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Head Of The Fed"s Plunge Protection Team Resigns To Join Biden Administration

Head Of The Fed's Plunge Protection Team Resigns To Join Biden Administration Back in the summer of 2019, a series of unprecedented personnel shak.....»»

Category: blogSource: zerohedgeFeb 5th, 2021

As Advisory Panel Warned, CDC Director"s Anti-Science Decision Makes Boosters "Available To Anyone Who Wants One"

As Advisory Panel Warned, CDC Director's Anti-Science Decision Makes Boosters 'Available To Anyone Who Wants One' Now that CDC chief Dr. Rochelle Walensky - possibly working on behalf of her political puppet masters - has overridden her agency's advisory panel to expand the eligibility for Pfizer booster jabs to high-risk workers (a group that ACIP, the advisory panel, had decided to exclude given a paucity of efficacy and safety data), many employers are confused about whether the new guidance applies to them - and whether they might be left in a difficult situation with employees who didn't get the first two vaccines. At the end of the day, the big worry is that hundreds of thousands of shots allocated for workers might simply go unused, left to expire while dozens of poorer countries would be overjoyed to have them. According to the Hill, chaotic and at times contradictory messaging from federal health officials has culminated in a confusing set of recommendations about who should, and shouldn't receive booster jabs, and why? Panel members initially said they had excluded approving jabs on an employment basis because there wasn't enough evidence those people were losing protection. That decision was clearly a disappointment to the Biden Administration, which is possibly why Dr. Walensky interceded. The depth of Dr. Walsensky's contradiction of the science can be found in the exact wording of her decree: Starting immediately, anyone between the ages of 18 and 64 who is at increased risk of COVID-19 "exposure and transmission because of occupational or institutional setting" can get a third dose. Legal experts told the Hill that those words are so vague, practically anyone could qualify. Already, many local level officials appear to be leaning toward simply giving boosters to anyone who asks. "There's going to be confusion. If we are going to create guidelines that are essentially making the vaccine available to almost everyone, the simplest solution is, make it available to everyone," said Celine Gounder, an infectious disease specialist and epidemiologist at NYU and Bellevue Hospital. "The best public health programs are the ones that are simple and easy to understand and clear, and the more complexity you build into it, the more difficult it is to roll out." That statement above about not creating obstacles to the third shot - that's coming from a scientist who doubted whether they were even necessary. Gounder, who advised the Biden transition team on COVID-19, has been critical of the administration's fervent push for boosters, and said the evidence for a third dose based on occupation was mixed at best. "You have to step back and ask the question, why is it that we're vaccinating people in high risk settings? Is it because they as individuals are at high risk, or is it because it would be disruptive to the workplace," Gounder said. As far as the dramatic conclusion to what was supposed to be a 'staid' scientific process - the CDC director overruling her advisory panel on the issue of occupancy-based eligibility in a late night statement - that should be enough to alert Americans that something strange is happening. Despite the panel's claims, Dr. Walensky took to the White House press briefing on Friday to claim that she did not "overrule" the advisory committee and that she had listened to both sides on the issue of whether to approve boosters by occupational risk. Amusingly, the assiduously pro-Democratic the Washington Post was willing to dismiss this usurpation of "the science" as simply another communications breakdown from the doddering Dems. “Everyone is kind of confused,” he said. The current discontent has deep roots. In April, Pfizer chief executive Albert Bourla said a third coronavirus dose was “likely” to be needed. In late July, Pfizer-BioNTech announced that their vaccine’s efficacy waned over time. Data from Israel confirmed a drop. Then, last month, as the delta variant of the coronavirus surged and the World Health Organization decried the distribution of third shots in wealthy countries while poor countries were lacking first doses, President Biden announced that most Americans could begin getting boosters of the Pfizer and Moderna vaccines Sept. 20 — subject to the government’s regulatory processes, which unfolded in recent days and focused only on Pfizer. Regulators already allowed third shots for the immunocompromised who have received Pfizer or Moderna shots but have not yet made recommendations for all recipients of the Moderna and Johnson & Johnson vaccines. The deluge of phone calls about booster shots to Primary Health clinics in Southwestern Idaho began weeks ago. On Friday morning, the group’s Garden City clinic, where Maddie Morris fields inquiries, saw an increase in calls, mostly from senior citizens. “The calls seem pretty nonstop,” the customer service representative said. “It seems like a lot of people are anxious to get a booster.” Doctors say confusion clouds patients’ willingness to receive boosters. In Idaho, the problem coincides with the primary health-care system’s struggle to meet the demands of the latest covid-19 crush, which earlier this month plunged the state into crisis standards of care — essentially the rationing of health care as demand overwhelms resources. Unfortunately for them, it looks like the whole thing is back-firing... Maybe they'll think twice next time around (though we doubt it, since 'next time' is literally happening in the coming weeks when they do this all again with Moderna). Tyler Durden Sun, 09/26/2021 - 13:30.....»»

Category: dealsSource: nyt10 hr. 53 min. ago

Coronavirus links: flu season

A coronavirus-focused linkfest is still a weekly feature here at Abnormal Returns. Please stay safe and find a vaccination site near you.... BoostersThe full FDA has approved a Pfizer ($PFE)-BioNTech ($BTNX) booster for those over 65 and at high risk of Covid. (cnbc.com)The final CDC decision on boosters will likely include high risk workers. (npr.org)The messaging around boosters has been 'chaotic.' (statnews.com)The definition of fully vaccinated is now going to change. (theatlantic.com)A second J&J ($JNJ) dose further increases protection. (statnews.com)VaccinesPfizer ($PFE)-BioNTech ($BTNX) has filed for an EUA for children 5-11 years old. (statnews.com)Why the Moderna ($MRNA) vaccine is coming out on top. (nytimes.com)Allergic reactions to mRNA vaccinations have been minimal. (sciencedaily.com)A new vaccine is being tested to cover multiple Covid strains in one shot. (businessinsider.com)VaccinationsWe are all likely to get Covid at some point. What matters is if you are vaccinated. (theatlantic.com)Why outreach is needed to reach the remaining unvaccinated population. (washingtonpost.com)Vaccinated individuals with Covid do not spread the virus as the same as the unvaccinated. (theatlantic.com)Why pregnant women should get vaccinated. (washingtonpost.com)The immunocompromised are still struggling in the new world. (wsj.com)ChildrenJust because a vaccine is approved for children doesn't mean parents will get them vaccinated. (theatlantic.com)How doctors can speak with parents reluctant to vaccinate their children. (washingtonpost.com)More testing would allow schools to make better decisions around mitigation. (statnews.com)Schools in a number of states are using weekly testing to stay open. (npr.org)GlobalGlobal vaccinations are ramping up. (marginalrevolution.com)The U.S. is donating another 500 million doses of the Pfizer ($PFE) vaccine overseas. (ft.com)Australia has been unique its willingness to impose Covid restrictions on its populace. (nytimes.com)Combating future pandemics will require more global cooperation. (axios.com)StatesWhy so many Republican governors are coming out against mandates. (washingtonpost.com)West Virginia got off to good start with vaccinations but now lags and Delta cases have surged. (wsj.com)PolicyWhy the U.S. is normalizing its travel restrictions. (theatlantic.com)Post-election the Trump administration largely ignored the accelerating pandemic. (washingtonpost.com)How intelligence agencies can help identify the next pandemic. (wsj.com)TestingWhy rapid Covid tests are more expensive in the U.S. than elsewhere. (wsj.com)CDC made a big error not pushing Covid testing out wide. (reason.com)When you should do an at-home Covid test. (wsj.com)InfluenzaWe should isolate when we have influenza as well. (newscientist.com)What to expect from Covid as the weather cools and people stay inside more. (statnews.com)Other non-Covid viruses are making a comeback. (bbc.com)Antibody treatmentsEli Lilly ($LLY) is trying to catch up to Regneron ($REGN) in the antibody space. (ibj.com)A study shows Remdesivir is effective in keeping high risk Covid patients out of the hospital. (bloomberg.com)TreatmentCovid is delaying care across the country. (nytimes.com)How vaccine mandates could exacerbate the nursing shortage. (npr.org)The story of a Montana hospital that has run out of beds. (khn.org)The cost of Covid care is no longer being waived by insurers. (washingtonpost.com)DataCovid-19 is set to become the most deadly outbreak in recent American history, poised to surpass the estimated U.S. fatalities from the 1918 influenza pandemic. (cnbc.com)The Delta wave is hitting age groups in the U.S. differently, i.e. more middle-aged cases. (bloomberg.com)We're still learning about what drives Covid surges. (vox.com)Weird stuff happens at scale in a pandemic. (theatlantic.com)PodcastsMarc Andreessen, Vineeta Agarwala and Vijay Pande talk with Dr. Scott Gottlieb -- author of the upcoming new book, "Uncontrolled Spread: Why COVID-19 Crushed Us, and How We Can Defeat the Next Pandemic." (a16z.simplecast.com)Dr. Sanjay Gupta talks with former F.D.A. Commissioner Dr. Scott Gottlieb. (omny.fm)Dr. Bapu Jena talks with former FDA director Scott Gottlieb. (freakonomics.com)Earlier on Abnormal ReturnsCoronavirus links: sick societies. (abnormalreturns.com)There's only one way through the pandemic tunnel. (abnormalreturns.com)Why we are eventually going to need digital health passes, i.e. vaccine passports. (abnormalreturns.com)The 'Swiss cheese model' and the importance of avoiding single points of failure in pandemic and life. (abnormalreturns.com)On the challenge of holding two competing thoughts on the pandemic in your head a the same time. (abnormalreturns.com)Mixed mediaSteven Taylor, an Australian psychologist published what would turn out to be a remarkably prophetic book "The Psychology of Pandemics" in 2019. (theguardian.com)How ivermectin came to be a 'miracle cure' for the anti-vax crowd. (npr.org)Nobody is going to ring a bell when the pandemic is over. (vox.com).....»»

Category: blogSource: abnormalreturnsSep 25th, 2021

The 22 best board games to bring to game night, from beloved classics to new favorites

