Nasdaq Bubble Bursts. Next? Silver.

Baltic Dry Index. 1853 +24 Brent Crude 68.46

Spot Gold 1692 

Coronavirus Cases 02/04/20 World 1,000,000

Deaths 53,100

Coronavirus Cases 09/03/21 World 117,717,039

Deaths 2,612,196

9th March, 1721. Former Chancellor of the Exchequer, John Aislabie  imprisoned in the Tower of London for his role in promoting the South Sea [bubble] Company which failed in 1720.

(Accountability, the good old days.)

https://en.wikipedia.org/wiki/John_Aislabie

Today, trouble in the casinos again. Better send for Fed Chairman Powell’s NY team of market riggers yet again. For an expose of just how far market rigging can go, scroll down to “Hunt for Silver” the last item in this section.  How the Hunt Brothers were illegally robbed in 1980. A far cry from 1721.

Asian stocks fall as rising bond yields impact sha, scroll down to res

March 9, 2021  12:08 AM  By Paulina Duran, Matt Scuffham

SYDNEY/NEW YORK (Reuters) - Asian stocks were lower on Tuesday as rising bond yields impacted tech shares and company valuations in China and Korea and investors grappled with their inflation fears as the United States looks set to pass a $1.9 trillion stimulus package.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.79% lower while Korea’s Kospi fell by 1.88%, its fourth straight session of losses. Japan’s Nikkei pared back earlier losses in the session to be 0.24% higher.

U.S. Treasury Secretary Janet Yellen said on Monday that President Joe Biden’s coronavirus aid package would provide enough resources to fuel a “very strong” U.S. economic recovery, and noted “there are tools” to deal with inflation.

Despite the positive cues, investors remain conflicted over whether the stimulus will help global growth rebound faster from the COVID-19 downturn or cause the world’s biggest economy to overheat and lead to runaway inflation.

“The chance of our seeing more inflation in the economy is meaningfully increased by the monetary policy actions and the fiscal policy actions that we’re seeing around the world,” Goldman Sachs Chief Executive Officer David Solomon told a conference in Sydney via webcast.

“There is certainly a reasonable outcome where inflation accelerates more quickly than people are expecting, and that will obviously have an impact on markets and volatility.”

The technology sector and other richly valued companies have been highly susceptible to the rising rates.

---- China’s blue-chips were 1% lower while Hong Kong’s Hang Seng advanced 0.9%.

On Wall Street, the Dow advanced while the Nasdaq shed over 2%, marking a more than 10% fall since its Feb. 12 closing high and confirming a correction in the index’s value.

The Dow Jones Industrial Average rose 0.97%, the S&P 500 lost 0.54%, and the Nasdaq Composite dropped 2.41%.

More

https://www.reuters.com/article/us-global-markets/asian-stocks-fall-as-rising-bond-yields-impact-shares-idUSKBN2B02PF

It's official: Nasdaq in a correction, with 10% fall from Feb record close

March 8, 2021  9:11 PM

NEW YORK (Reuters) - The Nasdaq’s retreat from its all-time highs last month is now officially considered a correction in a bull market.

The tech-heavy index on Monday closed down 2.22% unofficially at 12,633.61, roughly 10.6% below the Feb. 12 record close at 14,095.47 and exceeding the 10% closing-basis threshold considered by market professionals as confirmation of a correction. The Nasdaq entered the latest bull market last March and rose more than 105% from the pandemic low a year ago.

Market-leading tech and tech-adjacent megacap stocks, which account for much of the Nasdaq’s total market value, thrived during the pandemic recession. But many of those shares are now seen by some investors as overvalued.

More cyclical stocks, which were battered by shutdowns and stand to benefit most from economic recovery, have since gained favor as vaccine deployment gathers steam and restrictions are lifted.

https://www.reuters.com/article/us-usa-stocks-nasdaq/its-official-nasdaq-in-a-correction-with-10-fall-from-feb-record-close-idUSKBN2B02GP

Japan downgrades fourth-quarter GDP as companies scale back spending

March 9, 2021  12:22 AM  By Daniel Leussink, Kaori Kaneko

TOKYO (Reuters) - Japan’s economy expanded at a slower-than-initially-reported pace in October-December, with firms tightening spending on plant and equipment as the coronavirus pandemic clouded their business plans.

The slower growth was mainly due to a sharper contraction in private inventories and capital expenditure expanding less than previously thought in the fourth quarter, even as exports remained solid.

Separate data showed household spending was hit by a much bigger annual drop in January than in the prior month, a sign the COVID-19 pandemic was keeping consumers cautious about shopping.

The economy grew an annualised 11.7% in October-December, weaker than the preliminary reading of 12.7% annualised growth to mark the second straight quarter of growth, Cabinet Office data showed Tuesday.

The reading, which was weaker than economists’ median forecast for a 12.8% gain, translates into a real quarter-on-quarter expansion of 2.8% from October-December, versus a preliminary 3.0% gain.

