Baltic Dry Index. 1419 -90 Brent Crude 73.30
Spot Gold 2664 US 2 Year Yield 4.19 Wed.
Chairman Powell laughed.
“There’s no use trying,” he said: “one can’t believe impossible
things.”
“I daresay you haven’t had much practice,” said the Donald. “When I was your
age, I always did it for half-an-hour a day. Why, sometimes I’ve believed as
many as six impossible things before breakfast.”
With apologies to Lewis
Carroll and Alice.
In the stock casinos, more wobble. Is this the top, or nearly the top?
What if the Democrats, Hollywood and Silicon Valley go all out to try to undermine Trump 2.0?
What if a far left UK socialist government takes GB back to the 1970s?
What if France becomes ungovernable?
What of the global auto industry has peaked out and is entering a decade long decline?
South Korea stocks lead declines in Asia as its
industrial production contracts in October; China up 2%
Updated Fri, Nov 29 2024 1:04 AM EST
Asia-Pacific markets mostly lost ground on
Friday, led by losses in South Korean stocks after its industrial production
declined for a second straight month in October.
South Korea’s industrial production growth fell 0.3% last month
compared to September, which also saw a 0.3% fall on a month-on-month basis.
Industrial production saw a 2.3% increase
year on year in October, marking a reversal from the 1.3% fall in September.
The country’s benchmark index, Kospi, fell 1.29% while the
small-cap Kosdaq dropped 1.87%.
In contrast, Hong Kong’s Hang Seng index bucked the
trend and gained 1.29%, while mainland China’s CSI 300 was 2% up, leading gains
in Asia.
The moves come as a Reuters poll said China’s home prices are expected
to fall at a slower pace this year and next, and stabilize in 2026, as support
measures are starting to take effect.
Separately, investors also assessed
November inflation numbers from Japan’s capital of Tokyo, which saw its headline inflation rate come in at 2.6%, a rebound
from the 1.8% seen in October.
Core inflation, which excludes costs of
fresh food, rose to 2.2% compared with Reuters poll expectations of 2.1%.
Tokyo’s inflation numbers are widely
considered to be a leading indicator of nationwide trends.
Japan’s Nikkei 225 fell 0.42% after
the inflation data release, while the broad-based Topix was 0.2% lower.
Australia’s S&P/ASX 200 dropped
0.14%.
U.S. markets were closed for Thanksgiving
on Thursday, and will be open only for a half day on Friday.
Asia markets live: Tokyo CPI, South Korea industrial production
In other news.
France’s political chaos drives borrowing costs to
the same level as Greece’s for the first time
Published Thu, Nov 28 2024 7:29 AM EST Updated
Thu, Nov 28 2024 7:42 AM EST
France’s brewing political crisis is
spilling into financial markets with the country’s borrowing costs hitting the
same level as debt-ridden Greece’s for the first time on record Thursday.
The spread — the difference in yield
between two bonds — between French 10-year government bond yields and their
Greek counterparts was reduced to zero earlier Thursday. The yield on the
French 10-year stood at 3.0010% while the same Greek bond stood at 3.030%.
Investors demanding the same interest for
holding French debt as they would for holding that of peripheral and
debt-ridden economy Greece shows the extent of concerns over political turmoil
in France as the government, led by Prime Minister Michel Barnier, struggles to
get support for its 2025 budget that aims to cut spending and raise taxes to
curb France’s yawning budget deficit.
As it stands, the left-wing New Popular
Front alliance has said it will table a vote of no confidence in the government
if Barnier tries to force through the budget, which
envisages 60 billion euros ($63.3 billion) worth of tax hikes and
spending cuts.
The far-right National Rally has
threatened to support the left in the no-confidence vote, a move that would
bring down the government and plunge France into further political and economic
uncertainty.
New elections cannot be held until next
June, twelve months on from the last parliamentary elections that saw both the
far-left and far-right perform well in the first and second round of the
vote but both failing to win a majority of the seats. As such, following
the election, President Emmanuel Macron put conservative Barnier in charge of a
minority government following the election.
French officials looked to defend the
economy on Thursday, but acknowledged that bond investors viewing French debt
as risky as Greece’s was a worrying development. Economy Minister Antoine
Armand said Thursday that the French economy could not be compared with
Greece’s, however.
More
France's political chaos drives borrowing costs to same level as Greece's
OPEC+ postpones meeting to decide oil production
strategy to Dec. 5, sources say
Published Thu, Nov 28 :17 AM EST Updated Thu, Nov 28 2024 3:12 AM
EST
The OPEC+ oil alliance postponed a meeting
to decide the next steps of its crude production strategy to Dec. 5, two
delegate sources told CNBC.
