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Investors eye wobbling energy sector as gauge for Delta fears

By David Randall NEW YORK (Reuters) - Energy stocks are becoming a popular bellwether for concerns over how deeply the Delta variant of the coronavirus is expected to impact the...
Investors eye wobbling energy sector as gauge for Delta fears © Reuters. A Wall St. sign is seen outside the New York Stock Exchange (NYSE) in the financial district in New York City, U.S., March 2, 2020. REUTERS/Brendan McDermid

By David Randall

NEW YORK (Reuters) - Energy stocks are becoming a popular bellwether for concerns over how deeply the Delta variant of the coronavirus is expected to impact the U.S. economy, as the so-called reopening trade that boosted some parts of the market earlier this year continues to stumble.

The S&P 500 energy sector is down 12.2% for the quarter-to-date compared with a 4.5% gain for the S&P 500, which stands near record highs. That contrasts with the sector’s performance in the first quarter of the year, when it zoomed 29.3% on expectations that a vaccine-fueled economic rebound will boost energy demand.

The decline, which has outstripped a 2% fall in the price of Brent crude, suggests some investors believe the U.S. economic recovery may have peaked in the face of a coronavirus resurgence, leading them to focus on a looming unwind of the easy money policies that have helped the S&P more than double since its March 2020 lows.

Other reopening plays such as airlines and hotels have also stumbled, as investors rotated back into the high-growth technology stocks that have led the markets for years. The S&P technology sector is up 6.8% this quarter.

"The rise of the number of cases of the delta variant has led to a resumption of the outperformance of stay at home defensive stocks like tech," said Jeffrey Kleintop, chief global investment strategist at Charles Schwab (NYSE:SCHW). "You're seeing reopening stocks underperform significantly."

Investors will get additional readings on the health of the U.S. economy next week with the release of consumer price index figures, retail sales, and a measure of consumer sentiment.

For now, many are gauging to what degree a slowing economic bounce could impact asset prices.

Morgan Stanley (NYSE:MS) cited concerns about slowing growth when it lowered its recommendation on U.S. equities in the past week, while economists at Goldman Sachs (NYSE:GS) cut their estimate of U.S. economic growth in the third quarter to 5.5% from 9% in late August.

Those worries have weighed on energy stocks, with companies like Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) down more than 13% for the quarter-to-date.

"It's definitely been a painful trade the last couple of months," as investors moved out of crowded positions in energy stocks that rallied at the start of the year, said Garrett Melson, portfolio strategist for Natixis Investment Managers Solutions.

Some investors, however, remain bullish on energy out of expectations that eventual declines in coronavirus case counts will buoy economic growth.

Melson has been increasing his positions in energy stocks because believes that growth will continue to be comparatively robust, leaving the economy expanding at a level that will support oil prices.

Overall, price values in the energy sector appear to reflect oil prices at $50 per barrel, well below their current level of $72.50 for brent oil, said Ben Cook, a portfolio manager of the Hennessy BP (NYSE:BP) Energy Transition Fund, who has been adding to his positions in large oil producers.

The mismatch, he believes, leaves “very little downside risk in the stocks once you start to see some relief from these fears that are permeating the sector."

"As the global consumer reverts back to previous pattern of economic activity there will be a supply base that will have a tough time meeting demand," Cook said.

The declines have also made some energy stocks much cheaper relative to their values earlier in the year. Exxon, for instance, now trades at a forward-price-to-earnings ratio of 12.6, compared to 30.9 in early March. The S&P 500, by comparison trades at a ratio of 22.

Still, energy stocks could continue to faltering the short-term should concerns over the Delta variant push back return-to-office dates for big companies and reduce demand for business travel, said Burns McKinney, a senior portfolio manager at NFJ Investment Group.

The sector also faces the prospect of tougher emission standards from the Biden administration and rising demand for electric vehicles, he added. Instead of making a broad bet on energy, McKinney is focusing on companies that have recently raised their dividends, a sign that the corporations believe their balance sheets may be strong enough to weather a potential slowdown in the economy, he said.

