Evening Headlines
Bloomberg:
- Chinese Tropical Island at Center of Alleged Green Fuel Fraud.
- ECB Bid to Diverge From Fed Pits Lagarde Against Tide of History.
- Toronto-Dominion CEO Has War Chest He Can’t Spend After First Horizon Deal Collapses.
- Asia Stocks Face Headwinds From US Local Bank Rout: Markets Wrap.
- Oil Set for Worst Run This Year as Recession Fears Rattle Market.
- FDIC Plans to Hit Big Banks With Fees to Refill Insurance Fund.
- Google Is Falling Behind in AI Arms Race, Senior Engineer Warns.
- Apple’s Tim Cook Says AI Concerns Still Need to Be Sorted Out.
- Fed Emergency Loans Plunge After First Republic Seizure.
- Return of Regional Bank Angst Batters Corporate Debt Markets.
- Bank-Stock Short Sellers Are Doing ‘A Meaningful Service.’ Dick Bove Says.
- Hollywood Studios Say They Offered Writers a $97 Million Raise.
- Peloton Discloses Bike Seat Defect and Says a Fix Is Planned.
- Pacific West Bancorp Tries to Avoid a Case of Mistaken Identity.
- Fed Rate Hikes Are Weighing on the Housing Market. That’s Bad News for Construction Jobs.
- Five Things You Need to Know to Start Your Day.
Zero Hedge:
- New Footage Shows El Paso Engulfed In 'Mass Migration Dumpster Fire' As State Of Emergency Declared.
- "Credit Tightening" Mentions In Earnings Calls By Execs Soars Past 2008 Levels.
- Fentanyl Overdose Deaths Skyrocket 279% Since 2016 Amid Nationwide Drug Crisis.
- Black Caucus Urges Senate Dems To Demolish Judiciary Nomination Tradition.
- Fox's Gutfeld Defends Tucker Carlson After Video Leaks Draw Backlash.
- Cash-Strapped Millennials Turn To Thrift Stores For Wedding Attire.
- 'Disgraceful': GOP Senators Accuse Dems of Threatening To Cut SCOTUS Security Funding Amid Ongoing Threats.
- The New Ugly Americans: VDH.
- US stocks were lower as banking sector woes continued to drag - Newsquawk Asia-Pac Market Open.
- Debunking Kiev & Blinken's Latest Lie.
- Apple Jumps After Beating Across The Board, Announcing Massive $90 Billion New Stock Buyback.
- Massive Retail Money Market Inflows Suggest Bank Deposit Run Accelerating.
- Risk off sustains on more bank woes and mixed ECB ahead of NFP - Newsquawk US Market Wrap.
- Novo Forced To Limit Supply Of Blockbuster Obesity Drug Amid Soaring Demand.
- May The 4th Be With The Shorts: Regional Bank Rout Sparks Bond & Bullion Bid.
- Market faces systematic selling and renewed liquidity tightening.
Wall Street Journal:
CNBC.com:
- Regional bank stocks continue to slide on Thursday with PacWest leading the way down 50%.
- Apple reports better-than-expected quarter driven by iPhone sales.
- Stocks making the biggest moves after hours: Apple, Carvana, DoorDash, Block and more.
- Americans haven’t been this worried about their bank deposits since the 2008 financial crisis.
- Crypto has ‘lost its shine’ for institutional investors, says Northern Trust executive.
- Icahn Enterprises rallies 10% as company to pay out $2 a unit, says it does not have a liquidity problem.
- Coinbase stock rises as Q1 results beat, but company warns bank disruptions are rattling crypto.
- Lyft stock sinks as forecast falls short of estimates, while new CEO takes aim at Uber.
- Bank stocks may need to drop at least 30% before its time to worry about the economy, study says.
Newsmax:
Fox News:
TheGatewayPundit.com:
- Kirby Walks Away After Refusing to Comment on Allegations of a “Criminal Scheme Involving Then-VP Biden and a Foreign National” (VIDEO).
- In Pre-Recorded Message Tucker Carlson Predicted His Ouster from FOX News (Video).
- Breaking: Top Intel Chiefs Forced to Testify Over Hunter Biden Laptop Lie – John Brennan and James Clapper to Appear Before House Committee.
- Navy SEAL Who Killed Bin Laden Disgusted by Navy’s New Recruitment Tactic: ‘I Can’t Believe I Fought for This’.
- Four Horses Mysteriously Die at Churchill Downs Just Days Before 149th Running of Kentucky Derby – VIDEO.
- Report: Massive Bus Caravan of Migrants Out of Costa Rica Headed to the US Border as Title 42 Expires (VIDEO).
- “It Was One Can and Not a Campaign!” – Anheuser-Busch CEO Sidesteps Apology – Makes Embarrassing Excuses in Call to Investors While Addressing Dylan Mulvaney Bud Light Partnership.
- Release of Transgender Nashville Shooter’s Manifesto Delayed Yet Again, Supposedly Because of ‘Pending Litigation’.
- Biden Regime Scheming with Environmentalists to Unleash Backdoor Ban on Hunting and Fishing Across Parts of America.
- ‘Not Even Bud Lite…Lost This Much’: Ratings Showcase the New Normal for Fox News Without Tucker.
- Doctor Launches New Class Action Lawsuit Against Australian Government Over Vaccine Injuries.
- 15-Year-Old Western Michigan High School Athlete Dies Suddenly After Medical Emergency.
- China’s Growing Military Influence in Latin America Sparks Concern in US.
- Communist China Seeks to Undermine US on Path to Global Hegemony: Intelligence Director.
Twitter:
- @Rasmussen_Poll - Update: "How likely is it that cheating affected the outcome of the 2020 presidential election?" Likely / Not likely: All: 62% / 32% (new record high) Rep: 80% / 16% Dem: 45% / 50% Ind: 64% / 28%.
- @songpinganq - China's skynet now has over 700 million facial recognition surveillance cameras —— half of the world total. In China, CBDC is linked to your Digital ID/face. If you drive too fast, skynet (cameras) will automatically fine you and debit your bank account via Digital Wallet. (video)
- @DocAhmadMalik - Covid was the biggest land grab in terms of wealth, from the average person to the super rich. Billions were spent, of our money. If properly spent a fraction of that amount could have revolutionised & improved everyone's health for good. It was never about our health.
- @stillgray - Doctors are being educated dumber.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 955,352 Reports(+1,937 from prior week) Through April 21st, 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
Morning Preview Links
BOTTOM LINE: Asian indices are modestly lower, weighed down by consumer and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.5% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 136.5 +1.75 basis points.
- China Sovereign CDS 78.0 +1.5 basis points.
- China Iron Ore Spot 96.50 USD/Metric Tonne -2.96%.
- Bloomberg Emerging Markets Currency Index 47.8 +.01%.
- Bloomberg Global Risk-On/Risk Off Index 50.1 -.05%.
- Bloomberg US Financial Conditions Index -.21 -1.0 basis point.
- Volatility Index(VIX) futures 22.7 -.96%.
- Euro Stoxx 50 futures +.23%.
- S&P 500 futures +.29%.
- NASDAQ 100 futures +.38%.
BOTTOM LINE: Asian indices are modestly lower, weighed down by consumer and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
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