Baltic Dry Index. 1051 -04 Brent Crude 74.14
Spot Gold 2653 US 2 Year Yield 4.25 +0.07
This is the way
things are, and the Game has been so successful that, like everything, it will
get more and more successful until it stops being successful.
George Goodman, aka Adam Smith, The Money
Game. 1968.
In the stock casinos, more pause as the punters wait on the interest rate decisions of a gaggle of central banks. The US Fed is expected to cut by another 0.25%. The BoJ and probably BoE unchanged.
More worries over what a Trump 2025 might look like too, if he really goes ahead with severe import tariffs on friend and foe alike. What happens to the US economy too, if Team Musk at DOGE really manage to fire thousands of excess federal workers and reduce US federal spending programs by hundreds of billions, if not a trillion dollars.
Will Team Trump have to bail out the now loss making US auto manufacturers?
Asia markets reverse earlier gains as traders
assess key China data and look ahead to central bank decisions due this week
Updated Mon, Dec 16 2024 10:23 PM EST
Asia-Pacific markets were mostly down on
Monday, reversing earlier gains with investors looking to several major central
back decisions due this week including the Bank of Japan and the People’s Bank
of China.
The Federal Reserve’s decision on Dec. 18
stateside will also be top of mind for investors, with the CME Fedwatch tool
forecasting a 96% chance of a 25-basis-points cut.
The BOJ is likely to hold rates when it
releases its decision on Thursday, while the PBOC will announce its loan prime
rates on Friday. The one-year LPR influences corporate loans and most household
loans in China, while the five-year LPR serves as a benchmark for mortgage
rates.
On Monday, traders are assessing an
economic data dump out from China, including November numbers for industrial
production, retail sales and home prices in the country.
In contrast, Hong Kong’s Hang Seng index fell 0.7%,
leading losses in Asia, while mainland China’s CSI 300 was down 0.34%.
South Korea’s Kospi was trading close to
the flatline, and the small-cap Kosdaq was 0.87% higher.
This comes after the country’s
parliament impeached South
Korean president Yoon Suk Yeol on Saturday. On Monday, the country’s finance
ministry reportedly said it
will continue monitoring financial and foreign exchange markets in the
wake of the impeachment.
Japan’s benchmark Nikkei 225 was up 0.16%, but
the broad-based Topix was marginally down.
Australia’s S&P/ASX 200 fell 0.31%.
On Friday in the U.S., the Dow Jones Industrial Average fell
for a seventh session on Friday, losing 0.2% and posting its longest run of
losses since 2020.
On the other hand, the Nasdaq Composite gained
0.12% and the broad-based S&P
500 ended the session little changed, closing at 6,051.09.
Asia
markets live: BOJ decision, China LPR
European markets head for mixed open as traders
focus on Fed meeting this week
Updated Mon, Dec 16 2024 12:38 AM EST
European markets are expected to open in
mixed territory Monday, as traders gear up for the final Federal Reserve
meeting of the year.
The U.K.’s FTSE 100 index is expected
to open 4 points lower at 8,292, Germany’s DAX up 36 points at 20,443,
France’s CAC down 1
point at 7,401 and Italy’s FTSE
MIB up 16 points at 34,876, according to data from IG.
The Fed’s decision on Dec. 18 stateside is
front and center for global markets this week, with the CME Fedwatch tool
forecasting a 96% chance of a 25-basis-point cut by the central bank. Traders
will be paying close attention to the updated policy statement and Fed Chair
Jerome Powell’s press conference for clues about the trajectory for interest
rates.
In Europe Monday, investors will be
keeping an eye on Berlin where a vote of confidence will take place in
parliament Monday. Chancellor Olaf Scholz is expected to call on the German
parliament today to declare it has no confidence in him in order for snap polls
to take place in February. The move comes after his governing coalition
collapsed last month.
Data releases include flash services and
manufacturing purchasing managers’ index data from France and Germany.
