“The System Is Not Going To Let Trump Win” – Dems’ Real Puppet Isn’t Gavin, It’s Nikki: Tucker And Vivek

“The System Is Not Going To Let Trump Win” – Dems’ Real Puppet Isn’t Gavin, It’s Nikki: Tucker And Vivek

With establishment favorite Nikki Haley overtaking long-time runner-up Ron DeSantis in the latest polls, the mainstream media is going wild about the chances of the woman-warmonger toppling Trump somehow.

For context…

However, Trump’s massive lead is not stopping the deep state from doing everything it can to promote Haley, and that prompted Vivek Ramaswamy and Tucker Carlson to expose some reality behind her sudden success.

Tucker starts by pointing out the dilemma Democratic megadonors face with Joe Biden’s declining popularity and Kamala Harris’s unpopularity, suggesting that these donors might be attempting to subvert the Republican Party by backing a candidate like Nikki Haley.

“Strip away all the outward characteristics, and Nikki Haley is identical in her priorities to Joe Biden and the people who back Joe Biden,” Carlson said.

Haley, whose campaign raised $24 million between October and December, has received recent major endorsements from New Hampshire Gov. Chris Sununu and Americans for Prosperity Action, which is backed by billionaire Charles Koch.

Mr. Carlson then shared a video of Ms. Haley during a town hall in Davenport, Iowa, in October.

During the campaign event, the former South Carolina governor claimed that Russian President Vladimir Putin was behind the Hamas incursion of Israel on Oct. 7 and that Russian intelligence had helped aid the attack, which had simultaneously taken attention off the ongoing Russia–Ukraine conflict.

Tech entrepreneur Ramaswamy then weighed in on Tucker’s claims, concurring with the former Fox host that Ms. Haley is a “puppet” for the Democratic Party, and branding her a “Trojan horse.”

“I think the true puppet masters, the thing about them, is they’re fundamentally nonpartisan in nature,” the businessman said.

“There are a few things they care about: Keeping the foreign war machine humming is high on the list. Keeping the administrative state’s control of the United States is also high on the list. They found a much more convenient puppet within the Republican Party itself.

“They have their core objectives, and Nikki makes for a far better Trojan horse to actually accomplish that objective than anybody else.”

Mr. Ramaswamy concluded that it is now “crystal clear” that the “bipartisan system” wants to narrow the GOP presidential race down to just two candidates: former President Trump and Ms. Haley.

“It’s not Biden, and it’s not even Gavin Newsom. It’s Nikki Haley within the Republican Party itself,” he continued.

“And I think that that makes for a very convenient front man because then they actually have absolved themselves from any allegations of partisanship or Democratic partisanship against [former President] Donald Trump.”

Finally, Vivek notes:

“The system is not going to let Trump win, they have their chosen alternative, ready to trot out.”

Watch the abbreviated interview below:

Watch the full discussion between Tucker and Vivek here at TCN.

Tyler Durden
Thu, 01/04/2024 – 21:10

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Why Are So Many Californians Dying?

Why Are So Many Californians Dying?

Authored by Thomas Buckley via The Brownstone Institute,

Covid has claimed about 105,000 lives in the state since 2020.

In that same time period, 82,000 more Californians died from everything else than is typical.

Adjusted for the decline in population, that non-Covid “excess death” figure becomes even more concerning as the state has seen its population drop to about the same it was in 2015.

In 2015 – obviously there was no Covid – 260,000 of the then 39 million Californians died.

In 2023, not including November and December, 240,000 people died not from Covid (6,000 additional people died of Covid.).

Extrapolating the year-to-date figures for 2023 creates a final year-end figure of 280,000 – 20,000 more people than died in 2015. That’s a non-Covid, population-neutral jump of 8%.

In other words, despite the protestations of certain officials, the state’s death rate has NOT returned to “pre-Covid” levels – in 2019 the year before the pandemic, 270,000 people died with a population at least 400,000 greater than today.

Why?

Dr. Bob Wachter, medical chair at UC-SF and ardent supporter of tight pandemic restrictions, did not respond to an email from the Globe (away for work the auto-response said) but he did recently tell the San Jose Mercury News that in “(T)he last three years, not only were there a lot of deaths from Covid, there were a lot of additional deaths from non-Covid causes, which are probably attributable to people not receiving the medical care that they normally would have received’ when ERs were overflowing with Covid patients (note – the truth of that ER assertion has not been verified), Wachter noted.”

In other words, the pandemicist Wachter admitted the pandemic response itself at least contributed to a significant number of excess deaths, a fact that was aggressively and roundly denied and – if mentioned – led to censoring and societal ostracization (and in many cases job losses) by the powers that be during the pandemic.

A second admission along these lines was recently made by former National Institutes of Health Director Dr. Francis Collins – Tony Fauci’s boss. 

In this video clip, Collins – who once called for a “devastating takedown” (see above) of those who questioned the hard pandemic response – said his DC and public health blinders, well, blinded him to the problems his pandemic response caused and is still causing:

If you’re a public health person, and you’re trying to make a decision, you have this very narrow view of what the right decision is, and that is something that will save a life. Doesn’t matter what else happens, so you attach infinite value to stopping the disease and saving a life. You attach zero value to whether this actually totally disrupts people’s lives, ruins the economy, and has many kids kept out of school in a way that they never might quite recover from. Collateral damage. This is a public health mindset. And I think a lot of us involved in trying to make those recommendations had that mindset — and that was really unfortunate, it’s another mistake we made. 

(You can see Collins for yourself here.)

Needless to say there is not even a half-hearted apology involved. And Collins is/was wrong in the approach to public health he apparently subscribes to, as throughout modern history it has involved a cost/benefit analysis and a weighing of the impact on society. 

Public health, practiced properly, does not – and never before has – attached “zero value to whether this actually totally disrupts people’s lives, ruins the economy, and has many kids kept out of school in a way that they never might quite recover from.”

“We had the exact wrong people in charge at the exact wrong time,” said Stanford professor of medicine (and one of the people Collins tried to “take down”) Dr. Jay Bhattacharya.

“Their decisions were myopically deadly.”

To remind Collins of the ramifications of his decision beyond the excess deaths: 

Massive educational degradation. Economic devastation, by both the lockdowns and now the continuing fiscal nightmare plaguing the nation caused by continuing federal overreaction. The critical damage to the development of children’s social skills through hyper-masking and fear-mongering. The obliteration of the public’s trust in institutions due to their incompetence and deceitfulness during the pandemic. The massive erosion of civil liberties. The direct hardships caused by vaccination mandates, etc. under the false claim of helping one’s neighbor. The explosion of the growth of Wall Street built on the destruction of Main Street. 

The clear separation of society into two camps – those who could easily prosper during the pandemic and those whose lives were completely upended. The demonization of anyone daring to ask even basic questions about the efficacy of the response, be it the vaccines themselves, the closure of public schools, the origin of the virus, or the absurdity of the useless public theater that made up much of the program. The fissures created throughout society and the harm caused by guillotined relationships amongst family and friends. 

The slanders and career chaos endured by prominent actual experts (see the Great Barrington Declaration, co-authored by Bhattacharya) and just plain reasonable people like Jennifer Sey for daring to offer different approaches; approaches – such as focusing on the most vulnerable –  that had been tested and succeeded before.  

Nationally, pandemic “all-cause” deaths spiked, for obvious reasons, but they remain stubbornly higher than normal to this day.

There could be mitigating factors to California’s numbers, specifically the issue of drug overdoses. Since 2018, the overdose death rate has doubled. The last overall figures available are from 2021 which showed 10,901 people dying of an overdose. While not specifically broken out for which drug, the vast majority are from opioid overdoses and the vast majority of those involve fentanyl. In 2022, there were 7,385 opioid-related deaths with 6,473 of those involving fentanyl.

But the overdose death increase would account for only about 25% of the total increase in “excess deaths,” meaning it has an impact but cannot explain the whole story.

There is also the issue of homeless deaths. Homeless people die at a far higher rate than the rest of the population and California has had a burgeoning homeless population for the last few years, despite the money being spent on the issue. However, at least a portion of that increase can – as with overdoses – be attributed to fentanyl and is therefore difficult to separate out as discrete numbers.

