30Nov2022 Market Close & Major Financial Headlines: Fed Chair Says "The time for moderating the pace of rate increases may come as soon as the December meeting" - And The Markets Jump

Summary Of the Markets Today:

The Dow closed up 737 points or 2.18%,
Nasdaq closed up 4.41%,
S&P 500 closed up 3.09%,
Gold $1784 up $20.40,
WTI crude oil settled at $81 up $2.42,
10-year U.S. Treasury 3.639% down 0.108%,
USD index $106.03 down $0.79,
Bitcoin $17,049 up $613

Click here to read our Economic Forecast for December 2022

Today’s Economic Releases:

Fed Chair Jerome H. Powell awaited speech on the direction of FOMC federal funds rate increases is summarized in his speech conclusion:

Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting. Given our progress in tightening policy, the timing of that moderation is far less significant than the questions of how much further we will need to raise rates to control inflation, and the length of time it will be necessary to hold policy at a restrictive level. It is likely that restoring price stability will require holding policy at a restrictive level for some time. History cautions strongly against prematurely loosening policy. We will stay the course until the job is done.

According to the Federal Reserve’s 30 November 2022 Beige Book, economic activity was about flat or up slightly since the previous report, down from the modest average pace of growth in the prior Beige Book period. Five Districts reported slight or modest gains in activity, and the rest experienced either no change or slight-to-modest declines. Interest rates and inflation continued to weigh on activity, and many contacts expressed greater uncertainty or increased pessimism concerning the outlook.

The second estimate of Gross Domestic Product (GDP) for 3Q2022 showed 2.9% quarter-over-quarter growth. In the advance estimate, the increase in real GDP was estimated at 2.6%. The second estimate primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased more than previously estimated (refer to “Updates to GDP”). Please note that comparing 3Q2021 to 3Q2022 (year-over-year) the real GDP growth was 1.9%.

Real GDP: Percent change from preceding quarter

The number of job openings (JOLTS) edged down to 10.3 million on the last business day of October 2022 from last month’s 10.7. Over the month the number of hires and total separations changed little at 6.0 million and 5.7 million, respectively. This might be suggesting the economy is slightly moderating.

The Chicago Business Barometer tumbled a further eight points to 37.2 in November 2022, contracting for a third consecutive month. Excluding the 2020 pandemic shock, this was the lowest reading since the 2008/09 Global Financial Crisis. This barometer is generally a good indicator for the ISM manufacturing survey which will be released soon.

Pending home sales dropped for the fifth consecutive month in October 2022, down 4.6% from September. Pending sales declined in all regions compared to one year ago with pending transactions slipping by 37.0% year-over-year. Home buyers are faced with 20-year-high mortgage rates.

A summary of headlines we are reading today:

Centrica Sets Out To Develop A UK Hydrogen Economy
Reuters Survey: OPEC Cut 710,00 Bpd In November
Putin Pushes To Establish A Natural Gas Union In Central Asia
House approves tentative labor deal to avoid rail strike, sends to Senate
Mortgage rates fall for the third straight week, but demand still drops further
Wall Street Reacts To Powell’s Dovish Speech As Markets Explode Higher
“We’re In For A Really Big Mess” – Charles Nenner Warns “War Cycle To Really Heat Up In 2023”

These and other headlines and news summaries moving the markets today are included below.

