Tuesday Watch

Around X:

• @Business

• Zelenskiy and Trump expressed hope their summit with European leaders could result in trilateral talks with Putin over ending his war on Ukraine: Here’s your Evening Briefing. 
• Japan’s auction of 20-year government bonds on Tuesday will be closely watched as the risk of a government spending surge weighs on investor appetite for super-long debt. 
• Australia’s consumer confidence surged in August after the Reserve Bank cut interest rates for the third time this year and signaled further easing is likely.
• Palo Alto jumped on a stronger-than-expected annual forecast, as the company seeks to provide customers with a bundle of AI-enabled cybersecurity products to fend off attacks. 
• Get up to speed on what's moving global markets.
• Here's what you need to know to start your day.

• @ZeroHedge 

• Explosion Rocks Cargo Ship Departing Baltimore Harbor.
• Restoring Law & Order In Crime-Ridden Cities May Be Key To Resolving Affordability Crisis.
• SOFTBANK GROUP TO INVEST $2B IN INTEL CORP.
• 'Socialism Defeated': Bolivia Boots Its Ruling Leftists After 20 Years In Power.
• Trump Says Putin, Zelensky To Soon Meet, 'Everyone Very Happy' About Chances For Peace.
• Are You Ready For A Humanoid Robot To Assist In Household Chores?  
• JPMorgan's Market Intel Desk Remains "Tactically Bullish": Here's Why. 
• Quant Carnage Continues, Rate-Cut Odds Leak Lower As J-Hole & Jensen Loom.

• @CNBC

• Analysts downplay AI bubble worries as Altman says some investors will be left 'very burnt'.
• Tuesday’s big stock stories: What’s likely to move the market in the next trading session.

• @TheTranscript 

• Palo Alto Networks double beat. CEO: "We exited FY 25 with an acceleration in RPO, and surpassed the $10B revenue run-rate milestone, positioning ourselves well for sustained growth ahead." $PANW: +6.3% AH.

• @MarioNawful

• YOUR ONLINE FLIRT MIGHT BE A TRAFFICKED SLAVE IN A CHINESE SCAM CAMP. Thought the person who sent you a funny message on WhatsApp is an evil crook munching popcorn while lying about their gender? Try a trafficking victim locked in a prison-style compound in Cambodia, Laos, or Myanmar, forced by Chinese crime syndicates to run romance scams or get beaten, starved, or electrocuted. (video)

• @rawsalerts

• #BREAKING: Donald Trump is now more likely than Kamala Harris to win in 2028, despite being constitutionally ineligible — Polymarket.

• @TruthFairy131

• The UN & WEF are really coming after the companion animals hard atm. These are only some of the articles I’ve seen over the past 48 hours. I would defend my fur family with my life as would many Aussies. Australia needs to leave the UN & WEF & our current Government have to go.

• @BillAckman

• The NYC mayoral election is a slow-moving, soon-to-be-accelerating train wreck. With
  @andrewcuomo and @ericadamsfornyc both still in the race and apparently planning to stay in the race until the end, @ZohranKMamdani is a near certain winner. Mayor Adams or Cuomo can win the election, but not if it is a three- or four-way race. The only path to victory is for one of them to step aside and it needs to happen soon. If Adams and Cuomo truly care about our great city, they should sit down and work it out, and they need to do it now. Socialism will be the death knell for NYC. That will be both Andrew’s and Eric’s legacy if they put their self interest and egos above what is best for the city.

• @HistoryNutOTD

• Today in 1945, George Orwell published a devastating critique of Communism. Animal Farm reveals why every communist revolution follows the same tragic pattern: liberation to corruption to oppression. Here are 10 truths from Animal Farm Orwell warned us never to forget. (thread)

• @DrTrozzi

• Why on Earth would anyone spray a potent toxic herbicide over huge swaths of forest? It toxic to plants by design, and is also a dessicant that would help forest fires burn.

• @MAGAVoice

• Peter Doocy dropped the absolute best question right out the gate catching Zelenskyy off guard: “Zelenskyy are you prepared to continue to keep sending Ukrainian troops to their de*th for another couple years or will you agree to redraw the maps” MIC DROP. (video)

• @HustleBitch_

• HOLY SH*T! NOVA SCOTIA BANS PEOPLE FROM THE FORESTS WHILE SPRAYING THEM WITH GLYPHOSATE. They're literally saturating the forests with “Roundup.” The trees will die, the land will dry, and the fires will come. This is ENGINEERED COLLAPSE and now we know exactly what they’ve been up to.

Night Trading 

• Asian equity indices are -.25% to +.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 66.0 -1.0 basis point.
• China Sovereign CDS 43.25 +.25 basis point.
• China Iron Ore Spot 101.3 USD/Metric Tonne -.1%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.89 -.04%.
• Bloomberg Emerging Markets Currency Index 36.6 -.03%.
• Bloomberg Global Risk-On/Risk Off Index 81.2 +.1%.
• US 10-Year Yield 4.33% unch.
• Volatility Index(VIX) futures 17.9 -.6%.
• Euro Stoxx 50 futures +.33%. 
• S&P 500 futures -.04%. 
• NASDAQ 100 futures -.06%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by financial 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 100% net long heading into the day.