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Audio IC shortage easing

Notebook-use audio IC shortages are easing, with the supply shortfall expected to narrow next year, according to industry sources......»»

Category: topSource: digitimesNov 25th, 2021

The Fed Finally Fights Inflation

In his Daily Market Notes report to investors, while commenting on inflation, Louis Navellier wrote: Q3 2021 hedge fund letters, conferences and more Markets are manic crowds and like to panic from time to time. However, our survey this week shows that only 27% of retail investors believe the Omicron variant will cause a market sell off by […] In his Daily Market Notes report to investors, while commenting on inflation, Louis Navellier wrote: if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Markets are manic crowds and like to panic from time to time. However, our survey this week shows that only 27% of retail investors believe the Omicron variant will cause a market sell off by the end of the year. Consumer Confidence Down Viruses mutate and tend to become less deadly over time, just like the Spanish Flu fizzled out within a couple of years.  Although Dr. Anthony Fauci said the U.S. should be prepared to do “anything and everything” to fight the Covid-19 Omicron variant, he also added that it is “too early to say” whether we need new lockdowns or mandates.  However, it would be political suicide to impose new domestic lockdowns or mandates, so I do not expect fears over the Covid-19 Omicron variant to impact consumer confidence and spending.  Although Black Friday sales were reported to be down 28% compared to last year, the Black Friday sales this year started early, so I still expect this holiday shopping season is shaping up to set all-time records.  As an example, Commerce Department reported personal income rose 0.5% in October, while consumer spending rose 1.3%.  The personal savings rate declined to 7.3% in October.  Anytime consumers are willing to incur debt bodes well for both consumer confidence and holiday spending.  I should add that the Atlanta Fed is now estimating 8.6% annual GDP growth for the fourth quarter, which will largely be driven by robust consumer spending. The manufacturing sector also remains strong.  As an example, the Commerce Department announced that durable goods orders rose 0.5% in October.  Durable goods have risen for 15 of the past 18 months since the April 2020 pandemic low.  Core capital goods rose 0.6% in October as business spending rebuilding inventories and consumer spending remained strong.  Year to date, durable goods orders have risen 22.1%, but shipments have risen 13.1%, so businesses continue to have robust order backlogs that have been complicated by component and part shortages. When both consumers and businesses are healthy, it is effectively acting as a “one-two” punch to propel the U.S. economy and the stock market dramatically higher.  The Fed remains dovish and although the monthly quantitative easing has been curtailed from $120 billion per month to $105 billion, the decrease in quantitative easing was lower than many economists anticipated.  Furthermore, Fed Chairman Jerome Powell was reappointed for a second four-year term, so the Fed is expected to remain dovish. As a result, the “Goldilocks” environment of low-interest rates and persistent quantitative easing persists.  The Wall Street Journal had a fascinating article about Modern Monetary Theory (MMT) and how deficit-financed governments, including the U.S., have gone beyond the point of no return without any “fear of debt.”  The fact that all the money pumping in recent years has not driven interest rates significantly higher has lured politicians into compliancy and put many central bankers in a corner where they cannot raise key interest rates too much. As an example that there is no government fear of debt, the infrastructure bill that passed the House of Representatives and is expected to be extensively modified by Senate in 2022, will be largely financed by more MMT, since hiking taxes in an election year is political suicide.  This essentially means that the Biden Administration will be putting more pressure on the Fed to continue its quantitative easing and money printing so it can continue to boost the federal government’s spending. Strong USD The other “force” helping to keep Treasury bonds low is a strong U.S. dollar.  Since late June, the WSJ Dollar index has appreciated almost 6% against major currencies.  The primary reason the U.S. dollar is rallying is due to higher government bond yields than Japan and Europe, plus a strong economic outlook.  Eventually, a stronger U.S. dollar helps to lower the prices on most important goods as well as commodities (since they are priced in U.S. dollars).  So the Fed’s argument that inflation is “transitory” has some merit, since a strong U.S. dollar will help to push down the prices of imported goods and some commodities. In the meantime, the fear of the Covid-19 Omicron variant and reduced international travel has pushed crude oil prices below $70 per barrel.  Natural gas prices are much more dependent on winter weather, since a cold winter can cause natural gas prices to surge, so energy inflation may persist a bit longer.  The good news is most of our inflation is related to food (high natural gas prices impact fertilizer costs), energy and used vehicle prices (due to the shortage of new cars due to the semiconductor chip shortage).  So much of this inflation is expected to eventually moderate by late 2022. The National Association of Realtors this week announced that existing home sales rose 7.5% in October compared to September.  In the past 12 months, existing home sales have declined 1.4%.  Mortgage rates have risen to an average of 3.22% at the end of October according to Mortgage News Daily. There are only 1.25 million homes for sale, which represents a 2.4-month inventory at the current sales pace.  Median home prices are expected to continue to rise due to tight inventories and continued low mortgage rates. The Conference Board on Tuesday announced that its consumer confidence index declined a bit to 109.5 in November.  The present situation component declined to 142.5, while the expectations component fell to 87.6.  This drop in consumer confidence is very minor and consumers were likely perturbed by the prices at the pump and other inflation that is finally starting to moderate as crude oil prices decline on the Covid-19 Omicron fear. Fed Finally Fights Inflation ADP reported on Wednesday that private payrolls rose by 534,000 in November.  I should add that economists are expecting that the Labor Department will be reporting 548,000 new November payroll jobs on Friday.  The labor force participation rate and average hourly wages will be closely scrutinized.  Clearly, everyone that wants a job can get a job in the currently ultra-tight labor market, so I hope the Fed concludes that its unemployment mandate has been fulfilled. Speaking of the Fed, Chairman Jerome Powell, who was just reappointed for a second term, before the Senate Banking Committee on Tuesday admitted that “The risk of higher inflation has increased.”  Furthermore, Powell also said “To get back to the kind of great labor market we had before the pandemic, we’re going to need … price stability,” then concluded by saying “To get back to the kind of great labor market we had before the pandemic, we’re going to need … price stability.”  Translated from Fedspeak, Chairman Powell basically admitted that the Fed is finally getting ready to pivot from its unemployment mandate to its inflation mandate. Chairman Powell also hinted that the Fed may further reduce its quantitative easing by saying “The economy is very strong and inflationary pressures are high, and it is therefore appropriate in my view to consider wrapping up the taper of our asset purchases … perhaps a few months sooner.”  So the Fed Chairman is starting to lay the groundwork for fighting inflation in the New Year.  Amazingly, the 10-year Treasury bond yield fell below 1.5% as the Fed Chairman spoke in front of the Senate Banking Committee. The Institute of Supply Management (ISM) on Wednesday announced that its manufacturing index rose to 61.1 in November.  The new orders component rose to 61.5, while the production component surged to 62.2.  The backlog of orders component slipped to 61.9 in November, which is still very healthy since any reading over 50 signals an expansion.  Overall, 13 of the 15 industries that ISM surveyed expanded in November and the manufacturing sector remains very healthy. Heard & Notable Canada taps into its strategic reserves to deal with a massive shortage of maple syrup. Worldwide demand jumped 21% prompting The Canadian group Quebec Maple Syrup Producers to release about 50 million pounds of its strategic maple syrup reserves — about half of the total stockpile. Source: NPR Updated on Dec 1, 2021, 5:09 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkDec 1st, 2021

Where to buy a PlayStation 5 — sign up for a chance to buy one directly from Sony during the holidays

The PlayStation 5 continues to be in high demand, but we've got the latest details on restocks and tips for finding the console online and in stores. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Sony's PlayStation 5 remains hard to find months after its release.Sony Sony's PlayStation 5 launched with two models— the $500 standard PS5 and a $400 digital edition. The PS5 remains difficult to find, but retailers like Walmart, Best Buy and GameStop restock regularly. Though discounts are not expected, some stores may have PS5 stock allocated for Cyber Monday. Sony PlayStation 5$499.00 FROM WALMART$499.99 FROM BEST BUY$499.99 FROM AMAZON$499.99 FROM TARGET$499.99 FROM GAMESTOPSony Playstation 5 (All-Digital)$399.00 FROM WALMART$399.99 FROM BEST BUY$399.99 FROM AMAZON$399.99 FROM TARGET$399.99 FROM GAMESTOPThe PlayStation 5 is Sony's fastest-selling video game console ever, with more than 10 million systems sold since its launch in November 2020. However, the record demand and an international chip shortage have made the PS5 one of the hardest items to buy in stores or online.In October, Sony launched a registration program to give shoppers a chance to purchase the PS5 directly from the company during the holiday shopping season. Sony says console supply will remain limited through the end of the year, but a select number of  people who register will receive an email to make a direct purchase. You can find more details and register on Sony's site.We've seen weekly restocks of the PS5 ($500) and PS5 Digital Edition ($400) online at retailers like Walmart, Best Buy, GameStop, and Sony's own PlayStation Direct store. Nearly all PlayStation 5 sales are handled online, but some GameStop locations have made consoles available for in-store purchase on occasion. Walmart usually announces PS5 restocks a few hours before consoles are available online. GameStop sends emails to subscribers ahead of PS5 restocks but typically only makes the PS5 available in bundles. Amazon and Newegg have also made PS5 consoles available, though on a less consistent basis. Newegg uses a raffle system to give shoppers a chance to buy rare items like the PS5. We'll keep this post updated as we get more information about PS5 restocks, but ultimately you'll need to keep checking multiple stores and get a bit lucky with timing to secure the console. Where to buy a PS5: stores and priceThe digital edition of the PlayStation 5 doesn't have a disc drive.SonySeveral stores, including Walmart, Amazon, Best Buy, GameStop, Target, and Newegg, have regularly restocked PlayStation 5 consoles since launch, but they typically sell out as soon as they're available online.Sony's PlayStation Direct store has a registration program that functions like a waitlist for a limited supply of PS5 consoles. If selected, shoppers who sign up will receive an email to purchase a PS5 directly from Sony. Registering does not guarantee you'll get an invite, however, and it's not clear how many people will be selected. The PlayStation 5 comes in two different models — one that has a 4K Ultra HD Blu-ray drive and a "digital edition" with no disc drive at all. The standard model is priced at $500, and the digital edition is priced at $400.At popular sites for resellers, like eBay and StockX, you can expect to pay between $700 or $800 for the PlayStation 5.You can check the links below to see if the PS5 is currently available at each retailer; we'll update this post if a specific store announces a restock.PlayStation 5 (Standard Edition) $499.00 FROM WALMART$499.99 FROM BEST BUY$499.99 FROM AMAZON$499.99 FROM TARGET$499.99 FROM GAMESTOPPlayStation 5 (Digital Edition)$399.00 FROM WALMART$399.99 FROM BEST BUY$399.99 FROM AMAZON$399.99 FROM TARGET$399.99 FROM GAMESTOPTips for buying the PS5A gamer sets up the new Sony Playstation PS5 at his home in Seoul after Sony launched the new console.YELIM LEE/AFP via Getty ImagesBuying the PlayStation 5 has been a struggle since release, but retailers have been making a steady stream of consoles available. If you have a preferred store, you should look into setting stock alerts with their online tools.Third-party stock-tracking websites like HotStock.io can tell you when a store last had the PlayStation 5 in stock and let you set alerts for multiple retailers. A reseller who made more than $40,000 reselling PS5 consoles last year shared more specific tips on how to find the console online.If you encounter issues while trying to check out with an online retailer, keep trying to refresh the product page to add the console and make sure the PS5 is available and in your cart. If possible, create an account with your preferred retailer and enter your payment and shipping information in advance to help the checkout process move quickly.PlayStation 5 specificationsSonyThe PlayStation 5 boasts much more powerful hardware than the PlayStation 4 and PS4 Pro. Upgrades include a solid state hard drive and a graphics card capable of ray-tracing technology.For detailed impressions, check out our full PlayStation 5 review.Disc drive: 4K Ultra HD Blu-ray drive (standard edition only)Storage: 825GB M.2 driveHDMI Out: Up to 4K resolution at 120Hz with HDMI 2.1Ports: 1x USB-C, 3x USB 3.1, 1x EthernetCPU: AMD Ryzen Zen 2, 8 cores, 16 threads at 3.5 GHzGPU: AMD Radeon RDNA 2 at 2.23 GHz, 10.3 TFlopsMemory: GDDR6 16GB, 44GB/s bandwidthPlayStation 5 accessoriesSonyThe new PlayStation 5 family of peripherals haven't been nearly as hard to find as the console itself, though they're not of much use without the main course. That said, they do complement the features of the PlayStation 5, so we've taken to the time to explain what they all do.Sony's $70 DualSense controller is a worthy successor to the PS4's popular DualShock, implementing a built-in microphone, haptic feedback for adjustable trigger tension, and advanced rumble features while also improving the battery life and adopting a USB-C charging cable.DualSense Wireless Controller for PS5$69.98 FROM AMAZON$69.98 FROM PLAYSTATION$69.98 FROM BEST BUY$59.99 FROM WOOTOriginally $69.98 | Save 14%$45.67 FROM AMAZON WAREHOUSEOriginally $57.09 | Save 20%$59.99 FROM B&H PHOTOOriginally $69.98 | Save 14%The $100 Pulse 3D headset is a direct successor to the gold and platinum wireless headsets Sony released for the PlayStation 4. The headset has an adjustable band, built-in microphone, and hardware buttons for mute, voice monitoring, and volume. While the Pulse 3D headset is worth the investment, PS5's 3D audio features will also work with any third-party headset that's been licensed for use on PS4.Sony Pulse 3D Wireless Headset$99.99 FROM AMAZON$99.99 FROM BEST BUY$99.99 FROM GAMESTOPThe $30 PlayStation media remote might look appealing, but for $30 you can find a better or cheaper universal remote to control the console. Several smart TV brands also let you control the PS5 with your standard TV remote too, so it's worth giving that a try before making this investment.Sony PlayStation 5 Media Remote$29.99 FROM GAMESTOPThe $30 DualSense charging stand can charge two controllers and makes for a nice stand alongside the PS5, but it doesn't actually charge your controllers any faster than using a regular cable.Sony PlayStation 5 DualSense Charging Station$29.99 FROM GAMESTOPThe $60 HD camera can be used for streaming in full 1080p and even has a background removal tool, but it cannot be used as a microphone like the PlayStation 4 camera. Luckily, you can just use the DualSense's built-in mic to communicate while playing.Sony PlayStation 5 HD Camera$59.99 FROM GAMESTOPPlayStation 5 exclusive games"Ratchet and Clank: Rift Apart" is Sony's latest PlayStation 5 exclusive."Ratchet & Clank: Rift Apart" / SonySony is committed to creating a full lineup of exclusive games for the PlayStation 5, repeating the same strategy that helped make the PS4 a massive success. Because there are still so many gamers waiting to upgrade to PS5, many of the games released on the new console will also work on PlayStation 4, like "Spider-Man: Miles Morales" and "Sackboy: A Big Adventure."Keep in mind that new games like "Call of Duty Black Ops: Cold War" have been designed to run better on PS5, even if they're available on the PS4. Below, we've listed all the games that require a PlayStation 5 to play, including upcoming titles that don't have release dates yet. Exclusive PS5 games available now"Godfall""Destruction AllStars""Returnal""Astro's Playroom" (pre-installed on PS5)"Ratchet & Clank: A Rift Apart""Final Fantasy VII Remake: Intergrade"Upcoming PS5 exclusive games"Horizon: Forbidden West""God of War: Ragnarok""Gran Turismo 7"For more PlayStation game recommendations, check out our complete roundup of exclusives that make the PS5 worth buying.Read the original article on Business Insider.....»»

Category: worldSource: nytNov 27th, 2021

California Port Truckers "Drowning" In Supply Chain Inefficiencies

California Port Truckers "Drowning" In Supply Chain Inefficiencies By Clarissa Hawes of FreightWaves.com, Despite recent reports that congestion issues are easing on the water at California’s major ports, drayage truckers claim this isn’t the case for them — as long wait times, a flawed appointment system and other efficiency issues continue to plague marine terminal operators in the state. As Port of Oakland officials are urging ocean carriers to add direct services to their port to help relieve supply chain bottlenecks at the ports of Los Angeles and Long Beach, truckers whose livelihoods depend on how many containers they can turn in a day are bracing for possible extra capacity if steamship lines skip Southern California and head to Oakland. “All we hear in the news is the lack of congestion on the waterside and we can confirm that, but we are drowning on the landside by long lines and staffing issues at the terminals,” Bill Aboudi, president of AB Trucking, told FreightWaves this week. Truckers continue to be plagued by inefficiency issues at California ports An unreliable appointment system has drayage companies checking day and night to find open slots and vessel schedule changes — which Aboudi compared to playing musical chairs — have truckers concerned they won’t be able to handle a container volume increase if some of these issues aren’t addressed soon. A group of trucking company owners, each with about 30 years of drayage experience under their belts, are working with port officials in Oakland to create a task force to air their grievances and open the lines of communications with marine terminal operators. Robert Bernando, communications director at the Port of Oakland, confirmed in an email to FreightWaves that a series of three meetings is planned between port truckers and the terminals “to discuss communications and operational guidelines.”  He didn’t provide additional information about possible dates for the task force except to note that “these meetings are not related to the California congestion issue” because the “Port of Oakland is not experiencing any port congestion.” “Our operations are normal and wait times are normal (no delays),” Bernando told FreightWaves. Port truckers disagree. Recently, some truckers were lined up for 10 hours to grab containers from one of the terminals that couldn’t handle the influx of trucks, even though the drivers had appointment times. “I say the Port of Oakland is my port and I want more business coming here, but I’ve got to be able to handle it,” Aboudi said. “And right now, the terminal operators are holding all the cards and we’re not able to handle it, which makes us look inefficient.” Recently, truckers were lined up for nearly two miles outside of the Port of Oakland. Image: Bill Aboudi/AB Trucking. The port truckers also want to discuss terminal operators’ ticketing and banning of drivers for 30 days to upward of 180 days for returning a chassis to the wrong equipment provider, failing to understand a security guard’s instructions or other minor infractions, night gate issues and other fees. During a five-day trip to the major ports in California in late October, FreightWaves interviewed multiple company executives who disputed the widely reported message that a driver shortage was largely to blame for the port congestion issues in California. Instead, company officials said they were actually shedding drivers because of the lack of consistent work due to chokepoints, equipment and ongoing efficiency issues. Maritime Import Shipments for the Port of Oakland for the past year. Chart: SONAR Proposed supply chain solution misses the mark Truckers claim proposed solutions by port officials and state and federal lawmakers to alleviate supply chain chokepoints in California largely miss the mark. One example is the recent announcement that the state plans to issue temporary permits to increase truck weight limits to 88,000 pounds — up from 80,000 pounds combined gross vehicle weight — on state highways to reduce container backlogs at the ports in California. Since there’s no way to add cargo to shipping containers that were weighed and sealed overseas months ago to comply with U.S. highway weight limits, Aboudi and others question the effectiveness of the state’s attempt to reduce the immediate logjam at California’s ports.  “I just pulled a customer’s reefer container that’s been on the water for three months today so this 88,000-pound weight increase isn’t going to help them,” Aboudi told FreightWaves. “I know some customers are just receiving cargo they ordered from Asia back in June.”   Then there’s the issue of truckers getting permits from local jurisdictions to travel on certain roads and bridge weight restrictions throughout the state that could hinder efficiency efforts to haul heavier import loads from the ports. “Do you think the government will move quickly to start issuing permits? I bet some don’t even know this executive order even exists,” Aboudi said. The California Department of Transportation order would require truckers to ensure the gross weight of 88,000 pounds is distributed properly across the axles, which would mean adding additional axles to the truck and trailer in order to remain legal, Aboudi said. “This would require specialty equipment — and adding an axle on 40-foot chassis that are already in high demand to handle these overweight containers would be a challenge,” he said. “Chassis makers can’t build them fast enough and now you’re asking for specialty equipment.” Once truckers leave the terminals with these oversize containers, they risk being stopped by law enforcement before they can find a nearby scale and weigh or a customer may underload the driver’s truck if unsure about the container’s exact weight.  “You face being overweight and having to keep going back and forth and having your truck unloaded and reloaded to be legal,” Aboudi said. “These are things that happen in trucking that you know just happens all with time and we deal with it. But it’s a pain.” Lunar New Year a chance to recalibrate? The president of a Southern California drayage company said the Lunar New Year, which starts Feb. 1, may be the recalibration the ports of Los Angeles and Long Beach need to clear out the backlog as factories in China shut down for two weeks or more. “The salvation I see is this is a time when we can hit the clock and we’ve got 30, 40, maybe 50 days to get the congestion out and reset the game board to zero,” the company executive, who didn’t want to be identified for fear of retaliation by terminal operators, told FreightWaves. Chart: SONAR The executive ramped up operations to 18 drivers during the pandemic to handle the e-commerce boom as consumers’ spending habits changed from shopping at brick-and-mortar stores to online. He’s since had to shave a few owner-operators and a company driver from his payroll since mid-October in an effort to keep his business afloat. While he and other drayage companies expanded operations to accommodate increased e-commerce, the ports and terminal operators in California did not develop a long-term infrastructure plan to handle the massive container volume surge. “We can all see and feel that the supply chain is teetering on the edge. You can feel it because you’re paying more everywhere,” the drayage company executive said. “But in February, if we don’t clear out the congestion and we still have 80 vessels offshore and the next peak season merges with the current one, there’s no way out.” Tyler Durden Fri, 11/26/2021 - 12:31.....»»

