Baltic
Dry Index. 2179 +21 Brent Crude 86.69
Spot Gold 2335 US 2 Year Yield 4.74 -0.03
In
the run up to the UK General Election on July 4, the LIR will play its part.
“Facts
are meaningless. You could use facts to prove anything that’s even remotely
true!”
Homer Simpson.
In the stock casinos, to infinity and beyond.
Stock bubbles always look rosiest at tops and direst at bottoms. 2024 will be no
different.
Asia-Pacific
markets mostly rise as investors assess business activity data from the region
PUBLISHED TUE, JUL 2 2024 7:58 PM
EDT
Asia-Pacific markets mostly rose Wednesday, after
U.S. Federal Reserve Chair Jerome Powell noted there was progress on reining in
inflation, while investors also assessed a slew of data from the region.
The au Jibun Bank reported that Japan’s
composite purchasing managers’ index fell to 49.7 in June, down sharply from
52.6 in the previous month. This signals a decrease in Japanese private sector
activity for the first time in seven months.
The bank noted that a slight
reduction in services activity, the first decline since August 2022, outweighed
a marginal increase in manufacturing output for the month.
Separately, the Caixin services purchasing managers’ index showed
that China’s services sector expanded for the 18th consecutive month, though it
was at its slowest pace since October 2023. The PMI was 51.2 in June, down from
54.0 a month prior.
Traders in Asia will also assess
June business activity data from India, set for release later in the day.
Japan’s Nikkei 225 was
up 0.7% extending its run above the 40,000 mark, while the broad-based Topix
was flat.
South Korea’s Kospi was
up 0.3%, while the Kosdaq Index rose 0.21%.
Australia’s S&P/ASX 200 was
up 0.2%.
Hong Kong’s Hang Seng index rose
0.70% in early trade. Mainland China’s CSI 300 was down 0.4.
Chinese tech giant Alibaba announced
Tuesday that it had repurchased a total of 613 million of its ordinary shares
for a total of $5.8 billion in the quarter ending June. The company’s stock was
up 1.7% on Wednesday.
Overnight in the U.S., the Dow Jones Industrial Average gained
0.41%, the S&P 500 gained
0.62%, and the Nasdaq Composite jumped
0.84%. Both the Nasdaq and the S&P 500 hit record high closes.
Tesla shares helped lift the
S&P 500 after Elon Musk’s electric vehicle company beat expected deliveries
for the second quarter.
Asia
stock markets live: Japan, China, India PMI; Powell comments (cnbc.com)
European markets
head for higher open as negative sentiment retreats
LONDON — European stocks are expected to open
higher Wednesday, reversing a negative trend seen in the previous trading
session.
The U.K.’s FTSE index
is seen opening 32 points higher at 8,151, Germany’s DAX up
58 points at 18,210, France’s CAC 40 up
34 points at 7,567 and Italy’s FTSE MIB up
188 points at 33,832, according to data from IG.
Regional markets closed lower
Tuesday, after digesting the latest consumer price data from the euro zone
which showed headline inflation in the euro area dipped to 2.5% in June, in
line with the expectations of economists polled by Reuters.
However, the closely watched
figures for core and services inflation remained stubbornly high, holding at
2.9% and 4.1%, respectively.
Asia-Pacific markets mostly rose
overnight, after U.S. Federal Reserve Chair Jerome Powell noted there was
progress on reining in inflation, while investors also assessed a slew of data
from the region. U.S.
stock futures traded near the flatline Tuesday night.
There are no major earnings or data
releases in Europe Wednesday.
European
markets: stocks, news, data and earnings (cnbc.com)
Stock futures are
little changed after S&P 500 closes above 5,500 level: Live updates
UPDATED WED, JUL 3 2024 7:42 PM EDT
U.S. stock
futures traded near the flatline Tuesday night after the S&P 500 closed
above 5,500 for the first time.
Futures tied to the S&P 500 inched
down 0.1%. Dow Jones
Industrial Average futures and Nasdaq 100 futures were
marginally lower.
Paramount
Global shares
popped nearly 7% in extended trading following reports from The Wall Street
Journal and The New York Times that Skydance Media has reached a preliminary
agreement to buy National Amusements, the entertainment giant’s
controlling shareholder.
During Tuesday’s main trading
session, the broad market index rose 0.62% to close above 5,500 for the first
time. The Nasdaq Composite advanced
0.84% to close at a record, and the 30-stock Dow rose
0.41%.
