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Sunday, September 3, 2023

Canada shut its land border to asylum seekers. More refugees came anyway

 A deal Canada struck this year to stem the flow of asylum seekers entering from the U.S. was, at first glance, a quick success: Within days, the number of people caught at unofficial crossings along the border dwindled to a trickle.

But five months later, the overall number of people filing refugee claims in Canada has risen instead of falling. Many now come by air, while others sneak across the border and hide until they can apply for asylum without fear of being sent back, people working with migrants told Reuters.

The numbers show how hard it is for countries to shut the door on desperate people and the challenge unexpected numbers of asylum seekers can pose: In Toronto, hundreds slept on the streets this summer as they struggled to find beds.

"The basic reality is that closing a border doesn’t do anything to solve the need for protection," said Shauna Labman, an associate professor and acting director of the Human Rights Program at the University of Winnipeg.

"It only increases the desperation."

Canada prides itself on welcoming immigrants and aims to bring in a record half a million new permanent residents in 2025 to deal with an acute labor shortage. But it has sought to discourage those applying for asylum, chiefly through an agreement with the U.S. under which each country turns back asylum seekers.

Still, last year alone, more than 39,000 asylum seekers entered Canada via unofficial crossings - mostly into Quebec via a dirt path off Roxham Road in New York, prompting the province to complain it could not handle the arrivals. Asylum seekers are drawn by Canada's reputation for swifter processing and greater acceptance of asylum applications compared to the U.S.

In response, Canada and the United States in March amended their two-decade-old asylum-seeker pact, the Safe Third Country Agreement. The agreement now applies to the length of the countries' 4,000-mile land border, rather than just at ports of entry.

The expanded pact led to a dramatic drop in the number of people intercepted at informal crossings - down to double digits in April through July from 4,173 in March.

But overall, the number of asylum seekers entering Canada has surged. The total number of refugee claims made in Canada rose in July to 12,010 - the highest monthly total since at least January 2017 - and up from 10,120 in March, according to data from the immigration, refugees and citizenship department.

DEMAND FOR SAFETY

Some of the higher numbers are being driven by more people filing refugee claims at airports or local immigration department offices - often days, weeks or months after arriving in the country, government data shows.

People applying at airports comprised about a third of all refugee claims made in July, up from about 16% in March. Those filing claims at immigration offices accounted for about 54% of July's total, up from about a third in March. The top five countries that claimants came from in the first half of the year were Mexico, Haiti, Turkey, Colombia and India - though the numbers include those who applied before the expanded U.S. pact.

At least part of the reason for the latest influx is that Canada is among a shrinking group of countries seen as offering safe harbor while pressures of war, climate change and human rights violations force a greater number to flee, some migrant experts say.

The European Union, for example, recently introduced an asylum seeker pact allowing nations to more quickly send back some migrants. Britain's government is pushing forward on a law making it easier to send asylum seekers to Rwanda, while U.S. President Joe Biden's administration has introduced a rule making it harder for migrants to receive asylum if they cross U.S. borders illegally.

"If you’re a person who’s trying to make this set of decisions, then Canada becomes a more likely option," said Craig Damian Smith, a research affiliate at the Centre for Refugee Studies at York University.

Canada's immigration minister was not available for an interview.

"The world is facing unprecedented flows of migrants and refugees, and Canada is not immune to these trends," Remi Lariviere, a spokesperson for the department, said in a statement.

Lariviere said Canada amended the deal with the U.S. to address "irregular" crossings and that the expansion "does not mean that claims for asylum will not be made in Canada at all."

'BAD ACTORS'

People working with migrants say some of the people filing claims days or weeks after they arrive in Canada are hoping to skirt a clause in the expanded agreement with the U.S. that says any asylum seeker apprehended within two weeks of crossing the border will be turned back unless they meet a narrow exemption.

That has prompted some to cross over undetected, sometimes with a smuggler's help, and hide until the two-week period elapses.

The Refugee Centre in Montreal says it helped four families in one day last week who had been in hiding for a fortnight after crossing overland into the country.

