Evening Headlines
Bloomberg:
- US Bill Aims to Counter China Control of Congo Critical Minerals.
- McDonald’s China Owners Carlyle, Trustar Plan $4 Billion Exit.
- Investors Slash China Local Government Bond Tenors to Shortest On Record.
- Biggest Foreign Stock Fund in Taiwan Shows Shift Away From China.
- NATO Is Papering Over the Cracks After Zelenskiy Loses His Cool.
- Asian Equities Advance as Fed Rate Peak Nears: Markets Wrap.
- Oil Steadies Ahead of US Inflation Data as Russian Flows Drop.
- Inflation at 3% Flags End of Emergency, Turning Point for Fed.
- Dollar’s Epic Drop Sends Franc and Yen Surging as Traders Weigh Fed Path.
- Pensions With $500 Billion of Assets Are Going Bargain Hunting.
- Second Frank Executive Charged in JPMorgan Fraud.
- Epstein-Staley Emails Reveal Friendship Forged at JPMorgan.
- Remote Work to Wipe Out $800 Billion From Office Values, McKinsey Says.
Zero Hedge:
- Joe Biden’s Climate Policies Weaken The U.S. And Strengthen China.
- "War Effort In Shambles As Hawks Turn On Each Other" At NATO Summit.
- Waiting For 'Buyers To Come': Unsold Electric Vehicles Piling Up In Car Dealerships, Says Report.
- Data Brokers To Be Barred From Selling Your Location Data Under Proposed Massachusetts Law.
- CCP Poised to Expand Security Footprint In Latin America With New Port In Argentina.
- Biden Administration Helping CCP By Restricting Domestic Mining: Minnesota Senator.
- Samsung Fights Back Against Beijing's Tech Theft, Sues Chinese Firm BOE Over Patent Infringement.
- China Warns NATO Must Not Ever Expand Into Asia-Pacific.
- Fear smoked.
- MbS To Blinken: 'No' To Israeli Normalization, 'Yes' To Syrian Reconciliation.
- Disney's Feminist Indiana Jones Sequel Bombs Hard – Media Pretends They Don't Know Why.
- 'Crucified': Black Georgia State Rep Switches To Republican Party.
- Trump Blasts Cluster Bombs For Ukraine: 'Biden Dragging US Into WW3!'.
- Not Just Bud Light: Anheuser-Busch’s Other Beers Are Also Suffering.
- US stocks gained, while the dollar and yields dropped after softer US inflation - Newsquawk Asia-Pac Market Open.
- National Poll Shows RFK Jr. Tops All Other Politicians In Net Approval-Rating.
- Dollar hits YTD trough after CPI-induced rip in stocks and bonds - Newsquawk US Market Wrap.
- Soft CPI Sparks Bond-Buying Bonanza, Meme Stock Meltup, Gold Gains As Dollar Pukes.
Wall Street Journal:
- Tampa: Why Gen Z and Millennial Tourists Are Flocking to This Retirement Mecca.
- SEC Moves to Shore Up One of America's Most Popular Investments.
- Disney Extends CEO Robert Iger’s Contract Through 2026.
- Lina Khan Is Losing Her Fight Against Big Tech.
- Inflation Isn’t Conquered Yet. Real wages have only begun to increase, and the Fed isn’t done.
- A Hiker Died With a Bullet in His Chest. Why Did Police Say He Was Stabbed by a Stick?
- What AT&T and Verizon Knew About Toxic Lead Cables.
- They Had Great Credit Scores. Then They Retired.
- Chinese Hackers Spied on State and Commerce Departments.
CNBC.com:
- Elon Musk launches his new company, xAI.
- China’s metal export curbs could drive countries to diversify their supply chains.
- FTC says it will appeal to block Microsoft-Activision deal.
- How China, U.S., Russia and Ukraine tension threatens global economic growth: Jeffrey Sachs.
- From ‘Barbie’ to Formula 1, TAG Heuer is making its mark on the luxury watch market.
- Viasat stock plunges after company discloses malfunction in new satellite.
- Apple just released a preview of its next big iPhone update. Here’s what’s new.
MarketWatch:
TheGatewayPundit.com:
- Wray Refuses to Say Whether Joe Biden Took Money From Burisma or Any Other Foreign Companies (VIDEO).
- Cratering Bud Light Reportedly Receives the Painful “Star of Death” from Major Retailer (PHOTOS).
- “SHAME ON YOU!” – Rep. Troy Nehls DESTROYS Chris Wray Over Jan 6 – Catches Him in Lies on Child Pornography Cases – BATTERS HIM ON RAY EPPS!
- OUCH! Matt Gaetz ABSOLUTELY DESTROYS Crooked FBI Chief Chris Wray with UNFORGETTABLE FINAL WORD! (VIDEO).
- Academy of Breastfeeding Medicine: “Inducing Lactation May Present More of a Challenge for Transgender Individuals.” — CDC Highlights Stunning Scientific Discoveries From Clown World in Official Handout.
- Biden Whisked Away From Helsinki Airport in 40-Vehicle Motorcade Hours After Claiming Climate Change “The Single Greatest Threat to Humanity” (VIDEO).
- FBI Asks Americans to Report Crime to Them in Recent Tweet – Then Are Overwhelmed with Reports on Their Own Criminal Activity.
The Epoch Times:
- China Passing Laws, Building Infrastructure for Wartime, Expert Says.
- The CCP’s Role in the Globalist Agenda: Trevor Loudon.
- US Companies Aiding China’s Human Rights Violations Under Spotlight at Congressional Hearing.
- VAERS US COVID Vaccine Adverse Event Reports. 966,895 Reports(+1,278 from prior week) Through June 16th, 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 tech and consumer shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.
- Asian equity indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 112.0 -2.75 basis points.
- China Sovereign CDS 60.75 -1.25 basis points.
- China Iron Ore Spot 109.8 USD/Metric Tonne +.8%.
- Bloomberg Emerging Markets Currency Index 43.7 +.06%.
- Bloomberg Global Risk-On/Risk Off Index 65.8 +.06%.
- Bloomberg US Financial Conditions Index .33 unch.
- Volatility Index(VIX) futures 15.7 -.30%.
- Euro Stoxx 50 futures +.07%.
- S&P 500 futures +.17%.
- NASDAQ 100 futures +.26%.
BOTTOM LINE: Asian indices are mostly higher, boosted by tech and consumer shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.