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DAX ATH's, Nikkei / German PPI⬇️/ G7 in Japan and Powell, on the menu later today




  • HIROSHIMA, Japan - G7 - The United States and the rest of the "Group of Seven" major economies will unveil new sanctions and export controls targeting Russia over its war against Ukraine, a U.S. official said ahead of a G7 summit in Japan

  • Britain is banning Russian diamonds in a new wave of sanctions to pressure Vladimir Putin over his invasion of Ukraine as Rishi Sunak warns allies against complacency at the G7 summit in Japan

  • The recession is just around the corner, 'they' all saying, by now it's consensus >>> and yet global yields are ripping higher AND stock markets hitting new highs (worth noting the weak breath though, megacaps vs RTY etc...)

  • Applications for US unemployment benefits fell by most since 2021 following fraud-inflated figures in previous weeks. Initial unemployment claims fell by 22k to 242k. On an unadj basis, claims decreased by most in 2mths, to 215,810, largely due to a drop in Massachusetts

  • FED's Logan said “the data in coming weeks could yet show that it is appropriate to skip a meeting. As of today, though, we aren’t there yet,” calling for another rate hike in June

  • China surpasses Japan as world's top auto exporter. Tesla EVs and Russian deliveries drive industry into lead

  • Fed balance sheet keeps shrinking for an 8th week (Thread-chart)

  • German PPI keeps falling - a good for CPI!... PPI dropped to 4.1% in April from 6.7% in March, so PPI now 3.1% below CPI...

  • BoJ's Governor Ueda: My view is that the BoJ's QE adopted in 2001 has had limited effect in stimulating the economy - will you change YCC policy though ?

 

Markets :
  • DAX all time highs pretty much, 40% off that early October 2022 lows, during same period QQQ is up 35% (hourly charts bit overdone..), Nikkei highest levels since August 1990, AND of course AI stocks had a stonking year with the Russell flat for the year. SPX500 looks to be going through that 4150/4200 resistance zone too, looks like everyone is back to buy-the-dip mood then!

  • USADollar stays strong(er), with CROSSJPY's motoring higher with higher global yields

  • Crude and few commods showing signs of life, metals got chopped for the same reasons

 




It's long, but if you have time, it's pretty entertaining!



Brexit such a success, Hunt has to bride JLR with 500mio £ to stick around






The media loving it, why do ''they'' love people losing money? shadenfreude!




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