08Dec2022 Market Close & Major Financial Headlines: Major Wall Street Indexes Opened Higher, Traded Sideways, And Closed In The Green

Kazakhstan Strengthens Nuclear Energy Ties With China

A Kazakh-Chinese joint venture has made its first delivery of fuel assemblies to nuclear power stations in China, uranium giant Kazatomprom has said. The delivery is an important landmark in the growing atomic energy relationship between Beijing and Astana. In a December 7 statement, Kazatomprom said that 30 tons of low-enriched uranium (LEU) had been sent by rail in the form of nuclear fuel assemblies (large bunches of fuel rods) to China where they had been received by their end user,” the China General Nuclear Power Corporation. The

Read more at: https://oilprice.com/Energy/Energy-General/Kazakhstan-Strengthens-Nuclear-Energy-Ties-With-China.html

Uzbekistan Rejects Putin’s Natural Gas Union Idea

Uzbekistan has rejected the idea of creating a so-called “natural gas union” with Russia and Kazakhstan that was proposed by Russian President Vladimir Putin last month, a sign of the growing divide between Moscow and former Soviet republics over the war against Ukraine. Putin proposed creating a “gas union” with Kazakhstan and Uzbekistan on November 28 at talks with Kazakh President Qasym-Zhomart Toqaev in Moscow. Kremlin spokesman Dmitry Peskov said at the time that the idea was proposed to establish a mechanism to ship natural gas between the

Read more at: https://oilprice.com/Energy/Natural-Gas/Uzbekistan-Rejects-Putins-Natural-Gas-Union-Idea.html

No Relief In Sight For Bosphorus Oil Tanker Jam

The traffic jam of oil tankers in the Bosphorus Strait won’t see relief anytime soon, with Turkey’s maritime authority sticking to its guns over requiring insurance letters from the ships passing through. Since the start of the month, Turkey has mandated insurance checks on oil tankers to make sure all ships traveling through the Bosphorus and Dardanelles Straits are properly covered, as the G7 price cap banned all Western insurers from covering ships carrying Russian oil unless it was purchased below the $60 price cap. The checks require

Read more at: https://oilprice.com/Energy/Crude-Oil/No-Relief-In-Sight-For-Bosphorus-Oil-Tanker-Jam.html

Germany’s Floating LNG Terminal Delayed

Germany’s new floating LNG terminal in Lubmin has been delayed by several weeks, according to Der Spiegel magazine. The new floating LNG terminal was expected to launch at the beginning of December, but the project is still pending approval procedures. The LNG terminal is still expected to launch before the end of the year, a spokesman for Deutsche ReGasthe terminal operator told Der Spiegel. Demand for LNG floating storage and regasification units (FSRU) has increased substantially this year as Europe faces an acute energy supply

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Germanys-Floating-LNG-Terminal-Delayed.html

Iron Ore Futures Jump As Chinese Cities Ease Covid Restrictions

Via AG Metal Miner China’s steady easing of covid-19 restrictions finally allowed the beleaguered economy to begin reopening. Many experts expect a renewed demand for steel, which means an increased appetite for steel-making raw materials such as iron ore. Both analysts and traders believe that lifting the restrictions was a step in the right direction. This current positivity is clear in the price of iron ore futures, which have started climbing once again. Ore futures rose this Monday after more cities in China eased their covid restrictions.

Read more at: https://oilprice.com/Metals/Commodities/Iron-Ore-Futures-Jump-As-Chinese-Cities-Ease-Covid-Restrictions.html

Saudi Arabia Reports First Budget Surplus In A Decade

The world’s biggest exporter of crude oil, Saudi Arabia, has just reported a budget surplus, the first time it has done so in nearly 10 years thanks to high oil prices boosting its coffers. According to the kingdom’s finance ministry, releasing what it said were preliminary estimates, the country’s 2022 surplus clocked in at 102 billion riyals ($27 billion), good for 2.6% of its gross domestic product (GDP). Total revenue for this year was estimated at 1.234 trillion riyals, while spending amounted to 1.132 trillion riyals. The

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Reports-First-Budget-Surplus-In-A-Decade.html

NFL and Washington Commanders misled public about misconduct probe, House panel says

The House panel also said the NFL and the Commanders impeded its investigation.

Read more at: https://www.cnbc.com/2022/12/08/nfl-washington-commanders-slammed-by-house-panel-over-misconduct-probe.html

Hasbro defends Magic: The Gathering strategy, says ‘there is no evidence’ cards are overprinted

Hasbro refuted reports from analysts and players that it is overprinting its Magic: The Gathering card sets.

