“News flow on the virus is pushing safe haven buying,”
Gnanasekar Thiagarajan, director at Commtrendz Risk Management Services, said
by phone from Mumbai. “In this kind of a environment, stock markets could tank
and that fear is further adding to the risk-averse sentiment. The outlook is
bullish for gold, targeting $1,610 in the near term.” Contracts on the S&P 500 Index fell more than 1% before
paring losses, while Japan’s Topix slid and futures on Chinese shares fell more
than 5%. Oil dropped over 2% in New York, while 10-year Treasury yields sank to
the lowest since October and the yen strengthened. “Markets are focused on news around the deadly
coronavirus,” Bank of New Zealand said in a report. “There will clearly be a
significant economic impact, centered in China. A key question is the time it
will take for the virus to be contained and one can only speculate at this
stage.” As
concerns about the impact of coronavirus mount, investors have boosted holdings
in exchange-traded funds backed by gold to the highest since November, with the
assets now less than 25 tons shy of a record. Adding to the momentum, the
Federal Reserve is gearing up for its first rate-setting meeting this year,
where it’s expected to maintain easy monetary policy, and the World Gold
Council will offer its assessment of global demand trends. Spot gold traded 0.5% higher at $1,579.72 an ounce at 11:40
a.m. in Hong Kong. Silver rose 0.7% and platinum fell. Palladium dropped 1.7%,
extending its pullback from a record high. More https://www.bloomberg.com/news/articles/2020-01-26/gold-jumps-as-investors-seek-a-haven-amid-growing-virus-fears?srnd=premium
Oil extends declines as fears
grow over China virus
January 27, 2020 /
1:46 AM
TOKYO
(Reuters) - Crude prices fell more than 2% to multi-month lows on Monday as the
rising number of cases of the new coronavirus in China and city lockdowns there
deepened concerns over oil demand, even as Saudi Arabia’s energy minister
sought to calm the market.
Brent crude LCOc1 fell by $1.36 a barrel, or 2.2%, to $59.33 by 0425
GMT, having earlier dropped to $58.68, its lowest since late October. U.S.
crude CLc1 was down by $1.30, or 2.4%, to $52.89, having earlier eased to
$52.15, the lowest since early October.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said
on Monday he was watching developments in China and said he felt confident the
new virus would be contained.
Markets are being “primarily driven by psychological factors and
extremely negative expectations adopted by some market participants despite
(the virus’s) very limited impact on global oil demand,” he said.
With the coronavirus’s ability to spread getting stronger most financial
markets are being hit, although many are closed in Asia due to Lunar New Year
holidays.
“Such extreme pessimism occurred back in 2003 during the SARS outbreak
though it did not cause a significant reduction in oil demand,” Prince
Abdulaziz said.
More
Firms in China extend holidays,
ask staff to work from home as virus spreads
January 27, 2020
/ 5:13 AM
SHANGHAI/BEIJING (Reuters) - Big businesses across China
are temporarily shutting stores or advising staff to work from home, to guard
against the spread of a flu-like virus as the tally of deaths rose to 80, with
more than 2,700 people infected. Companies are also offering longer holidays, cancelling
events and imposing quarantine, as they brace for longer-term impact following
China’s weekend decision to extend the week-long Lunar New Year holiday by
three days to Feb. 2, in a bid to slow the spread of the virus. Wuhan, the epicentre of the outbreak and the capital of the
central province of Hubei, is already under virtual lockdown, with severe curbs
on movement in place in several other cities. Hotpot restaurant chain Haidilao International Holding (6862.HK )
said it would shut stores across China from Sunday to Friday, while gaming
giant Tencent Holdings Ltd (0700.HK Many companies, including e-commerce firm Pinduoduo, bank
UBS Group AG (UBSG.S ) and property developer Country Garden
(2007.HK The Hong Kong Exchanges and Clearing Ltd (HKEX) (0388.HK )
cancelled a Wednesday ceremony for the first trading day of the Lunar New Year,
it said on Monday, due to the increasing risk of coronavirus infection. The decision comes after Hong Kong banned residents of
Hubei from entering the territory from Monday. Businesses in China’s eastern manufacturing hub of Suzhou,
home to a big industrial park for pharmaceutical firms and tech companies, will
stay shut until at least Feb. 8, to guard against any spread, the city
government said in a statement on Sunday. E-commerce firm Alibaba (BABA.N )
halted sales of overpriced face masks in its online Taobao marketplace as
prices surged. https://uk.reuters.com/article/uk-china-health-business/firms-in-china-extend-holidays-ask-staff-to-work-from-home-as-virus-spreads-idUKKBN1ZQ0C2?il=0
Britain advises against all travel
to China's Hubei province
January 25, 2020
/ 10:32 PM
LONDON (Reuters) - Britain said on Saturday it was advising against all
travel to Hubei province in China due to the outbreak of coronavirus.
