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Is
a spent out global economy finally rolling over? Trump declares war on Europe!
Dow
closes nearly 500 points higher on cooler inflation data, but index posts third
straight losing week: Live updates
Updated
Fri, Dec 20 2024 8:26 PM EST
The Dow Jones Industrial Average bounced
on Friday to close out a tough week that saw the index plunge 1,100 points in a
single day and complete its longest losing streak since the 1970s. Some
cooler-than-expected inflation data helped fuel the session’s rebound.
The
30-stock Dow gained 498.02 points, or 1.18%, to 42,840.26. The S&P 500 added 1.09% to
end at 5,930.85, while the Nasdaq
Composite advanced 1.03% and closed at 19,572.60.
November’s reading of
the personal consumption expenditures price index — the Federal Reserve’s
preferred inflation metric — increased 2.4% year over year. That was a tad less
than economists expected and helped defuse some of the bearishness that arose
earlier this week when the Fed said it would dial back future rate cuts in part
because of stubborn inflation.
All
11 sectors of the S&P 500 ended the day higher, with real estate and
information technology among the biggest gainers. Just 53 stocks in the broad
market index closed lower on Friday.
Chicago
Fed President Austan Goolsbee told CNBC’s Steve Liesman he was
encouraged by Friday’s inflation figures and that rates could still decline
next year despite the central bank’s cautious stance.
“We’re
still on path to get to 2% and at least for this new month you don’t want to
make too much out of any one month, but I’m hopeful that this suggests that the
couple of months of firming were more of a bump than a change in path,”
Goolsbee said. Major indexes jumped intraday following his comments.
It
was a positive end to a tumultuous week. During Thursday’s trading session,
the Dow eked out a
15-point gain and ended a 10-day losing streak, its longest since 1974. The
small gain came a day after the Dow plunged 1,100 points on Wednesday. The
Fed’s indication of just two cuts next year, instead of the four it originally
forecast, was the catalyst for the decline.
“Today
has calmed people down,” said Tom Fitzpatrick, managing director at R.J.
O’Brien and Associates.
”[It’s]
unlikely we get a downside catalyst now ahead of Christmas and New Year’s, so
[the] moves of the last few days can get unwound a bit.”
Even
as the major averages jumped on Friday, all three booked losses on the week.
The Dow lost nearly 2.3%, notching its third straight losing week. The S&P
500 fell almost 2% week to date, while the Nasdaq Composite was off by about
1.8%.
Elsewhere,
a Trump-endorsed House Republican measure to fund the government for three
months and avert
a government shutdown failed on Thursday. Without a deal, a partial
shutdown is slated to start late Friday night.
Stock
market news for Dec. 20, 2024
European
markets close lower; Novo Nordisk down 20% after obesity drug results
Updated
Fri, Dec 20 2024 11:51 AM EST
European
markets closed lower on Friday as investors monitored political turmoil in the
U.S. and monetary policy decisions from various major economies.
The
pan-European Stoxx 600 index
ended down 0.78%, with all major bourses and almost all sectors in negative
territory. The index was down 1.9% on the week.
The
United States was plunged into fresh political uncertainty on
Thursday evening, after the failure of a Trump-backed spending bill, the
passage of which would have prevented a government shutdown. Dozens of
Republican lawmakers voted against the deal to fund the government for three
months and suspend the U.S. debt ceiling for two years, meaning a partial
government shutdown will commence on Friday night.
Meanwhile,
U.S. President-elect Donald Trump issued
a fresh trade threat to the EU, floating on social media the possibility
that he would impose new tariffs on the bloc unless it purchased more oil and
gas from the United States.
U.S.
stocks opened lower Friday but bounced in morning trade following a
better-than-expected inflation
print.
Elsewhere,
China held
its key interest rates steady Friday, in line with expectations. The
decision came after Beijing’s top officials vowed to ramp up policy-easing
measures earlier this month.
There
were also monetary policy updates from the Federal Reserve and the Bank of
England this week. On Wednesday, the Fed announced
a 25-basis-points cut to its core interest rate, while the Bank of
England held policy unchanged at its own Thursday meeting.
While
the Bank of England’s decision was widely anticipated, a split
in the vote and Governor Andrew Bailey’s comments about the economic impact of the newly
elected Labour government’s budget rattled markets, sparking a dip in the value
of the British pound and yields on Britain’s 10-year Gilts to tick higher.
In
Russia, meanwhile, the central bank unexpectedly left its key
interest rates unchanged at 21%, citing improved monetary tightness
that had created the conditions to tame sky-high inflation.
