E Two Rate Hikes In 2023

Another day, another blog. I have hopes that this time my system will not crash and force me to start all over again. The real problem is that my writing program is no longer saving what I have written, trying to force me to use Microsoft. While I own its shares I don't like its pushing its products online.

What yesterday's late blog omitted because I was running out of time was the excellent showing of our Japanese stock holdings. We have a modest number of shares traded in Tokyo, in part because our reporter there, an American, is very cautious. Despite this, no fewer than 4 of our holdings gained substantially on Tuesday.

This afternoon our Fed chief Jerome Powell predicted there will be 2 interest rate hikes in 2023, faster than before when the hikes were only coming in 2024. The news hit US stocks, gold, and bitcoin hard.

Putin and Biden have decided to again tackle nuclear cuts and also agreed to exchange ambassadors.

Equity, Fairness Equitable, Letters, Scrabble, Equal

Image Source: Pixabay

Japan

*Now here is the good news for the paying contingent. The Japanese winners Tuesday (in local currency) were: Eisai, ESALY, which gained 700 yen to 11405; Fanuc, the game pick by Abhimanyu Sisodia who overruled Chris Loew, FANUY, up 1120 yen to 27165; Takeda, TAK, another pharma play, up 63 yen to 3800; and Mitsubishi UFG Finance, MSBHF, up 4.1 yen to 608.8. Moreover they are up again today in dollars here: ESALY up 1.7% to $102.19lost 1.22%; FANUY up 0.41% to $24.93; and MSBHF up 0.47%. However, the easiest stock to track in our list is down, TAK, down 0.35%. These moves reflect worries about the greenback as well as company outlook.

Brazil

*We escaped a bit of bad Brazilian behavior by selling our former holding in VALE over the initial failure to pay compensation for victims of its tailings dam breaks in Sanmarco, its joint venture with BHP of Australia. The two owners now propose to pay the fines subsequently imposed by the government by raising reais 1.2 bn (about $238 mn) with a debtor in possession deal which is opposed by the other 80% shareholders in Sanmarco. It will pay interest at 9.5%. Vale stock lost 2.52% today and BHP lost 0.33%. This kind of operation is tolerated in Brazil but not in the real world. The two owners already restructured 50 bn reais in debt earlier this month by creating preferred shares in lieu of cash payout.

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