Baltic
Dry Index. 2120 +85 Brent Crude 68.78
Spot Gold 3381 US 2 Year Yield 3.88 +0.05
US Federal Debt. 37.142 trillion
US GDP 30.155 trillion.
"I was alarmed at my doctor's report: He said I was a sound as a dollar."
Ronald Reagan, 40th United States President.
The Financial Times is reporting that the USA and EU are close to a trade deal modelled on that of Japan’s trade deal.
One way or another US consumers are about to pay more for US imports.
The stock casinos, like higher tariffs for now. But for how long?
Later today, the ECB decision on their key interest rate. No change is widely expected.
Japan’s Topix hits record high as Asia-Pacific
stocks climb on trade deal optimism
Updated Thu, Jul 24 2025 11:30 PM EDT
Asia-Pacific markets opened higher as the
latest trade developments between the U.S. and Japan, as
well as positive signs for a deal with the European Union, spurred investor
optimism.
Overnight in the U.S., the S&P 500 climbed 0.78% to
a record close of 6,358.91 — its 12th of the year.
Trump to visit Federal Reserve, escalating
campaign against Chair Powell
U.S. President Donald Trump will visit the
Federal Reserve on Thursday, the White House said, escalating his pressure
campaign against Chairman Jerome Powell.
This is the first time in nearly two
decades that an American president has made an official trip to the central
bank.
The White House released a schedule on
Wednesday that stated Trump would visit the Federal Reserve at 4:00 p.m. ET on
Thursday.
Read the full story here.
— Anniek Bao
China markets open flat
Mainland China and Hong Kong stocks opened
flat amid a swathe of green in the region.
Both mainland China’s CSI 300 and Hong Kong’s Hang Seng Index were flat.
The Hang Seng Tech Index, which tracks the
largest technology companies listed in Hong Kong, fell 0.18%.
Asia
stock market live updates: U.S.-Japan trade deal
S&P 500 futures are little changed after
Alphabet, Tesla post earnings: Live updates
Updated Thu, Jul 24 2025 7:48 PM EDT
S&P 500 futures were
little changed on Wednesday night after the benchmark notched another record
close, fueled by hopes for progress on trade deals.
Futures tied to the index climbed 0.1%,
while Nasdaq 100 futures were
about 0.4% higher. Futures
tied to the Dow Jones Industrial Average fell 104 points, or 0.2%.
“Magnificent Seven” megacap stocks Alphabet and Tesla reported their earnings
after Wednesday’s bell. Alphabet rose 2% after posting a second-quarter
earnings and revenue beat, while Tesla was last down 4% in volatile trading
after investors were disappointed by a drop
in auto revenue for the second straight quarter. IBM shares slipped 5%,
weighing on Dow futures, after the company’s second quarter software revenue
missed expectations.
Earlier on Wednesday, the S&P 500 added 0.78% to
hit its 12th record close of the year. The Dow Jones Industrial Average gained
1.14%, or 507.85 points — about four points away from a new record close.
The Nasdaq Composite rose
0.61% and settled above the 21,000 level for the first time.
Stocks were boosted by more bullish
developments on the trade front this week. On Tuesday night, President Donald
Trump said in a Truth Social post that his administration had reached
a “massive Deal” with Japan, which includes 15% “reciprocal” tariffs on goods
from the nation.
The major averages also caught a tailwind
when the Financial Times reported that the U.S. was making
progress towards a deal with the EU. Bloomberg confirmed the progress, citing diplomats
briefed on the negotiations. This trade deal would introduce similar levies of
15% on goods coming to the U.S. from the bloc.
More
Stock
market today: Live updates
Germany’s auto giants rally as U.S.-Japan trade
deal raises hopes of a tariff breakthrough
Published Wed, Jul 23 2025 3:26 AM EDT
Shares of Europe’s top carmakers jumped on
Wednesday after the U.S. and Japan’s blockbuster trade
agreement raised
hopes of a tariff breakthrough for other major exporters.
In a post on social
media platform Truth Social, Trump described the “massive” trade agreement as
“perhaps the largest Deal ever made.”
The deal is expected to mean U.S. tariffs
on imported Japanese vehicles and parts will fall to 15%, a significant drop
from the existing 25% rate that is levied across countries.
Japanese Prime Minister Shigeru Ishiba
welcomed the trade agreement, saying it marks “the lowest figure among
countries that have a trade surplus with the U.S.,” according to Reuters.
The Stoxx Europe autos index rose 4.1% on
Wednesday morning, putting it on track for its biggest daily gain since
mid-February, according to LSEG data.
