Evening Headlines
Bloomberg:
- Germany Urges China to Shut Secret Police Outposts in Berlin.
- The High Cost of Eating Is Crushing Europe.
- Turkey Set for Runoff as Erdogan Falls Just Short of Victory.
- Asian Stocks Rise; Topix Set for Three-Decade High: Markets Wrap.
- Oil Edges Higher With US Seeking Crude for Strategic Reserves.
- Fed Officials Signal Rate Caution on Credit and Price Pressures.
- SVB’s Ex-CEO Says Fed, Social Media Contributed to Collapse.
- Fed’s Barr Wants More Oversight of Bank Executives’ Pay After SVB Collapse.
- US Households Show Signs of Stress as New Delinquencies Rise.
- JPMorgan’s Kolanovic Sees Stock Selloff as US Debt Talks Drag On.
- Drug Companies Are Minting Billions on Unproven Treatments With FDA Shortcut.
- Chicago’s Empty Office Towers Threaten Its Future as a Major Financial Hub.
- Banks Face Regulatory Scrutiny Over Interest-Rate Risks.
- Google Billionaire Sergey Brin Gifts $600 Million in Surging Shares.
- Regional Banks’ Problem: They’re Too Small to Succeed.
- Why the US Housing Market Is Still Broken After Fed Hikes, in Charts.
Zero Hedge:
- "The American Public Was Scammed": Trump Responds After Bomshell Durham Report 'Exonerates'.
- America’s Powerful Intellectual Class Finds 'Joy In Making Us Obey And Be Compliant,' Warns Scholar.
- Average Age Of American Cars Hits Record High.
- Fired Teachers Who Refused COVID Vaccine To Get Full Reinstatement And Back Pay.
- Netflix Race-Swapped Cleopatra Show Receives Lowest Rating In Rotten Tomatoes History.
- Babson's Warning.
- Can we please move?
- Watch: Meleé Erupts At Minneapolis Dems' Nominating Convention.
- US stocks gained alongside a short squeeze in regional banks - Newsquawk Asia-Pac Market Open.
- Kunstler: The Elites Are The Useful Idiots Of The Security State.
- China Suddenly Buys TSYs Amid March US Banking Crisis, Gold Reserves Hit Record High.
- Farewell Questions For Rochelle Walensky.
- Stocks rise with regional banks while Dollar dips on weak survey data - Newsquawk US Market Wrap.
- "Could Be Days" - Yellen Reiterates Warning Of June 1st 'X-Date' For Debt-Ceiling.
- US "Plans" To Buy 3 Million Barrels For SPR Days After It Drained 2.9 Million In One Week.
- Banks & Bond Yields Jump On Goolsbee, Gensler, Biden, Bostic, & Bad Data.
- The Devastating Treasury Basis Trade Is Back And Hitting Record Levels... Just As Liquidity Collapses To All Time Low.
- Tudor Jones Warns "Bitcoin Has A Real Problem" In The US As DeSantis Bans CBDCs.
- The Energy Transition Has A Metals Problem.
Wall Street Journal:
- CEO Pay Packages Decline for First Time in a Decade.
- Air-Bag Recall Demand Came After Eight-Year Probe.
- The Disappearing White-Collar Job.
- Virginia Rep. Connolly’s Staffers Attacked With Bat.
- Biden’s Bleak Story About Race in America Is False. His warnings of ‘white supremacy’ would suit 1960 Alabama. In 2023 they’re merely demagogic.
- Macron Calls for a Green ‘Pause’. Even Europeans are getting fed up with costly regulations.
CNBC.com:
MarketWatch: - Consumer debt passes $17 trillion for the first time despite slide in mortgage demand.
- U.S. Virgin Islands issued subpoena to Elon Musk in Jeffrey Epstein lawsuit.
- Federal agency will start testing universal flu vaccine based on mRNA technology
- More than 140 Democrats defend CFPB in case before Supreme Court that threatens agency’s existence.
- Credit-card debt failed to decline in first quarter — for first time in over 20 years, New York Fed says.
- 14 million mortgages were refinanced during ‘pandemic boom.’ That makes life very difficult for home buyers.
- Warren Buffett’s Berkshire Hathaway switched stakes in two banks, and the stocks head in opposite directions.
- David Tepper’s Appaloosa reveals new Tesla, Nvidia, FedEx positions.
- Ex-CEO of Silicon Valley Bank says no bank could have survived a run ‘of that velocity and magnitude’.
- A stock-market milestone: Apple is now worth more than the companies in the Russell 2000 index combined.
Fox News:
TheGatewayPundit.com:
- Durham Report: Plan by Hillary Clinton to Link Trump to Russia Was Briefed by John Brennan to Obama and Biden in August 2016!
- JUST IN: John Durham Releases Final Report Concluding FBI Had No Verified Intel When it Opened Crossfire Hurricane Investigation Into Trump.
- Biden’s Open Borders Invasion: Illegal Alien Tracking Map Shows Movement of the Masses of Illegals Across the US – 71% End Up in Republican Districts.
- MAJOR FRAUD EXPOSED: Democrats Caught Committing Massive Finance Crimes and Donations Harvesting in Indiana – Exclusive Video.
- PROTESTERS LINE THE STREETS to Greet Serial Liar and Megalomaniac Dr. Tony Fauci to His Commencement Speech at Wash U Medical School in St. Louis.
- Donald Trump Announces He Will Release ALL of the JFK Assassination Files if Re-Elected President.
- SMOKING GUN: “This Election Was RIGGED” – Kari Lake Attorneys Say “Clear Misconduct and Intent” Caused 260 of 446 Tabulators to Fail on Election Day – FILING INCLUDED.
- Kentucky Democrat Lawmaker Dead at 45 After Suffering ‘Significant Medical Emergency’.
- Far-Left Vice Media Files For Chapter 11 Bankruptcy to Enable Sale to Soros.
- Ahead of Swearing In of Radical Progressive Chicago Mayor Johnson, 49 Shootings on Mother’s Day Weekend.
- Biden’s DHS Is Offering Concierge Service for Illegal Aliens – Government Employees will Pick Up Their Tagged Bags at the Border for Them (Video).
Twitter:
- @acemaxx - The burst of optimism that #Fed ’s hiking cycle has reached its peak looks premature after Americans’ 5y #inflation expectations jumped to a 12y high, chart
@GarfieldR1966. (graph) - @WallStCynic - For those that remember, this has early-2007 ABX vibes. BBB- CMBX is down over 10% since October. (graph)
- @Rifleman4WVU - "South Shore, Chicago voted for Joe Biden in 2020 by a whopping 97%. This is how residents are reacting to 250-500 migrants coming to their area:" (video)
- @Mayhem4Markets - The Fed's pivot isn't always well received by the market Source: Goldman Sachs. (graph)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 959,637 Reports(+1,684 from prior week) Through May 5th, 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 mostly higher, boosted by financial and tech shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 130.0 -.25 basis point.
- China Sovereign CDS 72.0 +.25 basis point.
- China Iron Ore Spot 105.5 USD/Metric Tonne +.4%.
- Bloomberg Emerging Markets Currency Index 47.6 unch.
- Bloomberg Global Risk-On/Risk Off Index 55.4 +1.9%.
- Bloomberg US Financial Conditions Index -.12 -8.0 basis points.
- Volatility Index(VIX) futures 20.2 +.8%.
- Euro Stoxx 50 futures +.14%.
- S&P 500 futures -.11%.
- NASDAQ 100 futures -.06%.
BOTTOM LINE: Asian indices are mostly higher, boosted by financial and tech shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
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