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Week ahead : U.S ISM services tom (53 exp), BoC (dovish hold) and Powell delivers semiannual testimony to Congress and then the House Services committee (opportunity for Powell to give further insight on timing of cuts), ECB on Thursday (Powell again) and Friday U.S job report + the usual geopolitics, Crude prices remain firm(er), WTU $80 for first time since Nov 2023 - OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus From Logan's speech last week it is now obvious Fed intends to drain RRP, and Waller's view of shifting Fed Treasury holdings towards bills complement's Treasury's own expectation of meaningful deviations of bill share above their 20% guideline. Treasury is going to issue more bills, and Fed will buy more of them as well / Thread China's Premier Li urges stronger economic, trade ties with US >>> China pushing hard to loosen up relationship U.S ISM has been under 50 for over one year, and yet GDP prodding along 2-3%, does this data even mean anything anymore ? >>> February ISM Manufacturing PMI down to 47.8 vs. 49.5 est. & 49.1 in prior month; new orders fell to 49.2 vs. 52.5 prior; prices paid eased slightly to 52.5 vs. 52.9 prior … employment fell to 45.9 vs. 47.1 prior, yields dropped 5-7bps, risk loved it on Friday - however, construction spending was up again, 120% up last 2years... Odds rise that Japan will lift negative interest rates in March. BOJ Gov. Ueda says outcome of annual wage talks this month will be pivotal Colm Kelleher whipped up a storm at the end of last year when the UBS Group AG chairman warned of a dangerous bubble in private credit 'flawed valuations', got even whackier since that speech! ‘India has arrived.’ Why Modi’s economy offers a real alternative to China Inflation remains sticky in Europe, with core prices cooling less than expected The economics of skiing in America ''To be allowed up there your correspondent, an unsavvy European, paid $260 for a single day’s lift ticket'' - skiing became very expensive last 10years, it is now a luxury sport (in many places, not everywhere) Why did Rishi Sunak accept a private jet ride from an alleged fraudster? Labour urges prime minister to give ‘full and honest account’ after entrepreneur who is embroiled in a civil case with investors paid for a trip on plane BofA’s Savita Subramanian raised her S&P 500 year-end target to 5400 on Friday, implying 5% upside from here. She cites “surprising margin resilience” and a better economic outlook globally, but warns that the likelihood of a near-term pullback is high Yardeni : “.. If this is the 1990s all over again, are we in 1994 or are we closer to 1999? We aren’t sure. However, we are sure that, as occurred during the second half of the 1990s, the stock market is having a significantly positive wealth effect on the economy .. another reason to believe .. the Fed might hesitate to lower [rates] for a while—maybe a long while.” GOLD : technically, we've had an almost 3year consolidation, last time we had this in 2016/19, when XAU eventually broke through.. it was pretty powerful Kamala Harris to meet with Israel war cabinet member after calling for Gaza ceasefire Markets : loved a soft U.S manuf data, plenty of possiblevol event this week (Powell testimony, ECB) and in March with possible BoJ action. Fed Waller's message key for RRP, curve and risk Joseph Wang on X: "Waller's view of shifting Fed Treasury holdings towards bills complement's Treasury's own expectation of meaningful deviations of bill share above their 20% guideline. Treasury is going to issue more bills, and Fed will buy more of them as well. https://t.co/UFoMRpTN5Z" / X (twitter.com) China's Premier Li urges stronger economic, trade ties with US (msn.com) Japan government considers calling end to deflation, Kyodo reports | Reuters Years of hesitation........ Odds rise that Japan will lift negative interest rates in March - Nikkei Asia Euro zone inflation February 2024 (cnbc.com) touch higher than expected Continuing Resolutions Are Stopgap Measures — But Now We Average Five a Year (pgpf.org) One of the most fundamental responsibilities of the federal government is to set and pass a budget every year, allocating funding towards the nation’s needs and priorities. The new fiscal year began on October 1, 2023, but Congress and the President failed to enact all 12 appropriation bills necessary to fund the government for fiscal year 202 ‘India has arrived.’ Why Modi’s economy offers a real alternative to China (yahoo.com) The economics of skiing in America (economist.com) Overturning Elon Musk's Tesla pay package could get lawyers $6 billion (qz.com) Flawed Valuations Threaten $1.7 Trillion Private Credit Boom (yahoo.com) The meteoric rise of private credit funds has been powered by a simple pitch to the insurers and pensions who manage people’s money over decades: Invest in our loans and avoid the price gyrations of rival types of corporate finance. The loans will trade so rarely — in many cases, never — that their value will stay steady, letting backers enjoy bountiful and stress-free returns. This irresistible proposal has transformed a Wall Street backwater into a $1.7 trillion market Why did Rishi Sunak accept a private jet ride from an alleged fraudster? (thetimes.co.uk) ‘Can I now send the funds?’: secrets of the Conservative money machine | Conservatives | The Guardian Scandal at the Savoy Mandarin – Inside Paradeplatz State of emergency in Haiti as gang leader seeks to oust prime minister and prisoners escape | World News | Sky News Ukraine destroys Russian Murom-M surveillance complex with precision drone strike – video (yahoo.com) Middle East crisis live: Kamala Harris to meet with Israel war cabinet member after calling for Gaza ceasefire (msn.com) Apple backtracks on removing iPhone web apps after EU scrutiny (qz.com) GOLD - $2100 + and we may off to the races, poor man's gold XAGUSD too when above $25+ properly Silver - 200dma around $23.25 - break of which would be a first bullish sign, then $25+

U.S PCE inflation 'in line' was sufficient to give a new boost to equity and close February on highs, EU inflation data today likely heading towards 2%, while the global economy shows signs of renewed growth/pickup (China, German recovery ?), cycle to continue, no landing yet >>> 'high for longer' in rates = stronger for longer Ford rolls out Tesla Supercharging for EVs BOJ chief Ueda stops short of declaring 2% price goal met - as usual, BoJ loves walking back any hawkish tilt...he added that inflation was dropping back at a rapid pace... China Caixin manuf PMI for Feb comes in at 50.9, remaining in expansion for 4th consecutive months, vs previous 50.8, expected 50.6, Eurozone February final manufacturing PMI 46.5 vs 46.1 prelim BTC : Bitcoin RSI at 88. We have not seen RSI this overbought AND bitcoin trading at these absolute levels, ever. Chasing it here looks like a very late trade SNB Chairman Thomas Jordan to step down at end of September 2024 Natural Gas inventories rose to biggest surplus since mid-2016 Britain to lead 2024 European real estate boom as international buyers eye opportunities, research says Energy-related CO2 emissions hit a fresh record high in 2023, according to IEA March 2023 was not good for a few banks, NYCB ? let's hope not many others Markets : DAX, NIKKEI, NASDAQ all hitting new highs, AAPL closingbelow 200dma though, tame PCE inflation yesterday (whispers were higher), helped together with month-end flows, USD slightly firmer, lead by USDJPY and CROSSJPY's higher, CHF continues to grind lower Here we go again the bubble fever is back | Saxo Bank (home.saxo) Tame inflation, credit totally fine/not worried about anything, JPY weak, no wonder, plenty of liquidities still in system, though this could start to change by mid March Holger Zschaepitz on X: "US PCE for Jan was right inline and thus a small relief after the hot CPI/PPI. Core PCE rose 2.8% YoY, down from +2.9% in Dec. Headline PCE slowed to 2.4% YoY from +2.6% in Dec. Markets now price 2.7% prob for a cut in March, 18% for a cut in May and 58% for a cut in June,… https://t.co/bE2GUpB9Pm" / X (twitter.com) NYCB shares tumble after regional lender swaps out CEO, says it identified ‘material weakness’ in internal controls (msn.com) BOJ chief Ueda stops short of declaring 2% price goal met | Reuters SNB Chairman Thomas Jordan to step down at end of September 2024 Swiss central bank boss to step down - SWI swissinfo.ch Copper - metal of the future (glencore.com) Executive Summary – CO2 Emissions in 2023 – Analysis - IEA China's factory activity shrinks for 5th month, raises pressure for more stimulus | Reuters China calls on foreign businesses to share their problems as investment slumps (cnbc.com) Ford rolls out Tesla Supercharging for EVs. Here's what drivers need to know (msn.com) Ford EV owners can now use Tesla Superchargers (qz.com) Elon Musk's Neuralink inspected by FDA over brain chip animal experiments (qz.com) Oprah Winfrey Exits Weight Watchers Board After Weight Loss Drug Use (yahoo.com) Fintech Penetration in Southeast Asia Will Double by 2027 (finews.asia) Figure, AI humanoid robot startup, raises money from Microsoft, Nvidia, Bezos (qz.com) Winklevoss twins' Gemini exchange will refund $1.1 billion to crypto customers (qz.com) US calls Gaza aid convoy deaths ‘tremendously alarming’ as France says Israeli fire ‘unjustifiable’ Sir Keir Starmer should be very, very worried after Galloway win | Politics News | Sky News UK, Europe real estate to surge as buyers eye investment opportunities (cnbc.com) Harvard Business School grad allegedly swindled alums with Ponzi scheme (cnbc.com) When Vladimir Putin accuses the West of certain behaviours, it is often because he is doing just that himself | World News | Sky News Putin urges Russians to stop drinking, keep making babies | The Hill got to love this headline! NATO Will Be Drawn Into War With Russia if Ukraine Loses: Lloyd Austin (newsweek.com) 'Good news for nature' as netting plans dropped (msn.com) GBPCHF - long-term players who are short GBP will start to notice if/when we go 1.15+, overall 'carry' trade still on

