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HendriJB
Supreme |
28-Jul-2020 05:43
Yells: "Breathe, Step Back - Think " |
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US Dollar Accelerates Slide.... 3 Readons Why
This will be a challenging week for the U.S. dollar. On Friday, I outlined three reasons why the U.S. dollar should continue to fall. And as markets reopened Monday, investors did not hesitate to take the greenback lower. They sent the U.S. dollar tumbling against all of the major currencies, and this drove USD/CHF to its weakest level in more than five years and EUR/USD to its strongest in two years. After breaking down last week, USD/JPY accelerated its slide, dropping to its lowest level in four months. Investors have plenty of reasons to be weary of owning U.S. dollars. On Friday, we talked about the end to extra jobless benefits, the prospect of double-digit declines in GDP growth and a dovish FOMC. Today, we saw some of these concerns begin to materialize. Officially, the $600-a-week extra unemployment benefits that kept more than 20 million Americans afloat is set to expire on Friday, but many states ended payments already. With the White House touting a trillion-dollar relief package, many market participants are holding out hope that Congress will come up with a powerful deal to keep the recovery going. Unfortunately, it seems that Senate Republicans are looking to cut the weekly benefit to $200 from $600 with another one-time $1,200 stimulus cheque. This proposal falls grossly short of what the economy and unemployed Americans need, and should be met with disappointment by the markets. Economists are looking for GDP growth to contract by 35% in the second quarter, but the data may be much worse. The Atlanta Fed, for example, predicts a 52.8% decline. Durable goods, which is a key input into GDP, rose more than expected, but excluding transportation, order growth slowed to 3.6% from 3.3%. Ten-year Treasury yields continued to fall, hovering not far from record lows. This decline is a reflection of the market?s concerns about the U.S. economy and its expectations for a dovish Fed. In other words, bond traders are positioning for ongoing accommodation, cautious comments from Federal Reserve Chairman Jerome Powell and a pledge from the central bank to do more if needed. The U.S. dollar fell the most against the euro and Japanese Yen. The slide in USD/JPY was no surprise as it was only a matter of time before the pair would break down. This is also the busiest week for earnings and any negative results could trigger further USD/JPY weakness. The rally in EUR/USD also makes sense as Europe continues to lead the recovery. Last week?s PMIs and today?s German IFO report confirms the region?s ongoing recovery. Second-quarter GDP numbers are also due for release from the Eurozone and Germany. While growth is also expected to contract at a faster pace, the decline in the Eurozone will be more moderate than the U.S. which could extend the rally for EUR/USD. With that in mind, EUR/USD has rallied 11 out of the last 12 trading days. In the past two months, the pair has appreciated nearly 9 cents, which is a big move over a very short period of time. But virus cases are suddenly rising in France, Germany and Spain, raising concerns for a second wave. If these numbers start to grow more consistently, it would provide a strong case for profit-taking in the euro. Sterling also rallied on the back of U.S. dollar weakness, rising to a four-month high. EU-UK trade talks are in the works with very little progress. There are no major UK economic reports on this week?s calendar, so the currency should move purely on risk appetite and U.S. dollar flows. The Australian, New Zealand and Canadian dollars traded higher, with NZD leading the gains. Stronger Chinese industrial profits helped, but the rally in AUD could come to a screeching halt tomorrow if inflation data falls short of expectations. CPI is expected to fall sharply in Q2, exacerbating concerns for investors already worried about the jump in new cases and record deaths in Australia. Authorities are struggling to contain the second wave in Victoria with a six-week lockdown and border closures. |
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HendriJB
Supreme |
28-Jul-2020 05:24
Yells: "Breathe, Step Back - Think " |
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3 Things to Watch for July 28, 2020
By Liz Moyer (Investing.com) Big tech bounced back on Monday, lifting other sectors as the world awaits the Federal Reserve's next decision on interest rates and word from Capitol Hill on negotiations over a new round of stimulus. Chip makers were also in the news after Intel Corporation (NASDAQ:INTC) stoked concerns about production of its next-generation chip, pushing its shares down another 2% on Monday after a sell-off last week. Shares of Taiwan Semiconductor Manufacturing (NYSE:TSM) rose more than 11%. The week will feature a deluge of earnings reports from across the S&P 500, including Tuesday announcements from Harley-Davidson Inc (NYSE:HOG), JetBlue Airways Corp (NASDAQ:JBLU), McDonald?s Corporation (NYSE:MCD) and Pfizer Inc (NYSE:PFE), among others. Here are three things that could affect markets tomorrow: Gold at ecord high Gold Futures reached a new record high on Monday even as stocks continue to gain, an apparent contradiction between the part of the market signaling risk off, and the part signaling risk on. Investors flock to gold as a store of value when the economy looks uncertain. The new record, at $1,931 an ounce on Comex, is the highest since September 2011, and some analysts believe there is still room