17Nov2022 Market Close & Major Financial Headlines: Wall Street Main Indexes Close Lower For A Second Day In The Red But Recovered From A Large Down Morning

Sustainable Plastics Could Revolutionize Waste Management In Emerging Markets

As an increasing number of countries ban single-use plastics, the waste remains a significant environmental issue although a variety of initiatives promise to make emerging markets the focus of the global struggle against plastic waste. The Covid-19 pandemic saw a decline in plastic usage; however, it led to an increase in littering from personal protective equipment (PPE) and single-use plastics. Additionally, much of this waste is disposed of unsustainably, ending up either incinerated or stored in landfill, the third-largest source of methane

Read more at: https://oilprice.com/The-Environment/Global-Warming/Sustainable-Plastics-Could-Revolutionize-Waste-Management-In-Emerging-Markets.html

The Global Energy Transition Has A $22 Trillion Problem

The global energy industry is at a turning point. Unprecedented shocks to the global economy stemming from the Covid-19 pandemic and compounded exponentially by Russias illegal war in Ukraine have caused massive disruption to the global economy and forced nations around the world to rethink their energy policies and energy security strategies, opening a window for a genuine clean energy transition without the usual inertia faced by such a revolution. For the first time ever, the International Energy Agency (IEA) has released a projection

Read more at: https://oilprice.com/Energy/Energy-General/The-Global-Energy-Transition-Has-A-22-Trillion-Problem.html

Hess: OPEC’s Back In The Drivers Seat

OPEC is back in the driver’s seat as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, U.S. crude oil production will average 13 million bpd over the next few years, where it will plateaux, as investors pressure U.S. oil companies to focus on returning money to shareholders instead of investing in aggressive growth strategies. Its what we’ve been hearing for most of the year; U.S. oil companies are skittish about spending what has been

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hess-OPECs-Back-In-The-Drivers-Seat.html

Steel Prices Face Further Downward Pressure As Extra Supply Looms

Via AG Metal Miner The Raw Steels Monthly Metals Index (MMI) fell by 5.08% from October to November. A number of factors played into steel prices dropping. After U.S. steel prices appeared to flatten, the descent for hot rolled coil, cold rolled coil, and hot dipped galvanized prices accelerated throughout October. Hot rolled coil prices now sit at their lowest level since November 2020. Plate prices, however, remain sideways, experiencing only modest declines throughout October. Nucor Keeps Plate Prices Flat in December Source: Insights, Chart

Read more at: https://oilprice.com/Metals/Commodities/Steel-Prices-Face-Further-Downward-Pressure-As-Extra-Supply-Looms.html

SpaceX Reportedly Looking To Raise Capital At A $150 Billion Valuation

Well, that’s one way to try and help alleviate a cash crunch at your empire… SpaceX is reportedly attempting to raise a funding round that values the space exploration company at a whopping $150 billion, multiple reports, including one from Bloomberg, on Tuesday confirmed. The report cited “people familiar with the matter” and people “asking not to be identified discussing confidential information”. The valuation is a boost from the $125 billion the company sported earlier this year. Terms have yet to be finalized and could change,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/SpaceX-Reportedly-Looking-To-Raise-A-Funding-Round-At-A-150-Billion-Valuation.html

Uzbekistan Halts Natural Gas Exports Amid Widespread Power Outages

Uzbekistan says it has all but entirely stopped exporting natural gas and instead increased imports of the fuel amid a surge in domestic demand in the early stages of winter. Deputy Energy Minister Sherzod Khodjayev said on November 16 that daily exports of gas have decreased from 10 million cubic meters to 1 million cubic meters. Imports have increased by 20 percent, he said, without specifying where Uzbekistan is sourcing the gas. The Energy Ministry had previously forecast that gas exports in 2022 would reach 3.3 billion cubic meters, with most

Read more at: https://oilprice.com/Energy/Energy-General/Uzbekistan-Halts-Natural-Gas-Exports-Amid-Widespread-Power-Outages.html

Walmart and Target’s quarterly results lay bare the retailers’ stark differences

Walmart and Target’s third-quarter results this week highlighted key differences between the retailers.

Read more at: https://www.cnbc.com/2022/11/17/walmart-and-targets-quarterly-results-lay-bare-retailers-differences.html

Taylor Swift’s public ticket sale canceled over extreme demand, Ticketmaster says

Tickets for Taylor Swift’s “Eras” tour will no longer be put on sale Friday, Ticketmaster said.

Read more at: https://www.cnbc.com/2022/11/17/fridays-public-ticket-sale-for-taylor-swift-eras-tour-canceled-after-extreme-demand.html

Former SpaceX employees file labor complaints alleging retaliatory firings by Elon Musk’s company

Former employees of SpaceX filed federal complaints against the company on Wednesday, alleging Elon Musk’s venture illegally fired them.

