Thursday 8 July 2021

China. Fed Happy. Tether-Tither. Covid Worries.

 Baltic Dry Index. 3241 +62   Brent Crude 73.41

Spot Gold 1798

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

Deaths 53,100

Coronavirus Cases 08/07/21 World 185,854,795

Deaths 4,017,843

Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof.

John Kenneth Galbraith.

In short, China’s tech crackdown continues to pressure Asian markets.  

The Fed minutes showed no change in policy for now. Let inflation rip.

The rump-EUSSR shows signs of life.

Crude oil slips.

Everyone is worried over the fast spread of new Covid variants, especially with the Tokyo Olympics due to open in just 15 days time. Probably not the wisest thing to do, but too much money is involved to stop them.

Hong Kong shares lead losses in Asia-Pacific as Chinese tech stocks drop amid regulatory fears

SINGAPORE — Shares in Asia-Pacific mostly declined in Thursday trade, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced.

By Thursday afternoon in Hong Kong, shares of Tencent dropped 2.92% while Alibaba declined 2.72% and Meituan plunged 5.45%. The Hang Seng Tech index declined 2.97%.

Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other tech firms, which once again raised concerns over the regulatory outlook.

The broader Hang Seng index in Hong Kong led losses among the region’s major markets as it slipped 2%.

In Japan, the Nikkei 225 slipped 0.72% while the Topix index declined 0.42%. The Kospi in South Korea fell 0.61%.

Mainland Chinese shares also declined, with the Shanghai composite 0.57% lower while the Shenzhen component sat below the flatline.

Over in Australia, the S&P/ASX 200 advanced about 0.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.07%.

Investors also likely continued to monitor the Covid situation regionally. The Japanese government is set to declare another Covid-19 state of emergency in Tokyo until Aug. 22, according to local news agency Kyodo News.

Meanwhile, South Korea reported the highest daily Covid-19 cases since the pandemic hit the country, according to news agency Yonhap. Australia’s New South Wales state also announced Wednesday a week-long extension of Sydney’s lockdown.

More

https://www.cnbc.com/2021/07/08/asia-markets-sp-500-record-covid-currencies-oil.html

Fed officials kept a patient tone in terms of tightening monetary policy, minutes show

Federal Reserve officials talked tapering at their most recent meeting, but few seemed in a rush to get the process going, according to minutes released Wednesday.

The Federal Open Market Committee’s June 15-16 meeting summary provided only a few new glimpses into talks about when the central bank should begin reducing the pace of its bond purchases.

Some members indicated that the economic recovery was proceeding faster than expected and was being accompanied by an outsized rise in inflation, both making the case for taking the Fed’s foot off the policy pedal.

However, the prevailing mindset was that there should be no rush and markets must be well prepared for any shifts. Most members agreed, according to the minutes, that the economy had yet to meet the “substantial further progress” benchmark the Fed has set out for any significant shifts in policy.

“In coming meetings, participants agreed to continue assessing the economy’s progress toward the Committee’s goals and to begin to discuss their plans for adjusting the path and composition of asset purchases,” the minutes stated. “In addition, participants reiterated their intention to provide notice well in advance of an announcement to reduce the pace of purchases.”

More

https://www.cnbc.com/2021/07/07/federal-reserve-releases-minutes-of-its-june-15-16-meeting.html

EU hikes its growth forecasts for the euro area but warns on the delta variant spread

Published Wed, Jul 7 2021 5:42 AM EDT

LONDON — The economic outlook has improved for the euro zone, according to the European Commission’s latest forecasts on Wednesday, but the institution warned that the delta variant is a “stark reminder” that the pandemic is not over.

The executive arm of the EU had projected in May a 4.3% GDP rate for the euro area in 2021, followed by a 4.4% GDP rate in 2022. Now, the commission has updated its forecasts and is expecting a 4.8% growth rate this year, and 4.5% for 2022.

In comparison, the European Central Bank said in June that the euro area should grow 4.6% in 2021 and 4.7% next year.

“The EU economy is set to see its fastest growth in decades this year, fueled by strong demand both at home and globally and a swifter-than-expected reopening of services sectors since the spring,” Paolo Gentiloni, the EU commissioner for the economy, said in a statement.

Based on the latest forecasts, the commission expects the euro area to return to its pre-crisis levels in the last quarter of this year — meaning one quarter earlier than expected.

