Connect with us


Futures Soar On Ukraine “Positive Developments” Comment From Putin

Futures Soar On Ukraine "Positive Developments" Comment From Putin

Here comes another rollercoaster of a day for markets.

In a rerurn of…



Futures Soar On Ukraine "Positive Developments" Comment From Putin

Here comes another rollercoaster of a day for markets.

In a rerurn of last week's (transitory) Ukraine war "ceasefire" euphoria which fizzled almost as fast as it emerged, a little after 6am ET on Friday morning, futures which had been trading rangebound for much of the overnight session, soared 60 points in seconds after Interfax reported that according Putin told his Belarusian counterpart Alexander Lukashenko that "there are certain positive developments, as far as negotiators from our side informed me" adding that "Talks are happening almost daily."

Whether this was merely an attempt to boost morale or an accurate reflection of events (doubtful since at the same time Bloomberg reports that Putin also said "Russia to Send Fighters From Middle East to Ukraine the WSJ reports that "Russian Forces Intensify Strikes on Cities in Western Ukraine") did not matter because contracts on the S&P 500 and Nasdaq 100 indexes spiked higher as much as 1.5%, while safe havens like gold tumbled and 10Y yields pushed to new session highs above 2.01% and the he dollar erased gains.

Despite the positive shift in mood this morning, not everyone was on board: “our view remains that simply selling risk assets is not the best response to the war in Ukraine,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “But in this environment of heightened uncertainty, we advise investors to reduce excess equity exposure above long-term strategic benchmark allocations and add to hedges."

In premarket trading, China's Didi Global fell 20% in U.S. premarket trading after people familiar with the matter said the ride-hailing giant halted a plan to list its shares in Hong Kong for failing to appease regulators’ demands about its handling of user data.

DocuSign plunged 18% in early New York trading after the electronic-signature company forecast revenue for the first quarter that fell short of the average analyst estimate.

In the latest Ukraine developments, the big news as noted above is that Putin said there are certain positive shift in talks with Ukraine. Here are some other notable headlines in the always changing situation:

  • EU said it will support Ukraine in pursuing its European path and Austrian Chancellor Nehammer noted that EU leaders see Ukraine as part of the European family, while Netherlands PM Rutte said it may take years for the EU Commission to assess the Ukraine bid.
  • A source close to Turkish President Erdogan says a meeting between Russian President Putin and Ukrainian President Zelensky could become possible in the near future, according to Sky News Arabia.
  • US President Biden will speak regarding Russia at 10:15EST/15:15GMT today and will announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine, according to the White House. US President Biden also called for an end to Russia's preferred trade status and is to announce a trade push by the G7, US and EU this Friday, which paves the way for higher tariffs on Russian goods.
  • US Treasury Secretary Yellen said they can do more regarding sanctions on Russia and she hasn't seen evidence of China assisting Russia with sanctions.
  • White House Press Secretary Psaki said the US supports corporations making decisions about Russia and if Russia seizes companies' assets, it will cause further suffering.

In Europe, the Stoxx Europe 600 Index rose 2.1% and was headed for its first weekly gain since the start of the Ukraine war, as investors reacted to the news of Putin's commentary as they weighed the ECB's newly found hawkishness amid the emerging stagflationary outlook. Travel and mining stocks were standout outperformers, while utilities, food and bank shares underperformed.  European stocks had their largest equity outflows on record in the week to March 9, while investors bought U.S. stocks, according to Bank of America Corp strategists citing EPFR data. Here are some of the biggest European movers today:

  • Leonardo shares jump as much as 12% in Milan trading after results and FY22 guidance. Mediobanca notes the forecast for free operating cash flow generation came in ahead of expectations.
  • EQT rises as much as 5.9% as Deutsche Bank initiates with a buy recommendation, saying alternative asset management is highest growth segment within the sector.
  • EssilorLuxottica shares climb as much as 4.5% as the eyewear giant unveiled longer-term profitability goals that exceeded expectations, outweighing worries over lack of 2022 guidance.
  • Pearson shares rise as much as 7.8%, following a so- called “uncooked” mention in a Betaville report regarding potential interest in the publishing company.
  • Wind energy stocks resumed their rally after a dip mid-week, with Citi expecting outperformance amid record energy prices and Europe’s strive for energy independence.
  • Lanxess shares climb as much as 7.4% in Frankfurt. The company’s guidance for adjusted Ebitda for 2022 showed outlook for “significant growth,” Jefferies says in a note to investors.
  • Rubis shares jump as much as 10% after the French company increased its dividend, gave a positive outlook and said it has no direct exposure to Russia and Ukraine.

