Evening Headlines
Bloomberg:
- Stagflation Danger Spurs World Bank to Cut Global Growth Outlook.
- China Export Boom Fades as Spending Shifts, Cheaper Rivals Gain.
- South Korea Truckers Go on Strike at Ports as Fuel Costs Soar.
- Japan’s Economy Contracts Less Than Expected as Recovery Begins.
- Asia Stocks Rise After Yields Retreat; Yen Falls: Markets Wrap.
- Refiners Pay Soaring Premiums for Diesel-Rich Oil from Nigeria.
- The Dire Warnings on Inflation-Busting Are Coming True.
- Funding Squeeze at Buy-Now-Pay-Later Pioneer Affirm Flashes Warning Sign for Industry.
- US Consumer Credit Surges Again as Loans, Card Spending Jump.
- Janet Yellen Warns Inflation Is Likely to Stay High.
- Elon Musk’s Twitter Deal Draws Investor Suit Over Spam Account Claims.
- Citadel Securities, Virtu Build Crypto Plan With Brokerages.
- Solar-Panel Makers Scorn 'Pittance' of Aid in Biden Relief Plan.
Wall Street Journal:
- Yellen, World Bank Expect Elevated Inflation to Persist.
- Want to Fly This Summer? Good Luck Traveling to a Small City.
- Commercial Real Estate Shows Signs of Cooling.
- In Russia’s Battle for East Ukraine, Both Sides Have Higher Stakes at Play.
Fox News:
CNBC.com:
- World Bank slashes global growth forecast to 2.9%, warns of 1970s-style stagflation.
- Fed GDP tracker shows the economy could be on the brink of a recession.
- Apple is turning your iPhone into a fintech service taking on PayPal, Affirm and more.
- Lyft plans to build a hybrid network of autonomous and driver vehicles, co-founder says.
- Target expects squeezed profits from aggressive plan to get rid of unwanted inventory.
- Short sellers raise bets against GameStop and AMC to highest level in a year as Wall Street sees more pain ahead.
- Americans
have not felt this gloomy about their finances since the Great
Recession: ‘I walk every day just to get (the worrying) out of my head.’.
- Bipartisan crypto legislation would have CFTC oversee bitcoin, ether and most other digital assets.
- Here’s why the stock market gets ‘squirrelly’ when bond yields rise above 3%.
Zero Hedge:
- Shocking Consumer Credit Numbers: Everyone Maxing Out Their Credit Card Ahead Of The Recession.
- Family Of Latest Clinton-Linked Suicide Blocks Release Of Shotgun Death Details.
- "Somebody's On Path To Destruct America," Warns US Oil Billionaire.
- Hunter's Hooker Scored $20,000 PPP Loan As Joe Biden Entered White House.
- US Import Demand Is Dropping Off A Cliff.
- Leading Dems Issue Letter Urging Biden To Distance US From 'Unreformed' Saudi Crown Prince .
- "We're Closely Monitoring" - Did Yellen Just Signal Gold-Grab Over Russian Sanctions Loophole?
- 10 Under-Reported Revelations From Trial Of Former Clinton Lawyer.
- Unstoppable bull (in some stuff)...?
- As White House Continues To Push Jabs For Kids, FL Surgeon General Questions Safety.
- How Brazil Is Saving The World From A Catastrophic Food Crisis.
- Newsquawk Asia-Pac Market Open - US stocks shrugged off early caution and corporate guidance cuts to finish in the green.
- Atlanta Fed Slashes Q2 GDP Again, Now Just 0.9% Away From Official Recession.
- WTI Dips After Unexpected Crude Build, Gasoline Stocks Up Most Since Jan.
- Uranium Stocks Soar On Report US Seeking Billions To End Reliance On Russian Enriched Uranium.
- Newsquawk US Market Wrap: Stocks shake off Co. warnings while Treasury curve flattens ahead of key risk events.
- Stocks & Bonds Spike As Growth/Stagflation Scares Soar.
Newsmax:
TheGatewayPundit.com:
- “How Can You be Confident That Government Spending is Not the Cause of Inflation?” – Yellen Ignores Reporters as Her Staff Runs Interference (VIDEO).
- Seattle School Principal Refused to Cooperate With Police as Deranged Intruder Was Terrorizing a Class of Fifth Grade Students, Allowing Him to Exit School Lockdown And Immediately Commit Multiple Assaults Before His Arrest.
- Just in: FDA Advisers Recommend Authorizing Novavax Covid Vaccine Despite Risks of Myocarditis.
- Janet Yellen: US Faces “Unacceptable Levels of Inflation” (VIDEO).
- Michigan Democrat Sen. Debbie Stabenow Brags That She Passed “Every Single Gas Station” in Her Brand New Electric Vehicle and ‘It Didn’t Matter How High Gas Was’ (VIDEO).
- CNN Admits GOP In Best Position For Midterms “In Over 80 Years”.
- DHS Releases Bulletin Citing Concerns of ‘Heightened Threats,’ and Violent Months Ahead with Supreme Court Ruling and Midterms Approaching.
- NYC Violence Leaves Residents Anxious, Fearing They Will Become a Victim of a Shooting, Stabbing or Other Violent Act.
- Out-Of-Control Gas Prices on Track To Reach $5 Per Gallon By Week’s End.
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 825,453 Reports(+4,666 from prior week) Through May 27th, 2022.
SKirsch.com:
- Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.
Covid-19(Data, Maps, Graphs):
- Our World in Data: New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
- FT.com: Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
- Bloomberg.com: International Travel Restrictions. Case Graphs by State.
- NYTimes.com: County Trends and Clusters. Local ICU Occupancy.
- Brown School of Public Health: Covid Severity by State/County(map). US Hospital Capacity(region).
- CovidActNow: Covid Severity/Infection Rate by Metro Area.
- KFF: US Vaccinations by Race/Ethnicity.
- Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits. Restaurant Visits. Wearing Masks. (graphs)
- Safegraph.com: Commerce Patterns(graphs).
Night Trading
Morning Preview Links
Earnings of Note
Company/Estimate
- Asian equity indices are +.25% to +.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 108.0 -.25 basis point.
- China Sovereign CDS 68.25 -.75 basis point.
- Bloomberg Emerging Markets Currency Index 51.86 -.04%.
- Bloomberg Global Risk-On/Risk Off Index 5,015.0 +55.0 points.
- Volatility Index(VIX) futures 26.5 +.6%.
- Euro Stoxx 50 futures +.39%.
- S&P 500 futures -.20%.
- NASDAQ 100 futures -.26%.
Earnings of Note
Company/Estimate
Before the Open:
- (BF/B)/.26
- (CPB)/.61
- (OLLI)/.31
- (THO)/4.79
- (VRA)/-.16
After the Close:
- (ABM)/.84
- (FIVE)/.58
- (OXM)/2.76
Economic Releases
10:00 am EST
- Wholesale Trade Sales MoM for April.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,328,570 barrels versus a -5,068,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,000,000 barrels versus a -711,000 barrel decline the prior week. Distillate inventories are estimated to rise by +750,000 barrels versus a -529,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.42% versus a -.6% decline prior.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Treasury Secretary Yellen's testimony to House, Eurozone GDP report, 10Y T-Note auction, weekly MBA Mortgage Applications report, Jefferies Healthcare Conference, (SHW) financial community presentation and the Deutsche Bank Basic Materials Conference could also impact global trading today.
- 9:30 am - 4:00 pm EST