BOJ board member says 2% inflation target is 'finally in sight', Hajime Takata tells Shiga business leaders 'Japan is at an inflection point' and Japan's FM Kanda warned about excessive JPY moves at the G20 (probably to sound like they care?) FED's Williams explicitly said that 3 cuts for 2024 are a reasonable starting point for policy, Boston Fed Collins did not break new ground, but her risk assessment between the risks of cutting too soon vs too late seems to be more balanced than some other FOMC participants, 3 cuts priced in and happy with this... The picture in the U.S GDP report is of weaker business investment and consumer spending with a stronger-than-believed contribution from govt and inventory building. Those are downside risks for 2024 growth Speculation is mounting that Russian President Vladimir Putin could use his annual address to Russian lawmakers Thursday to announce that Russian troops will be sent to “protect” the pro-Russian, breakaway region of Transnistria in Moldova UK's chancellor considers poaching Labour’s plan to scrap non-domiciled tax rules Maersk warns Red Sea disruptions could last into second half of year Salesforce beats on earnings but forecasts single-digit revenue growth for the year Swiss Economy Grows More Than Expected Defying Factory Downturn, GDP expanded 0.3% in 4Q; est. 0.1% increase, still little or no sign that SNB has intervened in January to weaken CHF Markets steady ahead of the Fed's preferred inflation gauge this afternoon, PCE expectation is 2.4% annually and 2.8% adjusted Global Market Quick Take: Europe – 29 February 2024 | Saxo Group (home.saxo) Summary:  European and US equity futures are holding steady alongside Asian markets, following a minor decline on Wall Street yesterday. Investors are eagerly awaiting today’s US inflation report, which is expected to offer insights into the potential timing of the first US rate cut. Meanwhile, Bitcoin continues its upward surge, reaching a two-year high driven by robust demand stemming from the recent launch of ETFs. Snowflake slumped over 20% in after-hours trading due to the sudden departure of its CEO and a bleak product revenue forecast. Salesforce initially dropped on a gloomy full-year outlook but later recovered. Treasury markets remain stable after a slight uptick on Wednesday, while the dollar maintains a narrow trading range and gold tests resistance levels in anticipation of the inflation data. BOJ board member says 2% inflation target is 'finally in sight' - Nikkei Asia Japan issues fresh warning against excessive yen moves | Reuters Donald Trump and the Mexican economy: time to short the peso? – The Armchair Trader Fed's Williams: Still ways to go to achieve 2% inflation goal (msn.com) Fed's Collins repeats it is 'likely' rate cuts will begin this year (msn.com) Economy: Swiss GDP grew by 1.3% in 2023 | 24 hours (24heures.ch) US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate - BusinessToday Bitcoin surges toward all-time high as a big 'halving' could push it higher (qz.com) Putin could announce Russian troops will enter Transnistria region (cnbc.com) Oishii raises $134m in turbulent time for vertical farms to expand production, distribution & its portfolio (foodnavigator-usa.com) plenty of cash outthere Toyota recalls hit Tacoma and Tundra pickups, Sequoia SUVs, and Camry (qz.com) Disney and Reliance Industries will merge India media assets (qz.com) Salesforce (CRM) Q4 earnings report 2024 (cnbc.com) Lithium miner SQM posts Q4 profit down 82% | Nasdaq ...markets go from one extreme (shortages 1-2y ago) to the other (now we have a glut and lower EV demand..) Maersk warns Red Sea disruptions could last into second half of year | Reuters Snowflake says Frank Slootman is retiring as CEO, stock plunges more than 20% (msn.com) Drugs like Ozempic and Wegovy could boost the US economy by a trillion dollars in a few years, Goldman Sachs predicts (yahoo.com) Hunt considers poaching Labour’s plan to scrap non-domiciled tax rules | Jeremy Hunt | The Guardian SPX500 - consolidation/back to trend should be welcome scenario for the bulls

Government shutdown: US lawmakers optimistic on spending deal Traders are betting on substantially stickier inflation in the US for the next few years. Breakeven rates on 2-year notes are current at 2.75%, the highest lev in almost 1y Germany's Scholz rejects talk of sending troops to Ukraine from Europe or NATO RBNZ statement : surprisingly dovish relative to next meeting EUROUSD slightly softer, but pretty dull given growth differentials Apple abandons electric car efforts, will prioritize AI, ,competition is now fierce in EV, and the market is no longer building huge expensive limousines (less attractive to AAPL) China doubles down on national security, expanding its state secrets law 'Urgent' for G7 to Seize Russian Profits for Ukraine: Yellen Saxo : While the US PCE Core Deflator tomorrow is expected to show the YoY slow to 2.4%, the expected 0.4% MoM rise would lift the 3 and 6-month change to near 2.5% from below 2% last month Markets : USDollar a little firmer (KIWI, AUD, EURO weakness), NASDAQ 'failing' near 18K, DJ 39K similar picture and SPX500 5050/5100 area Government shutdown: US lawmakers optimistic on spending deal - BBC News Germany's Scholz rejects talk of sending troops to Ukraine from Europe or NATO (thelocal.de) 'Urgent' for G7 to Seize Russian Profits for Ukraine: