E Markets Are Spooked

*Naspers lost 0.45% today. Prosus, its spinoff, lost only 0.17%.

*Mercado Libre lost 4.2% after opening down 2.97%. MELI needs low interest rates to make money with Latin internet shoppers.

*Coupang, CPNG of Korea, gained 2.66%. It also needs low interest rates but Korea is setting them for Koreans now.

*Chinese NIO, the maker of electric vehicles, fell because electric cars are not likely to dominate markets in the current decade.

Energy

*The IEA in Paris said that 8 mn bbls/day of refining capacity has to be shut in to reach the target of utilization to over 80%, but so far only 3.8 mn bbls/d has been taken down, less than harlf the target. It says that demand is sinking with the energy transition to renewables for vehicles and recycling for petrochemicals which means more cuts are needed.

Crude oil prices are back below $60 (just) in the US.

*Schlumberger Ltd will build a lithium extraction plant in Nevada as part of its new energy initiative, which will double its spending on li to $30 mn. It will go live this year. SLB is Dutch Antillean.

*Energy Fuels rose at the opening after it launched an audio press release about its rare earth production plans but later UUUU lost 5.5% because there was nothing new in the release except that you didn't need to know how to read to get the message. The prices of rare earths are up hugely as they now come from filthy Chinese factories.

*PPL, a US ute I own, is selling its UK power stations to the National Grid there. It will use part of the payout of £7.88 bn (about $11 bn) which includes assuming £6.6 bn of debt to buy Naragansett Electric Co for $3.88 bn.

*Ecopetrol of Colombia lost 2.52% today. We sold EC over its ambitions to bail out the government's pipeline empire.

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William K. 1 month ago Member's comment

Always interesting, VL.