Those two increases, however, may explain the fact that the “all-cause” excess death rate for those in the 25-to-44 year age bracket (it has comparatively higher overdose death and homelessness figures) have remained – except for two very recent weeks – above the typical historical range.

The increase in overdose (and alcohol-related deaths) has been directly tied to the pandemic response previously. In California, there were about 3,500 more alcohol-related deaths during the pandemic response than before: 5,600 in 2019 (pre-pandemic,) 6,100 in 2020, 7,100 in 2021, 6,600 in 2022, and 2023 is on pace to see about 6,000.

That still leaves roughly half of the excess deaths unaccounted for, raising questions about the safety of the Covid shot (a shot, not a vaccine) itself. The CDC lists 640 deaths in California directly from the shot and an increase in “adverse effects” from the shot compared to many other actual vaccines. The Covid shot “ adverse” rate was one in a thousand, while, for comparison, it’s about one in a million for the polio vaccine. 

That means a person was more than 9 times as likely to die from the Covid shot as any other vaccine and 6.5 times to be injured by it in some fashion.

Still that is – according to state figures – not enough to explain the increase.

There are three other issues to note: first, many of the counting questions are around dying “from” Covid versus “with” Covid remain, meaning the Covid death numbers could be elevated if the “withs” are lumped in with the “froms.”

Second, there is the simmering matter of “iatrogenic” deaths – i.e. deaths caused by the treatment. Early on in the pandemic response, a push was made to “ventilate” patients mechanically. From the above article (no caps in the original): 

here’s an unsettling comparison: in NYC area, mortality rate for all COV ICU patients was 78%. in stockholm, the SURVIVAL rate was over 80%. this is a staggering variance. the key difference: ventilators. NYC used them on 85% of patients, sweden used them sparingly

Combined with the placing of Covid patients in nursing homes, the number of actual “only” or “natural” (for lack of a better term) Covid deaths, again, may be elevated.

The state Department of Public Health declined to comment on the matter.

Which brings us back to the Wachter and Collins oblique, nearly accidental admissions that the response itself may have caused significant and ongoing damage across numerous personal and public sectors.

Comparing California to other states also shows a concerning trend, specifically when considering the aftermath of the pandemic response. While increasing in population, for example, Florida’s excess death rate increase was/is lower than California’s as was its Covid death rate, a fact Gov. Gavin Newsom has been lying about for years.

During the pandemic itself, the nation saw an “all-cause” – including Covid – death rate increase of about 16% above normal. Using that metric, as it is clear the response itself had knock-on effects – California’s was 19.4% and Florida’s was 16.7%, despite the wildly different pandemic responses.

Imagine, if you will, you own a baseball team and you have two shortstops, one that earns $10 million a year and one that earns $1 million. And it turns out that both are equally talented – errors, batting stats, etc. – and that maybe the cheaper one is actually even a bit more talented it turns out. Which shortstop was the better deal for the team? The less expensive one, of course.

That is an apt analogy for states choosing how to respond to the pandemic – Florida cut the $10 million player while California kept him. In other words, the two states got the same-ish performance but at wildly different societal costs.

This pattern seems to be borne out by many of the figures. Obviously, various states that ended up lower than the national average took very different approaches: North Dakota and New Jersey saw roughly the same all-cause mortality numbers, as did Washington (state) and South Dakota. 

This is true on the “high side” as well: California and Montana, Oregon and Arkansas are two pairs that had similar numbers with different approaches.

All of this raises a deeper question in that there appears to be little if any direct causative resultant difference between a draconian pandemic response and a softer touch. 

And that should not at all be the case: the lockdowns, the masks, the shots, the social distancing, the closing of schools and stores and churches and parks, and everything else should have produced a clear and distinct difference – if the pandemicists were right.

If they were right, the difference in results should be stark and obvious to the naked eye. Miami should look like Genoa after the plague ships arrived while Los Angeles should seem like a New Eden. If the much-maligned Swedish “soft” model was as dangerous as the pandemicists said, Stockholm should be a ghost town.

But that’s not at all true and that’s why the pandemicists are/were so evidently wrong.: the harshest methods had little impact on the end results.

While there were differences between states, they cannot necessarily be directly tied to a specific policy construct (save Hawaii, which can be discounted considering their isolated geography). Hard or soft pandemic response, in the long run it didn’t seem to matter much in the Covid death tolls.

Where it did – and still does – matter is the immediate and long-lasting damage the more tyrannical responses had on society as a whole.

And – if California’s excess death numbers are an indicator – the pandemic response itself is still killing people.

And that, too, definitely shouldn’t be happening – if the pandemicists were right.

It is even more problematic – and even more ethically abhorrent – if the Covid death figures are inflated; the number of Covid deaths of 105,000 is only about 20% higher than the other non-Covid excess death figure of 82,000. 

In other words, the net “from Covid” deaths may not be terribly different from the “from the Covid response” death count.

And that possibility is the most terrifying of all.

Tyler Durden
Thu, 01/04/2024 – 09:30

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Peter Schiff: 2024 Could Be Horrible For The Dollar

Peter Schiff: 2024 Could Be Horrible For The Dollar

Authored by Joel Bauman via SchiffGold.com,

Peter Schiff left a stark warning in his recent podcast: “2024 could be a horrible year for the dollar.” 

Here are 3 big reasons why Peter thinks inflation might rise even higher this year.

1. The Fed wants to boost Biden’s reelection

The Fed is deeply influenced by political dynamics and, with the 2024 presidential election around the corner, it’s already maneuvering to align with the political incumbent.

“I think that the Fed is going to be doing everything it can to try to reelect Biden or whoever may run if Biden does not… The Fed chairman always wants to play ball with whichever Administration is in power.”

This has less to do with blatant political bias and more to do with self-preservation.

The President plays a decisive role in appointing the Fed chair. Given this, Jerome Powell is incentivized to prioritize monetary policies that could boost a Biden reelection. And that’s exactly what we’re seeing.

The Fed already announced considerably lower interest rates in 2024 through 2025, strategically timed for this year’s US election.

Peter predicts that the Fed will continue its dovish, inflationary policies through the end of this election year.

2. US Economic “Strength” Rides on Inflation

The perceived strength of the US economy is largely illusory, a facade created by inflationary policies rather than genuine economic growth.

Peter explains that higher stock market indexes and other financial indicators in 2023 reflect investor expectations of inflationary Fed stimulus rather than genuine economic progress:

“Investors are anticipating a big bond rally. That’s what they think. The Fed is going to going to go back to zero or close to it back to quantitative easing. And so they’re factoring all this in. They’re pricing this easing cycle into the markets now. They’re betting on it.”

Rather than ruin the bets of the broader economy and suffer a massive stock market collapse, the Fed would rather keep monetary policy loose. Congress, too, would prefer to maintain high budgets than risk losing reelection.

This all drives up inflation, which Peter dubs as “the only magic trick they have.”

3. U.S. Trade Deficits Contribute

Peter links the dollar’s weakening to recent large U.S. trade deficits. A cheap dollar will mean higher commodity prices and even higher trade deficits, which in turn will undermine the dollar further. 

Peter explains:

There’s no way that inflation is going to come down in an environment where the dollar is that weak, because that’s going to really push up commodity prices. That’s going to push up our trade deficit… These big trade deficits are going to weigh heavily on the dollar.”

We’re entering a classic scenario where a depreciating currency contributes to domestic inflation. Trade deficits are not just a symptom of economic issues but also a causative factor in the declining value of the dollar.

As long as the U.S. continues to run these deficits, the pressure on the dollar will persist.

Meanwhile, investors are flocking to other safe haven assets, like the Swiss Franc.

In 2023, the Franc was up a whopping 10%:

That is a very negative sign for the dollar for 2024 and a positive sign for gold because people are buying the Swiss frank as a safe haven. Gold is an even safer haven than the Swiss franc, but the fact that the Swiss franc is gaining so much on the dollar is an indication that people are leery of the dollar.”