The sources did not want to be named given
the sensitivity of discussions.
The coalition, made up of the Organization
of the Petroleum Exporting Countries and its allies, was initially scheduled to
meet on Dec. 1. They will now confer virtually next week.
The OPEC+ coalition is currently operating
three sets of separate oil production cuts, in response to an uncertain demand
outlook.
Under its formal output strategy, member
nations are curtailing their combined production to 39.725 million barrels per
day (bpd) into next year. Eight OPEC+ members are meanwhile voluntarily
reducing by 1.7 million barrels per day throughout 2025, along with a second
set of 2.2 million bpd of cuts that they are currently due to begin phasing out
in December.
The OPEC Secretariat later in the session
said that the meeting was rescheduled as several ministers of member nations
will be attending the Dec. 1 Gulf Summit in Kuwait City, Kuwait.
It remains to be seen whether this second
voluntary 2.2 million bpd production trim will be extended, after global oil
prices once more came under pressure earlier this week, as the implementation
of a cease-fire between Israel and Lebanon reduced the risk of production
disruption in the oil-rich Middle Eastern region.
Iran, one of the largest producers of the
OPEC contingent, has backed Lebanon’s Hezbollah, Yemeni Houthi and Palestinian
Hamas militant groups throughout the year-long conflict with Israel, as well as
exchanged missile fire with the Jewish nation. Markets have been watching
whether a continuation or escalation of the conflict could ultimately lead to
hostilities targeting Iran’s key oil infrastructure — the backbone of its
sanctioned economy.
More
OPEC+ postpones meeting to decide oil production strategy to Dec. 5: Sources
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.
Car
production falls for eighth month in a row as factory closures and job losses
loom over UK automotive industry
28
November 2024
The
number of cars produced in Britain has declined for an eighth consecutive
month, mounting more pressure on the nation's automotive industry following
recent reports of factory closures and thousands of job losses.
UK
plants made 15.3 per cent fewer cars last month than October 2023, new
figures from the Society of Motor Manufacturers and Traders (SMMT) reveal this
morning.
It
means 2024 production is down 81,000 units with an output of 670,356 passenger
models between January and the end of October (down from 751,422 last year).
That's a 10.8 per cent year-on-year slip.
The
trade body says the decline is primarily due to a fall in export demand as
global new car markets - particularly in Europe - have weakened. It also blamed
the decline on factories scaling back assembly because they have been
'retooling to enable production of the next generation of zero emission
vehicles'.
Despite
car makers upgrading their sites to build EVs they are unhappy about the
Tory-introduced Zero Emission Vehicle (ZEV) mandate, which requires at least 22
per cent of all sales in 2024 to be electric. The threshold increases annually
up to the ban on new petrol and
diesel cars at the end of the decade.
Failure
to adhere to the binding sales targets results in fines of up to £15,000 per
car (and £9,000 per van in 2024, rising to £18,000 from 2025) below the ZEV
requirement. The trade body revealed earlier this week that manufacturers
are on course be stung with £1.8billion in penalties this year.
SMMT
boss Mike Hawes said it is 'deeply concerning times for the automotive
industry' with these latest figures published in the wake of Vauxhall's parent
company, Stellantis, announcing plans to close its 120-year-old Luton factory where it produces
vans and shed some 1,100 jobs. The manufacturer had previously warned it could
pull out of the UK due to the Government's over-ambitious EV sales targets.
Ford also recently announced intentions to axe 4,000 roles across
Europe by the end of 2027, including roughly 800 jobs in the UK.
According
to the SMMT's latest statistics, the number of passenger cars produced for
overseas markets is down 14.8 per cent in the first 10 months of 2024 versus
last year - equivalent to 89,095 fewer cars being shipped abroad - though
outputs for the home market is up 5.3 per cent.
Around
a third of the cars made in Britain in October this year were battery electric,
plug-in hybrid and hybrid electric, as the motor industry continues to mount
pressure on the Labour Government to ease its ZEV sales targets.
More
Nissan execs sound the alarm on increasingly dire situation
27
November 2024
After
posting net losses earlier this month, Nissan CEO Makoto Uchida said the
"extremely tough situation" will force some bold restructuring moves.
In
addition to downgrades to its full-year sales and operating outlooks, it set
out to save $3 billion by drastically reducing its Mitsubishi share and cutting
9,000 from its global headcount of over 133,000 employees.
