Baltic Dry Index. 1390 -03 Brent Crude 95.17
Spot Gold 1762 US 2 Year Yield 4.34 -0.27
Coronavirus
Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 11/11/22 World 639,397,591
Deaths 6,611,943
"Men, it has been well said, think in herds;
it will be seen that they go mad in herds, while they only recover their senses
slowly, one by one."
Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
Inflation, at least in the USA, is over, well according to the stock pedlars in the global stock casinos and President Dr. Biden.
Officially, US inflation in October came in at a mere 7.7 percent, down from September’s “official” 8.2 percent.
We’re saved, saved!! Let the good times roll on forever! Just look at the fall in the US 2 year T. Note yield. (Look away from the US yield curve, the rising oil price and collapsed cryptocurrency universe now.)
Who am I to remember that one swallow doesn’t make a summer, or that if the USA recorded inflation the way they did in the 1970s and early 80s, US inflation is actually running in the mid-double digits.
With boom times back, I have a bridge in
Brooklyn to sell, interested parties please get in touch.
Hong Kong stocks
briefly jump 7% as China trims quarantine period; U.S. inflation softer than
expected
UPDATED FRI, NOV 11 2022 12:43 AM
EST
Hong Kong stocks briefly jumped 7% as Chinese
authorities announced to trim its quarantine period by two days. Shares in the
Asia-Pacific also rose after the release
of U.S. inflation data in October raised investor hopes that
inflation has peaked.
The Hong Kong Hang Seng Index rose
6.94% with the Hang Seng Tech index rising more than 8%. In mainland China, the Shenzhen Component added
2.52%, while the Shanghai Composite Index
gained 1.72%.
The Nikkei 225 in Japan
gained 2.98% and the Topix rose 2.07%. The Kospi in South Korea also rose 3.32%
and the S&P/ASX 200 in
Australia climbed 2.79%.
Softbank is
slated to report its second quarter earnings later in the day and Hong Kong’s
revised third quarter GDP is scheduled to be released.
Overnight on Wall Street, stocks
saw their biggest rally in two years after October’s reading of
consumer price index, which inched
up just 0.4% for the month and 7.7% compared to last year,
marking a lowest annual increase since January.
Currency check:
Japanese yen, Chinese yuan at strengthened levels
The Japanese yen and Chinese yuan hovered
around strengthened levels after the U.S. dollar index fell
more than 1% overnight on a softer-than-expected inflation report.
The yen stood at
141.63 against the greenback, hovering around the strongest levels it’s seen in
two months before weakening past 150 in October.
The onshore yuan
was around 7.18, also trading near its strongest levels to the dollar in nearly
a month.
China trims Covid
quarantine time by two days
BEIJING — China
reduced the quarantine time for international travelers by two days, state
media said Friday.
Instead of making
travelers stay at a centralized quarantine facility for seven days upon arrival
in the country, the new rules stipulate a five day quarantine, followed by
three days of home observation, according to state media.
The new timeframe also applied to
close contacts of Covid infections within China, the report said.
In contact tracing,
China said it will no longer track people beyond close contacts of Covid
infections. Previously, people who were connected to those close contacts might
face additional Covid restrictions.
The new measures
reduced the number of regional risk designations to two from three — just low
and high, the report said.
Overall, the new
measures emphasized home quarantine instead of centralized quarantine.
The measures also
ended a policy that often resulted in the number of international flights,
already operating at reduced levels, getting canceled.
China
trims Covid quarantine time by two days (cnbc.com)
Finally, just when you think inflation might
be over and regular working people and pensioners might get a break, western
politicians set out to put inflation on steroids.
Russia’s Oil Output Set To Fall By 1.5 Million Bpd In
December
Russia’s oil production could drop to as low as 9 million barrels per day (bpd) in December when the EU embargo on imports of Russian crude oil enters into force, Russian news agency TASS reported on Wednesday, citing analysts at the Energy Development Center. “We expect that production in December will fall by 1.5-1.7 mln barrels per day compared to the June-October average, or 14%,” according to a report from the Energy Development Center cited by TASS.
The expected sharp drop in
Russia’s oil production will lead to a spike in international oil prices, also
considering that the OPEC+ group is reducing the target production as of
November, the experts said.
Russia’s oil production,
excluding condensate, for October came in well below its production quota for
the month, at just 9.9 million bpd, Russian Deputy Prime Minister
Alexander Novak said earlier this month.
Russia’s October production was
1.1 million bpd below its quota of 11 million bpd assigned under the OPEC+
agreement, but mostly in line with Novak’s estimates made last month.
For November, Russia’s oil
production quota under the OPEC+ pact will drop from 11 million bpd to 10.5
million bpd.
In October, Russian oil
production, including condensate, was 1.47 million tons of oil per day, or
10.78 million bpd. The October production was slightly down from the 10.8
million bpd reported for September
However, the production decline could accelerate from November as the EU
prepares to introduce an embargo on imports of Russian crude from December 5, Russian
business daily Kommersant reported at the end of October, quoting sources
familiar with the situation.
