Evening Headlines
Bloomberg:
- Xi’s Metal Curbs Risk Backfiring as G-7 Seeks China Alternative.
- China’s Chip-Metals Producers Surge on Export Restrictions.
- Hong Kong’s Reopening Brings Scant Gains for Financial Hub.
- Asian Stocks Poised to Decline; Currencies Steady: Markets Wrap.
- Oil Rallies After Saudi Arabia and Russia Announce Supply Curbs.
- Biden Administration Ordered to Limit Social Media Contacts.
- Suspicious Powder Found at White House While Biden Was Away Was Cocaine, AP Says.
- Mackenzie Equity Chief Says It’s Time to Buy Bonds After Tech-Fueled Rally.
- US Stock Positioning Shows Pullback Risk, Citi’s Montagu Says.
Zero Hedge:
- Ukraine 'Preparing For Nuclear Explosion' As Russia Reduces Zaporizhzhia Plant Presence
- Censorship Wounds Worse Than Words.
- Secret Service Investigating How Cocaine Got In The White House
- Watch: Woke Demonstrators Protest Supreme Court Rulings With Bizarre Ritual.
- Bidenomics: Big Government, Industrial Policy And Centralized Control.
- Judge Blocks "Egregious" Biden Officials, Academic Watchdogs From Manipulating Social Media Narratives.
- Watchdog Group: Biden Administration Pushing To Make A.I. Inherently Left-Wing.
- Independence Day News Round Up - Newsquawk Asia-Pac Market Open.
- Bidenomics Means The Most Expensive Independence Day Cookout Ever.
- It's like déjà vu all over again.
- The Criminalization Of Dissent (Revisited).
- UK COVID Inquiry Reveals Just How Vast International Communist Conspiracy May Be
- Goldman: Six Months Into The New Year, And It Has Not Delivered What Markets Expected.
- Watch: RFK Jr Pushes Back When Accused Of Being A Candidate Who "Traffics Routinely In Conspiracies".
- Louisiana Gov. Vetoes Bill Meant To Shield Children From Transgender Procedures.
- Rangebound trade on US Independence Day, RBA kept rates on hold - Newsquawk Europe Market Open.
- As "Suburb Plan" Fails, France's Social Divide Widens.
- Philly Mass Shooting Suspect Identified As 40 Year Old Black Lives Matter Supporter.
- US Military Can’t Afford To Fool Around With Feel Good Green Initiatives.
- China Hits Back At Biden With Curbs On Exports Of High-Tech Metals Before Yellen Visit.
- Civil Rights Groups Challenge Harvard Legacy Admissions Said To Favor Whites.
- The Numbers Don't Lie: Corporations Are Realising Going Woke Kills Business.
- Two Charts For Cash-Strapped Consumers Preparing For Backyard Barbecues.
Wall Street Journal:
- Facebook Faces Fresh Threat to Sending Personalized Ads in EU.
- U.S. Looks to Curb China’s Access to Cloud Computing.
- Meet the CEOs Who Pull In More Than $100 Million a Year.
- The Richcession Keeps Rolling.
- Remote Work Sticks for All Kinds of Jobs.
- The U.S. Funds Shadow Police Units All Over the World.
- The French Riots and the Broader European Underclass. A culture of dependency and macho criminality is also thriving elsewhere in Western Europe.
- Here’s When We Hit Our Physical and Mental Peaks.
- Higher-for-Longer Rates Are a Debt Threat. Investors Don’t Want to Hear It Yet.
- Japan Discharge of Fukushima Radioactive Water Into Pacific Gets Green Light.
CNBC.com:
- Airlines struggled ahead of July Fourth weekend. Their stocks didn’t
- The 2023 movie box office will need a strong second half after an inconsistent first six months
- Canadian West Coast ports negotiation reaches impasse as port owners say ‘course change’ required.
- China’s Xi says countries share responsibility to promote growth, opposes decoupling.
MarketWatch:
Fox News:
- Judge unleashes on Biden for potentially biggest 'attack' on freedom in United States history.
- Largest teachers union wants kids to read book describing oral sex and masturbation.
- Disney dealt another major blow after culture backlash: 'A losing trade'.
- US housing market defying crash expectations as prices soar.
- Armed worker stopped likely mass shooter in his tracks but got little attention, expert says.
TheGatewayPundit.com:
- Secret Service CONFIRMS Gateway Pundit’s Report of Cocaine Being Found On White House Grounds.
- Zelensky Admits He Has Good Relationship with CIA and Intel Talks with Them Often – Suggests War Will Continue Until Ukraine Retake Crimea (VIDEO).
- EXCLUSIVE: Replacing July 4 Firework Displays with Drone Shows is “Sacrilege” — Chairman of Colliers International Brandon Fugal Sounds Off in Defense of American Tradition.
- Joe Biden Ignores Reporters After Cocaine Found in White House (VIDEO).
- SMASH AND GRAB: Thieves Crash Car into California Jewelry Store in Broad Daylight, Viciously Assault Owner, and Dash off with HUNDREDS OF THOUSANDS of Dollars Worth of Merchandise (VIDEO).
- Update: Trump-Appointed Judge Accuses Biden Regime of Violating First Amendment in Blistering Opinion: “Orwellian” Censorship of Conservatives – Full Memo Included.
- Left Wing Group PETA is Using Artificial Intelligence ChatGPT to Rewrite The Bible – Aims to Eliminate Animal Cruelty and Veganism to Younger Generations.
- LOOK: America’s Oldest Beer Company Deals Bud Light a “Vicious Blow” With Its Choice of Influencer – Also Sends Out Patriotic Fourth of July Tweet (PHOTOS).
- U.S. State Department Advises Americans to “Reconsider Travel” to China Over Risk of Wrongful Detention.
- Gunman Behind Philly Massacre is BLM Supporter…. and Transgender?
The Epoch Times:
- Yellen Holds ‘Frank’ Discussion With Chinese Envoy as Beijing Curbs Metal Exports.
- Chinese Regime’s Fertility Campaign Targets Girls as Young as 15 for Childbearing.
- China’s $3 Trillion in ‘Shadow Reserves’ Threatens Global Economy: Former US Treasury Official.
Twitter:
- @DrLoupis - Why are so many companies going woke - to go broke? (video)
- @charliebilello - The US Bond Market has now been in a drawdown for 35 months, by far the longest in history. (table)
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 modestly 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 75% net long heading into the day.
- Asian equity indices are -.5% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 113.5 -2.0 basis points.
- China Sovereign CDS 59.75 -.5 basis point.
- China Iron Ore Spot 108.8 USD/Metric Tonne -.06%.
- Bloomberg Emerging Markets Currency Index 43.6 +.01%.
- Bloomberg Global Risk-On/Risk Off Index 64.4 +.9%.
- Bloomberg US Financial Conditions Index .32 -5.0 basis points.
- Volatility Index(VIX) futures 16.4 +.3%.
- Euro Stoxx 50 futures -.11%.
- S&P 500 futures -.03%.
- NASDAQ 100 futures -.15%.
BOTTOM LINE: Asian indices are modestly 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 75% net long heading into the day.
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