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Futures Rise Ahead Of Hawkish ECB Meeting

Futures Rise Ahead Of Hawkish ECB Meeting

US index futures turned positive on Thursday, even as European stock slipped ahead of the ECB decision…

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Futures Rise Ahead Of Hawkish ECB Meeting

US index futures turned positive on Thursday, even as European stock slipped ahead of the ECB decision at 745am ET, with Nasdaq 100 contracts outperforming as oil prices and bond yields stabilized and strategists at Goldman and JPMorgan gave more bullish comments on equities. Sentiment was boosted after Bloomberg reported that China’s crackdown on internet companies may be easing with a revival of the Ant Group IPO, which boosted the country’s US-traded stocks (the news was since refuted by China, but moments later Reuters re-reported what Bloomberg said). S&P 500 futures traded 22 points or 0.5% higher, and Nasdaq 100 futs were 0.4% higher. The dollar slid, and 10Y rates were flat at 3.02%.

Markets remain fixated on the risk that central banks intent on cooling inflation snuff out economic recoveries in the process. Money markets have priced in 36.5 basis points of tightening to the ECB’s rate by next month’s meeting, just short of a 50% chance of a half-a-percentage point increase, which would be the first since 2000.

“To rein in surging prices the Fed has to increase rates, which can result in a recession,” Geir Lode, head of global equities at Federated Hermes, wrote in a note. “However, the pandemic-induced supply-chain shock and the Ukraine conflict are beyond the central bank’s control. In this environment we need to be lucky to avoid stagflation that could last for a long time.”

While the ECB isn’t expected to raise official borrowing costs, President Christine Lagarde signaled in a blog post last month that the central bank will end bond purchases this month, and hike once in July and again in September, lifting the deposit rate from minus 0.5% to zero. Some investors see a new tone reaching beyond the official line as central bankers succumb to huge pressure to rein in record inflation at more than four times their target of 2%. Peers at the Federal Reserve, Bank of Canada and Reserve Bank of Australia have hiked in 50-basis point increments this year.

“Chances are that the ECB will have a hawkish pivot today,” Carol Kong, a strategist at Commonwealth Bank of Australia, said on Bloomberg Television.

In US premarket trading, Alibaba Group was among the best performers - at least initially - as it pumped, dumped and then rose again after several conflicting reports that Chinese regulators are considering a potential revival of the initial public offering by Jack Ma’s Ant Group.

Tesla gained 3% after an upgrade to Buy from UBS and after the company said its deliveries of cars made in China doubled in May compared with April and as UBS recommended buying the stock. Bank stocks also traded higher in premarket trading as the US 10-year Treasury yield hovered just above 3%. In corporate news, Credit Suisse shares dropped after its CEO Thomas Gottstein said he wouldn’t comment on State Street’s reported interest in the Swiss bank. Here are all the notable premarket movers:

  • Five Below (FIVE US) shares decline 7.3% in premarket trading after the company cut its full-year guidance, while analysts trimmed their targets for the stock, but were broadly positive on the firm’s longterm prospects.
  • Spotify (SPOT US) shares could be in focus today as analysts were positive on the streaming giant’s forecast that its podcasting business will turn profitable as the company focuses on more non-music segments like audiobooks.
  • Travel stocks could be active on Thursday following Expedia CEO Peter Kern’s bullish comments on summer travel. Keep an eye on Delta (DAL US), United (UAL US), Marriott (MAR US), Expedia (EXPE US), Airbnb (ABNB US) and Booking Holdings (BKNG US) among others
  • Watch Oxford Industries (OXM US) shares after the company reported results, as Citi says that there is no sign of consumer weakness in any part of the branded apparel retailer’s business.
  • Ollie’s Bargain (OLLI US) stock may be in focus as RBC Capital Markets upgraded the discount retailer to outperform, saying that despite another tough quarter, its fundamentals should improve in the back-half and beyond.

In Europe, equities slipped ahead of a European Central Bank decision that will put the region’s monetary policy on a path of tightening and help close the gap with global peers. Real-estate companies and retailers led the Stoxx Europe 600 Index 0.5% lower. EDF jumped the most in three months, after a newspaper report that the new French government is studying two options for the electricity giant’s nationalization, including a buyout offer. Here are the most notable European movers:

