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FOMC : The upside surprise to inflation in the US in Q1 2024 was not echoed in other developed economies.  GS notes that while 3 consecutive months of upside surprise is hard to dismiss, unusual idiosyncratic factors appear to the underlying drivers, meaning the narrative for broad disinflation remains intact >>> this is the 1st meeting Powell will have to talk/answer questions after 2-3months of higher-than-expected inflation The Treasury Department said Monday it expects to borrow $243 billion in the second quarter, which is $41 billion higher than previously estimated One crazy stat : 30% of SPX500 trades now occur just before the close, stocks trade for 390 Minutes a day. Increasingly, only 10 matter U.S. looking to ban enriched uranium imports from Russia SNB president warns of potential inflation shocks in Switzerland...and yet he just cut rates China's April manufacturing PMI moderated to 50.4 but still points to expansion for A second consecutive month Japan’s Vice FinMin for international affairs of FX, “We are ready 24 hours, so whether it's London, New York or Wellington, it doesn't make a difference”, they have a fight on their hands China says Hamas and Fatah express political will for reconciliation Althea Spinozzi on X: "🇺🇸FOMC preview: challenging the March dot plot 🧸This week's FOMC meeting might reignite the bear- steepening of the yield curve Delays in interest rate cuts mean: ➡️Front-term yields anchored ➡️Long-term yields sensitive to growth and inflation 👇https://t.co/u4wzymAfau" / X (twitter.com) GOLDMAN: “.. We expect the next few inflation reports to be softer and have therefore stuck with our forecast of cuts in July and November, but even moderate upside surprises could delay cuts further. .. We continue to think that rate hikes are quite unlikely because there are no signs of genuine reheating at the moment, and the funds rate is already quite elevated. It would probably take either a serious global supply shock or very inflationary policy shocks for rate hikes to become realistic again. And even then, the FOMC might prefer to hold the funds rate steady at a high level unless the shocks seemed likely to spark a broader and more persistent inflation problem.” Treasury raises its second-quarter borrowing estimate (msn.com) China's April Manufacturing PMI Moderated To 50.4 But Still Points To Expansion For A Second Consecutive Month | MENAFN.COM U.S. looking to ban enriched uranium imports from Russia (msn.com) SNB president warns of potential inflation shocks in Switzerland - SWI swissinfo.ch Alexander Stahel 🇺🇦🇮🇱 on X: "Understanding gold prices used to be straightforward: one had to have a view on the direction of US real rates to hold, buy or sell gold. Gold traded inversely to real rates for decades as fast-money ETFs in the West had to buy, hold or sell physical gold based on the changing… https://t.co/oVUII93YRd" / X (twitter.com) some very good points made here Supreme Court rejects Elon Musk's challenge to the SEC's 'muzzle' on his tweets (qz.com) Musk goes to China and shares up 15% - easy manipulation Inflation in UK shops slows amid price cuts on clothes and shoes | Retail industry | The Guardian Finally some good news Let’s Make Sure Brexit Isn’t Ignored This Election - a Politics crowdfunding project in London by European Movement UK (crowdfunder.co.uk) Kari Lake Speaks Out About Donald Trump 'Rift' (newsweek.com) Russia Deploying New AI-Powered Anti-Drone Devices (newsweek.com) China says Hamas and Fatah express political will for reconciliation | Reuters Paris Olympics: Goldman Sachs asks staff to 'manage spend' around event | Fortune SPX500 - particularly IF Powell is hawkish, good level to 'rehedge' 5100+

Week ahead : U.S refunding, FOMC meeting (after 2mos of higher inflatin data, Powell Q&A interesting), BoJ minutes, China PMI, plenty of CB speeches, UK local elections,and NFP Friday, together with #USDJPY action, higher USDJPY from here clearly impacts #USDCNH and res of USD/ASIA, which is probably why BoJ is stepping in in short-term, failure to raise rates though, probably means USDJPY is not staying down for 'long' #volatile >>>> KEY will/would be if BoJ asks EU central banks to get involved or not UST 10y yields have risen about 0.75% in 2024, global equities are up around 5%, credit spreads been tighter, volatility IS increasing though, #VIX #MOVE #GOLD #JPY etc and that should be a sign for many to 'lighten-up' on #highfrolonger BoJ remains in a big spot of bother, you can's have it both ways ! debt does matter, the huge pile of debt has forced/forces BoJ to keep rates low, which implies currency continues to go int he gutter, till it creates other issues elsewhere (China, rest of Asia), which may force their hands EURCHF - if JPY becomes to hard to short, market may well shift to #CHFfunding #CHFJPY lower finally? GCC, OPEC Leaders Discuss Ways to Strengthen Energy Sector Blinken is travelling to Saudi Arabia today for his 7th Mideast trip since Oct. 7, in what may be a final chance to secure a truce in Gaza and persuade Israel to call off a Rafah attack. Joe Biden spoke with Benjamin Netanyahu on Sunday about efforts to negotiate a hostage release Neste OY, a leader in renewable fuels and circular economy solutions, unveiled its first-quarter 2024 results, demonstrating resilience amidst a weak renewables market >>> upgraded by GS and UBS The working-from-home illusion fades. It is not more productive than being in an office, after all/Economist U.S. Treasury refunding set to offer relief from supply rises. Reminder though.. : Treasury bond issuance in 2024 is expected to hit $1.9 TRN, surpassing levels seen even during the 2008 financial crisis (1.4trn) Spanish opposition step up Sánchez attacks as PM decides on his future. PP leader accuses prime minister of navel-gazing, while Sánchez’s supporters rally in Madrid Chinese #Stocks Draw Record $3 Billion Influx by Global Funds #HSI #BTC falls again, as the cryptocurrency saw 2nd consecutive week of ETF net outflows for 1st time ever apparently 30-Year Mortgage Rates at 7.64%, the highest level in 5 months U.S. Treasury refunding set to offer relief from supply rises (msn.com) Week Ahead for FX, Bonds: Focus on Fed Decision, U.S. Jobs Data and Weak Japanese Yen - WSJ Japan's yen jumps against the dollar on suspected intervention | Reuters Yuan Devaluation Debate Surfaces as Traders Weigh Next FX Shock (yahoo.com) >>> all is related to/with KRW, TWD and other Asian currencies.. Michael Pettis on X: "1/6 Bloomberg says that there is a small but rising expectation of an RMB maxi-devaluation: "Supporters of a sharp currency depreciation say it would allow Beijing boost exports and give the central bank room to cut interest rates." https://t.co/wzNr4vsg5L via @markets" / X (twitter.com) Hong Kong’s Hang Seng Index Heads for Bull Market After 