Baltic
Dry Index. 1928 -13 Brent Crude 77.76
Spot Gold 2643 US 2 Year Yield 3.93 +0.23
When paper money systems begin to crack at the seams, the run to gold could be explosive.
Harry Browne.
Today we commemorate, in thoughts and prayers, those victims, including hostages, of the terrorist atrocity committed in southern Israel one year ago today.
It is US inflation data week, though little change is expected. Today we remember the moslem terrorist atrocity on Israel.
On Saturday, we remember the IRA terrorist bombing of Margaret Thatcher’s hotel in Brighton, England, in 1984. A terrorist organisation largely funded by Americans.
It’s a strange old world and getting ever stranger. Who would have thought that the London-Washington War Party would be fighting a NATO proxy war on Russia in the Ukraine, over denying a diplomatic solution to Russia’s version of JFK’s 1962 Cuban missile crisis. Why? Who gains?
Japan
leads Asia markets higher; Nintendo rallies after Saudi fund reportedly looks
to raise stake
Published Sun, Oct 6 2024 7:42 PM EDT
Asia-Pacific
markets mostly climbed on Monday, led by Japan’s Nikkei 225 rising almost 2%
as investors look ahead to a week of central bank decisions from around the
region.
The
gains on the Nikkei were powered by financials and consumer cyclical stocks,
with names like Mizuho
Financial Group and Mitsubishi UFJ Financial Group among
top gainers on the index.
Separately,
shares of video gaming company Nintendo climbed over 3.8% on Monday, after
Saudi Arabia’s sovereign wealth fund was reported to be considering raising its
stake in the company and other Japanese gaming counterparts.
The yen strengthened 0.16% to
trade at 148.46 after hitting its weakest level in over two months earlier in
the session. The dollar gained after a strong U.S. jobs report on Friday, which
also reduced expectations that the Federal Reserve would need another
50-basis-pont rate cut.
The
yen has also been under pressure after new Japan Prime Minister Shigeru Ishiba
said he doesn’t “think the environment is ready for an additional rate hike”
from the Bank of Japan.
Three
central banks are set to release their interest rate decisions this week,
namely the Bank of Korea, the Reserve Bank of New Zealand and the Reserve Bank
of India.
Economists
polled by Reuters expect the BOK and RBNZ to cut rates, while the RBI will
hold.
The
BOK on Friday is expected to lower its benchmark interest rate to 3.25% from
3.5%, while the RBNZ is expected to enact a 50-basis-point cut to 4.75% on
Wednesday.
Back
in August, the RBNZ surprised
economists after it lowered its policy rate to 5.25% from 5.5%.
South
Korea’s Kospi reversed
losses and rose 0.98%, while the small-cap Kosdaq was up 1.3%.
Australia’s S&P/ASX 200 rose 0.46%,
with lithium stocks listed in Australia rallying after Rio Tinto expressed
interest in acquiring
U.S. lithium producer Arcadium.
Liontown Resources rose
16.22%, Mineral Resources added
5.06%, while Pilbara
Minerals and IGO traded
around 3.61% and 3.36% higher, respectively. Arcadium Lithium’s
Australia-listed shares surged more than 42%.
However,
Hong Kong Hang Seng index climbed
1.14%, while mainland China’s markets remained closed for the Golden Week
holiday and will return to trade on Tuesday.
Over
in the U.S, stocks advanced on Friday after a stronger-than-expected jobs
report gave investors confidence around the health of the economy.
Data
showed nonfarm payrolls grew by
254,000 jobs in September, far outpacing the forecasted gain of 150,000 from
economists polled by Dow Jones. The unemployment rate ticked down to 4.1%
despite expectations for it to hold steady at 4.2%.
The S&P 500 rose 0.9%, while
the Nasdaq Composite jumped
1.22%. The Dow Jones
Industrial Average added 0.81% to notch an all-time closing high of
42,352.75.
Asia markets live: BOK, RBI, RBNZ rate decisions in week ahead (cnbc.com)
Stock
futures are little changed after sluggish start to October: Live updates
Updated
Mon, Oct 7 2024 7:12 PM EDT
Stock
futures were calm on Sunday evening as Wall Street looks to keep the momentum
from Friday’s rally.