Yellen (kyivpost.com) Ken Griffin, Koch brothers, GOP billionaire megadonors consider anyone but Trump | Fortune China doubles down on national security, expanding its state secrets law (cnbc.com) Michael Pettis on X: "Chinese provinces that pay the highest income tax are, in order, Shanghai, Guangdong, Beijing, Zhejiang, Jiangsu, Fujian, Shandong, Sichuan, Hubei, and Tianjin, showing just how concentrated economic importance is within the main Eastern provinces. https://t.co/YAsRW5cX4R" / X (twitter.com) Microsoft, French Mistral AI partnership under EU scrutiny (qz.com) Apple abandons electric car efforts, will prioritize AI: report (yahoo.com) Total crash UBS: Nestlé dividend paid 2 months too early – Inside Paradeplatz Ozempic, Wegovy competitor drug doubles Viking Therapeutics stock (qz.com) Monetary Policy remains restrictive - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) NASDAQ

Israeli hostages for Palestinian prisoners swap proposal sent to Hamas after Paris talks Spreads on US high-yield bonds have fallen to the lowest since the beginning of 2022 The Hungarian parliament has ratified Sweden's bid to join NATO, clearing the last major obstacle to membership "Globes" has learned that four submarine communications cables have been damaged in the Red Sea between Jeddah in Saudi Arabia and Djibouti in East Africa. China’s Oppo unveils prototype augmented reality glasses with voice assistant “We like the China domestic market more than the offshore market because the domestic market has policy support with evidence of national team buying,” said at Goldman Sachs strategist Sunil Koul Ryanair warns of 10% fare rise this summer due to lack of planes Japan CPI beats exp. Core (ex-fresh food, energy) 3.5% YoY vs 3.3% exp UK's grocery inflation hits lowest level in two years, but non-food items keep rising Germany March GfK consumer sentiment -29.0 vs -29.0 expected The Swiss government’s translators are now using artificial intelligence to translate official documents Russian Prime Minister Mikhail Mishustin has approved a ban on gasoline exports for six months starting from March 1. Novak noted that seasonal demand for the fuel will soon pick up in the domestic market More Techs : SPX500 is 13-15% above 200dma (same as mid Jan), pretty rare, Equity inflows over the past 5 weeks have totaled $75bn, the strongest in 2 years --DB Markets : pretty quiet ahead of PMI's and other macro data this week. A little bid of consolidation in equity markets 'should' be welcome by the bulls. FX pretty quiet, vols on the floor. 2y UST 's back t 4.70%, USDollar not playing with yields since mid February Japan’s Inflation Tops Forecasts, Supporting BOJ Rate Hike Bets (yahoo.com) Grocery inflation hits lowest level in two years, but non-food items keep rising (cityam.com) Michael Pettis on X: "1/6 SCMP: China International Capital Corporation is calling "for Beijing to bolster fiscal support to consumers and businesses, citing a relative gulf in effect for pandemic-era stimulative actions taken by China and the United States." https://t.co/Bz46v5uwHr via @scmpnews" / X (twitter.com) China National Team, State-Backed Funds, Bought $57 Billion of Shares, UBS Says - Bloomberg Ukraine-Russia war latest: Last obstacle to Sweden joining NATO removed as Hungary backs down | World News | Sky News Russia bans petrol exports as fuel runs short for drivers - latest updates (telegraph.co.uk) Biden Says Israel Agrees to Stop Gaza Attacks for Ramadan as Hamas Mulls Draft Truce Proposal (usnews.com) Houthis hit submarine communications cables - Globes Althea Spinozzi on X: "🇺🇸Record $64bn 5y UST auction shows that investors are extending duration (vs 2y USTs) but want a higher yield to hold the notes: - Tail: 0.8bp - Indirect and direct bidders as well as BTC rebounded compared to last month ⚠️in Q2, the Treasury is looking to issue $70bn 5y notes https://t.co/3BgDntVo8p" / X (twitter.com) Ryanair warns of 10% fare rise this summer due to lack of planes | Business News | Sky News CMA finds fundamental concerns in housebuilding market - GOV.UK (www.gov.uk) Supply not satisfying demand, that is all - we often hear end of the world predictions that higher rates will kill the market, well only a third of housing is actually attached to a mortgage, a third is in rentals/buy to let and a 3rd or so with no mortgage at all.. UPDATE: Thousands Of Bentley, Audi, And Porsche Luxury Cars Denied Entry Into America | CarBuzz Oppo Air Glass 3: Augmented reality glasses with AI voice assistant (cnbc.com) JPMorgan CEO Jamie Dimon says AI is not just hype — 'This is real' (cnbc.com) Google aims to relaunch Gemini AI image tool in a few weeks (yahoo.com) Microsoft invests in Europe's Mistral AI to expand beyond OpenAI (msn.com) Switzerland Today - SWI swissinfo.ch Samsung unveils new memory chip with 'highest-capacity to date' for AI (cnbc.com) The EU may investigate Apple for dropping home screen web apps (qz.com) Prison inmate stole $550 million in Covid tax credits (cnbc.com) How Greenland’s tourism industry lobbied for a green tax, and won - Positive News - Positive News Why there is a new global race to the moon (cnbc.com) SPX500 - NVDA impact last week!