to rise above $2,000 an ounce before long. Gold's rally in recent weeks has come on top of trillions of dollars of government stimulus and an ever-weakening dollar. The US Dollar Index Futures, which measures the dollar against a basket of six other currencies, touched a 17-year high in March at 103.96 and is below 94 most recently. That is the lowest in almost two years. New stimulus hope as Fed meets Republicans were set to unveil their own proposals for another round of economic stimulus as the U.S. struggled to get a grip on the coronavirus. Treasury Secretary Steven Mnuchin said over the weekend that the package would include $1 trillion of relief. That is expected to include another round of $1,200 checks to individual taxpayers who earn below a certain income. It is also expected to include an extension of emergency unemployment checks, though at a lower amount than the current $600 a week pandemic unemployment assistance. On Tuesday, the Federal Open Market Committee begins the latest of its regular two-day meetings. The expectation is for the central bank to maintain rates near zero as it did in its last meeting, held just as the economy started to reopen after Covid-induced business shutdowns. The Fed's main task this week is to examine its commitment to zero rates and to an ongoing asset purchase program as it tries to jump-start the economy. FANG earnings: All bark and no bite? FANG stocks pushed the market higher on Monday after selling off last week for the first time in two months. This is a big week for the tech giants, with Facebook Inc (NASDAQ:FB), Amazon.com Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL) and Google's Alphabet (NASDAQ:GOOGL) Inc Class C (NASDAQ:GOOG) set to report earnings, along with a slew of other companies. Analysts will likely be listening to what executives say about the outlook for the second half of the year. But the tech sector rally this year has gone against fears that Covid-related shutdowns would wreak damage on company earnings. Still, investors have begun to worry that the frothiness in the tech sector is pointing to another bubble that could burst at a moment's notice. |
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HendriJB
Supreme |
28-Jul-2020 05:17
Yells: "Breathe, Step Back - Think " |
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(Lifeless) Clings to $40s as Market look for clues...
By Barani Krishnan Investing.com - One wonders if it?s the same oil market that went and came back from the hell of minus $40 a barrel. But it is. And if the last couple of sessions prove anything, it is that the life has been sucked out of it. New York-traded West Texas Intermediate, the benchmark for U.S. crude futures, settled up 31 cents at $41.60 per barrel on Monday. London-traded Brent, the bellwether for global crude prices, rose 7 cents to settle at $43.41 per barrel. Trading in WTI and Brent has been anemic since Thursday?s close in New York, with both benchmarks plodding along just a few cents in either direction on uncertainties around demand for fuel amid the raging new wave of coronavirus cases in the United States and other global hotspots. Goldman Sachs (NYSE:GS) reinforced the notion of the market?s hapless state with a note at the weekend that said: ?Following a year of unprecedented shocks, uncertainties over oil fundamentals has never been higher.? The investment bank, one of Wall Street?s most influential voices in commodities trading, said its ?bottom-up? oil forecasting model from the demand collapse of April and May shows global oil demand improvements were sharply slowing, down 60% in July relative to the May-June pace of gains. Goldman?s ?top-down? model, however, indicates monthly demand data covering 75% of global demand. ?Crude remains trapped in the low-$40s as virus uncertainty could keep demand tepid and as deteriorating relations between the U.S. and China could jeopardize the phase-one trade deal, which would diminish global demand outlook,? added Ed Moya, analyst at New York?s OANDA. President Donald Trump?s national security adviser, Robert C. O?Brien, has tested positive for the coronavirus, the White House said on Monday, making him the most senior White House official known to have contracted the virus which has already infected some 4.4 million Americans and killed about 150,000 of them. The U.S. economy shrank 5 percent in the first three months of 2020 for its sharpest decline since the Great Recession of 2008/09, as most of the 50 states in the country went into lockdown to stem the outbreak of the virus. While most businesses have reopened over the past two months, economists still warn of a double-digit recession in the second quarter. Alternatively, trillions of dollars of COVID-19 stimulus passed by governments and global central banks have debased the dollar, driving it to a near 2-year low and heightened inflation fears ? a situation that typically boosts prices of commodities like oil and gold, which shot to record highs on Monday. Republicans led by Trump have finalized a fourth coronavirus relief bill, worth about $1 trillion, to provide temporary and reduced extension of unemployment benefits, another round of stimulus checks, liability protection for businesses and funding to help schools restart. It will also include $16 billion in new funds for testing and tax incentives to encourage companies to rehire employees. |
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HendriJB
Supreme |
25-Jul-2020 06:03
Yells: "Breathe, Step Back - Think " |
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President Donald Trump on Friday signed four executive orders aimed at lowering drug prices.