Category: blogSource: zerohedgeNov 26th, 2021

U.S. Steel Imports Slump in October As Prices Cool Off

Despite the slowdown in the automotive space due to the chip crunch, strong demand elsewhere along with supply disruptions due to outages are likely to lend support to steel prices through the balance of 2021. U.S. steel imports dropped in October on a monthly comparison basis, but are up year over year for the first ten months of the year — according to the latest American Iron and Steel Institute ("AISI") report.Total Steel Imports Decline 17% in OctoberThe association of North American steel makers noted yesterday that total domestic steel imports fell 16.7% from the previous month in October to roughly 2.71 million net tons. Finished steel imports also declined 6% to around 2.32 million net tons for the reported month.Biggest volumes of finished steel imports from offshore for October were South Korea with 203,000 net tons (down 32% from September), Turkey with 149,000 net tons (up 26%), Vietnam with 110,000 net tons (up 41%), Germany with 83,000 net tons (down 6%), and Japan with 80,000 net tons (down 3%), per AISI.Meanwhile, total and finished domestic steel imports went up 38.5% and 39.6% year over year, respectively, year to date through the first ten months of 2021. The AISI noted that these figures are based on preliminary Census Bureau data.According to AISI, finished steel import market share was estimated at 24% in October, down from 25% in September. For the first ten months of 2021, finished steel import market share was estimated at 21%.For 2021, annualized total and finished steel imports are expected to be 31.8 million net tons (up 44.6% year over year) and 22.8 million net tons (up 41.4%), respectively, AISI noted.Industry Fundamentals Remain Favorable, But Prices Losing SteamThe American steel industry reaped the benefits of record-high steel prices this year, courtesy of an upsurge in demand in major end-use markets and tight supply conditions partly due to production disruptions at domestic steel mills and sizable Section 232 tariffs on steel imports.The pandemic led to a sharp decline in demand for steel across major markets such as construction and automotive during the first half of 2020. The virus-led demand shocks also forced U.S. steel mills to curtail production with capacity utilization dropping to multi-year lows. However, demand for steel picked up as major steel-consuming sectors regained their footing following the easing of the coronavirus-induced restrictions.An upturn in end-market demand has also helped U.S. steel industry capacity utilization rate to break above the important 80% level after plunging to 51.1% in May 2020 — the lowest level in many years. U.S. capacity utilization rate currently remains close to the 85% level amid strong domestic demand. According to AISI, capacity utilization rate clocked 84.3% for the week ending Nov 20.Strong demand and persistent supply shortages have also led to a spike in U.S. steel prices this year to historically high levels, allowing U.S. steel companies to churn out record profits despite an uptick in costs of raw materials including ferrous scrap and headwinds from supply-chain and logistics issues.After plummeting to a pandemic-led low of roughly $440 per short ton in August 2020, the benchmark hot-rolled coil (“HRC”) prices witnessed a significant rally, breaking above the $1,900 per short ton level on the back of a mismatch between supply and demand. The upswing in U.S. steel prices also created an unprecedented price arbitrage between U.S. and international prices, thereby attracting imports of lower-priced foreign steel. The strong price arbitrage triggered more steel shipments to U.S. shores this year despite the hefty tariffs.However, HRC prices have come under pressure since last month after peaking in September 2021, pulled down by a downturn in demand in automotive resulting from production cuts by carmakers in the wake of the semiconductor shortage. However, prices remain elevated notwithstanding the recent declines, currently hovering near $1,800 per short ton.Despite a slowdown in steel demand in the automotive space amid the ongoing chip crunch, healthy demand in other end markets including construction and supply disruptions due to mill outages and scheduled maintenance are likely to lend support to HRC prices through the balance of 2021, driving profit margins of U.S. steel companies in the fourth quarter.Steel Stocks Worth ConsideringA few stocks currently worth a look in the steel space are Schnitzer Steel Industries, Inc. SCHN, Nucor Corporation NUE, Commercial Metals Company CMC and TimkenSteel Corporation TMST.Schnitzer Steel sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for SCHN’s current-year earnings has been revised 12.8% upward over the last 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.Schnitzer Steel beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 25.6%, on average. SCHN shares have surged around 106% over the past year.Nucor, carrying a Zacks Rank #2 (Buy), has a projected earnings growth rate of 583.5% for the current year. NUE's consensus estimate for the current year has been revised 7.7% upward over the last 60 days.Nucor has a trailing four-quarter earnings surprise of roughly 2.7%, on average. NUE has rallied around 111% in a year.Commercial Metals carries a Zacks Rank #2 and has an expected earnings growth rate of 4.8% for the current fiscal year. The consensus estimate for CMC's current-year earnings has been revised 10.7% upward over the last 60 days.Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 7.4%, on average. CMC has rallied around 62% over the past year.TimkenSteel carries a Zacks Rank #2 and has a projected earnings growth rate of 425.8% for the current year. The Zacks Consensus Estimate for TMST’s current-year earnings has been revised 22.7% upward over the last 60 days.TimkenSteel beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 59.2%. TMST shares have surged around 213% in a year. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nucor Corporation (NUE): Free Stock Analysis Report Commercial Metals Company (CMC): Free Stock Analysis Report Schnitzer Steel Industries, Inc. (SCHN): Free Stock Analysis Report Timken Steel Corporation (TMST): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 25th, 2021

Here"s how the supply-chain crisis could impact your holiday turkeys, toys, travel plans, and more

The shipping crisis and labor shortage is leading to higher prices, shortages, and a heightened risk of travel cancellations. Betsie Van Der Meer/ Getty Images The supply chain has been in chaos since the pandemic started, causing shortages and price hikes. Holiday shopping demand is set to worsen the shipping crisis. This holiday season Americans can expect soaring prices, shortages, and travel cancellations. Everywhere you look, there seems to be a new shortage popping up. Major supply-chain disruptions have coincided with a boom in consumer demand, which has caused mass shortages and price hikes. Experts warn this holiday shopping season will look different than any other, as retailers struggle to stock goods in time for the holiday season and travel companies combat a labor shortage.From shortages of popular holiday gifts to travel cancellations, here are some of the biggest supply-chain snags you should factor into your holiday plans this year.Christmas treesA Christmas tree harvest at a tree farm in Salem, Oregon.Nathan Howard/Getty ImagesSuppliers have warned there will be a national shortage of Christmas trees this year. Natural and artificial trees alike are expected to be in short supply.A nationwide drought and scorching temperatures across the Pacific Northwest caused Christmas tree acreage in key states like Oregon to drop by 24% this year, according to the US Department of Agriculture. Supply snags have also impacted the available supply of artificial trees. National Tree Company CEO Chris Butler told Fox Business that shoppers should get their trees as soon as possible, as he expects supplies will not last past Thanksgiving — the peak week for buying Christmas trees.Thanksgiving turkeysMphillips007/Getty ImagesAmerican meat producers say it might be difficult to find turkeys ahead of Thanksgiving.In particular, meat suppliers say turkeys that weigh less than 16 pounds will be in short supply due to their popularity. One of the largest turkey suppliers in the US, Shady Brook Farms, told The New York Post that the industry is struggling with production issues, as well as a lack of workers.Turkeys that are available will be pricey. The average wholesale price for an eight to 16 pound frozen turkey climbed 21% in mid-November, according to the US Department of Agriculture. The American Farm Bureau said on Monday that Thanksgiving food costs have soared over the past month and estimated a complete meal will cost about 14% more than the previous year.CarsA car dealership lot with Ram pickup trucks.David Zalubowski/APBig-ticket holiday gifts will be more expensive and difficult to find this year.New and used car prices have surged this year. Automakers were forced to slash production goals due to the global shortage of computer chips.Used cars became nearly $6,500 more expensive this year, while new cars tacked on about $5,000 to the price tag as compared to the previous year, Insider's Tim Levin reported in October. ElectronicsApple StoreSean Gallup/Getty ImagesPopular electronics like smartphones, laptops, TVs, and video game consoles will be in short supply.The global semiconductor shortage has wreaked havoc on the tech industry. Even Apple will likely be forced to cut production goals for its iPhone 13 as a result of the shortage. Earlier this month, Digitimes reported that iPhone 13 supplies will not catch up with demand until February of next year.Top companies, including Sony and Samsung, have warned investors their electronics — which have already been in short supply — will be even more difficult to find during the holiday shopping season.ToysCourtesy of Montessori in Real LifeSince the summer, toy makers have said parents should prepare for a shortage of popular toys.On Tuesday, CBS Los Angeles reported the shipping crisis has created a shortage of donated toys for programs designed to distribute goods to families in need.More than 85% of US toys were made over seas, according to the Toy Association. The CEO of a mid-sized toy company, Basic Fun, told Bloomberg last month that his company has about $8 million worth of goods — which could fill 140 shipping containers —  waiting to ship out on the 75-day trip from China to their final destination.MGA Entertainment CEO Isaac Larian said parents might have to pivot toward buying less popular items due to product availability. ClothingClodagh Kilcoyne/ReutersIf you're planning on buying apparel this holiday season, expect to pay more.An analysis from Adobe Digital Insights found that clothing had the highest forecast out-of-stock levels of any other shopping category this holiday season.Shipping delays, as well as near-decade-high cotton prices, are impacting the availability and cost of anything from T-shirts to jeans and jackets.Rental carsUsed cars are displayed on the sales lot at Marin Acura on July 13, 2021 in Corte Madera, California.Justin Sullivan/Getty ImagesRental cars will be pricey this holiday season.The cost of rental cars has been on the rise all year, peaking at $700 per day. While prices show some signs of easing as demand drops from summer highs, analysts told Insider's Brittany Chang the market will maintain elevated prices through the holiday season.Airplane ticketsA person boards an airplane.MesquitaFMS/Getty ImagesAirplane ticket prices and availability could become a major hurdle.In the week leading up to Thanksgiving, American Airlines and Southwest Airlines cancelled hundreds of flights across the country, citing weather issues.Last month, United Airlines CEO Scott Kirby said ticket prices are on the rise due to soaring jet fuel costs. The Airline said it is expecting this December to be the busiest air travel month the industry has seen in almost two years, but staff shortages have caused long wait times and lines at airports.In October, Southwest Airline's massive meltdown during Columbus Day weekend hinted at how holiday travel might look different this year. A ripple effect of poor weather and "air traffic control issues" caused over 360 flights to be cancelled and even more to be delayed.GasA woman holds a pump nozzle in her hand at a gas station and refuels a car.Sven Hoppe/picture alliance via Getty ImagesGas prices could be an added wrinkle in plans to visit family over the holidays.Fuel prices have climbed over 60% in the past year. On Wednesday, the average price in the US was about $3.40 per gallon, up from about $2.11 this time last year.Nearly 4 million more people than last year are expected to hit the roads over Thanksgiving, according to the American Automobile Association. AAA predicts fuel prices will continue to rise throughout the winter, as cold weather puts more pressure on oil prices.HotelsGettyIf you're planning to spend your holiday away from home this year, it's going to cost you.In September, CNBC reported that major hotel chains, including Hilton and Marriot, were already seeing a huge spike in early holiday bookings. Milepro.com, a travel booking website, noted that multiple hotels that have been fully booked for the holiday season already.Data from the US Bureau of Labor and Statistics shows hotel prices have surged 18% from this time last year.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 24th, 2021

Global Steel October Production Tumbles on China Output Curbs

World steel production dropped 10.6% in October, dragged down by a sharp decline in output in China on Beijing's aggressive measures to cut production to reduce carbon emissions. Global crude steel production fell for the third straight month in October, dragged down by a slump in output from top producer China on government’s actions to cut production to clean up the environment and a slowdown in domestic steel demand. Production rose across India, the United States and Japan for the reported month with the United States racking up the biggest gain.According to the latest World Steel Association (“WSA”) report, crude steel production for 64 reporting nations dropped 10.6% year over year to 145.7 million tons (Mt) in October. A decline in output across Asia and Oceania, CIS and the Middle East more than offset higher production across other regions in the reported month.China Output Plummets on Environmental Push, Soft DemandCrude steel production from China fell for the fourth consecutive month in October on Beijing’s aggressive measures to curb production in a bid to reach its carbon neutrality goal by 2060. Weak demand, a slump in domestic steel prices and power shortages also contributed to the decline.Per the WSA, production in China, which accounts for nearly half of the global steel output, slumped 23.3% year over year to 71.6 Mt in October. Output is also down from 73.8 Mt in September. Production edged down 0.7% year over year to 877.1 Mt in the first ten months of 2021. China’s monthly steel output has been declining since July after hitting a record high of 99.5 Mt in May 2021.China is aiming to keep 2021 steel output within last year’s record levels. Beijing has been pushing steel mills in the country since early July to implement output and capacity curbs to comply with the norms to cut carbon emissions. The steel sector is among the biggest sources of carbon emissions in China, accounting for roughly 15% of national carbon emissions. China has set a national goal to achieve peak carbon emissions for the steel sector by 2025.Production cuts are expected to keep China’s steel output levels under check through the end of this year. Output is also likely to be capped by softer steel demand in the country, partly resulting from a slowdown in demand in the construction sector amid cold winter weather, and weaker profit margins at steel mills in China. Margins at steel mills have been hit by a sharp decline in steel prices amid falling demand.Steel demand in China has softened since the second half of 2021 due to a slowdown in the country’s economy. China's GDP expanded 4.9% year over year in the third quarter of 2021, slowing from a 7.9% growth in the second quarter, per China's National Bureau of Statistics.A slowdown in construction and manufacturing activities has led to the contraction of demand for steel in China. Manufacturing is being hurt by semiconductor shortages, supply-chain disruptions and power outages. Beijing’s move to take the heat out of its property market partly through credit tightening measures bodes ill for construction steel demand. The debt crisis at one of China top property developers, Evergrande, also increases the risk of a financial contagion in the country’s property sector.How Other Major Producers Fared in October?Among the other major Asian producers, India — the second-largest producer — saw a 2.4% rise in production to 9.8 Mt in October. Steel demand is picking up in India on a revival in economic activities with the lifting of lockdowns and restrictions imposed by state governments to blunt the rapid spread of the virus amid the deadly second wave. Government’s infrastructure push and focus on accelerating the rural economy bode well for steel demand in the country.Production in Japan climbed 14.3% to 8.2 Mt in the reported month. Output rose for the eighth straight month as steel makers in the country are seeing a solid demand in the manufacturing sector. Crude steel output in South Korea slipped 1% to 5.8 Mt. Consolidated output went down 16.6% to 100.7 Mt in Asia and Oceania reflecting the sharp decline in China.In North America, crude steel production jumped 20.5% to 7.5 Mt in the United States in October. Steel demand has rebounded in the Unites States with the resumption of operations, leading to an uptick in capacity utilization and domestic steel production. U.S. capacity utilization rate broke above the important 80% level in May 2021 for the first time since the start of the pandemic last year, and remains close to the 85% level amid strong domestic demand. Overall production in North America went up 16.9% to roughly 10.2 Mt.  In the Europe Union (EU), production from Germany, the biggest producer in the region, rose 7% to 3.7 Mt. Total output was up 6.4% in the EU to around 13.4 Mt. Steel prices in the region have gained some ground of late after coming under pressure since August 2021 as the semiconductor shortage hurt demand from car manufacturers. However, the spike in electricity costs is hurting steel producers in Europe, especially electric arc furnace producers, due to an increase in steelmaking costs.  Production in the Middle East dropped 12.7% to 3.2 Mt in October. Iran, the top producer in the region, saw an 15.3% decline to 2.2 Mt. Africa logged a 24.1% surge to 1.4 Mt.Among other notable producers, output from Turkey went up 8% to 3.5 Mt. Production from Brazil, the largest producer in South America, rose 10.4% to 3.2 Mt in October.Steel Industry on Solid FootingThe steel industry has staged an impressive comeback after being hobbled by the fallout from the coronavirus pandemic last year, thanks to a strong revival in end-market demand and an upswing in steel prices.The pandemic hurt demand for steel across major end-use markets for much of the first half of last year. However, the industry has rebounded strongly on solid pent-up demand and a rally in steel prices. The resumption of operations across major steel-consuming sectors following the easing of lockdowns and restrictions globally has led to an uptick in steel demand.Steel prices have also witnessed an unprecedented surge this year on the back of an upturn in demand across key markets, tight supply conditions and low steel inventory throughout the supply chain. In particular, U.S. steel prices have hit record levels after cratering to the pandemic-induced multi-year lows in August last year. The imbalance between supply and demand has largely contributed to the strong run-up in U.S. steel prices.The benchmark hot-rolled coil (“HRC”) prices plunged to a pandemic-led low of roughly $440 per short ton in August 2020. HRC prices started to recover from September 2020 and shot up more than four-fold from the August 2020 low to above $1,900 per short ton, eventually peaking in September 2021. However, prices have come under pressure since October, weighed down by weaker demand in automotive resulting from production cuts by carmakers in the wake of the ongoing semiconductor shortage. Prices fell below the $1,900 per short ton level earlier this month largely due to the automotive slowdown. Demand weakness in automotive is likely to continue as the chip shortages are unlikely to abate anytime soon.  Despite the softness in automotive, steel demand in other sectors including construction remains healthy. HRC prices also remain elevated notwithstanding the recent declines, currently hovering near $1,800 per short ton. Solid overall demand coupled with supply constraints due to a number of mill outages and scheduled maintenance are likely to lend support to HRC prices through the remainder of this year, driving profit margins of steel companies in the final quarter of 2021.Steel Stocks Worth A LookA few stocks currently worth considering in the steel space are TimkenSteel Corporation TMST, Commercial Metals Company CMC, Nucor Corporation NUE and Schnitzer Steel Industries, Inc. SCHN.TimkenSteel sports a Zacks Rank #1 (Strong Buy) and has a projected earnings growth rate of 425.8% for the current year. The Zacks Consensus Estimate for TMST’s current year has been revised 22.7% upward over the last 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.TimkenSteel beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 59.2%. TMST shares have surged around 228% in a year.Commercial Metals carries a Zacks Rank #2 (Buy) and has an expected earnings growth rate of 3.7% for the current fiscal year. The consensus estimate for CMC's current-year earnings has been revised 9.6% upward over the last 60 days.Commercial Metals beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 7.4%, on average. CMC has rallied around 68% over the past year.Nucor, carrying a Zacks Rank #2, has a projected earnings growth rate of 583.5% for the current year. NUE's consensus estimate for the current year has been revised 7.7% upward over the last 60 days.Nucor has a trailing four-quarter earnings surprise of roughly 2.7%, on average. NUE has rallied around 118% in a year.Schnitzer Steel carries a Zacks Rank #2. The Zacks Consensus Estimate for SCHN’s current year has been revised 12.8% upward over the last 60 days.Schnitzer Steel beat the Zacks Consensus Estimate for earnings in three of the last four quarters while missing once. It has a trailing four-quarter earnings surprise of roughly 25.6%, on average. SCHN shares have surged around 111% over the past year. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nucor Corporation (NUE): Free Stock Analysis Report Commercial Metals Company (CMC): Free Stock Analysis Report Schnitzer Steel Industries, Inc. (SCHN): Free Stock Analysis Report Timken Steel Corporation (TMST): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 24th, 2021

Micron Technology Stock Is at the Middle of an Upswing, Not the End

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Demand for Micron memory chips is cyclical, increasingly based on demand for microprocessors. The easing chip shortage is positive for Micron. The post Micron Technology Stock Is at the Middle of an Upswing, Not the End appeared first on InvestorPlace. More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Man Who Called Black Monday: “Prepare Now.” #1 EV Stock Still Flying Under the Radar Interested in Crypto? Read This First........»»

