Baltic Dry Index. 5409 +142 Brent Crude 82.51
Spot Gold 1752
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 06/10/21 World 236,602,658
Deaths 4,831,738
“…. in August, the syndicate of industrial pasta manufacturers in France and the French committee for industrial semolina said that climate change is endangering the pasta market."
How long can France and Italy hold out? How long before one of them cracks?
How long before pasta riots hit Paris and Milan? Naples should be OK since the all the food
travel shows, show the populace mostly living by eating pizza, though the size of
a slice might shrink and the price of it rise a little lot.
Yes, it’s a cruel, cruel world for the pasta eaters. Unstoppable man-made climate change is now threatening spaghetti Bolognese. After all, what’s Bolognese without the spaghetti? Lasagne without a top, the middle layers, and a bottom! How dare they!
Maybe there’s an opening here for Cornish Pasty exporters. All they probably have to do is spray them with a little synthetic garlic near the end of manufacture. Perhaps the wrapper too, to boost sales. Perhaps I’m a little to old to become Europe’s Pasty King.
There’s probably not much of an opening for Scots Haggis or porridge though. There almost never is!
For more on the Great EU Pasta Pickle, scroll down to the Global Inflation section.
Now back to the central bankster fuelled stock casinos, though today’s real story is in the global inflation section.
Oil at new multi-year highs, Asian shares fall
October 6, 2021 3:35 AM BST
HONG KONG, Oct 6 (Reuters) - Asian shares dropped on Wednesday, reversing early gains, after an overnight rebound in U.S. and European stocks as investors shrugged off worries about a potential U.S. government debt default, while oil paused near new multi-year highs.
The gains in oil are driven by concerns about energy supply, and come two days after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.
U.S. crude rose to its highest level since 2014 on Wednesday but pared gains and was last off 0.09% to $78.87 a barrel. Brent crude lost 0.08% to $82.49 per barrel, having hit a three-year high in the previous session.
"OPEC’s outlook suggests further reductions in global oil stockpiles. That’s a problem given that oil inventories are already low," wrote analysts at CBA in a note.
Rising prices could threaten the global economic recovery as global oil demand growth was picking up as economies re‑opened on the back of rising vaccination rates, they added.
In equity markets, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.6%, reversing early gains, while Japan's Nikkei (.N225) lost 0.78%.
Traders say markets are jittery due to worries about China's real estate market as well as approaching higher interest rates around the world.
----Chinese markets remained closed for a public holiday, and shares of cash-strapped Chinese developer China Evergrande (3333.HK) were suspended having stopped trading on Monday pending an announcement of a significant transaction.
Uncertainty about Evergrande's fate roiled Chinese property developers' bonds and Hong Kong-listed shares and bonds on Tuesday following fresh credit rating downgrades. read more
Elsewhere, New Zealand's central bank raised interest rates by 25 basis points but reaction was muted as the move to increase the cash rate to 0.50% was widely expected.
More
https://www.reuters.com/business/global-markets-wrapup-1-2021-10-06/
European markets set to tumble at the open, reversing positive sentiment
European stocks are expected to open sharply lower on Wednesday, reversing mostly positive trade this week.
The U.K.'s FTSE index is seen opening 40 points lower at 7,039, Germany's DAX 103 points lower at 15,092, France's CAC 40 down 42 points at 6,530 and Italy's FTSE MIB 175 points lower at 25,453, according to online trading platform IG.
The lower open forecast for European markets comes after a rally in the region on Tuesday with regional investors brushing off losses on Wall Street earlier in the week.
A reversal of positive sentiment does not apply to Europe alone. U.S. stock futures fell in overnight trading too, and shares in Asia-Pacific were mostly lower in Wednesday trade.
European stocks are expected to open sharply lower on Wednesday, reversing mostly positive trade this week.
The U.K.'s FTSE index is seen opening 40 points lower at 7,039, Germany's DAX 103 points lower at 15,092, France's CAC 40 down 42 points at 6,530 and Italy's FTSE MIB 175 points lower at 25,453, according to online trading platform IG.
The lower open forecast for European markets comes after a rally in the region on Tuesday with regional investors brushing off losses on Wall Street earlier in the week.
A reversal of positive sentiment does not apply to Europe alone. U.S. stock futures fell in overnight trading too, and shares in Asia-Pacific were mostly lower in Wednesday trade.
On the corporate front in Europe on Wednesday, Tesco releases half-year results and data releases include the latest German industrial orders and most recent reading of Spain's industrial output.
Investors in the region could be keeping an eye on U.S. data on Wednesday for more indications on the country's economic health with the ADP private payrolls report for September set to be released Wednesday. The closely watched nonfarm payrolls report for September is slated for release on Friday.
