Baltic Dry Index. 1138 -45 Brent Crude 73.62
Spot Gold 1905 US 2 Year Yield 4.71 -0.03
“By this means (fractional reserve banking) government may secretly and
unobserved, confiscate the wealth of the people, and not one man in a million
will detect the theft.”
John Maynard Keynes, The Economic Consequences of the Peace (1920.)
In the stock casinos, more
month-end, quarter-end, half year-end, optimism and nervousness. Why do the central
banksters junketing in tony Sintra, Portugal, keep talking up more interest
rate hikes to come in H2 23?
Asia markets mixed as Fed hints of more rate
hikes ahead
UPDATED WED, JUN 28 2023 10:52 PM
EDT
Asia-Pacific shares traded mixed Thursday, as
investors continue to parse comments
from Federal Reserve Chair Jerome Powell who indicated there
could be multiple rate hikes ahead.
The Nikkei 225 was
up 0.9% while the Topix traded 0.37% higher as Japanese retail sales rose 5.7%
year-on-year in May, official data showed.
South Korea’s Kospi inched up
0.4%, while the Kosdaq slipped 0.18% lower. Japan and South Korea are slated to discuss a currency swap deal in
what would be their first bilateral finance meeting in seven
years, according to Reuters.
Hong Kong’s Hang Seng index fell
0.62% in the first hour of trade. Mainland China’s Shanghai Composite lost
0.11% and the Shenzhen
Component was higher by 0.13%.
Australia’s S&P/ASX 200 traded
0.22% higher.
Markets in Singapore, Indonesia
and Malaysia are closed for the Eid al-Adha holidays.
Overnight in the U.S., major benchmarks were trading
near the flatline.
Powell on
Wednesday said more
restrictive policy is to come as the Fed continues its fight
against inflation, warning of the likelihood
of interest rate hikes at subsequent meetings. He is slated to
speak at a conference in Madrid on Thursday.
Asia
markets mixed as Fed hints of more rate hikes ahead (cnbc.com)
Stock
futures rise slightly as the market nears the end of quarter and first half:
Live updates
UPDATED WED, JUN 28 2023 8:17 PM EDT
Stock futures rose slightly in overnight trading
Wednesday as the market approaches the end of the second quarter and the first
half of 2023 with solid gains.
Futures on the Dow Jones
Industrial Average gained 70 points. S&P 500 futures rose 0.2% and Nasdaq
100 futures climbed 0.3%.
Micron
Technology shares
ticked up 2% in extended trading after the chipmaker posted revenue that came
in higher than expected for its latest quarter, citing higher industry demand. JPMorgan and Bank of America both
gained more than 1% in after-hours trading as the country’s biggest lenders
passed the
Federal Reserve’s annual stress test.
The stock market is nearing the
end of the first half of 2023 with strong performance. The S&P 500 is
up 14% this year. Meanwhile, the tech-heavy Nasdaq Composite has
climbed nearly 30% — heading toward its best first half since 1983 — as rising
optimism around artificial intelligence pushed up a slew of tech names and
chipmakers. The blue-chip Dow is
the relative underperformer, up just 2% this year. Many on Wall Street are
expecting a volatile second half.
“The Fed, the data, and the AI
story all having to go right for equities to go higher, since the S&P 500
is already priced for a near-perfect landing, while anything going wrong could
lead to a downturn,” Jason Draho, head of asset allocation Americas at UBS
Global Wealth Management, said in a note.
On Wednesday,
the S&P 500 closed near the flatline as investors digested Federal Reserve
Chair Jerome Powell’s latest comments about the tightening cycle. Speaking at a
forum sponsored by the European Central Bank, Powell said more
restrictive policy is still to come as the Fed continues to
fight inflation. This includes the prospect of interest rate hikes at
consecutive meetings, he added.
Investors will monitor more of
the Fed chair’s comments Thursday as Powell is slated to speak at a conference
in Madrid, where he will have a discussion with Bank of Spain Governor Pablo
Hernández de Cos. The event will take place at 2:30 a.m. ET.
Traders will also keep an eye on
the weekly jobless claims data Thursday morning to gauge the health of the
labor market.
For the month of June, the
S&P 500 is up 4.7%, on pace for its best monthly performance since January.
In the second quarter, the equity benchmark has gained 6.5%, on track for its
third positive quarter in a row.
Stock
market today: Live updates (cnbc.com)
Sintra
Sintra (/ˈsɪntrə, ˈsiːntrə/,[1][2][3] Portuguese: [ˈsĩtɾɐ] (
The area includes the Sintra-Cascais Nature Park through which
the Sintra Mountains run. The historic center
of the Vila de Sintra is famous for its 19th-century Romanticist architecture,
historic estates and villas, gardens, and royal palaces and castles, which
resulted in the classification of the town as a UNESCO World Heritage Site. Sintra's landmarks
include the medieval Castle of the Moors, the romanticist Pena National Palace and the Portuguese Renaissance Sintra National Palace.
