Baltic Dry Index. 1963 -90 Brent
Crude 62.14 Spot Gold 1507
Never ending Brexit now October 31, maybe. 34 days away.
Trump’s Nuclear China Tariffs Now In Effect.
USA v EU trade war postponed to November, maybe.
It is easier to stay out than get out.
Mark Twain. Anticipating Brexit.
We are nearly at the end of month and quarter, is US politics
about to ruin the usual attempt to dress up the final figures? What more dirt on President Trump will the
polarised US media release over the weekend?
With uncertainty like this, for most it’s a time to be
scaling back risk.
While from London the impeachment numbers don’t seem to
add up, much of the US media is acting like it’s 1973-1974 all over again. If
it is, that’s not a good time to be in heavily over-priced stocks starting to
rollover from the highs.
Asian shares drop to three-week low, U.S. politics adds to gloom
September 27,
2019 / 2:17 AM / Updated 2 hours ago
TOKYO (Reuters) - Asian shares slipped to three-week lows on Friday as
the release of a whistleblower complaint against U.S. President Donald Trump
added to uncertainties about the global economy, already reeling from the
China-U.S. trade war.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped
0.42%, having fallen 1.72% so far this week, while Japan’s Nikkei slid 1.27%.
U.S. S&P 500 futures fell 0.2% in Asian trading after the index
dropped 0.24% on Thursday.
A whistleblower report released on Thursday said President Donald Trump
not only abused his office in attempting to solicit Ukraine’s interference in
the 2020 U.S. election for his political benefit, but that the White House
tried to “lock down” evidence about that conduct.
The report came after the Speaker of the U.S. House of Representatives
Nancy Pelosi launched an impeachment inquiry into him this week.
“The start of the impeachment inquiry adds a new element of
uncertainties to markets, in addition to ongoing concerns about the U.S.-China
trade war and the risk of a U.S. recession,” said Norihiro Fujito, chief
investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
“While no one thinks the Senate will vote for his impeachment given the
Republican majority there, we could see more new revelations during a long
investigation process,” he added.
On trade issues, news headlines were too mixed for investors to show a
clear reaction.
CNBC reported that trade war talks were scheduled for Oct. 10-11 in
Washington, citing people familiar with the arrangements, and China’s top
diplomat said China was willing to buy more U.S. products.
But other media reports on Thursday that the United States is unlikely
to allow American firms to supply China’s Huawei Technologies undermined hopes
of a complete deal between the countries.
The damage is already evident as Micron Technology Inc, a major Huawei
supplier, forecast first-quarter profit below Wall Street targets, pushing its
share prices down 7% in after-hours trade.
More
Huawei says it has begun producing 5G base stations without U.S. parts
September 26, 2019
/ 9:45 AM
HONG KONG
(Reuters) - Huawei Technologies Co Ltd [HWT.UL] said it has started making 5G
base stations without U.S. components and that total production of 5G base
stations should more than double next year as more countries introduce the
technology.
The company will start mass production of U.S. component-free 5G base
stations next month, founder and CEO Ren Zhengfei told a forum on Thursday.
“We carried out the testing in August and September, and from October on
we will start scale production,” Ren said, adding that initially it would begin
making 5,000 U.S. component-free 5G base stations a month.
Annual production next year is expected to hit 1.5 million units,
compared with 600,000 estimated for this year which includes those made with
U.S. components and those without.
The world’s largest telecoms gear maker has been on a U.S. trade
blacklist since May over concerns its equipment could be used by Beijing to
spy. Huawei has repeatedly denied such allegations but has taken steps to
minimize the impact.
More
Finally, more news from China. China accuses the US of
bullying. A strange way for the USA to be allegedly trying to end its trade
war. More Huawei’s next?
Next, is the USA hoarding rare earth magnets? Why?
China says it’s ready to buy more US products.
The world’s largest airport opens in Beijing. Just in
time for the 70th anniversary of the founding of Communist China
October 1, 1949. Communist China is
older than me by about 2 months. I wonder if they know?