At
its news conference, Nissan's Chief Monozukuri Officer (Head of Manufacturing)
Hideyuki Sakamoto said that the controversial move will allow its factories to
run more efficiently and save money.
“Globally,
we currently have 25 vehicle production lines. Our current plan is to reduce
the operational maximum capacity of these 25 lines by 20 percent,” Sakamoto
said. “One specific method for this is to change the line speed and shift
patterns, thereby increasing the efficiency of operational personnel.”
Nissan
execs ring alarm bells
According
to a new report by the Financial Times, unnamed senior officials near Nissan
note that the automaker is beginning to exist on borrowed time as it seeks an
anchor investor to get it through the year.
“We
have 12 or 14 months to survive,” the senior official told FT. "This is
going to be tough. And in the end, we need Japan and the US to be generating
cash."
This
crisis comes as Renault is selling its significant stake in Nissan. Previously,
the French automaker owned up to 46% of Nissan, but its share has dwindled to
under 36%.
The
sources who spoke with the FT noted that the company is looking for a new
long-term investor, such as a bank or large insurance group, to replace some of
Renault's equity holdings.
Earlier
this month, Nissan's CEO's drastic moves attracted the Singapore-based activist
investment group Effissimo Capital Management and the Hong Kong-based Oasis
Management Group to take their own stakes in Nissan.
More
Nissan execs sound
the alarm on increasingly dire situation
Car
parts supplier company Valeo to cut around 1,000 jobs in Europe, sources say
27
November 2024
PARIS
(Reuters) -French car parts supplier Valeo will cut around 1,000 jobs in
Europe, sources told Reuters, and the restructuring move will also result in
Valeo closing two sites in France.
The
job cuts will impact more than 800 workers in France, while Valeo will also cut
staff at operations in Germany, Poland and the Czech Republic, added the
sources.
Valeo's
job cuts come after the company reduced its annual sales guidance in October
and as the European car sector faces challenges from sluggish orders at home
and competition from Asian rivals which often make cheaper electric vehicles
(EVs).
Tyre
maker Michelin also announced in November that it would cut 1,250 jobs, while
French-Italian carmaker Stellantis said this week that it planned to shut its
Vauxhall van factory in southern England.
Ford
also announced this month that it would cut around 14% of its European
workforce.
Car parts supplier company Valeo to cut around 1,000 jobs in Europe, sources say
Covid-19 Corner
This section will continue until it becomes unneeded.
More mainstream coverage of an interesting new way of tackling cancer, that we first covered back on November 16th.
Covid-19
Infection Can Shrink Cancer Tumors
November
27, 2024
It
seems that even when it comes to infection and disease, every cloud may have a
silver lining, as scientists have found severe infection with Covid-19 triggers
the production of a powerful anti-cancer cell that can shrink tumors.
These
cells are effective at shrinking even advanced stage four cancer tumors,
according to a study published in the Journal of Clinical Investigation.
"We
were surprised to see this," said Dr Ankit Bharat, chief of thoracic
surgery at Northwestern Medicine, who led the research on mice that led to this
finding.
"These
cells have potent cancer-fighting properties and are very effective in
migrating to the sites of cancer."
The
researchers believe this finding opens the door to new drug therapies that
activate cancer fighting cells—called monocytes.
They
also believe that these new therapies will be more effective, and longer
lasting than current
cancer immunotherapies, to which people can become resistant, and which only
help 20% to 40% of patients.
"What
these monocytes specifically do is migrate to the site of the cancer, where
they provide signals to recruit one of the most potent cancer-fighting cells in
the human body, called NK cells [natural killer cells]," said Bharat.
"The
monocytes don't directly kill the cancer but essentially function as a
"secret agent," disguising themselves as "cancer-friendly
cells," which allows them to reach into the heart of the cancer colonies.
"When
they get there, they produce a chemical which gives signals to the NK cells to
their location.
"Since
both monocytes and NK cells are the body's own cells and do not harm healthy
tissues, we think this approach will avoid several of the conventional side
effects associated with traditional cancer treatments."
The
use of monocytes and NK cells will increase the effectiveness of anti-cancer
immunotherapy, said Bharat, because there are no known scientific ways in which
cancer cells can become resistant to monocytes or NK cells.
"We
are really excited and optimistic about this. Inside us, we have the world's
most powerful military. We just need to figure out how to best employ it to
fight the "terrorist" cancers."
