Wednesday Watch

Evening Headlines

Bloomberg:

• China Weighs Broad Stimulus With Property Support, Rate Cuts.
• China’s Stimulus Runs Into Wall of Doubts in a Bearish Market. 
• Yen Carry Traders Cheer on Ueda’s Softly-Softly Approach to BOJ.
• Australia Reviews Financial Crisis Plans After Global Stresses.
• Trudeau Clean Grid Plan Has Alberta Leader Pledging Defiance.
• Asia Stocks Primed to Rise on Policy Rates Outlook: Markets Wrap.
• Here’s What to Expect From the Fed’s Interest Rate Decision.
• Demand for Custom AI Bots Leads to Hiring Push at India IT Firm.
• McCarthy’s Deal With Republican Rebels Risks US Government Shutdown.
• Americans Say They Need $2.2 Million to Be Considered Wealthy.
• SEC to Weigh New Artificial-Intelligence Rules for Brokerages.
• Anxiety Rocks Student Borrowers as Chance of $20,000 Relief Dims.
• JPMorgan’s Bond-Market Contrarian Sticks to Big Wager on Cash.
• US Consumer Watchdog Warns About AI’s Impact on Financial System, Housing Market.
• Traders Position for a Fed Pause But Start Unwinding Cut Wagers. 
• Five Things You Need to Know to Start Your Day.

Zero Hedge:

• Tucker Carlson Pinpoints The Exact Moment That 'Permanent Washington' Decided To Send Trump To Prison.
• The Collapse Just Won't Stop: 10 Weeks Later, Tranheuser Busch Sales Still Cratering, Down 27%.
• The Pandemic of Nuclear Trash Talk: Victor Davis Hanson.
• NYC's Police Commissioner Abruptly Resigns; Days After Baltimore's Top Cop's Sudden Departure.
• New Jersey Bill Would Deny Funding To Schools If Their Libraries Remove Pornography.
• 22 US Troops Injured In Helicopter Accident Over Syria.
• Equity Allocation Tumbles To 5 Month Low As Everyone Plows Into Tech And Stocks Soar: June Fund Manager Survey.
• Default By Inflation Is The Real Drama In The Global Debt Market.
• US stocks gained and yields climbed as markets digested US CPI data ahead of the FOMC - Newsquawk Asia-Pac Market Open.
• Economic Freedom Is Under Assault In Washington.
• White House Slams "Inappropriate & Disrespectful" Behavior Of Topless Trans Guests At Pride Event.
• Better than 1999.
• Fauci And Pfizer Lied To Trump About COVID-19 Vaccine, Claims Navarro.
• Yields soar to post-SVB highs amid pre-Fed positioning after in-line core CPI - Newsquawk US Market Wrap.
• Home Depot CEO Warns 'Organized' Theft Tsunami Is "A Big Problem".
• WTI Holds Gains After Crude Build, Biden Admin SPR-Refill News.
• Dollar Dives As Yellen Questions Reserve Currency; Bonds & Bullion Battered After Mixed CPI.

Wall Street Journal:

• Inflation Is Biden’s Election Headwind. His presidential campaign touts an economic recovery while consumers see only rising prices.
• Goldman Sachs Is at War With Itself.
• Renters Are About to Get the Upper Hand.
• The Awkward Partnership Leading the AI Boom.
• Bud Light Loses Title as Top-Selling U.S. Beer.
• Toyota Develops an EV With Simulated Stick, Engine Roar.
• What if the Most Powerful Way to Live Longer Is Just Exercise?
• From Mine to Battery: Indonesian Nickel Drives the World’s EV Market.
• First It Was Quiet Quitting, Now Workers Are Facing Off With Their Bosses.

CNBC.com:

• Here’s the inflation breakdown for May 2023, in one chart.
• Google’s return-to-office crackdown gets backlash from some employees: ‘Check my work, not my badge’.
• Eli Lilly CEO says Medicare price negotiations could harm drug development.

MarketWatch:

• ‘Greedflation’ is replacing inflation as companies raise prices for bigger profits, report finds.
• Here’s why U.S. markets might get rattled by the Fed’s next move.
• Nvidia officially closes in $1 trillion territory, becoming seventh U.S. company to hit market-cap milestone.
• Tesla stock extends record win streak to 13 days, notches biggest gain since September.

