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Futures Flat As Traders Fret Over Jackson Hawk

Futures Flat As Traders Fret Over Jackson Hawk

After Monday’s furious selloff which sent stocks tumbling the most in two months when the yield…



Futures Flat As Traders Fret Over Jackson Hawk

After Monday's furious selloff which sent stocks tumbling the most in two months when the yield on 10-year Treasuries breached 3%, S&P futures have stabilized overnight, and after earlier dropping as low as 4,120 - or some 200 points below last week's 200DMA resistance - have since rebounded to unchanged, if near the bottom of Monday’s range as nervous traders increasingly fear Powell will unleash a Hawk-ano during his Friday Jackson Hole speech. The 10-year Treasury yield held above 3% and the Bloomberg dollar index hovered at a five-week high as the EUR briefly dropped to 0.99, a fresh 20-year low, amid exponentially increasing energy costs. Oil futures climbed another 2% amid fears OPEC+ will cut output, as the market finally grasped what we were saying back in July 8 in "Inside The Oil Market's Jekyll-And-Hyde Moment" after the Saudi Energy minister said that "The paper and physical markets have become increasingly more disconnected."

In US premarket trading, Zoom Video Communications tumbled 9% after the communications software company cut its full-year forecast. Meanwhile, Palo Alto Networks rallied 8.7% after the security software company reported fiscal fourth- quarter results that beat expectations and gave a full-year forecast that is ahead of the analyst consensus. Here are some of the biggest US movers today:

  • Bed Bath & Beyond (BBBY US) shares rise as much as 6.6% in US premarket trading, set to end three days of losses, as a rout in retail-trader favorites eases, though worries over more challenging economic conditions remain
  • Dlocal (DLO US) shares fall as much as 9.5% in US premarket trading after the Uruguay payments firm reported second-quarter earnings that Morgan Stanley said were “good,” but not an “outright beat.”
  • Ocugen (OCGN US) shares rise as much as 6.8% in US premarket trading as Mizuho initiates the biopharma firm with a buy rating and $5 PT
  • Grocery Outlet (GO US) slips 4% after Morgan Stanley cut to underweight with the risk-reward on the grocery stores operator now looking negative
  • Kohl’s (KSS US) rose 2.1% in extended trading after a filing with the SEC showed Chairman Peter Boneparth bought $750,130 of shares

As discussed countless times before, the J-Hole symposium starting Friday with a keynote speech from J-Powell will be a key catalyst for equities, which have started pulling back again amid renewed fears of a more hawkish Fed. The Nasdaq has been under the most pressure after its valuation climbed above the 10-year average as higher rates weigh on the present value of future profits, hurting pricier growth stocks, like tech.

“For the moment, global sentiment is both skittish and volatile,” said Richard Hunter, head of markets at Interactive Investor. “There is little cause for optimism on the immediate horizon, with any glimmers of economic hope yet to take hold on a sustainable basis.”

“We expect equity markets to remain volatile as investor sentiment oscillates between hopes that the Fed will succeed in steering the US economy to a ‘soft landing,’ and fears that it will not,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “Against this uncertain backdrop, we have recommended that investors retain a selective approach toward equities, and we believe this remains the right strategy.”

Meanwhile, looking at market technicals, Citi's Chris Montagu said that the disjointed set of flows from both exchange-traded funds and futures last week paint a “muddled picture,” reflecting various assessments of whether the current rally has reached its near-term peak. The recent bullish sentiment appears weak and investors are uncertain with muted flows, they wrote in a note.

In Europe, the Stoxx 600 fluctuated near a three-week low after euro-area economic activity declined for a second month, signaling that fears of a recession may already be coming to pass as record inflation saps demand. While German PMIs came in a little stronger, a gauge of French private-sector activity dropped in August to its lowest level since the pandemic-related disruptions of early 2021, suggesting France is joining Germany in recession. It fell more than economists had expected, dipping below the threshold that separates expansion from contraction.

Energy stocks advanced thanks to a boost for crude oil from the possibility of OPEC+ output cuts. The euro hovered near a two-decade through, and only stronger than expected German PMI data prevented the EURUSD from sliding below 0.99; bond yields edged higher.

The looming European recession and the drop in the euro-area PMIs presents a dilemma for the ECB, which is raising interest rates to curb the hottest inflation in decades, even as uncertainty about the outlook is high and economic momentum fades. Meanwhile, the surge in European electricity prices continued and investors are finally waking up to the prospect that German stocks have further to fall due to the spiraling energy crisis according to Bloomberg. In the panic over Russian supplies, German power surged to above 700 euros a megawatt-hour for the first time and the Belgian prime minister said Europe could face up to 10 difficult winters.

European stocks tumbled, with the DAX a notable laggard, down over 2% Monday although it steadied on Tuesday.  The DAX is now the worst-performing major Western European equity benchmark so far this month. Investors may be coming to realize that the energy crisis will put long-term strain on economies and companies, with the official start of the winter heating season just over a month away. Equities, especially in Germany, have not fully priced the energy stew. Cyclical German stocks are particularly at risk from this cocktail of soaring energy, inflation and recession risk, with chemicals, autos and industrials making up about 45% of the DAX, whose negative 30-day correlation with nat gas prices is the highest since April. That month German stocks fell 2.2%, more than the Stoxx 600. The correlation was most negative in late February/early March, when Russia invaded Ukraine. The DAX slumped 6.5% in February, also more than the Stoxx 600. European 2Q earnings were better than feared but there are signs conditions will get tougher from this cocktail of soaring energy, inflation and recession risk.