Justin
Stebbing, Professor of Biomedical Sciences, Anglia Ruskin University in the
U.K. said the implications of the study extend even beyond Covid-19 and cancer.
Writing
in The Conversation, he said: "It shows how our immune system can be
trained by one type of threat to become more effective against another. This
concept, known as "trained immunity", is an exciting area of research
that could lead to new approaches for treating a wide range of diseases."
Professor
Stebbing said it was crucial, however, that people didn't seek out Covid-19
infection as a way
to fight cancer.
"Severe COVID can be life-threatening and has many serious long-term
health consequences."
Late-stage
cancer treatment
The
response of mice with stage 4 cancer tumors in this research opens the door to
new late-stage cancer treatments, said Stebbing.
"This
is particularly exciting as it offers hope for advanced cancers that don't
respond to current treatments," Stebbing told Newsweek.
"There
is potential for developing a drug for people with stage 4 cancer currently
limited to palliative care."
"The
research suggests that activating this monocyte pathway could benefit patients
with advanced cancers that haven't responded to other treatments."
Dr
Bharat said the next step would be to conduct clinical trials.
Reference
Volume
134, Issue 22 on November 15, 2024, J Clin Invest. 2024;134(22): e179527. https://doi.org/10.1172/JCI179527.
Covid-19 Infection Can Shrink Cancer Tumors
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.
A Power-Dense
Battery Will Charge 186 Miles in 5 Minutes—and Change How We Drive Forever
November
27, 2024
- Increased power and range of electric
vehicles could help turbocharge their adoption—a crucial step toward
cutting emissions.
- The Taiwan-based EV company ProLogium
has developed the world’s first solid-state battery with a silicon
composite anode, which is capable of charging from 5 percent to 60
percent—or 186 miles—in just five minutes.
- These batteries are also more energy
dense, meaning that they can help lighten vehicle weight (and prices) or
soup up subcompact EVs.
The
adoption of electric vehicles (EVs)
is often described in terms of “anxieties,” whether they be related to range
(how far an EV travels on a single charge) or charge (how long it takes to
recharge a vehicle’s battery). Things have improved significantly since the
introduction of the 2010 Nissan
Leaf, but battery technology and charging
infrastructure both have a long way to go to reassure a large swath of the
car-driving public that an EV is just as worthy a purchase as a gas-powered
vehicle.
Luckily,
the Taiwan-based ceramic battery manufacturer ProLogium has recently introduced
a new battery technology that packs more power in a smaller package while
charging wickedly fast—around 186 miles in just five minutes, according to the
company. This incredible breakthrough comes in the form of a silicon composite
anode battery, a solid-state battery that out performs both mainstream
lithium-ion and lithium iron phosphate batteries. The company originally
unveiled this battery at the 2024 Paris Motor Show in October.
According
to the German certification company TÜV Rheinland, this world-first silicon
anode EV battery delivers 321 Watts per kilogram (W/kg) by weight, which
exceeds even the highest ratings of current lithium-ion batteries. As for those
charging times, the company says in a press statement that a 186-mile charge in
five minutes is far faster than the industry-standard 30 minutes that many
other batteries need to power a car over the same distance. Additionally, 186
miles is only 60 percent of the battery’s capacity—it can reach 80 percent in
just another 3.5 minutes.
“Our
new technology has broken through existing barriers,” Dmitry Belov, chief
scientist at ProLogium, said
in a press statement. “Since 2023, we’ve consistently
outperformed our competitors, with the gap only growing larger, in both energy
density and in fast-charging performance.”
ProLogium
estimates that this power-dense
battery could cut vehicle weight by 300 kg (661 lbs), improving
efficiency while cutting vehicle costs. Conversely, automakers could pack more
power into subcompact cars by keeping the weight as-is. Perhaps most
importantly, these batteries are also modular, meaning that they are easier to
service, repair, and replace. The company hopes to begin production of this new
battery by 2027.
More
A Power-Dense
Battery Will Charge 186 Miles in 5 Minutes—and Change How We Drive Forever
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
Another weekend and another weekend
closer to Christmas, plus another weekend closer to Trump presidency 2.0. Will
Trump 2.0 bring boom or bust? Have a great weekend everyone.
But I don’t want to go
among mad people,” Trump remarked.
“Oh, you can’t help that,” said Chairman Powell: “we’re all mad here. I’m mad.
You’re mad.”
“How do you know I’m mad?” said Trump.
“You must be,” said Chaiman Powell, “or you wouldn’t have come here.”
With apologies to Lewis
Carroll and Alice.
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