08Feb2022 Market Close & Major Financial Headlines: Wall Street Closes Higher Halting At Weak Resistance, DOW Closed Up 372 points, NASDAQ Up 1.3%, Bitcoin 44300, Dogecoin slips to $0.1580, WTI Settles Lower 89.66

Its Time To Stop Comparing Big Oil To Big Tobacco

It is not novel or particularly creative to compare Big Oil to Big Tobacco. Over the years, dozens (if not hundreds) of think pieces have been published to this effect, chronicling the myriad similarities between the two controversy-plagued industries and pointing to Big Tobaccos past to predict Big Oils future. While the comparison may be running the risk of growing trite, the sectors trajectories continue to share plenty of similarities, similarities that it is hard to ignore. There are, however, major differences between

Read more at: https://oilprice.com/Energy/Energy-General/Its-Time-To-Stop-Comparing-Big-Oil-To-Big-Tobacco.html

Mexico Slashes Oil Exports To India

Mexico, which was one of the top-ten oil suppliers to India last year, has drastically cut its crude exports to the Asian consumer so far this year as state oil firm Pemex works to launch a large refinery to process fuel domestically, Reuters reported on Tuesday, quoting sources and industry data. Pemex and Mexican President Andrs Manuel Lpez Obrador aim to inaugurate the Dos Bocas oil refinery in the summer of this year, although analysts doubt the refinery would produce any gasoline by the end of 2022. Nevertheless, as it prepares

Read more at: https://oilprice.com/Energy/Energy-General/Mexico-Slashes-Oil-Exports-To-India.html

Optimism Over Iran Nuclear Deal Drags Oil Prices Down

Chart of the Week- Largely thanks to a colder-than-average January, European gas stocks are now below 38% of aggregate storage capacity and remain well below any historical range.- With Gazprom minimizing gas flows via the Yamal-Europe pipeline, Brussels is seeking to clinch guarantees from the US and other producers that would cover its needs in case the Russia-Ukraine conflict degenerates into war. – Even though Azerbaijan signaled its readiness to sell whatever incremental supply it has, its output remains relatively minuscule compared

Read more at: https://oilprice.com/Energy/Energy-General/Optimism-Over-Iran-Nuclear-Deal-Drags-Oil-Prices-Down.html

UK To Rely On Oil And Gas Despite Net-Zero Pledge

Domestic oil and gas production will continue to play an important role in the UKs energy mix, despite the commitment to net-zero emissions by 2050, Prime Minister Boris Johnson said on Tuesday. While the UK is pushing to build out more offshore wind capacity, it will continue to allow new oil and gas projects in the UK North Sea as it looks to cater to its energy security. The past few months have shown that Europe and the UK cannot go without natural gas, while Britain has seen a cost-of-living crisis unfold with energy bills soaring and

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-To-Rely-On-Oil-And-Gas-Despite-Net-Zero-Pledge.html

Rising LNG Exports Are Becoming A Problem For Biden

Few people noticed when energy reporters wrote in early January that the United States had become the world’s largest exporter of liquefied natural gas (LNG). Now, a group of U.S. senators has noticed and say those exports may be driving up heating and electricity costs for their constituents. In a letter to the secretary of energy, they are asking the secretary “to conduct a review of LNG exports and their impact on domestic prices and the public interest, and develop a plan to ensure natural gas remains affordable for American households.” Who

Read more at: https://oilprice.com/Energy/Energy-General/Rising-LNG-Exports-Are-Becoming-A-Problem-For-Biden.html

Tanker Rates Turn Negative As U.S. LNG Flocks To Europe

The spot charter rates for shipping U.S. liquefied natural gas to Europe have just turned negative, suggesting that there are now too many LNG vessels in the Atlantic region but fewer requirements, according to LNG freight price assessor Spark Commodities. In December and January, dozens of cargoes of U.S. LNG flocked to Europe, which had a record-high natural gas price amid the gas and energy crisis. The crisis pushed regional LNG prices way above the Asian LNG benchmark and 14 times higher than the U.S. Henry Hub price. Tankers were not only

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tanker-Rates-Turn-Negative-As-US-LNG-Flocks-To-Europe.html

Chipotle earnings top estimates, but chain warns omicron variant will hit next quarter’s sales

The burrito chain is facing higher costs for labor and ingredients, but price hikes helped offset their impact.

