The US Midwest is facing one of the worst droughts in 131 years

 

S&P 500 stocks at 52 week highs:

Instrument Name	Close	Highest	Symbol
Broadcom Ord Shs	886.18	855.36	AVGO.O
Equinix REIT Ord Shs	775.78	757.61	EQIX.O
Lam Research Ord Shs	630.03	629.96	LRCX.O
ServiceNow Ord Shs	567.31	556.71	NOW
Monolithic Power Systems Ord Shs	537.21	536.88	MPWR.O
Cintas Ord Shs	486.09	484.6	CTAS.O
KLA Ord Shs	480.54	479.89	KLAC.O
Adobe Ord Shs	479.53	478.99	ADBE.O
Eli Lilly Ord Shs	447.72	446.04	LLY
Netflix Ord Shs	440.86	435.73	NFLX.O
NVIDIA Ord Shs	429.97	410.22	NVDA.O
Linde Ord Shs	374.31	373.26	LIN
Moody's Ord Shs	340.71	338.8	MCO
Microsoft Ord Shs	337.34	335.94	MSFT.O
ANSYS Ord Shs	334.31	333.23	ANSS.O
Intuitive Surgical Ord Shs	323.07	317.49	ISRG.O
Meta Platforms Ord Shs Class A	273.35	272.61	META.O
Apple Ord Shs	183.95	183.79	AAPL.O
Marriott International Ord Shs Class A	181.46	181.41	MAR.O
Darden Restaurants Ord Shs	167.64	166.04	DRI
Walmart Ord Shs	156.87	155.3	WMT
AMETEK Ord Shs	153.6	153.47	AME
PTC Ord Shs	141.38	141.01	PTC.O
DexCom Ord Shs	127.06	126.91	DXCM.O
Oracle Ord Shs	122.27	116.68	ORCL.K
ON Semiconductor Ord Shs	92.74	92.67	ON.O
Otis Worldwide Ord Shs	87.51	87.2	OTIS.K
Microchip Technology Ord Shs	86.64	86.52	MCHP.O
Pinnacle West Ord Shs	82.02	81.5	PNW
Fortinet Ord Shs	71.48	71.27	FTNT.O
Ingersoll Rand Ord Shs	64.12	64.1	IR
Iron Mountain Ord Shs	56.72	56.63	IRM
Delta Air Lines Ord Shs	42.19	41.56	DAL
Carnival Ord Shs	15.6	15.34	CCL

 

Notes Today: 

• Farmers Insurance Group stops writing new property policies in Florida. (see below) "Over the past 18 months in Florida, we've had 15 companies decide to stop writing new business,"

• Australia’s government will intervene to block the construction of a new Russian embassy in its capital Canberra

• In a poll conducted mostly after news broke of Trump's indictment, 53% of republicans support his 2024 bid. 

• Twitter is being evicted from its Colorado, Boulder office over unpaid rent. 

• Zuckerberg (Meta) is pushing ahead with plans to launch a rival to Twitter because public figures reportedly want a platform that is “sanely run”. 

• Mercedes-Benz beat Tesla for approval of automated driving tech in California. 

• For some US residents, it is now impossible to get home insurance - and all because of the climate crisis.
• House prices haven’t plummeted yet, of course. Quite the opposite: California is an incredibly expensive place to live. But if you can’t get insurance, it’s almost impossible to get a mortgage. This makes it harder to sell your house and will make prices go down. The writing is on the wall, as insurance companies are well aware.

Synthetic human embryos created in groundbreaking advance

Scientists have created synthetic human embryos using stem cells, in a groundbreaking advance that sidesteps the need for eggs or sperm.

Scientists say these model embryos, which resemble those in the earliest stages of human development, could provide a crucial window on the impact of genetic disorders and the biological causes of recurrent miscarriage.

However, the work also raises serious ethical and legal issues as the lab-grown entities fall outside current legislation in the UK and most other countries.

 

The Fed left the target for the fed funds rate  unchanged at 5%-5.25%. The Fed paused on Wednesday following 15 months of interest-rate hikes but indicated they would likely resume tightening at some point to cool inflation.

👍👍I think women are foolish to pretend they are equal to men..

Sir William Gerald Golding was a British novelist, playwright, and poet. Best known for his  novel Lord of the Flies.

