Agriculture
New York cocoa futures retreated from the prior session’s nine-month peak on Wednesday, weighed down by profit-taking ahead of the upcoming U.S. holiday, while raw sugar also fell. Soybean meal is fed to animals and for human consumption, while soybean oil also has many uses. Wheat went from $4.71 to $6.38. Soybeans are used in many foods as well as various industrial purposes. Therefore, soybeans are an indicator of the future cost of food. We talked about soybeans back in March and now they are up about 50% from $8 to $12 a bushel.
We already see inflation in soybeans. Corn went from $3 to $4.29 a bushel.
We already see inflation in soybeans. Corn went from $3 to $4.29 a bushel.
Currencies
A weak dollar can help stocks with big overseas operations since it makes earnings in foreign currencies worth more in dollar terms. Also, the dollar index hints at further weakening in the dollar. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. For Q3 2020, Gross Dollar Volume grew by 1% year on year globally, including by 4% in the U.S. and staying flat in non-U.S. (excluding currency).
Then again, almost half of the debt is denominated in non-U.S dollar currency, which provides a hedge against international investments. The slide in the dollar coincides with exuberance in the U.S. stock market, where the Dow Jones Industrial Average pierced 30000 for the first time on Tuesday. BL Research BureauThe rupee (INR) settled higher by nearly 10 paise yesterday against the dollar (USD). USD bears appear in good shape, but the price action is sluggish relative to the supportive backdrop for a weaker US dollar.
The consensus view of a falling dollar is based on a big assumption: Covid-19 will be more or less conquered in the months ahead. Specifically, Exxon Mobil’s timeline from discovery to first oil was 5 years with a multi-billion dollar capital cost and $35 Brent breakeven.
Then again, almost half of the debt is denominated in non-U.S dollar currency, which provides a hedge against international investments. The slide in the dollar coincides with exuberance in the U.S. stock market, where the Dow Jones Industrial Average pierced 30000 for the first time on Tuesday. BL Research BureauThe rupee (INR) settled higher by nearly 10 paise yesterday against the dollar (USD). USD bears appear in good shape, but the price action is sluggish relative to the supportive backdrop for a weaker US dollar.
The consensus view of a falling dollar is based on a big assumption: Covid-19 will be more or less conquered in the months ahead. Specifically, Exxon Mobil’s timeline from discovery to first oil was 5 years with a multi-billion dollar capital cost and $35 Brent breakeven.
Metals
Source: World Gold Council, author-generated graphic Even before the pandemic caused mine closures in Q2 of this year, you could make the case gold mine production peaked in 2018. According to the World Gold Council, investment demand for gold is now substantially higher than it has been over the last ten years. In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system.
The company has 116 billion pounds of copper reserves, 30 million ounces of gold reserves, and 3.6 billion pounds of molybdenum reserves. The mine, one of the world’s largest copper and gold deposits, has been through a roller coaster of regulation over the past 13 years. The figure is higher than the government’s own estimates of $1.2 billion a year lost through the illicit gold trade, according to Bloomberg. Freeport-McMoRan Quarterly Results – Freeport-McMoRan Investor Presentation Freeport-McMoRan has achieved copper and gold sales at 6-7% above July estimates with costs and capital below estimates.
U.S. Rejects Controversial Alaska Pebble Gold, Copper Mine The mine was dealt a potentially lethal blow. Zimbabwe’s illicit gold trade is so extensive, the report stated that “some dealers estimate that illegal exports top official deliveries,” to the country’s formal refinery. According to official figures, gold production in the first eight months of 2020 rose 10%, driven especially by output from small-scale miners.
The company has 116 billion pounds of copper reserves, 30 million ounces of gold reserves, and 3.6 billion pounds of molybdenum reserves. The mine, one of the world’s largest copper and gold deposits, has been through a roller coaster of regulation over the past 13 years. The figure is higher than the government’s own estimates of $1.2 billion a year lost through the illicit gold trade, according to Bloomberg. Freeport-McMoRan Quarterly Results – Freeport-McMoRan Investor Presentation Freeport-McMoRan has achieved copper and gold sales at 6-7% above July estimates with costs and capital below estimates.
