Baltic Dry Index. 1730 +01 Brent Crude 90.58
Spot
Gold 2387 US 2 Year Yield 4.93 +0.05
Adam Smith.
Not much need for any input from me this morning. The articles below sum up the extremely dangerous geo-political situation weighing on our nervous, over-priced stock casinos this morning.
But in our world on the Great Nixonian Error of Fiat Money, no one should forget Adam Smith’s observation above.
With the US Feds now wracking up one trillion
dollars of new federal debt every hundred days, WW3 likely sees the end of the
current dollar reserve standard, even if WW3 doesn’t go nuclear near the start.
Asia markets sell off amid Iran-Israel
tensions; China’s GDP beats expectations
UPDATED TUE, APR 16 2024 11:43 PM EDT
Asia-Pacific
markets sold off as the world awaits
Israel’s response to Iran’s air assault over the weekend. Most
major markets in Asia lost about 2%.
On Tuesday, China’s economy grew
5.3% in the first quarter compared with a year ago, faster than the 4.6% growth
expected by economists polled by Reuters.
South Korea’s Kospi led
losses in the region, plunging 2.37%, with the small-cap Kosdaq also down
2.24%.
Japan’s Nikkei 225 tumbled
2.19%, while the broad based Topix was down 2.11%. Overnight the yen crossed
154 against the U.S. dollar, its weakest level since June 1990.
In Australia, the S&P/ASX 200 was
2.05% lower.
Hong Kong’s Hang Seng index slid
1.93%, while the CSI 300 was 1.18% lower after the GDP announcement.
Overnight in the U.S., stocks retreated on
Monday as rising yields and worries over the conflict in the Middle East
overshadowed strong Goldman Sachs earnings and hot
retail sales data.
The Dow Jones Industrial Average lost
0.65%, to mark its sixth straight losing day, a streak not seen since June.
The S&P 500 slipped
1.2% despite trading up as much as 0.88% earlier in the session. The Nasdaq Composite tumbled
1.79% as Salesforce and other technology stocks dropped.
Higher
rates also poured cold water on the market bounce, with the
yield on the 10-year Treasury rising above the key 4.6% level in the
session and reaching its highest point since mid-November.
Asia markets live
updates: Iran-Israel tensions, China Q1 GDP (cnbc.com)
European markets set to extend declines as
Middle East tensions weigh on sentiment
UPDATED TUE, APR 16 2024 12:33 AM EDT
European
markets are heading for a lower open Tuesday as investors are closely following
developments in the Middle East.
Geopolitical tensions are high
following Iran’s extensive drone and missile attack on Israel Saturday night.
Israel has vowed to retaliate but has signaled that it could bide its time.
Allies have called for cool heads, warning that a much bigger war in the Middle
East could be easily triggered.
Asia-Pacific markets sold
off as the world awaits
Israel’s response to Iran’s air assault over the weekend. Most
major markets in Asia lost about 2%. Data released Tuesday showed China’s
economy grew 5.3% in the first quarter from a year ago, more than the 4.6%
growth expected by economists polled by Reuters.
U.S.
stock futures were little changed Monday night after a losing
day for the major benchmarks.
European
markets live updates: stocks, news, data and earnings (cnbc.com)
‘Prelude to World War III’: World leaders
react to Iran’s air attack against Israel
World leaders have called for calm in the
aftermath of Iran’s large-scale
air attacks on Israel on Saturday, with many expressing deep
concern over the prospect of a broader regional conflict.
Iran’s strikes, which Israel’s
defense forces say involved more than 300 drones and missiles against military
targets in Israel, have ratcheted
up fears of a spillover conflict in a region already grappling
with the ongoing war in the Gaza Strip.
The assault only resulted in limited damage, with Israel’s military saying
its Iron
Dome air defense system intercepted 99% of the drones and
missiles launched by Iran.
Iran says its air offensive came in
response to an Israeli
strike on its embassy compound in the Syrian capital of
Damascus earlier this month.
“We will not be able to comment on
the claims regarding a strike in Damascus,” an Israeli Foreign Ministry
spokesperson told CNBC on Sunday.
Ahead of a War Cabinet meeting on
Monday, Israel has pledged to “exact
a price” from Iran in response to the Saturday attack. Analysts have
said they are unsure of the exact timing and extent of such a retaliation.
U.S. President Joe Biden on
Saturday said he condemned “in the strongest
possible terms” Iran’s unprecedented air attack against military facilities in
Israel.
Biden added that the U.S. “will remain vigilant
to all threats and will not hesitate to take all necessary action to protect
our people.”
His comments come
as some top U.S. officials reportedly worry that Israel may soon
respond to Iran’s drone and missile attacks and trigger a wider regional
conflict, according to NBC News.
Biden, who affirmed
the White House’s “ironclad” commitment to Israel’s security once again over
the weekend, has privately expressed concern that Israel’s prime minister,
Benjamin Netanyahu, is trying to drag the U.S. into a broader conflict, NBC News reported Sunday, citing three unnamed
people familiar with the matter.