Read more at: https://www.cnbc.com/2022/12/08/hasbro-defends-magic-the-gathering-strategy.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

GameStop shares rise after earnings report

GameStop posted a decline in revenue, but its net loss narrowed from a year ago.

Read more at: https://www.cnbc.com/2022/12/07/gamestop-gme-earnings-q3-2022.html

Former FTX CEO Sam Bankman-Fried hit with campaign finance complaint over GOP ‘dark’ money

CREW’s campaign finance complaint against Sam Bankman-Fried comes nearly a month after his FTX crypto exchange filed for bankruptcy protection.

Read more at: https://www.cnbc.com/2022/12/08/ftx-ceo-sam-bankman-fried-hit-with-campaign-finance-complaint.html

Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr.

The dismissal comes after Kim Kardashian paid over $1 million in October to settle with the SEC over her promotion of EthereumMax.

Read more at: https://www.cnbc.com/2022/12/07/kim-kardashian-floyd-mayweather-crypto-scam-lawsuit-dismissed.html

Rent the Runway shares surge after fashion rental company reports stronger quarterly sales

The fashion rental company reported stronger revenue that beat expectations as customers opted to borrow designer clothes instead of buying them.

Read more at: https://www.cnbc.com/2022/12/07/rent-the-runway-rtr-q3-earnings-2022.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

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

Jim Cramer’s Investing Club meeting Thursday: Buy Disney, Salesforce downgrade, Costco earnings

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

Read more at: https://www.cnbc.com/2022/12/08/jim-cramers-investing-club-meeting-thursday-disney-salesforce.html

Harry and Meghan hit out at ‘exploitation and bribery’ of UK media in new Netflix documentary

Prince Harry and Meghan Markle hit out at what they called the “exploitation and bribery” of the British press in a new Netflix documentary released Thursday.

Read more at: https://www.cnbc.com/2022/12/08/harry-and-meghan-lash-out-at-uk-media-in-new-netflix-documentary.html

Microsoft Slides After FTC Blocks Activision Deal, Drags Market Lower

Microsoft Slides After FTC Blocks Activision Deal, Drags Market LoweAs if a million merger arbs suddenly cried out in terror and were suddenly silenced.

Just before 2pm ET, the US Federal Trade Commission confirmed earlier rumors when it announced that it had voted 3-1 to sue to block Microsoft’s $69 billion acquisition of gaming giant Activision Blizzard, saying the tie-up between the Xbox maker and popular gaming publisher would harm competition in the gaming market.

The commission voted to proceed with the complaint, which will be filed in its in-house court Thursday, in a closed-door meeting, said two BBG sources.

The full statement is below:

FTC Seeks to Block Microsoft Corp.’s Acquisition of Activision Blizzard, Inc.

Agency alleges that maker of Xbox would gain control of top video game franchises, enabling it to harm competition in high-performance gaming consoles and subscription services by denying or degrading rivals’ access to its popular content

The Federal Trade Commission is seeking to block technology giant Microsoft Corp. from acquiring leading video game developer Activision Blizzard, Inc. and its blockbuster gaming franchises such as Call of Duty, alleging that the $69 billion deal, Microsoft’s largest ever and the largest ever in the video gaming industry, would enable Microsoft to suppress competitors to its Xbox gaming consoles and its rapidly grow …

Read more at: https://www.zerohedge.com/markets/microsoft-slides-after-ftc-blocks-activision-deal-drags-market-lower

Long-Delayed Cold Weather To Blanket Much Of US

An update to the Climate Prediction Center’s official 8-14 day outlook for pre-Christmas forecasts more than two-thirds of the Lower 48 will be colder than average, with near-normal temperatures for the Mid-Atlantic and above-average temperatures for the Northeast.

NOAA’s temperature outlook forecasts the West, Southwest, and Midwest, as well as parts of the Southeast (excluding coastal areas), will experience below-average temperatures between Dec.15-21. The forecast was issued on Dec. 7. As for the Mid-Atlantic, temperatures are expected to be around average, while temperatures in the Northeast will be above average.

Lower 48 average temperatures are currently well above average. On Wednesday, the national average was 10 degrees above a 30-year mean, though forecasts show a cold pattern will begin at the end of this week and push temperatures down well below average through Dec. 21.

Read more at: https://www.zerohedge.com/weather/long-delayed-cold-weather-blanket-much-us

Biden Imposes Strict Climate Change Mandates On The Pentagon

Authored by Mike Shedlock via MishTalk.com,

Hello Pentagon, what do you think of Biden’s new and costly green mandates for weapons?

