Around X:
- @Business
- The European Union finalized the text of its long-delayed US trade deal after months of negotiations, clearing a major hurdle to ratifying the pact before President Donald Trump’s threatened deadline to impose higher tariffs.
- For months, US banking executives fretted that Trump was poised to conscript their workforces in a sweeping crackdown on immigration. Now, abruptly, Trump appears to be sparing them that trouble.
- Taiwan’s status was thrust back into the spotlight after US president Donald Trump made a series of comments about the island following his high-stakes summit with Chinese leader Xi Jinping. Here's why the issue of Taiwan's independence is so fraught.
- Donald Trump signed an executive order that directs regulators to issue guidance on banking services to undocumented migrants, in a move that could tighten access to the financial system.
- Japanese stocks are under pressure as long-term interest rates approach 3%, levels which are stoking fears about a hit to corporate earnings via increased borrowing costs.
- Get up to speed on what's moving global markets.
- Here’s what you need to know to start your day.
- @ZeroHedge
- Multiple States Begin Ejecting Illegal Immigrants From Subsidized Healthcare.
- Cuban Leader Warns Of Potential 'Bloodbath' If US Takes Military Action.
- Iran Teaching Civilians How To Shoot: Public Tutorials On State TV & In Marketplaces.
- Sanctuary Jurisdictions Must Comply Or Face More ICE Boots On The Ground: Homan.
- Massie Out: Gallrein Wins Kentucky Republican Primary.
- and UAE building out a 2nd pipeline that should be ready next year. Hormuz may never again be what it was for oil.
- "Need Solidarity , Not Stigma": African Officials Say US Ebola-Related Restrictions Unnecessary.
- Americans Who Can Are Dropping Medical Insurance.
- Korean Bubble Mania: Retail Investors Max Out On Margin Debt, Choose To "Risk Complete Collapse" Than Miss Stock Rally.
- You know what soaring Treasury yields will really help with? The $1.3 trillion in annual US interest expense. For context, the largest US government outlay is Social Security. It is $1.6 trillion.
- Trump Announces Expansion Of TrumpRx With 600 New Generic Drugs.
- TX-35 Democratic candidate Maureen Galindo says she will convert ICE detention center in Karnes County into an internment camp for "American Zionists.". "It will also be a castration processing center for pedophiles, which will probably be most of the Zionists," she added.
- *US PLANS TO SHRINK FORCES AVAILABLE TO NATO DURING CRISES: RTRS. *US TO TELL NATO ALLIES THIS WEEK ABOUT PULLBACK: RTRS.
- Americans Are Getting Behind On Their Debts At A Very Frightening Pace.
- Memorial Day Gas Demand Surge Collides With Hormuz Shock As $5 Demand-Destruction Line Nears.
- Bond volatility is exploding, upside skew across MegaCap AI names sits near the 100th percentile, and cash just triggered a sell signal. That is not a stable setup.
- Dip-Buyers Rescue Stocks (ish) From Bond Bloodbath Ahead Of NVDA Earnings; Oil Up, Gold Down.
- @CNBC
- CNBC Daily Open: Bond markets and the Senate rebuke Trump as Iran war worries linger.
- Asia markets poised for mixed open amid spike in Treasury yields, Iran tensions.
- SpaceX picks Goldman Sachs for lead left position on record-breaking IPO, sources say.
- Wednesday's big stock stories: What’s likely to move the market in the next trading session.
- U.S. Treasurys are now firmly in the 'danger zone,' strategists say.
- Stock futures are little changed as traders await Nvidia’s earnings: Live updates.
- OpenAI announces new Guaranteed Capacity offering for customers to secure compute.
- Fed to hike? When traders see a rate increase coming.
- @TheTranscript
- Toll Brothers CEO: "We are pleased with our first quarter results, as we met or exceeded guidance across nearly all metrics."
Night Trading
Morning Preview Links
BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and Metals & Mining 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 -1.25% to -.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 76.5 +1.5 basis points.
- China Sovereign CDS 43.0 +.5 basis point.
- China Iron Ore Spot 107.25 USD/Metric Tonne -.5%.
- Crude Oil 107.80/bbl. -.8%
- Gold 4481.3 USD/t oz. -.7%.
- Swiss Franc/Offshore Chinese Renminbi Cross 8.63 -.16%.
- Bloomberg Emerging Markets Currency Index 35.25 -.01%.
- Bloomberg Global Risk-On/Risk Off Index 124.5 -.2%.
- US 10-Year Yield 4.67% unch.
- Japan 30-Year Yield 4.12% -4.0 basis points.
- Volatility Index(VIX) futures 20.5 +.4%.
- Euro Stoxx 50 futures -.51%.
- S&P 500 futures +.04%.
- NASDAQ 100 futures +.18%.
BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and Metals & Mining 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.