20% Rise From January - Bloomberg #Jancontrarianlows Chinese Stocks Draw Record $3 Billion Influx by Global Funds - Bloomberg GCC, OPEC Leaders Discuss Ways to Strengthen Energy Sector (aawsat.com) Althea Spinozzi on X: "🇺🇸After the tax deadline, bank reserves at Fed drop by $200B, leaving Reserves+RRP at $3.7T With the ample reserve buffer estimated b/w $2.8T and $3.4T post-1Q GDP data, the Fed will push against cuts, but intensify discussions on QT tapering Next week's FOMC will be about QT❗️ https://t.co/wiklMNGIyn" / X (twitter.com) Bangkok Post - Government Pension Fund expects to shift focus to gold, oil to mitigate risk Neste Navigates Resiliently Through Challenging First Quarter in Renewables Market | EuropaWire ONE for the future world ! >>> EU countries going to enforce use of Bio Diesel amongst other things Tesla CEO Elon Musk in China to talk self-driving cars (qz.com) Shell and Total Energies reportedly mull stake in Middle East LNG super-project (msn.com) Rishi Sunak buys off Tory defence hawks with military budget boost to 2.5% (msn.com) Scotland's leader faces a week of high-stakes talks to keep his job after the coalition's collapse (yahoo.com) Ireland won’t be ‘loophole’ for other countries’ migration issues – Harris (msn.com) Spanish opposition step up Sánchez attacks as PM decides on his future | Spain | The Guardian The working-from-home illusion fades (economist.com) Migros in der Krise: Schliessung in USA still und heimlich – Inside Paradeplatz Wave of exceptionally hot weather scorches south and south-east Asia | South and central Asia | The Guardian EURCHF - if JPY becomes to hard to short, market may well shift to #CHFfunding

#GDX (ratio + chart below) #NEM #AAL BoJ unch, outright dovish, Tokyo inflation data miss >> verbal interventions likely, but they need to walk the walk if they mean or else, talk talk won't do much >>> USDJPY higher still will put more pressure on rest of Asia #USDTWD #USDKRW and eventually #USDCNH U.S data : slower GDP, higher GDP price index, higher core PCE at 3.7% (expected was 3.4%..) , not a great combo clearly! which is shown in earnings coming in as expected, but higher spending (META), cash burn high TSLA & Boeing, IBM, CAT & Harley (only no name a few) weak guidance, weak consumer confidence, higher USDollar are other usual excuses #highforlonger biting, #MSFT and GOOG safe the day yesterday, and more, SPX500 right back up, chinese stocks rallying again (jan contrarian trade..) AND #AAL #BHP and #NEM delivering! Car rental company Hertz increases the number of electric vehicles (Tesla, above all) it wants to get rid off to 30,000 cars (~10,000 more than previously disclosed) First time in 3 years that more French companies are reporting demand issues than supply issues/Thread, Caterpillar issues sales warning, misses on Q1 revenue Meta CEO Mark Zuckerberg says investments in artificial intelligence are increasing, but he warned investors it may take time for Meta to profit from AI U.S. Treasury Secretary Janet Yellen said on Thursday the outright seizure of Russian assets is justifiable but is only one possibility, with assets instead able to serve as collateral for borrowing in the market to help Ukraine Janet also told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected data on first-quarter output and said the Biden administration was keeping all options open to respond to threats from China's excess industrial capacity Blinken says U.S. and China must avoid miscalculations as Beijing warns against 'red lines' Biden Treasury Department says we need higher taxes on capital gains because it would hurt white people more and take away their wealth Remember the fuss couple of years ago...ESG funds are imploding in the US, suffering nearly $9 billion in outflows in the first 3 months of 2024 alone – marking the worst quarterly outflows from ESG funds ever recorded >>> #ESG was a fund manager's dream, no performance needed as benchmark was not financial, but more like a measure of moral rightness and built around expensive consultants THIS is big - it will mater Advancing Equity through Tax Reform: Effects of the Administration’s Fiscal Year 2025 Revenue Proposals on Racial Wealth Inequality (treasury.gov) Trump and the Risk of a US Debt Default by William L. Silber - Project Syndicate (project-syndicate.org) Yellen says US economy strong, all options open on China's overcapacity | Reuters U.S. Treasury yields ahead of key inflation data (cnbc.com) Back to 5% 10's by the summer ? Blinken says U.S. and China must avoid miscalculations as Beijing warns against 'red lines' (msn.com) 5 takeaways from Trump’s Supreme Court and New York hearings | The Hill Ukrainian court orders agriculture minister to be taken into custody – Europe live (theguardian.com) Emmanuel Macron attacks Sunak's Rwanda Bill as 'betrayal of values' as it passes into law (msn.com) Spanish PM considers resigning, blaming political ‘harassment’ of wife | Pedro Sánchez | The Guardian Althea Spinozzi on X: "🇺🇸Bond markets sending a clear message post 1Q GDP and PCE numbers: ⚠️Inflation outweighs growth in driving bond performance Even amidst stagflation, without signs of inflation dropping sustainably to the 2% target, don't expect a bond rally❗️ 🔥10yr UST tests 4.7% aims for 5% https://t.co/vLHchh530S" / X (twitter.com) 69. The brutal truth about net zero and how to vanquish climate populists, with Dieter Helm - Leading | Podcast on Spotify Newmont Corp (NEM) Q1 2024 Earnings Call Transcript Highlights: Robust Financials and Strategic ... (yahoo.com) China's March net gold imports via Hong Kong up 40% from Feb - MINING.COM HERTZ REPORTS FIRST QUARTER 2024 RESULTS | Hertz Global Holdings, Inc. Meta (META) Q1 2024 earnings (cnbc.com) Yups, spend huge to keep up, then maybe eventually it boosts returns.. Frederik Ducrozet on X: "🇫🇷 First time in 3 years that more French companies are reporting demand issues than supply issues." / X (twitter.com) Caterpillar issues sales warning, misses on Q1 revenue (yahoo.com) Anglo American rejects BHP’s £31.1bn takeover proposal; Thoma Bravo agrees deal to buy Darktrace – business live (msn.com) it's worth more! Microsoft (MSFT) Q3 earnings 2024 (cnbc.com) Google parent announces first-ever dividend; beats on sales, profit; shares soar | Reuters IBM falls as enterprise-spending constraints choke consulting demand (msn.com) The US is now allowed to seize Russian state assets. How would that work? (msn.com) Yellen says range of options to deal with frozen Russian assets (msn.com) Otavio (Tavi) Costa on X: "Now is not the time to stand in the way of this long-awaited historical breakout, in my view. With gold prices at these levels, mining companies are likely to become true cash-flow machines. Newmont's earnings release today was just a glimpse of what's to come. https://t.co/WjYpEDT5Ql" / X (twitter.com) #GDX - long way to go potentially...

