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Futures Rebound, Oil Jumps After Relentless 3-Day Hammering

Futures Rebound, Oil Jumps After Relentless 3-Day Hammering

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Futures Rebound, Oil Jumps After Relentless 3-Day Hammering Tyler Durden Wed, 09/09/2020 - 07:53

After three days of furious declines in the market culminating with the worst 3-day stretch for the Nasdaq since the financial crisis which entered a correction, stocks rebounded on Tuesday on the back of oversold conditions which approached the March puke...

... as traders, algos and Gen-Z BTFDers ignored news that AstraZeneca had paused covid vaccine trials after a participant in the UK developed an unexplained illness potentially crippling the race for a vaccine, and causing a "ripple as markets question recent vaccine optimism," according SVB Leerink analyst Andrew Berens said. Then again, with futures some 20 points higher from Tuesday's close, it doesn't seem like pessimism will be allowed today as a 4-day selloff would be catastrophic for market sentiment, and as such look for a green close with the blessings of the Fed.

And with all eyes on the Nasdaq, it was imperative to find some support which is what the 50DMA has conveniently provided.

The rebound was led by the same tech names that tumbled in the past three days, with Nasdaq futures bouncing 1.8% after tumbling another 4.1% on Tuesday, bringing total losses since Sept. 2 to 10%, with declines led by stocks such as Amazon.com, Facebook and Netflix after a rally dominated by the so-called "stay-at-home" winners on the back of SoftBank call buying. Tesla surged 7% in premarket trading after shedding about $80 billion of its market capitalization in the previous session. Lululemon dropped 4.9% after the yogawear maker forecast a drop in current-quarter adjusted profit due to higher marketing expenses.

"A setback like that seen in Nasdaq stocks over the past days has been overdue," Commerzbank strategist Alexander Kraemer wrote citing excessive valuations. “Nonetheless, the underlying drivers of the recent rally remain in place. We believe that the recent setback will emerge as a buying opportunity for year-end performance.”

European equities also rallied led by telecoms, oil & gas and insurance names. The Eurostoxx rose more than 1%, with the FTSE 100 up 0.8%, but off best levels.

Earlier in the session, Asian stocks fell, led by health care and finance. All markets in the region were down, with Australia's S&P/ASX 200 dropping 2.2% and Shanghai Composite falling 1.9%. The Topix declined 1%, with ARTNER and Fuji Pharma falling the most. The Shanghai Composite Index retreated 1.9%, with Ningxia Xinri Hengli Steel Wire and Zhejiang Tiantai Xianghe Industrial posting the biggest slides. Softbank once again reversed most of its losses, ending down 2.8% after earlier sliding as much as 7%.

Treasuries erased their increases as equity futures strengthened, paring Asian session gains over early European session, although yields remained slightly cheaper across front-end of the curve. Early risk-off supported a bull-flattening move but gains faded as S&P e-minis recovered and yields eased back higher. U.S. session highlight includes $35b 10-year note reopening, a $6b increase vs. prior reopening. Yields were higher by up to 1bp across long-end of the curve with front- and belly broadly unchanged; 10-year yields around 0.682%. The German curve bear steepens slightly, while peripheral spreads tighten to core. Gilts bear flatten.

In FX, the greenback traded mixed versus G-10 peers as risk sensitive currencies, such as the Australian and New Zealand dollars and the Swedish krona, saw a modest bounce. The pound was the worst performer, and fell for a sixth day, extending its losing streak to the longest since the start of the U.K.’s coronavirus lockdown in March; cable dropped as low as 1.2914 - on worries that talks could collapse over changes to the Brexit withdrawal deal.

In commodities, crude oil climbed back above $40 a barrel in London after tumbling to the lowest level since June, while front month WTI rose 2.25%, back on a $37-handle.

Spot gold drifted in the red below $1,930 as the dollar rose. Base metals grind lower, with LME nickel underperforming.

Looking at the day ahead, the main central bank highlight will be the Bank of Canada’s monetary policy decision later. In terms of data, there’s also Japan’s machine tool orders for August, Canada’s housing starts for August and the US JOLTS job openings for July.

Market Snapshot

  • S&P 500 futures up 0.8% to 3,361.00
  • STOXX Europe 600 up 0.8% to 366.64
  • MXAP down 1% to 169.19
  • MXAPJ down 1% to 556.57
  • Nikkei down 1% to 23,032.54
  • Topix down 1% to 1,605.40
  • Hang Seng Index down 0.6% to 24,468.93
  • Shanghai Composite down 1.9% to 3,254.63
  • Sensex down 0.6% to 38,132.85
  • Australia S&P/ASX 200 down 2.2% to 5,878.60
  • Kospi down 1.1% to 2,375.81
  • Brent Futures up 1.2% to $40.27/bbl
  • Gold spot down 0.2% to $1,929.09
  • German 10Y yield fell 0.2 bps to -0.497%
  • Euro down 0.05% to $1.1772
  • Brent Futures up 1.2% to $40.27/bbl
  • Italian 10Y yield fell 1.8 bps to 0.902%
  • Spanish 10Y yield fell 1.1 bps to 0.315%
  • U.S. Dollar Index up 0.09% to 93.53

