29Dec2022 Market Close & Major Financial Headlines: Wall Street Opened higher, Trading Trended Sideways, And Closed Near Session Highs

China Sets The Tone In Oil Markets At Year’s End

Commodity trading in the festive week between Christmas and New Year has always been very light, however, be it for oil markets or for metals at large, China continues to set the tone for the overall sentiment. Soaring coronavirus cases (assumed but unreported) as well as the U.S. gradual recovery from the past week’s polar freeze have been marginally weighing on prices, bringing WTI below $80 per barrel again. Oilprice Alert: This month’s Intelligent Investorlooks for unrealized value in the oilfield sector, analyzing two

Read more at: https://oilprice.com/Energy/Energy-General/China-Sets-The-Tone-In-Oil-Markets-At-Years-End.html

Another High-ranked Russian Military Officer Dies Unexpectedly

The former commander-in-chief of Russia’s ground forces, Alexei Maslov, has reportedly died in a military hospital, according to his defense company’s telegram channel, making him the second top-ranking military officer to die in as many days. The retired army general was said to be serving as a special representative of military-technical cooperation for Uralvagonzavod, Russia’s largest tank manufacturer when he died unexpectedly last week. While various non-mainstream media channels have reported his

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Another-High-ranked-Russian-Military-Officer-Dies-Unexpectedly.html

Crash In U.S. Natural Gas Prices Incentivizes Power Plants To Ditch Coal

Global coal use jumped to a record high this year because of the sharp increase in natural gas prices. This prompted a wave of fuel switching away from NatGas by utilities for power generation, pushing up demand for price-competitive options, including coal, in many countries. There are emerging signs across the Western world that ‘gas-to-coal switching’ could be reversed, perhaps only temporarily, as warmer weather is expected across Europe and the US. The latest 2-week outlook for the Lower 48 is above-average temperatures for

Read more at: https://oilprice.com/Energy/Natural-Gas/Crash-In-US-Natural-Gas-Prices-Incentivizes-Power-Plants-To-Ditch-Coal.html

Finland Proposes 30% Windfall Tax On Power Companies

The Finnish government has announced on Thursday that it has proposed a temporary windfall tax on profits from the country’s electricity companies as part of a European Union response to soaring power costs. The proposed 30% tax would apply to any profits exceeding a 10% return on capital in 2023, with the government estimating it could bring in between 500 million and 1.3 billion euros ($533 million-$1.9 billion). If the Finnish government goes ahead with its plans, it will join Germany and the UK as the other EU members that have introduced a

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Finland-Proposes-30-Windfall-Tax-On-Power-Companies.html

Suncor Colorado Refinery Shut Down Until March

Canadian integrated oil company Suncor Energy Inc. (NYSE: SU) has revealed that extreme weather including multiple fires have forced the company to shut down its Colorado refinery, adding that it will remain offline till March 2023. The company says the 98,000-barrel-a-day Commerce City refinery was damaged by the record-setting weather that swept across large parts of the continent, with the company initiating a refinery shutdown on Dec. 24. Luckily, no injuries were reported while the air quality posed no “acute” public health concerns.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Suncor-Colorado-Refinery-Shut-Down-Until-March.html

UK Government Could Face Lawsuit If It Implements A Windfall Tax On Renewables

A Cheshire wind farm developer has threatened to sue the UK government over its plans to impose a windfall tax on renewables companies. Community Windpower which owns 1.5 GW of UK wind generation capacity has said it will take legal action to block the UK’s Electricity Generator Levy. The temporary tax imposes a 45 percent levy on exceptional receipts of more than 10m generated by selling wholesale electricity at average prices exceeding 75 per MWh. Community Windpower has instructed

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Government-Could-Face-Lawsuit-If-It-Implements-A-Windfall-Tax-On-Renewables.html

Southwest Airlines says it expects normal operations on Friday after thousands of cancellations

Southwest canceled thousands of flights over the past week while other airlines stabilized after brutal winter storms.

Read more at: https://www.cnbc.com/2022/12/29/southwest-airlines-flight-cancellations.html

Pelé, Brazilian soccer star and only player to win the World Cup three times, dies at age 82

Brazilian soccer icon Pelé has died at age 82, his daughter announced.

Read more at: https://www.cnbc.com/2022/12/29/pel-brazilian-soccer-star-dies-at-age-82.html

2022 was tough for media stocks like Netflix and Disney, and 2023 doesn’t look good, either

Netflix, Disney, Paramount, and others lost billions in market value in 2022 as streaming subscriber growth slowed and the ad market tightened.

Read more at: https://www.cnbc.com/2022/12/29/netflix-disney-media-stocks-bad-year.html

Why restaurant chains are investing in robots and what it means for workers

Restaurant chains experimented with automation this year as the labor crunch pressured their profits.

