Good morning. Markets are having a timid opening … little changed … as the war in Iran has not seemed to have taken more than a temporary toll on the psyche of investors, appearing to be of the mindset that this will pass and earnings will once again be the more important focus. But the IMF (“International Monetary Fund”) is choosing not to completely ignore the effects of the skirmish and provides the view that further escalation could lead to global recession. This might not be so easy for us to understand in the U.S. as we only import a small amount of oil that passes through the Strait but other countries – especially in Asia – heavily count on receiving this supply. Even so, the President sent a tweet (today’s preferred method of communication) claiming China is joyous that he is “permanently opening the Strait of Hormuz” … though details on exactly when this is happening have yet to be broadcast. One problem, of course, is the mines … as there are claims that Iran does not know where mines might have been placed mixed with stories that they might not exist at all … but as a ship owner (and insurer) how much risk do you want to take? Meanwhile, while China is indeed suffering due to the oil disruption it seems their movement towards alternative sources of energy continues to advance. Not only are they using solar and wind power for their own needs, but they really stepped up their manufacturing … which they hope will lower their future dependence on fossil fuels. But that is not the only area where China has been focused. Per the last article below, they also have been busy making “humanoid robots” and they seem a bit ahead of us on this … but without certainty that these will ever be widely adopted (though I certainly want one). I’ll end this here as I need to rush out to the Post Office … to beat the crowd … making sure my mail gets today’s postmark … … for, after all, today is Tax Day and while the government continues to report increasing debt (now above $39 trillion) they do count on individual taxes for a substantial part of their revenue. So, I’ll write my check and be happy that I am helping to keep our economic engine chugging along. Er … right. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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