CNBC could not
independently verify the report.
‘Prelude to World War III’
In South America,
Colombia’s president, Gustavo Petro, called on the United Nations to “meet
urgently” and “immediately commit to peace.”
“It was
predictable; we’re now in the prelude to World War III precisely when humanity
should rebuild its economy towards the rapid goal of decarbonization,” Petro
said.
“The support of the
U.S., in practice, for a genocide, has ignited the world. Everyone knows how
wars start, no one knows how they end.”
More
World leaders react to Iran’s unprecedented air assault against Israel (cnbc.com)
Finally, in other soon to be moot news? Perhaps Tesla can pioneer the Electric Tank?
Tesla laying off more
than 10% of staff globally as sales fall
By Victoria Waldersee April 15, 2024 11:44
PM GMT+1
BERLIN, April 15 (Reuters) -
Tesla (TSLA.O) is laying off more than 10%
of its global workforce, an internal memo seen by Reuters on Monday shows, as
it grapples with falling sales and an intensifying price war for electric
vehicles (EVs).
"About every five years, we need to reorganize and
streamline the company for the next phase of growth," CEO Elon Musk
commented in a post on X. Two senior leaders, battery development chief Drew
Baglino and vice president for public policy Rohan Patel, also announced their
departures, drawing posts of thanks from Musk although some investors were
concerned.
Musk last announced a round
of job cuts in 2022, after telling executives
he had a "super bad feeling" about the economy. Still, Tesla
headcount has risen from around 100,000 in late 2021 to over 140,000 in late
2023, according to filings with U.S. regulators.
Baglino was a Tesla veteran and one of four members, along with
Musk, of the leadership team listed on the company's investor relations
website.
Scott Acheychek, CEO of Rex Shares - which manages
ETFs with high exposure to Tesla stock - described the headcount reductions as
strategic, but Michael Ashley Schulman, chief investment officer at Running
Point Capital Advisors, deemed the departures of the senior executives as
"the larger negative signal today" that Tesla's growth was in
trouble.
Less than a year ago, Tesla's chief financial
officer, Zach Kirkhorn, left the company, fueling concerns about succession
planning.
Tesla shares closed 5.6%
lower at $161.48 on Monday. Shares of EV makers Rivian Automotive (RIVN.O), Lucid Group (LCID.O) and VinFast Auto also
dropped between 2.4% and 9.4%.
"As we prepare the company for our next phase of growth, it
is extremely important to look at every aspect of the company for cost
reductions and increasing productivity," Musk said in the memo sent to all
staff.
"As part of this effort, we have done a thorough review of
the organization and made the difficult decision to reduce our headcount by
more than 10% globally," it said.
Reuters saw an email sent to at least three U.S. employees
notifying them their dismissal was effective immediately.
Tesla did not immediately respond to a request
for comment.
More
Tesla laying off more than 10% of staff globally as sales fall | 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.
Panama Canal
will progressively increase daily transits to 32
APR
16, 2024
In a Shipping Advisory on 9
April, the Panama Canal Authority
(ACP) said it has scheduled maintenance work at the Gatun Locks from 7 to 15
May, resulting a reduction in the number of transits from 20 to 17 transits per
day at the Panamax locks during the eight calendar days of the work.
On
completion of these works ACP has announced measures that will increase the
number of daily transits from 24 to 32, as water levels have improved following
the drought last year that caused the implementation of restrictions.
-
From 16 May until 31 May, the number of daily transits will be increased from
17 to 24 Panamax at the Panamax locks while Neopanamax will be 7 (total: 31)
-
From 1 June the number of daily transits is increased from 7 to 8 in the
Neopanamax locks (total to 32 transits)
- And starting 15 June, the maximum permitted draught for
vessels transiting the Neopanamax locks will be raised to 13.71 metres (45
feet). Currently, the maximum permitted draught in the Neopanamax locks is
13.41 metres (44 feet). This adjustment ensures safe navigation, while
considering Gatun Lake level projections and other operational requirements.
These
actions are taken after a series of analyses based on water availability, water
saving measures adopted since last year such as the efficient use of water
stored in Lake Madden (Alhajuela) and the slight return of rainfall so far in
April.
Panama
Canal will progressively increase daily transits to 32 (seatrade-maritime.com)
China’s economy grew 5.3% in the first
quarter, beating expectations
China’s economy in the first quarter grew faster
than expected, official data released Tuesday by China’s National Bureau of Statistics showed.
Gross domestic
product in the January to March period grew 5.3% compared to a year ago —
faster than the 5.2% expansion in the fourth quarter of 2023 and 4.6% growth
expected by economists polled by Reuters.
On a quarter-on-quarter basis, China’s GDP grew
1.6% in the first quarter, compared to a Reuters poll expectations of 1.4% and
a revised fourth quarter expansion of 1.2%. Beijing has set a 2024
growth target of around 5%.
Growth was driven
in part by external demand, as export volume grew by 14% year on year, said
Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.
The strong first
quarter growth will make the government comfortable with its current policy
stance, he said in a note on Tuesday.