European
markets live updates: stocks, news, data and earnings
Stock futures are little changed as Wall Street
gears up for potential Fed rate cut this week: Live updates
Updated Mon, Dec 16 2024 11:47 PM EST
Stock futures were calm on Monday morning,
with Dow riding a seven-day losing streak into a week highlighted by a key
central bank meeting.
Futures tied to the Dow Jones Industrial Average ticked
up 49 points, or about 0.1%. S&P
500 futures were also up less than 0.1%. Nasdaq 100 futures were just
marginally above the flatline
The stock market is coming off a sluggish
week. The Dow lost
1.8% last week and has lost ground in each of the last seven sessions.
The S&P 500 dipped
0.64%, and has retreated in four of the past five sessions. The Nasdaq Composite outperformed,
grinding out a gain of 0.34% for the week.
After a broad rally following
President-elect Donald Trump’s November win, the stock market appears to have
reverted to a narrow tech-led move in recent days.
“The breadth that we’re seeing is really
starting to dissipate a bit. It’s becoming a much more concentrated rally
within a few names. And I don’t know how long that can sustain, but there’s a
chance that carries forward through at least the end of the year,” Joe Mazzola,
Charles Schwab’s head trading and derivatives strategist, said on Friday’s “Closing Bell: Overtime.”
The main draw of this week is the Federal
Open Market Committee’s meeting on Tuesday and Wednesday, when Federal Reserve officials
are widely expected to lower the benchmark interest rate again.
On Monday, investors will get some updated
economic data, with preliminary purchasing managers index readings due out
before the bell.
And on the individual stock level, shares
of MicroStrategy could
be on the move after the bitcoin proxy was announced as a new addition to the
Nasdaq 100 index.
Stock
market news today: Live updates
|
|
|
Source: Bloomberg.
In other news.
World’s Largest Wind Turbine Damaged in Extreme
Weather
15 December 2024
Wind turbines are engineered to harness
nature’s power, but even the most advanced designs can face unexpected
challenges.
The world’s largest wind turbine, the
MySE18.X-20MW, recently experienced significant damage during testing, raising
questions about its durability and design.
The turbine, developed by Mingyang and
boasting a record-breaking capacity of 20 MW, was installed on August 28.
It was designed to withstand extreme
weather conditions, including typhoon winds reaching speeds of 56.1 to 61.2
m/s. However, during recent tests, unforeseen conditions pushed the turbine to
its limits.
Shattered Rotor Blades
Images shared online show the turbine’s
rotor blades shattered. Mingyang released a statement attributing the damage to
“extreme, irregular conditions” that caused excessive strain on the blades.
The company did not provide further
details, leaving experts to speculate. Some suggest design flaws, while others
point to potential failures in safety systems, such as those regulating rotor
speed.
Despite the damage, Mingyang views the
incident as a critical learning experience. No injuries occurred, and the
losses were limited to the turbine itself.
Just weeks before the incident, Mingyang’s
CEO had showcased the turbine operating at full capacity in a LinkedIn video,
hailing it as a major milestone in renewable energy.
The MySE18.X-20MW turbine was meant to
represent the future of wind energy. Its innovative technology aimed to provide
reliable power generation in harsh climates.
The damage, however, has underscored the
challenges of scaling up such ambitious designs.
Mingyang’s engineers are now analyzing
data to determine what went wrong.
Was it a structural issue, or were the
extreme conditions truly beyond anything expected?
These questions will need answers before
the turbine can move toward commercial use.
World’s Largest Wind Turbine Damaged in Extreme Weather
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.
Norway
aims to cut energy links with Europe due to soaring prices
13
December 2024
The
two ruling parties in Norway are pledging to campaign to cut the two power
interconnectors that link the country with Denmark, when they come up for
renewal in 2026, reports the FT. The smaller coalition party, the Center Party
is eyeing revisiting similar energy links with the UK and Europe.