European
markets live updates: US government shutdown, data and stocks
Government
shutdown averted after Senate passes bipartisan House stopgap funding bill
Published
Fri, Dec 20 20245:01 PM EST
WASHINGTON
— The U.S. Senate approved a bipartisan federal spending
bill early Saturday morning that averted a government
shutdown and marked the end of a chaotic, high-stakes week in
Congress.
The
bill authorizes
continued funding of the federal government at current levels for
three months and provides additional disaster relief and farm aid.
The House overwhelmingly approved the measure on Friday evening by a vote of
366 to 34, with support from every Democrat and more than three quarters of
Republicans.
In
the Senate, the bill passed by 85 votes to 11 shortly after midnight. Of the no
votes, 10 were cast by Republicans and one came from Sen. Bernie Sanders, Vt.,
an independent who caucuses with Democrats.
The
resounding support for the stopgap funding bill reflected a desire in both
parties to avoid a costly shutdown that could have jeopardized paychecks for
hundreds of thousands of federal employees a few days before Christmas.
President
Joe Biden plans to sign the final bill into law on Saturday, the White House
said.
More
Government
shutdown averted after Senate passes House funding bill
‘Tariffs
all the way’: Trump says European Union must buy U.S. oil and gas in trade
ultimatum
Published
Fri, Dec 20 20242:17 AM EST Updated Fri, Dec 20 20246:29 AM EST
U.S.
President-elect Donald Trump on Friday said he told the European Union it must
reduce its trade gap with the U.S. through oil and gas purchases or face
tariffs.
“I
told the European Union that they must make up their tremendous deficit with
the United States by the large scale purchase of our oil and gas. Otherwise, it
is TARIFFS all the way,” Trump posted on his Truth Social platform shortly
after 1 a.m. ET.
According
to U.S. figures, the country’s goods and services trade
deficit with the European Union was $131.3 billion in 2022.
“The
EU and U.S. have deeply integrated economies, with overall balanced trade and
investment. We are ready to discuss with President-elect Trump how we can
further strengthen an already strong relationship, including by discussing our
common interests in the energy sector,” European Commission Spokesperson Olof
Gill told CNBC in response to Trump’s comments.
“The
EU is committed to phasing out energy imports from Russia and diversifying our
sources of supply,” Gill added.
A
senior EU diplomat, who did not want to be named due to the sensitivity of the
topic, told CNBC that they were not surprised by Trump’s comment Friday and
that energy was a “good option” for buying more U.S. goods.
Another
EU official, who also did not want to be named for the same reason, told CNBC
that German Chancellor Olaf Scholz spoke with Trump last night.
The
U.S. is the biggest recipient of EU goods, accounting for nearly a fifth of the bloc’s exports. The U.S.′ biggest trade deficit with the EU is in machinery and
vehicles, with a gap totaling 102 billion euros ($106 billion) in 2023. In
energy, Washington had a trade surplus with the European bloc worth 70 billion
euros; it also has a significant trade surplus in services.
The
U.S. is the world’s top oil producer and accounted for 22% of global supply in
2023, according to the U.S. Energy Information Administration, which
predicts record crude oil production in 2024. Producers anticipate
even higher supply levels in a deregulatory environment under Trump.
The
EU had already indicated it expects to purchase more U.S. energy in the coming
years. Last month, European Commission President Ursula von der Leyen told reporters that replacing Russian liquefied
natural gas (LNG) imports with U.S. volumes would be cheaper, and that the EU
would look to engage and negotiate on the matter when Trump takes office in
2025.
European
stock markets were sharply lower on Friday morning, while the euro strengthened
0.2% against the U.S. dollar to $1.038.
EU
retaliation?
Trump
has made threats of sweeping tariffs on U.S. trading partners including
China, Mexico and Canada a signature part of his presidential campaign
— and he’s continued the narrative as he prepares to enter office,
despite economists
warning of risks to domestic inflation.
Analysts
say there is high uncertainty over the extent of the tariffs Trump will be
willing — or able — to follow through with, and how much of his rhetoric is a
starting point for striking deals.
His
latest comment comes after EU heads of state held their final meeting of the
year on Thursday, during which the topic of Europe-U.S. relations was
discussed.
More
Trump
says European Union must buy U.S. oil and gas in trade ultimatum
Global Inflation/Stagflation/Recession
Watch.
Given our Magic Money
Tree central banksters and our spendthrift politicians, inflation/recession now needs an entire
section of its own.
Bank
of England warns economy will stagnate after Budget
20 December 2024
The Bank of England has slashed its forecast for growth at the end
of the year warning that GDP will stagnate following the Budget.