China criticises new U.S. sanctions over Iranian oil deals
September 25,
2019 / 2:18 PM
BEIJING/NEW YORK (Reuters) - China on Thursday criticised
the United States for imposing new sanctions on Chinese
entities and people suspected of transferring oil from Iran, accusing
Washington of “bullying”.
China’s cooperation with Iran is legitimate and legal, Chinese foreign
ministry spokesman Geng Shuang said.
The U.S. Treasury Department said on Wednesday it was imposing sanctions
on five Chinese nationals and six entities that it said had violated
Washington’s unilateral curbs on Tehran,
These included two Cosco Shipping Corporation subsidiaries, Cosco
Shipping Tanker Dalian and Cosco Shipping Tanker (Dalian) Seaman and Ship
Management Co Ltd.
“We are telling China, and all nations: know that we will sanction every
violation,” U.S. Secretary of State Mike Pompeo said in New York on Wednesday.
China, which is already embroiled in a trade dispute with the United
States, responded that its dealings with Iran were legal and should be
respected.
“We always oppose the so-called long arm jurisdiction and unilateral
sanctions,” spokesman Geng said. “We also oppose the bullying practice of the
U.S.”
He urged Washington “to correct its wrongdoing”.
Attacks on Sept. 14 on Saudi Arabian oil facilities, which the United
States blames on Iran, have rattled the Middle East and raised concerns about a
broader war. Iran denies involvement.
“The more Iran lashes out the greater our pressure will and should be,”
Pompeo said. “That path forward begins now with two new actions.”
He said Washington was also ramping up efforts to educate countries on
the risks of doing business with Iran’s Revolutionary Guard Corps entities and
said it will punish those who continue to engage with them.
The other three companies appearing on the U.S. sanction list are Hong
Kong-registered China Concord Petroleum Co Ltd and Kunlun Shipping Company Ltd,
and Virgin Island-registered Kunlun Holding Company Ltd.
More
China's August rare earth magnets exports to U.S. hit highest since at least 2016
September 25,
2019 / 7:58 AM
BEIJING (Reuters) - China’s exports of rare earth magnets to the United
States in August rose to the highest level since at least 2016, customs data
showed on Wednesday, pointing to further stockpiling as concerns linger that
Beijing could restrict supply in the Sino-U.S. trade war.
Shipments to the United States rose 1.2% from a month earlier to 452,473
kg, or around 452 tonnes, according to data from the General Administration of
Customs.
Exports to the United States were 6.2% more than a year earlier and the
highest monthly total in customs database records going back to January 2017.
They have been high since Chinese President Xi Jinping visited a rare
earths magnet plant in May, with January-August shipments to the United States
up 23.8% on year at around 2,984 tonnes.
China is the world’s dominant producer of rare earth magnets, which are
widely used in medical devices, consumer electronics, and defence. It has
raised the prospect of restricting rare earth supply to the United States,
although no formal measures have been announced.
Securing the supply of rare earth minerals was on the agenda of a
meeting between U.S. President Donald Trump and Australian Prime Minister Scott
Morrison in Washington last week, a senior administration official said.
Australia’s Lynas Corp (LYC.AX) is the only major rare earths producer outside of China, whose annual rare earths summit in Baotou, Inner Mongolia, on Sept. 20 was not open to foreign nationals this year.
China’s overall rare earth exports, which can fluctuate widely, came in at 4,352 tonnes in August, according to customs data released earlier this month, down 17% from July.
China's top diplomat says Beijing willing to buy more U.S. products
September 26,
2019 / 9:03 PM / Updated 4 hours ago
NEW YORK
(Reuters) - China’s top diplomat said on Thursday that China was willing to buy
more U.S. products, and said trade talks would yield results if both sides
“take more enthusiastic measures” to show goodwill and reduce “pessimistic
language” in their trade dispute.
Wang Yi, China’s state councillor and foreign minister, said in response
to questions from Reuters that the Trump administration had shown goodwill by
waiving tariffs on many Chinese products.