Germany’s Volkswagen, BMW and Mercedes-Benz Group were all up
more than 5% on the news at 11:04 am London time (6:04 am ET), while luxury
automaker Porsche soared 7.3%.
Milan-listed shares of Jeep maker Stellantis was also up
around 7.1%.
The gains followed a sharp upswing for
Japanese autos stocks. Toyota surged over
14%, with domestic peers Honda and Nissan up 11% and 8%, respectively.
In a speech that followed his Truth Social
post, Trump said the U.S. and Japan were concluding an additional deal
involving liquified natural gas, adding that “we have Europe coming in
tomorrow,” without specifying details.
The automotive sector is widely regarded
as acutely vulnerable to tariffs, particularly given the high globalization of
supply chains and the heavy reliance on manufacturing operations across North
America.
The VDA, Germany’s auto industry
association, called on the EU to double down on its efforts to reach a U.S.
trade deal.
“In view of the trade agreement announced
today between the USA and Japan, a solution to the tariff conflict between the
EU and the USA is all the more crucial. Efforts to find a negotiated solution
must be further intensified,” VDA President Hildegard Müller told CNBC by
email.
More
Autos: U.S.-Japan
trade deal raises hopes of an EU tariff breakthrough
US and EU close in on 15% tariff deal
Agreement would mirror accord with Japan
and head off Trump’s threat to raise duties to 30%
23 July 2025
The EU and US are closing in on a trade
deal that would impose 15 per cent tariffs on European imports, similar to the
agreement Donald Trump struck with Japan this week.
Brussels could agree to the so-called
reciprocal levies to avoid the US president’s threat to raise them to 30 per
cent from August 1, three people familiar with the situation told the Financial
Times.
“The Japan agreement made clear the terms
of the shakedown,” said one EU diplomat. “Most member states are holding their
noses and could take this deal.”
Both sides would waive tariffs on some
products, including aircraft, spirits and medical devices, the people said.
The European Commission, which runs EU
trade policy, briefed envoys from member states on Wednesday following talks
with US counterparts.
News of the prospective deal boosted the
euro, which recouped earlier losses to trade flat on the day against the
dollar. US stocks extended gains, with the S&P 500 up 0.6 per cent.
The US has been charging an extra 10 per
cent tariff on EU exports since April while talks between Washington and
Brussels continued. That was on top of pre-existing duties averaging 4.8 per
cent.
The people said they understood the 15 per
cent minimum tariff would include those existing duties, so Brussels views a
deal on those terms as cementing the status quo. Tariffs on cars, which are
currently 27.5 per cent, would therefore fall to 15 per cent.
German Chancellor Friedrich Merz said he
heard a deal to end the trade dispute between the US and the EU would be agreed
imminently.
“We
are hearing this very minute that there could be a decision” on trade, Merz
said, as he welcomed French President Emmanuel Macron in Berlin for bilateral
talks.
Trump imposed higher, sectoral tariffs on
cars and car parts earlier this year using national security laws. EU officials
have pushed hard for carve-outs to those tariffs for European carmakers.
Two of the people said the deal struck
between the US and Japan had pushed Brussels towards grudging acceptance of a
higher reciprocal tariff rate to avert a damaging trade war.
The EU could still retaliate if Trump
tried to push further or followed through on his threat to raise reciprocal
duties to 30 per cent from August.
hat could include activating its
anti-coercion instrument (ACI) — its so-called trade bazooka. Never before
used, the ACI would give Brussels leeway to block US companies from public
tenders, revoke intellectual property protection and restrict imports and
exports.
The bloc will continue to prepare a
possible €93bn package of retaliatory tariffs, set at up to 30 per cent, in
case they could not agree a deal by August 1, the people added.
More
US
and EU close in on 15% tariff deal
US booze sales tank in Canada as tariffs hit
22 July 2025
- Canadian
sales of US liquor have fallen by over 66 per cent, and 80 per cent in
Ontario, following a boycott initiated by the Liquor Control Board of
Ontario.
- The
boycott began in response to tariffs imposed by Trump, who has since
threatened a new 35 per cent tax on Canadian imports, citing fentanyl
concerns.
- Ontario
Premier Doug Ford has urged Canadians to 'buy local' in retaliation,
emphasising Canada's economic power.
- The
boycott has also led to a 13 per cent decrease in overall spirit sales in
Canada, affecting producers on both sides of the border.
- Canada
represents the second-largest export market for American liquor, making
the trade dispute particularly impactful for the US spirits industry.