Read more at: https://www.cnbc.com/2022/02/08/chipotle-mexican-grill-cmg-q4-2021-earnings.html

WHO says new omicron BA.2 subvariant will rise globally, but scientists don’t know if it can reinfect people

Dr. Abdi Mahamud, the WHO’s Covid incident manager, said it’s unclear whether BA.2 can reinfect people who previously had BA.1.

Read more at: https://www.cnbc.com/2022/02/08/who-says-omicron-bapoint2-subvariant-will-rise-globally.html

Toyota U.S. sales chief says win over GM ‘not sustainable,’ but expects bet on EVs to pay off

“I’m very, very optimistic that we’re going to have another great year in 2022,” the Toyota North America sales chief told CNBC on Tuesday.

Read more at: https://www.cnbc.com/2022/02/08/toyota-us-sales-chief-says-win-over-gm-not-sustainable-but-expects-bet-on-evs-to-pay-off.html

Peloton founder John Foley calls recent events ‘humbling,’ as cycle maker looks to redefine itself

“We own it. I own it. And we are holding ourselves accountable,” Peloton founder John Foley. “That starts today.”

Read more at: https://www.cnbc.com/2022/02/08/peloton-founder-john-foleys-mea-culpa-says-recent-events-are-humbling.html

Pfizer CEO says chances are ‘very high’ FDA will approve low-dose Covid shots for kids under 5

“I think the chances are very high FDA to approve it,” Bourla told CNBC, saying he believes the agency will be pleased with the data.

Read more at: https://www.cnbc.com/2022/02/08/pfizer-ceo-says-chances-are-very-high-fda-will-approve-low-dose-covid-shots-for-kids-under-5.html

Johnson & Johnson plant pauses Covid vaccine production, report says

The only Johnson & Johnson facility making usable batches of the company’s Covid vaccine has temporarily halted its production, The New York Times reported.

Read more at: https://www.cnbc.com/2022/02/08/johnson-johnson-plant-pauses-covid-vaccine-production-report-says.html

A ‘money disorder’ may be behind your growing debt — Here’s how to know if you have a problem

“Money disorders” is an umbrella term for recurring problems people have with their finances. Here’s how to identify if you have a problem.

Read more at: https://www.cnbc.com/2022/02/08/these-money-disorders-may-be-contributing-to-your-growing-debt.html

Investigations, scandals and executive upheaval drag down shares of SPAC-backed EV start-ups

Most EV start-ups that went public through SPAC deals have performed horribly in 2022 – falling by double-digits and trading at or near 52 week lows.

Read more at: https://www.cnbc.com/2022/02/08/probes-executive-upheaval-continue-to-tank-spac-backed-ev-start-ups.html

Super Bowl predicted to have the hugest audience yet — and record bets, too

The 2022 Super Bowl between the Cincinnati Bengals and the Los Angeles Rams could reach 117 million viewers, according to demand-intelligence company PredictHQ.

Read more at: https://www.cnbc.com/2022/02/08/super-bowl-predicted-to-have-the-hugest-audience-yet-predicthq.html

10 snubs and surprises from this year’s Academy Award nominations

While “Power of the Dog,” “Dune” and “West Side Story” nabbed Academy Award nominations on Tuesday, there are many films and actors that didn’t make the list.

Read more at: https://www.cnbc.com/2022/02/08/oscar-nominations-2022-10-snubs-and-surprises.html

Drug overdoses are costing the U.S. economy $1 trillion a year, government report estimates

U.S. government officials said synthetic opioids are akin to “a slow-motion weapon of mass destruction.”