Week ahead : focus on U.S PCE core inflation (Fed's preferred inflation gauge), JPN inflation tomorrow is expected to drop below 2%, PMI's in China, Oz, Japan and EU. RBNZ meeting, consumer confidence data and we also have yet another deadline to avoid U.S government shutdown by the end of the week First Druckenmiller, now Paul Singer's Elliott - the smart money's getting in mining "The mandate is to buy across all assets, including base metals and precious metals in addition to commodities in demand for electric vehicle production." European gas prices peaked in the summer of 2022, soaring to more than €300/MWh at one point, prices are now back to pre-crsis levels - good news! Harker said Fed rate cuts are 'near' while Jefferson predicts 'later this year' The People’s Bank of China increased its reserves faster than anyone else last year. Whether it is due to geopolitics or prudence is anyone’s guess.  Nearly 42% of the more than 2800 A-share listed firms that have issued preliminary annual results are expecting an improvement in their 2023 earnings. Chinese banks in Guangzhou ease first-home mortgage requirements Ryanair warns of 10% fare rise as new Boeing planes delayed Forbes - Takeaways From Berkshire Hathaway’s 2023 Earnings And Buffett’s Letter Nikkei - Japan stocks give boost to BOJ's case for monetary tightening Merrill financial advisors' 1-year outlook is the most bullish in the history of BofA's Investment Manager Survey Markets : slight 'divergence' with higher rates not leading to higher USD over last couple of weeks, equity markets enjoying a huge push last week, lead by you know who, Ifo was a little brighter on Friday, China continue with efforts to shore up its economy, U.S core PCE up next as key 'FED data', 4.35% highs on 10's UST last week, didn't seem to frighten anyone. NASDAQ 18K still a key top, SPX pushing towards big levels/year-end targets of 5'100-5'200, EUstockxx50 highs were 5'300 back in 2000, might still have room to run, DAC and CAC made news highs too US shutdown risk remains with spending deal elusive, says Chuck Schumer (cnbctv18.com) Global Market Quick Take: Europe – 26 February 2024 | Saxo Group (home.saxo) Harker said Fed rate cuts are 'near' while Jefferson predicts 'later this year' (yahoo.com) Technical analysis sp500 us500 nasdaq100 usnas100 | Saxo Group (home.saxo) Two year US Treasury notes offer an appealing entry point | Saxo Group (home.saxo) Jim Bianco on X: "Here are the probabilities of the first Fed cut over the next four FOMC meetings. The next FOMC meeting is on March 20 (brown). The market is pricing just a 3% probability of a cut. This was nearly 90% at the beginning of the year. The May 1 FOMC (green) is down to 24%.… https://t.co/TiCvzBzzgh" / X (twitter.com) Japan stocks give boost to BOJ's case for monetary tightening - Nikkei Asia German business sentiment brightens in February, finds Ifo (msn.com) Trump defeats Haley in South Carolina primary, extending sweep of early states (msn.com) Trump boasts about not resigning in disgrace and tells Biden ‘you’re fired’ in rambling speech: Live (msn.com) Clock is ticking for Trump to post bonds worth half a billion dollars (msn.com) China Securities Journal - 2,808 companies announced last year's results, and more than 40% reported good news (cs.com.cn) After doubts about Alibaba's future, co-founder Joe Tsai says: 'We're back' (cnbc.com) BYD’s first supercar can dance, self-park, comes with $233,352 price tag · TechNode Ryanair warns of 10% fare rise as new Boeing planes delayed - BBC News Takeaways From Berkshire Hathaway’s 2023 Earnings And Buffett’s Letter (forbes.com) UPDATE 1-Elliott Management plans to spend over $1 bln on mining assets, FT reports (msn.com) BP exec's husband guilty of insider trading, snooped on her calls (cnbc.com) Warren Buffett's son Howard has given $500M to Ukraine — he warns the US is making a historic mistake by pulling its support (yahoo.com) printmgr file (berkshirehathaway.com) Warren's own words as to why he owns #OXY and JPN trading companies Weak economic situation: Is Germany smearing? (msn.com) Good news is, NatGas and energy prices down! (8) Is Europe's energy crisis over? | LinkedIn Energy price cap to fall but bills to include 'temporary' charge (msn.com) EU carbon border tax will do little to cut emissions, ADB study says | Reuters The Spy War: How the C.I.A. Secretly Helps Ukraine Fight Putin - The New York Times (nytimes.com) Ukraine war: Indians ‘duped’ by agents into fighting for Russia - BBC News Hungary buys Swedish fighter jets, prepares to approve NATO bid - Nikkei Asia US lenders’ debt to shadow banks passes $1tn (ft.com) ....“innovative leverage solutions” The amount US financial institutions have loaned to shadow banks such as fintechs and private credit groups has passed $1tn, as regulators warn that growing ties between traditional and alternative lenders could present systemic risks. China’s Central Bank Buys Up More Gold Than Anyone Else (finews.asia) Are Swiss universities victims of their success? - SWI swissinfo.ch Death of the business card? More and more workers ditch the status symbol (cityam.com) Window-washing robots are working on Manhattan skyscrapers (cnbc.com)

