Evening Headlines
Bloomberg:
- How an F1 Tiremaker Became the Test Case for Italy's Effort to Pivot From China
- Asia Stocks Set to Open Lower in Wake of US Losses: Markets Wrap.
- Oil Drops With China Demand Outlook and Powell Remarks in Focus.
- An Aggressive Supreme Court Reshapes the US as Its Standing Erodes.
- Supreme Court Leaves Politically Fraught Cases for Last.
- Titanic Explorer Says Two Likely Disaster Causes Are Survivable. One Is Not.
- FedEx’s Forecast Falls Short of Estimates Amid Weak Demand.
- A 20,000% Surge in Hedging Costs Is Punishing Private Equity Firms.
- Are Profit Margins Driving Inflation?
- More Americans Are Getting Auto Loans That Exceed the Worth of Their Cars.
- Private Credit’s Quiet, Unstoppable Rise Comes With Unknown Risk.
- Fed Picks Pledge to Cool Inflation in Senate Nomination Hearing.
- Morgan Stanley Says Stock Bulls Face Rude Awakening.
Zero Hedge:
- Pentagon Says It Made $6 Billion "Accounting Error" Clearing More Aid For Ukraine
- Tucker Carlson Savages Bidens Over Hunter's 'Slap On The Wrist' For Tax, Gun Crimes
- NH Democratic Party Freaks Out As RFK Jr To Speak At Libertarian Festival.
- Body Mass Index Is 'Racist,' Says American Medical Association.
- Tropical Storm Bret Could Become Hurricane, Threatening Eastern Caribbean.
- "Election Interference!": Trump Rages, Comer Condemns Hunter Biden's "Slap On The Wrist" Misdemeanor Deal.
- Qatar Ready To Ink New 27-Year Gas Deal With China.
- US Business Logistics Costs Soared In 2022 By An "Astounding" 20% To A Record $2.3 Trillion.
- Too much too fast.
- Negative Equity Surges: More Consumers Find Themselves In Underwater Auto Loans.
- US stocks finished lower with price action choppy on return from the holiday weekend - Newsquawk Asia-Pac Market Open.
- Hamburger Prices Near Record High As Grilling Season Kicks Off.
- Tech Momo Darlings, Crypto Pump As VIX, Rest Of Market Dump.
- Stocks chop and bonds surge as desks warn of early month-end flows in quiet trade - Newsquawk US Market Wrap.
- 'I Can Go Into Anyone’s House At Any Time’: Judiciary Committee Investigates IRS Agent Threatening Taxpayer.
- Morningstar Says 'Anti-ESG' Fund Hype Might Be Over. But Is It?
Wall Street Journal:
- Beijing Plans New Military Training Facility in Cuba.
- Inside the Feud at One of Wall Street’s Biggest Hedge Funds.
- The Blue State Budget Blues. The fiscal crash arrives following years of profligate spending.
- Why Tesla’s Stock Rally Doesn’t Make Sense—in Eight Charts.
- Rescue Crews Race to Locate Titanic Sub.
- Wall Street Sours on America’s Downtowns.
- U.S.-Funded Scientist in Wuhan Fell Ill Amid Early Covid Outbreak.
- Stock-Market Rally Costs Bears $120 Billion.
CNBC.com:
MarketWatch:
- How AI is disrupting one profession: ‘A lot of people will lose their jobs’.
- Stock-market investors now ‘clearly overweight’ U.S. equities. Should bulls worry?
- San Francisco isn’t the worst city, yet, for problem office loans
- Leveraged loan defaults hit $25 billion, head for third worst year in history, says Goldman
TheGatewayPundit.com:
- AMERICAN JUSTICE: 69-Year-Old Grandma with Cancer Given More Prison Time for Walking Inside US Capitol than Hunter Biden for Sharing Classified Documents with Foreign Regimes and Multi-Million Dollar Bribery Schemes.
- O’Keefe Drops Biggest Story Yet: BlackRock Recruiter Spills Info on Company’s World Impact – “You Got $10K? You Can Buy a Senator” (VIDEO).
- Obama-Appointed Judge Strikes Down Arkansas’ Ban on Gender Transition Procedures For Minors.
- Tucker Carlson Goes Off on Hunter Biden in Episode 5: As in Most of the Developing World, It’s Safer to be the President’s Son Than His Opponent (VIDEO).
- TWO-TIERED JUSTICE: TRUMP WAS RIGHT – DOJ Gave Hunter Biden a Slap on the Wrist After Committing Major International Financial Crimes – Trump Gets 100 Years for Bogus Document Charges.
- REVEALED: Biden Regime Heavily Funding “Subversive” Midwest Group Scheming to Transition Innocent Children Without Their Parents’ Consent.
- Legendary Australian Cricketer Shane Warne’s Sudden Death Likely Precipitated by Covid mRNA Vaccine, Leading Doctors Conclude.
- Publisher Gannett Sues Google, Alleges ‘Deceptive Scheme’ to Gain Online Ad Monopoly.
- Chinese Influence Growing, Polls Suggest Taiwan May Already Be Lost.
- CHINESE TROOPS COMING TO AMERICA’S DOORSTEP: Communist China Working to Establish Military Training Facility in Cuba – Just 90 Miles South of Florida.
Twitter:
- @TPostMIllenial - BREAKING: Pentagon "accounting error" leads to $6.2 billion EXTRA for Ukraine.
- @Breaking911 - MCCARTHY: "If you are the President's leading political opponent, the DOJ tries to literally put you in jail & give you prison time. If you are the President's son, you get a sweetheart deal." (video)
- @wesyang - “The U.S. sex reassignment surgery market size was valued at USD 1.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.23% from 2022 to 2030.”
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 modestly lower, weighed down by commodity and technology 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 -.5% to unch. on average.
- Asia Ex-Japan Investment Grade CDS Index 113.0 +.25 basis point.
- China Sovereign CDS 59.25 +.5 basis point.
- China Iron Ore Spot 111.5 USD/Metric Tonne -1.3%.
- Bloomberg Emerging Markets Currency Index 45.2 +.01%.
- Bloomberg Global Risk-On/Risk Off Index 62.5 +.8%.
- Bloomberg US Financial Conditions Index .20 -4.0 basis points.
- Volatility Index(VIX) futures 16.5 -.15%.
- Euro Stoxx 50 futures +.23%.
- S&P 500 futures +.06%.
- NASDAQ 100 futures +.08%.
BOTTOM LINE: Asian indices are modestly lower, weighed down by commodity and technology 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.