GOLD$1945.45 UP $51.45 The quote is London spot price
Silver:$25.05 UP $1.21 London spot price ( cash market)
Closing access prices: London spot
i)Gold : $1949.30 LONDON SPOT 4:30 pm
ii)SILVER: $25.35//LONDON SPOT 4:30 pm
2 ) Gold/silver trading overnight Europe, Goldcore
(Mark O’Byrne/zerohedge
and in NY: Bloomberg
3. ASIAN AFFAIRS
i)THURSDAY MORNING/ WEDNESDAY NIGHT:
SHANGHAI CLOSED UP 42.69 PTS OR 1.30% //Hang Sang CLOSED UP 809.78 PTS OR 3.25% /The Nikkei closed UP 410.05 POINTS OR 1.73%//Australia’s all ordinaires CLOSED UP 1.20%
/Chinese yuan (ONSHORE) closed /Oil DOWN TO 38.76 dollars per barrel for WTI and 40.85 for Brent. Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6186. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6106 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19 : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP RAISED RATES TO 25%
COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
We had 0 kilobar transactions +
ADJUSTMENTS: 0 //
The front month of NOV registered a total of 1628 contracts for a GAIN of 664 contracts. We had 111 notices filed on Wednesday so we gained a whopping 775 contracts or 77,500 additional oz of gold will stand in this non active month of November. There is now no question that we are experiencing a massive onslaught at the gold comex.
The big December contract LOST ONLY 7824 contracts DOWN to 403,797 contracts. We will be watching December closely from this day forth. January gained 9 contracts to stand at 20 contracts.
THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR NOVEMBER (11.7729 tonnes). GENERALLY NOVEMBER IS A VERY POOR DELIVERY MONTH AS MOST INVESTORS PREFER TO SKIP THIS MONTH AND MOVE STRAIGHT TO DECEMBER. IT LOOKS LIKE SOME MAJOR ENTITY(GOLDMAN SACHS) JUST CANNOT WAIT FOR DECEMBER AS THEY ALONG WITH OTHERS) ARE MAKING THEIR MOVE FOR PHYSICAL METAL. GOLDMAN SACHS ONE OF THE LEADERS OF THE NEW LONDON LME EXCHANGE NEEDS THE GOLD INVENTORY FOR LIQUIDITY AND INITIAL CONTRIBUTION WITH OTHER MAJOR PLAYERS. AS MENTIONED ABOVE THE GOLD COMEX IS EXPERIENCING A MASSIVE ONSLAUGHT FOR METAL
We had 1515 notices filed today for 151,500 oz OR 4.712 TONNES.
To calculate the INITIAL total number of gold ounces standing for the NOV /2020. contract month, we take the total number of notices filed so far for the month (3672) x 100 oz , to which we add the difference between the open interest for the front month of NOV (1628 CONTRACTS ) minus the number of notices served upon today (1515 x 100 oz per contract) equals 378,500OZ OR 11.7729 TONNES) the number of ounces standing in this active month of NOV
thus the INITIAL standings for gold for the NOV/2020 contract month:
No of notices filed so far (3672, x 100 oz +1628 OI) for the front month minus the number of notices served upon today (1515) x 100 oz which equals 378,500 oz standing OR 11.7729 TONNES in this active delivery month. This is a HUGE amount for gold standing for a NOV delivery month (a very poor non active delivery month).
We gained 775 contracts or an additional 77,500 oz will search out metal on this side of the pond.
NEW PLEDGED GOLD: BRINKS
600,054.816, oz NOW PLEDGED SEPT 15.2020/HSBC 18.644 TONNES ( A HUGE INCREASE FROM 10.6)
60,784.803 PLEDGED APRIL 3/2020: SCOTIA: 1.3234 tonnes
deleted Int. Delaware pledge July 7 (600 tonnes)
277,934.09 oz (some deleted august 3) JPM 8.644 TONNES
610,238.285 oz pledged June 12/2020 Brinks/ july 2/july 21 19.017 tonnes
67,289.041 oz Pledged August 21/regular account 1.588 tonnes jpm
total pledged gold: 1,616,301.040 oz 50.273 tonnes
total registered, pledged and eligible (customer) gold 37,542,566.173 oz 1,167.73 tonnes (INCLUDES 4 GC GOLD)
total 4 GC gold: 126.34 tonnes
total gold net of 4 GC: 1041.39 tonnes
end
I have compiled data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months
The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.
I then took, how many deliveries were recorded by the CME for each and every month. I also included for reference the price of gold on first day notice.
The first graph is a logarithmic graph and the second graph, linear.
You can see the huge explosion of registered gold at the comex along with deliveries.
THE GOLD COMEX SEEMS TO BE UNDER SEVERE ASSAULT FOR PHYSICAL
And now for the wild silver comex results
And now for the wild silver comex results
INITIAL STANDINGS
NOV. SILVER COMEX CONTRACT MONTH//INITIAL STANDING
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory |
nil oz
|
| Deposits to the Dealer Inventory |
nil oz
|
| Deposits to the Customer Inventory |
586,766.250 oz
International
Delaware
|
| No of oz served today (contracts) |
1
CONTRACT(S)
(5,000 OZ)
|
| No of oz to be served (notices) |
175 contracts
875,000 oz)
|
| Total monthly oz silver served (contracts) | 480 contracts
2,400,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
a must view…
(courtesy Kenesis/Andrew Maguire)
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Ep. 24 Live from the Vault – Will the US election impact the gold price? – YouTube
Russia’s Top Gold Buyer Bets on Precious Metals as Virus Rages
(Bloomberg) — VTB Bank PJSC, Russia’s second-biggest lender, is betting on gold and other precious metals to boost profits this year as investors flock to havens amid the global pandemic.
The bank is prioritizing physical gold trading, as well as lending to mining companies and deals with their shares, because they are one of the few sectors to benefit from Covid-19, First Deputy Chairman Yuri Soloviev said in an interview.
Gold prices — which reached a record in August — and precious metals like palladium and platinum should remain supported on expectations that central banks will pump more money into the global economy to stoke growth, Soloviev said. Demand for havens have kept gold exchange-traded fund holdings near an all-time high.
In 2020 alone, the bank’s profit from gold trading exceeded the previous three years combined.
VTB Capital became Russia’s biggest bullion buyer after the country’s central bank stopped purchasing the metal earlier this year as prices soared. The lender held 59.5 tons (1.9 million ounces) of gold as of Oct. 1, according to Kommersant newspaper.
Last week, the bank announced a plan to start the first Russian ETF backed by physical gold.
“Russia is a great place to do that because the country naturally has a lot of gold reserves,” Alex Metherell, co-head of global banking at VTB Capital, said in a separate interview.
As a rule, VTB’s physical gold reserves don’t exceed two to three months’ worth of the volume of its bullion trading.
The bank is also considering expanding into the diamond market as global stimulus measures prompts investors to seek alternative havens.
-END-
US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case
- The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
- A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
- In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.
CNBC.com
The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.
The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.
The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.
Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.
Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.
Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.
In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”
“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.
J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.
Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”
Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.
In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.
Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.
Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.
In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.
Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.
Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.
The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.
Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market
- Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
- Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.
A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.
Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.
Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
J. P. Morgan declined to comment on this story.
Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.
Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.
That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.
Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.
Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.
On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.
“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.
The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.
In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.
end
March 4.2019
Parker City News
JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader
Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.
At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.
The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.
The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.
A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.
Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.
Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.
Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.
Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.
One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”
J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.
The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.
After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.
Kovel declined to comment.
Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.
-END-
Futures Soar, Dollar Plunges With Gridlock Now Seen As Bullish
It was supposed to be the worst of possible outcomes: a combination of years of gridlock (a Biden presidency with a Republican Senate), coupled with a contested election (which Trump is set to do by contesting state elections all the way to the Supreme Court), was according to Wall Street a bearish trigger that could launch as much as 20% of downside to stocks.
Well, once again Wall Street was dead wrong, because despite predictions ahead of the election that not having an early clear result could derail stocks, equities soared another 2% overnight rising above 3,500 – up nearly 300 points from the early Sunday prints – as the prospect of gridlock provided some solace and calm, led by tech and healthcare stocks on hopes the election results won’t trigger major changes to taxes or regulations that have underpinned the bull market. In short – a continuation of the status quo for at least two more years.
Nasdaq 100 futures jumped another 2.6% after the index surged on Wednesday when the vote count failed to produce a Blue Sweep as the market had fully priced in. Healthcare stocks also surged amid relief that regulatory pressure that could have swept through the sector in a Democratic sweep would not materialize. Sectors seen benefiting from a major stimulus package, such as financials, weakened.
“Up until about last week, the consensus belief was a full blue sweep — now that’s changing you’re seeing a repricing taking place in the market,” Anna Han, equity strategist at Wells Fargo Securities LLC, said on Bloomberg TV. “We’re seeing a boost today because a more status quo Senate may ease the burden of regulations on the tech sector.”
In the latest election developments, Joe Biden won Michigan and Wisconsin, putting him on the brink of taking the White House from Trump, hours after the president’s team opened legal fights to stop vote counting in a least two states. Some votes in battleground states such as Georgia, Pennsylvania and North Carolina are still being counted, while Trump is contesting the outcome in Arizona.
While the winner has still yet to be declared, Biden leads in electoral votes with Fox News tallies President Trump at 214 vs. Biden at 264 (including Arizona), while CNN tallies President Trump at 213 vs. Biden at 253, with close races in several key states remaining to be called including Georgia (16 votes), Pennsylvania (20 votes), Arizona (11 votes), North Carolina (15 votes) and Nevada (6 votes). We are expecting updates from Nevada from 12:00ET/17:00GMT today while Arizona is not expected until after 21:00ET Thursday / 02:00GMT Friday. Assuming Arizona is included, if Nevada goes in favor of Biden (as polls are indicating with 86% of votes tallied) then this would be sufficient to secure a Biden Presidency. Conversely, for Trump to secure the win he would require Georgia, Pennsylvania, North Carolina & Nevada to all be declared in his favor.
Regardless of whether Biden or Trump wins the presidency, investors welcomed the prospect that either candidate would likely face some opposition in Congress that would be a barrier to sweeping legislative changes.
“The market likes the fact that we have a gridlock,” said Gary Bradshaw, senior vice president at Hodges Capital Management in Dallas. “We are not likely to see big tax increases, and not a lot of regulation.”
At the same time the great reflation trade unwind continued, as traders tempered so-called “reflation” trades that had predicted a strong Democratic score in presidential and U.S. Senate races would lead to a bigger stimulus and higher inflation, as well as some safe-haven buying on caution the election is so close: “There is no blue wave,” said Robert Sears, chief investment officer at Capital Generation Partners. “The chance of a lot of fiscal spending … that scenario is out of the window now because it looks like Republicans are going to keep the Senate.”
While investors now view Gridlock as positive, they remain somewhat worried about the presidential race being too close to call or contested for a prolonged period. “Markets can live with either candidate,” said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners for the simple reason that only the Fed chair matters to markets. “The scenario they don’t want are legal problems over the outcome and significant political unrest.”
The election results were more “down the middle,” said Matt Peron, director of research at Janus Henderson Investors in Denver, “meaning no clear mandate on either side, so there will have to be a lot of compromise.” “I think the market sees that as a removal of uncertainty and the market likes that.”
And since Congress now appears hobbled for a long time, that only leave the Fed to stimulate the economy. Since a divided legislature narrows the scope for a massive stimulus package, traders now expect more aggressive action from the Fed to pump money into an economy still reeling from the coronavirus. That said, the Fed is likely to hold off from any major changes when it announces policy later today with the U.S. election still in the balance.
Increases in tech shares and some strong corporate results buoyed Europe’s Stoxx 600 index. Chip makers including Dialog Semiconductor Plc were among the biggest gainers following an upbeat forecast from Qualcomm on demand for 5G devices. Qualcomm leaped 15% in the pre-market.
Asian stocks also firmed on Thursday, ,ed by the health care and communications sectors. Trading volume for MSCI Asia Pacific Index members was 21% above the monthly average for this time of the day. The Topix added 1.4%, with SoftBank and Eisai contributing the most to the move. The Shanghai Composite Index rose 1.3%, driven by Kweichow Moutai and SAIC Motor.
