Evening Headlines
Bloomberg:
- China Needs More Tax Revenue, Risking Backlash From Middle Class.
- Japan’s Exports Weaken Further Amid Global Economic Slowdown.
- Strategists See Resilience in Asia FX, Stocks After Fed.
- Stocks Tread Water After Fed, Before China Data: Markets Wrap.
- Oil Holds Loss on Jump in US Stockpiles, Fed Rate-Hike Signal.
- Powell Says Nearly All Officials Expect ‘Some’ Further Fed Hikes.
- Bond Traders Step Up Bets the Fed Will Steer US Economy Into Recession.
- Biggest Losers of AI Boom Are Knowledge Workers, McKinsey Says.
- AI Proves Mightier Than the Fed for Stocks Divorced From Economy.
- Citigroup’s CFO Warns 1,600 Job Cuts Will Boost Expenses This Quarter.
- NYC’s Rent Surge Defied by New Grads Pursuing a TikTok Lifestyle.
- Harvard Medical Morgue Chief Charged With Selling Body Parts.
- The Bubble Portfolio Is Surging Once Again.
- Fed to Release Banks' Stress Test Results on June 28.
- Five Things You Need to Know to Start Your Day.
Zero Hedge:
- GOP: Where Did Joe Biden's $10 Million Windfall In 2017 Actually Come From?
- "Don't Call It A Skip" - Fed 'Pause' Prompts Wild Swings Across All Assets
- Federal Agencies Routinely Spy On Phone Calls, Texts, Emails Of American Citizens, Experts Say.
- "They Expect To Imprison You": GOP Lawmaker Warns Trump Supporters Against 'DOJ Trap'.
- Watchdog Observes Lack Of Oversight, Says 'Increased Risk' US Arms Could Be Lost En Route To Ukraine.
- Amazon Locks Man Out Of Smart Home Devices Over False Racism Claims.
- A Quiet Revolution Is Unfolding Against 'Woke' Corporate America - Here's The Strategy Behind It.
- Middle School Students Stage Rebellion Against LGBTQ Indoctrination.
- Life after FOMC.
- New Truck Sales Are Robust – But There's Still A Trucking Bloodbath.
- China Rebukes US In Phone Call Ahead Of Blinken's Arrival In Beijing Sunday.
- "Biden Bucks" And The War On Crypto.
- CIA Knew Ukraine Was Planning To Bomb Nord Stream Pipelines: Report.
- US stocks finished mixed post-FOMC after the hawkish reaction to the Fed's dot plots unwound at Powell's presser - Newsquawk Asia-Pac Market Open.
- Asian Central Banks To Adopt Iran's SWIFT Alternative As De-Dollarization Accelerates.
- Federal Agencies Admit To $3 Trillion In Improper Payments Since 2004.
- Markets recover after Powell distances himself from hawkish dot plot - Newsquawk US Market Wrap.
- Trump's Boxes And Clinton's Sock Drawer.
Wall Street Journal:
- Biden’s March to State Capitalism. The message being sent to John Q. Public is clear: You now work for us, the government.
- Fed Holds Rates Steady but Expects More Increases.
- Most officials penciled in two more rate increases this year.
- Capital Account | Market to Fed: You Haven’t Done Enough.
- Bud Light Loses Title as Top-Selling U.S. Beer.
- How Republicans and Big Business Broke Up.
- A Moon of Saturn Has All the Ingredients Needed for Life.
- AI Regulation Is Here. Almost.
- Beef Prices Are High. Here’s Why.
CNBC.com:
- Breaking down the market’s reaction to the Fed’s pause and all of Powell’s key comments.
- ‘Bite of these higher rates is gaining traction almost every day,’ KBW CEO warns.
- France sees global A.I. regulation ideas by end of year, wants to work with U.S.
- Oracle hits record after 50% surge in 2023, defying tech struggles.
- New Zealand enters technical recession after economy shrank 0.1% in the first quarter.
- Nearly all Americans cut back on spending due to inflation, CNBC survey finds.
MarketWatch:
- Why this $6 trillion pile of cash isn’t heading for stocks any time soon.
- 5 key takeaways from Fed Chair Jerome Powell’s press conference Wednesday
- Why the stock market shook off a ‘Jekyll and Hyde’ Fed meeting.
- DoubleLine’s Gundlach warns stocks are ‘exhibiting signs of a mania’.
- Cava Group is going public: 5 things to know about the fast-casual Mediterranean restaurant chain.
TheGatewayPundit.com:
- Trump Campaign Has Raised Over $7 Million Since Indictment News Broke.
- WATCH: GOP Congressman Stuns Woke Chief “Diversity” Officer After Asking Her a Question About His Ethnicity.
- AWFUL: 20 Republicans Vote with Democrats – Refuse to Censure Serial Liar Adam Schiff – Resolution Fails in House… UPDATE: Here is the List of RINOs Who Voted with Democrats.
- SoCal: Orange County Bans Pride Flags From Being Flown on County Properties.
- New Information on Jan 6 Bomber: Former FBI DC FBI Field Office Chief Says Data Used to Identify ‘Bomber’ Was Conveniently Corrupted – Blames Service Provider.
- WaPo Reporter and Karine Jean-Pierre Team Up to Bash Fox News for Running Chyron That Referred to Biden as “Wannabe Dictator” (VIDEO).
- All-Muslim Michigan City Council Bans “Pride” Flag Displays on Government Property With Passage of Flag Neutrality Resolution.
- Mike Pence Is Done – Says He Will Not Commit to Pardoning President Trump if the Biden Regime Jails Him (Video).
- In First Month in Office Crime Jumps 38% Under New Chicago Mayor Johnson.
- China Publishes Command and Conquer Red Alert Video – While America Promotes Trans Members for Pride Month.
- Tucker Carlson: “Trump Is the One Guy – Who Dissents from Washignton’s Long-Standing Pointless War Agenda. For That They Are Trying to Take Him Out”.
The Epoch Times:
OpenVAERS:
- VAERS US COVID Vaccine Adverse Event Reports. 964,389 Reports(+1,106 from prior week) Through June 2nd, 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 higher, boosted by commodity and industrial 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 unch. to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 112.75 -.25 basis point.
- China Sovereign CDS 61.25 +.25 basis point.
- China Iron Ore Spot 113.0 USD/Metric Tonne +.5%.
- Bloomberg Emerging Markets Currency Index 45.2 +.01%.
- Bloomberg Global Risk-On/Risk Off Index 63.7 +1.0%.
- Bloomberg US Financial Conditions Index .10 -2.0 basis points.
- Volatility Index(VIX) futures 16.6 +.18%.
- Euro Stoxx 50 futures -.14%.
- S&P 500 futures +.02%.
- NASDAQ 100 futures +.03%.
BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and industrial 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.