Baltic Dry Index. 1586 -12 Brent Crude 45.11
Spot Gold 1994
Coronavirus Cases 19/8/20 World 22,270,185
Deaths 788,900
"The best chance to
deploy capital is when things are going down."
Warren Buffett.
The Great Stock Mania
of 2020 bubbles on. Madness rules in our gambling casinos for now. We are
living though epic times.
Eight short months
ago, we had just one confirmed case of the novel coronavirus admitted in China.
In January 2020 life was normal, unemployment low, budgets everywhere under control.
Then came the Covid-19
pandemic and the discovery that everywhere had its own Magic Money Tree.
As thousands and
thousands of people lost their jobs and thousands of businesses shut down, many
permanently, much of the Magic Money Tree money stuck to the banksters fingers
on Wall Street and in the other major cities with stock casinos.
The last, the
Greatest Stock Mania was unleashed. It is still expanding today.
But in the real
economy, where most people live and work, Fear Of Missing Out, (FOMO,) is
replaced by Fear Of Losing My Job.
Much of all the free
Magic Money Tree money never made it to Main Street, siphoned off in the
gambling houses of Wall Street.
As more job losses
start arriving after summer, and flu season arrives, possibly coinciding with
another global wave of Covid-19 cases, I suspect that Stock Mania FOMO will get
replaced with Fear Of Not Selling Out, FONSO.
Add in the prospect
of a very left wing Democratic Socialist regime in America starting late
January 2021, and our “forward looking” stock casinos are about to get the
shock of the new reality.
In a new first in the
Great Nixonian Error of Fiat Money, communist money, we now have a new bull
market in stocks amidst a depression.
But enjoy stock mania
while it lasts. Sadly, the Magic Money Tree dies next year too!
Asian stocks at seven-month highs after Wall Street cracks more records
August 19, 2020
/ 1:31 AM
SYDNEY (Reuters) - Asian shares climbed to a
seven-month peak on Wednesday tracking the S&P 500, which scaled all-time
highs driven by ever expanding policy stimulus aimed at cushioning the blow to
economies from the coronavirus pandemic.
MSCI’s broadest index of Asia-Pacific shares outside of Japan rose 0.3%,
up for a third straight day to 570.80 points, a level not seen since late
January.
The gains were driven by Australian shares, up 0.8% and South Korea,
which added 0.6%. Japan’s Nikkei nudged up too though Chinese shares started
weaker with the blue-chip CSI300 index off 0.7%.
Overnight, both the S&P 500 and Nasdaq Composite set records soon
after the opening bell following strong sales growth reported by major U.S.
retailers including Walmart, Kohl’s and Home Depot.
The closely-watched S&P 500 topped an all-time peak reached in
February just before the onset of the COVID-19 pandemic drove the benchmark
index to lows on March 23. The index has surged about 55% since then.
At just 126 days, that “is the fastest bear market recovery ever,” said
Tapas Strickland, economist at Melbourne-based National Australia Bank.
Nasdaq clocked its 18th record closing high since early June.
The U.S. Federal Reserve’s intervention in financial markets to maintain
liquidity in the midst of the coronavirus pandemic has pushed risk assets to
all-time highs and reduced demand for safe-havens, weakening the greenback.
---- In addition, hopes of an interim fiscal package were re-ignited overnight with House Speaker Nancy Pelosi indicating a willingness to cut their proposals in order to seal a deal, NAB’s Strickland noted.
Markets were also paying close attention to minutes from the Fed’s
recent meeting due later in the day “for any hints on what the Fed could
announce regarding forward guidance come September,” Strickland said.
The Fed has cut rates to near zero to bolster business through the
pandemic, sending the dollar to a 27-month low.
More
S&P 500 sets new record high, officially enters bull market
Aug. 18, 2020 /
5:09 PM
Aug.
18 (UPI) -- The S&P 500 achieved a new
record high at the end of trading on Tuesday, entering a new bull market.The S&P 500 rose 0.23% to end the day at 3,389.78 points, surpassing its previous record close of 3,386.15 on Feb. 19, and erasing its losses since the start of the COVID-19 pandemic. The Nasdaq Composite ended the day with slight gains, rising 0.73%, while the Dow Jones Industrial Average fell 66.84 points or 0.24%.
Tuesday's gains saw the S&P 500 rally from a bear market, which is defined as a 20% decline, and officially become a bull market after setting a record high.
Tech stocks continued to dictate the markets as Amazon stock increased 4.09%, Alphabet gained 2.61%, Netflix grew 1.97%, Apple rose 0.83% and Facebook closed up 0.45% to push markets higher.
On the other hand, Boeing contributed to the Dow's losses Tuesday as stocks fell 1.03% following plans to conduct another round of job cuts after previously announcing plans to cut 160,000 employees in response to canceled orders.