JPY crumbling as BoJ meets, will they walk the walk or just continue talking >>> results of meeting tomorrow morning very early + JPN CPI (tricky to navigate), META (which was priced to perfection..) lost about $250bn market cap after hours, Boeing & the likes of TSLA burning cash, PCE tomorrow morning as well #META #NVDA too far too fast, back to 2y trend ? chart below the buy the dip crowd will no doubt hump in in short-term, but over time.. Biden propose increasing capital gains tax rates to 44.6%, highest since 1922 Gold is not yet back to its old highs in real terms (for that to happen, gold needs to rise 40%) and gold is inexpensive against other real assets such as equities/UBS Home buying conditions (U.S) have fallen off a cliff Current levels have NEVER been seen since in the last 60+ years China has issued its third once-a-decade policy opinions for the development of its capital markets.  Goldman Sachs notes that the previous two releases of the policy document, in 2004 and 2014, ushered in periods of structural growth in Chinese equities Bloomberg: "After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades — unwinding a $154 billion web of defaulted bonds, loans and legal judgments." Russian Court Freezes JPMorgan Assets Under $440 Million Claim UBS faces new lawsuit by Appaloosa over Credit Suisse $17 bln bond wipeout Biden Capital Gains Rate Proposal: 44.6%? (forbes.com) The source of the 44.6% rate is a footnote from the General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, and it reads in relevant part: “A separate proposal would first raise the top ordinary rate to 39.6 percent … An additional proposal would increase the net investment income tax rate by 1.2 percentage points above $400,000 … Together, the proposals would increase the top marginal rate on long-term capital gains and qualified dividends to 44.6 percent.” China’s securities watchdog revising investment-fund laws to boost accountability, confidence in line with 9 guidelines (msn.com) Dozens arrested in US as student protests over Gaza spread across country | US News | Sky News Barclays profits tumble 12% as UK interest rates hit mortgage demand | Barclays | The Guardian The Origins of the 2 Percent Inflation Target | Richmond Fed It took over a decade to build internal consensus. Many considerations that shifted with the changing FOMC composition as well as economic conditions Jamie Dimon is worried the US economy is headed back to the 1970s (yahoo.com) Japan insurers to halve bond purchases, awaiting next BOJ hike - Nikkei Asia Japan Airlines CEO Describes Weak Yen as a ‘Big Problem’ - Bloomberg Anglo American mulls £31.1bn BHP offer in mining mega-deal (msn.com) Louis Curran on X: "Anatomy of Capital Flight in China Over the past few days, people far smarter than me have been opining on whether China would devalue the RMB. I personally think China's Currency Ambitions ( are at the centre of every major policy decision for the last 10-15 years ) and there https://t.co/EiMCuC0hOl" / X (twitter.com) Well put together by LC ! it's a different view from those looking for a CNH deval - well constructed points Michael Pettis on X: "Bloomberg: "After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades — unwinding a $154 billion web of defaulted bonds, loans and legal judgments." https://t.co/MbKy19oggf" / X (twitter.com) UBS faces new lawsuit by Appaloosa over Credit Suisse $17 bln bond wipeout | Reuters Russian Court Freezes JPMorgan Assets Under $440 Million Claim - Bloomberg 'We aren't going anywhere' - TikTok vows court fight as new US law threatens to ban it (msn.com) Boeing burns through cash amid 737 Max and Dreamliner safety concerns (qz.com) Meta’s Metaverse is still losing Mark Zuckerberg's company billions (qz.com) Meta earnings results: shares tumble 17% after hours despite beating estimates; stock down on weak revenue guidance (yahoo.com) Finma arrives at Deutsche Bank's Prime Tower – Inside Paradeplatz Apple looks to Southeast Asia, India as hedge against China difficulties (yahoo.com) #META - too far too fast 400-425$ probably #NVDA - too far too fast, $600-650 probably

The U.S administration wants to implement a 30% tax on the electricity used by #crypto miners... but wont touch data centers which is expected to consume 5x more electricity by 2026 according to the IEA (they should too..) Why the U.S. government is working on sanctions targeting some Chinese banks US PMIs: downside surprise for Apr, with manuf dropping back into contractionary territory at 49.9 (Consensus was 52.0) and services also dropping to a 5mos lows of 50.9, and services employment subcomponent fell to 47.3, the first negative reading since June 2020, meanwhile : Eurozone PMI signals a pickup in growth and Ifo business-climate index rose for a 3rd month to 89.4 in April from 87.9 in March, beating consensus expectations of 88.8 mainly thx to the service sector Australia Q1 inflation slowdown disappoints, rate cut bets gone for 2024, Australia is “nowhere near” beating its inflation problem US to send weapons and equipment to Ukraine ‘this week’ after Senate aid approval The U.S. economy is unbelievable and booming says JP Morgan CEO Jamie Dimon. A week ago, he said stagflation could be coming, 6 months ago, he said this was the most dangerous time the world has seen in decades (why so much talking?) The correction in stocks isn't over, warns JP Morgan strategist Marko Kolanovic, who still believes that the S&P 500 will finish the year at 4,200, and after being wrong over the last 18 months, Wilson has decided to no longer make bold predictions about the S&P 500, and 'the pullback in U.S. Stocks isn't over warns Goldman Sachs which notes that CTAs are modelled to sell stocks no matter what'... Crude implied vol structure coming off, suggest less geopolitical risk.. (CHF, JPY, not a surprise GOLD had a profit taking dip too-war premium) ''No other advanced economy runs budget deficits as big as the US and no other advanced economy finances its current deficit as aggressively with short-term issuance as the US (red). The US fiscal train is running completely out of control...'' Chinese Corporate Bond Yields fall to lowest level in history >>> CNH pressure coming ? TSLA : negative cash flow of -$2.5bn in Q1, at this rate....2-3years left Cathie Wood’s Popular ARK Funds Experience Rapid Decline BoJ meeting coming up ''BoJ to discuss impact of accelerating YEN weakness, decision meeting to begin on 25th-Nikkei'' .... talk talk not enough, you need to walk Balanced view as always from Ole - to the point What drives the gold and silver correction? | Saxo Group (home.saxo) Australia Q1 inflation slowdown disappoints, rate