As futures surged, driven mostly by the tech sector, treasuries pushed higher with 10Y yields dropping as low as 0.715%, more than 20bps below where they were on Tuesday night as investors discounted chances for a massive stimulus package to help the U.S. economy, while the Bloomberg Dollar Index slumped for a third day, dropping to the lowest level since May 2018…
… as leveraged investors were pricing in a Joe Biden win and looking for the greenback to extend recent losses, according to traders in Europe quoted by Bloomberg; on a three-day basis, the greenback is down by the most since April while the euro is up by the most since July.
Elsewhere in FX, the Norwegian Krone was the biggest gainer among Group-of-10 peers after the central bank held rates steady, while the pound rose 0.7% to 1.3075 after the BOE also kept policy rates unchanged but boosted bond buying by GBP150BN starting next year
In rates, treasuries extended Wednesday’s bull-flattening move despite gains for U.S. equity futures ahead of FOMC statement at 2pm ET. 10-year Treasury yields were lower by ~2bp at 0.74%, traded below its 50-DMA for the first time in more than a month; 30-year breached its 50- and 200-DMAs; 2s10s and 5s30s yield curves are flatter by ~2.2bp. With yields lower by more than 4bp at long end, 10- and 30-year yields breached key moving average levels as U.S. presidential election outcome remains unclear. U.K. government bonds reversed an early advance as investors shifted their focus to the slower pace of debt-buying implied by the Bank of England’s new asset-purchase targets.
In commodities, WTI and Brent front month futures saw modest losses on the day, albeit the contracts are off worst levels and in proximity to the unchanged mark, as the crude complex takes a breather from recent price action as the US election vote count enters the final stretch. Gold surged 1.3% to 1.927, with silver following tick for tick as the dollar tumbled.
Bitcoin climbed by more than $750 to $14,793, more than doubling its value in 2020 for the first time.
Looking at the day ahead, jobless claims and the Federal Reserve’s rate decision are expected today. Booking, Cigna, GM, Square and T-Mobile US are reporting earnings.
Market Snapshot
- S&P 500 futures up 2% to 3,503
- STOXX Europe 600 up 0.5% to 365.05
- MXAP up 2.2% to 180.69
- MXAPJ up 2.5% to 601.04
- Nikkei up 1.7% to 24,105.28
- Topix up 1.4% to 1,649.94
- Hang Seng Index up 3.3% to 25,695.92
- Shanghai Composite up 1.3% to 3,320.13
- Sensex up 1.7% to 41,298.33
- Australia S&P/ASX 200 up 1.3% to 6,139.61
- Kospi up 2.4% to 2,413.79
- German 10Y yield fell 1.1 bps to -0.649%
- Euro up 0.5% to $1.1780
- Italian 10Y yield fell 4.6 bps to 0.576%
- Spanish 10Y yield fell 1.9 bps to 0.073%
- Brent futures down 0.2% to $41.16/bbl
- Gold spot up 0.8% to $1,917.68
- U.S. Dollar Index down 0.4% to 93.08
Top News from Bloomberg
- Joe Biden stood on the brink of claiming the presidency from Donald Trump on Thursday, with a handful of states expecting to complete their vote counts despite Republicans opening legal fights to stop counting in at least two states
- The Bank of England boosted its bond-buying program by a bigger-than- expected 150 billion pounds ($195 billion) in another round of stimulus to help the economy through a second wave of coronavirus restrictions
- Norway’s central bank said the prospect of more Covid infections and restrictions over the winter pose a threat to the economic outlook, as it signaled years more of crisis-low interest rates
- The European Commission cut its forecast for 2021 U.K. economic growth almost in half, in its first ever regular outlook based on the assumption that negotiations for a post-Brexit trade accord will yield no result. The projections see the economy growing 3.3%, down from 6% projected earlier this year. GDP will plunge by more than 10% this year, one of the worst performances expected in Europe, the commission said
A quick look at global markets courtesy of NewsSquawk
Asian equity markets were higher across the board as the region took impetus from global peers including the tech-led rally on Wall Street as further election results trickled in and although the presidency still hangs in the balance with several key states still to be declared, betting markets have Biden as a heavy favourite and Fox News also tallies him as just 6 electoral votes shy of a victory at 264 vs. 214 for President Trump. Meanwhile, prospects of a Blue Sweep diminished which underpinned tech and defensives stateside. ASX 200 (+1.3%) was led higher by tech and healthcare with financials also buoyed after NAB topped forecasts for FY cash profit despite declining 37% Y/Y, although upside in the index was capped by weakness in the commodity sectors and ongoing souring of ties with China which saw Treasury Wine Estates slump on news China may impose anti-dumping duties of more than 200% on wine imports from Australia. Nikkei 225 (+1,7%) was also buoyed and rose above the 24k level to print its highest level since January, while Hang Seng (+3.3%) and Shanghai Comp. (+1.3%) moved higher in tandem with the rising tide across global stocks and despite a liquidity drain by the PBoC, as it also announced to conduct a Medium-term Lending Facility on November 16th with the amount to be determined by market demand. Finally, 10yr JGBs traded positive as they tracked upside in T-notes and following a break of the psychological 152.00 level, while the BoJ were also present in the market today in which it upped purchase amounts in 1-3yr and 3-5yr maturities as it had previously flagged.
Top Asian News
- Indonesia Falls Into Recession as Outbreaks Hamper Recovery
- Indonesia’s Jobless Rate Surges to Nine-Year High Amid Recession
- Inside the Chaotic Unraveling of Jack Ma’s $35 Billion IPO
- Turkey’s Biggest IPO in Years Back on Track After Pandemic Delay
Another session of gains for Europe (Euro Stoxx 50 +1.2%) after the region picked up the baton from a stellar APAC session in continuation of price action seen throughout the prior day whilst the US presidency hangs in the balance. In terms of where we stand, Biden’s on 264 electoral colleges vs. Trump’s 214 (assuming the Arizona tally is included), with 270 needed for a victory. Several key states remain to be called including Georgia (16 EC votes), Pennsylvania (20 EC votes), North Carolina (15 EC votes) and Nevada (6 EC votes). For Trump to win, he would need to pick up all of the remaining swing seats. Meanwhile, the latest implied probability from betting odds on Betfair Exchange are suggesting an 84% chance of a Biden win. That being said, legal challenges/calls for recounts are expected from Trump. Major US equity futures trade firmer, with ES (+1.9%) above 3,500, NQ (+2.9%), YM (+1.3%), RTY(+1.3%) all in solid positive territory. Back to Europe, additional impetus could be derived by EU negotiators clearing the Rule of Law issue, a major hurdle in the passing of the EU Recovery Fund. However, the legal jargon still has to be agreed between the European Parliament and Council, with reports stating that differences remain over the exact size of the budget and support. Major EU bouses see broad-based gains of around 1.1-1.2%, whilst the UK’s FTSE 100 (+0.4%) sees modest underperformance in Sterling-dynamics post-BoE. Sectors are mostly higher with the IT sector outpacing peers following earnings from Qualcomm (+15% pre-market) who posted beats across the board, thus propping up the likes of STMicroelectronics (+3.2%), Infineon (+3.7%) and Dialog Semiconductor (+6.5%), with the latter experiencing added impetus from its respective earnings report. Meanwhile, the banking sector resides as the laggard, with ING (-6.8%) and Commerzbank (-6.6%) dragging down the sector post-earnings, although SocGen (+4.0%) bucks the trend after narrowing its cost of risk and upping its CET1 ratio guidance. In terms of individual movers, AstraZeneca (Unch) whose earnings were sullied by reports that the Co. fell short of its target to deliver 30mln doses of its COVID-19 vaccine to the UK by the end of September and will only be able to supply only 4% of what it promised by year end, according to reports citing the head of government vaccine taskforce. However, the Co. reportedly stated it is ready to supply hundreds of millions of COVID-19 vaccines and weekly delivery schedule of vaccines will roughly match what the UK Gov’t has in mind for vaccination plans.
Top European News
- Europe’s Second Lockdown Wave Risks Double-Dip Recessions
- ING to Cut Jobs, Close Offices as Profit Misses Estimates
- SocGen Rebounds From Losing Run After Equities Trading Gains
- Commerzbank Warns on Pandemic’s Second Wave as Earnings Miss
In FX, the Dollar is weaker in relation to most major rivals in the run up to the FOMC and doubtless anticipating dovish guidance from the Fed and Chair Powell, but no action in terms of policy stimulus. However, the DXY is hovering around 93.000 within a softer 93.548-92.897 range awaiting the climax of the US Presidential Election that looks increasingly likely to see Republican Biden replace Democrat Trump, albeit with a gentle Blue ripple rather than the tidal wave prophesied by polls. Also ahead, another pre-NFP gauge in the form of Challenger lay-offs and the more timely IJC updates, but all unlikely to steer attention away from the FOMC and casting votes in the 2020 ballot.
- EUR/NZD/AUD/GBP – All in the running to claim top G10 spot as the Euro eyes a series of recent highs capping advances beyond 1.1800, including the pre-ECB peak, while the Kiwi has caught up with its Antipodean peer on the way to reclaiming 0.6700+ status vs the Greenback, with Aud/Nzd retreating from the high 1.0700 area to test bids/support around the figure and the Aussie meeting resistance above 0.7200 against the Buck in wake of mixed trade data overnight. Elsewhere, Sterling has rebounded firmly from pre-BoE lows as the MPC continues to keep NIRP cards close to its chest and Governor Bailey added that there is no timetable for the use of negative rates, if sub-zero is adopted at all presumably. Hence, Cable is back above 1.3000 and Eur/Gbp below 0.9050 even though the UK construction and composite PMIs slowed.
- CHF/JPY – The Franc has pared more losses vs the Dollar through 0.9100 and is pivoting 1.0700 against the Euro before a very topical SNB event entitled how to steer rates in negative territory hosted my Maechler and Moser, while the Yen is consolidating above 104.50 in advance of a raft of Japanese data and well away from option expiries in Usd/Jpy plus Eur/Jpy at 105.00 (1 bn) and 124.50 (1.1 bn) respectively.
- CAD/SEK – No breach of 1.3100 yet for the Loonie vs its US counterpart and perhaps little inclination so close to Friday’s Canadian-US jobs report face-off, while the Swedish Crown is straddling 10.3000 in Euro cross terms following somewhat conflicting data (new orders down in September, Q3 GDP up q/q, but negative y/y).
- NOK/EM – The Norwegian Krona has not been knocked by the Norges Bank’s downbeat assessment and outlook for the economy as it holds comfortably above 11.0000 vs the Euro, while the Yuan has rallied sharply from PBoC fix levels to register another multi-year peak vs the Greenback close to 6.6100 (Cnh vs Cny circa 6.6235 at one stage).
In commodities, WTI and Brent front month futures see modest losses on the day, albeit the contracts are off worst levels and in proximity to the unchanged mark, as the crude complex takes a breather from recent price action as the US election vote count enters the final stretch. Reports noted that oil traders added to bearish bets on WTI yesterday on the prospect of a Biden, and thus a pursuit of cleaner energy and his agenda to tackle global warming. Aside from that, news flow has remained light for the complex and price action is likely to be dictated by macro updates barring OPEC+ sources/comments. WTI resides around USD 39/bbl (vs. low 38.27/bbl), while its Brent counterpart sees itself north of USD 41/bbl (vs. low 40.33/bbl). Elsewhere, spot gold and silver are underpinned by the softer Buck, with the yellow metal edging higher above USD 1900/oz (vs. low 1902.50) and silver eyeing USD 24.50/oz to the upside (vs. low 23.88). Conversely, LME copper sees modest losses amidst thin trade for the red metal as the red metal eyeing the Chinese ban of imported copper ore and copper concentrates from Australia. Meanwhile, Dalian and Singapore iron ore prices fell amid speculation exports from Australia picked up last month.
