Baltic Dry Index. 2110 +24 Brent
Crude 78.76
Spot Gold 2045 U S 2 Year Yield 4.40 +0.02
January 6, 1649 The English Parliament votes to put King Charles 1 on trial for treason and other high crimes.
Only 68 (all firm Parliamentarians) attended Charles's trial on charges of high treason and "other high crimes" that began on 20 January 1649 in Westminster Hall.[263] John Bradshaw acted as President of the Court, and the prosecution was led by Solicitor General John Cook.
Over the first three days of the trial, whenever Charles was asked to plead, he refused,[270] stating his objection with the words: "I would know by what power I am called hither, by what lawful authority...?"[271] He claimed that no court had jurisdiction over a monarch,[259] that his own authority to rule had been given to him by God and by the traditional laws of England, and that the power wielded by those trying him was only that of force of arms.
At the end of the third day, Charles was removed from the
court,[274] which then heard over 30 witnesses
against him in his absence over the next two days, and on 26 January condemned
him to death.
In the stock casinos, as in the real global economy, 2024 is off to a bad start.
In Europe, inflation is rising again, even as the EU is falling into recession.
In Asia, China is trapped in deflation due to a property market collapse, with wider Asia now getting hit by the closure of the Red Sea shipping route to Europe.
In America, the stock casino’s bubble seems to have run into a 2024 pin. A 2024 real estate, CMBS problem/crisis is just getting underway.
Getting
underway also, is a fight for the US Presidency, between 81 year old incumbent
President Biden Joe Biden and likely Republican candidate 78 year old
former President Don Trump. The geriatric election?
S&P 500 closes slightly higher Friday, but major
averages end 9-week win streak: Live updates
UPDATED FRI, JAN 5 2024 4:15 PM EST
The S&P
500 ended Friday modestly higher,
but all three of the major averages snapped a nine-week winning streak
following a stronger-than-expected jobs report.
The broader index rose 0.18% to end at 4,697.24,
while the Nasdaq Composite added
0.09% to finish at 14,524.07. The Dow Jones
Industrial Average ticked higher by
25.77 points, or 0.07%, settling at 37,466.11.
The three major averages notched their first
negative week in 10, with the Nasdaq suffering the biggest decline at 3.25% —
its worst weekly performance since September. The S&P 500 and Dow dropped
1.52% and 0.59%, respectively.
Stocks gyrated on Friday as traders assessed
incoming economic data to determine if and when the Federal Reserve will start
cutting interest rates.
The U.S. economy added many more jobs than anticipated in December, with nonfarm payrolls growing by 216,000. Economists
polled by Dow Jones expected a gain of 170,000 for last month. The unemployment
rate held steady at 3.7% in another sign of continued labor strength.
The report sent Treasury yields spiking higher,
with the benchmark 10-year rate touching
a high of 4.103%.
A strong labor market could mean that the Fed
might potentially delay the first of its rate cuts, which traders have been
eagerly anticipating. Before the strong data hit Friday, traders were hoping
the Fed would start cutting rates as early as March and lower them by as many
as six times in 2024. Those expectations will need to be dialed back.
While December’s ISM services index represented
that business activity is still overall expanding in the economy, the reading
of 50.6% was nearly two full percentage points below the Dow Jones consensus
estimate of 52.5% and November’s 52.7% level. A reading above 50% marks the
threshold for economic growth.
“The job market is looking good — perhaps too
good — and maybe inflation will be running a little hotter now based on the
wage growth that we’re seeing,” Mike Bailey, director of research at FBB
Capital Partners, told CNBC. “This sizzle we’re getting in the job market might
be pouring some cold water on hopes of a rapid string of rate cuts.”
He added: “Coming into today, investors wanted
three things: fading inflation, a stable job market and rate cuts. However, I
think coming out of today’s jobs number suggests to me that there’s some give
and take here, and investors might only be getting one out of the three items
on their wish list.”
More
Stock market today: Live updates (cnbc.com)
Europe stocks close lower as global sentiment
falters; euro zone inflation rebounds
UPDATED FRI, JAN 5 2024 12:00 PM EST
European markets closed lower Friday, rounding
off a choppy first week of the new year, as investors reacted to euro zone inflation
data and December’s U.S. jobs report.