  • EDF shares rise as much as 8.3% after Les Echos newspaper reported that nationalization is among priorities for new government after this month’s legislative elections alongside combating inflation and pension reform.
  • Prosus gains as much as 7.4% in Amsterdam and Naspers gains as much as 6.8% in Johannesburg following a report that Chinese financial regulators are considering reviving the IPO of Jack Ma’s Ant Group.
  • Tate & Lyle advances as much as 4.4% after the company reported FY22 results that beat estimates. The FY23 outlook suggests upgrades to consensus estimates, according to Jefferies.
  • Beiersdorf rises as much as 7.8% after the company said in a Capital Markets Day presentation on its website that it targets above-market organic sales growth at its consumer unit in the medium term.
  • Credit Suisse drops as much as 4.9% after State Street declined to comment on a report that it was looking to acquire the Swiss bank. Separately, Bloomberg reported that Credit Suisse is tapping the brakes on its China expansion.
  • CMC Markets falls as much as 19% after cutting its dividend and saying it was boosting spending on new hires, product development and marketing as the firm seeks to diversify amid a fading retail trading boom.
  • Wizz Air drops as much as 8.3%, extending Wednesday’s 9.5% decline after the company gave guidance for an operating loss for the first quarter, while analysts also noted their concern about pricing trends.

Asian stocks slipped as technology and financial firms declined and higher oil prices stoked concerns about inflation.  The MSCI Asia Pacific Index fell 0.3%, trimming its gain this week. Chip stocks declined after a warning on demand from Intel Corp., with the Hang Seng Tech Index sliding more than 1%, a breather after its recent rally. Australian banks were among the biggest contributors to the regional benchmark’s loss.  “We are seeing profit-taking moves after Chinese stocks rose a lot in recent sessions,” said Xue Hua Cui, a China equity analyst at Meritz Securities in Seoul. “There are also renewed concerns about the second-quarter corporate earnings.” Australia’s broad benchmark was among the biggest decliners in Asia Pacific as bank stocks slumped on concerns about valuations and macroeconomic risks. Shares in Singapore and Malaysia also fell. South Korean equities erased early-day losses to close nearly flat on options expiry, while Japanese peers also finished little changed amid the yen’s extended weakness.  Read: Australian Bank Stocks Take $32 Billion Hit on Rate Concerns Stocks in much of the region held losses after data showed Chinese exports jumped more than expected in May, while a mini-lockdown weighed on market sentiment. Even with Thursday’s dip, the MSCI Asia Pacific Index remained on track for its fourth straight weekly gain, which would be its longest winning streak since early 2021

Japanese stocks traded in a narrow range as investors continued to worry about inflation and growth while the yen extended losses to a fresh 20-year low.  The Topix Index was virtually unchanged at 1,969.05 as of the market close in Tokyo, while the Nikkei 225 was stable at 28,246.53. Out of 2,170 shares in the index, 937 rose and 1,105 fell, while 128 were unchanged.

In Australia, the S&P/ASX 200 index fell 1.4% to close at 7,019.70, its lowest level since May 12. Banks contributed the most to the benchmark’s slump on growing concerns that faster monetary policy tightening might increase housing-market risks and pressure valuations.  Magellan was the top performer after saying co-founder Hamish Douglass will resume working with the business in a new consultancy role. In New Zealand, the S&P/NZX 50 index fell 0.5% to 11,211.31.

In India, stock gauges advanced for the first session in five, helped by a surge in Reliance Industries and energy companies on the improving outlook for refining margin and software exporters extending recovery.  The S&P BSE Sensex rose 0.8% to 55,320.28 in Mumbai, while the NSE Nifty 50 Index gained 0.7%. Both indexes are still headed for weekly drops of about 0.8% and 0.6%, respectively, their first decline in four weeks. “With policy rate announcements now behind us, investors lapped up stocks that were in a downward spiral for quite some time,” Kotak Securities analyst Shrikant Chouhan said in a note. The market may witness select bouts, but volatility is expected to remain over the near-to-medium term, he added.  Reliance Industries provided the biggest boost to the key gauges, increasing 2.7%. Out of 30 shares in the Sensex index, 21 rose and 9 fell

In FX, the Bloomberg Dollar Spot Index was little changed as the greenback traded mixed against its Group-of-10 peers. The euro fluctuated around $1.07. Bunds and Italian bonds swung between modest gains and losses. Options pricing in the euro and spot swings suggest not everyone is convinced that the euro will rally after the ECB meeting, which leaves ample room for an advance on a hawkish decision. The yen rebounded after touching a fresh two-decade low against the dollar and seven-year lows against the Australian dollar and the euro, as traders adjusted positions before the ECB. Speculators are gathering around the beleaguered yen and positioning is by no means extended, suggesting there’s still room for bears to pile in. The New Zealand dollar inched up and the nation’s 10-year yield hit a seven-year high after the RBNZ announced plans to offload QE bond holdings.