However, Gentiloni also said: “Crucially, we must redouble our vaccination efforts, building on the impressive progress made in recent months: the spread of the Delta variant is a stark reminder that we have not yet emerged from the shadow of the pandemic.”

The latest economic forecasts come at a time when policymakers are increasingly worried about surging Covid-19 infections. In France, for instance, the government has raised the possibility of a fourth wave in late July — something that the country’s finance minister described as “the single thing that might jeopardize the economic recovery.”

According to the latest forecasts, France could grow at a rate of 6% this year from an earlier estimate of 5.7%.

Looking at Europe’s traditional economic engine, Germany, the commission is now expecting a GDP rate of 3.6% in 2021, versus 3.4% estimated in May.

The commission also mentioned that “there is evidence of a revival in intra-EU tourist activity, which should further benefit from the entry into application of the new EU Digital COVID Certificate as of 1 July.”

This document allows people which have tested negative for the virus, have recovered from it, or have been fully vaccinated, to travel more easily within the 27-member bloc. This is critical for tourism-dependent economies, namely Greece, Spain, Italy and Portugal.

Spain is projected to grow by 6.2% this year, the second highest growth rate in the bloc.

The commission noted that there has been more hiring in recent weeks in Spain and that business and consumer sentiment has also improved in the EU’s fourth largest market.

https://www.cnbc.com/2021/07/07/european-commission-forecasts-july-2021.html 

Finally, cryptocurrency tether, has many economists in a tither. Supposing it’s not backed by dollars after all, or at best, not enough dollars for everyone to cash out!

Some other unicorn ranching developments.

Why tether, the world’s third-biggest cryptocurrency, has got economists worried

Published Wed, Jul 7 2021 1:12 AM EDT

Tether is the third-biggest cryptocurrency in the world by market value. And it’s got some economists — including an official at the U.S. Federal Reserve — worried.

Last month, Boston Fed President Eric Rosengren raised the alarm about tether, calling it a potential financial stability risk. Meanwhile, some investors believe a loss of confidence in tether could be crypto’s “black swan,” an unpredictable event that would severely impact the market.

The issues surrounding tether hold significant implications for the nascent cryptocurrency world. And economists increasingly fear that it could also impact markets beyond digital currencies. Here’s what you need to know:

What is tether?

Chances are you’ve heard a thing or two about bitcoin. But what about tether?

Like bitcoin, tether is a cryptocurrency. In fact, it’s the world’s third-biggest digital coin by market value. But it’s very different from bitcoin and other virtual currencies.

Tether is what’s known as a stablecoin. These are digital currencies that are tied to real-world assets — the U.S. dollar, for example — to maintain a stable value, unlike most cryptocurrencies which are known to be volatile. Bitcoin, for example, rose to an all-time high of nearly $65,000 in April and has since almost halved in value.

Tether was designed to be pegged to the dollar. While other cryptocurrencies often fluctuate in value, tether’s price is usually equivalent to $1. This isn’t always the case though, and wobbles in the value of tether have spooked investors in the past.

Crypto traders often use tether to buy cryptocurrencies, as an alternative to the greenback. This essentially provides them with a way to seek safety in a more stable asset during times of sharp volatility in the crypto market.

However, crypto isn’t regulated, and many banks avoid doing business with digital currency exchanges due to the level of risk involved. That’s where stablecoins tend to come in.

Why is it controversial?

Some investors and economists are worried tether’s issuer doesn’t have enough dollar reserves to justify its dollar peg.

In May, Tether broke down the reserves for its stablecoin. The firm revealed that only a fraction of its holdings — 2.9%, to be exact — were in cash, while the vast majority was in commercial paper, a form of unsecured, short-term debt.

That would place Tether in the top 10 biggest holders of commercial paper in the world, according to JPMorgan. Tether has been compared to traditional money-market funds — but without any regulation.

With more than $60 billion worth of tokens in circulation, Tether has more deposits than that of many U.S. banks.

----Market contagion

Analysts at JPMorgan have previously warned that a sudden loss of confidence in tether could result in a “severe liquidity shock to the broader cryptocurrency market.”

But there are also concerns that a sudden increase of tether withdrawals could lead to a potential market contagion, affecting assets beyond crypto.

In June, Rosengren mentioned tether and other stablecoins as one of several potential risks to financial stability.

