Tuesday Watch

Evening Headlines

Bloomberg:

• Global Carbon Markets Face Upheaval as Nations Remake the Rules.
• China Edging Out Russia as Sanctions Redraw Trade for Kazakhstan.
• Asian Stocks Set for Mixed Open as US Rally Pauses: Markets Wrap.
• Oil Dips as Optimism Over Saudi-Led Production Cut Fades Fast.
• Inside the SEC’s Allegations Against Binance and CZ.
• Apple Headset Looks Sleek in Person But Battery Pack Stands Out.
• Intel to Raise About $1.5 Billion in Sale of Part of Mobileye.
• FBI Director to Face Contempt of Congress Hearing in Escalating Biden Probe.
• Return of Student Loan Payments Will Stretch Household Budgets.
• Biden Debt-Bill Signing Set to Unleash Tsunami of US Debt Sales.
• From Goldman to JPMorgan, Deals Have Dried Up. 
• Five Things You Need to Know to Start Your Day.
• A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead.

Zero Hedge:

• "We Are Not Alone": US Has Retrieved Craft Of 'Non-Human Origin' Says Whistleblower From Govt. Task Force On UFOs
• Here Are Goldman's Top Takeaways From Its Semiconductor Conference As Tech Execs Focused On AI
• When Your Own Government Confirms It Paid Censors To Silence You...
• El Niño Fears Surge Among CEOs As Economy In Crosshairs Of Extreme Weather.
• 800 Years Of History In One Paragraph.
• Park Hotels Makes "Difficult" Decision To Stop Paying San Fran CMBS Loan, Citing "Concerns Over Street Conditions".
• The US Desperately Needs A Political Brain Transplant.
• US stocks were mostly lower after disappointing data and Apple's WWDC - Newsquawk Asia-Pac Market Open.
• The Strange Pandemic Of 'White' Disparagement.
• US Refuses To Release Over 8,000 Hours Of Jan. 6 Security Footage: Court Filing.
• Why Is Corporate America Destroying Itself?
• Overbought tech needs a pause.
• AAPL and market reverses strength after VR headset announcement; Dollar and yields lower on surprise ISM fall - Newsquawk US Market Wrap.
• 15 Reasons Why Mass Media Employees Act Like Propagandists.
• Junk Firms Face Steepest Debt Costs In Decade As Economic Reckoning Arrives.
• GOP Donor's Family Killed In Private Jet Crash After Military Scrambled F16s.
• Stocks Sink As 'Appulus' Fails To Impress; Gold Up, Crypto Down, Oil Flat.

Wall Street Journal:

• ‘Organized Retail Crime Is Definitely a Thing’. Shop clerks should not have to develop elite crime-fighting skills. 
• Big Banks Could Face 20% Rise in Capital Requirements.
• Investor Bets on Fed Rate Cuts Fade.
• Former ByteDance Executive Claims Chinese Communist Party Accessed TikTok’s Hong Kong User Data.
• Customer Ratings Have Become Meaningless. ‘People Hand Out 5 Stars Like It’s Candy.’5 min read.
• Cancer Doctors Rethink Aggressive Treatments.
• Tech Downturn Hits West Coast Economies.

CNBC.com:

• Japan’s yen is weakening again, prompting talk of another intervention worth billions.
• Apple announces first major product since 2014: Vision Pro for $3,499.
• SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations.
• Intel drops as Apple moves to its own silicon on all computers.

MarketWatch:

• The $3,499 Vision Pro headset, iOS 17, and everything else Apple just announced at WWDC
• Bitcoin drops after SEC files 13 charges against Binance, founder Changpeng Zhao
• The six wildest allegations the SEC is making against Binance
• Younger workers know being remote has drawbacks, but they don’t care. Here’s why.

Newsmax:

• DeSantis Campaign Ad Hits Trump for Not Firing Fauci.
• Neil Chatterjee: Biden Hindering Energy-Independence.