Earlier in the session, Asian markets reflected overnight losses in the U.S. market. The MSCI index of Asian stocks capped its fourth consecutive weekly decline as a technology gauge in Hong Kong slumped more than 6% early in the session, after the U.S. identified five Chinese firms that could be delisted,before a burst of afternoon buying by China's PPT salvaged some of the plunge.

Chinese stocks traded in the U.S. had their worst day since 2008 Thursday amid renewed regulatory concerns.

Japanese stocks dropped following declines on Wall Street as the fastest U.S. inflation in 40 years drove bond yields higher and raised expectations for steeper interest-rate hikes.  The Topix fell 1.7% to close at 1,799.54, while the Nikkei 225 declined 2.1% to 25,162.78. Toyota Motor Corp. contributed the most to the Topix’s decline, decreasing 4.4%. Out of 2,175 shares in the index, 413 rose and 1,703 fell, while 59 were unchanged.

Oil initially rebounded following news that Iran nuclear deal talks had been halted, but then then reversed following the Putin comments and was still on track for its biggest weekly loss since November. U.S. President Joe Biden is expected to call for an end to normal trade relations with Russia, clearing the way for increased tariffs on the country’s imports.

Treasuries remained near session lows reached in early U.S. session after Russian President Putin cited positive developments in talks with Ukraine. Front-end yields led the curve higher, with 2-year rising more than 5bp. S&P 500 futures jumped to a weekly high. U.S. 10-year yields hover around 2% with bunds underperforming in the sector, cheaper by 1bp while gilts trade broadly in line; 2s10s curve flattens by ~2bp, 5s30s by ~1bp. IG dollar issuance slate empty so far; over $67b has so far priced this week, eighth largest on record; 5 to 6 borrowers stood down Thursday, are expected to try again Friday.

In FX, the Bloomberg Dollar Spot Index rose as the greenback strengthened against all of its Group-of-10 peers apart from the Norwegian krone. The dollar advanced past 1.10 per euro in European session and Treasury yields rose by up to 2bps led by the front end while European benchmark yields were 1bp lower to 2bps higher. The pound slid to the lowest since November 2020 against the dollar amid concern that bets on interest-rate hikes may be too aggressive despite an unexpected surge in the U.K. economy. The U.K. economy surged at the strongest pace in seven months in January, surpassing levels prevailing before the coronavirus struck. GDP rose 0.8%, recovering from an 0.2% in December when the omicron variant of the virus was spreading. The yen was the worst G-10 performer and fell to a five-year low against the dollar; Australian and New Zealand dollars were also underperforming as traders cut positions before the weekend on concern fallout from the war in Ukraine will worsen in coming days. Ruble gained against dollar for a second day in onshore trading.

In commodities, crude futures advance after coming down from this week’s highs. WTI drifts 2.4% higher to trade around $108. Brent rises 2.6% at the $112 level. Spot gold falls roughly $6 to trade below $1,990/oz. Most base metals trade in the green; LME tin rises 1.7%, outperforming peers. LME zinc lags, dropping 0.6%

Looking at the day ahead, data releases include the UK’s GDP for January, whilst in the US there’s the University of Michigan’s preliminary consumer sentiment index for March. Otherwise, central bank speakers include the ECB’s Rehn and Centeno.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,268.00
  • STOXX Europe 600 up 0.7% to 430.00
  • MXAP down 1.7% to 171.77
  • MXAPJ down 1.3% to 563.03
  • Nikkei down 2.1% to 25,162.78
  • Topix down 1.7% to 1,799.54
  • Hang Seng Index down 1.6% to 20,553.79
  • Shanghai Composite up 0.4% to 3,309.75
  • Sensex up 0.3% to 55,616.90
  • Australia S&P/ASX 200 down 0.9% to 7,063.60
  • Kospi down 0.7% to 2,661.28
  • Brent Futures up 1.6% to $111.03/bbl
  • Gold spot down 0.3% to $1,990.83
  • U.S. Dollar Index up 0.29% to 98.80
  • German 10Y yield little changed at 0.26%
  • Euro down 0.2% to $1.0963