The Market in Perspective

Here are the headlines moving the markets.
	China Concerned Over Kazakhstan’s Ability To Deliver Contracted Gas Supplies China says it hopes that Kazakhstan is prepared to increase the amount of natural gas it supplies over the winter, even though the government in Astana has pledged to limit exports to meet domestic demand. We hope that Kazakhstan will in keeping with its contract ensure stable deliveries of gas to China and maximally increase them during the winter months, Chinese Prime Li Keqiang told his Kazakh counterpart, Alikhan Smailov, in a video conference call on November 29. Lis comments were carried on Chinese state television and Read more at: https://oilprice.com/Energy/Natural-Gas/China-Concerned-Over-Kazakhstans-Ability-To-Deliver-Contracted-Gas-Supplies.html
	Centrica Sets Out To Develop A UK Hydrogen Economy Energy giant Centrica and Ryze Hydrogen will jointly build and operate hydrogen production facilities aimed at providing a reliable supply of hydrogen for industry and transportation, the companies told City A.M. this morning. A Memorandum of Understanding has been signed and will combine expertise in order to kickstart the development of a so-called UK hydrogen economy, targeting the mobility, industrial and commercial markets, the companies said. Under the agreement, the firms will jointly develop hydrogen production projects on Read more at: https://oilprice.com/Latest-Energy-News/World-News/Centrica-Sets-Out-To-Develop-A-UK-Hydrogen-Economy.html
	Emerging Markets Look To Get In On The Global Electric Vehicle Boom With electric vehicles (EVs) set to proliferate and become more accessible to drivers around the world, several emerging markets are looking to expand their EV manufacturing. Once a luxury segment of the automotive industry, EVs have become popular among consumers and companies alike in recent years, with solid growth trends attracting public and private investment. EV uptake is essential to the global energy transition, as transport remains the sector with the highest reliance on fossil fuels, producing an estimated 37% of CO2 emissions from end-use Read more at: https://oilprice.com/Energy/Energy-General/Emerging-Markets-Look-To-Get-In-On-The-Global-Electric-Vehicle-Boom.html
	Reuters Survey: OPEC Cut 710,00 Bpd In November Led by Gulf member states, OPEC oil output dropped in November in line with the OPEC+ pledge to cut output by 2 million barrels per day for the month, according to a Reuters survey released on Wednesday. OPEC produced 29.01 million barrels per day in November, the survey reported, which is 710,000 bpd lower than production for October. Of the 2 million bpd OPEC+ output cut pledge, 1.27 million bpd was to be cut from the 10 original OPEC members, which saw November production fall by 720,000 bpd from October to November. According to Read more at: https://oilprice.com/Latest-Energy-News/World-News/Reuters-Survey-OPEC-Cut-71000-Bpd-In-November.html
	Russia: Oil Price Cap Is An Anti-Market Measure The planned price cap on Russian oil is an anti-market measure that will have devastating effects on all and could significantly complicate the situation on the global markets, Maria Zakharova, spokeswoman for Russia’s Foreign Ministry, said on Wednesday. We have repeatedly said that the introduction of the so-called ceiling on Russian oil prices is not just a non-market mechanism, it is an anti-market measure, Zakharova said at a briefing, reiterating that Russia would not supply oil to countries that will have joined the price Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Oil-Price-Cap-Is-An-Anti-Market-Measure.html
	Putin Pushes To Establish A Natural Gas Union In Central Asia Russian President Vladimir Putin has proposed creating a “gas union” with Kazakhstan and Uzbekistan to establish a mechanism to ship natural gas between the three countries and to other nations, including China. A day after Kazakh President Qasym-Zhomart Toqaev said he had talks with Putin in Moscow on the issue, Russian Kremlin spokesman Dmitry Peskov confirmed on November 29 that the proposal was being discussed between the three countries because there was a “need for synchronization” since they all sell natural gas. The first stage of Putin’s Read more at: https://oilprice.com/Energy/Natural-Gas/Putin-Pushes-To-Establish-A-Natural-Gas-Union-In-Central-Asia.html
	House approves tentative labor deal to avoid rail strike, sends to Senate The House passed legislation Wednesday that would force a tentative rail labor agreement and thwart a national strike. Read more at: https://www.cnbc.com/2022/11/30/rail-strike-house-approves-tentative-labor-deal.html
	Delta is making it harder to get into its airport lounges after they were flooded by travelers Delta and other airlines have banked big on their loyalty programs in recent years. Read more at: https://www.cnbc.com/2022/11/30/delta-making-lounge-access-harder-after-complaints-of-crowding-lines.html
	Mortgage rates fall for the third straight week, but demand still drops further Mortgage rates continue to ease, but demand is not following, as there are few who can benefit from a refinance, and homebuyers are still facing high prices. Read more at: https://www.cnbc.com/2022/11/30/mortgage-rates-fall-for-the-third-straight-week-but-demand-still-drops-further.html
