Links 3 March 2020

Global Macro / Markets / Investing:

Americas:

Europe:

Asia:

Trans-Tasman:

Leith van Onselen

Comments

    • desmodromicMEMBER

      Crisis? What crisis? Overnight the S&P500 is up 2.9%, Tesla up 10%, Apple up 7%. It’s all good again.

      • TheRedEconomistMEMBER

        Yep … I dipped my toe into equities on Friday arvo. Vindicated so far … but still very nervous.

        • happy valleyMEMBER

          Nah – all good – prices to the moon like Strayan residential property.

    • Wanna know *WHY* the article was written? Here’s why: oh noes, the nāzīs are making a comeback!

      He singled out eastern Germany as an archetype, saying the demographic shift driven by the exodus of younger people was playing into the hands of rightwing populists such as Alternative für Deutschland (AfD).

      “Because a constituency in the eastern Länder in Germany, for example … is going to tend to be older, more socially conservative and less educated, that means that that constituency is more likely to be willing to vote for the AfD,” Springford said.

      Not that Guardian gives two sh*ts about the old or the young people… they’re just a means to an end…

  1. Coronavirus: first cases of community transmission confirmed in Australia … Melissa Davey … The Guardian

    https://www.theguardian.com/world/2020/mar/02/coronavirus-first-cases-of-community-transmission-confirmed-in-australia

    Australia now has 30 patients who have been diagnosed with coronavirus, including the first confirmed cases of community transmission.

    On Monday afternoon the New South Wales health minister, Brad Hazzard, said a 41 year-old NSW woman caught the disease and that her case could be traced back to her 43-year-old brother who had returned from Iran.

    More concerningly, the minister said a 53-year-old health worker had been diagnosed with the virus…. read more via hyperlink above …
    .
    .
    LATEST UPDATES … Coronavirus: EU raises risk level to high, Iran cases exceed 1,500 … CNBC

    https://www.cnbc.com/2020/03/02/coronavirus-latest-updates-asia-markets.html

    • Given the predilection for head relocation and self-detonation and pedestrian bowling among the adherents of the religion of pieces, a bit of temple licking action is only moderately surprising to me. Almost endearing in its imbecility, really. Next, eating crayons.

  2. why would anyone post links to articles like: Krugman celebrates the market losing a Trillion dollars – National Sentinel
    or any National Sentinel articles

  3. People with coronavirus-type symptoms are reportedly being turned away from testing at Wellington Hospital because they don’t fit strict criteria….A man’s son worked in a business in the central city where he dealt with many tourists.
    When he fell ill a couple of days ago with a high temperature and flu-like symptoms, his parents rang Healthline who said he should go to hospital. But at hospital – thought to be Wellington – he met all the covid-19 symptoms but did not meet the criteria for testing so was given Panadol and sent home.

    Let’s hope the doctors are right or all Hell will break loose.

      • The Traveling Wilbur

        Yep. And under Labor the virus spread would be far larger too.

        As the Coalition Government are the better microorganic managers.

      • Fox and the Hound

        Absolutely it is. If Labor hadn’t betrayed the working class it never would have happened. We must destroy them.

        • Arthur Schopenhauer

          They seem to be quite capable of destroying themselves. Don’t waste your energy.

    • he is right because Labor is just colourful version of LNP

      by now Labor would have privatised large chunk of health care

    • Love the way this place sticks to rationality and logic. Makes it a great source and discussion space as a business site.

  4. Amy Klobuchar drops out of the Democratic race, will endorse Joe Biden
    Buttigieg set to endorse Biden as centrists hope to stop Sanders surge

    looks like party establishment is working hard

    Warren is next one to drop out and endorse Biden

  5. Arthur Schopenhauer

    “ Victoria’s trade unions have called on the federal government to lift the travel restriction, arguing it discriminates against Chinese people based on their passport.

    The Victorian Trades Hall Council is demanding temporary workers be allowed into Australia after passing the same health checks as permanent residents.”

    From The Age.

    Honestly, WTF? The whole world discriminates based on people’s passport. That’s how nation states protect their citizens interests.

    We have become a nation of children.

    Fvck that VTU idiot to shvt fvckery hvll.

  6. Whom knew ABCT was grounded in biology …. chortle …. not to worry tho Vulture Capital will feast and consolidate on the dead and dying like never before …

  7. Arthur Schopenhauer

    Anyone who thinks corona is a hoax or ‘just the flu’ wont be taking appropriate hygiene measures and should be avoided.

