Last week, the Centers for Disease Control and Prevention decided to, out of the blue, generously bestow upon Americans their official blessing to stop wearing masks in most settings, if, that is, said Americans have been fully vaccinated.
So, what changed? Well, absolutely nothing, really. Other than maybe devastating gas prices and shortages across the country — I’m sure that’s totally just a coincidence though.
The change was rather inconvenient for President Joe Biden, however, considering just a few months ago he declared it to be “Neanderthal thinking” for states like Texas and Mississippi to end their mask mandates.
When asked in March about those respective states’ governors and their choice to lift their mandates, Biden replied, “Look, I hope everybody’s realized by now, these masks make a difference. We are on the cusp of being able to fundamentally change the nature of this disease because of the way with which we’re able to get vaccines in people’s arms. We’ve been able to move that all the way up to the end of May to have enough for every American, to get every adult American to get a shot.”
“The last thing, the last thing we need is Neanderthal thinking that in the meantime, everything is fine, take off your masks, forget it. It still matters,” he added.
Well, it appears that not only has the CDC adopted this “Neanderthal thinking” for its inconsistently reliable COVID-19 guidelines, but one of the states Biden slammed back in March for supposedly prehistoric levels of stupidity seems to be doing just fine.
Better than fine, in fact.
On Sunday, Republican Texas Gov. Greg Abbott boasted his state reported absolutely zero COVID-related deaths for the first time since the early days of the pandemic, as well as several other impressive firsts that point to the elusive “return to normal” so many states have been chasing for well over a year.
Today Texas reported:
* 0 Covid related deaths–the only time that's happened since data was tracked in March, 2020.
“Today Texas reported: 0 Covid related deaths — the only time that’s happened since data was tracked in March, 2020, the fewest Covid cases in over 13 months, the lowest 7-day Covid positivity rate ever, the lowest Covid hospitalizations in 11 months,” the governor tweeted.
This was bound to happen. I’m sort of shocked it didn’t happen sooner, but here we are with the triggered left-wingers tossing around lawsuits like candy because they found something offensive. That thing was a phrase Donald Trump used to describe the coronavirus. It’s accurate. It’s not offensive, but that’s not the point. This is about the Left’s unhealthy and unhinged obsession with the former president. Even when he’s gone, he’s facing criminal investigations into his business dealings, but this one deals with two words: China virus. Yes, Trump is being sued because he said that (via the Hill):
Former President Trump has been sued by a civil rights group for calling COVID-19 the “China virus” last year.
The federal complaint by the Chinese Americans Civil Rights Coalition (CARC) alleges that Trump’s use of that phrase and similar terms harmed the Chinese American community.
[…]
Trump’s “extreme and outrageous conduct was carried out throughout the pandemic with reckless disregard of whether such conduct would cause Chinese Americans to suffer emotional distress,” the suit states.
Personnel for Joint Special Operations Command (JSOC), a secretive component of the United States military’s Special Operations Command, are being encouraged to attend virtual conferences on diversity, equity, and inclusion, among other topics considered beneficial for their “professional development,” according to two sources.
Emails obtained by Breitbart News and sent out from JSOC’s Civilian Training Office to JSOC personnel — both civilian and military — in April and May encouraged them to attend the virtual conferences, which would also be broadcast at their compound at Fort Bragg.
One email sent on May 20, 2021, reminded JSOC personnel that they had access to the conferences “at no cost (normally $500 a session per person).”
The email highlighted the three next upcoming conferences, which would be broadcast in a classroom for JSOC personnel — one on “Diversity, Equity and Inclusion”; another on “Change & Transformation”; and another on “Emotional Well-Being.”
The conference on Diversity, Equity and Inclusion, which started on Monday, included panels on:
— Inclusive Leadership for Building Equitable Organizations (featuring professional actors portraying workplace scenarios to “illustrate the responsibility of leaders to mitigate bias and address systemic disparities);
— Psychological Safety & Belonging (the description said: “where people feel free to express who they are, what they believe, and how they feel…”);
— Restorative Justice, Community Trauma, and The Partisan Divide (the description said: “The violent storming of the Capitol on January 6th was just the latest and most extreme example of the division that exists…”);
— Racism, White Supremacy and Anti-Racism (the description said: “Racism is not a new thing but it seems as if recently [it] has gone mainstream. From Meghan Markle on Oprah to the murder of Asian women in Atlanta…”).
