Hot U.S ISM services / EU cracks down on the 6 big Tech giants / Equities under the cosh / Duration

China seeks to broaden Apple iPhone ban to state firms and agencies. Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations and EU cracks down on 6 Big Tech giants. Dominant players in the bloc will have to comply with the new digital competition rulebook

Fed’s Collins: Fed needs patient, careful, deliberate policy approach >>> pretty strong U.S PMI services yesterday (big divergence with RoW), pushed UST yields higher, USD higher, duration, ND lower

Berlin did not receive a request for the extradition of conscripts to Ukraine, all Ukrainians have refugee status - German Interior Ministry - Cuba uncovers ‘human trafficking ring’ recruiting for Russia’s war in Ukraine

The Coming Green Energy Bailout. Renewable power operators already want rate increases for their subsidized projects >> big green energy inflation reduction Act needs bailing out already - pretty astonishing

EU officials will begin meeting with member states this week to outline a plan on how to impose a windfall tax on profits generated by frozen Russian central bank assets to aid Ukraine’s reconstruction

The UK will rejoin the European Union's flagship Horizon science programme after two years of absence post-Brexit, the government has confirmed

RBA's outgoing Lowe says productivity boost key to tame inflation, Chile cut rates for the 2nd meeting in a row, 75 bps decrease to 9.

Fed's Beige book : modest economic growth continues as retail spending slows

Oil Prices Surge, Set Sights on $100: What's Fueling the Rally?

Charter, the second-biggest cable company in the US, says the cable TV model is broken

BBG : Saudi Arabia continues to squeeze the American oil market, raising the official selling price (OSP) for its flagship Arab Light into the US to $7.45 per barrel above the benchmark -- a new record high. Very little Saudi oil is going to the US >>> The surge in oil prices “creates a tension between the growth story and the inflation story.” As for the Fed, “Their job has become infinitely more difficult because of this move.”

Chinese EVs are now seen posing a ‘real threat’ to Europe’s auto industry

India Prime Minister Narendra Modi wants rich nations to take a more constructive attitude on helping developing countries battling with climate change, saying it must come with action on financing and technology transfers-G20 coming up

Crude stays firm(er), eventual supply issue could very well lead us to $100 oil again

USD stays firm(er), UST yields, RoW weakening vs U.S ISM services stronger, says it all, though clearly signs of slowdown below (Beige book). The Reserve Bank of India has been frequently intervening in the non-deliverable forward (NDF) market to make sure that the rupee does not drop to a record low, no impact of note, so far anyway >>> JPY getting daily comments from BoJ members, not that words will change anything, worth being cautious on JPY shorts and start to favour shorting CROSSJPY's from here. CABLE 3months lows, as Bailey seemed fairly convinced rates in 'peak mode'

Equity markets : as stated earlier in the week, 'time for a hedging trade', enough issues looming to justify timing, together with high valuations, APPL, China, US debt ceiling, EU having a go at the big 6 Techs, duration selling off and higher crude

10y UST above 4.25%, alarm bells for some, if we go above 4.4%