Famed investor Mohamed El-Erian, who has correctly called some of the most pivotal moments in recent market history, is saying he is very confident that current inflation will not be transitory. Bloomberg reports: What bond-market guru Mohammed El-Erian said Friday was enough to make bond investors listen like they’re in an old E.F. Hutton commercial. “Inflation is not going to be transitory,” the chief economic adviser at Allianz SE said in an interview on Bloomberg TV’s The Open show. “I’ve been pretty certain in my mind about three prior calls. This is the fourth one.” El-Erian … [Read more...]
About Jeremy Jones, CFA
Crypto Trading Platform Pure Digital Gets Major Backing
BNY Mellon follows State Street in backing Pure Digital, a cryptocurrency exchange trading platform. Eva Szalay reports for the Financial Times: Two of the world’s largest custody banks have publicly backed cryptocurrency trading platform Pure Digital, in a move that points to growing demand from traditional asset managers for bitcoin and other digital tokens. Bank of New York Mellon has joined the consortium of six banks behind the launch of London-based Pure Digital, three months after State Street became the first to announce its support for the planned exchange. The step suggested … [Read more...]
“Pretty Remarkable”: Trial Results for New Cancer Drug
Novartis CEO Vas Narasimhan calls trials for the company's new cancer treatment, "pretty remarkable." The company has been working with new technologies on a treatment since 2018. Hannah Kuchler reports in the Financial Times: Novartis is hoping to cement an early lead in a potential $10bn market for a new type of cancer treatment, called novel radioligand therapy, after positive results from its trials. Vas Narasimhan, Novartis’s chief executive, said the pharmaceutical company has large-scale manufacturing capacity and relationships with hospitals, which will have to invest to adapt to … [Read more...]
KING: Breaking QE Addiction is a Four Step Process
Mervyn King, former governor of the Bank of England, says that quantitative easing, while not implicitly bad, is a "dangerous addiction," and in light of a report issued by the Economic Affairs Committee of the U.K.’s House of Lords, suggests four points for relieving that addiction. He writes in Bloomberg: The Economic Affairs Committee of the U.K.’s House of Lords, of which I’m a member, has just issued a report on the challenges of using large-scale bond purchases as an instrument of monetary policy. Its title pointedly asks: “Quantitative Easing: A Dangerous Addiction?” In a word, our … [Read more...]
US Slams Chinese Cyber-Hacking
According to the White House, China has been teaming up with criminals in order to attack American cyber-assets. The Financial Times reports: The White House has accused the Chinese government of teaming up with criminal gangs to commit widespread cyber attacks, including one on Microsoft this year that affected tens of thousands of organisations. The accusation came as the US Justice department unsealed an indictment alleging that four Chinese nationals affiliated with the Ministry of State Security had overseen a separate campaign to hack companies, universities and government entities … [Read more...]
States Outlaw Mask Mandates for Kids in School
States are acting to protect children from school councils who would require masks in schools. More states are requiring schools to offer mask-choice to children. The Wall Street Journal reports: More states are blocking K-12 schools and college campuses from requiring vaccines and masking, bucking recent federal recommendations that eligible students should be vaccinated and that unvaccinated students should wear masks when in-person learning resumes in coming weeks. Bans blocking schools and colleges from requiring Covid-19 vaccination or proof of vaccination have passed in at least … [Read more...]
As Inflation Mounts, Americans Prepare to Borrow
Many Americans have used their stimulus money to clear their debts. As inflation surges, they may soon need that credit to borrow money for what they want. David Benoit and Ben Eisen report at The Wall Street Journal that Americans aren't borrowing, yet, but may soon do so. They write: Here’s what the biggest U.S. banks are telling us about the state of the economy. Consumer spending is returning to pre-pandemic levels, and borrowing appears poised to rise. Markets are cooling, but deal making is as hot as ever. Still, the recovery remains vulnerable, bank executives said. Covid-19 … [Read more...]
Is This Time Different For Hydrogen?
Every so often the market works itself up into the idea that hydrogen is the next big thing. Investments are made, research is performed, and it turns out that hydrogen wasn't ready for prime time. Is this time different? In the Financial Times, David Sheppard explains why some people think so, writing: Hydrogen has been billed as a fuel of the future, with oil and gas companies and governments hailing it as the solution to decarbonising parts of the economy that are not easily electrified. Yet the fuel has experienced previous false dawns, and energy majors backing hydrogen are having to … [Read more...]
Delta Variant News Spooks Commodities Market
The media uproar over the Delta Variant, a version of COVID-19 that is thought to spread more quickly than other variants, is having an effect on commodities prices, reports the FT, writing: From crude to copper and corn, commodity prices slipped on Monday, knocked by the spread of highly infectious coronavirus variants and concerns about slowing growth in China, the world’s biggest consumer of raw materials. Brent, the international oil marker, fell as much as 1.7 per cent to $74.27 a barrel, while copper dropped 1.1 per cent to $9,390 a tonne — leaving it more than $1,000 below the … [Read more...]
Inflation Tailwinds Could Soon Rise to Dangerous Levels
In a long piece in The Wall Street Journal, Gwynn Guilford explains some of the major trends that could foster rising inflation in the United States. She writes (abridged): For the past few decades, the Federal Reserve has succeeded in keeping inflation low—perhaps too low. It had an assist: Shifts in the global economy, including globalization, demographics and the rise of e-commerce, helped keep prices in check. Some economists say these so-called secular forces have begun to reverse in ways that the pandemic has intensified. “The factors that were…playing a significant role in that … [Read more...]
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