Sintra is one of the wealthiest
municipalities in both Portugal and the Iberian Peninsula as
a whole.[6][7][8][9] It is home to one of the
largest foreign expat communities along the Portuguese Riviera[10][11][12][13][14] and consistently ranks as one
of the best places to live in Portugal.[15][16]
The ECB Forum on Central Banking,
an annual event organised by the European Central Bank, is held in Sintra.[17]
China's factory
activity seen contracting for third month in June: Reuters poll
June
29, 20234:44 AM GMT+1
BEIJING, June 29 (Reuters) - China's
factory activity likely contracted for a third straight month in June, albeit
at a marginally slower pace, a Reuters poll showed on Thursday, underscoring
the need for further policy stimulus to counter weak demand at home and abroad.
The official
purchasing managers' index (PMI) is expected to have edged up to 49.0 in June
from 48.8 in May, according to the median forecast of 27 economists in a
Reuters poll.
An index reading above 50 indicates
expansion activity on a monthly basis and a reading below indicates
contraction.
While economic
growth beat expectations in the first quarter, analysts are now downgrading their forecasts for the
rest of the year, following May industrial output and retail sales data missing
forecasts and indicating that policymakers will need to do more to shore up a
shaky post-pandemic recovery.
Nomura has been the
most bearish, cutting its forecast for growth in China's gross domestic product
(GDP) this year to 5.1% from 5.5%, adding in a note that its new forecast took
account of anticipated stimulus measures.
The government has
set a modest GDP growth target of about 5% for this year after badly missing
its 2022 goal.
China's cabinet on
Friday pledged to "take more effective
measures to enhance the momentum of development, optimise the economic
structure, and promote the sustained recovery of the economy", and to do
so "in a timely manner".
---- The highest reading in the poll
was 49.7, still short of breaking into expansion territory, while the lowest
reading was 48.0.
The official
manufacturing PMI, which largely focuses on big and state-owned firms, and its
survey for the services sector, will be released on Friday.
China's
factory activity seen contracting for third month in June: Reuters poll |
Reuters
Finally, Euroland opts for a
digital euro, Fintech future. What could possibly go wrong?
EU proposes payments
sector shake-up, legal backing for digital euro
June 28, 2023 11:33 AM GMT+1
LONDON, June 28 (Reuters) - The
European Union on Wednesday proposed injecting more competition into the
payments sector, giving legal backing to a digital euro, and preserving the
role of cash as fewer people use coins and notes.
The package of European Commission
reforms, which update decade-old rules, seek to prise open a payments market
long dominated by banks and U.S. duo Visa and Mastercard that are now being
challenged by 'fintechs' offering rival services.
"In practice, this proposal will
lead to more innovative financial products and services for users and it will
stimulate competition in the financial sector," the Commission said in a
statement.
EU states and the European Parliament
have the final say on the package, with some changes likely.
The reforms aim to make it harder for
banks to stop fintechs from opening an account with them, and give fintechs
access to payments infrastructure in the same way as banks.
"We are going to clearly identify
the obstacles that the fintechs should never have been encountering," an
EU official said.
Electronic payments in the EU has grown
from 184.2 trillion euros ($201.7 trillion) in 2017 to 240 trillion euros in
2021, accelerated by COVID-19.
More
EU proposes
payments sector shake-up, legal backing for digital euro | Reuters
Jean-Claude
Juncker. Failed Luxembourg Prime Minister and ex-president of the Euro Group of
Finance Ministers. Confessed liar. Ex-European Commission President. Scotch
connoisseur.
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.
Is it a ‘richcession’? Or a
‘rolling recession’? Or maybe no recession at all?
Published 3:25 AM GMT+1,
June 28, 2023
WASHINGTON (AP) — The warnings
have been sounded for more than a year: A recession is going to hit the United
States. If not this quarter, then by next quarter. Or the quarter after that.
Or maybe next year.
So is a recession still in
sight?
The latest signs suggest maybe
not. Despite much higher borrowing costs, thanks to the Federal Reserve’s aggressive streak of interest rate hikes, consumers keep spending, and employers keep hiring. Gas prices have dropped, and grocery
prices have leveled off, giving Americans more spending power.
The economy keeps managing to
grow. And so does the belief among some economists that the United States might
actually achieve an elusive “soft landing,” in which growth slows but
households and businesses spend enough to avoid a full-blown recession.
“The U.S. economy is genuinely
displaying signs of resilience,” said Gregory Daco, chief economist at EY, a
tax and consulting firm. “This is leading many to rightly question whether the
long-forecast recession is really inevitable or whether a soft-landing of the
economy” is possible.
Analysts point to two trends that may help stave off an
economic contraction. Some say the economy is experiencing a “rolling
recession,” in which only some industries shrink while the overall economy
remains above water.
Others think the U.S. is
experiencing what they call a “richcession”: Major job cuts, they note, have
been concentrated in higher-paying industries like technology and finance,
heavy with professional workers who generally have the financial cushions to
withstand layoffs. Job cuts in those fields, as a result, are less likely to
sink the overall economy.