S&P 500 futures added
0.1%. Nasdaq 100 futures
were up roughly 0.2%, while Dow
Jones Industrial Average futures ticked up 53 points, or about 0.1%.
The
move in futures comes after a bumpy week for stocks that saw the major averages
grind out modest gains. The S&P 500 added 0.22% for the week, while the
Nasdaq Composite inched up 0.10% and the Dow added 0.09%.
It
was the fourth winning week in a row for all three averages, helped by a
stronger-than-expected jobs report on Friday that gave more support to the idea
that the Federal Reserve may pull off a “soft
landing” for the U.S. economy. The Dow closed at a record high after the
report.
“Two
old adages on Wall Street: don’t fight the trend and don’t fight the Federal
Reserve. ... These remain among two key pillars for today’s equity market,”
Truist Wealth co-chief investment officer Keith Lerner said in a note Friday.
However,
Lerner did caution that the looming U.S. presidential election and the
potential for so-called “October surprise” could keep market volatility
elevated in the coming weeks.
Investors
will keep an eye on the international news this week, with tensions still high
in the Middle East.
On
the economic front, key releases in the week ahead include the Federal Reserve
meeting minutes on Wednesday and the consumer price index report on Thursday.
Earnings season also starts to heat up, with results from Delta Air Lines and JPMorgan Chase due out
Thursday and Friday, respectively.
Stock market today: Live updates (cnbc.com)
In other news, Florida readies for another hurricane. Britain and Ireland ready for the remnants of hurricane Kirk, although there is still a chance it may track further south into France and northern Spain.
Florida
readies for major hurricane Milton, still reeling from Helene
By Daniel Trotta and Bo Erickson
October
7, 2024 4:02 AM GMT+1
Oct
6 (Reuters) - Florida prepared on Sunday for its largest evacuation since 2017
as Hurricane Milton intensified in the Gulf of Mexico on its path toward the
U.S. state's western coast, coming on the heels of the devastating Hurricane
Helene.
Milton,
which strengthened from a tropical storm to hurricane on Sunday, was projected
to make landfall on Wednesday as a major hurricane, likely hitting near the
heavily populated Tampa Bay area, the U.S. National Hurricane Center said.
The
new hurricane was expected to affect areas already hit hard by Helene, which
made landfall further north on Sept. 26.
Kevin
Guthrie, director of Florida's emergency management division, urged people to
prepare for the "largest evacuation that we have seen most likely since
2017 Hurricane Irma."
"I
highly encourage you to evacuate," Guthrie told Floridians in a press
conference.
Milton
was about 780 miles (1,255 km) west-southwest of Tampa as of 7 p.m. EDT on
Sunday (0000 GMT on Monday), packing maximum sustained winds of 85 mph (140 km)
and moving to the east toward Florida at 7 mph (11 kph), the National Hurricane
Center said.
"There
are some areas with a lot of debris that is there, so if you get hit with a
major hurricane, what's going to happen to that debris? It's going to increase
the damage dramatically," DeSantis said. "This is all hands on deck
to get that debris where it needs to be."
Pinellas
County, which includes the city of St. Petersburg, on Monday was likely to
issue mandatory evacuations for more than 500,000 people in the lowest lying
areas, Sheriff Bob Gualtieri told a press conference.
He
urged people to heed evacuation orders after he said too many ignored them for
Helene, resulting in 12 deaths in the county and 1,500 emergency calls that
were unable to be answered.
The
county already ordered the evacuation of six hospitals, 25 nursing homes and 44
assisted living facilities totaling 6,600 patients, said Cathie Perkins,
director of the county's emergency management. School was canceled from Monday
to Wednesday.
"We
already will be rebuilding for years because of Hurricane Helene, and that will
be exacerbated by the impacts of this storm," St. Petersburg Mayor Ken
Welch said. "Remember, Hurricane Helene was 100 miles (160 km) away from
us, moving in a different direction. This is a powerful Cat 2 or Cat 3
hurricane headed directly for us."