Category: topSource: investorplaceNov 24th, 2021

Where to buy a PlayStation 5 — Walmart is restocking PS5 on November 22, and Walmart+ members get early access

The PlayStation 5 continues to be in high demand, but we've got the latest details on restocks and tips for finding the console online and in stores. Prices are accurate at the time of publication.When you buy through our links, Insider may earn an affiliate commission. Learn more.Sony's PlayStation 5 remains hard to find months after its release.Sony Sony's PlayStation 5 launched with two models— the $500 standard PS5 and a $400 digital edition. The PS5 remains difficult to find, but retailers like Walmart, Best Buy and GameStop restock regularly. Walmart.com will restock the PS5 on November 22, and Walmart+ members get first access at 4 p.m. ET. Sony PlayStation 5$499.00 FROM WALMART$499.99 FROM BEST BUY$499.99 FROM AMAZON$499.99 FROM TARGET$499.99 FROM GAMESTOPSony Playstation 5 (All-Digital)$399.00 FROM WALMART$399.99 FROM BEST BUY$399.99 FROM AMAZON$399.99 FROM TARGET$399.99 FROM GAMESTOPThe PlayStation 5 is Sony's fastest-selling video game console ever, with more than 10 million systems sold since its launch in November 2020. However, the record demand and an international chip shortage have made the PS5 one of the hardest items to buy in stores or online.Walmart will sell PlayStation 5 consoles online on November 22, with Walmart+ customers getting first access at 4 p.m. ET. Other shoppers will be able to buy the PS5 starting at 8 p.m. ET while supplies last. Walmart+ costs $13 a month or $98 per year, and you won't be able to buy the PS5 early using a free trial membership. Walmart's PS5 restock is online only, so don't expect to find the console in stores during Black Friday weekend.In October, Sony launched a registration program to give shoppers a chance to purchase the PS5 directly from the company during the holiday shopping season. Sony says console supply will remain limited through the end of the year, but a select number of  people who register will receive an email to make a direct purchase. You can find more details and register on Sony's site.We'll keep this post updated as we get more information about PS5 restocks, but ultimately you'll need to keep checking multiple stores and get a bit lucky with timing to secure the console. Where to buy a PS5: stores and priceThe digital edition of the PlayStation 5 doesn't have a disc drive.SonySeveral stores, including Walmart, Amazon, Best Buy, GameStop, Target, and Newegg, have regularly restocked PlayStation 5 consoles since launch, but they typically sell out as soon as they're available online.Walmart will sell PS5 consoles online on November 22. The sale will launch early for Walmart+ paid members at 4 p.m. ET and then expand to all shoppers at 8 p.m. ET while supplies last. Sony's PlayStation Direct store has a registration program that functions like a waitlist for a limited supply of PS5 consoles. If selected, shoppers who sign up will receive an email to purchase a PS5 directly from Sony. Registering does not guarantee you'll get an invite, however, and it's not clear how many people will be selected. The PlayStation 5 comes in two different models — one that has a 4K Ultra HD Blu-ray drive and a "digital edition" with no disc drive at all. The standard model is priced at $500, and the digital edition is priced at $400.At popular sites for resellers, like eBay and StockX, you can expect to pay between $700 or $800 for the PlayStation 5.You can check the links below to see if the PS5 is currently available at each retailer; we'll update this post if a specific store announces a restock.PlayStation 5 (Standard Edition) $499.00 FROM WALMART$499.99 FROM BEST BUY$499.99 FROM AMAZON$499.99 FROM TARGET$499.99 FROM GAMESTOPPlayStation 5 (Digital Edition)$399.00 FROM WALMART$399.99 FROM BEST BUY$399.99 FROM AMAZON$399.99 FROM TARGET$399.99 FROM GAMESTOPTips for buying the PS5A gamer sets up the new Sony Playstation PS5 at his home in Seoul after Sony launched the new console.YELIM LEE/AFP via Getty ImagesBuying the PlayStation 5 has been a struggle since release, but retailers have been making a steady stream of consoles available. If you have a preferred store, you should look into setting stock alerts with their online tools.Third-party stock-tracking websites like HotStock.io can tell you when a store last had the PlayStation 5 in stock and let you set alerts for multiple retailers. A reseller who made more than $40,000 reselling PS5 consoles last year shared more specific tips on how to find the console online.If you encounter issues while trying to check out with an online retailer, keep trying to refresh the product page to add the console and make sure the PS5 is available and in your cart. If possible, create an account with your preferred retailer and enter your payment and shipping information in advance to help the checkout process move quickly.PlayStation 5 specificationsSonyThe PlayStation 5 boasts much more powerful hardware than the PlayStation 4 and PS4 Pro. Upgrades include a solid state hard drive and a graphics card capable of ray-tracing technology.For detailed impressions, check out our full PlayStation 5 review.Disc drive: 4K Ultra HD Blu-ray drive (standard edition only)Storage: 825GB M.2 driveHDMI Out: Up to 4K resolution at 120Hz with HDMI 2.1Ports: 1x USB-C, 3x USB 3.1, 1x EthernetCPU: AMD Ryzen Zen 2, 8 cores, 16 threads at 3.5 GHzGPU: AMD Radeon RDNA 2 at 2.23 GHz, 10.3 TFlopsMemory: GDDR6 16GB, 44GB/s bandwidthPlayStation 5 accessoriesSonyThe new PlayStation 5 family of peripherals haven't been nearly as hard to find as the console itself, though they're not of much use without the main course. That said, they do complement the features of the PlayStation 5, so we've taken to the time to explain what they all do.Sony's $70 DualSense controller is a worthy successor to the PS4's popular DualShock, implementing a built-in microphone, haptic feedback for adjustable trigger tension, and advanced rumble features while also improving the battery life and adopting a USB-C charging cable.DualSense Wireless Controller for PS5$69.98 FROM AMAZON$69.98 FROM PLAYSTATION$69.98 FROM BEST BUY$59.99 FROM WOOTOriginally $69.98 | Save 14%$45.67 FROM AMAZON WAREHOUSEOriginally $57.09 | Save 20%$59.99 FROM B&H PHOTOOriginally $69.98 | Save 14%The $100 Pulse 3D headset is a direct successor to the gold and platinum wireless headsets Sony released for the PlayStation 4. The headset has an adjustable band, built-in microphone, and hardware buttons for mute, voice monitoring, and volume. While the Pulse 3D headset is worth the investment, PS5's 3D audio features will also work with any third-party headset that's been licensed for use on PS4.Sony Pulse 3D Wireless Headset$99.99 FROM AMAZON$99.99 FROM BEST BUY$99.99 FROM B&H PHOTO$99.99 FROM GAMESTOPThe $30 PlayStation media remote might look appealing, but for $30 you can find a better or cheaper universal remote to control the console. Several smart TV brands also let you control the PS5 with your standard TV remote too, so it's worth giving that a try before making this investment.Sony PlayStation 5 Media Remote$29.99 FROM GAMESTOPThe $30 DualSense charging stand can charge two controllers and makes for a nice stand alongside the PS5, but it doesn't actually charge your controllers any faster than using a regular cable.Sony PlayStation 5 DualSense Charging Station$29.99 FROM GAMESTOPThe $60 HD camera can be used for streaming in full 1080p and even has a background removal tool, but it cannot be used as a microphone like the PlayStation 4 camera. Luckily, you can just use the DualSense's built-in mic to communicate while playing.Sony PlayStation 5 HD Camera$59.99 FROM GAMESTOPPlayStation 5 exclusive games"Ratchet and Clank: Rift Apart" is Sony's latest PlayStation 5 exclusive."Ratchet & Clank: Rift Apart" / SonySony is committed to creating a full lineup of exclusive games for the PlayStation 5, repeating the same strategy that helped make the PS4 a massive success. Because there are still so many gamers waiting to upgrade to PS5, many of the games released on the new console will also work on PlayStation 4, like "Spider-Man: Miles Morales" and "Sackboy: A Big Adventure."Keep in mind that new games like "Call of Duty Black Ops: Cold War" have been designed to run better on PS5, even if they're available on the PS4. Below, we've listed all the games that require a PlayStation 5 to play, including upcoming titles that don't have release dates yet. Exclusive PS5 games available now"Godfall""Destruction AllStars""Returnal""Astro's Playroom" (pre-installed on PS5)"Ratchet & Clank: A Rift Apart""Final Fantasy VII Remake: Intergrade"Upcoming PS5 exclusive games"Horizon: Forbidden West""God of War: Ragnarok""Gran Turismo 7"For more PlayStation game recommendations, check out our complete roundup of exclusives that make the PS5 worth buying.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 22nd, 2021

6 Stay-at-Home ETFs Likely to Gain on Renewed Lockdown Fears

COVID-19 lockdowns in Europe once again stirred fears of further spread of infections. This raises the chances of another wave of COVID-19 in other parts of the world, which could boost the demand for stay-at-home stocks and ETFs. Nationwide COVID-19 lockdowns in Europe once again stirred fears of further spread of infections. New restrictions beyond the continent weighed on the broader U.S. market as travel restrictions have been easing slowly.This raises the chances of another wave of COVID-19 in other parts of the world.The United States may be more vulnerable in winter than many European countries, as per Jim Reid, chief economist at Deutsche Bank, as quoted on Yahoo Finance. Going by recent history, Reid said that the United States has a higher bar for economic restrictions related to COVID-19. Then again, it has a lower rate of vaccination rate than its European peers.Stay-at-home ETFs and technology ETFs should stay strong if the fears sustain. As we all know, Internet stocks are pandemic winners as these have less to do with human contact. The coronavirus scare favored    the online retailing industry as any kind of lockdown and self-imposed quarantine boost the demand for online shopping and other kinds of Internet activities.This puts the spotlight on ETFMG Video Game Tech ETF GAMR, Direxion Work From Home ETF WFH, Global X Cloud Computing ETF CLOU, VanEck Semiconductor ETF SMH and Amplify Online Retail ETF IBUY and iShares Biotechnology ETF IBB.The coronavirus-led restrictions last year resulted in an e-commerce boom and stay-at-home activities. The new restrictions are expected to lead to the same trend. As such, people will again choose to stay indoors, which in turn would boost demand for cloud computing, gaming, e-sports, streaming services as well as online shopping. Additionally, investors will continue to pile up software shares, which are apparently more insulated from the impacts of the virus.ETFs in Focus ETFMG Video Game Tech ETF The video game industry has been a winner in the ongoing health crisis. For nine months, the total consumer spending on gaming rose 12% year over year to $42.28 billion. It is impressive to observe that the video gaming industry is witnessing strong sales growth despite tough year-over-year comparisons, highlighting the strength in the space (read: Bet on These Video Gaming ETFs to Gain From Surging Sales).The underlying EEFund Video Game Tech Index tracks companies actively involved in the electronic gaming industry, including the entertainment, education and simulation segments. ETFMG Video Game Tech ETF charges 75 bps in fees.Global X Cloud Computing ETF Cloud computing and storage are expected to stay in vogue in 2021. The space has received quite a push amid the coronavirus outbreak with a vast population working from home across the globe. Considering the renewed COVID-19 fear, demand for cloud computing is set to stay robust in the coming days.The underlying Indxx Global Cloud Computing Index provides exposure to exchange-listed companies in developed and emerging markets that are positioned to benefit from the increased adoption of the cloud computing technology. The Zacks Rank #2 Global X Cloud Computing ETF charges 68 bps in fees.Direxion Work From Home ETF The underlying Solactive Remote Work Index comprises U.S.-listed securities and ADRs of companies that provide products and services in at least one of the following business segments that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies. The Zacks ETF Rank #2 (Buy) Direxion Work From Home ETF charges 45 bps in fees.VanEck Semiconductor ETF The semiconductor space has been on a tear as the pandemic has bolstered the demand for chips, leading to the worst global shortage in many years. Corporate earnings from the likes of Nvidia (NVDA), Qualcomm (QCOM) and Advanced Micro Devices (AMD) have been upbeat. The recent upsurge in the electric vehicle industry and increased awareness for clean energy have also made the semiconductor industry an investors’ darling (read: 4 ETF Areas Near One-Year High With More Room for Growth).The underlying MVIS US Listed Semiconductor 25 Index tracks the overall performance of companies involved in semiconductor production and equipment. The Zacks Rank #1 (Strong Buy) VanEck Semiconductor ETF charges 35 bps in fees.Amplify Online Retail ETF According to the National Retail Federation (“NRF”), holiday season sales in 2021 are projected to surpass all existing records during November and December and rise 8.5-10.5% year over year to between $843.4 billion and $859 billion. Holiday sales increased 8.2% in 2020 to hit a record of $770 billion. The NRF projects online and other non-store sales increase of 11% to 15% to between $218.3 billion and $226 billion compared with $196.7 billion in 2020.The underlying EQM Online Retail Index utilizes a rules-based methodology to select a globally diverse group of companies with 70% or more of revenues from online and virtual sales. Amplify Online Retail ETF charges 65 bps in fees.iShares Biotechnology ETFWith the spread of COVID-19 resuming all over again, all focus will shift to the booster shots of vaccines and antiviral therapies. Hence, iShares Biotechnology ETF, which has considerable exposure to Moderna, should prevail.The underlying ICE Biotechnology Index contains securities of NASDAQ-listed companies that are classified as either biotechnology or pharmaceuticals. iShares Biotechnology ETF charges 45 bps in fees. Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report iShares Biotechnology ETF (IBB): ETF Research Reports VanEck Semiconductor ETF (SMH): ETF Research Reports Amplify Online Retail ETF (IBUY): ETF Research Reports Wedbush ETFMG Video Game Tech ETF (GAMR): ETF Research Reports Global X Cloud Computing ETF (CLOU): ETF Research Reports Direxion Work From Home ETF (WFH): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 22nd, 2021