“These stablecoins are becoming more popular,” he said during a presentation.

“A future crisis could easily be triggered as these become a more important sector of the financial market, unless we start regulating them and making sure that there’s actually a lot more stable stability to what’s being marketed to the general public as a stablecoin,” Rosengren added.

Last week, Fitch Ratings warned a sudden mass redemption of tether tokens could destabilize short-term credit markets.

“Fewer risks are posed by coins that are fully backed by safe, highly liquid assets, although authorities may still be concerned if the footprint is potentially global or systemic,” the U.S. credit rating agency said.

“Whereas stablecoins that use fractional reserves or adopt higher-risk asset allocation may face a greater run risk.”

Tether isn’t the only stablecoin out there, but it’s by far the biggest and most popular one. Others include USD Coin and Binance USD.

https://www.cnbc.com/2021/07/07/tether-cryptocurrency-usdt-what-you-need-to-know.html

China’s war on bitcoin just hit a new level with its latest crypto crackdown

Published Wed, Jul 7 2021 12:36 AM EDT Updated Wed, Jul 7 2021 3:44 AM EDT

China’s central bank said Tuesday it had called for the shutdown of a company that “was suspected of providing software services for virtual currency transactions.” The statement, issued by the Beijing office of the People’s Bank of China, also warned institutions not to provide other services related to virtual currency, including providing business premises or marketing.

Lashing out against digital currencies is nothing new for the authoritarian state.

In 2013, the country ordered third-party payment providers to stop using bitcoin. Chinese authorities put a stop to token sales in 2017 and pledged to continue to target crypto exchanges in 2019.

But typically, each time Beijing has lashed out at the crypto industry, the sting has worn off and the rules eventually softened.

This time, however, appears to be different.

In May, China banned financial institutions and payment companies from providing crypto-related services. In June, there were mass arrests in China of people suspected of using cryptocurrencies in nefarious ways. That same month, regulators dialed up the pressure on banks and payment businesses to stop providing cryptocurrency services, and Weibo, the Twitter of China, suspended crypto-related accounts.

As of July, half the world’s bitcoin miners have now gone dark following Beijing’s call for a severe crackdown on bitcoin mining and trading.

“China’s government is doing everything they can to ensure that bitcoin and other cryptocurrencies disappear from the Chinese financial systems and economy,” said Fred Thiel, Marathon Digital Holdings CEO and Bitcoin Mining Council member.

More

https://www.cnbc.com/2021/07/06/china-cracks-down-on-crypto-related-services-in-ongoing-war-on-bitcoin.html

Bitcoin Miners Thwarted by Data Center Crunch

Brandon Kochkodin

Now’s a great time to get into Bitcoin mining. That is, if you can find a place to plug in.

A crackdown in China has taken out a vast number of machines in the global network used to perform the calculations that verify transactions and create new Bitcoins. Now profitability for miners has surged as the amount of energy needed to solve for a Bitcoin block plummets.

That’s great if your equipment is already up and running. But the hunt for space in Bitcoin-friendly data centers has become so frenzied that bounties are being offered for referrals leading to new homes for stranded miners.

Christian Kaczmarczyk, a principal at venture capital firm Third Prime, said some Chinese miners are willing to pay substantial premiums above the ideal operating rate of less than five cents per kilowatt-hour.

“People are paying an arm and a leg to find hosting right now,” Kaczmarczyk said. “These miners from China are willing to pay 6, 7, 8, 9 cents to get in the game. They’ll pay whatever.”

The creation of new hosting facilities has long failed to keep pace with mining companies that are feverishly adding equipment to their arsenals. But what had been a persistent mild ache is becoming an excruciating pain. Getting the needed materials such as electrical transformers and switches has been complicated by disruptions in the global supply chain. Strict regulations for tapping into power grids means build times that can drag on for years.

More

https://www.bloomberg.com/news/articles/2021-07-07/bitcoin-miners-thwarted-by-data-center-crunch-amid-profit-boom?srnd=premium-canada

The natural tendency of the state is inflation.

Murray Rothbard.

 

Global Inflation Watch.           

Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.

IMF chief sees risk of sustained rise in U.S. inflation

Wed, 7 July 2021, 12:02 pm

WASHINGTON (Reuters) - The International Monetary Fund on Wednesday said further fiscal support in the United States could fuel inflationary pressures and warned that the risk of a sustained rise in prices could require raising interest rates earlier-than-expected.