Commodities Index Hits Record as World Rebound Meets Shortages
By Gerson Freitas Jr
· Rising raw material and energy prices have stoked inflation
A gauge of commodities soared to an all-time high as a resurgence in demand for raw materials collides with supply constraints, working to fan fears of inflation around the world.
The Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crop futures contracts, rose 1.1% on Monday, topping a 2011 record. The index has surged more than 90% since reaching a four-year low in March of last year.
More
There
are only three ways to meet the unpaid bills of a nation. The first is
taxation. The second is repudiation. The third is inflation.
Herbert
Hoover.
Global Inflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
Don’t worry, it’s only transitory. Besides, it has a beginning, a middle and an end. Fed Chairman Powell said so, and he didn’t get where he is by being a fool.
Oil prices could hit an ‘off the charts spike,’ says strategist
Oil prices could experience an “off the charts spike” as winter approaches and OPEC and its allies stick to their earlier pact on oil output, a strategist told CNBC.
OPEC+ — the Organization of the Petroleum Exporting Countries, with their allies including Russia — have been under pressure from top consumers, such as the United States and India, to add extra supplies after oil prices surged 50% this year.
However, the oil cartel agreed on Monday to stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, shrugging off calls to pump more oil.
John Driscoll, chief strategist at JTD Energy Services, said the decision by OPEC+ was a “very prudent course of action” until one considers the ongoing energy crises and possible supply disruptions.
“What I think [is] more concerning to everyone out there … what happens during the winter? Are we going to have another Arctic freeze?” Driscoll told CNBC’s “Squawk Box Asia” on Tuesday.
He pointed to the shortage of fuel in the U.K. — with long queues of cars waiting to buy gas, as well as “fist fights.” In the U.K., people have been panic buying fuel, causing shortages, as well as straining the fuel supply chains.
-----“You could see an off the charts spike — that is one scenario out there,” said Driscoll, of oil prices. “I don’t really hear anybody talking about the prospects of a mild subdued winter. I think, given all the uncertainty over weather and climate change, we could be in for a wild ride here.”
Oil prices hit a three-year high after the OPEC+ decision. Brent was last at $82.47 per barrel on Wednesday morning during Asia hours, and WTI was at $78.84.
But energy prices were already surging this year, with crude jumping more than 50% year-to-date, adding to inflationary pressures.
More
Imported wheat price increase by 16%
by Simbarashe Sithole 03 Oct 2021 at 07:41hrs
The price of imported wheat into Harare has increased
by 16% amidst a decline in world supply of wheat Grain Millers Association
(GMAZ) has said.
In a statement GMAZ chairperson Tafadzwa Musarara said the price of imported
wheat has increased.
"The price of imported wheat into Harare has moved from USD 440 per metric
ton to USD 510per metric ton, a 16% increase, at this time of the year, we are
using mostly gristing of nearly 80% imported and 20% local wheat, costs of
capital remains high," Musarara said.
The statement attributed the decline in world supply to drought and floods,
which has increased the cost of importing the grain into the country.
"Local wheat are battling with surging imported wheat prices caused by
weather vagaries like droughts and floods which are affecting major wheat
producing countries, this has precipitated significant decline in world wheat
supply."
However GMAZ notes the worrying
decline in wheat supply with Russia the top wheat producer not being spared.
"The continuing declining of world wheat supply is worrying with Russia, a
top wheat producer cutting its exports by 12.5 million metric tons to 72.5
million metric tons, the trend is also affecting Canada and USA, who are other top
world wheat producers."
"World wheat supplies estimates for 2020/1 indicates a decline of 16.6
million tons to 1.066 billion metric tons.
Consequently, end products are becoming expensive for the wheat importers
worldwide.
The largest wheat importer Egypt in a historic move proposed to increase
subsided bread prices which have been fixed for 20-30 years, the country is the
largest bread consumer in the world.
In France, prices of packaged pasta are likely to rise an average 10% to20% due
to increases in durum wheat prices, in August, the syndicate of industrial
pasta manufacturers in France and the French committee for industrial
semonilina said that climate change is endangering the pasta market,"
concluded Musarara in a statement.
https://bulawayo24.com/index-id-news-sc-national-byo-209834.html
Energy crisis deepens in India with four days of coal reserves left
By Rajesh Kumar Singh and David Stringer, Bloomberg Last Updated: Oct 05, 2021, 11:52 AM IST
AgenciesCoal inventories at Indian power plants fell to around 8.1 million tons at the end of September, about 76% less than a year earlier, according to government data
The worsening squeeze on India’s coal supply is triggering a power crisis that’s threatening to stall the world’s fastest-expanding major economy.
Coal-fired power
stations had an average of four days’ worth of stock of the fuel at the end of
last month, the lowest level in years, and down from 13 days at the start of
August. More than half the plants are on alert for outages.
With coal used
to produce almost 70% of electricity, spot power rates have surged, while
supplies of the fuel are being diverted away from key customers including
aluminum smelters and steel mills.