U.S. Rejects Controversial Alaska Pebble Gold, Copper Mine The mine was dealt a potentially lethal blow. Zimbabwe’s illicit gold trade is so extensive, the report stated that “some dealers estimate that illegal exports top official deliveries,” to the country’s formal refinery. According to official figures, gold production in the first eight months of 2020 rose 10%, driven especially by output from small-scale miners.
Oil
Investors can start by selling the SPDR Oil & Gas E&P ETF (XOP) which is loaded with both oil and gas frackers. It’s also worth noting the company’s Suriname oil has a low-40s API based on initial results, making it valuable oil for the international markets. There are so many factors against oil price rising that the window for more expensive oil and rising U.S. shale stocks continuing to rise is narrow. The hyperactive leverage-driven rally in oil stocks in November is a gift in my opinion to unload oil stocks.
However, those numbers also represent a difficult time in oil prices, so its very plausible that as prices improve the company will need to payoff less debt.
Last year, I discussed Why Oil Stocks Are Priced For Armageddon and recently why Most Oil Shale Is Doomed. The second is a lack of support for new pipelines, as natural gas and oil continue to be transported, adds significant strength to existing businesses. I don’t know how high the bounce is, but it will die again soon enough because oil’s problems are not cyclical, oil’s decline path is secular. I will be laying out what I believe the future of the oil industry is in an update of my Peak Oil Plateau working paper in December.
Additionally, a lack of natural gas or less natural gas could potentially force additional investment in more polluting forms of electricity like coal.
However, those numbers also represent a difficult time in oil prices, so its very plausible that as prices improve the company will need to payoff less debt.
Last year, I discussed Why Oil Stocks Are Priced For Armageddon and recently why Most Oil Shale Is Doomed. The second is a lack of support for new pipelines, as natural gas and oil continue to be transported, adds significant strength to existing businesses. I don’t know how high the bounce is, but it will die again soon enough because oil’s problems are not cyclical, oil’s decline path is secular. I will be laying out what I believe the future of the oil industry is in an update of my Peak Oil Plateau working paper in December.
Additionally, a lack of natural gas or less natural gas could potentially force additional investment in more polluting forms of electricity like coal.
United States
Two professors have just lent academic heft to a suspicion running rampant on Wall Street all year: The options market is whipsawing share prices like never before. Nevertheless, the benchmark KBW Nasdaq Bank Index is still down 22% for the year after the coronavirus pandemic and near-zero interest rate policy weighed on banks. XP (NASDAQ:XP) went public in December 2019, with the company and selling shareholders selling a combined 72.5 million shares at a price of $27.00 per share.
The KBW Nasdaq Regional Banking Index also plunged 7.4%, its worst day ever compared with the broader benchmark. Image: Bigstock November has been a big month for the market, with the Dow, the S&P 500, and the Nasdaq all hitting new records. But he s still laying landmines for the incoming president, and he has another two months to do so.Trump s daily schedule is often pretty bare. Those that are calling for higher yields have left out the single most important consideration in the bond markets, which is the Fed, and what they wish to do.
Stock Market S&P 500 [SPX] Index and Nasdaq [NDX] Technical Analysis Elliott Wave for Investing trends or day trading. If these results hold with more widespread distribution, new cases of COVID-19 may be greatly reduced by mid-2021 in the US. With companies like General Motors (NYSE: GM), moving past the Trump administration climate standards.
The KBW Nasdaq Regional Banking Index also plunged 7.4%, its worst day ever compared with the broader benchmark. Image: Bigstock November has been a big month for the market, with the Dow, the S&P 500, and the Nasdaq all hitting new records. But he s still laying landmines for the incoming president, and he has another two months to do so.Trump s daily schedule is often pretty bare. Those that are calling for higher yields have left out the single most important consideration in the bond markets, which is the Fed, and what they wish to do.
Stock Market S&P 500 [SPX] Index and Nasdaq [NDX] Technical Analysis Elliott Wave for Investing trends or day trading. If these results hold with more widespread distribution, new cases of COVID-19 may be greatly reduced by mid-2021 in the US. With companies like General Motors (NYSE: GM), moving past the Trump administration climate standards.
Europe
Novartis’ pipeline is deep and includes several candidates that the company expects will get approved over the coming year, including Kesimpta in the EU. They are at $7.10 trillion currently and are dwarfed by the ECB who now has $8.00 trillion in assets. While the sum involved is small, it masks a key political objective for Prime Minister Boris Johnson.
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