"The pandemic has been tough on our people, our business and our industry. While there have been some signs of recovery, the reality is we're in a challenging position," Boeing CEO Dave Calhoun said in a message to employees Monday.
Calhoun said a new round of layoffs would be offered to employees next week.
No new U.S.-China trade talks scheduled: White House chief of staff
August 19, 2020
/ 4:31 AM
ABOARD AIR FORCE ONE (Reuters) - No new
high-level trade talks have been scheduled between the United States and China
but the two sides remain in touch about implementing a Phase 1 deal, White
House Chief of Staff Mark Meadows told reporters aboard Air Force One on
Tuesday.
U.S. President Donald Trump earlier told reporters during a visit to
Yuma, Arizona, that he had postponed an Aug. 15 review of the trade agreement
signed with China in January given his frustration over Beijing’s handling of
the coronavirus pandemic.
“I postponed talks with China. You know why? I don’t want to deal with
them now,” Trump said during a briefing on construction of a border wall with
Mexico. “What China did to the world was not even thinkable. They could have
stopped (the virus).”
Meadows said the review, mandated as part of the trade agreement with
China, had not been rescheduled, but U.S. Trade Representative Robert
Lighthizer remained in regular contact with his counterparts in China about
fulfilling its commitments.
“There are no rescheduled talks ... at this point,” Meadows told
reporters.
“Ambassador Lighthizer continues to have discussions with his Chinese
counterparts involving purchases and fulfilling their agreements.”
Trump struck a non-committal tone when asked if he would pull out of the
trade deal with China, saying, “We’ll see what happens.”
---- China’s imports of U.S. farm and manufactured goods, energy and services are well behind the pace needed to meet a first-year target increase of $77 billion over 2017 purchases. But its purchases have increased as China’s economy recovers from a coronavirus lockdown earlier this year.
On Friday, the U.S. Department of Agriculture reported the sale of
126,000 tonnes of soybeans to China, marking the eighth consecutive weekday
with large sales to Chinese buyers. Crude oil sales have also increased.
The Recession Is About to Slam Cities. Not Just the Blue-State Ones.
Those with budgets that rely heavily on
tourism, sales taxes or direct state assistance will face particular distress.
Aug. 17, 2020
The coronavirus recession will erode city budgets in many
insidious ways. It will slash the casino revenues that Detroit relies on. It
will squeeze the state aid that is a lifeblood to Rochester and Buffalo in
upstate New York. It will cut the sales tax revenue in New Orleans and Baton
Rouge, where a healthy government depends on people buying things.
The crisis has arrived faster than the damage from the
Great Recession ever did. And it will cut deep in the fiscal year ahead, with
many communities likely to lose 10 percent or more of the revenue they would
have seen without the pandemic, according to a new analysis. That’s enough for
residents to experience short-staffed libraries, strained parks departments and
fewer road projects. The hardest-hit cities like Rochester and Buffalo could
face 20 percent losses.
“The Great Recession was a story of long, drawn-out fiscal
pain — this is sharper,” said Howard Chernick, a professor emeritus of
economics at Hunter College and the Graduate Center at the City University of
New York, who worked on the new analysis estimating revenue shortfalls for 150
major cities across the nation.
These numbers give a sense of the possible economic pain
for cities if Congress and the White House fail to agree on a new relief
package that includes aid to state and local governments.
It also rebuts some of the prevailing, largely Republican arguments that have
stalled those negotiations: that federal help will bail out only blue cities
and those that have mismanaged their finances.
More
Finally, whatever next?
Have we really stopped drinking Champagne? Try dropping the price. Perhaps, in January 2021, maybe we can bring
in US “champagne” again.
Champagne makers agree harvest cut after coronavirus slump
August 18, 2020
/ 11:11 AM
PARIS (Reuters) - France’s champagne makers on Tuesday reached a
last-minute agreement to reduce the amount of grapes they will harvest this
year, as they try to recover from a collapse in sales caused by the coronavirus
crisis.
With harvesting already off to an early start after warm, dry weather
this year, producers struck a deal to cut the volume of grapes to be gathered
to 8,000 kg per hectare, down nearly 22% from 10,200 kg in 2019, a spokesman
for industry body CIVC said.
Producers have been locked in discussions for weeks over how much to cut
harvest output. Leading champagne houses have pushed for a steep fall to shore
up prices while some growers have sought a smaller reduction to take advantage
of a promising 2020 crop.
Predicting rain doesn't
count, building the ark does.
Warren Buffett.
Covid-19 Corner
South Korea warns of nationwide coronavirus spread as church outbreaks threaten capital
August 19, 2020
/ 3:06 AM
SEOUL (Reuters) - South Korea reported on Wednesday its
highest daily rise in novel coronavirus cases since early March as outbreaks
from churches around the capital spread, prompting a warning of a nationwide
wave of infections.
