Baltic Dry Index. 1984 +41 Brent Crude 85.62
Spot Gold 2362 US 2 Year Yield 4.70 +0.01
In
the run up to the UK General Election on July 4, the LIR will play its part.
To lodge all power in one party and keep it there is to insure bad government and the sure and gradual deterioration of the public morals.
Mark Twain.
In the stock casinos, a nervous pause or something more? Is the AI bubble about to end?
What happens when the great AI hype goes the way of the great Dot.con bubble?
It might not matter much to those not caught up in this latest stock casino bubble, if I’m right about the US economy in or entering recession.
As goes America so goes the world, might not
have the impact it once had, but if the US economy is entering recession, Canada,
the UK, the EU and much of Asia will be right behind. More on that in tomorrows
update.
Asia-Pacific
markets drop as Japan posts cooler-than-expected core inflation data
Asia-Pacific markets fell Friday after Japan’s May core inflation data came in
slightly cooler than expected.
The country’s core inflation rate —
which strips out prices of fresh food — came in at 2.5%. A Reuters poll of
economists expected the May core inflation reading to come in at 2.6%, compared
with April’s 2.2%.
The so-called “core-core”
inflation, which strips out prices of fresh food and energy, came in at 2.1%.
This is lower than April’s reading of 2.4%. The metric is considered by the
Bank of Japan when formulating the country’s monetary policy.
Japan’s headline rate rose to 2.8%,
higher than April’s figure of 2.5%.
Japan’s Nikkei 225 dipped
marginally, while the broad-based Topix gained 0.26%.
The yen weakened
for a seventh straight day, declining to 158.95 against the U.S. dollar.
Japan’s chief currency diplomat,
Masato Kanda, said the government was ready to make a move against the volatile
currency market that has hurt the economy, Reuters reported.
The U.S. Treasury Department placed Japan on its currency “Monitoring List,” but
did not classify it as a currency manipulator.
South Korea’s Kospi fell
0.73%, while the small-cap Kosdaq lost 0.27%.
Separately, the country announced
that the finance ministers of South Korea and Japan will meet on June 25 to discuss bilateral and
multilateral cooperation, as well as their views on the global economy. The
meeting will be held two months after both parties agreed to manage excessive currency volatilities during
their meeting in Washington.
Mainland China’s CSI 300 dipped
marginally, while Hong Kong’s Hang
Seng index declined 0.85%.
Australia’s S&P/ASX 200 slid
0.04%.
Overnight in the U.S., the
S&P 500 closed 0.25 % lower after hitting a new high. The Nasdaq Composite dipped 0.79%, while the Dow Jones Industrial Average climbed 0.77%. Nvidia slipped 3.5% after
rising earlier in the trading day.
Asia stock markets
live: Japan CPI misses estimates (cnbc.com)
Nvidia loses top spot
to Microsoft after 3% drop
By Reuters June 20, 2024 10:13 PM GMT+1
June 20 (Reuters) - Nvidia's (NVDA.O) shares declined nearly 3.4%
on Thursday, handing the title of the world's most valuable company back to
Microsoft.
Nvidia, whose market capitalization surpassed that
of Microsoft (MSFT.O)on Tuesday, was set to lose
around $91 billion to its last closing market value of $3.34 trillion, at the
current level of $131.88.
Microsoft's market value also slipped, to $3.30 trillion, as its
shares were down 0.4% at $444.8 in afternoon trading.
Nvidia, Microsoft and Apple (AAPL.O)are in a three-horse race
to become the world's most valuable company. The Tim Cook-led iPhone maker's
market capitalization was at $3.22 trillion, with its shares down 2.2% at
$210.10 in the afternoon.
Elon Musk said on his X social media
platform on Wednesday that Dell and Super Micro are supplying server racks for
the supercomputer of his xAI startup, which will be used to expand the
capabilities of its AI tool, Grok.
Dell Technologies (DELL.N) and Super Micro Computer (SMCI.O)fell 1% and 0.7%,
respectively.