Playing a good board game is a great way to bring friends and family together. Here are the 22 best board games to try at your next game night. When you buy through our links, Insider may earn an affiliate commission. Learn more. The classic Clue is one of our favorite board games to play in 2021. Amazon Playing board games is a fun activity that brings family and friends together. The best board games range from silly party tricks to brain crunchers that require strategy. These 22 popular board games guarantee a great bonding experience with new friends and old. Board games have evolved over the years, but the best usually all share the same attributes - bringing out your competitiveness and strategic side while creating memorable bonding experiences. By no means is this list definitive, but through our research, crowdsourcing with colleagues, and personal experience, we've narrowed down the 22 best board games, from turn-based strategies to laugh-out-loud party games.We took some liberty with the term "board game" since some of these are card games or don't involve physical boards. Some can even be played virtually over the computer or by phone, so even those who can't join at the dining room table can still partake.Here are the 22 best board games to try with friends and family: Updated on 9/24/2021. This guide was originally published 10/24/2017. We chose new options based on experience playing them in addition to researching what's popular and crowdsourcing Insider Reviews team. This list is not definitive, so expect new options to be added. Monopoly Ariel Tilayoff/Business Insider Available at Amazon, $20.99Players: 2- 8 "One reason for Monopoly's staying power is because it has the elements of what makes a great board game: It involves strategy, negotiation, secrecy, manipulation. My family loves to play the game a lot. In fact, our version at home is from my mom's college days. It's missing one card, which my mom had replaced with a piece of cardboard and wrote the information on by hand. It's one part game, one part heirloom.This game has also evolved into numerous modern remakes, like the Disney edition, Cheaters edition, and Voice Banking Edition (currently sold out), which put a spin on the classic gameplay. My family also owns these, but it's mom's original that we still go to." — Ariel Tilayoff, Former Story Production Fellow Clue Amazon Available at Amazon, $9.84Players: 3-6 "Another classic alongside Monopoly, Clue uses your investigative and memory skills, as well as abilities to read other players' expressions to figure out that Mrs. Peacock did it with the wrench. Or, was it Colonel Mustard and the candlestick? Like Monopoly, this game also has different editions, such as the Las Vegas version seen here with my dad and me.Some of my have friends tried to use a mathematical formula to solve the mystery, but it never works. I find just looking at people's expressions can give certain things away. To make it more personal, you can create your own version of the gameplay with your friends as the suspects." — Ariel Tilayoff, Story Production Fellow Pictionary Amazon Available on Amazon, $19.99Players: 2 or more"Pictionary is another classic game that can get wildly competitive. If you're good at drawing under a time crunch, then this is the game for you. And if you can't draw very well, that makes this game all the more fun." — Anna Popp, Home and Kitchen Fellow Sorry! Amazon Available at Amazon, $9.84Players: 2-4"I never knew how competitive Sorry! could be until I played with several of my friends. An oldie but a goodie, Sorry! is a game everyone should have in their home." — Anna Popp, Home and Kitchen Fellow  Catch Phrase Anna Popp/Insider Players: 2- 8 "One reason for Monopoly's staying power is because it has the elements of what makes a great board game: It involves strategy, negotiation, secrecy, manipulation. My family loves to play the game a lot. In fact, our version at home is from my mom's college days. It's missing one card, which my mom had replaced with a piece of cardboard and wrote the information on by hand. It's one part game, one part heirloom.This game has also evolved into numerous modern remakes, like the Disney edition, Cheaters edition, and Voice Banking Edition, which put a spin on the classic gameplay. My family also owns these, but it's mom's original that we still go to." — Ariel Ti layoff, Story Production Fellow  Codenames Ariel Tilayoff/Business Insider Available at Amazon, $11.41Players:  4-8 "If you haven't guessed, my friends and I love game nights, preferably played alongside some wine and cheese. Codenames is a guessing game that revolves around two teams, and the goal is to guess all the words they were given based on word association clues given by each team's "spymaster."Our description is a bit simplistic but it's far more challenging when played. It's a game for wordsmiths — besides that other game." — Ariel Tilayoff, Story Production Fellow Exploding Kittens Party Amazon Available on Amazon, $24.99Players: 2-10"The most important rule of the game Exploding Kittens is that you want to be prepared for getting an Exploding Kitten card which can terminate your part in the game if you are prepared. This game can get pretty competitive, especially when you can sabotage other players with Exploding Kitten cards." — Anna Popp, Home and Kitchen Fellow Hearing Things Amazon Available at Amazon, $11.48Players: 2-4 "This game is about reading lips. Each player puts on a pair of noise-isolation headphones and tries to guess what someone is saying. As you would expect, there's a lot of wrong answers while hilarity ensues. My friends and I would forego the included headphones — we could still hear each other with them — and, instead, use Beats wireless headphones while playing some music to drown out the noise. The person or team that guesses the most phrases within a certain time frame wins. This game is good to play with family or a small group of friends but it can't be pushed beyond four people due to its setup." — Ariel Tilayoff, Story Production Fellow Goat on a Boat Amazon Available at Amazon, $18.36Players: 2-20"A game of rhyming, charades, and decoding phrases, Goat on a Boat is a hilarious team card game where you have to guess the rhyme or clues to a full phrase before the time runs out." — Anna Popp, Home and Kitchen Fellow  Anomia Party Edition Amazon Available at Amazon, $21.93Players: 3-6"If you enjoy word games, I'd recommend trying Anomia. Cards have symbols and words on them, and you have to race an opponent to name things that fall into the card's category — for example, categories could be rodent, dinosaur, male tennis player, etc." — Mara Leighton, Senior Education and Personal Development Reporter Heads Up! Amazon Available at Amazon, $18.18Players: 2- 6 "Also known as the "Ellen Degeneres game," Heads Up! originally started as a popular smartphone app. The board game version follows the same tactics: The player has to guess what's on the card hidden from their view (it's on their head), based on clues given by other players. There is a time limit and it moves fast.Watching people attempt to act out some of the clues is hilarious and what makes it enjoyable. The game also has different expansion packs to keep things fresh." — Ariel Tilayoff, Story Production Fellow Midnight Taboo: Ariel Tilayoff/Business Insider Available at Amazon, $19.99Players: 4-8 "This is the after-dark version of the classic game Taboo. Like the original, one player is the clue giver and the others have to guess the word. The person giving clues is only given a minute to explain the words — like "booze," "lick," and "suck" — while someone hovers over with a buzzer in case they say the forbidden word. In this adults-only version, the descriptions are hilarious and risque. If you want to play with family or kids, stick with the regular Taboo game." — Ariel Tilayoff, Story Production Fellow Pandemic Sarah Saril/Insider Available at Amazon, $43.58Players: 2-4"For groups with stellar teamwork, Pandemic is for you. It can be played with two to four players, all of whom must collaborate to quash the spread of a virus. My friends and I have never beaten this game, but it's so fun, we will not stop trying." — Sarah Saril, Tech Deals and Streaming Reporter Ticket to Ride Ariel Tilayoff/Business Insider Available at Amazon, $43.99Players: Up to 5 "Ticket to Ride is an award-winning European-style board game that requires you to think ahead before you make a move. The point of the game is to run trains and decide routes between iconic cities — the longer the route, the more points you gain, but it is more complex when played. A fun feature this game has is you can include your Amazon Alexa device. If you tell Alexa, "Play Ticket to Ride," it will start up the game, teach you how to play, add fun sound effects, and keep track of your scores. It is extremely fun for all ages and does not take much time to learn." — Ariel Tilayoff, Story Production Fellow Catan Amazon Available at Amazon, $43.67Players: 3-4 "Catan is a strategy game and the goal is to collect resources to expand your settlement. You'll have to barter with other players, strategize the best way to gain points, and fight off thievery. The game is so popular that there are Catan tournaments around the world.The classic version Catan is the favorite although there are also Seafarers, Junior, and even a Game of Thrones version. This game is suitable for players ages 10 or older, but plan to dedicate a few hours." — Ariel Tilayoff, Story Production Fellow  Trivial Pursuit Amazon Available at Amazon, $17.76Players:  2- 6 "If you like trivia, you'll love this game. Another classic that remains popular, Trivial Pursuit tests your knowledge in a variety of categories, including sports, entertainment, and history. You have to answer a question right in each category to win; it's simple if you know your obscure facts.There are also special editions that focus on specific topics, like US history and "Star Wars" movies. Even if you lose, you'll gain some new insights." — Ariel Tilayoff, Story Production Fellow  Wingspan Amazon Available at Amazon, $50.50Players: 1-5"Nature lovers and bird watchers will enjoy playing Wingspan. From the Mountain Chickadee to the Western Meadowlark, you collect unique bird cards and try to lay as many eggs as possible. Wingspan has a solo mode and can be played by up to five people." — Reece Rogers, Streaming Fellow Mastermind for Kids Macy's Available at Macy's, $12.99Players: 2 "My brother and I used to play this game on long family road trips. Taking turns, one player would set up a code while the other tries to solve it, and vice versa. This kids' version teaches problem-solving skills, which they can then apply to the adult version of the game or their studies." — Ariel Tilayoff, Story Production Fellow All Bad Cards Jake Lauer Available for free at All Bad CardsPlayers: 1-12 "Inspired by the popular Cards Against Humanity, All Bad Cards is the online card game not for prudes. Like CAH, ABC involves a deck of (virtual) cards and from those cards, players fill in the blanks to create hilarious, highly NSFW sentences. It's Mad Libs for adults.I recently played with friends from my study-abroad program — all you need is a computer or phone and then create a shareable link to send to your friends. We spent about two hours playing and laughing, and it was a great way for us to reconnect after not seeing each other for a while. There is also a family-friendly version called (Not) All Bad Cards that's more appropriate to play with kids. Another fun game for the family is the classic Apples to Apples." — Ariel Tilayoff, Former Story Production FellowHere's how to play All Bad Cards Sequence Amazon Available at Amazon, $17.97Players: 2-12 "This game is all about the luck of the draw. The point is to be the first to make a sequence — having five of the same color marker chip in a line, whether it be vertical, horizontal, or diagonal — and the number of sequences will depend on how many teams are playing.This game requires strategy, speed, and teamwork to win. It's a great game to play either with a friend or a large group of people." — Ariel Tilayoff, Story Production Fellow  Disney Sketchy Tales Walmart Available at Walmart, $20Players: 4-8 "The one thing my friends and family will never outgrow is our love of all things Disney, which is why this drawing game is a perfect way to channel our fandom. Sadly, our attempts at drawing Disney characters won't get us jobs as animators, but they are fine for a good laugh." — Ariel Tilayoff, Story Production Fellow   Peppa Pig Chutes and Ladders Anna Popp/Insider Available at Amazon, $10.99Players: 2-4"Chutes and Ladders is always a fun game of chance and hoping to avoid the chutes. This Peppa Pig addition is not only adorable for kids, but adults can enjoy the board game as well." — Anna Popp, Home and Kitchen Fellow  Read the original article on Business Insider.....»»

Category: worldSource: nytSep 24th, 2021

SCOTT GALLOWAY: Facebook reinforces the power and influence of sociopaths

Years after calling Mark Zuckerberg the most dangerous man in the world, Galloway still thinks Facebook is much more harmful than people realize. Galloways says that firms maintain the DNA of the founder. So, Facebook took on some of the same behaviors as Zuckerberg. Drew Angerer/Getty Images Scott Galloway is a bestselling author and professor of marketing at NYU Stern. The following is a post, republished with permission, that originally ran on his blog, "No Mercy / No Malice." In it, Galloway looks back at a 2019 column in which he says Facebook shows signs of "institutionalized sociopathy." See more stories on Insider's business page. I wrote this two and a half years ago, and believe it still lands.[The following was originally published on May 31, 2019.]There's a firm that's grown faster than any firm to date. Its founder also set the DNA of the firm, but without the benefit of the modulation and self-awareness that come with age. It's in a sector where network effects created a handful of organisms of unprecedented scale. There has never been an organization of this scale and influence, that is more like its founder, than Facebook. I know, you're thinking, "What about the Catholic Church?" Nope. Numerous acts of violence against children, coupled with institutionalized cover-ups, mean the acorn has fallen pretty far from the tree (Jesus).Here's the rub: Mark Zuckerberg is a sociopath, and Facebook has institutionalized sociopathy. To understand sociopaths, according to the quirky psychologist on my new favorite show, "Fleabag," you need to take things away, not add them. There is no empathy, no emotion, nothing. According to a less entertaining, but likely more credible source, Psychology Today:Sociopathy is an informal term that refers to a pattern of antisocial behaviors and attitudes. In the "Diagnostic and Statistical Manual of Mental Disorders" (DSM), sociopathy is most closely represented by Antisocial Personality Disorder. Outwardly, those described as sociopaths may appear disturbed but can also show signs of caring, sincerity, and trustworthiness. In fact, they are manipulative, often lie, lack empathy, and have a weak conscience that allows them to act recklessly or aggressively, even when they know their behavior is wrong.The above makes for a decent blurb for Zuck for his upcoming 20-year high school reunion. Maybe also something about him learning Mandarin or some such.As firms scale and want to maintain the DNA of the founder, they often assemble employee handbooks, meant to be a Bible for how "we do things at Facebook." My friend John Pinette has joined the firm as global head of communications. I like John, and want to help him be successful. Note: The first part of the previous sentence is true. Scott Galloway Easy squeezy, John. First off, identify what behaviors are not acceptable. Images of Tim Cook (respect for privacy), Marc Benioff (concern for the commonwealth), or Indra Nooyi (empathy) are the kryptonite to Sociobook. These vulnerabilities could inhibit the firm's superpower: making more money while inflicting more damage than any firm in history.Instead, the real North Star at Facebook is simple: understand the behavior of sociopaths. Your team needs to continue to demonstrate and reinforce the following characteristics of how, according to Psychology Today, sociopaths seduce their victims (Congress, regulators, media, citizenry):- False expressions of love- False promises of protection- Fake compatibility (I'm like you)- I'm the real victim (turning things around on accuser)- Fantasy villains (inventing crises you alone can fight)And, of course, no respectable employee manual would be effective without hard examples of the behaviors and characteristics we want to reinforce. In order:False expressions of loveMark Zuckerberg promised love. The key to happiness, and love itself is … connection. Mark set out to "connect the world." Love on a global scale was coming our way. Sheryl positioned herself as the spokesperson and advocate for the world's largest oppressed cohort: women.When people are connected, we can just do some great things. They have the opportunity to get access to jobs, education, health, communications. We have the opportunity to bring the people we care about closer to us. It really makes a big difference. - Mark Zuckerberg, February 2015[Bringing people closer together is so important that] we're going to change Facebook's whole mission to take this on. - Mark Zuckerberg, June 2017False promises of protectionThere are pretty intensive privacy options, people have very good control over who can see their information. - Mark Zuckerberg interview, Harvard Crimson, February 2004I'm committed to making Facebook the leader in transparency and control around privacy. - Mark Zuckerberg, 2011I'm serious about doing what it takes to protect our community. - Mark Zuckerberg, March 2018Your trust is at the core of our service. - Sheryl Sandberg, March 2018On Facebook, everything that you share there you have control over. - Mark Zuckerberg, testimony to Congress, April 2018We don't sell data to anyone … This is the most important principle for Facebook: Every piece of content that you share on Facebook, you own and you have complete control over who sees it, and how you share it, and you can remove it at any time. - Mark Zuckerberg, testimony to Congress, April 2018Every piece of information that Facebook might know about you, you can get rid of all of it. - Mark Zuckerberg, testimony to Congress, April 2018We need to do better. - Sheryl Sandberg, repeatedly, 2018-2019ZUCK: i have over 4000 emails, pictures, addresses, snsFRIEND: what!? how'd you manage that one?ZUCK: people just submitted itZUCK: i don't know whyZUCK: they "trust me"ZUCK: dumb fucks- Mark Zuckerberg conversation with a friend at HarvardFake compatibility (I'm like you)I can relate to this. I started Facebook to connect my college … We were just college kids. But we cared so much about this idea - that all people want to connect. So we just kept pushing forward, day by day, just like you. - Mark Zuckerberg, June 2017Let me fall if I must fall. The one I become will catch me. Slowly. - Sheryl Sandberg in "Option B"I hope you find true meaning, contentment, and passion in your life. I hope you navigate the difficult times and come out with greater strength and resolve. I hope you find whatever balance you seek with your eyes wide open. And I hope that you - yes, you - have the ambition to lean in to your career and run the world. Because the world needs you to change it. - Sheryl Sandberg in "Lean In"What is your biggest problem, and how can I solve it? - Sheryl Sandberg in "Lean In"I'm the real victim (turning things around on accuser)This was a breach of trust between Kogan, Cambridge Analytica, and Facebook. - Mark Zuckerberg on Cambridge Analytica scandal, March 2018Facebook employed a Republican opposition-research firm to discredit activist protesters, in part by linking them to the liberal financier George Soros. It also tapped its business relationships, lobbying a Jewish civil rights group to cast some criticism of the company as anti-Semitic. - The New York Times, November 2018Fantasy villains (inventing crises you alone can fight)There is a huge need and a huge opportunity to get everyone in the world connected, to give everyone a voice and to help transform society for the future. The scale of the technology and infrastructure that must be built is unprecedented, and we believe this is the most important problem we can focus on. - Mark Zuckerberg, Letter to Shareholders, 2012While people are concerned with the size and power of tech companies, there's also a concern in the United States with the size and power of Chinese companies, and the realization that those companies are not going to be broken up. - Sheryl Sandberg describing threat to US posed by Chinese tech firmsSo if I sound as if I am accusing Facebook of becoming the Hulk to Zuck's Dr. Bruce Banner, and giving rise to the supernova skynet of sociopathic behavior, trust your instincts. In "Star Wars," the Sith Lords were all initially benign.Two years ago, in "The Four," I wrote that big tech posed a much larger threat to our society than we believed. One year ago, I said Mr. Zuckerberg was the most dangerous man in the world. Today, I'd ask we imagine a firm made in its founder's image that closely mirrors that person's genius and deficiencies.Antisocial behavior in media is not new, it's just new and (uber-) improved here. The President has a direct line to 68 million people via Twitter. Rupert Murdoch serves right-wing propaganda to his 2.4 million viewers. However, these are mosquito bites compared to the ebola of Sociobook. Sociobook Inc. aims to encrypt, abdicating all responsibility, the communications of 2.7 billion people. The algorithm determining the content this cohort receives (greater than the Southern Hemisphere + India) is controlled by a sociopath, who cannot be removed from his post, and who could be in that role for another 60 years.Imagine.Life is so rich,ScottRead the original article on Business Insider.....»»