Tyler Durden
Thu, 01/04/2024 – 08:49

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Initial Jobless Claims End 2023 At Year Lows

Initial Jobless Claims End 2023 At Year Lows

The number of Americans filing for jobless benefits for the first time fell to just 202k last week (week-ending Dec 30th) from +220k the prior week. That is basically 2023 lows…

Source: Bloomberg

We wait for next week when the biggest non-seasonally-adjusted jump in claims is expected.

California and Texas saw the largest drop in initial claims while Pennsylvania and New Jersey saw the biggest increase…

Additionally, continuing jobless claims declined from 1.886mm to 1.855mm in the week-ending Dec 23rd…

Source: Bloomberg

Goldman believes that persistent seasonal distortions more than explain the increase in continuing claims since early September, and expect those distortions to boost the level of continuing claims by an additional 100k by March.

However, if the massive loosening of financial conditions is any signal, continuing claims are about to plunge (4 week lagged continuing claims track US FCI)…

Does this look like an economy that needs six rate-cuts this year? Or is it political after all?

Tyler Durden
Thu, 01/04/2024 – 08:38

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“Pseudonymity Is Unavailable” When “Plaintiffs Seek to Gag Sexual Assault Accusers”

From Levy v. Shuster (né Doe v. Roe), handed down Nov. 28 but just unsealed yesterday, following the expiration of plaintiff’s time to appeal:

Background. According to the allegations in the First Amended Complaint and Jury Demand …, Plaintiff and Defendant dated for nearly a year while enrolled at Tulane University … in New Orleans, Louisiana. After their relationship ended in October 2021, Defendant complained about Plaintiff’s behavior to Tulane, which issued mutual no-contact orders the next month. Defendant also sought a protective order in Louisiana state court, claiming that Plaintiff stalked, harassed, shoved, and threatened her. In both proceedings, Defendant did not claim that Plaintiff sexually assaulted her. Plaintiff and Defendant agreed to a state court order, pursuant to which Tulane’s no-contact order became permanent, and Plaintiff agreed to withdraw from Tulane and cease all contact with Defendant. Plaintiff alleges that he never sexually assaulted Defendant, and that he left Tulane voluntarily.

In August 2022, following a “period of reflection,” Plaintiff enrolled in Front Range Community College in Boulder, Colorado, although he planned to transfer to the University of Colorado (“CU Boulder”) after his first year there. At CU Boulder, Plaintiff rushed and sought to pledge an unspecified fraternity, and paid its dues. Shortly after the fraternity received his bid in September 2022, Defendant sent text messages to the fraternity’s social chairs claiming, among other things, that Plaintiff transferred schools “not through his own choice, but because he was kicked out of Tulane for rape and stalking”; “sexually assaulted and raped [Ms. Shuster] countless times”; “forced [Ms. Shuster] into very uncomfortable sexual situations, forcing [her] to do painful things which [she] objected to”; “was abusive in every way”; “ha[d] been physically violent with [Defendant]”; “threatened [Defendant’s] friends and family and attempted to cut [her] off from every person in [her] life”; and was “a threat to every woman’s safety on [CU Boulder’s] campus.”

The fraternity “terminated” Plaintiff immediately, based on Defendant’s allegedly defamatory claims, and refused to refund a deposit he paid. Plaintiff’s college friends “cancelled him.” Additionally, fraternity members “spread Ms. Shuster’s malicious lies to numerous other students on campus, who proceeded to bully and ostracize Mr. Levy.” Plaintiff was ultimately “forced to withdraw” from CU Boulder “and return home to California.” Meanwhile, Defendant has returned to Tulane, where she continues to “publish[] her false and malicious lies to numerous students there.” Seeking damages, Plaintiff has brought three claims arising out of these allegations: defamation, intrusion on seclusion, and unreasonable disclosure of private facts. Ms. Shuster has filed counterclaims for sexual assault, rape, battery, assault, stalking, cyberstalking, intentional infliction of emotional distress, and statutory violations under state and federal law..

The Court denied Mr. Levy’s initial motion to prosecute this action pseudonymously on July 17, 2023, reasoning that, as Ms. Shuster and Professor Volokh [who had filed an objection to the motion] contended, no exceptional circumstances supported pseudonymity.

I wrote about that July 17 decision here. Plaintiff then sought reconsideration, but the court said no:

Legal Standard for Pseudonymity. There is a common-law right of access to judicial records, premised on the recognition that public monitoring of the courts fosters important values such as respect for our judicial system. Judges have a responsibility to avoid secrecy in court proceedings because “secret court proceedings are anathema to a free society.” There is a presumption that documents essential to the judicial process are to be available to the public, but access to them may be restricted when the public’s right of access is outweighed by interests which favor nondisclosure… The United States Court of Appeals for the Tenth Circuit (“Tenth Circuit”) has explained that “identifying a plaintiff only by a pseudonym is an unusual procedure, to be allowed only where there is an important privacy interest to be recognized. It is subject to a decision by the judge as to the need for the cloak of anonymity.” To justify use of a pseudonym, “the risk that a plaintiff may suffer some embarrassment is not enough.” The Tenth Circuit has “nevertheless recognized that anonymity in court proceedings may sometimes be warranted, but it is limited to ‘exceptional circumstances,’ such as cases ‘involving matters of a highly sensitive and personal nature, real danger of physical harm, or where the injury litigated against would be incurred as a result of the disclosure of the plaintiff’s identity.'” …

Analysis. First, Plaintiff argues that the Court’s Pseudonymity Minute Order “understate[d] the case’s sensitivity,” as this case is not just about a sexual relationship, but about false allegations of sexual misconduct. Pointing to criminal prosecutions and civil suits filed by assault victims, Professor Volokh responds that “courts routinely decide, without pseudonyms, cases in which someone claims that allegations related to sexual misconduct are false.” Ms. Shuster agrees. Plaintiff has not provided any binding authority for the proposition that cases implicating allegations of sexual assault that may be false must proceed pseudonymously, and the Court remains unconvinced that the subject matter of this case inherently compels pseudonymity.

Relatedly, Plaintiff contends that, “unlike [cases] involving pure allegations of assault or rape,” this litigation “will … entail exploration of differing understandings of sexual encounters over a year-long relationship,” including “requests by Defendant for rough sex, BDSM, and role play.” But that contention has minimal weight in light of Plaintiff’s choice to bring this action in federal court and Defendant’s “staunch opposition to being forced to litigate this dispute under the shroud of secrecy.” Plaintiff seems to recognize that this argument turns largely on “requests by Defendant” for certain sexual conduct. As Defendant points out, “the alleged statements by Ms. Shuster about her own sexual preferences overwhelmingly implicate her own privacy interests rather than Mr. Levy’s and, in light of her opposition to pseudonymity,” this Court remains unpersuaded that these allegations warrant reconsideration of its original determination that the circumstances of this case are not exceptional.

Next, Plaintiff contends that he faces a substantial risk of physical harm due to Professor Volokh attempting to publicize the subject matter of this litigation. Professor Volokh responds that any risk of physical harm is prohibitively “speculative.” The Court agrees. As Ms. Shuster notes, “Mr. Levy still does not identify a single specific harm that he is likely to face.” Mr. Levy thus provides no basis for reconsidering the Court’s ruling…. “Because [p]laintiff has failed to provide the [c]ourt with any specific claims of potential retaliation or harassment, the [c]ourt does not find at this time that [p]laintiff faces anything more than a general ‘threat of hostile public reaction to [the] lawsuit.'”

Because the First Amended Complaint now explicitly seeks injunctive relief, Plaintiff contends that disclosing his identity will result in the injury he is litigating against. But, as the Court reasoned in the Pseudonymity Minute Order:

Plaintiff’s argument that “prevailing in this litigation would be undermined if he were required to reveal his identity” ignores that by prevailing in this litigation, Plaintiff will have proven the defamatory nature of Defendant’s previous statements and will likely want to publicize his own name. As the United States District Court for the Eastern District of North Carolina observed, “[i]t would be fundamentally unfair for [a] plaintiff to be able to ‘clear his name’ and wield a potential judgement against [his accuser] to his advantage but hide under a shield of anonymity if unsuccessful.”