The conference on Emotional Well-Being includes an event titled: “Black Emotional Lives Matter: Embedding Diversity and Inclusion in Your Approach to Employee Well-Being.” The description said, “You will hear about issues such as”:
• The impact of secondary trauma and the impact of events such as the murder of George Floyd • The emotional tax paid by Black employees as they navigate the biases of a white-centric society and have to adapt to fit in with white-dominated work cultures • The psychic pain caused by microaggressions • The emotional toll of exclusion
An earlier email sent April 13, 2021, by JSOC’s Civilian Training Office said:
Participating in professional development courses will expose you to new ideas and perspectives, perhaps some you hadn’t thought of before. A wealth of new knowledge can come from actively participating in professional development courses.
It added: “Add these opportunities to your [Individual Development Plan] and invest time in yourself. These opportunities will help you grow professionally over time and do count towards your continuous learning credit hours.”
The email included another forwarded email from the Pentagon’s Defense Civilian Personnel Advisory Service (DCPAS) that said, “DOD employees are being afforded an opportunity to attend an array of FREE virtual conferences sponsored by The Conference Board.”
The Conference Board is a global non-profit “business membership and research group organization” described as “a think tank that delivers trusted insights dealing with subjects impacting business and society.” “These insights,” the email said, “are for all grade levels and ranks.”
The DCPAS email added: “We encourage your participation in the attached virtual conferences.”
One source familiar with the emails told Breitbart News that special operations forces are “disappointed that this Marxist crap is impacting the command.”
The same homilies that made a local priest in a beaten-down part of western Wisconsin an international draw also attracted attacks from the city’s left-wing newspaper.
Internationally popular priest Fr. James Altman was asked to resign from St. James the Less Catholic Church in La Crosse, Wisconsin, Friday.
The priest, who was happily surprised (and noticeably bashful) to grow in national and international status among traditional Catholics over the past year, was asked to resign by Bishop of La Crosse William Callahan Friday, Altman announced at Sunday Mass. Although the letter hasn’t been released, Altman told the parish the charges were that he was ineffective and caused division in the Catholic Church — two charges that are contradicted by fundraising and attendance records set for the parish under the priest’s leadership.
Altman’s homilies have gone viral over the past year, beginning with a fiery broadside against the modern Democratic Party’s pro-abortion, pro-gay marriage, pro-transgender platform, but zeroing in on failures in Catholic Church leadership to teach the catechism, keep the faithful coming to church, police sexual sins and abusers in the clergy, positively affect the culture, maintain a moral influence on politics, and most recently, simply keep their doors open amidst COVID-19 panics and secular leaders’ demands that worship end or be severely curtailed.
“I don’t mind if people have different sets of beliefs, certainly in this country we are entitled to that via the Constitution,” Altman’s told The Federalist Radio Hour in an October 2020 interview, “but what I do mind is when someone lies about it. There are far too many laymen and clergy alike who present error in the message they are giving.”
The same homilies that made a local priest in a beaten-down part of western Wisconsin an international draw also attracted attacks from the city’s left-wing newspaper — and condemnation from his bishop.
“For the record,” Altman said in his Pentecost Sunday homily disclosing the letter and addressing its charges, “through my efforts at preaching the truth, somehow — very unintended — the truth has gone ‘viral’ over the past 11 months and people all over the globe, as far away as Borneo, [Italy] have written over 4,000 letters and cards — more than that in emails — all saying the same thing: ‘We’re starving out here.’”
In his Sunday homily, he announced he has retained a canon law attorney and intends to appeal the decision to the Vatican. In the meantime, he hopes to appoint a parish administrator to take charge of the parish while he remains “a pastor without duties until the appeal goes through Rome, which could take upwards of a year.”
Altman most recently angered the local paper (and the bishop) byopening the doors of his church wide on Easter Sunday, allegedly not enforcing mask mandates, and by criticizing secular leaders who tried to close churches, shut down society, and demand all Americans receive the novel, emergency COVID-19 vaccine. His preaching has been especially targeted at those Catholic clergy who have joined forces with the secular leaders and even closed their own churches in a time of disease and confusion.
‘Based on the safety data now, I can no longer recommend it.’
