Evening Headlines
Bloomberg:
- China Is Scaring Away Foreign Investors That Its Cities Want.
- China Housing Rebound Fizzling Shows Risks to Economic Recovery.
- SoftBank Stock Drops After Vision Fund Loses Money Again.
- China’s Copper Woes Damp Spirits of Traders in Asia.
- Japan Stocks, US Futures Edge Up; USTs Hold Rally: Markets Wrap.
- Oil Rises as US Signals It Aims to Refill Oil Reserve After June.
- Musk Says Twitter to Purge Inactive Accounts and Followers May Drop.
- Lyft Will Discontinue Pooled Rides, Launch New Airport Feature.
- Carl Icahn’s Firm OKs Buybacks, Increases Shares Backing His Debt.
- Fees Thwart Switching Cloud Computing Providers, Critics Say.
- Ken Griffin’s Hand-Picked Math Prodigy Runs Market-Making Empire.
- Jamie Dimon Says US Needs to 'Finish' the Bank Crisis.
- Fed’s Kashkari Says Inflation Too High, Wages Softened Somewhat.
- Google and Amazon’s Social Shopping Push Threatens Reign of Instagram Influencers.
Zero Hedge:
- Top Ten Moments From Trump's CNN Town Hall; AOC And Jake Tapper Livid
- US Failure To Recognize Natural Immunity Negatively Affected Pandemic Response: NIH Scientist
- "We Have Reached Our Limit": NYC Suspends Shelter Rules Ahead Of Title 42 Expiration.
- Senator Ron Johnson: 'We Have Evidence Hunter Biden Paid Sex-Trafficked Prostitutes And The Media Isn't Even Looking Into It'.
- Taiwan Says Its Military Won't Let The US Blow Up Semiconductor Factories.
- FBI Stonewalls On Smoking Gun Document Alleging Biden Family 'Criminal Scheme'.
- Two Youths Commit Suicide In Taxpayer-Funded Cross-Sex Hormone Study.
- Bond Turmoil As Biden Delays Debt Ceiling Meeting, Treasury Cash Burn Accelerates.
- Biden's Ex-Disinfo Queen Slaps Fox With Defamation Suit.
- US stocks were mostly lower as regional banking concerns resurfaced - Newsquawk Asia-Pac Market Open.
- Here's How To Hedge The Coming Debt Ceiling Crisis.
- DHS Producing Videos Teaching Citizens How To Identify "Radicalized" Conservatives.
- The "what if" bull.
- Weaponizing Death.
- Fed Emergency Bank Loans Soared As Money Market Inflows Continue To Surge.
- Risk-sentiment sours on more bank woes but GOOGL offers respite for Nasdaq - Newsquawk US Market Wrap.
- Mouse-House Mullered, Banks Battered, But Mega-Cap Tech Turbocharged.
Wall Street Journal:
- The Executive Who Keeps Tesla Rolling Isn’t Elon Musk.
- SoftBank Shifts War Chest to AI.
- NBCUniversal’s Linda Yaccarino Is in Talks to Become Twitter CEO.
- Biden’s CIA Assist in the 2020 Presidential Election. The agency, not only retirees, turns out to have worked on the Hunter excuse letter.
- Homes in This Community Cost Millions, Have ‘Frozen’ Bedrooms.
- Migrant Influx Overwhelms Border as Title 42 Ends.
CNBC.com:
- Debt ceiling meeting between Biden and congressional leaders postponed until next week.
- Meta unveils A.I. ‘testing playground’ to help advertisers build campaigns.
- Elon Musk says he’s stepping down as Twitter CEO, will oversee product.
- PacWest shares tumble 20% after regional bank says deposits fell 9.5% last week.
- Pfizer CEO says Medicare will likely face legal action over drug price negotiations.
- Google’s new A.I. search could hurt traffic to websites, publishers worry.
- Bitcoin falls below $27,000 as U.S. regulatory crackdown pressures crypto market makers.
- Profit risks for 10 large regional banks: How a reversal of pandemic deposit trends could cut earnings.
- ‘1.5 billion square feet of office space could become obsolete,’ says Boston Consulting Group.
- Peloton stock closes at new all-time low after recall announcement.
- Rivian, Lucid and Fisker navigate a ‘treacherous road’ as they struggle to match Tesla’s success.
- ‘The Fed is way late and they’ve already screwed it up.’ This stock strategist is banking on gold, silver and Treasurys to weather a recession.
Fox News:
TheGatewayPundit.com:
- AOC Melts Down Over CNN Hosting Trump Town Hall: “CNN should be ashamed of themselves…The audience is cheering him on and laughing at the host”.
- Concerned Father Who Gave Heartfelt Speech at School Board Meeting Lost Job After Radical Progressive Activists Began Attacking and Harassing Him – Please Help (VIDEO).
- Dr. Peter McCullough: 3 Painful Facts About Spike Protein That The Media Ignores.
- Bud Light Sales Still PLUNGING Across the Entire US – Down 29% in Rocky Mountain States – HSBC Downgrades Anheuser-Busch Stock!
- Highly Maneuverable Chinese Spaceplane Touches Down After 276 Days in Orbit – Craft Docked Several Times With Another Object – May Be Used as Weapon to Target US Satellites.
- Mourning in America: Democrats and Fake News Hacks Suffer Collective Meltdown Following Trump’s Triumphant Return to CNN.
- Former DEA Official Derek Maltz Joins Rose Unplugged: As Title 42 Expires, Expect A Tsunami of Fentanyl Pouring Into Your Community (AUDIO).
- Fact Check CNN: Trump Was Right and Annihilates Kaitlan Collins Over Chinatown Classified Documents.
Twitter:
- @DC_Draino - CNN: “Why does Trump keep calling out 2020 election fraud?” Um, maybe it’s because more than 60% of Americans believe it was rigged, including nearly half of *Democrats*. The fringe position now is thinking there *wasn’t* fraud. (poll)
- @SuburbanDrone - Is everybody happy now? (graph)
- @RebsBrannon - This isn’t a border town. This is Chicago where hundreds of migrants are ending up across the country. Here they’re camping at a police station. (video)
- @KimDotcom - Powerful moment: CNN: "Do you want Ukraine to win this war?" Trump: "I don’t think about it in terms of winning and losing, I think in terms of getting it settled so we stop killing all these people." *Massive audience applause* The people want peace. (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 commodity and tech shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.
- Asian equity indices are -.25% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 130.5 -1.5 basis points.
- China Sovereign CDS 72.75 +.75 basis point.
- China Iron Ore Spot 98.5 USD/Metric Tonne unch.
- Bloomberg Emerging Markets Currency Index 47.7 unch.
- Bloomberg Global Risk-On/Risk Off Index 53.0 +1.5%.
- Bloomberg US Financial Conditions Index -.14 -4.0 basis points.
- Volatility Index(VIX) futures 20.5 -.12%.
- Euro Stoxx 50 futures +..30%.
- S&P 500 futures +.15%.
- NASDAQ 100 futures +.20%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity and tech shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.