“With the Fed rate
cut probability declining, I think the chance of rate cut by [People’s Bank of
China] is also diminishing,” he added.
He noted that the
PBOC on Tuesday set the fixing rate for the Chinese yuan against the U.S.
dollar at 7.1028, weaker than the 7.0979 on Monday, which indicates the
government may be willing to tolerate more flexibility in the exchange rate. A
weak currency makes a country’s exports less expensive and more desirable.
More
China's
Q1 GDP grew 5.3% in the first quarter, beating expectations (cnbc.com)
Covid-19
Corner
This
section will continue until it becomes unneeded.
Spirulina Significantly Reduces COVID-19 Mortality: Study
Study
participants took spirulina for six days. No deaths were recorded in the
spirulina group, while 15 percent who only received standard treatment died.
4/12/2024 Updated: 4/14/2024
Hospitalized
COVID-19 patients who took spirulina had a lower risk of death than those who
did not, according to results of a randomized controlled trial
recently published in Frontiers in Immunology.
Study
participants took spirulina for six days. No deaths were recorded in the
spirulina group, while 15 percent of those who only received standard treatment
died.
“The overall
results of the present study showed that a six-day course of Spirulina
platensis plus the standard treatment of COVID-19 was superior in the recovery
of patients compared to standard treatment alone,” the authors wrote.
The study was
conducted at two Iranian hospitals, where 189 patients were randomized to take
15.2 grams of spirulina capsules alongside standard COVID-19 treatment or only
receive standard treatment. Previous research showed that this dosage of
spirulina would provide potent anti-inflammatory and antioxidative effects.
In both the
experimental and control groups, half of the patients were in the intensive
care unit (ICU), while the other half were in a non-ICU.
Ninety-one
participants were assigned to take spirulina. Some withdrew, but there were no
deaths. There were 98 people in the control group, 46 of whom were in the
non-ICU. Four of these died, alongside 11 ICU patients. All patients received
follow-up for seven days.
The authors noticed that the spirulina
group had significant reductions in inflammatory markers in their blood and
higher oxygen levels.
Both
groups received standard treatment, which included antiviral therapy
(remdesivir), corticosteroids (dexamethasone), and anticoagulants (heparin or
enoxaparin). Patients who rapidly developed inflammatory disease were also
given tocilizumab or other steroids to control inflammation.
What Is Spirulina?
Spirulina, or Arthrospira platensis, is a
nutrient-dense type of dried-up blue-green algae that can grow in both fresh
and marine water environments.
“It doesn’t
surprise me that there are benefits from adding this to the diet and regimen of
those in hospital,” Dr. Yusuf Saleeby, an integrative medicine doctor and
director of Carolina Holistic Medicine not involved in the study, told The
Epoch Times.
Spirulina is
rich in beta carotene, B-complex vitamins, vitamin E, and minerals such as
manganese, copper, zinc, and selenium. “All these are important in maintaining
health and a healthy immune system,” he said. It also contains an essential
fatty acid called gamma-linolenic acid.
More
Spirulina Significantly Reduces COVID-19 Mortality:
Study | The Epoch Times
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.
Elevating
Heating Systems: Graphene's Breakthrough in Energy Efficiency
April 11,
2024
The global initiative around
reducing energy consumption and mitigating the ecological impact of
conventional heating systems is driving the development of advanced
technologies in nanoengineering.
Haydale’s groundbreaking
nanotechnology division, Haydale Graphene Inc., applies a novel process to
leverage the benefits of graphene through its HD PLAS system.
Haydale has created an innovative and efficient solution, Functionalised
Graphene Underfloor Heating (FGUH).
FGUH is a cutting-edge,
state-of-the-art approach that addresses some issues developers, installers,
and consumers face in space heating.
Conventional heating systems
have long been a concern as they have become renowned for their inefficiencies
and environmental impact. The search for alternatives has been driven by their
shortfalls, such as uneven heating, high energy consumption, and adverse
ecological implications. The advent of functionalised graphene technology provides an exceptional opportunity to
reconceptualize approaches to underfloor heating through sustainable and
energy-efficient solutions.
Housing developers face many
challenges when complying with stringent energy efficiency standards.
Conventional heating systems largely contribute to the overall energy
consumption of a building, which generates increased operational costs and
significantly impacts the environment.
The unparalleled thermal
conductivity and energy efficiency of FGUH make it a game-changer across the
construction industry. By incorporating Haydale’s technology into building
designs, developers can significantly reduce the carbon footprint of construction
projects while ensuring optimal thermal comfort. The flexible and lightweight
attributes of functionalized graphene heating elements also facilitate
simplified installation, enabling seamless integration into various
architectural designs.
More
Graphene Heating: Energy Efficiency Revolution
(azonano.com)
Finally,
our latest new section, the world global debt clock. Nations debts to GDP
compared.
World Debt
Clocks (usdebtclock.org)
As soon as government management begins it upsets the natural equilibrium of industrial relations, and each interference only requires further bureaucratic control until the end is the tyranny of the totalitarian state.
Adam Smith.
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