Today US markets are volatile over hopes and fears for the stimulus deal. It will not happen if Mitch McConnell decides not to support it.

Let's be more holy than the Pope. Today Pope Francis, long tolerant of homosexuality, broke with the Catholic Church he heads by supporting civil unions for same-sex couples. This came in a documentary the Pontiff made, shown for the first time in Rome today. What will Justice Amy Coney do?

I have been criticized for our ownership of Chinese shares, and for the record, we only own those which provide standard acceptable accounts. I am not an enforcer of civil rights for Uighars or Thais or Turks or Russians or Saudis. I only worry about repression in countries where it is not an accepted part of the system, like the USA or Israel, or France. I have two close relatives who are remittance men (living off their families in Britain) with Thai wives. I, therefore, leave it to them to decide whether or not they will stay there as the crackdown gets going. But I am not accepting contributions from a resident non-Thai expert on Thai stock markets until the dust clears, and we have no positions there.

As for China, we no longer directly own Tencent, and we only own shares listed outside the People's Republic and avoid any internet stocks linked to repression there. We own TCEHY via Naspers NPSNY and Prosus PROSY conglomerates of South Africa and The Netherlands. Our China stocks are ones that now trade in Hong Kong, or the NYSE or Nasdaq, report normally, and are not linked to repressive businesses.

With the Yuan at a new high against the US dollar (which also fell against the Canadian loony and the Pound Sterling), I cannot simply ignore giant China because I disapprove of the Chairman. It is a compromise. More on what this means below:

Drugs

*Today Nasdaq-listed drug company BeiGene Ltd BGNE, incorporated in the Cayman Islands, sent a proxy form for voting on an increase in the shares owned by US drug-maker Amgen to keep its stake in the company at 20.6% by purchasing more shares after any further capital increase or incentive share grants to key BGNE executives. Only Amgen, which supplies drugs for BeiGene to distribute in China is affect by this proposal. Other major shareholders in BGNE include those which helped found BeiGene: Baker Brothers Advisors, Gaoling-Hillhouse Partners, Capital Group, and the Johnson family which controls Fidelity Funds. Two key execs who have founder rights plus incentive ones will also not be able to add to their holdings under the proposal: John V. Oyler and Dr. Wang Xiaodong.

BeiGene got a waiver to allow the eventual new issue of new ADRs equal to 13 Hong Kong shares. Lawyers Anglo-Chinese Corporate Finance backed the proposed change based on precedents. Most rights allowed discounts or premiums for new purchases, not be the case here. I plan to vote Aye. Having US major shareholders is a plus for ADRs. Amgen got into BeiGene to distribute its Brukinsa (Zanubrutinib) cancer drug outside China. BeiGene now has another oncology line from Amgen, Celgene Logistics (a sub of Bristol-Myers, BMY, which I own) and EUSA Pharma, a UK-listed MSCI exchange-traded fund (ETF) conducting Italian clinical trials for Siltuximab, Sylvant, an antibody which neutralizes interleukin-6 Cytokine against Covid-19 acute respiratory distress syndrome from cytokine storms plus other inflammations. BeiGene has China rights to Sylvant. Its stock gained.

*Teva rose 4.4% in Israel and Europe today after it signed a deal on Digihaler with the digital health platform of Amazon and Rackspace sub Orica. This uses wireless bluetooth to connect wirelessly with the cloud. TEVA was also helped by privately owned Purdue pleading guilty to 3 criminal charges over its Oxycontin drug sales, kickbacks and fraud beyond anything Teva did. They were fined $8.34 bn.

*Bonus US stock Thermo Electron, make of testing systems, beat with EPS of $5.63 (vs consensus $4.31). It was rated 1 by Value Line for US investors and given a $488.60 target price. It is my largest holding in this sector. It rose a tiny bit in today's trading to $466.98 but now is down nearer its TP. I am not selling because I have owned it 50 years thanks to the late Dean Witter's late David Karrick.