The measures, which are set to take effect Aug. 24, would allow imports of prescription medicines and tie the prices of some Medicare drugs to the lower prices paid in other countries. The measures face a long regulatory process at a time when health authorities are focused on dealing with the ongoing pandemic. |
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HendriJB
Supreme |
25-Jul-2020 05:44
Yells: "Breathe, Step Back - Think " |
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Great job by @elonmusk in agreeing to build, in TEXAS, what is expected to be the largest auto plant anywhere in the world. He kept his word to me. Texas & @Tesla are big winners. MADE IN THE USA | ||
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HendriJB
Supreme |
24-Jul-2020 14:39
Yells: "Breathe, Step Back - Think " |
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President Trump Full Interviewed by Fox News
https://youtu.be/W6XdpDOH1JA |
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Starship
Supreme |
24-Jul-2020 13:14
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Nancy Pelosi calls coronavirus the " Trump virus" after White House briefing July 22, 2020 House Speaker Nancy Pelosi took a swipe at President Trump shortly after he resumed his coronavirus briefings Tuesday -- calling the contagion " the Trump virus" in response to his description of it as a Chinese bug. " Well, I think with the president' s comments today, he recognized the mistakes he has made by now embracing mask-wearing and the recognition this is not a hoax," the California Democrat said on CNN. " It is a pandemic that has gotten worse before it will get better because of his inaction," she told Wolf Blitzer on " The Situation Room." " In fact, clearly, it is the Trump virus.' ' https://nypost.com/2020/07/22/pelosi-calls-coronavirus-the-trump-virus-after-white-house-briefing/ |
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Starship
Supreme |
24-Jul-2020 13:03
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China Informs US to Shut Her Consulate in Chengdu 2020/07/24 12:06 Chinese Foreign Ministry this morning informed Embassy of the United States, Beijing that China has decided to deprive U.S. Embassy in Chengdu of the license of establishment and operation. Concrete requests have been raised therefor. Beijing is unwilling to see the current standoff between the two countries, of which the blame is purely on Washington, said the ministry. Beijing once again called on Washington to withdraw her decision to shut down China' s Houston Consulate, which will lay the requisite ground for a re-normalised tie for the two countries.   |
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HendriJB
Supreme |
24-Jul-2020 11:16
Yells: "Breathe, Step Back - Think " |
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President Donald Trump said that the trade accord with China means ?much less to me? because of what he called that country?s role in the spread of the coronavirus.
The president, at a White House coronavirus briefing on Thursday evening, again complained that the U.S. had to shut down its economy to protect against the virus. ?The trade deal means less to me now than when I made it,? Trump said. Trump has sought to pin blame on China for the outbreak as polls show a growing number of voters disapprove of his handling of the pandemic. The president has taken a number of actions designed to punish the Beijing government over the virus and other issues, including its efforts to curtail political freedoms in Hong Kong and the detention of roughly 1 million minority Muslims. Trump ordered an end to Hong Kong?s special status after determining that a new Chinese national security law meant that the former British colony was no longer autonomous. He also signed a law authorizing sanctions against officials responsible for cracking down on political dissent in the city, weeks after he signed a similar law aimed at those involved in repressing Uighur Muslims. And this week, in one of the biggest threats to diplomatic ties between the countries in decades, the U.S. gave China three days to close down its consulate in Houston, the fourth largest American city. The State Department said it had ordered the shutdown ?to protect American intellectual property and Americans? private information,? without giving more details. China has vowed to retaliate. The U.S. Justice Department has also intensified a crackdown on Chinese hackers and researchers. On Tuesday, the department accused two men of working with the Chinese government to target companies developing vaccines for the coronavirus and stealing hundreds of millions of dollars worth of intellectual property and trade secrets from companies across the world. Yet the president has indicated to aides that he doesn?t want to further escalate tensions with Beijing, and has ruled out for now additional sanctions on other top Chinese officials, according to people familiar with the matter. Inflaming the conflict with China could create new headwinds for the U.S. economy, which has already been battered by the pandemic, and possibly upend the trade agreement that Trump brokered with Chinese President Xi Jingping. ©2020 Bloomberg L.P. |
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HendriJB
Supreme |
24-Jul-2020 08:29
Yells: "Breathe, Step Back - Think " |
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Today, my Administration reached a historic agreement with Pfizer, to produce and deliver 100 million doses of their vaccine immediately following its approval.
