E American Depositary Receipts

This is always our key subject but it is in focus today.

If someone asks me what the stock market will do next, I will give the classic answer: “It will fluctuate”. The combination of high risks of real and trade wars, political upheaval, and monetary changes has made my forecasting system unstable. The fact that the stock markets long rise has taken it into uncharted territory makes it likely that there will be a reversal, just so things get back to normal. But earlier tries at chopping the market, in December and May, ultimately did not take. That is an anomaly but doesn't mean a future chop will not take. Today the US market is downtrending as a follow-up to late lower prices yesterday, lower housing price gains, and a low report on consumer confidence.

I am in contact with the Financial Times editors to try to teach them how to distinguish between an ADR which trades actively on the London Stock Exchange and one which trades only on Thursdays if there is a full moon. The pink paper's hacks keep publishing notes like the one I heralded for paid subscribers yesterday, saying it had rise 12.95%.. I keep getting notifications of huge moves by one of our shares which are not the result of changes in the real stock price but only a mark of how intermittently they trade in London.

The medical devices firm Smith & Nephew pondered creating an ADR listing in order to pay their new CEO Narnal Nawana a higher salary than would have been tolerated by UK shareholders

Today Chinese markets were hurt by a contempt ruling against 3 Hong Kong banks which failed to respond to subpoenas over charges they had violated sanctions against North Korea by helping a local company launder money. This is almost certainly a coincidence but Chinese pundits believe it is being used to put pressure on Xi Jinping before his meeting with Pres. Trumpet. China-linked Hong Kong bank stock plummeted on fear they would lose access to the US dollar system which includes the HK$ which is linked to ours.

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