Here are some of the biggest European movers today:

  • On the Beach shares rose as much as 6.6% after CEO Simon Cooper notified the company he had increased his stake in the company with a purchase of ~1.53m shares at 129.54 pence per share
  • TAG Immobilien shares gained as much as 4.8% before paring gains after the German real estate company reported 2Q earnings following a capital increase in July
  • Zurich Airport shares rose as much as 3.9% and was among the top performers on the Stoxx 600 Industrial Goods and Services index as analysts praised 1H results that came in ahead of consensus expectations
  • BT shares rose as much as 1.7% after the telecom firm said the UK government decided to take no action on Altice UK’s stake in the company, after announcing in May that it would review it under the national security act
  • Virgin Money UK shares rose as much as 1% after Liberum increased the price target on the stock, saying the company is delivering on its accelerated digital strategy
  • Wood shares dropped as much as 12% before paring declines, with Jefferies saying the engineering services firm’s outlook “looks light”
  • Halfords shares slid as much as 11%, dropping to the lowest since July 2020, after Panmure Gordon cut the retailer of auto parts and bicycles to hold from buy and halved its price target to a Street-low
  • Grieg Seafood shares fell as much as 6%, to the lowest intraday since May 13, after the salmon and trout farmer cut its harvest guidance for the year
  • Dermapharm shares declined as much as 4.4% after the company posted 1H results that Jefferies called “solid but still not exciting”
  • Evotec shares fell as much as 3.8%, the worst performer in the Stoxx 600 Health Care index. RBC (outperform) cuts its PT on the German pharma firm, though says it still sees upside for the stock
  • Bakkafrost shares fell as much as 2.8%, hitting the lowest since June, with DNB saying the salmon farmer’s 2Q results were weaker than anticipated

Earlier in the session, Asian shares dropped as investors reduced bets on tech and other growth stocks amid receding expectations of slower monetary tightening by the Federal Reserve. The MSCI Asia Pacific Index fell as much as 1.2% to the lowest level in five weeks. TSMC, Sony and Samsung were among the biggest contributors to the drop. Benchmarks in most countries were in the red, with key measures in Japan, South Korea, Australia and the Philippine tumbling more than 1%. Expectations are building ahead of this week’s Jackson Hole central banker meeting that Federal Reserve Chair Jerome Powell will double down on the need to tame inflation. That’s helped cool the recent equity rally that was fueled by bets on slower interest rate hikes. 

“It’s hard to profit more from here -- the dollar is strengthening again on views that the rate hike pace won’t slow down,” said Heo Pil-Seok, chief executive officer at Midas International Asset Management in Seoul. “Risk-off sentiment is spreading again.” In addition to currency, traders were monitoring the impact of expected tighter Fed policy on bonds, with the 10-year Treasury yield holding above 3%. Corporate earnings are also in focus, with more than 340 members of the MSCI Asian benchmark reporting this week.

Japanese stocks tumbled amid deepening investor concerns over the Federal Reserve’s monetary policy plans as the Jackson Hole meeting draws near.  The Topix fell 1.1% to close at 1,971.44, while the Nikkei declined 1.2% to 28,452.75. Sony Group Corp. contributed the most to the Topix decline, decreasing 3.3%. Out of 2,170 stocks in the index, 453 rose and 1,624 fell, while 93 were unchanged. “For the time being, we will have to wait and see what Powell has to say throughout the week, as Jackson Hole is still the most important factor to watch,” said Hideyuki Suzuki, general manager at SBI securities. “However, it’s also difficult to take a position since it’s the end of the month, and there should be more moves in the beginning of September with employment statistics and the major SQ.”

India’s benchmark equities index ended higher after fluctuating between gains and losses for much of the session, with heavyweight Reliance Industries among the winners.  The S&P BSE Sensex rose 0.4% to 59,031.30 in Mumbai, after falling as much as 1% earlier in the session. The measure had lost 2.5% in previous two days. The NSE Nifty 50 Index climbed 0.5% on Tuesday.  Traders are bracing for hawkish talks at the Federal Reserve’s Jackson Hole symposium later this week amid concerns that the central bank may not slow the pace of monetary tightening to tackle price pressures.   “Markets may witness bouts of volatility in coming days as global factors will continue to keep investors on tenterhooks,” said Shrikant Chouhan, head of research at Kotak Securities Ltd. Reliance Industries advanced 1.5%, the most in over a week. Among the 30 stocks in the Sensex, 21 ended higher. All but two of 19 sectoral sub-indexes compiled by BSE Ltd. gained, led by a gauge of metal companies.

In FX, the Bloomberg Dollar Spot Index was little changed as the greenback traded mixed against its Group-of-10 peers. Risk- sensitive Scandinavian and Antipodean currencies advanced along with the yen. Two-year Treasury yields rose by 2bps, while 10- year yields were little changed. The euro briefly erased losses against the dollar and German benchmark 10-year bonds erased earlier gains, following stronger-than-forecast German manufacturing PMI data. The common currency was earlier on the verge of falling below the $0.99 handle. One-month implied volatility in euro-dollar is up for an eighth day, for the first time since April 2017. The pound fell against a broadly stronger dollar, slipping below $1.18 to approach its lowest since March 2020. China’s onshore and offshore yuan extend declined to their lowest level in two years as the currency continued to be weighed by the dollar’s strength. Additional policies to support the nation’s property sector did little to alleviate growth concerns.

In rates, Treasuries extended flattening with long-end yields slightly richer on the day, front-end cheaper led by 2-year sector with yields ~2bp higher on the day ahead of $44BN auction at 1pm. 10-year are yields little changed around 3.015% with bunds and gilts in the sector cheaper by ~1bp and ~3bp; long-end outperforms, flattening 2s10s, 5s30s spreads by ~2bp each. Bunds, gilts underperformed following stronger-than-forecast German manufacturing PMI. US S&P Global PMIs are due later in the session. The yield on bunds 10-year is up about 1 bp to 1.31%; gilts curve flattens, with belly underperforming. Peripheral spreads widen to Germany with 10y BTP/Bund adding 2.1bps to 233.9bps. The Treasury auction cycle begins with $44b 2-year note sale at 1pm ET, followed by $45b five-year Wednesday and $37b seven-year Thursday.

In commodities, WTI drifts 1.5% higher to trade below $92. Base metals are mixed; LME nickel falls 1.6% while LME aluminum gains 1%. Spot gold rises roughly $4 to trade near $1,740/oz

To the day ahead now, flash PMIs from around the world will be the main data highlight. Otherwise, there’s also the Euro Area’s preliminary consumer confidence reading for August, and in the US there’s new home sales for July and the Richmond Fed’s manufacturing index for August. From central banks, the ECB’s Panetta will speak, and earnings releases include Intuit and Medtronic.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,153.00
  • MXAP down 0.9% to 158.27
  • MXAPJ down 0.7% to 515.06
  • Nikkei down 1.2% to 28,452.75
  • Topix down 1.1% to 1,971.44
  • Hang Seng Index down 0.8% to 19,503.25
  • Shanghai Composite little changed at 3,276.22
  • Sensex up 0.4% to 59,011.72
  • Australia S&P/ASX 200 down 1.2% to 6,961.81
  • Kospi down 1.1% to 2,435.34
  • STOXX Europe 600 little changed at 433.29
  • German 10Y yield little changed at 1.31%
  • Euro little changed at $0.9939
  • Gold spot up 0.3% to $1,741.69
  • U.S. Dollar Index down 0.11% to 108.92

