Baltic Dry Index. 1912 +22 Brent Crude 84.71
Spot Gold 2424 US 2 Year Yield 4.46 +0.04
I didn't do anything wrong and I promise to never do it again.
Richard M. Nixon.
A stock casino stumble or more sign of the top being put in place?
As candidate Trump accepted the Republican
Party Presidential nomination, in a rambling, largely incoherent one and a half hour speech, mounting
Democratic panic set in at the prospect of President Biden Joe Biden remaining
in the Presidential race against Trump.
An interesting weekend lies ahead.
Asia-Pacific markets track Wall Street slide on
tech sell-off; Japan headline inflation holds steady
PUBLISHED THU, JUL 18 2024 7:50 PM EDT
Asia-Pacific markets fell on Friday, tracking Wall Street declines as investors continued to rotate out of tech stocks and take profits from the rally in equities in recent weeks.
“There’s some profit taking,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “I kind of cringe a bit if the profit taking occurs five days into a trade, but that just shows us the magnitude of what we’ve seen as far as the rotation.”
In Asia, Japan’s inflation came in at 2.8% for June unchanged from May, while core inflation, which strips out prices of fresh food, accelerated to 2.6%, from 2.5%.
However, the core inflation reading was lower than the 2.7% expected by a Reuters poll of economists.
Japan’s Nikkei 225 slipped 0.55% after the inflation report, while the broad-based Topix was down 0.71%.
Japanese chip-related stocks rebounded from Thursday’s losses, with semiconductor suppliers rising. Tokyo Electron was up 2.3%, Advantest gained 2% and LaserTec rose 1.34%.
Hong Kong’s Hang Seng index tumbled 2.23%, leading losses in Asia as energy stocks fell, while mainland China’s CSI 300 inched up 0.12%.
However, Chinese chip stocks listed in Hong Kong bucked the trend, with Hua Hong Semiconductor up 4.46% and SMIC gaining 1.5%.
South Korean and Taiwanese chip stocks continued to decline, with heavyweights Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and Hon Hai Precision Industry — known internationally as Foxconn — extending losses.
South Korea’s Kospi fell 1.5%, while the small-cap Kosdaq lost 0.21%. The Taiwan Weighted Index shed 1.64%.
Australia’s S&P/ASX 200 plunged 1.14%.
Overnight in the U.S., all three major
indexes fell, with the Dow
Jones Industrial Average down 1.29%, while the S&P 500 dropped 0.78%.
The technology-heavy Nasdaq
Composite lost 0.7%.
Asia markets: Japan CPI, tech stocks sell off (cnbc.com)
In other news, will Joe go over the weekend?
What happens next if Biden drops out of the
presidential race
PUBLISHED THU, JUL 18 2024 7:23 PM EDT
President Joe Biden is under siege from within his own party, as more Democrats — in private and in public — urge him to end his reelection bid in the wake of his damaging debate against Donald Trump.
Biden’s efforts to shore up confidence in
his candidacy have failed to close the growing rift between him and his party.
And while he has so far roundly rejected the calls to step aside, Biden said
Tuesday that should a “medical
condition” emerge, it could force him to rethink his decision to stay in
the race.
On Wednesday, Biden, 81, tested positive for Covid-19. His doctors say his symptoms are mild.
Realistically, the only way to replace Biden at the top of the Democratic ticket at this stage in the campaign cycle is if he agrees to drop out voluntarily, or if he dies or suffers a “disability.”
After breezing through the primary virtually unopposed, Biden has won almost all of his party’s 4,000-plus delegates, who are selected in large part because of their loyalty and support for their chosen candidate. Those delegates are set to vote for their presidential nominee in a virtual roll call in early August, before the Democratic National Convention.
If Biden ends his campaign before voting begins, the pledged delegates could cast their ballots for a new candidate. According to the DNC rules, If no candidate won a majority on that first ballot, then the more than 700 “superdelegates” could join in subsequent votes.