Read more at: https://www.cnbc.com/2022/11/17/former-spacex-employees-file-complaints-alleging-retaliatory-firings.html

Ticketmaster’s largest shareholder blames massive demand − including from bots − for Taylor Swift ticket fiasco

Live Nation’s largest shareholder, Liberty Media, is speaking out about the company’s bad reputation after the Taylor Swift tour ticket fiasco.

Read more at: https://www.cnbc.com/2022/11/17/taylor-swift-ticketmaster-fiasco-due-to-demand-bots-liberty-media-ceo-says.html

GM expects EV profits to be comparable to gas vehicles by 2025, years ahead of schedule

General Motors expects its new electric vehicles to be in-line with traditional cars and trucks with internal combustion engines by mid-decade.

Read more at: https://www.cnbc.com/2022/11/17/gm-investor-day-ev-guidance-updates.html

Taylor Swift’s public ticket sale on Friday is canceled, Ticketmaster says. But the secondary market can be ‘buyer beware’

After Ticketmaster canceled public ticket sale plans for Taylor Swift’s “The Eras Tour,” fans may turn to the “secondary” market to score a seat. But scams abound.

Read more at: https://www.cnbc.com/2022/11/17/taylor-swift-public-ticket-sale-canceled-how-to-buy-on-the-secondary-market.html

GM EV unit BrightDrop expects $1 billion in 2023 revenue, mass production of all-electric delivery vans to start in December

GM EV subsidiary BrightDrop, which focuses on all-electric delivery vans for customers including Walmart and FedEx, is expecting $1 billion in sales in 2023.

Read more at: https://www.cnbc.com/2022/11/17/gm-ev-unit-brightdrop-forecasts-1-billion-in-2023-revenue.html

FanDuel to new rivals: Good luck with sports betting − you’re going to need it

FanDuel CEO Amy Howe is predicting her company will defend and even widen its share of the online sports betting market in the U.S.

Read more at: https://www.cnbc.com/2022/11/17/fanduel-to-new-rivals-good-luck-youre-going-to-need-it.html

Rent growth slows to the lowest level in 18 months

Rents in October rose 4.7% compared with October 2021, the slowest annual increase in 18 months, according to Realtor.com.

Read more at: https://www.cnbc.com/2022/11/17/rent-growth-slows-to-the-lowest-level-in-18-months.html

Macy’s raises earnings forecast, says it has fresh inventory for the holidays

Macy’s raised its earnings forecast for the year after the department store operator said its inventory is well positioned for the holiday shopping season.

Read more at: https://www.cnbc.com/2022/11/17/macys-m-q3-2022-earnings.html

Kohl’s pulls full-year outlook, citing retail volatility and economic headwinds

Kohl’s said earlier this month that CEO Michelle Gass would step down in December.

Read more at: https://www.cnbc.com/2022/11/17/kohls-kss-earnings-q3-2022.html

Starbucks union to strike at more than 100 locations on Red Cup Day, one of the chain’s busiest days of the year

At the 113 striking locations, the union will be distributing its own version of the reusable red cup.

Read more at: https://www.cnbc.com/2022/11/17/starbucks-union-to-strike-at-more-than-100-locations-on-red-cup-day-.html

Here’s why Home Depot and Lowe’s are booming in a housing market bust

Lowe’s and Home Depot are faring well even as the housing market is going through a rough patch.

Read more at: https://www.cnbc.com/2022/11/16/home-depot-lowes-booming-housing-market-bust.html

The Housing Boom Is Already Over – Get Ready For Even Higher Prices

Authored by Ryan McMaken via The Mises Institute,

As mortgage rates have risen this year, the demand for home purchases has fallen. That has spelled trouble for the home construction business. Homebuilder confidence dropped for the 10th straight month in October. The decline in builder sentiment reflects what economist Ian Shepherdson describes as “housing … in free fall. So far, most of the hit is in sales volumes, but prices are now falling too, and they have a long way to go.” The University of Michigan’s index of buying conditions for homes has fallen to the lowest level since 1982.

Meanwhile, as of this week, mortgage demand for home purchases is

Read more at: https://www.zerohedge.com/personal-finance/housing-boom-already-over-get-ready-even-higher-prices

COP27 Climate Virtue-Signaling Boondoggle Ends In Failure, Leaves Out Fossil Fuel Pledge

If you said one week ago that the COP27 virtue-signaling boondoggle in Egypt’s Sharm el-Sheikh would be an epic failure, pat yourself on the back: it was. As Argus media reports, a draft of the COP 27 UN climate summit cover decision released today reiterates many of the Glasgow Climate Pact goals agreed at Cop 26 last year, and, as expected, does not mention a broader fossil fuel phase-down.