US Event Calendar
- 7:30am: Challenger Job Cuts YoY, prior 185.9%
- 8:30am: Initial Jobless Claims, est. 735,000, prior 751,000; Continuing Claims, est. 7.2m, prior 7.76m
- 8:30am: Nonfarm Productivity, est. 5.6%, prior 10.1%; Unit Labor Costs, est. -11.0%, prior 9.0%
- 2pm: FOMC Rate Decision
DB’s Jim Reid concludes the overnight wrap
An extraordinary last 24 hours. The great thing about WFH during an election is that you can go to sleep in the afternoon after a long night and be back at your desk within 10 seconds if needed. Don’t tell anyone. Anyway it was a day where if you had known all the politics in advance it was unlikely you would have predicted the immediate market reaction. Apologies for the slight if you did.
Through the sleep deprived haze, markets generally were subject to a lot of revisionism as the current most likely “Biden / GOP Senate” outcome was the one most feared pre-election, especially with it being close enough to suggest legal challenges ahead. However such a scenario yesterday didn’t deter the market as investors rallied round the idea of a GOP Senate preventing tax rises and increased regulation and offsetting the reduced likelihood of near-term major stimulus. Markets also started to price in more Fed action in the absence of more fiscal which gave the liquidity trade a boost. It reminds me a bit of 2016 when a Trump victory was feared in advance and then within minutes of his acceptance speech the market narrative changed quickly to tax cuts and deregulation. Maybe our equity strategist Binky Chadha’s famous chart that in close elections it doesn’t matter who wins, the market always goes up afterwards was the right one. We’ve included this in the email blast below as a reminder.
In terms of the current state of play, we know now that former Vice President Biden currently has 253 electoral college votes to Trump’s 214, after having Wisconsin and Michigan called for Biden yesterday. These were two states that President Obama won that President Trump flipped in 2016, which Mr Biden appears now to have flipped back. Biden is leading in Arizona (+3%, with 14% uncounted) and Nevada (+0.6%, with 14% uncounted) currently and if those leads hold he will get to the required 270 votes to win the election. He could also just win Pennsylvania, where he is catching up the President. We will likely hear more from these states later today.
President Trump on the other hand would need to win one of those two back and maintain his leads in Pennsylvania (+3%, with 11% uncounted), Georgia (+0.6%, with 5% uncounted) and North Carolina (+1.4%, with 5% uncounted) to earn a second term. Many of the counties across all 5 states that have yet to fully report vote counts are waiting on results from mostly urban areas with a larger percentage of the population, which is partly why the vote count is taking longer. These areas have historically leaned Democratic and the missing vote counts are largely mail-in votes which Democrats used more often than Republicans this year. So there may be some further Biden support ahead in a few of these states, though Arizona is expected to tighten in favour of President Trump.
Regardless of the uncounted votes cited above, President Trump last night declared victory in Pennsylvania, while also saying that the campaign would be filling a lawsuit in the state for ‘meaningful transparency’. The President’s campaign also said it filed a lawsuit in Michigan, and are also said to be weighing asking for a recount in Wisconsin, which has been called for Mr Biden, who leads there by just over 20,000 votes with over 98% of precincts reporting. The Attorney Generals in both Pennsylvania and Michigan said that they have not yet received said lawsuits and have continued counting votes according to their state laws.
As noted above the Senate is now very likely to remain with the Republicans, after Maine Senator Susan Collins won re-election yesterday. There are now only three seats that we are unsure of – one in North Carolina and two in Georgia. The one in North Carolina is very likely to remain with Republicans with Senator Tillis up +1.8% with only 6% of the vote outstanding. Georgia looks set to have two runoff elections in January, which Democrats would have to win both in order to get the Senate to 50-50. It is hard to know exactly what those runoff elections would look like as there would not be a figure such as Mr Trump or Mr Biden at top of the ticket and both parties are likely to put a lot of focus and money on those races regardless of the Presidential outcome.
In spite of the election uncertainty, global equity markets continued to surge yesterday, with the S&P 500 climbing +2.20% in its strongest day since 5 June even if it was off the 3.48% highs seen in the second half of the day. There was also a massive move for US Treasuries, with 10yr yields falling -13.6bps to 0.763% in their biggest daily move lower since March, as investors adjusted to the lower likelihood of a major stimulus next year as Republicans performed stronger in Senate races than had been anticipated. Our US rate strategists said that the election result as it appears is bullish rates. See their piece here.
19 of the 24 S&P 500 industries rallied, though notably cyclicals such as Banks (-3.97%), Autos (-1.69%) and Materials (-1.65%) all fell back as the likely lack of substantial stimulus sent rates lower and flattened the yield curve. On the other hand, Media (+5.20%), Biotech (+5.08%) and Software (+4.16%) were all up substantially on chances for low rates for longer and possibly less regulation with a split Government. This saw the NASDAQ outperform the S&P, with a +3.85% rise, while European indices including the STOXX 600 (+2.05%), the DAX (+1.95%) and the CAC 40 (+2.44%) similarly moved higher. We saw a similar split in Europe, with Health care (+4.90%) and Technology (+2.96%) shares leading the way at the expense of Banks (-1.47%) and Energy (-0.19%) to a lesser extent.
The uncertain US election outcome has also led our FX strategist George Saravelos to turn neutral on the dollar, having previously argued for a broadly weaker dollar across both G10 and EM FX. The view now is that the election result means that there’s less chance of easier fiscal policy, significant risks of a protracted contest over the outcome, and this comes as the Covid winter wave has been bigger than expected with the US numbers likely to worsen. You can see the piece here.
As if the election uncertainty wasn’t enough for investors to digest, attention today will turn to the Federal Reserve’s latest monetary policy decision. In their preview (link here), our US economists write that they don’t anticipate any material announcements at this meeting, but do think that Chair Powell could provide a status update on the FOMC’s views about strengthening QE forward guidance and extending the duration of purchases. Earlier tomorrow the Bank of England will also be announcing their latest decision at 7am London time, so it may already have happened by the time you read this email. Our UK economist argues that additional QE in the range of £75bn-100bn is likely as the MPC ramps up their response to the second coronavirus wave against the backdrop of England returning to lockdown today for the next month. Overnight, the Sun newspaper has reported that the BoE could announce additional QE of as much as £200bn today, with £150bn likely and this is weighing on the pound (-0.20%).
Back to markets and Asian stocks are following Wall Street’s lead this morning. The Nikkei (+1.29%), Hang Seng (+2.73%), Shanghai Comp (+0.94%), Kospi (+1.86%) and Asx (+1.28%) are all up. Futures on the S&P 500 are also up +0.73% while yields on 10y USTs are down a further -2.6bps overnight to 0.739%. Elsewhere, crude oil prices are down c. -1.89%.
In terms of the coronavirus, there were further concerning reports out of Europe, with the UK reporting another 25,177 cases and Italy a further 30,550. Although having said that, the U.K. was at 26.7k cases two weeks ago so we have not seen dramatic daily increases over that period. Poland announced new restrictions, while in Denmark, the Prime Minister said that the country’s mink population would be culled because of concerns that a mutated strain of Covid-19 in minks would undermine vaccine efforts. Across the other side of Atlantic, the US reported 100,702 new infections in the past 24 hours, the highest since the pandemic began with Wisconsin saying that the hospitals are at or near capacity. Finally back in the UK, MPs formally voted to approve the English lockdown that came into force at midnight, and the chair of the UK Vaccine Taskforce said that 4m of the Oxford-AstraZeneca vaccines would be available by year-end, along with 10m doses of the Pfizer-BioNTech one. Meanwhile, the Sun has reported overnight that the UK Chancellor Sunak will today announce that they are further extending the furlough program beyond Dec. 2 in those areas kept in the highest levels of coronavirus restrictions.
Finally, yesterday’s data took something of a back seat amidst the other events, but the ISM services index in the US for October fell to 56.6 (vs. 57.5 expected), which was the weakest reading since May. Europe also reported their final services and composite PMIs for October, though there the Euro Area composite PMI was revised up to 50.0 (vs. flash 49.4). As well as this, the ADP’s employment report for October showed a weaker-than-expected +365k addition to private payrolls.
To the day ahead now, and along with more on the US election outcome, the aforementioned decisions from the Federal Reserve and the Bank of England are likely to be the main highlights. Otherwise, data releases include German factory orders for September, Euro Area retail sales for September, and the weekly initial jobless claims from the US. Other central banks speakers include the ECB’s de Guindos, Holzmann, Muller, Weidmann and Schnabel.
3A/ASIAN AFFAIRS
i)THURSDAY MORNING/ WEDNESDAY NIGHT:
SHANGHAI CLOSED UP 42.69 PTS OR 1.30% //Hang Sang CLOSED UP 809.78 PTS OR 3.25% /The Nikkei closed UP 410.05 POINTS OR 1.73%//Australia’s all ordinaires CLOSED UP 1.20%
/Chinese yuan (ONSHORE) closed /Oil DOWN TO 38.76 dollars per barrel for WTI and 40.85 for Brent. Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6186. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6106 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19 : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP RAISED RATES TO 25%
3 a./NORTH KOREA/ SOUTH KOREA
South Korea
b) REPORT ON JAPAN
3 C CHINA
CHINA/USA
4/EUROPEAN AFFAIRS
UK
The Bank of England surprised investors of an additional 50 billion pounds of QE..it did not matter: they bid up sterling anyway
(zerohedge)
Bank of England Surprises With £50BN More QE Than Expected, Sterling Jumps Anyway
Ahead of today’s FOMC decision, where Powell will find himself scrambling if he hopes for Congress to pass another multi-trillion fiscal package now that gridlock is in the cards for at least 2 years and Republicans revert to once again being “fiscal hawks” (full preview here), the Bank of England jumped into the monetary pool early when this morning it increased its already huge bond-buying stimulus by a larger-than-expected 150 billion pounds ($195 billion), more than the 100 billion pounds expected, as it braced for more economic damage from new coronavirus lockdowns not to mention more damage from Brexit (yes, that’s still going on).
The BoE kept its benchmark Bank Rate at 0.1%, as expected and made little mention of negative rates while a consultation with banks over the practicalities is underway.
The increase in the size of the BoE’s asset-purchase programme took it to 895 billion pounds, 50 billion pounds more than expected by most economists. The central bank said that would give it enough firepower to stretch its buying of government bonds through to the end of 2021, but the purchases could be sped up if needed.
On the day England began a four-week lockdown to curb a second wave of COVID-19, the BoE said it was still looking into the pros and cons of taking interest rates negative, but gave no update on the process.
“If the outlook for inflation weakens, the Committee stands ready to take whatever additional action is necessary to achieve its remit,” the BoE said as it cut its growth forecasts, and now expects the Britain economy to shrink by a record 11% in 2020 overall, more than the 9.5% it had forecast in March; the outlook for 2021 was also cut.
“The outlook for the economy remains unusually uncertain,” the BoE said, pointing to the COVID-19 crisis and the still unresolved trading relationship between Britain and its closest trading partners in the European Union after Jan. 1.
The central bank now expects Britain’s economy to shrink by 2% during the fourth quarter and only exceed its size before the COVID-19 pandemic in the first quarter of 2022. Previously, it had predicted the end of next year. Unemployment is expected to peak 7.75% in the second quarter of next year, much higher than its most recent reading of 4.5%; GDP was likely to grow by 7.25% in 2021, weaker than a previous forecast of 9%.
But its two-year inflation forecast remained unchanged at 2%, the central bank’s target.
“Our view is that inflation will be closer to 1.5% by the end of 2022. That’s why we believe the Bank will still have to increase its policy support,” said Ruth Gregory, an economist at Capital Economics.
* * *
There’s more to come: JPM analyst Allan Monks said that the prospect of weak inflation next year would pressure the BoE to do more, and that the likelihood of negative rates in the second half of 2021 was growing. As well as COVID-19, Britain faces the risk of a trade shock when its post-Brexit transition with the EU expires on Dec. 31.
So far, London and Brussels have failed to strike a new agreement. The BoE’s Monetary Policy Committee said trade would suffer even if there is a deal.
“The MPC’s projections are also conditioned on the assumption that cross-border trade falls temporarily in the first half of 2021 as businesses adjust to the new trading arrangements with the EU,” the BoE said.