Dr. Peter McCullough, a prominent cardiologist, internist and professor of medicine who has testified to the U.S. Senate, has explained that he is not against vaccines, and many of his patients have been vaccinated for COVID-19.
But he said in a new interview this week that with increasing reports of adverse effects, it’s too risky for people who have a more than 99% survival rate to receive one of the experimental vaccines.
“Based on the safety data now, I can no longer recommend it,” he said in an interview with journalist and author John Leake.
“There are over 4,000 dead Americans, there are over 10,000 in Europe that die on days one, two and three after the vaccine,” said McCullough.
The figure for the United States comes from reports submitted to the Vaccine Adverse Event Reporting System, or VAERS. Between Dec. 14, 2020 and May 7, 2021, more than 190,000 adverse events were reported, with 4,057 deaths.
VAERS includes a disclaimer that says the reports “may contain information that is incomplete, inaccurate, coincidental, or unverifiable.”
But health care professionals who are concerned about the COVID shots point out the reports suggest the number of adverse events is exponentially higher than for previous vaccines. They point out that the Pfizer, Moderna and Johnson & Johnson shots are being administered under emergency use authorization by the FDA while they continue in trials expected to last another two and a half years, until Dec. 31, 2023.
“Why are we pushing this in a way where people’s jobs and education and livelihoods [rely] on a decision that could be potentially fatal?” McCullough asked.
He testified to the U.S. Senate last November against what he described as the federal government’s politicization of health care during the pandemic, curbing or blocking the availability of cheap, effective treatments for COVID-19 such as hydroxychloroquine and ivermectin.
In his interview with Leake, he said “the tension is high” as colleges and universities announce students who want to return to campus in the fall must be vaccinated.
“There are parents who say, ‘I want my kid to go to college this year, but I don’t want to lose ’em to the vaccine,'” McCullough said.
“They know what’s going on. The internet is full of these cases — blood clots, strokes, immediate death.”
McCullough has 600 peer-reviewed publications to his name. Many have appeared in top-tier journals such as the New England Journal of Medicine, Journal of the American Medical Association and The Lancet. He is the president of the Cardiorenal Society of America, the co-editor of Reviews in Cardiovascular Medicine and associate editor of the American Journal of Cardiology and Cardiorenal Medicine. He has led monitoring safety boards in major drug trials.
US equity futures rose on Wednesday, rebounding from a modest dip the day before as more central-bank officials joined the chorus predicting that inflationary pressures are transitory, while a recent dip in bond yields supported Nasdaq futures climb for a third straight session. At 7:15 a.m. ET, Dow e-minis were up 82 points, or 0.24%, S&P 500 e-minis were up 14 points, or 0.33%, and Nasdaq 100 e-minis were up 51.25 points, or 0.38%. Treasuries and the dollar were roughly flat, recovering from an earlier drop. Bitcoin soared back over $40,000, rising as much as 8.6%, before paring gains.
Among the notable premarket moves were retail trader favorites GameStop and AMC which surged in U.S. premarket trading, adding to Tuesday’s rally as investors touted the stocks on social media platforms including Twitter, Stocktwits and trader WallStreetBets. The gains will add to losses for short-sellers of the stocks who have already seen $6.8 billion in mark-to-market losses this year, according to S3 Partners. GameStop climbed 4.3% to $218.40, while AMC added 3.8% to $17.04 at 7:10am in New York.
Here are some other notable premarket movers:
Larimar Therapeutics slumps in premarket trading after the U.S. Food and Drug Administration placed a clinical hold on its CTI-1601 drug.
Nabriva Therapeutics jumps after the company, alongside Sinovant Sciences, said Tuesday that lefamulin was shown to be non-inferior to moxifloxacin.
Urban Outfitters jumped 9.3% after reporting 1Q results after market Tuesday that beat profit and sales estimates. Analysts see the apparel maker as a retail recovery play, with Jefferies saying the strong results will “bring bulls back,” while JPMorgan upgraded the retailer to neutral from underweight.
Oil heavyweight Exxon Mobil Corp gained 0.7% ahead of its first major boardroom contest where climate change is a central issue.
Crypto- exposed stocks like Riot Blockchain, Marathon Patent Group and Coinbase Global rose between 2% and 4.6% in premarket trading as bitcoin climbed back above $40,000 for the first time this week with other cryptocurrencies recovering some of the ground lost this month.