The Bank’s Monetary Policy Committee (MPC) reduced
its projection for growth in the fourth quarter of the year to 0.3% to 0.0%.
The downgrade came as the Ban has left its benchmark
interest rate on hold at 4.75% in a blow to homeowners and business.
The MPC said most economic indicators had weakened
since its last report just after the October 30 Budget from Rachel Reeves.
The Budget has been criticised by business for
crashing consumer confidence and introducing measures, particularly the
increases in National Insurance bills that will result in higher costs, lower
investment and job losses when they come into effect next year.
The MPC said it was “considering the impact on
growth and inflationary pressures from the measures announced in the Autumn
Budget.”
It also said that since November “most indicators of
UK near term activity had declined.” The new forecast from the Bank brings it
in line with City projections of growth close to zero in the fourth quarter.
The UK economy has only grown in one month out of the last five.
Although the interest rate decision from the Bank’s
Monetary Policy Committee (MPC) was widely expected in the City it will
nevertheless come as a disappointment to borrowers hoping for relief from
high interest rates.
The MPC voted by 6 to 3 for the hold with three
members preferring a 0.25% cut.
In a summary of the MPC meeting the Bank said: “A
gradual approach to removing monetary policy restraint remains appropriate.
Monetary policy will need to continue to remain restrictive for sufficiently
long until the risks to inflation returning sustainably to the 2% target in the
medium term have dissipated further. “
More
Bank of England warns economy will stagnate after Budget
British car production hits lowest level in
decades as demand falls
19 December 2024
British car
production has plunged to its lowest level in more than 40 years as automakers
struggle to deal with falling demand.
It comes as
ministers come under increasing pressure to relax electric vehicle targets amid
warnings from the industry that it could result in factory closures and job
losses.
Around 64,216
new cars rolled off UK production lines last month, down 30 per cent from last
year, according to industry body the Society of Motor Manufacturers and Traders
(SMMT).
It was the worst
monthly performance for the industry since 1980 when Britain was gripped by
industrial unrest and soaring inflation.
The SMMT
highlighted that all major automakers in the UK have seen production decline,
with output of electric vehicles falling nearly 46 per cent.
So far this
year, car production is down nearly 13 per cent on 2023 at 734,562
vehicles.‘These figures offer little Christmas cheer for the sector.
While a decline
was to be expected given the extensive changes underway at many plants,
manufacturing is under pressure at home and abroad,’ said SMMT head Mike Hawes.
He added:
‘Government can help by supporting consumers in the transition, fast tracking
its Industrial Strategy for advanced manufacturing and, most urgently,
reviewing the market regulation which is putting enormous strain on the
sector.’
The bleak data
comes as British carmakers have raised the alarm about the state of the
industry.Last month, car giant Stellantis announced plans to shut down its
van-making factory in Luton putting 1,100 jobs at risk.
The closures and
cuts come amid an intensifying row between the industry and ministers over
targets intended to boost the number of electric cars on the roads.
Electric cars
must make up at least 22 per cent of sales for car makers this year, a figure
that will rise to 80 per cent by 2030.
Firms that fall
short face hefty fines.Labour has also pledged to reintroduce a ban on new
petrol and diesel cars by 2030 after the Conservative government previously
pushed back the deadline to 2035.
But car makers
have urged the Government to rethink the targets, warning that falling demand
for electric vehicles from consumers means they are being forced to close
factories and cut jobs instead.
The Government’s
stance appears to have softened when Business Secretary Jonathan Reynolds
admitted to MPs last month that the electric vehicle mandate was ‘not working
as anyone intended’.
Carmakers are
also facing difficulties abroad.German giant Volkswagen is currently engaged in
talks with the country’s powerful trade unions after around 100,000 of its
workers walked on strike in protest at its plans to close factories and cut
wages.
Meanwhile,
Japanese groups Honda and Nissan have started discussions around a potential
merger to try and combat growing competition from larger rivals.
Industry
watchers have said all major car brands are suffering from a poisonous cocktail
of sluggish demand for electric cars and rising competition from China.
Chinese car
makers, on the back of substantial subsidies from Beijing, have begun to
dominate their domestic market and are now looking to break into other
countries, adding more competition to the sector.
British car production hits lowest level in decades as demand falls
Covid-19
Corner
This section will
continue until it becomes unneeded.
This weekend something different. A health warning on acetaminophen/paracetamol.
It should never be given to mice.
Repeated Acetaminophen Use May Not Be as Safe as
Previously Thought
In a study of people aged 65 and older, regular usage of acetaminophen
was linked to heart failure, kidney problems, ulcers, and other issues.