Top Overnight News from Bloomberg

  • President Joe Biden on Friday is set to call for an end of normal trade relations with Russia, clearing the way for increased tariffs on Russian imports, according to people familiar with the matter
  • The Senate passed a full year $1.5 trillion federal funding bill that wards off a possible government shutdown while also providing Ukraine with aid to respond to the Russian invasion of its territory
  • ECB Governing Council member Olli Rehn says the central bank on Thursday decided that the gradual normalization of monetary policy can continue and that the calibration of net purchases of securities will depend on data and reflect an “evolving assessment” of the outlook
  • The ECB’s decisions on Thursday mean there’s no longer an automatic link between the end of net asset purchases and possible interest-rate increases, Bank of France Governor Francois Villeroy de Galhau says
  • European equities broke last week’s record for outflows, while investors bought U.S. stocks, materials and gold as war rages in Ukraine, according to Bank of America strategists citing BofA and EPFR Global data
  • Global investors are losing faith in China’s ability to navigate an increasingly complex maze of challenges. The war in Ukraine raises the specter of harsh sanctions being applied to Chinese firms should they proceed with plans to acquire stakes in Russian energy and materials producers

A more detailed looka t global markets courtesy of newsquawk

Asian markets reflected overnight losses in the U.S. market. The MSCI index of Asian stocks capped its fourth consecutive weekly decline as a technology gauge in Hong Kong slumped more than 6% early in the session, after the U.S. identified five Chinese firms that could be delisted,before a burst of afternoon buying by China's PPT salvaged some of the plunge.

Top Asian News

  • Didi Said to Halt Hong Kong Listing on Cybersecurity Probe
  • China Move to Boost Yuan-Ruble Trading Meets Dire Liquidity
  • Logan Cut Deeper into Junk; Bonds Decline: Evergrande Update
  • China Markets in Turmoil as Russia Ties Add to List of Risks

European bourses are firmer, Euro Stoxx 50 +3.0%, and were back around cash-open parameters after a choppy first-half to the session; however, President Putin's remarks have sparked further risk-on. US futures are firmer across the board and derived recent upside from the Russian President, ES +1.3%, though magnitudes are somewhat more contained amid a thin US docket. In terms of the European sectors, cyclicals are outperforming with Energy/Retail among the top performers throughout the morning. France is said to be mulling reviving plans to nationalise EDF (EDF FP), according to Bloomberg sources. UK CMA and European Commission are launching parallel probes into the "Jedi Blue" agreement between Alphabet's (GOOG) Google and Meta's (FB).

Top European News

  • European Gas Set for Record Weekly Drop on Extreme Volatility
  • Wizz Air Leads Travel-Stock Rebound on HSBC Upgrade
  • Pearson Shares Rise Following Betaville ‘Uncooked Alert’ Mention
  • India is Said to Consider Rupee Payments for Trade With Russia

In FX, the DXY firmer, but off highs, around 98.500 after recent steep retreat as acceleration in US CPI underpins Fed tightening expectations, but with safe-havens and USD paring amid Russia's Ukraine commentary. Yen folds amidst multiple bearish factors, including rates, risk, fiscal and technical impulses; USD/JPY probed 117.00 after breaching prior YTD twin peaks. Aussie also underperforming as RBA Governor Lowe keeps markets guessing on a 2022 rate hike, AUD/USD is back under 0.7350 and nearer round number below. Euro trying to find its feet following sharp post-ECB reversal that saw EUR/USD snap-back from 1.1100+ peaks to sub-1.1000 again; lifting to a new high of 1.1042 post-Putin. Rouble maintains and extends on recovery momentum as prospects  for a Russia/Ukraine Presidential talks persist, but Lira continues to weaken as Turkish IP falls short of expectations and CBRT survey reveals another jump in end 2022 inflation projections; USD/RUB circa 113.7500, USD/TRY on brink of 15.000.

In commodities, WTI and Brent futures are firmer on the day with initial upside bolstered by a pause in Iranian talks, whilst upside pared amid constructive remarks from Russian President Putin. G7 is looking at measures to halt gas price hikes and called on oil and gas producers to increase deliveries, according to AFP. Canada is examining boosting oil pipeline flows to the US and is conducting the analysis to ramp up pipeline flows with the industry, according to Reuters citing natural resources minister Wilkinson  who expects to have an answer of what Canada can do as soon as next week. Kuwait set April KEC OSP for Asia at Oman/Dubai + USD 4.80/bbl, according to Reuters. Qatar sold May-loading Al-Shaheen and Marine crude at record premiums of USD 11-12/bbl above Dubai quotes. Spot gold fell further below USD 2,000/oz amid a Putin-induced unwind. LME copper extends gains above USD 10k/t as risk appetite buoys the red metal

In fixed income, core EZ debt remains mildly divergent at the end of another bleak week, as Bunds suffer post-APP taper hangover.
However, benchmarks dropped in tandem to fresh lows sending the US/German 10yr yields back to 2.0% and 0.30% respectively following Putin's update. BTPs have regrouped after pronounced ECB fallout with supply out of the way. USTs are now unchanged after initial firmer performance though the curve continues its post-supply flattening.

