Baltic Dry Index. 816 +142 Brent Crude 82.88
Spot Gold 1826 US 2 Year Yield 4.66 Unch.
Coronavirus
Cases 02/04/20 World 1,000,000
Deaths 53,103
Coronavirus Cases 24/02/23 World 679,323,793
Deaths 6,796,016
There can be few fields of human endeavour in which history
counts for so little as in the world of finance. Past experience, to the extent
that it is part of memory at all, is dismissed as the primitive refuge of those
who do not have the insight to appreciate the incredible wonders of the
present.
John Kenneth Galbraith.
In the casinos, no one really expects the Fed to cause a recession. Ignore what they say, watch what (little) they do.
Well maybe.
Asia markets
trade mixed, Bank of Japan nominee Ueda speaks; Japan’s inflation reaches
41-year high
UPDATED THU, FEB 23 2023 10:46 PM
EST
Asia-Pacific
markets traded mixed on Friday as the nominee to lead the Bank of Japan Kazuo
Ueda spoke at a confirmation hearing.
The Nikkei 225 rose
1.09%, and the Topix climbed 0.57%. Japan’s core inflation in January rose
4.2%, the highest since 1981.
In Australia, the S&P/ASX 200 rose
0.32%. South Korea’s Kospi fell
fractionally, while the Kosdaq was down 0.35%.
Hong Kong’s Hang Seng index traded
1.62% down, and the Hang Seng Tech Index dropped 2.24%. In mainland China, the Shenzhen Component fell
0.84% and the Shanghai
Composite was 0.63% lower.
In earnings, OCBC was
among the three major Singapore banks that posted a record profit for 2022
alongside DBS and UOB. Singapore’s January
manufacturing output figures are expected to rise at 2.9% compared to a year
ago.
Overnight in the U.S., stocks
closed higher amid volatile trading Thursday as investors remained concerned
about the path of the Federal Reserve’s rate hikes.
Jamie Dimon says
the Federal Reserve has ‘lost a little bit of control of inflation’
JPMorgan
Chase CEO
Jamie Dimon said Thursday that containing inflation remains a work in progress
for the Federal Reserve, while noting the U.S. economy continues to show signs
of strength.
“I have all the respect for [Fed
Chair Jerome] Powell, but the fact is we lost a little bit of control of
inflation,” Dimon said in an interview with CNBC’s Jim Cramer during the “Halftime Report.” It’s the first
of a two-part interview with Cramer, with the second installment airing later
Thursday on “Mad Money.”
Dimon’s comments came one day after
the Fed
released the minutes from its Jan. 31-Feb.1 meeting, which showed
members remain resolved to fight persistent inflation.
“Participants noted that inflation data received
over the past three months showed a welcome reduction in the monthly pace of
price increases but stressed that substantially more evidence of progress
across a broader range of prices would be required to be confident that
inflation was on a sustained downward path,” the minutes said.
Dimon himself said he expects that
interest rates could “possibly” remain higher for longer, as it may take the
central bank “a while” to get to its goal of 2% inflation.
Even so, the JPMorgan CEO said he’s
not currently breaking out the recession playbook, as he is encouraged by the
strength of the U.S. economy.
“The U.S. economy right now is
doing quite well. Consumers have a lot of money. They’re spending it. Jobs are
plentiful,” Dimon said. “That’s today. Out in front of us, there’s some scary
stuff. You and I know there’s always uncertainty. That’s a normal thing.”
Those comments contrast with
Dimon’s previous remarks in October. At that time, he said the U.S. economy
will likely fall into a recession
in six to nine months. In December, he said higher inflation was
eroding consumer wealth, which would lead
into a recession this year.
The Fed declined to comment on the
story.
Jamie
Dimon on Fed: It has 'lost a little bit of control of inflation' (cnbc.com)
Finally, in crypto news, the sky is starting
to fall in.
New
York sues CoinEx, says crypto exchange failed to register with state
February
22, 2023 11:10 PM GMT
NEW YORK, Feb 22 (Reuters) - CoinEx was
sued on Wednesday by New York Attorney General Letitia James, who accused the
cryptocurrency exchange of transacting business illegally because it did not
register with the state.
In papers filed with a New York state
court in Manhattan, James accused CoinEx of having "engaged in repeated
and persistent fraudulent practices."
She said CoinEx's failure to register
as a commodity broker-dealer, securities broker or securities dealer before
buying and selling tokens violated the Martin Act, a powerful state law used to
fight financial fraud.
James also said CoinEx held itself out
without state permission as a global cryptocurrency "exchange," and
failed last month to comply with her subpoena for testimony about its digital
asset trading activities.
"The days of crypto companies like
CoinEx acting like the rules do not apply to them are over," James said in
a statement.