Just like the rest of the world, the British economy has been supported by a surge in debt-fuelled spending by the government, and the BoE is buying up many of those bonds.
While bond yields fell, the sterling rose against the dollar and the euro after the announcements suggesting that despite the upside surprise in QE, the market thinks this is still not enough as it pushes for even more QE and negative rates.
M UPDATE 1-Bank of England said to be considering a move into negative rates –Telegraph
*M UPDATE 1-Italy’s five-year bond yield turns negative in U.S. election aftermath
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
Putin In Rare Rebuke To Erdogan: Stop Sending Mercenaries To Caucasus
It’s been an ‘open secret’ even making its way into mainstream media in the West that Turkey has been overseeing the transfer of hundreds or possibly thousands of foreign jihadists from occupied territories in northern Syria to the war in Nagorno-Karabakh, particularly from Idlib and nearby border areas.
In a rare direct rebuke of Erdogan’s Turkey, the Kremlin has blasted countries it says are sending mercenaries to the Caucasus. Russian Foreign Minister Sergey Lavrov in an interview with Russian newspaper Kommersant this week demanded outside countries stop fueling the conflict between Armenia and Azerbaijan by sending mercenaries.
“We have repeatedly called on external players to use their capabilities to prevent the transfer of mercenaries, whose number in the conflict zone, according to available data, is already approaching 2,000,” Lavrov said.
“In particular, the issue was raised by Russian President Vladimir Putin during a phone conversation with Turkish President [Recep Tayyip] Erdogan on 27 October and during regular conversations with leaders of Azerbaijan and Armenia,” he added, strongly suggesting Putin conveyed the same rebuke in the phone call.
So far there’s been at least three attempts at ceasefire brokered under Russia’s mediation, however, all three failed within hours or sometimes minutes of being initiated, with each side blaming the other for renewed shelling.
Lavrov expressed he still held out hope that terms of of a ceasefire would be agreed to by both parties among the Minsk group of countries (Organization for Security and Co-operation in Europe Minsk group, or OSCE).
He said so far it has “not been possible to agree on all the parameters” among the warring sides.
But his comments appeared to also blame Turkey given it’s increased visible role in the conflict. Russia itself has set up an observer post near the fighting, but still just within Armenia’s national borders.
6.Global Issues
CORONAVIRUS UPDATE//GLOBE
World Sees Most Daily COVID-19 Deaths Yet As Greece Imposes National Lockdown:Live Updates
Summary:
- World suffers record daily deaths, cases
- Greece expands lockdown nationwide
- Germany cases come roaring back
- Poland, Czech Republic see record numbers
- AstraZeneca preparing to toll our vaccine supplies
- India reports just 50k new infections
* * *
After locking down Athens, and then Thessaloniki (Greece’s”second city”), the Greek government, led by Prime Minister Kyriakos Mitsotakis has extended the Greek lockdown country-wide as cases continue to hit records.
Greece recorded a new daily record high of 2,646 cases on Wednesday, while the occupancy rate of ICUs currently stands at 69%. The total number of infections in Greece (a country of 11 million) is now 46,892.
“If we continued to see the same rate of increase in cases as in the past week we’d have thousands in our hospitals,” Mitsotakis said in a nationally televised address.
The national lockdown is expected to begin on Saturday.
Elsewhere in Europe, cases in Germany came roaring back on Thursday after a brief respite for Europe’s biggest economy economy. The Czech Republic and Poland also saw record highs. In Belgium, ICU beds are filling at an unprecedented rate.
A similar pattern played out in the US, where hospital beds are filling up at the fastest pace in months.
In addition to reporting more than 100k new cases for the first time on Wednesday (which we first reported last night)…
… health officials revealed that daily coronavirus deaths worldwide set a new record of more than 10,000 in a single day on Thursday, while global infections passed 600,000 in a day for the first time as the pandemic worsened, according to data from Johns Hopkins University.
Meanwhile, here’s more COVID-19 news from overnight and Thursday morning:
Infections in Japan’s northern-most prefecture Hokkaido, where cases have spiked since October, may break through 100 for the first time today, according to local broadcaster FNN (Source: Nikkei).
China will temporarily suspend entry by non-Chinese U.K. nationals who hold valid visas or residence permits, the Chinese Embassy in the U.K. said in a statement (Source: Bloomberg)
Sweden’s economy grew less than expected in the third quarter, when a lull in the virus during the summer months allowed businesses and households to return to near normal levels. Its GDP grew 4.3% from the previous quarter, Statistics Sweden said on Thursday, less than economists’ predictions of 5% (Source: Bloomberg).
All residents of two counties in China’s far western region of Xinjiang are being tested for Covid-19 for a fourth time in just 12 days after a fresh outbreak was reported last month. Authorities made the decision after 116 people tested positive without symptoms in the previous round of testing, which ended on Tuesday night. All of those infections were linked to the township where the first case was reported on October 24. By Tuesday, Xinjiang had recorded 64 cases in the latest outbreak, with 330 people testing positive who have yet to show any symptoms (Source: SCMP).
India reported 50,210 new infections Thursday, the first time in 10 days that cases have topped 50,000. Daily infections have dropped from a peak of more than 97,000 in mid-September, but a rise in cases is expected as India kicks off its festival season – culminating in Diwali on Nov. 14 (Source: Bloomberg).
end
Email: Robert to me:
7. OIL ISSUES
8 EMERGING MARKET ISSUES
Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY morning 7:00 AM….
Euro/USA 1.1815 UP .0085 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED
USA/JAPAN YEN 104.18 DOWN 0.266 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…
GBP/USA 1.3062 UP 0.0096 (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/
USA/CAN 1.3115 DOWN .0012 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)
Early THIS THURSDAY morning in Europe, the Euro ROSE BY 84 basis points, trading now ABOVE the important 1.08 level RISING to 1.1815 Last night Shanghai COMPOSITE UP 42.69 PTS OR 1.30
//Hang Sang CLOSED UP 809.78 PTS OR 3.25%
/AUSTRALIA CLOSED UP 1,20%// EUROPEAN BOURSES ALL GREEN
Trading from Europe and Asia
EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang Sang CLOSED UP 809.78 PTS OR 3.25%
/SHANGHAI CLOSED UP 42.69 PTS OR 1.30%
Australia BOURSE CLOSED UP 1.20%
Nikkei (Japan) CLOSED UP 410.05 POINTS OR 1.733%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1919.00
silver:$24.60-
Early THURSDAY morning USA 10 year bond yield: 0.741% !!! DOWN 3 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.
The 30 yr bond yield 1.502 DOWN 4 IN BASIS POINTS from WEDNESDAY night.
USA dollar index early THURSDAY morning: 92.87 DOWN 54 CENT(S) from THURSDAY’s close.
This ends early morning numbers THURSDAY MORNING
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And now your closing THURSDAY NUMBERS \1: 00 PM
Portuguese 10 year bond yield: 0.08% DOWN 1 in basis point(s) yield from YESTERDAY/
JAPANESE BOND YIELD: +.02.% DOWN 1 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56
SPANISH 10 YR BOND YIELD: 0.09%//DOWN 1 in basis point yield from yesterday.
ITALIAN 10 YR BOND YIELD:0.67 DOWN 3 points in basis points yield from yesterday./
the Italian 10 yr bond yield is trading 58 points higher than Spain.
GERMAN 10 YR BOND YIELD: FALLS TO –.64% IN BASIS POINTS ON THE DAY//
THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.31% AND NOW ABOVE THE THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…
END
IMPORTANT CURRENCY CLOSES FOR THURSDAY
Closing currency crosses for THURSDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1813 UP .0081 or 81 basis points
USA/Japan: 103.65 DOWN .740 OR YEN UP 74 basis points/
Great Britain/USA 1.3119 UP .0152 POUND UP 152 BASIS POINTS)
Canadian dollar UP 80 basis points to 1.3047
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The USA/Yuan, CNY: closed UP 6.6062 ON SHORE (UP)..
THE USA/YUAN OFFSHORE: 6.6061 (YUAN up)..
TURKISH LIRA: 8.4265 EXTREMELY DANGEROUS LEVEL/DEATH WISH.
the 10 yr Japanese bond yield at +0.02%
Your closing 10 yr US bond yield UP 2 IN basis points from WEDNESDAY at 0.786 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.556 UP 1 in basis points on the day
Your closing USA dollar index, 92,71 down 70 CENT(S) ON THE DAY/1.00 PM/
Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for THURSDAY: 12:00 PM
London: CLOSED UP 19.36 0.33%
German Dax : CLOSED UP 243.87 POINTS OR 1.98%
Paris Cac CLOSED UP 61.14 POINTS 1.24%
Spain IBEX CLOSED UP 139.00 POINTS or 2.05%
Italian MIB: CLOSED UP 373.10 POINTS OR 1.93%
WTI Oil price; 38.52 12:00 PM EST
Brent Oil: 40.80 12:00 EST
USA /RUSSIAN / RUBLE RISES: 76.91 THE CROSS LOWER BY 0.64 RUBLES/DOLLAR (RUBLE HIGHER BY 64 BASIS PTS)
TODAY THE GERMAN YIELD FALLS TO –.64 FOR THE 10 YR BOND 1.00 PM EST EST
END
This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM
Closing Price f0r Oil, 4:00 pm/and 10 year USA interest rate:
WTI CRUDE OILPRICE 4:30 PM : 38.54//
BRENT : 40.67
USA 10 YR BOND YIELD: … 0.771..up 0 basis points…
USA 30 YR BOND YIELD: 1.528 down 2 basis points..
EURO/USA 1.1830 ( UP 97 BASIS POINTS)
USA/JAPANESE YEN:103.51 DOWN .926 (YEN UP 93 BASIS POINTS/..
USA DOLLAR INDEX: 92.57 DOWN 83 cent(s)/
The British pound at 4 pm Britain Pound/USA:1.3149 UP 185 POINTS
the Turkish lira close: 8.42
the Russian rouble 76.83 UP 0.73 Roubles against the uSA dollar. (UP 73 BASIS POINTS)
Canadian dollar: 1.3052 UP 75 BASIS pts
German 10 yr bond yield at 5 pm: ,-0.64%
The Dow closed UP 542.52 POINTS OR 1.95%
NASDAQ closed UP 300.15 POINTS OR 2.59%
VOLATILITY INDEX: 27.58 CLOSED DOWN 1.99
LIBOR 3 MONTH DURATION: 0.232%//libor dropping like a stone
USA trading today in Graph Form
QE Hope Sparks Big-Tech, Bitcoin, & Bullion Bid; But ‘Smart’ Money Is Dumping
If everything is so awesome in a new-but-same-as-the-old gridlock’d Washington (according to stocks), why is the smart money running out of the market?
Source: Bloomberg
We have seen this pattern before and it did not end well…
Source: Bloomberg
The bottom line for the last day or two is that Fed QE will be the heroic replacement for a blue-wave tsunami of stimulus, and that is why everything was higher in price while the dollar dived…
Source: Bloomberg
We can’t help but feel like this won’t end well…
Nasdaq continues to lead the way (up 7% since the election) and Small Caps lagging (‘only’ up 3%)…
As Growth stocks are panic-bid at the open once again…
Source: Bloomberg
This has been the strongest 3-day rally for FANMAG stocks ever (FB, AMZN, NFLX, MSFT, AAPL, & GOOG), up close to 10%…
Source: Bloomberg
Treasury yields were basically unchanged on the day, but rollercoaster’d back higher after bond buying ovenright…
Source: Bloomberg
10Y Yields bounced off their 50D
MA…
Source: Bloomberg
The USDollar was dumped for the second day…
Source: Bloomberg
…to its lowest since May 2018…
Source: Bloomberg
Offshore Yuan is soaring higher after Biden became the favorite to win the election…
Source: Bloomberg
As the dollar dived, cryptos gained, with Bitcoin back above $15000 for the first time since Jan 2018…
Source: Bloomberg
Gold and Bitcoin are tracking
the resurgence in global negative-yielding debt volumes…
Source: Bloomberg
A weaker dollar also pumped g
old higher, with futs back above $1950…
Silver soared back above $25…
Oil prices fell modestly after WTI tagged $39…
And finally, while the ‘soft’ survey data suggests everything is awesome, ‘hard’ data is starting to deteriorate rapidly…
Source: Bloomberg
Hope – remember – is not a strategy!
a)Market trading/LAST NIGHT/USA
b)MARKET TRADING/USA//Fed
Fed Makes No Changes To Policy, Sees Economic Activity “Continuing To Recover”
Since the last FOMC Statement, in September, the USDollar is very modestly higher but in a strange coincidence, gold, bond prices, and stocks are all down almost exactly the same amount…
Source: Bloomberg
The Fed balance sheet has gone nowhere for four months and after this week’s death of the blue-wave, we suspect pressure will come back on Powell and his pals to jawbone QE expansion back into the narrative…
Source: Bloomberg
And in the last month or more, while ‘soft’ survey data has soared higher, ‘hard’ real data has serially disappointed…
Source: Bloomberg
Today’s FOMC is widely expected to be a non-event.