One
of the reasons is that electricity prices are extremely high in the country
these days, something that the energy minister Terje Aasland described as
outrageous, cited Norwegian newspaper E24.
With
current high Norwegian prices, critics argue Norway should only send
electricity from its abundant hydropower abroad after it has ensured low prices
at home, as was the case for decades previously.
What
happened to Norwegian electricity prices?
A
big part of Norwegian electricity generation comes from hydropower, but some
10% of the electricity supply is delivered by wind power mainly coming from the
continent. Recently, there was a lack of wind in Germany and the North Sea,
coupled with low temperatures in Norway.
So
when EU power prices jump, as they have done recently, this price shock spills
over to Norway.
The
electricity price in the country's southernmost area rose to over 13 kroner
(€1.12) per kilowatt hour in the most expensive hour, including network rental
and fees. For comparison, the EU average for the first half of 2024 was €0.1867
per KWh.
Eastern
Norway also receives high prices, while the Western part of the country largely
escapes the worst prices. In the north, electricity is still cheap due to the
fact that it benefits the most from hydropower.
The
cost is supposed to go lower in the coming days, according to Norwegian media
outlets, citing meteorology forecasts that suggest that wind production is
supposed to pick up this weekend in Europe and prices are starting to decrease
on Friday, according to Norwegian newspaper Nettavisen.
However,
the currently elevated cost was enough to give a new spark to the debate about
how much Norway wants to share its power capacity.
More
Norway aims to cut energy links with Europe due to soaring prices
Teamsters
Accuse Costco of Rejecting 98 Percent of Contract Demands
The
union threatened that 18,000 employees will be on strike if the issue does not
get resolved in time.
12/13/2024
Updated:12/13/2024
Negotiations
for a new worker contract between retail store chain Costco and labor union
International Brotherhood of Teamsters could not reach a deal, with the union
claiming that the company is not accepting their demands.
Costco’s
worker contracts are set to expire on Jan. 31, 2025. On Nov. 11, Costco
rejected several proposals made by Teamsters, including policies regarding paid
family leave, sick time, safeguards against employee surveillance, and paid
time off for employees during the death of their loved ones, according to a
Dec. 12 statement from the union.
“By
dismissing approximately 98 percent of the proposed provisions, the wholesale
giant has signaled a troubling unwillingness to bargain in good faith and is
taking an aggressive anti-union stance,” the union said.
If
the company fails to present an “acceptable collective bargaining agreement”
before the expiry of current worker contracts, more than 18,000 Costco
employees will have no option but to strike, the group said.
Teamsters
pointed out that Costco is the third biggest retailer globally, with net
profits of $6.3 billion last year. The union accused the company of ditching
its earlier “pro-worker” reputation to instead prioritize “corporate greed.”
The
Epoch Times contacted Costco for comments regarding the Teamsters’ claims but
received no reply by publication time.
The
union represents 1.3 million workers in the United States, Puerto Rico, and
Canada.
Costco
has been at odds with the Teamsters on several occasions. On Sept. 4, the
company issued a letter to
workers accusing a Teamsters press release of propagating false information
regarding another contract negotiation involving drivers.
The
company claimed that the union’s press release “inaccurately accused Costco of
delays and threatened a possible future strike by the drivers.” Costco said it
had engaged in a “cordial and respectful” discussion with the union at the
time.
Regarding
ongoing negotiations, Sean M. O’Brien, the Teamsters’ general president, blamed
the company for continuing to “waste time with surface bargaining.” Costco’s
actions were “pushing“ the union ”closer to a labor dispute every day,” he
said.
More
Teamsters Accuse Costco of Rejecting 98 Percent of Contract Demands | The Epoch Times
Covid-19 Corner
This section will continue until it becomes unneeded.
If covid 19 vaccines made by Pfizer and Moderna are “safe and effective,” as claimed by both companies, making billions from both vaccines, why do both need immunity from being sued for vaccine injuries?