Higher U.S. interest rates, in turn, could lead to a sharp tightening of global financial conditions and significant capital outflows from emerging and developing economies, IMF Managing Director Kristalina Georgieva said in a blog published Wednesday with the IMF's surveillance note for G20 countries.

The IMF's assessment of U.S. inflation risks comes amid sharp criticism by Republican lawmakers of President Joe Biden's multi-trillion-dollar plans to boost spending on infrastructure, child care, community college tuition and expanded coverage of home care for the elderly and disabled.

Georgieva said an accelerated recovery from the COVID-19 pandemic in the United States, where growth is seen reaching 7% in 2021, would benefit many countries through increased trade, but rising inflation could be more sustained than expected. The IMF forecasts global growth of 6%.

Other countries face rising commodity and food prices, which are now at their highest level since 2014, putting millions of people at risk of food insecurity, the IMF said in its report.

More

https://uk.sports.yahoo.com/news/imf-chief-sees-risk-sustained-110232153.html

Business growth returns across financial services sector in second quarter

Thursday 8 July 2021 12:01 am

Business volumes across the financial services sector in the second quarter grew at its fastest pace since June 2017, after stalling in the previous quarter.

Growth in business volumes across the financial sector in the second quarter was at 40 per cent, its fastest pace since June 2017, and is expected to continue in the next quarter, according to the results of a survey by the Confederation of British Industry (CBI) and PwC. 

Optimism improved in the three months to June, but to a lesser extent than the previous quarter, marking the fourth consecutive quarter of rising sentiment.

The survey, of 118 respondents in June, found that profitability also grew at the fastest pace since December 2015, and is set to grow at a slightly slower rate over the next quarter.  

Employment grew for the first time since December 2019 after falling for five consecutive quarters previously. 

Banking was the only sub-sector where employment declined. Overall, headcounts across the sub-sectors are expected to grow at a faster pace in the next quarter. 

“Growing business volumes across the sector is good news, especially when combined with rising profitability and employment,” said Rain Newton-Smith, CBI chief economist. 

“The mood music is positive,” agreed Isabelle Jenkins, head of financial services at PwC UK, pointing to growth in business volumes, combined with a rise in employment in most financial service sectors and the flatlining in non-performing loans.

More

https://www.cityam.com/business-growth-returns-across-financial-services-sector-in-second-quarter/

British recruiters signal recovery in hiring as economies exit lockdowns

July 7, 2021 7:52 AM  By Reuters Staff

(Reuters) -British recruiters PageGroup and Robert Walters raised their annual profit forecasts on Wednesday on increased hiring across their biggest markets last month, signalling a recovery for an industry hammered by the pandemic.

Shares in PageGroup and Robert Walters rose as much as 6% each in morning trade following the news.

Recruiting firms globally suffered last year as the pandemic forced most businesses to halt hiring, but COVID-19 vaccinations and the re-opening of some economies have encouraged firms to resume recruiting.

Both PageGroup and Robert Walters, which each operate in more than 30 countries, reported higher June-quarter profits from a year earlier but struck a cautiously optimistic tone in their respective statements on Wednesday.

“At this stage of the recovery, it is not easy to determine whether the improved performance is still the result of pent-up supply and demand, or a sustainable trend,” PageGroup Chief Executive Officer Steve Ingham said in a statement.

PageGroup’s German business saw a “record quarter” and its technology-focused business also benefited from pandemic-driven trends around remote work, the company said.

Within Britain, London was a bright spot for Robert Walters, which noted strong recruitment activity across the commerce, finance, legal and technology sectors.

PageGroup, which helps hire executives, professionals and clerical staff, now expects annual operating profit of between 125 million-135 million pounds ($173 million-186 million), up from a prior estimate of 90 million to 100 million pounds.

Robert Walters projected annual profit be “significantly ahead” of the level it guided in June.

More

https://www.reuters.com/article/us-pagegroup-outlook/british-recruiters-signal-recovery-in-hiring-as-economies-exit-lockdowns-idUSKCN2ED0GF

Below, why a “green energy” economy may not be possible, and if it is, it won’t be quick and it will be very inflationary, setting off a new long-term commodity Supercycle. Probably the largest seen so far.