Read more at: https://www.cnbc.com/2022/12/27/restaurant-chains-are-investing-in-robots-bringing-change-for-workers.html

‘Avatar: The Way of Water’ makes $1 billion in 14 days, even with Covid weighing on China

Worldwide ticket sales for Disney and James Cameron’s “Avatar: The Way of Water” have topped $1 billion.

Read more at: https://www.cnbc.com/2022/12/28/avatar-sequel-box-office-tops-1-billion-despite-covid-in-china.html

Tesla made headlines in 2022, but the top-performing auto stock had nothing to do with EVs

The year in automotive stocks wasn’t just about Elon Musk and Tesla. There were losses across the board, but some didn’t lose so much.

Read more at: https://www.cnbc.com/2022/12/28/top-2022-auto-stocks-ferrari-outshines-ev-makers-tesla.html

Southwest cancellations continue as rival carriers cap fares to help stranded flyers

The airline cut another 60% of its schedule even as operations at other airlines improved.

Read more at: https://www.cnbc.com/2022/12/28/southwest-cancels-more-flights-rival-carriers-cap-fares-for-stranded-flyers.html

AMC shares hit a 52-week low as recent moves and gimmicks failed to win over investors

Shares of AMC Entertainment have fallen more than 85% so far this year, sinking below $4.

Read more at: https://www.cnbc.com/2022/12/28/amc-entertainment-stock-falls-hits-low.html

UK and France say no plans currently to follow Italy with Covid tests for China arrivals

Beijing on Monday dropped its quarantine-on-arrival policy, leading many to book their first overseas trips in years.

Read more at: https://www.cnbc.com/2022/12/29/uk-says-no-plans-for-covid-tests-for-china-arrivals.html

Here’s where Covid rules for visitors from China are changing

Some countries announced new Covid testing requirements for visitors from China after the mainland said it would finally relax border controls.

Read more at: https://www.cnbc.com/2022/12/29/heres-where-covid-rules-for-visitors-from-china-are-changing.html

Most Chinese shoppers are very cautious about going out, survey finds

More than 90% of consumers surveyed over the weekend said they are avoiding going out, according to consulting firm Oliver Wyman.

Read more at: https://www.cnbc.com/2022/12/29/most-chinese-shoppers-are-very-cautious-about-going-out-survey-finds.html

U.S. will require airline passengers traveling from China to test negative for Covid

The requirements, which apply regardless of nationality and vaccination status, start on Jan. 5.

Read more at: https://www.cnbc.com/2022/12/28/us-will-require-airline-passengers-traveling-from-china-to-test-negative-for-covid-.html

2023 could be another difficult year for the auto industry – here’s why

Supplies of new cars are finally improving. But will the automakers have to cut prices to find enough buyers?

Read more at: https://www.cnbc.com/2022/12/27/why-2023-could-be-another-difficult-year-for-the-auto-industry.html

Brazil Bans Firearms From Capital Ahead Of Lula’s Inauguration

Authored by Katabella Roberts via The Epoch Times,

Brazilian Supreme Court Judge Alexandre de Moraes issued a temporary firearms ban in Brasilia, the capital of Brazil, on Wednesday ahead of the Jan. 1 inauguration of President-elect Luiz Inacio “Lula” da Silva.

The decision was made as a precautionary measure, according to the judge, and will last until Jan. 2, the day after the inauguration.

Those who violate the ban risk being arrested. Members of law enforcement and security forces are exempt from the ban, as are those employed by private security companies.

Specifically, the temporary ban suspends licenses that allow hunters, marksmen, and collecto …

Read more at: https://www.zerohedge.com/geopolitical/brazil-bans-firearms-capital-ahead-lulas-inauguration

JPMorgan Sued By Virgin Islands Over Jeffrey Epstein’s Alleged Sex-Trafficking Operation

The US Virgin Islands is suing JPMorgan Chase for allegedly reaping financial benefits from Jeffrey Epstein’s pedo sex-trafficking operation and failing to report suspicious banking activity.

“Over more than a decade, JPMorgan clearly knew it was not complying with federal regulations in regard to Epstein-related accounts as evidenced by its too-little too-late efforts after Epstein was arrested on federal sex trafficking charges and shortly after his death, when JPMorgan belatedly complied with federal law,” said US Virgin Islands Attorney General Denise George in a Thursday complaint reported by CNN.

