Agriculture
The ICO still sees global coffee consumption rising 0.3% in the 2019-20 season (October-September), despite the coronavirus pandemic, to 168.39 million bags. INSIGHT Coffee, donuts and Spic and Span: P&G finds new ways to plug products amid pandemic Germ-conscious in the pandemic era but still craving a donut and coffee? Malaysian palm oil futures slipped after four straight sessions of gains, pressured by weakness in rival soybean oil and cargo surveyor data showing a slump in August exports.
Similarly, Refinitiv trade flow models are indicating Lebanon s month-on-month corn imports declined by 12% to about 36,500 tons in July 2020 from the previous month. MARKET NEWS Chicago wheat futures slid after climbing to a five-month high in the last session, although the decline was limited by expectations of strong demand for U.S. supplies. Co-founded by surfing sensation Laird Hamilton, the plant-based coffee creamer company filed on Monday to raise up to $40 million in an initial public offering.
India’s sugar harvest begins in October, when other major producers are winding down. CVR Energy, Inc. was founded in 1906 and is based in Sugar Land, Texas.
Similarly, Refinitiv trade flow models are indicating Lebanon s month-on-month corn imports declined by 12% to about 36,500 tons in July 2020 from the previous month. MARKET NEWS Chicago wheat futures slid after climbing to a five-month high in the last session, although the decline was limited by expectations of strong demand for U.S. supplies. Co-founded by surfing sensation Laird Hamilton, the plant-based coffee creamer company filed on Monday to raise up to $40 million in an initial public offering.
India’s sugar harvest begins in October, when other major producers are winding down. CVR Energy, Inc. was founded in 1906 and is based in Sugar Land, Texas.
Currencies
The Australian dollar has weakened after several days of rising at its cross with the US dollar after the GDP data was released. less Silver markets initially tried to rally during the trading session, breaking above the $29 level but cratered later in the day as the US dollar picked up strength. The dollar extended overnight gains after positive U.S. manufacturing data. The U.S. dollar extended overnight gains after positive U.S. manufacturing data. Remember, the Fed uses very high leverage, so even they need to keep credit risk low or else risk causing the U.S. dollar to hyperinflate.
less After poking above $1.20 for the first time in more than two years, the euro reversed lower yesterday and is continuing to succumb to profit-taking pressures today. less Extending the rally, the rupee gained about 1 per cent on Tuesday ending the session at 72.87 versus the dollar (USD). Gold (GLD) is off this morning as the dollar manages a small rebound against the Euro (FXE) and Sterling (FXB).
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. less The rupee fell 23 paise to 73.10 against the US dollar in early trade.
less After poking above $1.20 for the first time in more than two years, the euro reversed lower yesterday and is continuing to succumb to profit-taking pressures today. less Extending the rally, the rupee gained about 1 per cent on Tuesday ending the session at 72.87 versus the dollar (USD). Gold (GLD) is off this morning as the dollar manages a small rebound against the Euro (FXE) and Sterling (FXB).
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. less The rupee fell 23 paise to 73.10 against the US dollar in early trade.
Metals
The world’s second-biggest consumer of the precious metal imported around 60 tonnes of gold in August, up from 32.1 tonnes a year ago, the source said. India, the world’s second-biggest consumer of the precious metal imported around 60 tonnes of gold in August, up from 32.1 tonnes a year ago. A recent Kirkland Lake Gold (KL) analysis showed that it trades at $741 per ounce of gold reserves. If you want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing.
Source: Northern Star Resources 2020 annual report The company’s short-term incentives center around safety, gold production, and efficient cost controls. The gold mine to watch will be its KCGM Superpit mine, to see if it can meet its production estimates. On the positive side, Northern Star expects to break the 1,000,000 ounces of gold production mark in 2021, which will be a significant milestone for the company. The share performance has rewarded shareholders well over the past 5-10 years, and few gold companies have performed better.
One problem with Northern Star is that it has higher all-in sustaining costs per ounce of gold produced when compare to Kirkland Lake.
The last article I wrote was about Kirkland Lake, and so, I’m spoiled by reviewing one of the best gold companies in Kirkland Lake.
Source: Northern Star Resources 2020 annual report The company’s short-term incentives center around safety, gold production, and efficient cost controls. The gold mine to watch will be its KCGM Superpit mine, to see if it can meet its production estimates. On the positive side, Northern Star expects to break the 1,000,000 ounces of gold production mark in 2021, which will be a significant milestone for the company. The share performance has rewarded shareholders well over the past 5-10 years, and few gold companies have performed better.
