Evening Headlines
Bloomberg:
- ADB Downgrades Asia GDP Forecast as China Sticks To Covid Zero.
- Biden Expects to Speak With China’s Xi Within Next 10 Days.
- Yuan Shorts Gather Pace on Lockdown Threat, Property Sector Risk.
- Europe Counts Down to Dawn as Russia Gas Pipe Set to Restart.
- Korean Early Exports Rise in Sign of Resilient Global Demand.
- Don’t Forget to Turn Off the Lights, French Government Urges.
- Japan Logs Trade Deficit for 11th Month on Energy, Weak Yen.
- Stock Rally Sputters in Asia as Dollar Advances: Markets Wrap.
- Microsoft Cuts Many Open Job Listings in Weakening Economy.
- Lyft Plans to Shut Down Its Car-Rental Unit and Cut About 60 Jobs.
- Microsoft, Google Are Latest Tech Giants to Hit Brakes on Hiring.
- Bitcoin Erases Gains After Tesla Discloses Second-Quarter Sales.
- United Air Cuts 2023 Growth Plans as Flight Disruptions Persist.
- Stocks Latest Rally Has Bears Calling It Just a Bounce.
Wall Street Journal:
- Putin’s Gas Game: Toy With Europe’s Supply and Make Its Leaders Squirm.
- Crypto Market Rout Shows Dangers of Margin Lending.
- Putin Says Russia Will Honor Europe Gas Commitments but Warns of New Curbs.
- U.S. Starts Trade Fight With Mexico Over Energy Policy.
- Proposal Would Clarify Vice President’s Role in Vote Certification.
- The Senate’s Semiconductor Spending Trick. How a $76 billion bill became $250 billion. Hide the children.
- Robinhood Was Behind Phantom Surge in Berkshire Trade Volume, Study Finds.
- Travel Anxiety Is Soaring: Are Mindfulness Gadgets the Solution?
- Why More People Are Dating Without Drinking.
Fox News:
- Conservatives, journos criticize NPR's new 'disinformation reporting team,' recall Hunter Biden dismissal.
- Twitter erupts after Biden suggests home-state oil refinery gave him cancer.
CNBC.com:
- Tesla grows revenue 42%, but automotive margins decline.
- Tesla has dumped 75% of its bitcoin holdings a year after touting ‘long-term potential’.
- Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers.
- Raimondo warns of ‘deep and immediate recession’ if U.S. cut off from Taiwan chip manufacturing.
- Who can afford a home? Roughly 60% of the U.S. could be frozen out of starter homes, warns S&P.
- Chip stocks rally despite an ominous forecast, as U.S. semiconductor funding bill advances in Senate.
- The news from this giant volcano suggests world economy getting worse — and the U.S. may be to blame.
- These are the airlines with the most delays and cancellations.
Zero Hedge:
- Bitcoin Slides After Tesla Admits Dumping Most Of Its Crypto In Q1.
- Tesla Pumps And Dumps After Earnings Beat; Sells 75% Of All Bitcoins.
- "We Decided To Stop Paying": China's Mortgage Payment Boycott Spreads As Property Suppliers Refuse To Pay Their Bills.
- Current Flu Season More Severe Than COVID: Australian State Premier.
- ESG Funds Are Quietly Buying Oil Stocks.
- Biden Approval Rating Hits New All-Time Low Of 31%, Now 'Underwater' With Own Party.
- George Soros Gave $1 Million To Help Beto O'Rourke Unseat Texas Gov. Greg Abbott.
- Battery Replacement Of Family's EV Ford Focus Would Cost More Than Car Itself.
- Russia Declares War Goals Have Expanded After West Pumped More Arms Into Ukraine.
- Wall St. shrugged off European geopolitical concerns with tech underpinned by Netflix - Newsquawk Asia-Pac Market Open.
- Taibbi: The Great American Military Rebrand.
- Strengthening Ties With Iran, Putin Meets With Supreme Leader In Tehran.
- Ford Plans To Cut 8,000 Jobs To Help Fund EV Endeavors.