Newsmax:

• Trump Defense Team Still Taking Shape as He Pleads Not Guilty in Fla. Court.
• Rep. Mooney: Restrict DOJ Funds.
• Don Jr.: 'Trump Derangement Syndrome' Exposes Corrupt DOJ.
• Trump Calls Out Prosecutor's Conflicts, Dem Ties.
• Rep. Langworthy Talks 'Smoking Gun' of Biden Corruption.
• Rep. Fallon: Biden Bribe Scheme Makes Watergate ‘Look Like a Parking Ticket’.

Fox News:

• LIVE UPDATES: Trump to address supporters tonight in NJ
• Teacher allegedly threatens students who challenged 'woke' video during math class
• 'DARK DAY': Republicans erupt over Trump arraignment

TheGatewayPundit.com:

• JUST IN: Trump Pleads Not Guilty, No Further Conditions Imposed, No Travel Restrictions, No Cash Bond Imposed (VIDEO)
• Real Wages Under Joe Biden Were Down for the 26th Straight Month in May – A New US Record.
• JUST OUT: Tucker Responds to Trump Arrest – Reveals the Precise Moment the Government Decided to Send Trump to Prison (VIDEO).
• Kari Lake Attorney: Maricopa County’s Chain of Custody Docs Show 18,000 Illegal Ballots Were Injected The Day After The Polls Closed In 2020.
• Students Revolt Against “Pride” Month Spirit Day at Massachusetts School; Glare at Teachers, Tear Down Signs, Wear Red, White and Blue, Chant “U.S.A. Are My Pronouns!”.
• REPORT: Largest Catholic Healthcare System In America Is Performing Transgender Surgeries on Children and Providing Other “Gender Affirming” Care Services.
• Biden Regime Sends $325 Million More in Security Aid to Ukraine, Following $2.1 Billion Arm Aid Sent 4 Days Earlier.
• What Changed? Even BlackRock Is Advising Its Clients to Look At Investing In Gold.
• Curious Timing: Biden Admin, Liberal PAC Each Launch PR Offensives Supporting Unpopular Kamala Harris; Emily’s List to Spend “Tens of Millions” of Dollars Propping Up Veep.
• Globalist RINO Paul Ryan Gets BLOWN UP for Ripping President Trump and Defending Trans Children Mutilation (VIDEO).
• Global Food-Processing Giant Announces World’s Largest Lab-Grown Meat Facility to be Built in 2024.
• Biden DOJ Wants to See Trump Die in Jail – Faces 400 Years in Prison If Found Guilty on All Charges.

The Epoch Times:

• RCMP Shut Down Operations at Alleged Chinese Police Stations, House Committee Hears.
• IN-DEPTH: Intelligence Analyst Sounds Alarm on CCP’s Influence Over WHO Through ‘One Health’ Ideologies.

Twitter: 

• @CitizenFreePres - Demonic. (video)
  
• @amuse - FLASHBACK: Biden bragging about getting the Ukrainian prosecutor investigating Burisma fired. (video)
• @theinformantofc - #Biden's HHS assistant #trans secretary #RachelLevine calls child mutilation "necessary." “Gender-affirming care is medically necessary, safe, and effective for transgender and nonbinary youth.” (video) 
• @zerohedge - Inventory changes across the semiconductor space. (graph)
• @EricCortellessa - @KariLake's new song "81 Million Votes, My Ass" is now the #1 song on iTunes.
• @Breaking911 - TRUMP: "Today, we witnessed the most evil and heinous abuse of power in the history of our country. A corrupt sitting president had his top political opponent arrested on fake and fabricated charges of which he and numerous other presidents would be guilty." (video)
  

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 964,389 Reports(+1,106 from prior week) Through June 2nd, 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 -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 113.0 -.75 basis point. 

• China Sovereign CDS 61.0 -.5 basis point.
  
• China Iron Ore Spot 111.0 USD/Metric Tonne -.64%.

• Bloomberg Emerging Markets Currency Index 45.1 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 63.0 +1.5%. 
• Bloomberg US Financial Conditions Index .04 -1.0 basis point.
  
• Volatility Index(VIX) futures 17.1 +.03%.
• Euro Stoxx 50 futures -.11%.

• S&P 500 futures -.07%.

• NASDAQ 100 futures -.06%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and industrial 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.