"Unfortunately this is not a very safe avenue for them," Executive Director Abdulla Daoud told Reuters. "It promotes bad actors who take advantage of these individuals."

At the FCJ Refugee Centre in Toronto, about 20% to 30% of recent arrivals say they crossed into Canada undetected and hid with a smuggler's help, Executive Director Loly Rico said.

Reuters spoke with 10 people seeking refugee status who recently arrived in Toronto, Canada's largest city. They came from Sudan, Uganda and Mexico, among other places. All arrived by plane, with valid visas in hand. Some filed refugee claims days or weeks after their arrival.

Though they left for reasons ranging from domestic violence to war, the common draw for all was Canada's reputation for protecting human rights and providing refuge.

"It is the first country that I thought about," said Hana Bakhit. The 35-year-old from war-torn Sudan says she applied for a visitor’s visa in May, flew to Canada in July and filed a refugee claim two weeks later.

She has been sleeping in a mosque and a church, calling Toronto’s central shelter daily for a bed, only to be told there are none available. Still, she considers herself lucky to be in Canada.

With Canada's land border largely closed off, the asylum system now favors people like Bakhit who can get a visa and plane ticket, refugee lawyer Maureen Silcoff said.

"Some of the most vulnerable people remain barred from accessing Canada’s system and I think we have to reflect on the inequity of that development," Silcoff said.

Grace Nanziri, 42, was among those with the comparative privilege of being able to get a visa and flight ticket: she applied for a Canadian visitor's visa when her LGBTQ advocacy made her a target in her home country, Uganda.

After waiting a year for the visa, she flew to Toronto in August - drawn by Canada's reputation of protecting human rights, she said.

"They wanted to kill me," she said. "That’s why I came to Canada."

https://news.yahoo.com/canada-shut-land-border-asylum-100632402.html

Pentagon Extends Troop Deployment At US-Mexico Border Through September

 by Aldgra Fredly via The Epoch Times,

The U.S. Defense Department said Thursday that it will extend the deployment of up to 400 active-duty American troops at the U.S. southern border with Mexico until at least the end of September.

The Pentagon had pulled 1,100 troops from the border last month but extended the deployment of the remaining 400 soldiers.

"On Aug. 24, 2023, the secretary of defense approved an extension of up to 400 personnel providing support to Customs and Border Protection on the southwest border through Sept. 30, 2023," Pentagon spokesman Lt. Col. Devin Robinson told NBC News on Sept. 1.

Secretary of Defense Lloyd Austin approved in May the deployment of 1,500 active-duty troops to the southern border for 90 days to assist border officials with a possible influx of illegal immigration at the border.

The Pentagon said the troops will "fill critical capability gaps, such as ground-based detection and monitoring, data entry, and warehouse support" but will not directly participate in law enforcement activities.

The troops were intended to help back up border officials dealing with the end of Title 42, which allowed U.S. authorities to quickly expel tens of thousands of migrants from the country in the name of protecting Americans from COVID-19.

Spike in Illegal Border Crossings

Data released by Customs and Border Protection (CBP) on Aug. 18 showed that the U.S. Border Patrol recorded 132,652 encounters between ports of entry along the southwest border in July, up from 99,545 in June.

Migrants seeking asylum wait for U.S. Customs and Border Protection agents to allow them enter the United States at the San Ysidro crossing port on the US-Mexico border, as seen from Tijuana, Baja California state, Mexico on May 31, 2023. (Guillermo Arias/AFP via Getty Images)

According to CBP data, the U.S. Border Patrol encountered an average of 2,016 single adults per day in July alone, marking a 66 percent decrease from the 6,164 they encountered per day in the first 11 days of May.

"CBP's message for anyone who is thinking of entering the United States without authorization or illegally along the southwest border is simple: don't do it. When noncitizens cross the border unlawfully, they put their lives in peril," it stated.