Read more at: https://www.cnbc.com/2022/02/08/drug-overdoses-cost-the-us-around-1-trillion-a-year-report-says.html

Meet Peloton’s new CEO, Barry McCarthy

Former Spotify CFO Barry McCarthy is replacing Peloton co-founder John Foley as chief executive officer.

Read more at: https://www.cnbc.com/2022/02/08/meet-pelotons-new-ceo-barry-mccarthy.html

Alfa Romeo unveils new electric-hybrid SUV with NFT, blockchain technology

The Italian automaker’s new subcompact Tonale SUV will include a NFT and based on blockchain technology, the company said Tuesday.

Read more at: https://www.cnbc.com/2022/02/08/new-alfa-romeo-suv-equipped-with-nft-blockchain-technology.html

Bitcoin & Stocks Dump’n’Pump As Rising Rate-Hike Odds Crush Credit

Bitcoin & Stocks Dump’n’Pump As Rising Rate-Hike Odds Crush CreditShort-term interest-rate (STIR) markets are now pricing in a 40% plus chance of a 6th rate-hike by year-end and a 35% chance of 50bps surprise hike in March…

Source: Bloomberg

And a hot CPI print this week could send that March hike probability soaring. If NFIB data is anything to go by, it will be a shitshow…

Source: Bloomberg

Let’s hope not…

Read more at: https://www.zerohedge.com/markets/bitcoin-stocks-dumpnpump-rising-rate-hike-odds-crush-credit

Pfizer Quietly Adds Language Warning That ‘Unfavorable Pre-Clinical, Clinical Or Safety Data’ May Impact Business

Pfizer Quietly Adds Language Warning That ‘Unfavorable Pre-Clinical, Clinical Or Safety Data’ May Impact BusinessTwo weeks ago, the FDA begged a Texas judge to delay production on the first monthly batch of 55,000 pages of Covid-19 vaccine data submitted to the agency by Pfizer. Originally, the agency was set to produce just 500 pages-per-month.

Now, Pfizer – which just forecast $54 billion in Covid-related sales in 2022, appears to be anticipating some bad news, as evidenced by several redline changes in their Q4 earnings releases.

As Rubicon Capital’s Kelly Brown notes on Twitter, the changes center around disclosures of unfavorable safety data.

For example, in Q4 they added: “or further information regarding the quality of pre-clinical, clinical or safety data, including by audit or inspection.”

Read more at: https://www.zerohedge.com/covid-19/pfizer-quietly-adds-language-warning-unfavorable-pre-clinical-clinical-or-safety-data-may

For The First Time, Goldman Warns Fed’s Aggressive Tightening May Lead To “Hard Landing”

For The First Time, Goldman Warns Fed’s Aggressive Tightening May Lead To “Hard Landing”One month ago, we quoted a fragment from a recent Goldman research report, which carried two potential meanings, neither of which was especially good. Specifically, when discussing the Fed’s dramatic hawkish pivot, the vampire squid’s economists said that “inflation risks—rather than improving growth expectations—have driven the recent hawkish pivot,” which we translated as follows: “the Fed is i) either hiking into a stagflation or ii) hiking with hopes of creating a recession.”

Goldman: “inflation risks—rather than improving growth expectations—have driven the recent hawkish pivot,”

Translation: the Fed is i) either hiking into a stagflation or ii) hiking with hopes of creating a recession

— zerohedge (@zerohedge) January 15, 2022

Today, Goldman’s chief economist Jan Hatzius published a follow up report in which he hinted at the answer.

In the note suggestively titled suggestively enough “The Slowdown That We Need”, Hatzius writes that the “most important number in the US employment report for January was not the surprising 467k increase in nonfarm payrolls, but the 0.7% increase in average hourly earnings.”

