Monday Watch

Today's Headlines

Bloomberg:

• Anger in Europe After Chinese Diplomat Says Ex-Soviet States Not Sovereign
• Central Bankers See Above-Target Inflation as Biggest Risk.
• Macron’s Push to Get China’s Help on Ukraine Is Unraveling Fast.
• Riskiest Country Debt Left Out of Emerging-Market Renaissance.
• Europe’s High-Yield Currencies Dethroned by ECB Inflation Fight.
• Sudan Evacuations Push Ahead as Fragile Cease-Fire Falters.
• Russia’s Medvedev Says G-7 Export Ban to Trigger Grain Deal Exit. 
• Asian Stocks Are Mixed at Start of Data Heavy Week: Markets Wrap.
• McCarthy Says House Will Pass GOP Debt-Limit Bill This Week.
• Bed Bath & Beyond Has Stopped Paying Severance to Store Workers.
• Engaged Couples Issue Verdict on Bed Bath & Beyond.
• What’s Happening in EM: The Sovereign Bond Laggards (Podcast).
• SVB Still Seeing Outflows After First Citizens Takeover, FT Says.
• NBCUniversal CEO Shell Leaves After ‘Inappropriate Relationship’.
• Bonds in Trouble as $1 Trillion Liquidity Drains: Credit Weekly.
• Fed’s Next Rate Move May Crystallize With Coming Data: Eco Week. 
• Five Key Charts to Watch in Global Commodity Markets This Week.
• Your Sunday US Briefing: Biden vs Trump 2.0; Tech, Banking Earnings. 
• Tech Surge Sends Valuations to Extremes, but Traders Don’t Care.

Wall Street Journal:

• Leak of Government Secrets Adds Pressure to Overhaul Security Clearances.
• Tech Billionaires Bet on Fusion as Holy Grail for Business.
• Individual Investors Are Still Hungry for Stocks—While Shunning Risk.
• The Surprising Surge of Faith Among Young People.
• Subscription Price Creep Is Real. Our Guide to Pushing Back.
• First Republic Earnings to Shed Light on Depth of Bank Crisis.
• Amazon, Facebook, Google Headline Busy Earnings Week for Tech.

Fox News:

• Former Anheuser-Busch exec reacts to Bud Light's marketing VP taking leave of absence.
• Texas cattle found dead with tongues cut out with 'apparent precision'.
• Disneyland dragon bursts into flames during 'Fantasmic' show at the park.

CNBC:

• The bad loan term that’s back for banks trying to spot a recession.
• Bed Bath & Beyond files for bankruptcy protection after failed turnaround efforts.
• How HBO and Netflix have evolved away from each other in the past decade.

Zero Hedge: 

• Nashville Official Says School Shooter’s Manifesto Is 'Astronomically Dangerous'. 
• Republicans Help Democrats Advance Biden’s Judicial Nominees Amid Feinstein’s Absence.
• Tesla Market Share In California Tumbles To 59.6% From 72.7%.
• "We Scrambled, And Spoke With Well Over 100 Banks. Not One Will Provide Financing".
• Florida LGBT Group Cancels Pride Parade After City Says No Kids Allowed.
• Taibbi: News Blackout In Effect.
• TME Weekend: Boring for longer.
• Gov. Ivey Replaces Alabama Education Director Over 'Woke' Training Book.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• Bovard: Spy Letter About Hunter Biden Shows How Dems Are Undermining Democracy.
• The Censorship Industrial Complex Is The Revolt Of The Elites.
• Chicago Employees Fired For Not Getting COVID-19 Vaccine Must Be Reinstated: Judge.
• Will We Ever Get Accountability?
• US Military Evacuates Embassy Staff From War-Torn Sudan.
• X-Date Could Hit As Soon As June: Latest Tax Data Puts Worst-Case Scenario In Play.
• Ukraine Official Demands Endless Streams Of Western Military Aid.
• Is Biden's Credit Score Screw Job On Mortgage Pricing Even Legal?
• Extinction Rebellion Founder Outed As Diesel-Using, Packaged-Fruit-Buying Hypocrite.
• Big Banks, Corporations Getting 90 Percent Of Biden’s Green Energy Credits: Congressional Study.
• New York's Democrat Mayor Says Migrant Crisis Has 'Destroyed' The City, Biden Admin Has 'Turned Back'.
• Should You Fear AI?
• PM Orbán Says US Cannot Push Hungary Into War, Rest Of Europe Be Wise To Follow His Policy.
• Needed: A 'Made In The USA' Policy Plus Energy Independence To Counter Inflation & The Rising National Debt.
• A Pyrrhic End To 130 Years Of Vicious Bad Money And Banking Crises.
• Banks Or Buddies - Where Do People Borrow Money From?
• Gun-Free Zones, Red Flag Laws Only Make Gun Crime Worse: Economist.
• US Tries To Blame Russia For Sudan "Deep State" War.
• "Entire Downtown Is Effectively Dead:" Baltimore City Descends Further Into Turmoil.
• First Smart Gun With Fingerprint Unlocking Hits The Market. 
• Anti-CRT Measures Adopted By 28 US States.
• Feds Have No Data On How Regulations Reduce Emissions: Audit Finds. 
• Bragg Drops Case Against Jordan, Allowing House GOP To Depose Ex-Manhattan Prosecutor.