Top Overnight News from Bloomberg

  • Hedge funds are unleashing record bets the Federal Reserve will stick to its hawkish script at Jackson Hole to rein in the fastest inflation in four decades. The group has collectively placed a big short across futures for a key overnight rate that moves in line with the Fed’s benchmark. The position, which has more than tripled in the past month, will benefit if Fed Chair Jerome Powell effectively rules out a dovish pivot when he speaks at this week’s symposium
  • The Global Inflation-Linked Bond Index has plunged 17% in 2022 -- the worst-performing of the 20 key fixed-income benchmarks offered by Bloomberg. The reason has everything to do with the kind of bonds that make up the benchmark. Linker indexes are concentrated in longer-maturity debt that have absorbed the worst losses as central banks around the world lift interest rates.
  • The UK economy almost ground to a halt in August as falling demand and a shortage of labor and materials disrupted work of all kinds, a closely-watched survey showed. S&P Global said its index of private-sector growth fell to 50.9 this month. That’s the worst reading since the height of the UK lockdown in February 2021 and close to the level of 50 that separates expansion from contraction
  • Swedish home prices continued to fall last month as the surging cost of living threatens to upend what has been one of Europe’s hottest housing markets. The downturn has raised fears that what currently looks like a correction may accelerate into a crash with more wide- ranging implications. Prices had dropped the most since the financial crisis in June
  • China’s property market crisis is testing whether central bank Governor Yi Gang can stick to his stimulus-lite strategy. Over the past couple of weeks, Yi has cut key lending rates, announced special loans to struggling property developers via policy banks and urged state-owned lenders to extend more credit. Meantime, speculation of a cut to reserve requirement ratios grows

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower after the negative mood rolled over from global counterparts amid growth and energy-related concerns. ASX 200 was subdued as losses in financials and the consumer sectors overshadowed the gains in the mining and energy industries, while sentiment was also dampened after Flash PMI data weakened from the previous month in which Services and Composite PMIs slipped into contraction territory. Nikkei 225 declined as Japan suffered a similar fate on the data front which showed factory activity cooled to its slowest pace in 19 months. Hang Seng and Shanghai Comp weakened at the open amid a slew of earnings although the mainland gradually recovered as developers benefitted from China’s plans to offer CNY 200bln in special loans to troubled developers, while the PBoC also recently called on the major financial institutions to maintain stable growth of loans and pledged support for the platform industry and infrastructure construction.

Top Asian News

  • PBoC could reduce RRR this year to compensate for MLF maturities and further RRR cuts could lower lending prime rates, according to Security Times.
  • Japan's government is preparing to increase the daily cap of arrivals to Japan to 50k from 20k, according to FNN. In relevant news, Japanese Chief Cabinet Secretary Matsuno said border controls will be lightened in a way to prevent COVID spread and aid economic activity, while he added that they cannot comment on the timing of new measures but will respond appropriately based on conditions at home and abroad.
  • Shimao Group (0813 HK) is proposing offshore creditors to repay USD 11.8bln over three-eight years as part of a restructuring plan, according to Reuters sources; proposes payment based on a two-tier structure.

European bourses have reversed initial pressure following EZ Flash PMIs, Euro Stoxx 50 +0.2%, which were mostly mixed though noted of less intense price pressures. FTSE 100 -0.3% lags following its respective measures which posted a surprise manufacturing drop into contractionary territory. Stateside, futures are firmer, ES +0.2%, and have been in-fitting with European peers throughout the morning awaiting their own Flash PMI metrics. "Twitter has major security problems that pose a threat to its own users' personal information, to company shareholders, to national security, and to democracy", according to CNN citing a whistle-blower.

Top European News

  • French S&P Global Composite Flash PMI (Aug) 49.8 vs. Exp. 50.8 (Prev. 51.7); Manufacturing Flash PMI (Aug) 49.0 vs. Exp. 49.0 (Prev. 49.5); Services Flash PMI (Aug) 51.0 vs. Exp. 53.0 (Prev. 53.2)
  • German S&P Global Composite Flash PMI (Aug) 47.6 vs. Exp. 47.4 (Prev. 48.1); Manufacturing Flash PMI (Aug) 49.8 vs. Exp. 48.2 (Prev. 49.3); Services Flash PMI (Aug) 48.2 vs. Exp. 49.0 (Prev. 49.7)
  • EU S&P Global Composite Flash PMI (Aug) 49.2 vs. Exp. 49.0 (Prev. 49.9); Manufacturing Flash PMI (Aug) 49.7 vs. Exp. 49.0 (Prev. 49.8); Services Flash PMI (Aug) 50.2 vs. Exp. 50.5 (Prev. 51.2)
  • UK Flash Composite PMI (Aug) 50.9 vs. Exp. 51.1 (Prev. 52.1); Services PMI (Aug) 52.5 vs. Exp. 52.0 (Prev. 52.6); Manufacturing PMI (Aug) 46.0 vs. Exp. 51.1 (Prev. 52.1)


  • DXY reversed earlier gains after coming close to the YTD peak at 109.29 before pulling back.
  • EUR has been in focus; EUR/USD tested 0.9900 to the downside before rebound post-PMI.
  • The JPY has remained in the green vs the USD throughout the European session thus far as the earlier soured sentiment improved and the Dollar pulled back from near-YTD highs.
  • CAD and NZD lead the G10 gains whilst the EUR and CHF lag vs the USD.

Fixed Income

  • Pronounced two-way action on the French and German Flash PMI metrics, resulting in a ~200 tick range for Bunds thus far.
  • Initial upside was driven on the French release though this reversed in short-order and session lows then printed following the German figures.
  • Gilts were comparably contained on a surprise Manufacturing contraction, currently near the lower-end of 112.86-111.89 parameters.
  • USTs have been dictated by EGB action thus far but, now that the morning’s risk events have passed, have detached themselves somewhat and regained a positive foothold.
  • UK DMO says Gilt dealers suggested 2039 or 2073 I/L Gilts for November syndication, investors had mixed views on the November syndication some believe the current risk appetite for ultra-long I/L Gilt could be muted.