More
Florida readies for major hurricane Milton, still reeling from Helene | Reuters
Former
Hurricane Kirk set to batter Britain with rain and heavy winds this week as
145mph storm barrels across the Atlantic
Published: 13:10, 6 October 2024 | Updated: 13:12,
6 October 2024
Gales
and heavy rain could batter Britain as a former tropical hurricane barrels
across the Atlantic in the coming days.
The
remnants of 145mph Hurricane Kirk are set to arrive by midweek, potentially
affecting the country on Wednesday and Thursday.
Central
and Southern England and Wales are in line for the worst of the weather, with
'heavy rain and disruptive winds', forecasters say.
It
comes after 10 English counties experienced the wettest September on record,
with up to three times the average rainfall.
The Met
Office said the whole of England and Wales, plus southern Scotland
and parts of Northern Ireland are at risk of 'disruption'
from Kirk - although it is too early to issue specific warnings.
Chris
Bulmer, Deputy Chief Meteorologist at the Met Office, said: 'Kirk over the
North Atlantic will lose its status as a hurricane early next week before being
swept towards northwest Europe.
'The
resulting low pressure system will still have the potential to bring disruptive
rain and winds to some areas, including parts of the UK, from the middle of
(the) week.
'There
remains much detail to work out on the exact track and timing of the system.
'Across
the UK, parts of England and Wales look to have the greatest risk of heavy rain
and strong winds during Wednesday and Thursday.
'However,
a more southward track of this system, which is equally plausible at this
stage, would see the most disruptive conditions impact France. The need for
warnings will be kept under review over the coming days, so it’s important to
stay up to date with the latest forecast.'
More
Finally, some good EV news for a change. That’s 3,000 EVs that won’t become fire risks to anyone else.
3,000
EVs in Vietnam destroyed after fire breaks out at factory
5
October 2024
A
huge fire at a factory in northern Vietnam destroyed 3,000 electric
bikes and motorbikes Friday, state media said.
Thick
smoke rose from a warehouse belonging to the DK Vietnam-Japan Electric
Vehicle Company in Lang Son City after the fire reportedly broke out around
7:00 am on Friday. Several explosions were heard.
Over
2,000 electric motorcycle components were also destroyed in the flames, state
media said.
Hoang
Van Khoi, the husband of the company's founder, confirmed to AFP there had been
a fire but did not elaborate.
The
fire started on the second floor of the parts warehouse and spread to other
floors and adjacent workshops, according to state-owned VTV.
The
DK Bike electric vehicle production facility spans over 3,000 square metres
(32,300 square feet) and includes areas for production, assembly, parts and a
showroom for finished vehicles.
The
fire has now been mostly extinguished, and authorities are investigating the
cause.
DK
Bike is a Vietnam-Japan joint venture, according to its website. The
company specialises in manufacturing bicycles, electric bicycles, electric
motorcycles, and 50cc small-displacement motorcycles.
3,000 EVs in Vietnam destroyed after fire breaks out at factory (msn.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.
Weekly
focus – Lower inflation clears path for European rate cuts
ANALYSIS | 10/04/2024 13:35:43 GMT
----Euro
area inflation declined in September to 1.8% y/y and is hence now below the 2%
target. Perhaps more important, the month-to-month momentum in service prices
dropped to just 0.14% by the ECB's calculation. There are some temporary
factors at play and it is just one month, but we now judge the scale to have
tipped in favour of an ECB rate cut at
the next meeting on October 17, also because of weaker economic data (see Yield
Outlook - Arguments for policy restrictiveness fade, 30 September).
For example, although euro area unemployment remained at a record low in
August, several indicators point to easing labour markets. Not least the
reported labour demand from companies in the PMI surveys, which is usually a
fairly good indicator of credit growth, has taken a turn downwards in the
September data, but the euro area labour market also remains very fragmentated
with more weakness to the North and strength to the South.