Nordstrom dropped 6% in thin trading after reporting a bigger-than-expected quarterly loss, hurt by price markdowns.
Futures rose after a downbeat Tuesday, where the S&P closed down 8 points, despite Fed vice chair Richard Clarida downplaying the effects of higher price pressures, voicing faith in the central bank’s ability to engineer a “soft landing” if prices continue to escalate beyond what is expected. All the same, Clarida’s comments reflect a shifting tone at the Fed. A month ago, Fed Chair Jerome Powell said it was “not yet” time to even contemplate discussion of policy tapering, but more recently policymakers have acknowledged they are closer to debating when to pull back some of their crisis support for the U.S. economy. This is why, as we noted overnight, the narrative on Wall Street is starting to shift, portraying the taper as a positive or bullish catalyst.
“The messages were not necessarily new but they reinforced the prevailing consensus still that the bulk of the surprise in April (CPI) can be traced to transitory elements,” said Stefan Hofer, chief investment strategist at LGT in Hong Kong. “The proof is in the pudding so to speak over the coming months, how much of the CPI increase is structural and how much of it is transitory. And the jury is I would say still out on that, but the Fed is sticking to its guns and markets seem to be by and large still comfortable with that.”
Fears of soaring inflation have weighed on Wall Street’s main indexes this month, with most analysts expecting a jump in borrowing costs in the short term as the economy reopens, even though a recent Chinese crackdown on commodity prices coupled with a plunge in China’s credit impulse suggests a deflationary wave is coming. Furthermore, central bankers around the globe are playing down the risk of rising prices. The question, as Bloomberg notes, is how long the Fed and other central banks can keep stimulative monetary policy in place if economic data continue to show price pressures.
“What we keep hearing from the Fed is that they’re going to take a very different approach to inflation this time around,” Kristina Hooper, Invesco chief global market strategist, said on Bloomberg TV. “The Fed is likely to let the punchbowl stay out a lot longer. The big fear about inflation is that the Fed would act.”
Europe’s Stoxx 600 Index erased earlier gains of as much as 0.4% as the rally lost steam after the region’s stocks approached record levels. Banks pulled the index lower with the banks subgroup index down 1.5%, after a report on Sweden’s lenders facing new tax. The travel & leisure subgroup index trim gains to 0.9%. Here are some of the biggest European movers today:
Marks & Spencer shares rose as much as 6.3% to highest intraday since March 2020. The U.K. retailer’s FY results showed continued improvement in its balance sheet as well as “constructive” comments for the year ahead, according to Morgan Stanley.
Softcat shares jumped as much as 6%, the most since March 24, after the IT services firm says it sees its full-year earnings ahead of expectations.
Norwegian Air shares rose as much as 31% as a restructuring proposal is expected to take effect after close of trading on the Oslo Stock Exchange on May 26.
Vectura Group shares gained as much as 34% to a price above the level of an agreed offer from Carlyle Group that values the U.K. drug maker at GBP958m. Stifel said the offer represents a fair premium to their price target.
Solutions 30 shares jumped as much as 26%, rebounding from a slump in the previous two sessions, after CEO Gianbeppi Fortis sought to reassure investors worried about pressures from short sellers and its auditor’s decision not to certify the company’s 2020 accounts.
Spire Healthcare shares rose as much as 29% after agreeing to a takeover by Ramsay Health Care. RBC said “it may not have taken much for Spire’s share price to reach this” without a bid, “given the pent-up demand in the market”
De La Rue shares fell as much as 8.3% before trimming the decline after the banknote and authentication document-maker’s full-year results. Company has been speculated upon as a potential producer of Covid-19 “vaccine passports.”
Similar to Clarida, Bank of France Governor Francois Villeroy de Galhau talked down stimulus adjustments anytime soon, while European Central Bank Executive Board member Fabio Panetta said he sees no signs of sustained inflation that would allow for a reduction in bond purchases.
In Asia, stocks rose for a fifth day as the soothing Fed comments helped boost sentiment with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.28% near more than two-week highs, while Tokyo’s Nikkei added 0.27%. The MSCI Asia Pacific Index climbed above its 50-day moving average on Wednesday, a sign that the region’s stocks have steadily recovered from a slump in early May.