Top Overnight News from Bloomberg

  • The euro’s rally to a two-year high is making European Central Bank officials nervous, and putting investors and economists on the lookout for some kind of intervention as soon as Thursday’s policy meeting
  • All social gatherings of more than six people will be banned in England, under new limits to be announced by Boris Johnson on Wednesday, as coronavirus cases grow
  • Johnson is facing a backlash from the European Union and from within his own ruling Conservative Party after the U.K. government said it plans to break international law over Brexit

Here is a quick look at global markets courtesy of NewsSquawk

Asian equity markets were lower across the board amid strong headwinds from Wall St where the tech rout intensified on return from the long weekend and the Nasdaq slipped into correction territory with Tesla shares crashing over 21% following the S&P 500 snub, while recent hefty losses in the energy complex and AstraZeneca's vaccine trial halt due to an adverse reaction, added to the dejected mood and resulted in around a 10% drop in shares of its Indian listed subsidiary. ASX 200 (-2.1%) underperformed on a retreat from the 6,000 level with all sectors in negative territory and the substantial declines led by energy, tech and financials. Nikkei 225 (-1.0%) fell below 23,000 as exporters suffered the brunt of a firmer currency and as SoftBank continued its slump following the recent publicity regarding its large tech bets and amid news its Chief Compliance Officer has exited the Co. Hang Seng (-0.6%) and Shanghai Comp. (-1.9%) conformed to the widespread negative mood due to the tech rout and as tensions persisted with the US penalising Chinese companies accused of using forced labour in which it withheld orders for 3 companies, as well as threatened action on several others, while it was also reported that China is to sanction senior US officials that visit Taiwan and the American companies they have ties with. Finally, 10yr JGBs were higher following the bull flattening in US and with prices supported by the broad risk aversion, but with upside limited by resistance at the 152.00 level and amid the lack of BoJ buying in the market today.

Top Asian News

  • New Zealand’s Three-Year Bond Yield Turns Negative for 1st Time
  • CloudAlpha Capital Makes Long Call on China’s KE Holdings
  • S.Korea Markets Dollar, Euro Bonds, Joining Global Deal Rush
  • SoftBank Buybacks Raise Prospect of Management Buyout: Analyst

Sentiment has seen somewhat of a recovery (Euro Stoxx 50 +0.9%) since the downbeat APAC handover, albeit price action could just mark consolidation from yesterday’s move amidst quiet newsflow. US equity futures meanwhile eke mild gains as contracts drifted higher since the reopen of electronic trade – with the initial gap lower attributed to reports that AstraZeneca (-1.2%) pausing its COVID-19 vaccine trials with the University of Oxford due to an adverse reaction in a UK participant. Sources stated that the nature of the adverse reaction and when it happened were not immediately known, though the participant is expected to recover. It is worth keeping in mind that it is procedural to pause the trials when a patient gets ill from unknown causes, whilst one adverse effect does not deem the vaccine a “failure”. That being said, the safety of vaccines will garner more attention in the coming months as most candidates undergo Phase III trials. Nonetheless, the update has provided support for AstraZeneca’s competitors; with GSK (+2.3%), Sanofi (+2.1%), Diasorin (+3.5%), Merck (+1.7%), Moderna (+4.9% pre-mkt) and BioNTech (+3.5 pre-mkt) all firmer. Back to Europe, bourses see broad-based gains, whilst sectors are mostly higher, with telecoms and Oil & Gas leading the gains, whilst Banks, Autos and Travel & Leisure reside in the red, with the latter also weighed on by Ryanair (-2.5%) after cutting their FY passenger numbers – a move which mimic’s that of easyJet (-5.0%) for the Q4 announced yesterday. In terms of other individual movers, Airbus (-2.6%) is lower alongside the aviation sector, but with EU Trade Commissioner Dombrovskis said the EU will implement tariffs on US goods in response to illegal aid for Boeing (+0.8% pre-mkt) unless the US removes the trade duties imposed in response to Airbus subsidies. Meanwhile, Pandora (+4.2%) was bolstered by a broker upgrade at Citi

Top European News

  • Zara Owner Inditex Faces Short Call by Anatole Investment
  • Ryanair Hammers Government ‘Mismanagement’ of Covid Crisis

In FX, another day, but no real let up in the pressure on the Pound as a confirmed break of 1.3000 in Cable culminated in a breach of the 200 WMA (circa 1.2931) and a test of interim support ahead of 1.2900 in the form of a late July low (1.2912 from the 29th of that month). Meanwhile, Eur/Gbp extended its advance through 0.9100, but held below the next upside chart target (July 28’s 0.9135 peak) awaiting the next chapter in the Brexit saga as the UK prepares to present its Internal Market Bill with annulments to the Withdrawal Agreement (for a primer of the publication expected around 12.30BST check out the headline feed at 8.25BST).

