Baltic Dry Index. 1327 -20 Brent Crude 83.90
Spot Gold 1754 US 2 Year Yield 4.48 +0.02
Coronavirus
Cases 02/04/20 World 1,000,000
Deaths 53,1030
Coronavirus Cases 30/11/22 World 647,007,869
Deaths 6,638,691
Christmas
is coming and the geese are getting fat, Please put a trillion in the
banksters’ hat. If you haven’t got a trillion a billion will do, If you haven’t
got a billion, God damn you!
Ebenezer
Squid
It is the month-end of November 2022, time to dress up stocks and stock indexes for the all important money manager bonuses of month-end accounting.
But 2023 looms and more interest rate hikes are coming in a few days. In better news, though, the inverted US yield curve flattened slightly, though one swallow doesn’t make for a summer. Still it wants watching.
In the ever collapsing, fraud ridden, crypto-bubble, no amount of window dressing will undo the damage caused by the FTX/FTT/SBF/Democrat Party scandal. More below.
More final 2022
exit rally ahead of the Great Biden Bust of 2023.
European markets
head for higher open as investors await euro zone inflation data
UPDATED WED, NOV 30 2022 12:27 AM EST
European
markets are heading for a higher open on Wednesday as regional markets await
the latest inflation data from the euro zone in November.
Elsewhere overnight, Asia-Pacific
shares were mostly higher on Wednesday as the reading for
China’s November factory activity fell short of expectations, dropping to the
lowest reading since April.
Chinese health officials on
Tuesday announced measures
to boost vaccination among the elderly, an indicator seen as important for
reopening the economy. When asked if recent unrest would lead to a shift in its
zero-Covid policy, they said they were “closely watching the virus” for
developments.
Meanwhile, U.S.
stock futures inched up Wednesday morning as investors await a
speech later today from Federal Reserve Chair Jerome Powell that may give
further insight into future interest rate hikes.
European markets await euro zone inflation data (cnbc.com)
China’s factory
activity at lowest reading since April; Asia markets largely higher
UPDATED WED, NOV 30 2022 12:21 AM
EST
Asia-Pacific shares were mostly higher on
Wednesday as the reading for China’s November factory activity fell short of expectations, dropping to the
lowest reading since April 2022.
Hong Kong’s Hang Seng index traded
0.22% higher, the Shanghai Composite rose
0.21%, while the Shenzhen Component was
0.38% higher.
Chinese health officials on
Tuesday announced measures
to boost vaccination among the elderly, an indicator which is seen as important
for reopening the economy, while saying it is “closely watching the virus” for
developments when asked if the ongoing unrest would lead to a shift in its
zero-Covid policy.
In Australia, the S&P/ASX 200 pared
earlier losses and traded 0.43% higher after its monthly inflation indicator showed some
slowing for October. The Nikkei 225 and
the Topix in Japan slipped 0.43% and 0.48%, respectively.
South Korea’s Kospi reversed
losses to rise 0.81%. The MSCI’s broadest index of Asia-Pacific shares outside
Japan rose 0.5%.
Japan’s Fast Retailing and
electric-vehicle maker Xpeng are
set to report earnings, and Fed
Chair Jerome Powell will be delivering a speech at the Brookings Institution on
Wednesday.
Overnight in the U.S., major
indexes ended
the session lower.
China's
factory activity at lowest reading since April; Asia markets largely higher
(cnbc.com)
‘Wild ride’:
Morgan Stanley’s Mike Wilson predicts double-digit percentage drop will hit
stocks in early 2023
Investors may be on
the doorstep of a deep pullback.
Morgan Stanley’s Mike
Wilson, who has an S&P 500 year-end target of 3,900 for next year, warns
corporate America is getting ready to unleash downward earnings revisions that
will pummel stocks.
“It’s the path. I mean nobody cares about what’s going to happen in 12
months. They need to deal with the next three to six months,” he told CNBC’s “Fast Money” on Tuesday.
“That’s where we actually think there’s significant downside. So, while 3,900
sounds like a really boring six months. No... it’s going to be a wild ride.”