  • WTI and Brent October contracts have been edging higher since the resumption of futures trading overnight.
  • Spot gold is choppy under USD 1,750/oz and moving in tandem with the Dollar.
  • Base metals are mixed but 3M LME copper maintains its head above USD 8,000/t.
  • Caspian Pipeline Consortium (CPC) says it will take a month to repair each mooring point in suitable weather, according to Interfax.
  • China's Agricultural Ministry cautions that drought and high temperatures poses a "serious threat" to autumn crops; necessary to do everything possible to expand water source and relieve drought.

US Event Calendar

  • 09:45: Aug. S&P Global US Manufacturing PM, est. 51.8, prior 52.2
  • 09:45: Aug. S&P Global US Services PMI, est. 49.8, prior 47.3
  • 09:45: Aug. S&P Global US Composite PMI, prior 47.7
  • 10:00: Aug. Richmond Fed Index, est. -4, prior 0
  • 10:00: July New Home Sales MoM, est. -2.5%, prior -8.1%
  • 10:00: July New Home Sales, est. 575,000, prior 590,000

DB's Jim Reid concludes the overnight wrap

Yesterday was a sea of red for risk assets and sovereign bonds, as the energy crisis intensified in Europe, contributing to the specter of global central bank tightening already weighing on asset markets. Diving right in …

Starting in Europe, the energy crisis intensified yet further, after news over the weekend that Nord Stream would be shut for maintenance at the end of the month introduced fresh fears it would not re-open. European natural gas prices ratcheted +14.59% higher to €280/MWH, a record high. German power prices surged +18.60% to another record as well, closing at €663 and breaching €700/MWH intraday for the first time ever. The threat of climbing prices drove 10yr bund yields +7.6bps higher, led by a +5.9bp widening in 10yr breakevens to 2.54%, their widest levels since early May. 10yr OATs were +9.0bps higher, while BTPs increased +13.3bps, widening their spread to bunds to 230bps, the widest in nearly a month. In turn, the front end also climbed as additional ECB tightening was factored into market pricing, with the amount of tightening expected by March 2023 increasing +10.5bps.

Tighter policy and growing energy fears naturally weighed on risk sentiment, with the STOXX 600 falling -0.96%, while the DAX fared even worse, falling -2.32%. It was the worst daily performance in more than a month for both indices. The poor sentiment weighed on the euro as well, which, despite short-dated nominal (if not real) yield differentials keeping pace with Treasury markets (more below), broke parity again with the dollar, closing at $0.9943, the first close below parity in 20 years.

The story was much the same in the United States. 2yr Treasury yields increased +7.6bps while fed fund futures moved to price a terminal rate above 3.75% in the second quarter next year. 10yr yields were +4.3bps higher. Another day, another day flatter. More of the 10yr move came in real yields (+3.0bps), as sentiment is building toward a potentially hawkish rebuke of recent financial conditions easing from Chair Powell at Jackson Hole this week. Futures positioning is matching sentiment, where short positions in Eurodollar and SOFR futures (that is, positioning for higher short-term rates), has been building. That sentiment is already impacting rates markets, but it caught up with risk yesterday, as well, as the S&P 500 fell -2.14%, with the more rate sensitive NASDAQ underperforming, down -2.55%. It was the worst daily return for both indices since mid-June. . Yields on the 10yr USTs (-0.19 bps) are fairly stable as we go to print, trading at 3.01%.

Brent crude futures were as much as -4.52% lower intraday following cautious optimism around continued progress on the Iran negotiations and weaker broader risk sentiment. However, futures recovered to touch green before finishing -0.25% lower after the Saudi Arabian Energy Minister said the disconnect between volatile and illiquid markets and underlying fundamentals may force OPEC+ to cut production. The rally in oil helped drive medium-term breakevens wider; 5yr breakevens were around 2bps narrower before the remarks, and ended the day +2.4bps wider at 2.77%, their widest in almost a month. The next OPEC meeting is scheduled for September 5. Elsewhere, oil prices continue to gain momentum in early Asian session trading with Brent futures +0.81% higher at $97.26/bbl.

It was very light on the data front, but the Chicago National Activity Index for July printed at 0.27 versus expectations of a -0.25 print. The positive print of the comprehensive index indicated economic activity was still in expansionary territory despite recent growth jitters.

Asian equity markets are tracking sharp losses on Wall Street amid mounting rate hike concerns. The Nikkei (-1.24%) is leading losses across the region with the Kospi (-0.89%), the Hang Seng (-0.84%), the CSI (-0.61%) and the Shanghai Composite (-0.35%) all trading in the red. Elsewhere, the S&P/ASX 200 (-0.55%) is also sliding as Australia’s private sector activity contracted. Moving ahead, US equity futures are indicating a slight rebound with the contracts on the S&P 500 (+0.16%) and NASDAQ 100 (+0.20%) inching upwards.

Early morning data showed that the S&P Global Inc’s Flash Australia composite PMI fell to 49.8 in August from 51.1 in July while at the same time the services PMI Index dropped to a contractionary 49.6 from 50.9 indicating that the nation’s services sector is struggling. There was some encouraging data on the manufacturing activity with the headline index remaining in expansionary territory but eased slightly from 55.7 to 54.5.

Moving to Japan, factory activity decelerated to a 19-month low as the Jibun Bank manufacturing PMI dropped to 51.0 in August from 52.1 in July as output and new order declines deepened amid weakening global demand. Also, the nation’s services sector activity contracted for the first time in five months with the services PMI slipping to 49.2 in August from July's final of 50.3 because of a lackluster demand at home.

To the day ahead now, and the flash PMIs from around the world will be the main data highlight. Otherwise, there’s also the Euro Area’s preliminary consumer confidence reading for August, and in the US there’s new home sales for July and the Richmond Fed’s manufacturing index for August. From central banks, the ECB’s Panetta will speak, and earnings releases include Intuit and Medtronic.

Tyler Durden Tue, 08/23/2022 - 08:04

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Scientists reveal encouraging findings in first-in-human clinical trial evaluating HIV vaccine approach

NEW YORK and LA JOLLA, CA—While scientists have struggled in the past to create an effective vaccine against HIV, a novel vaccine design strategy being…



NEW YORK and LA JOLLA, CA—While scientists have struggled in the past to create an effective vaccine against HIV, a novel vaccine design strategy being pursued by researchers at Scripps Research, IAVI, Fred Hutchinson Cancer Center (Fred Hutch) and the National Institutes of Health, National Institute of Allergy and Infectious Diseases (NIAID) Vaccine Research Center (VRC) shows new promise, according to data from a first-in-human clinical trial.