Category: smallbizSource: nytSep 24th, 2021

A Trump adviser"s emails say "election stuff" repeatedly took precedence over the president"s pandemic response

Emails sent by Steven Hatfill, a virologist on Trump's pandemic response team, showed how COVID took back seat to challenging the election results. Emails obtained by the House Select Subcommittee investigating the Trump White House's pandemic response have revealed how the Trump administration continually prioritized challenging the 2020 election results over their COVID-19 response. Win McNamee/Getty Images The Trump administration continually prioritized challenging the 2020 election results over responding to the COVID-19 pandemic. This is according to emails sent by Steven Hatfill, a virologist who worked on the Trump White House's COVID response. The emails were obtained by a House Select Subcommittee probing the government's COVID-19 response. See more stories on Insider's business page. The Trump administration reportedly prioritized former President Donald Trump's attempts to challenge the election over fighting the COVID-19 pandemic, according to new documents from a House Select Subcommittee investigation. Emails from Steven Hatfill, a virologist who advised White House trade director Peter Navarro were obtained by the House Select Subcommittee that is now probing the US government's response to the COVID-19 pandemic and shared with The Washington Post. Hatfill's correspondence repeatedly references working on election issues over pandemic response.For instance, in response to a January 5 email sent by a colleague at the George Washington University asking why he was not "fixing the virus," Hatfill said it was because of the dispute over the election results."Because the election thing got out of control. I go where my team goes," Hatfill wrote in his reply.Hatfill also wrote in emails that he shifted his focus from the pandemic response over to the election fraud investigation in November, writing in his correspondence that he was working on "the election stuff."This included traveling to Arizona, emailing White House officials on a Dominion Voting Systems conspiracy theory, and forwarding Navarro an email regarding a "Plan B for Trump Legal Fight" intended "For Rudy" - which could refer to Trump attorney Rudy Giuliani. There is no evidence of widespread voter fraud in the 2020 election. Judges have ruled resoundingly against the Trump camp's lawsuits alleging voter fraud in states like Georgia, Michigan, Nevada, and Pennsylvania.But according to Hatfill's emails, the Trump administration's COVID-19 response was already taking a "back-seat" in the fall of 2020. "Now with the elections so close, COVID is taking a back-seat, yet the disease is rearing its ugly head again," Hatfill wrote in an email to an unnamed colleague in October in an email seen by the House Subcommittee. "Throughout the months of November and December 2020, the pandemic continued to worsen in the United States-with more than 11 million new cases and 132,770 deaths in those two months alone," wrote James Clyburn, chairman of the COVID-19 House Select Subcommittee in a September 23 memorandum. "The Select Subcommittee seeks to understand whether the Trump White House officials working on the pandemic response diverted their efforts from the coronavirus response to invalidating the 2020 election, contributing to one of the greatest failures of leadership in United States history," Clyburn wrote. Clyburn added that nearly 200,000 Americans lost their lives to COVID-19 between Election Day and Inauguration Day.Hatfill responded to The Washington Post's queries on the subcommittee's investigation in a statement, writing: "From my perspective as a Doctor, I was, and continue to be, frustrated with public health being treated as a political football.""Moreover, I was disgusted with the destruction of the National Pandemic Plan at the hands of conflicted petty bureaucrats; a plan that focused on early treatment and community outreach, rather than experimental vaccines and panic," Hatfill added in his statement to The Post. "In truth, we do not have a clue how many are infected in the USA. We are expecting the first wave to spread in the US within the next seven days," Hatfill wrote to Navarro on February 29. Hatfield was among the first voices to sound the alarm about the pandemic. In a February 2020 email to Navarro first reported on by The Hill, he told his boss that the coronavirus should be treated with "frank honesty about the situation and decisive, direct actions that are being taken and can be seen in the broadcast news."He recommended increased coronavirus testing and suggested that the National Guard help with the distribution of tests. However, Hatfill's recommendation, which was passed on to Trump by Navarro, was not taken.Hatfill did not immediately respond to a request for comment from Insider. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 24th, 2021

A Trump adviser"s emails say "election stuff" repeatedly took precedence over the the president"s pandemic response

Emails sent by Steven Hatfill, a virologist on Trump's pandemic response team, showed how COVID took back seat to challenging the election results. Emails obtained by the House Select Subcommittee investigating the Trump White House's pandemic response have revealed how the Trump administration continually prioritized challenging the 2020 election results over their COVID-19 response. Win McNamee/Getty Images The Trump administration continually prioritized challenging the 2020 election results over responding the COVID-19 pandemic. This is according to emails sent by Steven Hatfill, a virologist who worked on the Trump White House's COVID response. The emails were obtained by a House Select Subcommittee probing the government's COVID-19 response. See more stories on Insider's business page. The Trump administration reportedly prioritized former President Donald Trump's attempts to challenge the election over fighting the COVID-19 pandemic, according to new documents from a House Select Subcommittee investigation. Emails from Steven Hatfill, a virologist who advised White House trade director Peter Navarro were obtained by the House Select Subcommittee that is now probing the US government's response to the COVID-19 pandemic and shared with The Washington Post. Hatfill's correspondence repeatedly references working on election issues over pandemic response.For instance, in response to a January 5 email sent by a colleague at the George Washington University asking why he was not "fixing the virus," Hatfill said it was because of the dispute over the election results."Because the election thing got out of control. I go where my team goes," Hatfill wrote in his reply.Hatfill also wrote in emails that he shifted his focus from the pandemic response over to the election fraud investigation in November, writing in his correspondence that he was working on "the election stuff."This included traveling to Arizona, emailing White House officials on a Dominion Voting Systems conspiracy theory, and forwarding Navarro an email regarding a "Plan B for Trump Legal Fight" intended "For Rudy" - which could refer to Trump attorney Rudy Giuliani. There is no evidence of widespread voter fraud in the 2020 election. Judges have ruled resoundingly against the Trump camp's lawsuits alleging voter fraud in states like Georgia, Michigan, Nevada, and Pennsylvania.But according to Hatfill's emails, the Trump administration's COVID-19 response was already taking a "back-seat" in the fall of 2020. "Now with the elections so close, COVID is taking a back-seat, yet the disease is rearing its ugly head again," Hatfill wrote in an email to an unnamed colleague in October in an email seen by the House Subcommittee. "Throughout the months of November and December 2020, the pandemic continued to worsen in the United States-with more than 11 million new cases and 132,770 deaths in those two months alone," wrote James Clyburn, chairman of the COVID-19 House Select Subcommittee in a September 23 memorandum. "The Select Subcommittee seeks to understand whether the Trump White House officials working on the pandemic response diverted their efforts from the coronavirus response to invalidating the 2020 election, contributing to one of the greatest failures of leadership in United States history," Clyburn wrote. Clyburn added that nearly 200,000 Americans lost their lives to COVID-19 between Election Day and Inauguration Day.Hatfill responded to The Washington Post's queries on the subcommittee's investigation in a statement, writing: "From my perspective as a Doctor, I was, and continue to be, frustrated with public health being treated as a political football.""Moreover, I was disgusted with the destruction of the National Pandemic Plan at the hands of conflicted petty bureaucrats; a plan that focused on early treatment and community outreach, rather than experimental vaccines and panic," Hatfill added in his statement to The Post. "In truth, we do not have a clue how many are infected in the USA. We are expecting the first wave to spread in the US within the next seven days," Hatfill wrote to Navarro on February 29. Hatfield was among the first voices to sound the alarm about the pandemic. In a February 2020 email to Navarro first reported on by The Hill, he told his boss that the coronavirus should be treated with "frank honesty about the situation and decisive, direct actions that are being taken and can be seen in the broadcast news."He recommended increased coronavirus testing and suggested that the National Guard help with the distribution of tests. However, Hatfill's recommendation, which was passed on to Trump by Navarro, was not taken.Hatfill did not immediately respond to a request for comment from Insider. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 23rd, 2021

North Carolina Hospital System Suspends Hundreds Of Employees After COVID-19 Vaccine Mandate

North Carolina Hospital System Suspends Hundreds Of Employees After COVID-19 Vaccine Mandate Authored by Jack Phillips via The Epoch Times, A North Carolina health care system said it suspended hundreds of its employees after the firm implemented a COVID-19 vaccine mandate, adding that workers who refuse to get vaccinated after five days will be fired. “Beginning this week, approximately 375 team members—across 15 hospitals, 800 clinics and hundreds of outpatient facilities—have been confirmed to be non-compliant and are not able to report to work,” stated a press release from Novant Health, which is based in North Carolina but operates in other states. “They will have an opportunity to comply over a five day, unpaid suspension period,” the release said. “If a team member remains non-compliant after this suspension period, he or she will have their employment with Novant Health terminated.” The firm then claimed that about 98.5 percent of its workforce are compliant with the policy, meaning they have received at least one dose of a COVID-19 vaccine. Workers who started a two-dose vaccine series have until Oct. 15 to get the second shot, Novant said. Employees who have an exemption are required to get weekly COVID-19 testing, as well as wear N95 masks and eye protection, it added. In a similar move, 125 workers with Indiana University Health, the biggest hospital system in the state, parted ways with the company, according to a news release issued last week. Those workers, it said, did not comply with the firm’s vaccine mandate. “Indiana University Health has put the safety and well-being of patients and team members first by requiring employees to be fully vaccinated against COVID-19 by Sept. 1,” the company said in a Sept. 16 statement. “After a two-week unpaid suspension period ending Sept. 14, a total of 125 employees, the equivalent of 61 full-time employees, chose not to receive the COVID-19 vaccine and have left the organization.” It comes as President Joe Biden on Sept. 9 announced he would direct the Occupational Safety and Health Administration to penalize companies with 100 or more employees if they do not comply with his administration’s COVID-19 vaccine mandate. Under the mandate, details of which have not been released, private-sector workers would have to either get the COVID-19 vaccine or submit to weekly testing. The president also said he would mandate that all health care workers who are employed at facilities that receive Medicaid or Medicare funding get vaccinated. Republican leaders, as well as some union bosses, have criticized Biden for the announcement and said it’s tantamount to federal overreach. Some governors and state attorneys general have threatened to file lawsuits against the mandate. What happened to "heroes!"? Tyler Durden Thu, 09/23/2021 - 18:20.....»»

Category: dealsSource: nytSep 23rd, 2021

Corona Wars: Biden"s Battle For Total Control

Corona Wars: Biden's Battle For Total Control Authored by Buck Sexton via AmericanConsequences.com, Biden’s Authoritarian COVID-19 Battle We are entering a new and even more politically toxic phase of the pandemic. The initial promises of the vaccine campaign – it will allow for an end of masking, never be forced upon those who don’t want it, and herd immunity will not require everyone to get the shot – have been abandoned. Not only that, but those at the top of the government and health bureaucracy have adopted a tone that is hostile to anyone who remains hesitant to get a COVID vaccine. The growing spasm over unconstitutional overreach from the Biden team has been building for months. President Joe Biden’s biggest pitch to the American people, other than him immediately abandoning his promise of “unity” across party lines, was to be his handling of the pandemic. Despite the Biden White House’s endless repetition of their “follow the science” mantra, the summer of 2021 was much worse for COVID than any of their so-called experts expected.  Cases over Labor Day weekend across the U.S. were up almost 300% from the same weekend 12 months ago. There were around 40,000 daily cases in the U.S. in mid-September 2020, and there are close to 150,000 new cases a day in the same period of 2021. Crushing our Freedoms This is not “crushing the virus” as Biden promised us. That around 200 million Americans have received at least one vaccine shot, and the virus is spreading even more rapidly now than it was in the same month a year ago, has caused considerable alarm. And with that, the political animus between the vaccinated and unvaccinated has only grown… The Biden White House and the Democrat Party have decided to use the force of government to make that hostility even worse. Of course, the people in charge of our response have found someone to blame: the unvaccinated. “We’ve been patient, but our patience is wearing thin,” Joe Biden said in his recent speech announcing federal mandates. “And your refusal has cost all of us,” he added. The ominous tones were followed with various promises to punish the non-compliant. It didn’t have to be this way… For one thing, less than a year ago President Biden told the country that he didn’t agree with imposing a vaccine mandate. And now, as of September 2021, Biden has completely gone back on that and ordered a series of sweeping mandates that will make all federal and 100 million private-sector employees get the shot or lose their jobs. This is pretty close to the nuclear option of government pandemic countermeasures. It will have enormous ramifications for the future of the country, not just when it comes to public health issues, but to the very core of the Constitution and the relationship between citizen and state. What is the constitutional justification for this? If the federal government can mandate that all private businesses with more than 100 employees must vaccinate their staff (or get them weekly testing, which is meant to be onerous and ruinously expensive), then what can’t Washington, D.C. mandate? What’s the point of the 10th Amendment, and the plenary powers delegated to the states? If for reasons of pure politics, the federal government can, via administrative fiat instead of going through Congress, make such an order on a health matter, could they take similar action about climate change or gun confiscation? In our standard political discourse, polemicists abuse terms like “tyranny” and “authoritarian” – but this has more than a whiff of both. The top-down decision from the Executive Branch of the federal government to use the Labor Department as the implementation arm of a health policy dictatorship shows that, in the era of COVID, the Democrat Party no longer views the separation of powers as any meaningful impediment to its preferred health policies. The Biden Mandate In fact, in his September 9 speech outlining the new plan to get the virus under control, President Biden made clear his intent to steamroll any states’ rights opposition…  If they will not help, if those governors won’t help us beat the pandemic, I’ll use my power as president to get them out of the way. The Department of Education has already begun to take legal action against states undermining protection that local school officials have ordered. Any teacher or school official whose pay is withheld for doing the right thing will have that pay restored by the federal government, 100 percent. I promise you, I will have your back. Get them out of the way, Biden said, in a line that seemed to tell the American people more than he intended about the lack of limits on his power. During the early months of the pandemic in 2020, the same voices who are backing Biden’s authoritarian maneuvers now were claiming that – with stronger legal backing – state governors have extensive plenary powers to deal with health emergencies, including some mandatory quarantine practices. Now that some states – most notably Florida, though Texas has begun to mirror the pro-freedom approach of Governor Ron DeSantis – refuse to do the Biden administration’s bidding on COVID policy, the federal bureaucracy steps in as an unconstitutional super-legislature. On the school masks mandate issue, in particular, the Democrat-Fauciite position has become: We will find a way to have it our way. Biden’s September 9 declaration of COVID total war had no shortage of ire directed toward those who have thus far made the choice not to get the vaccine, one they had been previously told they were legally and ethically entitled to make. That has suddenly changed. Biden made it clear that the unvaxxed are public health enemy No. 1… We still have nearly 80 million Americans who have failed to get the shot. And to make matters worse, there are elected officials actively working to undermine the fight against COVID-19. Instead of encouraging people to get vaccinated and mask up, they are ordering mobile morgues for the unvaccinated dying from COVID in our communities. This is totally unacceptable. As many commentators have pointed out, Biden seemed to be much more agitated with Americans who have chosen not to get a COVID vaccine than he ever was toward the Taliban during his chaotic, incompetent withdrawal plan. This parading of partisan animus is unsettling, to say the least, as it is meant to convey a message to American people (or at least the Biden voters among them) that anyone who is unvaccinated is a reckless, selfish menace to public health. But there’s cognitive dissonance at the heart of this thinking from Biden and his supporters. First of all, when one breaks down the demographic data, the highest proportion of eligible but unvaccinated individuals in America is young Black and Latino males, who have received at least one shot at 43% and 48%, respectively. While there’s certainly a group within those categories of Republicans and Trump voters, the data tells us that most young minority males are not MAGA-hat-wearing, anti-vax Right-wingers… But the Democrat narrative ignores this reality. After months of extraordinary gains, the U.S. stock market is now looking off. Investors worldwide now ask, “Is this the beginning of the end of the most epic stock rally in history?” All eyes are on September 28 for the answers. Here’s the entire story. In fact, the Biden view of vaccine hesitancy is that white male, Right-wing individuals who refuse to get the vaccine are bad people who don’t care about the science. However, racial minorities are an entirely different matter when it comes to vaccine hesitancy. Dr. Fauci, Biden, and the whole COVID apparatus of control constantly make excuses around “access” issues for minorities who choose not to get the shot. We are supposed to ignore the politics of this and the fact that more than 90% of African American voters cast their ballots for Democrats in the 2020 election. There’s also the inexcusable, inexplicable absence of any policy or even mention of naturally acquired immunity. Americans who have had COVID-19, and the most current estimates say that around 100 million of them have beaten the virus, are likely the most immunologically protected of anyone. That Biden, his chief henchman of the biosecurity state Dr. Fauci, and the rest of the control apparatus refuse publicly acknowledging this scientific reality is further evidence of the intense politicization at work. The Power-Drunk Variant People are, understandably, very angry in America about what the country has gone through. We have lost more than 650,000 Americans to the novel coronavirus, and we’ve also lost a tremendous amount of freedom, spent trillions of dollars of public money, and continue to suffer through a period of tremendous anxiety. But instead of trying to unite and heal the country, the most powerful voices in the government and bureaucracy have decided to scapegoat disfavored political groups.  And that, in essence, is where we find ourselves now: the fight over total control. The national response to COVID in America has been an abject failure, based on the promises the experts made and the concessions they demanded of us. Perhaps it was never going to be any different in this country, regardless of the collective response to a highly contagious virus. But we will never be allowed to figure that out, or even have the discussion. There’s too much government power and intellectual vanity at stake for the elites. And so we are forced to get the shot, mask up, “social distance,” and suffer whatever ineffective indignities our government overlords can conjure to pretend they are protecting us from COVID. It will not be enough for them to silence dissent – they will demand everyone participate in and celebrate their new authoritarian health regime. Biden isn’t even trying to hide it anymore. Tyler Durden Thu, 09/23/2021 - 17:00.....»»