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HendriJB
Supreme |
24-Jul-2020 08:28
Yells: "Breathe, Step Back - Think " |
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LIVE: President @realDonaldTrump holds a news conference
https://twitter.com/whitehouse/status/1286059605525757953?s=12 |
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HendriJB
Supreme |
23-Jul-2020 23:24
Yells: "Breathe, Step Back - Think " |
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U.S. stock markets opened mostly lower on Thursday after fresh data suggesting that the surge in coronavirus cases across the U.S. is derailing the economic recovery. | ||
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HendriJB
Supreme |
22-Jul-2020 00:18
Yells: "Breathe, Step Back - Think " |
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Reuters) - The S&P 500 and the Dow indexes rose on Tuesday following a slate of positive earnings reports from companies including IBM and Coca-Cola, and on optimism over an eventual vaccine and fiscal stimulus to revive a pandemic-battered economy. | ||
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HendriJB
Supreme |
21-Jul-2020 23:47
Yells: "Breathe, Step Back - Think " |
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BRUSSELS (Reuters) - European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days.
The agreement paves the way for the European Commission, the EU's executive, to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost seven decades of European integration. Summit chairman Charles Michel called the accord, reached at a 5.15 a.m. (0315 GMT), a pivotal moment for Europe. Many had warned that a failed summit amid the coronavirus pandemic would have put the bloc's viability in serious doubt after years of economic crisis and Britain's recent departure. World shares climbed to their highest since February and the euro briefly hit its strongest since March on news of the deal. "This agreement sends a concrete signal that Europe is a force for action," a jubilant Michel told reporters. French President Emmanuel Macron, who spearheaded a push for the deal with German Chancellor Angela Merkel, hailed it as truly historic. Leaders hope the 750 billion euro ($857.33 billion) recovery fund and its related 1.1 trillion euro 2021-2027 budget will help repair the continent's deepest recession since World War Two after the coronavirus outbreak shut down economies. Germany Economy Minister Peter Altmaier said that, with the agreement, the chances of "a cautious, slow recovery" in the second half of this year had increased enormously. While strong in symbolism, the deal came at the cost of cuts to proposed investment in climate-friendly funds and did not set conditions for disbursements to countries, such as Hungary and Poland, seen as breaching democratic values. In an unwieldy club of 27, each with veto power, the summit also exposed faultlines across the bloc that are likely to hinder future decision-making on money as richer northern countries resisted helping out the poorer south. The Netherlands led a group of so-called frugal states with Austria, Sweden, Denmark and Finland, insisting that aid to Italy, Spain and other Mediterranean countries that took the brunt of the pandemic should be mainly in loans, not in non-repayable grants. "There were a few clashes, but that's all part of the game," said Dutch Prime Minister Mark Rutte, describing a warm relationship with his Italian counterpart, Giuseppe Conte. But Austrian Chancellor Sebastian Kurz said the frugals' negotiating power was here to stay, suggesting Europe's traditional Franco-German engine will be challenged. ALMOST A SUMMIT RECORD |
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Starship
Supreme |
20-Jul-2020 20:33
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Trump calls Biden " incompetent" to lead US, says he would cry " mommy" 1:41pm, 20 Jul, 2020 ' He' s shot, he' s mentally shot,' Trump said about the former vice-president, adding that if Biden is elected, he will ' destroy this country' The president again defended his handling of the Covid-19 pandemic, claiming that ' we are the envy of the world' on testing https://www.scmp.com/news/world/united-states-canada/article/3093883/trump-calls-biden-incompetent-lead-us-says-he-would ![]()   |
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HendriJB
Supreme |
20-Jul-2020 18:43
Yells: "Breathe, Step Back - Think " |
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US News
Stimulus packages in the U.S. and Europe hang in the balance, AstraZeneca (NYSE:AZN) updates on the development of its hotly-touted Covid-19 drug, and crude oil prices fall on indications of a hit to Chinese demand. Walt Disney (NYSE:DIS) quietly joins the Facebook (NASDAQ:FB) advertising boycott, while Chevron (NYSE:CVX) is poised to buy Noble Energy (NASDAQ:NBL). Here's what you need to know in financial markets on Monday, July 20th. 1. Fights over the next round of stimulus The week starts with two economic stimulus packages in focus. Congressional Republicans are due to meet with President Donald Trump to discuss the terms of what would be the fifth U.S. stimulus package, 11 days before a raft of earlier measures are due to expire. The economy is probably not ready for the abrupt withdrawal of money that that implies, Paul Donovan, chief economist with UBS Global Wealth