NEW YORK and LA JOLLA, CA—While scientists have struggled in the past to create an effective vaccine against HIV, a novel vaccine design strategy being pursued by researchers at Scripps Research, IAVI, Fred Hutchinson Cancer Center (Fred Hutch) and the National Institutes of Health, National Institute of Allergy and Infectious Diseases (NIAID) Vaccine Research Center (VRC) shows new promise, according to data from a first-in-human clinical trial.

In a paper published in Science on December 2, 2022, the scientists reveal critical new insights into their novel vaccine strategy, which involves a stepwise approach to producing antibodies capable of targeting a wide range of HIV variants. 

“The data we are publishing in Science demonstrates for the first time that one can design a vaccine that elicits made-to-order antibodies in humans. We specified in advance certain molecular properties of the antibodies that we wanted to elicit, and the results of this trial show that our vaccine antigen consistently induced precisely those types of antibodies,” says co-senior author William Schief, PhD, a professor and immunologist at Scripps Research and executive director of vaccine design at IAVI’s Neutralizing Antibody Center, whose laboratory developed the vaccine antigen. “We believe this vaccine design strategy will be essential to make an HIV vaccine and may help the field create vaccines for other difficult pathogens.”

The Phase 1 trial, known as IAVI G001, tested the first stage in a multi-stage HIV vaccine regimen the researchers are developing. The trial results show that the vaccine had a favorable safety profile and induced the targeted response in 97% of people who were vaccinated. Importantly, the Science study also provides a detailed immunological analysis of the vaccine responses.

“HIV represents an area of dire unmet need across the world, which is what makes the findings from our Phase 1 clinical trial so encouraging,” says Mark Feinberg, MD, PhD, president and CEO of IAVI. “Through the close-knit collaboration of many different scientists, disciplines and institutions, we are that much closer to designing an effective vaccine that could help end the HIV pandemic.”  

Priming the Immune System

Broadly neutralizing antibodies (bnAbs) are a rare type of antibody that can fight and protect against many different variants of a virus—including HIV. This is why scientists have tried to develop an HIV vaccine that induces bnAbs, but thus far without success.   

The researchers in the study are using a strategy known as ‘germline targeting’ to eventually produce bnAbs that can protect against HIV. The first step of germline targeting involves stimulating the rare immune cells—known as bnAb-precursor B cells—that can eventually evolve into the cells that produce the bnAbs needed to block the virus. To accomplish this first step, the researchers designed a customized molecule—known as an immunogen—that would “prime” the immune system and elicit responses from these rare bnAb-precursor cells.

The overarching goal of the IAVI G001 trial was to determine if the vaccine had an acceptable safety profile and could induce responses from these bnAb-precursor B cells.

“Through extensive safety and tolerability monitoring during the trial, we showed the vaccine had a favorable safety profile, while still inducing the necessary target cells,” says study author Dagna Laufer, MD, vice president and head of clinical development at IAVI. “This represents a large step forward in developing an HIV vaccine that is both safe and effective.”

To determine if the targeted bnAb-precursor B cells were induced, the researchers carried out a sophisticated analytical process.

“The workflow of multidimensional immunological analyses has taken clinical trial evaluation to the next level,” says co-senior author Adrian B. McDermott, PhD, former chief of the Vaccine Immunology Program at the NIAID VRC. “In evaluating these important immunological factors, we helped show why the vaccine antigen was able to induce the targeted response in 97% of vaccine recipients.” 

IAVI G001 was sponsored by IAVI and took place at two sites: George Washington University (GWU) in Washington, D.C., and Fred Hutch in Seattle, enrolling 48 healthy adult volunteers. Participants received either a placebo or two doses of the vaccine antigen, eOD-GT8 60mer, along with an adjuvant developed by the pharmaceutical company GSK. Julie McElrath, MD, PhD, co-senior author, senior vice president and director of Fred Hutch’s Vaccine and Infectious Disease Division, and David Diemert, MD, professor of medicine at GWU School of Medicine and Health Sciences, were lead investigators at the trial sites.

A Deeper Immunological Dive

The study also carefully examined the properties of the antibodies and B cells induced by the vaccine antigen, in what Schief likens to “looking under the car hood” to understand how the immune system operated in response to the vaccine. One analysis showed that the vaccine antigen first stimulated an average of 30 to 65 different bnAb precursors per person vaccinated, and then caused those cells to multiply. This helped explain why the vaccine induced the desired response in almost all participants.

Other analyses delved into the specific mutations the bnAb-precursor B cells acquired over time and how tightly they bound to the vaccine antigen. These investigations showed that that after each dose of the vaccine, the bnAb-precursor B cells gained affinity and continued along favorable maturation pathways.

One concern for this type of vaccine approach is the notion of “competitors”—in other words, the B cells induced by the vaccine antigen that are not bnAb precursors. The researchers extensively studied the “competitor” responses, and the results were very encouraging. Although the majority of the B cells triggered by vaccination were, in fact, “competitors”, these undesired B cells could not match the binding strength of the desired bnAb precursors and did not seem to impede maturation of the bnAb-precursor responses.

“These findings were very encouraging, as they indicated that immunogen design principles we used could be applied to many different epitopes, whether for HIV or even other pathogens,” adds Schief.

With these promising data in hand spanning both safety and immune responses, the researchers will continue to iterate and design boosting immunogens that could eventually induce the desired bnAbs and provide protection against the virus. These findings also come shortly after two additional studies in Immunity published in September 2022, which helped validate the germline-targeting approach for vaccinating against HIV.

“Working together with IAVI, Scripps Research, the VRC, GWU, additional investigators at Fred Hutch and many others, this trial and additional analyses will help inform design of the remaining stages of a candidate HIV vaccine regimen—while also enabling others in the field to develop vaccine strategies for additional viruses,” says McElrath of Fred Hutch.

IAVI, Scripps Research, NIAID, the Bill & Melinda Gates Foundation and the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) through the United States Agency for International Development (USAID) are partnering with the biotechnology company Moderna to develop and test mRNA delivery of these HIV vaccine antigens. Two Phase I clinical trials are underway that build on IAVI G001, one (IAVI G002) at four sites in the U.S. and another (IAVI G003) at the Center for Family Health Research in Kigali, Rwanda, and The Aurum Institute in Tembisa, South Africa. Both are testing mRNA delivery of the eOD-GT8 60mer that was evaluated as recombinant protein in IAVI G001, and the U.S. trial includes a boost antigen designed by the Schief lab and delivered with Moderna mRNA technology. A third trial (HVTN302), at ten sites in the U.S., is testing mRNA delivery of three different stabilized HIV trimers designed in the Schief laboratory that are candidates for late-stage boosters in multi-stage vaccines aiming to induce bnAbs. Using mRNA technology could significantly accelerate the pace of HIV vaccine development as it allows for faster production of clinical trial material.