US Event Calendar

  • 10am: March U. of Mich. Sentiment, est. 61.0, prior 62.8
    • Expectations, est. 57.0, prior 59.4
    • Current Conditions, est. 65.8, prior 68.2
    • 1 Yr Inflation, est. 5.0%, prior 4.9%; 5-10 Yr Inflation, prior 3.0%

DB's Jim Reid concludes the overnight wrap

It's a sign of the times that we have 1140 more words today until we get to a 7.9% US CPI print and also that hardly anyone cared about a 41.8% YoY Italian PPI print yesterday. The Russian/Ukraine conflict and a hawkish (relative to expectations) ECB meeting dominated the headlines. In fact it probably wasn't too far from the ECB meeting we expected before the invasion. More on this below.

Asia has started on a weaker note this morning. The Hang Seng (-3.63%) is leading losses as Chinese tech stocks listed in Hong Kong slumped after the US Securities and Exchange Commission (SEC) indicated that it has put five Chinese firms on a provisional waitlist for delisting from the US exchanges. Elsewhere the Shanghai Composite (-2.16%) and CSI (-2.44%) are also trading down. Also challenging the mainland Chinese stocks are the latest covid numbers as Beijing reported 1,000 new local cases - the highest daily count in two years. Meanwhile, the Nikkei (-2.36%) and the Kospi (-1.14%) are also weak this morning. S&P 500 (-0.35%) and Nasdaq (-0.62%) futures (-0.30%) are also down.

Before this, last night European Union leaders met in Versailles, but without anything materially to shift the outlook at the moment. Indeed, President Macron managed expectations by noting the summit will lead to historic decisions for Europe in the coming weeks, so more to come. What we did get from the meeting included reports that EU leaders disagreed about the desirability of paving the way to swift EU membership for Ukraine. Also out of the meeting, following reports of an updated energy strategy earlier in the week, EC President Leyen is proposing measures to reduce reliance on Russian gas and oil by 2027.

When it comes to the conflict itself, markets adopted a more risk-off posture yesterday, even if the S&P 500 (-0.43%) closed well off the lows before a slight reversal again in Asia as mentioned above. The meeting of the Russian and Ukrainian foreign ministers failed to produce the progress that some had hoped for. While expectations weren’t exactly high for the talks, there had been a slight shift in Russia’s language ahead of the meeting on regime change, and Ukrainian President Zelensky himself had said the previous day that he was prepared for certain compromises, which contributed to that stronger investor optimism we saw on Wednesday. But yesterday there was a more negative tone from the meeting, with Ukraine’s foreign minister Kuleba saying of Russian foreign minister Lavrov that “The broad narrative he conveyed to me is that they will continue their aggression until Ukraine meets their demands, and the least of these demands is surrender”. So no signs of a ceasefire being instituted any time soon.

Against that backdrop, there was intense focus on the ECB (see our economists' review here) as they made their first policy decision since Russia’s invasion. They adopted a more hawkish position than had been anticipated by announcing a faster reduction in their asset purchases, which led to a sharp selloff in sovereign bonds as well as a significant widening in peripheral spreads, which meant we saw another day of multi-year records. Indeed, yields on 10yr bunds were up +5.6bps yesterday, bringing their gains since the start of the week to a massive +34.3bps. Even if they’re unchanged today, that would still mark their biggest weekly increase since June 2015, when they rose +35.7bps. Furthermore, the widening in the Italian 10yr spread over bunds yesterday (+16.7bps) was the largest daily widening since April 2020. It's quite clear that the ECB won't allow Italian spreads to gap out but they also probably won't devise a policy tool to deal with it until it threatens to. So the market may need to push for it if it wants it.

