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Zuck fires 10% of staff / Costco tariffs lawsuit..! / #GBP un-owned / RBI cuts despite INR weakness / MEX 40h week

  • Writer: Stéphan
    Stéphan
  • 10 minutes ago
  • 4 min read
ree

  • Markets : US claims near 3y lows at 191K (looks wrong.. macro data weaker AND continuing claims are at 3y lows..), K-shaped downturn, META cutting 10% of workforce, VISA new HQ in Canary Wharf, RBI cuts despite INR on all time lows, UK closer to EU should boost #GBPCHF #GBPUSD from depressed/un-owned levels (see Prof Curtis below) >>> markets running on liquidity alone.. (Thread : Shiller PE 40, monthly repo $100bn, discount window, rate cuts, Hassett incoming etc)

  • Trade : Question: If foreign countries are paying the tariffs, as Trump kept saying, why is Costco joining dozens of other companies demanding millions of dollars in refunds over Trump’s tariffs?... Macron discusses Ukraine, trade with Xi in China,

  • Geopolitics : India’s Narendra Modi welcomed President Vladimir Putin to India, angering the U.S, US says Pentagon review sees opportunities to strengthen AUKUS submarine deal, Putin says there are points he can't agree to in the U.S proposal to end Russia's war in UKR (no surprise there..he just wants to continue the charade..), a UK inquiry finds Putin authorised the chemical weapons attack on British soil in Salisbury in 2018

  • Over the last 72 hours: 1. Apple's AI Chief steps down 2. Apple's Head of UI Design leaves to Meta 3. Apple's Policy Chief steps down 4. Apple's Head of General Counsel steps down What is happening at Apple?

  • Chinese GPU maker Moore Threads (688795.CH) surging in Shanghai trading debut after raising CNY8B ($1.13B) in second largest onshore IPO for this year on bets company will benefit from China's push for greater tech self-reliance

  • Mexico officially adopting the 40-hour work week—Sheinbaum signs bill phasing out the 48-hour week over 4 years, plus 13% minimum wage hike

  • "Zuckerberg has asked Meta executives to look for 10% cuts across the board, standard request during budget cycles the past few years. The metaverse group was asked to cut deeper given Meta has not seen the level of industry-wide competition over the technology it once expected"

  • Masayoshi Son Hammers Out High-Tech Factories Plan With White House

  • Goldman: If the outlook on AI capex were to change dramatically, a reversion of long-term growth estimates back to early 2023 levels would imply 15-20% downside to the current valuation multiple of the S&P 500 according to GS Research macro valuation model



CNN graphic on presidential pardons:totally normal out there ..the amount of utter nonsense, lies, corruption it properly nuts


W Bush: 189

Obama: 212

Trump 1: 144

Biden: 80

Trump 2: 1500+



Hardly surprising..!


More good news #GBP









SCOOP: There is a last ditch by Wall Street and corporate America insiders to caution Trump, about the selection of Kevin Hassett as Fed chair (yes it would be a bad choice IMHO .. good short-term maybe, but well anticipated, and steeper yield curve later... ) Their argument goes something like this: Given the political nature of his job (NEC chief) and past work, Hassett has lack of credibility inside the Fed with staff and in the markets, which seeks a degree of Fed independence. They’re saying that his appointment sets the stage for higher long term interest rates because 1) The Fed will be a disorganized mess with leader lacking credibility inside 2) If Hassett manages to cut short term rates ( as Trump wants) with divided vote because of sticky inflationary pressures, it will be perceived as political and inflationary. Btw mortgage and consumer rates are priced off the 10 year and if that spikes over inflation fears, it could cause an economic slowdown as the midterms approach. Of course Trump will PROBABLY ignore all of the above but that’s the latest in the Fed race. Other candidates are Kevin Warsh and Fed gov Christopher Waller, both of whom could be fall back choices. Story developing >>>> The Fed would go from “independent guardian of price stability” to a liquidity instrument aligned with the executive branch


















 
 
 

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