Baltic Dry Index. 1324 +82 Brent Crude 83.63
Spot Gold 1755 U S 2 Year Yield 4.42 -0.04
European markets flat to close out winning week; Credit
Suisse shares hit fresh all-time low
UPDATED FRI, NOV 25 2022 11:50 AM EST
European markets were muted
on Friday to close out an upbeat week, as the U.S. Federal Reserve’s latest meeting minutes added to expectations
that monetary policy tightening may slow down.
The pan-European Stoxx 600 had
slipped 0.25% in late afternoon trading, but pared losses to close flat.
Sectors were a mixed bag, with mining and financial stocks shedding 0.6% and
oil and gas adding 0.8%.
The blue-chip index surpassed a
three-month high Tuesday and notched its sixth consecutive weekly climb.
Credit Suisse shares
continued to slide despite it securing more than $4
billion in funding from investors to fund its second strategic
overhaul. It closed Friday down nearly 6% at 3.35 Swiss francs ($3.54), a
new record low.
Minutes
from the Fed’s November meeting signaled that the central bank
is seeing progress in its fight against high inflation and is looking to slow
the pace of rate hikes.
“A substantial majority of
participants judged that a slowing in the pace of increase would likely soon be
appropriate,” the minutes stated.
European investors also reacted
well to several economic data points over the course of the week that have
indicated a slightly shallower recession than previously feared.
Shares
in Asia-Pacific were mostly lower on Friday, while U.S. markets
rose after
the Thanksgiving holiday on Thursday.
Europe
markets open to close: End of a winning week on dovish Fed bets (cnbc.com)
Dow closes more than 150 points higher. Stocks notch
gains for holiday week
UPDATED FRI, NOV 25 2022 3:56 PM EST
The Dow Jones Industrial Average rose Friday,
notching a gain during the holiday-shortened trading week.
The Dow rose 152.97 points, or
0.45% to 34,347.03, marking the third consecutive session of gains. The S&P
500 fell 0.03% to end the day at 4,026.12. The Nasdaq Composite slipped 0.52%
to 11,226.36, weighed down by shares of Activision Blizzard, which fell 4% on
news that the FTC could block Microsoft from
taking over the gaming company.
All three indexes ended the week
higher. The Dow is up 1.78%, and the S&P 500 is up 1.53% during the short
week. The tech-heavy Nasdaq is lagging the other two indexes but is still up
0.72% in the same timeframe.
Stocks were muted at the start of
the week as traders waited for minutes from the Federal Reserve’s November
meeting. The minutes showed that the central bank anticipates slowing the pace
of interest rate hikes going forward, which gave stocks a boost into the end of
the week even amid choppy sessions due to low trading volumes.
“A substantial majority of
participants judged that a slowing in the pace of increase would likely soon be
appropriate,” the minutes stated.
A slew of solid retail earnings
reports signaling some consumer strength even amid worries of economic weakness
also lifted stocks.
Worries about continued lockdowns
in China kept markets in check. The country is ramping up Covid restrictions
after seeing climbing case counts in recent days. Earlier in the week, China reported
its first Covid deaths since May.
Next week, investors will be
watching for more earnings reports from companies such as Kroger and Ulta
Beauty on deck. On the economic front, traders will be watching further
comments from Fed officials, as well as the release of the personal consumption
expenditure report on Thursday — the central bank’s preferred inflation
indicator. The November jobs print is due Friday.
Dow
closes more than 150 points higher. Stocks notch gains for holiday week
(cnbc.com)
Crypto lender Genesis subject of
probe by regulators - Barron's
November 25, 2022 9:41 PM GMT
Nov
25 (Reuters) - State securities regulators are investigating Genesis Global
Capital as part of a wide-ranging inquiry into the interconnectedness of crypto
firms, Barron's reported on Friday citing a comment from
the Alabama Securities Commission Director.
While
it does not directly serve individual investors, Genesis backs products offered
by crypto companies such as Circle Internet Financial, the principal operator
of one of the largest stablecoins, USD Coin, and by Gemini. Those products pay
yield to customers who deposit certain cryptocurrencies on the platforms.
The inquiry will
look into Genesis's connection to such retail investors, and whether it or
other industry participants might have violated securities laws, the report
added.
Genesis
and Alabama Securities Commission did not immediately respond to Reuters'
requests for comment on the report.