There is little chance of further policy action beyond the half-point surprise rate cut on March 3 and the full-point cut on March 15 that took the target range to 0.00%-0.25%. Analysts expect a sustained ZIRP position for the foreseeable future, especially now given the shift to average inflation targeting that would imply zero-rates beyond the return of inflation to 2%. Fed officials and the projections in the dots have indicated rate hikes are not expected for years.
The market will focus closely on the statement and ensuing press conference for further insights on forward guidance and any action on QE, which is increasingly being priced in as expected now that the blue-wave fiscal tsunami is out of the window.
So what did they say?
Not Much!
The Fed, as expected, held rates unchanged and did not change the terms of the bond-buying programs.
Additionally, The Fed repeated its commitment to using its full-range of tools.
The Fed continues to see economic activity and employment recovering.
The following redline shows the statement was practically unchanged too…
With the only textual changes as follows:
“Economic activity and employment have continued to recover” changed from “picked up in recent months” … “but remain well below their levels at the beginning of the year.
“Weaker demand and earlier declines in oil prices” changed from “significantly lower oil prices” … “have been holding down consumer price inflation.”
” Overall financial conditions remain accommodative” changed from “have improved in recent months”
This decision was unanimous (because Neel Kashkari is on paternity leave).
ii)Market data/USA
Even though initial claims are leveling off along with continuous claims, it is emergency jobless claims that are soaring
(zerohedge)
Pandemic Emergency Jobless Claims Soar To New Record High
Initial Jobless Claims rose by 751k last week, very slightly lower than last week’s upwardly revised 758k rise, but still around four times the pre-COVID-lockdown norms…
Source: Bloomberg
Continuing Claims improved for the 8th week in a row to its lowest since March…
Source: Bloomberg
But, as continuing claims slide, Pandemic Emergency Claims continue to soar to a new record high…
Source: Bloomberg
There remains around 22 million people on government jobless benefits…
iii) Important USA Economic Stories
With the Senate firmly in the hands of the Republicans gridlock will prevail for at least the next two years and thus Trump’s agenda will endure. The fun will begin once the recounts start and then they notice the huge fraud perpetrated by the Democrats.
(zerohedge)
Even If Biden Wins, President Trump’s Agenda Will Endure As Obama-Era Gridlock Returns To Washington
As of Thursday morning, Bloomberg, the Associated Press and others have Joe Biden standing on the brink of the 270 electoral votes he needs to clinch the presidency, although Donald Trump is not far behind – and could very well turn it around. Meanwhile, Republican lawyers have opened up legal fights to stop counting in at least two states.
As of Thursday morning, the former VP held 253 votes, while President Trump was stuck at 214. The oustanding states can be seen in the map below:
Speaking on CNBC Thursday morning, pollster Frank Luntz said he believes the election could be called by noon on Thursday, but he said credibility is already starting to concern him, as Republicans worry about voter fraud, and Dems accuse the GOP of voter suppression. According to Luntz, winning PA won’t be enough for Trump. He needs to take Nevada. “That’s where the battle will be seen, in Nevada,” Luntz said. Arizona, which is back in play, is reportedly leaning toward Biden. But while th MSM continues to report Biden has a slight edge, his lead in the EC isn’t large enough to say that with confidence: The vote is a nailbiter – there’s no other way to characterize it.
In total, five states have yet to be called by the Associated Press: Nevada, Arizona, Georgia, Pennsylvania and North Carolina.
Yesterday, Biden said that while he wasn’t declaring victory, he does believe he won the election, and would be moving ahead with forming his transition team.
But as both Luntz and Bloomberg pointed out, even if Biden wins, gridlock will remain the order of the day. And the prospects for a stimulus deal, something that Wall Street had seemingly pinned its hopes on after Bill Dudley essentially urged the Fed to crash the market as a cudgel to force Congress to take action.
As the Trump Campaign, the PA GOP and others file their emergency illegal challenges, pundits, including Luntz, dismissed the lawsuits, arguing that there’s little that can be done once votes have been cast, though he noted that “Philadelphia doesn’t have a good track record” when it comes to elections, echoing concerns expressed by the Trump Campaign in the days before the election.
Vote-counting in Nevada has been paused until Thursday, and Biden at last look was up by 8k. Biden also leads by roughly 3 million in the national popular vote.
In Georgia, Luntz warned that at least one of the Senatorial races in Georgia will likely go to a runoff, though it’s also possible that both races could head for a runoff if David Perdue doesn’t clinch at least 50% of the vote. Kelly Loeffler, who was caught up in an insider trading scandal just months after being sworn in earlier this year, will face off against her Democratic challenger in a runoff early next year that could draw millions in out-of-state money, depending on the final composition of the Senate.
Having failed to unseat Susan Collins, Steve Daines and Joni Ernst, the GOP is set to hold on to its majority in the Senate. It’s also on track to narrow the Democrats’ lead in the House.
Arizona:
Mark Kelly (D): 52.6%
Martha McSally (R): 47.4%
Michigan:
Gary Peters (D): 49.2%
John James (R): 48.9%
North Carolina:
Thom Tillis (R): 48.7%
Cal Cunningham (D): 46.9%
Georgia:
David Perdue (R): 50.5%
Jon Ossoff (D): 47.2%
Maine
Susan Collins (R): 50.3%
Sara Gideon (D): 43%
Alaska:
Dan Sullivan (R): 62.9%
Al Gross (D): 31.8%
Circling back to the presidential race, here’s a quick rundown of who won what:
Biden won Michigan, Wisconsin, Nebraska’s Second Congressional District, Minnesota, Hawaii, California, Oregon, Washington, Colorado, New York, Virginia, Illinois, Maryland, New Jersey, Massachusetts, Connecticut, Vermont, Rhode Island, New Mexico, Delaware, District of Columbia and New Hampshire, according to the AP.
Trump won Nebraska’s other four Electoral College votes, Ohio, Florida, Texas, Iowa, Idaho, Kansas, Arkansas, Indiana, Kentucky, Tennessee, South Carolina, Alabama, Mississippi, West Virginia, North Dakota, South Dakota, Wyoming, Louisiana, Oklahoma and Missouri.
Nebraska is one of only two states, with Maine, that award an Electoral College vote to the winner of each congressional district. Trump won two districts and Biden won one. Trump won the state overall, giving him Nebraska’s two remaining Electoral College votes.
Trump won Maine’s Second Congressional District and Biden won the first, plus the state’s two at-large electoral votes.
Looking at the exit polls, it appears that Biden eroded some of Trump’s lead among white voters compared with the 2016 race: Trump had a 12-point lead among White voters in Tuesday’s election, vs. a 20-point advantage among those voters 4 years ago. Biden led among Latino voters 30 points, Black voters by 82 points, and women by 12 points.
But even if Biden prevails, a newly empowered Mitch McConnell is expected to rediscover Republicans’ preference for cost-control and belt-tightening, according to Bloomberg. Also, liberals aims on health-care and court packing will be virtually off the table.
Liberals’ most ambitious aspirations — from expanding the Supreme Court to granting statehood to Washington, D.C. — stand even less of a chance. And House Speaker Nancy Pelosi — who could face a leadership challenge and is certain to sustain losses to her majority — may be unable to provide Biden with crucial leverage in negotiations over the federal budget.
Republicans have already telegraphed that they’re likely to rediscover religion when it comes to deficit spending, after adding nearly $4 trillion in debt during Trump’s first term.
Biden held himself out as the one Democrat who could deal with Republicans in Washington, dating back to his time in the Senate with McConnell. McConnell and Biden cut a deal in the lame-duck session after Obama’s re-election making President George W. Bush’s tax cuts permanent for most Americans, a compromise later criticized by Democrats.
But Biden may find McConnell isn’t the deal-maker he once knew. The majority leader recently had to disappoint even Trump when he couldn’t muster the votes for a large coronavirus stimulus package, a sign that restive Republicans may be in even less of a mood to cut a deal with a new Democratic president.
Presumably, McConnell will revert to the staunch opposition he utilized during the Obama years, as the GOP moves to preserve as much of Trump’s policy legacy – including the tax cuts – as possible.
“Riot” Declared In Portland; Arrests Made In NYC After US Vote
With the White House race still too close to call, outbreaks of social unrest were reported Wednesday evening in several large metro areas across the US, reported Reuters.
Oregon Gov. Kate Brown activated the state’s National Guard Wednesday after demonstrators destroyed property in downtown Portland, which the Multnomah County Sheriff’s office declared a “riot” and warned about “widespread violence.”
At least eleven people were arrested in overnight Portland riots, as the sheriff’s office took to Twitter to show confiscated items from protesters, included an assault rifle, fireworks, flares, and hammers.
In one tweet, the sheriff’s office describes the fireworks as “commercial grade.”
Many businesses had their windows knocked out by demonstrators, the sheriff’s office said even a church was targeted in last night’s riot.
“In the interest of public safety, Governor Kate Brown, under the advice of the Unified Command, has activated the use of the Oregon National Guard to assist local law enforcement,” the sheriff’s office tweeted.
“Guard members are trained in crowd control and will be riding with local response teams. They are dressed in military-style garb, which is their uniform,” they added.
Meanwhile, there were reports of Trump supporters who descended on ballot-counting centers in Nevada, Michigan, and Arizona after the president cries foul and accuses Democrats of trying to steal the election.
It remains to be seen if this is just the start of the next round of social unrest. Perhaps the outcome of the presidential election will determine if more unrest is seen.
At least, by now, the National Guard is well-positioned to counter unrest if seen.
LIBERTARIAN NEWS
This is an important read as the author claims that everything was planned and how Trump will thwart the plans of the Democrats
(Michael Suede/the libertarian news)
Trump’s Loss Was Planned For: This Is Just The Opening Act
by Michael Suede •
I know there are a ton of people who are wondering this morning how more than half of America could vote for a man who was:
- just caught using his political position to acquire billions of dollars in financial deals for his family with hostile foreign nations as part of an influence peddling operation
- using his crack addicted son as a bag man to shield millions in taxable income from the IRS
- working as a Senator his whole life yet somehow acquiring four mansions
- just recorded confusing his 16 year old granddaughter for his dead son, while his other son was just caught taking naked pictures of himself while standing next to that same granddaughter when she was 14 years old
- caught on tape withholding a billion dollars of US foreign aid to get a prosecutor fired who was investigating the company his son was a board member on
- unable to get more than a few dozen people to turn up at any of his political rallies, yet somehow managed to get more votes cast for him than any other Presidential candidate in American history
- seen repeatedly making confused and senile statements demonstrating OBVIOUS signs of dementia, confusing Trump for George Bush, confusing his wife for his sister, speaking incoherent words, missing his walk-out cues, etc.. etc.. etc..
- refusing to say if he would pack the courts, calling for the defunding of the police, taking duplicitous positions on fracking, gun control, single payer health care, while members of his campaign contributed to bailing out rioters and looters, etc.. etc.. etc..
Well wonder no more!
And the answer is! Half of America didn’t vote for him.
If you believe these election results are the product of a legitimate election, with maybe perhaps a tiny bit of fraud thrown in here and there, I have a few buildings in downtown Manhattan I’d like to sell you!