The Court respectfully concludes that effectively ameliorating the reputational injury litigated against in this action requires Plaintiff’s identity to be disclosed. See Doe v. Doe (4th Cir. 2023) (“If [a]ppellant were successful in proving defamation, his use of a pseudonym would prevent him from having an order that publicly ‘clears’ him.”)….

Finally, Mr. Levy contends that the Pseudonymity Minute Order assigned too much weight to the public interest in disclosure; in his view, “[t]he public interest is fully served here by allowing the parties to litigate using pseudonyms.” Plaintiff stresses that, without a university involved in this case, “the presence of exclusively private parties favors anonymity here.” Ms. Shuster takes the opposite view, however, suggesting that litigation resulting from university Title IX proceedings more frequently receives pseudonymous treatment. Ms. Shuster is correct. See, e.g., Doe (distinguishing Title IX challenges from private libel litigation). The Court has adequately considered the Parties’ identities and the litigation dynamics in its Pseudonymity Minute Order. The Court will not now disturb that analysis on the basis of supposedly overstating a public interest that the Tenth Circuit deems “presumptively paramount.”

The Court thus agrees with Professor Volokh that pseudonymity is unavailable “in cases where plaintiffs seek to gag sexual assault accusers.” If Plaintiff is categorically correct that “fundamental unfairness comes from requiring an innocent defamation plaintiff to litigate under his own name, further publicizing and associating himself with the false information the defendant has spread,” then all libel litigation would be conducted pseudonymously, which it is not, and all legal authorities would favor Plaintiff, which they do not….

The post "Pseudonymity Is Unavailable" When "Plaintiffs Seek to Gag Sexual Assault Accusers" appeared first on Reason.com.

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RFK Jr. Announces He Will Appear On Ballot In Utah

RFK Jr. Announces He Will Appear On Ballot In Utah

Authored by Jeff Louderback via The Epoch Times (emphasis ours),

Independent presidential candidate Robert F. Kennedy Jr. speaks at a campaign rally in Phoenix, Ariz., on Dec. 20, 2023. (Matt York/AP Photo)

Independent presidential candidate Robert F. Kennedy Jr. announced that he has met the signature requirement to appear on Utah’s 2024 general election presidential ballot, the first step toward the daunting goal of qualifying for the ballot in all 50 states and the District of Columbia.

State Elections Director Ryan Cowley confirmed that Mr. Kennedy collected the required number of at least 1,000 verified signatures. Utah is the first state where Mr. Kennedy has submitted signatures.

The candidate told reporters at a news conference at the Utah state Capitol on Jan. 3 that he’s confident that he’ll meet the access requirements for independents and third-party candidates, even as three states—New Hampshire, Maine, and North Dakota—are refusing to send campaign ballot petitions.

“We will figure it out. We have a litigation team and expect to litigate in a lot of states,” Mr. Kennedy said. “These are roadblocks but none of them are insurmountable. We will be on the ballot in 50 states and the District of Columbia.”

Utah had presented the first deadline until Lt. Gov. Deidre Henderson, a Republican, announced that she would extend the deadline for independent presidential candidates to gain ballot access to March 5.

Mr. Kennedy filed a lawsuit against Utah officials on Dec. 4, 2023, citing an “unconstitutional early filing deadline” that prevented ballot access for independent presidential candidates.

The legal action challenged Utah’s Jan. 8 deadline requiring independent presidential candidates to collect and verify 1,000 signatures from qualified voters.

Mr. Kennedy argued in the lawsuit that “the current deadline is the earliest deadline ever sought to be imposed on independent presidential candidates in the modern era. No federal court has ever upheld a January deadline [for independent presidential candidates].”

The lawsuit will continue to advance through the courts, even with the decision to extend the deadline. In the same court filing, Ms. Henderson asked that a hearing take place the week of Jan. 15.

Mr. Kennedy praised Ms. Henderson at the Jan. 3 news conference for adjusting the deadline and meeting “constitutional” compliance.

Utah is a state that Mr. Kennedy believes he can win. Since announcing his candidacy in April, he has generated support from conservatives, moderate Republicans and Democrats, and independents.

While Utah has 574,075 registered unaffiliated voters, more than 100,000 of them are reportedly inactive since they haven’t cast a vote in the past two general elections.

The number of unaffiliated voters is more than double the figure of Democrat voters and Republican voters.

In the 2022 election, Utah’s Democratic Party didn’t nominate a candidate against Republican Sen. Mike Lee. Instead, it endorsed independent candidate Evan McMullin, who ultimately lost to Mr. Lee.

Robert F. Kennedy Jr. announces his intention to run for president as an independent candidate, at Philadelphia’s Independence Mall, on Oct. 9, 2023. (Lily Sun/The Epoch Times)

The challenge of getting on the ballot in every state and the District of Columbia is grueling, time-consuming, and expensive, Mr. Kennedy said.

Guidelines for securing a ballot spot differ in many states, as do deadlines. North Carolina and Texas, for example, require independent candidates to file by mid-May. Multiple states have summer deadlines.

Mr. Kennedy must gather about 200,000 signatures in California, about 145,000 in Florida, and more than 110,000 in Texas, according to the rules in those states. Tennessee requires only 275 signatures.

Some states have varying guidelines about the number of signees in different parts of their state.

Legal challenges from Democrats and Republicans intent on keeping Mr. Kennedy off the ballot are possible. Signatures can be challenged after they’ve been submitted to election offices in multiple states.

American Values 2024, a super PAC that supports the election of Mr. Kennedy, said it plans to spend as much as $15 million to get the candidate on the ballot in 10 states deemed important to winning the election.

‘Grassroots Army’

A spokesperson for the super PAC said the organization will spend money to collect signatures by hand, as state law requires, in Arizona, California, Colorado, Georgia, Illinois, Indiana, Michigan, Nevada, New York, and Texas.

Mr. Kennedy said his campaign is supported by a “grassroots army” and he is aiming to get 60 percent more signatures than needed in every state to “provide a cushion.”

The candidate has called ballot access laws for independent and third-party candidates “among the worst forms of voter suppression in America today” and said that state officials should work together to “streamline and standardize ballot access procedures.”

Ballot access restrictions “artificially prop up the two-party duopoly,” Mr. Kennedy added, noting that a Gallup poll conducted in September 2023 showed that 63 percent of American adults agree that “the Republican and Democratic parties do such a poor job of representing the American people that another choice is needed.”

To get on the ballots of all 50 states and the District of Columbia, Mr. Kennedy noted, his campaign must collect about 1 million valid pen-and-paper signatures through petitions across the country.

“Effectively, this means closer to 1.5 million to ensure that enough are valid,” Mr. Kennedy said.

Mr. Kennedy’s campaign is using a grassroots approach to gather petition signatures at events like the voter rallies in Lincoln and Kansas City.

“Normally this entails a budget of $10 [million] to $15 million to hire professional petition circulators who can navigate the maze of confusing rules,” he explained.

Mr. Kennedy pointed to multiple polls that confirm there is a path to victory, he believes.

In a Quinnipiac University poll released on Dec. 20, 2023, about a hypothetical three-way race, President Joe Biden received 38 percent, former President Donald Trump 36 percent, and Mr. Kennedy 22 percent. The survey has a 2.4 percent margin of error.

In a five-person hypothetical 2024 general election matchup that includes independent candidate Cornel West and Green Party candidate Jill Stein, President Trump tallied 38 percent, President Biden 36 percent, Mr. Kennedy 16 percent, and Mr. West and Ms. Stein 3 percent each.

Younger Voters

The same study indicated that Mr. Kennedy (36 percent) led President Biden (32 percent) and President Trump (26 percent) among independents. Mr. Kennedy also outpaced President Biden and President Trump with voters aged 18 to 34 with 40 percent support compared to 36 percent for President Biden and 21 percent for President Trump.

Mr. Kennedy also mentioned a survey of registered voters conducted by Siena College and The New York Times released in early November 2023 indicating that in six battleground states, Mr. Kennedy would receive 24 percent of the vote in a three-way race, while President Trump would get 35 percent and President Biden would get 33 percent.

The balance said they remained undecided or wouldn’t vote.