Futures Trade Near All Time High As Traders Shrug At Inflation, Covid Concerns

Futures Trade Near All Time High As Traders Shrug At Inflation, Covid Concerns US equity futures and European markets started the Thanksgiving week on an upbeat note as investors set aside fear of surging inflation and focused on a pickup in M&A activity while China signaled possible easing measures. The euphoria which lifted S&P futures up some 0.5% overnight and just shy of all time highs ended abruptly and futures reversed after German Chancellor Angela Merkel said the Covid situation in the country is worse than anything so far and tighter curbs are needed. At 730 a.m. ET, Dow e-minis were up 95 points, or 0.26%. S&P 500 e-minis were up 12.25 points, or 0.26% and Nasdaq 100 e-minis were up 58.75 points, or 0.357%. U.S. stocks trade near record levels, outpacing the rest of the world, as investors see few alternatives amid rising inflation and a persistent pandemic that undermines global recovery. Concerns about high valuations and the potential for the economy to run too hot on the back of loose monetary and fiscal policies have interrupted, but not stopped the rally. In other words, as Bloomberg puts it "bears are winning the argument, bulls are winning in the market" while Nasdaq futures hit another record high as demand for technology stocks remained strong. “Based on historical data, the Thanksgiving week is a strong week for U.S. equities,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “Black Friday sales will be closely watched. The good news is, people still have money to spend, even though they get less goods and services in exchange of what’s spent.” In premarket moves, heavyweights, including most FAANG majors, rose in premarket trade. Vonage Holdings Corp. jumped 26% in premarket trading after Ericsson agreed to buy it. Telecom Italia SpA jumped as much as 30% in Europe after KKR offered to buy it for $12 billion. Energy stocks recovered slightly from last week's losses, although anticipation of several economic readings this week kept gains in check. Bank stocks rose in premarket trading as the U.S. 10-year Treasury yield climbed for the first time in three sessions to about 1.58%. S&P 500 futures gain as much as 0.5% on Monday morning. Tesla gained 2.8% after Chief Executive Elon Musk tweeted that Model S Plaid will "probably" be coming to China around March. Activision Blizzard (ATVI.O) slipped 1.1% after a media report that the video game publisher's top boss, Bobby Kotick, would consider leaving if he cannot quickly fix culture problems. Travel and energy stocks, which were among the worst performers last week, also marked small gains before the open. Here is a list of the other notable premarket movers: Astra Space (ASTR US) shares surge 33% in premarket trading after the company said its rocket reached orbit. Aurora Innovation (AUR US) falls 8% in premarket, after soaring 71% last week amid a surge in popularity for self-driving technology companies among retail traders. Chinese electric-carmaker Xpeng (XPEV US) rises as much as 2.8% premarket after co. unveils a large sports-utility vehicle pitted more directly against Tesla’s Model Y and Nio’s ES series. Stocks of other EV makers are mixed. Monster Beverage (MNST US)., the maker of energy drinks, is exploring a combination with Corona brewer Constellation Brands (STZ US), according to people familiar with the matter. CASI Pharma (CASI US) jumped 17% in postmarket trading after CEO Wei-Wu He disclosed the purchase of 400,000 shares in a regulatory filing. Along with an eye on the Fed's plans for tightening policy, investors are also watching for an announcement from Joe Biden on his pick for the next Fed chair. Powell was supposed to make his decision by the weekend but has since delayed it repeatedly. Investors expect current chair Jerome Powell to stay on for another term, although Fed Governor Lael Brainard is also seen as a candidate for the position. “Bringing the most dovish of the doves wouldn’t guarantee a longer period of zero rates,” Ozkardeskaya wrote. “If the decisions are based on economic fundamentals, the economy is calling for a rate hike. And it’s calling for it quite soon.” The Stoxx 600 trimmed gains after German Chancellor Angela Merkel called for tighter Covid-19 restrictions. European telecom shares surged after KKR’s offer to buy Telecom Italia for about $12 billion, which boosted sentiment about M&A in the sector. The Stoxx 600 Telecommunications Index gained as much as 1.6%, the best-performing sector gauge for the region: Telefonica +4.8%, Infrastrutture Wireless Italiane +4%, KPN +2.7%. Meanwhile, telecom equipment stock Ericsson underperforms the rest of the SXKP index, falling as much as 4.9% after a deal to buy U.S. cloud communication provider Vonage; Danske Bank says the price is “quite steep”. Earlier in the session, Asian stocks fell as Covid-19 resurgences in Europe triggered risk-off sentiment across markets amid weaker oil prices, a strong U.S. dollar and higher bond yields. The MSCI Asia Pacific Index declined 0.3%, with India’s Sensex measure slumping the most since April as Paytm’s IPO weighed on sentiment. The country’s oil giant Reliance dragged down the Asian index after scrapping a deal with Saudi Aramco, and energy and financials were the biggest sector losers in the region. Asian markets have turned softer after capping their first weekly retreat this month, following lackluster moves from economically sensitive sectors in the U.S., while investors continue to monitor earnings reports of big Chinese technology firms this week. “Some impact from the regulatory risks and dull macroeconomic conditions have shown up in several Chinese big-tech earnings and that may put investors on the sidelines as earnings season continues,” Jun Rong Yeap, a market strategist at IG Asia Pte., wrote in a note. China’s equity gauge posted a second straight day of gains after the central bank’s quarterly report indicated a shift toward easing measures to bolster the economic recovery. South Korea led gains in the region, with the Kospi adding more than 1%, helped by chipmakers Samsung Electronics and SK Hynix. Asia’s chip-related shares rose after comments from Micron Technology CEO Sanjay Mehrotra added to optimism the global shortage of semiconductors is easing. Reports of Japan earmarking $6.8 billion to bolster domestic chipmaking and Samsung planning to announce the location of its new chip plant in the U.S. also aided sentiment. Japanese stocks fluctuated after U.S. shares retreated on Friday following hawkish remarks from Federal Reserve officials. The Topix index was virtually unchanged at 2,044.16 as of 2:21 p.m. Tokyo time, while the Nikkei 225 advanced 0.1% to 29,783.92. Out of 2,180 shares in the index, 1,107 rose and 948 fell, while 125 were unchanged. “There are uncertainties surrounding the direction of U.S. monetary policy,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute Co. “The latest comments from FRB members are spurring talk that steps to taper could accelerate.” Australian stocks sunk as banks tumbled to almost a 4-month low. The S&P/ASX 200 index fell 0.6% to close at 7,353.10, weighed down by banks and technology stocks as the measure for financial shares finished at the lowest level since July 30.  Nickel Mines was the top performer after agreeing to expand its strategic partnership with Shanghai Decent. Flight Centre fell for a second session, ending at its lowest close since Sept. 20, as the Covid-19 situation worsens in Europe. In New Zealand, the S&P/NZX 50 index fell 1% to 12,607.64. In FX, the Bloomberg dollar index holds Asia’s narrow range, trading little changed on the day. AUD outperforms G-10 peers, extending Asia’s modest gains. SEK and JPY are the weakest. RUB lags in EMFX, dropping as much as 1% versus the dollar with USD/RUB on a 74-handle. According to Bloomberg, hedge funds’ bullishness toward the dollar is starting to evaporate amid speculation the U.S. currency has risen too much given the Federal Reserve remains adamant it’s in no rush to raise interest rates. Meanwhile, the euro pared modest Asia session losses to trade below $1.13, while European bond yields edged higher, led by bunds and gilts. The pound dipped after comments from Bank of England policy makers raised questions about the certainty of an interest-rate increase in December. Governor Andrew Bailey said that the risks to the U.K. economy are “two-sided” in a weekend interview. Australian dollar advanced against the kiwi on position tweaking ahead of Wednesday’s RBNZ’s rate decision, and after China’s central bank removed sticking with “normal monetary policy” from its policy outlook. Yen declines as speculation China will steer toward more accommodative policy damps the currency’s haven appeal. Hungary’s forint tumbled to a record low against the euro as back-to-back interest rate increases failed to shield it during a rapidly deteriorating pandemic and a flight to safer assets. In commodities, crude futures drifted higher. WTI rises 0.3% near $76.20, Brent regains at $79-handle. Spot gold has a quiet session trading near $1,844/oz. Base metal are mixed: LME copper, tin and zinc post small losses; lead and nickel are in the green Looking at today's calendar, we get the October Chicago Fed national activity index, existing home sales data, and the Euro Area advance November consumer confidence. Zoom is among the companies reporting earnings. Market Snapshot S&P 500 futures up 0.3% to 4,710.75 STOXX Europe 600 up 0.3% to 487.45 German 10Y yield little changed at -0.34% Euro little changed at $1.1283 MXAP down 0.2% to 198.88 MXAPJ down 0.2% to 647.20 Nikkei little changed at 29,774.11 Topix little changed at 2,042.82 Hang Seng Index down 0.4% to 24,951.34 Shanghai Composite up 0.6% to 3,582.08 Sensex down 2.0% to 58,450.84 Australia S&P/ASX 200 down 0.6% to 7,353.08 Kospi up 1.4% to 3,013.25 Brent Futures up 0.4% to $79.22/bbl Gold spot little changed at $1,846.10 U.S. Dollar Index also little changed at 96.08 Top Overnight News from Bloomberg Negotiators hammering out details of a transformative new global corporate tax regime are shaping the deal to maximize its chance of winning acceptance in the U.S., whose companies face the biggest impact from the overhaul The U.S. has shared intelligence including maps with European allies that shows a buildup of Russian troops and artillery to prepare for a rapid, large-scale push into Ukraine from multiple locations if President Vladimir Putin decided to invade, according to people familiar with the conversations. The ruble slid to the weakest since August and the hryvnia fell With investors ramping up expectations for the Federal Reserve and other developed-market central banks to tighten policy, the likes of the Brazilian real and Hungarian forint have been weighed down by inflation and political concerns even as local officials pushed up borrowing costs. The Chinese yuan, Taiwanese dollar and Russian ruble have been among the few to stand their ground An organization formed by key participants in China’s currency market urged banks to limit speculative foreign-exchange trading after the yuan climbed to a six-year high versus peers The Avalanche cryptocurrency has surged in the past several days, taking it briefly into the top 10 by market value and surpassing Dogecoin and Shiba Inu, after a deal related to improvement of U.S. disaster-relief funding A more detailed breakdown of overnight news courtesy of Newsquawk Asia-Pac stocks traded mixed following last Friday's mostly negative performance stateside, where risk appetite was dampened by concerns of a fourth COVID wave in Europe and recent hawkish Fed rhetoric. Weekend newsflow was light and the mood was tentative heading into this week's risk events including FOMC minutes and US GDP data before the Thanksgiving holiday. The ASX 200 (-0.6%) was subdued with declines led by weakness in gold miners and the energy sector. The Nikkei 225 (+0.1%) was lacklustre after last week’s inflows into the JPY but with downside eventually reversed as the currency faded some of the gains and following the recent cabinet approval of the stimulus spending. The KOSPI (+1.4%) outperformed and reclaimed the 3k level with shares in index heavyweight Samsung Electronics rallying as its de facto leader tours the US which spurred hopes the Co. could deploy its USD 100bln cash pile. The Hang Seng (-0.4%) and Shanghai Comp. (+0.6%) diverged with the mainland kept afloat after the PBoC conducted a mild liquidity injection and maintained its Loan Prime Rate for a 19th consecutive month as expected, although Hong Kong was pressured by losses in energy and cautiousness among developers, as well as the recent announcement of increased constituents in the local benchmark. Finally, 10yr JGBs eked marginal gains amid the cautious risk tone in Asia and following firmer demand at the enhanced liquidity auction for 2yr-20yr JGBs, but with upside capped as T-note futures continued to fade Friday’s early gains that were fuelled by the COVID-19 concerns in Europe before the advances were later halted by hawkish Fed rhetoric calling for a discussion on speeding up the tapering at next month’s meeting. Top Asian News China Blocks Peng Shuai News as It Seeks to Reassure World China FX Panel Urges Banks to Cap Speculation as Yuan Surges Paytm Founder Compares Himself to Musk After Historic IPO Flop China Tech Stocks Are Nearing Inflection Point, UBS GWM Says European cash bourses kicked off the new trading week with mild gains (Euro Stoxx 50 +0.3%; Stoxx 600 +0.3%) following a mixed APAC handover. Some have been attributing the mild gains across Europe in the context of the different approaches of the Fed and ECB, with the latter expected to remain dovish as the former moves tighter, while COVID lockdowns will restrict economic activity. News flow in the European morning has however been sparse, as participants look ahead to FOMC Minutes, Flash PMIs and US GDP ahead of the Thanksgiving holiday (full Newsquawk Desk Schedule on the headline feed) alongside the Fed Chair update from President Biden and a speech from him on the economy. US equity futures see modestly more pronounced gains, with the more cyclically-exposed RTY (+0.6%) performing better than then NQ (+0.4%), ES (+0.4%) and YM (+0.4%). Since the European cash open, the initial mildly positive momentum has somewhat waned across European cash and futures, with the region now conforming to a more mixed picture. Spain's IBEX (+0.7%) is the clear regional outperforming, aided by index heavyweight Telefonica (+5.0%), which benefits from the sectorial boost received by a couple of major M&A updates. Firstly, Telecom Italia (+22%) gapped higher at the open after KKR presented a EUR 0.505/shr offer for Telecom Italia. The offer presents a ~45% premium on Friday's close. Second, Ericsson (-3.5%) made a bid to acquire American publicly held business cloud communications provider Vonage in a deal worth USD 6.2bln. As things stand, the Telecom sector is the clear outperformer, closely followed by banks amid a revival in yields. The other end of the spectrum sees Travel & Leisure back at the foot of the bunch as COVID fears in Europe mount. In terms of individual movers, Vestas Wind Systems (-2.0%) was hit as a cyber incident that impacted parts of its internal IT structure and data has been compromised. Looking ahead, it’s worth noting that volume will likely be more muted towards the latter half of the week on account of the Thanksgiving holiday. Top European News Scholz Closer to German Chancellery as Cabinet Takes Shape Austria Back in Lockdown Ahead of Mandatory Vaccine Policy Energy Crunch Drives Carbon to Record as Europe Burns More Coal BP Goes on Hydrogen Hiring Spree in Bid for 10% Market Share In FX, the Antipodean Dollars are outperforming at the start of the new week on specific supportive factors, like a bounce in the price of iron ore and a further re-opening from pandemic restrictions in both Australia and New Zealand, while the REINZ shadow board is ‘overwhelmingly’ behind another RBNZ rate hike this week. Aud/Usd is holding around 0.7250 and Nzd/Usd is hovering circa 0.7000 as the Aud/Nzd cross pivots 1.0350 in the run up to flash Aussie PMIs and NZ retail sales. DXY - Aussie and Kiwi strength aside, the Greenback retains a solid underlying bid on safe haven and increasingly hawkish Fed grounds after a run of recent much better than expected US data. In index terms, a base just above 96.000 provides a platform to retest last week’s peaks at 96.245 and 96.266 vs 96.223 so far, but Monday’s agenda may not give bulls much in the way of encouragement via data with only existing home sales scheduled. Instead, the Buck could derive more impetus from Treasuries given front-loaded supply ahead of Thanksgiving in the form of Usd 58 bn 2 year and Usd 59 bn 5 year notes. CHF/CAD/EUR/GBP/JPY - All narrowly mixed against their US rival, as the Franc keeps its head above 0.9300 and meanders between 1.0485-61 vs the Euro amidst some signs of official intervention from a rise in weekly Swiss sight deposits at domestic banks. Meanwhile, the Loonie has some leverage from a mild rebound in crude prices to pare declines from sub-1.2650 and should glean support into 1.2700 from 1 bn option expiries at 1.2685 on any further risk aversion or fallout in WTI. Conversely, 1 bn option expiry interest from 1.1300-05 could scupper Euro recoveries from Friday’s new y-t-d low around 1.1250 against the backdrop of ongoing COVID-19 contagion and pre-ECB speakers plus preliminary Eurozone consumer confidence. Elsewhere, the Pound is weighing up BoE tightening prospects and the impact of no breakthrough between the UK and EU on NI Protocol as Cable and Eur/Gbp straddle the 1.3435-40 zone and 0.8400 respectively, while the Yen has unwound more of its safe haven premium within a 114.27-113.91 range eyeing UST yields in relation to JGBs alongside overall risk sentiment. SCANDI/EM - The Nok is deriving some traction from Brent back over Usd 79/brl, but geopolitical concerns are preventing the Rub from benefiting and the Mxn is also on a weaker footing along with most EM currencies. However, the Try is striving to draw a line in the sand irrespective of a marked deterioration in Turkish consumer sentiment and the Cnh/Cny are holding up well regardless of a softer PBoC fix for the onshore unit as LPRs were unchanged yet again and China’s FX regulator told banks to limit Yuan spec trades. In CEE, the Pln has plunged on diplomatic strains between Poland and the EU, the Huf has depreciated to all time lows on virus fears and the Czk has been hampered by CNB’s Holub downplaying the chances of more big tightening surprises such as the aggressive hike last time. In commodities, WTI and Brent front month futures see some consolidation following Friday’s slide in prices. In terms of the fundamentals, the demand side of the equations continues to be threatened by the fourth wave of COVID, namely in the European nations that have not had a successful vaccine rollout. As a reminder, Austria is in a 20-day nationwide lockdown as of today, whilst Germany, Belgium and the Netherlands see tighter restrictions, with the latter two also experiencing COVID-related social unrest over the weekend. The European Commission will on Wednesday issue a set of new recommendations to its member states on non-essential travel, a senior EU diplomat said, which will be watched for activity and jet fuel demand. Over to the supply side, There were weekend reports that Japan and the US are planning a joint announcement regarding the SPR release, although a key Japanese official later noted there was no fixed plan yet on releasing reserves. Japanese PM Kishida confirmed that they are considering releasing oil reserves to curb prices. Meanwhile, Iranian nuclear talks are regaining focus as negotiations are poised to resume on the 29th of November – it is likely we’ll see officials telegraph their stances heading into the meeting. Eyes will be on whether the US offers an olive branch as Tehran stands firm. Elsewhere, the next OPEC+ meeting is also looming, but against the backdrop of lower prices, COVID risk and SPR releases, it is difficult to see a scenario where OPEC+ will be more hawkish than dovish. WTI and Brent Jan trade on either side of USD 76/bbl and USD 79/bbl respectively and within relatively narrow bands. Spot gold and silver meanwhile see a mild divergence, with the yellow metal constrained by resistance in the USD 1,850/oz area, whilst spot silver rebounded off support at USD 24.50/oz. Finally, base metals are relatively mixed with no standout performers to point out. LME copper is flat but holds onto USD 9,500+/t status. US Event Calendar 8:30am: Oct. Chicago Fed Nat Activity Index, est. 0.10, prior -0.13 10am: Oct. Existing Home Sales MoM, est. -1.8%, prior 7.0% 10am: Oct. Home Resales with Condos, est. 6.18m, prior 6.29m DB's Jim Reid concludes the overnight wrap This morning we’ve just published our 2022 credit strategy outlook. 2021 has been one of the lowest vol years for credit on record but we think this is unlikely to last and spreads will sell-off at some point in H1 when markets reappraise how far behind the curve the Fed is. Even with covid restrictions mounting again in Europe as we go to print, we think it’s more likely that we’ll be in a “growthflationary” environment for 2022 and think overheating risks are more acute than the stagflation risk, especially in the US. Strong growth and high liquidity should mean that full year 2022 is a reasonable year for credit overall but if we’re correct there’ll be regular pockets of inflationary/interest rate concerns in the market, which we think is more likely to happen in H1. At the H1 wides, we could see spreads widen as much as 30-40bps in IG and 120-160bps in HY which is consistent with typical mid-cycle ranges through history. We do expect this to mostly retrace in H2 as markets recover from the shock and growth remains decent and liquidity still high. However, with the potential for a shift in the narrative to potential late-cycle dynamics, we think spreads will close 2022 slightly wider than they are today. We will be watching the yield curve closely through the year for clues as to how the cycle will evolve into 2023. This has the ability to move our YE 22 forecasts in both directions as the year progresses. This week will be heavily compressed given Thanksgiving on Thursday. The highlight though will be a likely choice of Fed governor before this, assuming the timetable doesn’t slip again. Overnight it’s been announced that Biden will give a speech to the American people tomorrow on the economy and prices. It’s possible the Fed Chair gets announced here and perhaps plans to release oil from the strategic reserve. We will see. Following that, Wednesday is especially busy as a pre-holiday US data dump descends upon us. We’ll see the minutes of the November 3rd FOMC meeting and earlier that day the core PCE deflator (the Fed's preferred inflation metric), Durable Goods, the UoM sentiment index (including latest inflation expectations), new home sales and jobless claims amongst a few other releases. More internationally, covid will be focus, especially in Europe as Austria enters lockdown today after the shock announcement on Friday. Germany is probably the swing factor here for sentiment in Europe so case numbers will be watched closely. Staying with Germany, there’s anticipation that a coalition agreement could be reached in Germany between the SPD, Greens and the FDP, almost two months after their federal election. Otherwise, the flash PMIs for November will be in focus, with the ECB following the Fed and releasing the minutes from their recent meeting on Thursday. As discussed at the top the most important market event this week is likely to be on the future leadership of the Federal Reserve, as it’s been widely reported that President Biden is expected to announce his choice on who’ll be the next Fed Chair by Thanksgiving on Thursday. Previous deadlines have slipped on this announcement, but time is becoming increasingly limited given the need for Senate confirmation ahead of Chair Powell’s current four-year term expiring in early February. The two names that are quite obviously in the frame are incumbent Chair Powell and Governor Brainard, but there are also a number of other positions to fill at the Fed in the coming months, with Vice Chair Clarida’s term as an FOMC governor expiring in January, Randal Quarles set to leave the Board by the end of this year, and another vacant post still unfilled. So a significant opportunity for the Biden administration to reshape the top positions at the Fed. In spite of all the speculation over the position of the Fed Chair, our US economists write in their latest Fed update (link here), that the decision is unlikely to have a material impact on the broad policy trajectory. Inflation in 2022 is likely to remain at levels that make most Fed officials uncomfortable, whilst the regional Fed presidents rotating as voters lean more hawkish next year, so there’ll be constraints to how policy could shift in a dovish direction, even if an incoming chair wanted to move things that way. Another unconfirmed but much anticipated announcement this week could come from Germany, where there’s hope that the centre-left SPD, the Greens and the liberal FDP will finally reach a coalition agreement. The general secretaries of all three parties have recently said that they hope next week will be when a deal is reached, and a deal would pave the way for the SPD’s Olaf Scholz to become chancellor at the head of a 3-party coalition. Nevertheless, there are still some hurdles to clear before then, since an agreement would mark the start of internal party approval processes. The FDP and the SPD are set to hold a party convention, whilst the Greens have announced that their members will vote on the agreement. On the virus, there is no doubt things are getting worse in Europe but it’s worth putting some of the vaccine numbers in some context. Austria (64% of total population) has a double vaccination rate that is somewhat lower than the likes of Spain (79%), Italy (74%), France (69%), the UK (69%) and Germany (68%). The UK for all its pandemic fighting faults is probably as well placed as any due to it being more advanced on the booster campaign due to an earlier vaccine start date and also due to higher natural infections. It was also a conscious decision back in the summer in the UK to flatten the peak to take load off the winter wave. So this is an area where scientists and the government may have made a calculated decision that pays off. Europe is a bit behind on boosters versus the UK but perhaps these will accelerate as more people get 6 months from their second jab, albeit a bit too late to stop some kind of winter wave. There may also be notable divergence within Europe. Countries like Italy and Spain (and to a slightly lesser extent France) that were hit hard in the initial waves have a high vaccination rate so it seems less likely they will suffer the dramatic escalation that Austria has seen. Germany is in the balance as they have had lower infection rates which unfortunately may have encouraged slightly lower vaccination rates. The irony here is that there is some correlation between early success/lower infections and lower subsequent vaccination rates. The opposite is also true - i.e. early bad outcomes but high vaccination rates. The US is another contradiction as it’s vaccination rate of 58% is very low in the developed world but it has had high levels of natural infections and has a higher intolerance for lockdowns. So tough to model all the above. Overall given that last winter we had no vaccines and this year we have very high levels of protection it seems unfathomable that we’ll have an outcome anywhere near as bad. Yes there will be selected countries where the virus will have a more severe impact but most developed countries will likely get by without lockdowns in my opinion even if the headlines aren’t always going to be pleasant. Famous last words but those are my thoughts. In light of the rising caseloads, the November flash PMIs should provide some context for how the global economy has performed into the month. We’ve already seen a deceleration in the composite PMIs for the Euro Area since the summer, so it’ll be interesting to see if that’s maintained. If anything the US data has reaccelerated in Q4 with the Atlanta Fed GDPNow series at 8.2% for the quarter after what will likely be a revised 2.2% print on Wednesday for Q3. Time will tell if Covid temporarily dampens this again. Elsewhere datawise, we’ll also get the Ifo’s latest business climate indicator for Germany on Wednesday, which has experienced a similar deceleration to other European data since the summer. The rest of the week ahead appears as usual in the day-by-day calendar at the end. Overnight in Asia stocks are mixed with the KOSPI (+1.31%) leading the pack followed by the Shanghai Composite (+0.65%) and CSI (+0.53%), while the Nikkei (-0.18%) and Hang Seng (-0.35%) are lower. Stocks in China are being boosted by optimism that the PBOC would be easing its policy stance after its quarterly monetary policy report on Friday dropped a few hints to that effect. Futures are pointing towards a positive start in the US and Europe with S&P 500 futures (+0.31%) and DAX futures (+0.14%) both in the green. Turning to last week now, rising Covid cases prompted renewed lockdown measures to varying degrees and hit risk sentiment. Countries across Europe implemented new lockdown measures and vaccine requirements to combat the latest rise in Covid cases. The standouts included Austria and Germany. Austria will start a nationwide lockdown starting today and will implement a compulsory Covid vaccine mandate from February. Germany will restrict leisure activities and access to public transportation for unvaccinated citizens and announced a plan to improve vaccination efforts. DM ten-year yields decreased following the headline. Treasury, bund, and gilt yields declined -3.8bps, -6.7bps, and -4.6bps on Friday, respectively, bringing the weekly totals to -1.3bps, -8.3bps, and -3.5bps, respectively. The broad dollar appreciated +0.54% Friday, and +0.98% over the week. Brent and WTI futures declined -2.89% and -3.68% on Friday following global demand fears, after drifting -4.27% and -5.79% lower throughout the week as headlines circulated that the US and allies were weighing whether to release strategic reserves. European equity indices declined late in the week as the renewed lockdown measures were publicized. The Stoxx 600, DAX, and CAC 40 declined -0.33%, -0.38%, and -0.42%, respectively on Friday, bringing their weekly totals to -0.14%, +0.41%, and +0.29%. The S&P 500 index was also hit ending the week +0.32% higher after declining -0.14% Friday, though weekly gains were concentrated in big technology and consumer discretionary stocks. U.S. risk markets were likely supported by the U.S. House of Representatives passing the Biden Administration’s climate and social spending bill. The bill will proceed to the Senate, where its fate lays with a few key moderate Democrats. This follows President Biden signing a physical infrastructure bill into law on Monday. On the Fed, communications from officials took a decidedly more hawkish turn on inflation dynamics, especially from dovish members. Whether the Fed decides to accelerate its asset purchase taper at the December FOMC will likely be the key focus in markets heading into the meeting. Ending the weekly wrap up with some positive Covid news: the U.S. Food and Drug Administration cleared Pfizer and Moderna booster shots for all adults. Additionally, the US will order 10 million doses of Pfizer’s Covid pill. Tyler Durden Mon, 11/22/2021 - 07:49.....»»

