Baltic
Dry Index. 1168 +01 Brent Crude 71.75
Spot Gold 2668 US 2 Year Yield 4.13 +0.03
People who think they know everything are a great annoyance to those of us who do.
Isaac Asimov.
In the stock casinos, more worry and wobble. What if Warren Buffett is right?
What happens next in Syria? Saudi Arabia?
What if VW, Stellantis and Nissan go bust?
What if the deep state sabotage Trump 2.0?
What if 2024 was the top?
China stocks rise amid broader gains in Asia
markets as Beijing’s stimulus pledge boosts sentiment
Updated Tue, Dec 10 2024 12:18 AM EST
China stocks rose Tuesday amid broader
gains in Asia-Pacific markets, following losses on Wall Street that saw
the S&P 500 and Nasdaq Composite pull back
from record highs ahead of key inflation data.
Sentiment was boosted by Beijing’s
announcement of “more proactive” fiscal measures and “moderately” looser
monetary policy next year as part of efforts to boost domestic consumption.
Mainland China’s CSI 300 index jumped 1.9%
in trading, while Hong Kong’s
Hang Seng index was up 0.9%.
News of the measures, which came from an official readout late Monday after mainland
China market had closed, had sent the Hang Seng index nearly
3% higher that evening.
South Korea’s benchmark Kospi gained over 2.2% and
led gains in the region, while the small-cap Kosdaq surged up 5.3% as investors
continued to monitor the country’s political situation.
South Korean news agency Yonhap reported
that the leader of the main opposition party, Lee Jae Myung, said his party
would pass a downsized budget bill for next year through a
plenary session later in the day.
Australia’s S&P/ASX 200 closed 0.36%
lower to finish at 8,393, after the Reserve Bank of Australia held its
benchmark rate at 4.35% for the 10th consecutive time.
Japan’s Nikkei 225 climbed 0.52%,
while the Topix gained 0.37%.
In the U.S. on Monday, tech shares
struggled and investors prepared for key inflation data that will be released
this week.
The broad market S&P 500 fell 0.61% to
close at 6,052.85, and the tech-heavy Nasdaq slid 0.62% to end at 19,736.69.
The Dow Jones Industrial
Average shed 240.59 points, or 0.54%, settling at 44,401.93.
AI bellwether Nvidia saw its shares dropped
about 2.6% after a Chinese regulator announced that it was investigating
the artificial intelligence chip behemoth for potentially violating
the country’s antitrust law.
Advanced
Micro Devices, another chipmaker, closed 5.6% lower, while tech
giants Meta Platforms and Netflix also struggled.
Bitcoin prices also
retreated after topping
$100,000 for the first time ever last week, a sign that investors
might be souring on risk assets.
Asia
markets live: Australia rate decision, China stimulus plans
European markets set to open lower as positive
sentiment vanishes
Updated Tue, Dec 10 2024 12:29 AM EST
European markets are expected to open in
negative territory Tuesday, retreating
from yesterday’s mostly positive trading session, as traders gear up for
the latest U.S. inflation report this week.
The U.K.’s FTSE 100 index is expected
to open 38 points lower at 8,315, Germany’s DAX down 76 points at
20,274, France’s CAC down
31 points at 7,454 and Italy’s FTSE MIB down 139 points at
34,429, according to data from IG.
There are no major earnings releases in
Europe Tuesday. Data releases include final German inflation data for November.
Traders are looking ahead to U.S.
inflation data due Wednesday. The consumer price index data will likely
influence how the Federal Reserve proceeds on interest rates at its Dec. 17-18
meeting. Economists polled by Dow Jones forecast that headline inflation rose
0.3% in November and 2.7% over the prior 12 months.
U.S.
stock futures hovered near the flatline on Monday evening, after both
the S&P 500 and Nasdaq Composite pulled back from record highs in
yesterday’s trading session.
Overnight
in the Asia-Pacific region, China stocks rose Tuesday amid broader
gains among other regional markets.