The voting would then continue until one candidate won a simple majority of delegates.
If Biden were to die, resign or suffer a
“disability” after the convention adjourned on Aug. 22, then the Democratic
National Committee chair — currently Jaime Harrison — would confer with top
congressional Democrats and the Democratic Governors Association about a
replacement, per the party rules.
Harrison would then report to the committee, which “is authorized to fill the vacancy.”
The mounting pressure on Biden to drop out has put a spotlight on Vice President Kamala Harris, who many pundits and experts view as the likeliest choice to replace him.
“The vice president is the logical choice, obviously,” said Meena Bose, director of the Peter S. Kalikow Center for the Study of the American Presidency at Hofstra University, in an interview.
Bose noted that Harris, 59, has already
been vetted, when she joined Biden’s campaign in 2020. What’s more, the
fundraising war chest that the Biden campaign has amassed in the current
election cycle would transfer to her if she took over the ticket.
More
What happens next if Biden drops out of the presidential race (cnbc.com)
In EV news, nothing good. In fact, very bad.
'If You Think Electric Cars Are Safe, Think
Again': Man Suffers 60% Burns After Rescuing Granddaughter From Volvo EV That
Suddenly Exploded
Butler received his £40,000 Volvo XC40
hybrid just a week before the fire
Published 07/18/24 AT 9:13 AM BST
In a daring rescue, a motorist sustained severe burns pulling his 19-month-old granddaughter from the back seat as his brand-new hybrid car went up in flames and exploded.
Seeing smoke, David Butler, a retired engineer at 67, sprang into action. His wife Anne, also 67, had turned back to witness the horror. The rear seat, where their toddler sat in a baby seat, was engulfed in flames, intense "as if someone had poured petrol on a barbecue."
With a screeching halt, Butler scrambled to reach his granddaughter, Lilly. Much to his chagrin, the rear door of their Volvo XC40, which could run on both gasoline and electric power, refused to budge.
Undeterred by the smoke and flames, he clambered back into the front seat and, with a determined reach, managed to unbuckle and free his granddaughter.
"Fortunately, I managed to feel for the seat release and dragged her out of the car," he said in a Facebook post.
"As I did this, the hybrid battery exploded, igniting the fuel tank and filling the car with flames. I managed to get out but was on fire," he added.
Road maintenance workers joined Butler in
pulling his granddaughter to safety.
He was rushed to the hospital with severe burns covering 60 percent of his body. Lilly, too, required medical attention.
Urging caution, David Butler, whose
heroism saved his granddaughter, has a message for drivers who believe electric
vehicles are entirely risk-free: "Think again."
More
Finally, commodities. No food price relief in sight.
Brazil’s corn production estimate drops again
By Luis Vieira Published on July 16, 2024
Estimates for Brazil’s corn output
continue to shrink. The total corn output is down 1.41 million metric tons
(mmt) to 147.3 mmt, according to Brazil’s National Supply Company (Conab). This
is 12.2% lower than last year’s output. The second corn crop was down 3.4% from
the previous forecast to 88 mmt.
The drop in production is attributed to a year with “intensified El Niño with an influence over the crops since the early plantings,” according to Conab.
Harvest of safrinha — the second corn crop — is underway. In Mato Grosso, the largest corn producing state, harvest is 76% complete with 45% of the new crop sold, according to consultancy AgRural. Favorable weather has helped spur harvest along. This has not been the case in Mato Grosso do Sul where harvest is only 29% complete.
In Paraná, the only southern state that
plants safrinha, many regions have gone 40 days without rain, according to a
local government agency. Harvest is underway with 66% complete and 21% of the
crop is considered under poor conditions.
Rain is in the forecast for this week in
Paraná, according to Climatempo. West-central states, such as Mato Grosso, Mato
Grosso do Sul, and Goiás, may face storms, which could mean multiple harvest
delays this week.