The “New Energy Economy”: An Exercise in Magical Thinking

https://media4.manhattan-institute.org/sites/default/files/R-0319-MM.pdf

Mines, Minerals, and "Green" Energy: A Reality Check

https://www.manhattan-institute.org/mines-minerals-and-green-energy-reality-check

 

Covid-19 Corner                       

This section will continue until it becomes unneeded.

 Six vaccinated countries have high Covid infection rates. Five of them rely on Chinese vaccines

Among countries with both high vaccination rates and high rates of Covid-19 infection, most rely on vaccines made in China, a CNBC analysis shows.

The findings come as the efficacy of Chinese vaccines faces growing scrutiny, compounded by a lack of data on their protection against the more transmissible delta variant. CNBC found that weekly Covid cases, adjusted for population, have remained elevated in at least six of the world’s most inoculated countries — and five of them rely on vaccines from China.

CNBC identified 36 countries with more than 1,000 weekly new confirmed cases per million people as of July 6, using figures from Our World in Data, which compiles information from sources including the World Health Organization, governments and researchers at the University of Oxford. CNBC then identified countries among those 36 where more than 60% of the population has received at least one dose of Covid vaccine.

Those countries numbered six, and five of them use Chinese vaccines as a significant part of their national inoculation programs: United Arab Emirates, Seychelles, Mongolia, Uruguay and Chile. The one country among them that doesn’t depend on Chinese vaccines is the United Kingdom.

Mongolian state-owned news agency Montsame reported in May that the country has received 2.3 million doses of vaccine by China’s state-owned Sinopharm. That far exceeds the 80,000 doses of Russia’s Sputnik V and around 255,000 doses of Pfizer-BioNTech shot that Mongolia received as of last week.

Chile administered 16.8 million doses of vaccines from Beijing-based Sinovac Biotech — compared with 3.9 million doses of Pfizer-BioNTech and smaller amounts of two other vaccines, Reuters reported last month.

The UAE and Seychelles depended heavily on the Sinopharm vaccine at beginning of their inoculation campaigns, but each has more recently introduced other vaccines. In Uruguay, Sinovac’s shot is one of the two most-used vaccines, alongside Pfizer-BioNTech’s.

More

https://www.cnbc.com/2021/07/08/five-vaccinated-countries-with-high-covid-rates-rely-on-china-vaccines.html

Coronavirus: New 'Lambda' variant causes concern for WHO

The Lambda Coronavirus variant is circulating in South America at high rates, and one study showed some vaccines to be less effective against it.

SHIRA SILKOFF    JULY 7, 2021 12:36

A new COVID-19 variant that vaccines are reportedly less effective against, referred to as the Lambda variant, has been classified as a variant of interest by the World Health Organization (WHO). 

 

The Lambda variant is currently circulating several South American countries at a high rate, and the presence of critical mutations has been detected in the spike protein.

While the impact of the mutations on patient antibody immunity and vaccine efficiency are not fully known, the fact that the Delta variant has reduced vaccine efficiency to around 64% has led the WHO to think there may cause for concern over a similar resistance.

The effects of the Lambda variant were examined by a team of researchers, and the results were shared in a non-peer reviewed study published by Health Science website "medRxiv." 

The researchers used plasma samples from healthcare workers in Santiago, Chile who had received two doses of the Sinovac COVID-19 vaccine, in order to compare the efficiency of the vaccine against the new variant in comparison to how it had reacted to older strains.

They concluded that the mutations present in the spike protein of the Lambda variant vastly reduce the vaccine efficiency  in comparison to the Alpha and Gamma variants, although no comparison was made between the Lambda and Delta variants.

Originally identified in Peru last year, the Lambda variant is responsible for 82% of new COVID cases in Peru over the past two months. About a third of cases in Chile over the same time frame were also caused by the Lambda strain, and the UK is among the few non-South American countries to have identified the variant in a handful of cases, according to Fortune magazine.

https://www.jpost.com/health-science/vaccine-less-effective-against-new-lambda-covid-variant-concerns-who-673103

Covid-19 Vaccine-Related Blood Clots Linked to Amino Acids in New Study

Canadian researchers zero in on molecular details of antibody clusters following AstraZeneca shots

July 7, 2021 5:00 am ET

Canadian researchers say they have pinpointed a handful of amino acids targeted by key antibodies in the blood of some people who received AstraZeneca PLC’s Covid-19 vaccine, offering fresh clues to what causes rare blood clots associated with the shot.