The election fraud is indisputable. There’s hundreds of thousands of ballots turning up after 3 AM in Wisconsin and Michigan all going to Biden. There’s the State Attorney General of Pennsylvania openly saying, “If all the votes are added up in PA, Trump is going to lose” the day before the election. The count was stopped in various locations for unknown reasons. There’s all sorts of turnout irregularities, poll watchers being shut out of locations, etc.. etc..
And then there’s the “do you believe your lying eyes” fraud of Biden; a man who had trouble getting a few dozen people to turn up at his rallies, yet supposedly he’s beating Trump, a man who routinely held rallies that topped 50,000 attendees. Not only is Biden supposedly beating Trump, but in the process, he also set the all time record for most votes cast for a Presidential candidate in the history of America politics! – JOE BIDEN – let that sink in. Do you really think that corrupt senile old man got more people to get off their butts and vote for him than Barrack Obama did, mail-in ballots or not?
Do you think Kamala Harris, a woman who has the most liberal voting record in the Senate, and who posts videos praising the ideals of communism on her website while her campaign staff worked furiously to bailout rioters and looters, inspired more people to vote for her campaign than any other Vice Presidential candidate in American history? Really?
A few weeks ago, I wrote an article entitled, “I’m Now A Believer: Q Is A Real US Military Intelligence Operation Fighting Off A Globalist Coup.” In the article, I highlight the enormous volume of evidence suggesting that Trump’s presidency was orchestrated by rogue factions of US military intelligence. The evidence of this is OVERWHELMING. If you haven’t watched the video or read up on the facts, you’re missing a big piece of the puzzle when it comes to understanding how this fraud will play out. Do not write this off as a joke or a hoax conspiracy until you’ve looked at the facts. The facts don’t lie.
Trump isn’t going to concede, I’ll tell you that right now.
I want you to consider something. Surely the vast magnitude of fraud perpetrated by the democrats in this election would have required lots of coordination and communication.
Do you remember this place – the Buffdale Utah Data Center? Thanks to Snowden, we know that practically every call, every email, every text, every search, everything ever done online ever, is tracked and stored by the NSA at locations like Buffdale.
In the Q article, I make the point that Trump’s presidency seems to be run as if it was a gigantic military intelligence honey trap, being used to expose and uncover all the bad apples that have corrupted our political system. It’s the hypothesis that makes the most sense, given the data we currently have; otherwise, we are left to assume Trump appoints people like Christopher Wray and Gina Haspel to run the FBI and CIA because’s he’s stupid.
Do you think Trump is stupid? Trump might be a lot of things, but stupid isn’t one of them.
If we assume this to be true, do you think military intelligence might currently be looking into some of those yottabytes of data at Buffdale to see who might be talking to who when it comes to the orchestration of this fraud?
I’m gonna bet right now that this clown show of an election isn’t going to be resolved by courts ruling on ballot harvesting or if ballot signatures need to match the registration rolls. I’m sure election cases like those will work their way through the courts, but that’s not what ultimately decides this.
What ultimately decides this is the slow drip drip drip of corruption being exposed by well timed leaks. What ultimately decides this are people being hauled before military tribunals for the crimes of treason and sedition. Do you think coordinating a massive effort to rig a national election by a political party might constitute “conspiring to overthrow” the Government of the United States? This is bigger than a few random idiots stuffing ballots.
18 U.S. Code § 2384.Seditious conspiracy
If two or more persons in any State or Territory, or in any place subject to the jurisdiction of the United States, conspire to overthrow, put down, or to destroy by force the Government of the United States, or to levy war against them, or to oppose by force the authority thereof, or by force to prevent, hinder, or delay the execution of any law of the United States, or by force to seize, take, or possess any property of the United States contrary to the authority thereof, they shall each be fined under this title or imprisoned not more than twenty years, or both.
Make no mistake, there is a grand conspiracy afoot. There are dueling factions within the intelligence apparatus of the United States that are vying for power as we speak. The only question is which side is in control. Given what we know so far, I’m gonna say the good guys are still pulling the strings.
Trump declaring himself victor and engaging in a “coup” of his own may also be necessary. Consider that military intelligence might be trying to get antifa to riot. Trump needs an excuse to declare martial law. Martial law is necessary for military tribunals to be imposed on the public. Military tribunals are necessary because Washington DC is completely corrupt from top to bottom, so there is no way to bring these people to justice using the normal civilian court system.
The best thing to do for the time being is to get on the social media platform of your choice and start hammering these facts all over the place. Joe “piss pants” Biden – responsible for the largest voter turnout in US history – LOL! It’s going to be glorious. Stay safe! We are in for a show!
Update:
Starting to look like we might not have a court fight after all… well, at least not for the election decision. Trump isn’t going to let all this fraud go unchallenged. AZ is looking to get flipped red, PA will be called for Trump and that ends it.
Who is really in control of the results?
Interesting stuff:
- Michigan, Wisconsin Elections Officials Refuse To Explain Sudden Biden Vote Influx | The Daily Caller
- TENS OF THOUSANDS OF BALLOTS Dropped Off in USPS Boxes at Detroit Absentee Ballot Processing Center at 3:30 AM After Election – Big League Politics
- From Michigan Poll Watcher on the Scene: Republicans Allegedly Witnessed Suspicious Vehicles Dropping Off Ballots
- Trump Legal Adviser Jenna Ellis Discusses Magical 138,000 Michigan Biden Votes that Appeared Out of Nowhere in the Middle of the Night (VIDEO)
- Trump Camp Files Suit in Georgia to Stop Counting Ballots After Biden Camp Seeks Volunteers to go ‘Door-to-Door Helping Voters Fix Their Mail in Ballots’ AFTER ELECTION DAY
- VIDEO: Detroit Election Workers CHEER as GOP Election Monitor and GOP Lawyer Are Removed from TCF Center!
- Rudy Giuliani Launches Trump Campaign Claim of Democrat Voting Fraud in Philadelphia
- Watch: Detroit Absentee Ballot Counting Chaos as Workers Block Windows, Bar Observers
Detroit Ballot-Counters Board Up Windows, Block Republican Poll-Watchers
Authored by Paul Joseph Watson via Summit News,
Windows are being boarded up at a Detroit absentee ballot counting center as poll watchers complain about a lack of transparency.
“The scene at Detroit’s absentee ballot counting center is growing more heated. The windows now being covered up. Allegations of violations. Sec. of State says she welcomes challenges,” tweeted Fox News’ Matt Finn.
The Secretary of State responded by claiming the process had been “bipartisan, transparent and open” from the beginning.
Sadly, some of the poll-checkers had already found numerous errors…
Poll watchers claim that there are an unfair number of Democrats to Republicans and that the process is not transparent.
Trump supporters are furious at an alarming number of mail in ballot drops changing the results of closely fought swing states.
The Biden campaign’s prediction that Trump may appear to be winning on the night but that mail in ballots would change the result over the following days appears to be coming true.
The Trump campaign has already signaled its intent to demand recounts and challenge the outcome up to the Supreme Court.
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In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Also, I urgently need your financial support here.
end
Get a load of this: Michigan USPS whistleblowers claims that late ballots received were backdated
(zerohedge)
Michigan USPS Whistleblower Claims Late Ballots Received Backdated Postmarks
A US Postal Service employee from Michigan has reportedly turned whistleblower, telling Project Veritas that his supervisor instructed mail carriers to collect and segregate new ballot envelopes received after the election cutoff so that they could be fraudulently back-dated with a Nov. 3 postmark.
Whistleblower: “We were told to collect any ballots that we find in mailboxes, collection boxes, et cetera, for outgoing mail, at the end of the day, we are supposed to separate them from the standard letter mail,so they can hand-stamp them with yesterday’s date—and put them through the Express Mail system—to get wherever they need to go,” said the whistleblower, adding “For clarification, today is the fourth of November.”
James O’Keefe: “Hand-stamp them with Nov. 3’s date?”
Whistleblower: “Yes
James O’Keefe: “That seems wrong–“
Whistleblower: “Yeah, that’s why I am coming forward with this information. That is a very shady—in addition to, as far as I am aware, we’re not supposed to be counting ballots that are postmarked after the third of November here in the state of Michigan.“
The Insider said he was shocked when Barlow Branch morning supervisor Jonathan Clarke told a group of mail carriers how late ballots would be handled.
…
The Insider said there was a process set up for the post office workers involved in the bogus postmark scheme. –Project Veritas
Coup d’etat, Trump Sets Trap To Expose It All, Patriots Know The Playbook – Episode 2320
TRUMP TRAPS DEMOCRATS! Ingenious sting operation set in motion in 2017
ELECTIONgate 2020
The Democrats still don’t know they got caught by a
brilliant sting operation orchestrated by Team Trump.
Really, how stupid do the Democrats think the American people are?!?!
Who didn’t know that the DNC has been planning this POTUS election theft since the last Election Day—November 8, 2016.
The Democrat Party colluding with Deep State and the New World Order globalist cabal have had 4 years to steal this election, and yet they still screwed it up—ROYALLY!
“Even a political imbecile knows that the longer any election count goes on the greater the likelihood that election will be stolen. The thieves simply need time to do all the dirty deeds necessary to steal the ballot without leaving any fingerprints. It’s relatively easy to steal an election, but only when no one’s watching the crime scene. On Election Day 2020, the whole world was watching the countless Democrat-overseen crime scenes across America. Not only that, Team Trump had the whole country cased out, especially the previous Democrat 2016 crime scenes. Now that the DEMs have gotten caught redhanded with election theft, what are they gonna do?!”
— Intelligence Analyst & Former U.S. Military Officer
The Sting Operation
Just as the Democrats had 4 years to come up with a plan to steal POTUS 2020, so did Team Trump to foil that convoluted scheme.
In point of fact, President Trump has access to more privileged data and classified information that any other person on the planet. The President of the United States has the surveillance and investigative power of the FBI, CIA, NSA and DIA at his beck and call.
Given these and many other hard realities, did the Democrats really think they could just steal the election and inaugurate a Biden-Harris administration without scrutiny?
What Trump did here was quite coyly create an atmosphere of impunity. In this way, the Democrats were lulled into the false sense that they could get away with stealing this election IN BROAD DAYLIGHT, which they are attempting to do at this very moment.
ELECTIONgate: You’ve never seen anything like the ballot fraud
and election theft perpetrated by the Democrats this week!
Meanwhile, Team Trump has had every likely crime scene under extreme surveillance and digital monitoring the entire time. There’s not a single move or maneuver by the Democrat perps which has not been watched, witnessed and recorded. In other words, the Prez has got ’em all dead to rights.
There are many pieces to this sting op that are way beyond the scope of this exposé; suffice to say, there’s a presidential plan in place that’s being executed with absolute precision. And that, in their sheer desperation, the Left has, thus far, fallen into every trap that was secretly set for them.
Where to set the biggest traps was as easy as pie—Michigan, Wisconsin, Pennsylvania, Georgia, North Carolina, Arizona, etc.
The Most Naked and Reckless Election Theft in U.S. History
The hard evidence is now pouring in.
The Democrat criminals left that hard evidence all over their numerous crime scenes.
In their recklessness and desperation to win at all costs, the co-conspirators on the ground acted like they could get away with bloody murder.
It was this false sense of security that made for some very sloppy crime scenes. Those committing all the crimes at the voting precincts made so many mistakes it boggles the mind. And, they didn’t even try to cover their tracks! See: Pelosi owns the software used to collect and distribute election voting tallies.
The bottom line here is that, when you’re trying to get away with “The Most Naked and Reckless Election Theft in U.S. History”, you better have an escape route mapped out.
Conclusion
Trump let them do exactly what the Democrats are doing in each battleground state in real time.
Once Biden declares victory after grabbing the necessary 270 electoral votes, this immense BLUE crime wave will come crashing down for good.
Team Trump can begin the process of prosecuting the many Democrat VIPs and henchmen who are guilty of carrying out this complex criminal conspiracy.
In the meantime, it’s of paramount importance for every patriot to understand that the following warning is still in effect!
Caveat
The Democrats have had 4 long years to steal this election … … … so they will NOT fail unless the Right poses an overwhelming force of Patriots and Truthers which executes a countervailing strategy that proves the obvious and legitimate Trump
victory.
