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Coronavirus (COVID-19): Global business, economics, and stock markets updates

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jhaider

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With the Bloomberg model predicting a 100% chance of a recession within the next year, and the Covid-19 case number rising with no sign of flattening in the U.S,. why did the stock market rise steadily last week with the DJIA gaining over 2,300 points?

As my fellow Emory alum Kai Ryssdal (NPR Marketplace) often says, Wall Street is not the economy, and the economy is not Wall Street.

And will they really ignore the opinions of medical experts who say that such a move is likely to re-invigorate the pandemic?

Do you really have to ask if Nero found his fiddle?
 
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MarcT

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RayDunzl

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Oil for June delivery as low as $11.04/bbl overnight...

Probably will go lower, as this futures contract expires tomorrow.

---

Hit $10.77 before reversing.

Recent high was $64.39 on January 8 for June delivery.
 
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RayDunzl

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Whoa.

If you were willing to take delivery of oil in May from the Cusing Terminal in Oklahoma...

You could have been PAID as much as $40.32 a barrel to "buy" some, in lots of 1,000 barrels.

Negative oil prices.

1587414120641.png
 

jhaider

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Whoa.

If you were willing to take delivery of oil in May from the Cusing Terminal in Oklahoma...

You could have been PAID as much as $40.32 a barrel to "buy" some, in lots of 1,000 barrels.

Negative oil prices.

Veteran NY energy commodities trader Dan Dicker has been making the media rounds today (Bloomberg, Chris Hayes). On Chris Hayes' show Dicker argued oil prices are serving as leading indicator for where the global economy is actually going. If he's right, then the stock market is forming a bubble right now, and is in for another big reckoning.

Given the likely human carnage to be caused by, for example, the astroturf "liberty" protests funded by the DeVos family's Amway pyramid scheme money and stoked on Facebook by three crazy gun nut brothers that are currently being hyped up by regime propagandists, or Comrade Kemp's idiotic announcement today allowing bowling alleys, theaters, hair and nail salons, and dine-in theaters to reopen in Georgia next week, it's hard to argue he's wrong.
 
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RayDunzl

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With the drop into negative values for the May Delivery cintract which expires today, the new "Front Month", delivery in June, is tapidly declining too, with a current low of $15.78 $15.55 $15.12/bbl (can't keep up)

Lots of money to be made and lost there.

For one "contract", a one-dollar change in price is $1,000 profit/loss

1587461371209.png
 
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RayDunzl

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Now the low is $14.35, which may have been the "down limit".

Nope.

Still dropping.

$11.79

And looks halted again. Can't tell. Maybe the chat is just "stuck".
 

RayDunzl

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Hmm...

"Special" trading rules in effect.

https://www.cmegroup.com/content/dam/cmegroup/notices/ser/2020/03/SER-8566.pdf

"Specifically, GCC increased the dynamic price fluctuation limits of the Light Sweet Crude Oil and Brent Crude Oil Last Day Financial Futures from 7% to 15%."

Looks like a 2 minute trading halt then they let it run again with new limits from that price.

---

And back up it goes, $16.87 high on the retrace now.
 
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Wombat

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It will not stay so low. Get in and sit it out.
 

Thomas savage

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Veteran NY energy commodities trader Dan Dicker has been making the media rounds today (Bloomberg, Chris Hayes). On Chris Hayes' show Dicker argued oil prices are serving as leading indicator for where the global economy is actually going. If he's right, then the stock market is forming a bubble right now, and is in for another big reckoning.

Given the likely human carnage to be caused by, for example, the astroturf "liberty" protests funded by the DeVos family's Amway pyramid scheme money and stoked on Facebook by three crazy gun nut brothers that are currently being hyped up by regime propagandists, or Comrade Kemp's idiotic announcement today allowing bowling alleys, theaters, hair and nail salons, and dine-in theaters to reopen in Georgia next week, it's hard to argue he's wrong.
https://www.academia.edu/26783656/RISE_OF_FASCISM_From_Economic_Crisis_to_the_Crisis_of_Democracy
 

RayDunzl

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June Oil, which which held in the low 20s on Monday, slipped to $6.50/bbl during Tuesday afternoon, and isn't looking too ambitious right now.

1587527881341.png
 

jhaider

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Global companies look to litigation for compensation under Free Trade Agreements:

https://theconversation.com/corpora...-lives-as-pandemic-reveals-trade-flaws-136604

I'm generally a free trader, but that is a shortcoming that hits the developing world especially hard. The article mentions Australia, but there are a number of poor countries that stood down from anti-tobacco efforts at enormous cost to their citizenry. These agreements, just like other contracts, should have force majure or war clauses. Maybe some or all do; I haven't read many of them cover-to-cover.

Also, major umbrage at Alston & Bird being called an Australian law firm. I can practically see their global HQ from my house! :)
 

SIY

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RayDunzl

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