One beneficiary of a hawkish pivot by the ECB would be the euro. The common currency has been bogged down by concerns over euro-area growth while a resurgent dollar and hawkish Fed pushed it to a five-year low against the US currency last month. The euro traded little changed against the dollar at $1.07.
“If we do see Christine Lagarde leaning toward a 50 basis-points hike in July, that’s going to be very supportive of the euro-dollar,” Kong said.

In rates, Treasuries are narrowly mixed with the yield flatter ahead of ECB rate decision at 7:45am ET and 30-year bond reopening, the last of this week’s coupon auctions. 2-year TSY yields rose to 2.80%, highest level since May 4 YTD high. 10-year little changed at 3.02%, underperforming bunds while gilts trail. US front-end cheapening flattens 2s10s by ~1bp on the day toward lowest level since May 25; as previewed before, the ECB is expected to announce imminent end to large-scale asset purchases, opening the door for interest-rate hikes at the July meeting; swaps price in around 30bp of rate- hike premium. Looking at today's auction we have a $19BN 30-year bond reopening which follows Wednesday’s mediocre 10-year, which tailed by 1.2bp. WI 30-year yield at ~3.16% is above auction stops since 2018 and ~16bp cheaper than May’s, which stopped 0.9bp through.

German bonds and the euro are steady ahead of the ECB’s meeting later Thursday, where traders will look for clues on whether the bank will raise rates by 25bps or 50bps in July. Money markets don’t expect a hike today, and currently bet on 36bps next month, and about 132bps by the end of the year. Peripheral spreads tighten to Germany.  Both gilt and Treasury curves flatten. 

In commodities, WTI trades within Wednesday’s range around the $122 level. Most base metals trade in the red; LME nickel falls 2.9%, underperforming peers. Spot gold falls roughly $3 to trade near $1,850/oz

To the day ahead now, and the main highlight will be the aforementioned ECB decision and President Lagarde’s subsequent press conference. We’ll also hear from Bank of Canada Governor Macklem, and data releases today include the US weekly initial jobless claims.

Market Snapshot

  • S&P 500 futures up 0.4% to 4,130.75
  • STOXX Europe 600 down 0.7% to 437.16
  • MXAP down 0.4% to 168.75
  • MXAPJ down 0.6% to 557.70
  • Nikkei little changed at 28,246.53
  • Topix little changed at 1,969.05
  • Hang Seng Index down 0.7% to 21,869.05
  • Shanghai Composite down 0.8% to 3,238.95
  • Sensex up 0.2% to 54,988.33
  • Australia S&P/ASX 200 down 1.4% to 7,019.75
  • Kospi little changed at 2,625.44
  • Brent Futures down 0.4% to $123.07/bbl
  • Gold spot down 0.3% to $1,848.12
  • U.S. Dollar Index little changed at 102.62
  • German 10Y yield little changed at 1.35%
  • Euro down 0.1% to $1.0701

Top overnight News from Bloomberg

  • The ECB is set to announce an imminent end to large-scale asset purchases, paving the way for the first increase in interest rates in more than a decade next month
  • Traders are betting the BOE will deliver a historic half-point interest-rate hike by September to wrest control of inflation running at the fastest pace in four decades
  • Judging by the latest comments, the yen’s exchange rate still has some way to go before Japan’s finance ministry would consider intervention to prop up the currency via actual purchase operations, something it has avoided for more than two decades. With the US more likely to be against any moves to weaken the dollar, Japan faces the problem that actual intervention may not be effective
  • Japan’s Prime Minister Fumio Kishida appears to be counting on the Bank of Japan to keep borrowing costs near rock-bottom levels as his government paves the way for continued spending even after a record-breaking pandemic splurge and with the yen languishing at two-decade lows
  • Riksbank Deputy Governor Anna Breman said all options are on the table for the June policy meeting as speculation grows over whether the Swedish central bank needs to speed up its interest rate increases
  • China’s exports rebounded in May as Covid-related bottlenecks on production and logistics clear up, but a slowdown looms this year as global consumer demand for goods cools, weakening trade’s ability to act as a driver for economic growth

A more detailed look at global markets courtesy of newsquawk

Asia-Pac stocks were subdued following a weak handover from the US and with sentiment cautious. ASX 200 was pressured by underperformance in the top-weighted financials sector and weakness in property-related stocks also suffering amid expectations of aggressive RBA rate hikes which increases banks’ funding costs and could threaten the quality of their loan portfolios. Nikkei 225 kept afloat as participants contemplated the ramifications of further currency depreciation. Hang Seng and Shanghai Comp. were lacklustre despite the mostly better than expected Chinese trade data as some COVID concerns resurfaced in Shanghai with the city locking down the Minhang district on Saturday morning for mass COVID testing.