Intuitive Machines’ Nova-C cargo lander, named “Odysseus” after the mythological Greek hero, is the first U.S. spacecraft to soft land on the lunar surface since 1972 New 'NVDA' highs across the board, JPM trading desk (not Kalonovic..) ..“NVDA, may be a catalyst not only for the Street to get materially more bullish on US Equities but also to see a further decoupling of stocks and yields since the Mag7 are proving to deliver on earnings expectations irrespective of the interest rate environment.”, and we even have CHINA who has prepared the ground for a comeback. EURCHF - it's beginning to look like a break up - chart (GBPCHF 1.1250 initially and 1.15+ should get it going) Fed’s Cook wants ‘greater confidence’ inflation is slowing before backing interest-rate cuts. Fed's Waller wants more evidence inflation is cooling before cutting interest rates >>> GS push back their view on when the Fed will begin cutting interest rates to June Ugly 30y TIPS auction, it tailed by 2.5bp despite paying 2.2%, the highest auction yield since 2010! investors want some inflation protection but only at a fair price ECB Unlikely to Cut Interest Rates Before Fed, Holzmann Says - ECB's Schnabel: Monetary policy has had a weaker impact on dampening services demand Carmakers have begun compensating leasing companies for the sliding value of used electric cars as Tesla’s price cuts rip through an industry that must sell more EVs or face hefty fines EU agrees new sanctions and US to impose 500 new sanctions on Russia Saxo . Uranium mining industry correction phase / Thread below French President Emmanuel Macron has invited European leaders to Paris next week to discuss proposals to help war-ravaged Ukraine. Poland's foreign minister warns that the US must help Ukraine or face `profound consequences' Markets : enjoying the NVDA effect!, yields higher overall (10's 4.35%) , pushing CROSSJPY's firmer/breaking up, USDJPY on the brink of major break up ? Very long-term charts required.. (here Japanese Yen - Quote - Chart - Historical Data - News (tradingeconomics.com) Intuitive Machines Odysseus lands on moon in historic NASA mission (cnbc.com) Animal Spirits: Passive is Eating the Market - The Irrelevant Investor Fed’s Cook wants ‘greater confidence’ inflation is slowing before backing interest-rate cuts (msn.com) Fed's Waller wants more evidence inflation is cooling before cutting interest rates (msn.com) TREASURIES-US yields mostly up as data keeps Fed on track to delay rate cuts (yahoo.com) Harker said Fed rate cuts are 'near' while Jefferson predicts 'later this year' (yahoo.com) Ole S Hansen on X: "The #uranium mining industry is going through a correction phase with #U308 back below $100/t. #Cameco holding key support around 55, but yesterday's slump below 29.75 in the Sprotts Phys Trust lifted the discount to NAV to 12.5%, highest since last July and may signal more pain… https://t.co/WYR3IAZEWX" / X (twitter.com) Houthis to step up Red Sea strikes, use 'submarine weapons', leader says | Reuters US to impose 500 new sanctions on Russia and its war machine (msn.com) EU agrees on new sanctions against Russia | CTV News Macron calls for European talks on Kyiv aid; US to impose fresh sanctions on Iran (msn.com) Michael Pettis on X: "1/9 Good piece by Soumaya Keynes on what trade may look like under a Trump administration (and probably under another Biden administration). She mentions the 10% tariff that Robert Lighthizer has proposed, pointing out that Lighthizer "has... https://t.co/w4djzccPJF via @ft" / X (twitter.com) Anglo American | Full Year Results 2023 – Looking to the future (youtube.com) Delta Air Lines x Neste - Working Toward Making Flying More Sustainable (youtube.com) Copper story heats up for Great Western Mining (thearmchairtrader.com) Rivian and Lucid shares plunge after weak EV earnings reports (cnbc.com) Google Pauses Gemini AI People Image Generation After 'Woke' Complaints (businessinsider.com) what a world we live in! China urgently needs to issue ‘most effective’ cash coupons to boost insufficient consumption, economist says | South China Morning Post (scmp.com) Slumping EV prices force carmakers to repay leasing firms (irishexaminer.com) good news for would be buyers of 2nd hand EV's though! EURCHF

Fed Minutes : high for longer kind of message AND minutes suggest QT is going to continue longer than expected, ie possibly well into 2025.... NVDA 'smashed it', rebounds sharply after hours (10pct or so down previous couple of days, and right back up after earnings as per implieds), weak JPN data weakens JPY further pushing Nikkei higher to new highs again. Nestle softer sales, MSFT to turn to Intel, Rivian weaker outlook Maybe monetary policy isn’t all that tight,’ former NY Fed's Bill Dudley says Fed’s Barkin says Inflation data show persistent price pressures Fed's Bowman: The time for lower rates is certainly not now Long-end UST's : ''If not for our experience of the aftermath of the financial crisis, I don't think too many would think current long-term rates are a GREAT buy here. Breakevens are still too low and real rates are clearly not hurting the economy. For now, going long should just be a trade'' The ECB announced that it will take a decision in March on the very important issue regarding the future operational framework to use a policy rate to influence the interbank overnight rate. The decision is also linked to the issue of the future size of the balance sheet/Thread JPMorgan’s Kolanovic doubles down on bearish stance, says a ‘second inflation wave’ could take hold China tightens grip on stocks with net sale ban at Open/Close. CSRC bans net selling by major firms in first, last 30 minutes. Regulator is creating a task force to track short selling and another reversal of policy, 2year ago they arrested Jack Ma and now : 'China accelerates drafting of law on private economy promotion'... Japan downgrades view on economy on consumer struggles >> sign that JPY can continue to stay soft/weaken further on higher UST yields Cerrado: Beef trade risks key Brazil ecosystem - campaigners Microsoft is turning to Intel — not Nvidia — to make more chips French Manufacturing Confidence Feb: 100 (est 99; prev 99) Markets : weaker JPY theme continues, NVDA lifts everything back, NIKKEI new highs, even SHCOMP and Hang Seng showing promising signs technically, and if you think China and global growth can recover (no landing, yet anyway), then this should be of interest Fed balance-sheet talks to guide 'eventual decision' on runoff. Most officials noted risks of cutting too quickly, some officials saw risk inflation progress could stall - full text https://www.federalreserve.gov/monetarypolicy/fomcminutes20240131.htm holding high for longer kind of a message/risk Vitor Constâncio on X: "The ECB announced that it will take a decision in March on the very important issue regarding the future operational framework to use a policy rate to influence the interbank overnight rate. The decision is also linked to the issue of the future size of the balance sheet. 