E A Wild Day

*NIO crashed another 13.5% today as higher interest rates will cut car-buying. China's high forecasts for growth are not helping, because competitors will be welcomed to meet the target. It was tracking Nicola which was downgraded to neutral by JP Morgan analysts.

*Copper and aluminum prices continue upward. Platinum is lower, however.

Telcos

*The British budget offers temporary tax breaks for investments in telcos, aimed at helping British Telecom. However in fact other stocks are also buoyant: Nokia, BCE, Veolia, Vodafone—but not ERICEricsson of Sweden, I know not why.

Finance

*Banco Santander rose 2.69% today in Madrid. It opened at $3.64 and is still in the black by 1.28% now at $3.57. SAN.

*Scotiabank gained 1.53% at the opening today. BNS is Canadian.

*CBOE which is crafting an ETF to invest in bitcoins is up 6.6%.

*Trans-Siberian Gold plc has reopened its Asacha mine in the Russian Far East after a shutdown for Coronavirus. We own it via a family member's account in London as its ADR ended.

*Sumitomo is up 0.7%, SMFG. Mitsubishi is up 1.9%, MSBHF.

Funds

*SPDR Gold, GLD, is up 0.38% at $159.5 per 1/10 ounce because it never pays interest.

*Closed-end Taiwan Fund which is nearly 20% invested in Taiwan Semiconductor, the beneficiary of the shortages, fell sharply lower to $27.6 today, over 20% below its last reported net asset value. TWN.

*Cameron Brandt from Cambridge MA reports in EPFR Global that European funds saw investors exiting because of uncertainty over inoculation, yield confusion, and the US stimulus package, leading to more inflows to global and ESG funds instead. This was the longest Europe outflow since EPFR tracking began in 2007.

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William K. 2 months ago Member's comment

Intteresting and informative as always, V.L. And it seems that the news is rather encouraging as well. Thanks for the good article.