  • AUD/NZD - In contrast to Sterling’s ongoing demise, the Aussie and Kiwi have regained some composure alongside broad risk sentiment and a technical bounce off round number levels at 0.7200 and 0.6600 respectively. Improvements in Westpac consumer optimism, ANZ business confidence and the outlook for activity are also assisting the Antipodean Dollars as Aud/Nzd pivots 1.0900 despite more diplomatic strains between Australia and China.
  • USD - The Buck is off best levels after the DXY extended gains just beyond Tuesday’s peak to 93.617 largely at the expense of the aforementioned ailing Pound, with the index acknowledging a partial recovery in risk appetite ahead of weekly MBA mortgage applications, Redbook sales and JOLTS.
  • CAD/CHF/JPY/EUR - All narrowly mixed vs the Greenback, as the Loonie pares some declines in line with oil before the BoC policy meeting between 1.3259-16 parameters, the Franc holds just above 0.9200 following Swiss jobless rates matching consensus and the Yen ranging from 106.05 to 105.80 and also losing a little safe-haven premium. Similarly, the Euro is restrained in the run up to Thursday’s ECB within a 1.1787-58 range and wary of stops sitting around 1.1750 that would be exposed if the base from August 21 at 1.1754 gave way.
  • SCANDI/EM - No major reaction to a rise in 12 month Swedish CPIF expectations as Eur/Sek continues to straddle 10.4000, but Eur/Nok has retreated from 10.8000 to sub-10.7500 on the back of the rebound in crude prices. Elsewhere, the Rub is also benefiting from Brent regaining a foothold above Usd 40/brl, albeit tentatively, but the Try remains on course if not destined to set a fresh record low at 7.5000.

In commodities, WTI and Brent front month futures eke mild gains, albeit more so a function of stock market action coupled with a waning of the Dollar. Fundamental news-flow for the complex has once again been light, with crude markets consolidating following yesterday’s slide. WTI Oct resides around USD 37.50/bbl (vs. low 36.16/bbl), whilst Brent Nov tested resistance at USD 40.50/bbl (vs. low 39.37/bbl). Note, the JMMC will be holding their next meeting on September 17th with delegates reportedly expressing concern over the lower oil prices. This comes after Russia Energy Minister Novak called on OPEC members to take into account the “demand recovery” just a week ago. ING suggests “If this downward pressure on the market continues, OPEC+ will become increasingly concerned, and there is always the potential that the group look to re-implement the deeper cuts that we saw between May and July” – but again, this will need the backing of Russia whom have historically been more resistant. Looking ahead, participants will be eyeing the EIA STEO later today ahead of the Private Inventory reports – a delayed release on account of US Labor Day. Elsewhere, spot gold and silver remain contained within relatively tight ranges as the precious metals trade in tandem with the Buck around USD 1930/oz and just below USD 26.75/oz. Meanwhile, base metals overnight saw a session of losses, with Shanghai copper closing some 1.3% lower and Dalian iron ore sliding over 3% amid the losses in stock markets coupled with the firmer USD.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior -2.0%
  • 10am: JOLTS Job Openings, est. 6,000, prior 5,889

DB's Jim Reid concludes the overnight wrap

I should be nice to readers today if I want votes but I must admit that a number of you are quite sneaky. We mentioned yesterday that there’s a competition to work out where in the world the front cover photo for our new Long-Term Study is from. Well, by the precise nature of many of your correct replies I can only suggest that many of you used some kind of google app to get the correct answer. If I’m being unfair I apologise! So congratulations to all the incorrect answers as I know there was no foul play. Or maybe I should castigate your lack of technology skills. Anyway having criticised most of the readers now please still vote for us.

The long term study is called “The Age of Disorder”. In it we split the world of the last 160 years into five eras and suggest we’re entering a new one characterised by amongst other things a deteriorating US/China relationship, reversing globalisation, a make or break decade for Europe, MMT, inequality getting higher first and then improving, Millennial policies likely to take over before the end of this decade (including on climate change) and tech being highly disruptive. We also wonder whether big cities will reduce in importance post peak globalisation and Covid. See the report for more here and there’s still time to guess where the front cover image is from. Up to you whether you use some fancy app algorithm to work it out.

There was a fair amount of disorder in markets yesterday as the US saw it’s first day back after last week’s tech rout. Once again it was US tech stocks that led the moves lower, with the NASDAQ down another -4.11% by the end of the session, which included a sizeable -21.1% decline from Tesla as last Friday evening’s news of the stock not being included in the S&P 500 at this time disappointed investors along with GM taking a stake in another EV competitor. Since last Wednesday’s record close, the NASDAQ is down -10.03%, losing c.$1.77tr of value. While not an apples-to-apples comparison, the Nasdaq has lost the equivalent of around 8.2% of 2019 US GDP over the last three session.

