Baltic Dry Index. 1213 +35 Brent Crude 94.84
Spot Gold 1717 U S 2 Year Yield 3.56 +0.08
MOSCOW, Sept 9 (Reuters) - The
Russian people had "great respect" for Queen Elizabeth II, her
"wisdom and authority," the Kremlin said on Friday.
"Such qualities are in
very short supply on the international stage at the moment," Kremlin
spokesman Dmitry Peskov told reporters in a conference call.
Dow closes more than 300 points higher, stocks snap
3-week Fed-induced slide
UPDATED FRI, SEP 9 2022 4:58 PM
EDT
U.S. stocks rallied Friday as Wall Street caps
off a strong weekly performance, recovering from a Federal Reserve-induced
slump.
The Dow Jones Industrial Average
gained 377.19 points, or about 1.19% to 32,151.71. The S&P 500 jumped 1.53%
to 4,067.36, and the Nasdaq Composite climbed 2.11% to 12,112.31.
Shares of DocuSign surged
more than 10% after the electronic agreements company reported an earnings
beat. The company also issued a third-quarter revenue forecast that was above
expectations.
All three major averages snapped
a three-week losing streak. The Dow added 2.66% on the week, while the S&P
500 gained 3.65%. The Nasdaq Composite is 4.14% higher.
Stocks have been volatile
recently as expectations of a 0.75 percentage point rate hike this month grew
on Wall Street, after the Federal Reserve Chair Jerome Powell said again that
he is “strongly committed” to bringing down inflation.
“The case for the ongoing bear
market is that the Fed will continue to tighten monetary policy, withdraw
liquidity from the market and cause a tailspin for equities,” said David
Donabedian, chief investment officer of CIBC Private Wealth U.S. “But this
week’s market recovery has shown there is continued resilience in the economy
bolstered by favorable economic reports.”
Still, Donabedian added that he
does not think stocks have reached the bottom of the bear market yet.
“Indeed, the journey to the next
bull market will take time, and will be marked by a series of set-backs and
recoveries,” he said.
All three major averages closed higher Friday,
notching gains in the holiday-shortened week and snapping a three-week slump.
The Dow rose 2.8% on the week, while the S&P 500 and the Nasdaq gained 3.8%
and 4.2%, respectively.
The Dow Jones Industrial Average gained 377.19
points, or about 1.19% to 32,151.71. The S&P 500 jumped 1.53% to 4.067.36
and the Nasdaq Composite climbed 2.11% to 12,112.31.
Dow closes more than 300 points higher, stocks snap 3-week Fed-induced slide (cnbc.com)
European markets close higher after record ECB rate
hike; Bank of England postpones meeting
UPDATED FRI, SEP 9 2022 11:33 AM
EDT
European markets closed higher Friday, as
investors reacted to a record
rate hike by the European Central Bank and further comments
from Federal Reserve Chair Jerome Powell.
The pan-European Stoxx 600
provisionally ended up 1.6%, with all sectors and major bourses in positive
territory. Mining stocks were 3.2% higher to lead gains, while tech stocks were
up 2.7%.
On Thursday, the European Central Bank announced
a 75 basis point interest rate rise, taking its benchmark deposit rate to
0.75%. The bank also revised up its inflation expectations — to an average of
8.1% in 2022 — and said it expects to hike rates further as “inflation remains
far too high and is likely to stay above target for an extended period.”
Meanwhile, the Fed’s Powell said
Thursday that the U.S. central bank will raise
rates to tackle inflation “until the job is done.”
“History cautions strongly
against prematurely loosening policy,” Powell said at the Cato Institute, a
libertarian think tank based in Washington, D.C. “I can assure you that my
colleagues and I are strongly committed to this project and we will keep at it
until the job is done.”
Markets
in Asia-Pacific were higher as investors digested the slew of
central bank news, and U.S.
stock futures were also in positive territory.
Meanwhile, world leaders offered
tributes to Queen Elizabeth II, after Britain’s longest-serving
monarch died Thursday at age 96.
The Bank of England on Friday
said it would postpone its September Monetary Policy Committee meeting by a
week as the country enters a period of national mourning.
---- Sterling moved higher against the dollar Friday, regaining
steam amid a tumultuous week during which the pound hit a 37-year low, Britain
appointed a new prime minister and Queen Elizabeth II passed away.
The pound rose more than 1% to trade at $1.1646, its
highest level this month, while the greenback slipped following comments from
the U.S. Federal Reserve. It was last seen trading at $1.606.
Sterling’s moves against the euro were more muted,
with the single currency just slightly lower at 86.77 pence.
more
European
markets close higher after record ECB rate hike (cnbc.com)
Slumping U.S. stock market
technical indicators flash warning sign
NEW YORK, Sept 9
(Reuters) - Indicators that investors use to gauge the health of the U.S. stock
market have taken a turn for the worse, fueling worries that the benchmark
index may revisit its mid-June bear market low.