Asia headlines

  • Shanghai will lockdown the Minhang district on Saturday morning for mass COVID-19 testing, according to Bloomberg; additionally, Beijing's Chaoyang district is to close all entertainment venues from 14:00 local time (07:00BST) for COVID containment.
  • US Treasury Secretary Yellen said China is guilty of unfair trade practices but some tariffs on Chinese goods do not serve US strategic interests and the Biden administration is looking to reconfigure tariffs in a way that would be more strategic, according to Bloomberg.
  • Japan is planning to expand its prefectural travel subsidies across the entire country, according to Yomiuri.
  • RBNZ outlined plans to sell New Zealand government bonds from July 2022 in which it intends to offload NZD 5bln per fiscal year in order of maturity date until its LSAP holdings are reduced to zero, according to Reuters.

Equities are, overall, struggling for clear direction in relatively cautious trade going into ECB; Euro Stoxx 50 -0.5%. Bourses, and US futures, were lifted amid further constructive China tech developments, this time for Ant Group; albeit, we have drifted modestly off best since, ES +0.3%. China is said to be mulling reviving Jack Ma's Ant IPO, with reports framing it as an easing in crackdowns from China, according to Bloomberg sources. *Click here for analysis/reaction. China PCA Retail Passenger Vehicle Sales (May): -17.3% YY; Tesla (TSLA) 32.2k (prev. 33.5k YY). Walgreens Boots Alliance's (WBA) Boots has received a non-binding bid from Apollo Global Management and Reliance Industries, according to FT sources.

European headlines

  • Hawkish Lagarde Is Not Fully Priced In the Euro: ECB Cheat Sheet
  • Traders Bet BOE Will Join Peers in Historic Half-Point Rate Hike
  • European Gas Soars as Fire in US Compounds Russia Supply Concern
  • Italy’s Eni to List Renewable Unit Plenitude in Milan
  • FirstGroup Rejects £1.2 Billion Takeover Bid From I Squared

FX

  • Yen finally finds some friends amidst less hostile yield environment and supportive risk backdrop; USD/JPY retreats just over 100 pips around 134.00 and EUR/JPY almost 150 pips from 144.00+ peak.
  • DXY remains anchored around 102.500 ahead of Friday’s US CPI data and as Euro pivots 1.0700 pre-ECB; EUR/USD flanked by decent option expiries as well from 1.0750-55 to 1.0605-00 on the downside.
  • Kiwi underpinned after RBNZ outlines schedule for balance sheet rundown; NZD/USD hovers near 0.6450, AUD/NZD sub-1.1150 with AUD/USD capped into 0.7200.
  • Rand continues bull run with extra incentive from wider than forecast SA current account surplus, USD/ZAR straddling 15.2500.
  • Lira rout resumes following fleeting respite on prospect of capital controls raised by S&P, USD/TRY above 17.2200.
  • Yuan retains bulk of Chinese trade data related gains even though parts of Beijing and Shanghai reimpose restrictive Covid measures; USD/CNH closer to 6.6700 than 6.7100, USD/CNY settles sub-6.7000 vs circa 6.7000 high.

Fixed Income

  • Bunds choppy and lagging Eurozone periphery within 149.17-148.52 range pre-ECB, as focus falls on fragmentation along with rate and QE guidance
  • Gilts underperforming between 114.86-42 parameters as BoE tightening expectations rise and drag Sonia strip down
  • US Treasuries flat-lining ahead of jobless claims and long bond supply, with 10 year T-note just above par inside tight 118-07/117-26+ band

Commodities

  • WTI and Brent are steady after giving up overnight gains with participants cautious and cognizant of China's fluid COVID situation.
  • Currently, the benchmarks are sub-USD 122/bbl and USD 123.50/bbl respectively, vs highs of 122.72 and 124.34.
  • Magnitude 5.6 earthquake hits the Antofagasta region in Chile, according to EMSC.
  • Spot gold is sub-USD1850/oz, having slipped below its falling 10-DMA but holding above the overlapping 200- & 21-DMAs at USD 1842/oz.

Central Banks

  • Riksbank's Breman says she will support doing what is required to attain the inflation target, including more hikes than are currently in the path; adding, to control inflation back to target, need to act now. Does not exclude a 50bps hike at the next meeting.
  •  
  • Hungarian Finance Minister says the Hungary has issued FX bonds totalling USD 3bln and EUR 750mln; follows the NBH maintaining its one-week deposit rate at 6.75%.