The Stoxx
600 ended 0.3% lower as most
sectors and major bourses fell into negative territory. Retail stocks fell 1.1%
to lead losses after data showed German retail sales dropped far more than
expected in November. Banking stocks, meanwhile, were higher, up 0.5%.
---- Euro zone inflation climbed to an annual 2.9% in December from 2.4% the previous month, initial flash
estimates showed on Friday, though came in just below a 3% forecast from a
Reuters poll of economists.
In the U.S., December’s jobs report showed
employers added 216,000 jobs for the month, vastly outstripping a Dow Jones
consensus estimate of 170,000 while the unemployment rate was unchanged at
3.7%.
Investors will be assessing whether the data
indicates enough cooling in the economy for imminent interest rate cuts.
Europe markets open to close: euro zone inflation, U.K. house prices (cnbc.com)
U.S. payrolls increased by 216,000 in December, much
better than expected
PUBLISHED FRI, JAN 5 2024 8:31 AM
EST UPDATED FRI, JAN 5 2024 1:55 PM EST
The U.S. labor market closed out 2023 in strong
shape as the pace of hiring was even more powerful than expected, the Labor
Department reported Friday.
December’s jobs report showed
employers added 216,000 positions for the month while the unemployment rate
held at 3.7%. Payroll growth showed a sizeable gain from November’s downwardly
revised 173,000. October also was revised lower, to 105,000 from 150,000,
indicating a slightly less robust picture for growth in the fourth quarter.
Economists surveyed by Dow Jones had been looking for payrolls to
increase 170,000 and the unemployment rate to nudge higher to 3.8%.
A more encompassing unemployment measure that
includes discouraged workers and those holding part-time jobs for economic
reasons edged higher to 7.1%. That increase in the “real” unemployment rate
came as the household survey, used to calculate the unemployment rate, showed a
decline in job holders of 683,000 as the ranks of those working multiple jobs
increased by 222,000.
The labor force participation rate, or the share of
the civilian working-age population either employed or looking for a job, slid
to 62.5%, down 0.3 percentage point to its lowest since February and down
676,000 on a monthly basis.
The report, along with revisions to previous
months’ counts, brought 2023 job gains to 2.7 million, or a monthly average of
225,000, down from 4.8 million, or 399,000 a month, in 2022.
Major averages meandered through the day as markets
reacted to a lower than expected reading from the ISM services gauge. The
measure posted a lower than expected 50.6 reading, reflecting only narrow
expansion, and the lowest level of the employment component since May 2020.
Treasury yields were mostly higher, particularly in
longer duration.
More
Jobs report December 2023: Payrolls increased by
216,000 in December (cnbc.com)
In
other news, more shipping disruption between Asia and Europe. Oil firms.
Global shipping delays cast shadow over strong
December jobs report
PUBLISHED FRI, JAN 5 2024 6:12 PM
EST
WASHINGTON — The strong December
jobs report released Friday capped off a year of economic wins for the
Biden administration. Now, global shipping delays caused by attacks on cargo
vessels in the Red Sea are threatening to blunt the momentum.
The Labor Department reported that employers
added 216,000 jobs in December, beating economists’ estimates by over
40,000 jobs. The unemployment rate also remained steady at 3.7%.
But Danish shipping company Maersk announced
that it will continue
diverting its fleet from the Red Sea indefinitely, amid ongoing
attacks from Houthi
rebels in the region. Maersk was one of several shipping companies
that began diverting
more than $200 billion in trade away from the Suez Canal in December.
White House officials are keenly aware of the risk that shipping holdups
could trigger a domino effect within the U.S. supply chain, which only recently
appeared to recover from the impacts of COVID-19.
“Given what occurred during the pandemic we’re very sensitive to the impact
of supply chains and logistical logjams on the economy,” said Jared Bernstein,
chair of the White House Council of Economic Advisers, on a call with reporters
Friday.
Shipping ports experienced lengthy
backups in the first years of the pandemic, preventing some $24
billion worth of goods from finding their way into the U.S. market.