In terms of the decision itself, the ECB described Russia’s invasion as a “watershed for Europe”, and pledged to take “whatever action is needed to fulfil the ECB’s mandate to pursue price stability and to safeguard financial stability.” On immediate policy moves, they said that net purchases under their Asset Purchase Programme would go from €40bn in April to €30bn in May and then €20bn in June, and said that they may end purchases in Q3. That came as their inflation forecast for 2022 was upgraded to +5.1% (vs. +3.2% in December), and 2023 was upgraded to +2.1% (vs. +1.8% in December). And in another hawkish move, they also dropped the reference to interest rates potentially moving lower, only saying that rates would remain “at their present levels” until their forward guidance conditions were met, rather than “present or lower levels”. So overall it looks like the concerns about inflation (which is currently at the highest since the formation of the single currency) have dominated the uncertainties presented by the invasion of Ukraine, and overnight index swaps are now pricing in more than 40bps worth of moves this year (+7.6bps on the day) from the ECB for the first time since the conflict began.

That more hawkish-than-anticipated ECB outcome along with the more negative signals from the Russia-Ukraine talks saw equities lose ground on both sides of the Atlantic, with the S&P 500 (-0.43%), after being as much as -1.59% lower intraday, and still leaving it up +2.13% over the last two days. The STOXX 600 shed -1.69% but finished at roughly the same levels as before the ECB announcement. Tech stocks led the US declines, and similarly put in a large round trip performance, with the NASDAQ as low as -2.33% intraday before finishing the session at -0.95%. Megacap stocks were the hardest hit as the FANG+ index fell -2.09%. Despite the price retreat and roundtrips, the VIX fell for a third straight day, falling -2.22ppts. Nevertheless, the VIX has now closed above 30pts for 9 straight days, the longest run since June 2020, and on 11 of the last 12 days. Despite the late pullback in oil prices (more in a second), energy was the clear outperformer, with S&P 500 energy stocks gaining +3.07%. This continues this year’s trend where not only are energy stocks the sole S&P 500 sector in the green YTD, they’re up +38.51%.

Speaking of intraday volatility, oil put in another roller coaster session. Brent futures increased +6.49% in the New York morning before falling -1.63% to $109.33/bbl to end the day. Following a day where it looked like some OPEC members would break rank, the Iraqi oil minister noted that “OPEC will stay with the program”, but would make the right decision to increase production should real shortages result from the war. The discrete drop in oil prices happened when President Putin announced that Russia would honor its energy commitments, ameliorating concern that there would be shortages to contend with in the first place. European natural gas likewise fell, as the front futures contract dropped -14.68%, bringing prices -41.46% lower over the last three days.

So 1140 words later, and with all those other events yesterday, the US CPI release for February took something of a back seat, not least since the numbers were exactly in line with consensus for both headline and core, meaning the direct market reaction was pretty limited. In fact US Treasuries saw their biggest shift of the day around the time of the ECB meeting and were basically unaffected by the CPI, with yields on 10yr Treasuries up +3.8bps to 1.99%, whilst the 2yr yield (+2.1bps) hit its highest level since September 2019, at 1.70%. 30 year yields increased +3.2bps to 2.37%, their highest levels for 10 months. In terms of the CPI details, the release saw year-on-year CPI rise to +7.9%, which is the highest in 40 years, and the month-on-month print rose to +0.8%, which was the fastest monthly price growth since October. Core also accelerated to +6.4% year-on-year, which was similarly a post-1982 high. I mentioned the release in my chart of the day yesterday (link here), since it means that the real Federal Funds rate has now fallen to fresh lows once again, and continues to remain beneath levels seen throughout the entirety of the inflationary 1970s.

To the day ahead now, and data releases include the UK’s GDP for January, whilst in the US there’s the University of Michigan’s preliminary consumer sentiment index for March. Otherwise, central bank speakers include the ECB’s Rehn and Centeno.

Tyler Durden Fri, 03/11/2022 - 07:52

Read More

Continue Reading


Who Can You Trust?

Who Can You Trust?

Authored by James Howard Kunstler via,

“I’m sick and tired of hearing Democrats whining about Joe Biden’s…



Who Can You Trust?

Authored by James Howard Kunstler via,

“I’m sick and tired of hearing Democrats whining about Joe Biden’s age. The man knows how to govern. Just shut up and vote to save Democracy.”

- Rob Reiner, Hollywood savant

Perhaps you’re aware that the World Health Organization (WHO) is cooking up a plan to impose its will over all the sovereign nations on this planet in the event of future pandemics.

That means, for instance, that the WHO would issue orders to the USA about lockdowns, vaccines, and vaccine passports and we US citizens supposedly would be compelled to follow them.