Still, threats loom: The Fed is
all but certain to keep raising rates, at least once more, and to keep them high for months,
thereby continuing to impose heavy borrowing costs on consumers and businesses.
That’s why some economists caution that a full-blown recession may still occur.
“The Fed will keep pushing
until it fixes the inflation issue,” said Yelena Shulyatyeva, an economist at
BNP Paribas.
Here’s how it could all play out:
More
Is it a 'richcession'? Or a 'rolling recession'? Or maybe no recession at all? | AP News
Covid-19 Corner
This section will continue until it becomes unneeded.
Millions Don’t Regain Senses of
Smell and Taste After COVID: Clinicians Share Validated Approaches
Jun 26
2023
Of the 36 million Americans who contracted COVID-19 in 2021, an estimated 800 thousand and 540 thousand did not regain their sense of smell or taste, respectively, after recovering from the infection, according to a recent study published in The Laryngoscope.
The study’s data further suggests
that 5.2 million and 4.2 million people experienced only a partial recovery in
their taste or smell, post-infection.
“Losing your sense of smell or
taste isn’t as benign as you may think,” Dr. Neil Bhattacharya, a
professor of otolaryngology at Mass Eye and Ear and the senior author of
the study, said in a press release. “It can lead to decreased eating for
pleasure and, in more extreme cases, it can lead to depression and weight
loss.”
Sense of smell is intricately
connected to emotions and memories, providing individuals with a sense of
security that is often taken for granted. It enables the detection of stale
food, smoke, and other environmental chemicals. Furthermore, the senses of
smell and taste play a crucial role in the enjoyment of food.
Although most people regain their sense of smell upon recovery from COVID-19, some may experience persistent symptoms. Notably, even vaccinated individuals have reported persistent symptoms following COVID-19 vaccination.
Loss of Smell and Taste: Long COVID Versus Vaccine Injury
Reports have indicated anosmia (loss of smell) and ageusia (loss of taste) following COVID-19 vaccination. The Vaccine Adverse Event Reporting System (VAERS) has received over 5,000 cases of anosmia and over 6,000 cases of ageusia (pdf).
There have also been numerous reports of parosmia (distorted sense of smell) and taste disorders after vaccination.
Although the symptoms may appear similar, the underlying mechanisms might differ, according to Dr. Jeffrey Nordella, a family physician.
In long-COVID patients, smell and taste impairment is frequently associated with damage to the cells responsible for detecting smells that occurs during the acute stage of COVID-19.
COVID-19 mRNA vaccines deliver lipid nanoparticles into the arm muscle
and bloodstream. These lipid-coated nanoparticles can enter cells more
efficiently than the COVID-19 virus. Once inside cells, mRNA molecules instruct
the cells to produce spike proteins. The released spike proteins can trigger
inflammatory and oxidative stresses in nearby cells and tissues, potentially
contributing to long-COVID symptoms and vaccine-related effects.
More
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.
Today, something different. What could
possibly go wrong?
Regulators begin final safety
inspection before treated Fukushima wastewater is released into sea
Published 3:20 AM GMT+1, June 28, 2023
TOKYO (AP) —
Japanese regulators began a final inspection Wednesday before treated
radioactive wastewater is released from the wrecked Fukushima nuclear plant
into the Pacific Ocean.
The inspection began a day after plant operator Tokyo Electric Power
Company Holdings installed the last piece of equipment needed for the release —
the outlet of the undersea tunnel dug to discharge the wastewater 1 kilometer
(a thousand yards) offshore.
TEPCO said the Nuclear Regulation Authority inspectors will examine the
equipment related to the treated water discharge and its safety systems during
three days of inspections through Friday. The permit for releasing the water
could be issued about a week later, and TEPCO could start discharging the water
soon after, though an exact date has not been decided.
The plan has faced fierce protests from local fishing groups concerned
about safety and reputational damage. The government and TEPCO promised in 2015
not to release the water without consent from the fishing groups, but many in
the fishing community say the plan was pushed regardless. Neighboring South
Korea, China and some Pacific Island nations have also raised safety concerns.
Chief Cabinet Secretary Hirokazu Matsuno told reporters Wednesday that
the government “abides by its policy of not carrying out a release without the
understanding” of fishing groups in Fukushima. He said the government will
continue to communicate closely with them and others involved, while ensuring
safety and addressing the issue of reputational damage. Fishing groups fear the
wastewater release will cause consumers to stop buying seafood from the area.
Government and utility officials say the wastewater, currently stored in
about 1,000 tanks at the plant, must be removed to prevent any accidental leaks
and to make room for the plant’s decommissioning. They say the treated but
still slightly radioactive water will be diluted to levels safer than
international standards and will be released gradually into the ocean over
decades, making it harmless to people and marine life.
More
“When it becomes serious, you have to lie.”
Jean-Claude
Juncker. Failed former Luxembourg P.M., serial liar, ex-president of the
European Commission. Scotch
connoisseur.
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