Freezing or frying... may no longer be a choice, with 'both' active and ongoing. I'm talking climate change at the end of COP 28, where an international team of more than 200 researchers identified 26 natural processes or features 'at risk' of being suddenly 'irreversibly' disrupted by climate change, including ice sheets, tropical rainforests, mountain glaciers, ocean currents and coral reefs.

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They found that the mass death of warm-water coral reefs is likely at current levels of warming (1.2C), while four other processes, collapse of Greenland and West Antarctic ice sheets, disruption of the North Atlantic subpolar gyre circulation and abrupt thawing of permafrost regions, are considered possible.

That the summary I read, which means it may already be too late. Having just reviewed sky high insurance coverage costs (with rising deductibles too) here in Florida, it's clear the carriers are reticent, or rapidly disappearing. Given the health aspect everywhere changing, there's no doubt it's not only Florida that has a concern. Anyway nothing much in markets today, so might as well note the world situation, as Congress moves to 'block' EV mandates, Oil industries either embrace the future or deny it (they're squabbling), and all this will effect many areas of investment as time evolves. EV's are not the primary aspect, it might be construction away from coastal or river flood zones, and techniques that address it all. 

Market X-Ray: 

No meaningful changes, JOLTS data sent yields lower, and Moody's lowered China's rating, that's about it.

Slight upward ongoing repo pressure may reflect increasingly limited amounts of excess cash in the system and raise the risks of an early end to Fed QT. If so that means you might be seeing hints of not just a Fed 'standing pat', but a rate-cut cycle or even QE before we get to next Summer. Ah ha...pre election.

Days ago I highlighted the 'then-coming' vote in Venezuela (obviously Maduro stacked it in his favor) for authorization to basically invade Guyana... for Oil. Climate change or not, Oil remains very important in terms of geopolitical pressures by those who have it to get some.

I just wanted to mention it because Venezuela is moving more troops near the Border, and Brazil has moved an Armored Cavalry Division to its border with the two of them to the North... Next the Pentagon is sending a US delegation to the region, and we'll see if (for-instance) there is some Navy protection for Exxon-Mobile activities in Guyana or even for Chevron working in Venezuela.

Bottom-line: 

Continuation pattern of the process described for weeks likely in the first half of December.

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