	Airbnb launches platform allowing renters to host apartments, partnering with major landlords The company said a new page on its site will list so-called Airbnb-friendly buildings, which will let tenants host their apartments just as homeowners can. Read more at: https://www.cnbc.com/2022/11/30/airbnb-launches-first-hosting-platform-for-apartment-tenants.html
	Why Wall Street’s bullish on 3 Club stocks Wednesday — and our take, too Apple (AAPL), Constellation Brands (STZ), and Ford Motor (F) were subject to Wall Street analysis on Wednesday. Read more at: https://www.cnbc.com/2022/11/30/wall-streets-bullish-on-3-club-stocks-wednesday.html
	CDC will test sewage for polio outside New York to see if it’s circulating elsewhere in the nation The CDC will initially work with Michigan and Philadelphia to identify communities with low vaccination rates and begin testing sewage the in those areas. Read more at: https://www.cnbc.com/2022/11/30/polio-us-will-test-sewage-for-virus-in-communities-outside-new-york.html
	Biden administration grants $75 million to relocate three Native tribes away from rising oceans Historically disenfranchised tribal groups across the U.S. are more exposed to climate-related disasters. Read more at: https://www.cnbc.com/2022/11/30/feds-grant-75-million-to-move-three-native-tribes-away-from-rising-seas.html
	If you’re still missing your tax refund, you’ll soon receive 7% interest from the IRS — but it’s taxable If you’re waiting for a tax refund, it may be accruing interest, and the rate jumps to 7% from 6% in January. Here’s what filers need to know. Read more at: https://www.cnbc.com/2022/11/30/the-irs-interest-rate-for-unpaid-refunds-and-balances-will-soon-be-7percent.html
	Jim Cramer’s Investing Club meeting Wednesday: Fed speech, stock picks, Alphabet’s costs The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET. Read more at: https://www.cnbc.com/2022/11/30/jim-cramers-investing-club-meeting-wednesday-fed-speech-stock-picks.html
	Tesla is still dominant, but its U.S. market share is eroding as cheaper EVs arrive S&P Global Mobility forecasts Tesla’s market share will decline to less than 20% by 2025, as EV models grow from 48 today to 159 by then. Read more at: https://www.cnbc.com/2022/11/29/teslas-dominance-of-evs-is-eroding-as-cheaper-cars-hit-the-market.html
	Kroger, Albertsons CEOs defend grocery tie-up, say the deal won’t hurt competition Leaders of the two companies faced questions about how the deal could shake up the competitive landscape — and the prices consumers pay at the store. Read more at: https://www.cnbc.com/2022/11/29/kroger-and-albertsons-executives-defend-proposed-merger-at-hearing.html
	5 things to know before the stock market opens Wednesday Here are the most important news items that investors need to start their trading day. Read more at: https://www.cnbc.com/2022/11/30/5-things-to-know-before-the-stock-market-opens-wednesday.html
	Shopper turnout hit a record high over Black Friday weekend, retail trade group says A record number of holiday shoppers turned out from Thanksgiving Day to Cyber Monday, according to the National Retail Federation. Read more at: https://www.cnbc.com/2022/11/29/shopper-turnout-hit-record-over-black-friday-weekend-trade-group-says.html
	Wall Street Reacts To Powell’s Dovish Speech As Markets Explode Higher Stocks are soaring because once again CNBC’s in-house clown Jim Cramer was dead wrong when he predicted that Powell has “every reason to be hawkish” after today’s stronger-than-expected Q3 GDP – because apparently, the Fed looks at 6-month-old lagging indicators when making policy… … and instead, the opposite happened – as usual – with Powell signaling that the Fed would slow the pace of interest-rate increases, starting as soon as at its Dec. 13-14 meeting (read: 75bps hike are dead). While Powell did have his hawkish moments, like when he repeated that it’s likely that interest rates will need to go “somewhat higher” than what policymakers had forecast in September, he was more dovish than hawkish and omitted language from Nov 2 when he said that “we have a ways to go with interest rates before we get to the level that is sufficiently restrictive.” And while we’ll get an update to those forecasts at the December meeting, which will likely show an uptick in that terminal rate projection, it will be below 5%, as Powell’s comments clearly hammered the terminal rate back under 5%. Read more at: https://www.zerohedge.com/markets/wall-street-reacts-powells-dovish-speech-markets-explode-higher
	“We’re In For A Really Big Mess” – Charles Nenner Warns “War Cycle To Really Heat Up In 2023” Via Greg Hunter’s USAWatchdog.com, Renowned geopolitical and financial cycle expert Charles Nenner said, back in September, the markets would sink and then go back up. Both calls happened right on time. What does Nenner see now? Nenner says, “Two days ago, we started to take profits again. So, we are not that bullish…” “The public we have now do not understand bear markets… They don’t understand that we can have rallies of 15% to 20%, and then it can go down again… So, we took profit and we are mostly in cash again. We are long in the bond market for a change because it looks like inflation is going to moderate for a little bit. We are waiting for the gold cycles to bottom, and we are getting very close, but the bull market in gold will come, but … Read more at: https://www.zerohedge.com/geopolitical/were-really-big-mess-charles-nenner-warns-war-cycle-really-heat-2023