In new travel advice, the British Foreign and Commonwealth Office told
people to leave Hubei province. The city of Wuhan in Hubei is at the centre of
the outbreak of coronavirus.
“The Foreign and Commonwealth Office (FCO) advise against all travel to
Hubei Province. If you are in this area and able to leave, you should do so.
This is due to the ongoing novel coronavirus outbreak,” the UK government said
on its website.
Singapore says China virus
outbreak will hit its economy this year
January 27, 2020 /
4:03 AM
SINGAPORE (Reuters) - Singapore said on
Monday that the coronavirus outbreak will hurt its economy this year, as it
announced new measures to tackle the disease which originated in China and has
spread to the city-state and several other countries.
The Southeast Asian travel and tourism hub, which recorded its lowest
growth rate in a decade last year at 0.7%, has reported four cases of the
coronavirus that has killed 80 people in China so far.
“We certainly expect there to be an impact on our economy, business and
consumer confidence this year especially as the situation is expected to
persist for some time,” trade minister Chan Chun Sing said.
The government is considering support measures for hard-hit sectors like
tourism which could include property tax, rebates and worker levy cuts, he
added.
Chinese nationals make up the largest share of visitors to Singapore,
one of the worst hit countries outside of China in the 2003 outbreak of Severe
Acute Respiratory Syndrome (SARS) which killed 800 people globally.
Singapore is currently forecasting growth in a wide range of 0.5-2.5%
this year.
Chan is part of a government taskforce set up to tackle the coronavirus
spread in Singapore.
The taskforce also announced a raft of new measures on Monday to halt
the spread of the virus, including urging all school students and staff with a
recent travel history to China to stay at home for a fortnight. Families in
Singapore, many of which are ethnically Chinese and have relatives in mainland
China, are currently travelling for Lunar New Year holidays.
More
Japan to arrange charter flight
for Japanese in Wuhan as early as Tuesday - Kyodo
January 27, 2020
/ 3:56 AM
TOKYO (Reuters) - Japan is expected to arrange a charter flight as early
as Tuesday for any of its citizens who wish to return from Wuhan in China, the
epicentre of a coronavirus outbreak, Kyodo news agency cited a senior ruling
party official as saying on Monday.
The death toll from the new virus rose to 80 on Monday as residents of
Hubei province, where the disease originated, amid increasing global efforts to
halt its rapid spread.
Japan’s Chief Cabinet Secretary Yoshihide Suga told a news conference
earlier on Monday the government was working with Chinese authorities to make
arrangements for all Japanese nationals wishing to return from Wuhan, including
on charter flights.
French car maker Peugeot to
repatriate staff from China's Wuhan area
January 25, 2020
/ 5:41 PM
PARIS (Reuters) - French automotive group PSA, maker of the Peugeot and
Citroen brands, said in a statement it will repatriate expat staff and their
families from the Wuhan area in China, which is at the centre of an outbreak of
coronavirus.
It said that 38 people would be evacuated and that the initiative will
be executed in full collaboration with the Chinese authorities and the French
general consulate.
PSA said the evacuees will remain in quarantine in Changsha before
travelling back to their home countries.
France to evacuate citizens from
Wuhan by air
January 26, 2020
/ 7:21 PM
PARIS (Reuters) - France said on Sunday it expected to evacuate hundreds
of its citizens from the Wuhan area in China, the epicentre of a coronavirus
outbreak.
French Health Minister Agnes Buzyn said any decision to ban flights from
China would have to be taken by the European Union and rejected calls for
temperature screening of passengers flying in from China as ineffectual.
“French citizens will be repatriated by airplane to France, with the
agreement of Chinese authorities. This will take place midweek,” Buzyn told
reporters.
France expects to repatriate up to a few hundred of its 800 citizens
living in the Wuhan area. Evacuees will have to spend 14 days in quarantine to
avoid spreading the virus in France.
Buzyn said that following the discovery of three coronavirus infections
in France on Friday - three Chinese nationals - no further cases had been
confirmed.
Buzyn rejected the need for temperature screening of airline passengers
from China.
More
Crooks
and Scoundrels Corner.
The bent, the seriously bent, and the totally doubled
over.
In other, mostly
irrelevant news this morning, the EUSSR is cooking up yet more pettifogging protectionist
rules. More details to come in March, which for the sclerotic EUSSR, is like
greased lightening.
EU plans more protectionist
antitrust rules, data sharing in policy shake-up
January 25, 2020 /
4:13 PM
BRUSSELS (Reuters)
- The EU plans to adopt more protectionist antitrust rules and encourage
businesses to share data as part of an industrial policy overhaul aimed at
giving European companies a sharper edge in global markets, a strategy document
seen by Reuters shows.
Drafted by the European Commission and set to be unveiled in March, the
strategy also includes the more aggressive use of trade defense instruments
against companies deemed to be benefiting unfairly from foreign subsidies.