- TME Daily: Consensus complacency turns into complicated confusion.
- "This Is Just The Beginning": Starbucks CEO Warns Of More Store Closures In Leaked Video.
- Italy Government On Verge Of Collapse After Coalition Members Abandon Draghi; Euro Tumbles.
- US outperforms as Italy's crisis, NS1 angst, and Ukraine woes hit Europe - Newsquawk US Market Wrap.
- Army Set To Cut Force-Size By 20,000 Amid "Unprecedented Challenges" In Recruitment.
- Big-Tech & Bitcoin Jump, Bonds & Bullion Dump As Housing Market Slumps.
Newsmax:
- Yellen Welcomes Ukraine Debt Freeze, Calls on Creditors to Join.
- Russia Won't Supply Oil to the World Market if Price Caps Imposed.
- Rep. Burgess: Biden's Missteps 'Purposefully Destructive'.
TheGatewayPundit.com:
- NEW: Federal Investigators Weigh Charges Against Hunter Biden as Probe Enters Final Stages.
- The Deep State Coup’s Final Assault on President Trump: DOJ Blocked Release Declassified Documents that Revealed Truth of Trump-Russia Lies as Trump Requested.
- Biden To Use Executive Powers To ‘Combat Climate Crisis’: ‘Since Congress Is Not Acting As It Should…This Is An Emergency’.
- Buttigieg Says He’s “Astonished” That People “Seem to Really Struggle to Let Go” of Their Gas-Powered Vehicles in Favor of $65,000 Electric Vehicles (VIDEO).
- Biden Set to PURGE 27.5% of Army (Or More) Who Aren’t Fully Vaccinated Against COVID with Non-FDA Approved Vaccine.
- FBI Investigated Decision by NIH, Fauci and Dr. Collins to Fund Wuhan Lab – And Its Controversial Testing of Bat Coronavirus — BUT SAID NOTHING!
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 842,573 Reports(+3,276 from prior week) Through July 8th, 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 -.5% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 170.75 unch.
- China Sovereign CDS 85.25 +1.0 basis point.
- Bloomberg Emerging Markets Currency Index 49.14 -.01%.
- Bloomberg Global Risk-On/Risk Off Index 4,619.0 +72.0 points.
- Volatility Index(VIX) futures 26.5 +.7%.
- Euro Stoxx 50 futures -.48%.
- S&P 500 futures -.15%.
- NASDAQ 100 futures -.17%.
Earnings of Note
Company/Estimate
Before the Open:
- (AIR)/.73
- (ABB)/.41
- (ALK)/1.95
- (AAL)/.75
- (T)/.63
- (AN)/6.22
- (BX)/1.46
- (DHI)/4.52
- (DHR)/2.34
- (DPZ)/2.90
- (DOW)/2.13
- (FITB)/.87
- (FCX)/.68
- (HRI)/2.62
- (KEY)/.52
- (NUE)/8.69
- (PM)/1.25
- (POOL)/7.36
- (DGX)/2.26
- (SAP)/1.08
- (SNA)/3.95
- (TSCO)/3.52
- (TRV)/1.97
- (UNP)/2.84
After the Close:
- (BJRI)/.26
- (SAM)/4.62
- (COF)/5.05
- (ISRG)/1.20
- (MAT)/.06
- (PPG)/1.72
- (RHI)/1.59
- (STX)/1.89
- (SNAP)/-.032
- (THC)/.84
Economic Releases
8:30 am EST:
- The Philly Fed Business Outlook Index for July is estimated to rise to .8 versus -3.3 in June.
- Initial Jobless Claims for last week are estimated to fall to 240K versus 244K prior.
- Continuing Claims for last week are estimated to rise to 1340K versus 1331K the prior week.
10:00 am EST
- The Leading Index for June is estimated to fall -.6% versus a -.4% decline in May.
Upcoming Splits
- (GME) 4-for-1
Other Potential Market Movers
- The ECB rate decision, weekly EIA natural gas inventory report and the (CRTD) investor day could also impact global trading today.
- 9:30 am - 4:00 pm EST