E Unheeding Markets

The next Mexican finance minister Rogelio Ramirez de la O is a Cambridge-trained economist whom I know personally. He will replace the incumbent who will run the Central Bank starting next month. I think de la O is sound but he was opposed to the previous Mexico rulers from concern about the overall citizenry, not just oligarchs, no more leftist than Biden and less so than AMLO.

Our SEC under Gary Gensler will examine stock markets for abuses, looking into payment for order flow; best execution claims; and national bid and offer pricing. I have some grievances myself over the lack of normal prices for pink sheet traded Mexican stock Orbia Advance Corp SAB de CV, using the ticker of its former name, MXCHF. The current quote is $3.50 bid, $22.45 ask which TD Ameritrade-Schwab says is set by a robot.

Photo by Annie Spratt on Unsplash

Renishaw plc, a UK-listed metrology firm we own thanks to Martin Ferera, trades on the pink sheets at $71.78 bid, $80.39 ask. RNSHF is not even Latina. It rose 19.08% in London to the equivalent of $91.51 according to my broker. Metrology is used to get exact fit on airplane and precision equipment.

The People's Republic of China has arrested 1100 people suspected of using cryptocurrency for money laundering

Markets today are excessively unheeding of new inflation data, hitting records despite US inflation levels not seen since 2008. Pink sheet Mexican stocks are not in demand with the rest.

Today oil prices against rose over $70. Trefis forecast that flat-rolled US steel prices will jump from $812 (now) to over $1080 by the end of this year. Corn futures are settling at the highest level in nearly a month as the Agriculture Dept says stockpiles are falling. US meat prices will have to rise to cover the Brazilian ransom payment. Crypto-currencies are not immune to investigation in countries like the US or China, to protect against money laundering, terrorism financing, and for consumer protection. But in Brazil, where even the heads of state collect illicit money, crypto is secure.

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