CoinEx did not immediately respond to
requests for comment.
The Hong Kong-based company was founded
in 2017 and is also known as Vino Global Ltd, according to court papers.
James' civil lawsuit seeks restitution,
and a ban on access to CoinEx's mobile app, website and services from New York.
In January, New York and nine other
U.S. states secured up to $24 million from the cryptocurrency
company Nexo Inc and an affiliate to resolve civil claims they transacted
without proper registration and lied about their registration status.
New York sues CoinEx, says crypto exchange failed to register with state | 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.
Euro
zone inflation marginally higher in Jan; core also lifted
February
23, 2023 10:31 AM GMT
FRANKFURT, Feb 23 (Reuters) - Euro zone
inflation was only a touch higher in January than earlier estimated, Eurostat
said on Thursday, confirming that price growth is now well past its peak, even
if underlying price pressures still show no signs of abating.
Consumer price inflation in the 20
nations sharing the euro eased to 8.6% in January from 9.2% a month earlier,
coming in just above the 8.5% estimated earlier this month, when figures from
Germany, the bloc's biggest economy, were not yet included.
The data are still likely to make for
grim reading at the European Central Bank (ECB) as revisions show core
inflation, or price growth excluding volatile food and fuel products,
accelerating to 5.3% from 5.2%, confounding initial data for a steady pace.
The ECB has raised rates by a combined
3 percentage points since July to tame inflation and policymakers are now
getting concerned that what was initially an energy cost-driven surge, is now
broadening out to impact all sectors.
---- Services inflation, the biggest chunk of core
inflation, was revised up to 4.4% from 4.2%, likely worrying some because
services primarily reflect wage growth and employee earnings are now rising at
their fastest pace in years, even if real or inflation-adjusted growth is still
negative.
More
Euro zone
inflation marginally higher in Jan; core also lifted | Reuters
'Stubborn'
food inflation leaves U.S. shoppers with slim appetite for other goods
February
23, 2023 10:05 AM GMT
Feb 23 (Reuters) - As American shoppers
stomach soaring food prices, they are cutting back on purchases of other goods,
such as toys, clothing and housewares, in a challenging trend for retailers.
Commentary this week from executives at
Walmart (WMT.N) and
other retailers shows how Americans are shifting their shopping habits and
hunting for bargains in the face of the highest inflation in a generation.
At Walmart, the world's biggest
retailer by revenue, Americans are still spending but are more "choiceful,
discerning, thoughtful" about what they buy, its global Chief Executive
Officer Doug McMillon told analysts.
Higher prices on food led to soft
sales of electronics, toys, home and apparel in the most recent
quarter at Walmart. McMillon said he believed inflation on dry groceries and
items made for immediate consumption would remain high "for a while".
The average cost for food consumed at
home climbed 11.3% in January from a year earlier, Labor Department data
showed.
That was nearly 5 percentage points
above the overall rate of inflation, among the widest gaps since the 1970s.
Food cost increases have outstripped broader inflation for nearly a year.
More
'Stubborn' food
inflation leaves U.S. shoppers with slim appetite for other goods | Reuters
A
quarter of British firms expect to raise prices in March, ONS says
February
23, 2023 10:37 AM GMT
LONDON, Feb 23 (Reuters) - The
proportion of British businesses expecting to raise prices in March fell
marginally, adding to signs that price pressures may have peaked, a survey
published on Thursday showed.
The Office for National Statistics said
25% of trading businesses expected to increase the prices of goods or services
they sell over the next month.
In January, the ONS said that proportion
stood at 26%.
British consumer price inflation slowed
to 10.1% in January, cooling from a 41-year high of 11.1% in October.
Nearly half of firms in accommodation
and food services intended to hike prices - the highest proportion of all
sectors.
Of all the firms surveyed over the last
two weeks, 35% cited energy costs as the main reason for increasing prices.
There was also a big increase in
overall retail footfall in the week to the end of Feb. 19 to 108% of the level
of the previous week, coinciding with school holidays, and 123% of its average
level in the same week in 2022.
A quarter of
British firms expect to raise prices in March, ONS says | Reuters
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.
Well, if they say so.
China's COVID-19
epidemic has 'basically' ended, but not completely over
February
23, 2023
BEIJING (Reuters)
-Health authorities in China said on Thursday the country's COVID-19 epidemic
has "basically" ended, but it is not completely over as it found seven
imported cases of the highly-transmissible XBB.1.5 variant since Jan. 8.
Officials,
speaking at a news event with several departments attending, said China's
"major decisive victory" over COVID has set an example for populous
nations in prevention and control.
Last week,
China's top leaders declared a "decisive victory" over COVID,
claiming the world's lowest fatality rate, although experts questioned data as
the virus surged across the country recently after largely being kept at bay
for three years.
