Around X:
- @Business
- Israel struck more of Iran’s nuclear sites and warned its attacks could bring down Tehran’s leadership.
- The chief of the UN atomic watchdog rejected Iranian allegations that a recent nuclear-inspections report, which determined Tehran is in breach of its legal obligations, “in any way” justified Israel’s attacks on the Islamic Republic.
- Iran is racing to get oil out into the world and ensure revenues continue even as Israel pounds its infrastructure.
- As the conflict between Israel and Iran continues, concerns are growing about disruption to the strategically vital Strait of Hormuz. Alaric Nightingale explains.
- Europe risks drifting into stagnation without urgent action to tackle slowing growth, weak investment and rising geopolitical threats, the IMF warns.
- Elon Musk’s $33 billion xAI buyout of social media platform X has sparked new scrutiny from the European Union as regulators size up a penalty under the Digital Services Act.
- Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream candidate to replace Federal Reserve Chair Jerome Powell.
- Investors are bracing for $6.5 trillion of notional US options expiring on Friday, in a move that could free stocks to swing more wildly than the subdued changes seen in recent weeks.
- @ZeroHedge
- "No Kings", Except For The Bureaucrats.
- Netanyahu Threatens Assassination Of 'Modern Hitler' - Iran's Ayatollah.
- ZIRP is back. Coming to every central bank near you.
- Fewer Ships Enter Strait Of Hormuz Even As Satellite Images Show Iran Races To Get Its Tankers Out Of Gulf. (map)
- Tanker rates originating in the gulf are soaring. (graph)
- *LEAVITT: IRAN CAN AND SHOULD MAKE A DEAL OR FACE CONSEQUENCES *LEAVITT: TRUMP REMAINS IN CONTACT WITH NETANYAHU.
- Two US Soldiers Die In Non-Combat Incidents In Middle East As Region On Edge.
- *LEAVITT: TRUMP THINKS 'SUBSTANTIAL CHANCE' OF IRAN NEGOTIATIONS. *LEAVITT: WITKOFF HAS BEEN IN TOUCH WITH IRAN.
- *LEAVITT: TRUMP ALWAYS INTERESTED IN DIPLOMATIC SOLUTIONS.
- Watch Live: WH Says Trump To Decide On Attacking Iran 'Within Next 2 Weeks'.
- Hezbollah threatens to target US bases and close Strait of Hormuz if Washington joins strikes on Iran: Al Hadath.
- IMF Chief Says Now Is Great Time to Boost Global Role of Euro. what is it with these desperate attempts to force the world to use a dead currency. first the CBDC thing failed miserably, now this full court press.
- General Mills Announces Removal Of Synthetic Food Dyes, Starting With Cereals.
- US is AI, Europe is Olives... Are investors giving up on Europe? Chart shows SPX vs SX5E ratio continues moving higher...
- @CNBC
- China expectedly keeps key lending rates steady after May cut.
- Japan's core inflation hits highest level since January 2023, putting pressure on BOJ to raise rates.
- Meta tried to buy Ilya Sutskever's $32 billion AI startup, but is now planning to hire its CEO.
- @WSJ
- Democrats and clean energy advocates are ratcheting up pressure on a handful of Republican senators to salvage billions of dollars in projects.
- Elite progressive conformity is a problem across the Western world, and a telling example was exposed this week in the United Kingdom. A hat tip to Elon Musk for prodding the Brits to confront the scandal of so-called grooming gangs.
- @MarioNawful
- REZA PAHLAVI: LATEST REPORTS SAY REGIME CONTROL IS COLLAPSING FROM WITHIN. “The latest report that we have had, Martha, is that the control of the regime is almost collapsing. And we see more and more of those reports coming to us from personnel within the military or intelligence that say so. It's really falling apart much faster than it was, let's say, last week. The problem, however, is that the regime has cut off the nation from any communication. Internet and even landlines are down.”
- ELON: NEURALINK VISION IMPLANTS COULD BRING “SUPER POWER” SIGHT. "I think in the next 6 to 12 months, we'll be doing our first implants for vision, where even if somebody's completely blind, we can write directly to the visual cortex. We've had that working in monkeys. Actually, I think one of our monkeys now has had the visual implant for 3 years. At first, it'll be relatively fairly low resolution, but long term... you'd have very high resolution and be able to see in multispectral wavelengths. You could see in infrared, ultraviolet, radar. It's like a super power situation." (video)
- FORMER CIA OFFICER: “IF YOU THINK YOU HAVE PRIVACY, YOU’RE MISLED”. Former CIA officer and U.S. Air Force combat veteran: “Your phone, your watch, your smart fridge, even your kids’ devices, all become targets. WhatsApp, Signal, Telegram, all can be cracked or cloned. And yes, tech giants will cooperate if governments demand it.” (video)
- @GatewayPundit
- AT LONG LAST: France To Change Legislation to Finally Try To Stop UK’s Migrant Invasion by Small Boats Crossing the Channel.
- ‘Who Was Running the Country?’ – Witnesses Testify on Biden Health Cover-Up, Autopen Scandal (VIDEO)
- HERE WE GO: Judge Hannah Dugan’s Trial for Obstruction of ICE Agents is OFF the Calendar as Court Possibly Rules on Motion to Dismiss Case.
- YIKES: 62 Percent of Democrats Want Party Leadership to be Replaced — Believe They’re Too Focused on Woke Issues.
- @KobeissiLetter
- This is incredible: A net 31% of institutional investors are underweight the US Dollar, the most in 20 years, per Bank of America. This has declined by ~52 percentage points over the last 5 months. Furthermore, asset managers and leveraged funds' net positioning on the US Dollar has fallen to near its lowest in 3 years. As a result, the US Dollar index has declined 9% year-to-date, marking its worst performance this century. This puts the US Dollar now on track for its biggest drop in the first half of the year since 1986. The US Dollar is historically unpopular right now.
- @GenFlynn
- The leader of the ongoing Marxist revolution in America, Barack Hussein Obama
@BarackObama. Thank you @realDonaldTrump for keeping the flame of freedom alive!!! (pic)
- @VigilantFox
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial 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 25% net long heading into the day.
- Asian equity indices are -.5% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 79.75 +2.0 basis points.
- China Sovereign CDS 52.25 +3.25 basis points.
- China Iron Ore Spot 94.1 USD/Metric Tonne +1.5%.
- Polymarket: US Military Action Against Iran Before July 40.0% -26.0 percentage points
- Polymarket: Will Iran Close the Straight of Hormuz in 2025? 30.0% -9.0 percentage points
- Swiss Franc/Offshore Chinese Renminbi Cross 8.80 -.06%.
- Bloomberg Emerging Markets Currency Index 37.0 +.03%.
- Bloomberg Global Risk-On/Risk Off Index 68.0 -.5%.
- US 10-Year Yield 4.39% n/a.
- Volatility Index(VIX) futures 21.1 +1.6%.
- Euro Stoxx 50 futures +.5%.
- S&P 500 futures -.33%.
- NASDAQ 100 futures -.29%.
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial 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 25% net long heading into the day.
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