More

https://www.reuters.com/article/us-japan-economy-gdp/japan-downgrades-fourth-quarter-gdp-as-companies-scale-back-spending-idUSKBN2B100V

In other casino news, the punters were selling Tesla and buying GameStop. Easy come, easy go in our new age of Magic Money Tree money in Washington District of Crooks. I wonder how and when it all ends?

Like Greensill Capital perhaps. More toxic fallout there to come.

Tesla loses a third of its value for the third time in a year

March 8, 2021  8:55 PM  By Noel Randewich

(Reuters) - Tesla Inc’s stock extended losses on Monday and is now down by a third from its January record high, making it the third time in about a year that the electric car maker’s shares have corrected that dramatically.

With investors worried about rising interest rates and dumping high-valuation stocks in recent weeks, Tesla’s market capitalization has fallen by almost $300 billion since its Jan. 26 record high to $550 billion, moving behind Facebook Inc, which it overtook in December after joining the S&P 500.

Tesla shares fell over 4% on Monday and were down almost 35% from their peak on Jan. 26. The ARK Innovation ETF, which has 10% of its assets invested ark-funds.com/arkk#holdings in Tesla, fell 6%.

Technology and other growth stocks have fallen broadly since Feb. 12, when the Nadsaq closed at its most recent record high. However, Tesla’s decline during that time has been much deeper than Wall Street’s other heavyweights.

Tesla’s surge in recent months is rooted in expectations it will expand car production quickly and profitably. The stock’s latest dip follows a tweet by Chief Executive Elon Musk on Saturday that an update on Tesla’s planned Cybertruck pickup would likely be provided in the second quarter. Musk unveiled the Cybertruck in 2019.

The most volatile among Wall Street’s largest companies, Tesla’s shares have fallen by amounts similar to or greater than the current selloff twice since early 2020.

More

https://www.reuters.com/article/us-usa-stocks-tesla-graphic/tesla-loses-a-third-of-its-value-for-the-third-time-in-a-year-idUSKBN2B02FN

GameStop jumps more than 40%, other 'meme stocks' rally on stimulus hopes

March 8, 2021  12:34 PM  By Sinéad Carew, Manas Mishra

(Reuters) - Shares of GameStop jumped more than 40% on Monday and other so-called meme stocks rallied, lifted by news from the video game retailer and expectations that investors may plow funds from coming stimulus checks into the equity market.

GameStop shares last traded up 41.2% at $194.50, their highest closing level since Feb. 1, after the company tapped shareholder and Chewy co-founder Ryan Cohen to spearhead a new committee to help the video game retail chain’s transition to e-commerce. The stock was up as much as 53% at the session high.

Other stocks favored by retail investors on forums such as Reddit’s WallStreetBets also rallied. Some market watchers cited the U.S. Senate’s passage of a $1.9 trillion stimulus bill including $1,400 direct payments to Americans.

“Maybe there’s a thought that if people are going to get a lot of money in their stimulus checks, that some of it’s going into the stock market,” said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group. “Some of it might go into those same names that we saw in late January, those message board Reddit-type stocks.”

Retail investors surveyed by Deutsche Bank last month said they would put more than a third of their stimulus checks into the stock market, which could represent inflows of around $170 billion, the bank said in a research note.

More

https://www.reuters.com/article/us-gamestop-activist/gamestop-jumps-more-than-40-other-meme-stocks-rally-on-stimulus-hopes-idUSKBN2B019T

Greensill Capital files for insolvency, administrators appointed

March 8, 2021  4:28 PM  By Kirstin Ridley, Tom Bergin

LONDON (Reuters) - Greensill Capital filed for insolvency on Monday after losing insurance coverage for its debt repackaging business and said in its court filing that its largest client, GFG Alliance, had started to default on its debts.

Greensill began to unravel last Monday when its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse.

The court document supporting Greensill’s insolvency application said without that insurance, Greensill was no longer able to sell notes backed by debts to investors, nor fund clients such as GFG in return.

“GFG has fallen into severe financial difficulty,” the court filing said. “GFG has started to default on its obligations.”

A spokesman for GFG, which is controlled by Indian-British steel magnate Sanjeev Gupta, declined to comment on the default claim in the filing, or the size of Greensill’s exposure to GFG.

Last week, GFG said it had adequate current funds and that its businesses were operationally strong.

Greensill had about $5 billion of exposure to GFG, the Financial Times reported on Monday, citing Greensill’s lawyers.

Trade unions in Britain said they would meet officials from Gupta’s Liberty Steel on Tuesday to seek assurances about jobs after Greensill’s insolvency filing.

Accountancy firm Grant Thornton said in a statement it had been appointed administrator of Greensill’s two core UK companies, which oversaw its business of buying short-term debt and converting it into bonds for sale to investors.

Grant Thornton has agreed in principle to sell Greensill’s intellectual property and technology platform for processing client payments to U.S. private equity group Apollo Global Management Inc. for $60 million, the court filing said.

Apollo is expected to announce a deal in the next day and the group plans to continue operating Greensill’s supply chain finance business for investment grade clients, one source familiar with its plans said.

Apollo, Greensill and Credit Suisse declined to comment.