	South Korea Scrambles Jets To Warn Off Inbound Chinese-Russian Joint Bomber Patrol An unusual incident occurred Wednesday over regional waters at a moment tensions across the Korean peninsula remain high. A group of Chinese and Russian fighter jets abruptly breached South Korea’s Air Defense Identification Zone (ADIZ), causing the South Korean military to scramble jets to warn the foreign fighters off. Seoul described that six Russian and two Chinese warplanes had approached without notice, with the south’s Joint Chiefs of Staff describing “the Chinese H-6 bombers repeatedly entered and exited the Korea Air Defense Identification Zone (KADIZ) near South Korea’s southern and northeastern coasts early Wednesday.” Illustrative file image: theaviationgeekclub.com Additionally, Russian and Chinese bombers were monitored flying over regional waters nearby, but not in breach of … Read more at: https://www.zerohedge.com/geopolitical/south-korea-scrambles-jets-warn-inbound-chinese-russian-joint-bomber-patrol
	Brazil Approves Bill Regulating Use Of Bitcoin As Payment Authored by ‘NAMCIOS’ via BitcoinMagazine.com, Brazilian lawmakers have approved a complete regulatory framework for the trading and use of cryptocurrencies in the country… Voted on Tuesday evening in Brasilia, the country’s capital, the new rules recognize bitcoin as a digital representation of value that can be used as a means of payment and as an investment asset in the South American nation. The bill applies broadly to a sector that it calls “virtual assets,” and now only needs the President’s signature before it becomes law. It does not make bitcoin or any cryptocurrency a legal tender in the country. The bill tasks the executive branch with selecting government bodies to oversee the market. The expectation is that the Cent … Read more at: https://www.zerohedge.com/crypto/brazil-approves-bill-allowing-use-bitcoin-payment
	EU warns Elon Musk of the possible Twitter ban under new rules Twitter risks a ban if it is not in compliance with EU rules on targeted adverts and disinformation. Read more at: https://www.bbc.co.uk/news/business-63816110?at_medium=RSS&at_campaign=KARANGA
	HSBC to close 114 UK branches as more people bank online The Covid pandemic has sped up people moving to online banking, says the bank. Read more at: https://www.bbc.co.uk/news/business-63796745?at_medium=RSS&at_campaign=KARANGA
	Transport secretary says North’s railways have a real problem to solve The transport secretary says he is “focused” on trying to improve services in the North of England. Read more at: https://www.bbc.co.uk/news/uk-england-63806100?at_medium=RSS&at_campaign=KARANGA
	Tech View: Nifty forms long bullish candle on daily charts. What traders should do on Thursday The hourly and daily upper Bollinger Bands expanded along with price action, which assisted the bulls today. Momentum oscillator RSI gave a falling trend line breakout. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-long-bullish-candle-on-daily-charts-what-traders-should-do-on-thursday/articleshow/95885615.cms
	Fundamental Radar: 5 reasons which make SBI an attractive buy at current levels; re-rating possible As the macroeconomic environment is improving, the brokerage firms see upside risk to SBI’s earnings driven by higher margins due to the rising interest rate cycles, sustained healthy loan growth, and lower credit costs. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fundamental-radar-5-reasons-which-make-sbi-an-attractive-buy-at-current-levels-re-rating-possible/articleshow/95872526.cms
	US stocks open flat ahead of Powell’s speech Powell’s speech will be closely watched for signs of a slowdown in the pace of interest rate hikes by the central bank, as well as to assess the general health of the U.S. economy Read more at: https://economictimes.indiatimes.com/markets/stocks/news/us-stocks-open-flat-ahead-of-powell-speech/articleshow/95890513.cms
	Elon Musk warned by top EU official of ‘huge work ahead’ for Twitter A top European Union commissioner told Elon Musk that there was “huge work ahead” so Twitter complies with the bloc’s new law aimed at greater content moderation and against disinformation on social media. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715F-729393AA9796%7D&siteid=rss&rss=1
	Key Words: Prince William and Princess Kate land in Boston for their first overseas visit since Queen Elizabeth’s death In their first trip to the U.S. since 2014, Prince William and Princess Catherine (aka Kate Middleton) expressed thanks for tributes to the late queen. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715F-707D99063E25%7D&siteid=rss&rss=1
	Bond Report: 10- and 30-year Treasury yields end November with the biggest monthly declines in two to three years Treasury yields slip on Wednesday after Federal Reserve Chairman Jerome Chairman said the pace of interest-rate hikes can slow as soon as December. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-715E-B66CDABD10EA%7D&siteid=rss&rss=1