The
S&P 500 (.SPX) is
down 7% since mid-August following a sharp summer rally, battered by
expectations that the Federal Reserve will raise rates higher than previously
anticipated in its fight to bring down consumer prices from their 40-year
highs. read more
The
retreat in stocks has given more reason for caution to those who track market
phenomena such as breadth, momentum and trading patterns to inform their
investment decisions. While many of these indicators were painting an
optimistic picture just a few weeks ago, they tell a less bullish story now,
raising worries that this year’s selloff in markets may not be over. read more
"I had to
downgrade the market technically, given how severe the decline has been over
the last three weeks," said John Kolovos, chief technical strategist at
Macro Risk Advisors.
Recently,
market breadth has started to send worrying signals. The percentage of stocks
trading above their 50-day moving average in the Russell 3000 (.RUA) has
fallen to about 30%, from around 86% in mid-August.
"We want to
see this indicator stabilize where it is right around now," Kolovos said.
"We really don't want to see it get much lower than 25%."
Global
Inflation/Stagflation/Recession Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its
own.
"Without Energy, No Economy Can Run": German
Companies Warn Of Disaster As Electricity, Gas Taps Are Turned Off
BY TYLER DURDEN FRIDAY, SEP
09, 2022 - 07:00 AM
By John Cody of Remix News,
German companies are increasingly unable to
access energy supplies on the market, and as energy dries up, the German
economy will simply stop running, according to the Association of German
Chambers of Industry and Commerce (DIHK).
“More and more companies are
telling us that they no longer have a supply contract for electricity or gas at
all. The tap is turned off in the truest sense of the word,” DIHK President Peter Adrian told the RND newsroom.
“But without energy, no economy can
run.”
In addition, energy prices have reached a
level that threatens the existence of many companies. Just this week, German
toilet paper company Hakle filed for bankruptcy, with the owners citing
unsustainable energy and material costs as the primary factor. Meanwhile, the
Wall Street Journal reports that
Europe’s steel industry, which requires massive amounts of cheap natural gas to
run, is slashing production and facing severe financial headwinds. Other
sectors, such as chemical production, agriculture, and automating are all
facing unprecedented hurdles as the energy crisis continues to grip Europe.
Cries for help from the once booming German economy are now coming from business leaders, associations,
and consumers, with the Federation of German Industries (BDI) also warning of a
wave of bankruptcies due to energy cost inflation.
A new analysis by the BDI states that this is a major challenge for 58 percent
of companies, and 34 percent believe the current crisis represents a matter of
survival. Germany is no exception either, with warning from the United Kingdom
showing that six in ten manufacturing
companies face the risk of closure due to the energy crisis.
Some German companies, attempting to survive
in an increasingly challenging environment, are claiming they are looking to
move production overseas.
Almost every tenth company has already reduced
or even interrupted production, while every fourth company is considering or is
already relocating company shares or parts of production and jobs abroad where
costs are often cheaper than Germany.
The situation is also coming to a head in the
skilled trades.
“In the
trades, a wave of insolvencies is rolling towards us because of the energy
crisis,” said president of the Central Association of German Crafts, Hans Peter
Wollseifer, to the Rheinische Post.
“Every day, we receive emergency calls from
companies that are about to stop production because they can no longer pay the
enormously increased energy bills.”
Even though the coronavirus pandemic represented a
severe threat to many German businesses, the downturn due to the energy crisis
is expected to be much worse. Governments and central bankers are also
constrained with their policy choices. Unlike the coronavirus crisis, they can
no longer throw hundreds of billions in stimulus at the problem, as it would
likely greatly exacerbate already high inflation.
More
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
"An
Environmental Disaster": An EV Battery Metals Crunch Is On The Horizon As
The Industry Races To Recycle
by Tyler Durden Monday, Aug 02, 2021 - 08:40 PM
Covid-19
Corner
This
section will continue until it becomes unneeded.
No covid update today. Today this interesting development in fighting cancer.
Self-assembling molecules
suffocate cancer cells within hours
Nick Lavars September 08, 2022
By deploying a newly-developed drug against a key
energy source of cancer cells, scientists at the Max Planck Institute for
Polymer Research have developed a new way of eliminating them in mere hours.
The technique relies on self-assembling molecules that take on a potent form in
the cellular environment, and in doing so effectively starve the cancerous
cells of the oxygen they need to thrive.
The technology at the heart of this research takes
aim at one of the key metabolic functions of cells in all living things called ATP,
or adenosine triphosphate. This molecule is the primary energy carrier in
cells, capturing chemical energy from the breakdown of food molecules and
distributing it to power other cellular processes.
Among those cellular
processes is the proliferation of cancerous cells, and because of this we have
seen ATP implicated in previous anti-cancer
breakthroughs. The authors of the
new study sought to cut off the supply of ATP, which is generated as
mitochondria soak up oxygen and convert it into the molecule.