Biden gives Pfizer, Moderna immunity from being sued for vax injuries
13 December 2024
The outgoing Biden
Administration has quietly extended a pandemic-era measure that protects Covid
vaccine makers from being sued for injuries or deaths.
Officials at the Health
and Human Services (HHS) say it's necessary because there is still 'a credible
risk' the pandemic spirals out of control in the next four years, even
though Covid deaths and hospital admissions are at historic lows.
The Public Readiness and
Emergency Preparedness (PREP) Act was initially enacted in 2020, in part to encourage
vaccine manufacturers to speed up their research of Covid vaccines without fear
of being held legally responsible for things like side effects.
The extension, which had
last been renewed in May 2023, also protects healthcare workers and hospitals
who provide the shots from being sued.
This move could anger the
incoming Trump administration, which has nominated prominent vaccine
skeptic Robert F Kennedy Jr to head the HHS.
RFK Jr has long carried
the anti-vaccine flag, once claiming that the inoculations caused autism, and
now heads up a movement attempting to make vaccine manufacturers more
accountable for vaccine injury claims.
This may also anger the
small, but growing, number of Americans who say they were injured by the vaccines and claim they are being ignored.
Figures from national
programs that exist to compensate the vaccine-injured show that there have been
13,000 claims that the Covid vaccine or other covid treatments has caused
injury. 10,000 of those are awaiting review, meaning that since 2020, only about
3000 of those claims have been reviewed.
Claims about injury from
covid vaccines aren't covered by the HHS's Vaccine Injury Compensation program (VICP),
which exists to pay out people who claim they were injured by standard vaccines
while protecting pharmaceutical companies from liability.
People with vaccine
injury claims specific to Covid are covered instead by a program called the
Countermeasures Injury Compensation Program (CICP).
More
Biden gives Pfizer, Moderna immunity from being sued for vax injuries
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.
Nanopatterned
graphene enables infrared 'color' detection and imaging
December
13, 2024
University
of Central Florida (UCF) researcher Debashis Chanda, a professor at UCF's
NanoScience Technology Center, has developed a new technique to detect long
wave infrared (LWIR) photons of different wavelengths or "colors."
The
research was recently published in Nano
Letters.
The
new detection and imaging technique will have applications in analyzing
materials by their spectral properties, or spectroscopic imaging, as well as
thermal imaging applications.
Humans
perceive primary and secondary colors but not infrared light. Scientists
hypothesize that animals like snakes or nocturnal species can detect various
wavelengths in the infrared almost like how humans perceive colors.
Infrared,
specifically LWIR, detection at room temperature has been a long-standing
challenge due to the weak photon energy, Chanda says.
LWIR
detectors can be broadly classified into either cooled or uncooled detectors,
the researcher says.
Cooled
detectors excel in high detectivity and fast response times but their reliance
on cryogenic cooling significantly escalates their cost and restricts their
practical applications.
In
contrast, uncooled detectors, like microbolometers, can function at room
temperature and come at a relatively lower cost but exhibit lower sensitivity
and slower response times, Chanda says.
Both
kinds of LWIR detectors lack the dynamic spectral tunability, and so they can't
distinguish photon wavelengths of different "colors."
Chanda
and his team of postdoctoral scholars sought to expand beyond the limitations
of existing LWIR detectors, so they worked to demonstrate a highly sensitive,
efficient and dynamically tunable method based on a nanopatterned graphene.
Tianyi
Guo is the lead author of the research. Guo completed his doctoral degree at
UCF in 2023 under Chanda's mentorship. This newly discovered method is the
culmination of the research that Guo, Chanda and others in Chanda's lab have
performed, Chanda says.
More
Nanopatterned
graphene enables infrared 'color' detection and imaging
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
Somebody has to be
on the other side.
George Goodman, aka Adam Smith. The Money Game. Why
Are The Little People Always Wrong?
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