“The weaker U.S. dollar has helped non-USD assets,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. However, the sustainability of market gains remains uncertain as “we haven’t seen a significant change in Asia economies. And the pandemic hasn’t been controlled in India and Taiwan,” he said. The Bloomberg Dollar Spot Index fell as much as 0.2% in its third day of declines before paring some losses. The gauge is hovering near its year-to-date low. A weaker greenback tends to be beneficial for Asian shares if it signals higher risk appetite and is seen as a positive for growth in the region’s emerging economies, many of which rely on imports priced in dollars. Stocks in India were on track for a record close. Chinese equities ended little changed after the CSI 300 Index jumped 3.2% on Tuesday, the most since July. Hong Kong stocks rose to the highest level in almost a month. Communication services and industrial shares led the gains in Asia, while materials stocks posted declines. China’s internet giant Tencent and Taiwan’s TSMC contributed the most to the regional benchmark’s advance. Markets in Singapore, Indonesia, Thailand and Malaysia were shut for holidays.
Japanese equities overcame early turbulence to post their fifth-straight day of gains, as investors were encouraged by signs of calm in external financial markets. Electronics makers were the biggest boost to the Topix, which has eked out a gain of 1.3% over the past five sessions, helped also by optimism over a ramp-up of Japan’s coronavirus vaccination program. Fast Retailing and Recruit contributed most to gains in the Nikkei 225. A measure of volatility on the blue-chip gauge fell to its lowest since May 10. Stocks fluctuated in early Tokyo trading after U.S. shares fell overnight. “U.S. long-term yields have retreated quite a bit, and that is probably quite a big factor leading to the calm in markets,” along with smaller moves in Bitcoin, said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank. “We have U.S. jobs data coming up next week, but for now, we’re in an environment that’s extremely good for equity markets, with U.S. economic conditions being good while inflation is contained.”
Analysts at Jefferies said Asian regional equity markets could benefit, especially given a weak dollar could help boost global trade and emerging markets by lowering global prices of goods and services. “A weak dollar should underwrite emerging market performance despite very mixed vaccine roll-outs to date,” they said in a note. “Until the U.S. government declares the pandemic is over and job growth is running at one million plus per month, tapering is unlikely to happen…In the meantime, real rates will be heavily negative. Moreover, based on the dollar’s Real Effective Exchange Rate, the greenback cannot be described as being ‘cheap’.”
In rates, Treasuries little changed across the curve after paring losses amid bund rally. US Treasuries fell to multi-week lows on Tuesday on easing inflation concerns and a strong auction of 2-year notes. The yield on the benchmark 10-year Treasury note stood at 1.5638 after scaling a more than one-month high earlier in May. Higher yields pressured valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates after the ECB’s Panetta said only sustained inflation could warrant slowing PEPP. European price action dominated the rates market, with German 10-year almost 4bp richer vs U.S. as markets pare taper expectations. Treasury auction cycle continues with 5-year note sale, following strong demand for Tuesday’s 2-year.
In FX, the Bloomberg Dollar Spot Index fell a third day and the greenback traded mixed versus its Group-of-10 peers, with Antipodean currencies leading gains; The euro fluctuated at around $1.2250; the euro erased a modest gain at the beginning of the European session, and the region’s government bonds advanced, as ECB Executive Board member Fabio Panetta said he sees no signs of sustained inflation pressures that would allow for a reduction in bond purchases yet. On the other end of the spectrum, New Zealand’s dollar led G-10 gains to touch a three-month high and swap rates surged after RBNZ published official cash rate forecasts for the first time in more than a year that show the rate beginning to rise in mid-2022.
The onshore yuan rose for a fourth day to its highest in three years after the PBOC set the yuan’s daily midpoint fixing at its strongest level since June 2018, signaling its comfort with a recent rally after the currency tested a key level against the dollar a day earlier, prompting state banks to step into curb the rally.
In commodities, oil was little changed as traders weighed expectations of improving demand in the U.S. against the possibility of new supply from Iran. Global benchmark Brent crude was up 3 cents at $68.68 and U.S. crude fell 7 cents to $66 per barrel. Bitcoin traded around $40,000, earlier crossing above the key barrier, despite China’s northern region of Inner Mongolia escalating a campaign against cryptocurrency mining on Tuesday, days after Beijing vowed to crack down on bitcoin mining and trading. Gold extended its advance after Federal Reserve official Clarida talked down prospects for inflation, piling pressure on Treasury yields.