Other sectors weren’t immune to the downward moves, with the broader S&P 500 falling another -2.78% and the Dow Jones down -2.25%. Meanwhile energy stocks plummeted on both sides of the Atlantic as oil prices were another major victim of the risk-off mood. By the close yesterday, Brent Crude was down a further -5.31% to $39.78/bbl, while WTI saw an even larger -7.57% decline to $36.76/bbl, in its biggest move lower since April. The complex was under additional pressure as reports of stalling demand in Asia and further signals of increasing OPEC+ supply – namely Russian tax breaks to boost domestic oil-producers – gave crude a double shock on a day already bad for risk.

The key news overnight is that AstraZeneca has paused research on its coronavirus vaccine, which it has been working on with Oxford University, after a participant in its clinical trial became ill. A company spokesperson noted that, “This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials.” While not stopping the trial, the company will have to review the incident in order to continue the trial, which could elongate the approval process. Meanwhile, Moncef Slaoui, the head of the US Warp Speed initiative, said in a statement that Data Safety Monitoring Boards in the US and UK are “conducting an in-depth review of the company’s vaccine candidate which is standard procedure when an adverse event occurs.” Given that this was seen by many as the leader in the vaccine race, this is a blow. It reminds us why the process is usually multiple times slower than what is occurring with the covid vaccine trials.

Asian markets are trading largely lower this morning. The Nikkei (-1.38%), Hang Seng (-0.97%), Shanghai Comp (-1.07%) and Kospi (-0.68%) are all down but futures on the S&P 500 and Nasdaq are trading up +0.13% and +0.70% respectively. Elsewhere, crude oil prices are down another -1% overnight. Datawise, China’s August CPI came in line with consensus at 2.4% yoy while PPI came in a touch lower than consensus at -2.0% yoy (-1.9% yoy expected).

In terms of other news this morning, geo-politics has dominated with China’s President Xi Jinping saying that the country will enhance cooperative ties with North Korea, a move which is likely to irk US President Trump. Meanwhile, the SCMP is carrying a story this morning citing Global Times Editor Hu Xijin that China is planning to sanction US officials who visit Taiwan. We feel that these tensions are only going to increase over the next few years as we highlight in “The Age of Disorder”.

Amidst the flight from risk, sovereign bonds rallied across the board yesterday as 10yr Treasury yields fell -3.9bps to 0.679% (a further -1bps this morning). It was a similar picture in Europe, where yields continued to fall throughout the day, with those on 10yr bunds (-3.2bps), OATs (-3.1bps) and BTPs (-1.8bps) all moving lower. Gilts were actually the big outperformer amidst the Brexit developments (more on which below), and 2-year gilt yields closed at a record low of -0.13%.

In terms of the latest on the coronavirus, here in the UK there was further concern after another 2,466 cases were reported yesterday, making the 3rd consecutive day in which more than 2,000 cases have been reported. The recent upward trend has led to speculation that further restrictions will be imposed, and overnight it’s been confirmed that the legal limit on gatherings is to be reduced to 6 from Monday. Elsewhere France’s Health minister is expecting hospitalizations and ICU admissions to rise in the coming weeks as daily cases are now hovering around 7000 mark for the first time during the pandemic. The US continues to go the other way with California, Arizona and Florida all seeing the lowest confirmed case count since the start of the summer, and in turn the US is registering its lowest daily case count (

There was a flurry of fiscal activity today. The first of which was that both leading Congressional Democrats - Speaker Pelosi and Senate Minority Leader Schumer - said the new Republican stimulus proposal is going in the wrong direction and that it contains ‘poison pills’ that they know Democrats would not support. This seems to be putting any real hope of additional stimulus at further risk with less than two months to the presidential election. The second note was a Bloomberg report that the skinny GOP bill would rescind the Fed’s unspent stimulus funds that were appropriated for lending purposes. Considering that those liquidity facilities were, and remain, a factor in the improvement of risk pricing, any alterations could have major impacts. Overnight reports suggest that the trimmed down bill which is expected to cost anywhere between $500bn to $700bn would be put to a senate vote on Thursday.

Meanwhile the CEOs of 9 companies with leading vaccine candidates signed a public letter in which they said that they would “always make the safety and well-being of vaccinated individuals our top priority” and specifically noted that the FDA “requires that scientific evidence for regulatory approval must come from large, high quality clinical trials that are randomized and observer-blinded”. Moderna, one of the leading candidates was down -13.2% on mix of this news and broad based selling of US biotech (-1.76%).

Sterling slumped another -1.40% against the US dollar yesterday as the negative headlines on Brexit continued to escalate. Following the FT’s report that the government’s Internal Market Bill would seek to override the Brexit Withdrawal Agreement, the UK’s Northern Ireland Secretary Brandon Lewis acknowledged in the House of Commons yesterday that “This does break international law, in a very specific and limited way”. So not something that’s likely to be received well by the EU, particularly given the statements made on Monday, including from the Commission President. We should get further details today when the government actually publish the bill, but yesterday it was announced that the head of the UK government’s legal department had quit, with the FT saying that this was because of the Brexit issue. Notably, even a number of Conservative MPs expressed disquiet with the plans to go against an international treaty, with former Prime Minister Theresa May asking in the House of Commons how the government would reassure future international partners that the UK would abide by its legal obligations.

