Archives of “June 8, 2021” day

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Japan GDP final for Q1 2021 -1.0% q/q (prior +2.8%)

  
Analysis, Economy
Finals:
  • GDP sa -1.0% q/q – if you check out the prelim numbers you’ll see this revised figure is not as bad.
  • GDP annualised sa -3.9% q/q
  • GDP nominal -1.3% q/q
  • GDP deflator (an inflation indication) % y/y
  • Private consumption -1.5% q/q
  • Business spending -1.2% q/q

Some background if you find useful:

  • state of emergency curbs to combat the coronavirus pandemic are sapping GDP growth, weighing on consumption.
  • Export growth is robust, which is a positive
  • rising energy and commodities prices could worsen terms of trade (Japan is heavily reliant on raw material imports)

US report says theory that COVID-19 virus leaked from a Chinese lab in Wuhan is plausible

  
Analysis, COVID-19

The Wall Street Journal cite a report from May 2020 by the Lawrence Livermore National Laboratory.

  • People familiar with the study said that it was prepared by Lawrence Livermore’s “Z Division,” which is its intelligence arm. Lawrence Livermore has considerable expertise on biological issues. Its assessment drew on genomic analysis of the SARS-COV-2 virus, which causes Covid-19, they said.
The actual report remains secret. Which, of course, makes it impossible to assess.
Here is the link to the Journal piece, sure to be a source of contention given the politicisation of the origin question. Journal, of course, may be gated.
The Wall Street Journal cite a report from May 2020 by the Lawrence Livermore National Laboratory.

ICYMI – OPEC Secretary-General Barkindo upbeat comments on oil

  
Analysis, Crude

Drawing attention to remarks from OPEC Secretary-General Barkindo during US time, post here:

  • We expect to see further drawdowns in the months ahead
As a recap, Reuters have a little more from the Sec-Gen:
  • he noted that vaccine rollouts and the “massive fiscal stimulus” aided an upbeat outlook, he said uneven global vaccine availability, high inflation and continued COVID-19 outbreaks were continued risks to oil demand.
Drawing attention to remarks from OPEC Secretary-General Barkindo during US time, post here:

US stocks mixed with risk on flows into Russell/Nasdaq

  
Analysis, US Market

Dow lags and posts the worst day in more than two weeks

The major US indices are closing mixed with risk on flows sending the Russell 2000 and NASDAQ indices higher. The broader big cap stocks of the S&P index and Dow declined.
  • The NASDAQ closes 2% from the high
  • S&P closes less than 1% from the high
  • NASDAQ closes higher for the second consecutive day
  • Dow as its worst day in over two weeks
  • Russell 2000 has fourth positive session in five trading days
  • Biotech ETF has its best they of 2021 as Biogen shares surge after Alzheimer’s drug gets a green light from the FDA.
The final numbers are showing:
  • S&P index felt -3.37 points or -0.08% at 4226.52. The high price reached 4232.34. The low price extended 24215.66
  • NASDAQ index rose 67.23 points or +0.49% at 13881.72. It’s high price reached 13889.11. The low price extended to 13784.89
  • the Dow industrial average felt -126.15 points or -0.36% at 34630.24. It’s high price reached 34820.91. The low price extended to 34574.51
  • Russell 2000 rose 32.8 points or 1.43% at 2319.21. The high price reached 2321.64. The low price extended to 2286.93.

Meme stocks and Biogen were leaders today with Biogen rising 38.33% after the FDA approved and Alzheimer’s drug. The other beginners were familiar meme stocks including Express, AMC, Blackberry, Gamestop, Bed Bath and Beyond.

Dow lags and posts the worst day in more than two weeks
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