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Inflation rose less than expected in October. Jerome Powell said “the time for moderating the pace of rate increases” was here. The S&P 500 leapt by 3% and the Dow exited bear territory. Asian currencies jumped and junk bonds rallied on the bet that inflation had peaked. As long as you aren’t European, a grand day was had.


Drug makers Eisai and Biogen published positive results of trail for their drug Leanemab, designed to slow the onset of Alzheimer’s Disease. The 18-month trials appeared to retarded progress of the disease by a quarter. While results in patients were modest, crucially… The trials appear to confirm that researchers are on the right track inre: the causes of the disease, namely the Amyloid hypothesis. Don’t ask me to explain that any further, but promising news.


EU embargos on Russian oil, as well as bans on European providers of maritime shipping and insurance are about to take effect.  Claudio Galimberti of Rystad Energy reckons that some 70 vessels, with the capacity of 750,000 b/d, to be out of service for at least 2-3 months before a “black fleet” aging and mothballed ships from Venezuela, Iran and Russia take up the slack. As for the insurance ban, that might jangle prices indefinitely because no one really wants to reinsure those rust buckets.


The State of Florida announced that it will withdraw $2bn in assets from asset manager, BlackRock. The state treasury officials report that the company is lean way too hard on  on environmental, social and governance policies instead of producing returns. Louisana and Missouri have made similar noises because, well, the burn rate on state government these days is nasty.


Evidently, quantum computing will change everything – again – but let someone else take the hit on the first wave of stocks. 

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