Category: blogSource: zerohedgeNov 22nd, 2021

US Inflation: Which Categories Have Been Hit Hardest?

US Inflation: Which Categories Have Been Hit Hardest? Prices have been going up in a number of segments of the economy in recent months, and, as Visual Capitalist's Nick Routley exposes below, the public is taking notice. One indicator of this is that search interest for the term “inflation” is higher than at any point in the past decade. Recent data from the Bureau of Labor Statistics highlights rising costs across the board, and shows that specific sectors are experiencing rapid price increases this year. Where is Inflation Hitting the Hardest? Since 1996, the Federal Reserve has oriented its monetary policy around maintaining 2% inflation annually. For the most part, U.S. inflation over the past couple of decades has typically hovered within a percentage point or two of that target. Right now, most price categories are exceeding that, some quite dramatically. Here’s how various categories of consumer spending have fared over the past 12 months:   Of these top-level categories, fuel and transportation have clearly been the hardest hit. Drilling further into the data reveals more nuanced stories as well. Below, we zoom in on five areas of consumer spending that are particularly hard-hit, how much prices have increased over the past year, and why prices are rising so fast: 1. Gasoline (+50%) Consumers are reeling as prices at the gas pump are up more than a dollar per gallon over the previous year. Simply put, rising demand and constrained global supply are resulting in higher prices. Even as prices have risen, U.S. oil production has seen a slow rebound from the pandemic, as American oil companies are wary of oversupplying the market. Meanwhile, President Biden has identified inflation as a “top priority”, but there are limited tools at the government’s disposal to curb rising prices. For now, Biden has urged the Federal Trade Commission to examine what role energy companies are playing in rising gas prices. 2. Natural Gas (+28%) Natural gas prices have risen for similar reasons as gasoline. Supply is slow to come back online, and oil and natural gas production in the Gulf of Mexico was adversely affected by Hurricane Ida in September. Compared to the previous winter, households could see their heating bills jump as much as 54%. An estimated 60% of U.S. households heat their homes with fossil fuels, so rising prices will almost certainly have an effect on consumer spending during the holiday season. 3. Used Vehicles (+26%) The global semiconductor crunch is causing chaos in a number of industries, but the automotive industry is uniquely impacted. Modern vehicles can contain well over a thousand chips, so constrained supply has hobbled production of nearly a million vehicles in the U.S. alone. This chip shortage is having a knock-on effect on the used vehicle market, which jumped by 26% in a single year. The rental car sector is also up by nearly 40% over the same period. 4. Meats (+15%) Meat producers are facing a few headwinds, and the result is higher prices at the cash register for consumers. Transportation and fuel costs are factoring into rising prices. Constrained labor availability is also an issue for the industry, which was exacerbated by COVID-19 measures. As a top-level category, inflation is high, but in specific animal product categories, such as uncooked beef and bacon, inflation rates have reached double digits over the past 12 months. 5. Furniture and Bedding (+12%) This category is being influenced by a few factors. The spike in lumber prices along with other raw materials earlier in the year has had obvious impacts. Materials aside, actually shipping these cumbersome goods has been a challenge due to global supply chain issues such a port back-ups. How Inflation Could Influence Consumer Spending Rising prices inevitably impact the economy as consumers adjust their buying habits. According to a recent survey, 88% of Americans say they are concerned about U.S. inflation. Here are the top five areas where consumers plan to cut back on their spending:   Will Inflation Continue to Rise in 2022? Many experts believe that U.S. inflation will decelerate going into 2022, though there’s no consensus on the matter. Improved semiconductor supply and an easing of port congestion around the world could help slow inflation down if nothing goes seriously wrong. That said, if the last few years are any indication, unexpected events could shift the situation at any time. For the near term, consumers will need to adjust to the sticker shock. *  *  * Where does this data come from? Source: U.S. Bureau of Labor Statistics – Consumer Price Index (November 10, 2021)Data Note: The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers, which represent about 93% of the total U.S. population. CPIs are based on prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living. Tyler Durden Sat, 11/20/2021 - 22:00.....»»

Category: worldSource: nytNov 20th, 2021

I drove a 3-wheeled, one-seater electric car on a mini road trip through Southern California and I"m convinced it could change how we get from A-to-B

The SOLO is a surprisingly delightful machine. I found myself preferring this one-person EV over my daily driver for short trips and errands. The ElectraMeccanica SOLO EV.Bryan Logan/Business Insider The ElectraMeccanica SOLO EV is an electric car that can travel 100 miles on a full charge. Yes, it's a one-seater with three wheels, but it has the creature comforts of a full-sized vehicle. It's a fun-to-drive ride around town, and perfectly capable of longer highway jaunts. Lately, I've been thinking about choices. In the US, there's no shortage of options when you're shopping for a car. You can find an unlimited inventory of four-door sedans, coupes, wagons, trucks, vans — and an overabundance of crossovers and SUVs and (crossover SUV coupes), supply chain crisis and semiconductor chip shortage notwithstanding.But I just wonder if it always makes sense to have four wheels and several empty seats when I'm on the road. What about an in-between car for when I just need to run a quick errand, pick up food, or simply drive solo to my destination? And what if that in-between car could be a clean-energy vehicle I could plug into a wall outlet in my garage?I had a couple weeks in October to think about those questions when I got the keys to a SOLO EV, a three-wheeled, one-seater electric car from ElectraMeccanica.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderSo, let's get the obvious out of the way: yes, the SOLO EV looks quirky. People often stopped to take pictures of it as it sat in the driveway. One person jokingly asked: "Where's the rest of it?"The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderBut the more I zipped around Los Angeles in it during the warm early days of fall, the more I wanted to drive. The comfortable, well-bolstered seat, air-conditioning, and Bluetooth audio made the SOLO EV feel like my own personal rocket. It quite easily gets you to an 80 mile-per-hour top speed, which I found to be plenty for the highway. "We've been working to really, truly tune into the personal transportation needs of our customers." That's Kevin Pavlov, the CEO of ElectraMeccanica. He and the company's chief financial officer, Bal Bhullar, sat down with me at an October delivery event where early reservation holders drove away in their own SOLO EVs.Who really needs a one-seater electric car though? It's a fair question. Pavlov said he's confident there is a sizable market for the SOLO, be it as a fleet vehicle for last-mile deliveries, for college campuses, and beyond. "I think the market's going to keep telling us where the niches go and that provides us the time to continue to make more personalized answers," he said.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderWe're in the early aughts of an automotive revolution right now. Battery electric vehicles are becoming more popular as automakers introduce new models and governments make plans to phase out internal combustion engines over the next decade. Where you once could count the number of available electric cars on one hand, there are now dozens available, and many more in the pipeline. And they're getting less expensive, too. The SOLO EV can be had for $18,500.Thankfully, all of the talk about range anxiety in those early days of the electric car is pretty much moot now. Most electric vehicles can travel at least 200 miles on a full charge.Range anxiety is overrated, anywayAfter a few short trips close to home in the SOLO EV, I started to wonder how far I could stretch its 100-mile range. On the surface it sounds paltry, but considering drivers will mostly use this for short commutes and jaunts about town, 100 miles is truly more than enough.Pavlov summed it up poetically: "Some people will drive 10 miles, some will go 30 miles. Other people want to drive it to work. And some will drive this car to go find themselves."And that's when I had an idea. I thought about the very first car review I did for Business Insider back in 2015 when I drove what was then the brand-new Volvo XC90 from LA to San Francisco on one tank of gas, and thought I'd try for a long-ish trip in the SOLO EV. Not really to find myself, but to prove that range anxiety is indeed overrated.So I planned to take the SOLO eastward, from LA to the high desert, a roughly 75-mile, one-way drive.Status at the start of the trip: 99% charge.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderThe long and short of it is, this electric three-wheeler proved itself to be a fun, capable and versatile ride. I cruised comfortably to the desert, A/C flowing, music playing, in the glorious solitude of my personal battery-powered coach.I pulled up to a drive-thru for lunch with about 26 miles of range to spare.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderGreat news for me since the ChargePoint location I planned to visit was just another three miles away.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderOnce I arrived, I walked away to enjoy my lunch and visit with family. A little more than two hours later, I returned to find the SOLO EV had regained 90% of its battery charge, more than enough for the 75-mile trip back home.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderMinimalist drivingIn a world of automobiles that seem larger and faster than ever, it's nice to slip into something that's anti-all of that. The SOLO EV is large enough (even for my 6-foot-2-inch frame) and quick enough to scoot past gasoline-powered vehicles from a stop, thanks to the instant torque you get from the electric motor.The ElectraMeccanica SOLO EV.Bryan Logan/Business InsiderAnd perhaps that idea of "just enough" is indeed suitable for this segment of the micromobility space. All the better if it helps preserve our environment.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 20th, 2021

The Nasdaq will surge 19% in 2022 as easing chip shortage extends bull market cycle for tech stocks, Wedbush says

Apple hitting a $3 trillion valuation and the Nasdaq approaching 19,000 should be on investors' 2022 bingo card, according to Wedbush. Stocks have risen sharply over the last year, helping the Dow Jones finally break the 36,000 barrier.Xinhua News Agency/Getty ImagesThe Nasdaq's year-to-date gain of 28% is likely to spill over into next year, according to Wedbush's Dan Ives.An easing chip shortage should extend the bull market and quell valuations concerns, Ives said.Ives said the tech-heavy Nasdaq will hit 19,000 in 2022, representing 19% upside potential.2022 should be a favorable year for the tech-heavy Nasdaq as it looks to extend its year-to-date gains of nearly 30%, Wedbush's Daniel Ives said in a Thursday note.Ives thinks an easing of the semiconductor shortage in the first half of next year should help improve the fundamental demand story behind tech companies and quell investor concerns about high valuations. Emerging growth from the cloud, cyber security, 5G, and the metaverse should also sustain bullish investor sentiment towards the tech space."The tech bull cycle will continue in our opinion its upward move into 2022 given the scarcity of growth names and winners in this market on the heels of the 4th industrial revolution playing out among enterprises and consumers," Ives said.Ives set a 2022 price target of 19,000 for the Nasdaq, representing potential upside of 19% from current levels and an increase from its 2021 target of 16,000. Ives 2022 return target is just below the Nasdaq's 10-year compound annual growth rate of about 23%.  Driving the upside next year will include the three largest companies in the world, Microsoft, Apple, and Alphabet, Ives said. Microsoft and Google should continue to benefit from an ongoing shift to the cloud, an industry that is still in its early days."We believe ~90% of these cloud deployments have already been green-lighted by CIOs and healthy cloud budgets [are] already in place for 2022, with Redmond [Microsoft] firmly positioned to gain more market share vs. Amazon Web Services," Ives said.Meanwhile, Apple will likely surpass a $3 trillion valuation on continued growth from an iPhone upgrade supercycle, according to the note. Finally, Ives highlighted the cyber security space as a sector investors should own, as the ongoing growth in cloud solutions leads companies to understand the need for cyber security protection. "As more data moves to the cloud, a golden age of cyber security will continue," Ives said.Internal checks lead Ives to believe the cyber security industry will see strong deal flow next year, and points to Zscaler, Palo Alto Networks, and Cyber-Ark as stocks to own in the sector, among others. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 18th, 2021

A record number of ships are stuck at LA ports, even as port chiefs say the backlog is easing up

179 ships were recorded in and around LA ports Tuesday. The majority were out at sea, waiting for the chance to dock and unload their cargo. Containers are stacked in the Port of Long Beach in Long Beach, CA, on Monday, November 15, 2021.Jeff Gritchen/MediaNews Group/Orange County Register via Getty Images A record number of ships were logged in and around LA ports on Tuesday.  Though LA port heads say log jams are easing, the data indicates that demand is still soaring. New fines for cargo left on the docks for more than 9 days were pushed back to later this month. A record number of ships were reported in and around LA ports on Tuesday afternoon, even as port chiefs said backlogs are clearing.According to the Marine Exchange, a total of 179 ships were recorded at the ports of Los Angeles and Long Beach on Tuesday, the majority of which were anchored at sea waiting for the chance to dock and unload.These new records come one day after LA port chiefs said that the backlog at the two ports was easing, highlighting a 26% decline in the amount of cargo that had been left on docks for over nine days.The two ports said in October that, starting November 15, they would begin fining shipping companies $100 a day for every container left on the docks for more than six days, if they were being moved onwards by rail, or nine days if being moved by truck.The ports announced Monday they have pushed back the start date for new fines coming into force until November 22.A surge in consumer demand since the end of 2020, combined with labor shortages, has created delays and traffic jams at seaports across the globe, causing massive disruption to supply chains.Containers have been stacked up at the LA ports' docks for weeks waiting to be unloaded, but a shortage of on-dock workers and truck drivers has led to long delays in the process. These port jams mean that ships are unable to dock and drop new cargo. The size of the logjam is unprecedented. Before the pandemic, the ports hadn't seen a backlog greater than 17 ships, Kip Louttit, head of the Marine Exchange, previously told Insider. But in the past few months, it's been common to find around 100-plus ships lingering around these ports waiting to berth."We're encouraged by the progress our supply chain partners have made in helping our terminals shed long-dwelling import containers," Port of Long Beach Executive Director Mario Cordero said in a statement to the press Monday. "Clearly, everyone is working together to speed the movement of the cargo and reduce the backlog of ships off the coast as quickly as possible," he said. Experts were previously skeptical about whether these fines would actually help to clear port jams. "The issue isn't about a lack of desire to move boxes, but a lack of physical space," Corey Bertsch, VP Solutions Consulting at Slync.io, a global logistics company, told Insider's Grace Kay.Those fines will "simply get passed onto beneficial cargo owners who will begrudgingly accept that their rates have gone up," he added. "These containers would move if they could, but it's a combination of warehouses, truck, and labor issues."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 17th, 2021