The country
strengthened its healthcare system in anticipation of the virus spreading to
rural areas. Officials said at the press briefing on Thursday critical care
beds had expanded to 404,000 from 198,000.
Health
officials and experts were also monitoring the XBB.1.5 sub-variant of Omicron
for months. On Jan. 4, data had showed no new variant was found in the country.
Officials said
on Thursday one local case of the variant was linked with an imported case on
Feb. 3.
China's COVID-19
epidemic has 'basically' ended, but not completely over (msn.com)
Congress Prepares to
Investigate COVID-19 Vaccines
Updated: February 22, 2023
Members of Congress are preparing
to probe COVID-19 vaccine development and other issues related to the shots.
The Select Subcommittee on
the Coronavirus Pandemic is planning to investigate how possible side effects
are being studied, the regulatory process of authorizing and approving the
vaccines, and why the vaccines were mandated, members told The Epoch Times.
One goal of the committee is
making sure the United States is prepared for future pandemics, “and that
includes perfecting our vaccine development,” Rep. Mariannette Miller-Meeks
(R-Iowa) told The Epoch Times via email. “In order to do so, we must have
complete transparency in vaccine research, clinical trials and adverse
reactions, and manufacturing.”
“I expect our oversight hearings
will shed light on the FDA approval process, the potential for side effects,
and ultimately the success rate and safety of the vaccine—each of which will
help us to navigate future global health emergencies,” she added.
Rep. Rich McCormick (R-Ga.),
another member, said the panel “will be performing a comprehensive review of
how the vaccines were developed, approved, and mandated.”
McCormick,
a doctor, is concerned about how data on possible side effects has been
collected. He also wants to look into how children as young as 6 months old
have been encouraged to get a primary series and at least one booster, “given
the lack of scientific evidence for a benefit, coupled with real concerns
about possible harm for an otherwise immune person.”
More
Congress Prepares
to Investigate COVID-19 Vaccines (theepochtimes.com)
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.
Boosting superconductivity in
graphene bilayers
FEBRUARY 22, 2023
Nearly a decade
ago, researchers heralded the discovery of a new wonder class of ultrathin
materials with special optical and electrical properties that made it a
potential rival for graphene, a form of carbon discovered in 2004 whose own
special properties interest both scientists and engineers.
Now, Caltech engineers have shown that one of these wonder
materials, tungsten
diselenide, is not just a rival to graphene but also a complement to it. By
adding tungsten diselenide to graphene, they have managed to enhance the
graphene's electrical properties in ways that enrich our understanding of superconductivity and
pave the way for engineering more robust and highly tunable graphene-based
superconductors.
To understand what the researchers have accomplished, it is helpful
to first know what graphene is and why its properties make it useful.
Graphene is a form of carbon consisting of a single layer of atoms
arranged in a honeycomb-like lattice pattern that looks like chicken wire. When
two or more of these sheets are stacked on top of each other, the resulting
material can exhibit vastly different electronic properties depending on the
alignment of those sheets in relation to one another.
For instance, when the second sheet of graphene is
"twisted" by just 1.05 degrees (a value known as the "magic
angle") in relation to the sheet it is laid on top of, the resulting stack
can be either a superconductor that conducts electricity with absolutely no
resistance whatsoever or an insulator that completely blocks the passage of
electricity. All that is needed to switch between these vastly different states
is the application of an external electrical field.
Surprisingly, research conducted in 2022 shows that even untwisted
graphene bilayers can exhibit superconductivity.
---- In the new work, which was published in the journal Nature on
January 11, Stevan Nadj-Perge, assistant professor of applied physics and
materials science, and his colleagues discovered that when tungsten diselenide
is placed on top of graphene bilayers, the untwisted graphene's
superconductivity is greatly improved. Notably, the superconducting critical
temperature—that is, the warmest temperature at which the material can
superconduct—is enhanced by a factor of 10. By being in close proximity to
graphene, tungsten diselenide bestows the benefits of the "magic
angle" twist to the more mass-producible untwisted graphene. This finding
provides new insight into the nature of superconductivity and suggests
strategies for enhancing superconductivity in other related graphene-based materials.
"These graphene bilayer devices are remarkably tunable," says
Nadj-Perge, corresponding author of the new work. "For example, by
applying electric fields, we can add or remove electrons from the bilayer as
well as push them toward and away from tungsten diselenide. This allowed us to
carefully study the enhancement of superconductivity in the system."
More
Boosting superconductivity in graphene bilayers (phy)
Another weekend and the start of year
two of Europe’s proxy war on Russia. Poor Ukraine. Have a great weekend
everyone.
“It is not enough to win a war; it is more important to organize the peace.”
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