“And so, (on) the Chinese side, we are willing to buy more products that
are needed by the Chinese market,” Wang said on the sidelines of the United
Nations General Assembly’s annual gathering of world leaders.
“We hope both sides can take more enthusiastic measures, reduce
pessimistic language and actions. If everyone does this, talks will not only
resume, but will proceed and yield results.”
The United States and China are preparing for another round of
high-level trade talks in early October in Washington to try to find a way out
of their nearly 15-month trade war.
CNBC reported on Thursday that the talks are scheduled for Oct. 10-11 in
Washington, citing people familiar with the arrangements.
The U.S. Trade Representative’s office did not respond to queries about
the dates, which are well after celebrations in Beijing for the 70th
anniversary of the founding of the People’s Republic of China on Oct. 1.
More
Beijing’s massive Zaha Hadid “starfish” airport is open
By Anne Quito September
25, 2019
China’s largest airport is officially open. President Xi Jinping
led the inauguration ceremonies at Daxing International Airport’s sprawling main
terminal building today. It comes just ahead of the 70th anniversary of the
founding of the People’s Republic of China on Oct. 1. Officials hailed the $63
billion transport hub, which includes a network of railways, as “a new
powerful source of national development.” Daxing (IATA code: PKX), is 30 miles
south of Beijing, and was designed by the late British Iraqi architect Zaha
Hadid.
Like most public infrastructure projects in China, Daxing is
massive. Its main building is touted as the world’s biggest free-standing
terminal, and equivalent to 97 football fields. It has four runways for
commercial flights, and can accommodate 300 takeoffs and landings every hour,
according to airport officials. Its opening, less than five years after
construction began, is expected to alleviate the pressure at Beijing Capital
International Airport (PEK).
Beijing’s existing airport was built for the 2008 Olympics, and
is already running at maximum capacity. It is notorious for delayed
flights. Officials say Daxing will be able to handle 100 million
passengers a year by 2040, thereby eclipsing Atlanta’s Hartsfield-Jackson
International, currently the world’s
busiest airport. Beijing Capital is the world’s second busiest airport,
according to the Airports Council International.
Hong
Kong-based studio Level 8
planned Daxing’s interiors as if it were designing a small city. Apart from
duty-free shops and restaurants, Daxing has pet hotels, childcare facilities,
work zones, and various stages for public events.
More
I was gratified to be able to answer promptly, and I did. I said
I didn't know.
Mark Twain. On anticipating making Brexit happen.
Crooks and Scoundrels Corner.
The bent, the seriously bent, and the totally doubled
over.
Today, China again.
How China is interpreting the latest political turmoil in America.
US political chaos will damage global confidence
By
Shi Tian Source:Global Times Published: 2019/9/25 20:18:41
Political
chaos in the US is escalating.
US House Speaker Nancy Pelosi announced Tuesday that the House of Representatives will initiate a formal impeachment inquiry against President Donald Trump. Trump's phone call with Ukrainian President Volodymyr Zelensky in July was accused of asking for actions "which would benefit him [Trump] politically."
The speaker's statement gained extensive attention across the world, including from China.
Why is political chaos in Washington always in the limelight? Why is China concerned about the political events of a country on the other side of the Pacific Ocean?
The answer is simple: Chaos in the US, a major global power, may affect other countries.
Although there is no lack of contradictions and conflicts between China and the US, their connections are inseparable. In particular in the economic and trade fields, the US was the second-largest trading partner, largest export destination and sixth-largest import source of China in 2018.
Meanwhile, as the US-launched trade war against China is still underway, several trade talks await the two sides.
Trump has been deeply mired in allegations of Russian interference in the 2016 US elections since he assumed office. US politics has been filled with various investigations and reports over the past two and a half years. Personnel changes are also commonplace. Take the national security adviser. Robert O'Brien is the fourth official taking the position in the Trump administration.
The trade war intrinsically contains uncertainty. Now, the situation is getting worse. With a formal impeachment inquiry into Trump, it will be even harder for Beijing to gauge where Washington's policies are headed and how China should respond.