US booze sales
tank in Canada as tariffs hit
In other news, is flying getting more
dangerous?
Delta flight was traveling 60 mph down runway when
AeroMéxico plane landed in front of it
23 July 2025
A Delta flight was
traveling 60 mph down a runway in Mexico City on Monday
when an AeroMéxico plane landed in front of
it.
The Delta Air Lines Boeing 737 jet bound
for Atlanta had to stop
its takeoff and return to its terminal at Benito Juarez International Airport
after an AeroMéxico Embraer 190 regional jet flew over the plane and landed in
front of it on the same runway, according to multiple reports.
FlightRadar24, a flight tracking site,
showed the two aircraft about 200 feet apart, according to the reports.
The Delta flight, which had 144 passengers
and six crew members on board, departed to Atlanta about three hours
late, CNN reported.
Delta and AeroMéxico both said in separate
statements obtained by ABC
News the
companies were cooperating with authorities as the incident is investigated.
Both airlines said maintaining passenger safety was their number one priority.
ABC reported on air traffic control
recordings from the incident, in which the Delta pilot was reportedly heard
saying, "We are holding on the runway.” Another voice can be heard in the
recordings saying, “Wow" and "Increíble."
The Independent has reached
out to the Federal Aviation Administration and Mexico’s civil aviation agency
for comment.
Steve Ganyard, an ABC News aviation
contributor and former fighter pilot, explained what could have gone wrong in
the near collision.
"There are parallel runways at Mexico
City. So we don't know if the controller told the Aeromexico aircraft to land
on the left-hand and not the right-hand runway where the Delta jet was,"
he said.
The aviation expert continued: "We
also don't know, perhaps the tower controller didn't understand that they had
cleared the Aeromexico aircraft to land while simultaneously clearing the Delta
jet to take off."
Delta flight was
traveling 60 mph down runway when AeroMéxico plane landed in front of it
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.
Goldman
Sachs warns of slower US growth amid rising tariff pressures
July
22, 2025
Goldman
Sachs is forecasting a notable slowdown in US economic growth, citing the
inflationary impact of rising tariffs and the resulting pressure on consumer
spending.
According
to a note to clients from the bank’s chief economist, Jan Hatzius, the firm
expects gross domestic product (GDP) to increase at an annual rate of just 1.1%
through 2025.
The
projected drag on real income from higher prices is anticipated to outweigh the
positive effects of looser financial conditions.
“Even
a one-time price increase will eat into real income, at a time when consumer
spending trends already look shaky,” Hatzius wrote.
While
recent retail sales have shown resilience, Goldman believes overall spending
stagnated during the first half of the year, something that rarely happens
outside of a recessionary environment.
In
the first quarter, GDP contracted at a 0.5% annualized pace, with consumer
spending rising just 0.5%.
Tariff
risks could push inflation higher
A
key concern driving Goldman’s cautious outlook is the potential impact of President
Donald Trump’s proposed tariffs.
The
firm expects so-called reciprocal tariffs to reach an effective rate of 15%, up
from a prior estimate of 10%.
This
would result in a 14 percentage point increase in the average effective tariff
rate in 2025, with an additional three-point rise projected for 2026.
These
tariff-related price pressures are expected to push inflation higher in the
near term. Goldman anticipates that core inflation, as measured by the Federal
Reserve’s preferred personal consumption expenditures (PCE) price index, will
rise to 3.3% in 2025.
Inflation
is then expected to gradually moderate to 2.7% in 2026 and 2.4% in 2027, still
above the Fed’s long-term 2% target.
As
a result of these projections, Goldman places the probability of a recession at
30%, roughly double the typical baseline risk.
The
firm also suggested that heightened tariff pressures could pose risks to
employment and supply chains, potentially warranting more aggressive interest
rate cuts than are currently expected.
Mixed
economic signals complicate outlook
Despite
the more cautious forecast, some indicators continue to show signs of
underlying economic strength.
Consumer
sentiment, as tracked by the University of Michigan, has rebounded from earlier
lows experienced following Trump’s initial tariff announcement on April 2.
Inflation
expectations have also receded, returning to levels seen before what some
termed “liberation day.”
Additionally,
the Federal Reserve Bank of Atlanta’s GDPNow model currently estimates
second-quarter GDP growth at an annualized pace of 2.4%, indicating a stronger
performance compared to the contraction seen in Q1.
Nonetheless,
the outlook remains uncertain. Hiring has slowed but remains in positive
territory, and while inflation is trending down, it continues to exceed the
Fed’s 2% target.