Lael Brainard, director of the National Economic Council, said that so far,
the delays have had “a minimal impact,” on energy costs.
“You’ve seen very little effect actually on prices at the pump,” Brainard
told CNBC’s “Squawk on the Street” on Friday, though she called Maersk’s
actions “unacceptable.”
Brainard did not mention the potential fallout for global manufacturing and
consumer goods if the Red Sea remains too dangerous for major shipping lines to
enter.
Current delays have already affected several companies that sell products in
the U.S., including Sweden-based Ikea and British appliance firm Electrolux.
Global
shipping delays cast shadow over strong December jobs report (cnbc.com)
Shipping
giant Maersk to divert vessels away from the Red Sea ‘for the foreseeable
future’
PUBLISHED FRI, JAN 5 2024 6:23 AM EST
Danish shipping giant Maersk said Friday it would extend its diversion of vessels
from the Red Sea for the “foreseeable future” due to safety concerns amid
a spate of attacks by Houthi militants.
“The situation is constantly evolving and remains
highly volatile, and all available intelligence at hand confirms that the
security risk continues to be at a significantly elevated level,” Maersk said
in a statement.
It added that it hoped to now bring customers
“more consistency and predictability,” despite delays to deliveries.
The diversion means avoiding the quickest path between Europe and
Asia through Egypt’s Suez Canal, and taking the longer Cape of Good Hope route
around southern Africa.
Several European firms, including Sweden’s Ikea,
British retailer Next and
appliance firm Electrolux, have warned of delays on some products due to supply
chain disruption.
Maersk had resumed travel through the Red Sea and
Gulf of Aden after a December pause, but halted it again on Tuesday after
one of its vessels was attacked.
Uncertainty for firms has not eased despite
a U.S.-led multilateral military operation in the region, which aims to provide a “persistent
defensive presence in the Red Sea” and has fired on Houthi boats.
----Traveling around Africa can add between two and four weeks
to a ship’s transit time between Asia and Europe depending on the speed
traveled, Maersk CEO Vincent Clerc told CNBC in a December interview.
Nearly 15% of global seaborne trade transits the
Red Sea, according to the U.S. Analysts broadly do not see the current
disruption as causing as much disruption to supply chains as was seen during
the coronavirus pandemic due to a sharp increase in supply capacity since 2021.
----German shipping firm Hapag-Lloyd has also said
it will continue to divert vessels away from the Red Sea amid Houthi attacks.
“What we can say for the moment [is] we don’t see
the passage through the Red Sea and the Suez Canal as safe,” Nils Haupt, head
of corporate communications at Hapag-Lloyd, told CNBC’s “Squawk Box Europe” on
Friday.
Shipping: Maersk to extend Red Sea diversion for
‘foreseeable future’ (cnbc.com)
Oil
Sets 3% Weekly Gain on Libyan Outages, Middle East Attacks
Red
Sea, Iran and Lebanon all have seen attacks this week
Geopolitical
tensions offset US data showing supply increases
January 5, 2024 at 12:07 AM GMT Updated on January 5, 2024 at 8:13 PM GMT
Oil posted a weekly advance, bolstered by output
disruptions in Libya and increased tensions in the Middle East.
West Texas Intermediate rallied near $74 a barrel,
posting a 3% weekly gain. Protesters in Libya have disrupted supply from the Sharara and El-Feel fields,
which could take about 300,000 barrels a day out of the market. Meanwhile, the Houthi militant group in Yemen claimed another strike on a merchant ship in the Red Sea.
More, subscription required.
Latest Oil Market News and Analysis for Jan. 5 - Bloomberg
Finally,
incensed by a US drone assassination in Bagdad, Iraq’s government begins the
process of kicking out the last remnants of US occupation.
Iraq prepares to close down US-led coalition's mission - PM
By Ahmed Rasheed and Phil Stewart January 5, 2024 5:45 PM GMT
BAGHDAD/WASHINGTON Jan 5
(Reuters) - The Iraqi government is beginning the process to remove the
U.S.-led international military coalition from the country, Prime Minister
Mohammed Shia al-Sudani's office said on Friday.