As the S&P 500 continues to
climb, concern is growing across Wall Street that the narrow leadership of the
rally is not sustainable for much longer. The question of when the Federal
Reserve will start cutting rates is also weighing upon investors. Speaking at a
central bank forum on Tuesday, Fed Chair Jerome Powell said that while the
central bank has made some progress in reducing inflation, it is not quite
ready to lower rates.
Scott Chronert, Citi Research
head of U.S. equity strategy, thinks a pullback may be imminent in the coming
months.
“Our concern is that the market
is beginning to price in a growth expectation that may be difficult for
companies, one by one, to meet, particularly given the ongoing strain that
we’re seeing on underlying economic conditions,” he said on CNBC’s “Closing
Bell” on Tuesday.
“Combine that with strong flows
into the mega cap growth tech and core arena and a euphoric sentiment read —
all suggest to us that we do have to be prepared for a pullback at some point
as the summer unfolds,” Chronert added.
Several new economic data points
are scheduled for release on Wednesday ahead of the Fourth of July holiday.
ADP’s private payrolls data for June is due, as are weekly jobless claims
figures. The U.S. trade deficit balance for May, while the S&P Global U.S.
Services Purchasing Managers Index and the ISM Non-Manufacturing PMI readings
for June are due.
Minutes from the policy-setting
Federal Open Market Committee’s June meeting will be released in the
afternoon.
The New York Stock Exchange
closes early at 1 p.m. ET on Wednesday and will be shut on Thursday for
Independence Day.
Stock market today: Live updates (cnbc.com)
Finally, so you really, really, really want an EV.
Autopilot
sends Tesla onto train tracks. California cops say feature mistook railroad for
street
June
30, 2024
The autopilot feature of a
Tesla electric vehicle drove onto train tracks Wednesday morning, mistaking the
rails for a road, Woodland police said.
The Police Department
shared a photo on Facebook of the vehicle stuck on the tracks several yards from the road,
and reminded motorists to stay alert “driver assistance system,” as
Tesla calls the feature costing several thousand dollars or $100 a month, for
any errors in mapping or judgment.
“Always keep your hands on the wheel
and be prepared to take control. As with any type of technology, (the
autopilot) can fail, always best to be attentive and aware,” officers said.
The agency noted details of the
incident were provided from statements by the occupants of the vehicle.
Officers said an investigation of the incident was ongoing.
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.
Eurozone inflation edges lower in June as food and
energy prices ease
TUESDAY 02 JULY 2024 10:20 AM
Eurozone inflation
edged lower in June, aided by lower food and energy prices, as markets look for
signs that the
inflationary surge of the past couple of
years has decisively
come back under control.
The ‘flash’ estimate
for inflation across the bloc came in at 2.5 per cent, according to figures
from Eurostat. This was down from 2.6 per cent last month and in line with
economists’ expectations.
Core inflation, which
strips out volatile components like food and energy, remained at 2.9 per cent
in June, slightly above expectations.
Although progress on
inflation has slowed in recent months, the headline rate is still down from 5.5
per cent a year ago and a peak of 10.6 per cent in October 2022.
Despite May’s
increase, the European Central Bank (ECB) still felt confident enough to cut
interest rates for the first
time in five years last month, bringing
the main interest rate down to 3.75 per cent.
However, the ECB was
deliberately vague about the future path of interest rates, reflecting
uncertainty over the persistence of domestic price pressures.
Today’s
figures showed that services inflation
remained at 4.1 per cent in June, higher than most rate-setters would like.
Price increases in the services sector are generally seen as a good gauge of
domestic inflationary dynamics.
More
Eurozone
inflation edges lower as food and energy prices ease (cityam.com)
Shop price inflation drops to lowest level since
October 2021 as retailers slash prices on TVs
TUESDAY 02 JULY 2024 6:00 AM
Retailers slashing prices on TVs to capitalise on the euros helped push shop price inflation to its lowest
level since October 2021, new figures show.
According to the
British Retail Consortium (BRC) and Nielsen, prices in the retail sector
increased just 0.2 per cent in the year to June, down from 0.6 per cent in May.
This was lower than many economists had expected.
Non-food prices actually fell 1.0 per cent in the year to June, down from a 0.8 per cent annual fall in May.
Helen Dickinson, chief executive of the BRC,
noted that retailers had slashed prices on TVs to attract football fans during
the Euros, partly explaining the annual fall.
The figures also showed that annual
food inflation decelerated to 2.5 per cent in June, its lowest level since
December 2021. This was the fourteenth consecutive deceleration in food prices.
Dickinson said inflationary pressures
had eased after firms had taken steps to ensure they were less exposed to
supply chain disruption.
