Friday Watch

Around X:

• @Business

• A lot of cash flying around the world right now is going to one place. That’s a problem for the US government, developing nations and maybe the global economy. 
• Defense Secretary Pete Hegseth said the firing-squad execution of Nidal Hasan, a former Army major who killed 13 people in a mass shooting in 2009, would be visible to the public. 
• The Trump administration said that it would indefinitely suspend the ability of a number of technology companies, including Microsoft, to sponsor foreign employees for permanent residency in the US. Here's what to know... 
• The expected postponement of Nvidia-backed data center company Firmus’s Australian IPO is an ominous sign for other proposed listings, coming after a string of disappointing debuts for artificial intelligence infrastructure firms. 
• Humana shares surged as the company improved its performance on crucial Medicare Advantage quality ratings linked to payment. 
• SpaceX has agreed to buy a nationwide low-band spectrum license portfolio, the Elon Musk-led company said on Thursday. 
• Private credit managers increasingly looking to offload battered funds are drawing interest from rivals eyeing cheap deals in one of the most turbulent periods for the $1.8 trillion market. 
• OpenAI’s Revenue Run Rate Nears $50 Billion, Less Than Reported. 
• A mathematician reflects on how AI is changing his profession. 
• Get up to speed on what's moving global markets. 
• Here’s what you need to know to start your day: Morning Briefing Asia. 

• @ZeroHedge

• it wasn't actual... it was projected. 
• US Taxpayers Currently Lose Up To $500B Annually To Fraud; Report. 
• $300BN in chip-collateralized SPVs, so far.    
• A Leaner Federal Workforce Is A Win For Taxpayers.
• $1 Trillion A Day, $11 Million Deep: Goldman Finds Record Volumes Masking A Market That's "Thinnest Exactly When It's Needed Most".
• Firmus pulled its IPO because it seriously thought someone will buy its EV+1/EBIT+2 "valuation" metric. -> Enterprise value based on debt in one year (lower of course), divided by projected EBIT in 2 years (higher of course). No, really.
• When Did Obesity Become A Drug Deficiency?
• Pharmaceutical Lobby Sues Over Trump Admin Program To Reduce Drug Prices.
• Are El-Sayed's Wheels Coming Off?
• "I Know The Truth": Mother Breaks Silence On Daughter's Mysterious Death At Russian Plague Lab.
• Iran Says More Tankers Struck By Mines, After Trump Declared He Won't Bomb Before Midterms.
• *HEAVY BLASTS REPORTED IN SOUTHERN STRAIT OF HORMUZ ROUTE: FARS.
• Your Stake In The Biggest Economic Bet In US History.
• Microreactors Rack Up Wins With Grid-Scale Plants Stuck At Planning Meetings.
• Hurricane Shuts 63% Of US Gulf Oil Output, Threatens Refineries; Jefferies Warns Of "Fuel Supply Event".  
• Citi Calls Aerospace, Defense Stocks "Close To Major Tactical Bottom" After Brutal Selloff. 
• Airlines Suspend Flights To Saudi Capital After Devastating Houthi Strikes On Airport.
• Headline Roulette Is Back: MidEast Missiles & AI Angst Spark Chaos.       

• @CNBC  

• CNBC Daily Open: Is cheap gas America's Godot? 
• Friday's big stock stories: What’s likely to move the market in the next trading session.
• S&P 500 futures are little changed after OpenAI's revenue report prompts tech sector turmoil: Live updates.
• SpaceX deal to acquire spectrum license hammers shares of AT&T, Verizon and T-Mobile.   

Night Trading 

• Asian equity indices are -1.25% to +.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 71.25 +.25 basis point. 
• China Sovereign CDS 36.75 +.5 basis point.
• China Iron Ore Spot 90.90 USD/Metric Tonne -.4%. 
• Crude Oil 91.0/bbl. -.5%. 
• Gold 4,195.40 USD/t oz. +.92%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.07 +.09%.
• Bloomberg Emerging Markets Currency Index 33.62 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 135.7 -1.3%.
• US 10-Year Yield 5.23% unch.
• Japan 30-Year Yield 4.10% -1.0 basis point.
• Volatility Index(VIX) futures 18.0 -.3%.
• Euro Stoxx 50 futures +.46%. 
• S&P 500 futures +.24%.
• NASDAQ 100 futures +.34%.

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 modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the day.