The companies make servers equipped with Nvidia
chips, enabling them to capitalize on the surging demand for processors that
power virtually every AI application.
Musk said earlier this year that training the Grok
2 model took about 20,000 Nvidia H100 graphic processing units and that the
Grok 3 model and beyond would require 100,000 Nvidia H100 chips.
-----Nvidia's stock price
has nearly tripled so far this year, powering the gains in the broader market.
Super Micro shares have more than tripled in value during the same period,
while Dell's stock is up nearly 95%.
The Philadelphia SE Semiconductor Index (.SOX) has risen nearly 34% since
the most recent low in April and closed at a lifetime high on Tuesday.
Nvidia loses top spot to Microsoft after 3% drop | Reuters
Friday’s US options expiration may provide volatility-starved
traders with some short-term market swings. The so-called triple-witching will see some $5.5 trillion worth of options
tied to indexes, stocks and exchange-traded funds fall off the board. As the
contracts disappear, investors will adjust their positions, adding a burst of
volume capable of swinging individual holdings.
Bloomberg Evening Briefing: The SEC Is Turning Its Gaze to ‘AI Washing’ - Bloomberg
Finally, more on so you really, really,
really want an EV.
Arizona Tesla driver trapped in EV following dead
battery escapes using ‘hidden latch’
A
Tesla driver has experienced distress after her electric vehicle's battery
died, locking the doors and windows with seemingly no escape.
13:12 ET, Wed, Jun 19, 2024 | UPDATED: 13:13 ET, Wed, Jun 19, 2024
A Tesla driver found
herself trapped inside her 2021 Model
Y electric vehicle after it shut down while traveling
on a full charge, locking the doors and windows.
This Arizona-based motorist, Diane, tried to look at her Tesla’s owner’s manual to find a solution but found its
glove box storage area wouldn’t open without electricity.
Diane said:
“It was fully charged. I unplugged the car, went to get in my car, shut the
door, and everything just shut down. I couldn’t open the windows. I couldn’t
unlock the doors. I was trapped,” CBS affiliate AZFamily reports.
Teslas use a battery as their primary energy source and a smaller battery for onboard electronics,
according to CBS affiliate KOLD-TV.
Diane noted there’s no
warning when this onboard electronics battery is low.
Next, Diane dialed a friend
for help, who arrived but couldn’t figure out how to open the SUV from its
outside.
Diane
responded by opening Tesla’s app and requesting roadside assistance, resulting in a customer service representative
informing her there was an unmarked latch to open the door.
These manual levers exist on
the Model Y’s front two door handles and the floor area of the rear seats’
outboard storage compartment underneath a removable rubber lining.
She added: “To me, it seems that the default for
when you lose power should be windows and doors open. Not lock. It should be
the reverse logic. That I don’t understand.”
The Daily Express US contacted Tesla for comment
but did not receive a response
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.
Bank of England holds rates but August cut still on the table
THURSDAY 20 JUNE 2024 12:01 PM
The Bank of England voted to leave
interest rates on hold for the seventh consecutive meeting in June, but an
August rate cut is still on the cards.
Seven members of the Monetary Policy
Committee (MPC) voted to leave the Bank Rate at 5.25 per cent, while the
remaining two backed a 25 basis point cut. This was unchanged on May.
The decision came just a day after
new figures showed that inflation fell to two per cent in May, its lowest level
since July 2021 and down from peaks of over 11 per cent in October 2022.
“Its good news that inflation has
returned to our two per cent target,” Andrew Bailey, governor of the Bank
said.
However, he cautioned that “we need
to be sure that inflation will stay low and that’s why we’ve decided to hold
rates at 5.25 per cent for now”.
Policymakers are still concerned by
the persistence of domestic inflationary pressures which could make it more
difficult for inflation to remain at two per cent sustainably.
