Tuesday Watch

Evening Headlines

Bloomberg:

• US Limits on China Tech Investment to Be Narrow and Slow.
• Yellen Says China Slowdown Risks Spillovers But No US Recession.
• Wall Street Cuts China Growth Forecasts as Economy Disappoints.
• Biden Deploys Pentagon to Beat Climate Change and China.
• Asia Shares Mixed Amid Lingering China Concerns: Markets Wrap. 
• Oil Drops as Libya’s Production Returns, China’s GDP Disappoints.
• Shale Oil Production in US Set to Decline From July Peak, EIA Says.
• Massive US Oil Caverns Sit Empty and Will Take Years to Refill.
• More Americans Are Getting Turned Down for Loans, Fed Data Shows.
• US Homeowners Are Tapping $9 Trillion in Real Estate Wealth.
• Meta Faces Weight Cut in Nasdaq 100’s Special Rebalance.
• No Testing, No Inspections: Contaminated Eyedrops Blinded and Killed Americans.

Zero Hedge:

• Affordable Diabetes Drug Reduces Long-COVID Risk By 41 Percent: Study
• Two Charts Show Consumers Worldwide Demand Teslas
• Biden Admin Touts "Moral Authority" Untarnished As Media Highlights Cluster Bombs Are Indiscriminate Killers.
• Kari Lake Files New Election Appeal To The Arizona Supreme Court.
• "Implied Bid" defies overbought markets.
• Trump Tells Packed House: Giving Up 'Easy' Life Was Worth It.
• China, Russia Hold Major Naval Drills Mirroring Recent US-Japan Activity.
• Homeless RV Sewage Is Going Into The Ocean In Southern California.
• BofA And Others Share Records With FBI Without A Warrant "All The Time", Director Wray Admits.
• US stocks were led higher by small caps after NY Fed Manufacturing softened the blow from Chinese GDP data - Newsquawk Asia-Pac Market Open.
• As 'Threads' Continues To Face-Plant, House Judiciary Demands Answers Over Censorship.
• The Coming Crisis Of Cities: Reinvention Or Bankruptcy.
• Bloomberg 'Sound Of Freedom' Hit Piece Written By Pro-Pedo Contributor.
• Stocks rally with US mfg. data softening the blow from disappointing China GDP - Newsquawk US Market Wrap.
• Cotton: Secret Service Didn't Even Talk To Hunter Biden About White House Cocaine.
• The 11 Trillion Dollar Question Behind The "Magnificent Seven".
• A Crisis Of Bad Faith & Sickness: "What Will Happen When Fear Turns To Anger?".
• Stocks Soar, Shrug Off China Chunder; Seth Klarman Warns "I'd Be Worried".

Wall Street Journal:

• Big Banks’ Earnings Have Bad News for Smaller Banks.
• Russia Seizes Assets of Two Western Conglomerates.
• AT&T’s Stock Closes at Lowest Level Since 1993.
• Traveling by Bus Is No Longer a Plan B for Many Americans.
• Empty Government Buildings Galore. Not one major federal agency has in-office attendance above 50%.
• Europeans Are Becoming Poorer. ‘Yes, We’re All Worse Off.’.
• Peacock Becomes Latest Streaming Service to Raise Prices.
• Millions Are Under Air-Quality Alerts Again. 

CNBC.com:

• Russia axes landmark Ukraine grain deal just hours before deadline.
• The war against inflation is a long way away from being won.
• FDA approves AstraZeneca, Sanofi shot that protects infants and toddlers against RSV.

MarketWatch:

• Nvidia’s stock could have a pathway to $600, Citi says.
• Oddity Tech is going public: 5 things to know about the Israeli digital beauty company
• Apple has a juicy $40 billion opportunity ahead of it
• Meta is still at the ‘early stages’ of many catalysts, analyst says.
• Nvidia’s stock could have a pathway to $600, Citi says.  
• Commercial real estate prices are still expected to crater, Morgan Stanley warns. 
• Investors start to fret that China, Europe may drag U.S. economy down with them.

Newsmax:

• Trump: 1st-Term Mistakes With Some Cabinet Picks.
• Donor Pulls Funds to ASU Over 'Left-Wing Hostility'.

Fox News:

• Documents reveal ex-NIH director is still protected on taxpayer dime.
• Former FBI agent reportedly confirms key Hunter Biden whistleblower details, GOP says.

TheGatewayPundit.com:

• Canadian Prime Minister Justin Trudeau Loudly Booed at North American Indigenous Games (VIDEO).
• Dan Bongino: Secret Service Agents Are ‘Absolutely Furious’ Over Sham Cocaine Investigation… “They Know Exactly Who It Was” (VIDEO).
• Barack Obama – Who Pushed for Sex Education in Kindergarten – Is Very Sad Porn Books for Children are Being Banned in Several US Schools.
• The Musk-Zuck App War: Threads Reaches 150 Million Users, Accused of Censoring Americans and Spying on Them.
• Victor Reacts: Disney Replaces Dwarves With Diverse “Magical Creatures” in Woke New Snow White Movie (VIDEO).
• First Korean Transgender Athlete Wins Women’s Cycling Competition and Delivers a Shocking Message to the World.
• Billionaire Democrat Funder and Guest to Epstein Island and Epstein Townhouse Donates Nearly $700,000 to Joe Biden’s Campaign.
• The Spectre of Michelle Obama — Roger Stone Lays Out Frightening Scenario While Speaking to Turning Point USA.
• Sound of Freedom Projecting $85 Million Cumulative Box Office After Two Weekends – Expected to Hit $100 Million This Week.

The Epoch Times:

• ANALYSIS: China’s Economy Is Facing Its Biggest Challenge in Decades ANALYSIS:
• Social Control Can’t Halt CCP’s Downfall When China’s Economic Failure Takes Toll: Analysts.

Twitter: 

• @backtolife_2023 - From Contact Tracing To Carbon Footprint Tracking: WEF’s Carrot Or Stick Approach To COVID & Climate Policy With digital ID and CBDC, it would be easy to turn carbon footprint measurement into enforcement under a social credit system.

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 

• Asian equity indices are -.25% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 110.0 -1.25 basis points. 

• China Sovereign CDS 61.5 unch.
  
• China Iron Ore Spot 113.3 USD/Metric Tonne +.7%.

• Bloomberg Emerging Markets Currency Index 43.8 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 65.4 +.6%. 
• Bloomberg US Financial Conditions Index .36 -6.0 basis points.
  
• Volatility Index(VIX) futures 15.8 +.3%.
• Euro Stoxx 50 futures +.14%.

• S&P 500 futures -.08%.

• NASDAQ 100 futures -.16%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial 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 75% net long heading into the day.