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Oil Futures Settle Lower For 4th Straight Day

European Economics Preview: Germany Final Inflation Data Due

Final consumer prices from Germany and Italy are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s final consumer prices for July. According to preliminary estimate, inflation based on the harmonized index of consumer prices, which is meant for EU comparison, advanced to 3.1 percent from 2.1 percent in June.

In the meantime, Romania’s consumer price data is due. Inflation is seen easing to 4.9 percent in July from 3.9 percent in June.

At 4.00 am ET, Italy’s Istat publishes final consumer prices for July. Harmonized inflation is expected to match the flash estimate of 0.9 percent versus 1.3 percent in June.

At 6.00 am ET, unemployment and consumer prices are due from Portugal.

Pete Buttigieg Announces He And Husband Chasten Have Become Parents

U.S. Transportation Secretary Pete Buttigieg can now add “dad” to his ever-growing list of titles. 

Buttigieg, a 2020 Democratic presidential candidate and former mayor of South Bend, Indiana, said Tuesday that he and husband Chasten were “overjoyed” to have become first-time parents. He kept mum on specifics.  

“The process isn’t done yet and we’re thankful for the love, support, and respect for our privacy that has been offered to us,” tweeted Buttigieg, 39. “We can’t wait to share more soon.” 

The news was cheered by fellow politicians, LGBTQ advocacy groups and media personalities. 

Buttigieg, who in February became the first openly gay Cabinet member in U.S. history to be confirmed by the Senate, had previously spoken about his desire to become a father. 

“We’re hoping to have a little one soon, so I have a personal stake in this one, too,” he said in 2019, when asked about his views on paid family leave. “We should have paid parental leave and find a way to have paid leave for anyone who needs caring.”

In a separate interview with MSNBC’s Rachel Maddow that same year, Buttigieg predicted that Chasten, 32, was “going to be an amazing father.” 

“I can’t wait to see ― I hope I will be good at it, too,” he added. “I can’t wait to see him have that chance.”

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A24 Taps NBA’s J.B. Lockhart As Studio’s First CFO

A24 has hired J.B. Lockhart, previously the chief financial officer for the NBA, as its first CFO. In his new role, he will be tasked with helping lead the brand’s continued global expansion.

Lockhart joined the NBA in 2013 and was named CFO in 2017. While there he led strategic planning and oversaw all financial matters for the NBA and its affiliated businesses including the WNBA, NBA G League, Basketball Africa League and esports league NBA 2K League. During his tenure the NBA significantly accelerated its investment in digital innovation and international expansion.

Prior to the NBA, Lockhart worked in venture capital, focused on media & technology investment banking. He previously worked at Disney’s Strategic Planning Group, focusing on business development and M&A initiatives.

When you hire a CFO of this caliber, it means a company is looking to make a big move — meaning a possible IPO or rapid growth. Lockhart’s hire is a sign that the multi-Oscar-winning A24 is doubling down on itself.

Watch on Deadline

A24 is financing and producing 14 TV series and 17 feature films worldwide.

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Tennessee Gov. Lee signs executive order making masks optional in schools

Kansas teacher fined $1,000 after quitting over masks, critical race theory

6th grade teacher who resigned over mask mandates speaks out on ‘Fox & Friends.’

Tennessee Gov. Bill Lee signed an executive order Monday allowing parents to opt their children out of coronavirus mask mandates in public schools.

“No one cares more about the health & well-being of a child than a parent,” the Republican governor tweeted in announcing the order. “Districts will make the decisions they believe are best for their schools, but parents are THE authority & will be the ultimate decision-makers for their individual child’s health & well-being. I will not be calling a special session at this time.”

State Rep. Antonio Parkinson, a Democrat, slammed the decision as “irresponsible.”

“Aren’t emergency orders supposed to be used to help mitigate or control but not exasperate an emergency situation? Is this an abuse of power?” he tweeted Tuesday morning.

Shelby County Schools, the state’s largest school district, and Metro Nashville Public Schools have announced in light of Lee’s order that they are keeping their mask mandates in place.

Oil Futures Settle Lower For 4th Straight Day

Crude oil futures settled lower Tuesday, extending losses to a fourth straight session, amid concerns about the outlook for energy demand due to a surge in cases of the Delta variant of the coronavirus.

West Texas Intermediate Crude oil futures for September ended down by $0.70 or about 1% at $66.59 a barrel.

Brent crude futures were down $0.48 or 0.7% at $69.03 a barrel a little while ago.

Worries about energy demand have risen after data showed China’s industrial production and retail sales fell short of expectations in July.

Also, daily crude processing in China dropped to its lowest level since mid-2020 last month.

The Japanese government is set to extend COVID-19 emergency control measures to more areas and into September to suppress the fifth wave of infections, public broadcaster NHK reported.

Traders now await weekly oil inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). While the API is set to release its inventory data later today, the EIA’s report is due out Wednesday morning.

According to expectations, crude inventories in the U.S. may have dropped by about 3.1 million barrels in the week ended August 13.