E Markets Are Spooked

Today I managed to lock myself out of my laptop which is why this blog is very late. Talk about stupid. I am still being barraged by documentation from the NY State Dept of Labor about a claim I never filed for unemployment insurance. I think the crook who stole my wallet in late Nov. is trying to get something from the government with social security card without a number (the current model) but the thing only works for me. So I am being asked to declare that I lost my job during 2020 which never happened. It was not a profitable year for my company, of course, what with the lockdown and the idiotic destruction of all my data by the Bluehost web hosting site. But I worked even if I did not have the means to pay myself, as I own the company.

Today is the 100th anniversary of the first Bat-Mitzvah celebration, by Judith Kaplan, daughter of Reconstructionist Rabbi Mordechai Kaplan. My daughter-in-law's grandmother Gertude was one of the attendees, she told me years later when they both attended a service before the marriage of our son and her granddaughter. Reconstructionists are the smallest group of Jewish congregations in America.

Today markets are spooked by the rising 10-year treasury interest rate by 11 basis points to 1.75%, its highest level since pre-covid-19 Jan. 2020. The 30-year note now pays out over 2.5%. Higher yields mean bonds are cheaper and crowd out stock purchases. The Fed also lowered its forecast for unemployment this year to 4.5%, vs 6.2% in Feb. Yet the number of new filed jobless claims last week was 770,000, 10% over the forecast. The threat is stagflation, the worst of all possible outcomes. This is a problem not for foreign bourses but for ours.

Business newspaper article

image source

Much news today because I am so late with my blog starting only in the afternoon.

*Nokia forecast that it would have net sales of euros 20.6-21.8 bn in the full year '21 and grow faster than the market overall in 2023. Its operating margins this year will be 7-10% and in 2 years 10-13%. Return on invested capital will be 10-15% this year and 15-20% in 2023. It also may resume its dividend this year depending on results, said CEO Pekka Lundmark. NOK fell 5.5% on this forecast which of course is unenforceable. Its share is one of the rare foreign ones in the on further unwinding of the silly stocks. It is the only ADR that was affected by on-line crowd followers.

*Azure Power Global of Mauritius, which sells to India, produced a slide show for investors on Mar. 1 posted on Seekingalpha.com today but not accessible without a subscription. India's renewable energy is growing like a topsy along with power demand. It is the 2nd largest solar energy supplier in India and its compound annual growth rate is phenomenal. But the promo did no good as the stock only briefly hit yesterday's high of $30.34 and fell to $29.11 at 2 pm. AZRE.

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William K. 4 weeks ago Member's comment

Always interesting, VL.