The 297 new infections mark the sixth straight day of triple-digit
increases in a country that has managed to blunt several previous outbreaks.
The national tally rose to 16,058 infections with 306 deaths, according
to data from the Korea Centers for Disease Control and Prevention (KCDC).
Nearly 90% of the new cases appeared in the capital, Seoul, and
surrounding areas, raising concern of the rapid spread of the virus in a
metropolitan area of more than 25 million people.
“We’re in a desperately dangerous crisis where infections are spreading
in the Seoul metropolitan area and threatening to lead to a massive nationwide
transmission,” Vice Health Minister Kim Gang-lip told a briefing.
“The government cannot contain the current spread only with tracing and
isolation ... please stay home unless you must go out.”
At least 140 of the new infections are linked to the Sarang Jeil Church,
taking the number of cases from it to nearly 600.
Morehttps://uk.reuters.com/article/us-health-coronavirus-southkorea/south-korea-warns-of-nationwide-coronavirus-spread-as-church-outbreaks-threaten-capital-idUKKCN25F05N
Mystery Grows Over Virus Spread Via Contaminated Food Packaging
Bloomberg News
Updated on August 19, 2020, 3:34 AM GMT+1
·
·
Experts say freight transmission is possible but
not likely
Evidence shows that food is an unlikely route of transmitting the coronavirus across borders, but contaminated items continue to grab the spotlight, deepening the uncertainty over whether the $220 billion cold chain industry could be implicated in the spread of Covid-19.
China has repeatedly found traces of the pathogen on packaging and food, raising fears that imported items are linked to recent virus resurgences in Beijing and the port city of Dalian. In the nation’s strongest action since it began testing food items in June, a major Chinese city on Sunday banned imports of frozen meat from coronavirus hotspots.
Cold-storage facilities and meat processing plants are ideal environments for the virus to spread, as the pathogen thrives in cold and dry environments. But there has been no concrete evidence the virus can be transmitted through food, and experts remain doubtful that it’s a major threat.
“We know that viruses usually can survive being frozen. So that means in theory it’s possible that infection could spread that way,” said Benjamin Cowling, head of epidemiology and biostatistics at the University of Hong Kong. “But in reality, it’s a very low risk that that would happen because so many steps would need to be involved.”
The virus would need to survive freezing and then defrosting. It would need to get onto someone’s hands and then into their nose or mouth, and still survive. “I don’t think it would be a frequent mode of transmission, but it is possible,” he said.
China’s top respiratory disease expert Zhong Nanshan, who advises Beijing on its Covid-19 response, downplayed the role frozen food can play in transmission. “It is relatively rare to detect the virus from imported frozen food,” he said. “Let’s not exaggerate it.”
Guangzhou Ban
Amid a lack of conclusive proof, China is taking precautionary steps, creating major disruptions with its trading partners. The Cold Chain Association of China’s southern coastal city of Guangzhou ordered all member companies to suspend imports of frozen meat and seafood from coronavirus-hit areas.The order was issued after the local government in the nearby city of Shenzhen found the virus on a surface sample of chicken wings imported from Brazil. Hong Kong has also suspended imports from that plant.
China has otherwise refrained from wider nationwide moves against imported meat due to the reliance of its population on the food source.
More
More infectious coronavirus mutation may be 'a good thing', says disease expert
August 18, 2020
/ 3:49 AM
SINGAPORE (Reuters) - An increasingly common mutation of
the novel coronavirus found in Europe, North America and parts of Asia may be
more infectious but appears less deadly, according to a prominent infectious
diseases doctor.
Paul Tambyah, senior consultant at the National University of Singapore
and president-elect of the International Society of Infectious Diseases, said
evidence suggests the proliferation of the D614G mutation in some parts of the
world has coincided with a drop in death rates, suggesting it is less lethal.
“Maybe that’s a good thing to have a virus that is more infectious but
less deadly,” Tambyah told Reuters.
Tambyah said most viruses tend to become less virulent as they mutate.
“It is in the virus’ interest to infect more people but not to kill them
because a virus depends on the host for food and for shelter,” he said.
Scientists discovered the mutation as early as February and it has
circulated in Europe and the Americas, the World Health Organization said. The
WHO has also said there is no evidence the mutation has led to more severe
disease.
On Sunday, Malaysia’s director-general of health Noor Hisham Abdullah
urged greater public vigilance after authorities detected what they believe was
the D614G mutation of the coronavirus in two recent clusters.
Sebastian Maurer-Stroh of Singapore’s agency for science, technology and
research said the variant has also been found in the city-state but that
containment measures have prevented large-scale spread.
Malaysia’s Noor Hisham said the D614G strain detected there was 10 times
more infectious and that vaccines currently in development may not be effective
against this mutation.