European markets live updates: stocks, news, data and earnings
In other news, a new warning or the start of the new deep state campaign to undermine Trump 2.0?
America’s economy ‘risks massive Trump slump’
US GDP could contract by as much as two to
three percentage points, according to NIESR
09 December 2024 8:00am GMT
Donald Trump risks
tipping the US into recession if he follows through with the promises made on
the campaign trail, a top economist has warned.
Paul Mortimer-Lee of the National
Institute of Economic and Social Research (NIESR) said the “ill-considered,
rushed and damaging” combination of tariffs, the mass expulsion of illegal
immigrants, tax cuts and spending efficiencies was “likely to tip
the US economy into recession.”
Mr Mortimer-Lee said: “In a worst-case
scenario, where immigrant expulsions are massive, tariff increases hit straight
away and retaliation is swift and effective, GDP could contract by two to three
percentage points.”
Such an outcome would mark a massive slump
when compared to the strong growth enjoyed by the US this year. NIESR estimates
America’s economy will expand by 2.8pc in 2024.
It would also represent a significant
challenge to Mr Trump who ran much of his campaign on a promise
to boost the economy and tackle the cost of living crisis that many
citizens blamed on President Joe Biden.
A recession in the world’s largest economy
would send shockwaves across the globe, with China, Mexico, Canada and Germany
all likely to struggle given their deep economic links to the US.
Mr Trump campaigned on a promise to impose
steep tariffs on imports, including of up to 60pc on China, to tighten the
US’s borders and cut taxes while slashing government spending. He has stepped
up his rhetoric around tariffs since his election victory last month and
appointed Elon Musk to the newly created Department of Government Efficiency.
The billionaire has said he hopes to cut $2 trillion of spending.
Mr Mortimer-Lee said Mr Trump’s
immigration policies would be the most damaging, given the important role this
group plays in the US economy.
He said: “Expelling five million workers
could reduce GDP by close to 2.5pc. Since expulsions would continue for years,
the reduced rate of growth in GDP would be persistent – not a one-off shock
like tariffs.”
Shortages of workers, particularly in
migrant-heavy industries such as agriculture, retail and construction, are
likely to send wages spiralling and stoke inflation. Mr Mortimer-Lee also
warned that tariffs would also stoke inflation.
The Federal Reserve would usually be
expected to raise interest rates to try to rein in price rises but there is a
risk that the future president could successfully pressure officials into
keeping borrowing costs low.
“How large the eventual inflation effect
and how long it lasts will depend on whether Mr Trump succeeds in bending the
Federal Reserve to his will, which would mean a softer monetary policy stance,”
Mr Mortimer-Lee said. “Contrary to the consensus, I take the view that he will
be successful, so that the initial shocks to prices from his other policies
will feed through to second and third-round effects.
“As a result, inflation could rise to 7pc
or 8pc by 2027, especially if an economic downturn were met by an outsized
money-financed fiscal deficit, which is a very real prospect.”
More
America’s economy ‘risks massive Trump slump’
Fear of Trump tariffs is causing Americans to
stockpile toilet paper, medicine, and food before prices rise
Updated Mon, December 9, 2024 at 8:56
PM GMT
- One
in three consumers plans to spend more money this holiday season, and the top
motivation is fear of higher tariffs under Trump, according to a survey by
CreditCards.com. Nearly a third also expect to take on more debt to make
their purchases.
Americans are bracing for higher prices
when President-elect Donald Trump returns to the White House as he has pledged
to impose sweeping tariffs.
But consumers aren't waiting for products
to get more expensive. Instead, they're loading up on items this
holiday-shopping season, according to a recent survey from CreditCards.com.
One in three Americans plans to buy more,
and fear of higher tariffs is the leading motivator, with 39% citing them for
stepped-up purchases. Other reasons include worries about potential
supply-chain disruptions, "societal instability," recession, and
another pandemic. Meanwhile, 22% plan to make a large purchase, such as
electronics or home appliances.