The document repeats a request made at COP26 for all countries to revisit and strengthen their 2030 nationally determined contributions (NDCs) — countries’ climate pledges — to align with the UN’s 2015 Paris Agreement and to update their long-term strategies. The Paris Agreement aims to limit global warming to well below 2°C above pre-industrial levels, and ideally to 1.5°C. Only problem: there is no mandate on how to do it, especially since even Europe is backsliding on its anti-fossil fuel promises and has restarted coal plants (not to mention record coal output in China).

Only around 25 countries updated their NDCs before COP27, and a few more did so during the summit, but it is still not enough to meet the 1.5°C target. The document says the emission gap between pledges and what is needed to hit the Paris Agreement target represents “a grave concern”.

The document reiterates the “urgency of action to keep 1.5°C in reach”, but during informal consultations at the start of this week parties were un …

Read more at: https://www.zerohedge.com/markets/cop27-climate-virtue-signaling-boondoggle-ends-failure-without-fossil-fuel-pledge

San Francisco Unveils Free Money “G.I.F.T.” Handouts For Transgender Residents

Authored by Katabella Roberts via The Epoch Times,

San Francisco has launched a new pilot program offering guaranteed monthly income to a number of low-income transgender residents of the city, Mayor London Breed announced on Wednesday.

Known as the Guaranteed Income for Transgender People (G.I.F.T.) program, the new plan will provide “economically marginalized transgender people with unrestricted, monthly guaranteed income as a way to combat poverty our most impacted community members face,” according to its official website.

Specifically, the website states that the monthly g …

Read more at: https://www.zerohedge.com/political/san-francisco-unveils-free-money-gift-handouts-transgender-residents

Zelensky Backtracks After Urging NATO Action For Polish Border Blast

Ukrainian President Volodymyr Zelensky is doing some belated backtracking after his prior false and highly dangerous claims that Russia launched a missile attack against NATO member Poland, killing two Polish citizens Tuesday.

As of Thursday Zelensky says he’s not sure about what happened. “I don’t know 100 percent — I think the world also doesn’t 100 percent know what happened,” he said. “We can’t say specifically that this was the air defense of Ukraine.”

This after everyone from NATO Secretary Jens Stoltenberg to Poland’s president to US President Joe Biden assessed it was most likely a Ukrainian anti-air missile that errantly struck the Polish border town of Przewodow. A flurry of accusations from Western officials and media ensued, with fears dominating Tuesday into Wednesday of the potential to spark WWIII.

Missile debris from the deadly incident, via Re …

Read more at: https://www.zerohedge.com/geopolitical/zelensky-backtracks-after-urging-nato-action-polish-border-blast

What the Autumn Statement means for you and the cost of living

Chancellor Jeremy Hunt’s statement is full of policies that will affect your finances in the coming years.

Read more at: https://www.bbc.co.uk/news/business-63635582?at_medium=RSS&at_campaign=KARANGA

Will chancellor Jeremy Hunt’s plan to fix the UK economy work?

The chancellor claims the downturn will be shallower than it otherwise would have been.

Read more at: https://www.bbc.co.uk/news/business-63666574?at_medium=RSS&at_campaign=KARANGA

Energy bills to rise to £3,000 a year from April

Help has been extended, but it’s now less generous, meaning a typical household will pay more.

Read more at: https://www.bbc.co.uk/news/business-63661098?at_medium=RSS&at_campaign=KARANGA

Indices snap 2-day winning streak: Sensex ends 230 pts lower, Nifty settles below 18,400 level

Among Sensex stocks, Titan, M&M, Maruti, HDFC, Dr Reddy’s, Bajaj Finserv, and Infosys were the top losers in today’s trading session, falling around 1-2%

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/indices-snap-2-day-winning-streak-sensex-ends-230-pts-lower-nifty-settles-below-18400-level/articleshow/95580203.cms

Sebi to roll out guidelines for financial influencers on social media

The move from capital market watchdog comes after the increasing number of social media influencers on multiple social media platforms that advise and recommend trades without a license.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sebi-to-roll-out-guidelines-for-financial-influencers-on-social-media/articleshow/95577926.cms

At multi-year highs: These six stocks gave 5-year breakouts

In the BSE list of stocks with a market cap of over Rs 1,000 crore, six stocks crossed their previous 5-year high value at the close on November 16, suggesting bullishness in counters, according to stockedge.com’s technical scan data. Take a look

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/at-multi-year-highs-these-six-stocks-gave-5-year-breakouts-on-november-16/multi-year-highs/articleshow/95573783.cms