07Dec2022 Market Close & Major Financial Headlines: Wall Street Ended The Day Little Changed

Italy’s New Prime Minister Restates Commitment To NATO And EU Partners

It has now been roughly a month since the inception of the new Italian government led by Prime Minister Giorgia Meloni. The new government’s foreign debut took place within the framework of a dense top-level international schedule, which included the COP27 and G20 summits, allowing the Italian prime minister to capitalize on this by securing several bilateral meetings at the margins of these fora. In Bali, Meloni met with United States President Joe Biden, Turkish President Recep Tayyip Erdogan, and Chinese President Xi Jinping in a format

Read more at: https://oilprice.com/Geopolitics/International/Italys-New-Prime-Minister-Restates-Commitment-To-NATO-And-EU-Partners.html

India Prepares To Increase Natural Gas Imports

India has asked its state-run firms to increase their natural gas imports to stave off shortages next summer, three government sources told Reuters on Wednesday. The move will place an additional demand burden on the global natural gas markets as Europe tries to protect itself from energy shortages this winter and next. India, not wanting a repeat of its power crisis of last April when it suffered the lowest coal inventories for that time of year in a decade at a time of high power demand, has identified natural gas as a critical component of its

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Prepares-To-Increase-Natural-Gas-Imports.html

Food Security Has Become A Central Priority For Many Emerging Markets

Food security became a central priority for many emerging markets in 2022, against the post-Covid-19 pandemic backdrop of supply chain shocks, natural disasters and high commodity prices. While the second UN Sustainable Development Goal, promulgated in 2015, aims to end hunger by 2030, The Economists Global Food Security Index (GFSI) has fallen consistently over the last three years from a peak in 2019. As of 2020 some 2.4bn people, approximately 30% of the world’s population, did not have access to adequate food sources.

Read more at: https://oilprice.com/Geopolitics/International/Food-Security-Has-Become-A-Central-Priority-For-Many-Emerging-Markets.html

Mining Giant Glencore Sees Huge Deficit In Copper Coming

A huge shortage of copper is looming, mining and commodities giant Glencore said in an investor update this week, reiterating warnings from other industry players and analysts that a supply crunch could slow the energy transition. Commodity shortages are looming, and significant mine development is lagging, the mining giant said in a presentation. There’s a huge deficit coming in copper, and as much as people write about it, the price is not yet reflecting it, Glencore’s chief executive Gary Nagle told analysts at the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mining-Giant-Glencore-Sees-Huge-Deficit-In-Copper-Coming.html

Tokyo Researchers Discover New Mechanism To Stabilize Lithium Batteries

A University of Tokyo team of researchers has discovered a new mechanism to stabilize the lithium metal electrode and electrolyte in lithium metal batteries. This new mechanism, which does not depend on the traditional kinetic approach, has potential to greatly enhance the energy density of batteries increasing the amount of energy stored relative to the weight or volume. The teams findings have been published in the journal Nature Energy. Lithium metal batteries are a promising technology with potential to meet the demands for high-energy-density

Read more at: https://oilprice.com/Energy/Energy-General/Tokyo-Researchers-Discover-New-Mechanism-To-Stabilize-Lithium-Batteries.html

Saudi Arabia Vows To Stick With China As An Energy Partner

Saudi Energy Minister Prince Abdulaziz bin Salman said on Wednesday that Saudi Arabia will remain a trusted and reliable energy partner for China, state news agency SPA has reported. Prince Abdulaziz told SPA that cooperation between the two countries had helped maintain global oil market stability. Saudi Arabia is the world’s largest oil exporter while China is the world’s largest oil importer. “The kingdom will remain, in this area, a trusted and reliable partner for China,” Prince Abdulaziz told SPA. Prince Abdulaziz said Saudi Arabia

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Vows-To-Stick-With-China-As-An-Energy-Partner.html

Carvana shares tank as bankruptcy concerns grow for used car retailer

Shares of Carvana plummeted by more than 40% after its largest creditors reportedly signed a deal binding them to act together in negotiations.

Read more at: https://www.cnbc.com/2022/12/07/carvana-shares-tank-as-bankruptcy-concerns-grow-for-used-car-retailer.html

McDonald’s hopes deals like 50-cent double cheeseburgers beef up sales on its mobile app

More than a year after its U.S. launch, McDonald’s loyalty program had 25 million active members, as of Sept. 30.

Read more at: https://www.cnbc.com/2022/12/07/mcdonalds-seasonal-promotions-digital-sales-growth.html

Cigarette companies ordered to display health warning signs at retailers

The Justice Department announced a court order requiring cigarette companies to post health warning signs at retailer locations.

Read more at: https://www.cnbc.com/2022/12/07/cigarette-makers-ordered-to-display-warning-signs-at-retailers.html

Southwest Airlines reinstates dividend after nearly three years as travel rebounds

Southwest’s 18 cents a share dividend will pay out on Jan. 31

Read more at: https://www.cnbc.com/2022/12/07/southwest-reinstates-dividend-after-three-years-as-travel-rebounds.html

Mortgage demand falls again even as rates sink further

Lower mortgage rates are pulling some current homeowners back to the refinance market, but not enough to offset the drop in demand from homebuyers.