In
the US, job growth of 254,000 in September was much stronger than expected. The
unemployment rate declined to 4.1% from 4.2%, whereas average hourly earnings
increased 0,4% compared to August, the second month with such a relatively
strong increase. Together with other indicators of a relatively strong US
labour market, this likely means that the next rate cut from the Fed will be
25bp rather than 50bp as last time. Note however that there will be one more
job report before the rate decision in November, and as the September surprise
illustrates, the job numbers are hard to predict and could surprise also in the
other direction.
The
most interesting data release scheduled for next week is US inflation data due
on Thursday. The release is unlikely to change the market perception that
inflation is mostly a solved problem and not a hindrance for rate cuts and that
the labour market is the more important factor to watch, but how sticky service
inflation is could well affect the Fed's thinking about the pace of rate cuts.
With just a month to go before the election and the race being very close, US
politics is also likely to draw attention.
Weekly focus – Lower inflation clears path for European rate cuts (fxstreet.com)
We are in a world of irredeemable paper money - a state of affairs unprecedented in history.
John Exter.
Covid-19 Corner
This section will continue until it becomes unneeded.
Regeneron
loses key defense in COVID-19 treatment patent lawsuit
By Blake Brittain October 4, 2024 9:19 PM GMT+1
Oct
4 - Biotech company Regeneron Pharmaceuticals (REGN.O), opens
new tab lost
a bid on Friday to be held immune from allegations that it misused a patented
protein while testing a COVID-19 treatment.
U.S.
District Judge Philip Halpern rejected
Regeneron's pretrial argument, opens new tab that he should throw out
Allele Biotechnology and Pharmaceuticals' patent lawsuit over the treatment
based on a federal law allowing the use of patented inventions to test drugs
during the U.S. Food and Drug Administration application process.
Attorneys
and spokespeople for Regeneron did not immediately respond to a request for
comment on the decision. An attorney for Allele declined to comment.
The
companies stipulated last year that Regeneron was liable for patent
infringement if its "safe harbor" defense failed, leaving the amount
of damages Regeneron owes to be determined at a future trial.
San
Diego-based Allele sued Regeneron in 2021,
accusing the rival biotech company of using Allele's fluorescent protein
mNeonGreen to test its coronavirus antibody cocktail REGEN-COV without a
license. Tarrytown, N.Y.-based Regeneron earned nearly $6.2 billion from sales
of REGEN-COV that year, according to a company report.
Allele settled a lawsuit against
Pfizer and BioNTech in 2022 over their use of the same protein in developing
their COVID-19 vaccine Comirnaty.
Halpern denied Regeneron's
earlier bid to dismiss the case in 2022 and said he needed more information
before ruling on the company's safe harbor defense. The judge said on Friday
that Regeneron was not immune from Allele's allegations, finding that
mNeonGreen was "a research tool that is not under the scope of the safe
harbor provision."
The
case is Allele Biotechnology and Pharmaceuticals Inc v. Regeneron
Pharmaceuticals Inc, U.S. District Court for the Southern District of New York,
No. 7:20-cv-08255.
For
Allele: David Anstaett, Martin Gilmore, Christopher Hanewicz, Andrew Dufresne,
Elise Edlin and Maria Stubbings of Perkins Coie
For
Regeneron: Michael Morin, David Frazier, Arlene Chow and Michelle Ernst of
Latham & Watkins
Regeneron loses key defense in COVID-19 treatment patent lawsuit | Reuters
COVID-19
hospitalization remains higher among older adults
Chris Dall, MA October 4, 2024
New
data published yesterday in Morbidity and Mortality Weekly Report (MMWR)
show older adults continue to be hospitalized for COVID-19 at a much higher
rate than other age groups.
The data analyzed by
the COVID-Net Surveillance team, which includes researchers from the Centers
for Disease Control and Prevention (CDC) and state public health departments,
show that cumulative rates of COVID-19 hospitalization from October 2023
through April 2024 were the lowest for all adult age groups during the
October-to-April surveillance period since the first year of the pandemic. An
estimated 40,761 COVID-19–associated hospitalizations occurred during the
surveillance period, 38,900 of them in adults ages 18 and older.