Category: worldSource: nytSep 23rd, 2021

Zoom nabs JPM banker - Citi DEI head"s plans - BofA"s new org chart

The top finance news for Sept. 23, including the latest on Zoom poaching one of JPMorgan's tech bankers, and BofA's new org chart. Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go - click here for iOS and here for Android.On the agenda today:Zoom nabbed a JPMorgan tech banker. Citi's head of diversity wants to shake up Wall Street. Bank of America revealed its new org chart after a massive leadership shakeup. Let's get started. Zoom just nabbed a JPMorgan tech banker Reuters After 16 years with JPMorgan, Sanjay Rao has joined video-conferencing company Zoom to head its M&A strategy. The tech investment banker joins following a year of record-breaking growth for Zoom. More on Rao, the latest Wall Streeter to jump to tech.Citi's new head of diversity wants to shake up Wall Street Bloomberg For Insider's first installment of The Equity Talk, we sat down with Erika Irish Brown, Citi's head of DEI. Brown discussed how she's measuring the effect of DEI at the bank - see what she told us here.Bank of America reveals its new org chart Bank of America Bank of America announced sweeping changes to its leadership team earlier this month, with more than 15 leaders seeing their roles change. We've got two charts breaking down BofA's new leadership, and who's running which business lines.BofA's CEO detailed the firm's approach to tech and ops budgeting John Lamparski/Getty Images Bank of America's Brian Moynihan explained the "constant fight" his new tech and ops leaders will face when cutting costs in their $14 billion budget. Even though the bank has cut the budget down by billions, Moynihan said it's still seeing client volumes grow. Here's what else he said.Procore just agreed to acquire Levelset Courtesy of Levelset and Procore Procore, a cloud-based construction-management software company, announced it will buy software firm Levelset for $500 million. The deal will help Procore solve one of the construction industry's biggest problems: getting paid. Here's what you need to know.A top European bank research analyst is leaving Goldman Sachs Danny Moloshok/Reuters Jernej Omahen, Goldman Sachs' head of research for its European financial institutions group, is leaving the bank. Omahen, a partner and 20-year Goldman veteran, announced his plans to retire this week, marking another partner exit from the firm. What we know so far.ExodusPoint has poached two portfolio managers Icon Sportswire ExodusPoint Capital is looking to supercharge its macro trading business - and has poached two star portfolio managers to do so. Pablo Duran Steinman, head of macro at the family office of George Soros, will join the $14 billion fund, as will Eisler Capital's Mukesh Murarka. More on that here.On our radar:When he first joined Goldman Sachs, Jernej Omahen had 42 interviews in three days, according to eFinancialCareers. More on his interview process.Page Six reports that billionaire John Paulson and wife are in the midst of what could be one of the most expensive divorces of all time.Facebook's CTO is stepping down. Here's everything we know about his departure.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 23rd, 2021

FDA authorizes boosters of the Pfizer-BioNTech coronavirus vaccine for older adults and others at high risk from COVID-19

The hope is that booster shots will help protect those most at risk as the pandemic continues to rage. A nurse prepares to inject staff with the Pfizer/BioNTech coronavirus vaccine. Liam McBurney/PA Images via Getty Images The FDA authorized boosters of the Pfizer-BioNTech coronavirus vaccine for older adults and people at higher risk. Booster shots are likely to be available in locations like pharmacies and clinics at no cost. The US is still struggling to convince many people to get their first doses of coronavirus vaccines. See more stories on Insider's business page. The US coronavirus booster-shot campaign has cleared a crucial hurdle.The Food and Drug Administration on Wednesday authorized booster doses of the Pfizer-BioNTech coronavirus vaccine for older adults and others at high risk from the pandemic. Boosters can be given starting six months after the first two doses of the shot. The agency said that getting a third shot is safe and can help increase protection against the disease.The FDA decision caps more than a month of messy debate over the US vaccination drive. In mid-August, a group of President Joe Biden's top health officials issued an extraordinary joint statement saying that boosters were coming. The statement prompted controversy because it came before reviews by the FDA and the Centers for Disease Control and Prevention, and before much data on the safety or effectiveness of boosters was available. The US has already greenlit an extra vaccine dose for people with compromised immune systems, and some countries have embarked on booster-shot campaigns focused on vulnerable individuals.Under the FDA's emergency-use authorization, four main groups of people are eligible for booster shots:People 65 and older;People 18 to 64 who are at high risk of a severe case of COVID-19 if they get sick;People 18 to 64 who are at higher risk of getting COVID-19 at work, such as healthcare workers and teachers;People 18 to 64 who are at higher risk of getting COVID-19 because of where they live, such as those in prisons and other institutions.Protecting the most vulnerable amid the pandemicThe hope is that booster shots will help protect those most at risk as the pandemic continues to surge, fueled by the rise of the Delta variant. Delta is more contagious, and appears to be able to partially elude the protection offered by vaccines.Still, the US is struggling to convince much of its population to get coronavirus vaccines at all. Just over 64% of people 12 and older are fully vaccinated, according to the CDC."At this moment, it is clear that the unvaccinated are driving transmission in the United States," Dr. Amanda Cohn from the CDC said during an FDA meeting on boosters shots on Friday. Cohn said that masks and social distancing are still crucial, because "vaccination will never be perfect" at preventing every case.The CDC still needs to weigh in formally on who should be prioritized to receive booster doses. The agency's vaccine advisory committee is set to discuss booster shots on Thursday. Interim FDA Commissioner Janet Woodcock. Tom Williams/Getty Images The Biden administration has said that once approved, booster shots will be widely available in locations like pharmacies and clinics. They'll be offered to individuals for free.Expanding the reach of boostersThe FDA decision is a setback for Pfizer, which had asked the agency to make boosters available to everyone over age 16, six months after their second dose.It comes after a panel of doctors and other experts advising the FDA voted against the idea of making booster shots available that widely. The panel instead said that boosters should be given to people 65 and older, and to those most at risk of severe cases of COVID-19.Experts on the panel said there wasn't enough evidence showing the benefits of an extra vaccine dose for younger people. They also expressed concern that there wasn't enough safety data for younger adults, highlighting the risk of myocarditis, or heart inflammation, that has been seen at higher-than-usual levels in teenagers and 20-somethings who have been vaccinated."The incremental benefit to the younger population really has not been demonstrated at all," Dr. Michael Kurilla, an infectious disease expert from the National Institutes of Health, said during the meeting."I think we need to target the boosters right now specifically to the people who are likely to be at high risk, and it's an older population." 'A good step to protect yourself'Infectious-disease experts who aren't on the FDA's committee said the group made the right call to limit the initial rollout to more vulnerable people."If you fall into the age category, this is a good step to protect yourself," said Gigi Gronvall, an immunologist and senior scholar at the Johns Hopkins Center for Health Security.The booster rollout shouldn't distract from effort to get more unvaccinated people to get their initial shots, said Bernadette Boden-Albala, director of the University of California, Irvine's public-health program. "If you're not vaccinated, get vaccinated," Boden-Albala said. "If you are vaccinated, be vigilant. And if you're vaccinated and eligible for the booster, get it."The FDA still has plenty of work ahead on coronavirus vaccines. The agency is reviewing an application from Moderna to give a third shot of its two-dose vaccine. Johnson & Johnson recently put out data showing that its vaccine is more effective after a second dose, and said it'd provided the information to the FDA.The agency is also being pressed to make vaccines available to younger kids. Pfizer has said it plans to submit data from a study of kids ages 5 to 11 to FDA in early October, and the agency could reach a decision by the end of that month. The drugmaker then plans to submit data from kids between 6 months and 5 years old in November. Kathrin Jansen, Pfizer's head of vaccine research and development Pfizer The case for boostersTo make the case for booster shots, Pfizer presented results from at least eight studies showing protection from the vaccine wanes over time and that a booster could help. The company also cited data from Israel that showed big benefits from boosters in older people. That data comes from an observational study and could be skewed by factors that researchers weren't aware of or couldn't account for.The FDA's own review of the evidence for extra shots avoided taking a firm stance on some of the largest questions surrounding boosters, and noted that Pfizer didn't formally evaluate the efficacy of boosters.In a statement on Friday, Pfizer said that it believes booster shots are "a critical tool in the ongoing effort to control the spread of this virus.""We continue to believe in the benefits of a booster dose for a broader population," Kathrin Jansen, Pfizer's head of vaccine research & development, said in the statement.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021

Top Border Official Blasts Psaki - Says Admin Approved "Twirling" Reins To Keep Migrants Away From Horses

Top Border Official Blasts Psaki - Says Admin Approved 'Twirling' Reins To Keep Migrants Away From Horses A top Border Patrol official slammed the Biden administration over their kneejerk reaction to reports that border patrol agents in Del Rio, Texas have been "whipping" Haitian migrants who materialized roughly 1,800 miles from home across the Gulf of Mexico, where they've gathered in large numbers at the southern US border in recent days. In two separate interviews, Border Patrol agent and head of the National Border Patrol Council, Brandon Judd singled out White House Press Secretary Jen Psaki for condemning the agents' conduct as "horrible to watch," and something "they should never be able to do again," accusing Psaki of "perpetuating the narrative that police are bad." "There are very few things that will boil my blood as bad as the White House directly coming out and condemning an action before they know what happened," Judd told Just the News. "Jen Psaki came out yesterday, and she condemned these actions, when in reality, it is a legitimate law enforcement action. This was meant to protect the illegal aliens." Judd explained agents are trained for crowd control by the Homeland Security Department to "twirl the reins" if humans start approaching their horses to keep them away from getting injured, and the reins are never used to strike or harm people. "We have to keep those individuals away from the horses," he explained. "If they get too close to the horses, the horses could step on them and they could break bones. They could kick them. They can get kicked in the head. It could cause death. -JTN "Nobody was hit by those reins; they are not whips. The reins are used to control the horses. And so the reins will be twirled to keep people away from the horses for their protection," Judd added, comparing Psaki's comments and corresponding coverage by the MSM to deceptive tactics used by liberal activists who want to defund the police.  "Of course, this is exactly how the defund police movement works," said Judd. "You take photos, you take a 15-second video of something that happened over a period of 10 minutes. And you take those very small clips, and you blow them up and say, 'Well, look what's happening.' When in reality it was a law enforcement movement that agents are trained to use the reins to keep people away, not hit people with those reins." According to Judd, twirling of the reigns is standard practice. "This is a training module that they set up, that they go through and they approve, and even this administration, every single administration, when they come in, they will look at all training that is being given, and they will decide whether the way they want to continue on with training," he said, adding "And this administration even decided that they would continue on with the training of using the reins, to keep people away from the horses for their own protection." Judd told the Epoch Times that the White House is perpetuating a false narrative. Misinformation Judd said agents on horseback in the area have not been rounding up Haitian refugees with whips after they were accused of doing so by multiple media outlets and officials. On Monday, Sawyer Hackett, executive director of People First Future, a political action committee set up by Democrat Julián Castro, went viral on Twitter when he shared photos of border patrol agents on horseback as they held their “whips” while Haitian refugees stood near them on foot. Hackett wrote on Twitter, “This is unfathomable cruelty towards people fleeing disaster and political ruin. The administration must stop this.” He also shared video footage showing border agents on horseback attempting to prevent migrants from wading back and forth across a river. The post was quickly shared over 27,000 times, including by members of Congress Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Senator Jeff Merkley. A report from the El Paso Times regarding the situation in Del Rio also went viral. An exert from it claims a border agent “swung his whip menacingly” at Haitian men who were trying to cross the river again after buying food and water in Ciudad Acuña, Mexico. "That’s your ‘defund the police’ movement right there," Judd said of the video. "They only show a short segment of a video. The horse patrol agents under the administration are trained to ensure the safety of the migrants, to keep them away from the horses, because the horses can harm people—they can inadvertently step on them, they can rear up, they can kick them. And so agents have to keep the migrants away from the horses for their own protection. And so they will use the reins, to twirl the reins, so that they will stay away from the horses. But they do not use those reins to lash out, to try to strike people. Those agents did not use those reins in any way, shape, or form to try to strike anybody." More via The Epoch Times: Judd added that the horses are also used as a “deterrent technique” to prevent illegal immigrants from coming into the United States. The claims of whipping soon reached the White House, with press secretary Jen Psaki telling reporters during a briefing Monday, that she had seen some of the footage but didn’t yet have all the context. “I can’t imagine what context would make that appropriate,” Psaki said. “But I don’t have additional details.” When asked if the agents who were accused of whipping the Haitian immigrants should be fired, Psaki responded, “And, certainly—I don’t have additional context.  I don’t think anyone seeing that footage would think it was acceptable or appropriate.” Judd says Psaki ‘s comments were “horrific” and only serve to perpetuate the narrative that law enforcement is bad. “And that just feeds into the larger, very liberal, narrative of defund the police,” he said. The head of the National Border Patrol Council said his agents also feel abandoned by the administration, noting that the Haitian camp has turned into a “warzone refugee camp” and pointing out a key difference between former President Donald Trump’s administration and the current Biden administration. “They [border patrol agents] have been abandoned by the administration. I mean, I get that all the time. My agents are constantly reaching out to me asking, ‘Why isn’t this administration standing up and doing something to secure the border?’ ‘Why is this administration allowing cartels to have free rein of the border?’ ‘Why is this administration [doing nothing] when they said that they were going to have humane immigration practices? I don’t know,” Judd said. “You tell me, does this look like it’s humane right here?” he asked standing in front of the Haitian camp. “This looks like a warzone refugee camp. That’s what this looks like. And if anybody says that this is humane, I would love for them to come and explain to me how this, right here, is humane. But this is the Biden administration. This never happened with the Trump administration.” Tyler Durden Wed, 09/22/2021 - 12:25.....»»