The poll included 3,662 likely voters in Arizona, Georgia, Michigan, Nevada, Pennsylvania, and Wisconsin. The margin of sampling error varies among the state polls, from plus or minus 4.4 percentage points to plus or minus 4.8 percentage points.

That survey shows Mr. Kennedy leading President Biden and President Trump among voters younger than the age of 45 in those six states.

Mr. Kennedy registered 34 percent support among voters aged 18 to 29 compared with 30 percent for President Biden and 29 percent for President Trump. For voters aged 30 to 44, Mr. Kennedy led with 31 percent while President Biden and President Trump each collected 30 percent.

Mr. Kennedy also reminded reporters at the Jan. 3 news conference that polls have shown he leads all presidential candidates in favorability rating.

A Harvard CAPS/Harris survey published in October 2023 found that 49 percent of respondents had a favorable view of Mr. Kennedy, while 30 percent had an unfavorable opinion.

President Trump received a 49 percent favorability rating from respondents, with 46 percent voicing an unfavorable view, and President Biden received a 45 percent favorability rating from respondents, with 49 percent sharing an unfavorable opinion.

They say my impact is only going to draw votes from the other candidates. The Democrats are frightened that I’m gonna spoil the election for President Biden, and the Republicans are frightened that I’m gonna spoil it for President Trump. The truth is, they’re both right,” Mr. Kennedy said.

Independent and third-party presidential candidates must declare their vice presidential pick in 27 states to get on the ballot, which presents a sense of urgency to announce his choice, Mr. Kennedy acknowledged.

There was speculation that he would announce his running mate on Jan. 3. At the news conference, he said the campaign is actively talking to multiple candidates.

“I’m looking for somebody who is aligned with me on some important issues, including unraveling the warfare state,” but “I don’t need someone who agrees with me on everything,” Mr. Kennedy said at a campaign stop last month.

“I’m interested in someone who wants to end the division we face in this country. It’s a good exercise for the American people to see political leaders who have high regard for each other, even if they don’t have the same views on every issue,” he added.

Mr. Kennedy declined to say who he was considering as his running mate, but he noted that he was “looking at a broad range of people.”

Tyler Durden
Thu, 01/04/2024 – 08:34

via ZeroHedge News https://ift.tt/RV29rMk Tyler Durden

Manufacturing Jobs Decline In Latest ADP Report, Services Soar

Manufacturing Jobs Decline In Latest ADP Report, Services Soar

After four straight months of disappointments, ADP Employment Report printed +164k jobs in December, better than the +125k expected, up from a revised +101k gain in November.

Source: Bloomberg

That is the largest monthly job gain since August with Services jobs dominating once again (+155k Services vs +9k Goods-producing).

The advance was led by services sectors including leisure and hospitality and education and health services, while Manufacturing and mining saw job declines.

Wage growth continued to slow:

  • Job-changers wage growth dropped to 8.0% from 8.3%, lowest since May 2021

  • Job-stayers wage growth dropped to 5.4% from 5.6%, lowest since August 2021

“We’re returning to a labor market that’s very much aligned with pre-pandemic hiring,” said Nela Richardson, chief economist, ADP.

“While wages didn’t drive the recent bout of inflation, now that pay growth has retreated, any risk of a wage-price spiral has all but disappeared.”

The MidWest and South saw job declines of 21k and 7k respectively while The West and Northeast saw job gains soar (+109k and +94k respectively)

Finally, we note that ADP has under-estimated the print for BLS for the last three months…

So, if BLS beats this, will the market still ‘believe’ in a soft landing and six rate-cuts?

 

 

 

Tyler Durden
Thu, 01/04/2024 – 08:27

via ZeroHedge News https://ift.tt/w8ICxpo Tyler Durden

Futures Halt Slide As Oil Extends Rally

Futures Halt Slide As Oil Extends Rally

After the worst start start to the year in almost two decades – it was just the third time in history that the Nasdaq started the year with back to back 1%+ declines (the other two years were 1980 and 2005) – markets took a breather on Thursday, with US equity futures posting small gains even as they remained toward the bottom of Wednesday session range. As of 7:50am, S&P futures gained 0.1% after swinging between modest gains and losses and supported by the Dec 20 0DTE flash crash lows, while Nasdaq futures were down 0.1%; Treasury yields resumed their ascent, edging closer to 4%, and last trading at 3.95% as part of a bear steepening, potentially a delayed reaction to the higher-for-long message from the Fed. The dollar is higher and the USDJPY is surging to the highest since mid-December, rising above 144, just as everyone was convinced the pair would tumble to 130 next. Commodities are also stronger led by Energy. Today’s macro data focus is on ADP, Jobless Claims, and Job Cuts all ahead of tomorrow’s Nonfarm payrolls which should help shape the macro narrative as we are about to enter Q1 earnings season.

In premarket trading, we are seeing a bit of a relief rally in MegaCap Tech names which are all higher ex-AAPL (-77bps) which is set to extend losses for a fourth session as Piper Sandler cuts rating to neutral from overweight. The broker says its concerned about iPhone inventory levels as growth rates for unit sales have peaked. Tesla climbed as Cathie Wood started buying the company’s shares after selling them for most of last year. Oil extended a rally on supply disruptions in Libya and conflict in the Middle East. European stocks rose, helped by gains in energy shares. Here are some other movers:

  • AbbVie shares decline as much as 1.8% after CVS Health dropped the pharmaceuticals developer’s anti-inflammatory drug Humira from most of its plans, replacing it with cheaper biosimilars.
  • Home Depot rises 1.4% and Dollar General (DG) gains 1.8% as both companies are upgraded to overweight from equal-weight at Barclays, which is shifting from a defensive view to a more balanced view on broadlines, hardlines and food retail into 2024.
  • Illumina slips 2% after Cowen downgraded the gene-sequencing company to market perform from outperform, citing recent outperformance.
  • Mattel falls 2.6% after Roth MKM cuts its recommendation on the toymaker to neutral from buy on the expectation that results in the first half of the year will be pressured as the company ended 2023 with excess inventory on retail shelves.
  • Merck & Co rises 1% after Cowen upgraded the drugmaker to outperform from market perform citing visible growth and a compelling valuation.
  • Walgreens climbed as much as 4.7% after the pharmacy chain reported adjusted earnings per share for the first quarter that beat the average analyst estimate. The company also almost halved its quarterly dividend, reducing it to 25 cents per share.

The goalseeking consensus across markets is that a pullback was long overdue after stocks soared at the end of last year. The Nasdaq 100 Index slid almost 3% in two days of the month and swaps traders have been reining in their bets on rate cuts. “There was some sort of a ‘dry January’ syndrome across markets these two last sessions,” said Vincent Juvyns, global market strategist at JPMorgan Asset Management.

European inflation data and the monthly US jobs report tomorrow will provide more information about whether central banks have room to start lowering interest rates. Minutes on Wednesday from the Fed’s December meeting suggested rates could remain at restrictive levels “for some time.”

“This confirms that things won’t move as quickly as some would like,” said Lindsay James, investment strategist at Quilter Investors. “It needs to be accepted that the Fed is still very data driven around inflation and the economic data.”