But
adults ages 65 and older accounted for 70% of all adult COVID-associated
hospitalizations, and hospitalization rates were highest among those ages 75
and older, with nearly one COVID-associated hospitalization for every 100
persons. Relative to adults ages 18 to 49 years, cumulative hospitalization
rates among adults aged 65 to 74 and over 75 years during the surveillance
period were 7.3 and 24.1 times as high, respectively.
"These
findings suggest that COVID-19–associated hospitalization among adults aged ≥65
years remains a public health concern," the study authors wrote.
Racial
and ethnic disparities, low vaccination rates
The
data, collected from 90 counties across 12 states, also showed that disparities
in COVID-19 hospitalization by race and ethnicity have decreased but continue
to persist.
During
the surveillance period, hospitalization rates were highest among non-Hispanic
American Indian or Alaska Native (AI/AN) and non-Hispanic black adults; rates
among both groups were 1.4 and 1.3 times higher than those among Hispanic and
non-Hispanic White adults, respectively. Data from the July 2021 to August 2022
surveillance period showed that age-adjusted COVID hospitalization rates were
twice as high for AI/AN and Black adults compared with White adults.
More
COVID-19
hospitalization remains higher among older adults | CIDRAP (umn.edu)
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.
Why Do
Lithium-Ion Batteries Catch Fire?
Reviewed
by Lexie Corner Oct 1 2024
This
article overviews the causes of lithium-ion battery fires, examines the
associated risks, and discusses preventive measures and industry contributions
toward improving lithium battery safety.
Lithium-ion
batteries (LIBs) are integral to modern technology, powering consumer
electronics, electric vehicles (EVs), and renewable energy systems due to their
high energy density, low self-discharge, rapid charging, and long lifespan.
However, due to the volatility of their internal components, LIBs also present
safety risks, notably the potential for fires and explosions.
Even
though the reported incidents of LIB fires are low—ranging from one in one
million to one in ten million units—understanding the causes of these incidents
is crucial for improving battery safety in consumer and industrial
applications.1
Causes
of Lithium-Ion Battery Fires
Thermal
Runaway
Thermal
runaway is a significant cause of LIB fires. It occurs when heat generated by
the battery exceeds its cooling capacity, leading to a rapid temperature rise.
This
happens when the battery's internal temperature exceeds 90-120 °C, triggering
exothermic reactions in the electrolyte that decompose the solid electrolyte
interface (SEI) and other components, releasing more heat.
As
temperature escalates beyond 200 °C, the breakdown of the hydrocarbon
electrolyte releases flammable gases, potentially leading to explosions.
Internal
Short Circuits
Internal
short circuits, caused by manufacturing defects, physical damage, or improper
handling, can cause the separator to collapse and allow direct contact between
the anode and cathode. This contact generates localized heating, triggering a
thermal reaction and igniting the flammable electrolyte.
Overcharging
and Overheating
Overcharging
a LIB beyond its voltage limit causes excess lithium ions to accumulate on the
anode, forming metallic lithium. This can lead to dendrites—needle-like
structures that may pierce the separator and cause internal short circuits.
Additionally,
prolonged exposure to high temperatures accelerates material degradation,
increasing fire risk; even ambient temperatures above 40 °C can harm battery
health, while extreme temperatures may lead to rapid failure and combustion.
External
Damage
External
physical damage, such as impact, puncture, or bending, can compromise battery
safety by deforming the casing and exposing internal components. This can lead
to electrolyte exposure to oxygen, resulting in increased fire risk.2,3
More
Why Do Lithium-Ion
Batteries Catch Fire? (azom.com)
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
The
abandonment of the gold standard made it possible for the welfare statists to
use the banking system as a means to an unlimited expansion of credit. In the
absence of the gold standard, there is no way to protect savings from
confiscation through inflation. There is no safe store of value. Deficit
spending is simply a scheme for the hidden confiscation of wealth. Gold stands
in the way of this insidious process. It stands as a protector of property
rights. If one grasps this, one has no difficulty in understanding the
statists' antagonism toward the gold standard.
Alan
Greenspan.
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