"With the possibility of tariffs
hanging over cheap goods from countries like China and Mexico, it’s no surprise
that some consumers are pondering big-ticket purchases before President-elect
Trump takes office," John Egan, expert contributor at CreditCards.com
focusing on credit cards, insurance, and personal finance, said in a statement
last week. "Although manufacturers pay the tariffs, these extra costs
often get passed along to shoppers in the form of higher prices."
Americans are also buying everyday items,
and the survey found 34% are stockpiling essentials. Toilet paper is at the top
of the shopping list with 77% saying they are stocking up on it. That's
followed by nonperishable food (76%), medical supplies (58%), and
over-the-counter medications (54%).
But inflation in recent years has already
boosted prices, so all this added spending means consumers have to find extra
dollars somewhere. As a result, 30% said they are likely to go into or worsen
debt to buy things now.
More
China’s November imports post surprise drop;
sharpest decline in 14 months
Published Mon, Dec 9 2024 10:26 PM EST
China’s exports and imports both missed
expectations in November, data from the country’s customs authority showed
Tuesday, fueling worries over the health of the Chinese economy as consumer
demand remains sluggish and tariff threats loom.
Import data surprised with a decline of
3.9%, marking the sharpest fall since September 2023. Analysts had expected
imports to grow 0.3%.
Exports rose 6.7% in U.S. dollar terms
from a year ago, sharply lower than the 12.7%
growth in the previous month. Analysts in a Reuters poll had expected
exports to climb 8.5% from a year ago in November.
The exports slowdown in November does not
“mark an end of China’s recent export boom,” Zichun Huang, China economist at
Capital Economics said in a note on Tuesday, adding that while U.S. tariffs
could reduce export volumes by around 3%, “they may not be felt until the
middle of next year.”
In the short run, the tariff threats “may
even spur exports as U.S. firms ramp up orders” for Chinese goods, Huang added.
Meanwhile, import volumes may also recover
in the short term, as accelerated fiscal spending boosts demand for industrial
commodities, Huang said.
China’s exports to all its major trading partners — the U.S.,
European Union and Association of Southeast Asian Nations — all rose in
November from a year earlier.
Exports to ASEAN countries increased the
most, up by nearly 15%, according to CNBC’s analysis of the official data.
Imports from its largest trading partner ASEAN fell 3%.
China’s exports to the U.S. increased 8%
on year while imports fell over 11%. The country’s exports to European Union
jumped 7.2% while imports shrank 6.5% from a year ago.
China’s exports to Russia were down by
2.5% while imports dropped by 6.5%.
The volume of China’s rare earths exports
rose nearly 5% from a year ago in November, shipping out 4,416 metric tons of
the minerals, used in products ranging from electric vehicles to consumer
electronics. Cumulative exports in the months through November this year rose
6.6% from a year ago.
The country’s rare earths imports declined
over 20% from the year before to 11,327 tons.
The
country announced a new policy in July to step up its oversight of
the domestic rare earths industry over national security
concerns.
China’s steel exports last month surged by
16% from a year ago to 9.28 million tons. The country’s steel exports have been
surging this year and are expected
to cross 100 million metric ton mark, matching levels last seen in 2016.
More
China's imports post sharpest decline in 14 month in November
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.
Job
vacancies collapse as Budget tax raid puts firms off hiring, survey shows
Monday
09 December 2024 6:00 am | Updated: Friday 06
December 2024 3:34 pm
The
number of job vacancies in the UK fell at its fastest pace in over four years
last month as firms held off hiring due to the government’s
Budget tax hikes,
a new survey suggests.
The
latest report on jobs from KPMG and the Recruitment and Employment
Confederation (REC) showed an “accelerated decline” in the number of people
placed in permanent roles by recruiters.