Read more at: https://www.cnbc.com/2022/12/07/mortgage-demand-falls-again-interest-rates-decline.html

Candy maker Ferrero to buy Halo Top owner, expanding North American business

Wells Enterprises was founded in 1913 and has grown to be the second-largest ice cream company in the U.S., trailing only Ben & Jerry’s owner Unilever.

Read more at: https://www.cnbc.com/2022/12/07/ferrero-to-buy-halo-top-owner-wells-to-further-us-expansion.html

Taking required minimum distributions? How to reduce the sting of selling in a down market

The deadline is approaching for required minimum distributions, and retirees need to be careful when withdrawing money in a down market. Here’s what to know.

Read more at: https://www.cnbc.com/2022/12/07/how-to-keep-required-minimum-distributions-invested-in-a-down-market-.html

BuzzFeed to cut 12% of its workforce

BuzzFeed on Tuesday announced plans to cut its workforce by nearly 12%, or around 180 staffers.

Read more at: https://www.cnbc.com/2022/12/06/buzzfeed-to-cut-12percent-of-its-workforce.html

Paramount shares fall as CEO lowers fourth-quarter ad revenue forecast

Paramount CEO Robert Bakish warned that the company’s advertising in the fourth quarter will come in “a bit below” numbers seen in the third quarter.

Read more at: https://www.cnbc.com/2022/12/06/paramount-shares-fall-as-ceo-lowers-ad-revenue-forecast.html

Used vehicle demand and prices continue to decline from record highs

The Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, has declined 16% from record levels in January.

Read more at: https://www.cnbc.com/2022/12/07/used-vehicle-demand-and-prices-continue-to-decline-from-record-highs.html

House to vote on repeal of Pentagon’s Covid vaccine mandate for U.S. troops

The overwhelming majority of Marines, soldiers, and sailors have been vaccinated against Covid, but several thousand have been kicked out for refusing the shots.

Read more at: https://www.cnbc.com/2022/12/07/covid-congress-poised-to-repeal-pentagon-vaccine-mandate-for-troops.html

Biden to require new federal buildings to slash greenhouse gas emissions

The decision comes as a growing number of cities have voted to curb gas consumption in buildings.

Read more at: https://www.cnbc.com/2022/12/07/biden-requiring-new-federal-buildings-to-cut-greenhouse-gas-emissions-.html

Stocks making the biggest moves midday: Carvana, MongoDB, TripAdvisor, Toll Brothers, and more

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

Read more at: https://www.cnbc.com/2022/12/07/stocks-making-the-biggest-moves-midday-carvana-mongodb-tripadvisor-toll-brothers-and-more.html

AOC Under Investigation By House Ethics Committee

The House Ethics Committee is investigating Rep. Alexandria Ocasio-Cortez (D-NY), according to a Wednesday press release.

AOC pretends to be handcuffed during a Roe vs. Wade protest “Pursuant to House Rule XI, clause 3(b)(8)(A), and Committee Rules 17A(b)(1)(A), 17A(c)(1), and 17A(j), the Acting Chairwoman and Acting Ranking Member of the Committee on Ethics have jointly decided to extend the matter regarding Representative Alexandria Ocasio-Cortez, which was transmitted to the Committee by the Office of Congressional Ethics on June 23, 2022,” reads the statement.

It is unclear what she is being investigated for, though the Daily Caller notes that shortly after she took office, conservative groups filed complaints alleging AOC had misused congressional resources – and that she ha …

Read more at: https://www.zerohedge.com/political/aoc-under-investigation-house-ethics-committee

Remember 81 Years Ago: The “Day Which Will Live In Infamy”

Authored by Ethel Fenig via AmericanThinker.com,

Today’s Japan has an aging population that is slowly declining, but 81 years ago, it was a powerful imperialist island nation. So powerful, so imperialistic, that on December 7, 1941, Japan launched an attack against the greatest nation on earth, and bombed Hawaii’s Pearl Harbor.

As morning colors were readied and sailors and civilians ate breakfast, the Japanese planes struck. In fifteen minutes, the main battle line of the Pacific fleet was neutralized. The active battleships USS California, USS Oklahoma, USS West Virginia, USS Nevada, and USS Arizona were sunk, as well as the old USS Utah, which was then being used as a target and antiaircraft training vessel. The battleships USS Marylan …

Read more at: https://www.zerohedge.com/military/remember-81-years-ago-day-which-will-live-infamy

‘Smells Like Coordinated Stock Liquidations’ – Equity Returns Are ‘Night’ & ‘Day’

The last few days been very interesting.

Coming into this week, SpotGamma expected that markets would grind ahead into next week’s key data points, starting with 12/13 CPI.

