotion in Germany

KFC apologized on Thursday for sending a mobile app alert telling German customers to “treat yourself” on Kristallnacht.

Read more at: https://www.cnbc.com/2022/11/10/kfc-apologizes-after-kristallnacht-promotion-in-germany.html

Juul reaches financing deal, plans to cut 30% of jobs to dodge bankruptcy

Juul Labs said it secured a financial lifeline as it aims to cut jobs and operating costs in a bid to avoid bankruptcy.

Read more at: https://www.cnbc.com/2022/11/10/juul-strikes-financing-deal-plans-to-cut-jobs-to-dodge-bankruptcy.html

The EU’s Embargo On Russian Oil Will Be A Boon For OPEC

Authored by Haley Zaremba via OilPrice.com,

The current oil market climate is complex, to say the least.

Europe is preparing to enact its embargo on Russian oil and refiners are scrambling for alternatives.

Many searching for new sources of crude have landed on Middle Eastern producers as a potential alternative.

While the world has slapped a wide variety of sanctions on Russia in the wake of Vladmir Putin’s illegal invasion and partial annexation of Ukraine, most of them have been relatively toothless. To hit Russia where it hurts, the world has to stop buying energy from the oil and gas titan. But slapping energy sanctions on the Kremlin while Europe was dependent on Russian oil and gas to keep the lights on would have been a pyrrhic victory at best.

Finally, Europe is in a position to start getting serious about energy sanctions, but securing enough extra energy supply to replace Russian imports will be no easy feat.

Read more at: https://www.zerohedge.com/energy/eus-embargo-russian-oil-will-be-boon-opec

Wall Street’s Biggest Bear Buys The Dip: “I Don’t Think This Rally Is Over”

Less than a month ago, as the S&P 500 face-ripped higher off the mid-October puke opening lows, Wall Street’s biggest bear – Morgan Stanley’s Mike Wilson – warned traders that this rally could have legs…

… we may get another overshorted, oversold rally on Monday and we may get a powerful bear market rally in November that pushes stocks to 4,000 or higher by year end, but the bear market won’t end until the Fed pivots. The timing of that still remains to be determined, however after the midterm elections when the political blinders drop, we expect that the full – and dire – picture of the US labor market will finally emerge and shock everyone, especially the Fed.

Today, following the softer-than-expected CPI print, Wilson reiterated during an interview with Bloomberg TV that the recent rally in US equities isn’t finished and should keep running over the coming weeks.

“There’s probably further to go, probably through Thanksgiving, maybe even into early December,” Wilson, the bank’s chief US equity strategist, said in an interview on Bloomberg Television on Friday.

“I don’t think the rally is over at this point.”

But once the S&P 500 breaks through its 200-day moving average, which currently sits around 4,081, that may “get the animal spirits going” and draw in more passive flows, he explained.

That could p …

Read more at: https://www.zerohedge.com/markets/wall-streets-biggest-bear-buys-dip-i-dont-think-rally-over

Cruz: Dems Did Well In Midterms Because They Engaged “Whacked-Out Lefty Nut Job” Base

Authored by Steve Watson via Summit News,

Senator Ted Cruz has claimed that the reason Democrats did better than expected in the midterm elections is that for the past two years they have focused on engaging and exciting a “left-wing nut-job” base of young voters.

Appearing on Hannity, Cruz stated “Here’s a lesson to take from last night. Look, why do the Democrats do better than expected? Because for two years they’ve governed as liberals. They’ve governed as whacked-out lefty nut jobs.”

“You know what that did?” Cruz continued, explaining “That excited their base, excited a bunch of young voters that came out in massive numbers because when you actually stand for something your base gets excited.”

“There’s …

Read more at: https://www.zerohedge.com/political/cruz-dems-did-well-midterms-because-they-engaged-whacked-out-lefty-nut-job-base

South Korea On Defensive After Secret Deal To Supply Munitions For Ukraine Exposed

South Korea is insistent that its official policy of not sending arms to the Ukraine conflict has remained unchanged, even as news is breaking of a secret deal to sell 100,000 artillery shells to the United States, which then reportedly intends to transfer them to Ukraine.

News of the controversial deal was first reported in The Wall Street Journal. “South Korea will for the first time sell artillery shells destined for Ukrainian forces through a confidential arms deal between Seoul and Washington, a move that reflects a global scramble for munitions after months of war with Russia.”

“US officials familiar with the deal said that the U.S. will purchase 100,000 rounds of 155mm artillery ammunition that will be delivered to Ukraine, enough to supply Ukraine’s artillery units for at least several weeks of intensive combat,” the report continues.

Read more at: https://www.zerohedge.com/geopolitical/south-korea-defensive-after-secret-deal-supply-munitions-ukraine-exposed

FTX: Crypto giant collapses into bankruptcy

Sam Bankman-Fried also stepped down as chief executive, capping a tumultuous week for the firm.

Read more at: https://www.bbc.co.uk/news/business-63601213?at_medium=RSS&at_campaign=KARANGA

Recession looms as UK economy starts to shrink

It comes after the Bank of England warned the UK is facing a two-year financial slump.

Read more at: https://www.bbc.co.uk/news/uk-63582201?at_medium=RSS&at_campaign=KARANGA

‘Warning lights flash’ as more workers seek help, says Citizens Advice

The number of people in work seeking crisis support from Citizens Advice has more than doubled since 2020.

Read more at: https://www.bbc.co.uk/news/business-63598748?at_medium=RSS&at_campaign=KARANGA

Tech View: Will Nifty scale to a new peak next week? What chart readers say

On the derivatives front, the highest call OI was at 18,500 strike price, followed by 18,600 strike price, while on the put side, highest OI remained at 18,000 followed by 18,200 strike price.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-will-nifty-scale-to-a-new-peak-next-week-what-chart-readers-say/articleshow/95453357.cms

After a 1,400% rally, this multi-bagger will turn 1 share into 100! Here’s how

This means that an eligible shareholder will get 100 equity shares with a face value of Re 1 each for every share held by them with a face value of Rs 10 each after the corporate action. The company has fixed December 3, 2022, as the record date.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/after-a-1400-rally-this-multibagger-will-turn-1-share-into-100-heres-how/articleshow/95446357.cms

The Margin: This Al Hirschfeld drawing found for just $9.75 in a New York thrift shop could now sell for $50,000

The art piece depicts cast members from the original production of ‘The King and I’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7152-FA16EB00564E%7D&siteid=rss&rss=1

Tesla stock set to lose more than 8% this week as CEO Elon Musk wraps up another roller-coaster week at Twitter

Tesla Inc. stock is underperforming both the market and its fellow automakers as Elon Musk finishes out another roller-coaster week at the helm of Twitter Inc.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7152-9B3B5878C0F6%7D&siteid=rss&rss=1

Futures Movers: Oil ends higher, but prices fall for the week with China’s COVID-19 policy ‘clear as mud’

Oil prices post a weekly drop of more than 5%, but prices get some relief Friday after news that China would ease COVID-19 rules for incoming travelers.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7152-4CE0E93650D8%7D&siteid=rss&rss=1