But Tambyah and Maurer-Stroh said such mutations would not likely change
the virus enough to make potential vaccines less effective.
“(The) variants are almost identical and did not change areas that our
immune system typically recognise, so there shouldn’t be any difference for
vaccines being developed,” said Maurer-Stroh.
https://uk.reuters.com/article/us-health-coronavirus-mutation/more-infectious-coronavirus-mutation-may-be-a-good-thing-says-disease-expert-idUKKCN25E08YGerman Uptick Fuels Fears About European Coronavirus Resurgence
By Andrew Blackman and Geraldine Amiel
August 18, 2020, 6:30 AM GMT+1 Updated on August 18, 2020,
8:52 AM GMT+1
·
Countries are tightening restrictions on public
life again
·
Summer partying and travel threaten to spread
the disease
Germany recorded the highest number of new coronavirus
cases in nearly four months, fueling fears about a resurgence of infections
across Europe.
Officials on the continent are already tightening restrictions on movement again in an effort to prevent summer partying and travel from spreading the virus. Spain and Italy have shut nightclubs and Greece limited hours for bars and restaurants to try to avoid more drastic measures after the holiday season winds down.
Governments are desperate to foster a recovery after activity collapsed in the second quarter, but failure to act decisively to prevent a widespread resurgence of the virus could mean more pain for the economy later on. Officials in Austria and Ireland will discuss possible new restrictions later on Tuesday, while the Netherlands may reintroduce limits on numbers at group gatherings.
Germany, Europe’s biggest economy and most populous nation, remains a primary concern. There were 1,693 new cases there in the 24 hours through Tuesday morning, the most since April 25, according to data from Johns Hopkins University. The number of daily cases reached almost 7,000 at the peak of the pandemic in the spring.
There have been a number of outbreaks in recent weeks in settings such
as larger family events and leisure activities, as well as in educational and
professional facilities, according to the country’s RKI public health
institute.
Chancellor Angela Merkel said at a meeting of her CDU party in Berlin on
Monday that rising infections are a concern, though manageable, and there is
currently no scope for loosening curbs. Health Minister Jens Spahn suggested at
the weekend that social gatherings should be limited to close family members
for the time being.
More
Some useful Covid links.
Johns Hopkins Coronavirus
resource centre
Rt Covid-19
Covid19info.live
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.
No limit yet for carbon nanotube fibers
Lab makes case for high-performance carbon nanotube fibers for industry
Date:
August 17, 2020
Source:
Rice University
Summary:
Researchers report advances in their quest to make the best carbon nanotube
fibers for industry.
Carbon nanotube fibers made at Rice University are now stronger than
Kevlar and are inching up on the conductivity of copper.
The Rice lab of chemical and biomolecular engineer Matteo Pasquali
reported in Carbon it has developed its strongest and most conductive
fibers yet, made of long carbon nanotubes through a wet spinning process.
In the new study led by Rice graduate students Lauren Taylor and Oliver
Dewey, the researchers noted that wet-spun carbon nanotube fibers, which could
lead to breakthroughs in a host of medical and materials applications, have
doubled in strength and conductivity every three years, a trend that spans
almost two decades.
While that may never mimic Moore's Law, which set a benchmark for
computer chip advances for decades, Pasquali and his team are doing their part
to advance the method they pioneered to make carbon nanotube fibers.
The lab's threadlike fibers, with tens of millions of nanotubes in cross
section, are being studied for use as bridges to repair damaged hearts, as
electrical interfaces with the brain, for use in cochlear implants, as flexible
antennas and for automotive and aerospace applications.
They are also part of the Carbon Hub, a multiuniversity research
initiative launched in 2019 by Rice with support from Shell, Prysmian and
Mitsubishi to create a zero-emissions future.
"Carbon nanotube fibers have long been touted for their potential
superior properties," Pasquali said.
"Two decades of research at Rice
and elsewhere have made this potential a reality. Now we need a worldwide
effort to increase production efficiency so these materials could be made with
zero carbon dioxide emissions and potentially with concurrent production of
clean hydrogen."
"The goal of this paper is to put forth the record properties of
the fibers produced in our lab," Taylor said. "These improvements
mean we're now surpassing Kevlar in terms of strength, which for us is a really
big achievement. With just another doubling, we would surpass the strongest
fibers on the market."
More
Buy
into a company because you want to own it, not because you want the stock to go
up.
Warren
Buffett. (How old fashioned.)
The Monthly Coppock Indicators finished July
DJIA: 26,428 -1 Up. NASDAQ: 10,745 +243 Up. SP500:
3,271 +89 Up.
The NASDAQ
has remained up. The DJIA and SP500 have turned up. With stock mania running
fueled by trillions of central bankster new fiat money programs, I would not
rely on the indicators.
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