It’s a fairly quiet day ahead now on the calendar, with the data highlights including French consumer confidence for May, and central bank speakers including Fed Vice Chair Quarles and the ECB’s Villeroy. Earnings releases include Nvidia, and the CEOs of a number of Wall Street firms will be testifying before the Senate Banking Committee.
Market Snapshot
S&P 500 futures up 0.3% to 4,197.50
STOXX Europe 600 rose 0.23% to 446.25
MXAP up 0.3% to 207.32
MXAPJ up 0.4% to 695.72
Nikkei up 0.3% to 28,642.19
Topix little changed at 1,920.67
Hang Seng Index up 0.9% to 29,166.01
Shanghai Composite up 0.3% to 3,593.36
Sensex up 0.6% to 50,965.37
Australia S&P/ASX 200 down 0.3% to 7,092.53
Kospi little changed at 3,168.43
Brent Futures up 0.2% to $68.78/bbl
Gold spot up 0.5% to $1,907.81
U.S. Dollar Index little changed at 89.73
German 10Y yield fell 2.2 bps to -0.189%
Euro little changed at $1.2245
Top Overnight News from Bloomberg
U.S. three-month 10-year implied swaption volatility — a closely watched gauge of how much prices may move over the period — has been steadily declining, and hit the lowest levels since early March, as officials repeat the line that inflation will be transitory
Bitcoin rallied back above the $40,000 level as cryptocurrencies recover some of the ground lost in this month’s volatile rout. Bitcoin’s explosive moves are stoking the volatility of U.S. stock futures in haywire trading days, according to Singapore’s DBS Group Holdings Ltd
The U.K. government was forced to backtrack over its attempt to restrict travel to coronavirus hotspots in England where the so-called Indian variant is spreading. The U-turn came after ministers were accused of introducing “local lockdowns by the back door” with the new guidance against travel to eight areas in England, which was published without fanfare online late last week but didn’t reach the attention of local leaders for several days
China’s banking regulator has asked lenders to stop selling investment products linked to commodities futures to retail buyers, Reuters reports, citing three unidentified people
Europe’s labor market may recover more slowly from the pandemic than its economy, according to a study by Accenture. The region lost 3.5 million jobs in 2020 that will take until 2023 to be recreated, the consultancy said, citing a survey of 700 company executives. That’s as much as one year after the last European Union economy will have seen output returning to pre-crisis levels
A quick look at global markets courtesy of Newsquawk
Asia-Pac stocks were mostly positive in what was a modest improvement from the subdued performance on Wall Street where most major indices posted marginal losses following mixed data releases, although the Nasdaq 100 bucked the trend amid resilience in tech and as softer yields helped stem downside in duration sensitive stocks. ASX 200 (-0.3%) was kept afloat for most of the session amid notable strength in tech and outperformance in gold miners after the precious metal reclaimed the USD 1900/oz level. Furthermore, the top-weighted financials were also higher as shares in big-4 leader CBA briefly topped AUD 100 for the first time, although gains in the broader marker were limited amid snap lockdown concerns in Victoria state which reported 10 new locally transmitted cases and after a COVID-positive person was confirmed to have attended a match at the Melbourne Cricket Ground. Nikkei 225 (+0.9%) traded positively amid reports that Japan’s government is considering another cash handout program of up to JPY 100k for households in need, but with upside restricted amid expectations of state of emergency extensions and further calls for the cancellation of the Olympics, this time coming from an editorial by Asahi Shimbun press, which is an official partner of the Tokyo Olympics. Hang Seng (+0.6%) and Shanghai Comp. (+0.3%) held on to the spoils from the prior day’s outperformance where northbound flows into the Chinese mainland through the stock connect reached record levels. Focus was also on Xiaomi after it received the final US District Court ruling which removed its designation as a Communist Chinese Military Company and lifted all restrictions on the Co.’s shares, although this failed to boost its share price with participants awaiting its earnings results. Finally, 10yr JGBs were rangebound with upside restricted amid the mild positive risk tone and with the BoJ only in the market for treasury bills, while New Zealand 10yr yields gained around 8bps following the RBNZ rate hike projections.
