Quote from: seoulbro post_id=417700 time=1628541437 user_id=114
US stocks declined from record highs on Monday amid a steep sell-off in commodity prices sparked by economic growth concerns.



Oil prices fell as much as 5% to around $65 per barrel on Monday, representing a decline of 13% from last months high of $75. The decline in oil prices came after Goldman Sachs lowered its economic growth forecast for China.



Goldman said the spread of the Delta variant of COVID-19 in China represents a challenge for the country due to low vaccination rates. The bank lowered its third-quarter China GDP forecast to 2.3% from 5.8% in a Monday note.

Quote from: "iron horse jockey" post_id=420375 time=1631605171 user_id=2015
The CN and Kansas City Southern merger was denied. KCS has agreed to be purchased by CP.

Quote from: seoulbro post_id=420953 time=1632186116 user_id=114
Stocks slid Monday, with major indices tumbling by over 2% during the worst points of the afternoon session, as investors nervously eyed the potential ripple effects of the default of a major Chinese real estate company, as well as ongoing debates over the debt limit in Washington.



After defying gravity for most of the summer, September is shaping up to be a tough month for markets, with major benchmarks in retreat for a third consecutive week. At its worst point of the day, the Dow dropped by as many as 972 points, or 2.8%. However, the index closed pared losses to close lower by 1.8%, posting its worst session since July. The S&P 500 and Nasdaq each posted their worst one-day drops since mid-May.



Shares of China Evergrande Group (3333.HK) plunged by 10% on the Hong Kong Stock Exchange as fears mounted that the Chinese real estate juggernaut would collapse under a major debt burden, impacting shareholders, bondholders and potentially triggering turmoil elsewhere across global markets. The specter of a broader crackdown by the Chinese government on Hong Kong's real estate sector further added to concerns.



"While the Evergrande situation is front and center, the reality is, stock market valuations are overstretched and the market has enjoyed too long of a break from volatility and Monday's stock market declines are not surprising," said David Bahnsen, chief investment officer at wealth management firm The Bahnsen Group, with over $3 billion in assets under management.

Quote from: cc post_id=421538 time=1632772806 user_id=88
Not sure where to put this, so I'll place it here



https://hidedoor.com/servlet/redirect.srv/sruj/saoyuzomuegmaieeqzw/syza/p2/politics/irs-would-track-all-bank-transactions-over-600-under-biden-plan-businesses-revolt">IRS would track all bank transactions over $600 under Biden plan; Businesses revolt



A major component of President Joe Biden's plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.



The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency's funding and power. Biden's latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.



In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.



The letter, which includes the support of several banking coalitions, calls on Congress to reject that requirement, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for the banks.



"While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population," the letter said. "In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences."



The groups argue it would target "almost every American" and question whether the IRS could keep that information secure from hackers and bad actors.



"The undersigned associations representing a cross-section of financial and business interests write to express our strong opposition to a proposal under consideration as part of the reconciliation package that would establish an expansive new tax information reporting regime that would directly impact almost every American and small business with an account at a financial institution," the letter said. "This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns. We urge members to oppose any efforts to advance this ill-advised new reporting regime."

Quote from: cc post_id=421538 time=1632772806 user_id=88
Not sure where to put this, so I'll place it here



https://server7.kproxy.com/servlet/redirect.srv/sruj/saoyuzomuegmaieeqzw/syza/p2/politics/irs-would-track-all-bank-transactions-over-600-under-biden-plan-businesses-revolt">IRS would track all bank transactions over $600 under Biden plan; Businesses revolt



A major component of President Joe Biden's plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.



The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency's funding and power. Biden's latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.



In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan.



The letter, which includes the support of several banking coalitions, calls on Congress to reject that requirement, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for the banks.



"While the stated goal of this vast data collection is to uncover tax dodging by the wealthy, this proposal is not remotely targeted to that purpose or that population," the letter said. "In addition to the significant privacy concerns, it would create tremendous liability for all affected parties by requiring the collection of financial information for nearly every American without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information. We believe that this program is costly for all parties, not fit for purpose, and loaded with potential for unintended and serious negative consequences."



The groups argue it would target "almost every American" and question whether the IRS could keep that information secure from hackers and bad actors.



"The undersigned associations representing a cross-section of financial and business interests write to express our strong opposition to a proposal under consideration as part of the reconciliation package that would establish an expansive new tax information reporting regime that would directly impact almost every American and small business with an account at a financial institution," the letter said. "This proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns. We urge members to oppose any efforts to advance this ill-advised new reporting regime."

Quote from: Herman post_id=421901 time=1633058105 user_id=1689
Could this happen. Stay tuned.



Someone is betting that oil will soar to a record US$200 per barrel

https://www.bnnbloomberg.ca/someone-is-betting-that-oil-will-soar-to-a-record-200-a-barrel-1.1659692?fbclid=IwAR1tFrl9Prk99bpc-E93NaGgjKTD1a6JyypPf4pMtLcVdZdL_R8vO8kTXoI">https://www.bnnbloomberg.ca/someone-is- ... R8vO8kTXoI">https://www.bnnbloomberg.ca/someone-is-betting-that-oil-will-soar-to-a-record-200-a-barrel-1.1659692?fbclid=IwAR1tFrl9Prk99bpc-E93NaGgjKTD1a6JyypPf4pMtLcVdZdL_R8vO8kTXoI



Could the energy crunch get so bad that oil prices hit US$200 a barrel? One options trader thinks so.



Brent US$200 calls for December 2022, options contracts that would profit a buyer from a rally toward that level, traded 1,300 times on Wednesday. While the contracts don't expire until October next year, they could profit from any sharp spike in prices this winter or next summer.



In a market where a single cargo of crude would currently fetch about US$160 million, the US$130,000 wager on oil reaching an all-time high is tiny. However, it reflects the fact that a growing number of options traders are betting that an energy crunch this winter may see prices rip higher.



It's not just US$200 calls that have been trading in recent days. Holdings in Brent US$100 calls through to the end of next year have climbed by 20,000 contracts this month.

Quote from: Fashionista post_id=421908 time=1633059072 user_id=3254

Quote from: Herman post_id=421901 time=1633058105 user_id=1689
Could this happen. Stay tuned.



Someone is betting that oil will soar to a record US$200 per barrel

https://www.bnnbloomberg.ca/someone-is-betting-that-oil-will-soar-to-a-record-200-a-barrel-1.1659692?fbclid=IwAR1tFrl9Prk99bpc-E93NaGgjKTD1a6JyypPf4pMtLcVdZdL_R8vO8kTXoI">https://www.bnnbloomberg.ca/someone-is- ... R8vO8kTXoI">https://www.bnnbloomberg.ca/someone-is-betting-that-oil-will-soar-to-a-record-200-a-barrel-1.1659692?fbclid=IwAR1tFrl9Prk99bpc-E93NaGgjKTD1a6JyypPf4pMtLcVdZdL_R8vO8kTXoI



Could the energy crunch get so bad that oil prices hit US$200 a barrel? One options trader thinks so.



Brent US$200 calls for December 2022, options contracts that would profit a buyer from a rally toward that level, traded 1,300 times on Wednesday. While the contracts don't expire until October next year, they could profit from any sharp spike in prices this winter or next summer.



In a market where a single cargo of crude would currently fetch about US$160 million, the US$130,000 wager on oil reaching an all-time high is tiny. However, it reflects the fact that a growing number of options traders are betting that an energy crunch this winter may see prices rip higher.



It's not just US$200 calls that have been trading in recent days. Holdings in Brent US$100 calls through to the end of next year have climbed by 20,000 contracts this month.

That can't be good.