CBP One App

The latest numbers also reflect a sharp increase in use of the CBP One mobile app through which up to 1,450 migrants can get appointments at land crossings with Mexico to seek asylum. CBP processed more than 44,700 individuals with CBP One appointments at ports of entry in July.

CBP One is for people of any nationality in central and northern Mexico entering the United States by land and seeking asylum or humanitarian parole.

Migrants must book an appointment through the app and show up to the appointment at U.S. ports of entry. If they don't have an appointment, they would be turned away.

Rep. Tom McClintock (R-Calif.) said on July 26 at the House Judiciary Committee hearing that the influx of people at the border has not decreased, noting that the CBP One app "allows migrants to bypass the southern border and enter directly in the United States’ ports of entry."

"Instead of bringing them to the southern border, you’re bringing them directly to ports of entry,” Mr. McClintock said.

Texas Attorney General Ken Paxton makes a statement at his office in Austin, Texas, on May 26, 2023. (Eric Gay/AP Photo)

Texas Attorney General Ken Paxton filed a lawsuit against the Biden Administration on May 23 to challenge a rule that encourages illegal immigrants to use CBP One app to seek entry into the United States.

Mr. Paxton said the app encourages illegal immigration to the United States because it "cannot verify that an illegal immigrant would qualify for an exception, which would prevent them from being deported."

"The Biden Administration deliberately conceived of this phone app with the goal of illegally pre-approving more foreign aliens to enter the country and go where they please once they arrive," he said in a press release.

Saturday, September 2, 2023

Highest-Earning Creators Of The Internet Content Machine

 At the 2023 Streamy Awards which aired Sunday night on YouTube, content creator MrBeast aka Jimmy Donaldson won the main category Creator of the Year as well as the award for Best Collaboration (with Dwayne "The Rock" Johnson). The 25-year-old who grew up in North Carolina was the only winner taking home multiple awards, showing the resounding success he has had with his YouTube channel focused on over-the-top challenges (and the occasional grand gesture).

As Statista's Katharina Buchholz reportsthe latest release of Forbes' list of the most successful internet creators lists Donaldson as the highest-earning of them all - at a yearly gross of $54 million. The MrBeast channel was also the second-most followed on YouTube as of August 2023 - up from rank 4 at the beginning of the year. In this time span, Donaldson has attracted attention for paying for operations making 1,000 blind people see and 1,000 deaf people hear.

Infographic: The Highest-Earning Creators of the Internet Content Machine | Statista

SF Records More Than A Dozen Suspected Overdose Deaths In One Day

 by Travis Gillmore via The Epoch Times,

Videos from San Francisco posted on social media Aug. 30 show morgue vans loading bodies amid scenes of widespread addiction, with people folded up and contorted in unnatural positions in what many describe as dystopian settings on the streets of downtown.

Posts on X, formerly known as Twitter, repeatedly shared by locals indicated that as many as 18 overdose deaths took place in San Francisco throughout the day, but a spokesperson for the chief medical examiner’s office told The Epoch Times by email Aug. 31 that 13 deaths occurred and are currently under investigation.

“Today, the Office of the Chief Medical Examiner initiated examinations on 13 cases received within the past twenty-four hours,” the spokesperson wrote.

“The case and manner of death for these decedents remain under review.”

No toxicology results are yet available, and the examiner’s office had no further comment.

Approximately 2,500 people have died from overdose in San Francisco since 2020, according to medical examiner statistics (pdf) including the first seven months of 2023.

More than 81 percent of such cases revealed fentanyl during toxicology testing.

While deaths dipped slightly last year, numbers are now on the rise and on pace to set a record, as more than 500 have occurred in the city so far, with 71 accidental overdose deaths in July alone, according to the medical examiner’s data.

Overdose locations are spread throughout the city and concentrated in certain areas, based on medical examiner records.

Known for high crime and open-air drug markets, the Tenderloin accounts for approximately 18 percent of deaths, with the SOMA area, which is short for South of Market located blocks from Union Square, and Polk/Russian Hill—known for curvy, picturesque Lombard Street—each accounting for 20 percent.