Top Asian News
Two Million Evacuated as Cyclone Hits India Amid Virus Woes
Japan Ministry Says UBS No Longer Primary Dealer for JGBs
Nine-Day Wait for Covid Test Results Leaves Taiwan in Limbo
Triumphant Assad Eyes Return to Arab Fold as Syrians Vote
Major bourses in Europe kicked off the day with mild gains but have since drifted off best levels (Euro Stoxx 50 -0.2%) with the region now seeing a mild downside bias amid a light European morning in terms of data and news flow, and as month-end looms. US equity futures meanwhile hold onto modest gains, but the breadth of the price action remains narrow with no clear stand-out performers. Analysts at Barclays note that fatigue and inflation woes have seen investors trimming bullish bets over the last month. “Cyclical exposure has moderated, but Value has recovered its 2020 outflows, with buying of Financials, Energy and Materials outpacing Tech. Value is thus more consensus and prone to profit-taking but can still benefit from higher rates and momentum rebalancing, in our view.”, the bank says. Barclays also suggests that the correlations between the broader equity market vs cryptos and SPACs have been relatively lower, meaning little contagion in the bank’s view. “Overall, less complacency reduces correction risk, and investors have dry powder to keep buying on dips, which should support a further grind higher in equities.”, the analysts note. Back to Europe, cash bourses are trading either side of neutral while sectors have been tilting more towards a defensive bias as Personal Household Goods, Food & Beverages and Healthcare reside among the better performers. Travel & Leisure is the clear outperformer as sector heavyweight Flutter Entertainment (+2%) is underpinned by an upgrade at HSBC – note, Flutter accounts for over 1/5th of the sector. Banks and Basic resources meanwhile reside at the bottom of the pile amid the recent pullback in yields and as some base metal prices in Asia slumped. Tech also resides as laggards following its recent outperformance. In terms of individual movers, Marks & Spencer (+4.8%) is among the top gainers post-earnings as the group notes that its balance sheet has emerged stronger than expected and online sales doubled in the period. Meanwhile, Spire Healthcare (+24%) was bolstered as Ramsay Healthcare offered to purchase 100% of Spire for GBP 2.40/shr in a deal valued at around GBP 2bln. On the downside, Nordea (-0.6%) sees losses as its largest shareholder Sampo (-1.0%) offloaded 162mln shares to institutional investors.
Americans increasingly avoid risk, which means avoiding living a meaningful life.
America, home of the free because of the brave, lacks brave people. Memorial Day approaches and too many Americans cannot fathom believing in anything enough to risk their lives for that belief. Worse, they scorn the people who do believe. Americans, rich and coddled, have turned inward and worry about risking anything because they have too much to lose. So they play it safe and protective — but mostly they play.
Consider the evidence. The Army came out with a new ad that didn’t extol bravery and sacrifice and the ideals of America. Instead, it extolled self-idealization by way of personal journey to self-discovery through joining the Army. Even mentally unstable, sexually ambiguous pudding-heads will find a home there and will have their hands held on their quest for self-actualization. The message is clear: Join the Army — do it for you.
Why must the Army appeal to the ego of a man, a woman, or an “it” to join the military? Well, because the Army is having a tough time recruiting enough suitable candidates. As Dean Wormer says in Animal House, “Fat, drunk, and stupid is no way to go through life, son.” It might be better to update it to fat, stoned, and stupid, but the insight remains. The problem? America is now filled with fat, stoned, and stupid young people who have given little thought to life beyond the confines of their internet-dominated and insular experience. From American Military News:
Mission: Readiness, a non-partisan group consisting of nearly 800 retired U.S. admirals and generals, recently sent a letter to acting Defense Secretary Chris Miller, calling on the Department of Defense to address the major issues preventing 71 percent of Americans between the ages of 17 and 24 from being eligible to serve.
“As you know, 71 percent of young Americans between the ages of 17 and 24 are currently ineligible for military service, primarily because they are too poorly educated, too overweight, or have a history of crime or substance abuse,” Mission: Readiness’ Dec. 17 letter reads. The letter was signed by retired U.S. Air Force Gen. William M. Fraser, III and retired U.S. Coast Guard Adm. James M. Loy.