Futures Flat Amid Fresh Inflation Jitters; Yen Tumbles To 5 Year Low

Futures Flat Amid Fresh Inflation Jitters; Yen Tumbles To 5 Year Low Price action has been generally uninspiring, with US index futures and European stocks flat after UK inflation climbed faster than expected to the highest in a decade, heaping pressure on the Bank of England to raise interest rates, while Asian markets fell as investors fretted over early rate hikes by the Federal Reserve after strong retail earnings dented the stagflation narrative.  Ten-year Treasury yields held around 1.63% and the dollar was steady. Cryptocurrencies suffered a broad selloff, while oil extended losses amid talk of a coordinated U.S.-China release of reserves to tame prices. Gold rose. At 7:30 a.m. ET, Dow e-minis were down 14 points, or 0.04%. S&P 500 e-minis were up 1.25 points, or 0.0.3% and Nasdaq 100 e-minis were up 24.75 points, or 0.15%, boosted by gains in Tesla and other electric car-makers amid growing demand for EV makers. Target Corp was the latest big-name retailer to report positive results, as it raised its annual forecasts and beat profit expectations, citing an early start in holiday shopping. But similar to Walmart, shares of the retailer fell 3.1% in premarket trade as its third-quarter margins were hit by supply-chain issues. Lowe's rose 2.2% after the home improvement chain raised its full-year sales forecast on higher demand from builders and contractors, as well as a strong U.S. housing market. Wall Street indexes had ended higher on Tuesday after data showed retail sales jumped in October, and Walmart and Home Depot both flagged strength in consumer demand going into the holiday season. While the readings showed that a rise in inflation has not stifled economic growth so far, any further gains in prices could potentially dampen an economic recovery. Indeed, even as global stocks trade near all-time highs, worries are rising that growth could be derailed by inflation, the resurgent virus, or both. The question remains whether the jump in costs will prove transitory or become a bigger challenge that forces a sharper monetary policy response, roiling both shares and bonds. The market now sees a 19% probability of a rate hike by the Fed in their March 2022 meet, up from 11.8% probability last month. “The markets are still driven by uncertainty regarding how transitory inflation is,” according to Sebastien Galy, senior macro strategist at Nordea Investment Funds. “The market is assessing the situation about inflation -- what is in the price and what is not.” On the earnings front, Baidu reported a 13% jump in sales after growth in newer businesses such as the cloud helped offset a slowdown in its main internet advertising division. Nvidia and Cisco Systems are scheduled to report results later today In premarket trading, Tesla inexplicably rose as much as 2.4% in U.S. pre-market trading, extending a bounce from the previous session after CEO Elon Musk disclosed even more stock sales. Peers Rivian and Lucid added 0.9% and 8.8%, respectively. Here are some of the biggest U.S. movers today: Electric-vehicle makers Rivian Automotive (RIVN US), Lucid (LCID US) and Canoo (GOEV US) all move higher in U.S. premarket trading on heavy volumes, extending their gains and after Rivian and Lucid notched up milestones in their market values on Tuesday. The gains for Rivian on Tuesday saw its market capitalization surpass Germany’s Volkswagen, while Lucid’s market value leapfrogged General Motors and Ford. Tesla (TSLA US) shares rise 1.3% in U.S. premarket trading, extending the bounce the EV maker saw in the prior session and after CEO Elon Musk disclosed more share sales. Visa (V US) shares slip in U.S. premarket trading after Amazon.com said it will stop accepting payments using Visa credit cards issued in the U.K. starting next year. Boeing (BA US) gains 1.9% in premarket trading after Wells Fargo upgrades the airplane maker to overweight from equal weight in a note, saying the risk-reward is now skewed positive. Citi initiates a pair trade of overweight Plug Power (PLUG US) and underweight Ballard Power Systems (BLDP US), downgrading the latter to neutral on weak sales in China and likely delay in meaningful fuel cell adoption. Ballard Power falls 3.4% in premarket trading. La-Z-Boy (LZB US) climbed 7% in postmarket trading after it reported adjusted earnings per share for the fiscal second quarter of 2022 that beat the average analyst estimate and boosted its quarterly dividend. StoneCo’s (STNE US) shares fall as much as 9% in postmarket trading Tuesday after the fintech reported a weaker-than-expected adjusted results for the third quarter. Chembio Diagnostics (CEMI US) rose 11% in extended trading after saying it submitted an Emergency Use Authorization application to the U.S FDA for its new DPP SARS-CoV-2 Antigen test. European stocks treaded water with U.S. equity futures as the worst outbreak of Covid infections since the start of the pandemic held the rally in check. In the U.K., inflation climbed faster than expected to the highest in a decade, heaping pressure on the Bank of England to raise interest rates, pressing on the FTSE 100 to lag peer markets. Asian stocks fell, halting a four-day rally, as investors factored in higher Treasury yields and the outlook for U.S. monetary policy to assess whether the region’s recent gains were excessive.   The MSCI Asia Pacific Index slid as much as 0.7%, pulling back from a two-month high reached Tuesday. The banking sector contributed the most to Wednesday’s drop as the Commonwealth Bank of Australia reported cash earnings that were below some estimates. South Korea led the region’s decline, with the Kospi falling more than 1%, weighed down by bio-pharmaceutical firms. Asia’s stocks are taking a breather from a run-up driven by expectations for earnings to improve and economies to recover from quarters of pandemic-induced weakness. The benchmark is coming off a two-week gain of 1.5%.  “Shares are correcting recent gains, although I’d say it’s not much of a correction as the drop is mild,” said Tomo Kinoshita, a global market strategist at Invesco Asset Management in Tokyo. “The relatively solid economic performances in the U.S. and Europe signal positive trends for Asian exporters,” which will support equities over the long term, he said.  U.S. stocks climbed after data showed the biggest increase in U.S. retail sales since March, while results from Walmart Inc. and Home Depot Inc. showed robust demand. The 10-year Treasury yield hit 1.64%, gaining for a fourth day. Japanese equities fell, cooling off after a four-day advance despite the yen’s drop to the lowest level against the dollar since 2017. Service providers and retailers were the biggest drags on the Topix, which dropped 0.6%. Recruit and Fast Retailing were the largest contributors to a 0.4% loss in the Nikkei 225. The yen slightly extended its decline after tumbling 0.6% against the greenback on Tuesday. The value of Japan’s exports gained 9.4% in October, the slowest pace in eight months, adding to signs that global supply constraints are still weighing on the economy. Indian stocks fell, led by banking and energy companies, as worries over economic recovery and inflation hurt investors’ sentiment. The S&P BSE Sensex fell 0.5% to 60,008.33 in Mumbai, while the NSE Nifty 50 Index declined by 0.6%. The benchmark index has now dropped for five of seven sessions and is off 3.7% its record level reached on Oct. 18. All but five of the 19 sector sub-indexes compiled by BSE Ltd. declined, led by a gauge of real estate companies.  Fitch Ratings kept a negative outlook on India’s sovereign rating, already at the lowest investment grade, citing concerns over public debt that’s the highest among similar rated emerging-market sovereigns.  While high-frequency data suggests India’s economic recovery is taking hold, central bank Governor Shaktikanta Das said at an event on Tuesday that the recovery is uneven. “Feeble global cues are weighing on sentiment,” Ajit Mishra, a strategist with Religare Broking, said in a note. He expects indexes to slide further but the pace of decline to be gradual with Nifty having support at 17,700-17,800 level. Shares of Paytm are scheduled to start trading on Thursday after the digital payment company raised $2.5b in India’s biggest initial share sale. Local markets will be closed on Friday for a holiday.  Reliance Industries contributed the most to Sensex’s decline, decreasing 2.1%. The index heavyweight has lost 5% this week, headed for the biggest weekly drop since June 27. In rates, Treasuries were steady with yields slightly richer across the curve and gilts mildly outperforming after paring early losses. Treasury yields except 20-year are richer by less than 1bp across curve with 30-year sector outperforming slightly; 10-year yields around 1.63% after rising as high as 1.647% in early Asia session. Focal points for U.S. session include 20-year bond auction -- against backdrop of Fed decision to not taper in the sector, made after last week’s poorly bid 30-year bond sale, and seven Fed speakers scheduled. The $23BN 20-year new issue at 1pm ET is first at that size after cuts announced this month; WI yield at 2.06% is 4bp richer than last month’s, which tailed the WI by 2.5bp. In Europe, gilts richen slightly across the short end, short-sterling futures fade an open drop after a hot inflation print. Peripheral spreads are marginally wider to core. In FX, the Bloomberg Dollar Spot Index drifted after earlier rising to its highest level in over a year, spurred by strong U.S. retail sales and factory output data Tuesday; the greenback traded mixed versus its Group-of-10 peers though most currencies were consolidating recent losses against the greenback. The pound reached its strongest level against the euro in nearly nine months after U.K. inflation climbed faster than expected to the highest in a decade, heaping pressure on the Bank of England to raise interest rates. The Australian dollar hit a six-week low as third quarter wage data missed the central bank’s target, prompting offshore funds to sell the currency; the three-year yield fell back under 1%. The yen declined to its lowest level in more than four years as growing wagers of quicker policy normalization in the U.S. contrasted with the outlook in Japan, where interest rates are expected to be kept low. Super-long bonds fell. Volatility broke through the recent calm in currency markets, where the cost of hedging against volatility in the euro against the dollar over the next month climbed the most since the pandemic struck in March 2020. The move comes as traders bake in bets on faster rate hikes to curb inflation. The Turkish lira extended the week’s downward move, weakening another 2% against the dollar after comments from Erdogan sent the USDTRY hitting record highs of 10.5619 The Chinese yuan advanced to its highest level since 2015 against a basket of trading partners’ currencies following the dollar’s surge. Bloomberg’s replica of the CFETS basket index rises 0.3% to 101.9571, closer to the level that triggered a shock devaluation by the PBOC in 2015, testing the central bank’s tolerance before stepping in with intervention. In commodities, crude futures dropped as the market weighs the potential for a join U.S.-China stockpile-reserve release. WTI is down more than 1%, back on a $79-handle; Brent slips back toward $81.50, trading near the middle of this week’s range. Most base metals are under pressure with LME copper down as much as 1.4%. Spot gold adds $10 near $1,860/oz. European gas surged to the highest level in a month as delays to a controversial new pipeline from Russia stoked fears of a supply shortage with winter setting in. Cryptocurrencies remained lower after a tumble, with Bitcoin steadying around the $60,000 level. Looking at the day ahead now, and data releases include October data on UK and Canadian CPI, as well as US housing starts and building permits. Central bank speakers include ECB President Lagarde and the ECB’s Schnabel, the Fed’s Williams, Bowman, Mester, Waller, Daly, Evans and Bostic, and the BoE’s Mann. Finally, the ECB will be publishing their Financial Stability Review, and earnings releases today include Nvidia, Cisco, Lowe’s and Target. Market Snapshot S&P 500 futures little changed at 4,696.00 STOXX Europe 600 up 0.1% to 489.79 MXAP down 0.5% to 200.06 MXAPJ down 0.4% to 656.01 Nikkei down 0.4% to 29,688.33 Topix down 0.6% to 2,038.34 Hang Seng Index down 0.2% to 25,650.08 Shanghai Composite up 0.4% to 3,537.37 Sensex down 0.4% to 60,064.33 Australia S&P/ASX 200 down 0.7% to 7,369.93 Kospi down 1.2% to 2,962.42 Brent Futures down 0.8% to $81.79/bbl Gold spot up 0.5% to $1,859.93 U.S. Dollar Index little changed at 95.95 German 10Y yield little changed at -0.25% Euro little changed at $1.1310 Top Overnight News from Bloomberg Bond traders are bracing for a key test Wednesday as the Treasury looks to sell its first long-dated debt since inflation worries spooked buyers at last week’s poorly received 30-year auction Increasingly stretched prices in property and financial markets, risk-taking by non-banks and elevated borrowing pose a threat to euro-area stability, the European Central Bank warned Germany is giving investors a rare chance to grab some of Europe’s safest and positive-yielding debt. The country will sell one billion euros ($1.13 billion) of its longest-dated debt at 10:30 a.m. London on Wednesday. The country’s 30-year notes are currently trading with a yield 0.09%. It’s a paltry rate, but probably the last time for a while that Germany will offer the maturity ECB Governing Council member Olli Rehn says euro- area inflation is accelerating due to increasing demand pushing up the price of energy and supply bottlenecks, according to interview in Finland’s Talouselama magazine The yuan’s advance to a six-year high versus China’s trading partners this week has investors asking how far the central bank will let the rally run. The yuan extended gains on Wednesday against a basket of 24 currencies of the nation’s trading partners, bringing it close to the level that triggered a shock devaluation by the People’s Bank of China in 2015 Turkish President Recep Tayyip Erdogan vowed to continue fighting for lower interest rates, sending a clear signal to investors a day before the central bank sets its policy. The lira weakened A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded mixed and struggled to sustain the positive lead from the US where better than expected Industrial Production and Retail Sales data spurred the major indices, in which the S&P 500 reclaimed the 4,700 level and briefly approached to within four points of its all-time high. ASX 200 (-0.7%) was led lower by underperformance in the top-weighted financials sector amid weakness in the largest lender CBA despite a 20% jump in quarterly cash profit, as operating income was steady and it noted that loan margins were significantly lower. Mining related stocks also lagged in Australia due to the recent declines in global commodity prices amid the stronger USD and higher US yields. Nikkei 225 (-0.4%) retraced its opening gains after disappointing Machinery Orders and miss on Exports which grew at the slowest pace in eight months, while the KOSPI (-1.2%) suffered due to virus concerns with daily infections at the second highest on record for South Korea. Hang Seng (-0.3%) and Shanghai Comp. (+0.4%) were varied with Hong Kong dragged lower by tech stocks including NetEase post-earnings, while the mainland was choppy as markets continued to digest the recent Biden-Xi meeting that was described by President Biden as a 'good meeting' and in which they discussed the need for nuclear “strategic stability” talks. US and China also agreed to provide access to each other’s journalists, although there were also comments from Commerce Secretary Raimondo that China is not living up to phase 1 trade commitments and it was reported that China is to speed up plans to replace US and foreign tech. Finally, 10yr JGBs were flat with demand hampered following the declines in T-notes, although downside was stemmed amid the flimsy sentiment across Asia-Pac trade and with the BoJ also in the market for JPY 925bln of JGBs mostly concentrated in 1-3yr and 5-10yr maturities. Top Asian News Asia Stocks Set to Snap Four-Day Advance as Kospi Leads Decline Gold Rises as Fed Officials Feed Debate on Inflation Response Deadly Toxic Air Chokes Delhi as India Clings to Coal Power PBOC May Start Raising Rates by 10bps Every Quarter in 2022: TD European equities (Stoxx 600 +0.1%) trade with little in the way of firm direction as the Stoxx 600 lingers around its ATH printed during yesterday’s session. The handover from the APAC session was mostly a softer one after the region failed to sustain the positive lead from the US which saw the S&P 500 approach within four points of its all-time high. Stateside, US futures are just as uninspiring as their European counterparts (ES flat) ahead of another busy day of Fed speak and pre-market earnings from retail names Target (TGT) and TJX Companies (TJK) with Cisco (CSCO) and NVIDIA (NVDA) due to report after-hours. Markets still await a decision on the next Fed Chair which President Biden said will come in around four days yesterday; as it stands, PredictIt assigns a circa 65% chance of Powell winning the renomination. Sectors in Europe have a marginal positive tilt with Media names outperforming peers alongside gains in Vivendi (+1.0%) after Italian prosecutors asked a judge to drop a case against Vivendi's owner and CEO for alleged market manipulation. Travel & Leisure names are the notable underperformer amid losses in sector heavyweight Evolution Gaming (-9.6%) who account for 14% of the sector with the Co. accused of taking illegal wagers. In terms of individual movers, Siemens Healthineers (+4.6%) is one of the best performers in the region after the Co. noted that revenues are on track to grow 6-8% between 2023 and 2025. UK Banking names such as Lloyds (+1.3%) and Natwest (+1.1%) have benefitted from the favourable rate environment in the UK with today’s inflation data further cementing expectations for a move in rates by the BoE next month. Conversely, this acted as a drag on the UK homebuilder sector at the open before moves were eventually scaled back. SSE (-4.5%) underperforms after announcing a GBP 12.5bln investment to accelerate its net zero ambitions. Top European News Epstein’s Paris Apartment Listed for $14 Million, Telegraph Says Volkswagen Shares Stall as Analysts Doubt Its EV Street Cred Germany to Move Ahead With Tighter Covid Curbs Amid Record Cases U.K. Urges EU Not to Start Trade War If Brexit Deal Suspended In FX, the Greenback extended Tuesday’s post-US retail sales and ip gains to set new 2021/multi-year highs overnight when the index hit 96.266 and several Dollar pairs probed or crossed psychological round numbers. However, the latest bull run has abated somewhat amidst some recovery gains in certain rival currencies and a general bout of consolidation ahead of housing data, another raft of Fed speakers and Usd 23 bn 20 year supply that will be of note after a bad debut for new long londs last week, not to mention tepid receptions for 3 and 10 year offerings prior to that. NZD/AUD - A marked change in the tide down under as the Aud/Nzd cross reverses sharply from around 1.0450 to sub-1.0400 and gives the Kiwi enough impetus to regain 0.7000+ status vs its US peer with extra incentive provided by NZ PM Ardern announcing that the entire country is expected to end lockdown and move to a new traffic light system after November 29, while Auckland’s domestic borders will reopen from December 15 for the fully vaccinated and those with negative COVID-19 tests. Conversely, the Aussie is struggling to stay within sight of 0.7300 against its US counterpart in wake of broadly in line Q3 wage prices that leaves the y/y rate still some way short of the 3% pace deemed necessary to lift overall inflation by the RBA. GBP/CAD - Sterling is striving to buck the overall trend with help from more forecast-topping UK data that should give the BoE a green light for lifting the Bank Rate in December, as headline CPI came in at 4.2% y/y, core at 3.4% and PPI prints indicate more price pressure building in the pipeline. Cable printed a minor new w-t-d peak circa 1.3474 in response before waning and Eur/Gbp fell below the prior y-t-d low and 0.8400, but is now back above awaiting more news on the Brexit front and a speech from one of the less hawkish MPC members, Mann. Elsewhere, the Loonie is hovering around 1.2550 vs the Greenback and looking toward Canadian inflation for some fundamental direction as oil prices continue to fluctuate near recent lows, but Usd/Cad may also be attracted to decent option expiry interest between 1.2540-55 in 1.12 bn. CHF/EUR/JPY - All straddling or adjacent to round numbers against the Dollar, but the Franc lagging below 0.9300 on yield differentials, while the Euro has recovered from a fresh 2021 trough under 1.1300 and Fib support at 1.1290 to fill a gap if nothing else, and the Yen just defended 115.00 irrespective of disappointing Japanese machinery orders and internals within the latest trade balance. In commodities, WTI and Brent benchmarks are pressured this morning but the magnitude of the action, circa USD 0.70/bbl at the time of writing, is less pronounced when compared to the range of the week thus far and particularly against last week’s moves. Newsflow has been slim and the downside action has arisen without fresh catalysts or drivers; note, participants are cognisant of influence perhaps being exerted by today’s WTI Dec’21 option expiry. To briefly surmise the morning’s action, Vitol executives provided bullish commentary citing limited capacity to deal with shocks and on that theme, there were reports of an explosion at an oil pipeline in Southern Iran, said to be due to aging equipment. This, alongside reports that Belarus is restricting oil flows to Poland for three-days for maintenance purposes, have not steadied the benchmarks. Elsewhere, last night’s private inventories were mixed but bullish overall, with the headline a smaller than expected build and gasoline a larger than expected draw. On gasoline, some desks posit that this draw may serve to increase pressure for a US SPR release, and as such look to today’s EIA release which is expected to print a gasoline draw of 0.575M. Moving to metals, spot gold and silver are firmer this morning but, in a similar vein to crude, remain well within familiar ranges as specific catalysts have been light and initial USD action has largely fizzled out to the index pivoting the U/C mark. More broadly, base metals are pressured as inventories of iron ore are at their highest for almost three years in China as demand drops, with this having a knock-on impact on coking coal, for instance. US Event Calendar 7am: Nov. MBA Mortgage Applications, prior 5.5% 8:30am: Oct. Building Permits, est. 1.63m, prior 1.59m, revised 1.59m 8:30am: Oct. Building Permits MoM, est. 2.8%, prior -7.7%, revised -7.8% 8:30am: Oct. Housing Starts MoM, est. 1.5%, prior -1.6%; Housing Starts, est. 1.58m, prior 1.56m DB's Henry Allen concludes the overnight wrap Even as inflation jitters remained on investors’ radars, that didn’t prevent risk assets pushing onto fresh highs yesterday, as investor sentiment was bolstered by strong economic data and decent corporate earnings releases. In fact by the close of trade, the S&P 500 (+0.39%) had closed just -0.02% beneath its all-time closing record, in a move that also brought the index’s YTD gains back above +25%, whilst Europe’s STOXX 600 (+0.17%) hit an all-time high as it posted its 16th gain in the last 18 sessions. Starting with the data, we had a number of positive US releases for October out yesterday, which echoed the strength we’d seen in some of the other prints, including the ISMs and nonfarm payrolls that had both surprised to the upside in the last couple of weeks. Headline retail sales posted their biggest gain since March, with a +1.7% advance (vs. +1.4% expected), whilst the measure excluding autos and gas stations was also up by a stronger-than-expected +1.4% (vs. +0.7% expected). Then we had the industrial production numbers, which showed a +1.6% gain in October (vs. +0.9% expected), though it’s worth noting around half of that increase was a recovery from Hurricane Ida’s effects. And that came against the backdrop of solid earnings results from Walmart and Home Depot as well earlier in the session. They saw Walmart raise their full-year guidance for adjusted EPS to around $6.40, up from $6.20-$6.35 previously, whilst Home Depot reported comparable sales that were up +6.1%. To be honest it was difficult to find much in the way of weak data, with the NAHB’s housing market index for November up to a 6-month high of 83 (vs. 80 expected). Amidst the optimism however, concerns about near-term (and longer-term) inflation pressures haven’t gone away just yet, and the 5yr US breakeven rose again, increasing +1.1bps yesterday to an all-time high of 3.21%. Bear in mind that just 12 days ago (before the upside CPI release) that measure stood at 2.89%, so we’ve seen a pretty sizeable shift in investor expectations in a very short space of time as they’ve reacted to the prospect inflation won’t be as transitory as previously believed. The increase was matched by a +1.3bps increase in nominal 5yr yields to a post-pandemic high of 1.27%. The 10yr yield also saw a slight gain of +1.9bps to close at 1.63%, and this morning is up a further +0.7bps. Against this backdrop, the dollar index (+0.58%) strengthened further to its highest level in over a year yesterday, though the reverse picture has seen the euro weaken beneath $1.13 this morning for the first time since July 2020. Speaking of inflation, there were fresh pressures on European natural gas prices yesterday, which surged by +17.81% to €94.19 per megawatt-hour. That’s their biggest move higher in over a month, and follows the decision from the German energy regulator to temporarily suspend the certification of the Nord Stream 2 pipeline, adding further short-term uncertainty to the winter outlook. UK natural gas futures (+17.15%) witnessed a similar surge, and their US counterparts were also up +3.19%. Elsewhere in the energy complex, Brent crude (+0.46%) oil prices moved higher as well. Overnight in Asia, equity indices are trading lower this morning including the CSI (-0.05%), the Nikkei (-0.45%) and the Hang Seng (-0.55%), though the Shanghai Composite (+0.19%) has posted a modest advance. There were also some constructive discussions in the aftermath of the Biden-Xi summit the previous day, with US national security adviser Jake Sullivan saying that the two had spoken about the need for nuclear “strategic stability” talks, which could offer the prospect of a further easing in tensions if they do come about. Looking forward, futures are indicating a muted start in US & Europe later on, with those on the S&P 500 (-0.03%) and the DAX (-0.15%) pointing to modest declines. Elsewhere, markets are still awaiting some concrete news on who might be nominated as the next Fed Chair, though President Biden did say to reporters that an announcement would be coming “in about four days”, so investors will be paying close attention to any announcements. Senator Sherrod Brown, who chairs the Senate Banking Committee, who earlier in the week noted a pick was imminent, followed up by proclaiming he was “certain” that the Senate would confirm either of Chair Powell or Governor Brainard. Staying on the US, as Congress waits for the Congressional Budget Office’s score on Biden’s social and climate spending bill, moderate Democratic Senator Manchin noted continued uncertainty about the bill’s anti-inflationary bona fides. Elsewhere, the impending debt ceiling has worked its way back into the spotlight, with Treasury Secretary Yellen saying that she’ll soon provide updates on how much cash the Treasury will have to pay the government’s bills. The market has started to price in at least some risk, with yields on Treasury bills maturing in mid-to-late December higher than neighbouring maturities, and the Washington Post’s Tony Romm tweeted yesterday that the new deadline that the Treasury was expected to share soon was on December 15. Turning to Germany, coalition negotiations are continuing between the centre-left SPD, the Greens and the liberal FDP, and yesterday saw SPD general secretary Lars Klingbeil state that “The goal is very clear, to have a completed coalition agreement in the next week”. We’ve heard similar comments from the Greens’ general secretary, Michael Kellner, who also said that “We aim to achieve a coalition agreement next week". One issue they’ll have to grapple with is the resurgence in Covid-19 cases there, and Chancellor Merkel and Vice Chancellor Scholz (who would become chancellor if agreement on a traffic-light coalition is reached) are set to have a video conference with regional leaders tomorrow on the issue. Staying on the pandemic, it’s been reported by the Washington Post that the Biden administration will announce this week that it plans to purchase 10 million doses of Pfizer’s Covid pill. The company will submit data for the pill to regulators before Thanksgiving. It’s not just the US that will benefit from Pfizer’s pill however, as the pharmaceutical company will also license generic, inexpensive versions of the pill to low- and middle-income countries, which should be a global boost in the fight against the virus. Looking at yesterday’s other data, the main release came from the UK employment numbers, which showed that the number of payrolled employees rose by +160k in October, whilst the unemployment rate in the three months to September fell to 4.3% (vs. 4.4% expected). That release was better than the Bank of England’s MPC had expected in their November projections, and sterling was the top-performing G10 currency yesterday (+0.06% vs. USD) as the statistics were seen strengthening the case for a December rate hike. In response to that, gilts underperformed their European counterparts, with 10yr yields up +2.7bps. That contrasted with yields on 10yr bunds (-1.4bps), OATs (-1.8bps) and BTPs (-2.6bps), which all moved lower on the day. Interestingly, that divergence between bunds and treasury yields widened further yesterday, moving up to 188bps, the widest since late-April. To the day ahead now, and data releases include October data on UK and Canadian CPI, as well as US housing starts and building permits. Central bank speakers include ECB President Lagarde and the ECB’s Schnabel, the Fed’s Williams, Bowman, Mester, Waller, Daly, Evans and Bostic, and the BoE’s Mann. Finally, the ECB will be publishing their Financial Stability Review, and earnings releases today include Nvidia, Cisco, Lowe’s and Target. Tyler Durden Wed, 11/17/2021 - 07:50.....»»