The new lawsuit comes less than a month after Epstein’s estate settled with George for over $105 million dollars, along with an agreement that the estate will liquidate Epstein’s islands and cease business operations in t …

Read more at: https://www.zerohedge.com/political/jpmorgan-sued-virgin-islands-over-jeffrey-epsteins-pedo-sex-trafficking-operation

Fiji’s New Pro-Bitcoin Prime Minister Ponders Legal Tender Bill: Report

Authored by NAMCIOS via BitcoinMagazine.com,

Newly elected Fiji Prime Minister Sitiveni Rabuka is pro-Bitcoin and is reportedly considering pushing a bill to adopt BTC as legal tender in the country…

Pro-Bitcoin politician Sitiveni Rabuka recently took office as the new Prime Minister of the Pacific Islands of Fiji. Now, it seems the new PM is actively considering the adoption of bitcoin as a legal tender there.

While Rabuka himself hasn’t been very public about his opinions on Bitcoin thus far, Lord Fusitu’a, a noble and former member of parliament of the neighboring nation Tonga, has reportedly confirmed that the Fijian politician is a bitcoin bull.

“The new PM is definitely pro-Bitcoin,” Lord Fusitu’a assured Cointelegraph.

Lord Fusitu’a also shared the news on Twitter.

“A new pro-#Bi …

Read more at: https://www.zerohedge.com/crypto/fijis-new-pro-bitcoin-prime-minister-ponders-legal-tender-bill-report

Russia’s Engels Airbase Attacked For 3rd Time This Month

Russia’s Engels airbase has been targeted for a third time this month by Ukraine’s military, resulting in Russian anti-air defenses being activated to take out an inbound projectile.

Engels airbase is located in the Saratov region and crucially is at a distance of over 600km from the Ukrainian border. “The air defense system has been activated in the Engels district,” regional governor Roman Busargin said of the Thursday incident.

Busargin described that an “unidentified object” had been destroyed, adding that there is no further threat to civilian safety. He didn’t indicate whether the object was a drone or missile, but it comes after a deadly Monday attack involving a Ukrainian drone.

Via Ukraine Battle Map/Twitter

No casualties are being reported from the Th …

Read more at: https://www.zerohedge.com/military/russias-engels-airbase-attacked-3rd-time-month

Strikes: Ministers refusing to negotiate on pay, says union body

Its new general secretary Paul Nowak has suggested the government is “hiding behind” pay review bodies.

Read more at: https://www.bbc.co.uk/news/business-64109462?at_medium=RSS&at_campaign=KARANGA

Deloitte cuts UK office temperatures by 2C to save energy

The consultancy is the latest big company to announce a drive to cut costs and carbon emissions.

Read more at: https://www.bbc.co.uk/news/business-64119635?at_medium=RSS&at_campaign=KARANGA

Energy bills: Customers contacted over January bill changes

Slight changes to gas and electricity rates are likely to add only pennies, not pounds, to your bill.

Read more at: https://www.bbc.co.uk/news/business-64063568?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms a positive candle on expiry day. What traders should do on last trading day of 2022

The momentum indicator RSI (14) is in a bullish crossover. Chart readers said Nifty is placed at the edge of an upside breakout of the crucial hurdle at 18200 levels. “For Nifty the target is seen at 18221 and then on the upside, major hurdles will be at the 18,473 mark,” said Prashanth Tapse of Mehta Equities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-a-positive-candle-on-expiry-day-what-traders-should-do-on-last-trading-day-of-2022/articleshow/96597757.cms

Tesla’s worst-ever year brings $17 billion windfall for shorts

Tesla has tumbled more than 42% in December alone, driving it to a loss of 68% this year — marking a radical about-face for a stock that surged during the low-rate era of the pandemic. It’s a rare victory for the shorts, whose 89% return comes after several years of significant losses, S3’s Ihor Dusaniwsky said. About 2.9% of Tesla’s free float is held short, according to S3 data.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/teslas-worst-ever-year-brings-17-billion-windfall-for-shorts/articleshow/96596960.cms

Death Crossovers: These 4 stocks signal further bearishness

For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/death-crossovers-these-4-stocks-signal-further-bearishness/articleshow/96589201.cms

Distributed Ledger: Mark Cuban says gold buyers are ‘dumb as f—,’ sparking a gold vs. bitcoin spat with Peter Schiff

The latest Distributed Ledger columns from MarketWatch. A weekly look at the most important moves and news in crypto.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7172-630FA68DE1B7%7D&siteid=rss&rss=1

Lawrence G. McMillan: The stock market is range-bound over the short term. Don’t expect that to last long.

S&P 500 faces resistance at 4100 and finds support around 3700.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7172-E0A421A28E54%7D&siteid=rss&rss=1

Market Extra: Did 2022 break Wall Street’s ‘fear gauge’? Why the VIX no longer reflects the sorry state of the stock market

U.S. stocks are about to cap off their worst year since 2008. But investors wouldn’t know it by glancing at Wall Street’s favorite “fear gauge.”

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-716D-72A971881056%7D&siteid=rss&rss=1