Evening Headlines
Bloomberg:
- VC Firms Investing in China’s Tech Companies Draw US House Panel Investigation.
- Russia Could Attack Civilian Grain Ships in Black Sea, US Warns.
- Brazil’s All-Powerful Sugar Industry Is Souring the Country on EVs.
- Japan Trade Balance Swings to Surprise Surplus in June.
- Musk Says Tesla to Spend Over $1 Billion on Dojo Supercomputer.
- Musk Bets the House of Tesla on Low Prices and Razor-Thin Margins.
- Elliott Builds Stake in Catalent to Push for Changes.
- Goldman Profit Tumbles on Real Estate Hits, Dealmaking Slide.
- 'Apple GPT' Is Being Developed to Challenge OpenAI and Google's Bard.
- Nadella’s Microsoft Payouts Top $1 Billion on 1,000% Stock Boom.
Zero Hedge:
- 'Most Contemptible Song Of The Decade': Country Music TV Bans Jason Aldean's "Try That In A Small Town" Video
- Biden DoD Lets Transgender Service Members Skip Deployments, Receive Indefinite Physical Fitness Waivers: Confidential Memo.
- The Collapse Of The "Risk-Free" Delusion: Implications For The $133 Trillion Bond Market.
- 'No Way To Escape Haze': Canadian Wildfire Smoke Pours Into North Florida While African Dust Approaches From South.
- The Django Syndrome: What The Latest Racist Attacks On Clarence Thomas Say About Our Rage Politics.
- Bumps Appear In Surfing's Gender Equality Wave.
- US General Mark Milley Claims Ukraine Counter Offensive 'Far From Failure'.
- Taiwan Says It Detected A Record 16 Chinese Warships Around Island.
- Wheat Prices Soar As Russia Considers Ships Heading To Ukraine As "Carriers Of Military Cargo".
- Shrinkflation: You're Paying More And Getting Less.
- Watch: National Security Head Says UFOs Having 'Real Impact' On USAF Pilots.
- US stocks were choppy as participants digested data, earnings and tech-related headlines - Newsquawk Asia-Pac Market Open.
- Meta's Threads 'Bombs' As Daily Active Users Halved.
- "This Year Is The Worst": SF Walgreens Store Suffers 20 Thefts A Day, Chains Up Freezer Section.
- Illinois Delegated Control Over Its "Ban On Book Bans" To Self-Described Marxist.
- There is always a squeeze somewhere.
- Stocks and bonds chop on mixed earnings, underwhelming AI updates, and soft economic data - Newsquawk US Market Wrap.
- Another Day, Another Short-Squeeze For Stocks; Yield Curve Yells 'Recession'.
Wall Street Journal:
CNBC.com:
- IBM reports earnings beat, but misses on revenue.
- Stocks making the biggest moves after hours: Netflix, Tesla, IBM and more.
- What could crush a growing bull market? Cramer lays out potential hazards.
- House committee takes aim at U.S. venture capital firms for investments in Chinese A.I.
- Oddity starts trading with a 35% debut pop — here’s what the beauty and tech company does.
MarketWatch:
- United Airlines earnings: Even higher 2023 profit expected despite last month’s meltdown.
- Carvana’s stock has roared back from the brink. This chart shows its meteoric surge.
- Netflix seems immune (so far) from Hollywood’s shutdown.
- Tesla reports 47% rise in sales for its second quarter, but profitability shrinks.
- Disney lacks easy fixes to its numerous challenges, analyst warns.
- Investors are the most bullish on stocks since before the 2022 bear market, says Vanguard.
Fox News:
TheGatewayPundit.com:- ‘At Least 25-30’ IRS Agents in Tactical Gear Raid Business in Stuart, Florida.
- Emmy Award-Winning CBS Meteorologist Dies Suddenly at 51.
- America Last! Biden Regime to Send Another $1.3 Billion of Additional Security Assistance for Ukraine.
- BACKFIRE: Liberal Has-Been Singer Sheryl Crow Gets Obliterated After Sending Snarky, Clueless Tweet to Jason Aldean Over His Music Video -“Try That In A Small Town” SOARS to Number 1 on iTunes (VIDEO).
- Nigel Farage On “Chinese Social Credit System”: “They Revoked my Bank Account Over “Stasi-Style” Report on Brexit, “Racism” and Meeting Tennis Star Novak Djokovic.
- Orwellian France: Parliament Approves Legislation Opening Door to Mass Surveillance, Making It Easier for Authorities to Spy on Electronic Devices.
The Epoch Times:
Twitter:
- @songpinganq - China's 'social credit score system' monitoring social media and web use to make it ''hard for the discredited to take a single step''. Will it come to the West? Has it, already? (video)
- @TheEconomist - Bud Light is being dethroned by Modelo Especial.
- @JackPosobiec - CMT is owned by Paramount, the same network that makes Yellowstone. Can’t make this up. (video)
- @NewsMax - Senator @RandPaul lays out the case for prosecuting Dr. Fauci for lying to Congress. "I want to know when Merrick Garland is going to prosecute him." (video)
- @acemaxx - #China's share of US #imports has been declining as American firms have diversified their manufacturing base to countries like #Vietnam and #Taiwan — with plans to bring capacity back to the US as well. (graph)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 969,243 Reports(+2,348 from prior week) Through June 30th, 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 consumer 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 unch. to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 109.0 +.75 basis point.
- China Sovereign CDS 61.75 +1.25 basis points.
- China Iron Ore Spot 113.2 USD/Metric Tonne +2.6%.
- Bloomberg Emerging Markets Currency Index 43.6 +.01%.
- Bloomberg Global Risk-On/Risk Off Index 64.0 +.6%.
- Bloomberg US Financial Conditions Index .45 -3.0 basis points.
- Volatility Index(VIX) futures 16.0 +.6%.
- Euro Stoxx 50 futures -.07%.
- S&P 500 futures -.14%.
- NASDAQ 100 futures -.44%.
BOTTOM LINE: Asian indices are mostly higher, boosted by financial and consumer 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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