Category: blogSource: zerohedgeSep 22nd, 2021

Futures Bounce On Evergrande Reprieve With Fed Looming

Futures Bounce On Evergrande Reprieve With Fed Looming Despite today's looming hawkish FOMC meeting in which Powell is widely expected to unveil that tapering is set to begin as soon as November and where the Fed's dot plot may signal one rate hike in 2022, futures climbed as investor concerns over China's Evergrande eased after the property developer negotiated a domestic bond payment deal. Commodities rallied while the dollar was steady. Contracts on the S&P 500 and Nasdaq 100 flipped from losses to gains as China’s central bank boosted liquidity when it injected a gross 120BN in yuan, the most since January... ... and investors mulled a vaguely-worded statement from the troubled developer about an interest payment.  S&P 500 E-minis were up 23.0 points, or 0.53%, at 7:30 a.m. ET. Dow E-minis were up 199 points, or 0.60%, and Nasdaq 100 E-minis were up 44.00 points, or 0.29%. Among individual stocks, Fedex fell 5.8% after the delivery company cut its profit outlook on higher costs and stalled growth in shipments. Morgan Stanley says it sees the company’s 1Q issues getting “tougher from here.” Commodity-linked oil and metal stocks led gains in premarket trade, while a slight rise in Treasury yields supported major banks. However, most sectors were nursing steep losses in recent sessions. Here are some of the biggest U.S. movers: Adobe (ADBE US) down 3.1% after 3Q update disappointed the high expectations of investors, though the broader picture still looks solid, Morgan Stanley said in a note Freeport McMoRan (FCX US), Cleveland- Cliffs (CLF US), Alcoa (AA US) and U.S. Steel (X US) up 2%-3% premarket, following the path of global peers as iron ore prices in China rallied Aethlon Medical (AEMD US) and Exela Technologies (XELAU US) advance along with other retail traders’ favorites in the U.S. premarket session. Aethlon jumps 21%; Exela up 8.3% Other so-called meme stocks also rise: ContextLogic +1%; Clover Health +0.9%; Naked Brand +0.9%; AMC +0.5% ReWalk Robotics slumps 18% in U.S. premarket trading, a day after nearly doubling in value Stitch Fix (SFIX US) rises 15.7% in light volume after the personal styling company’s 4Q profit and sales blew past analysts’ expectations Hyatt Hotels (H US) seen opening lower after the company launches a seven-million-share stock offering Summit Therapeutics (SMMT US) shares fell as much as 17% in Tuesday extended trading after it said the FDA doesn’t agree with the change to the primary endpoint that has been implemented in the ongoing Phase III Ri-CoDIFy studies when combining the studies Marin Software (MRIN US) surged more than 75% Tuesday postmarket after signing a new revenue-sharing agreement with Google to develop its enterprise technology platforms and software products The S&P 500 had fallen for 10 of the past 12 sessions since hitting a record high, as fears of an Evergrande default exacerbated seasonally weak trends and saw investors pull out of stocks trading at lofty valuations. The Nasdaq fell the least among its peers in recent sessions, as investors pivoted back into big technology names that had proven resilient through the pandemic. Focus now turns to the Fed's decision, due at 2 p.m. ET where officials are expected to signal a start to scaling down monthly bond purchases (see our preview here).  The Fed meeting comes after a period of market volatility stoked by Evergrande’s woes. China’s wider property-sector curbs are also feeding into concerns about a slowdown in the economic recovery from the pandemic. “Chair Jerome Powell could hint at the tapering approaching shortly,” said Sébastien Barbé, a strategist at Credit Agricole CIB. “However, given the current uncertainty factors (China property market, Covid, pace of global slowdown), the Fed should remain cautious when it comes to withdrawing liquidity support.” Meanwhile, confirming what Ray Dalio said that the taper will just bring more QE, Governing Council member Madis Muller said the  European Central Bank may boost its regular asset purchases once the pandemic-era emergency stimulus comes to an end. “Dovish signals could unwind some of the greenback’s gains while offering relief to stock markets,” Han Tan, chief market analyst at Exinity Group, wrote in emailed comments. A “hawkish shift would jolt markets, potentially pushing Treasury yields and the dollar past the upper bound of recent ranges, while gold and equities would sell off hunting down the next levels of support.” China avoided a major selloff as trading resumed following a holiday, after the country’s central bank boosted its injection of short-term cash into the financial system. MSCI’s Asia-Pacific index declined for a third day, dragged lower by Japan. Stocks were also higher in Europe. Basic resources - which bounced from a seven month low - and energy were among the leading gainers in the Stoxx Europe 600 index as commodity prices steadied after Beijing moved to contain fears of a spiraling debt crisis. Entain Plc rose more than 7%, extending Tuesday’s gain as it confirmed it received a takeover proposal from DraftKings Inc. Peer Flutter Entertainment Plc climbed after settling a legal dispute.  Here are some of the biggest European movers today: Entain shares jump as much as 11% after DraftKings Inc. offered to acquire the U.K. gambling company for about $22.4 billion. Vivendi rises as much as 3.1% in Paris, after Tuesday’s spinoff of Universal Music Group. Legrand climbs as much as 2.1% after Exane BNP Paribas upgrades to outperform and raises PT to a Street-high of EU135. Orpea shares falls as much as 2.9%, after delivering 1H results that Jefferies (buy) says were a “touch” below consensus. Bechtle slides as much as 5.1% after Metzler downgrades to hold from buy, saying persistent supply chain problems seem to be weighing on growth. Sopra Steria drops as much as 4.1% after Stifel initiates coverage with a sell, citing caution on company’s M&A strategy Despite the Evergrande announcement, Asian stocks headed for their longest losing streak in more than a month amid continued China-related concerns, with traders also eying policy decisions from major central banks. The MSCI Asia Pacific Index dropped as much as 0.7% in its third day of declines, with TSMC and Keyence the biggest drags. China’s CSI 300 tumbled as much as 1.9% as the local market reopened following a two-day holiday. However, the gauge came off lows after an Evergrande unit said it will make a bond interest payment and as China’s central bank boosted liquidity.  Taiwan’s equity benchmark led losses in Asia on Wednesday, dragged by TSMC after a two-day holiday, while markets in Hong Kong and South Korea were closed. Key stock gauges in Australia, Indonesia and Vietnam rose “A liquidity injection from the People’s Bank of China accompanied the Evergrande announcement, which only served to bolster sentiment further,” according to DailyFX’s Thomas Westwater and Daniel Dubrovsky. “For now, it appears that market-wide contagion risk linked to a potential Evergrande collapse is off the table.” Japanese equities fell for a second day amid global concern over China’s real-estate sector, as the Bank of Japan held its key stimulus tools in place while flagging pressures on the economy. Electronics makers were the biggest drag on the Topix, which declined 1%. Daikin and Fanuc were the largest contributors to a 0.7% loss in the Nikkei 225. The BOJ had been expected to maintain its policy levers ahead of next week’s key ruling party election. Traders are keenly awaiting the Federal Reserve’s decision due later for clues on the U.S. central banks plan for tapering stimulus. “Markets for some time have been convinced that the BOJ has reached the end of the line on normalization and will remain in a holding pattern on policy until at least April 2023 when Governor Kuroda is scheduled to leave,” UOB economist Alvin Liew wrote in a note. “Attention for the BOJ will now likely shift to dealing with the long-term climate change issues.” In the despotic lockdown regime that is Australia, the S&P/ASX 200 index rose 0.3% to close at 7,296.90, reversing an early decline in a rally led by mining and energy stocks. Banks closed lower for the fourth day in a row. Champion Iron was among the top performers after it was upgraded at Citi. IAG was among the worst performers after an earthquake caused damage to buildings in Melbourne. In New Zealand, the S&P/NZX 50 index rose 0.3% to 13,215.80 In FX, commodity currencies rallied as concerns about China Evergrande Group’s debt troubles eased as China’s central bank boosted liquidity and investors reviewed a statement from the troubled developer about an interest payment. Overnight implied volatility on the pound climbed to the highest since March ahead of Bank of England’s meeting on Thursday. The British pound weakened after Business Secretary Kwasi Kwarteng warnedthat people should prepare for longer-term high energy prices amid a natural-gas shortage that sent power costs soaring. Several U.K. power firms have stopped taking in new clients as small energy suppliers struggle to meet their previous commitments to sell supplies at lower prices. Overnight volatility in the euro rises above 10% for the first time since July ahead of the Federal Reserve’s monetary policy decision announcement. The Aussie jumped as much as 0.5% as iron-ore prices rebounded. Spot surged through option-related selling at 0.7240 before topping out near 0.7265 strikes expiring Wednesday, according to Asia- based FX traders.  Elsewhere, the yen weakened and commodity-linked currencies such as the Australian dollar pushed higher. In rates, the dollar weakened against most of its Group-of-10 peers. Treasury futures were under modest pressure in early U.S. trading, leaving yields cheaper by ~1.5bp from belly to long-end of the curve. The 10-year yield was at ~1.336% steepening the 2s10s curve by ~1bp as the front-end was little changed. Improved risk appetite weighed; with stock futures have recovering much of Tuesday’s losses as Evergrande concerns subside. Focal point for Wednesday’s session is FOMC rate decision at 2pm ET.   FOMC is expected to suggest it will start scaling back asset purchases later this year, while its quarterly summary of economic projections reveals policy makers’ expectations for the fed funds target in coming years in the dot-plot update; eurodollar positions have emerged recently that anticipate a hawkish shift Bitcoin dropped briefly below $40,000 for the first time since August amid rising criticism from regulators, before rallying as the mood in global markets improved. In commodities, Iron ore halted its collapse and metals steadied. Oil advanced for a second day. Bitcoin slid below $40,000 for the first time since early August before rebounding back above $42,000.   To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September. Market Snapshot S&P 500 futures up 0.4% to 4,362.25 STOXX Europe 600 up 0.5% to 461.19 MXAP down 0.7% to 199.29 MXAPJ down 0.4% to 638.39 Nikkei down 0.7% to 29,639.40 Topix down 1.0% to 2,043.55 Hang Seng Index up 0.5% to 24,221.54 Shanghai Composite up 0.4% to 3,628.49 Sensex little changed at 59,046.84 Australia S&P/ASX 200 up 0.3% to 7,296.94 Kospi up 0.3% to 3,140.51 Brent Futures up 1.5% to $75.47/bbl Gold spot up 0.0% to $1,775.15 U.S. Dollar Index little changed at 93.26 German 10Y yield rose 0.6 bps to -0.319% Euro little changed at $1.1725 Top Overnight News from Bloomberg What would it take to knock the U.S. recovery off course and send Federal Reserve policy makers back to the drawing board? Not much — and there are plenty of candidates to deliver the blow The European Central Bank will discuss boosting its regular asset purchases once the pandemic-era emergency stimulus comes to an end, but any such increase is uncertain, Governing Council member Madis Muller said Investors seeking hints about how Beijing plans to deal with China Evergrande Group’s debt crisis are training their cross hairs on the central bank’s liquidity management A quick look at global markets courtesy of Newsquawk Asian equity markets traded mixed as caution lingered ahead of upcoming risk events including the FOMC, with participants also digesting the latest Evergrande developments and China’s return to the market from the Mid-Autumn Festival. ASX 200 (+0.3%) was positive with the index led higher by the energy sector after a rebound in oil prices and as tech also outperformed, but with gains capped by weakness in the largest-weighted financials sector including Westpac which was forced to scrap the sale of its Pacific businesses after failing to secure regulatory approval. Nikkei 225 (-0.7%) was subdued amid the lack of fireworks from the BoJ announcement to keep policy settings unchanged and ahead of the upcoming holiday closure with the index only briefly supported by favourable currency outflows. Shanghai Comp. (+0.4%) was initially pressured on return from the long-weekend and with Hong Kong markets closed, but pared losses with risk appetite supported by news that Evergrande’s main unit Hengda Real Estate will make coupon payments due tomorrow, although other sources noted this is referring to the onshore bond payments valued around USD 36mln and that there was no mention of the offshore bond payments valued at USD 83.5mln which are also due tomorrow. Meanwhile, the PBoC facilitated liquidity through a CNY 120bln injection and provided no surprises in keeping its 1-year and 5-year Loan Prime Rates unchanged for the 17th consecutive month at 3.85% and 4.65%, respectively. Finally, 10yr JGBs were flat amid the absence of any major surprises from the BoJ policy announcement and following the choppy trade in T-notes which were briefly pressured in a knee-jerk reaction to the news that Evergrande’s unit will satisfy its coupon obligations tomorrow, but then faded most of the losses as cautiousness prevailed. Top Asian News Gold Steady as Traders Await Outcome of Fed Policy Meeting Evergrande Filing on Yuan Bond Interest Leaves Analysts Guessing Singapore Category E COE Price Rises to Highest Since April 2014 Asian Stocks Fall for Third Day as Focus Turns to Central Banks European equities (Stoxx 600 +0.5%) trade on a firmer footing in the wake of an encouraging APAC handover. Focus overnight was on the return of Chinese participants from the Mid-Autumn Festival and news that Evergrande’s main unit, Hengda Real Estate will make coupon payments due tomorrow; however, we await indication as to whether they will meet Thursday’s offshore payment deadline as well. Furthermore, the PBoC facilitated liquidity through a CNY 120bln injection whilst keeping its 1-year and 5-year Loan Prime Rates unchanged (as expected). Note, despite gaining yesterday and today, thus far, the Stoxx 600 is still lower to the tune of 0.7% on the week. Stateside, futures are also trading on a firmer footing ahead of today’s FOMC policy announcement, at which, market participants will be eyeing any clues for when the taper will begin and digesting the latest dot plot forecasts. Furthermore, the US House voted to pass the bill to fund the government through to December 3rd and suspend the debt limit to end-2022, although this will likely be blocked by Senate Republicans. Back to Europe, sectors are mostly firmer with outperformance in Basic Resources and Oil & Gas amid upside in the metals and energy complex. Elsewhere, Travel & Leisure is faring well amid further upside in Entain (+6.1%) with the Co. noting it rejected an earlier approach from DraftKings at GBP 25/shr with the new offer standing at GBP 28/shr. Additionally for the sector, Flutter Entertainment (+4.1%) are trading higher after settling the legal dispute between the Co. and Commonwealth of Kentucky. Elsewhere, in terms of deal flow, Iliad announced that it is to acquire UPC Poland for around USD 1.8bln. Top European News Energy Cost Spike Gets on EU Ministers’ Green Deal Agenda Travel Startup HomeToGo Gains in Frankfurt Debut After SPAC Deal London Stock Exchange to Shut Down CurveGlobal Exchange EU Banks Expected to Add Capital for Climate Risk, EBA Says In FX, trade remains volatile as this week’s deluge of global Central Bank policy meetings continues to unfold amidst fluctuations in broad risk sentiment from relatively pronounced aversion at various stages to a measured and cautious pick-up in appetite more recently. Hence, the tide is currently turning in favour of activity, cyclical and commodity currencies, albeit tentatively in the run up to the Fed, with the Kiwi and Aussie trying to regroup on the 0.7000 handle and 0.7350 axis against their US counterpart, and the latter also striving to shrug off negative domestic impulses like a further decline below zero in Westpac’s leading index and an earthquake near Melbourne. Next up for Nzd/Usd and Aud/Usd, beyond the FOMC, trade data and preliminary PMIs respectively. DXY/CHF/EUR/CAD - Notwithstanding the overall improvement in market tone noted above, or another major change in mood and direction, the Dollar index appears to have found a base just ahead of 93.000 and ceiling a similar distance away from 93.500, as it meanders inside those extremes awaiting US existing home sales that are scheduled for release before the main Fed events (policy statement, SEP and post-meeting press conference from chair Powell). Indeed, the Franc, Euro and Loonie have all recoiled into tighter bands vs the Greenback, between 0.9250-26, 1.1739-17 and 1.2831-1.2770, but with the former still retaining an underlying bid more evident in the Eur/Chf cross that is consolidating under 1.0850 and will undoubtedly be acknowledged by the SNB tomorrow. Meanwhile, Eur/Usd has hardly reacted to latest ECB commentary from Muller underpinning that the APP is likely to be boosted once the PEPP envelope is closed, though Usd/Cad is eyeing a firm rebound in oil prices in conjunction with hefty option expiry interest at the 1.2750 strike (1.8 bn) that may prevent the headline pair from revisiting w-t-d lows not far beneath the half round number. GBP/JPY - The major laggards, as Sterling slips slightly further beneath 1.3650 against the Buck to a fresh weekly low and Eur/Gbp rebounds from circa 0.8574 to top 0.8600 on FOMC day and T-1 to super BoE Thursday. Elsewhere, the Yen has lost momentum after peaking around 109.12 and still not garnering sufficient impetus to test 109.00 via an unchanged BoJ in terms of all policy settings and guidance, as Governor Kuroda trotted out the no hesitation to loosen the reins if required line for the umpteenth time. However, Usd/Jpy is holding around 109.61 and some distance from 1.1 bn option expiries rolling off between 109.85-110.00 at the NY cut. SCANDI/EM - Brent’s revival to Usd 75.50+/brl from sub-Usd 73.50 only yesterday has given the Nok another fillip pending confirmation of a Norges Bank hike tomorrow, while the Zar has regained some poise with the aid of firmer than forecast SA headline and core CPI alongside a degree of retracement following Wednesday’s breakdown of talks on a pay deal for engineering workers that prompted the union to call a strike from early October. Similarly, the Cnh and Cny by default have regrouped amidst reports that the CCP is finalising details to restructure Evergrande into 3 separate entities under a plan that will see the Chinese Government take control. In commodities, WTI and Brent are firmer this morning though once again fresh newsflow for the complex has been relatively slim and largely consisting of gas-related commentary; as such, the benchmarks are taking their cue from the broader risk tone (see equity section). The improvement in sentiment today has brought WTI and Brent back in proximity to being unchanged on the week so far as a whole; however, the complex will be dictated directly by the EIA weekly inventory first and then indirectly, but perhaps more pertinently, by today’s FOMC. On the weekly inventories, last nights private release was a larger than expected draw for the headline and distillate components, though the Cushing draw was beneath expectations; for today, consensus is a headline draw pf 2.44mln. Moving to metals where the return of China has seen a resurgence for base metals with LME copper posting upside of nearly 3.0%, for instance. Albeit there is no fresh newsflow for the complex as such, so it remains to be seen how lasting this resurgence will be. Finally, spot gold and silver are firmer but with the magnitude once again favouring silver over the yellow metal. US Event Calendar 10am: Aug. Existing Home Sales MoM, est. -1.7%, prior 2.0% 2pm: Sept. FOMC Rate Decision (Lower Boun, est. 0%, prior 0% DB's Jim Reid concludes the overnight wrap All eyes firmly on China this morning as it reopens following a 2-day holiday. As expected the indices there have opened lower but the scale of the declines are being softened by the PBoC increasing its short term cash injections into the economy. They’ve added a net CNY 90bn into the system. On Evergrande, we’ve also seen some positive headlines as the property developers’ main unit Hengda Real Estate Group has said that it will make coupon payment for an onshore bond tomorrow. However, the exchange filing said that the interest payment “has been resolved via negotiations with bondholders off the clearing house”. This is all a bit vague and doesn’t mention the dollar bond at this stage. Meanwhile, Bloomberg has reported that Chinese authorities have begun to lay the groundwork for a potential restructuring that could be one of the country’s biggest, assembling accounting and legal experts to examine the finances of the group. All this follows news from Bloomberg yesterday that Evergrande missed interest payments that had been due on Monday to at least two banks. In terms of markets the CSI (-1.11%), Shanghai Comp (-0.29%) and Shenzhen Comp (-0.53%) are all lower but have pared back deeper losses from the open. We did a flash poll in the CoTD yesterday (link here) and after over 700 responses in a couple of hours we found only 8% who we thought Evergrande would still be impacting financial markets significantly in a month’s time. 24% thought it would be slightly impacting. The other 68% thought limited or no impact. So the world is relatively relaxed about contagion risk for now. The bigger risk might be the knock on impact of weaker Chinese growth. So that’s one to watch even if you’re sanguine on the systemic threat. Craig Nicol in my credit team did a good note yesterday (link here) looking at the contagion risk to the broader HY market. I thought he summed it up nicely as to why we all need to care one way or another in saying that “Evergrande is the largest corporate, in the largest sector, of the second largest economy in the world”. For context AT&T is the largest corporate borrower in the US market and VW the largest in Europe. Turning back to other Asian markets now and the Nikkei (-0.65%) is down but the Hang Seng (+0.51%) and Asx (+0.58%) are up. South Korean markets continue to remain closed for a holiday. Elsewhere, yields on 10y USTs are trading flattish while futures on the S&P 500 are up +0.10% and those on the Stoxx 50 are up +0.21%. Crude oil prices are also up c.+1% this morning. In other news, the Bank of Japan policy announcement overnight was a non-event as the central bank maintained its yield curve target while keeping the policy rate and asset purchases plan unchanged. The central bank also unveiled more details of its green lending program and said that it would immediately start accepting applications and would begin making the loans in December. The relatively calm Asian session follows a stabilisation in markets yesterday following their rout on Monday as investors looked forward to the outcome of the Fed’s meeting later today. That said, it was hardly a resounding performance, with the S&P 500 unable to hold on to its intraday gains and ending just worse than unchanged after the -1.70% decline the previous day as investors remained vigilant as to the array of risks that continue to pile up on the horizon. One of these is in US politics and legislators seem no closer to resolving the various issues surrounding a potential government shutdown at the end of the month, along with a potential debt ceiling crisis in October, which is another flashing alert on the dashboard for investors that’s further contributing to weaker sentiment right now. Looking ahead now, today’s main highlight will be the latest Federal Reserve decision along with Chair Powell’s subsequent press conference, with the policy decision out at 19:00 London time. Markets have been on edge for any clues about when the Fed might begin to taper asset purchases, but concern about tapering actually being announced at this meeting has dissipated over recent weeks, particularly after the most recent nonfarm payrolls in August came in at just +235k, and the monthly CPI print also came in beneath consensus expectations for the first time since November. In terms of what to expect, our US economists write in their preview (link here) that they see the statement adopting Chair Powell’s language that a reduction in the pace of asset purchases is appropriate “this year”, so long as the economy remains on track. They see Powell maintaining optionality about the exact timing of that announcement, but they think that the message will effectively be that the bar to pushing the announcement beyond November is relatively high in the absence of any material downside surprises. This meeting also sees the release of the FOMC’s latest economic projections and the dot plot, where they expect there’ll be an upward drift in the dots that raises the number of rate hikes in 2023 to 3, followed by another 3 increases in 2024. Back to yesterday, and as mentioned US equity markets fell for a second straight day after being unable to hold on to earlier gains, with the S&P 500 slightly lower (-0.08%). High-growth industries outperformed with biotech (+0.38%) and semiconductors (+0.18%) leading the NASDAQ (+0.22%) slightly higher, however the Dow Jones (-0.15%) also struggled. Europe saw a much stronger performance though as much of the US decline came after Europe had closed. The STOXX 600 gained +1.00% to erase most of Monday’s losses, with almost every sector in the index ending the day in positive territory. With risk sentiment improving for much of the day yesterday, US Treasuries sold off slightly and by the close of trade yields on 10yr Treasuries were up +1.2bps to 1.3226%, thanks to a +1.8bps increase in real yields. However, sovereign bonds in Europe told a different story as yields on 10yr bunds (-0.3bps), OATs (-0.3bps) and BTPs (-1.9bps) moved lower. Other safe havens including gold (+0.59%) and silver (+1.02%) also benefited, but this wasn’t reflected across commodities more broadly, with Bloomberg’s Commodity Spot Index (-0.30%) losing ground for a 4th consecutive session. Democratic Party leaders plan to vote on the Senate-approved $500bn bipartisan infrastructure bill next Monday, even with no resolution to the $3.5tr budget reconciliation measure that encompasses the remainder of the Biden Administration’s economic agenda. Democrats continue to work on the reconciliation measure but have turned their attention to the debt ceiling and government funding bills.Congress has fewer than two weeks before the current budget expires – on Oct 1 – to fund the government and raise the debt ceiling. Republicans yesterday noted that the Democrats could raise the ceiling on their own through the reconciliation process, with many saying that they would not be offering their support to any funding bill. Democrats continue to push for a bipartisan bill to raise the debt ceiling, pointing to their votes during the Trump administration. If Democrats are forced to tie the debt ceiling and funding bills to budget reconciliation, it could limit how much of the $3.5 trillion bill survives the last minute negotiations between progressives and moderates. More to come over the next 10 days. Staying on the US, there was an important announcement in President Biden’s speech at the UN General Assembly, as he said that he would work with Congress to double US funding to poorer nations to deal with climate change. That comes as UK Prime Minister Johnson (with the UK hosting the COP26 summit in less than 6 weeks’ time) has been lobbying other world leaders to find the $100bn per year that developed economies pledged by 2020 to support developing countries as they reduce their emissions and deal with climate change. In Germany, there are just 4 days to go now until the federal election, and a Forsa poll out yesterday showed a slight narrowing in the race, with the centre-left SPD remaining on 25%, but the CDU/CSU gained a point on last week to 22%, which puts them within the +/- 2.5 point margin of error. That narrowing has been seen in Politico’s Poll of Polls as well, with the race having tightened from a 5-point SPD lead over the CDU/CSU last week to a 3-point one now. Turning to the pandemic, Johnson & Johnson reported that their booster shot given 8 weeks after the first offered 100% protection against severe disease, 94% protection against symptomatic Covid in the US, and 75% against symptomatic Covid globally. Speaking of boosters, Bloomberg reported that the FDA was expected to decide as soon as today on a recommendation for Pfizer’s booster vaccine. That follows an FDA advisory panel rejecting a booster for all adults last Friday, restricting the recommendation to those over-65 and other high-risk categories. Staying with the US and vaccines, President Biden announced that the US was ordering 500mn doses of the Pfizer vaccine to be exported to the rest of the world. On the data front, there were some strong US housing releases for August, with housing starts up by an annualised 1.615m (vs. 1.55m expected), and building permits up by 1.728m (vs. 1.6m expected). Separately, the OECD released their Interim Economic Outlook, which saw them upgrade their inflation expectations for the G20 this year to +3.7% (up +0.2ppts from May) and for 2022 to +3.9% (up +0.5ppts from May). Their global growth forecast saw little change at +5.7% in 2021 (down a tenth) and +4.5% for 2022 (up a tenth). To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September. Tyler Durden Wed, 09/22/2021 - 08:05.....»»