1/11" / X (twitter.com) In February 2024, the business climate in manufacturing industry has rebounded and is back to its average - Informations rapides - 40 | Insee Global Market Quick Take: Europe – 21 February 2024 | Saxo Group (home.saxo) ‘Maybe monetary policy isn’t all that tight,’ Bill Dudley says - MarketWatch Fed’s Thomas Barkin Says Inflation Data Show Persistent Price Pressures - Bloomberg Nvidia earnings send stock higher as AI chip demand continues (qz.com) - Data centers worldwide by country 2023 | Statista >>> BofAML raised targets to ..$925 Nestlé axes classic Breakaway bar after 54 years (msn.com) Stellantis to start electric van production at UK Luton plant in 2025 | Reuters Microsoft turns to Intel, not Nvidia, to make new chip (qz.com) Japan Downgrades Economic View For First Time in Three Months (yahoo.com) 7 Trump losses in a row, and counting (yahoo.com) Biden to forgive $1.2 billion in student debt for 150,000 borrowers (cnbc.com) Ford dodges UAW strike at at Kentucky plant (qz.com) China Tightens Grip on Stocks With Net Sale Ban at Open, Close - Bloomberg Brrrrrrr -52C on Sunday ! Gallery: Blizzard Engulfs Northwest China - Caixin Global Budget Speech 2024: South Africa boosts taxes and social spending before vote (thesouthafrican.com) Cerrado: Beef trade risks key Brazil ecosystem - campaigners - BBC News Post Office chairman was told to delay compensation in election run-up, memo suggests | Post Office Horizon scandal | The Guardian What a messy affair ! just the or certainly one of the biggest cover up by politicians, meanwhile poor folks who had done nothing wrong continue to suffer, not just financially! complete utter disagrace Postfinance and Crypto Bank Sygnum Want to Attract an Audience of Millions (finews.asia) AUDJPY Hang Seng

All ears and eyes on FOMC minutes first, then #NVDA after the bell, #SMCI off 30% of Friday highs.. few crazy moves out there. (up and now down). #Palo Alto weaker guidance last night, Jeff #Bezos needed a bit of cash, sold another $2.37bn of AMZN shares, for a total of $8.4bn in 10days, and SHCOMP rallies for 6th trading day, back at 3K ! #contrariantrade #USDMYR at highest level since 1998 EMG crisis, where were you during the wild Oct 1998 ? London Capital & Finance ran ‘Ponzi’ scheme, court told. Sums raised by investment firm allegedly spent on earrings, horses and shotguns Relatively heavy UST coupon issuance over the next week The price of Lithium is down 80% from its peak in 2021 - prices have normalized, good news Elon Musk says Neuralink's first human patient can move a computer mouse with their mind Israel's war against Hamas is hitting its economy even harder than expected Asset Managers have built the largest S&P 500 futures position in history according to data from CFTC Massive spending cuts have left the French government struggling to put together funding for a package of as much as €3 billion in military aid to Ukraine Gold at $3,000 and oil at $100 by 2025? Citi analysts don't rule it out UK listings : biggest message from JDcom buying/moving for Currys >>>> buy when it's cheap, and there are a lot of cheap companies in the UK, too cheap -Markets : bit of profit taking in NVDA ahead of earnings!, similarly few USD longs took profit ahead of FOMC, with higher yields overall pushing CROSSJPY's higher, pretty wild correction/down moves in the hottest stocks/sector/Ai related YTD, big picture now is risk fairly well balanced going into FOMC, clearly though, if any further signs of a 'high for longer' scenario comes out, it will give further excuse for markets to keep bond under pressure (supply) and trigger further unwind of QQQ longs All eyes on Nvidia earnings as AI boom reaches historic proportions | Saxo Bank (home.saxo) Yahoo Finance on X: "How $NVDA went from $0 to $1 trillion in 60 seconds. 📈 https://t.co/ucWE9k1dfz" / X (twitter.com) CEO says Palo Alto Networks didn't lower its guidance due to lack of demand: 'There is no cybersecurity abyss' (msn.com) >>> shares down 20% after hours, lower guidance, things may be booming but things got overdone Amazon founder Bezos sells $8.5bn worth of shares (msn.com) Exclusive-Occidental explores $20 billion-plus sale of Western Midstream, sources say (yahoo.com) It's suddenly a great time to buy an EV (yahoo.com) good news ...finally the pricing looks better! and lithium is related Albemarle says lithium prices are unsustainably low - MINING.COM Currys’ largest shareholder warns Elliott offer ‘highlights London equity market drain to US’ (msn.com) Gold at $3,000 and oil at $100 by 2025? Citi analysts don't rule it out (msn.com) Relatively heavy UST coupon issuance over the next week: Corporate Debt Sales to Top $50 Billion This Week on Deal Surge (yahoo.com) $13B 20y 21st Feb $10B 30y TIPs 22nd Feb $60B 2y 26th Feb $60B 5y 26th Feb $41B 7y 27th Feb Israel economy shrinks amid war against Hamas in Gaza (qz.com) Neuralink's first human implant patient is a success, says Musk (qz.com) London Capital & Finance ran ‘Ponzi’ scheme, court told (ft.com) Stephen Robins KC, representing the claimants, argued in written submissions that LCF had been “a Ponzi scheme from the outset” as it used “new investors’ monies to pay returns to existing investors”. Better news though ! UK banks largest monthly surplus on record before Spring Budget (cityam.com) The government recorded its largest monthly surplus since records began in January, helping borrowing in the year-to-date come in over £9bn below official forecasts #Brexit benefits ! https://www.bbc.co.uk/news/uk-england-birmingham-68342491 Middle England is being taxed into submission. No wonder it’s furious (telegraph.co.uk) European Parliament's Pension Deficit Problem Prompts MEP Lawsuit - Bloomberg good read Ringgit’s Fall to 26-Year Low Sparks Central Bank Verbal Reply (yahoo.com) Iron Ore Battered to Three-Month Low as China Concerns Escalate - Bloomberg #NVDA all got overdone - 550-600$ anyone ?

