Evening Headlines
Bloomberg:
- Erdogan Teeters Before a Turkish Vote That’s Got the World Watching.
- China’s Shift Away From Big Four Auditors Has EY Most Exposed.
- ECB Must Do More to Return Inflation to 2%, Schnabel Says.
- Donald Kohn Says BOE and Fed Suffering Keynesian ‘Group-Think’.
- Asian Stocks Tick Lower Ahead of US Inflation Data: Markets Wrap.
- Oil Holds Three-Day Surge on SPR Refill Plan, Canada Disruption.
- Biden, McCarthy Vow More Debt-Limit Talks as US Default Looms.
- Wall Street On Debt-Ceiling Alert as Key Seven-Day Window Begins.
- Blackstone Alum Hosts Biden in NYC for $25,000-a-Ticket Fundraiser.
- George Santos Faces Criminal Charges by US Justice Department.
- AI Drug Discovery Is a $50 Billion Opportunity for Big Pharma.
- King Street’s Goldschmid Says Credit Markets Have a Math Problem.
- Here Are 11 Key Takeaways From the Sohn Investment Conference.
- Occidental Buys Back 6.5% of Warren Buffett’s Preferred Stock.
- Goldman Sachs Warns of Stock Volatility as Quant Traders Pile In.
Zero Hedge:
- "We're Back": Tucker Carlson Moves Show To Twitter; Musk Says They Didn't Cut Deal.
- "An Affront To Justice" - Trump To Appeal After Jury Finds Liable For 'Sexual Abuse', Defamation.
- "Passed Its Peak": Nintendo Warns Of Demand Plunge Of Switch Consoles.
- Peter Schiff: The US Is In A Financial Crisis Worse Than '08.
- Americans Suffering Sharply Higher Levels Of Financial Anxiety.
- Tumbling Chinese Commodity Imports Signal Two-Speed Recovery.
- ZH Geopolitical Week Ahead: A Destabilized Pakistan Could Become Far More Dangerous Than Ukraine War.
- Battles Rage Over Biden's Clean Energy Projects As The Size And Cost Jump.
- National Police Association Joins Others In Suing For Nashville Shooter's Manifesto.
- "A Lot More Bodies Coming" - Druckenmiller Warns Of "Hard Landing", Blasts Fed "Free Money" Making People Do "Really Stupid Things".
- US stocks declined ahead of US CPI data and after hawkish central bank rhetoric - Newsquawk Asia-Pac Market Open.
- The Truth About 'Generation Snowflake' Is Even Worse Than We Feared.
- 'Sex Object' CNBC Anchor Hadley Gamble Leaves Network After Sexual Harassment Settlement.
- Italy's Meloni To Pull Trigger On Belt & Road Exit In Major Blow To China.
- WTI Holds Gains Despite API Reporting Biggest Crude Build Since Feb.
- Stocks lower ahead of CPI while debt limit talks remain in limbo - Newsquawk US Market Wrap.
- Chicago Police Advise Business Owners To Install Shatter-Resistant Glass Shields Amid String Of Break-Ins.
- Quinn: Rise To Rebellion - A Fourth Turning Perspective.
- Bullion & Black Gold Bid; Regional Banks Skid Ahead Of CPI.
Wall Street Journal:
- Decline of the Five-Day Commute Is a Boon to Suburban Retail.
- ChatGPT Is Causing a Stock-Market Ruckus.
- Boeing Wins 737 MAX Jet Order Worth Up to $40 Billion From Ryanair.
- Falling Home Prices Most Widespread in Over a Decade.
- DEI Brings Kafka to My Law School. Ohio Northern University is trying to banish me for lack of ‘collegiality’ but won’t say what I’ve done.
- The Deep State Is All Too Real. Congress and the courts have shirked their duty, letting bureaucrats make and interpret the laws.
CNBC.com:
- Fed’s John Williams says rates could be increased if inflation doesn’t come down.
- Rivian reports a narrower-than-expected quarterly loss, reaffirms EV production target.
- Rocket Lab revenue increases slightly, company adds NASA launch contract.
- The 2023 CNBC Disruptor 50: See the full list of startups taking on the market’s biggest companies.
- These maps show how far China’s freight railways are stretching across Asia.
- Stocks may be about to lose the secret to their success in 2023.
- IBM rolls into AI arms race with Watsonx.
- Upstart stock soars 40% after upbeat earnings outlook, funding progress.
- Airbnb stock falls sharply on cautious forecast and as record bookings miss estimates.
- Twilio’s stock tumbles 15% on weaker-than-expected revenue guidance.
- Affirm stock sinks as loss more than triples, bank stress and rising rates spark concerns.
Fox News:
- Study finds Biden proposal could kill nearly a million jobs and tank US economic activity.
- Lawmaker wants to ban San Francisco security guards from drawing guns as crime soars.
- Up-and-coming MMA star dies suddenly at 21: 'She had amazing work ethic'.
TheGatewayPundit.com:
- America Last: Biden Regime to Send Ukraine ANOTHER $1.2 Billion in Military Aid – Including Air Defense Systems and Ammunitions.
- WATCH: Maricopa County Supervisor Bill Gates RUNS From Questions at Secret Zuckerberg Funded, Soros Tied DC Election Summit – Elon Musk Responds: “They’re Supposed to Be Impartial”.
- HE’S BACK: Tucker Carlson Announces New Show On Twitter – Accuses Fox News of Fraud, Breach of Contract.
- “F*ck You Americans!” – Illegal Aliens Swear at and Insult News Reporters in a Heated Exchange in El Paso, Texas (VIDEO).
- THE NUMBERS ARE IN: Bud Light Hit with Devastating News on April Sales – Trump-Friendly Beer Company Sees Massive Surge.
- Speaker McCarthy Blasts Joe Biden After Fruitless Meeting on Debt Ceiling (VIDEO).
- Elon Musk Warns Users That Zuckerberg’s “WhatsApp” Cannot Be Trusted, Here’s What He Said About The Messaging Platform…
- Former Tucker Carlson Producer Abby Grossberg withdraws Coercion Lawsuit Against Fox News.
- Karine Jean-Pierre Says Joe Biden “Has Been Closely Consulting” with Kamala Harris as 700,000 to 1 Million Illegals Gather to Storm US Border (VIDEO).
- Elon Musk Calls The Allen Texas Mall Shooter Narrative “A Very Bad Psyop”.
- ‘How Does the President Get Away with Saying That He’s Cutting the Deficit’ – CNBC’s Rick Santelli Goes Off on Joe Biden in Signature Rant (VIDEO).
- “I
Really Touched the Third Rail on a Mention of Jeffrey Epstein” –
Shareholder Peter Flaherty Breaks Silence Following His Arrest After
Criticizing Warren Buffett’s Ties with Bill Gates (VIDEO).
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 957,953 Reports(+2,601 from prior week) Through April 28th, 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 mostly lower, weighed down by industrial and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.5% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 134.75 +2.0 basis points.
- China Sovereign CDS 76.75 +.75 basis point.
- China Iron Ore Spot 103.9 USD/Metric Tonne +1.8%.
- Bloomberg Emerging Markets Currency Index 47.8 +.03%.
- Bloomberg Global Risk-On/Risk Off Index 55.4 +.8%.
- Bloomberg US Financial Conditions Index -.02 -1.0 basis point.
- Volatility Index(VIX) futures 21.3 -.14%.
- Euro Stoxx 50 futures +.14%.
- S&P 500 futures +.11%.
- NASDAQ 100 futures +.09%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.