(Source: ELECTION THEFT 2020: The Steal Begins in Earnest!)
No matter what happens going forward, remember that: Trump Won the Election! Democrats Are Perpetrating Theft in Real Time.
State of the Nation
November 5, 2020
END
Pennsylvania County Won’t Resume Counting Votes Until Friday Due To “Administrative Work”
Authored by Paul Joseph Watson via Summit News,
A county in Pennsylvania says it won’t begin counting over 35,000 ballots until Friday due to the need to perform “administrative work.”
“Allegheny County, PA still has 35,413 uncounted mail-in ballots, but elections staff is taking today off for “administrative work” and will not resume count until Friday. “I can’t get an answer as to why,” says @bethanyhallam, a member of county elections board,” tweeted the New York Times’ Trip Gabriel.
When Will Chamberlain tried to give his legal commentary on the issue, Twitter censored Chamberlain’s tweet.
“They are waiting to see how many mail-in ballots they will need,” he tweeted. “No other good explanation This should be treated as evidence of intent to commit election fraud.”
The tweet was censored behind a message that said the content was “disputed.”
Chamberlain followed up by asserting that the situation was a clear sign “election fraud” was taking place.
“The only good reason to take a day off from counting votes in a closely fought election – as Allegheny County is doing – is to hold back your boxes to commit election fraud,” he said.
Trump held a massive lead in Pennsylvania on election night, at one point above 700,000 votes, but that lead has continually narrowed as more Biden ballots are ‘found’ – and some media outlets are now saying Trump will lose the state.
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end
This should explain the fraud nicely!!
Why Does Biden Have So Many More Votes Than Democrat Senators In Swing States?
In most elections, the majority of votes are cast “down the ticket” – meaning, a voter supports both party’s presidential nominee and state Congressional candidates. In fact, according to Pew Research, “overwhelming shares of voters who are supporting Trump and Biden say they are also supporting the same-party candidate for Senate.”
Typically, this means that that the number of votes for a presidential candidate and that party’s Senate candidates are relatively close.
Twitter user “US Rebel” (@USRebellion1776), however, found that the number of votes cast for Joe Biden far exceeds those cast for that state’s Senate candidates in swing states, while those cast for Trump and GOP Senators remains far closer.
In Michigan, for example, there was a difference of just 7,131 votes between Trump and GOP candidate John James, yet the difference between Joe Biden and Democratic candidate Gary Peters was a staggering 69,093.
In Georgia, there was an 818 vote difference between Trump and the GOP Senator, vs. a 95,000 difference between Biden and the Democratic candidate for Senator.
Yet, in two non-swing states, there was “no massive flood of mysterious empty Biden votes,” leading US Rebel to suggest “It’s fraud.”
In Wyoming, the difference on the Democratic side is is just 725 votes, while in Montana the difference is 27,457.
What’s going on here? If it were “never-Trumpers” pairing Biden with their GOP Congressional picks? If so, we would expect fewer votes for Trump than GOP Senators. We’re open to suggestions.
end
I would caution all Facebook shareholders that your stock is in trouble
If I was Trump, I would charge the company with treason
Facebook is censoring all the massive pro Trump groups that are protesting “widespread ballot fraud”. Facebook and Twitter cannot censor me as I do not use these crooks to deliver the news
(zerohedge)
Facebook Censors Massive Pro-Trump Group Protesting “Widespread Ballot Fraud”
Facebook has confirmed it is actively censoring pro-Trump groups that are concerned over potential vote count irregularities in various states when it issued a bombshell announcement saying it has removed a large protest group from its platform.
“In line with the exceptional measures that we are taking during this period of heightened tension, we have removed the Group ‘Stop the Steal,’ which was creating real-world events,” a Facebook spokesman said.
The mention of “real-world events” appears simply an expressed desire to hold demonstrations, which is basic protected free speech and right of assembly.
“The group was organized around the delegitimization of the election process, and we saw worrying calls for violence from some members of the group,” Facebook claimed Thursday without providing evidence.
The censorship comes after a number of Trump’s own tweets alleging “fraudulent” activity and that the election is being “stolen” from him have been slapped with labels by Twitter.
The massive group — which grew to 361,000 members within 24 hours — was devoted to protesting the administration of the election, which the organizers allege has been marred by “widespread ballot fraud.”
“Stop the Steal” was among the largest pages organizing protests against the election impasse. Even the WSJ is acknowledging Thursday afternoon that this is among—
“the social-media giant’s most aggressive moves yet to police online activity over the election results.”
The WSJ further notes that “In the minutes before the group was removed, it was adding new members at a rate of more than 25,000 people an hour.” Thus it appears the rapid popularity also brought it to the attention of Facebook’s election content censors.
The move appeared to come synonymous with multiple mainstream media outlets attacking the group as advancing “conspiracies” geared toward “quashing a Biden victory” – as The Daily Beast put it on the same day as the sudden Facebook ban.
However, clearly this is a massive private tech company that is essentially banning Americans’ attempt to assemble politically in an egregious and blatant violation of 1st Amendment principles.
It also appears another – yet hugely consequential given the timing – example of Facebook taking cues from major media in tandem with establishment political insiders. We’ve seen this in recent years on an array of issues from Syria content to criticisms of Russiagate to videos critically examining Black Lives Matter protests and riots, to anything independent or ‘alternative’ and lying outside the mainstream consensus.
end
Rabo: How Much Deeper Down This Particular Rabbit Hole Can We Go?
By Michael Every of Rabobank
Ongepotchket
The title of today’s Daily takes us past Covfefe and past Malarkey, or another other recent Bidenism. It is a word defined as meaning “complicated, but needlessly complicated. If, when asked how to make an omelette, you start off by telling the person which store to buy eggs at, your description may be ongepotchket.”
Well, things are certainly looking that way if you think about it. If one wanted to plot out a risk-off scenario for the US election ahead of time, it would have gone something like this:
A razor-thin win in lots of key states for either candidate, but perhaps more so for Biden; accusations from critics that the US voting system is not fit for purpose in the 21st century; a contested win marred by public allegations of fraud (timing of ballots received; turnout levels relative to the past and similar geographies; suspiciously partisan mail-in-vote splits; that the Senate stayed Republican and House seats oddly swung against the Democratic trend, etc.); Trump disputing the result and calling some states himself; the Supreme Court getting dragged into it; and multiple recounts ahead, with further arguments over what voting standard would then apply to each ballot, which is both a technical and legal nightmare.
How much deeper down this particular rabbit hole can we go? As we choke on a red and blue pill simultaneously, we are about to find out.
Then consider that if we do indeed get a President Biden, it would be with a Republican Senate determined to do unto Biden on Ukraine-related issues what the Democratic Senate did unto Trump on Ukraine-related issues, and with less of a House majority now to boot. Forget about fiscal expansion, or much of what Biden promised on the election trail (apart from the Buy American part?). No reflation trades for you, just the virus –and lockdowns?– and hopes for a vaccine. Of course, long-end yields are already pricing that in to some degree and more of that is surely to come. Equities are loving it, of course: no tax hikes, no spending, no legislation – just the same old political-economy that led us to a Trump victory in the first place in 2016. .
Indeed, regardless of the election result, Trumpism, meaning a more nationalist, populist, protectionist foreign and economic policy, is being recognized by many political observers –including Bloomberg!– as having become rooted in the US. The world may no longer have Trump, though don’t rule anything out just yet in 2020(!), but Trumpism looks here to stay. That means live will stay a lot more ongepotchket for most of us making longer-term plans.
Both points link up when one considers that a President Biden would have to express himself more on the international stage than substantively at home. Here the Senate would again limit his room for action over key appointments. Any secret Biden hopes of nominating China-doves, for example, would clash with a bipartisan consensus on the need to remain hawkish on all the ground staked out so far, and probably more so from the Republican side on the economy; meanwhile, on human rights the Democrats would want to look even tougher too. The volatility in CNY and CNH may just be getting started; and not only in them – we already hear reports Biden is apparently committed to keeping US troops in Syria to ‘challenge Russia’, probably portending a far tougher stance on that geopolitical front too.
Meanwhile, if we assume we are on the glide-path to a Democratic administration, a lame-duck President Trump would still have until 20 January in office, and could well opt to use that time, and existing legislation, to ensure that there really is no chance for US-China détente.
As I said, if one wanted to paint a risk-off scenario, in many ways this is going to look like elements of it.
Of course, against this joyous backdrop, today has both a BOE and an FOMC meeting, the former of which has to take place under a fresh English national lockdown of course.
As Stefan Koopman notes, “Here we go again. This lockdown may have to last longer than the planned four weeks if the infection rates don’t fall quickly enough. The impact on economic activity isn’t expected to be as severe as in the spring, but it surely is time for the ‘Economics of Chicken Licken’. We already expected the BOE to boost QE, and this now looks all but a given. We stick to our forecast of a GBP100bn increase, but there is some risk the MPC decides to speed up its purchases, and this would require an even larger envelope. As the risks to the economic outlook will not subside any time soon, speculation on negative policy rates is likely to get louder. That said, we don’t expect that the MPC will provide any guidance at this week’s meeting.”
Meanwhile, on the FOMC Philip Marey notes, “The FOMC meeting decision will take place in a volatile environment, just after Election Day, while the country is dealing with another resurgence of Covid-19. What’s more, we are still waiting for an extension of the fiscal stimulus: the election outcome could determine whether the Fed will have to provide more monetary policy accommodation to offset any shortfall in fiscal policy support to the economic recovery. For Fed Chair Powell there is more at stake than fiscal stimulus in this election week. After all, his first term as Chair expires on 5 February 2022.”
A man, born poor, becomes very successful. He decides that he needs some high class art. He goes to an art dealer and asks to see whatever is most “in’’. The dealer shows him a vast white canvas with one black dot in the middle, and says the painting costs $10,000. He buys it, and shows it to a new art-loving friend, who says “This is genius! Such good taste!”
The man gets very excited, and goes back to the dealer to buy another painting immediately. The dealer shows him one with TWO black dots in the middle. The man buys it, and takes it home eagerly, hangs it, and calls his new friend to come see the masterpiece. The friend stares at it for a second, shrugs, and says: “Ongepotchket.’’
Brandon Smith: It’s Clear Where This Is All Headed
Authored by Brandon Smith via Alt-Market.us,
Just as I successfully predicted the outcome of the 2016 election months in advance, my predictions on the 2020 election are now coming to pass. In July of this year in my article ‘Election 2020: The Worst Case Scenario Is The Most Likely One’, after I outlined the strange factors surrounding Biden and Trump, I stated that:
“These factors and more lead me to predict that Election 2020 will be a contested election which ends with Trump staying in office but accused of usurping the democratic process. This outcome is the worst possible outcome and also the most advantageous for the globalist establishment.”
I also noted the predictive programming campaign by the media and members of the Council On Foreign Relations like Max Boot to acclimated the public to the idea of a contested election while also “wargaming” (planning) that exact outcome. I stated:
“…Boot is back again, this time writing about how he thinks Donald Trump will try to “hijack” the presidency in 2020.
In an article for the Washington post titled ‘What If Trump Loses But Insists He Won’, Boot outlines a scenario that was “war gamed” by a group called the Transition Integrity Project. The group played out a scenario in which there is a razor thin victory for Joe Biden, followed by actions by Trump to keep control of the presidency through lies and legal wrangling. The group also predicted civil unrest leading to potential “civil war” as the fight over the White House expands.
This article is, I believe, an attempt at predictive programming by the establishment. They are TELLING US exactly what is about to happen. A contested election, civil war, martial law, economic collapse and the US will be destroyed from within.”
The bizarre behavior of vote counters in swing states, including PA where they stopped the count altogether overnight, indicates a program to incite national tensions and rage. The media refusing to call certain states for Trump even though he held clear leads while rushing to call states for Biden even though the count was far from unfinished will only exacerbate people’s suspicions that the election is being rigged or stolen.