As
the economic impact of tariffs continues to unfold, Goldman Sachs expects the
Federal Reserve to adopt a cautious, wait-and-see policy stance, while
remaining prepared to adjust interest rates if conditions deteriorate further.
Goldman Sachs
warns of slower US growth amid rising tariff pressures
Covid-19
Corner
This
section will continue only occasionally when something of interest occurs.
COVID-19 Made Our Brains Age Faster
July 22, 2025
COVID-19 is leaving all
kinds of legacies on our health, both on our bodies and our brains. In a study published July 22 in Nature Communications, researchers
report that living through the pandemic aged our brains—whether or not you were
infected with COVID-19.
To investigate COVID-19's
impact on the brain, researchers looked at brain scans from 1,000 people during
and before the pandemic. They compared these to brain scans from other people
taken during "normal" times as a model for typical brain aging.
Led by Ali-Reza
Mohammadi-Nejad from the University of Nottingham School of Medicine in the
U.K., the researchers looked at measures like brain function, gray and white
matter volume, a person's cognitive skills, and their chronological age. Gray
matter is critical for memory, emotions, and movement, while white matter is
essential for helping nerves transmit electrical signals.
The pandemic-era brains
aged about 5.5 months faster compared to the brains of those studied before the
pandemic. The accelerated aging was documented in people who had COVID-19
infections as well as those who didn’t, which strongly suggests that pandemic-related
factors other than biological or virus-driven ones—like high stress—were also at work. In fact, the changes in gray and white matter were
similar in people who were and were not infected.
“This finding was
interesting and rather unexpected,” says Mohammadi-Nejad. Other studies have
already shown that the COVID-19 virus can change the brain for the worse, but
"we found that participants who simply lived through the pandemic period,
regardless of infection, also showed signs of slightly accelerated brain aging.
This highlights that the broader experience of the pandemic—including
disruptions to daily life, stress, reduced social interactions, reduced
activity, etc.,—may have had a measurable impact on brain health.”
COVID-19 Made Our Brains Age Faster
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.
New solar
cells capture sunlight from both sides for more power
July 23, 2025
A team of researchers in South Korea has
developed an advanced solar cell that can absorb sunlight from both the front
and back, boosting energy output without needing more space.
This new “bifacial” solar technology is
based on thin-film solar cells made from copper, indium, and selenium
(CuInSe₂), and it’s designed to work on transparent surfaces.
The work was led by Daehwan Kim and
Shijoon Sung at the Daegu Gyeongbuk Institute of Science & Technology
(DGIST), and their findings were published in Advanced Energy Materials.
Unlike traditional solar panels, which
only collect light from the front, bifacial solar cells take in sunlight from
both directions.
This makes them especially useful in
environments where reflected light is available—such as on rooftops, glass
buildings, or above reflective surfaces like snow or concrete.
Until now, one of the major obstacles in
making these advanced cells was the need for high manufacturing temperatures,
which damage the transparent materials used in bifacial cells.
The DGIST research team found a way
around this problem.
They developed a method to produce
CuInSe₂ solar cells at a much lower temperature—below 420°C. They also
introduced silver (Ag) during the manufacturing process, which helped form
high-quality material even at these reduced temperatures.
This breakthrough allows the solar cells
to be made on transparent electrode materials, which are more heat-sensitive
but essential for bifacial designs.
To further boost performance, the team
added gallium (Ga) to the bottom layer of the solar cell.
This created a gradient in the material
that helped move electric charges more efficiently and reduced energy loss,
improving how well the cells convert sunlight into electricity.
The result is a record-setting bifacial
thin-film solar cell. On the front side, the cell achieved an efficiency of
15.3%, while the back side reached 8.44%.
Combined, this gave a bifacial power
generation density of 23.1 milliwatts per square centimeter—among the best
results ever achieved for solar cells on transparent materials.
This new technology has exciting
potential for many applications. It could be used in building-integrated solar
panels, where solar cells are part of windows or walls.
It’s also a strong candidate for use in
agriculture, where sunlight passes through the panels to support plant growth
below. Additionally, these bifacial cells could be used in multi-layer “tandem”
solar cells for even greater energy efficiency.
Lead researchers Kim and Sung say this
work opens the door for more efficient and versatile solar panels in the
future, especially for use in environments where both sides of a panel can
capture sunlight.
New solar cells capture sunlight from both sides for more power
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt
Clocks (usdebtclock.org)
FIAT
CURRENCY
A
currency whose value is whatever it is decreed to be, undetermined by
market forces.
One Italian
Lira US Dollar, Pound, Euro, Yuan.
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