The U.S. has 900 troops in
Syria and 2,500 in Iraq on a mission it says advises and assists local forces
trying to prevent a resurgence of Islamic State, which in 2014 seized large
parts of both countries before being defeated.
Sudani's statement
came a day after a U.S.
strike killed a militia leader in Baghdad, prompting anger among
Iran-aligned groups which demanded the government end the presence of the
coalition in Iraq.
"Government is setting the date
for the start of the bilateral committee to put arrangements to end the
presence of the international coalition forces in Iraq permanently," a
statement from the prime minister's office said.
The committee would include
representatives of the military coalition, a government official said.
The U.S. military launched
Thursday's strike in retaliation against recent attacks on U.S. personnel, the
Pentagon said.
Iran-aligned militia groups
in Iraq and Syria oppose Israel's campaign in the Gaza Strip and hold the U.S.
partly responsible.
"We stress our firm position in
ending the existence of the international coalition after the justifications
for its existence have ended," Sudani was quoted as saying in the
statement.
Islamic
State claimed responsibility on Thursday for two explosions in Iran
that killed nearly 100 people and wounded scores at a memorial for top
commander Qassem Soleimani.
A political adviser close to the Iraqi
prime minister said Sudani was falling under huge pressure from powerful
Shi'ite parties close to Iran seeking to end the U.S. presence in Iraq and his
recent statement was aimed at "appeasing angry parties within the
governing Shi'ite coalition against the United States".
Still, it was unclear if Baghdad's
announcement on Friday was mainly posturing for internal, political purposes or
if the newly announced committee would truly set into motion an inexorable
process to end America's military presence in Iraq, a longtime goal of Iran and
groups Iran supports.
----The U.S.
strike in Baghdad on Thursday targeted Mushtaq Jawad Kazim al-Jawari,
who the Pentagon said was a leader of an Iran-backed terrorist group involved
in planning and carrying out attacks against American personnel.
The Pentagon declined to respond to
Iraqi government comments suggesting he was part of its security forces, which
include formal, legitimate institutions like the police and the Army.
The Iraqi government said the killed
commander was part of the Popular Mobilisation Forces (PMF), a group of many
mainly Shi'ite Muslim armed groups formed in 2014 to fight Islamic State and
subsequently recognised as an official security agency by Iraq's government.
More
Iraq prepares to close down US-led coalition's mission
- PM | Reuters
Global
Inflation/Stagflation/Recession Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians, inflation/recession now needs an entire
section of its own.
German inflation rises to 3.8% in
blow to rate-cut hopes
Energy
subsidy phaseout pushes up prices in EU’s largest economy ahead of closely
watched eurozone figures
January
4, 2024
German
inflation accelerated to its fastest rate for three months in December, casting
doubt over investors’ hopes that the European Central Bank will start cutting
interest rates as early as March.
Inflation
in Europe’s largest economy rose at an annual rate of 3.8 per cent in December,
up from 2.3 per cent a month earlier, according to the harmonised index of
consumer prices released by the federal statistical agency on Thursday.
The
reduction of government subsidies on gas, electricity and food that began last
year has triggered a re-acceleration of annual inflation in much of Europe.
German
energy prices rose 4.1 per cent in the year to December, a reversal from a 4.5
per cent annual decline a month earlier.
Marco
Wagner, an economist at German lender Commerzbank, warned German inflation
could accelerate further in January due to tax increases and reduced subsidies,
predicting it would “ultimately stabilise at 3 per cent” over the course of
this year.
French figures released earlier on Thursday also showed inflation rising to 4.1
per cent in the year to December, up from 3.9 per cent in November, reflecting
an uptick in price growth for energy and services.
Consumer
price growth in the eurozone had been slowing for six months, bringing it close
to the ECB’s 2 per cent target. Bond and equity markets rallied in the final weeks
of 2023 as investors bet borrowing costs would start to fall in the spring.
----Carsten
Brzeski, global head of macro at Dutch bank ING, said both December’s rise in
German inflation and the prospect of additional price pressures from tax
changes in January “strengthen the ECB’s point that there will not be any rate
cuts for at least the next five months, so June at the earliest”.
