E Wednesday News And Catch-Up

It looks like whatever caused Tuesday's internet crash has been resolved and I have piles of mail from yesterday. I have piles of news to report.

Today the benchmark US oil price, WTI, hit over $72/bbl. Among the reasons was a huge increase in US oil exports in May, up 24% sequentially from April levels at 3.24 mn bbls/day. Last year the level was 3.08 mn bbls/d. Also boosting the oil price was a 2.1 mn drop last week in the stockpile.

Furthermore, the delayed Job Openings data for April showed 9.2 million job openings. During the last recovery of 2001-7, the number of job openings never rose over 5 mn. By 2010 they fell to 3 mn and remained there for 5 years!

Business newspaper article

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Between higher hire offers, oil price rises, and upwardly mobile meat prices, there is plenty of evidence that inflation is the next scourge that will hit us. However today copper prices did fall back0.58% to $2.65/lb.

The Biden Administration, making nice to China, lifted the Trump bans on TikTok and WeChat (part of Tencent) but will supervise any abuse. TCEHY fell 0.34% today to $77.36 on the news. The next Chinese-Cayman Islands IPO coming is Ding Dong Maicai, a grocery chain, which aims to raise $5.1 bn. The name is easy for non-Chinese as is the ticker symbol, DDL.

Today the US market resumed its attempt to hit a new record for the S&P 500 and Q, but not the DJIA.

Drug dealers

*The level of new covid-19 infections and deaths started rising again thanks to the “delta” variant, formally the Indian one, has broken out in the USA. It is more transmissible than earlier variants, but it is not certain that it is more deadly. The death toll hit 373 yesterday and 253 Monday, both up from prior weeks. The wire services now warn that the Biden Administration July 4th target of 70% inoculation is becoming unlikely following comments by Dr. Anthony Fauci admitting that the target will probably be missed. Our hope to hop the pond to Britain has again been delayed because of new UK quarantine rules.

*Glaxo today reported on the 2020 immunizations against Covid-19 and other diseases including flu, meningitis, human papillomavirus, pneumonia, DPT (diftheria, tetanus, whooping cough), and hepatitis A based on a claims analysis by Avatere Health. It showed that adults failed to get 17.2 mn doses of jabs prescribed for them, while teens missed 8.8 mn. The levels were significantly higher than those for 2019. The failure to get inoculated took off starting in lat October from earlier highs last year. These vaccines can be given alongside Covid-19 jabs, so the boycott of the latter caused the drop in others. The other diseases also flourish if there is no crowd immunity. GSK is preaching from its own hymnal as its Covid-19 drug has not won market share. It has an antibody treatment for the coronavirus developed with Vir Biotech. GSK stock gained 1.7% today.

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William K. 3 days ago Member's comment

I am always impressed at the broad spectrum reported by V.L.