cut bets gone | Reuters Eurozone PMI signals a pickup in growth | snaps | ING Think Traders Add Bets That Fed to Skip Interest-Rate Cuts This Year - Bloomberg Robin Brooks on X: "No other advanced economy runs budget deficits as big as the US and no other advanced economy finances its current deficit as aggressively with short-term issuance as the US (red). The US fiscal train is running completely out of control... https://t.co/5NSeMbjDJn" / X (twitter.com) ARK Destroyed More Wealth Than Any Asset Manager Over the Previous Decade – MishTalk ARKK team has done well for their bank accounts though.. Cathie Wood on losing $14bn, Trump and where the UK has an edge over the US (msn.com) Cathie Wood’s Popular ARK Funds Experience Rapid Decline (msn.com) #highforlonger ... U.S. Is Preparing To Sanction Chinese Banks Supporting Russia, Report Says (forbes.com) Carl Quintanilla on X: "FT: “.. Two decades ago the US produced about 7mn barrels a day of petroleum .. Now the US produces almost 20mn .. The prolific Permian Basin .. pumps more oil than Kuwait, Iraq or the UAE, three of Opec’s powerhouses.” 🇺🇸 @FT #OOTT @KevRGordon https://t.co/AAEhMR5QDq https://t.co/DrDG2iKMZO" / X (twitter.com) Senate passes aid for Israel, Ukraine, Taiwan, TikTok bill (cnbc.com) As expected Biden is asking Congress to kill the American Bitcoin mining industry (cointelegraph.com) Ex-Trump attorney: Former president’s testimony would ‘significantly increase’ conviction chances | The Hill PBOC Steps Up Rhetoric Over Long-End Government Bond Rally - Bloomberg Gold’s Record-Setting Rally May Have Its Roots in Chinese Frenzy - Bloomberg (archive.ph) of course it does... which also means without china, price action struggles Lombard Odier's Big Bankruptcy with Ex-CS Stars – Inside Paradeplatz overselling kcc-360-tour (glencore.com) Google workers protest AI and cloud contracts with Israel (qz.com) Recap: Tesla stock surges despite plunging profits as Musk talks robotaxis and cheaper cars (yahoo.com) :-) Tesla Sales Plummet as Democrats Stop Buying the Electric Cars Due to Elon Musk (politicalflare.com) Apple iPhone sales in China fall almost 20% in worst quarter since 2020 (qz.com) >>> remember China warnings, banning APPL products, they all buying Huawei now.. and here we are 2 quarters later (APPL shares moved down on this in Q1..one of the easiest hedge-short of the Mag 7 we discussed back then) Switzerland violates right to protest: Amnesty International - SWI swissinfo.ch Russia-Ukraine war live: US to send weapons and equipment to Ukraine ‘this week’ after Senate aid approval (theguardian.com) #NASDAQ Platinum - #XPT - patience

Mega cap earnings coming up #TSLA, $AMZN $META $GOOGL $MSFT and $AAPL and JPN keep talking about JPY interventions, they need to walk the walk UST 10y yields have been above SPX500 earnings yields for 3weeks, 1st time since 2002 (that's when Equity started to come under pressure-no coincidence, grwoth vs value etc) >>> This week, Janet is now selling $70bn of 2's, $70 of 5's tomorrow and $44bn of 7's on Thur - as always well flagged but price action in long-end will be interesting clearly given size EU zone service sector activity is on the rise again (June cut?), be interesting if eventually GDP follows (it should, but we won't know for few months) German Composite PMI Index moved back to >50 growth threshold in Apr for 1st time in 10mths, driven by a buoyant services sector U.S. Takes Aim at Chinese Banks Aiding Russia War Effort. Washington says Beijing’s dual-use trade has helped Moscow rebuild its war machine FTSE100 new all time high....still silly cheap UBS: “.. Investors attribute the run in mega cap stocks to animal spirits and the impact of AI; however, our work indicates that surging earnings momentum .. fueled this upside. Unfortunately, this momentum is collapsing, with Big 6 EPS growth expected to decline from 42% to 16% over the next year ..” [Golub] BofA: Repeat of 1973 or just headline risk? The second inflation wave in the 1970s was fueled by the Yom Kippur War and oil shock Money’s been flowing into HK markets from China. Mainland investors have been net buyers of HK equities nearly everyday since early February, #Jancontrarianchinalong BofA credit investor April survey: "Investor camps are now: 45% soft landing, 40% no landing and 7% hard landing (7% unsure)...Inflation remains the #1 investor worry, and rising....Central bank policy error is the #2 concern." UK (video below) Farm update plus why the National Food Strategy isn't working & higher food prices are on the way Global EV Outlook 2024 - Moving towards increased affordability Strong S&P 500 Earnings Expectations - Apollo Academy Japan and South Korea could coordinate currency intervention, but they may need U.S. support (msn.com) you've got to talk the walk if you mean it...raise rates and get on with it US to take aim at Chinese banks aiding Russia war effort, WSJ reports (msn.com) Israeli Prime Minister Benjamin Netanyahu to face pressure from right-wing coalition on future of Gaza | UK News | Sky News Michael Pettis on X: "1/6 China’s total social financing (the best official measure of debt) rose in the first quarter by 8.8% year on year, to RMB 390.3 trillion. This is the lowest rate of increase in over 20 years, which may at first seem like a good thing from... https://t.co/emrTOVzkBg" / X (twitter.com) Chris Giles on X: "Remarkable ebook published within 10 days of the Bernanke review with contributions from 28 macro economists by @kingsbschool Clearly no productivity crisis in UK economics..... ... not that much love for the review either... https://t.co/X8g9ACML95 https://t.co/qr9F1ot7ht" / X (twitter.com) Switzerland braced for wave of bank staff layoffs - SWI swissinfo.ch Swiss luxury chalet market runs out of steam - SWI swissinfo.ch Migros Zurich with even more loss – bottomless pit – Inside Paradeplatz Rwanda Bill – latest: Rishi Sunak’s asylum plan becomes law after late night row between government and Lords (msn.com) 2years later... Shenzhou XVIII crewed spaceship ready for launch - Chinadaily.com.cn Global EV Outlook 2024 – Analysis - IEA Norway's biggest bank sells Tesla, Apple and Microsoft stock (qz.com) Tesla Announces Plan to Lay Off Over 10% of Workforce (msn.com) Elon Musk slashes price for Tesla’s FSD—the vaunted self-driving tech now costs as much as in 2020 | Fortune Russia sentences Meta executive Andy Stone to 6 years in prison (qz.com) Farm update plus why the National Food Strategy isn't working & higher food prices are on the way (youtube.com) >>>  listen to what he says about wheat prices and food inflation #EURJPY for europeans (and others) its the one chance in a life time to go on holiday to JAPAN