US Event Calendar

  • 08:30: May Continuing Claims, est. 1.3m, prior 1.31m
  • 08:30: June Initial Jobless Claims, est. 206,000, prior 200,000
  • 12:00: 1Q US Household Change in Net Wor, prior $5.3t

DB's Jim Reid concludes the overnight wrap

I kicked off Day 1 of our annual European LevFin conference in London yesterday and we had a record attendance of over 1100 issuers and investors. It was the first in-person version since 2019 and if this conference is anything to go by, people still like the personal contacts that such an event brings. I also had a dinner at the event last night so I’m a bit shattered this morning so bear with me. This conference has been going now for 26 years at DB and the headline acts at the post conference entertainment have in the past included, The Killers, Duran Duran, Cheryl Crow, Dire Straits, The Corrs, The Sugababes, Stevie Wonder and Bon Jovi. Last night’s entertainment was a pub quiz. How times have changed.

If you think the above means Zoom is dead then think again, as I’ll be doing a Zoom webinar next Wednesday (June 15th) at 2pm on my annual Default Study (“The End of the ultra-low default world?”), published earlier this week, that I presented at the conference. Please click here to register, and here to see the report itself.

The day before this (June 14th), also at 2pm London time, a selection of our heads of trading and research desks will do a call on the near-term macro outlook across rates, FX, EM, equities and credit. Please click here to register.

As I recover from the heckling of telling High Yield investors that defaults are coming, we arrive at the business end of the week with a big 36 hours ahead with the ECB meeting today, and US CPI tomorrow, looming large! And then don’t forget the FOMC, BoE and BoJ meetings next week. Markets approach this busy period on the nervous side with rates and equities selling off over the last 24 hours, and that’s still the case in much of Asia in this morning’s trading.

Starting with Europe, sovereign bond yields hit fresh highs yesterday as investors have come to view a potential 50bp hike at some point this year as an increasingly likely possibility. In fact by the close of trade yesterday, overnight index swaps were pricing in 132bps worth of ECB hikes by the December meeting, which is the highest to date and more than double the 63bps of hikes expected after their last meeting in mid-April. So if they don’t hike until July as is widely expected, that implies at least one 50bp move is being fully priced in by year-end.

In their preview last week (link here), our European economists agreed with this assessment that a 50bp hike is likely soon, and their view is that one of the two hikes in Q3 will be a 50bp hike, with September being more likely than July. After that, they then see the ECB reverting to continuous back-to-back 25bp hikes until they reach a terminal deposit rate of 2% in mid-summer 2023, although there’s a risk of a second 50bp hike before policy rates reach neutral. In terms of today’s decision however, they expect the ECB to confirm that APP net purchases will cease at the end of June, and that their new staff forecasts will show inflation at 2.0% in 2024, thus satisfying the liftoff criteria. When it comes to new guidance, their view is that the three conditions for policy rate liftoff are likely to be replaced by new guidance on the speed and extent of the hiking cycle. And finally on TLTRO, they expect the end of the TLTRO discount to be confirmed and the ECB to pledge a smooth transmission of monetary tightening through the banking system.

With all that in mind, European yields moved higher through the day, with those on 10yr bunds (+6.2bps) and OATs (+7.0bps) both rising to their highest levels since 2014. The selloff was more pronounced among peripheral debt, with yields on 10yr Italian (+8.8bps) and Spanish (+8.2bps) debt seeing even larger rises, although the spread of both over bunds was still tighter than their recent peak last week. There are signs of growing nervousness elsewhere too, with EURUSD overnight implied volatility at its highest level right now since the US presidential election in November 2020. Meanwhile, those at the more hawkish end of the Governing Council received further support yesterday from data revisions, with Euro Area growth in Q1 revised up to show a +0.6% expansion (vs. +0.3% previously).

This investor concern about rate hikes and persistent inflation was bad news for equities, first in Europe where the STOXX 600 (-0.57%) fell for a second day running and then extending to a late sell-off across the Atlantic, where the S&P 500 fell -1.08%, with only energy (+0.15%) managing to end the day in the green. This brings the index to +0.18% for the week, as it enters yet another late week showdown to see if it can manage to stay in positive territory. The decline came as 10yr Treasuries eclipsed the 3% mark again, closing up +4.8bps at 3.02%, and we’re up another +1.5 bps higher this morning at 3.036%. The impact of tighter monetary policy extended beyond risk assets and showed some signs of being felt in the real economy, too, with the number of mortgage applications in the US falling to a 22-year low in the week ending June 3.