More
German inflation rises to 3.8% in blow to rate-cut
hopes (ft.com)
This
section will continue until it becomes unneeded.
Spain holiday
hotspots re-introduce face mask rules as Covid cases rise
January 5, 2024
A
number of holiday hotspots in Spain have
started to re-introduce obligatory mask-wearing rules in hospitals due to the
country's Covid and flu epidemic.
The
country's health authorities are reporting that hospitals and health centres
are becoming saturated, with patients left lying in corridors or waiting hours
for treatment. The Spanish Society for Family Doctors are calling for mandatory
mask use in these locations, saying the winter surge of Covid and flu is
getting out of control.
Although the Spanish government hasn't yet made any
announcement about a return of mask-wearing rules, some regions such as
Valencia - home to Benidorm - have re-introduced masks in certain
circumstances.
The region's health authorities have implemented
the mandatory use of masks in health centres due to the rise in respiratory
infections, in a bid to stop infections and protect vulnerable people.
Currently, Valencia is reporting a rate of 1,501 cases per 100,000 inhabitants.
The department is also relaying the message that
health centres will vaccinate against flu and covid-19 starting next Monday
without the need for an appointment.
Masks must be worn in the following situations in
Valencia:
- Symptomatic people when in shared spaces
- Professionals who care for symptomatic cases
- People who work in Intensive Care Units and
Units with Vulnerable Patients
- In hospital or primary care emergencies
- In places where patients and families are concentrated
(Primary Care waiting rooms, hospital consultations etc)
More
Spain holiday hotspots re-introduce face mask rules as
Covid cases rise (msn.com)
More Mask Mandates Reimposed Across US
Hospitals
across the United States have brought mask mandates back, citing a rise in
COVID-19 and influenza.
1/4/2024 Updated: 1/4/2024
More hospitals across the United States have
brought back mask mandates, citing a rise in COVID-19 and influenza.
New York City last week instituted a mask mandate
for the city’s 11 public hospitals and other health facilities, while similar
measures were ordered at some hospitals in other locations. Some hospitals
reinstated masking rules for employees months ago, in anticipation of a
seasonal rush of sick people.
The New York City Health Department confirmed on
Jan. 3 that the mask requirement applies to all 11 hospitals that fall under
New York City’s Health and Hospitals division.
Because
of reported increases in respiratory viruses, the mandate “applies to clinical
settings such as our hospitals, community health centers, and nursing homes,” a
spokesperson for the hospital system told the New York Post.
In Chicago,
Rush University medical system announced on Jan. 2 that “patients, visitors and
staff [are] to wear hospital-approved masks in some areas of the campus,”
adding that those places “include clinical waiting areas and patient
registration.”
And Cook
County Health, which encompasses Chicago, as well as Endeavor Health in the
Chicago area, is again requiring masks at its facilities, coming after the
Illinois Department of Public Health sent a letter to hospitals suggesting they
reimpose masking.
In Massachusetts, Berkshire Health Systems started
mandatory masking last week, the hospital confirmed in a statement.
Los Angeles County over the past weekend reinstated
masking at all licensed health care facilities, the county said. It was
implemented because the county’s COVID-19 admission level reached a certain
threshold in recent days.
Hospitals in Wisconsin, North Carolina, and Washington state have
imposed similar mask requirements, according to reports. In Delaware,
TidalHealth announced on Dec. 28, 2023, that it’s mandating masks for all
hospital visitors in patients’ rooms. That rule was initiated in “an effort to
protect the most vulnerable of our population from close contact with persons
that may be contagious but not yet have symptoms,” according to the hospital.
More
More Mask Mandates Reimposed Across US | The Epoch Times
Technology Update.
With events happening fast in the
development of solar power and graphene, I’ve added this section.
First working
graphene semiconductor could lead to faster computers
January 4, 2024
A working, scalable semiconductor has been
created from graphene for the first time, potentially paving the way for a new
type of computer with greater speed and efficiency than today's silicon chips.
But despite graphene's promise, one expert says it will not replace silicon
chips any time soon.