Why the “Joe Biden” regime would go along with this globalist fuckery is one of the abiding mysteries of our time - except that they go along with everything else that the cabal of Geneva cooks up, such as attacks on farmers, and on oil production, and on relations between men and women, and on personal privacy, and on economic liberty throughout Western Civ, as if they’re working overtime to kill it off. And all of us with it.

I think they are working overtime at that because the sore-beset citizens of Western Civ are onto their game, and getting restless about it. So, the Geneva cabal is in a race against time before the center pole of their circus tent collapses and the nations of the world are compelled to follow the zeitgeist in the direction of de-centralizing, foiling all their grand plans.

The “Joe Biden” regime is pretending to ignore the reality that this WHO deal is actually a treaty that would require ratification by a two-thirds vote in the senate, an unlikely outcome. In any case, handing over authority to the WHO — in effect, to its chief Tedros Adhanom Ghebreyesus — to push around American citizens like a giant herd of cattle would be patently unlawful.

That center pole of the circus tent is the wobbling global economy. It’s barely holding up the canvas over the three rings of the circus. In the center ring, the death-defying spectacle of the Biden Family crime case is playing out before a huge audience (us). This week, a gun went off at the FBI and smoke is curling out of the barrel. FBI Director Christopher Wray was forced to verify that he’s been sitting on an incriminating document for three years from a “trusted” confidential human source, i.e., an informant, stating that the Biden Family received a $5-million bribe from a foreign entity when “JB” was vice-president.

That’s only one bribe of many others, of course, as documented in the Hunter Biden laptop, and it must be obvious it represents treasonous behavior that will demand resignation or impeachment. As this spools out in the weeks and months ahead, do you think Americans will be in the mood to accept further insults such as “Joe Biden” surrendering our national sovereignty to the WHO?

Anyway, you must ask yourself: why on earth should I trust the WHO about anything? Did they not participate in laying a trip on the world with Covid-19? How did those lockdowns work out? Do you think they destroyed enough businesses and ruined enough households? How’s the vaccination program doing? Effective? Safe? Yeah, maybe not so much. Maybe killing a lot of people, wrecking immune systems, sterilizing reproductive organs, causing gross disabilities, shattering lives.

Of course, in over three years neither the WHO nor the US medical authorities showed the slightest interest in helping to figure out how the Covid-19 virus was made in a lab, and exactly how it got loose in the world. Lately, Dr. Ghebreyesus has warned the world about much worse future pandemics supposedly coming down at us. Oh? Really? What does he know that we don’t? That possibly new efforts to concoct chimeric diseases are ongoing in labs around the world? (You know that dozens of such labs were discovered in Ukraine as the war got underway there in 2022.) What’s Dr. Ghebreyesus doing to stop that?

If US orgs and citizens are involved in this “research,” why doesn’t the WHO alert our government leaders so they can stop it? (Would they? I’m not so sure.) And, who is behind it this time? The Eco-Health Alliance again, like with Covid-19? By the way, that outfit got another whopping grant last fall from the NIH to “study” bat viruses — right after the NIH terminated a previous grant on account of The Eco-Health Alliance failing to turn over notebooks and other records.

No, you cannot trust the WHO about anything. The “trust horizon” (a concept introduced by the great Nicole Foss, late of The Automatic Earth dot com) is shrinking. You can no longer trust any distant authorities. You also cannot trust the US federal government (especially the executive branch behind “Joe Biden”). And notice: the trust horizon is shrinking just as the world is de-centralizing. This, you see, is the main contradiction behind all the Globalists’ twisted ambitions to control everything, including you. They are working against the current tide of human history which is pushing everything toward down-scaling, re-localization, and re-assertion of the sovereign individual person.

That trend will become increasingly evident as things organized at the giant scale start to implode — giant retail chains, medical behemoths, hedge funds, big banks, you name it. The world no longer has the mojo for globalism. There’s reason to wonder these days whether the USA has the mojo to remain a unified national polity of states. Our federal government is not only financially bankrupt beyond any coherent reckoning, it is also morally bankrupt, and it has decided to make war against its own people. None of this is satisfactory and none of this is working. It’s time to figure out who and what you can trust and act accordingly.