“Our vision is not about shielding uncompetitive industries or
encouraging protectionist policies ... At the same time, the EU cannot be
complacent about third countries or companies undermining fair competition in
the single market on global markets,” the document said.
“This strategy sets the contours of a new and assertive industrial
policy what will enable the EU to remain a global economic power,” it added.
Numerous EU countries and companies have called for Brussels to adopt a
more ambitious and strategic industrial policy, complaining that others are
able to take advantage of Europe’s open markets without being subjected to the
same rules.
---- That argument was cited by German conglomerate Siemens
(SIEGn.DE ) and French
rival Alstom (ALSO.PA )
in their failed bid to gain EU antitrust approval to create a European rail
champion last year. Under the new policy blueprint, the Commission will
evaluate and review EU competition rules to ensure that they are fit for
purpose and contribute to a strong European industry at home and in the world. In light of the growing data economy, the new policy
envisions setting up a legal framework to facilitate the use, access to and
sharing of data in a push to get companies to embrace artificial intelligence
and blockchain technology. It will also promote more “Important Projects of Common
European Interest (IPCEI)”, building on the success of an 8-billion-euro
battery project involving seven EU countries and 17 European companies approved
last year.
More
Milton Friedman once put
it, if you’re spending your own money on yourself, you care about price and
quality. If you’re spending someone else’s money on yourself, you only care
about quality. If you’re spending your own money on someone else, you care only
about price. And if you’re spending someone else’s money on someone else, you
don’t care about either.
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?
Blue-emitting diode demonstrates
limitations and promise of perovskite semiconductors
Study shows all halide
perovskites inherently unstable, requiring great attention to environment
Date:
January 24, 2020
Source:
University of California - Berkeley
Summary:
Halide perovskites have garnered attention because they're highly efficient at
capturing energy in solar cells and efficient emitters in diodes. But
researchers failed at making perovskite LEDs that emit blue light. Chemists
succeeded, but X-ray studies of the LED's structure show that it's very
sensitive to temperature, humidity and chemical environment. Hence
environmental and chemical control is essential for stable operation. But these
properties also allow for potentially broader use, such as sensors.
University of California, Berkeley, scientists have created a blue
light-emitting diode (LED) from a trendy new semiconductor material, halide
perovskite, overcoming a major barrier to employing these cheap, easy-to-make
materials in electronic devices.
In the process, however, the researchers discovered a fundamental
property of halide perovskites that may prove a barrier to their widespread use
as solar cells and transistors.
Alternatively, this unique property may open up a whole new world for
perovskites far beyond that of today's standard semiconductors.
In a paper appearing Jan. 24 in the journal Science Advances , UC
Berkeley chemist Peidong Yang and his colleagues show that the crystal
structure of the halide perovskites changes with temperature, humidity and the
chemical environment, disrupting their optical and electronic properties.
Without close control of the physical and chemical environment, perovskite
devices are inherently unstable. This is not a major problem for traditional
semiconductors.
"Some people may say this is a limitation. For me, this is a great
opportunity," said Yang, the S. K. and Angela Chan Distinguished Chair in
Energy in the College of Chemistry and director of the Kavli Energy
NanoSciences Institute. "This is new physics: a new class of
semiconductors that can be readily reconfigured, depending on what sort of
environment you put them in. They could be a really good sensor, maybe a really
good photoconductor, because they will be very sensitive in their response to
light and chemicals."
---- "This
paper is not just about showing off that we made this blue LED," said
Yang, who is a senior faculty scientist at Lawrence Berkeley National
Laboratory (Berkeley Lab) and a UC Berkeley professor of materials science and
engineering. "We are also telling people that we really need to pay
attention to the structural evolution of perovskites during the device
operation, any time you drive these perovskites with an electrical current,
whether it is an LED, a solar cell or a transistor. This is an intrinsic
property of this new class of semiconductor and affects any potential
optoelectronic device in the future using this class of material."
More
'You
just never know. That unpredictability is the great thing about life. You
change. The world changes. You live in a country where we are still blessed
with enormous opportunity. Leave yourself open to the world of possibility. You
have the ambition, you have the smarts and you have the toughness. So, turn the
page on your biography - you have just started a new chapter in your lives.'
Lloyd Blankfein, “Mr. Goldman Sacks,” the ex-CEO of Goldman
Sachs unintentionally backs Brexit in a US speech to graduates, mid 2016.
The monthly Coppock Indicators
finished December
DJIA: 28,538 +91 Up. NASDAQ: 8,973 +125 Up.
SP5 00: 3,231 +114 Up.
All higher again, but it’s
not a buy signal I would take. The rally is all down to the Fed monetizing at a
rate of about 100 billion a month. I continue to look on the Fed’s latest stock
bubble as an exit rally.
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