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17-09-2021 14:35:11 (UTC+7)

EUR/USD

1.1779

+0.0015 (+0.13%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.1779

+0.0015 (+0.13%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.3798

+0.0010 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (11)

Sell (0)

USD/JPY

109.89

+0.19 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7314

+0.0024 (+0.34%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (2)

USD/CAD

1.2651

-0.0031 (-0.24%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (3)

EUR/JPY

129.46

+0.41 (+0.32%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (1)

EUR/CHF

1.0915

+0.0004 (+0.04%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,762.95

+6.25 (+0.36%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

Silver Futures

22.968

+0.174 (+0.76%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

Copper Futures

4.3037

+0.0212 (+0.50%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (6)

Crude Oil WTI Futures

72.22

-0.34 (-0.47%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

75.34

-0.33 (-0.44%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (3)

Natural Gas Futures

5.296

+0.025 (+0.47%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

US Coffee C Futures

187.78

+0.43 (+0.23%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

4,208.65

+38.78 (+0.93%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

S&P 500

4,473.76

-6.94 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

DAX

15,757.05

+105.30 (+0.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,055.05

+27.57 (+0.39%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (7)

Hang Seng

24,776.62

+108.77 (+0.44%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (7)

US Small Cap 2000

2,236.28

+1.83 (+0.08%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (4)

IBEX 35

8,836.50

+102.80 (+1.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

BASF SE NA O.N.

65.195

-0.015 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (4)

Bayer AG NA

45.76

+0.12 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Allianz SE VNA O.N.

193.48

+1.01 (+0.52%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Adidas AG

287.43

+2.13 (+0.75%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (3)

Deutsche Lufthansa AG

8.162

+0.161 (+2.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (2)

Siemens AG Class N

151.28

+1.24 (+0.83%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (1)

Sell (7)

Deutsche Bank AG

11.225

+0.120 (+1.08%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.1779↑ Sell
 GBP/USD1.3798↑ Buy
 USD/JPY109.89↑ Buy
 AUD/USD0.7314Buy
 USD/CAD1.2651Sell
 EUR/JPY129.46↑ Buy
 EUR/CHF1.0915Sell
 Gold1,762.95↑ Sell
 Silver22.968↑ Sell
 Copper4.3037Neutral
 Crude Oil WTI72.22↑ Sell
 Brent Oil75.34Sell
 Natural Gas5.296↑ Buy
 US Coffee C187.78↑ Sell
 Euro Stoxx 504,208.65↑ Buy
 S&P 5004,473.76↑ Sell
 DAX15,757.05↑ Buy
 FTSE 1007,055.05Neutral
 Hang Seng24,776.62↑ Sell
 Small Cap 20002,236.28Neutral
 IBEX 358,836.50↑ Buy
 BASF65.195↑ Sell
 Bayer45.76↑ Sell
 Allianz193.48Neutral
 Adidas287.43Buy
 Lufthansa8.162↑ Buy
 Siemens AG151.28Neutral
 Deutsche Bank AG11.225Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,615/ 5,665
(-20/ -15) # 808
SJC HCM5,600/ 5,665
(-50/ -55) # 808
SJC Hanoi5,600/ 5,667
(-50/ -55) # 810
SJC Danang5,600/ 5,667
(-50/ -55) # 810
SJC Nhatrang5,600/ 5,667
(-50/ -55) # 810
SJC Cantho5,600/ 5,667
(-50/ -55) # 810
Cập nhật 17-09-2021 14:35:15
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ↀ Giá vàng thế giới
$1,763.27+9.140.52%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI$72.21-0.24-0.33%
Brent$75.35-0.48-0.64%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.640,0022.870,00
EUR26.118,3927.477,69
GBP30.621,6331.901,01
JPY202,13213,83
KRW16,7120,34
Cập nhật lúc 14:34:29 17/09/2021
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