“During the height of the cost of
living crisis, retailers invested heavily in improving their operations and
supply chains to compensate for the impact of global shocks on input costs,”
she said.
“This is clearly paying off, with shop prices having risen just 0.2 per cent over the past 12 months. Food inflation is now lower than any time since 2021 helped by falling prices for key products such as butter and coffee,” she added.
Mike Watkins, head of retailer and
business insight at NielsenIQ, expected that prices would continue to remain
low as firms competed for customer demand.
“With uncertainty around
discretionary spending, we expect the intense competition across the
marketplace to keep price increases as low as possible this summer,” he said.
The news will reassure policymakers
at the Bank of England that cost pressures are easing as they consider when to
cut interest rates.
Headline inflation fell to two per
cent in May, its lowest level since July 2021. However, the Bank of England
kept interest rates in hold last month due to fears about stubborn price
pressures in the services sector.
Shop price inflation drops to lowest level since October 2021 (cityam.com)
Covid-19 Corner
This section will continue until it becomes unneeded.
Bird flu virus detected in Alaskan polar bear
July 2, 2024
In a recent study published in the journal Emerging Infectious Diseases, researchers in Alaska, United States of America (US) reported
a natural infection of a highly pathogenic avian influenza (HPAI) A(H5N1) or
bird flu virus in a young, free-ranging polar bear that was found dead in
Alaska in 2023. They highlighted the significance of continued wildlife health
surveillance by the community as well as by hunters in the Arctic.
Background
First
detected in October 2020 in Europe, the HPAI A(H5N1) clade 2.3.4.4b virus has
since often infected various mammal species globally ever since. In North
America, natural bird flu infections have been observed in several bear species,
including Asiatic black bears, American black bears, grizzly bears, and Kodiak
brown bears. Animals in captivity, including sloth bears, Asiatic black bears,
and giant pandas, have been reported to contract other influenza A(H1N1)
viruses. Additionally, antibodies against H3 and H6 influenza subtypes suggest
previous natural exposures to bird flu viruses. Notably, seroconversion has
been noted in Barent Sea polar bears and Alaskan brown bears but not in the
southern Beaufort Sea polar bears.
Interestingly, genome analysis of
Alaskan wildlife influenza viruses has both unreassorted and reassorted
strains. The HPAI virus genotype A3 was likely introduced into Alaska via the
East Asia–Australia Flyway in November 2021. Since then, it has been detected
in various wild birds, including California condors in Arizona, and mammals
such as red foxes, fishers, martens, raccoons, and brown bears along the
Pacific Flyway.
Polar bears (Ursus maritimus)
are classified as a threatened species under the US Endangered Species Act.
Understanding their health threats is crucial for conservation efforts and
developing effective management strategies. In the present study, researchers
report the case of a male polar bear naturally infected with the HPAI H5N1
virus that succumbed to the infection.
More
Bird flu virus detected in Alaskan polar bear
(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.
High-Temperature Reflectometry Reveals Graphene
Growth Mechanisms
July 1, 2024
A group of researchers
from ANSTO and the
University of Technology Sydney has broken previous records by using the Spatz
reflectometer, which is outfitted with a vacuum furnace, to conduct thin-film
experiments at 1100 ℃. The
study has been published in RSC Advances.
Nucleon reflectometry and high-temperature equipment provide
a unique combination that allows an atomic-scale understanding of thin-film
growth and diffusion processes. This knowledge affects numerous thin-film
technologies and gadgets that undergo various processing and heat-treatment
procedures to maximize performance.
Under the direction of Francesca
Iacopi and Aiswarya Pradeepkumar, the UTS group has been investigating the growth
of graphene, or thin carbon sheets, on SiC/Si substrates at high temperatures.
Highly conductive electronics that can be integrated with conventional silicon
fabrication processes are made possible by this award-winning process.
The Australian Centre for Neutron
Scattering's Spatz neutron reflectometer was heavily utilized by the UTS team
to understand carbon growth mechanisms and onset temperatures better.
Neutron reflectometry allows the
study of thin films with thicknesses ranging from 1 to 100 nm. Neutrons possess
unique properties that allow for in-situ studies in sophisticated sample
environments (a sophisticated vacuum furnace, in this case) to monitor changes
in film over timescales ranging from minutes to hours.
More
High-Temperature Reflectometry Reveals Graphene Growth
Mechanisms (msn.com)
Next, our
latest new section, the world global debt clock. Nations debts to GDP
compared.
World Debt
Clocks (usdebtclock.org)
“I think Starmer picked me because
of my motivational skills. Everyone says they have to work a lot harder when
I’m around.”
With apologies to Homer Simpson.
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