S&P 500 Worst Year Since 2008 as Mega Cap Tech Stocks were Shredded

The Blue-Chip S&P 500 index had a dismal year, down 19.4% in 2022, it was the worst performance since 2008. The benchmark index saw one new high in 2022, January 3 with the now infamous January 5 FOMC minutes from the Federal Reserve putting paid to anymore for the year. By comparison the S&P 500 clocked 70 fresh record highs in 2021. Trailing only 1995 with 77 closing highs. Last year energy companies Devon and Marathon were the top two … Continue reading “S&P 500 Worst Year Since 2008 as Mega Cap Tech Stocks were Shredded”

Canadian Oil and Gas Producers Rise Over 50% Buffeting Toronto Losses to 8.7% in 2022

Canada’s benchmark stock market the S&P/TSX Composite fell 8.7% in 2022 in the worst year since 2018, closing 0.5% lower at 19,385 on Friday. Canadian bond yields rose sharply as the BoC’s tighter monetary policy matched the US Fed and US Treasuries reaction. In 2022 Toronto’s banking sector fell over 12% on average, pressured by lower credit demand. The tech sector lost over 30%. Canadian oil and gas producers soared over 50% on average, as natural gas crude oil prices … Continue reading “Canadian Oil and Gas Producers Rise Over 50% Buffeting Toronto Losses to 8.7% in 2022”

S&P Global Ratings Settles Conflict of Interest Violations with SEC

The US Securities and Exchange Commission on Monday charged S&P Global Ratings with conflict-of-interest violations. The SEC said the ratings agency violated conflict of interest rules designed to prevent sales and marketing considerations from influencing credit ratings. In the same press conference, the SEC announced S&P Global had settled for $2.5 million quickly putting the story to bed would be the hope. There was no word on why the SEC has been deathly quiet on the FTX fraud, collapse and … Continue reading “S&P Global Ratings Settles Conflict of Interest Violations with SEC”

US Preparing to Lift Venezuela Sanctions with Chevron to Resume Oil Production WSJ Reports

The WSJ is reporting that the US administration is preparing to scale down sanctions on Venezuela. The move would allow Chevron to resume oil production in the country. Such a move could see a reopening of U.S. and European markets to oil exports from Venezuela. WSJ cites people familiar with the proposal. The move comes after OPEC+ agreed on a 2mbpd crude oil production cut at the October meeting Wednesday.  President Biden appears increasingly desperate after having sold the US … Continue reading “US Preparing to Lift Venezuela Sanctions with Chevron to Resume Oil Production WSJ Reports”

Banco de México Raised Rates for 11th Straight Time to Record 9.25%

The Mexican Central Bank, Banco de México raised rates for the 11th consecutive rate increase since June of 2021 and third straight by 75 basis points to 9.25% matching the previous three interest-rate moves by the U.S. Federal Reserve. The bank again increasing its forecasts for headline and core inflation forecasts. The size of future rate increases will depend on prevailing conditions, the bank added. Banco de México’s Governing Board decided to raise the target for the overnight interbank interest … Continue reading “Banco de México Raised Rates for 11th Straight Time to Record 9.25%”

Mexican Inflation Rate Soared to Highest Since 2000, Banco de México to Raise Rates Again

Mexico’s annual inflation rate rose to 8.70% in August of 2022 to the highest level since December of 2000. Prices rose from 8.15% in July. Prices were sharply higher for both goods at 10.55% due to processed foods and beverages up 12.94% and services up 5.19%. Energy prices rose faster 7.25% vs. 4.76% last month. Last month Banco de México raised rates for the 10th consecutive rate increase since June of 2021 to 8.50% and increased its forecasts for headline … Continue reading “Mexican Inflation Rate Soared to Highest Since 2000, Banco de México to Raise Rates Again”

Banco de México Raised Rates for 10th Straight Time to 8.50% as Inflation Hits 22 Year Highs

The Mexican Central Bank, Banco de México raised rates for the 10th consecutive rate increase since June of 2021 and second straight by 75 basis points to 8.50% matching the previous two interest-rate moves by the U.S. Federal Reserve. The bank again increasing its forecasts for headline and core inflation forecasts. The size of future rate increases will depend on prevailing conditions, the bank added. Banco de México’s Governing Board decided to raise the target for the overnight interbank interest … Continue reading “Banco de México Raised Rates for 10th Straight Time to 8.50% as Inflation Hits 22 Year Highs”

Banco de México Raises Rates Again with a Record 75 Basis Points to 7.75% to Tame Inflation

The Mexican Central Bank, Banco de México raised interest rates by 75 basis points to 7.75% with the bank saying headline and core inflation forecasts were revised upwards.  The bank said it would hike rates again and by as much necessary to tame inflation that has surged to double its target of 3%. Banco de México’s Governing Board decided to raise the target for the overnight interbank interest rate by 75 basis points to 7.75%, effective June 24, 2022. “For … Continue reading “Banco de México Raises Rates Again with a Record 75 Basis Points to 7.75% to Tame Inflation”

Banco de México Raises Rates Again as Inflationary Pressures Greater and Lasted Longer Than Anticipated

The Mexican Central Bank, Banco de México raised interest rates by 50 basis points to 6.00% with the bank saying Inflationary pressures have been greater and have lasted longer than anticipated. Banco Central do Brasil​ again aggressively hiked its benchmark interest rate by 1.5% to 10.75% last week. The Mexico central bank Governing Board increased the target for the overnight interbank interest rate by 50 basis points to 6.00%. The vote was not unanimous, Voting in favor of the decision … Continue reading “Banco de México Raises Rates Again as Inflationary Pressures Greater and Lasted Longer Than Anticipated”

Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices

The U.S. Department of Energy announced it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices. This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. This has been well telegraphed with oil down roughly 10% from recent highs. The move is seen by many as the epitome of ignorance of energy markets and the self serving nature of … Continue reading “Coordinated Strategic Petroleum Reserve Release By China, India, Japan, South Korea and the UK To Lower prices”