Elsewhere in Europe, equity markets similarly fell ahead of the ECB’s decision tomorrow, with the STOXX 600 falling -1.15%. The FTSE 100 was the outperformer thanks to sterling’s decline, only losing -0.12%, though the DAX (-1.01%) and the CAC 40 (-1.59%) saw more serious losses. There also wasn’t a great deal of data to guide investors, though Euro Area’s Q2 GDP reading saw a modest upward revision to a -11.8% decline, as opposed to the previous estimate of -12.1%.

To the day ahead now, and the main central bank highlight will be the Bank of Canada’s monetary policy decision later. In terms of data, there’s also Japan’s machine tool orders for August, Canada’s housing starts for August and the US JOLTS job openings for July.

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‘Excess Mortality Skyrocketed’: Tucker Carlson and Dr. Pierre Kory Unpack ‘Criminal’ COVID Response

‘Excess Mortality Skyrocketed’: Tucker Carlson and Dr. Pierre Kory Unpack ‘Criminal’ COVID Response

As the global pandemic unfolded, government-funded…

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'Excess Mortality Skyrocketed': Tucker Carlson and Dr. Pierre Kory Unpack 'Criminal' COVID Response

As the global pandemic unfolded, government-funded experimental vaccines were hastily developed for a virus which primarily killed the old and fat (and those with other obvious comorbidities), and an aggressive, global campaign to coerce billions into injecting them ensued.

Then there were the lockdowns - with some countries (New Zealand, for example) building internment camps for those who tested positive for Covid-19, and others such as China welding entire apartment buildings shut to trap people inside.

It was an egregious and unnecessary response to a virus that, while highly virulent, was survivable by the vast majority of the general population.

Oh, and the vaccines, which governments are still pushing, didn't work as advertised to the point where health officials changed the definition of "vaccine" multiple times.

Tucker Carlson recently sat down with Dr. Pierre Kory, a critical care specialist and vocal critic of vaccines. The two had a wide-ranging discussion, which included vaccine safety and efficacy, excess mortality, demographic impacts of the virus, big pharma, and the professional price Kory has paid for speaking out.

Keep reading below, or if you have roughly 50 minutes, watch it in its entirety for free on X:

"Do we have any real sense of what the cost, the physical cost to the country and world has been of those vaccines?" Carlson asked, kicking off the interview.

"I do think we have some understanding of the cost. I mean, I think, you know, you're aware of the work of of Ed Dowd, who's put together a team and looked, analytically at a lot of the epidemiologic data," Kory replied. "I mean, time with that vaccination rollout is when all of the numbers started going sideways, the excess mortality started to skyrocket."

When asked "what kind of death toll are we looking at?", Kory responded "...in 2023 alone, in the first nine months, we had what's called an excess mortality of 158,000 Americans," adding "But this is in 2023. I mean, we've  had Omicron now for two years, which is a mild variant. Not that many go to the hospital."

'Safe and Effective'

Tucker also asked Kory why the people who claimed the vaccine were "safe and effective" aren't being held criminally liable for abetting the "killing of all these Americans," to which Kory replied: "It’s my kind of belief, looking back, that [safe and effective] was a predetermined conclusion. There was no data to support that, but it was agreed upon that it would be presented as safe and effective."

Carlson and Kory then discussed the different segments of the population that experienced vaccine side effects, with Kory noting an "explosion in dying in the youngest and healthiest sectors of society," adding "And why did the employed fare far worse than those that weren't? And this particularly white collar, white collar, more than gray collar, more than blue collar."

Kory also said that Big Pharma is 'terrified' of Vitamin D because it "threatens the disease model." As journalist The Vigilant Fox notes on X, "Vitamin D showed about a 60% effectiveness against the incidence of COVID-19 in randomized control trials," and "showed about 40-50% effectiveness in reducing the incidence of COVID-19 in observational studies."

Professional costs

Kory - while risking professional suicide by speaking out, has undoubtedly helped save countless lives by advocating for alternate treatments such as Ivermectin.

Kory shared his own experiences of job loss and censorship, highlighting the challenges of advocating for a more nuanced understanding of vaccine safety in an environment often resistant to dissenting voices.

"I wrote a book called The War on Ivermectin and the the genesis of that book," he said, adding "Not only is my expertise on Ivermectin and my vast clinical experience, but and I tell the story before, but I got an email, during this journey from a guy named William B Grant, who's a professor out in California, and he wrote to me this email just one day, my life was going totally sideways because our protocols focused on Ivermectin. I was using a lot in my practice, as were tens of thousands of doctors around the world, to really good benefits. And I was getting attacked, hit jobs in the media, and he wrote me this email on and he said, Dear Dr. Kory, what they're doing to Ivermectin, they've been doing to vitamin D for decades..."