Fox News:

• Musk says Target can expect shareholder lawsuits soon as trouble mounts for retailer.
• College hit with complaint alleging program discriminated against White males.
• Comer to hold FBI Director in contempt of Congress after viewing Biden document.

TheGatewayPundit.com:

• CAN’T MAKE THIS UP: The Ladies of The View Send in White Crew Member to Shut Down Tim Scott During their Discussion on Race (VIDEO).
• Comer: FBI Confirmed the Document Alleging Biden Engaged in $5 Million Bribery Scheme is From Highly Credible Informant.
• HUGE: Postal Service Releases Final Report – Contract Driver Jesse Morgan Vindicated – Report CONFIRMS He Hauled Trailer of Ballots from NY to PA in Late October 2020
• Robert Kiyosaki On “The Three Times Crash” and Why His Generation With 401Ks Could Be Wiped Out.
• Videos: Elementary School Turned into LGBTQI+ Pride Indoctrination Camp.
• University of Cincinnati Student Claims She Received a Zero on a Class Project for Using Term ‘Biological Women’.
• Globalist World Health Organization Will Take Up EU System behind Digital Vaccine Passports to “Facilitate Global Mobility” and “Better Protect Citizens”.
• REVEALED: Woke Target Funding Anti-White, Marxist Organization that Wants to Destroy America’s Military and Give Away Mount Rushmore and Other Public Lands to “Truly Dismantle White Supremacy”.
• Tempe Holds First Annual All Ages Drag Show – LGBTQ Rapper Sings About Gay/Anal Sex and Converting Straight Men Gay – Drew Hernandez Video.
• TRAGIC: Chinese Communist Regime Arrests Hong Kongers for Commemorating Tiananmen Square on Anniversary.
• Iconic Children’s Show Shoving ‘Pride Month’ Down Kids’ Throats: ‘Happy Pride! Elmo Loves You’.

The Epoch Times:

• White House Decries Chinese Military’s ‘Growing Aggressiveness’.
• US Releases Video Showing Close-Call in Taiwan Strait With Chinese Destroyer.
• ‘A Symbol of Defiance’: Memory of Tiananmen Square Massacre Kept Alive by Advocates.

Twitter: 

• @JamesMelville - New evidence published by three climate scientists from the University of Leeds states that in 11 years to 2019, the ice shelves around Antarctica grew in overall size, with overall shelf size increasing by 5,305 km2. Follow the science.
• @zerohedge - Here's a better one: since the covid crash, all new jobs - over 2 million - have gone to foreign-born workers. And in May, native-born workers tumbled again, by 369K, while foreign-born jumped 297K to an all time high. (graph)
• @unusual_whales - On some streets in San Francisco, almost every other retail store is vacant, from Reddit: (video)
• @RobertKennedyJr - Farmland buying spree by Wall Street's mammoth hedge funds and China are turning America’s and the globe's agricultural landscapes into corporate fiefdoms and farmers into serfs.
• @OwlAmuseYou - Disney. (video)
• @songpinganq - Police robots  with facial recognition cameras roaming in China's streets. Once they detect people with low social credit score, immediately an alarm sends to authority. People with low social credit score are barred from entering high-end hotels, night clubs, golf courses. (video)
• @GregCrennan - The Senate has passed the debt limit bill. I wonder if prices of everyday goods will be higher in the future I wonder…… (graph)

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 963,283 Reports(+1,415 from prior week) Through May 26th, 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 equity indices are -.5% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 117.25 +.5 basis point. 

• China Sovereign CDS 62.0 +1.25 basis points
  
• China Iron Ore Spot 105.8 USD/Metric Tonne +.72%.

• Bloomberg Emerging Markets Currency Index 46.3 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 59.7 +.7%. 
• Bloomberg US Financial Conditions Index -.02 -14.0 basis points.
  
• Volatility Index(VIX) futures 18.4 +.22%.
• Euro Stoxx 50 futures -.16%.

• S&P 500 futures -.07%.

• NASDAQ 100 futures -.11%.  

Morning Preview Links

BOTTOM LINE: Asian indices are modestly lower, weighed down by tech and commodity 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 day.