China (been) stockpiling all commodities from gold, to iron ore, copper, oil, nickel, is this in preparation of a local currency malaise..? The week ahead : ECB, BoE speakers (today) and BoC quarterly, more ECB and BoE speakers (Tuesday), German IFO and yet more ECB speakers (Wed) + BoC minutes and US data, SNB quarterly results (Thursday) and BoJ meeting on Friday + March PCE and SNB's Jordan speech in Bern >> as usual far too many CB speakers, stick to facts, data and UST's and a HUGE earnings week (last week showed a bit of a 'digestion problem' with earnings) Persistent inflation and higher-for-longer interest rates were cited as key risks to financial stability in the Federal Reserve's latest survey of U.S. central bank contacts, with geopolitical troubles and the 2024 U.S. presidential election also mentioned as "a potentially significant source of shocks." >>> bonds are a good hedge for equity folks for as long as core inflation is embedded down near 2.5% (below 3% say), if not they don't work as diversification/hedge The European Central Bank won’t be swayed from a first interest-rate cut in June by oil price uncertainty, Governing Council member Francois Villeroy de Galhau said The SNB raises minimum reserve requirement for banks from 2.5% to 4%. and will therefore amend the National Bank Ordinance as of July 1 The US House of Representatives on Saturday approved long-delayed military aid to Ukraine in a rare show of bipartisan unity, while also bolstering Israel and Taiwan defences and threatening to ban Chinese-owned Tikotok Re-vote on Elon Musk’s pay could expose Tesla to even more legal trouble Gold has acted as a discipline enforcer on profligate government spending for generations. Once the gold standard era was ended in 1971, it needed to be replaced by some other enforcement mechanism to deal with inflation and government deficits. CB's were supposed to this, they don't anymore / Thread Markets : the previously hot 'chip' sector for slammed last week, NVDA had its 2nd highest loss in history (down 10% Friday alone), Netflix, AMD down hard too (those who missed the rally 'may' start to consider), SPX, QQQ, DAX hit our first targets around 4925, 17K and 17750 respectively >> A decent correction done in a few things in the short-term (chip sector, NVDA (1st time below 50dma since last October etc), Netflix, TSLA, APPL, AMD ( AMD is now down on the year after being up over 43% YTD) were all way overdone, as discussed recently, and here we are), having said that #highforlonger will persist, and probably hurt few more of these hot names, avoid still non-profitable and weak balance-sheets, stick to quality!... the debt sustainability issue is not going away ...! Company Earnings Calendar - Yahoo Finance HUGE earnings week - Stocks Week Ahead: Key Data, Earnings in Focus as Rate Cut Hopes Hang in Balance | Investing.com US House approves bill to transfer seized Russian assets to Ukraine (yahoo.com) Fed survey cites inflation, US election as key financial stability risks | Reuters ECB’s Villeroy Says Oil Uncertainty Won’t Stop June Rate Cut (yahoo.com) SNB raises minimum reserve requirement for domestic banks | KELO-AM Ole S Hansen on X: "#Silver (-3.4%) has reached its first support level in the $27.60-70 area with focus on $27.05 and $26.41 next https://t.co/yqrATqJ3jq" / X (twitter.com) How America racked up a $1 trillion credit card bill (cnbc.com) Jim Bianco on X: "1/6 The deficit as a % of GDP (bottom), now 5.93%, is higher than in any period except the Great Recession (2007 - 2009) and the 2020 COVID shutdown (dotted line). The government is borrowing to spend money like the economy is trying to recover from a recession. https://t.co/MR0d4YxBE3" / X (twitter.com) Copper Nears $10,000 as Investors Bet on Rising Global Demand - Bloomberg JPM's excellent Positioning Intelligence team thinks that there’s quite a few similarities observed so far in April to the dynamics of August last year: 1. A market pull-back post almost 30% gains 2. A similar magnitude of declines by this point MTD 3. Rising yields / resurfacing inflation concerns 4. HFs starting to add shorts 5. Positioning declines as highlighted by their TPM. Re-vote on Elon Musk’s pay could expose Tesla to even more legal trouble (yahoo.com) Tesla slashes prices by nearly $2,000 in China (qz.com) Another EV nightmare Australian EV charging manufacturer Tritium goes into administration | CarExpert Craig Shapiro on X: "Gold has acted as a discipline enforcer on profligate government spending for generations. Once the gold standard era was ended in 1971, it needed to be replaced by some other enforcement mechanism to deal with inflation and government deficits. This was supposed to be done by… https://t.co/Ku4VX11Hfm" / X (twitter.com) well worth a read Bitcoin falls below $63,000 with the big 'halving' event coming (qz.com) Switzerland, a NATO vassal? – Inside Paradeplatz Russian bought $88m of gold from dealer in Changi to launder funds for Ukraine invasion | The Straits Times EURUSD - divergence should continue to put pressure and eventually test 1.05 - huge area of support #EURJPY though is still bid #TLT 20+y UST's - still look s a bit ugly - debt sustainability etc etc

ME : both sides have now showed they can attack the other on their own ground, you could argue/hope this is chest beating stuff (well flagged) and we now can calm down and negotiate - Very hard to tell clearly, only a guess, the real risk for ROW economics remains with crude and closure of strait of Hormuz Fed policymakers agree: there's no urgency to cut rates "They're not competing, they're cheating," President Biden says about the Chinese steel industry Blackstone warns that private equity cannot return capital ‘overnight’. Industry sitting on record amounts of unsold assets that will take time to sell even as M&A market returns to life Investors withdrew $3.75 billion from junk bond funds in the week ending April 17 (LSG Lipper) the most in 14 months #highforlonger Julius Baer puts out over-58s Copper (green revolution and onshoring), close to a major break-up (techs) and ready to follow GOLD's recent break up Janet is still hard at work this week with her IMF buddies to get them to buy her heavy auction supply next week to end the month. It is the last round of duration supply ahead of the next QRA announcements on 4/29 / Thread In response to a question during a conference in Washington, New York Fed President John Williams on Thursday said another rate hike isn’t his base case. But he also said that “if the data are telling us that we would need higher interest rates to achieve our goals, then we would obviously want to do that.” Cocoa prices mooning #TSLA if investors loose patience with #Musk, particularly if he does not handle well the Q1 earnings period.. 