Then there’s America’s birth rate. It has dropped off dramatically. Why? Some of it is pure deception and delusion. Rebeccah L. Heinrichs has a must-read piece in the American Mind about the change in the American psyche. She writes,
As an increasingly typical 29-year-old woman told the New York Times, she’s putting off children because she’s “getting to live her life.” She’s “feeling a little bit selfish,” and “everybody in my friend group is saying, ‘When is the right time to let go of that selfishness?’ ” On Mother’s Day, the New York Times even chose to glamorize women who reject motherhood altogether, and feminist Jill Filipovic wrote that she would like to read more essays from women who regret having had children. Let there be no mistake about the cultural elite’s denigration of motherhood and children.
Heinrichs continues,
There is a cultural dogma that tells little girls they will achieve their greatest worth through autonomy, power, and how optimally they maneuver to monetize their talents. This dogma nurtures narcissism and rejects self-sacrifice as stupid and weak. The new dogma, which modern feminism has embraced, teaches young people to stamp out vulnerability and dependence, though vulnerability and dependence are immutable characteristics of our creative design and necessary for the sustainment and reproduction of human life.
1 in 4 young people aged 25 to 34 living in their parents’ home (about 2.2 million) neither go to school nor work.
Most Americans believe educational and economic accomplishments are extremely important milestones of adulthood. In contrast, marriage and parenthood rank low: over half believe that marrying and having children are not an important part of becoming an adult.
Young people may delay marriage but most still eventually tie the knot. In the 1970s, 8 in 10 married by the time they turned 30. Today, not until the age of 45 have 8 in 10 people married.
Gov. Ron DeSantis (R-Fla.) recently hammered down on Big Tech overreach. He signed into law a new bill aimed at keeping Big Tech companies from censoring free speech and banning people from their platforms.
“This is a big problem,” he asserted. “We don’t even need to get into the election interference from Silicon Valley.”
The bill, titled SB 7072, aims to safeguard Floridians from social media censorship and impose hefty fines on platforms who ban political candidates as a way to crack down on such forms of election interference.
“They shadowban people which creates partisan echo chambers” he mentioned. “They are some of the major reasons why this country is divided for doing what they’re doing.”
Under the new law, any platform which bans a political candidate will receive a daily fine of $250,000.
Florida’s first-in-the-Nation Big Tech Bill will fine social media platforms $250,000 a day for deplatforming a statewide candidate for elected office. pic.twitter.com/jiohyGLccj
Georgia Gov. Brian Kemp issued an executive order Tuesday that bans state agencies, state service providers and state properties from requiring Georgians to prove they have received the COVID-19 vaccine.
The Republican governor’s “Prohibition of COVID-19 Vaccine Passports” order also states that a vaccine passport will not be required for entry into the state, and that state immunization records can’t be shared with any public or private company for the purposing of creating such a program.
“Today’s executive order makes clear that vaccine passports will not be utilized in state government,” Kemp said in a statement. “While I continue to urge all Georgians to get vaccinated so we continue our momentum in putting the COVID-19 pandemic in the rearview, vaccination is a personal decision between each citizen and a medical professional—not state government.”
According to data from the Centers for Disease Control and Prevention, Georgia ranks eighth-lowest nationwide in terms of COVID-19 vaccination rates for people aged 12 and above. Kemp on March 25 made eligible all Georgians 16 and older for COVID-19 vaccination.
Other states to prohibit COVID-19 vaccine passports in recent days include Iowa and Alabama. Iowa Gov. Kim Reynolds signed House File 889 into law on May 20, while Alabama Gov. Kay Ivey signed Senate Bill 267 (pdf) into law on May 24.
A professor with the Johns Hopkins School of Medicine has said that there is a general dismissal of the fact that more than half of all Americans have developed natural immunity to the coronavirus and that it constitutes “one of the biggest failures of our current medical leadership.”
Dr. Marty Makary made the comments during a recent interview, noting that “natural immunity works” and it is wrong to vilify those who don’t want the vaccine because they have already recovered from the virus.
Makary criticised “the most slow, reactionary, political CDC in American history” for not clearly communicating the scientific facts about natural immunity compared to the kind of immunity developed through vaccines.
“There is more data on natural immunity than there is on vaccinated immunity, because natural immunity has been around longer,” Makary emphasised.
“We are not seeing reinfections, and when they do happen, they’re rare. Their symptoms are mild or are asymptomatic,” the professor added.