More
Brazil’s corn
production estimate drops again (agriculture.com)
Ukraine set for rain after record-breaking
heatwave, forecaster says
Reuters
Wed, 17 July 2024 at 10:19 am BST
KYIV (Reuters) - An abnormal heatwave seen in Ukraine in the last few weeks will begin to ease on Thursday making way for rain in most of the country, the state weather forecaster said on Wednesday.
Record high temperatures have had a negative impact on Ukraine's grain and oilseed crops and led to widespread electricity cuts.
----Agricultural producers group the
Ukrainian Agrarian Council said on Tuesday that this year's corn yield could
fall by 30-35% because of the extreme heat and drought.
The state weather forecaster also said the
country's harvest of late crops could decline by 20-30% in central, southern
and eastern regions owing to the extreme heat.
It said 30% to 50% of the overall area
under late crops could be affected by drought.
Ukraine set for rain after record-breaking heatwave, forecaster says (yahoo.com)
Eastern Europe’s Scorching Summer Damages Corn Prospects
July 16, 2024 at
2:37 PM GMT+1 Updated on July 17, 2024 at 9:56 AM GMT+1
Scorching heat across eastern Europe and the Black Sea region is withering corn at a crucial time in the crop’s development, driving concerns of a supply squeeze.
Temperatures have crossed 38C (100F) in Ukraine — a top global corn shipper. Romania — one of the European Union’s main producers — is in the midst of a drought. The harsh weather comes as the crop is at a critical pollinating stage. The heat could prevent kernels forming or cause existing plants to shrivel.
“Ten days in July we observed temperatures above 35 degrees. No bees pollinate at these temperatures,” Tetiana Adamenko, the head of the agriculture department at Ukraine’s National Hydrometeorology Center, said by phone. “It looks preliminarily like the corn harvest is going to be 20 to 30% lower than expected.”
The country’s corn exports are expected to decline about a fifth in the 2024-25 season, with planting areas and yields both lower. Strategie Grains has revised down its estimates for the European Union’s corn crop slightly, in its latest report.
----A dip in corn production risks shrinking stockpiles and pushing up costs to feed livestock herds in the continent — with local prices bucking the recent downturn in benchmark Chicago futures. The crop damage also highlights the risks to food security and living costs as climate change impacts farmers across the globe.
More
Weather: Eastern Europe’s Scorching Summer Damages Corn Prospects - Bloomberg
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.
Today,
Germany. Is Germany back in recession?
German
property sector cracks show as new building starts tumble
July 17, 2024
FRANKFURT (Reuters) - Germany's new construction starts fell further during the first half of the year, data showed on Wednesday, indicating stress in the property market of Europe's largest economy.
New building starts dropped 26% in the first six months, from a year earlier, based on data from Bulwiengesa, a property consulting and analysis firm.
"The downturn has levelled off, but recent trends such as project delays, a low number of construction starts and project developer insolvencies persist," Bulwiengesa said.
The data follow a bleak assessment from one of the nation's biggest landlords, Vonovia CEO Rolf Buch, who last week predicted that more property companies would go bust.
For years, low interest rates and a strong economy sustained a boom across the German property sector, which contributes 730 billion euros ($798.40 billion) annually to the nation's economy, or roughly a fifth of Germany's output.
That boom ended when rampant inflation forced the European Central Bank to raise borrowing costs. Real-estate financing dried up, deals fizzled, projects stalled, major developers went bust, and some banks teetered.
Some
industry executives hope that lower interest rates will help kick-start a
turnaround in the market, which is in its third year of a slump.
"Financing of project development continues to be challenging," said Francesco Fedele, chief executive of BF.direkt, a property financing consultant.
German property
sector cracks show as new building starts tumble (msn.com)
German
Investor Confidence Sours for First Time in a Year
July 16, 2024 at 10:06 AM GMT+1
Investor confidence in Germany’s economy worsened for the first time in a year as industry fails to match a gradual recovery in other sectors.