The
survey also showed that the number of job openings fell at the sharpest pace
since August 2020 as demand for staff dried up following the Budget.
In
October’s Budget Chancellor Rachel Reeves increased employers’ national
insurance by 1.2 per cent, while cutting the threshold at which employers have
to start paying the levy. She also announced that the minimum wage would
increase by 6.7 per cent.
Many
businesses, particularly in the retail and hospitality sector, have warned that
they will have to either cut jobs or raise prices in order to deal with the
extra costs imposed by the Budget.
A survey released
by the Bank of England on Thursday suggested that over half (54 per
cent) of firms were planning to cut staff as a result of the national insurance
hike. Analysis by Deutsche Bank suggests that as many as 100,000 jobs could be
lost.
“It
should be a surprise to no-one that firms took the time to re-assess their
hiring needs in November after a tough Budget for employers,” Neil Carberry,
chief executive of the REC said.
The
survey also showed that wage pressures remained relatively muted in November,
remaining at the 44-month low hit in October.
“While
skilled candidates were often reported to be able to command higher salaries,
pay growth tended to be limited by higher candidate availability and reduced
demand for staff,” the survey said.
Jon
Holt, chief executive at KPMG UK, said this trend would be “encouraging” for
rate-setters at the Bank of England.
“The
prospect of further rate cuts through 2025, alongside the Government’s
investment plans, both point to improved growth in the near term,” he said.
Job vacancies
collapse after Budget tax raid, survey shows
Airbus
to Cut Nearly 500 UK Jobs Amid Falling Profits and Global Restructuring
8
December 2024
Airbus,
the European aerospace giant, has announced plans to cut 477 jobs in the UK as
part of a global restructuring effort following a 22% drop in profits. The job
reductions are part of a broader plan to reduce over 2,000 positions worldwide,
with the company citing increased costs and supply chain bottlenecks as
significant challenges.
Airbus
reported a 7% increase in sales to £44.5 billion ($54.6 billion) in the nine
months to 30 October. However, its profits fell by 22% to £1.8 billion ($2.2
billion) during the same period. According to Airbus, rising costs have
squeezed its already thin profit margins, with the company admitting it is
struggling to meet the growing demand for its aircraft due to supply chain
disruptions. A spokesperson for Airbus stated, "We have more demand than
the ability to supply and are working to address bottlenecks in our
operations."
Details
of the Job Cuts
The
job cuts, amounting to 5% of Airbus's global workforce, will primarily impact
its space division, followed by its headquarters and air power departments.
Globally, 1,128 jobs will be cut from the space division, 618 from the
company's headquarters, 250 from the air power department, and 47 from its
connected intelligence division. Geographically, the reductions include 689
positions in Germany, 540 in France, 477 in the UK, 303 in Spain, and 34 in
other regions.
Airbus
has emphasised that the cuts are part of a strategy to reduce its fixed cost
base and will not involve compulsory redundancies. The company clarified that
"almost all of the positions affected do not relate to specific projects
or programmes" and pledged to work with unions to minimise the impact.
The
loss of 477 jobs in the UK is a significant blow to the country's aerospace
industry. Airbus is a major employer in the UK, with its wing manufacturing
facility in Broughton and other operations supporting thousands of direct and
indirect jobs. This announcement follows previous cuts in 2020, when the
company reduced its UK workforce by 1,700 during the pandemic. At the time, the
Unite union described the decision as "another act of industrial
vandalism" against the UK aerospace sector.
More
Airbus to Cut Nearly 500 UK Jobs Amid Falling Profits and Global Restructuring
Covid-19 Corner
This section will continue until it becomes unneeded.
What
Nigerians should know about new COVID-19 strain spreading rapidly across world
8
December 2024
As
the world continues to battle the constantly evolving COVID-19 pandemic, new
variants of the virus are emerging, each presenting unique challenges.
One
such variant is the recently identified XEC strain, which has raised concerns
due to its potential impact on global public health.