This work was supported by the Bill & Melinda Gates Foundation Collaboration for AIDS Vaccine Discovery; the IAVI Neutralizing Antibody Center; NIAID; Scripps Center for HIV/AIDS Vaccine Immunology and Immunogen Discovery and Scripps Consortium for HIV/AIDS Vaccine Development; and the Ragon Institute of MGH, MIT, and Harvard. Other collaborating organizations include Duke Human Vaccine Institute, Karolinska Institutet, and La Jolla Institute. 

Research at the IAVI Neutralizing Antibody Center that contributed to the development of the vaccine antigen eOD-GT8 60mer was also made possible by the government of the Netherlands through the Minister of Foreign Trade & Development Cooperation and through the generous support of the American people through PEPFAR through USAID. The contents are the responsibility of IAVI and Scripps Research and do not necessarily reflect the views of PEPFAR, USAID, or the United States government.

About IAVI

IAVI is a nonprofit scientific research organization dedicated to addressing urgent, unmet global health challenges including HIV and tuberculosis. Its mission is to translate scientific discoveries into affordable, globally accessible public health solutions. Read more at

About Scripps Research

Scripps Research is an independent, nonprofit biomedical institute ranked the most influential in the world for its impact on innovation by Nature Index. We are advancing human health through profound discoveries that address pressing medical concerns around the globe. Our drug discovery and development division, Calibr, works hand-in-hand with scientists across disciplines to bring new medicines to patients as quickly and efficiently as possible, while teams at Scripps Research Translational Institute harness genomics, digital medicine and cutting-edge informatics to understand individual health and render more effective healthcare. Scripps Research also trains the next generation of leading scientists at our Skaggs Graduate School, consistently named among the top 10 US programs for chemistry and biological sciences. Learn more at

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40+ Spotify statistics 2022: SPOT stock, revenue and performance

Spotify Technology SA (NYSE: SPOT) is the leading on-demand music streaming company today, with more than 1 billion app downloads on Google Play alone….



Spotify Technology SA (NYSE: SPOT) is the leading on-demand music streaming company today, with more than 1 billion app downloads on Google Play alone. The Sweden-based company was founded in 2006 by Daniel Ek and Martin Lorentzon, and has seen remarkable growth in the past few years as it expands across the globe.

Although it dominates the music streaming industry, Spotify faces tough competition when it comes to attracting, engaging and retaining users. The Sweden-based company’s top global competitors include Apple Inc. (NASDAQ: AAPL), Amazon Inc. (NASDAQ: AMZN) and Alphabet Inc. (NASDAQ: GOOGL)’s Google, all of which are leveraging their extensive reach and financial muscle to carve a bigger chunk of the market from Spotify.

However, 40+ Spotify statistics suggest further growth and potential for greater revenue and market performance could see the company continue to dominate the industry.

Find out more in this article, starting with our pick of the top Spotify facts and statistics 2022 below.

Spotify facts and stats – Editor’s pick

  • Spotify is the number one music streaming site, with more than 1 billion app downloads on Google Play.
  • There were 456 million monthly active users on Spotify as of September 2022, with growth expected to push MAUs to over 479 million by the end of 2022.
  • SPOT stock went live on the New York Stock Exchange on 3 April 2018 via a Direct Listing. The IPO share price of $165.90 valued the company at $29.5 billion
  • Companiesmarketcap currently ranks Spotify as the 1,050th most valuable company in the world with a market cap just above $15 billion as of December 2022.
  • The Spotify stock hit an all-time high of $364.5 per share in February 2021, and an all-time low of $69.28 in November 2022.
  • Spotify makes about 4.52 euros, or $4.71 from each premium account user in 2022, up from an average of €4.25 ($4.43) in 2021.

Spotify company overview, facts and trends

1. Spotify Technologies SA was founded in 2006

Daniel Ek and Martin Lorentzon founded Spotify in 2006 in Sweden. Despite the early threat to the business from established names such as Apple and Amazon, the music streaming company has grown to command nearly a third of the market share as of 2022.

2. Spotify is available in more than 180 countries

Expansion efforts, including across more than 80 new markets in early 2020 has seen Spotify reach users in 184 countries.

3. Over 9,800 people are employed by Spotify as of 2022

Spotify employees’ total count shot up by over 81% in 2021 to reach 6,617 and then grew to over 8,000 by March 2022. As of 30 September 2022, the company’s employee number worldwide was 9,808, despite plans to slow down on hiring by 25% as revealed in June.

4. Spotify has a leading 31% market share in music streaming

Spotify is the #1 music app on App Store and takes up 31% of the music and video streaming market worldwide. The app leads Apple Music (15%), Amazon Music (13%), Tencent Music (13%), and YouTube Music (8%). The Spotify: Music, Podcasts, Lit app first released in May 2014 has seen over a billion downloads on Google Play.

5. There are more than 82 million tracks on Spotify

As the number one music streaming app in the world, Spotify has seen the number of songs uploaded increase rapidly over the last few years. As of November 2022, there were more than 82 million tracks on the platform.

6. An average of 1.8 million songs are uploaded on Spotify every month

Over 1,800,000 songs are uploaded to Spotify every month, with an average of 60,000 sent to the streaming giant every single day.

7. There are over 4 billion playlists on Spotify

Spotify has over 4 billion playlists, variously curated to suit user preferences based on factors like age, gender, and theme. Spotify offers all types of songs, making it suitable for all kinds of users.

8. There are over 4.7 million podcasts on Spotify

There were more than 4.7 million podcasts on the Spotify podcast in 2022, with the increasing monthly active users and popularity of podcasting seeing a double-digit jump in creators.

9. Spotify has raised $2.1 billion over 18 rounds

Spotify closed its latest funding round on 25 February, with the Sweden-based company’s total funding rising to $2.1 billion over 18 financing rounds.

