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FED minutes 'hawkish unity' / France-Germany & China vs US borrowing cost / ME crude exports back to pre-war levels

sc0172
16 hours ago
3 min read

  • Markets : Middle East oil exports recover to pre-Iran war levels, US 30-year bond yield just hit 5.7% for the first time since 2002, 10's USt auction last night 'steady' with 30's auction ce soir (follow here : Live US Debt Monitor ), FED minutes 'hawkish unity' >>> Since Bessent made his "I am the house" comment: - Yen ¥153 → ¥158 - US 10yr rates 4.79% → 5.35% - US 30yr rates 5.22% → 5.72%...just can't beat that !.., USD stays firm, risk in general struggling (EU lagging), JPY 'FED used Treasury Funds to support YEN in joint intervention'

  • Debt : The extra interest France pays vs Germany is at its HIGHEST since the euro debt crisis 16 years ago. China now borrows cheaper than America. A lot cheaper. For 2 decades the US 10yr yield sat below China's. That flipped coming out of Covid (chart available), The "AI Big 10" now accounts for a record 42% of US stock market cap (Thread : that's a lot of eggs ion the same basket..!), The 3 companies are seeking blockbuster debt deals to pay for AI Chips. Apollo, Blackstone and Goldman Sachs are among the lenders in talks to finance megadeals worth tens of billions of dollars apiece

  • UK : (here we go...) Welfare review delayed until after budget, Equinor says it may stop investing in UK if oil and gas fields do not get go-ahead

  • France does not need ECB's help at present, says Bank of France head Moulin....humm not the kind thing one CB head should be saying..

  • The EU is preparing so-called safeguard measures that would limit imports of Chinese hybrid vehicles into the bloc in a bid to improve the trade relationship

  • Back me or face crisis, Meloni warns ahead of secret vote over electoral overhaul-FT

  • For the first time in eight years, military representatives from all 32 NATO member states have arrived in kiev, according to Admiral Giuseppe Cavo Dragone. It's not Ukraine vs. Russia It's NATO vs. Russia

  • Europe is preparing to end veto abuse by future members. New members will temporarily lose their voting rights if they abandon EU values.


Scott had a message for markets in an interview with Axios, as some benchmark Treasury yields sit at their highest in more than two decades. He said the recent rise in yields was in line with global trends and didn't warrant consternation, and that the key is to keep the long view, you really can't make this up better than he does..!!...









...Unusually strong intervention from Norways Equinor - from whom UK buys 50% of its gas





Don't think it' s the kind of gold statue that he likes..
















 
 
 

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