Like China, India
is contending with two key challenges: soaring electricity demand as industrial
activity rebounds after pandemic curbs were lifted and a slump in local coal
output. The country meets around three-quarters of its demand locally, but
heavy rains have flooded mines and key transport routes.
Operators of coal-fired plants are facing a dilemma -- pay large premiums at
domestic auctions to secure any available local supply or wade into a seaborne
coal market where prices have soared to the highest on record. Already, the
nation’s government is drawing up guidelines in case it needs to bring idle
power stations back into action.
“Until supplies stabilize
completely, we are likely to see power outages in some pockets, while customers
elsewhere may be asked to pay more for power,” said Pranav Master, director for
infrastructure advisory at credit ratings firm Crisil Ltd. “Because of imported
coal prices shooting through the roof, plants running on domestic coal have had
to do a lot of heavy-lifting. Things are expected to get better as the rains
abate.”
The impact on consumer prices would show up a few months later, when
distribution utilities get regulatory approvals to pass on the cost, he said.
Coal inventories at Indian power plants fell to around 8.1 million tons at the
end of September, about 76% less than a year earlier, according to government
data. Average spot power prices at the Indian Energy Exchange Ltd. jumped more
than 63% in September to 4.4 rupees ($0.06) a kilowatt hour.
More
Cotton prices are on the rise. What it means for your next shopping trip
Published October 2
Consumers may be faced with rising clothing prices right as the holiday shopping season begins.
The U.S. is facing an uptick in cotton prices because of drought impacting production in the U.S., according to NRF’s chief economist Jack Kleinhenz.
It's a repeated trend, according to Kleinhenz, who noted that cotton prices climbed a decade ago when "there was significant drought affecting world production."
As a result, retailers were forced to use artificial fibers as a substitute for cotton, Kleinhenz said.
"Last time this happened it added about $1.50 to $2 to a cotton T-shirt," he said, noting that "retailers will try to hold the line on higher prices so as not to lose the store sale."
However, due to the spike in inflation across the board, that's no longer the case, Brian Yarbrough, senior analyst of equity research for Edward Jones said.
Companies won't be able to offset the costs like they once could, meaning consumers are going to feel the impact at the cash register – if not already, according to Yarbrough.
"Unfortunately, right now for consumers … for retailers and manufacturers, this [rise in cotton prices] isn't the only issue," Yarbrough said.
He added that retailers are facing rising shipping costs and higher labor costs coupled with port delays.
"I think all those things are going to factor into higher prices for the consumer," he said. "And we're hearing this across all of our retail companies."
In the past, companies have tried to cut costs by moving production overseas.
"They may raise prices a little bit, but now you're seeing it in cotton, you're seeing it in transportation, you're seeing it in the supply chain, you're seeing it in labor … so it's pressure across the board," Yarbrough said.
With the mounting pressure, "retailers just don't have enough ways to offset these price increases."
On top of that, most retailers, due to supply chain problems and strong consumer demand, are "running awfully lean" on products which means consumers aren't going to see much discounting, according to Yarbrough.
"Between that and rising prices, I think consumers are definitely going to feel the pinch of that when they get holiday shopping and moving to the next year," he said.
https://www.foxbusiness.com/lifestyle/cotton-clothing-prices-us-inflation
Gas Crisis Hits Food as Giant Dutch Greenhouses Go Dark
Aine Quinn Megan Durisin Fred Pals Sep 30 2021, 9:51 PM Oct 01 2021, 1:54 PM
(Bloomberg) -- Skyrocketing power prices are forcing the vast network of Dutch glasshouses -- the continent’s biggest -- to go dark or scale back, threatening to cut supplies at Europe’s fruit and vegetable stalls and flower shops.
Although
small, the Netherlands is the world’s second-largest exporter of food by value,
thanks in part to its high-yielding glasshouses that span some 10,000 hectares
(25,000 acres) -- about the size of Paris. They grow vegetables like tomatoes,
cucumbers and bell peppers and flowers including orchids, tulips and
chrysanthemums -- making the country one of Europe’s key suppliers of fresh
produce and a huge hub for the floral trade. In 2020, Dutch exports of
greenhouse produce amounted to 9.2 billion euros ($10.7 billion).
But heating these sprawling glass structures uses up to 3 billion cubic meters
of natural gas a year, or about 8.2% of the country’s overall consumption of
the fuel. Europe’s soaring energy prices are having a “massive impact” on the
sector, said Cindy van Rijswick, a senior analyst at Rabobank. That’s driving
some producers to cut back on lighting, end the growing season early or plan to
start later next Spring.