Management, said in a morning briefing. Meanwhile in Europe, an EU summit that aimed to approve the 750 billion euro ($860 billion) recovery fund has dragged on to a fourth day, amid resistance from five northern European states to the idea of 500 billion euros in grants to poorer countries. Reports suggest the proportion of grants could be whittled down to as little as 390 billion euros, leaving a greater part to be made up by conditional loans that would take longer to approve and disburse. The euro still rose 0.3% to $1.1454 by 6:30 AM ET (1030 GMT), close to a four-month high. 2. AstraZeneca/Oxford University to update on drug progress AstraZeneca is due to release the results of clinical trials for its experimental Covid-19 drug, being developed in partnership with Oxford University in England. AZ?s drug was touted by Business Week last week as being the front-runner of all the various candidate vaccines being developed by the world?s pharma industry. Early-stage test results had suggested that the drug killed not only the virus, but also the cells infected by it, strengthening the body?s immune response. Elsewhere, Dutch medical technology company Philips stock rose 4.8% to its highest since January after posting a surge in sales of and orders for its ventilators, while a U.K. small-cap Synairgen more than tripled after reporting positive early-stage results for a protein-based Covid treatment. 3. Stocks set to open lower IBM (NYSE:IBM), Halliburton (NYSE:HAL) earnings eyed U.S. stock markets are poised to open mostly lower against the backdrop of more negative headlines over the weekend about the spread of the coronavirus. Florida posted its fifth straight day of over 10,000 new cases on Sunday, while the mayor of Los Angeles said that the city was "on the brink" of imposing fresh restrictions to try to slow down the virus' spread. President Trump, meanwhile, told Fox News that the country is dealing with the 'dying embers' of the epidemic, although he acknowledged that Florida was still 'a flame'. By 6:30 AM ET (1030 GMT), the Dow futures contract was down 55 points or 0.2%, while the S&P 500 futures contract was down 0.3% and the Nasdaq 100 futures contract was essentially unchanged. Earnings season continues with updates from oil and gas services company Halliburton before the opening, and with IBM after the closing bell. 4. Disney joins Facebook boycott (sort of) Walt Disney has ? sort of ? joined the advertising boycott of Facebook over its perceived failure to tackle hate speech on its social media platforms, according to The Wall Street Journal. Disney, which was Facebook?s biggest advertiser in the first half of the year with a total ad spend of some $210 million, hasn?t made any public decision about its advertising policy, but the number of ads for its new streaming service Disney+ on Facebook?s main platform has nearly dried up, the WSJ said. In addition, the company has also paused advertising for its Hulu service on Facebook?s Instagram platform. 5. Oil weakens on Chinese news Chevron poised to buy Noble (NYSE:NE) Crude oil prices started the week on a weak note on reports that Chinese refiners will reduce throughput in response to a drop in local demand due to heavy flooding. U.S. crude futures fell 0.9% to $40.41 a barrel, while the international benchmark Brent was down 0.8% at $42.78 a barrel. The pressure of low prices was also evident in reports that Noble Energy was in advanced talks to sell out to Chevron. Elsewhere, reports said that Saudi Arabia?s King Salman and the Emir of Kuwait were both taken ill with Covid-19. |
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Starship
Supreme |
20-Jul-2020 15:51
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Trump won' t accept the Elections results if he loses.............. President Trump won' t agree to accept 2020 election results as Biden leads in polls -- " I have to see" SUN, JUL 19 202012:02 PM EDT UPDATED SUN, JUL 19 20206:17 PM EDT https://www.cnbc.com/2020/07/19/president-trump-wont-agree-to-accept-2020-election-results-as-biden-leads-in-polls.html   |
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HendriJB
Supreme |
20-Jul-2020 10:33
Yells: "Breathe, Step Back - Think " |
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Florida reported over 12,000 new coronavirus cases on Sunday, making it the fifth day in a row of more than 10,000 new cases in the state. Meanwhile, the U.S. death toll rose over 140,000 and President Trump defended his handling of the pandemic reut.rs/3eEtaip | ||
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HendriJB
Supreme |
20-Jul-2020 09:12
Yells: "Breathe, Step Back - Think " |
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Bloomberg News
North Korean leader Kim Jong Un is growing increasingly impatient more than two years after his landmark summit with U.S. President Donald Trump failed to produce a peace deal between the two Cold War rivals. |
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HendriJB
Supreme |
20-Jul-2020 04:23
Yells: "Breathe, Step Back - Think " |
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@realDonaldTrump
So we catch Obama & Biden, not to even mention the rest of their crew, SPYING on my campaign, AND NOTHING HAPPENS? I hope not! If it were the other way around, 50 years for treason. NEVER FORGET. |
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