It is a prerequisite before stocks can top, all of Wall Street must turn bullish. Prominent bear, Morgan Stanley’s Michael Wilson capitulated late last year. Now we get the big scalp of Michael Hartnett at BofA: Winners & Losers:asset/ETF winners…cannabis 28%, uranium 16%, Japan (unhedged) 8%, oil 8%, semis 7%, Magnificent Seven 4%vs losers…rare earths-19%,
Prices for steel and iron are out of puff for now: 2023 was the year of nothing for steel output, via World Steel: Usually, such a year would deliver price falls as iron ore and steel recycling incrementally increases. That it did not was a function of the latter falling away in China and its
The post Global steel goes nowhere appeared first on MacroBusiness.
European Council president Charles Michel has abandoned plans to contest a seat in the upcoming European Parliament elections in June. This comes amid suggestions that doing so could have led Hungary’s prime minister, Viktor Orban, a critic of aid to Ukraine, to replace him as EU Council chief.
Chinese property sales are still down roughly 40% year on year, seasonally adjusted: Stil no funding for developers: No funding for developers: No much so far for LGFV infrastructure, either, though federal deficits are rising: Steel is OK: Readers will know that I consider the gap between collapsed housing starts and ongoing construction volumes crucial
Strong economic data out of the US kept risk sentiment in check on Friday night as the USD also remained buoyed despite some early runs from the major pairs including Euro and Aussie. Wall Street managed another scratch session while European shares rallied across the continent. The Australian dollar still couldn’t managed a break above
The post Macro Morning appeared first on MacroBusiness.
Bravo Biden Administration: My Administration is announcing today a temporary pause on pending decisions of Liquefied Natural Gas exports – with the exception of unanticipated and immediate national security emergencies. During this period, we will take a hard look at the impacts of LNG exports on energy costs, America’s energy security, and our environment. This
Le Pen has repeatedly declared her admiration for Vladimir Putin and her support for his policies, despite the Russian regime's repeated violations of human rights and international law. She only truly began shifting her position after the invasion of Ukraine in February 2022.
See "The Crazies" on this site to let you know Putin did not "have a choice"...
MEANWHILE:
Goldman with the note. EUR: Tanker turning. The ECB’s focus on “data not dates” is nothing new. But,the acknowledgment that data have been trending in the right direction, faster than expected, was relatively new. And, in our view, it demonstrated a further shift than ECB speakers have previously endorsed. We also thought it was notable
On Australia Day, I was interviewed by ABC Brisbane’s Steve Austin, where we discussed in detail the impact of the federal government’s mass immigration policy on Australia’s rental crisis. This discussion was in response to the nation’s population ticking over 27 million people last week – an increase of 8.1 million people this century –
Farmers’ protests are being embraced by the far right. The precedents are chilling.
By George Monbiot, published in the Guardian 19th January 2024
Privatisation and austerity don’t cut costs: they just pass them on to us.
By George Monbiot, published in the Guardian 12th January 2024
The weather was worse than forecast. By the time I reached Bristol, at 5pm, all trains to the south-west had been cancelled, because of rising flood waters. It was no one’s fault – just one of life’s vicissitudes. What happened next was a different matter. I believe I’m still suffering the effects of it: I think privatisation has made me sick. In various ways, it has sickened the whole country.
A shadowy network of dark-money junktanks is delivering the same disastrous political package around the world.
By George Monbiot, published in the Guardian 6th January 2024
Michael Polanyi was highly suspicious of the hyper-reductionism of neo-Darwinism. It’s reduction of the evolution of a thing so vast as life into a single causal mechanism. And it was a good call.
It is time to review the year in digital technology. Oh, what fun! As with prior reviews, we will arrange this review like an award ceremony.
There are three criteria for an award:
The meat industry’s misinformation tactics are even worse than the fossil fuel industry’s.
By George Monbiot, published in the Guardian 14th December 2023