The peer-reviewed findings, by a team of researchers from McMaster University in Ontario, were published online Wednesday by the science journal Nature. They could help doctors rapidly test for and treat the unusual clotting, arising from an immune-driven mix of coagulation and loss of platelets that stop bleeding.

The Canadian study analyzed blood samples from AstraZeneca vaccine recipients and builds on recent research done in Europe and elsewhere into the infrequent blood clots linked to the vaccine. Health officials are monitoring the rare side effects balanced with the vaccines’ proven value in fighting Covid-19. The blood clotting, which some scientists have named vaccine-induced immune thrombotic thrombocytopenia, or VITT, has also been linked to Johnson & Johnson’s Covid-19 shot, though incidents have occurred less frequently with that shot than with AstraZeneca.

Though rare, the condition has proven deadly in more than 170 adults post-vaccination in the U.K., Europe and U.S., according to government tallies. Many were younger adults who appeared healthy before vaccination, researchers and drug regulators say.

More

https://www.wsj.com/articles/covid-19-vaccine-related-blood-clots-linked-to-amino-acids-in-new-study-11625648400?mod=hp_lead_pos6

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 vaccineshttps://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines

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

Stanford Websitehttps://racetoacure.stanford.edu/clinical-trials/132

Regulatory Focus COVID-19 vaccine trackerhttps://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.

Ultrathin semiconductors electrically connected to superconductors

Date:  July 6, 2021

Source:  Swiss Nanoscience Institute, University of Basel

Summary:  Researchers have equipped an ultrathin semiconductor with superconducting contacts. These extremely thin materials with novel electronic and optical properties could pave the way for previously unimagined applications. Combined with superconductors, they are expected to give rise to new quantum phenomena and find use in quantum technology.

For the first time, University of Basel researchers have equipped an ultrathin semiconductor with superconducting contacts. These extremely thin materials with novel electronic and optical properties could pave the way for previously unimagined applications. Combined with superconductors, they are expected to give rise to new quantum phenomena and find use in quantum technology.

Whether in smartphones, televisions or building technology, semiconductors play a central role in electronics and therefore in our everyday lives. In contrast to metals, it is possible to adjust their electrical conductivity by applying a voltage and hence to switch the current flow on and off.

With a view to future applications in electronics and quantum technology, researchers are focusing on the development of new components that consist of a single layer (monolayer) of a semiconducting material. Some naturally occurring materials with semiconducting properties feature monolayers of this kind, stacked to form a three-dimensional crystal. In the laboratory, researchers can separate these layers -- which are no thicker than a single molecule -- and use them to build electronic components.

New properties and phenomena

These ultrathin semiconductors promise to deliver unique characteristics that are otherwise very difficult to control, such as the use of electric fields to influence the magnetic moments of the electrons. In addition, complex quantum mechanical phenomena take place in these semiconducting monolayers that may have applications in quantum technology.

Scientists worldwide are investigating how these thin semiconductors can be stacked to form new synthetic materials, known as van der Waals heterostructures. However, until now, they have not succeeded in combining such a monolayer with superconducting contacts in order to dig deeper into the properties and peculiarities of the new materials.

Superconducting contacts

A team of physicists, led by Dr. Andreas Baumgartner in the research group of Professor Christian Schönenberger at the Swiss Nanoscience Institute and the Department of Physics of the University of Basel, has now fitted a monolayer of the semiconductor molybdenum disulfide with superconducting contacts for the first time.

The reason why this combination of semiconductor and superconductor is so interesting is that the experts expect components of this kind to exhibit new properties and physical phenomena. "In a superconductor, the electrons arrange themselves into pairs, like partners in a dance -- with weird and wonderful consequences, such as the flow of the electrical current without a resistance," explains Baumgartner, the project manager of the study. "In the semiconductor molybdenum disulfide, on the other hand, the electrons perform a completely different dance, a strange solo routine that also incorporates their magnetic moments. Now we would like to find out which new and exotic dances the electrons agree upon if we combine these materials."

More

https://www.sciencedaily.com/releases/2021/07/210706153031.htm?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+sciencedaily%2Fmatter_energy%2Fgraphene+%28Graphene+News+--+ScienceDaily%29

Economics is extremely useful as a form of employment for economists.

John Kenneth Galbraith.

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