Category: blogSource: zerohedgeSep 22nd, 2021

Congress could cost Americans $15 trillion and 6 million jobs if it doesn"t raise the debt ceiling, Moody"s says

If the government defaults on its debt, the resulting downturn would be similar to the 2008 financial crisis, Mark Zandi of Moody's said. House Speaker Nancy Pelosi/Senate Minority Leader Mitch McConnell J. Scott Applewhite/AP Photo ; J. Scott Applewhite/AP Photo Failing to lift the debt ceiling would spark a recession similar to the financial crisis, Moody's said Tuesday. Nearly six million jobs would be erased and tanking stocks would cost Americans $15 trillion. The fallout would be "catastrophic," especially since the US is still recovering from COVID, Moody's added. See more stories on Insider's business page. Failure to raise the limit on how much the US government can borrow could spark one of the biggest stock-market crashes in history and erase trillions of dollars in household wealth, Moody's Analytics said in a Tuesday report. Congress has mere weeks to avoid that, and progress so far has been slow.Democrats are pushing forward with their own bill to suspend the debt limit, allowing the government to keep borrowing cash and paying off its bills. But GOP lawmakers have made it clear they won't support such legislation. And Democrats' slim majority in the Senate means any dissent within their ranks could kill the effort.Treasury Secretary Janet Yellen has warned that the government will hit the ceiling in mid-October. If the limit isn't lifted by then, the country faces "cataclysmic" economic fallout, economists led by Mark Zandi said. The team's simulations show a default on US debt powering a downturn similar to that seen during the Great Recession. Gross domestic product would slide by nearly 4%. The country would lose almost 6 million jobs. The unemployment rate would surge to 9% from 5.2%.And stock prices would crash by one-third during the worst of the selloff. The market nosedive would swiftly wipe out $15 trillion in household wealth."If lawmakers are unable to increase or suspend the debt limit ... the resulting chaos in global financial markets will be difficult to bear," the Moody's economists said, adding the US and global economies "still have a long way to go to recover" from the COVID recession.A recession of Congress' own makingThe Tuesday report sheds more light on just how dangerous a government default would be. It also joins several warnings already made by the Biden administration and other economists.The White House told state and local governments on Friday that failure to lift the debt ceiling would force stark cuts to federal support. Programs ranging from free school lunches to Medicaid would face a funding freeze. Disaster relief from FEMA would be dramatically scaled back. And the country would likely slide into recession as governments are forced to balance their budgets and slash jobs.David Kelly, chief global strategist at JPMorgan, used more colorful terms to describe the fallout. Congress's last-minute negotiations over the debt ceiling are similar to kids playing with a "box of dynamite," he said in a September 13 note. Each generation of lawmakers has been "just a little more reckless and irresponsible than the last," and it may be time to retire the debt limit entirely before it forces a government default, he added.To be sure, Democrats and Republicans are both confident the government will avoid a debt-ceiling downturn. After all, this debate has happened 57 times in the last 50 years, and solutions were reached each of those times. Lawmakers are just split on how to solve the problem today.The easiest solution requires 10 Senate Republicans to join Democrats in voting to lift or suspend the limit. Yet Senate Minority Leader Mitch McConnell has been adamant that GOP members won't support such action.Democrats, however, have slammed Republicans for failing to undertake the historically bipartisan action. The GOP is pursuing a "dine-and-dash of historic proportions," as they racked up trillions of dollars in debt with their 2017 tax cuts and last year's stimulus spending, Senate Majority Leader Chuck Schumer tweeted Tuesday.Democrats will need all 50 Senate members to back the House's last-ditch fix if they're to sidestep Republicans and go it alone. With members already disagreeing over other legislation, the "political brinkmanship ... is thus painful to watch," Moody's said.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 21st, 2021

BTFD Arrives: Futures Rebound, Europe Surges While Asia Slumps On Evergrande Fears

