Evening Headlines
Bloomberg:
- Yuan Weakens Toward Key Psychological Level Amid Data Misses.
- Wall Street’s Biggest Banks Face a Harsh Reality Check in China.
- UBS Maintains Investment Flows in Taiwan as Tensions Mount.
- Japan Economy Grows More Than Expected After Technical Recession.
- UBS Sees Multibillion Gain on Credit Suisse, But Legal Costs Too.
- Japan Stocks Add to Gains After GDP Beats Forecast: Markets Wrap.
- Oil Edges Lower as Concerns Over China’s Recovery Cloud Outlook.
- The Key Points That Could Complicate a Debt-Limit Deal.
- Elon Musk Says Tesla Will Try Advertising.
- US Challenge to Amgen Deal Threatens Big Pharma Business Model.
- Fed Officials Reveal Debate Over Whether to Pause Rate Hike in June.
- Americans Have Never Been So Unwilling to Relocate for a New Job.
Zero Hedge:
- Bud Light Backlash Shows No Sign Of Letting Up, And Now There Is Contagion To Budweiser, Busch And Michelob.
- Russia Says It Took Out US-Supplied Patriot Missile In Hypersonic Strike On Kiev.
- Von Greyerz & Macleod: Insights On The Rotten State Of The Banking System.
- Report Reveals ATF Misappropriated $20 Million To Pay Bureaucrat Salaries.
- GOP Presidential Candidates React To Durham Report: 'Shut Down The FBI'.
- US X-Date Is Now June 5 As Treasury Burns $52BN Cash In One Day, Only $87BN Left.
- IEA Lift Global Oil Growth Forecast On Record Chinese Demand.
- Escobar: US Empire Of Debt Headed For Collapse.
- US stocks declined amid mixed data and debt ceiling concerns - Newsquawk Asia-Pac Market Open.
- This Is What Hedge Funds Bought And Sold In Q1: 13F Summary.
- From tech highs to debt ceiling and tail risks.
- Debt Ceiling Brinksmanship And The Necessity For Spending Reforms.
- Four Reasons Why Chicago Should Dump Its 'Sanctuary City' Status.
- WTI Holds Losses After Another Surprise Crude Build, Cushing Stocks Soar.
- Stocks and bonds lower after mixed data, Fed speak, debt ceiling talks and earnings - Newsquawk US Market Wrap.
- Victor Davis Hanson: Hang All The Members Of The Liars' Club?
- Biden & Bad Data: Big-Tech Bid, Banks Skid; Bonds & Bullion Breakdown.
Wall Street Journal:
- Rare Pharma Antitrust Action Seeks to Block Amgen-Horizon Deal.
- What Everyone—Except the U.S.—Has Learned About Immigration.
- The Return to the Office Has Stalled.
- The Left’s War on the Rule of Law. There’s no greater threat to our form of government than attacks on the Supreme Court and the judiciary’s legitimacy.
- The ESG Proxy Vote Ranking. Is your asset manager voting based on the interests of investors or for political agendas?
- Why the Durham Report Matters to Democracy. It is a damning account of the corruption of the FBI and its accomplices.
- Americans Curb Spending on Home Improvements.
- ChatGPT’s Sam Altman Warns Congress That AI ‘Can Go Quite Wrong’.
- Couples Can Soon Put Over $10,000 a Year Into Health Savings Accounts.
- China’s Recovery Loses Steam, Signaling Trouble for Global Economy.
CNBC.com:
- Progress made in White House debt limit meeting, talks to continue as U.S. rushes to prevent default.
- Elon Musk talks Tesla, Twitter, and why he tweets freely — even if it costs him money.
- Elon Musk: Working from home is ‘morally wrong’.
- CNBC Daily Open: Consumer demand is flagging.
- Why Home Depot’s weak outlook could be a warning sign for Target earnings.
- Elon Musk on 2024 election: We want a good CEO of America.
- Apple’s next big iPhone update lets you create a digital voice that sounds like you.
- What Home Depot’s poor outlook means for stock market, economy.
MarketWatch:
Fox News:
- Karine Jean-Pierre ends press briefing after being pressed on bombshell Durham report.
- 'Alarming' MLB team partnership with radical LGBT activists draws Catholic ire.
TheGatewayPundit.com:
- Sports Illustrated Puts Transgender Biological Man on Cover of Swimsuit Edition.
- BREAKING: Soros-Funded St. Louis Circuit Attorney Kim Gardner Resigns Early – Will Leave Office Today.
- House Oversight GOP Releases Statement After Biden Regime Retaliates Against IRS Whistleblower, Knifes Entire Team Investigating Hunter Biden.
- WATCH: Shocking Video Shows Maricopa County’s Fraudulent Signature Verification – Worker “Verifies” Signatures in LESS THAN 2 Seconds Per Signature.
- BREAKING: O’Keefe Media Group Releases Undercover Video, FOX News Producer Reveals, “Tucker Getting Fired Was Part of It” – The Dominion Settlement! (VIDEO).
- Never Forget the Misinformation and Collusion by the Mockingbird Media Regarding “Russia, Russia, Russia” – And Remember Who Had it Right from the Beginning.
- University of Wyoming Sorority Sisters Live “In Constant Fear” of Giant Transgender Student Who Sexually Harasses Them in Multiple Ways Including Silently Staring at Them While Visibly Aroused (VIDEO).
- MIT Scientists Create Device That Can Hack Dreams.
- 5th Grade Teacher Who Showed Students LGBT-Themed Disney Movie Says “Rights as Parents… Are Gone When Your Child is in the Public School System” (VIDEO).
- “They Dragged Us to Hell and We Are Standing and Fighting Back” – Kari Lake Has THREE Whistleblowers Who Will Testify that 130,000 Did Not Pass Signature Verification — But Election Officials Counted Them Anyway!
- NEVER FORGET: Nancy Pelosi Swore She Had “Cold Hard Evidence” of Collusion Between Russia and Trump Family – A COMPLETE LIE – Video.
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 131.75 +1.75 basis points.
- China Sovereign CDS 72.75 +.75 basis point.
- China Iron Ore Spot 104.0 USD/Metric Tonne -.9%.
- Bloomberg Emerging Markets Currency Index 47.4 unch.
- Bloomberg Global Risk-On/Risk Off Index 54.9 +1.7%.
- Bloomberg US Financial Conditions Index -.17 -10.0 basis points.
- Volatility Index(VIX) futures 20.5 -.7%.
- Euro Stoxx 50 futures -.25%.
- S&P 500 futures +.15%.
- NASDAQ 100 futures +.15%.
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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