Thanks to President Biden, The Pentagon Marches Off to Climate War.

“As the U.S. military faces strained budgets and growing threats, climate will be a costly new priority in national defense. The People’s Liberation Army must be dumbfounded by its good luck.”https://t.co/Uau7nwOaHw via @WSJ

— Gwendolyn Johnson (@TrixieIvy4)

Read more at: https://www.zerohedge.com/political/biden-imposes-strict-climate-change-mandates-pentagon

House Passes Record $858 Billion Defense Policy Bill

Update(1358ET): On Thursday the House passed the massive, record-setting annual defense authorization bill, which will now see the $847 billion measure go to the Senate, which has to be voted on before the year-end deadline.

It passed in a vote of 350-80 along largely bipartisan lines. According to The Hill, “It was approved under suspension of the rules, an expedited process to pass legislation in the House that requires a two-thirds majority.”

One interesting measure which will be welcomed across the Department of Defense is a 4.6% pay raise for both military members and the DoD’s civilian workers.

* * *

As Dave DeCamp of AntiWar.com previously detailed, the House Foreign Affairs Committee on Tuesday narrowly voted down a bill that would audit the tens of billions of dollars that Congress has approved to spend on the war in Ukraine. T …

Read more at: https://www.zerohedge.com/military/ukraine-aid-audit-bill-voted-down-dem-led-panel-amid-record-858-billion-ndaa

UK banking rules face the biggest shake-up in more than 30 years

Rules introduced after the financial crisis in 2008 aimed at limiting risks will be eased.

Read more at: https://www.bbc.co.uk/news/business-63905505?at_medium=RSS&at_campaign=KARANGA

Air passengers told to expect ‘serious disruption’

People are warned to “think carefully” about plans after airport border staff announce a Christmas strike.

Read more at: https://www.bbc.co.uk/news/business-63901482?at_medium=RSS&at_campaign=KARANGA

‘We haven’t had a single penny from the Post Office’

Three years after winning in the High Court, hundreds of sub-postmasters are still waiting for compensation.

Read more at: https://www.bbc.co.uk/news/business-63889700?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms small positive candle. What traders should do on Friday

The inside body candle on daily charts is indicating non-directional activity and indecisiveness between bulls and bears. For bulls, 18,675 would be the important breakout level to watch out for. And above the same, we can expect a quick uptrend rally up to 18,800-18,835. On the flip side, trading below 18,500 may fuel further weakness up to 18,435-18,400.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-positive-candle-what-traders-should-do-on-friday/articleshow/96088500.cms

Richer by Rs 13 trillion! RIL stock biggest wealth creator in last 5 years

TCS (Rs 9,548 crore), Infosys (Rs 5,795 crore), HDFC Bank (Rs 4,108 crore) and Bajaj Finance (Rs 3,614 crore) were the other top wealth creators on the list. Adani Transmission, which made investors richer by Rs 2,538 crore during the last 5 years, is the only Adani group stock in top 10 list.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/richer-by-rs-13-trillion-ril-stock-biggest-wealth-creator-in-last-5-years/articleshow/96082459.cms

US stocks open higher after recent selloff

At 10:43 a.m. ET, the Dow Jones Industrial Average was up 241.67 points, or 0.72%, at 33,839.59, the S&P 500 was up 32.12 points, or 0.82%, at 3,966.04, and the Nasdaq Composite was up 130.60 points, or 1.19%, at 11,089.15.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/us-stocks-open-higher-after-recent-selloff/articleshow/96090839.cms

The Moneyist: I sold my late mother’s home for $250,000. I make $80,000 and have $220,000 in student debt. I want to buy a house. Should I use all my inheritance for a down payment?

‘I plan on maxing out contributions to my employer-matching Roth IRA, but I am unsure where to put the remainder until I find a home to purchase.’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7165-437879B303F6%7D&siteid=rss&rss=1

MarketWatch First Take: Amazon launches TikTok-style video and photo feed

Amazon has launched a feature in its app that offers shoppers a TikTok-style feed of customized videos and photos, the Wall Street Journal reports.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7165-83847C18AA01%7D&siteid=rss&rss=1

The Margin: Olive Garden manager fired after time-off rant: ‘If you’re sick, you need to come prove it to us’

The manager began by saying a ‘staggering amount of employees were calling out lately’

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7164-FA9B4A38A444%7D&siteid=rss&rss=1