Homeless people gather near drug dealers in the Tenderloin District of San Francisco on Feb. 22, 2023. (John Fredricks/The Epoch Times)

Fentanyl is responsible for the majority of deaths this year, according to testing results released by the medical examiner.

Odorless, tasteless, and highly toxic, the insidious nature by which fentanyl poisonings occur in unsuspecting victims is leading to rising numbers of overdose deaths, according to experts.

New synthetic analogs—drugs that are similar chemically but not identical to fentanyl— and other tranquilizers including Xylazine and Isotonitazine further complicate matters, as they are resistant to opioid reversal medications like naloxone, better known as Narcan. Xylazine is responsible for at least 16 deaths in San Francisco in 2023, according to the report, and isotonitazine is reportedly 20 times stronger than fentanyl, according to the Drug Enforcement Agency.

Victim advocates and family members of those lost to addiction wrote thousands of names in chalk on the sidewalk outside City Hall that night, as the deaths occurred one day before San Francisco Supervisor Dean Preston held a gathering to bring attention to International Overdose Awareness Day on Aug. 31.

“Overdoses are at crisis levels,” Mr. Preston wrote on X the same day.

“Today & every day, I’ll continue to work to ensure our city is using every evidence-based tool at our disposal—including overdose prevention, treatment on demand, recovery resources—to reduce overdoses [and] save lives.”

Supervisors have faced scrutiny on social media, as concerned residents express disappointment in the public safety issues plaguing the city, and many questioned Mr. Preston’s post with comments about perceived policy failures.

A drug user displays fentanyl in the Tenderloin District of San Francisco on Feb. 23, 2023. (John Fredricks/The Epoch Times)

At the drug awareness gathering, one advocate for harm reduction—which focuses on education and overdose prevention as opposed to prosecution—was pictured at the event waving a sign declaring “Downtown is for drug users,” and another wore a “police are terrorists” shirt.

Responsible for nearly 6,000 deaths a year in California, as of the latest statistics from the Department of Public Health covering 2021, fentanyl is drawing attention from lawmakers on both sides of the aisle.

Bipartisan bills seeking to increase penalties for fentanyl distribution were met with resistance in the Legislature, with members of public safety committees in both houses voicing preference for rehabilitation and overdose prevention.

Some lawmakers voiced reluctance to advance any proposals that include punitive measures, including incarceration, arguing that doing so would be extending the “failed War on Drugs.” Subsequently, eight of nine such bills were killed earlier this year.

California Gov. Gavin Newsom announced in May a joint operation between California Highway Patrol and the National Guard to disrupt fentanyl distribution in San Francisco.

Since then, hundreds of arrests have been made and enough fentanyl seized in two neighborhoods—56 kilograms—to kill nearly the state’s entire population, according to San Francisco Mayor London Breed’s office released Sept. 1.


Prostate Cancer Is Not Just an 'Old Man's Disease'

 Gabe Canales' experience with low-risk prostate cancer nearly matches mine -- with a couple of caveats, including a 27-year difference in the ages at which we were both diagnosed.

I was 62 years old with a rising prostate-specific antigen (PSA) level, close to the average age of diagnosis. Canales was just 35.

Canales, author of Unexpected Diagnosis: Prostate Cancer and the Wake-Up Call to Live Healthier and Happieropens in a new tab or window (2022) was diagnosed incidentally while investigating a problem with low testosterone. Instead, he found out he had what most consider "an old man's disease."

Like me, the Texan was diagnosed in 2010 with a single core of Gleason 6 (Grade Group 1) prostate cancer. And just like in my experience, his first doctor didn't emphasize that he had low-risk cancer and tried to persuade him to undergo a radical prostatectomy.

We both did research and got second opinions -- a half dozen in Canales' case -- and found that active surveillance, close monitoring of cancer, was an option to help us avoid the potential side effects of aggressive treatment, including erectile dysfunction and urinary incontinence.