Tyler Durden Sun, 06/04/2023 - 09:20

Read More

Continue Reading


Removing antimicrobial resistance from the WHO’s ‘pandemic treaty’ will leave humanity extremely vulnerable to future pandemics

Drug-resistant microbes are a serious threat for future pandemics, but the new draft of the WHO’s international pandemic agreement may not include provisions…




Antimicrobial resistance is now a leading cause of death worldwide due to drug-resistant infections, including drug-resistant strains of tuberculosis, pneumonia and Staph infections like the methicillin-resistant Staphylococcus aureus shown here. (NIAID, cropped from original), CC BY

In late May, the latest version of the draft Pandemic Instrument, also referred to as the “pandemic treaty,” was shared with Member States at the World Health Assembly. The text was made available online via Health Policy Watch and it quickly became apparent that all mentions of addressing antimicrobial resistance in the Pandemic Instrument were at risk of removal.

Work on the Pandemic Instrument began in December 2021 after the World Health Assembly agreed to a global process to draft and negotiate an international instrument — under the Constitution of the World Health Organization (WHO) — to protect nations and communities from future pandemic emergencies.

Read more: Drug-resistant superbugs: A global threat intensified by the fight against coronavirus

Since the beginning of negotiations on the Pandemic Instrument, there have been calls from civil society and leading experts, including the Global Leaders Group on Antimicrobial Resistance, to include the so-called “silent” pandemic of antimicrobial resistance in the instrument.

Just three years after the onset of a global pandemic, it is understandable why Member States negotiating the Pandemic Instrument have focused on preventing pandemics that resemble COVID-19. But not all pandemics in the past have been caused by viruses and not all pandemics in the future will be caused by viruses. Devastating past pandemics of bacterial diseases have included plague and cholera. The next pandemic could be caused by bacteria or other microbes.

Antimicrobial resistance

Yellow particles on purple spikes
Microscopic view of Yersinia pestis, the bacteria that cause bubonic plague, on a flea. Plague is an example of previous devastating pandemics of bacterial disease. (NIAID), CC BY

Antimicrobial resistance (AMR) is the process by which infections caused by microbes become resistant to the medicines developed to treat them. Microbes include bacteria, fungi, viruses and parasites. Bacterial infections alone cause one in eight deaths globally.

AMR is fueling the rise of drug-resistant infections, including drug-resistant tuberculosis, drug-resistant pneumonia and drug-resistant Staph infections such as methicillin-resistant Staphylococcus aureus (MRSA). These infections are killing and debilitating millions of people annually, and AMR is now a leading cause of death worldwide.

Without knowing what the next pandemic will be, the “pandemic treaty” must plan, prepare and develop effective tools to respond to a wider range of pandemic threats, not solely viruses.

Even if the world faces another viral pandemic, secondary bacterial infections will be a serious issue. During the COVID-19 pandemic for instance, large percentages of those hospitalized with COVID-19 required treatment for secondary bacterial infections.

New research from Northwestern University suggests that many of the deaths among hospitalized COVID-19 patients were associated with pneumonia — a secondary bacterial infection that must be treated with antibiotics.

An illustrative diagram that shows the difference between a drug resistant bacteria and a non-resistant bacteria.
Antimicrobial resistance means infections that were once treatable are much more difficult to treat. (NIAID), CC BY

Treating these bacterial infections requires effective antibiotics, and with AMR increasing, effective antibiotics are becoming a scarce resource. Essentially, safeguarding the remaining effective antibiotics we have is critical to responding to any pandemic.

That’s why the potential removal of measures that would help mitigate AMR and better safeguard antimicrobial effectiveness is so concerning. Sections of the text which may be removed include measures to prevent infections (caused by bacteria, viruses and other microbes), such as:

  • better access to safe water, sanitation and hygiene;
  • higher standards of infection prevention and control;
  • integrated surveillance of infectious disease threats from human, animals and the environment; and
  • strengthening antimicrobial stewardship efforts to optimize how antimicrobial drugs are used and prevent the development of AMR.

The exclusion of these measures would hinder efforts to protect people from future pandemics, and appears to be part of a broader shift to water-down the language in the Pandemic Instrument, making it easier for countries to opt-out of taking recommended actions to prevent future pandemics.

Making the ‘pandemic treaty’ more robust

Measures to address AMR could be easily included and addressed in the “pandemic treaty.”

In September 2022, I was part of a group of civil society and research organizations that specialize in mitigating AMR who were invited the WHO’s Intergovernmental Negotiating Body (INB) to provide an analysis on how AMR should be addressed, within the then-draft text.

They outlined that including bacterial pathogens in the definition of “pandemics” was critical. They also identified specific provisions that should be tweaked to track and address both viral and bacterial threats. These included AMR and recommended harmonizing national AMR stewardship rules.