NewsMax:

• Mark Morgan: 'Tsunami' Coming With Title 42 Lift.
• Taibbi: Jail Time Threat Chilling, Crazy.

TheGatewayPundit.com: 

• Kenneth Joseph Thomas a Veteran and Father of Four Did Not Enter US Capitol, Did Not Attack Police, Faces 30 Years in Prison.
• Elderly Woman Convicted for Spitting at Black Lives Matter Activist During Violent ‘Summer of Love’ — Could Serve 90 Days in Prison.
• AOC Calls for Government Ban on Tucker Carlson and FOX News Hosts for “Inciting Violence”.
• After Disastrous Debates in 2020, Democrats Have Decided to Not Hold Presidential Debates in 2024.
• Bush, Obama And Clinton Partner With Corporations, and Soros’-Funded NGO To Fly Migrants Into US Interior.
• EXCLUSIVE: U.S. Mayors Team Up with Anti-Defamation League to Assault Free Speech.
• Lawsuit Filed Against DOJ For Records on Appointees Installed in the Department to Advance Biden’s Radical Agenda.
• Get Woke, Go Broke: Bed Bath & Beyond Files for Bankruptcy – Company Threw Conservatives Under the Bus and Dropped MyPillow Products.
• Mueller “Pitbull” Andrew Weissmann Believes FOX Should Now Be Under Government Control.
• Why Is the Western Media Ignoring the U.S. Role in Sudan?
• Bill Maher Asks Why Black Celebrities Don’t Speak Out Against Black Crimes Like in Chicago and New York (VIDEO).
• Rep. Nancy Mace: We Found SEVERAL MORE Biden Family Members Involved, More Shell Companies, and Sources of Funds Unknown (VIDEO).
• HORROR: Woman Kidnapped Right Off New York City Street and Carried Away in Minivan (VIDEO).
• Judge Rules Chicago Employees Fired For Not Getting Vax Must Be Reinstated, Repaid For Lost Wages And Benefits.
• Fetterman Admits He Was ‘Not the Kind of Senator’ Pennsylvania Deserved While He Was Hospitalized for Depression.
• “It’s a Settlement That Never Should Have Happened…Something Else Had to Have Been Involved.” – Harvard Professor and Attorney Dershowitz on FOX Settlement with Dominion.

The Epoch Times:

• Sentencing of US Residents’ Family Over Faith Reveals ‘True Nature of the CCP’: Congressman.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 953,415 Reports(+1,831 from prior week) Through April 14th, 2023.
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Night Trading

• Asian indices are -.5% to unch. on average.
• Asia Ex-Japan Investment Grade CDS Index 127.75 +.75 basis point
  
• China Sovereign CDS 72.75 +.25 basis point.
• China Iron Ore Spot 105.9 USD/Metric Tonne -2.1%
  
• Bloomberg Emerging Markets Currency Index 47.6 unch.
• Bloomberg Global Risk-On/Risk Off Index 57.8 +.9%.
• Bloomberg US Financial Conditions Index .01 -4.0 basis points. 
  
• Volatility Index(VIX) futures 19.6 +1.0%. 
• Euro Stoxx 50 futures +.05%.
• S&P 500 futures -.22%.
• NASDAQ 100 futures -.25%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the week.