But prostate experts viewed us differently based on our ages. He had maybe a 50- to 60-year life horizon to live with the cancer and be exposed to treatment and its side effects. My horizon was far shorter, maybe 20-30 years. In general, doctors were (and are) more supportive of older men going on surveillance.

This is in part because younger men tend to be diagnosed with more aggressiveopens in a new tab or window cancers.

In the U.S., the average 5-year survival rate

opens in a new tab or window for prostate cancer is between 95% and 100% for men ages 40-80. For younger men, the 5-year survival rate is lower. For men ages 25-34, it's 80%. For men ages 20-29, it's 50%. For men ages 15-25, it's 30%.

Canales had a tough time coping with a disease one would more likely expect his grandfather or father to have. Canales recalled, "My world was just upside down. I was a mess. I really was."

He sorted out his situation after meeting with multiple experts, including at the University of Texas MD Anderson Cancer Center in Houston and Memorial Sloan Kettering Cancer Center in New York City.

One expert he spoke with, Aaron Katz, MD,opens in a new tab or window a urologist at New York University, is an advocate of a holistic, dietary approach to active surveillance. "This isn't going to kill you," Katz told Canales, reassuring him he was going to be fine

Katz guided him to go on a plant-based diet to slow progression of his cancer. In fact, Canales said Katz told him he had found that many of his patients had no detectable cancers after making lifestyle changes.

In contrast, my doctors told me there was no evidence that diet can impact prostate cancer, which is now controversial. Research is starting to support the idea that a plant-based diet may help slow the progression of and even prevent prostate cancer.

For example, in a paperopens in a new tab or window presented at the American Society of Clinical Oncology Genitourinary Cancers Symposium in February, researchers from the University of California San Francisco reported that "plant-based dietary patterns are associated with lower risk of prostate cancer progression and recurrence, particularly among older men and those who reported a higher intensity walking pace." They concluded that prostate cancer survivors may be recommended diet and exercise counseling to improve clinical outcomes after prostate cancer diagnosis.

At the same meeting, Stacy Loeb, MD, a urologist at New York University Langone, reported

opens in a new tab or window that her study suggests: "Greater consumption of healthful plant-based foods is associated with modest improvements in [quality-of-life] domains among patients with prostate cancer."

I recently organized a webinar for Active Surveillance Patients Internationalopens in a new tab or window featuring Loeb, who shared her findings. I was impressed. I went on a whole foods, plant-based diet recently with the goal of improving my health overall, with no expectation that it will impact my prostate. But I have lost 5 lbs in the first month -- so something is happening.

Canales told me that since meeting Katz, "I'm 100% whole foods plant-based. I don't eat processed vegan stuff. I eat a ton of beans, brown rice. You would think I'm a rabbit because I eat a ton of kale and arugula and chard and bok choy every day. I am the opposite of the guy I was in 2010 and earlier.

He added: "Having grown up in Texas, my favorite food was chicken fried steak with cream gravy. Just get a piece of steak, batter it, and deep-fry it. Lots of barbecue and red meat were my favorite protein source every day. And I just absolutely never ate a vegetable."

In 2010, he decided to spread the word by forming a charity called Blue Cureopens in a new tab or window aimed at increasing awareness of prostate cancer in younger men. But prostate cancer awareness is a hard sell in young men because so few in their 20s and 30s are aware of what their prostates are, let alone their risk for prostate cancer.

After realizing this, Canales switched his mission to a broader one: making young men and their significant others aware of good health overall, emphasizing nutrition, exercise, smoking cessation, good sleep, and mental health promotion. As it was, he found young women seemed more interested in improving their male companion's health than did the men.

One of Canales' advisors, Lorenzo Cohen, PhD, professor and director of the MD Anderson Integrative Medicine Program, said prostate cancer is extremely rare in young adults and teens. Research indicates that about 10%

opens in a new tab or window of prostate cancer cases occur in men 55 and younger.

He added that most prostate cancers are slow growing and screening is not necessary before 50 years of age, with the exception of those of African ancestryopens in a new tab or window. "Screening is still controversial as it may cause more harm than good," he said.