30y U.S mortgage back to 7.10% this week, highest since Dec Volkswagen EV sales shrink as the European market slows down (Polestar sales down 40%, sounds more like an EV sales collapse..), good news is prices are coming down, it's getting almost affordable now! What is cloud seeding? Dubai's freak weather linked to artificial rain The torrential downpours caused traffic to grind to a standstill, flight cancellations, and school closures — but was cloud seeding to blame? Markets will remain wild/volatile/weekend risk etc, momentum has totally turned on major Eq indexes, beware own positions, as MXN showed overnight (MXNJPY long carry trades, as flagged last week, 'MXN longs most extended'... classic stuff. Big supply of UST's next week. SPX500 - getting there 38 to 50% retracement 4800-4900 range - QQQ equivalent more like 16K - chart below. DAX 16500/17000 area Craig Shapiro on X: "Janet is still hard at work this week with her IMF buddies to get them to buy her heavy auction supply next week to end the month. It is the last round of duration supply ahead of the next QRA announcements on 4/29 and 5/1. She is selling $69bn of 2year notes, $70bn of 5 year…" / X (twitter.com) Israel launches attack on Iran, US officials say - live updates (yahoo.com) Live updates: Israel attacks Iran, explosions in Isfahan, war in Gaza (cnn.com) UK blacklists Iranian naval force behind Strait of Hormuz container ship seizure | TradeWinds (tradewindsnews.com) Fed policymakers coalesce around 'no rush' on rate cuts (msn.com) Biden wants to triple China tariffs on steel, aluminum imports (cnbc.com) Blackstone warns that private equity cannot return capital ‘overnight’ (ft.com) While borrowing to pay dividends.. Critical mineral mining crucial for green transition; reputational risks remain (cnbc.com) Bitcoin price might not rally after halving event, JPMorgan says (qz.com) What is bitcoin halving and how will it impact its price? (yahoo.com) Polestar sales fall by 40 per cent | electrive.com Volkswagen EV sales shrink as the European market slows down | Fleet Europe Cocoa Prices Surge as Global Cocoa Demand Remains Resilient - The Globe and Mail Michael Pettis on X: "1/8 Although Russell Napier is right to identify China's high and soaring debt as a major problem for the economy, he then says: "China needs to not just reflate its economy but to inflate away its debts." https://t.co/Xacqr2lqg2 via @ft" / X (twitter.com) Swiss Fintech Pioneer Becomes Adjunct Expert at Elite Chinese University (finews.asia) The WHO updates terminology for COVID-19 and airborne diseases (qz.com) Julius Baer exposes over-58s – Inside Paradeplatz How nice, is that including top management ? Barclays ups mortgage rates after this week's inflation disappointment | Evening Standard Tory donor who funded Sunak private jet has £14.3m assets frozen in fraud case (inews.co.uk) slowly the swap being drained ! plenty more to come! Slow recovery as Dubai airport, roads still plagued by floods (yahoo.com) What is cloud seeding? Dubai flooding linked to artificial rain | Evening Standard Building a town without much drainage is an issue.. SPX500 - getting there 38 to 50% retracement 4800-4900 range - QQQ equivalent more like 16K Dr Copper

The IMF has warned the US that its massive fiscal deficits have stoked inflation and pose "significant risks" for the global economy.' Christine Lagarde says US plan to raise debt against Russian assets carries legal risk, from European Central Bank chief who points to transatlantic rift over use of seized funds EU to tighten Iran sanctions after Israel attack & Biden calls for tripling tariffs on Chinese metals, US reimposes Venezuela oil sanctions >>> inflation! U.S., Japan, South Korea finance chiefs share concern for weak yen, won First trilateral meeting also addresses Pyongyang missile sales and supply chains >>> Asian FX battle may well soon heat up Equity Risk Premium (the benefit of owning stocks over treasuries) has fallen to its lowest level in 22 years MORGAN STANLEY: “.. We do not believe #TSLA will get credit as an AI company as long as core auto earnings are being revised down. .. This process may take a few more quarters to see through, over which time our $100 bear case may be ‘in play.’” NY Fed's SOMA projections are out, they see the balance-sheet bottoming around $6trn Markets risk : going in full correction mode >> recall CTA were full/über long risk up to 1week ago, now price action different, selling into weakness (short gamma), a decent correction may well be what bonds need - eventually (2y area IS value at 5%), USDollar stays firm(er), but do watch out if ASIAN CB's wake up on interventions facts, rather than noise G7 finance leaders pledge cooperation on Iran sanctions, frozen Russian assets (yahoo.com) Christine Lagarde says US plan to raise debt against Russian assets carries legal risk (ft.com) IMF Sounds Alarm on US Debt: Warns ‘Something Will Have to Give’ (msn.com) omo2023-pdf.pdf (newyorkfed.org) NY Fed's SOMA projections are out, they see the balance-sheet bottoming around $6trn Saxo - Copper rally extends to near two-year high | Saxo Group (home.saxo) U.S., Japan, South Korea finance chiefs share concern for weak yen, won - Nikkei Asia Asia braces for unwanted, but unavoidable FX battle: McGeever | Reuters EU to tighten Iran sanctions after Israel attack (msn.com) Biden calls for tripling tariffs on Chinese metals (nbcnews.com) US reimposes Venezuela oil sanctions | Latest Market News (argusmedia.com) Fed’s Mester still expects 3 rate cuts in 2024 but it is a ‘close call’ (msn.com) Boston Dynamics reveals fully electric robot Atlas — with a Tesla dig (qz.com) Bitcoin Whale Dumps $1B BTC To Binance Ahead Of Halving, What's Next? (coingape.com) Eli Lilly's Zepbound and Mounjaro are in short supply, FDA says (qz.com) Switzerland and US hold third edition of strategic dialogue  - SWI swissinfo.ch NASDAQ - a decent correction could easily takes us another 10% down towards 16K - beware earnings season, with less of a BTD mentality, earnings miss will be brutal