This view was driven by the fact that short-dated volatility sellers should come into a positive gamma environment, taking advantage of the blackout in data-driven volatility triggers.

However, it seems like some flows were unlocked on Monday morning, and the options market was not anticipating or signaling the risks or size.

You can see this in the chart below wherein we plotted ES futures against the 2-year yield & crude oil futures. You can see there are synchronized moves in these assets around data from last week, but then there is this move that occurs early on Monday morning – before the 10 AM ISM print.

Based on S …

Read more at: https://www.zerohedge.com/markets/smells-coordinated-stock-liquidations-equity-returns-are-night-day

Peru President Detained By Police After Impeachment, “Coup”

Update 2 (2:30pmET): This should answer our question whose side the local military/policy is.

*PERU POLICE DETAIN PRESIDENT PEDRO CASTILLO: COMERCIO

* * *

Update (1:50pmET):

*PERU CONGRESS APPROVES IMPEACHING PRESIDENT PEDRO CASTILLO

PERU’S VICE PRESIDENT REJECTS ON TWITTER CASTILLO’S DECISION TO “PERPETRATE THE BREAKDOWN OF THE CONSTITUTIONAL ORDER WITH THE CLOSURE OF CONGRESS”

* * *

It turns out the US is not the only banana republic out there: moments ago, Peru President Pedro Castillo announced the dissolution of congress and called for legislative elections to draft a new constitution hours before an impeachment debate, greatly escalating a political crisis and putting the Latin American nation’s democracy under threat.

“We took the decision of establishing a government of exception toward reestablishing the rule of law and democracy,” Castillo said in a televised speech Wednesday, adding that the incoming congress will draft a new constitution within nine months. “From today and until the new congress is established, we will govern through decrees.”

Castillo’s move was met with nationwide protests and outrage by the Peruvian constitutional court which called the dissolution of Congress a coup, and said that Castillo is no longer president. Meanwhile, the Congress – which apparently did not get the memo that it has been dissolved – started the Castillo impeachment session early, and will most likely vote to remove the president.

Read more at: https://www.zerohedge.com/markets/chaos-protests-erupt-peru-constitutional-court-calls-president-castillos-disollution

Border Force staff at airports to strike over Christmas

Passport control officers are to join thousands of public servants in walkouts over pay, the PCS union says.

Read more at: https://www.bbc.co.uk/news/uk-politics-63893115?at_medium=RSS&at_campaign=KARANGA

First UK coal mine in decades approved despite climate concerns

Climate experts and Tory MPs argued the Cumbria mine would scupper UK efforts to lower emissions.

Read more at: https://www.bbc.co.uk/news/uk-politics-63892381?at_medium=RSS&at_campaign=KARANGA

Cost of living: House prices drop by 2.3% in a month – Halifax

The mortgage lender says the annual rate of growth in property prices fell from 8.2% to 4.7%.

Read more at: https://www.bbc.co.uk/news/business-63886983?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms small red candle on charts. What traders should do on Thursday

The index slipped below its recent consolidation on the hourly chart, suggesting a waning bullishness. The momentum oscillator is in a bearish crossover. The trend is likely to remain negative going forward; support on the lower end is pegged at 18,500/18,350. On the higher end, resistance is visible at 18,670/18,750.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-red-candle-on-charts-what-traders-should-do-on-thursday/articleshow/96059222.cms

5 announcements from RBI Governor’s policy statement that spoilt D-Street’s mood

The six-member Monetary Policy Committee (MPC) with a five-to-one majority increased the repo rate. Since May, RBI has hiked the repo rate by 225 basis points.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-announcements-from-rbi-governors-policy-statement-that-spoilt-d-streets-mood/articleshow/96052175.cms

Finbridge Expo 2022: Milan Vaishnav, Jhunjhunwala, Asmita Patel among key speakers

The two-day traders’ conference will start on December 17. It provides an opportunity to connect and interact with experts, driving investment and wealth creation for several investors.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/finbridge-expo-2022-milan-vaishnav-jhunjhunwala-asmita-patel-among-key-speakers/articleshow/96063875.cms

Futures Movers: U.S. oil prices drop 3%, pressured by China demand uncertainty, rise in domestic product stocks

Oil prices settled lower Wednesday as U.S. government data show domestic supplies of crude oil fell, but gasoline and distillate inventories saw a sharp climb.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7164-08F9FAB9A45F%7D&siteid=rss&rss=1

‘Anti-woke’ reaction? Fund giant Vanguard quits net-zero climate alliance

Vanguard said it will track its climate-change focus independent of the sector’s net-zero alliance, as an effort to provide “clarity” to its investors.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7164-40A6C9113A70%7D&siteid=rss&rss=1

Get ready for a ‘conundrum’ of a respiratory illness season

There are currently higher-than-normal levels of RSV and the flu in the U.S. — at the same time the number of new COVID-19 infections is rising.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7164-4FED3347070E%7D&siteid=rss&rss=1