One problem with Northern Star is that it has higher all-in sustaining costs per ounce of gold produced when compare to Kirkland Lake.
The last article I wrote was about Kirkland Lake, and so, I’m spoiled by reviewing one of the best gold companies in Kirkland Lake.
Oil
CVR Refining LP includes several complex full coking crude oil refineries, along with a crude oil gathering system, pipelines and storage tanks, and marketing and supply. The company’s refineries can process blends of a variety of crude oil ranging from heavy sour to light sweet crude oil. Oil investment will likely be less of a drag than feared, thanks to higher oil prices and a tax relief package. According to the August DPR report, LTO oil and conventional oil output peaked in November 2019 at 9,169 kb/d.
Note that the DPR production includes both LTO oil and oil from conventional wells/fields. According to a US oil and gas agency, commercial crude stocks in the country plunged by 6.36 million bbl in the week ending the 28th of August. Interestingly, conventional oil in the L48 also peaked in November 2018, the current peak oil date. BEFORE THE BELL Canada s main stock index futures advanced as oil prices rose, following a drop in U.S. crude inventories.
The COVID-related lockdown led to unprecedented global demand destruction, and this was made worse by the drop in oil and gas prices. Oil and Gas demand dropped due to the COVID-19 pandemic, and OPEC+ curtailed oil-equivalent production.
Note that the DPR production includes both LTO oil and oil from conventional wells/fields. According to a US oil and gas agency, commercial crude stocks in the country plunged by 6.36 million bbl in the week ending the 28th of August. Interestingly, conventional oil in the L48 also peaked in November 2018, the current peak oil date. BEFORE THE BELL Canada s main stock index futures advanced as oil prices rose, following a drop in U.S. crude inventories.
The COVID-related lockdown led to unprecedented global demand destruction, and this was made worse by the drop in oil and gas prices. Oil and Gas demand dropped due to the COVID-19 pandemic, and OPEC+ curtailed oil-equivalent production.
United States
The Fed announced a dovish policy shift last week, striving for full employment at the expense of higher inflation, and the announcement continues reverberating through markets. Except for investment-grade bonds in the US and foreign-government fixed income in developed markets, across-the-board gains dominated the major asset classes higher last month. Mnuchin also released a new estimate for the so-called Main Street Lending Program, which will make between $25B-$50B of loans to midsize businesses in coming months.
Technology names and other “COVID stocks” have helped fuel the massive rally in the NASDAQ from January until the end of last month. The REIT sector is on watch after the Trump administration implemented a national moratorium on residential evictions through the end of the year. With 62 days until the vote, Democratic nominee Joe Biden is leading Trump by eight points in the latest national poll. In the US, one measure of manufacturing activity from the Institute of Supply Management showed the sector’s expansion rate at a near two-year high.
Indeed, the entire agency MBS market is worth around $8.9 trillion today, and the Fed currently owns just over 20% of the market. Of the largest 100 Nasdaq Companies, Netflix delivered the best day, with JD.com (JD) and Apple (AAPL) also enjoying significant bumps. We have huge earnings upside vs. the Street similar to what we had in Tesla (NASDAQ: TSLA) in the last year or two.
Technology names and other “COVID stocks” have helped fuel the massive rally in the NASDAQ from January until the end of last month. The REIT sector is on watch after the Trump administration implemented a national moratorium on residential evictions through the end of the year. With 62 days until the vote, Democratic nominee Joe Biden is leading Trump by eight points in the latest national poll. In the US, one measure of manufacturing activity from the Institute of Supply Management showed the sector’s expansion rate at a near two-year high.
Indeed, the entire agency MBS market is worth around $8.9 trillion today, and the Fed currently owns just over 20% of the market. Of the largest 100 Nasdaq Companies, Netflix delivered the best day, with JD.com (JD) and Apple (AAPL) also enjoying significant bumps. We have huge earnings upside vs. the Street similar to what we had in Tesla (NASDAQ: TSLA) in the last year or two.
China
All through the recent turbulent period in the relationship, Beijing has remained unwaveringly committed to ensuring the stability of China-US economic and trade relationship. So far, the goods targeted in Beijing’s trade spat with Canberra are minor.
Europe
Comments from ECB’s Lane appeared to trigger a reversal yesterday throughout the currency markets. The ECB may be worried by August’s downbeat inflation figures. It s crunch time for the EU s green talks.
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