"And it's got five tactics. And these are the five tactics that all industries employ when science emerges, that's inconvenient to their interests. And so I'm just going to give you an example. Ivermectin science was extremely inconvenient to the interests of the pharmaceutical industrial complex. I mean, it threatened the vaccine campaign. It threatened vaccine hesitancy, which was public enemy number one. We know that, that everything, all the propaganda censorship was literally going after something called vaccine hesitancy."

Money makes the world go 'round

Carlson then hit on perhaps the most devious aspect of the relationship between drug companies and the medical establishment, and how special interests completely taint science to the point where public distrust of institutions has spiked in recent years.

"I think all of it starts at the level the medical journals," said Kory. "Because once you have something established in the medical journals as a, let's say, a proven fact or a generally accepted consensus, consensus comes out of the journals."

"I have dozens of rejection letters from investigators around the world who did good trials on ivermectin, tried to publish it. No thank you, no thank you, no thank you. And then the ones that do get in all purportedly prove that ivermectin didn't work," Kory continued.

"So and then when you look at the ones that actually got in and this is where like probably my biggest estrangement and why I don't recognize science and don't trust it anymore, is the trials that flew to publication in the top journals in the world were so brazenly manipulated and corrupted in the design and conduct in, many of us wrote about it. But they flew to publication, and then every time they were published, you saw these huge PR campaigns in the media. New York Times, Boston Globe, L.A. times, ivermectin doesn't work. Latest high quality, rigorous study says. I'm sitting here in my office watching these lies just ripple throughout the media sphere based on fraudulent studies published in the top journals. And that's that's that has changed. Now that's why I say I'm estranged and I don't know what to trust anymore."

Vaccine Injuries

Carlson asked Kory about his clinical experience with vaccine injuries.

"So how this is how I divide, this is just kind of my perception of vaccine injury is that when I use the term vaccine injury, I'm usually referring to what I call a single organ problem, like pericarditis, myocarditis, stroke, something like that. An autoimmune disease," he replied.

"What I specialize in my practice, is I treat patients with what we call a long Covid long vaxx. It's the same disease, just different triggers, right? One is triggered by Covid, the other one is triggered by the spike protein from the vaccine. Much more common is long vax. The only real differences between the two conditions is that the vaccinated are, on average, sicker and more disabled than the long Covids, with some pretty prominent exceptions to that."

Watch the entire interview above, and you can support Tucker Carlson's endeavors by joining the Tucker Carlson Network here...

Tyler Durden Thu, 03/14/2024 - 16:20

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International

Shakira’s net worth

After 12 albums, a tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth more than 4 decades into her care…

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Shakira’s considerable net worth is no surprise, given her massive popularity in Latin America, the U.S., and elsewhere. 

In fact, the belly-dancing contralto queen is the second-wealthiest Latin-America-born pop singer of all time after Gloria Estefan. (Interestingly, Estefan actually helped a young Shakira translate her breakout album “Laundry Service” into English, hugely propelling her stateside success.)

Since releasing her first record at age 13, Shakira has spent decades recording albums in both Spanish and English and performing all over the world. Over the course of her 40+ year career, she helped thrust Latin pop music into the American mainstream, paving the way for the subsequent success of massively popular modern acts like Karol G and Bad Bunny.

In late 2023, a 21-foot-tall bronze sculpture of Shakira, the barefoot belly dancer of Barranquilla, was unveiled at the city's waterfront. The statue was commissioned by the city's former mayor and other leadership.

Photo by STR/AFP via Getty Images

In December 2023, a 21-foot-tall beachside bronze statue of the “Hips Don’t Lie” singer was unveiled in her Colombian hometown of Barranquilla, making her a permanent fixture in the city’s skyline and cementing her legacy as one of Latin America’s most influential entertainers.

After 12 albums, a plethora of film and television appearances, a highly publicized tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth? What does her income look like? And how does she spend her money?

Related: Dwayne 'The Rock' Johnson's net worth: How the new TKO Board Member built his wealth from $7

How much is Shakira worth?

In late 2023, Spanish sports and lifestyle publication Marca reported Shakira’s net worth at $400 million, citing Forbes as the figure’s source (although Forbes’ profile page for Shakira does not list a net worth — and didn’t when that article was published).

Most other sources list the singer’s wealth at an estimated $300 million, and almost all of these point to Celebrity Net Worth — a popular but dubious celebrity wealth estimation site — as the source for the figure.

A $300 million net worth would make Shakira the third-richest Latina pop star after Gloria Estefan ($500 million) and Jennifer Lopez ($400 million), and the second-richest Latin-America-born pop singer after Estefan (JLo is Puerto Rican but was born in New York).

Shakira’s income: How much does she make annually?

Entertainers like Shakira don’t have predictable paychecks like ordinary salaried professionals. Instead, annual take-home earnings vary quite a bit depending on each year’s album sales, royalties, film and television appearances, streaming revenue, and other sources of income. As one might expect, Shakira’s earnings have fluctuated quite a bit over the years.