Wilson, who serves as the firm’s chief U.S. equity
strategist and chief investment officer, believes the S&P could drop as
much as 24% from Tuesday’s close in early 2023.
“You should expect an S&P
between 3,000 and 3,300 some time in probably the first four months of the
year,” he said. “That’s when we think the deacceleration on the revisions on
the earnings side will kind of reach its crescendo.”
On Tuesday, the S&P 500 closed
at 3,957.63, a 17% decline so far this year. Wilson’s year-end price target was
3,900 for this year, too.
“The bear market is not over,” he
added. “We’ve got significantly lower lows if our earnings forecast is
correct.”
And he believes the pain will be widespread.
More
Double-digit
percentage drop will hit stocks in 2023: Morgan Stanley (cnbc.com)
Finally,
great news for FTX employees, not so good news for FTX creditors and
depositors. Would the last person out of crypto-land please remember to switch
off the lights.
Collapsed crypto
exchange FTX to resume salary payments
November 28, 2022
(Reuters) -Crypto exchange FTX and its affiliated companies, which have filed for U.S. bankruptcy court protection, said on Monday most subsidiaries would resume ordinary course payment of salary and benefits to employees worldwide.
The relief includes cash payments
with respect to both pre-petition and post-petition periods, subject to limits
established by the orders of the Bankruptcy Court.
"With the Court's approval of
our First Day motions and the work being done on global cash management, I am
pleased that the FTX group is resuming ordinary course cash payments of
salaries and benefits to our remaining employees around the world," Chief
Executive John Ray said in a statement.
The relief includes cash payments
with respect to both pre-petition and post-petition periods, subject to limits
established by the orders of the Bankruptcy Court.
"With the Court's approval of
our First Day motions and the work being done on global cash management, I am
pleased that the FTX group is resuming ordinary course cash payments of
salaries and benefits to our remaining employees around the world," Chief
Executive John Ray said in a statement.
Collapsed crypto
exchange FTX to resume salary payments (msn.com)
Bitcoin: China causes
BTC to slip - 2-year low in sight
28 November 2022
Investing.com
- Like most "risk" assets, Bitcoin is starting this new week in the
red, with a recent low of around $16,050, while the cryptocurrency spent most
of yesterday around the $16,500 mark.
At the time of writing,
BTC/USD is thus showing a drop of almost 2% since yesterday, to $16,200, and
remains stable over a week.
As is the case with stock
markets, this weakness in Bitcoin is linked to the risk-averse sentiment
hovering over global markets on Monday, as rare protests in China worry
investors around the world.
----In
more Bitcoin-specific news, and more positive for the cryptocurrency, we note
that data from blockchain data analysis company Santiment shows that the amount
of Bitcoin present on crypto platforms has fallen below the threshold of 6.95%
of the total supply.
This is the first time since
November 2018 that this figure has fallen below 7%. This is a positive factor
in the long term, as investors' retention of their bitcoins outside of
platforms suggests a long-term holding intention. In contrast, an increase in
the amount of bitcoin present on platforms is interpreted as an imminent
intention to sell.
Santiment noted that the
trend of taking Bitcoins off of exchange platforms and storing them on crypto
wallets has been around since March 2020, but was significantly accelerated by
the FTX bankruptcy case.
More
Bitcoin: China
causes BTC to slip - 2-year low in sight (msn.com)
U.S.
crypto broker Genesis says it is working to avoid bankruptcy filing
November 30, 2022 1:29
AM GMT
Nov 29 (Reuters)
- U.S. cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy
after Bloomberg news reported on Tuesday that creditors to the firm are
organizing with restructuring lawyers to prevent insolvency.
Citing
people with knowledge of the situation, the report said law firms Proskauer Rose and
Kirkland & Ellis are being consulted by creditor groups, who are seeking to
avoid a situation similar to crypto exchange FTX's rapid descent into bankruptcy.
"Our goal is
to resolve the current situation in the lending business without the need for
any bankruptcy filing," a Genesis spokesperson said.