Powell: "The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence" that inflation will return to 2%. >> macro data keeps coming in strong(er) than expected #highforlonger The economic divergence between U.S and Europe is staggering / Thread below BoA FM survey for April : average cash down to 4.2% (4.4%), allocations to equities increased again to 34% overweight, highest since Jan 2022, bond allocation plunged to -14% underweight, the biggest monthly drop since 2003, ''super-core inflation is rising again'' >>>> risk of further eq correction lower/hedging/lightening up continues, more than ever likely as rates stay firm, let alone firmer Bank of Korea chief says won volatility is a little ‘excessive’ and will intervene if needed >>> partly driven by JPY weakness, risk is CNH will at some point too Russia told OPEC it would export less oil. It's actually exporting more (surprise?), China and India are propping up Russian oil exports amid sanctions US to hit Iran with new sanctions in "coming days", Yellen says Frozen Russian assets ‘will help fund Ukraine’ as G7 deal nears IMF has cut Germany's GDP in 2024 to 0.2%, after projecting a 0.5% rise in its Jan. Europe's biggest economy is predicted to have the weakest growth of all G7 industrialized nations for the current year. For 2025, IMF revised German growth to 1.3% from prev 1.6% >>> persistent weak consumer sentiment, structural problems, working population etc. Global growth unch at 3.2% "Long Treasuries are once again yielding more than stocks. For a generation that had grown accustomed to a stock market that yielded more, making asset allocation decisions much easier, this development makes life much harder'' UK inflation drops to 3.2% in March as Bank of England hints at rate cuts >>> with core inflation at still 4.2% ? Fund managers are giving up on bonds in a way they haven’t in 20 years (msn.com) Fund managers bullish on 'no landing' in next year: BofA (yahoo.com) Asia Stock Gauge Poised to Erase 2024 Gains on Concerns of Rates, Tensions - Bloomberg Chinese shares surge Wednesday - Chinadaily.com.cn Powell says conditions needed to cut rates likely to take longer to appear (msn.com) Powell Signals Rate Cut Delay As Inflation Plateaus Above Target (businessinsider.com) Trump trade advisers plot dollar devaluation - POLITICO Something to keep in mind, as we approach election time, after all the court cases! Bank of England governor Bailey hints UK will cut interest rates before the US | This is Money Inflation data this morning not as friendly as expected, core still above 4% ! UK inflation drops to 3.2% in March as Bank of England hints at rate cuts (yahoo.com) Bank of Korea chief says won volatility a little 'excessive' (cnbc.com) KRW following JPY, which eventually will put pressure on CNH IMF cuts growth outlook for Germany (msn.com) UK growth forecasts cut by IMF - as inflation predictions revealed (msn.com) Russia to grow faster than all advanced economies (msn.com) all on government spending, weapons, war machine...not sustainable.. Stock Valuations: TINA Has an Alternative and Greenspan Model Reappears - Bloomberg Robin Brooks on X: "The scale of economic divergence between the US and Europe is simply staggering. This kind of divergence also happened after the 2008 crisis, but what is happening now is on another level. The Euro belongs far below parity for Europe to lift itself out of this crisis... https://t.co/9f87IDed33" / X (twitter.com) Russia exports more oil even as it tries to help OPEC cut supply (qz.com) Frozen Russian assets ‘will help fund Ukraine’ as G7 deal nears (msn.com) US to hit Iran with new sanctions in "coming days", Yellen says (msn.com) Michael Pettis on X: "1/5 Chinese GDP grew by 5.3% in the first quarter of 2024, well above expectations, reinforcing concerns that GDP growth in China means something quite different than GDP growth in economies that operate under hard-budget constraints. https://t.co/wuCdUtULZv" / X (twitter.com) Bitcoin falls below $63,000 with the big 'halving' event coming (qz.com) With gold at new highs, miners consider more than price (vaneck.com) In past commentaries, we have been highlighting the widening valuation gap between gold and gold equities. In March, gold equities finally came back and displayed their leverage to the gold price. This may mark the beginning of a long-anticipated trend reversal for gold mining equities. After years of underperformance against the metal, the NYSE Arca Gold Miners Index and the MVIS Global Juniors Gold Miners Index significantly outperformed gold in the month of March, up 19.61% and 21.50%, respectively New Prime Minister: Johnny B. Goode in Singapore (finews.asia) #NASDAQ correction might be welcome/be constructive long-term, #timeforahedgingtrade

Yesterday was the first time since November 2nd that the S&P 500, Nasdaq, S&P 400 (mid-caps), and Russell 2000 (small-caps) all closed below their 50-day moving averages >>> which, as pointed out late last week, will force CTA's to start selling into the move lower for the 1st time this year... (SPX 4875 huge level and 4600 for the CTA's) BofA survey reporting Fund Managers are net underweight Cash for the first time since 2011... Middle East Latest: Military Chief of Staff Herzi Halevi : Israel has no choice but to respond to Iran’s drone and missile attack, even as European & US officials called for to avoid tit-for-tat response. Iran can avoid raising tensions while still guarding its “sovereignty and dignity,” China’s Wang Yi said U.S retail sales up 0.7% higher than exp 0.4%, easy financial conditions boost infl and growth...>> 10y UST 4.63% now, UST 30s back above 4.75!, that is last Nov dreaded QRA territory... reinforcing our long held view #HIGHFORLONGER Saxo : Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal Higher UST 10y yields, above previously mentioned key 4.35% area, will increase 'risk' to at least part for the equity world.."Aggressive fiscal spending may ultimately keep the Fed from cutting rates to levels that will benefit small businesses...The bottom line is that no landing may be good for growth but challenging for equity valuations if rates push higher:" MS's Mike Wilson Goldman warns that long-end rates may continue to rise as inflationary pressures reignite, and Hedge Funds are now the least long Energy stocks in AT LEAST 5 years according to Goldman Sachs CFTC - Hedge Funds have built the largest long position in the MXN Peso in 13mos Gold is back — and it has a message for us - The precious metal’s surge may herald a whole new world There is "no urgency" to cut U.S. interest rates, Mary Daly, the president of the San Francisco Federal Reserve Bank, said on Monday, with the economy and labor market strong, and inflation still above the Fed's target of 2% China’s economy grew 5.3% in the first quarter, beating expectations Althea Spinozzi on X: "🇺🇸10Y UST yields remain in an uptrend. If they break and close above 4.58%, they will find resistance at 4.7%. To remove the uptrend, yields need to close below 4.18%. https://t.co/XYvCpCdpmC" / X (twitter.com) Special episode: Market reactions to Iran-Israel escalation | Saxo Group (home.saxo) Podcast Fed should not act urgently to cut rates unless required, Daly says | Reuters Gold is back — and it has a message for us (ft.com) ''China buying gold and selling Treasuries mirrors how Europe’s central banks began to redeem dollars for gold in the late 1960s as the Bretton Woods System began to break apart.” Gold Seen Hitting $3,000 at Citi on Investor Inflows and Fed Expectations - Bloomberg China's Q1 GDP grew 5.3% in the first quarter, beating expectations (cnbc.com) Unemployment jumps as UK jobs market stalls (bbc.com) John Hudson on X: "New: When Kamala Harris met privately with Volodymyr Zelensky in February, she told him something he didn’t want to hear: Refrain from attacking Russian oil refineries, a tactic U.S. officials believed would raise global energy prices and invite more aggressive Russian…" / X (twitter.com) Iran confrontation poses potential new risks for US troops - POLITICO BRICS Pushes Middle East to Abandon US Dollar for Bitcoin (crypto-news-flash.com) No surprise this comes out now - no coincidence Ukraine's power plants at the mercy of Russian missiles (bbc.com) Ukraine war live updates: Latest news on Russia and the war in Ukraine (cnbc.com) The AI and obesity rally is defying gravity - QO2 2024 | Saxo Group (home.saxo) Inflation slowing in Switzerland, but prices continue to soar  - SWI swissinfo.ch When you go 'ex this and that' the official rate is low, the reality of most folks if very different! Tax Day shows stark divide between Biden and Trump | AP News Goldman Sachs Reports 2024 First Quarter Earnings Per Common Share of $11.58 and Annualized Return on Common Equity of 14.8% Operation Cowboy – How American GIs & German Soldiers Joined Forces to Save the Legendary Lipizzaner Horses in the Final Hours of WW2 - MilitaryHistoryNow.com Great story Trump Media stock plummets 18% as it plans to issue millions more shares (qz.com) whoops Jimmy Kimmel Says After His Court Nap, 'if Biden Is Sleepy Joe,' Trump Is 'Dozo the Clown' | Video (thewrap.com) SPX - 38.2% retracement around 4900/4875...CTA levels..

Artprice by Artmarket.com: 28th annual report - The Art Market in 2023. A new record number of artworks sold at auction. Biggest national marketplace: the USA. Female artists showed spectacular growth The G7 communiqué on the Iranian attack on Israel. Some strong words against Tehran, but also, between the lines, it is imploring Israel not to retaliate >>> one bit of news that few talking about is fact that few hours before the launch of the attack, the IRGC seized an israeli ship that was crossing the Strait of Hormuz, what Iran said was that they wanted to do is bring the world economy to its knees (by closing Strait of Hormuz, the missiles were just a distraction..maybe..). Nearly 40% of all oil trade in the world passes the Strait..! Aluminum surged by a record on the London Metal Exchange as traders responded to new US and UK sanctions that banned deliveries of Russian supplies produced after midnight on Friday. Sales of Volkswagen electric vehicles in Europe fell by almost a quarter in the first three months of the year as consumers returned to petrol, Tesla (TSLA) is rumored to be preparing a massive round of layoffs Interview :Jean-Claude Biver on Swiss Watches, Cheese and UBS Emerging Market Stocks are trading at 50-year lows against U.S. Stocks (BofA) Iran oil output has risen to a 5 ½-year high as the US didn’t enforce sanctions. “If Biden resumes enforcing the sanctions, it could tighten the market significantly […] I’m dubious Biden would take that course of action” Every S&P 500 Sector declined last week. That's the first time that's happened since September 2023, as USDollar scores the largest weekly gain since Sep 2022 Goldman Sachs raises its year-end gold forecast to $2,700, from $2,300 previously Markets update : play defence, USD higher is a sign, all SPX sectors down is another, not a coincidence, markets will come to you and bring opportunities, commodities clearly continue to be the big play/rotation, geopolitics cannot be ignored anymore, Strait of #Hormuz definitely 'a big' key for world economy Artprice by Artmarket.com: 28th annual report - The Art Market in 2023. A new record number of artworks sold at auction. Biggest national marketplace: the USA. Female artists showed spectacular growth (prnewswire.com) Metals Spike as Sanctions on New Russian Supplies Rattle LME (yahoo.com) RBA interest rates: Reserve Bank of Australia could cut before the US Federal Reserve (afr.com) a little premature imho...but there u go Yields Soar as Traders Price in Just Two Fed Rate Cuts in 2024 - Bloomberg Iran's Attack on Israel Upsets OPEC+ Seach for Goldilocks Price - Bloomberg Goldman Sachs increases gold price prediction amid geopolitical uncertainty | MENAFN.COM Statistical Review of World Energy 2022 (bp.com) The Statistical Review of World Energy analyses data on world energy markets from the prior year. The Review has been providing timely, comprehensive and objective data to the energy community since 1952 https://www.g7italy.it/wp-content/uploads/G7-LEADERS-STATEMENT-ON-IRANS-ATTACK-AGAINST-ISRAEL.pdf FULL STATEMENT: The G7 communiqué on the Iranian attack on Israel. Some strong words against Tehran, but also, between the lines, it is imploring Israel not to retaliate. Also notable, not a word about (oil) sanctions enforcement >>>> Iran designed its retaliation on Israel to cause ..Max symbolism , sends message of capabilities with 300 missiles & drones, 1st ever direct attack etc while targeting Min damage:, as attack well-telegraphed fpr days, reported days ago - so it would seem for now VolSignals on X: "GS on CTAs? . . .they triggered. 👀 the key level in ST was flagged as 5135 SPX on Friday- which the index finished well through. If SPX falls ~3% from 5130 over 1 month, expect $20bn of S&P futures for sale and $42bn for sale if the index falls 7-8% from here. https://t.co/IseQtYodms" / X (twitter.com) Negative gamma on way down, while we remain sub 5135 Volkswagen electric car sales plunge: Why are Europeans returning to petrol? | Euronews Tesla (TSLA) is rumored to be preparing a massive round of layoffs | Electrek Truong My Lan: Vietnamese billionaire sentenced to death for $44bn fraud (bbc.com) If you go for it, you might as well go for it ! blimey! Health and safety (glencore.com) Novartis looks to buy German cancer drugmaker MorphoSys (qz.com) Chinese automaker Chery to build cars in Spain (qz.com) Jean-Claude Biver on Swiss Watches, Cheese and UBS (finews.asia) Russia considers relocating South Caucasus talks from Switzerland - SWI swissinfo.ch EURUSD 1.0500 area will be huge medium term level, together with 0.92+ USDCHF