From June 2018 to June 2019, for instance, Shakira was the 10th highest-earning female musician, grossing $35 million, according to Forbes. This wasn’t her first time gracing the top 10, though — back in 2012, she also landed the #10 spot, bringing in $20 million, according to Billboard.

In 2023, Billboard listed Shakira as the 16th-highest-grossing Latin artist of all time.

Shakira performed alongside producer Bizarrap during the 2023 Latin Grammy Awards Gala in Seville.

Photo By Maria Jose Lopez/Europa Press via Getty Images

How much does Shakira make from her concerts and tours?

A large part of Shakira’s wealth comes from her world tours, during which she sometimes sells out massive stadiums and arenas full of passionate fans eager to see her dance and sing live.

According to a 2020 report by Pollstar, she sold over 2.7 million tickets across 190 shows that grossed over $189 million between 2000 and 2020. This landed her the 19th spot on a list of female musicians ranked by touring revenue during that period. In 2023, Billboard reported a more modest touring revenue figure of $108.1 million across 120 shows.

In 2003, Shakira reportedly generated over $4 million from a single show on Valentine’s Day at Foro Sol in Mexico City. 15 years later, in 2018, Shakira grossed around $76.5 million from her El Dorado World Tour, according to Touring Data.

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How much has Shakira made from her album sales?

According to a 2023 profile in Variety, Shakira has sold over 100 million records throughout her career. “Laundry Service,” the pop icon’s fifth studio album, was her most successful, selling over 13 million copies worldwide, according to TheRichest.

Exactly how much money Shakira has taken home from her album sales is unclear, but in 2008, it was widely reported that she signed a 10-year contract with LiveNation to the tune of between $70 and $100 million to release her subsequent albums and manage her tours.

Shakira and JLo co-headlined the 2020 Super Bowl Halftime Show in Florida.

Photo by Kevin Winter/Getty Images)

How much did Shakira make from her Super Bowl and World Cup performances?

Shakira co-wrote one of her biggest hits, “Waka Waka (This Time for Africa),” after FIFA selected her to create the official anthem for the 2010 World Cup in South Africa. She performed the song, along with several of her existing fan-favorite tracks, during the event’s opening ceremonies. TheThings reported in 2023 that the song generated $1.4 million in revenue, citing Popnable for the figure.

A decade later, 2020’s Superbowl halftime show featured Shakira and Jennifer Lopez as co-headliners with guest performances by Bad Bunny and J Balvin. The 14-minute performance was widely praised as a high-energy celebration of Latin music and dance, but as is typical for Super Bowl shows, neither Shakira nor JLo was compensated beyond expenses and production costs.

The exposure value that comes with performing in the Super Bowl Halftime Show, though, is significant. It is typically the most-watched television event in the U.S. each year, and in 2020, a 30-second Super Bowl ad spot cost between $5 and $6 million.

How much did Shakira make as a coach on “The Voice?”

Shakira served as a team coach on the popular singing competition program “The Voice” during the show’s fourth and sixth seasons. On the show, celebrity musicians coach up-and-coming amateurs in a team-based competition that eventually results in a single winner. In 2012, The Hollywood Reporter wrote that Shakira’s salary as a coach on “The Voice” was $12 million.

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How does Shakira spend her money?

Shakira doesn’t just make a lot of money — she spends it, too. Like many wealthy entertainers, she’s purchased her share of luxuries, but Barranquilla’s barefoot belly dancer is also a prolific philanthropist, having donated tens of millions to charitable causes throughout her career.

Private island

Back in 2006, she teamed up with Roger Waters of Pink Floyd fame and Spanish singer Alejandro Sanz to purchase Bonds Cay, a 550-acre island in the Bahamas, which was listed for $16 million at the time.

Along with her two partners in the purchase, Shakira planned to develop the island to feature housing, hotels, and an artists’ retreat designed to host a revolving cast of artists-in-residence. This plan didn’t come to fruition, though, and as of this article’s last update, the island was once again for sale on Vladi Private Islands.

Real estate and vehicles

Like most wealthy celebs, Shakira’s portfolio of high-end playthings also features an array of luxury properties and vehicles, including a home in Barcelona, a villa in Cyprus, a Miami mansion, and a rotating cast of Mercedes-Benz vehicles.

Philanthropy and charity

Shakira doesn’t just spend her massive wealth on herself; the “Queen of Latin Music” is also a dedicated philanthropist and regularly donates portions of her earnings to the Fundación Pies Descalzos, or “Barefoot Foundation,” a charity she founded in 1997 to “improve the education and social development of children in Colombia, which has suffered decades of conflict.” The foundation focuses on providing meals for children and building and improving educational infrastructure in Shakira’s hometown of Barranquilla as well as four other Colombian communities.

In addition to her efforts with the Fundación Pies Descalzos, Shakira has made a number of other notable donations over the years. In 2007, she diverted a whopping $40 million of her wealth to help rebuild community infrastructure in Peru and Nicaragua in the wake of a devastating 8.0 magnitude earthquake. Later, during the COVID-19 pandemic in 2020, Shakira donated a large supply of N95 masks for healthcare workers and ventilators for hospital patients to her hometown of Barranquilla.

