Baltic
Dry Index. 1845 -144
Brent Crude 87.07
Spot Gold 2230 US 2 Year Yield 4.59 +0.05
Economics exists to make astrology look respectable.
John Kenneth Galbraith.
A very happy, safe and enjoyable Easter to all celebrating this weekend.
In the stock casinos, for now greed continues to trump fear, as yet again it was time to dress up stocks and stock indexes for the month-end and end of quarter.
But look to the crypto article to see where
financial greed can lead.
Japan and China
stocks rise, while most Asia-Pacific markets are closed
UPDATED THU, MAR 28 2024 10:36 PM EDT
Japan and
China stocks rose Friday, while most markets in the Asia-Pacific region stay
shut for a public holiday.
Japan’s Nikkei 225 index
gained 0.44%, after falling about 1.5% in the previous session. The broader
Topix rose 0.41% following declines of 1.7%.
The Japanese yen will
be closely watched during the session amid speculation of a
possible intervention after the currency recently hit 34-year
lows against the U.S. dollar at 151.97. It last traded at 151.38 against the
greenback.
China’s CSI 300 index rose 0.3%
at the open.
South Korea’s Kospi was
flat, while the smaller-cap Kosdaq shed 0.28%.
Hong Kong, Singapore, India,
Australia and New Zealand were among the major Asia-Pacific markets shut for
the Good Friday holiday.
On Wall Street, the benchmark S&P 500 index
clocked its best first-quarter performance in five years.
The index ended Thursday 0.11%
higher, while the Dow Jones
Industrial Average added
0.12%. Both indexes closed at record highs. The Nasdaq Composite slipped
0.12%.
Asia
markets live: Japan, South Korea and China markets open (cnbc.com)
S&P 500
closes at a fresh record, posts strongest first-quarter performance since 2019:
Live updates
UPDATED THU, MAR 28 2024 5:58 PM EDT
The S&P 500 rose
Thursday, registering its best first-quarter performance in five years.
The broad market benchmark was up
0.11% to settle at 5,254.35. The Dow Jones Industrial Average added
47.29 points, or 0.12%, and finished at 39,807.37. Both indexes closed at
records, and the S&P 500 hit a fresh all-time high during the session. The Nasdaq Composite slipped
0.12% to end at 16,379.46.
For the quarter, the S&P 500
added 10.2% for its best first-quarter gain since 2019, when it rallied 13.1%.
The 30-stock Dow advanced 5.6% during the period for its strongest
first-quarter performance since 2021 when it jumped 7.4%. The Nasdaq ended the
quarter with a 9.1% pop.
On the month, the S&P 500 was higher by
3.1%. The Nasdaq added 1.8% in March, while the Dow climbed 2.1%. It was the
fifth straight winning month for all three major averages.
Driving the gains this quarter
and month has been Nvidia,
last year’s market leader, as the artificial intelligence craze shows no signs
of slowing. The stock soared 82.5% for the quarter and gained 14.2% in March
alone.
On the economic front Thursday,
initial filings for unemployment insurance for the week that ended March 16
came in at 210,000, slightly lower than the 211,000 that economists surveyed by
Dow Jones had predicted.
“As we head into next week, the
data gets a lot heavier, so we’ll have more catalysts to drive things around,
but I would say on balance, this has been the end to a really good month and a
really good quarter and it’s nice to finish up and head into the weekend on a
super upbeat tone,” said Art Hogan, chief market strategist at B. Riley Wealth.
The Federal Reserve’s preferred
inflation measure — the personal consumption expenditures report — is due
Friday morning. Though markets will be closed for Good Friday, the results of
this reading could sway markets in the approaching week.
Stock market today: Live updates (cnbc.com)
Next, crypto news. To no one’s great
surprise, FTX fraudster and embezzler Sam Bankman-Fried drew a long sentence.
Now will all (any) of the Democrat politicians that took his stolen donations
return the cash?
Fallen crypto mogul Sam
Bankman-Fried sentenced to 25 years in prison
Updated 11:50 PM GMT,
March 28, 2024
NEW YORK (AP) — Crypto
entrepreneur Sam Bankman-Fried was
sentenced Thursday to 25 years in prison for a massive fraud on hundreds of
thousands of customers that unraveled with the collapse of FTX, once one of the
world’s most popular platforms for exchanging digital currency.