*Astra-Zeneca AZN is expected to resume its US corona vaccine trials in the US this week. AXN recipients of its drug developed dangerous symptoms as later also hit other trials.

*Bristol-Myers BMY fell 0.65% today on matters not relating to BeiGene, mounting competition on cancer immunotherapy, including a drug for leukemia by AZN.

*Glaxo GSK fell 1.2% over worries about new coronavirus risks in Britain.

*Canadian Zymeworks recommended by Martin Ferera fell 3.72%. ZYME is an option trade victim.

*Dr Reddy's of India fell 1.5% here on worries about the country's covid-19 risks. It was tipped by Abhimanyu Sisodia and has gained ~75% for us. RDY reports a week from today on its Q2.

*Compugen dropped another 3.1% today, over worries about Israeli politics post-Trump. CGEN.

Tech & Tel

*Verizon VZ, on which I put a reduce rating on yesterday fell 0.7% today after it said it would cut past due customers in Q4. It met but did not beat consensus for Q3. It has fallen every day in the past week.

*A telco exception is MultiChoice MCHOY, offering services and funding in African countries. It gained 2.8% today in a market with few gains. Its part-owner South African Naspers rose 5.5% today., a rare riser.

*After Sweden opted to ban Huawei 5G for its networks, its home play Ericsson surged 11.14% to a year's high. ERIC, or Telefonaktiebolaget LM Ericsson at some brokers. (I gave the full name not to show off, but because a reader told me he cannot find the share.) Nokia NOK of Finland rose 2.14% on a deal done there.

*Canada's virtual pilot trainer firm CAE gained ~30%. It is a play on airlines.

*Israeli owned chip-maker Tower (TSEM) also rose ~30%.

*Most phone firms saw heavy selling here: BCE off 0.5%; Vodafone VOD down 1.2%

*Mercado Libre MELI saw a 21% rise in short selling in the past month, a dangerous risk. Don't sell short.

Energy and mines

*NIO of China is another short squeeze victim this month with a 38% rise in short sales, assuming Trump will pull off a win (and hurt China.) Beware says Citron Research, a famed short-seller there.

*Schlumberger Ltd beat a minimal forecast of restated earnings at 16¢ by 3¢ but sales were down to $526 bn, off $114 mn from forecast. SLB overpaid for US presence which will unroll slowly. It fell 2.5%. More from the presentation and conference call tomorrow.

*3% lower oil prices took down not just our BP and Shell shares but also alternative fuel outfits like Canadian Solar (CSIQ), Azure Power (AZRE), Ormat (bonus stock ORA). The recovery of oil prices will not end until planes are back in the sky. Living near the East River we are now used to silence. Jim Cramer today tipped First Solar as a Biden play, FSLR, plus Tesla, which reports after the close today.

*However Canada's Algonquin Power gained 1%. AQN sites straddle the border and the loony is up.

*Canada nuclear fuel miner Cameco CCJ did a new $400 mn bond issue which cuts its interest costs for the ones coming due in 2022 and 2027. US investors learn about his after the fact, protected by the SEC.

*Chile's copper miner Antofagasta ANFGF rose 2.25%. Its ADR is based in Britain where sterling rose.

Finance

*Hang Seng Bank of Hong Kong, which runs the index there, is up 1.8%. HSNGF is owned by HSBC.

*Banco Santander traded flat for a change. SAN is up sharply this week.

*DCMYY of Japan which is being taken over by its parent gained 0.75% today.

*SPDR Gold GLD is a rare winner today as the election approaches. Kirkland Lake (KL) fell a bit.

*Buffett plays Sumitomo Mitsui (SMFG) a winner, and Mitsubishi (MSBHF), a loser, were traded more heavily than usual today.

*State Street Bank, STT, which I own share in, fell after insiders sold heavily today. It manages back offices for funds with ADRs, among other businesses.

*Nasdaq shares beat on both sales and earnings, by 7¢ (to $1.53). We own it via Investor AB of Sweden.

*Bank of Nova Scotia is up with the loony although BNS makes most of its money outside Canada.