Cohen, co-author of Anticancer Living: Transform Your Life and Health with the Mix of Sixopens in a new tab or window, said about Canales: "Gabe is a role model for how to transform your life and health. He did not just modify his diet but changed his whole life. This approach, going beyond just diet and exercise, is likely what is needed to prevent and help control such a complex disease like cancer that has many driving factors." He added, "Blue Cure is doing a great job at educating young men, as that is the time some of these lifestyle cancers get established. Establishing healthy lifestyle habits when you are young will increase the chance that you will prevent future non-communicable diseases like cancer."

This fall, Canales is launching Blue Cure Men's Health College Tour in Texas. It will roll out nationally in 2024. "This is about planting seeds with young men and encouraging action," he said.

Canales, a PR and marketing professional, stressed that the image of prostate cancer needs to be changed. "When you look at brochures and websites, they always feature a guy with silver hair, a guy who looks like my grandfather. We need to get this message out to save lives that prostate cancer can strike younger men. Prostate cancer is not just an old man's disease."

Howard Wolinsky has been writing "A Patient's Journeyopens in a new tab or window" for MedPage Today since 2016. He is a co-founder of the education and support groups, Active Surveillance Patients Internationalopens in a new tab or window and the AnCan Virtual Support Groupopens in a new tab or window for Active Surveillance. He also is the editor of the Substack newsletter, TheActiveSurveillor.comopens in a new tab or window. He just started an MPH program at the University of Illinois Chicago School of Public Health.

https://www.medpagetoday.com/special-reports/apatientsjourney/106156

Tesco staff offered body cameras over crime fears

 Staff at Tesco stores are to be offered body cameras amid a rise in violent attacks, the supermarket's chief executive has said.

The company has seen physical assaults increase by a third since last year.

It mirrors findings by the British Retail Consortium (BRC) published earlier this year, which found abuse against retail staff had almost doubled compared to pre-Covid levels.

Similar action has already been taken by rival chains Waitrose and Co-op.


Writing in the Mail on Sunday, Tesco boss Ken Murphy called for tougher laws targeting offenders.

He noted changes had been made to make attacking a shop worker an aggravating factor in convictions, but wants "abuse or violence towards retail workers" to be made an offence in itself.

Mr Murphy called for the change to bring England and Wales in line with Scotland, where the Protection of Worker's Bill makes it an offence to assault, threaten or abuse retail staff.

He also called for the supermarket to have the right to be kept informed about how a case proceeds.

"Crime is a scourge on society, and an insult to shoppers and retail workers. It is time we put an end to it," he added, saying the abuse suffered was "heartbreaking".

In the BRC's Crime Survey published in March, it recorded more than 850 daily incidents in 2021/22, a steep rise from pre-Covid level of 450 a day in 2019/20.

These incidents included racial and sexual abuse, something it said was having a "huge emotional and physical impact on people".

The trade association, which represents more than 200 retailers in the UK, said the cost of retail crime was £1.76bn in 2021/22, with £953m lost to customer theft, and £715m spent on prevention.

"The pandemic has normalised appalling levels of violent and abusive behaviour against retail workers," said Helen Dickinson, the group's chief executive.

In July, food retailer Co-op warned that some communities could become "no-go" areas for the company due to the rising levels of crime, which it said had increased by more than a third in the past year.


It cited a Freedom of Information request which suggested many police forces were not prioritising retail crime, with 71% of serious retail crime not responded to by police.

Waitrose has said an increase in shoplifting has come from a proliferation of steal-to-order gangs.

The supermarket is owned by the John Lewis Partnership, which has said staff in John Lewis stores have also been given bodycams and de-escalation training to deal with a rise in incidents.


https://www.bbc.com/news/uk-66699084

'Sputtering Europe and Jittery China Add Bull Case for US Stocks'

  Europe’s stagflation crisis and a property downturn in China are flashing a familiar message: for equity investors, there is no real alternative to the US stock market.