A barometer of expectations compiled by the ZEW institute fell to 41.8 in July from 47.5 in June, data released Tuesday showed. That was slightly higher than the 41 forecast in a Bloomberg survey. A measure of current conditions unexpectedly improved.
“The economic outlook is worsening,” ZEW President Achim Wambach said in a statement. “The fact that German exports decreased more than expected in May, the political uncertainty in France and the lack of clarity regarding the future monetary policy by the ECB have contributed to this development.”
While Europe’s biggest economy is “regaining its footing,” according to the Bundesbank, the turnaround will be slow: It predicts growth of just 0.3% this year. Behind the sluggish performance is the lingering malaise among manufacturers, with figures for industrial production and factory orders both disappointing of late.
Bloomberg Economics reckons German industry may have suffered a permanent hit. Half of an estimated 7% shortfall in productive capacity is structural, it said in a recent report — suggesting a full revival from almost two years of stagnation will be hard to achieve.
Adding
to the bleaker outlook, the Hans-Böckler-Foundation’s Macroeconomic Policy
Institute said Monday that its recession-risk indicator rose for the first time
since the start of 2025, [2024?] though
it stressed that a downturn isn’t imminent.
German Investor Confidence Sours for First Time in a Year - Bloomberg
Covid-19 Corner
This section will continue until it becomes unneeded.
So vaccines are “safe and effective.”
Medical practice admits it failed to correctly warn man of Covid vaccine
risks before his death
Wed, 17 July 2024 at 4:16 pm BST
A medical practice has confessed
to not properly informing a graduate about the risks associated with the Covid
vaccine, which later resulted in his death. Jack Hurn developed fatal blood
clots on his brain two weeks after receiving the AstraZeneca vaccine in June
2021.
Jack, from Redditch, fell
ill eight days post-vaccination and passed away in hospital on June 11 despite
undergoing emergency surgery. At that time, NHS guidelines
suggested that patients under 40 should be offered an alternative to the
AstraZeneca vaccine, but they could opt for it based on "an informed
choice".
Anchor Medical Practice
in Dudley, responsible for the vaccination centre, has now admitted that he was
given outdated advice and should have been informed about the one in 50,000
chance of someone his age developing blood clots due to the AstraZeneca jab.
Instead, the Coventry
University graduate and his partner Alex Jones were told the risk was one in
250,000, which Jack's family believe influenced their decision to accept the
AstraZeneca vaccine instead of rescheduling to receive the Pfizer vaccine at a
later date. They are now pursuing legal action against the practice.
Michael Portman-Hann,
representing Jack's family, said: "At the time Jack and Alex went to the
vaccination centre, alternatives to AstraZeneca were already being offered to
18 to 29-year-olds because the risk of blood clots had been identified. They
should have been given the correct information to make an informed
decision", reports Birmingham Live.
“I am pleased Anchor
Medical Practice, which was responsible for the vaccination centre, has
admitted breach of duty in that Jack wasn’t given the correct information. But
I’m disappointed they have denied liability on the grounds there is no evidence
Jack would not have accepted the AstraZeneca jab even if he had been told the
correct risk, particularly in light of the findings of HM Coroner at the
inquest into his death, who considered the advice provided on risks was
factored into Jack’s decision-making.
“We will continue to work
with Jack’s family and Alex to support them in their clinical negligence claim
against the Practice. It is now three years since Jack’s tragic death, but the
agony for his family and for his partner Alex is still going on.”
Browne Jacobson, the
legal firm representing the practice, wrote a letter of condolence to Mr
Portman-Hann stating: "We wish to convey sincere condolences. We
appreciate that at the heart of this claim, there is a family which has
suffered a significant bereavement."
The letter then
confirmed: “It is admitted Jack was advised of the incorrect risk magnitude
when he provided consent to undergo the AstraZeneca Covid-19 vaccine on May 29
2021. It is admitted this failure to provide the correct risk magnitude for
blood clots at the time of obtaining Jack’s consent for the vaccine was a
breach of duty.”