12/16/2024 Updated: 12/16/2024
A study in the United
Kingdom found that “repeated doses” of acetaminophen for people aged 65 and older
may lead to health complications.
University of Nottingham
researchers found that people who often take acetaminophen, the active
ingredient in Tylenol and which is called paracetamol in several other
countries, should take extra care when dosing for chronically painful
conditions such as osteoarthritis, according to a news release issued on Dec. 12.
“Due to its perceived
safety, paracetamol has long been recommended as the first line drug treatment
for osteoarthritis by many treatment guidelines, especially in older people who
are at higher risk of drug-related complications,” said University of Nottingham
professor Weiya Zhang in a statement published in the Arthritis Care and
Research journal.
The study’s authors said they analyzed data from the Clinical Practice
Research Datalink-Gold, a UK medical database, and analyzed participants aged
65 and older who had an average age of 75. The subjects used acetaminophen
between 1998 and 2018.
The researchers also
evaluated health records for 180,483 people who were prescribed acetaminophen
on a regular basis, which the authors defined as two prescriptions or more
within a six-month period. Their health outcomes were then compared with
402,478 individuals who were not repeatedly prescribed the painkiller, the
authors said.
Prolonged usage of
acetaminophen was associated with a higher risk of developing heart failure,
chronic kidney disease, hypertension, and peptic ulcers, or a type of ulcer
that affects the lining of the upper part of the small intestine and stomach.
What Other Recent Studies Say
Earlier this year,
researchers at the University of California, Davis, also called into question
whether regular use of acetaminophen is safe after finding that the painkiller
was found to alter proteins in heart tissue. Published in April, the study was
conducted on mice, researchers said.
More
Repeated Acetaminophen Use May Not Be as Safe
as Previously Thought | The Epoch Times
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Organic Solar Cells Pave the Way for a Sustainable Energy
Landscape
Researchers from Linköping
University have developed a new design principle that makes the
large-scale production of highly efficient, environmentally friendly organic
solar cells possible. The study, published in the journal Nature Energy,
examined the shape and interactions of molecules in organic solar cells.
With electrification and the development
of AI, we will probably see a significant increase in the world’s energy needs.
That electricity needs to come from environmentally sustainable sources if we
are to slow down climate change at the same time.
Feng Gao, Professor, Department of
Optoelectronics, Linköping University
Solar cells are one green energy source
that researchers worldwide are concentrating on. Numerous alternative varieties
are being developed to supplement conventional silicon solar cells. Organic
electronics, based on electrically conductive plastics, is one of the most
promising technologies.
Organic solar cells are relatively
inexpensive and simple to produce. Furthermore, because they are flexible and
lightweight, they can power personal electronics on clothing, windows, or
indoor surfaces. Currently available on the market, organic solar cells are
predicted to grow in market share.
Sustainable Mass Production
Related Stories
About 20% of the sun's rays can be
converted into electricity by organic solar cells, whose efficiency is catching
up to that of conventional solar cells. Years of intensive materials research
and studies of the material's molecular interactions, or “morphology,” have
produced high efficiency.
A physical mixture is used to create
organic solar cells, and when the mixture is placed on a substrate, its solvent
evaporates. Nevertheless, the chemical solution contains substances that are
harmful to the environment.
To realize mass production of organic
solar cells, with printed technologies for example, on a large scale, we need
to find methods that do not use toxins. Otherwise, it is not good for the
environment or those working in the factories.
Feng Gao, Professor, Department of
Optoelectronics, Linköping University
Together with colleagues in China and
the US, his research team has now deciphered the secret to creating effective
organic solar cells using a variety of eco-friendly solvents.
To choose the right solvent, it is
important to understand the entire solar cell manufacturing process. This
includes knowing the initial structures of the solution, observing the dynamic
processes during evaporation, and checking the final structure of the solar
cell film.
Rui Zhang, Study Lead Author and
Researcher, Linköping University
More
Zhang, R., et al. (2024)
Equally high efficiencies of organic solar cells processed from different
solvents reveal key factors for morphology control. Nature Energy. doi.org/10.1038/s41560-024-01678-5.
Organic Solar Cells Pave the Way for a Sustainable Energy Landscape
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks (usdebtclock.org)
This
weekend’s music diversion. Approx. 7 minutes.
Wilhelmine
v. Bayreuth Concerto in g minor for Harpsichord, strings and B.C. / caterva
musica
This
weekend’s final diversion. More EV bad
news. Approx 5 minutes.
Port
of Miami Explosion Update: New Details!
Port of Miami
Explosion Update: New Details! - YouTube
Look at market fluctuations as your friend rather than your
enemy; profit from folly rather than participate in it.
Warren Buffett.
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