Analysts have estimated that
around 2 million bpd-3 million bpd of Russian oil and products may have to find
new homes after the EU embargo enters into force. Russia has redirected a large
part of its flows eastwards to Asia, but it may not be able to accommodate
immediately and find willing buyers for the trade flows previously going to
Europe, especially with the ban on services handling Russian oil cargoes unless
the oil is sold at or below a certain price cap.
Russia’s Oil Output Set To Fall By 1.5 Million Bpd In December | OilPrice.com
"Nations, like individuals, cannot become desperate
gamblers with impunity. Punishment is sure to overtake them sooner or
later."
Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
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.
Energy Bills In Europe Are 90% Higher Than Last Year
Electricity and gas prices are soaring across Europe, with
bills close to double from last year in most European capitals, according to
new data from the Household Energy Price Index—a monthly tracker of
energy prices for households across 33 European capitals, including the 27 EU
member states and several non-members.
According to the data collected for the HEPI, natural gas
bills in Europe have gone up by as much as 111 percent over the past year, with
electricity prices up by an average of 69 percent. Taken together,
Euronews calculates these two make for a total 90-percent
increase in household energy bills over the past year.
"Significantly
higher [energy prices] compared to one year ago ... can be attributed to a
combination of factors, such as increased demand connected to
post-pandemic economic recovery and extraordinary weather conditions, the
record-high prices for natural gas, and high CO2 emissions allowances,"
the authors of the latest HEPI report noted.
The high energy bills are creating headaches for European
governments: strikes and protests are multiplying and disgruntlement with energy
policies is growing. The cost of living in most of Europe is already exorbitant
because of the energy crisis and this crisis is only going to get worse after
the EU embargoes on Russian oil and then fuels come into effect.
In some
parts of Europe, according to the latest HEPI report, energy prices have
reached record highs but in others, prices have actually fallen, at least in
October. The news is not as good as it looks at first glance: the decline was a
result of government intervention, i.e. energy subsidies.
There
have been a lot of subsidies as European governments try to alleviate the
financial pain on households and businesses to avoid further disgruntlement.
Germany alone will be spending some $200 billion on such coping measures,
including a cap on energy prices up to a certain level of consumption.
Energy Bills In Europe Are 90% Higher Than Last Year | OilPrice.com
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.
Why
Pi is the next Covid variant on every scientist’s lips
The third anniversary
of the emergence of an obscure new coronavirus in the Chinese city of Wuhan is
coming up fast.
An outbreak that first made just a few
sentences on the foreign pages, quickly burgeoned into a global pandemic that
upended almost every aspect of life and still has profound repercussions.
More than 16 million people are
estimated to have died worldwide during the first two years,
with trillions of pounds spent, economies battered and millions of jobs lost.
Thankfully, for all the disruption, the past
year has seen a return to normal life, for many at least, as the world
desperately tries to put the pandemic behind it.
Yet major questions still remain. Is the world
past the worst of Covid-19? Are more virulent variants brewing in the pipeline?
Will a successor to the dominant omicron variant, for which the Greek letter Pi
is reserved, eventually emerge? If so, will existing immunity from vaccines and
earlier infections hold this new version of the virus at bay?
These were the
conundrums preoccupying some of the world's leading Covid virologists,
epidemiologists, immunologists and public health experts as they gathered last
week in an eco-lodge on the east coast of South Africa.
The gathering,
hosted by Durban's Africa Health Research Institute (AHRI), drew academics and
researchers from across the continent, as well as the UK, US, Japan, Singapore
and Australia. Many were meeting face-to-face for the first time, after nearly
three years of Zoom call collaboration trying to understand the pandemic during
the depths of lockdown.
The
high death tolls of 2020 and 2021 may have subsided, but the coronavirus is
still circulating widely in a
blizzard of omicron sub-variants.
South Africa's years of expertise
in tracking the HIV virus has meant the country has latterly been at the
forefront of spotting
new coronavirus variants such as these.
Omicron and its
bewildering alphabet soup of descendents seem to have turned
out to be mild, at least compared to their viral predecessors, and at the same
time a mixture of vaccinations and earlier infections are credited with giving
most people protection against severe disease.
Back to square one?
That had bred a mood of cautious optimism
among the attendees. But for many at the gathering, one of the most pressing
topics was whether a major new variant, set to be called Pi, might arise which
could put us back to square one.
More
Why
Pi is the next Covid variant on every scientist’s lips (telegraph.co.uk)
AstraZeneca
drops plans for Covid jab approval in US
November 10, 2022
Drugs giant AstraZeneca has
abandoned plans to seek approval for its Covid-19 jab in the US as it revealed
falling sales of the vaccine worldwide.