Back in 2010, the UN honored Shakira with a medal to recognize her dedication to social justice, at which time the Director General of the International Labour Organization described her as a “true ambassador for children and young people.”

On November 20, 2023 (which was supposed to be her first day of trial), Shakira reached a deal with the prosecution that resulted in a three-year suspended sentence and around $8 million in fines.

Photo by Adria Puig/Anadolu via Getty Images

Shakira’s tax fraud scandal: How much did she pay?

In 2018, prosecutors in Spain initiated a tax evasion case against Shakira, alleging she lived primarily in Spain from 2012 to 2014 and therefore failed to pay around $14.4 million in taxes to the Spanish government. Spanish law requires anyone who is “domiciled” (i.e., living primarily) in Spain for more than half of the year to pay income taxes.

During the period in question, Shakira listed the Bahamas as her primary residence but did spend some time in Spain, as she was dating Gerard Piqué, a professional footballer and Spanish citizen. The couple’s first son, Milan, was also born in Barcelona during this period. 

Shakira maintained that she spent far fewer than 183 days per year in Spain during each of the years in question. In an interview with Elle Magazine, the pop star opined that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate. It's clear they wanted to go after that money no matter what."

Prosecutors in the case sought a fine of almost $26 million and a possible eight-year prison stint, but in November of 2023, Shakira took a deal to close the case, accepting a fine of around $8 million and a three-year suspended sentence to avoid going to trial. In reference to her decision to take the deal, Shakira stated, "While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour [had the trial proceeded], I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight."

How much did the Shakira statue in Barranquilla cost?

In late 2023, a 21-foot-tall bronze likeness of Shakira was unveiled on a waterfront promenade in Barranquilla. The city’s then-mayor, Jaime Pumarejo, commissioned Colombian sculptor Yino Márquez to create the statue of the city’s treasured pop icon, along with a sculpture of the city’s coat of arms.

According to the New York Times, the two sculptures cost the city the equivalent of around $180,000. A plaque at the statue’s base reads, “A heart that composes, hips that don’t lie, an unmatched talent, a voice that moves the masses and bare feet that march for the good of children and humanity.” 

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International

Delta Air Lines adds a new route travelers have been asking for

The new Delta seasonal flight to the popular destination will run daily on a Boeing 767-300.

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Those who have tried to book a flight from North America to Europe in the summer of 2023 know just how high travel demand to the continent has spiked.

At 2.93 billion, visitors to the countries making up the European Union had finally reached pre-pandemic levels last year while North Americans in particular were booking trips to both large metropolises such as Paris and Milan as well as smaller cities growing increasingly popular among tourists.

Related: A popular European city is introducing the highest 'tourist tax' yet

As a result, U.S.-based airlines have been re-evaluating their networks to add more direct routes to smaller European destinations that most travelers would have previously needed to reach by train or transfer flight with a local airline.

The new flight will take place on a Boeing 767-300.

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Delta Air Lines: ‘Glad to offer customers increased choice…’

By the end of March, Delta Air Lines  (DAL)  will be restarting its route between New York’s JFK and Marco Polo International Airport in Venice as well as launching two new flights to Venice from Atlanta. One will start running this month while the other will be added during peak demand in the summer.

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“As one of the most beautiful cities in the world, Venice is hugely popular with U.S. travelers, and our flights bring valuable tourism and trade opportunities to the city and the region as well as unrivalled opportunities for Venetians looking to explore destinations across the Americas,” Delta’s SVP for Europe Matteo Curcio said in a statement. “We’re glad to offer customers increased choice this summer with flights from New York and additional service from Atlanta.”

The JFK-Venice flight will run on a Boeing 767-300  (BA)  and have 216 seats including higher classes such as Delta One, Delta Premium Select and Delta Comfort Plus.

Delta offers these features on the new flight

Both the New York and Atlanta flights are seasonal routes that will be pulled out of service in October. Both will run daily while the first route will depart New York at 8:55 p.m. and arrive in Venice at 10:15 a.m. local time on the way there, while leaving Venice at 12:15 p.m. to arrive at JFK at 5:05 p.m. on the way back.

According to Delta, this will bring its service to 17 flights from different U.S. cities to Venice during the peak summer period. As with most Delta flights at this point, passengers in all fare classes will have access to free Wi-Fi during the flight.

Those flying in Delta’s highest class or with access through airline status or a credit card will also be able to use the new Delta lounge that is part of the airline’s $12 billion terminal renovation and is slated to open to travelers in the coming months. The space will take up more than 40,000 square feet and have an outdoor terrace.

“Delta One customers can stretch out in a lie-flat seat and enjoy premium amenities like plush bedding made from recycled plastic bottles, more beverage options, and a seasonal chef-curated four-course meal,” Delta said of the new route. “[…] All customers can enjoy a wide selection of in-flight entertainment options and stay connected with Wi-Fi and enjoy free mobile messaging.”

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