Though he described Bankman-Fried
as “extremely smart,” U.S. District Judge Lewis A. Kaplan delivered a
blistering analysis of Bankman-Fried and his crimes before announcing a
sentence that was half of what prosecutors sought and less than a quarter of the
105 years recommended by the court’s probation officers.
“There is absolutely no doubt that
Mr. Bankman-Fried’s name right now is pretty much mud around the world,” Kaplan
said of the 32-year-old California man who seemed atop the cryptocurrency
universe before his businesses collapsed in November 2022, leaving customers,
investors and lenders short over $11 billion, which the judge ordered him to
forfeit.
He was convicted in
November of fraud and conspiracy — a dramatic fall from
a crest of success that included a Super Bowl advertisement, testimony before
Congress and celebrity endorsements from stars like quarterback Tom Brady,
basketball point guard Stephen Curry and comedian Larry David.
Kaplan imposed the sentence in the
same Manhattan courtroom where, four months previously, Bankman-Fried testified
that he had intended to revolutionize the emerging cryptocurrency market with
his innovative and altruistic ideas, not steal.
More
FTX founder Sam Bankman-Fried sentenced to 25 years in prison | AP News
Finally, more on the ship that crashed Baltimore’s
Key Bridge in seconds.
What to know about the cargo ship Dali, a mid-sized
ocean monster that took down a Baltimore bridge
March
28, 2024
Here's
what to know about the cargo ship Dali that crashed into Baltimore's
Francis Scott Key Bridge, causing it to collapse and leaving six bridge
construction workers presumed dead.
MONSTERS OF THE OCEAN
If
stood upright, the Dali would reach almost to the top of the Eiffel Tower in
Paris or about two-thirds of the way up the Empire
State Building in New York.
It can carry the equivalent of almost 10,000 standard-sized
metal shipping containers, and at the time of the accident was carrying nearly
4,700 containers. But while those figures are impressive, the Dali pales in
comparison to the world's largest container ships, which can carry more than
24,000 containers. There are environmental and economic advantages to operating
giant container ships, but their sheer size and weight make them difficult to
maneuver and stop — especially when something goes wrong.
Dali length: 984 feet (300 meters).
Weight: 95,000 tons when empty.
Capacity:
10,000 20-foot (6-meter) containers.
MAYDAY CALL SAVES LIVES
The
ship shares a name with one of history's most celebrated artists, Spanish
surrealist painter Salvador
Dali.
Built
by South Korea's Hyundai Heavy Industries, one of the world's largest
shipbuilders, the Dali was launched in late 2014. It's owned by Grace Ocean
Private Ltd, flies a Singapore flag
and is powered by diesel engines.
Danish
shipping giant Maersk had chartered the Dali for a planned trip from
Baltimore to Sri Lanka, but the ship didn't get far, with the crew sending a
mayday call early Tuesday saying they had lost power and had no control of the
steering system. Minutes later, the ship rammed one of the bridge's columns,
causing the entire structure to collapse within seconds.
The
ship was moving at about 8 knots, or 9 mph (15 kph). The mayday gave just
enough time for authorities to stop bridge traffic and likely prevent more
deaths, but not enough time to clear the construction crew that was filling
potholes on the bridge. Divers on Wednesday recovered the bodies of two of the
workers.
All of
the nearly two dozen crew members from the Dali were accounted for after the
accident, with one taken to a hospital with minor injuries.
The Dali
passed a June 2023 inspection in Chile. A faulty pressure gauge for the fuel
heaters was identified but fixed before the vessel left the port, according to
authorities. The Dali was then inspected in September by the U.S. Coast Guard
in New York, and no problems were found. Before it left Baltimore, the ship
underwent routine engine maintenance, according to the Coast Guard.
Federal and
state officials say the crash appears to be an accident.
The Coast
Guard has downloaded the voyage data recorder and sent it to the National
Transportation Safety Board, which is building a timeline of what led to the
crash, and a preliminary report is expected in the coming weeks. Singapore also
plans to carry out its own investigation, which it says will be to identify
lessons for the future rather than determine liability.
WHAT'S NEXT
In addition to
trying to clear the channel floor of the bridge debris, officials will need to
assess the damage to the Dali and make sure it doesn’t leak fuel or sink.