Trump has said he will take the results to the Supreme Court and there is no doubt that recounts will be held in states like Michigan and Arizona. I continue to predict that Trump will stay in office despite the close election. I also predict that numerous fake ballots will be discovered during recounts only throwing gasoline on the fire and implicating Democrats in certain districts with fraud. Social justice leftists will surely try to riot in response, and Trump will call for martial law if the current scenario plays out as I expect.
The leftists will NOT accept the results of a Supreme Court decision in favor of Trump. Conservatives WILL NOT accept a Biden presidency.
I think it’s clear where this is all headed…
v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.
The GOP kept control of the Senate. McConnell knows that if Biden is declared president, the GOP base will be beyond irate. They will sincerely believe that Dems and the courts stole the election via mail-in voting and other chicanery. Ergo, there will be no tax hikes, no ‘Green Deal’, no nationalized healthcare, no ‘court packing’ and no multi-trillion dollar stimulus package that would bail out big blue cities and states. Plus, Trump would then be proverbially ‘outside the tent pissing in, instead of being in the tent pissing out’; making life hell for everyone he believes wronged him. He could even instigate supporters into a frenzy that seeks revenge and retribution.
@davidmwessel: McConnell on stimulus: “I think we need to do it and I think we need to do it before the end of the year.” He called it a “top priority” and also raised the “possibility” that such a relief package could include said to state and local governments.
Equities loved the no tax hikes, no green deal and no socialism angle. Mr. Bond was elated at the prospect of a limited stimulus deal, no Blue Wave and gridlock for the next two years.
Soon, bonds and stocks will diverge anew when economic realities capture the market’s attention. Evidence is starting to accumulate that the US economy is slowing. With the election over, but not the results, debt forbearances, job cuts and other corporate cost cutting should accelerate.
The ADP Employment Change for October is 365k; 543k was expected. Unfortunately, corporations tend to announce job cuts late in Q4, just in time to spread holiday cheer.
The morning rally accelerated. The only ‘new’ news was the discovering of voting irregularities in favor of Biden in Michigan, WI near 90% voter turnout and reports that DJT could take Arizona and Florida.
(Harvey: absolute fraud)
Attorney and The Hill columnist @madisongesiotto: Where were the 138,000+ ballots hiding that went 100% for Biden in the middle of the night in Michigan? (Harvey: prima facia evidence of fraud)
@TheNatPulse: 100% of Nearly 140,000 Consecutively Counted Ballots in Michigan Went to Biden (Harvey: Prima facia fraud)
@LifeNewsHQ: County clerk in Antrim County in Michigan may have accidentally transposed the numbers for Trump and Biden (and John James) and is investigating. Trump and James will see a gain of about 6,000 votes once corrected.
@duckdiver19 11:50 ET: The Michigan situation was a TYPO. The massive jump in Biden votes out of nowhere is because Shiawassee County reported “153710” when it SHOULD have been “15371.”
@TrueTheVote: Meanwhile, in Michigan: “We want all the Republican challengers out of this room!”
Election supervisor: “I’m not answering anymore questions.” https://twitter.com/TrueTheVote/status/1324067497402880001
@Wizard_Predicts: This woman outside the counting facility in Wayne County (Detroit) claims she discovered one box of ballots that contained 500 ballots from people who were not on the voter rolls.
https://twitter.com/Wizard_Predicts/status/1324085779971350534
@MattFinnFNC: The scene at Detroit’s absentee ballot counting center is growing more heated. The windows now being covered up. Allegations of violations. Sec. of State says she welcomes challenges.
https://twitter.com/MattFinnFNC/status/1324084637010976769
Harvey: below critical!!
Detroit Officials Are NOW BLOCKING GOP POLL WORKERS from Re-Entering TCF Center — POLICE CALLED
Suitcases and Coolers Rolled into Detroit Voting Center at 4 AM, Brought into Secure Counting Area https://www.thegatewaypundit.com/2020/11/watch-suitcases-coolers-rolled-detroit-voting-center-4-brought-secure-counting-area/
@AlexBerenson: Astonishing chart here: it suggests Philadelphia mail-in ballots run roughly 19-1 in favor of @joebiden (his net margin looks to be about 90 percent). No wonder the Democrats liked the idea of mail-in voting... https://twitter.com/AlexBerenson/status/1324000140051578880
@NanHayworth: The testimony of the GOP observer in Philadelphia: forced to stand where he could not possibly have seen the ballots being recorded, is compelling. Roughly 125,000 ballots in Philadelphia NOT observed by the GOP as required by law.
Chair of Georgia GOP @DavidShafer: Fulton County told our observers last night to go home because they were closing up and then continued to count ballots in secret.
NBC: Nevada done counting until Thursday morning [After Trump pulled within 8k votes of Biden]
Why is Nevada not counting votes? Why did key states halt vote counting and in the wee hours of the morning suddenly drop hundreds of thousands of votes for Biden? This occurred in Wisconsin and Michigan. Why did Pennsylvania halt vote counting with Trump up double digits near 9:30 PM and results won’t be available until Friday? This is horrible for America! No matter what occurs the election is tarnished – but that was the intent of mail-in voting. The courts will decide which votes are counted.
@piersmorgan: It’s quite incredible that the world’s richest & most powerful country can’t count election votes faster than this. And embarrassing, frankly.
Rush Limbaugh: “Why is it that every state can get their act together and count their votes, except for Democrat controlled battleground states?”… All of which Trump was winning when they halted counting
SEVEN Milwaukee Wards Report More Presidential Votes than Registered Voters — State Voter Turnout Is Nearly 90% Which Is Virtually Impossible https://www.thegatewaypundit.com/2020/11/seven-milwaukee-wards-report-presidential-votes-registered-voters-state-voter-turnout-nearly-90-virtually-impossible/
@MarinaMedvin: Wisconsin: There are 3,684,726 registered voters. So far 3,239,920 votes have been counted and going… (95% of precincts reporting) Is it really possible that EVERY SINGLE registered voter voted? Check voter registration numbers against votes cast in each county.
https://twitter.com/MarinaMedvin/status/1324020156738293760/photo/1
Milwaukee has a 2020 population of 585,589. Milwaukee County has cast 471,000 votes; it has 550,000 registered voters. https://county.milwaukee.gov/EN/County-Clerk/Off-Nav/Election-Results/Election-Results-Fall-2020
@NationalistTV: 169K absentees in Milwaukee had to break 82-18 (!) for Biden to erase Trump’s 100K lead in Wisconsin, and they magically did, even though Biden’s margin in Milwaukee County is only 69-29. Sketchy as hell.
Unidentified Civilian is Filmed Taking Official Ballot Box Away from Philly Polling Place – Stuffing it in his Car
@molmccann: Pennsylvania will try to count ballots that arrive by the 6th, even if the ballots are NOT postmarked. This is insane.
Voters in Arizona complain ballots marked using Sharpies were rejected
“So, people are comin’ here to vote for Donald Trump and those votes are all getting invalidated, that’s what’s goin’ on,” the man responded as the woman on-camera nods in agreement…many polling stations supplied Sharpies to people, who cast ballots in person… [Only ball-point pen votes counted]
@AZRealtorBecky: conservatives tend to vote on Election Day. SO, several poll workers in Arizona chose to swap out pens and replace them for sharpies, which invalidates ballots…
Minnesota has 3,588,563 registered voters. Almost 3.2m votes were cast (89.16%).
https://www.sos.state.mn.us/election-administration-campaigns/data-maps/voter-registration-counts/
@sethjlevy: In the two Republican rust belt states, Iowa and Ohio, turnout was normal and party differentials were in line with 2016. But in the four Democrat rust belt states, Democrats turned out at historic levels achieved by massive amounts of absentee mail ballots in the urban centers.
@realDonaldTrump 10:04 ET: Last night I was leading, often solidly, in many key States, in almost all instances Democrat run & controlled. Then, one by one, they started to magically disappear as surprise ballot dumps were counted. VERY STRANGE, and the “pollsters” got it completely & historically wrong!
@realDonaldTrump 10:17 ET: How come every time they count Mail-In ballot dumps they are so devastating in their percentage and power of destruction?
@TrumpWarRoom: Trump campaign manager Bill Stepien: “There have been reports of irregularities in several Wisconsin counties which raise serious doubts about the validity of the results. The President is well within the threshold to request a recount and we will immediately do so.”
@RealWayneRoot: Obviously embarrassing fraud in Wisconsin & Michigan (& trying in Pennsylvania). Tested by California Dems in 2018. Ballot Harvesting. Made up ballots. No Voter ID. Late deadlines past Election Day. My friends & fans won’t accept. You have no idea what’s coming
Trump Campaign: “We have filed suit today in the Michigan Court of Claims to halt counting until meaningful access has been granted.”
Michigan, Wisconsin Elections Officials Refuse To Explain Sudden Biden Vote Influx
@KatieDaviscourt: North Carolina just announced that they won’t update the total vote count until NOVEMBER 12th. That’s 8 more days. Fraud!
FBI Investigating Robocalls Eerily Telling Voters to ‘Stay Home, Stay Safe’
Were sent to nearly 90 percent of U.S. area codes…
Trump’s legal team will now pour over the mail-in ballots looking for irregularities. Then the courts will decide if those ballots count. The people, one was Trump, who forecasted DJT would win on Election Night and then he might lose when mail-in votes appeared later, were very prescient!
@realDonaldTrumpJun 22: RIGGED 2020 ELECTION: MILLIONS OF MAIL-IN BALLOTS WILL BE PRINTED BY FOREIGN COUNTRIES, AND OTHERS. IT WILL BE THE SCANDAL OF OUR TIMES!
For four years, Dems and the MSM have called Trump an illegitimate president even with evidence to the contrary. They are now doing the same labeling to SCOTUS Associate Justice Coney Barrett. With ample evidence of voting irregularities and much worse, a Biden presidency will be views as tainted by beaucoup Americans. Numerous Dems know that chicanery has occurred.
@Barnes_Law: This election proves one thing beyond any doubt: we need systemic, structural reform to how we run our elections
Joe Biden spent decades warning of voter fraud — now called a myth by Dems
https://nypost.com/2020/09/19/biden-spent-years-warning-of-voter-fraud-now-call-a-myth/
Republican Women Dominating the 2020 Election Will Be Overlooked by Mainstream Media
At least 11 new Republican women, and possibly 11 more after close races are called, will take seats in the House, and 10 more GOP female incumbents will keep their seats…
@realDonaldTrump 16:56 ET: We have claimed, for Electoral Vote purposes, the Commonwealth of Pennsylvania (which won’t allow legal observers) the State of Georgia, and the State of North Carolina, each one of which has a BIG Trump lead. Additionally, we hereby claim the State of Michigan if, in fact, there was a large number of secretly dumped ballots as has been widely reported!
Today – The market is acting more insane than usual, especially in the face of disturbing uncertainty and a protracted legal fight over the US Presidency. Do not play unless you must! No one knows what is coming; what might transpire and how the populace will react. The faith in US institutions and its ruling class, already at or near all-time lows, will worsen. The only question is how much worse.
We cannot fathom a reasonable guess as to what the future holds. However for today, traders will get long for the expected rally into the FOMC Communique and Powell’s press conference. Then there will be reactions to the FOMC Communique & Powell’s presser. Last-hour activity could be subdued ahead of the October Employment Report. “Let’s be careful out there!” ESZs are +9.00 at 21:00 ET.
Bloomberg Law @BLaw: In 2000, it took more than a month before the Supreme Court issued the landmark Bush v. Gore ruling that ultimately decided that year’s election.
Expected economic data: Initial Jobless Claims 735k, Continuing Claims 7.2m; Q3 Nonfarm Productivity 5.6%, Unit Labor Costs -11.0%; FOMC Communique 14:00 ET, no change in policy is expected; Powell’s press conference 14:30 ET
@Barnes_Law: At @FoxNews, they wait to call a race for Trump even when he’s up by crazy margins, but rush to call a state against Trump even when lots of votes yet to be counted. This is what happens when you hire a Democratic partisan to run your data team.
end
Well that is all for today
I will see you FRIDAY night.
harveyorganblog.com 
Harvey: You should stick to finances and metals and leave politics and conservation conspiracy BS out of your site.
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