European stocks were set to rise for the first time this year; the Stoxx 600 is up 0.4%, with energy leading gains as crude prices climb; oil majors including TotalEnergies SE and BP Plc led the rally after crude jumped more than 4% in two sessions. Among equity movers, Next Plc rallied as the British home and clothing retailer raised its profit forecast for the fifth time since June following a successful Christmas shopping season. JD Sports Fashion Plc tumbled 20% in early trading after the British sportswear retailer slashed its profit forecast, blaming unseasonable weather and cautious consumer spending for weak sales in the run-up to Christmas. Here are some other notable European movers:

  • Maersk rises as much as 3.7% after Bank of America upgraded its recommendation on the stock and doubled 2024 earnings estimates, predicting spot freight rates to stay elevated
  • Siltronic rises as much as 6.7% after Oddo BHF upgrades the wafer maker to outperform, seeing the company benefiting from a recovery in the market for memory and logic chips
  • JD Sports slumps as much as 24%, the biggest intraday drop since 2020, after the sports apparel retailer cut its full-year headline profit pretax guidance, also pulling Adidas and Puma lower
  • Evotec slumps as much as 22%, the most since 2014, after the German pharmaceuticals company said Werner Lanthaler has decided to step down as CEO for personal reasons
  • BE Semiconductor shares fall as much as 6.1% after UBS downgrades the chip equipment firm to neutral. Peer Aixtron slides as much as 7.1% after UBS initiates coverage with a sell rating
  • ING Groep drops as much as 4%, in its fifth day of declines, as BofA downgrades to neutral from buy in note, saying the lender “needs more than one string to its bow”
  • Wacker Chemie fluctuates between gains and losses after the chemicals company was downgraded to hold by Stifel, which said it believes there are better opportunities elsewhere

Asian stocks fell for a third-straight day, headed for their longest losing streak in a month, as risk appetite soured further following Federal Reserve meeting minutes that leaned toward keeping interest rates higher for longer. The MSCI Asia Pacific Index declined as much as 0.4%. Japanese large-cap tech stocks were among the biggest drags as trading resumed following holidays, tracking US peers lower after the Fed minutes gave no indication that easing will begin in March. A powerful earthquake in the country on New Year’s Day also weighed on sentiment. Benchmarks in China and Hong Kong extended declines to a third day as investors looked past a beat in a private survey of services activities in December. South Korean stocks also fell, with lenders dropping amid jitters about the domestic credit market after builder Taeyoung Engineering last week announced plans to reschedule debt.

  • Hang Seng and Shanghai Comp were both lower but the former saw shallower losses due to gains in oil majors, whilst the latter failed to benefit from the improvement in Chinese Caixin Services PMI, although the release suggested domestic and foreign demand remain insufficient.
  • Nikkei 225 returned from its long break and caught up with the losses in the region seen yesterday, although the downside was limited amid the recent weakening in the JPY.
  • ASX 200 was the relative outperformer, with losses cushioned by the energy sector following the rise in crude prices

In FX, the Bloomberg Dollar Spot Index falls 0.1% ahead of ADP and jobless claims later on Thursday and payrolls on Friday. The yen was the worst performer among the G-10 currencies, falling 0.6% versus the greenback, and headed for a third day of losses as traders speculated the Bank of Japan may delay a move to tighten monetary policy following the recent earthquake.

“The January move seems even more impossible,” said Mari Iwashita, chief market economist at Daiwa Securities Co., referring to the BOJ. The earthquake is likely to depress production activity while the government may have to set up a supplementary budget, she said, adding that she now expects the central bank to scrap its negative-rate policy in April.

In rates, treasuries are lower with the curve steeper, following bigger losses seen across core European rates. US yields are cheaper by up to 5bp across long-end of the curve with 2s10s, 5s30s spreads steeper by 3bp and 1bp on the day; 10-year yields on session highs leading into early US session, cheaper by 4.5bp to 3.952%, with bunds underperforming by an additional 2bp in the sector. Bunds were pressured lower after German PMI numbers for December were revised higher, and the latest state inflation numbers are higher than the earlier NRW release. The US session’s focus includes labor market data and services PMI. Rate cut expectations declined, with implied probabilities falling 6ppts – 10ppts across the Jan, March, and May meetings.

In commodities, brent crude traded near $79 a barrel after supply disruptions in Libya, and as Iran said attacks that killed almost 100 people in the country were carried out to punish its stance against Israel. WTI rose 1% to trade near $73.50. Spot gold adds 0.3%.

Looking to the day ahead now, US data releases includes December challenger job cuts (7:30am), ADP employment change (8:15am), initial jobless claims (8:30am) and December S&P services PMI (9:45am). In Europe, there’ll also be the French and German CPI readings for December (German CPI came in at 3.7%, below the 3.8% expected but up from 3.2%), along with UK mortgage approvals for November. Otherwise, we’ll get the final December services and composite PMIs from around the world.

Market Snapshot

  • S&P 500 futures up 0.1% to 4,753.00
  • STOXX Europe 600 up 0.4% to 476.31
  • MXAP up 0.2% to 166.22
  • MXAPJ up 0.1% to 518.24
  • Nikkei down 0.5% to 33,288.29
  • Topix up 0.5% to 2,378.79
  • Hang Seng Index little changed at 16,645.98
  • Shanghai Composite down 0.4% to 2,954.35
  • Sensex up 0.7% to 71,826.28
  • Australia S&P/ASX 200 down 0.4% to 7,494.10
  • Kospi down 0.8% to 2,587.02
  • German 10Y yield little changed at 2.04%
  • Euro up 0.3% to $1.0959
  • Brent Futures up 1.1% to $79.11/bbl
  • Gold spot up 0.4% to $2,049.09
  • U.S. Dollar Index down 0.26% to 102.23

Top Overnight News from Bloomberg

  • China’s government spending will rise this year, the nation’s Minister of Finance said, as authorities look for ways to bolster domestic demand and help the world’s second-largest economy regain momentum. “We will make sure the overall size of fiscal spending increases to play a better role stimulating domestic demand,” Finance Minister Lan Fo’an said. BBG
  • China’s Caixin services PMI for Dec spikes ahead of expectations, coming in at 52.9 (up from 51.5 in Nov and above the consensus forecast of 51.6). RTRS
  • Wall Street banks are ringfencing their China operations to minimize risk in response to growing political tensions and tough national security rules. Citi, JPMorgan, BofA and Morgan Stanley have collectively reduced their exposure by about a fourth since 2020. BBG
  • Inflation is expected to have jumped back up across much of Europe, casting doubt over investors’ hopes that the European Central Bank will start cutting interest rates as early as March. FT
  • France’s CPI for Dec reaccelerates to +4.1% Y/Y, up from +3.9% in Nov (the +4.1% was consistent w/expectations); German regional CPIs reaccelerate in Dec: Baden Wuerttemberg +3.8% (up from +3.4% in Nov); Bavaria +3.4% Y/Y (up from +2.8% in Nov); Brandenburg +4.5% Y/Y (up from +4.1% in Nov); Hesse +3.5% Y/Y (up from +2.9% in Nov); and Saxony +4.3% Y/Y (up from +3.9% in Nov). BBG
  • Crypto rolled over ~6% yesterday on an analyst report suggesting a BTC ETF will not get approval (low quality source, and some other conflicting headlines). Note this morning “Reportedly SEC could begin notifying issuers of approval of spot Bitcoin ETF on Fri, Jan 5th with trading may be beginning as early as next week; The final decision on approval has not been made”- Fox News
  • Google is going forward with sweeping changes to how companies track users online—moves that have been years in the making. Advertisers still aren’t ready. Starting Thursday, Google will start a limited test that will restrict cookies for 1% of the people who use its Chrome browser, which is by far the world’s most popular. By year’s end, Google plans to eliminate cookies for all Chrome users. WSJ
  • Mark Zuckerberg sold nearly half a billion dollars of META shares in the final two months of 2023 after a two-year hiatus in which the company’s stock price hit its lowest in seven years. The Meta chief executive sold shares on every trading day between Nov. 1 and the end of the year, unloading nearly 1.28 million shares for about $428 million, according to a Tuesday regulatory filing. BBG
  • Microsoft is adding a button to the Windows keyboard to activate its AI Copilot service, with the first devices to sport the new key available this month. The Copilot key, which will sit to the right of the space bar, is the first change to the Windows keyboard layout since Microsoft added the Windows/Start key in 1994, underscoring the company’s commitment to artificial intelligence. BBG

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks traded lower across the board as the risk aversion continued to seep from Wall Street despite the lack of a clear catalyst. ASX 200 was the relative outperformer, with losses cushioned by the energy sector following the rise in crude prices. Nikkei 225 returned from its long break and caught up with the losses in the region seen yesterday, although the downside was limited amid the recent weakening in the JPY. Hang Seng and Shanghai Comp were both lower but the former saw shallower losses due to gains in oil majors, whilst the latter failed to benefit from the improvement in Chinese Caixin Services PMI, although the release suggested domestic and foreign demand remain insufficient.