Category: dealsSource: nytNov 17th, 2021

Biden Signs a Bill to Revive Infrastructure… and Gold!

Gold rallied thanks to the changed narrative on inflation, and Biden’s infrastructure plan can only add to the inflationary pressure. Huge price moves ahead? Q3 2021 hedge fund letters, conferences and more How The Government Should Decrease Inflation I have a short quiz for you! What the government should do to decrease inflation that reached […] Gold rallied thanks to the changed narrative on inflation, and Biden’s infrastructure plan can only add to the inflationary pressure. Huge price moves ahead? if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more How The Government Should Decrease Inflation I have a short quiz for you! What the government should do to decrease inflation that reached the highest level in 30 years? A) Decrease its expenditure to make room for the Fed to hike the federal funds rate. B) Press the US central bank to tighten its monetary policy. C) Deregulate the markets and lower taxes to boost the supply side of the economy. D) Introduce a huge infrastructure plan that will multiply spending on energy, raw materials, and inputs in general. Please guess which option the US government chose. Yes, the worst possible. Exam failed! At the beginning of November, Congress passed a bipartisan infrastructure bill. And President Biden signed it on Monday (November 15, 2021). To be clear, I’m not claiming that America doesn’t need any investment in infrastructure. Perhaps it needs it, and perhaps it’s a better idea than social spending on unemployment benefits that discourage work. I don’t want to argue about the adequacy of large government infrastructure projects, although government spending generally fails to stimulate genuine economic growth and governments rarely outperform the private sector in effectiveness. My point is that $1.2 trillion infrastructure spending is coming at the worst possible moment. The US economy is facing supply shortages and high inflation caused by surging demand, which choked the ports and factories. In short, too much money is chasing too few goods, and policymakers decided to add additional money into the already blocked supply chains! I have no words of admiration for the intellectual abilities of the members of Congress and the White House! Indeed, the spending plan does not have to be inflationary if financed purely by taxes and borrowing. However, the Fed will likely monetize at least part of the newly issued federal debt, and you know, to build or repair infrastructure, workers are needed, and steel, and concrete, and energy. The infrastructure spending, thus, will add pressure to the ongoing energy crisis and high producer price inflation, not to mention the shortage of workers. Implications for Gold What does the passing of the infrastructure bill imply for the gold market? Well, it should be supportive of the yellow metal. First, it will increase the fiscal deficits by additional billions of dollars (the Congressional Budget Office estimates that the bill will enlarge the deficits by $256 billion). Second, government spending will add to the inflationary pressure, which gold should also welcome. After all, gold recalled last week that it is a hedge against high and accelerating inflation. As the chart below shows, gold not only jumped above the key level of $1,800, but it even managed to cross $1,850 on renewed inflation worries. The infrastructure bill was probably discounted by the traders, so its impact on the precious metals market should be limited. However, generally, all news that could intensify inflationary fears should be supportive of the yellow metal. You see, the narrative has changed. So far, the thinking was that higher inflation implies faster tapering and interest rates hikes and, thus, lower gold prices. This is why gold was waiting on the sidelines for the past several months despite high inflation. Investors also believed that inflation would be transitory. However, the recent CPI report forced the markets to embrace the fact that inflation could be more persistent. What’s more, tapering of quantitative easing started, which erased some downward pressure on gold. Moreover, despite the slowdown in the pace of asset purchases, the Fed will maintain its accommodative stance and stay behind the curve. So, at the moment, the reasoning is that high inflation implies elevated fears, which is good for gold. I have always believed that gold’s more bullish reaction to accelerating inflation was a matter of time. It’s possible that this time has just come. Having said that, investors should remember that market narratives can change quickly. At some point, the Fed will probably step in and send some hawkish signals, which could calm investors and pull some of them out of the gold market. My second concern is that gold could have reacted not to accelerating inflation, but rather to the plunge in the real interest rates. As the chart below shows, the yields on 10-year TIPS have dropped to -1.17, a level very close to the August bottom. When something reaches the bottom, it should rebound later. And if real interest rates start to rally, then gold could struggle again. However, I’ll stop complaining now and allow the bulls to celebrate the long-awaited breakout. It’s an interesting development compared to the last months, that’s for sure! If you enjoyed today’s free gold report, we invite you to check out our premium services. We provide much more detailed fundamental analyses of the gold market in our monthly Gold Market Overview reports and we provide daily Gold & Silver Trading Alerts with clear buy and sell signals. In order to enjoy our gold analyses in their full scope, we invite you to subscribe today. If you’re not ready to subscribe yet though and are not on our gold mailing list yet, we urge you to sign up. It’s free and if you don’t like it, you can easily unsubscribe. Sign up today! Arkadiusz Sieron, PhD Sunshine Profits: Effective Investment through Diligence & Care Updated on Nov 16, 2021, 10:18 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkNov 16th, 2021

15 affordable and useful tech gifts for Dad - all under $100

If dad is into tech, there are plenty of affordable gadget gifts you can give them this year for less than a hundred bucks. When you buy through our links, Insider may earn an affiliate commission. Learn more. Amazon; Alyssa Powell/Business Insider Buying a tech gift for dad is easy, even if your budget is under $100, because everyone loves tech. You can find some great gadgets for $100 and under, like awesome headphones, keyboards, and more. Need more gift ideas? Read our list of the overall best holiday gifts. The holiday shopping season has arrived, and the winter holidays are just around the bend, with Black Friday and Cyber Monday deals days even closer. Naturally, tech gadgets and services are high on the wish list for almost every dad out there.The great thing about gadgets is that they grow increasingly affordable and capable in equal measure, meaning you can find plenty of surprisingly great tech gifts for under $100 this year. That's exactly what we've filled this guide with for 2021, hopefully with something for every dad out there. The latest entry-level smart speaker from Amazon Amazon Echo Dot (4th Generation), available at Amazon, $49.99Amazon's latest smart speaker is of course its most advanced yet, but it's also the company's most unique-looking model to date. The Echo Dot (4th Gen) takes on a spherical shape for a more three-dimensional approach to delivering sound and picking up microphone commands. Connected gadgetry can be a mixed bag during these tough times we call "2020", what with all of the notifications at the very least, but we think the benefits outweigh those concerns and can make much of home life simpler and more convenient.In fact, we think a gift like this could be the most timely of all, considering the Echo Dot's smart home chops. Your smart home starts with a smart speaker like the Echo Dot, serving as a hub through which all of your other connected devices work through — all controlled by your voice. New this year is the Alexa Guard feature, which uses your speaker to detect and communicate audible security threats to your smartphone. Get the dad in your life as close to the Jetsons dream as possible … one piece at a time. An electric screwdriver set with real smarts Amazon Craftsman Max 4V Cordless Screwdriver, available at Amazon, $49Every father out there will, eventually, be asked to pick up a screwdriver and use it. But, it's always possible they might not have the right one for the task at hand. Get rid of that concern and simplify your dad's screwdriving with the Craftsman Max 4V Cordless screwdriver.It includes 10 screw bits, and while you shouldn't expect to fix a pair of glasses with this gadget, you'll definitely be able to open almost anything in your home — including children's toys and electronics. When it comes to dads, it's tough to imagine a more universally useful gift than the Craftsman Max 4V Cordless screwdriver. A retro game console with two controllers Amazon PlayStation Classic, available at Amazon, $65For any dad that self-identifies as a nerd, a retro revival gaming console is bound to be their "Gift of the Year." The Sony PlayStation Classic is a miniaturized version of the original PlayStation that was released in 1995, and it comes pre-loaded with 20 PlayStation classics, like "Tekken 3," "Final Fantasy VII," "Metal Gear Solid," and "Ridge Racer Type 4," among several others. It also comes with two controllers in the box for immediate multiplayer. An excellent first e-reader for any dad Amazon Amazon Kindle + 3 months of Kindle Unlimited, available at Amazon, $89.99If your dad is a bookworm, then the Kindle e-reader may be the perfect gift. The Kindle offers an e-ink display with enough space to store plenty of books at the same time. Not only that, but it integrates with Amazon's huge catalog of ebooks — so there's no shortage of reading material to choose from.The latest model has a built-in front light, which makes it easy for dads to read at night, and the 6-inch screen is glare-free for visibility in sunlight. Dad also won't have to worry too much about battery life, since the Kindle can last weeks on a single charge. Make your dad's belongings loss-proof with Bluetooth trackers Apple AirTags Apple Apple Air Tags, available at Apple, Best Buy, and Amazon, from $29Samsung Galaxy Smart Tags, available at Samsung, Amazon, Best Buy, from $17.99 For any dad who's always losing their keys, a bluetooth tracker will be a godsend. They can stick this tiny battery-powered device on their key ring and, if they lose their keys, they can remotely activate an alarm, or locate it if it's out of range of their phone using a crowd-finding network. These trackers are also great for tracking any item you attach them to away from home. They work by pinging a nearby iPhone (for AirTags) or Samsung phone (for Samsung Galaxy Smart Tags), which then lets you locate the item. A great pair of true wireless earbuds Amazon Jabra Elite 3 wireless earbuds, available at Amazon and Best Buy, $79.99Jabra's latest Elite 3 are a simple pair of true wireless earbuds without a ton of features, but they get the basics right — they sound great, especially for their sub-$100 price tag. They connect to iPhones and Android phones without any issuesTrue wireless earbuds are all the rage at the moment with good reason. They're significantly lighter and more compact than traditional headphones, and they can be more comfortable to wear while your dad is doing things around the house or in the garage. Amazon's latest HD tablet for high-definition distraction Best Buy Amazon Fire HD 8, available at Amazon, $89.99For dads who need a decent tablet for general multimedia purposes, like watching videos, playing basic games, and reading ebooks, the Amazon Fire HD 8 is a solid choice. The tablet may not be the best out there, but it offers an easy-to-use interface, Alexa support, and an estimated 12 hours of battery life — all for a very affordable price. There are also dual HD cameras for video calls, making it easy for your dad to stay in touch with family and friends. The 32GB model is currently $89.99, and this size should be enough for most needs. As a nice bonus, if your dad ever does need more space, the tablet includes a microSD slot for expandable storage. A slick wireless charger to make topping up easier Amazon Moshi Otto Q, available at Amazon, $39.95If your dad is tired of constantly having to hunt down their smartphone charging cable at the end of the day, a wireless charging pad could make for an ideal Father's Day gift. These devices allow you to rest a compatible smartphone on top of them for simple and convenient wireless charging.  The Moshi Otto Q is currently ranked at the top of our list of wireless chargers thanks to its classy design, anti-slip features, and its support for high-speed wireless charging at up to 10W. It's also relatively inexpensive for a wireless charger of this quality. Quality wireless headphones for dad's chill sessions Sony Sony WHCH710N Noise Cancelling Headphones, available at Amazon, $178Sony's WHCH710N headphones are wireless and come with noise-cancelling — features you'd normally find on models that cost well over $100. To be accurate, the current price for Sony WHCH710N is a deal on its usual $178 price tag, so if you're looking to get dad a great pair of headphones for under $100, now would be the time to do it. The Sony WHCH710N can be seen as cheaper versions of Sony's excellent flagship WH-1000XM4 wireless noise-cancelling headphones that retail at $350. That means you won't find the same build quality, sound quality, or noise cancelling performance as the WH-1000XM4, but your dad is still getting a solid pair of wireless headphones. A 4K streaming stick for your dad no matter what service they use Best Buy Roku Streaming Stick 4K+, available at Amazon, $59.99Roku has been helping customers turn dumb TVs into smart TVs for years, and the company's streaming sticks are well known for their ease of use and value. The Roku Streaming Stick 4K+ supports a wide range of popular streaming apps, including Disney Plus, Netflix, Hulu, Apple TV+ and ESPN+, ensuring your dad will have plenty of viewing options. The interface is also very simple to navigate, and the remote includes a handy voice search function. We also like that you can charge the remote rather than replace the batteries.Just watch out for the fact that Roku is currently in a corporate feud with Google over the YouTube TV and YouTube apps, as well as Amazon over Amazon Prime Video. It's unclear at the moment whether these apps will be available in the near future. Despite this, Roku is still the most egalitarian streaming stick on the market. For dads who want to watch movies and TV shows in the best quality possible, the Roku Streaming Stick 4K+ includes 4K playback support with HDR capabilities. A smart plug to get your dad's smart home started Best Buy Belkin Wemo Mini Smart Outlet Plug, available at Target and Amazon, from $16.99If your dad is into smart home devices and wants a little more control over the home, then a smart outlet is a great gift. A smart power outlet allows for more smart home control, which can make it easier to turn things on and off without having to actually go to them. I, for example, use a Belkin WeMo Mini power outlet to control a hot water heater whenever I want tea — but they could be used in a variety of situations. The Belkin WeMo Mini is compatible with Google Assistant, Amazon Alexa, and Apple HomeKit, so it should work no matter which smart ecosystem your dad is already tied up into with the devices they already have. The ultimate mouse for working from home Best Buy Logitech MX Master 3, available at Amazon, $99.99For dads who need a specialized computer mouse geared toward comfort and productivity, the MX Master 3 is one of the most advanced models you can buy in its price range. The Logitech MX series has long offered some of the best computer mice out there, and the lineup's latest flagship model is no different.The MX Master 3 offers an ergonomic design, an electromagnetic scroll wheel, a number of assignable buttons, and a comfortable feel, plus it works wirelessly with up to three devices. The mouse even uses a 4,000 DPI sensor that can work on virtually any surface. An entry-level fitness tracker for dads who want to get back on track Fitbit Fitbit Inspire 2, available at Best Buy, $59.95If dad is working on their health, then getting them a device to track their fitness is well worth it. Though it might not be as advanced as the Fitbit Charge 4, the Fitbit Inspire 2 delivers the basic features necessary in a capable fitness tracker, especially for buyers looking for a gift under $100. The device is able to track measurements such as 24/7 heart rate, steps, and activity tracking. It also features sleep tracking, which any dad out there will appreciate.Not only that, but the unit is also relatively sleek and stylish, and is compatible with the Fitbit mobile app as well, which makes it easy for your dad to organize their fitness goals and view their progress. The Inspire 2 also comes with a 365-day free trial of the Fitbit Premium service for even more features. A serious keyboard upgrade Amazon Logitech MX Keys, available at Amazon and Best Buy, starting at $99.11Logitech MX Keys Mini, available at Amazon, Best Buy, B&H, $99HyperX Alloy Origins Core mechanical gaming keyboard, available at Amazon and Best Buy, $79.99 The Logitech MX Keys is among the most premium keyboards with a high-end slim metal build and ultra-comfortable keys. It connects to computers over Bluetooth, and there are Windows and macOS versions, so make sure to get the right version to match what computer your dad uses. The MX Keys has white backlighting and a battery life that lasts up to five months or 10 days with backlight on. You can charge the battery via USB-C.  There's also a smaller version of the MX Keys called the MX Keys Mini that doesn't include the number keys on the left. If you think your dad would like a more compact keyboard, make sure to check out the MX Keys Mini. This keyboard is better suited for productivity rather than gaming. If your dad plays games on PC, check out the $80 HyperX Alloy Origins Core. Stylish bookshelf speakers to spruce up the dad cave Best Buy Edifier R1280T Speakers, available at Best Buy, $99.99Not every dad needs or wants a smart speaker. If your dad simply wants high-quality audio for music listening without a digital assistant, then the Edifier R1280T bookshelf speakers have a lot to offer.These speakers feature a simple but attractive design, along with a solid frequency response, helping to ensure that music playback is accurate and detailed. They're powered, too, so you won't need an amplifier to use with them. Instead, the speakers feature dual RCA inputs so your dad can easily connect them to most audio devices, like a turntable. Read the original article on Business Insider.....»»

