Archives of “December 1, 2020” day

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Germany reports 13,604 new coronavirus cases in latest update today

  
Analysis, COVID-19

Not much signs that the situation is abating just yet

Germany
The latest tally fits with the trend over the past two to three weeks, so there isn’t much change. But once again, the worrying statistic is that the number of deaths have been increasing especially in the last two weeks.
There are another 388 deaths reported today, bringing the total tally to 16,636 persons. In the past week (23-29 November) alone, Germany recorded 2,101 virus deaths.
In terms of healthcare capacity, there are 3,926 (+25) coronavirus patients requiring intensive care as of yesterday with 5,905 (21%) intensive care beds still available.
That also reflects some plateauing over the past few days but it isn’t a favourable plateauing when you consider that this could be due to the increase in deaths instead.
Compared to two weeks ago (16 November), there were 3,436 coronavirus patients requiring intensive care with 6,950 (25%) intensive care beds still available.
In short, the situation in Germany is showing signs of hitting a plateau but not really abating as of yet with the number of deaths a bit of a concerning statistic as of late.

China name-calls Australia a pussy

  
  Analysis

The editor of China state-media outlet Global Times is doing the bidding of his masters again.

This time calling Australia a pussy!
  • So far, no opinion leader, let alone political figure, in China, has called for boycotting Australian products. Australia extremely lacks a proper understanding of itself. It can’t even be counted as a paper tiger, it’s only a paper cat.
Here’s the lackey’s tweet:
The editor of China state-media outlet Global Times is doing the bidding of his masters again.

As a pro-tip, very few peeps in Australia take Pauline Hanson seriously.

Head of the US authority responsible for approving COVID-19 vaccines has been called to the White House

  
Analysis, COVID-19

FDA commissioner Stephen Hahn has been summonsed to the West Wing for a 9:30am meeting on Tuesday December 2

  • He will be asked to explain why he hasn’t moved faster to approve the Pfizer coronavirus vaccine
Axios reporter Jonathon Swan reports, citing two senior administration officials
Link here for more. Its an ugly story this one …
  • A senior administration official said that in mid-November, Hahn spent a week vacationing in the Outer Banks of North Carolina, and the official expected this subject would be discussed.
Yep, while folks were dying he should have been on the golf course, right???

China state media threatens Australia’s industries to suffer further

  
  Analysis

Chinese Global Times with further threats against Australia.

Full article is here, and here’s the tweet:
Chinese Global Times with further threats against Australia. 
The background to this is:
  • China has effectively blocked imports of certain Australian goods via administrative measures, usually restrictive customs inspections
  • China has raised tariffs to make certain Australian goods too expensive for purchase
  • Chinese SOEs are cutting purchases of Australian products
South Korea and Japan have been through similar with China. Its economy is massive and it uses its consumers as a weapon to punish other countries that act against its interests. Chinese consumers are also big losers in such flexing.

Saudi Arabia and the UAE move closer with plan to launch a digital currency

  
  Analysis

The Saudi Central Bank (SAMA) and Central Bank of the  Unitd Arab Emirates (UAE) have issued a joining report onthe benefits of using a distributing payment system over a centralized payment structure.

  • and have concluded a joint 1-year central bank digital currency (CBDC) pilot (‘Project Aber’)
Info via Finance Magnates, here is the link for more. A good read, check it out.
The Saudi Central Bank (SAMA) and Central Bank of the  Unitd Arab Emirates (UAE) have issued a joining report onthe benefits of using a distributing payment system over a centralized payment structure. 

Leaked documents provide insight into Chinas cover-up of the early days of the Wuhan coronavirus outbreak

  
Analysis, COVID-19

CNN says they have unearthed  a report marked “internal document, please keep confidential” with information on China’s early days of COVID-19 fraud.

  • local health authorities in the province of Hubei, where the virus was first detected, list a total of 5,918 newly detected cases on February 10, more than double the official public number of confirmed cases
  • This larger figure was never fully revealed at that time, as China’s accounting system seemed, in the tumult of the early weeks of the pandemic, to downplay the severity of the outbreak.
  • the documents amount to the most significant leak from inside China since the beginning of the pandemic and provide the first clear window into what local authorities knew internally and when
Here is the link to CNN for the story.
CNN says they have unearthed  a report marked "internal document, please keep confidential" with information on China's early days of COVID-19 fraud. 

Oil – OPEC+ has delayed its meeting to decide on output cuts until Thursday

  
Analysis, Crude

The OPEC oil cartel and its partners (which mainly means Russia) has deferred a decision on planned production hikes, or an extension of curbs, until December 3.

  • The delay is said to give ministers more time to reach a deal. Talks will continue via phone.
  • The meeting on Monday broke without an agreement.
Discussions centre on whether to increase production in January as planned or maintain the cuts. Main considerations (in summary):
some see the market as still too fragile to accept more oil output
others are keen to ramp up production and make the most of the until now better prices.
oil putin

Fed Chair Powell says recent vaccine news is very positive for the medium term

  
  Analysis

Federal Reserve System Chair Powell comments in prepared testimony:

 

  • says outlook for US economy uncertain, will depend on virus
  • economic activity has continued to recover, but pace of improvement has moderated
  • says overall rebound in household spending due in part to federal aid
  • pace of improvement in labour market has moderated
  • Fed’s actions have unlocked almost $2 tln of funding to support businesses, nonprofits, local governments
  • rise in covid-19 cases is concerning, could prove challenging for next few months
  • committed to using our full range of tools to support the economy
  • vaccine news is very positive for the medium term; challenges, uncertainties remain

 

Headlines via Reuters
Federal Reserve System Chair Powell comments in prepared testimony:
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