Around X:
- @Business
- China has stepped up construction of drilling rigs and other platforms off its east coast to tap into maritime resources such as natural gas and fish, raising the ire of Japan and South Korea and fanning fresh concerns about Beijing’s regional ambitions.
- The Treasury Department is nearing a deal with countries that impose taxes on US firms that would make the so-called "revenge tax" irrelevant, the agency’s second-in-command says.
- Here’s the latest news and analysis on the oil market.
- The Defense Department’s proposed $961 billion budget for the fiscal year beginning Oct. 1 includes funding to purchase 24 F-35 fighters, 21 new model F-15 jets and two Virginia-class submarines.
- Treasury Secretary Scott Bessent told US lawmakers he’s extending the latest period for deploying special accounting measures to keep within the debt limit through July 24, 2025.
- US ranchers are moving to expand their herds from a seven-decade low, paving the way for a long-awaited recovery in beef supplies, according to top producer JBS.
- Global natural gas demand returned to growth last year and hit a fresh record, serving as a wake-up call for the renewables expansion.
- Deputy Treasury Secretary Michael Faulkender said the expectation is that, following negotiations with US trading partners, tariffs won’t go back as high as the reciprocal levies that President Donald Trump announced on April 2.
- Nvidia shares hit an all-time high today. Learn which stock it eclipsed to become the world's largest on the latest Stock Movers report.
- Micron, the largest US maker of computer memory chips, gave an upbeat forecast for the current quarter, helped by demand for artificial intelligence equipment.
- Shares of companies linked to New York City real estate fell Wednesday as Zohran Mamdani, a state Assembly member who has vowed to freeze rents, looks all but certain to become the Democratic nominee for mayor.
- The Fed unveiled plans to roll back an important capital rule that big banks have complained limits their ability to hold more Treasuries and act as intermediaries in the $29 trillion market: Here’s your Evening Briefing.
- Get up to speed on what's moving global markets.
- Here's what you need to know to start your day.
- @ZeroHedge
- California Risks Federal Actions Over Transgender Athletes On Women's Sports.
- Iran Confirms Death Of 'War-Time Chief Of Staff' After Israeli Attacks.
- Hegseth Readies Presser For "Dignity of Great American Pilots" As FBI Probes Iran Strike Intel Leak.
- The Persistent Presence Of Absence.
- Israel & The CIA Agree With Trump On 'Destruction' Of Iran's Nuclear Capability.
- Google Searches For "Communist Control Act 1954" Soar After Zohran Mamdani's NYC Primary Victory.
- JUST IN - CIA says Iran's nuclear program has been severely damaged by the recent U.S. strikes.
- Trump's Disbanding Of A Secret "Deep State" Working Group Raises Hopes Of Peace With Russia.
- Crypto & MegaCaps Rise As Dismal Data Drags Rate-Cut Odds Higher.
- @TheTranscript
- $MU CEO on Data Centers: "Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth".
- Micron CEO: "We are on track to deliver record revenue with solid profitability and FCF in fiscal 2025..." $MU: +4% AH.
- @amuse
- IRAN WAR: IAEA is reporting that Trump's strike on Iran's nuclear weapons facilities were more devastating that first appeared. The report refutes a leak from a disgruntled deep state leaker to CNN that the strikes failed. The IAEA confirms the enrichment areas and storage rooms were destroyed.
- @kylenabecker
- It's clear what the radical Democrats' plan is: Destroy the nation's major cities and you destroy America. They are getting dangerously close to succeeding. (pic)
- @disclosetv
- @EYakoby
- The financial capital of the world just nominated a guy who proudly says, “Capitalism is theft.” Let that sink in.
- @IanJaeger29
- BREAKING: Republicans in New York are calling on President Trump to invoke the Communist Control Act of 1954 in an effort to prevent Zohran Mamdani from becoming Mayor.
- @FBIDirectorKash
- Former FBI leadership withheld the facts and misled the public on China’s 2020 election interference. And they did so for political gain. This FBI is exposing all of it and giving Americans the truth they deserve.
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
- Asian equity indices are -.5% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 76.5 +1.0 basis point.
- China Sovereign CDS 51.25 +1.5 basis points.
- China Iron Ore Spot 92.6 USD/Metric Tonne -.15%.
- Polymarket: Another US military action against Iran by 6/30 2.0% -5.0 percentage points
- Polymarket: Will Iran Close the Straight of Hormuz in 2025? 17.0% +1.0 percentage point
- Swiss Franc/Offshore Chinese Renminbi Cross 8.91 +.02%.
- Bloomberg Emerging Markets Currency Index 37.07 +.06%.
- Bloomberg Global Risk-On/Risk Off Index 72.32 +.26%.
- US 10-Year Yield 4.27% -2.0 basis points.
- Volatility Index(VIX) futures 19.1 +.43%.
- Euro Stoxx 50 futures -.02%.
- S&P 500 futures unch.
- NASDAQ 100 futures +.05%.
BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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