Top Asian News

  • Fitch downgraded four Chinese National asset management companies by one notch; three on rating watch Negative – “reflecting reduced government support expectations.”
  • PBoC injected CNY 15bln through 7-day reverse repos at a maintained rate of 1.80% for a net drain of CNY 585bln.
  • Japanese PM Kishida said he plans to carry out cabinet approval on January 9th to use reserve funds to cover damages caused by the earthquake, according to Reuters.
  • BoJ Governor Ueda said he hopes for Japan’s economy to achieve balanced rises in wages and inflation; he added if wages and inflation rise in a balanced manner, it can encourage firms to invest in equipment, research, and development, according to Reuters.
  • South Korean Finance Ministry sees 2024 growth at 2.2% (vs prev. 2.4%) and 2024 inflation at 2.6% (vs prev. 2.3%), according to Reuters.

European bourses, Eurostoxx50 (+0.3%), are modestly firmer with clear outperformance in the IBEX (+0.7%) benefitting from several broker upgrades; Grifols (+2.3%), Endesa (+2.2%). European sectors have a positive tilt; Energy is propped up by higher Crude prices, whilst Retail lags, hampered by losses in JD Sports (-21.2%). US Equity Futures are marginally firmer ES (+0.1%), though the Russell (+0.6%), outperforms seemingly attempting to pare back some of Wednesday’s hefty losses.

Top European News

  • BoE Monthly Decision Maker Panel data – December 2023: One-year ahead CPI inflation expectations 4.0% vs. prev. 4.4%. Three-year ahead CPI inflation expectations 3.1% vs. 3.2%. Expected year-ahead wage growth increased marginally to 5.2% on a three-month moving average basis.
  • Grifols Gains as Barclays Upgrades on Shanghai RAAS Stake Sale
  • Turkish Monetary Policy to Remain Tight for a While: Simsek
  • Eurozone Dec. HCOB Composite PMI 47.6 vs Flash Reading 47

FX

  • DXY is softer amid a slight reversal of recent risk moves and as attention turns to US ADP/IJC later today; index at the low-end of a 102.14-52 range.
  • EUR attempts to claw back recent losses against the Dollar with upward PMI revisions providing support allowing the Single-Currency to climb above yesterday’s high of 1.0968.
  • The Yen continues its losing streak against the Dollar making a high just above 144.00; Large clips due to roll off at 143.80-85 and 144.00.
  • The Pound is the best performing G10 currency and back on a 1.27 handle, a breach driven post final-PMI revisions.
  • Morgan Stanley has turned neutral on USD after previously being bullish; pivots short EUR/USD trade recommendation to short EUR/JPY. “We turn neutral on the USD as our conviction about USD strength has waned meaningfully. Investors appear to be adopting an ‘early cycle’ mentality where peak Fed hawkishness is sufficient to ‘paper over’ other risks”. “JPY should continue to gain as long as US rates are falling, regardless of the risk outlook”.
  • PBoC set USD/CNY mid-point at 7.0997 vs exp. 7.1504 (prev. 7.1002)

Fixed Income

  • USTs modestly bear steepen and hold around a 112.07 trough, largely taking cues from EBGs; attention turns to US IJC, ADP and Final PMIs.
  • Bunds initially caught a bid on NRW CPI though gradually pared the move as more states released figures which by in-large chimed mainland expectations for an increase in inflation; currently residing around the 136.58 low.
  • Gilts were initially firmer though succumbed to selling pressure, in-fitting with peers; the benchmark extended losses to a 101.05 trough before lifting from lows following a strong auction.
  • Spain sells EUR 6.3bln vs exp. EUR 5.5-6.5bln 2.50% 2027, 3.50% 2029, 1.90% 2052 Bono and EUR 0.599bln vs. Exp. EUR 0.25-0.75bln 0.65% 2027 I/L.
  • France sells EUR 11.975bln vs exp. EUR 10.5-12.0bln 3.50% 2033, 1.25% 2038, 3.00% 2054 OAT.
  • UK sells GBP 3bln 3.75% 2038 Gilt: b/c 3.36x (prev. 2.97x), average yield 4.067% (prev. 4.871%) & tail 0.2bps (prev. 0.4bps).

Commodities

  • Crude benchmarks are firmer on the session with WTI extending gains to an incremental fresh WTD high of USD 74.00; action occurring without fresh fundamental driver and seemingly taking impetus from the general European tone and USD downside.
  • Spot Gold has continued to edge higher throughout the APAC and European session as the Dollar continues to weaken; Base metals are modestly firmer having traded cautiously overnight.
  • Morgan Stanley says growth in world oil demand is set to slow as post-COVID recovery tailwinds abate. See 2024 oil demand growth of 1.2mln BPD (vs. 2.2mln BPD in 2023)

Geopolitics

  • Members of Biden’s national security team convened a White House meeting on Wednesday to review possible options against the Houthis, including strikes against Houthi targets in Yemen, according to officials cited by NBC. “The meeting on Wednesday afternoon was aimed at fleshing out details of various options that are more robust than those the White House has previously considered and that could include responding alongside other nations, the officials said”. “White House has not approved any of the options for strikes on the Yemen-based rebels that have been prepared by the US military, current and former officials said.”

US Event Calendar

  • 07:30: Dec. Challenger Job Cuts YoY, prior -40.8%
  • 08:15: Dec. ADP Employment Change, est. 125,000, prior 103,000
  • 08:30: Dec. Initial Jobless Claims, est. 216,000, prior 218,000
  • 08:30: Dec. Continuing Claims, est. 1.88m, prior 1.88m
  • 09:45: Dec. S&P Global US Composite PMI, prior 51.0
  • 09:45: Dec. S&P Global US Services PMI, est. 51.3, prior 51.3

DB’s Jim Reid concludes the overnight wrap

A belated Happy NY from me after Henry was in the hot seat yesterday. After having burger and chips most days on or around the slopes for 2 weeks I was most gratified this morning as I stepped on the scales to find I’ve not put on any weight over the hols. Maybe it’s my current fad of skipping breakfast that’s helping. Also no fresh knee injuries although I can tell that I’m on my last skiing legs given their post holiday swelling. I’m also going to start the year by saying something I’ve never said before or may never say again in the future of writing the EMR. Namely that I’m a bit tired this morning on my return to earlies because I stayed up late to watch the World Darts Final last night! To be fair this was with many others in the UK after a remarkable 16yr old reached (but lost) the final. It made me feel very old.

On that theme, while the last two months of 2023 were full of bullseyes for markets, the first couple of days of 2024 has seen a few darts bounce back off the board. Yesterday’s drivers were softer data, growing geopolitical concerns, and ongoing scepticism about the chance of a Q1 rate cut. Indeed, the S&P 500 was down another -0.80% by the close, which marks the first time since 2015 that the index has begun the year with back-to-back declines. The Russell 2000 remarkably had its worst day since last March’s banking crisis (-2.66%). The mood was also negative for other risk assets, as US HY spreads widened by a further +18bps to 351bps. On the other hand, bonds rallied back after a difficult first half of the session with the yield on 10yr Treasuries eventually down -1.3bps to 3.92% (4.01% at the day’s highs) .

The most interesting part of the day were the minutes of the December Fed meeting towards the end of the session. These did not offer any pointers to imminent Fed easing, with little in the way of a discussion of rate cuts that Powell had alluded to in the press conference. There was also some pushback on the recent easing of financial conditions as “many participants remarked that an easing in financial conditions beyond what is appropriate could make it more difficult for the Committee to reach its inflation goal”. However, there were some dovish-leaning elements within the economic discussion. Notably, “a number of participants highlighted the uncertainty associated with how long a restrictive monetary policy stance would need to be maintained, and pointed to the downside risks to the economy that would be associated with an overly restrictive stance”. Away from rates, there was some discussion of the Fed’s QT path, as several participants suggested that it would be appropriate “to begin to discuss the technical factors that would guide a decision to slow the pace of [balance sheet] runoff well before such a decision was reached”.

Earlier in the day, we heard from Richmond Fed President Barkin, who described the March decision as a “long way away” and said that “I try not to prejudge meetings”. Clearly the narrative could shift again tomorrow with the December jobs report, but for now at least it looks like the Fed are still trying to keep their options open and don’t want to pre-commit to when any easing might take place, even if there are some signs they are becoming more wary of overtightening risks.