“These
are drastic measures that reduce production and yield and have major economic
consequences for the companies,” according to industry association Glastuinbouw
Nederland. “We cannot rule out whether consumers will also pay more for their
vegetables, flowers and plants.”
more
https://www.bloombergquint.com/onweb/your-tomatoes-may-cost-more-as-gas-prices-hit-dutch-greenhouses
Covid-19 Corner
This section will continue until it becomes unneeded.
AstraZeneca seeks U.S. authorisation of drug to prevent COVID-19
October 5, 202111:44 AM BST
Oct 5 (Reuters) - AstraZeneca (AZN.L) has requested emergency use authorisation from U.S. regulators for its new treatment to prevent COVID-19 for people who respond poorly to vaccines because of a weakened immune system.
In a statement on Tuesday, the Anglo-Swedish drugmaker said it included data in its filing with the Food and Drug Administration from a late-stage trial that showed the drug reduced the risk of people developing any COVID-19 symptoms by 77%.
The antibody therapy called AZD7442 could protect people who do not have a strong enough immune response to COVID-19 vaccines or to supplement a vaccination course for those, such as military personnel, who need to booster their protection further, AstraZeneca has said.
While vaccines rely on an intact immune system to develop targeted antibodies and infection-fighting cells, AZD7442 contains lab-made antibodies designed to linger in the body for months to contain the virus in case of an infection.
A U.S. authorisation for AZD7442 - based on two antibodies discovered by Vanderbilt University Medical Center in the United States - could be a major win for AstraZeneca, whose widely used COVID-19 vaccine has yet to be approved by U.S. authorities.
Talks regarding supply agreements for AZD7442 are ongoing with the United States and other governments, AstraZeneca said.
COVID-19 therapies based on the same class of monoclonal antibodies are being developed by rivals Regeneron (REGN.O), Eli Lilly (LLY.N) and GlaxoSmithKline (GSK.L) with partner Vir (VIR.O), competing for a role in COVID-19 treatment and prevention. But Astra's filing has cemented its lead in prevention.
More
https://www.reuters.com/world/us/astrazeneca-files-us-approval-drug-prevent-covid-19-2021-10-05/
First COVID-19 pill passes human trials, looks to FDA approval
Rich Haridy October 03, 2021
Pharmaceutical company Merck has revealed the first data from its large Phase 3 trial of an oral antiviral treatment for COVID-19. The interim results show the treatment reduces a person’s risk of hospitalization or death from COVID-19 by 50 percent when taken within five days of symptoms appearing.
From vaccines to monoclonal antibodies, an extraordinary array of COVID-19 therapies have been developed over the past 18 months. While the pandemic is far from over, doctors are certainly better equipped than ever to fight this novel coronavirus, but there is one big missing link in their current toolkit – a pill that can be taken at home at the earliest sign of coronavirus infection.
Merck’s oral COVID-19 drug is called molnupiravir. The drug had been in development for several years before the pandemic as an antiviral agent targeting RNA viruses, with a primary focus on influenza.
In late 2019 the drug was ready for initial human trials targeting influenza, but when SARS-CoV-2 appeared all research focus shifted to whether molnupiravir would work against coronaviruses. In May 2020 pharma giant Merck stepped in to accelerate clinical trials and by October a large Phase 2/3 began, spanning over 20 countries.
More
Merck's New Golden Child? What is Molnupiravir? How does it work? What about Ivermectin?
https://www.youtube.com/watch?v=IsOPBVf5Wug
Approx. 10 minutes.
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
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
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.
Not solar power or graphene today, today new research confirms what many have long suspected, artificial sweeteners come with hidden risks.
Israeli researchers uncover dangers of artificial sweeteners- study
By JERUSALEM POST STAFF OCTOBER 5, 2021 02:56
New research has found that FDA-approved artificial sweeteners can cause previously healthy gut bacteria to become diseased, leading to discomfort and digestive issues, according to Ben-Gurion University scientists.
The researchers, who published their findings last month in the International Journal of Molecular Sciences, looked at six commonly used artificial sweeteners. While none of them actively kill off the bacteria, three of the six significantly impair communication.
To test the sweeteners, scientists used sports supplements. They examined aspartame, saccharin, sucralose, acesulfame potassium (Ace-K), advantame, and neotame. Three – aspartame, sucralose, and saccharin – were found to significantly inhibit bacterial communication. At least one of the three were found in all the sports supplements they tested.
“The fact that bacteria use quorum sensing to communicate with each other revolutionizes our understanding and enables us to provide clearer answers," said lead researcher Dr. Karina Goldberg. "Artificial sweeteners disrupt that communication, which indicates that artificial sweeteners may be problematic in the long run."
Researcher Ariel Kushmaro noted that there is little accurate labeling of artificial sweeteners on products, which makes it difficult to know how much each product contains.
“Our research should push the food industry to reevaluate their use of artificial sweeteners,” Kushmaro said.
It is a way to take people's wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.
Thomas
Sowell.
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