In March 2023, I joined other leading academic researchers and experts from various fields in publishing a special edition of the Journal of Medicine, Law and Ethics, outlining why the Pandemic Instrument must address AMR.

The researchers of this special issue argued that the Pandemic Instrument was overly focused on viral threats and ignored AMR and bacterial threats, including the need to manage antibiotics as a common-pool resource and revitalize research and development of novel antimicrobial drugs.

Next steps

While earlier drafts of the Pandemic Instrument drew on guidance from AMR policy researchers and civil society organizations, after the first round of closed-door negotiations by Member States, all of these insertions, are now at risk for removal.

The Pandemic Instrument is the best option to mitigate AMR and safeguard lifesaving antimicrobials to treat secondary infections in pandemics. AMR exceeds the capacity of any single country or sector to solve. Global political action is needed to ensure the international community works together to collectively mitigate AMR and support the conservation, development and equitable distribution of safe and effective antimicrobials.

By missing this opportunity to address AMR and safeguard antimicrobials in the Pandemic Instrument, we severely undermine the broader goals of the instrument: to protect nations and communities from future pandemic emergencies.

It is important going forward that Member States recognize the core infrastructural role that antimicrobials play in pandemic response and strengthen, rather than weaken, measures meant to safeguard antimicrobials.

Antimicrobials are an essential resource for responding to pandemic emergencies that must be protected. If governments are serious about pandemic preparedness, they must support bold measures to conserve the effectiveness of antimicrobials within the Pandemic Instrument.

Susan Rogers Van Katwyk is a member of the WHO Collaborating Centre on Global Governance of Antimicrobial Resistance at York University. She receives funding from the Wellcome Trust and the Social Sciences and Humanities Research Council of Canada.

Read More

Continue Reading

Spread & Containment

Repeated COVID-19 Vaccination Weakens Immune System: Study

Repeated COVID-19 Vaccination Weakens Immune System: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Repeated COVID-19…



Repeated COVID-19 Vaccination Weakens Immune System: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Repeated COVID-19 vaccination weakens the immune system, potentially making people susceptible to life-threatening conditions such as cancer, according to a new study.

A man is given a COVID-19 vaccine in Chelsea, Mass., on Feb. 16, 2021. (Joseph Prezioso/AFP via Getty Images)

Multiple doses of the Pfizer or Moderna COVID-19 vaccines lead to higher levels of antibodies called IgG4, which can provide a protective effect. But a growing body of evidence indicates that the “abnormally high levels” of the immunoglobulin subclass actually make the immune system more susceptible to the COVID-19 spike protein in the vaccines, researchers said in the paper.

They pointed to experiments performed on mice that found multiple boosters on top of the initial COVID-19 vaccination “significantly decreased” protection against both the Delta and Omicron virus variants and testing that found a spike in IgG4 levels after repeat Pfizer vaccination, suggesting immune exhaustion.

Studies have detected higher levels of IgG4 in people who died with COVID-19 when compared to those who recovered and linked the levels with another known determinant of COVID-19-related mortality, the researchers also noted.

A review of the literature also showed that vaccines against HIV, malaria, and pertussis also induce the production of IgG4.

“In sum, COVID-19 epidemiological studies cited in our work plus the failure of HIV, Malaria, and Pertussis vaccines constitute irrefutable evidence demonstrating that an increase in IgG4 levels impairs immune responses,” Alberto Rubio Casillas, a researcher with the biology laboratory at the University of Guadalajara in Mexico and one of the authors of the new paper, told The Epoch Times via email.

The paper was published by the journal Vaccines in May.

Pfizer and Moderna officials didn’t respond to requests for comment.

Both companies utilize messenger RNA (mRNA) technology in their vaccines.

Dr. Robert Malone, who helped invent the technology, said the paper illustrates why he’s been warning about the negative effects of repeated vaccination.

“I warned that more jabs can result in what’s called high zone tolerance, of which the switch to IgG4 is one of the mechanisms. And now we have data that clearly demonstrate that’s occurring in the case of this as well as some other vaccines,” Malone, who wasn’t involved with the study, told The Epoch Times.

So it’s basically validating that this rush to administer and re-administer without having solid data to back those decisions was highly counterproductive and appears to have resulted in a cohort of people that are actually more susceptible to the disease.”

Possible Problems

The weakened immune systems brought about by repeated vaccination could lead to serious problems, including cancer, the researchers said.

Read more here...

Tyler Durden Sat, 06/03/2023 - 22:30

Read More

Continue Reading