Evening Headlines
Bloomberg:
- China Has Ample Tools Even in ‘Panic’ Yuan Drop, PBOC Paper Says.
- Emerging Asia Bonds, Currencies Have Lost Their Traditional Link.
- Companies Play Catch-up as Cybersecurity Attacks Rise in Digital India.
- Asian Equities Slide as Fed Minutes Show Hike Bias: Markets Wrap.
- CFTC Investigators Conclude Crypto Lender Celsius, Ex-CEO Broke Rules.
- Fed Minutes Reveal Divisions Over Decision to Pause in June.
- Instagram Unveils Threads App, a Threat to Musk’s Twitter.
- Rivian CEO Eyes Production Ramp, New Partners After Supply Woes.
- Exxon Sees $4 Billion Earnings Hit from Gas Prices, Refining.
- SVB Financial Approved to Sell Investment Bank Back to Founder for $100 Million.
- Biden to Announce $60 Million Enphase Energy Investment.
- Five Things You Need to Know to Start Your Day.
Zero Hedge:
- Secret Service Confirms Cocaine Was Found In West Wing Phone Cubby Hours After Hunter Biden Visit.
- Instead Of Hot Chicks In Bikinis, Bud Light Goes With 'Grunting Men' In Rehab Fail.
- Ban On Recording Without Consent Is Unconstitutional, US Court Rules.
- Congratulations To Washington State For Topping California On Nation's Highest Gasoline Prices.
- US Gun Demand Drops To Four-Year Low.
- Online Marketplace For Companies Supporting Conservative Values To Go Public.
- How The World Goes Online.
- Actress Allison Mack Released From Prison After Sentencing For Role In NXIVM Sex Cult.
- The Fatal Error Of Sheep.
- Last Friday Was The Busiest Day In US Aviation History.
- Weak data and rising yields contributed to a post-Independence Day hangover for stocks - Newsquawk Asia-Pac Market Open.
- As AG Landry Takes Victory Lap, Matt Taibbi Taunts "Orwellian Ministry Of Truth": Take That, Internet Censors!
- Teflon tech defies rates.
- Rickards: Globalist Elites Fear You.
- More Than 105 Million Working-Age Americans Do Not Have A Job Right Now.
- These Are The Best And Worst Performers Of June, Q2 And The First Half.
- Stocks and bonds fall on Independence Day hangover ahead of key data - Newsquawk US Market Wrap.
- July 4th Hangover & Hawkish Fed Hits Bonds, Bitcoin, & Bullion; Cyclical Stocks Sink.
Wall Street Journal:
- How China Came to Dominate the World’s Largest Nickel Source for Electric Cars.
- The Biden-Big Tech Collusion Case. A judge rules that illegal White House pressure led to social-media censorship, especially on Covid-19.
- Los Angeles Mayor Karen Bass Is Trying to Get Homeless People Off the Street Fast.
- Some Fed Officials Supported Raising Rates in June.
- Markets Ignore the Looming Debt Peril.
- America’s Retirees Are Investing More Like 30-Year-Olds.
- Taiwan’s Impossible Choice: Be Ukraine or Hong Kong.
- U.S. New-Vehicle Sales Rise an Estimated 13% in First Half of Year.
- Rebound in Rates Puts Pressure on Banks.
- UPS, Teamsters Hit Roadblock in Labor Talks.
- Some Hospitals That Spent Big on Nurses Are Now Short on Cash.
- Elite Colleges Will Still Seek Diversity After Affirmative Action.
CNBC.com:
- Fed sees more rate hikes ahead, but at slower pace, meeting minutes show.
- Bill Ackman stuns Wall Street by amplifying RFK Jr.’s vaccine skepticism.
- A global commodities rout is fueling fears of a bleak economic future.
- Biden administration gives student loan borrowers some leeway when payments restart.
- ChatGPT app downloads are slowing down, BofA finds.
- 30% of Americans say ‘tipping culture is out of control’ — even some businesses agree.
- Trump fundraising haul surged in second quarter as he battled indictments.
- These are the 10 highest-paid CEOs in the U.S.—some pull in over $200 million a year.
MarketWatch:
Newsmax:
Fox News:
Fox News:
TheGatewayPundit.com:
- ‘Does Biden Acknowledge This Little Girl as His Granddaughter?’ – Reporter Confronts Karine Jean-Pierre About Biden’s Refusal to Acknowledge Hunter’s Lovechild (VIDEO).
- France Has Fallen: After 1,000 Buildings Burnt, 5,600 Vehicles Destroyed, 3,300 Arrests, Government Vows to Crack Down – On Free Speech
- Joe Biden Laughs Off Questions About Cocaine Found in White House (VIDEO).
- Bat-Wielding Youths Club Mothers Outside School in Wealthy San Francisco Neighborhood – Woke Local Politician Commits Self-Own While Excusing the Violent Behavior (VIDEO).
- REPORT: Tayler Hansen Reveals Precisely How Chinese-Run Tiktok is Letting Mexican Drug Cartels Target Americans for Human Smuggling Jobs (VIDEO).
- Radioactive Material Reported Missing Near Southern U.S. Border — U.S. Officials Remained Silent While Mexican Officials Issued Alert.
- Joe Rogan Discusses How Corporate Media, Big Tech and the FBI Rigged the Election Against Donald Trump (VIDEO).
- Vietnam Bans “Barbie” Movie As Hollywood Kowtows to China Using Map that Favors China’s South China Sea Claims.
- Ben & Jerry’s to Bud Light, ‘Hold My Beer’ – Overpriced Ice Cream Company Trashes US on Independence Day.
The Epoch Times:
Twitter:
- @gatewaypundit - REPORT: The United Nations is Trying to Seize ‘Global Emergency’ Powers With Support From Biden.
- @songpinganq - By law, if Chinese citizens' social credit scores are too low, their kids are banned from the exclusive/top schools. Here is one exclusive school in Chengdu city, China. (video)
- @theinformantofc - #France, #Marseilles burns for an 8th night. (video)
- @RobinBrooksIIF - It's really quite shocking how bad the Euro zone manufacturing PMIs are now. They have fallen below their 2022 lows in Germany (top left), Italy (top right), Austria (bottom left) and the Netherlands (bottom right). There is no demand-driven inflation. Recession is coming... (graphs)
- @nowvideonetwork - Military armored personnel carriers arrive in Marseille, France, forces armed with heavy weapons as Macron faces calls to impose ‘state of emergency’. The rioters are armed with automatic rifles, shotguns, IEDs, and molotov cocktails. (video)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 966,895 Reports(+1,278 from prior week) Through June 16th, 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 lower, weighed down by financial and industrial 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.
- Asian equity indices are -.75% to -.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 115.0 +1.5 basis points.
- China Sovereign CDS 62.0 -2.25 basis points.
- China Iron Ore Spot 110.0 USD/Metric Tonne +.34%.
- Bloomberg Emerging Markets Currency Index 43.4 +.02%.
- Bloomberg Global Risk-On/Risk Off Index 64.1 -.4%.
- Bloomberg US Financial Conditions Index .31 -6.0 basis points.
- Volatility Index(VIX) futures 16.6 +.6%.
- Euro Stoxx 50 futures -.16%.
- S&P 500 futures -.14%.
- NASDAQ 100 futures -.15%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and industrial 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.
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