The Bank has singled out services
inflation as a good gauge of domestic price pressures and yesterday’s figures
showed that services inflation only fell to 5.7 per cent in May.
In its latest round of economic
forecasts, produced in May, the Bank projected that services inflation would
have fallen to 5.3 per cent by now.
Wage growth, which is a major contributor to
services inflation, has also remained above expectations.
More
Bank of England holds rates but August cut still on the table (cityam.com)
Swiss National Bank
continues rate cuts
By John Revill June 20, 2024 12:14 PM GMT+1
ZURICH, June 20(Reuters) -
The Swiss National Bank cut interest rates on Thursday for the second time
running, pointing to easing price pressures that allowed it to maintain its
position as a front-runner in the global policy easing cycle now underway.
The Swiss franc
weakened against other currencies and stocks gained after the
central bank cut its policy rate by 25 basis points to 1.25%, as expected by
two-thirds of analysts polled by
Reuters, following a quarter-point reduction in March.
The SNB's decision had been finely balanced, given
a recent rebound in economic growth and a break in the trend of gently falling
inflation in Switzerland.
"The underlying inflationary pressure has
decreased again compared to the previous quarter," SNB Chairman Thomas
Jordan said. "With today's lowering of the SNB policy rate, we are able to
maintain appropriate monetary conditions."
More
Swiss National Bank continues rate cuts | Reuters
Covid-19 Corner
This section will continue until it becomes unneeded.
Study
sheds light on why some people do not get Covid-19
June 19, 2024
Researchers have shed new
light on why some people do not get Covid-19.
In a world-first, 36 healthy people
who had never had coronavirus were deliberately given the virus that causes the
disease.
The study found their immune systems
responded in a novel way, helping to explain how some people avoid getting
Covid.
The findings may pave the way
for treatments and vaccines mimicking these natural defences, not just for
Covid, but potentially other diseases too.
These findings shed new light
on the crucial early events that either allow the virus to take hold or rapidly
clear it before symptoms develop
It is the
first time scientists have been able to see how the body responds to a new
disease from the very point of exposure.
According to the experts,
their data can serve as a Rosetta stone for cells that cover various surfaces
of the body, and immune cells, and reveals early responses associated with
protection against infection.
Dr Marko Nikolic, senior
author of the study at UCL and honorary consultant in respiratory medicine,
said: “These findings shed new light on the crucial early events that either
allow the virus to take hold or rapidly clear it before symptoms develop.
“We now have a much greater
understanding of the full range of immune responses, which could provide a
basis for developing potential treatments and vaccines that mimic these natural
protective responses.”
The findings, published
in Nature, provide the most comprehensive timeline to date of how
the body responds to Covid exposure, or any infectious disease.
The scientists suggest it
might be possible to extrapolate these findings to other infections, such as
flu, and although the study only looked at Covid it is very likely that some of
the findings might be similar across different infections.
More
Study sheds light on why some people do not get
Covid-19 (msn.com)
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.
AI hits banks
Artificial intelligence is likely to displace more jobs across the banking industry than
in any other sector, according to Citigroup. About 54% of jobs across banking
have a high potential to be automated.
The world’s biggest banks have slowly begun experimenting
more with AI over the past year. Citigroup has said it would equip its 40,000
coders with the ability to experiment with different AI technologies, while
JPMorgan is scooping up talent and Deutsche Bank is using AI to scan
wealthy-client portfolios.
Speaking of AI, OpenAI’s co-founder discloses his plans to
continue his work at a new research lab focused on artificial general
intelligence.
Stock Markets Today: BOE meeting, AI jobs, French
bonds, hedge funds, trade war - Bloomberg
Next, our
latest new section, the world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
Another weekend and another week closer to voter
turmoil in France and the UK. Another week deeper into a new US recession, I
think, but more on that in tomorrow’s weekend edition. Have a great weekend
everyone.
When plunder becomes a way of life, men create for themselves a legal system that authorizes it and a moral code that glorifies it.
Frederic Bastiat.
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