Some observers believe that Trump might be more eager to conclude a deal with China in an attempt to shift domestic pressure. Even if such an impact does not show up immediately, uncertainty in China will be obvious.
In addition to the trade war, the US political situation may touch multiple aspects. For instance, both China and the US shoulder responsibilities in major international issues, such as the Korean Peninsula issue and the Iran nuclear issue. Could a chaotic US government carry out effective discussions on these issues? Will it be able to ensure the consistency of its policies? It should be of great concern to China and the world.
Beijing cannot tell the future of Washington's political situation, nor will it interfere in other country's internal affairs. But we need to remind the US that frequent chaos in politics has led to a decline in US trust in China and the world.
If Washington continues to focus on political struggles rather than solving practical problems, if political chaos becomes normal, it may lose the attention and confidence of the world.
US House Speaker Nancy Pelosi announced Tuesday that the House of Representatives will initiate a formal impeachment inquiry against President Donald Trump. Trump's phone call with Ukrainian President Volodymyr Zelensky in July was accused of asking for actions "which would benefit him [Trump] politically."
The speaker's statement gained extensive attention across the world, including from China.
Why is political chaos in Washington always in the limelight? Why is China concerned about the political events of a country on the other side of the Pacific Ocean?
The answer is simple: Chaos in the US, a major global power, may affect other countries.
Although there is no lack of contradictions and conflicts between China and the US, their connections are inseparable. In particular in the economic and trade fields, the US was the second-largest trading partner, largest export destination and sixth-largest import source of China in 2018.
Meanwhile, as the US-launched trade war against China is still underway, several trade talks await the two sides.
Trump has been deeply mired in allegations of Russian interference in the 2016 US elections since he assumed office. US politics has been filled with various investigations and reports over the past two and a half years. Personnel changes are also commonplace. Take the national security adviser. Robert O'Brien is the fourth official taking the position in the Trump administration.
The trade war intrinsically contains uncertainty. Now, the situation is getting worse. With a formal impeachment inquiry into Trump, it will be even harder for Beijing to gauge where Washington's policies are headed and how China should respond.
Some observers believe that Trump might be more eager to conclude a deal with China in an attempt to shift domestic pressure. Even if such an impact does not show up immediately, uncertainty in China will be obvious.
In addition to the trade war, the US political situation may touch multiple aspects. For instance, both China and the US shoulder responsibilities in major international issues, such as the Korean Peninsula issue and the Iran nuclear issue. Could a chaotic US government carry out effective discussions on these issues? Will it be able to ensure the consistency of its policies? It should be of great concern to China and the world.
Beijing cannot tell the future of Washington's political situation, nor will it interfere in other country's internal affairs. But we need to remind the US that frequent chaos in politics has led to a decline in US trust in China and the world.
If Washington continues to focus on political struggles rather than solving practical problems, if political chaos becomes normal, it may lose the attention and confidence of the world.
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported. Is converting sunlight to usable cheap AC or DC
energy mankind’s future from the 21st century onwards?
Plasma flow near sun's surface explains sunspots, other solar phenomena
Date:
September 19, 2019
Source:
University of Washington
Summary:
A new model for plasma flow within the sun provides novel explanations for
sunspots, the 11-year sunspot cycle, solar magnetic reversals and other
previously unexplained solar phenomena.
For 400 years people have tracked sunspots, the dark patches that appear
for weeks at a time on the sun's surface. They have observed but been unable to
explain why the number of spots peaks every 11 years.
A University of Washington study published this month in the journal Physics
of Plasmas proposes a model of plasma motion that would explain the 11-year
sunspot cycle and several other previously mysterious properties of the sun.
"Our model is completely different from a normal picture of the
sun," said first author Thomas Jarboe, a UW professor of aeronautics and
astronautics. "I really think we're the first people that are telling you
the nature and source of solar magnetic phenomena -- how the sun works."
The authors created a model based on their previous work with fusion
energy research. The model shows that a thin layer beneath the sun's surface is
key to many of the features we see from Earth, like sunspots, magnetic
reversals and solar flow, and is backed up by comparisons with observations of
the sun.