Read more at: https://www.zerohedge.com/markets/first-time-goldman-warns-feds-aggressive-tightening-may-lead-hard-landing

The White House Now Says It Never Really Wanted Lockdowns

The White House Now Says It Never Really Wanted LockdownsAuthored by Ryan McMaken via The Mises Institute,

Last Friday, a reporter asked White House press secretary Jen Psaki to respond to the Johns Hopkins covid study showing lockdowns provided no real benefit in terms of disease prevention.

In response, Psaki dodged addressing the study directly, but then pivoted to claiming that the Biden administration had never pushed lockdowns.

“We are not pushing lockdowns,” she insisted.

“We’ve not been pro-lockdown – most of the lockdowns actually happened under the previous President.”

🚨 #BREAKING: | Press Secretary Psaki responds to Johns Hopkins Study that says lockdowns had little to no effect on curving Covid mortality.

“We are not pushing lockdowns, we’ve not been pro-lockdown — most of the lockdowns actually happened under the previous President.” pic.twitter.com/iOKAFciOwX

— El American (@ElAmerican_) February 4, 2022

Read more at: https://www.zerohedge.com/political/white-house-now-says-it-never-really-wanted-lockdowns

Energy prices: Failed suppliers will add £200m to bills, says Ofgem boss

Ofgem boss Jonathan Brearley told MPs it would add to already soaring energy costs for millions.

Read more at: https://www.bbc.co.uk/news/business-60290234?at_medium=RSS&at_campaign=KARANGA

BP hits back at calls for windfall tax on bumper profits

The energy giant’s reports a $12.8bn profit but says it needs money to invest in gas and renewables.

Read more at: https://www.bbc.co.uk/news/business-60299886?at_medium=RSS&at_campaign=KARANGA

Record-high seizure of $5bn in stolen bitcoin

Two suspects allegedly conspired to launder the money after it was stolen by a hacker in 2016.

Read more at: https://www.bbc.co.uk/news/world-us-canada-60310783?at_medium=RSS&at_campaign=KARANGA

Day Trading Guide: 2 stock recommendations for Wednesday

The bulls defended the 78.6% Fibonacci retracement level placed at 17,040 which also happened to be the trendline support formed joining recent lows.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-2-stock-recommendations-for-wednesday/articleshow/89431768.cms

Tech View: Nifty50 bulls fight back, signal reversal

The formation could be considered as a constructive setup, said Osho Krishan of Angel One. Krishan, however, believes that the lack of leadership from the key sectors (IT and bank) is a matter of concern

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-bulls-fight-back-signal-reversal/articleshow/89432498.cms

Sensex snaps 3-day losing run, ekes out 187 points gain

“Selling pressure from FPIs was countered by bargain hunting by domestic investors. European shares were also up over ECB President’s comments stating that there are lower chances of a measurable tightening of monetary policy, which helped in comforting global investors,” said Vinod Nair of Geojit Financial Services.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sensex-snaps-3-day-losing-run-ekes-out-187-points-gain/articleshow/89430449.cms

Bond Report: 10-year Treasury yield hits highest level since 2019 as it marches toward 2%

Treasury yields march to multiyear highs on Tuesday, with the 10-year rate climbing to levels not seen since July 2019 and some expecting it may soon hit 2%.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7914-03203368E9F4%7D&siteid=rss&rss=1

: Flies for breakfast? Insects are about to be pet food, and the effort will aim for human plates as well

Archer-Daniels-Midland announced a partnership with Paris-based biotech company InnovaFeed for insect-based pet food.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7914-422032233F06%7D&siteid=rss&rss=1

: Biden mentions Tesla after Musk’s complaints of snub

President Joe Biden mentioned Tesla on Tuesday in a White House speech, after recent complaints by the electric-vehicle brand’s chief executive and its fans that his administration has been snubbing the EV maker.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7918-D66959D7454A%7D&siteid=rss&rss=1