Tuesday Watch

Around X:

• @Business  

• Russian President Putin is set to travel to Beijing for talks with Chinese President Xi in his first foreign visit of the year, with the war in Iran offering an opportunity for the two countries to deepen energy links. 
• Supercharged gains in a handful of companies and weak market breadth are stoking concerns that the world’s hottest stock market is overheating in some pockets.
• Rising US bond yields pose a threat to Asia’s stock rally, as growing inflation fears offset ongoing optimism over benefits from the AI boom.
• Google is set to create an AI cloud business with Blackstone, aiming to compete with companies like CoreWeave, according to the Wall Street Journal.
• The Trump administration is poised to roll out a plan for trading digital versions of securities that could reshape the landscape of the American stock market as it continues to loosen the rules for free-wheeling crypto markets.
• Here’s the latest news and analysis on the oil market. 
• Get up to speed on what's moving global markets.
• Here’s what you need to know to start your day.     

• @ZeroHedge

• Hundreds Of Subpoenas Are Targeting The Russian Collusion Hoax.
• Trump Demands DOJ Probe Of Maryland's 500,000 "Illegal" Mail-In Ballots.
• Wayfair CFO's Muted Home-Goods Demand Outlook Offers More Bad News For Realtors.
• Combined NextEra-Dominion Would Have 130-GW Large-Load Pipeline.
• The Great American Squeeze Of 2026.
• 6 Questions An Honest, Intelligent Reporter Would Ask Dr. Fauci About COVID-19.
• BREAKING: San Diego police confirm 2 male teenage suspects, ages 17 and 19, died from what appear to be self-inflicted gunshot wounds following a shooting at the Islamic Center of San Diego.
• *TRUMP: MIDEAST ASKED IF IRAN ATTACK COULD BE DELAYED 2 OR 3 DAYS. *TRUMP, ON IRAN ATTACK PAUSE: COUNTRIES THINK DEAL IS CLOSE. *TRUMP: IRAN HAS TO PUT THE NUCLEAR TERMS DOWN IN WRITING.
• Netanyahu facing his biggest deficit to Bennett ahead of the October election.
• Momentum is having its worst two-day selloff since 2022, posting back-to-back 5%+ unwinds, also first time since 2022: GS.
• "It's All One Big Trade": Momentum Euphoria Is Cracking, Here's How Goldman Is Hedging The Coming Hangover.
• BREAKING: A fast-moving wildfire has erupted in Ventura County, CA, triggering evacuation orders and warnings across much of Simi Valley. Cal Fire says the blaze — now called the “Sandy Fire” — has already grown to nearly 200 acres.
• Graham Calls For 'Short But Forceful' New Strikes On Iran, Complains Waiting For 'Status Quo' Talks Looks Weak. 
• There should be a running total at the close of every trading day: how much did US inside traders make vs Iranian inside traders. 
• Renewed Iran Headline Roulette Triggers Market Mayhem: AI Angst, Momo Meltdown, Bitcoin Battered.   

• @CNBC

• Asia markets set to rise as oil eases after Trump delays planned Iran strike.
• Tuesday's big stock stories: What’s likely to move the market in the next trading session.

Night Trading 

• Asian equity indices are -.5% to +.5% on average. 
• Asia Ex-Japan Investment Grade CDS Index 75.0 -1.25 basis points. 
• China Sovereign CDS 42.5 +.5 basis point.
• China Iron Ore Spot 108.2 USD/Metric Tonne -.1%. 
• Crude Oil 107.30/bbl. -1.3% 
• Gold 4569.3 USD/t oz. +.2%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.66 +.09%.
• Bloomberg Emerging Markets Currency Index 35.30 -.05%.
• Bloomberg Global Risk-On/Risk Off Index 123.61 +.31%.
• US 10-Year Yield 4.60% +1.0 basis point.
• Japan 30-Year Yield 4.08% -2.0 basis points. 
• Volatility Index(VIX) futures 20.2 -.6%.
• Euro Stoxx 50 futures +.39%. 
• S&P 500 futures +.07%.
• NASDAQ 100 futures +.10%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.