Investigators found damage to at least 13 containers on the ship.
The Dali will
then likely be towed back to the port and the cargo offloaded.
Transportation
Secretary Pete Buttigieg says it’s too early to say how long it will take to
reopen the Port of Baltimore or replace the destroyed bridge. He noted it
initially took five years to build the bridge.
Baltimore port
bridge collapse: Global ocean carriers put U.S. companies on hook for urgent
cargo pickup
PUBLISHED WED, MAR 27 2024 2:15
PM EDT
Ocean carriers are declaring “force majeure” due
to the Baltimore port bridge crisis, telling logistics companies and U.S.
shippers including retailers that once cargo is dropped off at alternate ports,
it becomes their responsibility to pick up.
In an alert to customers Tuesday, CMA CGM wrote, “Those
(containers) on the water will be discharged at an alternate port where they
will be made available for pick-up, and CMA CGM’s bill of lading will
terminate.”
It was the first ocean carrier to declare force majeure —
the provision in a contract that frees parties from an obligation due to events
beyond their control.
COSCO announced Wednesday morning that its services would “be concluded” once the
diverted container arrives at the alternate port. Evergreen announced the same measure.
In contrast, Maersk is providing
transport. “For cargo already on water, we will omit the port, and will
discharge cargo set for Baltimore, in nearby ports. From these ports, it will
be possible to utilize landside transportation to reach final destination
instead,” Maersk said in an alert to customers. Though it noted that the
situation remains fluid. “We are still working through the various
contingencies with our customers and will continue to provide both specific and
general customer advisories as the matter progresses,” it said.
Ocean carriers Hapag Lloyd and MSC did not respond
to requests for comment about their plans.
More
In Baltimore bridge collapse, shippers left on hook
for cargo pickup (cnbc.com)
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.
ECB likely to start with 'moderate' rate cut this spring,
Villeroy says
By Reuters March 28, 2024 8:39 PM GMT
PARIS, March 28 (Reuters) - The European Central
Bank (ECB) is likely to start off with a "moderate" interest rate cut
this spring, which should come independently of the U.S. Federal Reserve's
timeframe, ECB policymaker Francois Villeroy de Galhau said on Thursday.
A growing number of ECB policymakers have supported
rate reductions, with a June meeting shaping up as the most likely time for
action, although there is also a meeting in April.
Villeroy said at a speech at Paris Dauphine
University that it was not of "existential importance" whether or not
this cut occurred in April or in June.
"Since monetary policy takes effect with a
lag, we run the risk of falling behind the curve if we wait too long,"
Villeroy said.
He added that if inflation undershot the ECB's 2%
target for a sustained period, then the ECB risked having to cut interest rates
even more aggressively and could face the effective lower bound of interest
rate cuts where they no longer stimulate the economy.
Villeroy, who is also
governor of the French central bank, also said that starting to loosen monetary
policy was like taking out an insurance policy against a hard economic landing.
After a first "moderate cut," the ECB did not
necessarily need to reduce rates further at each governing council meeting,
though it should keep that option on the table, he added.
All 77 economists in the March 25-28 Reuters poll expected the ECB
to keep the deposit rate unchanged at 4.00% on April 11. Roughly 90%, 68
respondents, forecast that the first cut would come in June.
ECB
likely to start with 'moderate' rate cut this spring, Villeroy says | Reuters
Britain’s
GDP falls by 0.3%, new ONS figures show
March
28, 2024
Britain’s gross domestic product (GDP) decreased slightly in the period between October and December last
year, official figures show.
The Office for National Statistics (ONS) said GDP had fallen by 0.3 per cent following
a period of no growth between
July and September 2023.
Responding to Office for
National Statistics gross domestic product quarterly national accounts,
Chancellor Jeremy Hunt said: “Last year was tough as interest rates had to rise
to bring down inflation, but we can see our plan is working.
“Inflation has fallen
decisively from over 11% to 3.4%, the economy grew in January and real wages
have increased for eight months in a row.
“Our cuts
to National Insurance will boost growth by rewarding work and putting over £900
a year back into the average earner’s pocket.”
It comes after the quango
estimated GDP had risen by 0.2 per cent in
January, following a predicted decline of 0.1 per cent in December last year.