More

https://www.reuters.com/article/us-britain-greensill/greensill-capital-files-for-insolvency-administrators-appointed-idUSKBN2B01WB

Finally, the Battle for Silver, real money, vs fiat money. How fiat money rigged the silver market in 1979-1980 and still riggs the market today.

Hunt For Silver.

https://s3.amazonaws.com/camppictures/CampArchive/Economy/Hunt%20For%20Silver.pdf

Now you didn’t think the markets were honest, did you?

Covid-19 Corner                       

This section will continue until it becomes unneeded.

Today something different on Ivermectin. So why is H.M.G. dragging its feet?

Dr Lawrie, Ivermectin video, Short Precis

https://www.youtube.com/watch?v=ix8i7dfsCJg

Approx. 22 minutes.

Ivermectin Evidence with Dr Tess Lawrie

https://www.youtube.com/watch?v=vYF8bnmdQfY

Approx. 1 hour.  Main part 30 minutes onwards, for those with the time.

South Korea finds no link found between deaths and coronavirus vaccine

March 8, 2021  6:34 AM  By Hyonhee Shin, Josh Smith

SEOUL (Reuters) - South Korea said on Monday it had found no link between the coronavirus vaccine and several recent deaths, as it ordered nearly 100,000 foreign workers to be tested after clusters emerged in dormitories.

Health officials had been investigating the deaths of eight people with underlying conditions who had adverse reactions after receiving AstraZeneca’s COVID-19 vaccine, but said they found no evidence that the shots played a role.

“We’ve tentatively concluded that it was difficult to establish any link between their adverse reaction after being vaccinated, and their deaths,” Korea Disease Control and Prevention Agency (KDCA) Director Jeong Eun-kyeong told a briefing.

South Korea began vaccinating residents and workers at nursing homes and other at-risk individuals at the end of February, with 316,865 people having received their first shots as of Sunday.

South Koreans aged 65 or older were not being given AstraZeneca’s vaccine after health regulators concluded that more data was needed to confirm its efficacy among that age group.

But on Monday, Jeong said an expert panel had now recommended that the shot be given to older people, and that the KDCA would soon make a final decision.

More

https://www.reuters.com/article/us-health-coronavirus-southkorea/south-korea-finds-no-link-found-between-deaths-and-coronavirus-vaccine-idUSKBN2B00HY

 

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Next, some vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.

World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines

NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html

Stanford Website. https://racetoacure.stanford.edu/clinical-trials/132

Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker

Some other useful Covid links.

Johns Hopkins Coronavirus resource centre

https://coronavirus.jhu.edu/map.html

Rt Covid-19

https://rt.live/

Centers for Disease Control Coronavirus

https://www.cdc.gov/coronavirus/2019-ncov/index.html

The Spectator Covid-19 data tracker (UK)

https://data.spectator.co.uk/city/national

Technology Update.

With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.

What’s the Role for New Nuclear Power in the Fight Against Climate Change?

Some fear small modular reactors could rob cash from more proven low-carbon technologies.

Jason Deign  March 08, 2021

Small modular reactors (SMRs) —nuclear reactors using novel technologies to fit into much smaller and mass-producible packages than the behemoth nuclear power plants of today — are presented as a way of rapidly decarbonizing the grid in the face of an ever more pressing need to meet climate targets. But some opponents claim new nuclear power could have the opposite effect, slowing the fight against manmade climate change just when things should be speeding up.

In September last year, for example, the Sierra Club Canada Foundation launched a broadside against Canada’s plans to foster an SMR industry. 

SMRs “are not the solution to climate change,” said the organization, citing a University of British Columbia study that indicates energy produced by SMRs could cost up to 10 times as much as power from renewable sources such as wind and solar. 

“Critics of SMRs say that developing experimental nuclear reactor technologies will take too long to make a difference on climate change and could drain billions of dollars from public coffers,” said the Sierra Club Canada Foundation.

Similar challenges have been leveled against U.S. utilities like Duke Energy and Southern Company that include SMRs in the longer-range suite of options to fully decarbonize their power grids by 2050. Critics question whether the SMRs under development today can be commercialized fast enough to drive down emissions over the next decade or two, and whether government funding to drive faster deployment might better be spent on other technologies. 

That’s not the only climate criticism facing new nuclear. In 2014, NuScale Power, which looks likely to become the first Western SMR developer to commercialize a reactor, published a paper on the use of its SMRs for oil recovery and refining applications. 

The aim of the paper was to show that SMRs could be instrumental in “reducing the overall carbon footprint of these industrial complexes and preserving valuable fossil resources as feedstock for higher-value products,” according to the authors. 

More

https://www.greentechmedia.com/articles/read/whats-the-role-for-new-nuclear-power-in-the-climate-change-fight

March 9, 1925. Pink's War Commences.

Pink's War was an air-to-ground bombardment and strafing campaign carried out by the Royal Air Force, under the command of Wing Commander Richard Pink, against the mountain strongholds of Mahsud tribesmen in South Waziristan in March and April 1925. It was the first independent action by the RAF, and remains the only campaign named after an RAF officer

More

https://en.wikipedia.org/wiki/Pink%27s_War