The
News Agency of Nigeria (NAN) reports that Coronavirus disease (COVID-19) is an
infectious disease caused by the SARS-CoV-2 virus.
COVID-19
can cause mild to severe respiratory illness, including death.
The
first known case was identified in Wuhan, China, in December 2019.
Since
the beginning of the pandemic, there have been several prominent variants,
including Alpha, Beta, Delta, Omicron and XEC.
The
XEC strain was first detected in Germany in June 2024 and has since spread to
27 countries.
It
has been found in several countries across Europe, Asia, and North America,
with at least 600 confirmed cases in the past four months.
Countries
affected include Germany, France, the United States, the United Kingdom,
Denmark, Canada, China, Norway, Poland, and the Netherlands.
The
World Health Organisation (WHO) has stated that the XEC strain is a subvariant
of the Omicron lineage of the SARS-CoV-2 virus.
Like
other variants, the XEC strain has raised concerns due to its potential for
increased transmissibility and partial immune escape.
This
means that individuals who have been infected with previous strains or who have
been vaccinated may still be at risk of reinfection.
However,
vaccines remain the most effective defence against severe illness.
The
WHO further explained that the XEC strain, like other COVID-19 variants,
primarily spreads through respiratory droplets when an infected person coughs,
sneezes, or talks.
According
to the UK Health Security Agency (UKHSA), the XEC strain is a combination of
the KS.1.1 and KP.3.3 variants.
Surveillance
data from the UKHSA indicates that the admission rate for patients testing
positive for all strains rose to 4.5 per 100,000 people in the week leading up
to October 6, 2024.
Experts
believe the XEC strain is more transmissible due to its numerous mutations.
Symptoms of this strain are similar to those of other COVID-19 variants,
including fatigue, headaches, sore throat, and high temperatures.
More
What Nigerians should know about new COVID-19 strain spreading rapidly across world
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.
UK
and Saudi Arabia to collaborate on production of new ‘super material’
9 December 2024
The UK and Saudi Arabia are to collaborate on producing a new super-light, super-strong
material under a deal announced on the eve of the Prime Minister’s first visit
to the oil-rich state.
Sir Keir Starmer will fly
into Saudi Arabia on Monday for his first face-to-face meeting with Mohammed
bin Salman, its prime minister, after talks with the president of the United Arab Emirates (UAE) to drum up investment in Britain.
He will try to persuade the
Saudi crown prince to pump more cash into the UK
economy after the Budget dealt
a blow to his growth plan.
It came as Graphene
Innovation Manchester, a British company specialising in wonder material
graphene announced a deal with the Saudis to use its product in creating a new
hybrid carbon fibre that will make it up to three times stronger than before.
The advanced material is
considered environmentally sustainable and will be applied to cars, planes and
trains to make them lighter and therefore more energy efficient. It will also
be used in Saudi Arabia’s Neom project, which is aiming to build a linear city
stretching more than 100 miles long.
The tie-up between the
Manchester-based company and the Saudis is expected to generate £250 million of
investment into a research and innovation hub in Greater Manchester and more
than 1,000 skilled jobs could be created as a result of the deal.
Sir Keir said: “Every region
and nation in the United Kingdom should feel the impact of our Plan for Change,
which is why I am in the Gulf forging closer ties and strengthening
relationships that support our growth mission in every corner of the country.
---- Sir Keir also hopes to build on the close ties between Newcastle and
Saudi Arabia, which owns the English city’s
football club.
Britain and the Saudis will
work to set up an international institute for clean hydrogen, backed by a
consortium of universities, including Newcastle University.
Kim McGuinness, Mayor of the North East, will join
the Prime Minister in Saudi Arabia on Monday for the talks which follow his
visit to the Emirates.
More
UK and Saudi Arabia to collaborate on production of new ‘super material’
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
The
difference between stupidity and genius is that genius has its limits.
Albert
Einstein.
No comments:
Post a Comment