    Unfortunately, there are people in my company that fall in that category.

    • Australia has a general hygiene problem. Shaking hands, paying cash, eating burgers/pizza/chips/etc with dirty hands, touching taps and hand rails, rubbing eyes and nose, turning up to work with coughs and sniffles, etc.

      • I watch people on the travellator run their hand along the rubber handrail. jeez..
        just had to fix a users computer. washed hands afterwards. keep your keyboard germs thanks.

      • My recollection is Tesla’s AC far superior to Edison’s DC due to higher voltages being able to supply electricity over much longer distances. JP Morgan saw the writing on the wall, extorted Tesla’s patents from Westinghouse, booted Edison out of the company, and rebranded as GE and started flogging Tesla’s AC.

  8. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4463890/
    In those patients who do have influenza, we have treated them with the vitamin D hammer, as coined by my colleague. This is a 1-time 50 000 IU dose of vitamin D3 or 10 000 IU 3 times daily for 2 to 3 days. The results are dramatic, with complete resolution of symptoms in 48 to 72 hours. One-time doses of vitamin D at this level have been used safely and have never been shown to be toxic.

  9. The power of our Treasury Department:
    – Setting Immigration rates to meet GDP forecasts
    – Set the Terms of Reference and findings in Royal Commission
    – “12 Monkeys” policy of letting the virus into Australia to sustain GDP

    We live in a Treasury led dictatorship.

  10. Read some documents about 200% increase in demand for ICU services, the principles underlying the rationing of ICU care, plan for this to last 10-12 weeks at least…..
    Then I woke up this morning, saw DJIA has bounced, and thought “Nah, its all good”

  11. Senator Kitching, a dunce, in action wasting our taxes

    https://www.theguardian.com/australia-news/2020/mar/02/coffee-cart-upgrade-at-parliament-house-cost-taxpayers-almost-400000

    Conner posted this on their Flux forum (on Discord)

    In 2018-19 the old cart sold 85,000 coffees and collected $330,000 in revenue

    Let’s say they only sell coffee, that’s $3.88 per coffee, rounded down. (Actually, they might only sell coffee)

    predicted to boost sales from 85,000 coffees in 2018-19 at the old coffee cart it replaced to “well over” 100,000 this financial year. (At a cost of $391,000 to upgrade it)

    100K coffees at $3.88, $388,000 in revenue. The expected revenue in a year is less than the cost to replace it. Revenue. Not profit.

    He (Department of Parliamentary Services secretary, Robert Stefanic) noted Labor senator Kimberley Kitching’s observation that the cost was equivalent to “100,000 cups of coffee”, saying: “That’s about a year’s worth of sales, so as a return on investment that’s not bad.”

    The ATO puts Coffee Shops’ profit at ~10% https://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/Benchmarks-A-Z/A-C/Coffee-shops/
    10% x 388K, 38K.

    It will take greater than 10 years for the upgrade to break even.

    SMH reports coffee at the cost of $3.60 and $4.10. $3.88 seems pretty correct.
    Then Kitching doubles down:

    “They will need to sell about one hundred thousand cups of coffee before the taxpayer will start to get their money back,” Senator Kitching said.

    https://www.smh.com.au/politics/federal/380-000-for-revamped-coffee-cart-in-parliament-house-20191223-p53mfe.html

  12. Unparalleled Invasion, science fiction short story by Jack London, published 1910 set in late 1970’s. Wow.

    Wiki plot summary:
    Under the influence of Japan, China modernizes and undergoes its own version of the Meiji Reforms in the 1910s. In 1922, China breaks away from Japan and fights a brief war that culminates in the Chinese annexation of the Japanese possessions of Korea, Formosa, and Manchuria. Over the next half century, China’s population steadily grows, and eventually migration overwhelms European colonies in Asia. The United States and the other Western powers launch a biological warfare campaign against China, resulting in the total destruction of China’s population, the few survivors of the plague being killed out of hand by European and American troops, and China then being colonized by the Western powers. This opens the way to a joyous epoch of “splendid mechanical, intellectual, and art output”. In the 1980s, war clouds once more gather between Germany and France, and the story ends with the nations of the world solemnly pledging not to use the same techniques that they had used against China.

    Full story https://americanliterature.com/author/jack-london/short-story/the-unparalleled-invasion