These inflationary worries for investors and central banks were aggravated further by a fresh rise in commodity prices. Oil prices saw further gains, and Brent Crude (+2.50%) moved back above $123/bbl again, inching ever closer to their post-invasion peak levels despite news of OPEC supply expansion and US reserve releases. That trend has continued this morning, with Brent crude up a further +0.33% at $123.98/bbl. WTI (+2.26%) moved above $122/bbl as well, so not far from its peak closing level following the invasion of $123.70/bbl. US natural gas prices displayed a lot of volatility, hitting a post-2008 high intraday before crashing into the close to finish down -6.39% following reports of a fire at a terminal used for exporting, keeping supplies stateside. European natural gas futures fell for a 6th consecutive session to hit another post-Ukraine invasion low of €78.41/MWh.

Those losses on Wall Street have carried over into Asia overnight as that rally in oil prices has ramped up worries about inflation and the outlook for interest rates. The Hang Seng (-0.24%), the Shanghai Composite (-0.49%) and the CSI 300 (-0.64%) are all in negative territory, as is the Kospi (-0.31%), although the Nikkei (+0.26%) is up as the weaker Yen has raised hopes for an earnings improvement. Indeed yesterday, the Yen fell a further -1.22% against the US Dollar to close at a 20-year low of 134.25 Yen per dollar, having at one point traded at an intraday low of 134.47. Bear in mind that its intraday low so far in the 21st century was at 135.15 back in January 2002, so we’re not far off reaching levels unseen since the 1990s, although this morning it’s strengthened a touch to 134.06. Outside of Asia, stock futures in the US and Europe are pointing to additional losses today with contracts on the S&P 500 (-0.10%), NASDAQ 100 (-0.11%) and DAX (-0.44%) edging lower.

Finally on the data front, China’s May exports advanced +16.9% y/y, beating analyst estimates for a +8.0% rise and faster than the +3.9% increase in April. At the same time, the nation’s trade surplus grew to $78.76 bn in May, (vs. $57.7 bn expected) and compared to a $51.12 bn surplus in April. Separately, German industrial production grew by a weaker-than-expected +0.7% in April (vs. +1.2% expected), which comes on the back of an unexpected contraction in factory orders the previous day.

To the day ahead now, and the main highlight will be the aforementioned ECB decision and President Lagarde’s subsequent press conference. We’ll also hear from Bank of Canada Governor Macklem, and data releases today include the US weekly initial jobless claims.

Tyler Durden Thu, 06/09/2022 - 07:45

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Health Officials: Man Dies From Bubonic Plague In New Mexico

Health Officials: Man Dies From Bubonic Plague In New Mexico

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Officials in…

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Health Officials: Man Dies From Bubonic Plague In New Mexico

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Officials in New Mexico confirmed that a resident died from the plague in the United States’ first fatal case in several years.

A bubonic plague smear, prepared from a lymph removed from an adenopathic lymph node, or bubo, of a plague patient, demonstrates the presence of the Yersinia pestis bacteria that causes the plague in this undated photo. (Centers for Disease Control and Prevention/Getty Images)

The New Mexico Department of Health, in a statement, said that a man in Lincoln County “succumbed to the plague.” The man, who was not identified, was hospitalized before his death, officials said.

They further noted that it is the first human case of plague in New Mexico since 2021 and also the first death since 2020, according to the statement. No other details were provided, including how the disease spread to the man.

The agency is now doing outreach in Lincoln County, while “an environmental assessment will also be conducted in the community to look for ongoing risk,” the statement continued.

This tragic incident serves as a clear reminder of the threat posed by this ancient disease and emphasizes the need for heightened community awareness and proactive measures to prevent its spread,” the agency said.

A bacterial disease that spreads via rodents, it is generally spread to people through the bites of infected fleas. The plague, known as the black death or the bubonic plague, can spread by contact with infected animals such as rodents, pets, or wildlife.

The New Mexico Health Department statement said that pets such as dogs and cats that roam and hunt can bring infected fleas back into homes and put residents at risk.

Officials warned people in the area to “avoid sick or dead rodents and rabbits, and their nests and burrows” and to “prevent pets from roaming and hunting.”

“Talk to your veterinarian about using an appropriate flea control product on your pets as not all products are safe for cats, dogs or your children” and “have sick pets examined promptly by a veterinarian,” it added.

“See your doctor about any unexplained illness involving a sudden and severe fever, the statement continued, adding that locals should clean areas around their home that could house rodents like wood piles, junk piles, old vehicles, and brush piles.

The plague, which is spread by the bacteria Yersinia pestis, famously caused the deaths of an estimated hundreds of millions of Europeans in the 14th and 15th centuries following the Mongol invasions. In that pandemic, the bacteria spread via fleas on black rats, which historians say was not known by the people at the time.