The Anglo-Swedish group,
which developed the Vaxzevria vaccine with Oxford University, revealed in its third-quarter results that it would
drop an application with the Food and Drug Administration (FDA) in the US and
instead focus its efforts elsewhere globally, including for its use as a
booster.
The group’s figures showed
that demand is waning for the Covid jab – which was one of the first to be
developed worldwide – with sales of Vaxzevria dropping to 173 million US
dollars (£152 million) in its third quarter from 1.05 billion US dollars (£922 billion)
a year earlier.
The vaccine was quickly
approved for use in the UK, Europe and
elsewhere worldwide, but not in the US, where regulators wanted more data.
AstraZeneca had planned to go
for full approval from the FDA, but the firm’s boss said the application had
become overly complicated and “very large”.
The group said: “As the
primary vaccination needs of the US are being met already, AstraZeneca has
decided that it will not submit a biologics licence application for Vaxzevria
in the US.
“The
company will continue to focus its efforts on ensuring availability of
Vaxzevria elsewhere around the world, including submissions for its use as a
booster.”
The firm has mostly distributed its Covid vaccine on a
not-for-profit basis, and it has been widely used in developing countries, with
three billion doses sold worldwide so far.
While
demand for the jab is tailing off, its other coronavirus treatment – a preventive
antibody therapy called Evusheld – is seeing solid sales.
It
notched up 537 million US dollars (£471 million) in sales of Evusheld, which is
targeted at people with weakened immune systems, in the third quarter after
gaining approval for emergency use in the US in December last year.
AstraZeneca’s results on Thursday
also showed the group increasing its earnings outlook thanks to a
better-than-expected performance so far this year.
It said core earnings per share could
grow by a “high 20s to low 30s percentage”, against its previous guidance of a
mid-to-high 20s increase thanks to strong demand for drugs such as Farxiga for
diabetes and Tagrisso for cancer.
The company saw third-quarter pre-tax
profits jump to 922 million US dollars (£810 million) from losses of 2 billion
US dollars (£1.8 billion) a year ago on better-than-expected revenues of 11
billion US dollars (£9.7 billion), up 19% year on year.
AstraZeneca drops
plans for Covid jab approval in US (msn.com)
Next, some vaccine links
kindly sent along from a LIR reader in Canada.
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.
Graphene Oxide (GO)
Market 2022-2026 Is Booming Worldwide With Comprehensive Study Explores Huge
Revenue Scope In Future
Published:
Nov. 10, 2022 at 12:54 a.m. ET
The MarketWatch News Department was not involved in the creation
of this content.
Nov
10, 2022 (The Expresswire) -- Pre and Post Covid is Covered
and Report Customization is Available.
"Graphene Oxide (GO)
Market" Insights 2022 | By
Types (Powder-based graphene oxide, Solution based graphene oxide),
Applications (Medical, Energy, Electronic devices,
Composites materials, Catalytic oxidation, Others), By
Segmentation, Regions and Forecast to 2026. The Global Graphene Oxide (GO)
Market Report provides In-depth analysis on the market status of the Graphene
Oxide (GO) Top manufacturers with best facts and figures, meaning, Definition,
SWOT and PESTAL analysis, expert opinions and the latest developments across
the globe., the Graphene Oxide (GO) Market Report contains Full TOC, Tables and
Figures, and Chart with Key Analysis, Pre and Post COVID-19 Market Outbreak
Impact Analysis and Situation by Regions.
“Graphene
Oxide (GO) market revenue was Million USD in 2016, grew to Million USD in 2020,
and will reach Million USD in 2026, with a CAGR of % during review
period.” Ask for Sample Report
Global
Bone Conduction Headphones Market Report 2022 is spread across 110 pages and provides exclusive vital
statistics, data, information, trends and competitive landscape details in this
niche sector.
Who
are some of the key players operating in the Graphene Oxide (GO) market and how
high is the competition 2022?
Company
Information: List by Country Top Manufacturers/ Key Players In Graphene
Oxide (GO) Market Insights Report Are:
More
Another weekend and which crypto/currency/exchange/coin/scheme
will blow up this weekend? How many will still be left by Christmas and what,
if any, value will remain?
How long will the stock casinos
inflation relief rally last in the face of our new global recession arriving
and the G-7 about to shoot itself in both feet next month by forcing a decline
in Russian oil supply? Have a great weekend everyone.
"Let us
not, in the pride of our superior knowledge, turn with contempt from the
follies of our predecessors. The study of the errors into which great minds
have fallen in the pursuit of truth can never be uninstructive. As the man
looks back to the days of his childhood and his youth, and recalls to his mind
the strange notions and false opinions that swayed his actions at the time,
that he may wonder at them; so should society, for its edification, look back
to the opinions which governed ages that fled."
Charles Mackay, Extraordinary
Popular Delusions and the Madness of Crowds
No comments:
Post a Comment