Tuesday Watch

Around X:

• @Business

• A cohort of the world’s largest asset managers is leaning harder into the rally in risk assets as US stocks push to fresh highs, defying persistent trade and geopolitical tensions.
• Japanese government bonds are vulnerable to further selling when trading resumes Tuesday following a historic election defeat for Prime Minister Shigeru Ishiba. 
• Here’s the latest news and analysis on the oil market.
• Sarepta announced that the company plans to temporarily pause all shipments of its gene therapy to treat Duchenne muscular dystrophy, Elevidys, in a reversal of its prior stance.
• Hanwha Shipping ordered an LNG vessel from its affiliate Hanwha Philly Shipyard, marking the first US LNG ordered ship since the late 1970s.
• Treasury Secretary Scott Bessent said in a social media post Monday that there should be a review of the decision to renovate parts of the Federal Reserve headquarters in Washington.
• AstraZeneca plans to invest $50 billion in the US before 2030, ratcheting up spending in the country ahead of potential tariffs on imported medicines. 
• The biggest US grid has no spare supply for new data centers, meaning project developers will need to build their own power plants, according to the system’s independent watchdog. 
• NXP shares slid in late trading after the chipmaker posted a second-quarter sales decline, hurt by a sluggish automotive market. 
• August is going to be a sleepy time for Washington policy impacts on markets - except for tariffs and Federal Reserve Chairman Jerome Powell. 
• Netflix and Disney are dabbling in artificial intelligence tools for video made by the startup Runway AI. 
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.  

• @ZeroHedge 

• Defense Department Revamping Existing Promotion System To Bring 'Warfighters To The Top': Hegseth.
• The Complete Setup Into Tech Earnings: All You Need To Know Ahead Of Mag7 Reports. 
• *SAMSUNG: PRE-ORDERS OF NEW FOLDABLE PHONES HIT RECORD IN KOREA.
• Bipartisan Lawmakers Introduce Dignity Act, Seeking Legal Status For Some Illegal Immigrant Workers.  
• Trump Officials Frustrated At Trigger-Happy 'Madman' Netanyahu, 'Who Just Won't Behave'.
• *CITADEL SECURITIES ASKS SEC TO TREAD CAUTIOUSLY ON TOKENIZATION. *CITADEL SECURITIES FAVORS FORMAL RULEMAKING FOR TOKENIZATION. Blackrock vs Citadel on ETH: fight.
• Chevron Nears Peak Permian Production, Shifting From Growth to "Billions" In Cash Flow.
• Nobody could have possibly foreseen this. SOFTBANK – OPENAI $500BN “STARGATE” AI PROJECT FALTERS AMID FINANCING CONCERNS - WSJ. 
• OPENAI PLANS TO ESTABLISH ITS FIRST DEDICATED OFFICE IN WASHINGTON, D.C., AS PART OF ITS STRATEGY TO DEEPEN POLICY ENGAGEMENT AND INFLUENCE U.S. AI INFRASTRUCTURE AND REGULATORY EFFORTS. 
• The Fed Pours Jet Fuel On The Inequality Gap.
• Gabbard Releases Long-Classified Martin Luther King Jr. Assassination Files.
• The Deep State Is In Real Trouble Now.   
• Bonds, Bullion, & Big-Tech Bid; Meme-Stocks Melt Up Into Seasonal Shift.

• @CNBC 

• Asia-Pacific markets set to open mixed as investors assess Wall Street's rally.
• Tuesday’s big stock stories: What’s likely to move the market in the next trading session.
• Cleveland-Cliffs CEO says surge in domestic auto manufacturing is imminent.
• YouTube wipes out thousands of propaganda channels linked to China, Russia, others.