With four months left of 2023, returns on the S&P 500 boast about an eight percentage-point lead over the Stoxx Europe 600. The index is on course for its eighth year of outperformance in the past decade, as the artificial intelligence buzz overshadows economic recession fears and pricey valuations.

What’s more, the Federal Reserve’s policy-tightening has cooled inflation while managing to keep the economy growing at just over 2%. Data Friday reinforced that soft-landing picture, showing a pick up in labor hiring and a slight slowdown in wage growth.

“US stocks are the place to be,” said Max Kettner, chief multi-asset strategist at HSBC Holdings Plc, who recommends using any S&P 500 pullback to buy.

“It’s the economic resilience, the tailwinds from the weaker dollar, still fairly downbeat expectations on earnings. All of that plays in favor of the US,” Kettner added, in a reference to the view that dollar strength has finally topped out.

In contrast, higher interest rates threaten to tip Europe into 1970s-style stagflation, with the economy sinking into a downturn and inflation running above 5%. In China, it remains unclear whether drip-feed stimulus can revive an economy in deflation. That’s accelerated an investor exodus from both regions.

Investors have fled European equity funds for 25 weeks straight, Bank of America Corp. says, citing EPFR Global data, while Germany’s DAX, home to the region’s manufacturing stalwarts, has just posted its worst monthly performance since December.

Europe does have an edge on share valuations — on a price-to-earnings measure, the Stoxx 600 trades near a record low to the S&P 500. For some strategists such as David Groman at Citigroup Inc., that shows Europe is already pricing the bad news. Citi turned overweight on Europe in July and cut the US to neutral.

Yet, in markets gripped by stagflation fears, the cheapness argument is finding fewer takers.

In such an environment, shares in autos, capital goods, retail, chemicals, banks, semiconductors and leisure — essentially cyclical sectors — are most at risk, the JPMorgan Chase & Co. team led by Mislav Matejka wrote.

Europe loses out on another front. Dominated by so-called old economy stocks, it’s also missed out on 2023’s favorite trade: artificial intelligence. The impact of this is underscored by a single statistic — the market value of the entire 600-member Stoxx benchmark has grown this year by about $810 billion, less than what the poster child of AI, Nvidia Corp., has added.

Tech should benefit even more next year as Treasury yields slide, reckons Nicolas Domont, a fund manager at Optigestion in Paris, and his quest for mega-cap stocks has yielded little outside of Wall Street.

“I was talking with my team about what to buy in Europe as we are predominantly looking for growth and our conclusion was that there really wasn’t much indeed,” Domont added.

Luxury has been Europe’s answer to America’s high-growth, highly valued technology stocks — companies such as LVMH and Hermes International have accounted for a substantial chunk of equity returns this year. But for such names, China’s slowdown poses a hurdle, given it is estimated to contribute up to a fifth of their annual sales.

China Confidence

Within China, problems run deep — even after an interest-rate cut and steps to ease mortgage curbs, the Hang Sang Index was the worst performer last month out of 92 gauges tracked by Bloomberg. Foreign investors offloaded around 90 billion yuan ($12.3 billion) worth of mainland Chinese shares in August, according to data compiled by Bloomberg.

Investors will watch closely how the real estate malaise shapes Chinese consumer spending, with a consumption-related MSCI stocks index trading at around a third of its 2021 peak.

More broadly, the lackluster consumer outlook in China and Europe gives Wall Street bulls another reason to stay close to the US market, where a resilient labor market lifted inflation-adjusted consumer spending by a solid 0.6% last month.

Oppenheimer Asset Management’s chief investment strategist John Stoltzfus recently upped his forecast for the S&P 500, citing the soft-landing view. He now sees the gauge ending the year at 4,900 points, representing an upside of about 9% from current levels.

“We wouldn’t bet against the American consumer and we wouldn’t bet against American business and the American economy,” Stoltzfus told Bloomberg Television this week.

https://finance.yahoo.com/news/sputtering-europe-jittery-china-add-073000366.html