The Latest Solar Power Projections

 US CPI

 

North Atlantic Sea Surface Temperature

 

Quick Overview is up to date

Trains Save Ten Times the Emissions of Planes

 

The top 1%

US  Construction Boom

The slow collapse of the American middle class (FT chart)

 

Quick Overview is up to date

Notes Today:

• Russia has repeatedly attacked Ukraine from the air. Now that drones have apparently descended on Moscow, the Ministry of Defense speaks of Ukrainian terrorism.

• President  Biden and Kevin McCarthy, the Republican speaker of the House, expressed confidence that their deal to raise America’s debt ceiling would pass Congress. 

• Twitter’s Musk is hit with a bit of bad news as France’s Digital Minister threatens to ban Twitter from the ENTIRE European Union territory if Musk does not get serious about tackling Twitter’s growing wave of “disinformation.”
• He “can run,” but he “can’t hide” from the consequences of allowing Twitter to be overrun by far-right political disinformation.
• Disinformation is one of the gravest threats weighing on our democracies. If Twitter repeatedly doesn’t follow our rules, it will be banned from the European Union.” - Jean-Noël Barrot, France's Digital Minister 

• Tesla has failed to adequately protect data from customers, employees and business partners and has received thousands of customer complaints regarding the carmaker’s driver assistance system, Germany’s Handelsblatt has reported, citing 100 gigabytes of confidential data leaked by a whistleblower. 

• SARS‑CoV‑2 (COVID-19) Positive tests jumped 15% in Victoria, where 10,642 cases and nine deaths were recorded. South Australian cases climbed 28% to 4012 – up 1338 from the week before.

• China’s first domestically produced passenger jet began its maiden commercial flight.  So far, engines are still imported..

 

Problem with these notes: some tend to run up against a deeply rooted feature of human cognition - the desire not to think about anything unpleasant ... Sorry about that.

The Turkish Lira is at  20 per Dollar after Turkey loses its chance to restore democracy with Erdogan’s reelection.

Inflation is running at 40% +

Because here is the thing. Every. Single. Journalist. who was there (and there were many, from major outlets all over Europe and the world) that I spoke to, said "myeditor refuses to print any story critical of economic growth." Every. Single. One.

Topics covered planetary boundaries, trade, finance, fiscal policy, global South, decolonisation, gender, justice, well-being, social policies. Every panel included major advances in understanding. Together, the conference represents a monumental coming of age of post-growth.

Prof Julia S. 🌍🌹🌱 #ClimateAction #FightFascism

@JKSteinberger

 

There’s a one in four chance that the US will hit the date the government runs out of cash without a deal to raise the debt ceiling, so says JPMorgan.

mike luckovich @mluckovichajc

Notes Today: 

• Listening to McCarthy, it’s clear that Republican politicians refuse, are  unqualified, or incapable to understand the difference between household deficits and government deficits – and  probably never will...Some call it extortion.

• McCarthy comparing government spending to household debt. Never, ever comparable. Republicans raised debt ceiling 3 times under trump and did not demand spending cuts nor any demand to pay for $2 trillion tax cut. This is all fiction. (Ron Insana) 

• Particles from tires is a major source of microplastics that is polluting our oceans. Michelin estimates that globally tires emit around 3 million tons of particles annually - and create another 3 million tons of particles from road surfaces.
• Every German, on its own, makes 4 kg of microplastic. 1228 g from car tires, 16g from bicycle tires 230 from the road... Fraunhofer 2018

The Empty Library, Berlin. The memorial of the burning of books by the Nazis that took place in the German capital on May 10, 1933.

• May 2023, Elon the free speech absolutist endorses the book-banning DeSantis for president
• ...

Notes Today: 

• U.S. stocks rallied into the close on Thursday amid optimism about negotiations over raising the nation’s debt ceiling. Looking a bit more promising.

•  
  
  Some 42% of Americans aged 56-64 have zero retirement account savings, according to the US Census Bureau. 

• 2 poultry workers in England have tested positive for bird flu, officials say however no indication of human-to-human transmission. 

• Death toll mounts in Italy’s worst flooding for 100 years.
• Our planet is having 100 year something or other every other month now...

 

Quick Overview is up to date