The letter challenges the
family's assertion that Jack would have refused the vaccine if fully informed
of the risks, stating: "There was a discussion with Mr Hurn and his
partner about re-booking so they could receive the Pfizer vaccine but they chose
not to come back at a different time."
It further clarifies the
position on causation and liability: "On that basis, medical causation is
admitted but factual causation is not. Accordingly, liability is denied
overall."
In a subsequent
development, AstraZeneca has voluntarily ceased distribution of the
Oxford-produced jab, following an admission in legal documents that it may
trigger a rare but serious adverse reaction.
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.
Innovative
natural polymer-based graphene film paves way for wearable tech
Published -
July 18, 2024 06:30 am IST
Researchers
at the BITS Pilani, Hyderabad Campus, claim to have developed a graphene-like
material film with enhanced electrical conductivity using a natural polymer
which could be pivotal in the creation of flexible and wearable electronics.
“These
devices can be built on paper and cloth for various potential applications and
versatile devices for electrocardiography, biofuel cells, supercapacitors, and
the likes,” says lead researcher and PhD scholar from MEMS, Microfluidics and
Nanoelectronics (MMNE) Lab, Pavar Sai Kumar.
Graphene,
extracted from graphite, boasts unique properties such as high electron
mobility, fracture strength, tensile strength, thermal conductivity, and a
large specific surface area. Various graphene-based materials, such as graphene
oxide (GO) and reduced graphene oxide (rGO), have been synthesised for
applications like batteries, solar cells, sensors, lubrication, and corrosion
protection.
e,
boasts unique properties such as high electron mobility, and fracture strength.
Researchers
at the BITS Pilani, Hyderabad Campus, claim to have developed a graphene-like
material film with enhanced electrical conductivity using a natural polymer
which could be pivotal in the creation of flexible and wearable electronics.
“These
devices can be built on paper and cloth for various potential applications and
versatile devices for electrocardiography, biofuel cells, supercapacitors, and
the likes,” says lead researcher and PhD scholar from MEMS, Microfluidics and
Nanoelectronics (MMNE) Lab, Pavar Sai Kumar.
Graphene,
extracted from graphite, boasts unique properties such as high electron
mobility, fracture strength, tensile strength, thermal conductivity, and a
large specific surface area. Various graphene-based materials, such as graphene
oxide (GO) and reduced graphene oxide (rGO), have been synthesised for
applications like batteries, solar cells, sensors, lubrication, and corrosion
protection.
The
synthesis of reduced graphene oxide (rGO) offers properties like high
conductivity and thermal performance, crucial for industrial applications in
sectors like automobile, textile and steel. However, traditional production
methods involve toxic chemical reagents such as hydrazine, hydrates, and
dimethylhydrazines, which release carbon dioxide gases.
BITS
researchers had, in an earlier work, made a one-step laser-induced reduced
graphene oxide (LIrGO) production from paper and cloth but with “lower
electrical and physicochemical properties”. Now, they have improvised by using
a natural resin or polymer called ‘Shellac’, secreted by the lac bugs on the
trees of India and Myanmar. This had helped get the required rGO material to
help make the one-step sensors on paper and cloth for various applications like
flexible and wearable electronics.
“Integrating
advanced materials into everyday items, such as paper and fabric, opens
possibilities for developing efficient and versatile devices with potential
applications in future including healthcare diagnostics and treatment, and even
as a semiconductor for quantum computing,” explains Sanket Goel who supervised
the research. This study conducted in association with Tata Steel has been
published in the latest edition of one of the journals of Royal Society of
Chemistry.
Innovative natural
polymer-based graphene film paves way for wearable tech - The Hindu
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
Another
weekend and the weekend President Biden Joe Biden drops out? But would
US Democrats really pick Vice President Harris? Have a great weekend everyone.
I was
not lying. I said things that later on seemed to be untrue.
Richard
M. Nixon.
No comments:
Post a Comment