• @LauraLoomer 

• EXPLOSIVE: Not only has @Microsoft allowed for Chinese nationals in China to gain access to secure Department of Defense Cyber Systems, but they have also just hired LISA MONACO to be their new President of Global Affairs. Monaco served as the Deputy Attorney General of the United States from April 2021 until January 2025 under Joe Biden. Prior to that, she held significant roles under Barack Obama, including Assistant Attorney General for National Security (2011–2013) and Homeland Security and Counterterrorism Advisor (2013–2017). Additionally, Trump hater, Democrat mega-donor and Jeffrey Epstein associate Reid Hoffman @reidhoffman is on the board of Microsoft. Microsoft should lose their government contracts immediately for allowing Chinese nationals to gain access to our classified information. Guess who authorized the contract with Microsoft in 2016 to allow them to control the entire cyber infrastructure of the federal government? BARACK HUSSEIN OBAMA. LISA MONACO’S BOSS!

• @TonyClimate 

• Sea ice off the coast of Alaska is much thicker than it was a year ago. (pic)

• @NextNewsNetwork

• In a jaw-dropping, unscripted gaggle caught on camera, White House Press Secretary Karoline Leavitt went off-script in front of stunned reporters—delivering an unvarnished six-month victory lap of the Trump administration before getting hammered with Epstein questions that lit up the press line. She didn’t flinch. In the space of just minutes, Leavitt: (video)

• @JimFergusonUK

• ZUCKERBERG FUNDING mRNA EXPERIMENTS ON WILDLIFE & FOOD SUPPLY. Dr. Bryan Ardis drops the bomb: “100 MILLION animals have been injected with mRNA — and hardly anyone knows about it!” Mark Zuckerberg and his wife’s foundation are funding mRNA tech in wild deer and other species. Meanwhile, livestock and even vegetables are being dosed — without your consent. This isn’t science. It’s systemic tampering with creation itself. WHAT THIS MEANS:

• @C_3C_3

• Keep your eyes on Tom Cotton. He’s dirty as they come. Tom does the crooked Intelligence Community’s bidding.

• @NicHulscher

• mRNA “Vaccination” = Chemical Lobotomy. A recent study of 558,017 Koreans (Roh et al) found that mRNA shots increase the risk of: Cognitive impairment: +137.7%. Alzheimer’s disease: +22.5%.

• @newstart_2024

• Global elites at the World Government Summit casually discuss how 'shocks'—pandemics, violence, conflict—are necessary to transform the world order. Their language is chilling: 'How much more bloodshed do we need?' as if suffering is just a stepping stone to their vision. Wake up—this isn't foresight; it's a blueprint for controlled chaos." What They’re Really Saying: (video)

• @LauraAboli_X

• Trump Just Laid the Groundwork to Dismantle the Deep State — Legally. President Trump has quietly issued an executive order creating “Schedule G”: a new classification of federal employees that could radically shift the balance of power in Washington. What does it mean? It means thousands of entrenched, unelected bureaucrats; the so-called ‘permanent government’, can now be removed from positions of influence if they’re not aligned with the administration’s agenda.

• @goddeketal

• TRUTH BOMB: Before glyphosate was patented in 1974, autoimmune and digestive disorders were rare. Today, everybody has “gut issues.” Glyphosate destroys beneficial gut bacteria, disrupts metabolism, and weakens immunity, but people blame gluten intolerance instead of the poison sprayed on their food. (graph)

Night Trading 

• Asian equity indices are -.25% to +.5% on average. 
• Asia Ex-Japan Investment Grade CDS Index 70.75 -1.0 basis point.
• China Sovereign CDS 42.5 -1.0 basis point.
• China Iron Ore Spot 104.4 USD/Metric Tonne +.8%. 
• Polymarket:  Which Countries Will the US Agree to Tariff Agreements with Before August?

• EU 29.00% +2.0 percentage points.
• India 16.0% -9.0 percentage points.
• Japan 15.0% -5.0 percentage points. 
• South Korea  24.0% -3.0 percentage point.

• Swiss Franc/Offshore Chinese Renminbi Cross 8.99 -.01%.
• Bloomberg Emerging Markets Currency Index 36.8 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 76.4 -.1%.
• US 10-Year Yield 4.37% -1.0 basis point.
• Volatility Index(VIX) futures 18.9 -.8%.  
• Euro Stoxx 50 futures -.22%. 
• S&P 500 futures +.10%. 
• NASDAQ 100 futures +.09%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by financial and industrial 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.