10. Spotify has acquired 27 companies/platforms

The last few years have seen Spotify consolidate its presence in the music streaming market with critical acquisitions. So far, the company has completed deals for 24 different companies and platforms within the industry, including Anchor FM for $166.3 million, Gimlet Media for $201.3 million, Megaphone for $238.44 million and Whooshkaa for $235 million. The latest acquisition was Kinzen, which was completed on 5 October 2022.

11. FC Barcelona agreed a €280 million deal with Spotify in 2022

Spanish soccer giants FC Barcelona signed a €280 ($309) million sponsorship deal with Spotify. The multi-year deal saw Spotify become FC Barcelona’s main shirt sponsor and gave the audio streaming giant the naming rights for the legendary Camp Nou stadium.

Spotify stock market statistics

12. Spotify’s stock debut in April 2018 was the first ever Direct Listing on the NYSE

Spotify Technology SA made its stock market debut via a direct listing. The company’s shares were listed for trading on the New York Stock Exchange on 3 April, 2018 at the share price of $ $165.90 for a valuation of $29.5 billion. Following Spotify’s successful IPO in 2018, Slack went public via Direct Listing in 2019. ZipRecruiter Inc. (NYSE: ZIP) and Roblox Corporation (NYSE: RBLX) also took the same approach.

13. Spotify has a market cap of $15.2 billion

As of 27 December 2022, Spotify has a market capitalization of $15.2 billion, which ranks the company as the world’s 1050th largest by market cap according to Companiesmarketcap.  The Sweden-based company’s market cap was around $23 billion in March 2022 with Spotify ranked the world’s 759th most valuable company by market cap.

14. 30 million shares were traded on Spotify’s first trading session

A highly anticipated SPOT stock debut saw nearly 30 million shares change hands during Spotify’s first trading session. At the time, around 178 million, or about 91% of Spotify shares were tradable on the first day, a greater percentage than what’s seen during typical traditional IPOs.

15. Spotify has 192,948,032 shares outstanding as of 2022

As per Spotify’s latest financial reports, the total shares outstanding as of December 2022 was 193,077,334. The company’s total shares outstanding was put at 192,948,032 by the end of 2022.

16. The Spotify stock price rose to an all-time high of $364.5 in 2021 

On February 19, 2021, Spotify stock price rose to an all-time high of $364.5 amid a bull market that also saw the S&P 500 rise to an all-time high. However, the bear market of 2022 has decimated stocks, and one can now buy Spotify shares at around $78 as of December 2022.

17. Spotify’s stock price has declined 68% year-to-date

After a brutal bear market for stocks, the SPOT price has declined nearly 68% as of 27 December 2022.  At current prices, Spotify shares are more than 46% down since its IPO in April 2018.

18. The Spotify stock touched the all-time low of $69.28 on 4 November 2022

The SPOT share price closed at $71.05 on 4 November 2022, after briefly falling to a 52-week low of $69.28 in intraday action. Despite this, a bear rally for the stock market in November helped push the Spotify stock price to highs of $85.11 on 15 November. The stock’s price is however more than 46% down on its debut closing price in April 2018.

Spotify revenue statistics

Spotify offers its service across two models: a premium membership where subscribers pay a fee to access uninterrupted content and an ad-supported model where content is punctuated with ads or commercials. Advertiser’s pay to reach users, more like on traditional radio. The largest percentage of Spotify’s revenue is from premium subscriptions.

19. Spotify’s generated more than $11 billion in revenue in 2021

Spotify generated 9.668 billion euros ($11.23 billion) in revenue in 2021, up from 7.880 billion euros ($9.15 billion) in 2020 and 6.764 billion euros ($7.56 billion) in 2019. According to the company’s latest financial documents, the company’s revenue for the nine months ending September 30, 2022 was 8.561 billion euros (about $8.92 billion), while trailing twelve month revenue stood at $11.99 billion (as of 27 December 2022).

20. Spotify generated $3.16 billion in Q3 2022

In Q3 2022, Spotify generated just over 3 billion euros (approximately $3.16), compared to 2.5 billion euros ($2.6 billion) during the same quarter in 2021. In this, premium revenue accounted for 2.7 billion euros while Ad-supported revenue made up 385 million euros. The largest segment in the ads revenue section was Podcasting.

21. 88% of Spotify revenue is from premium subscription

Most of Spotify’s revenue comes from its premium subscribers, with the latest financial records showing premium revenue accounted for 88% of total revenue as of September 30, 2022. Premium revenue increased 22% or by €1.36 billion (roughly $1.43 billion) in the nine months ending September 30, 2022. Total premium revenue by end of Q3 was 7.534 billion euros (about $7.85 billion) compared to 6.165 billion euros ($6.42 billion) in the nine months to the corresponding quarter a year ago. 

22. Spotify generated $1.26 billion from ads in 2021

In 2021, ad-supported users helped generate €1.208 billion ($1.26 billion) for Spotify, up from €745 million ($775 million) in 2020.

23. More than 38% of Spotify’s 2021 revenue was generated in the US

According to Spotify financial records for 2021, the company generated €3.692 billion (over $3.8 billion) in the United States. With Spotify revenue in 2021 at €9.668 billion, the US market accounted for over 38% of total revenue.

24. Spotify has averaged €200 million in positive Free Cash Flow for the past three years

Although the range of Free Cash Flow fluctuates from quarter to quarter, Spotify has averaged more than €200 million ($208 million) of positive Free Cash Flow on a trailing twelve month period since 2019.

25. Spotify made €4.52 from each Premium user in 2022

Spotify’s average revenue per user (ARPU) in Q3 was €4.63 ($4.82), an amount the company made from each premium account. According to the company, premium ARPU over the nine months ending September 30, 2022 was €4.52 ($4.71), up from €4.25 ($4.43) in 2021.

Spotify user statistics

26. Spotify has more than 195 million premium subscribers worldwide

Spotify makes most of its money from its premium subscribers and as of Q3 2022, the platform’s premium user base had increased to 195 million premium. The total premium user number increased by 1 million more than projected, illustrating the potential for further growth – particularly in LATAM.

27. Spotify had 456 million monthly active users (MAUs) as of October 2022

Monthly active users (MAUs) is a key performance indicator for Spotify and is the total count of the audience who engage with the service over the month.  MAUs include both Ad-supported users and premium subscribers who access content for more than zero milliseconds in the indicated thirty days. As of September 30, there were 456 million monthly active users on Spotify, with the figure representing a 20% Y/Y growth from 381 million in Q3 2021.