BTFD Arrives: Futures Rebound, Europe Surges While Asia Slumps On Evergrande Fears Even though China was closed for a second day, and even though the Evergrande drama is nowhere closer to a resolution with a bond default imminent and with Beijing mute on how it will resolve the potential "Lehman moment" even as rating agency S&P chimed in saying a default is likely and it does not expect China’s government “to provide any direct support” to the privately owned developer, overnight the BTFD crew emerged in full force, and ramped futures amid growing speculation that Beijing will rescue the troubled developer... Algos about to go on a rampage — zerohedge (@zerohedge) September 21, 2021 ... pushing spoos almost 100 points higher from their Monday lows, and European stock were solidly in the green - despite Asian stocks hitting a one-month low - as investors tried to shake off fears of contagion from a potential collapse of China’s Evergrande, although gains were capped by concerns the Federal Reserve could set out a timeline to taper its stimulus at its meeting tomorrow. The dollar dropped from a one-month high, Treasury yields rose and cryptos rebounded from yesterday's rout. To be sure, the "this is not a Lehman moment" crowed was out in full force, as indicated by this note from Mizuho analysts who wrote that “while street wisdom is that Evergrande is not a ‘Lehman risk’, it is by no stretch of the imagination any meaningful comfort. It could end up being China’s proverbial house of cards ... with cross-sector headwinds already felt in materials/commodities.” At 7:00 a.m. ET, S&P 500 e-minis were up 34.00 points, or 0.79% and Nasdaq 100 e-minis 110.25 points, or 0.73%, while futures tracking the Dow  jumped 0.97%, a day after the index tumbled 1.8% in its worst day since late-July,  suggesting a rebound in sentiment after concerns about contagion from China Evergrande Group’s upcoming default woes roiled markets Monday. Dip-buyers in the last hour of trading Monday helped the S&P 500 pare some losses, though the index still posted the biggest drop since May. The bounce also came after the S&P 500 dropped substantially below its 50-day moving average - which had served as a resilient floor for the index this year - on Monday, its first major breach in more than six months. Freeport-McMoRan mining stocks higher with a 3% jump, following a 3.2% plunge in the S&P mining index a day earlier as copper prices hit a one-month low. Interest rate-sensitive banking stocks also bounced, tracking a rise in Treasury yields. Here are some of the biggest U.S. movers today: U.S.-listed Chinese stocks start to recover from Monday’s slump in premarket trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers Verrica Pharma (VRCA US) plunges 30% in premarket trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum ReWalk Robotics (RWLK US) shares jump 43% in U.S. premarket trading amid a spike in volume in the stock. Being discussed on StockTwits Aprea Therapeutics gains 21% in U.S. premarket trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab Lennar (LEN US) shares fell 3% in Monday postmarket trading after the homebuilder forecast 4Q new orders below analysts’ consensus hurt by unprecedented supply chain challenges ConocoPhillips (COP US) ticks higher in U.S. premarket trading after it agreed to buy Shell’s  Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch SmileDirect (SDC US) slightly higher in premarket trading after it said on Monday that it plans to enter France with an initial location in Paris KAR Global (KAR US) shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage Sportradar (SRAD US) shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately Orbital Energy Group (OEG US) gained 6% postmarket Monday after a unit won a contract  to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed “So much of this information is already known that we don’t think it will necessary set off a wave of problems,” John Bilton, head of global multi-asset strategy at JPMorgan Asset Management, said on Bloomberg TV. “I’m more concerned about knock-on sentiment at a time when investor sentiment is a bit fragile. But when we look at the fundamentals -- the general growth, and direction in the wider economy -- we still feel reasonably confident that the situation will right itself.” Aside from worries over Evergrande’s ability to make good on $300 billion of liabilities, investors are also positioning for the two-day Fed meeting starting Tuesday, where policy makers are expected to start laying the groundwork for paring stimulus.  Europe's Stoxx 600 index climbed more than 1%, rebounding from the biggest slump in two months, with energy companies leading the advance and all industry sectors in the green. Royal Dutch Shell rose after the company offered shareholders a payout from the sale of shale oil fields. Universal Music Group BV shares soared in their stock market debut after being spun off from Vivendi SE. European airlines other travel-related stocks rise for a second day following the U.S. decision to soon allow entry to most foreign air travelers as long as they’re fully vaccinated against Covid-19; British Airways parent IAG soars as much as 6.9%, extending Monday’s 11% jump. Here are some of the biggest European movers today: Stagecoach shares jump as much as 24% after the company confirmed it is in takeover talks with peer National Express. Shell climbs as much as 4.4% after selling its Permian Basin assets to ConocoPhillips for $9.5 billion. Bechtle gains as much as 4.3% after UBS initiated coverage at buy. Husqvarna tumbles as much as 9% after the company said it is suing Briggs & Stratton in the U.S. for failing to deliver sufficient lawn mower engines for the 2022 season. Kingfisher slides as much as 6.4% after the DIY retailer posted 1H results and forecast higher profits this fiscal year. The mood was decidedly more sour earlier in the session, when Asian stocks fell for a second day amid continued concerns over China’s property sector, with Japan leading regional declines as the market reopened after a holiday. The MSCI Asia Pacific Index was down 0.5%, headed for its lowest close since Aug. 30, with Alibaba and SoftBank the biggest drags. China Evergrande Group slid deeper in equity and credit markets Tuesday after S&P said the developer is on the brink of default. Markets in China, Taiwan and South Korea were closed for holidays. Worries over contagion risk from the Chinese developer’s debt problems and Beijing’s ongoing crackdowns, combined with concern over Federal Reserve tapering, sent global stocks tumbling Monday. The MSCI All-Country World Index fell 1.6%, the most since July 19. Japan’s stocks joined the selloff Tuesday as investor concerns grew over China’s real-estate sector as well as Federal Reserve tapering, with the Nikkei 225 sliding 2.2% - its biggest drop in three months, catching up with losses in global peers after a holiday - after a four-week rally boosted by expectations for favorable economic policies from a new government. Electronics makers were the biggest drag on the Topix, which declined 1.7%. SoftBank Group and Fast Retailing were the largest contributors to a 2.2% loss in the Nikkei 225. Japanese stocks with high China exposure including Toto and Nippon Paint also dropped. “The outsized reaction in global markets may be a function of having too many uncertainties bunched into this period,” Eugene Leow, a macro strategist at DBS Bank Ltd., wrote in a note. “It probably does not help that risk taking (especially in equities) has gone on for an extended period and may be vulnerable to a correction.” “The proportion of Japan’s exports to China is greater than those to the U.S. or Europe, making it sensitive to any slowdown worries in the Chinese economy,” said Hideyuki Ishiguro, a senior strategist at Nomura Asset Management in Tokyo. “The stock market has yet to fully price in the possibility of a bankruptcy by Evergrande Group.” The Nikkei 225 has been the best-performing major stock gauge in the world this month, up 6.2%, buoyed by expectations for favorable policies from a new government and an inflow of foreign cash. The Topix is up 5.3% so far in September. In FX, the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis. In rates, Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp; 10-year yields around 1.3226%, cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result In commodities, crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook. Market Snapshot S&P 500 futures up 1.0% to 4,392.75 STOXX Europe 600 up 1.1% to 459.10 MXAP down 0.5% to 200.25 MXAPJ up 0.2% to 640.31 Nikkei down 2.2% to 29,839.71 Topix down 1.7% to 2,064.55 Hang Seng Index up 0.5% to 24,221.54 Shanghai Composite up 0.2% to 3,613.97 Sensex up 0.4% to 58,751.30 Australia S&P/ASX 200 up 0.4% to 7,273.83 Kospi up 0.3% to 3,140.51 Brent Futures up 1.6% to $75.13/bbl Gold spot down 0.1% to $1,761.68 U.S. Dollar Index little changed at 93.19 German 10Y yield fell 5.0 bps to -0.304% Euro little changed at $1.1729 Top Overnight News from Bloomberg Lael Brainard is a leading candidate to be the Federal Reserve’s banking watchdog and is also being discussed for more prominent Biden administration appointments, including to replace Fed chairman Jerome Powell and, potentially, for Treasury secretary if Janet Yellen leaves Federal Reserve Chair Jerome Powell will this week face the challenge of convincing investors that plans to scale back asset purchases aren’t a runway to raising interest rates for the first time since 2018 ECB Vice President Luis de Guindos says there is “good news” with respect to the euro-area recovery after a strong development in the second and third quarter The ECB is likely to continue purchasing junk-rated Greek sovereign debt even after the pandemic crisis has passed, according to Governing Council member and Greek central bank chief Yannis Stournaras U.K. government borrowing was well below official forecasts in the first five months of the fiscal year, providing a fillip for Chancellor of the Exchequer Rishi Sunak as he prepares for a review of tax and spending next month U.K. Business Secretary Kwasi Kwarteng warned the next few days will be challenging as the energy crisis deepens, and meat producers struggle with a crunch in carbon dioxide supplies The U.K.’s green bond debut broke demand records for the nation’s debt as investors leaped on the long-anticipated sterling asset. The nation is offering a green bond maturing in 2033 via banks on Tuesday at 7.5 basis points over the June 2032 gilt. It has not given an exact size target for the sale, which has attracted a record of more than 90 billion pounds ($123 billion) in orders Germany cut planned debt sales in the fourth quarter by 4 billion euros ($4.7 billion), suggesting the surge in borrowing triggered by the coronavirus pandemic is receding Contagion from China Evergrande Group has started to engulf even safer debt in Asia, sparking the worst sustained selloff of the securities since April. Premiums on Asian investment-grade dollar bonds widened 2-3 basis points Tuesday, according to credit traders, after a jump of 3.4 basis points on Monday Swiss National Bank policy makers watching the effects of negative interest rates on the economy are worrying about the real-estate bubble that their policy is helping to foster Global central banks need to set out clear strategies for coping with inflation risks as the world economy experiences faster-than-expected cost increases amid an uneven recovery from the pandemic, the OECD said A quick look at global markets courtesy of Newsquawk Asian equities traded cautiously following the recent downbeat global risk appetite due to Evergrande contagion concerns which resulted in the worst day for Wall Street since May, with the region also contending with holiday-thinned conditions due to the ongoing closures in China, South Korea and Taiwan. ASX 200 (+0.2%) was indecisive with a rebound in the mining-related sectors counterbalanced by underperformance in utilities, financials and tech, while there were also reports that the Byron Bay area in New South Wales will be subject to a seven-day lockdown from this evening. Nikkei 225 (-1.8%) was heavily pressured and relinquished the 30k status as it played catch up to the contagion downturn on return from the extended weekend with recent detrimental currency inflows also contributing to the losses for exporters. Hang Seng (-0.3%) was choppy amid the continued absence of mainland participants with markets second-guessing whether Chinese authorities will intervene in the event of an Evergrande collapse, while shares in the world’s most indebted developer fluctuated and wiped out an early rebound, although affiliate Evergrande Property Services and other property names fared better after Sun Hung Kai disputed reports of China pressuring Hong Kong developers and with Guangzhou R&F Properties boosted by reports major shareholders pledged funds in the Co. which is also selling key assets to Country Garden. Finally, 10yr JGBs were higher amid the underperformance in Japanese stocks and with the Japan Securities Dealers Association recently noting that global funds purchased the most ultra-long Japanese bonds since 2014, although upside was limited amid softer demand at the enhanced liquidity auction for 2yr-20yr maturities and with the BoJ kickstarting its two-day policy meeting. Top Asian News Richest Banker Says Evergrande Is China’s ‘Lehman Moment’ Hong Kong Tycoons, Casino Giants Find Respite in Stock Rebound Taliban Add More Male Ministers, Say Will Include Women Later Asian Stocks Drop to Lowest Level This Month; Japan Leads Losses European equities (Stoxx 600 +1.1%) trade on a firmer footing attempting to recoup some of yesterday’s losses with not much in the way of incremental newsflow driving the upside. Despite the attempt to claw back some of the prior session’s lost ground, the Stoxx 600 is still lower by around 1.6% on the week. The Asia-Pac session was one characterised by caution and regional market closures with China remaining away from market. Focus remains on whether Evergrande will meet USD 83mln in interest payments due on Thursday and what actions Chinese authorities could take to limit the contagion from the company in the event of further troubles. Stateside, futures are also on a firmer footing with some slight outperformance in the RTY (+1.2%) vs. peers (ES +0.8%). Again, there is not much in the way of fresh positivity driving the upside and instead gains are likely more a by-product of dip-buying; attention for the US is set to become increasingly geared towards tomorrow’s FOMC policy announcement. Sectors in Europe are firmer across the board with outperformance in Oil & Gas names amid a recovery in the crude complex and gains in Shell (+4.4%) after news that the Co. is to sell its Permian Basin assets to ConocoPhillips (COP) for USD 9.5bln in cash. Other outperforming sectors include Tech, Insurance and Basic Resources. IAG (+4.1%) and Deutsche Lufthansa (+3.8%) both sit at the top of the Stoxx 600 as the Co.’s continue to enjoy the fallout from yesterday’s decision by the US to allow travel from vaccinated EU and UK passengers. Swatch (-0.7%) is lagging in the luxury space following a downgrade at RBC, whilst data showed Swiss watch exports were +11.5% Y/Y in August (prev. 29.1%). Finally, National Express (+7.7%) is reportedly considering a takeover of Stagecoach (+21.4%), which