Graphene
is a material made from a single layer of carbon atoms that is stronger than
steel at comparable thicknesses. It is an extremely good electrical conductor
and highly resistant to heat and acids. But despite its advantages, a working
graphene semiconductor, which can be controlled to conduct or insulate
electricity at will, has evaded scientists. Such semiconductors are key to
creating the logic chips that power computers.
The problem has been the lack
of a bandgap. Semiconductors have bands of higher and lower energies and a
point - known as a bandgap - at which excited electrons can hop from one to the
other. This effectively allows switching on and off, creating the binary system
of zeroes and ones used in digital computers.
While previous research has shown that graphene can be made to
act like a semiconductor on a small scale, it had never been scaled-up to sizes
that would make a computer chip practical. Previous work has shown that
wrinkles, domes and holes in graphene sheets can have unusual effects on
electrical flow, creating the possibility that logical
chips could be made by creating the right landscape of flaws. But
to date, nothing has scaled up.
Now, Walter de
Heer at Georgia Tech and his
colleagues have created graphene with such a bandgap and even demonstrated a
working transistor. Their process should be more conducive to scaling-up
because it relies on techniques not dissimilar to the creation of silicon chips.
De Heer's group used wafers
of silicon carbide that were heated, forcing the silicon to evaporate before
the carbon, effectively leaving a layer of graphene on top. De Heer was not
available for interview at the time of writing, but said in
a statement that the electrical
properties of a graphene semiconductor were far better than those of silicon
chips. "It’s like driving on a gravel road versus driving on a
freeway," he said.
More
First working graphene semiconductor could lead to
faster computers (msn.com)
This weekend’s music
diversion. Another largely forgotten German maestro. Approx. 13 minutes.
Johann
Pfeiffer (1697-1761) - Sonata für Traverso
Johann Pfeiffer (1697-1761) - Sonata für Traverso (youtube.com)
This weekend’s chess
update. Approx. 8 minutes.
Watch
How Alireza Punishes This Move!
Watch How Alireza Punishes This Move! (youtube.com)
This
weekend’s maths update. Approx. 6 minutes.
A
Sudoku Secret to Blow Your Mind – Numberphile
A Sudoku Secret to Blow Your Mind - Numberphile
(youtube.com)
The next day, the
king was brought before a public session of the commission, declared guilty,
and sentenced.[275] The judgement read, "For all
which treasons and crimes this court doth adjudge that he, the said Charles
Stuart, as a tyrant, traitor, murderer, and public enemy to the good people of
this nation, shall be put to death by the severing of his head from his
body."[266] Fifty-nine of the commissioners signed Charles's death warrant.
Charles's execution
was scheduled for Tuesday, 30 January 1649. Two of his children remained in
England under the control of the Parliamentarians: Elizabeth and Henry. They were permitted to visit him on 29 January, and he bade
them a tearful farewell.
At about 2:00 p.m.,[285] Charles put his head on the block
after saying a prayer and signalled the executioner when he was ready by
stretching out his hands; he was then beheaded in one clean stroke.[286] According to observer Philip
Henry, a moan "as I
never heard before and desire I may never hear again" rose from the
assembled crowd,[287] some of whom then dipped their
handkerchiefs in the king's blood as a memento.
On the day after the
execution, the king's head was sewn back onto his body, which was then embalmed
and placed in a lead coffin.
With the monarchy
overthrown, England became a republic or "Commonwealth". The House of Lords was abolished
by the Rump Commons, and executive power was assumed by a Council
of State.[303] All significant military opposition
in Britain and Ireland was extinguished by the forces of Oliver Cromwell in the Anglo-Scottish War and the Cromwellian conquest of Ireland.[304] Cromwell forcibly disbanded the
Rump Parliament in 1653,[305] thereby establishing the Protectorate with himself as Lord Protector.[306] Upon his death in 1658, he was
briefly succeeded by his ineffective son, Richard.[307] Parliament was reinstated, and the
monarchy was restored to Charles I's eldest son, Charles
II, in 1660.
Abridged.
Charles
I of England - Wikipedia
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