Tuesday Watch

Evening Headlines

Bloomberg:

• BOJ Expected to Weigh Bond Buying Cuts as Rate Hike Timing Nears
• Emerging Currencies Drop as EU Elections Add to Political Risks.
• Asian Stocks Cautious Ahead of Key US Indicators.
• Oil Extends Advance as Traders Wait for OPEC Outlook on Market.
• NYC Landlord to Sell Office Building at Roughly 67% Discount.
• The AI Chip Behind Nvidia’s Supersonic Stock Rally.
• Five Things You Need to Know to Start Your Day: Asia.

Zerohedge:  

• Elon Slams Apple's Farcical "AI" Launch, Says Will Ban Tim Cook's "Creepy Spyware" Devices If They Integrate OpenAI.
• "This Is Insane": US-Linked Ukrainian NGO Unveils 'Enemies List' Including ZeroHedge, Tucker, Elon And Trump.
• Pro-Palestinian Protests Invade Wall Street.
• The Tension Between The 'Centralized Manager Class' & Reality Is "Explosive".
• Federal Court Revives Lawsuit Against Los Angeles COVID-19 Vaccine Mandate.
• Here Are The 5 Supreme Court Issues Set To Reshape America's Political Landscape.
• Speed Cameras In Atlanta Improperly Issued $300,000 To $500,000 Worth Of Tickets.
• "It's Trump Vs World War III" - Martin Armstrong Warns "The Swamp Is Now An Ocean".
• US stocks eked mild gains in quiet trade ahead of Wednesday's US CPI and FOMC - Newsquawk Asia-Pac Market Open.
• Russia's Oil & Gas Revenues Surged By 73.5% In January-May.
• What Exec Order? Biden Memo Instructs SoCal Border Patrol To Release Most Single Adults
• VDH: The Left Knows Leftism Doesn't Work.
• Lime Scooters Geofences 'No Go Zone' Over Pride Flag On Spokane City Street.
• Biden To Offer Saudi Arabia Defense Treaty In Exchange For Official Ties With Israel.
• Stocks post marginal gains in pre Fed/CPI trade - Newsquawk US Market Wrap.
• Here Are The Key Takeaways From The EU Elections.
• Bitcoin, Bullion, & Black Gold Bid As Stocks & Bonds Shrug Off EU Elections.

Wall Street Journal:

• The Fall of Germany’s Greens. European voters are souring on the costs of net-zero climate policies.
• Apple Intelligence: A Guide to Apple’s AI-In-Everything Strategy.
• White House Prepares to Tap Derivatives Regulator to Oversee FDIC.
• Climate Change Is Coming for the Finer Things in Life.

CNBC.com:

• Here’s everything Apple announced at WWDC24: Apple Intelligence, Siri with ChatGPT, iOS 18 and more.
• Elon Musk threatens to ban Apple devices from his companies over OpenAI partnership.
• Taiwan’s energy crunch could ‘throw a wrench’ into the global chip industry.
• UAW president under investigation by federal monitor.
• What to expect from the housing market in the second half of 2024, according to real estate experts.

MarketWatch.com: 

• Opinion: What investors may be getting wrong about Apple’s AI strategy.
• GameStop’s stock slides as investors await next moves for meme stocks.
• Eli Lilly’s Alzheimer’s drug gets backing from FDA advisers.
• Stocks on the road (again) to record highs, says UBS.

Fox News:

• FDA issues dire warning over 'microdosing' chocolate bars: 'Do not eat, sell or serve'.

TheGatewayPundit.com:

• THE PELOSI INSURRECTION: New Video Reveals Pelosi Taking Responsibility for Unprotected US Capitol on Jan. 6 – After She Called Off National Guard.
• Victor Reacts: Society is the Joke, Cervix is Now Called “Front Hole” (VIDEO).
• Mike Cernovich: Ben Carson As Trump’s VP Offers “Assassination Insurance”.
• Chancellor Scholz HUMILIATED in German European Elections – His Social Democrats Come in Third Place – AfD Surges To Second Spot – Opposition Calls for Early Elections.
• Idaho Farmers Issue Stark Warning About Nationwide Consequences After State Government Issues Order to Shut Off Their Water Supply: “Farms and banks will fail!” [VIDEO].
• Inside J6 With Larry Stackhouse in First Interview by Recently Released J6er – Incredible Insight Into Hopelessness and Despair Many J6er’s Suffer.
• Mob of Looters Ransack AutoZone Store in Lawless California (VIDEO).
• Participation Trophy Alert: Actor John Leguizamo Runs Full Page Ad in NY Times Urging Emmy Voters to Pick Non-White Candidates.
• SHOCK POLL: Reality Bites! – 84% of Americans Believe They Will Be Worse Off Under a Second Joe Biden Term.
• U.S. Government PSYOP Needs to be Zeroed Out and Re-started Under Constitutional Principles.
• Reality Check for ‘Queers for Palestine’ Delivered Directly From Palestinian Leaders-“Homosexuals Should Be Thrown Head First From The Rooftop Of The Tallest Building:”.
• Spain Is Realizing It Made a Huge Mistake Backing Palestinians.

The Epoch Times:

• The Hollowing of China.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 1,010,545 Reports(+992 from prior report) Through April 26th, 2024.

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 +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 96.5 unch. basis point.

• China Sovereign CDS 65.5 +1.0 basis point.
  
• China Iron Ore Spot 107.4 USD/Metric Tonne +1.2%.

• Bloomberg Emerging Markets Currency Index 39.4 -.09%.
• Bloomberg Global Risk-On/Risk Off Index 66.4 +.7%.
• Volatility Index(VIX) futures 14.2 -3%.
• Euro Stoxx 50 futures +.22%.

• S&P 500 futures -.12%.

• NASDAQ 100 futures -.15%.  

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by technology 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 100% net long heading into the day.