Category: worldSource: nytNov 11th, 2021

5 Retailers Likely to Gain on Earnings Results This Month

Five retailers will report earnings results this month. These are: HD, WMT, ROST , FL and DKS. We are in the last- eg of the third-quarter 2021 earnings season. Results are pretty encouraging despite prolonged supply-chain disruptions, a labor shortage, higher inflationary pressure and the resurgence of the Delta variant of coronavirus.Most of the sectors have already reported their quarterly financial numbers. The retail sector is an exception. Several major retailers are slated to release their earnings this month. Among them, we expect the stocks of Walmart Inc. WMT, The Home Depot Inc. HD, Ross Stores Inc. ROST, DICK'S Sporting Goods Inc. DKS and Foot Locker Inc. FL to gain on earrings results.Retail Sector in Q3 At a GlanceThe retail sector had a mixed third quarter. Retail sales dropped 1.8% in July but recovered in next two months gaining 0.9% and 0.7% in August and September, respectively. Likewise, core retail sales (excluding auto) declined 1% in July but gained 2% in August and 0.8% in September.In July and August, retail sales were affected by the rapid spread of the highly-infectious Delta variant of coronavirus. However, retail sales gathered pace from the second-half of August once new cases started declining. Moreover, massive pent-up demand among U.S. consumers supported by more than $2 trillion of personal savings drove retail sales.Robust Third-Quarter Earnings So FarAs of Nov 10, 456 S&P 500 companies reported third-quarter results. Total earnings of these companies are up 42.8% year over year on 18.6% higher revenues with 79.6% beating EPS estimates and 74.5% surpassing revenue estimates. The proportion of these 456 index members beating both EPS and revenue estimates is 62.3%.At present, total third-quarter earnings of the market's benchmark — the S&P 500 Index — are projected to jump 39.7% from the same period last year on 16.9% higher revenues. This suggests a steady improvement from 26.1% earnings growth on 14% higher revenues, estimated at the beginning of the reporting cycle.  Earnings results of the first two quarters of this year were favorably impacted since the corresponding quarters of last year were affected by the pandemic-led lockdowns and restrictions. This was evident from 95% year-over-year earnings growth on 25.3% higher revenues in the second quarter and 49.3% year-over-year earnings growth on 10.3% higher revenues in first-quarter 2021.Nevertheless, the U.S. economy started reopening partially albeit at a languid pace since the third quarter of 2020. Notwithstanding favorable comparisons with last year, third-quarter 2021 earnings estimates reflect genuine growth, climbing more than 23% from the pre-pandemic third-quarter of 2019.Stocks in FocusFive retailers will report earnings results this month. Each of these stocks carries either a Zacks Rank #2 (Buy) or 3 (Hold) and has a positive Earnings ESP. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Our research shows that for stocks with the combination of a Zacks Rank #3 or better and a positive Earnings ESP, the chance of an earnings beat is as high as 70%. These stocks are anticipated to appreciate after their earnings releases. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.The chart below shows the price performance of five above-mentioned stocks in the last quarter.Image Source: Zacks Investment ResearchThe Home Depot Inc. is witnessing significant benefits from the execution of the “One Home Depot” investment plan, which focuses on expanding supply chain facilities, technology investments and enhancement to the digital experience.Amid the pandemic, customers have been increasingly blending the physical and digital elements of the shopping experience, making the interconnected One Home Depot strategy most relevant. Home Depot is effectively adapting to the demand for renovations and construction activities, driven by prudent investments. HD is gaining from growth in Pro and DIY customer categories as well as digital momentum.The Home Depot has an Earnings ESP of +0.93% for third-quarter fiscal 2021. It has an expected earnings growth rate of 20.6% for the current year (January 2022). The Zacks Consensus Estimate for current-year earnings improved 0.1% over the last 7 days.HD recorded earnings surprises in the last four reported quarters, with an average beat of 9.2%. This Zacks Rank #2 company is set to release earnings results on Nov 16, before the opening bell.Walmart Inc. continued to benefit from its solid omni-channel capabilities. To boost e-commerce sales, Walmart has been focused on strengthening delivery capabilities. This, along with efforts to enhance store experience, fueled second-quarter results, wherein earnings and sales rose year on year. WMT also raised its fiscal 2022 guidance, taking into consideration robust underlying market trends.Walmart has an Earnings ESP of +1.97% for third-quarter fiscal 2021. It has an expected earnings growth rate of 15.2% for the current year (January 2022). The Zacks Consensus Estimate for current-year earnings improved 0.2% over the last 7 days.WMT recorded earnings surprises in three out of the last four reported quarters, with an average beat of 14.3%. This Zacks Rank #3 company is set to release earnings results on Nov 16, before the opening bell.Ross Stores Inc. is gaining from robust customer demand, accelerated vaccination rates, government stimulus payments and easing of COVID-19 restrictions. Sales benefited from broad-based growth across all merchandise categories and regions. Earnings benefited from the COGS leverage, a rebound in operating margin, stringent inventory management and reduced Packaway. Ross Stores raised its guidance for fiscal 2021.Ross Stores has an Earnings ESP of +5.09% for third-quarter fiscal 2021. It has an expected earnings growth rate of more than 100% for the current year (January 2022). The Zacks Consensus Estimate for current-year earnings improved 0.2% over the last 7 days.ROST recorded earnings surprises in three out of the last four reported quarters, with an average beat of 28.7%. This Zacks Rank #3 company is set to release earnings results on Nov 18, after the closing bell.Foot Locker Inc. is a retailer of athletic shoes and apparel. The company operates in two segments, North America and International. Foot Locker’s demand conditions have been improving, since outdoor activities started picking up pace.Such trends benefitted FL’s second-quarter fiscal 2021 performance, wherein the top and the bottom-line increased year on year and surpassed the Zacks Consensus Estimate. Management is confident about delivering a low to mid-teen increase in comps in fiscal 2021.Foot Locker has an Earnings ESP of +11.08% for third-quarter fiscal 2021. It has an expected earnings growth rate of more than 100% for the current year (January 2022). FL recorded earnings surprises in the last four reported quarters, with an average beat of 73.1%. This Zacks Rank #3 company is set to release earnings results on Nov 19, before the opening bell.DICK'S Sporting Goods Inc. has been gaining from continued focus on developing every possible avenue to generate greater sales. As part of its long-term plan, DKS plans to make significant investments in e-commerce, technology, store payroll, Team Sports and private brands. DICK'S Sporting Goods remains on track to build the best omni-channel experience for athletes by strengthening store network and expanding e-commerce presence.DKS has an Earnings ESP of +17.35% for third-quarter fiscal 2021. It has an expected earnings growth rate of more than 100% for the current year (January 2022). The Zacks Consensus Estimate for current-year earnings improved 0.2% over the last 30 days.DICK'S Sporting Goods recorded earnings surprises in the last four reported quarters, with an average beat of 117.4%. This Zacks Rank #3 company is set to release earnings results on Nov 23, before the opening bell. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Walmart Inc. (WMT): Free Stock Analysis Report The Home Depot, Inc. (HD): Free Stock Analysis Report Ross Stores, Inc. (ROST): Free Stock Analysis Report Foot Locker, Inc. (FL): Free Stock Analysis Report DICK'S Sporting Goods, Inc. (DKS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 11th, 2021

4 Stocks to Watch as Remote Working Continues to Drive PC Sales

PC sales have been rising during the pandemic, helping companies like Apple (AAPL), Sony (SONY) and Lenovo Group (LNVGY). The declining PC market, which includes laptops and tablets, got a fresh lease of life last year after the pandemic wreaked havoc and compelled millions across the globe to work and learn from home. Sales have been on the rise, and this year too is proving to be a great one for the overall PC market.According to a new report from Canalys, PC sales grew again in the third quarter of 2021 despite disruptions in the global supply chain due to the ongoing pandemic and microchip shortage.PC Sales Continue to SurgeAccording to a new report from Canalys, global PC sales grew 5% in the third quarter of 2021 from the previous quarter. Total shipments of desktops and notebooks, including workstations, hit 84.1 million units during this period.Notebooks and mobile workstation shipments touched 67.4 million units, growing 3% on a year-over-year basis in the third quarter. Desktop and desktop workstation shipments jumped 12% to hit 16.6 million units during this period.Last year, PC sales jumped as demand for personal computers and video collaboration products grew as schools and offices remained completely or partially shut down due to the pandemic. Although the vaccination drive is in full swing and the economy is reopening, the work and learn-from-home culture has become the new normal, which is prompting PC sales.Also, the videogame market has been helping PC sales. Lenovo Group Ltd. LNVGY took the top spot for the highest number of shipments. The company shipped 19.77 million units, recording an annual growth of 2.5%. HP Inc. HPQ held the second position, selling 17.597 units, while Dell Technologies Inc. DELL and Apple, Inc. AAPL held the third and fourth positions, respectively.PC Sales Poised to GrowFor the past few years, PC sales trended down as smartphones were eating into their market share. However,the pandemic came as a blessing in disguise, with demand soaring. The trend has been continuing since then.The impressive gains in the third quarter came despite supply chain disruptions and problems with the logistics network due to the pandemic. Moreover, the PC industry is faced with a new challenge of semiconductor shortage, which is impacting both manufacturing and sales.Despite that, experts predict that the hybrid work culture will become the new normal post pandemic. According to an earlier report from Canalys, the installed PCs and tablets market will reach 1.77 billion by 2021 end, up from 1.64 billion in 2019. Tablets too, have seen huge demand during the pandemic, and the market is likely to grow in 2021.Stocks to WatchLenovo is dedicated to building PCs and mobile Internet devices. The company’s business is built on product innovation, a highly-efficient global supply chain and strong strategic execution.The company’s expected earnings growth rate for the current year is 74.7%. Its shares have gained 1.7% over the past there months. Lenovo has a Zacks Rank #1 (Strong Buy).Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. Its signature products include iPhone, Mac and iPad.The company’s expected earnings growth rate for the current year is 2.9%. The Zacks Consensus Estimate for current-year earnings improved 1.1% over the past 60 days. Apple has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Sony SONY manufactures and sells several consumer and industrial electronic equipment, including laptops and PCs.The company’s product roster comprises audio and video equipment, televisions, displays, semiconductors, electronic components, gaming consoles, computers and computer peripherals, and telecommunication equipment. The company’s expected earnings growth rate for next year is 14.1%. The Zacks Consensus Estimate for current-year earnings improved 1% over the past 60 days. Sony has a Zacks Rank #3.HP Inc. is a leading global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, SMBs and large enterprises, including customers in the government, health and education sectors.The company’s expected earnings growth rate for the current year is 64%. The Zacks Consensus Estimate for current-year earnings improved 0.3% over the past 60 days. HP has a Zacks Rank #3. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report HP Inc. (HPQ): Free Stock Analysis Report Dell Technologies Inc. (DELL): Free Stock Analysis Report Lenovo Group Ltd. (LNVGY): Free Stock Analysis Report Sony Corporation (SONY): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksNov 10th, 2021

Stingray Reports Second Quarter 2022 Results

Second Quarter Highlights Net debt to Pro Forma Adjusted EBITDA(5) ratio of 3.02x Adjusted free cash flow(4) decreased 32.8% to $15.4 million, or $0.21 per share, compared to $22.9 million or $0.31 per share Cash flow from operating activities decreased 19.6% to $20.4 million compared to $25.4 million Adjusted EBITDA(2) decreased 17.9% to $25.6 million from $31.2 million Organic growth reached 2.5% year-over-year in Broadcast and Recurring Commercial Music revenues(1), including 13.5% in the United States Revenues increased 11.1% to $71.4 million from $64.3 million, reflecting the gradual easing of COVID-19 restrictions, the progressive return to normal commercial operations, and an increase in advertising revenues 455,000 shares repurchased and cancelled during the quarter for a total of $3.4 million 611,000 streaming subscribers, up 27% over Q2 2021 MONTREAL, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Stingray Group Inc. (TSX:RAY, RAY.B)) (the "Corporation"; "Stingray"), a leading distributor of audio and video music brands in the world, today announced its financial results for the second quarter of Fiscal 2022, ended September 30, 2021. Financial Highlights(in thousands of dollars, except per share data) Three months endedSeptember 30     Q2-2022 Q2-2021 %   Revenues 71,429 64,294 11.1   Adjusted EBITDA(2) 25,587 31,156 (17.9 ) Net income 12,075 11,888 1.6   Per share – diluted ($) 0.17 0.16 6.3   Adjusted Net income(3) 16,323 16,311 0.1   Per share – diluted ($)(3) 0.23 0.22 4.5   Cash flow from operating activities 20,437 25,406 (19.6 ) Adjusted free cash flow(4) 15,362 22,861 (32.8 )           (1) Recurring Commercial Music revenues include subscriptions and usage in addition to fixed fees charged to our customers on a monthly, quarterly and annual basis for continuous music services and excludes credits to clients related to the COVID-19 pandemic. Non-recurring revenues mainly include advertising, support, installation, equipment, one-time fees and discontinued operations (2) Adjusted EBITDA is a non-IFRS measure and is defined as net income (loss) before net finance expense (income), change in fair value of investments, income taxes, depreciation and write-off of property and equipment, depreciation of right-of-use assets, amortization of intangible assets, share-based compensation, performance and deferred share unit expense, and acquisition, legal, restructuring and other expenses (income). (3) Adjusted Net income is a non-IFRS measure and is defined as net income before change in fair value of investments, mark-to-market losses (gains) on derivative instruments, amortization of intangible assets, share-based compensation, performance and deferred share unit expense, and acquisition, legal, restructuring and other expenses (income), net of related income taxes. (4) Adjusted free cash flow is a non-IFRS measure and is defined as cash flow from operating activities less capital expenditures, interest paid and repayment of lease liabilities, plus acquisition, legal, restructuring and other expenses (income), and adjusted for unrealized gain or loss on foreign exchange and for the net change in non-cash working capital items. (5) Pro Forma Adjusted EBITDA is calculated as the Corporation's last twelve months Adjusted EBITDA, plus synergies and pro forma Adjusted EBITDA for the months prior to the acquisitions which are not already reflected in the results Reporting on Q2 results, Stingray's President, co-founder and CEO Eric Boyko was very pleased, stating: "Revenue growth for the quarter was 11.1% year-over-year with a further recovery in Radio and rapid growth in advertising, partially offset by FX. Overall organic growth reached 2.5%, led by the U.S. growing at 13.5%. The decrease year-over-year in Adjusted EBITDA was mainly due to lower cost savings and Canada Emergency Wage Subsidies, in addition to increased investments this year to pursue growth." "Broadcasting and Commercial Music revenues were essentially flat at $39.1 million, with the increase in advertising revenues being offset by foreign exchange headwinds. Adjusted EBITDA for this segment decreased by 23.1% to $14.5 million from $18.9 million due to the higher cost savings and wage subsidies obtained last year compared to more typical expense levels this quarter, having regard for substantial investments made to expand our Stingray Business in the US, grow advertising revenues and build Chatter Research's international customer base." "Radio revenues improved 28.6% year-over-year to $32.3 million as the Canadian economy reopened during the quarter at varying degrees provincially. Although the business is now approaching pre-pandemic levels, global supply-chain issues are impacting some of our largest advertisers like car dealers, who have no or little inventory available. Adjusted EBITDA for this business decreased 4.5% to $12.5 million from $13.1 million largely due to the temporary measures we had benefited from last year. However, our operating cost base remains well below pre-pandemic levels and offers significant leverage going forward with a return to higher sales volumes." "In Q2, the number of subscribers continued to rise reaching 611,000, an increase of 27% over the same period last year and 7% sequentially. Subscriber growth, combined with enhanced advertising revenues, have supported a robust organic increase of 12.6% in the U.S. for the first half of fiscal 2022." "From a capital allocation standpoint, we recently increased our credit facilities up to $575 million and extended their maturity dates. This should provide increased operational flexibility and added capital to pursue our strategic acquisition growth strategy. Similar to the recent Calm Radio acquisition, we are looking for content that can be leveraged across our multiple platforms," concluded Mr. Boyko. Second Quarter ResultsRevenues in Q2 2022 rose $7.1 million or 11.1% to $71.4 million, from $64.3 million for Q2 2021. The increase was primarily due to the gradual easing of COVID-19 restrictions, the progressive return to normal commercial operations and to an increase in advertising revenues, partially offset by a negative foreign exchange rate impact. For the quarter, revenues in Canada increased $7.0 million or 17.6% to $46.7 million, from $39.7 million for Q2 2021. The growth mainly reflects the gradual easing of COVID-19 restrictions and the progressive return to normal commercial operations. Revenues in the United States rose $1.4 million or 13.8% to $11.5 million. The increase was primarily due to organic growth in advertising revenues in the Broadcast and Commercial Music segment and to an increase in subscription revenues, partially offset by a negative foreign exchange rate impact. Revenues in Other countries in Q2 2022 decreased $1.3 million or 8.6% to $13.2 million, from $14.5 million for Q2 2021, with the variation essentially attributable to a decrease in subscription revenues. Total Broadcasting and Commercial Music revenues decreased $0.1 million or 0.1% to $39.1 million, from $39.2 million for Q2 2021. The decrease primarily resulted from a negative foreign exchange rate impact, largely offset by an increase in advertising revenue. Radio revenues grew by $7.2 million or 28.6% to $32.3 million in Q2 2022, up from $25.1 million in Q2 2021. This increase was mainly due to the gradual easing of COVID-19 restrictions and the progressive return to normal commercial operations. Adjusted EBITDA(2) in Q2 2022 amounted to $25.6 million versus $31.2 million in Q2 2021. Adjusted EBITDA(2) margin for Q2 2022 was 35.8% compared to 48.5% for Q2 2021. The reduction in Adjusted EBITDA(2) was primarily due to lower CEWS and higher operating costs, partially offset by higher revenues, caused by the gradual reopening of economies and slow return to normal operations. Net income in Q2 2022 was $12.1 million ($0.17 per share) compared to $11.9 million ($0.16 per share) for Q2 2021. The increase was mainly related to a decrease in the fair value of contingent consideration and lower income tax expense, partially offset by lower operating results. Adjusted Net income(3) in Q2 2022 was $16.3 million ($0.23 per share), compared to $16.3 million ($0.22 per share) for Q2 2021. The nil variance was primarily due to a decrease in the fair value of contingent consideration, offset by lower operating results. Cash flow generated from operating activities amounted to $20.4 million in Q2 2022 compared to $25.4 million for Q2 2021. The decrease was mainly due to lower operating results and an unrealized loss on foreign exchange, partially offset by the lower negative change in non-cash operating items. Adjusted free cash flow(4) generated in Q2 2022 reached $15.4 million compared to $22.9 million for Q2 2021. The variation was mainly related to lower operating results and higher capital expenditures. As of September 30, 2021, the Corporation had cash and cash equivalents of $8.5 million, a subordinated debt of $31.8 million and credit facilities of $313.2 million, of which approximately $78.2 million was available. The Net Debt to Pro Forma Adjusted EBITDA(5) ratio stood at 3.02x as of September 30, 2021 compared to 2.81x as of March 31, 2021. Declaration of DividendOn November 9, 2021, the Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share. The dividend will be payable on or around December 15, 2021 to shareholders on record as of November 30, 2021. The Corporation's dividend policy is ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 9th, 2021