30Nov2022 Market Close & Major Financial Headlines: Fed Chair Says “The time for moderating the pace of rate increases may come as soon as the December meeting” – And The Markets Jump

Summary Of the Markets Today:

Click here to read our Economic Forecast for December 2022

Today’s Economic Releases:

The Market in Perspective

China Concerned Over Kazakhstan’s Ability To Deliver Contracted Gas Supplies

Centrica Sets Out To Develop A UK Hydrogen Economy

Emerging Markets Look To Get In On The Global Electric Vehicle Boom

Reuters Survey: OPEC Cut 710,00 Bpd In November

Russia: Oil Price Cap Is An Anti-Market Measure

Putin Pushes To Establish A Natural Gas Union In Central Asia

House approves tentative labor deal to avoid rail strike, sends to Senate

Delta is making it harder to get into its airport lounges after they were flooded by travelers

Mortgage rates fall for the third straight week, but demand still drops further

Airbnb launches platform allowing renters to host apartments, partnering with major landlords

Why Wall Street’s bullish on 3 Club stocks Wednesday — and our take, too

CDC will test sewage for polio outside New York to see if it’s circulating elsewhere in the nation

Biden administration grants $75 million to relocate three Native tribes away from rising oceans

If you’re still missing your tax refund, you’ll soon receive 7% interest from the IRS — but it’s taxable

Jim Cramer’s Investing Club meeting Wednesday: Fed speech, stock picks, Alphabet’s costs

Tesla is still dominant, but its U.S. market share is eroding as cheaper EVs arrive

Kroger, Albertsons CEOs defend grocery tie-up, say the deal won’t hurt competition

5 things to know before the stock market opens Wednesday

Shopper turnout hit a record high over Black Friday weekend, retail trade group says

Wall Street Reacts To Powell’s Dovish Speech As Markets Explode Higher

“We’re In For A Really Big Mess” – Charles Nenner Warns “War Cycle To Really Heat Up In 2023”

South Korea Scrambles Jets To Warn Off Inbound Chinese-Russian Joint Bomber Patrol

Brazil Approves Bill Regulating Use Of Bitcoin As Payment

EU warns Elon Musk of the possible Twitter ban under new rules

HSBC to close 114 UK branches as more people bank online

Transport secretary says North’s railways have a real problem to solve

Tech View: Nifty forms long bullish candle on daily charts. What traders should do on Thursday

Fundamental Radar: 5 reasons which make SBI an attractive buy at current levels; re-rating possible

US stocks open flat ahead of Powell’s speech

Elon Musk warned by top EU official of ‘huge work ahead’ for Twitter

Key Words: Prince William and Princess Kate land in Boston for their first overseas visit since Queen Elizabeth’s death

Bond Report: 10- and 30-year Treasury yields end November with the biggest monthly declines in two to three years

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