Thursday Watch

Around X:

• @Business

• Xi Jinping was personally greeted by Donald Trump as he landed in the US for his first state visit in eleven years — an unprecedented welcome to America for a Chinese leader. 
• Brazil would be one of the countries most exposed if the U.S. bans diesel exports. The measure would force the search for new suppliers and could drive prices even higher in a market already battered by the war with Iran. 
• Mexico’s Claudia Sheinbaum offered a strong public show of support for Luiz Inácio Lula da Silva, as Latin America’s two most prominent leftist leaders find themselves increasingly isolated amid a wave of conservative victories across the region. 
• Australian Prime Minister Anthony Albanese said an OpenAI agent hacked a government website, adding that the firm’s CEO Sam Altman had acknowledged the lapse. 
• Sales of Venezuelan oil for loading in October stalled after a surge in shipping costs muddled negotiations between the country’s state oil company and buyers of its oil. 
• It’s an emerging risk. 
• A data center developer sponsored by affiliates of Blue Owl raised $1.1 billion through a junk-bond offering to finance a CoreWeave-tied project after offering juicy yields to lure investors. 
• Meta has unveiled a palm-sized, dedicated gadget for using Muse, the company’s popular new artificial intelligence assistant, pushing deeper into the AI devices market with the surprise announcement.
• Get up to speed on what's moving global markets.
• Here’s what you need to know to start your day.   

• @ZeroHedge

• Harvey Weinstein (Finally) Sentenced To 15 Years In Prison. 
• The Sudden AI Panic Has A Lot To Do With The November Midterms.
• *META DEBUTS A DEDICATED, PALM-SIZED DEVICE WITH 5G TO USE MUSE.
• Mr. Xi Comes To Washington: What Wall Street Banks Are Expecting.
• Zelensky To UN: Russia's Deficit 'Bigger Than Any Other Year' - More Sanctions Needed. 
• Hyper CDS new all time wides, led by ORCL, SPCX, NVDA and META.
• Claude has discovered a previously unknown enzyme system hidden in the DNA of bacteriophages. Beside the enzyme’s gene sits a long array of repeating DNA—a structure that looks somewhat similar to CRISPR.
• Iran Vows To 'Paralyze' Regional Airports Which Prevent Its Flights From Landing.
• *CHINA IS HOLDING SENSITIVE F-35 PARTS DIVERTED TO HONG KONG. *PENTAGON SAYS IT'S WORKING TO RETRIEVE STEALTHY JET PARTS.
• TRUMP JR.’S 1789 CAPITAL IN TALKS TO RAISE $3 BILLION IN FUNDS.
• Only 7% Of Voters Rank Data Centers As A Top Political Issue; New Survey Finds. 
• Better Data & Energy Angst Spark Bond Bloodbath; Dollar Jumps, Stocks Dump.                                

• @CNBC  

• U.S.-China trade truce extended for two months, Bessent says, as Xi begins state visit.
• Thursday's big stock stories: What’s likely to move the market in the next trading session.
• SoftBank shares jump over 7% after $11.1 billion bond issuance to fund OpenAI bet. 
• Flock, Axon dodge Senate hearing after invite from Chair Josh Hawley.
• Stock futures are flat after soaring Treasury yields trigger a market sell-off: Live updates.

Night Trading 

• Asian equity indices are -.75% to +.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 69.5 +.75 basis point. 
• China Sovereign CDS 33.5 +.25 basis point.
• China Iron Ore Spot 95.75 USD/Metric Tonne unch. 
• Crude Oil 91.38/bbl. -.8%. 
• Gold 4,331.0 USD/t oz. +.29%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.14 -.09%.
• Bloomberg Emerging Markets Currency Index 33.85 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 135.6 +.9%.
• US 10-Year Yield 5.11% unch.
• Japan 30-Year Yield 4.14% +6.0 basis points.
• Volatility Index(VIX) futures 17.78 +.24%.
• Euro Stoxx 50 futures -.36%. 
• S&P 500 futures -.08%.
• NASDAQ 100 futures -.06%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by utility and financial 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.