The team was able to achieve
this through a newly-developed drug described as a platinum(II)-containing
tripeptide. When this enters the cellular environment it responds to endogenous
hydrogen peroxide by banding its molecules together to form tiny hairs,
thousands of times thinner than a human hair.
“These hairs are fluorescent, so you can look at
them directly with a microscope as they form,” said study author Zhixuan Zhou.
Watching this play out, the team found that the
hairs blocked the conversion of oxygen into ATP. Testing it in untreatable
metastatic lung and breast cancer cells in the lab resulted in those cells
dying within four hours. This bodes well for the development of new treatments
for these types of incurable cancers, which are able to adapt to treatments and
continue to evolve.
Though the team’s experiments
focused on the environment within lung and breast cancer cells, the fact that
ATP is at work in other cell types suggests the technology might have broader
implications in drug development. The scientists note that translating this
technology into a safe clinical drug for the human body will require years more
work, but hope it can lead to new treatments for difficult-to-treat conditions.
The research was published in
the Journal
of the American Chemical Society.
Source: Max
Planck Institute for Polymer Research
Self-assembling molecules suffocate cancer cells
within hours (newatlas.com)
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 more useful Covid links.
Johns Hopkins Coronavirus
resource centre
https://coronavirus.jhu.edu/map.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.
Solar energy breakthrough: Perovskite cell with
greater stability, efficiency
Date: September 6, 2022
Source: DOE/National Renewable Energy Laboratory
Summary: Researchers have made a technological
breakthrough and constructed a perovskite solar cell with the dual benefits of
being both highly efficient and highly stable.
Researchers at the U.S. Department of Energy's (DOE's) National
Renewable Energy Laboratory (NREL) made a technological breakthrough and
constructed a perovskite solar cell with the dual benefits of being both highly
efficient and highly stable.
The work was done in collaboration with scientists from the University
of Toledo, the University of Colorado-Boulder, and the University of
California-San Diego.
A unique architectural structure enabled the researchers to record a
certified stabilized efficiency of 24% under 1-sun illumination, making it the
highest reported of its kind. The highly efficient cell also retained 87% of
its original efficiency after 2,400 hours of operation at 55 degrees Celsius.
The paper, "Surface Reaction for Efficient and Stable Inverted
Perovskite Solar Cells," appears in the journal Nature. The
authors from NREL are Qi Jiang, Jinhui Tong, Ross Kerner, Sean Dunfield,
Chuanxiao Xiao, Rebecca Scheidt, Darius Kuciauskas, Matthew Hautzinger, Robert
Tirawat, Matthew Beard, Joseph Berry, Bryon Larson, and Kai Zhu.
Perovskite, which refers to a crystalline structure, has emerged in the
last decade as an impressive means to efficiently capture sunlight and convert
it to electricity. Research into perovskite solar cells has been focused to a large
degree on how to increase their stability.
"Some people can demonstrate perovskites with high stability, but
efficiency is lower," said Zhu, a senior scientist in the Chemistry and
Nanoscience Center at NREL. "You ought to have high efficiency and high
stability simultaneously. That's challenging."
The researchers used an inverted architecture, rather than the
"normal" architecture that has to date yielded the highest
efficiencies. The difference between the two types is defined by how the layers
are deposited on the glass substrate. The inverted perovskite architecture is
known for its high stability and integration into tandem solar cells. The
NREL-led team also added a new molecule, 3-(Aminomethyl) pyridine (3-APy), to
the surface of the perovskite. The molecule reacted to the formamidinium within
the perovskite to create an electric field on the surface of the perovskite
layer.
"That suddenly gave us a huge boost of not only efficiency but also
stability," Zhu said.
More
Solar energy
breakthrough: Perovskite cell with greater stability, efficiency --
ScienceDaily
This
weekend’s music diversion, remembering 9/11, 21 years ago this weekend. After
much thought about cancelling on the night of the 9/11 murderous terrorism in 2001, this genius pianist and the Paris Orchestra
decided to perform in London’s Royal Albert Hall, to honour those killed and traumatised
by events in America earlier that day. Terrorism
would not win out no matter what.
Under
the immense pressure of the day, Helene Grimaud gave an unmatched performance
for all time. Magnificent.
Approx.
37 minutes. The opening section got a
rare, but well deserved ovation of its own.
Hélène
Grimaud: Beethoven - Piano Concerto No. 4, Op. 58 (Orchestre de Paris,
Christoph Eschenbach)
This
weekend’s chess update. Approx. 14 minutes.
Niemann:
"They Think That They Can Scare Me"
Niemann:
"They Think That They Can Scare Me" - YouTube
This
week’s maths update. Approx. 12 minutes.
Indeterminate:
the hidden power of 0 divided by 0
Indeterminate: the
hidden power of 0 divided by 0 - YouTube
"Her
Majesty witnessed tremendous change, moving adroitly with the times but always
providing stability and reassurance. She was our constant throughout this great
Elizabethan era. It was the honour of my life to serve her as prime minister.
... Our thoughts and prayers now are with her family. God Save The King."
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