The release of the Fed minutes came as investors continued to dial back the chances of imminent rate cuts. For instance, the probability of a rate cut by March was down to 76% yesterday, having been at 87% the previous day, and 96% the day before that. In the bond market, 2yr Treasuries sold off by c. 3bps immediately after the minutes, but rallied thereafter to close up +1.0bps at 4.33%, after having traded as high as 4.38% earlier in the day. Meanwhile, the 10yr yield was down -1.3bps to 3.92% by the close. As noted at the top, 10yr yields had traded nearly 10bps higher than this after the day’s US data (at 3pm GMT) but started reversing sharply around half an hour after. However, with US rates underperforming Europe, the dollar continued to benefit, with the dollar index (+0.29%) strengthening for a 4th day running. In Asia 10yr US yields are back up around +1.5bps with 2yr yields flat.

The prospect of near-term rate cuts was also dampened thanks to a fresh rebound in commodity prices, which left Brent Crude up +3.11% at $78.25/bbl. That followed the news that Libya’s Sharara oil field (the largest in the country) had stopped production following protests, along with a separate statement from OPEC that they were committed to “unity, full cohesion and market stability .” Crude is up another half a percent this morning.

Elsewhere, the main news came on the data side yesterday, where a couple of US releases pointed to a subdued performance at the end of 2023. First, we had the ISM manufacturing index for December, which remained in contractionary territory for a 14th consecutive month, coming in at 47.4 (albeit slightly above the 47.1 expected). Moreover, the new orders component fell back to 47.1, marking a 16th consecutive month in contractionary territory.

Alongside that, we also had the US JOLTS report for November, which showed job openings were down to 8.790m (vs. 8.821m expected), and the lowest since March 2021. More concerningly, the hires rate fell back to 3.5%, which is the lowest since 2014 apart from the pandemic months of March and April 2020. Then on similar lines, we also saw the quits rate of those voluntarily leaving their jobs fall 0.2pp to 2.2%, which is beneath its pre-pandemic level and suggests that workers are less confident about leaving their current roles. So this all added up to concerns that the labour market was softening. The same data a month or two ago may have been seen as soft landing, rate cutting friendly but with the market starting the year a lot higher and a bit more nervously there was a bit more caution about that view. ADP and jobless claims today will be the next employment signpost ahead of tomorrow’s main payroll event.

Against that backdrop, risk assets struggled on both sides of the Atlantic, with the S&P 500 (-0.80%) and Europe’s STOXX 600 (-0.86%) losing ground once again. And in turn, that pushed up the VIX index of volatility to 14.0pts, which is its highest level since mid-November. As mentioned at the top, small caps led the US equity sell-off, but tech stocks were also among the underperformers. The NASDAQ was down -1.18% while the Magnificent 7 (-1.04%) fell back for a 4th consecutive day. Within tech, losses were led by Tesla (-4.01%) as well as a -2.03% decline for the Philadelphia semiconductor index. Within the S&P 500, the more cyclical sectors including industrials (-1.51%) and materials (-1.11%) again underperformed, while energy stocks (+1.52%) gained on the aforementioned oil price rise.

One relative outperformer yesterday were European sovereign bonds, which followed a different path to US Treasuries. That comes ahead of today’s flash CPI releases from Germany and France, before we get the Euro Area-wide figure tomorrow. And there was a bit of optimism before those releases, since data from the German state of Saarland showed consumer prices were only up +0.1% month-on-month. Although Saarland is one of the smallest German states, that monthly change was slightly beneath the +0.2% reading that the consensus expects for the German print today, so it added to the optimism on inflation, and helped yields on 10yr bunds to come down -4.2bps on the day .

This morning in Asia equity markets are extending their new year retreat but US equity futures are around a tenth of a percent higher so it’s more catch down rather than a fresh wave of underperformance. As I check my screens, Chinese stocks are under pressure with the CSI (-1.40%) and the Shanghai Composite (-0.87%) opening on a lower note as uncertainties about a recovery in the world’s second-biggest economy continues to keep investors nervous even if the services PMI this morning was at 52.9 against 51.6 expected and 51.5 in November. Meanwhile, the Nikkei is also down -0.94% on its first trading day of the year after an extended New Year’s holiday. Elsewhere, the Hang Seng (-0.49%) and the KOSPI (-0.90%) are also lower with the S&P/ASX 200 (-0.35%) extending its slide after hitting a record high earlier this week.

Elsewhere Chinese 10yr government bond yields (2.54%) edged to their lowest level since April 2020 on expectations of further monetary policy easing by the PBOC. In FX, the J apanese yen (-0.24%) is trading lower against the US dollar for the third straight day, languishing at a two-week low of 143.63 versus the dollar as the recent devastating earthquake makes it harder for the BOJ to imminently exit negative interest rates.

To the day ahead now, and US data releases include the weekly initial jobless claims and the ADP’s report of private payrolls for December. In Europe, there’ll also be the French and German CPI readings for December, along with UK mortgage approvals for November. Otherwise, we’ll get the final December services and composite PMIs from around the world.

Tyler Durden
Thu, 01/04/2024 – 08:13

via ZeroHedge News https://ift.tt/1yNumW2 Tyler Durden

Spot Container Rates Surge By 173% Due To Red Sea Disruptions

Spot Container Rates Surge By 173% Due To Red Sea Disruptions

Drone and missile attacks by Yemen’s Iran-backed Houthi militants on commercial vessels in one of the world’s busiest shipping lanes have resulted in firms sending ships around the Cape of Good Hope, entirely avoiding the Red Sea region. Reroutings have added a week or more to sailings, thus straining cargo capacity, which, in return, has sent containerized shipping rates soaring. 

Bloomberg cites new data from Freightos, a cargo booking and payment platform, that shows the spot rate for a 40-foot container from Asia to northern Europe has jumped 173% to $4,000 since mid-December. 

The price for a 40-foot container from Asia to the Mediterranean has increased to $5,175, as reported by Freightos. Additionally, they noted that major shippers have announced even higher prices, surpassing the $6,000 mark for this route in the next two weeks. Shipping rates from Asia to the East Coast of North America also soared 55% to $3,900. 

The Red Sea connects to Egypt’s Suez Canal and is the fastest way to transport consumer goods, petroleum products, and food from Asia and the Middle East to Europe and North America. About 10% to 12% of global trade flows through the critical waterway. 

On Wednesday, no container ships with destinations to North America and Europe were transiting the Red Sea. These vessels were rerouted to Africa’s southern Cape of Good Hope to avoid the attacks – adding anywhere from 7 to 20 days to their voyages. This indicates that the Pentagon’s Operation Prosperity Guardian has failed to protect commercial vessels in the region. 

Spot container rates are moving higher because diversions around the Cape of Good Hope add extra time to sailings, reducing capacity. 

New data from the International Monetary Fund’s PortWatch platform, produced with Oxford University, shows that for the ten days through Monday, sails through the vital Suez Canal trade route plunged 28% compared with a year earlier. This means about 3.1% of global trade has been rerouted from the Red Sea. 

Even though container prices are far off Covid highs, prices are more than double from early 2019 levels and come at a time when central banks have unleashed more than a year of interest rate hikes to combat inflation. 

Meanwhile, Red Sea disruptions are spreading across the shipping industry, leading to a surge in oil tanker shipping costs. 

Shipbroker Braemar said daily shipping costs for a tanker from the Mediterranean to Japan through the Suez jumped from $8,000 a day in early December to $26,000 earlier this week. 

“Any route involving the Red Sea is red hot,” the Braemar analysts said.

In a separate note, Goldman’s Daan Struyven shows oil flows via tankers through the Bab-El-Mandeb strait at the southern end of the Red Sea have plunged. 

Struyven said, “We estimated a potential $3-4/bbl boost to crude prices from a hypothetical prolonged and full redirection of all oil flows through the Bab-El-Mandeb strait at the southern end of the Red Sea…” 

The biggest fear for energy prices, shipping costs, and supply chains is if a regional conflict erupts across the Middle East. 

Tyler Durden
Thu, 01/04/2024 – 07:45

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