Representatives
for Proskauer and K&E did not immediately respond to requests for comment.
"We've
begun discussions with potential investors and our largest creditors and
borrowers, including Gemini and DCG, to agree on a solution that shores up our
lending business' overall liquidity and addresses clients' needs,"
Genesis' interim chief executive Derar Islim told clients in a letter seen by
Reuters.
The
report comes as U.S. state securities regulators are investigating Genesis
Global Capital as part of a wide-ranging inquiry into the interconnectedness of
crypto firms, Barron's reported last week, citing a comment
from the Alabama Securities Commission director.
---- The
crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer
redemptions earlier this month, citing the sudden failure of FTX, where its
derivatives business has approximately $175 million in locked funds, the
company had said.
Venture
capital company Digital Currency Group, which owns Genesis
Trading and cryptocurrency asset manager Grayscale, owes $575 million to
Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert
told shareholders this month.
U.S.
crypto broker Genesis says it is working to avoid bankruptcy filing | Reuters
FTX, that
bankruptcy filing explained in detail. Approx 30 minutes.
FTX New
CEO Has To Say About Sam Bankman-Fried
FTX New CEO Has To
Say About Sam Bankman-Fried - YouTube
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.
Rates
and recession: European shares face rocky start to 2023 - Reuters poll
November 29, 2022
2:12 AM GMT
MILAN, Nov 29 (Reuters) - Tightening
financial conditions and the prospect of an economic recession are going to be
a toxic brew for European shares going into 2023 with a key regional benchmark
seen sliding towards October lows, a Reuters poll has found.
The poll of fund managers and
strategists surveyed over the past two weeks forecasts the STOXX 600 (.STOXX) equity
benchmark to reach 408 points by mid of next year, a near 8% drop from Friday's
close.
Even as Europe has joined a recent
global stock market recovery, fuelled by hopes of a pause in U.S. interest rate
hikes, the STOXX 600 remains on course for its biggest one-year drop since
2018, down around 10% year-to-date.
"The impact of aggressive rate
hikes will be felt on the real economy and hence earnings growths in the next
few quarters. Based on our economists, we expect a shallow recession in Europe
which leads to forecast an earnings decline of 12%" next year, said
Barclays strategist Emmanuel Cau in London.
The index could recover in the second
half, aided by expectations of peaking rates and reach 434 points by end-2023,
down 1.5% from Friday's close and over 12% away from the lifetime high hit in
January, according to the poll.
"The rise in risk premiums across
asset classes will eventually reach a tipping point where a shift to more
return-oriented investments will be warranted," said Tomas Hildebrandt,
Senior Portfolio Manager at Evli in Helsinki.
"Things could change, for example,
if the inflation outlook were to start improving significantly or if at least a
ceasefire is achieved in Ukraine."
For the coming months, though,
investors fear euro zone equities could lag other markets. The region's economy
is seen as particularly vulnerable due to an energy crisis exacerbated by the
Ukraine war and as the European Central Bank is steadily raising interest rates
to fight price pressures in the bloc.
"The economic outlook looks
challenging as our economists forecast a recession in the euro zone," said
Marc Haefliger, Head of Global Equity Strategy at Credit Suisse in Zurich.
"We expect earnings to deteriorate
and see the region underperforming on our tactical horizon. The economic
slowdown will hit the cyclical euro zone market disproportionately," he
added.
More
Rates and
recession: European shares face rocky start to 2023 - Reuters poll | Reuters
Gazprom
says European gas prices could pass $3,000 per thousand cubic metres
November 29, 2022
7:42 AM GMT
Nov 29 (Reuters) - The export arm of
Russia's Gazprom (GAZP.MM) said on
Tuesday that gas prices in Europe could surpass $3,000 per thousand cubic
metres, the Interfax news agency reported.
Gazprom says European gas prices could pass $3,000 per thousand cubic metres | Reuters
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.
With Covid-19 starting to become only endemic,
this section is close to coming to its end.