is valued at around GBP 370mln. Top European News U.K. Warns of Challenging Few Days as Energy Crisis Deepens Germany Trims Planned Debt Sales as Pandemic Impact Recedes U.K.’s Green Bond Debut Draws Record Demand of $123 Billion Goldman Plans $1.5 Billion Petershill Partners IPO in London In FX, all the signs are constructive for a classic turnaround Tuesday when it comes to Loonie fortunes as broad risk sentiment improves markedly, WTI consolidates within a firm range around Usd 71/brl compared to yesterday’s sub-Usd 70 low and incoming results from Canada’s general election indicate victory for the incumbent Liberal party that will secure a 3rd term for PM Trudeau. Hence, it’s better the devil you know as such and Usd/Cad retreated further from its stop-induced spike to just pips short of 1.2900 to probe 1.2750 at one stage before bouncing ahead of new house price data for August. Conversely, the Swedish Krona seems somewhat reluctant to get carried away with the much better market mood after the latest Riksbank policy meeting only acknowledged significantly stronger than expected inflation data in passing, and the repo rate path remained rooted to zero percent for the full forecast horizon as a consequence. However, Eur/Sek has slipped back to test 10.1600 bids/support following an initial upturn to almost 10.1800, irrespective of a rise in unemployment. NOK/AUD/NZD - No such qualms for the Norwegian Crown as Brent hovers near the top of a Usd 75.18-74.20/brl band and the Norges Bank is widely, if not universally tipped to become the first major Central Bank to shift into tightening mode on Thursday, with Eur/Nok hugging the base of a 10.1700-10.2430 range. Elsewhere, the Aussie and Kiwi look relieved rather than rejuvenated in their own right given dovish RBA minutes, a deterioration in Westpac’s NZ consumer sentiment and near reversal in credit card spending from 6.9% y/y in July to -6.3% last month. Instead, Aud/Usd and Nzd/Usd have rebounded amidst the recovery in risk appetite that has undermined their US rival to top 0.7380 and 0.7050 respectively at best. GBP/CHF/EUR/JPY/DXY - Sterling is latching on to the ongoing Dollar retracement and more supportive backdrop elsewhere to pare losses under 1.3700, while the Franc continues its revival to 0.9250 or so and almost 1.0850 against the Euro even though the SNB is bound to check its stride at the upcoming policy review, and the single currency is also forming a firmer base above 1.1700 vs the Buck. Indeed, the collective reprieve in all components of the Greenback basket, bar the Yen on diminished safe-haven demand, has pushed the index down to 93.116 from 93.277 at the earlier apex, and Monday’s elevated 93.455 perch, while Usd/Jpy is straddling 109.50 and flanked by decent option expiry interest either side. On that note, 1.4 bn resides at the 109.00 strike and 1.1 bn between 109.60-70, while there is 1.6 bn in Usd/Cad bang on 1.2800. EM - Some respite across the board in wake of yesterday’s mauling at the hands of risk-off positioning in favour of the Usd, while the Czk has also been underpinned by more hawkish CNB commentary as Holub echoes the Governor by advocating a 50 bp hike at the end of September and a further 25-50 bp in November. In commodities, WTI and Brent are firmer in the European morning post gains in excess of 1.0%, though the benchmarks are off highs after an early foray saw Brent Nov’21 eclipse USD 75.00/bbl, for instance. While there has been newsflow for the complex, mainly from various energy ministers, there hasn’t been much explicitly for crude to change the dial; thus, the benchmarks are seemingly moving in tandem with broader risk sentiment (see equities). In terms of the energy commentary, the Qatar minister said they are not thinking of re-joining OPEC+ while the UAE minister spoke on the gas situation. On this, reports in Russian press suggests that Russia might allow Rosneft to supply 10bcm of gas to Europe per year under an agency agreement with Gazprom “as an experiment”, developments to this will be closely eyed for any indication that it could serve to ease the current gas situation. Looking ahead, we have the weekly private inventory report which is expected to post a headline draw of 2.4mln and draws, albeit of a smaller magnitude, are expected for distillate and gasoline as well. Moving to metals, spot gold is marginally firmer while silver outperforms with base-metals picking up across the board from the poor performance seen yesterday that, for instance, saw LME copper below the USD 9k mark. Note, the action is more of a steadying from yesterday’s downside performance than any notable upside, with the likes of copper well within Monday’s parameters. US Event Calendar 8:30am: Aug. Building Permits MoM, est. -1.8%, prior 2.6%, revised 2.3% 8:30am: Aug. Housing Starts MoM, est. 1.0%, prior -7.0% 8:30am: Aug. Building Permits, est. 1.6m, prior 1.64m, revised 1.63m 8:30am: Aug. Housing Starts, est. 1.55m, prior 1.53m 8:30am: 2Q Current Account Balance, est. -$190.8b, prior -$195.7b DB's Jim Reid concludes the overnight wrap Global markets slumped across the board yesterday in what was one of the worst days of the year as an array of concerns about the outlook gathered pace. The crisis at Evergrande and in the Chinese real estate sector was the catalyst most people were talking about, but truth be told, the market rout we’re seeing is reflecting a wider set of risks than just Chinese property, and comes after increasing questions have been asked about whether current valuations could still be justified, with talk of a potential correction picking up. Remember that 68% of respondents to my survey last week (link here) thought they’d be at least a 5% correction in equity markets before year end. So this has been front and centre of people’s mind even if the catalyst hasn’t been clear. We’ve all known about Evergrande’s woes and how big it was for a while but it wasn’t until Friday’s story of the Chinese regulatory crackdown extending into property that crystallised the story into having wider implications. As I noted in my chart of the day yesterday link here Chinese USD HY had been widening aggressively over the last couple of months but IG has been pretty rock solid. There were still no domestic signs of contagion by close of business Friday. However as it stands, there will likely be by the reopening post holidays tomorrow which reflects how quickly the story has evolved even without much new news. Before we get to the latest on this, note that we’ve still got a bumper couple of weeks on the calendar to get through, including the Fed decision tomorrow, which comes just as a potential government shutdown and debt ceiling fight are coming into view, alongside big debates on how much spending the Democrats will actually manage to pass. There has been some respite overnight with S&P 500 futures +0.58% higher and 10y UST yields up +1.5bps to 1.327%. Crude oil prices are also up c. 1%. On Evergrande, S&P Global Ratings has said that the company is on the brink of default and that it’s failure is unlikely to result in a scenario where China will be compelled to step in. The report added that they see China stepping in only if “there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy.” The Hang Seng (-0.32%) is lower but the Hang Seng Properties index is up (+1.59%) and bouncing off the 5 plus year lows it hit yesterday. Elsewhere the ASX (+0.30%) and India’s Nifty (+0.35%) have also advanced. Chinese and South Korean markets are closed for a holiday but the Nikkei has reopened and is -1.80% and catching down to yesterday’s global move. Looking at yesterday’s moves in more depth, the gathering storm clouds saw the S&P 500 shed -1.70% in its worst day since May 12, with cyclical industries leading the declines and with just 10% of S&P 500 index members gaining. There was a late rally at the end of the US trading session that saw equity indices bounce off their lows, with the S&P 500 (-2.87%) and NASDAQ (-3.42%) both looking like they were going to register their worst days since October 2020 and late-February 2021 respectively. However, yesterday was still the 5th worst day for the S&P 500 in 2021. Reflecting the risk-off tone, small caps suffered in particular with the Russell 2000 falling -2.44%, whilst tech stocks were another underperformer as the NASDAQ lost -2.19% and the FANG+ index of 10 megacap tech firms saw an even bigger -3.16% decline. For Europe it was much the same story, with the STOXX 600 (-1.67%) and other bourses including the DAX (-2.31%) seeing significant losses amidst the cyclical underperformance. It was the STOXX 600’s worst performance since mid-July and the 6th worst day of the year overall. Unsurprisingly, there was also a significant spike in volatility, with the VIX index climbing +4.9pts to 25.7 – its highest closing level since mid-May – after trading above 28.0pts midday. In line with the broader risk-off move, especially sovereign bonds rallied strongly as investors downgraded their assessment of the economic outlook and moved to price out the chances of near-term rate hikes. By the close of trade, yields on 10yr Treasuries had fallen -5.1bps to 1.311%, with lower inflation breakevens (-4.1bps) leading the bulk of the declines. Meanwhile in Europe, yields on 10yr bunds (-4.0bps), OATs (-2.6bps) and BTPs (-0.9bps) similarly fell back, although there was a widening in spreads between core and periphery as investors turned more cautious. Elsewhere, commodities took a hit as concerns grew about the economic outlook, with Bloomberg’s Commodity Spot Index (-1.53%) losing ground for a third consecutive session. That said, European natural gas prices (+15.69%) were the massive exception once again, with the latest surge taking them above the peak from last Wednesday, and thus bringing the price gains since the start of August to +84.80%. Here in the UK, Business Secretary Kwarteng said that he didn’t expect an emergency regarding the energy supply, but also said that the government wouldn’t bail out failed companies. Meanwhile, EU transport and energy ministers are set to meet from tomorrow for an informal meeting, at which the massive spike in prices are likely to be discussed. Overnight, we have the first projections of the Canadian federal election with CBC News projecting that the Liberals will win enough seats to form a government for the third time albeit likely a minority government. With the counting still underway, Liberals are currently projected to win 156 seats while Conservatives are projected to win 120 seats. Both the parties are currently projected to win a seat less than last time. The Canadian dollar is up +0.44% overnight as the results remove some election uncertainty. Turning to the pandemic, the main news yesterday was that the US is set to relax its travel rules for foreign arrivals. President Biden announced the move yesterday, mandating that all adult visitors show proof of vaccination before entering the country. Airline stocks outperformed strongly in response, with the S&P 500 airlines (+1.55%) being one of the few industry groups that actually advanced yesterday. Otherwise, we heard from Pfizer and BioNTech that their vaccine trials on 5-11 year olds had successfully produced an antibody response among that age group. The dose was just a third of that used in those aged 12 and above, and they said they planned to share the data with regulators “as soon as possible”. Furthermore, they said that trials for the younger cohorts (2-5 and 6m-2) are expected as soon as Q4. In Germany, there are just 5 days left until the election now, and the last Insa poll before the vote showed a slight tightening in the race, with the centre-left SPD down a point to 25%, whilst the CDU/CSU bloc were up 1.5 points to 22%. Noticeably, that would also put the race back within the +/- 2.5% margin of error. The Greens were unchanged in third place on 15%. Staying with politics and shifting back to the US, there was news last night that Congressional Democratic leaders are looking to tie the suspension of the US debt ceiling vote to the spending bill that is due by the end of this month. If the spending bill is not enacted it would trigger a government shutdown, and if the debt ceiling is not raised it would cause defaults on federal payments as soon as October. Senate Majority Leader Schumer said the House will pass a spending bill that will fund the government through December 3rd and that the “legislation to avoid a government shutdown will also include a suspension of the debt limit through December 2022.” Republicans may balk at the second measure, given that it would take the issue off the table until after the 2022 midterm elections in November of that year. There wasn’t a great deal of data out yesterday, though German producer price inflation rose to +12.0% in August (vs. +11.1% expected), marking the fastest pace since December 1974. Separately in the US, the NAHB’s housing market index unexpectedly rose to 76 in September (vs. 75 expected), the first monthly increase since April. To the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD will be publishing their Interim Economic Outlook. Tyler Durden Tue, 09/21/2021 - 07:45.....»»

Category: blogSource: zerohedgeSep 21st, 2021

FC Cincinnati coach resigns

FC Cincinnati coach Ron Jans has resigned amid an investigation into his alleged use of racial slurs. Jans resigned as head coach of the Major League Soccer team Monday evening, FC Cincinnati said this morning. His resignation comes less than two we.....»»

Category: topSource: bizjournalsFeb 18th, 2020

Argentina Treasury minister resigns, says "significant renewal" needed amid economic crisis

Argentina´s Treasury Minister Nicolas Dujovne has resigned, saying in a letter seen by Reuters on Saturday he believed the government needed “significant renewal” in its economic team amid a crisis which saw the peso plunge this week......»»

Category: topSource: reutersAug 17th, 2019

GoTriangle head Mann resigns for "other opportunities"

Three months after GoTriangle nixed its long-planned Durham Orange Light Rail Transit Project, its general manager, Jeff Mann, has announced he’s leaving the agency. The news was disclosed Wedneday to the GoTriangle team, via a memo from chairwo.....»»

Category: topSource: bizjournalsJun 26th, 2019

Plunge-Protectors Rescue Stocks & The Dollar; Bonds & Bullion Not Buying It

After The Fed folded in the most aggressively dovish manner ever, the dollar and stocks rebounded heroically today - as if nothing had happened - while Treasury yields shrugged off the plunge protection team's plans and reflected Powell's cl.....»»

Category: blogSource: zerohedgeMar 21st, 2019

Hawks join crowded field of NBA teams searching for new head coach

The Atlanta Hawks have joined a crowded group on the NBA's coaching carousel. The Hawks Basketball Club and Mike Budenholzer mutually agreed to part ways, the team announced late Wednesday. Budenholzer, the 2014-15 NBA Coach of the Year, led Atlan.....»»

Category: topSource: bizjournalsApr 26th, 2018

Top student loan watchdog resigns over Trump administration policies - Washington Post

Washington PostTop student loan watchdog resigns over Trump administration policiesWashington PostThe consumer protection official charged with safeguarding student borrowers is resigning in protest of the Trump administration, claiming it is.....»»

Category: topSource: googlenewsAug 27th, 2018