28. Spotify added a record 23 million monthly active users in Q3 2022, despite exiting Russia earlier in the year

23 million more users accessed Spotify in the three months ending September 30, 2022, the largest quarterly increase over the quarter in Spotify’s history. This came even with the company’s exit from Russia following sanctions over Russia’s invasion of Ukraine.

29. Spotify’s monthly active users were projected to hit 479 million by end of 2022

As well as Q3 2022, Spotify projected a net growth of 23 million in its monthly active users in Q4 2022. That forecast put the total MAUs at 479 million at the end of December 31, 2022.

30. 273 million of Spotify users are ad-supported

Spotify’s ad-supported user base grew by 24% in 2022 to 273 million, up from 220 million in 2021. Therefore, Spotify added 50 million more ad-supported users in the past year.

31. Spotify’s premium users are expected to grow by 7 million to 202 million by end of 2022

While Spotify reported 195 premium subscribers in its Q3 financial report, the company expects the number to grow another 7 million to 202 million by the end of 2022. Comparably, premium users grew 13% year-on-year in Q3 2022 to 195 million, up from 172 million.

32. An average of 15 million people access Spotify every day

Spotify records an average of 15 million users every day, with 44% of users using the streaming service at least once every day. Across regions, North America leads, with second-highest average daily usage in Europe.

33. Spotify users streamed 110 billion hours of content in 2021 despite COVID-19 disruption

The COVID-19 pandemic disruption did not impact Spotify users shown in the company’s financial records filed in earlier 2022. As of 31 December 2021, both premium and ad-supported users had streamed over 110 billion hours of content, up 20% on total hours streamed in 2020.

34. 56% of Spotify users are male

A slight majority of Spotify users are male, with data showing males account for 56% of users. As of December 2022, females accounted for 44% of the user base.

35. Europe accounts for 33% of Spotify’s monthly active listeners

Europe has 136 million Spotify monthly active users, accounting for 33% of MAUs globally. North America, in this case the United States and Canada, has the second-highest number of monthly active users at 23% share while Latin America and the rest of the world account for 21% and 22% respectively.

36. About 39% of Spotify’s premium users are from Europe

Like the monthly active users, Europe accounts for the highest percentage of premium subscribers. According to the latest details, 39% of premium users were from Europe. North America consisted of 28%, Latin America comprised 21% and the rest of the world accounted for 12%.

37. Millennials account for 29% of Spotify users

While people from all ages use Spotify, data shows that the biggest chunk is millennials. According to the latest statistics, 29% of the platform’s users are within the 25-34 year age bracket while 26% fall in the 18-24 years age group.

Spotify artist facts and stats

38. The Spotify app supports more than 11 million artists

Popularity has seen most of the world’s most celebrated music artists put their songs on Spotify. Currently, the platform has an estimated 11 million artists worldwide.

39. Ed Sheeran’s “Shape of You” has hit 3.3 billion streams, currently the most streamed song on Spotify 

Ed Sheeran’s “Shape of You” hit has been streamed more than 3.3 billion times as of December 2022, ranking as the all-time most streamed track on Spotify. Ed Sheeran is also currently the most followed artist on Spotify at over 105 million users and tops the list of most followed artists on Spotify ahead of Ariana Grande (over 85 million), Billie Eilish (72 million) Drake (69 million) and Justin Bieber (67 million).

40. Spotify paid over $7 billion in royalties to artists in 2021

The music streaming giant paid a staggering $7 billion to artists in 2021, the most a music streaming platform has ever paid in a single year. According to Spotify, every song that plays on the platform earns its rightsholder royalties – be it from the premium or ad-supported service. As of the end of 2021, Spotify had paid more than 28.7 billion euros ($30 billion) in royalties since its launch.

41. Artists earn $0.003-$0.005 per stream on Spotify

The pay per stream on Spotify was between $0.003 and $0.005 per stream, with artists earning an average of $3.00 to $5.40 per 1000 streams.

42. More than 1,000 artists earned $1M or more from Spotify royalties in 2021

The number of artists who earned money from royalties on Spotify grew in 2021, with more than 1000 pocketing over $1 million in 2021. The number who earned more than $10,000 also grew to 50,000 artists in that bumper year.

Spotify statistics: Conclusion

Spotify’s music streaming service currently ranks ahead of Apple, Amazon and Tencent – all services from global companies. Despite the competition, Spotify has seen its  user base grow significantly over the past year. Monthly active users surpassed 456 million and premium subscribers hit 195 million in Q3, 2022, while revenue rose to over 3 billion euros in the same quarter for a 21% year-on-year growth.

In the market, the Spotify stock has traded lower amid the 2022 bear market. As of 2nd December, the Spotify stock is trading around $79.45, which puts its price nearly 68% down year-to-date. However, the SPOT share price climbed more than 5% in November and is likely to be attractive to investors going into 2023 given Spotify’s growth outlook.

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Chevron will still be drilling in 2050: CEO Mike Wirth

Chevron Corporation (NYSE: CVX) will most certainly be drilling about thirty years from now, says CEO Mike Wirth – in contrast with President Biden who…



Chevron Corporation (NYSE: CVX) will most certainly be drilling about thirty years from now, says CEO Mike Wirth – in contrast with President Biden who recently reiterated that the U.S. will pull out of drilling.

Chevron is continuing to invest

The oil and gas behemoth plans on spending $15 billion to $17 billion a year to meet the growing demand. Speaking with folks at CNBC’s “Squawk Box”, the chief executive noted:

We’re growing production because world’s growing in terms of demand. We have to look well into the future and invest to meet that demand. We’re up this year 15% in Permian versus same period last year and continuing to invest.

While that’s well-below what the multinational was spending before the COVID pandemic, the output, CEO Wirth added, remains the same as Chevron is now more capital-efficient.

For the year, Chevron shares are up more than 50% at writing.

CEO Wirth’s view of the future

It is noteworthy here that Chevron refused to cave in the face of pressure in recent years to lower production and that’s contributing to the ability of the U.S. today to help its allies fight the Russia-driven energy crisis.

Moving forward as well, CEO Mike Wirth sees future in a blend of clean energy and hydrocarbons.

Affordable energy is essential for economic prosperity, reliable energy for national security, and environmental protection is essential for a sustainable planet. We have to balance all three. If you over index one, you can create vulnerabilities.

In related oil news, OPEC+ is expected to reveal plans of further cutting production on Sunday.

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