Other outbreaks of the plague, such as the Plague of Justinian in the 6th century, are also believed to have killed about one-fifth of the population of the Byzantine Empire, according to historical records and accounts. In 2013, researchers said the Justinian plague was also caused by the Yersinia pestis bacteria.

But in the United States, it is considered a rare disease and usually occurs only in several countries worldwide. Generally, according to the Mayo Clinic, the bacteria affects only a few people in U.S. rural areas in Western states.

Recent cases have occurred mainly in Africa, Asia, and Latin America. Countries with frequent plague cases include Madagascar, the Democratic Republic of Congo, and Peru, the clinic says. There were multiple cases of plague reported in Inner Mongolia, China, in recent years, too.

Symptoms

Symptoms of a bubonic plague infection include headache, chills, fever, and weakness. Health officials say it can usually cause a painful swelling of lymph nodes in the groin, armpit, or neck areas. The swelling usually occurs within about two to eight days.

The disease can generally be treated with antibiotics, but it is usually deadly when not treated, the Mayo Clinic website says.

“Plague is considered a potential bioweapon. The U.S. government has plans and treatments in place if the disease is used as a weapon,” the website also says.

According to data from the U.S. Centers for Disease Control and Prevention, the last time that plague deaths were reported in the United States was in 2020 when two people died.

Tyler Durden Wed, 03/13/2024 - 21:40

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Riley Gaines Explains How Women’s Sports Are Rigged To Promote The Trans Agenda

Riley Gaines Explains How Women’s Sports Are Rigged To Promote The Trans Agenda

Is there a light forming when it comes to the long, dark and…

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Riley Gaines Explains How Women's Sports Are Rigged To Promote The Trans Agenda

Is there a light forming when it comes to the long, dark and bewildering tunnel of social justice cultism?  Global events have been so frenetic that many people might not remember, but only a couple years ago Big Tech companies and numerous governments were openly aligned in favor of mass censorship.  Not just to prevent the public from investigating the facts surrounding the pandemic farce, but to silence anyone questioning the validity of woke concepts like trans ideology. 

From 2020-2022 was the closest the west has come in a long time to a complete erasure of freedom of speech.  Even today there are still countries and Europe and places like Canada or Australia that are charging forward with draconian speech laws.  The phrase "radical speech" is starting to circulate within pro-censorship circles in reference to any platform where people are allowed to talk critically.  What is radical speech?  Basically, it's any discussion that runs contrary to the beliefs of the political left.

Open hatred of moderate or conservative ideals is perfectly acceptable, but don't ever shine a negative light on woke activism, or you might be a terrorist.

Riley Gaines has experienced this double standard first hand.  She was even assaulted and taken hostage at an event in 2023 at San Francisco State University when leftists protester tried to trap her in a room and demanded she "pay them to let her go."  Campus police allegedly witnessed the incident but charges were never filed and surveillance footage from the college was never released.  

It's probably the last thing a champion female swimmer ever expects, but her head-on collision with the trans movement and the institutional conspiracy to push it on the public forced her to become a counter-culture voice of reason rather than just an athlete.

For years the independent media argued that no matter how much we expose the insanity of men posing as women to compete and dominate women's sports, nothing will really change until the real female athletes speak up and fight back.  Riley Gaines and those like her represent that necessary rebellion and a desperately needed return to common sense and reason.

In a recent interview on the Joe Rogan Podcast, Gaines related some interesting information on the inner workings of the NCAA and the subversive schemes surrounding trans athletes.  Not only were women participants essentially strong-armed by colleges and officials into quietly going along with the program, there was also a concerted propaganda effort.  Competition ceremonies were rigged as vehicles for promoting trans athletes over everyone else. 

The bottom line?  The competitions didn't matter.  The real women and their achievements didn't matter.  The only thing that mattered to officials were the photo ops; dudes pretending to be chicks posing with awards for the gushing corporate media.  The agenda took precedence.

Lia Thomas, formerly known as William Thomas, was more than an activist invading female sports, he was also apparently a science project fostered and protected by the athletic establishment.  It's important to understand that the political left does not care about female athletes.  They do not care about women's sports.  They don't care about the integrity of the environments they co-opt.  Their only goal is to identify viable platforms with social impact and take control of them.  Women's sports are seen as a vehicle for public indoctrination, nothing more.

The reasons why they covet women's sports are varied, but a primary motive is the desire to assert the fallacy that men and women are "the same" psychologically as well as physically.  They want the deconstruction of biological sex and identity as nothing more than "social constructs" subject to personal preference.  If they can destroy what it means to be a man or a woman, they can destroy the very foundations of relationships, families and even procreation.  