At the time, it said a strong
month for retail sales helped drive growth in January, with consumers making
the most of post-Christmas sales and spending more in supermarkets.
The services sector, which
also includes industries like hospitality, culture and leisure, grew by 0.2 per
cent during the month and was the largest contributor to the rise in GDP, the
ONS estimated.
It was also said to have been helped
by improved activity for housebuilders, thanks to new work and repair and
maintenance jobs, following a sluggish year for the wider housing market.
GDP per head is the amount of
economic output split across the total population and shrank by 0.7 per cent in
2023, according to the ONS.
Britain’s GDP falls by 0.3%, new ONS figures show (msn.com)
Covid-19
Corner
This
section will continue until it becomes unneeded.
Moderna Vaccine
Recipients Have Greater Risk of Developing Chronic Condition: Study
Young
men especially at risk of developing chronic hives, researchers find.
3/25/2024 Updated: 3/25/2024
People who
receive Moderna’s COVID-19 vaccine have a greater risk of developing chronic
hives, according to researchers in Denmark.
The Danish Medicines Agency review of data
from Denmark and the European Union validated a safety signal that arose for
chronic hives, or chronic urticaria, and Moderna’s shot, the agency said on March 20.
Of 360 cases
reported in Europe following the Moderna or Pfizer-BioNTech vaccine, 58 were
deemed probably caused by vaccination and 228 were determined to be possibly
caused by the vaccination, Martin Zahle Larsen from the Danish Medicines Agency
said in a statement.
Most of the
cases were reported by patients, doctors, or pharmaceutical companies.
The study found
that in Denmark, it was expected based on background rates of chronic hives
that 175 people who received Pfizer’s shot would experience chronic hives
following vaccination and that 18 people who received Moderna’s shot would
experience the issue.
While the 105
reported cases after Pfizer vaccination came in under the expected number, the
55 reported cases following Moderna vaccination came in well above the expected
number.
The risk of developing chronic hives was
calculated to be three times higher for Moderna recipients, compared to the
general population. Researchers also stratified the risk by gender and age and
found the risk was the highest—5.2 times higher than the background rate—among
young men.
Most cases of
chronic hives occurred from 7 to 13 days following vaccination.
The results of
the study are the validation of a safety signal, or a sign that a vaccine or
vaccines causes a specific health issue, Danish authorities said in a document
describing the results.
Mr. Larsen,
though, told Danish media that additional studies are required to confirm a
connection and that scientists think the cases stem from the vaccine’s impact
on the immune system.
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.
Pacific Basin
to apply graphene-based propeller coating across whole fleet
GIT
Coatings will supply its propeller coating to the entire Pacific Basin fleet
after a successful trial on a supramax bulk carrier.
Sanjay Relan, the
General Manager of Optimisation & Decarbonisation at Pacific Basin said the
fleet had since 2007 used silicone paint to maintain performance and reduce the
need for polishing, but edge damage meant the coating was being stripped and
reapplied every docking.
“By adopting
XGIT-PROP hard coating for our entire fleet, we are taking a proactive step
towards more sustainable practices. We hope to maintain a damage-free, smooth
propeller surface and improve efficiency over longer periods. At a
fleet-wide level, we anticipate significant reductions in both
environmental impact and operational expenses,” said Relan.
The biocide-free hard
foul release coating solves the shortcomings of biocide-based soft foul release
coatings which release silicone oils and can peel away from propeller blades,
the manufacturer claims.
GIT said shipowners
were using its new coating to help improve CII ratings and improve their
vessels’ RightShip GHG ratings.
Maiko Arras, Director
of Business Development at GIT Coatings, said: “Collaboration with Pacific
Basin marks another important milestone in our growth. While we have
established fleet supply agreements with many other shipping companies, Pacific
Basin stands out as the largest to fully integrate XGIT-PROP across a fleet of
dry bulk vessels. We’re glad to see first movers selecting this innovative yet
simple solution to drive the industry towards a sustainable future.”
Finally,
our latest new section, the world global debt clock. Nations debts to GDP
compared.
World Debt
Clocks (usdebtclock.org)
The process by which banks create money is so simple that the mind is repelled.
John Kenneth Galbraith.
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