E Crazy Thursday

Former Mayor Rudy Giuliani may no longer practice law in my state because of his support for Trump's claims that the election was rigged.

Today the US stock market went ballistic probably because of a higher joblessness level than expected, 411,000 new applicants while the forecast was for only 300,000. More unemployed people means more stimulus for longer, despite the risks of inflation. It also liked the Biden compromise.

Mexico's central bank raised interest rates by 25 basis points today to 4.25% in an effort to block inflationary pressures which amounted to 6.02% annualized in early June. 

This is the first rise since the start of the covid crisis and the peso's current exchange rate rose 2.4%. The rate for the 2-year peso gained 0.50% to 6.19%, Mexico has suffered worse falls in its economy than the other parts of North America, of 8.2% drops, and has addressed them with stimulus measures. I think this is a precautionary move by the Bank of Mexico and that it will be the only one unless there is more inflation ahead. 

Drug news was good. The FDA approved another Alzheimer's disease drug with a breakthrough designation for domanemab, from Eli Lilly, LLY, which also attacks beta-amyloid in the brains of older folks. LLY shares rose 8%. BIIB lost 8%. Later Bristol-Myers announced it will exercise its option to buy Prothena's Alzheimer's drug. I own BMY which is a US share, not covered by Global-investing.com. Merck tossed 1.3%.

Business newspaper article

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The other drug news was that Britain's Oxford University covid-19 investigators determined the antibody levels need to prevent symptomatic covid-19. Knowing this will boost use of antibodies to stop the virus from spreading, alongside or in place of vaccines.

The inflation risk growth led to a boost in the price of gold, up 1.5% at the start of trading. The news about rivals chopped the stock price of Biogen Inc, BIIB, but is good for Medicare which risked being bankrupted by BIIB pricing.

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Today I stupidly tried to figure out why I am being offered new Amazon cards when I already have two. Never start trying to figure out amazon because the process is designed to make you insane, ...

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