For now it seems as though the trans agenda is hitting a wall with much of the public aware of it and less afraid to criticize it.  Social media companies might be able to silence some people, but they can't silence everyone.  However, there is still a significant threat as the movement continues to target children through the public education system and women's sports are not out of the woods yet.   

The ultimate solution is for women athletes around the world to organize and widely refuse to participate in any competitions in which biological men are allowed.  The only way to save women's sports is for women to be willing to end them, at least until institutions that put doctrine ahead of logic are made irrelevant.          

Tyler Durden Wed, 03/13/2024 - 17:20

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Mike Pompeo Doesn’t Rule Out Serving In 2nd Trump Administration

Mike Pompeo Doesn’t Rule Out Serving In 2nd Trump Administration

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Former Secretary…

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Mike Pompeo Doesn't Rule Out Serving In 2nd Trump Administration

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Former Secretary of State Mike Pompeo said in a new interview that he’s not ruling out accepting a White House position if former President Donald Trump is reelected in November.

“If I get a chance to serve and think that I can make a difference ... I’m almost certainly going to say yes to that opportunity to try and deliver on behalf of the American people,” he told Fox News, when asked during a interview if he would work for President Trump again.

I’m confident President Trump will be looking for people who will faithfully execute what it is he asked them to do,” Mr. Pompeo said during the interview, which aired on March 8. “I think as a president, you should always want that from everyone.”

Then-President Donald Trump (C), then- Secretary of State Mike Pompeo (L), and then-Vice President Mike Pence, take a question during the daily briefing on the novel coronavirus at the White House in Washington on April 8, 2020. (Mandel Ngan/AFP via Getty Images)

He said that as a former secretary of state, “I certainly wanted my team to do what I was asking them to do and was enormously frustrated when I found that I couldn’t get them to do that.”

Mr. Pompeo, a former U.S. representative from Kansas, served as Central Intelligence Agency (CIA) director in the Trump administration from 2017 to 2018 before he was secretary of state from 2018 to 2021. After he left office, there was speculation that he could mount a Republican presidential bid in 2024, but announced that he wouldn’t be running.

President Trump hasn’t publicly commented about Mr. Pompeo’s remarks.

In 2023, amid speculation that he would make a run for the White House, Mr. Pompeo took a swipe at his former boss, telling Fox News at the time that “the Trump administration spent $6 trillion more than it took in, adding to the deficit.”

“That’s never the right direction for the country,” he said.

In a public appearance last year, Mr. Pompeo also appeared to take a shot at the 45th president by criticizing “celebrity leaders” when urging GOP voters to choose ahead of the 2024 election.

2024 Race

Mr. Pompeo’s interview comes as the former president was named the “presumptive nominee” by the Republican National Committee (RNC) last week after his last major Republican challenger, former South Carolina Gov. Nikki Haley, dropped out of the 2024 race after failing to secure enough delegates. President Trump won 14 out of 15 states on Super Tuesday, with only Vermont—which notably has an open primary—going for Ms. Haley, who served as President Trump’s U.S. ambassador to the United Nations.

On March 8, the RNC held a meeting in Houston during which committee members voted in favor of President Trump’s nomination.

“Congratulations to President Donald J. Trump on his huge primary victory!” the organization said in a statement last week. “I’d also like to congratulate Nikki Haley for running a hard-fought campaign and becoming the first woman to win a Republican presidential contest.”

Earlier this year, the former president criticized the idea of being named the presumptive nominee after reports suggested that the RNC would do so before the Super Tuesday contests and while Ms. Haley was still in the race.

Also on March 8, the RNC voted to name Trump-endorsed officials to head the organization. Michael Whatley, a North Carolina Republican, was elected the party’s new national chairman in a vote in Houston, and Lara Trump, the former president’s daughter-in-law, was voted in as co-chair.

“The RNC is going to be the vanguard of a movement that will work tirelessly every single day to elect our nominee, Donald J. Trump, as the 47th President of the United States,” Mr. Whatley told RNC members in a speech after being elected, replacing former chair Ronna McDaniel. Ms. Trump is expected to focus largely on fundraising and media appearances.

President Trump hasn’t signaled whom he would appoint to various federal agencies if he’s reelected in November. He also hasn’t said who his pick for a running mate would be, but has offered several suggestions in recent interviews.

In various interviews, the former president has mentioned Sen. Tim Scott (R-S.C.), Texas Gov. Greg Abbott, Rep. Elise Stefanik (R-N.Y.), Vivek Ramaswamy, Florida Gov. Ron DeSantis, and South Dakota Gov. Kristi Noem, among others.

Tyler Durden Wed, 03/13/2024 - 17:00

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