In
the aftermath of the collapse of crypto exchange FTX, Genesis suspended customer redemptions in a
spillover effect citing "abnormal withdrawal requests" that exceeded
its liquidity.
Earlier
this week, the New York Times reported Genesis hired investment bank
Moelis & Company to serve as the firm's restructuring advisor as it
explored options including a potential bankruptcy.
Several
crypto firms have been plagued by contagion concern from the fallout of the FTX
collapse, with many counting their exposure in millions to the beleaguered
exchange.
Crypto
lender Genesis subject of probe by regulators - Barron's | Reuters
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.
BoE warns of
future UK rate rises if inflation persists
Government’s £55bn of measures announced in Autumn Statement
‘unlikely’ to moderate increases
24
November, 2022
Tax
rises and spending cuts announced in the UK government’s Autumn Statement were
unlikely to persuade the Bank of England to moderate future interest rate
rises, the central bank’s deputy governor said on Thursday.
Speaking
to the first BoE watchers conference at King’s College London, Sir Dave Ramsden
seemed to undermine the contention of chancellor Jeremy Hunt, who said in his
statement that the government’s £55bn of budgetary consolidation would allow
interest rates to be “significantly lower”.
Ramsden
said the measures to reduce public borrowing would take effect too late to
influence BoE monetary policy in the months ahead.
The
vast majority of the measures unveiled by Hunt, “do not come into effect until
April 2025 so will have very little effect over the Monetary Policy Committee’s
three-year forecast horizon, relative to what was assumed in the November
monetary policy report”, he told the conference.
The
BoE had previously said it would reconsider its plans for interest rates if the
government imposed measures in the statement that changed the picture for the
economy immediately, deepening the economic downturn and putting downward
pressure on inflation.
Ramsden
said he thought the BoE still needed to tighten monetary policy. “I expect that
further increases in the bank rate are going to be required to ensure a
sustainable return of inflation to target,” he said.
The
deputy governor made it clear he would consider another large interest rate
rise at the next meeting in mid-December if he saw that companies still felt
able to raise prices to defend profit margins and increase wages significantly
higher than the 2 per cent inflation target.
“If
the outlook suggests more persistent inflationary pressures then I will
continue to vote to respond forcefully,” Ramsden told delegates. The BoE raised
interest rates by 0.5 percentage points in August and September and by 0.75
percentage points this month, taking the official rate up to 3 per cent, its
highest since 2008.
Ramsden
noted that although his bias was “towards further tightening”, he would
“consider the case for reducing the bank rate” if the economy developed differently
to his expectations and persistent inflation stopped being a concern.
At its last meeting the MPC signalled that if inflation began to shrink, which is expected as the UK enters recession, it would not need to raise rates much further to bring inflation down to its 2 per cent target. But this was criticised on Thursday evening in a speech in Italy by Lord Mervyn King, former governor of the bank. King said “intellectual errors” by central banks had led to inflation hitting double digits around the world, and that because officials had printed too much money during the pandemic it had become inflationary.
King said the most likely mistake that policymakers would now make would be not
to raise interest rates high enough as inflation begins to fall in 2023.
“A premature end to the monetary squeeze
needed to bring core inflation down would result in a more prolonged recession
than is necessary. But political pressures on central banks will push them in
that direction,” he predicted.
More
BoE warns of
future UK rate rises if inflation persists | Financial Times (ft.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.
More
on that Wuhan lab leak cover up. Approx. 27 minutes.
Lab
leak conspiracy theory
Lab
leak conspiracy theory - YouTube
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.
Amazon,
Meta, Netflix: Why Big Tech Is Facing Massive Layoffs | WSJ
Amazon, Meta,
Netflix: Why Big Tech Is Facing Massive Layoffs | WSJ - YouTube
This weekend’s music diversion. Approx.
8 minutes.
A.
Vivaldi Concerto per due trombe in do magg. RV 537
A.
Vivaldi Concerto per due trombe in do magg. RV 537 - YouTube
This
weekend’s chess update. Approx. 12 minutes.
You
Will Fall From Your Chair!
You
Will Fall From Your Chair! - YouTube
Finally, more on that Great, Growing
FTX/SBF/Democrat Party financial scandal. Who knew what and when in Washington,
District of Crooks? Approx. 26 minutes.
FTX
Bankruptcy Explained!
FTX
Bankruptcy Explained! - YouTube
“All the world
is made of faith, and trust, and pixie dust.”
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