Evening Headlines
Bloomberg:
- Japan, France to Cooperate to Develop Next-Gen Nuclear Reactors: Sankei.
- Britain’s Housing Slowdown Leaves More Homes on the Market.
- New Zealand Jobless Rate Holds Steady, Wage Inflation Climbs.
- Copper Mine Flashes Warning of ‘Huge Crisis’ for World Supply.
- Asia Stocks Set to Drop as Bank Woes Hit US Shares: Markets Wrap.
- Oil Steadies After Slumping 5% as Demand Concerns Escalate.
- San Francisco Woes Multiply as Nordstrom Joins Retailers Fleeing.
- Canyon’s Friedman Sees ‘Carnage’ for Some Real Estate Sectors.
- A Short-Term Fix Looks More Likely as US Debt-Limit Deadline Looms.
- Druckenmiller Warns US Debt Crisis Worse Than He Imagined.
- The Shortage That Could Ruin Bourbon Industry.
- Milken Latest: KKR’s Stavros Sees Cost Troubles in Senior Debt.
- Commercial Real Estate, Big Tech Prove Toxic Mix.
- Short Sellers Tightened Grip on Regional Banks in Runup to Rout.
- Regional Bank Shares Plunge on Fear of More Rescues to Come.
- New Jersey Is the New Hot Spot for Big Businesses to Go Broke.
Zero Hedge:
- "We've Never Seen Such A Dramatic Shift": Bud Light Hopes New Ad Blitz Can Overcome Corporate Suicide.
- "We Want More Money": Hollywood Writers Strike, Threatens Production Of Late-Night Shows.
- Pornhub Blocks Access In Utah After State Passes New Age Verification Law.
- Biden Sending 1,500 Troops To Southern Border To Deal With Surge Of Illegal Immigrants.
- Biden's Game Of Chicken: "We Won't See A Debt Ceiling Solution Until The Market Panics".
- Blaming Conservatives For Collapse: Damned If They Do, Damned If They Don’t On The Debt Ceiling.
- DeSantis Signs Bill To Authorize Death Penalty For Child Rapists In Florida.
- US stocks declined on the eve of the FOMC amid regional bank losses - Newsquawk Asia-Pac Market Open.
- MOVEs are back.
- Bank Failures - A Push For CBDC?
- Murdochs Spoke With Zelenskyy Weeks Before Firing Anti-War Host Tucker Carlson.
- Major Banks Could Be Liable For Jeffrey Epstein Sex Trafficking: Judge.
- WTI Holds Ugly Losses Despite 3rd Weekly Crude Draw In A Row.
- Risk off as regional banks slide while JOLTS data falls ahead of Fed - Newsquawk US Market Wrap.
- Fooling Us With Fake Stats: Household Net Worth.
- Crystal Balls, Soothsayers, And AI; Oh My!
- Bonds & Bullion Burst Higher, Banks Battered As JOLTs Plunge Ahead Of Jay Powell.
Wall Street Journal:
CNBC.com:
- PacWest falls more than 20% as regional bank stocks slide to new lows.
- AMD revenue drops 9% as PC chip sales decline sharply.
- Ford cutting price of electric Mustang Mach-E by thousands of dollars.
- Ford stock heads lower after auto maker’s EV business posts loss Fed may pause ‘for an extended period of time’ after interest-rate hike, BlackRock’s Rick Rieder says.
- ‘AI for us is broader than cloud,’ AMD CEO tells analysts, but chip maker still needs PC recovery to improve margins; stock sinks.
- Icahn Enterprises sheds $4.5 billion of value as short seller Hindenburg puts Carl Icahn’s company in crosshairs.
- Starbucks stock sinks as new CEO sticks with predecessor’s forecast despite earnings beat.
Fox News:
TheGatewayPundit.com:
- BREAKING: Attorneys for Gateway Pundit Including America First Legal File New Class Action Lawsuit Attacking the Heart of Internet Election Censorship in America.
- OUCH! Costco Is Almost Giving Bud Light Away, While Coors and Miller Lite Pallets Are EMPTY in Sam’s Club and Anheuser-Busch Pallets are Full! [VIDEO].
- US Regional Bank Stocks Crash – PacWest Down 30%, Western Alliance Down 25%, Metropolitan Bank Down 21%.
- Tucker Carlson Receives $100 Million Offer and Several Additional Perks to Join “New Media” Company.
- Democrat Lawmaker Lois Frankel Sold First Republic Stock Before It Crashed by 80% – Bought JPMorgan Stock Which Just Bought First Republic Instead.
- Karine Jean-Pierre Visibly Irritated After Reporter Asks Why Joe Biden Won’t Acknowledge the Existence of His 7th Grandchild (VIDEO).
- Biden’s Incompetent Secretary of Interior Says She is Unaware China Controls Critical Minerals Needed for Electric Vehicles (VIDEO).
- Border Patrol Readies for MASS INVASION as Joe Biden Opens Southern Border and Lifts Title 42 in 9 More Days – 1,500 Troops Sent to Border.
- Victor Davis Hanson Says FOX News Won’t be Able to Replace Tucker Carlson (VIDEO).
- Texas AG Ken Paxton Announces Investigation Against Pfizer, J&J, and Moderna Over Deceptive Practices.
Twitter:
- @zerohedge - *US TO SEND UKRAINE $300 MILLION IN MILITARY AID: AP. CRE property type exposure by bank.
- @saxena_puru - Probably nothing. (graph)
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 953,415 Reports(+1,831 from prior week) Through April 14th, 2023.
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.
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are modestly lower, weighed down by commodity and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.
- Asian equity indices are -1.0% to -.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 132.0 +2.5 basis points.
- China Sovereign CDS 75.25 +3.0 basis points.
- China Iron Ore Spot 101.5 USD/Metric Tonne -.61%.
- Bloomberg Emerging Markets Currency Index 47.6 +.04%.
- Bloomberg Global Risk-On/Risk Off Index 52.5 -.01%.
- Bloomberg US Financial Conditions Index -.07 +1.0 basis point.
- Volatility Index(VIX) futures 21.4 -.4%.
- Euro Stoxx 50 futures +.45%.
- S&P 500 futures +.11%.
- NASDAQ 100 futures +.05%.
BOTTOM LINE: Asian indices are modestly lower, weighed down by commodity and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.