E Multiple Bits Of Bad News

The markets today were reacting to multiple bits of bad news and Santander SAN fell over 2.5%. The estimate for Astra-Zeneca AZN was chopped by one analyst and fell a 4th time. Gold-miner Kirkland Lake failed to show that it is being bid for and KL lost 8.25% up north, much more than the drop in the gold price. Quebec Province pension plan is selling all its oil stocks. China's newest jet, the C919, failed its certification test. Norwegian Hoegh LNG supplier HMLP is said to be close to bankruptcy. Iron ore is in glut because of Chinese factory shutdowns. UK dollar investment fund AY lost 0.63%.

Here in the US Case-Shiller home prices rose 20% in the last 12 months. Republican debt ceiling brinkmanship boosted yields way over what stocks can pay, with info-tech the big loser. Microsoft MSFT is down 2.53% at the opening. Google GOOGL fell 3.3%.

Numbers on Monitor

Image Source: Pexels

Mercado Libre, MELI, lost another 4.6%, our worst performer. The Fed has not ruled out a taper policy, for all the talk. My former Senate staff colleague Steve Bryen writes in Asia Times that unless we buy Israeli Iron Dome or Arrow III missile defense systems we are vulnerable to attack from North Korea, China, Russia, or Iran. Gold is down and gold mines like Kirkland Lake are down more.

Today I am playing Pollyanna to tell you all about the good news buried in the gloom.

Starting with Japan, Eisai and its US partner Biogen Idec are using a rolling submission for their new Alzheimer's disease drug to avoid accusations of favoritism. ESALY.

A protein that protects viruses from the immune system was targeted by an amyloid beta-blocker of protofibril, remdesivir which doesn't only work against covid-19. It can become a preventive med against many viruses. Mitsubishi UFJ MUFG and Sumitomo Mitsui SMFG both gained overnight.

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William K. 2 weeks ago Member's comment

Bad news and Good news and rather interesting news as well.

SO WHY DOESN'T THE FED SIMPLY stop buying all of thse fake shares, backed by mortgages? Just one day, POW, cold turkey and no more and then see what happens. Idle threats cause discomfort and panic, how much worse can the real thing be?? And possibly not?

And now they admit that inflation has sort of got away and grown more than intended.