China targets older people in Covid-19 vaccination drive
Plan
to accelerate vaccine rates among people over 80 comes as police crack down on
protests against country’s zero-Covid policy
Tue 29 Nov 2022 10.52 GMT
Chinese health officials have announced a drive to
accelerate vaccinations of older people against Covid-19, as police patrolled
major cities to stamp out protests against the country’s strict zero-Covid policy.
The low vaccination rate among older people is one of the
major hurdles to easing the zero-Covid policy,
which has eroded economic growth, disrupted the lives of millions, and sparked
three days of unprecedented protests.
At a regular press conference on Tuesday, officials said
just 76.6% of people over 80 had received two vaccine doses, compared with more
than 90% of the general population, and only 65.8% had received a booster jab.
The National Health Commission
(NHC) said it would target more vaccinations at people older than 80, and
reduce to three months the gap between basic vaccination and booster shots for
elderly people.
Under a new plan for “strengthening coronavirus
vaccination of the elderly”, the National Health Commission (NHC) said it would
target more vaccinations at people older than 80 and reduce to three months the
gap between basic vaccination and booster shots for elderly people.
Local authorities were ordered to improve vaccine
promotion and delivery to older age groups, who have been far more averse to
vaccination than younger generations. Some individuals who have refused
vaccination would start having to explain why, officials said.
China has not yet approved mRNA vaccines, proven to be
more effective, for public use. Health experts have expressed fears that
lifting the zero-Covid policy while swathes of the population remain not fully
immunised could overwhelm China’s healthcare system.
China logged 38,421 domestic infections on Tuesday, slightly
down from record highs seen over the weekend and low when compared with
caseloads seen in western countries during the height of the pandemic.
More
China targets older people in Covid-19 vaccination
drive | China | The Guardian
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
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, among other things, I’ve added this
section. Updates as they get reported.
Researchers construct nanochannels from graphene oxide
nanosheets to harvest ocean osmotic energy
NOVEMBER 28, 2022
When thinking of renewable energy
sources, it is often solar or wind that spring to mind first—but what about
ocean energy?
The
ocean covers more than 70% of the Earth's surface—providing enormous
potential for renewable
and clean
energy. Institute for Frontier
Materials (IFM) researchers hope to unlock this potential.
In a
paper published in the Journal of the American Chemical Society,
IFM researchers have demonstrated how new advanced two-dimensional (2D)
nanomaterial membrane technology can improve blue energy harvesting processes.
Blue energy harvesting is a renewable energy that
uses the salt content difference between river water and
seawater to generate electricity.
Ocean
energy is made up of five forms—tidal, water waves, ocean
currents, temperature gradients
and salinity gradient energy, offering a potential alternative, limitless
energy resource," says Associate Professor Weiwei Lei, who is leading the
sustainable energy generation project at IFM.
"Therefore,
harvesting ocean
energy through artificial
devices has attracted tremendous interest. In particular, salinity gradient
energy, also called 'osmotic energy' or 'blue energy,' provides significant
promise for the development of renewable energy.
"It
has a potential 1 TW energy (8500 TW h in a year), which exceeds the sum of
hydraulic, nuclear, wind and solar energy in
2015.
"With
the development of nanotechnology and 2D nanomaterials, novel 2D nanomaterials'
membranes with nanopores and nanochannels were designed for blue energy harvesting.
"However, the
energy harvesting efficiency of these membranes is still too low to meet the
demands of practical applications due to their high internal resistance and low
selectivity of ions.
"New advanced
2D nanomaterial membranes with novel and robust properties will solve this
problem, which is in high demand now."
Assoc. Prof. Lei
and his team members introduced a strategy to optimize the nanochannels within
the 2D nanomaterial membranes to harvest more energy through higher volumes of
water.
More
Some of
the queries Quakers are asked to consider, are: "Do you maintain strict
integrity in your business transactions and in your relations with individuals
and organizations? Are you personally scrupulous and responsible in the use of
money entrusted to you, and are you careful not to defraud the public
revenue?"
Probably
why there a no Quakers on Wall Street, in the City of London or in Parliament.