"The observational data are key to confirming our picture of how
the sun functions," Jarboe said.
In the new model, a thin layer of magnetic flux and plasma, or
free-floating electrons, moves at different speeds on different parts of the
sun. The difference in speed between the flows creates twists of magnetism,
known as magnetic helicity, that are similar to what happens in some fusion
reactor concepts.
"Every 11 years, the sun grows this layer until it's too big to be
stable, and then it sloughs off," Jarboe said. Its departure exposes the
lower layer of plasma moving in the opposite direction with a flipped magnetic
field.
When the circuits in both hemispheres are moving at the same speed, more
sunspots appear. When the circuits are different speeds, there is less sunspot
activity. That mismatch, Jarboe says, may have happened during the decades of
little sunspot activity known as the "Maunder Minimum."
"If the two hemispheres rotate at different speeds, then the
sunspots near the equator won't match up, and the whole thing will die,"
Jarboe said.
"Scientists had thought that a sunspot was generated down at 30
percent of the depth of the sun, and then came up in a twisted rope of plasma
that pops out," Jarboe said. Instead, his model shows that the sunspots
are in the "supergranules" that form within the thin, subsurface
layer of plasma that the study calculates to be roughly 100 to 300 miles (150
to 450 kilometers) thick, or a fraction of the sun's 430,000-mile radius.
"The sunspot is an amazing thing. There's nothing there, and then
all of a sudden, you see it in a flash," Jarboe said.
The group's previous research has focused on fusion power reactors,
which use very high temperatures similar to those inside the sun to separate
hydrogen nuclei from their electrons. In both the sun and in fusion reactors
the nuclei of two hydrogen atoms fuse together, releasing huge amounts of
energy.
The type of reactor Jarboe has focused on, a spheromak, contains the
electron plasma within a sphere that causes it to self-organize into certain
patterns. When Jarboe began to consider the sun, he saw similarities, and
created a model for what might be happening in the celestial body.
"For 100 years people have been researching this," Jarboe
said. "Many of the features we're seeing are below the resolution of the
models, so we can only find them in calculations."
Other properties explained by the theory, he said, include flow inside
the sun, the twisting action that leads to sunspots and the total magnetic
structure of the sun. The paper is likely to provoke intense discussion, Jarboe
said.
"My hope is that scientists will look at their data in a new light,
and the researchers who worked their whole lives to gather that data will have
a new tool to understand what it all means," he said.
The research was funded by the U.S. Department of Energy. Co-authors are
UW graduate students Thomas Benedett, Christopher Everson, Christopher Hansen,
Derek Sutherland, James Penna, UW postdoctoral researchers Aaron Hossack and
John Benjamin O'Bryan, UW affiliate faculty member Brian Nelson, and Kyle
Morgan, a former UW graduate student now at CTFusion in Seattle.
Another weekend and a
political turmoil weekend on both sides of the Atlantic. In “Trumpgate,” what
new revelations will the US media dig up? In Brexit, just more of the same biased
media coverage of the last three years. But the next Conservative government,
whenever that is, will be legislating to reign back the power grab by the UK
Supreme Court. Have a great weekend everyone.
The Stockton and Darlington Railway (S&DR) was a railway
company that operated in north-east England from 1825 to 1863. The world's
first public railway to use steam
locomotives,[1]
its first line connected collieries
near Shildon with Stockton-on-Tees and Darlington,
and was officially opened on 27 September 1825. The movement of coal to ships
rapidly became a lucrative business, and the line was soon extended to a new
port and town at Middlesbrough.
While coal waggons were hauled by steam locomotives from the start, passengers
were carried in coaches drawn by horses until carriages hauled by steam
locomotives were introduced in 1833.
The monthly Coppock Indicators finished August
DJIA: 26,403 +52 Down. NASDAQ: 7,963 +59 Down.
SP500: 2,926 +53 unchanged.
An inconclusive month, but
all three shows signs of weakening.
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