Increased tensions in ME pushing crude to 3-4months highs near $80 again Chinese Banks cut 5year loan prime rate by 25bps, to 3.95 - largely unexpected >>> local markets not particularly 'impressed' by the cuts - so far anyway, Iron Ore feeling a little sceptical on the China expected recovery, meanwhile in the U.S the 30y mortgage rates has jumped back to Dec 1 highs of 7.35% Israel says it will launch Rafah assault if hostages not freed by Ramadan The Brenner Base Tunnel - great Video The meltdown in chocolate is coming Hedge funds turned bearish on the Swiss Franc just one week after boosting long bets, amid speculation the central bank is no longer supporting the currency with purchases and could even lower interest rates soon >>> Jordan's chatter at WEF....changed view.. The U.S. is considering slapping sanctions on Chinese companies it believes are helping Russia fuel its war in Ukraine, members of Congress told CNBC Bayer AG is planning to slash its dividend by 95% in an effort to pay down debt Forvia which makes parts for half of the world's cars is slashing 10,000 jobs The market cap concentration of the top 10% of stocks has hit its highest level since 1929, surpassing 2000 The "Buffett indicator" - the ratio of the market value of the entire stock market to GDP, has historically averaged around 65%. The ratio peaked at 88.3 prior to the 1929 crash. At the peak of the Dot com bubble in 2000 the ratio was 136.9%. Currently the ratio is 185% >> plenty of these anomalies around - nothing new - they don't matter until the market decide that they do... Markets : Is the FED even going to cut rates this year ? ..must be 'a' question that should be asked during weekly risk management meetings, crude up further would also question 'rate cuts' priced, FOMC minutes and NVDA next big focus All ears and eyes on FOMC minutes and NVDA earnings tomorrow : All eyes on Nvidia earnings as AI boom reaches historic proportions | Saxo Bank (home.saxo) U.S - January economic data challenges soft landing narrative (yahoo.com) and in Germany likely in recession, Bundesbank says (msn.com) though they add : ''German recession doesn’t mean severe downturn'' Israel says it will launch Rafah assault if hostages not freed by Ramadan | Israel-Gaza war | The Guardian US Proposes UN Resolution For Temporary Ceasefire In Gaza, Advises Israel Against Ground Offensive Into Rafah (msn.com) Crew abandon British-registered cargo ship off Yemen after Houthi attack - BBC News Forvia is cutting 10,000 jobs (qz.com) Ursula von der Leyen announces re-election bid as European Commission president (msn.com) Brussels’ diluted proposals hand London a victory over clearing (fnlondon.com) Wondering how long till politicians will call this a 'Brexit win' for the UK ... (it's a positive sure, it's not a win, it just means nothing much changes..status-quo) Magnificent 7 profits now exceed almost every country in the world. Should we be worried? (cnbc.com) Bayer Plans to Slash Dividend By 95% in Bid to Pay Down Debt (yahoo.com) Biden admin providing $1.5 billion to GlobalFoundries to make computer chips in New York and Vermont (qz.com) OpenAI's Sam Altman has huge chip ambitions. They might not work (qz.com) Holger Zschaepitz on X: "Good Morning from Germany, where the labor force has hit a fresh record of 46mln, an increase of ~0.5% YoY. If econ output has shrunk despite this, it must mean that people are working shorter & shorter hours and productivity has not risen much. After all, GDP is number of… https://t.co/d56BHuTqbh" / X (twitter.com) Hedge funds reverse bets on Swiss franc  - SWI swissinfo.ch The meltdown in chocolate is coming (deccanherald.com) The $11B Tunnel That Could Save One of Europe’s Busiest Mountain Corridors | WSJ Breaking Ground (youtube.com) Good grief, looks pretty nasty, check out those pictures Gallery: Storms Disrupt Holiday Travel - Caixin Global 'China has a lot more to lose': U.S. considering sanctioning Chinese firms aiding Russia's war (cnbc.com) Chinese Coast Guard Boarded Taiwan Ship After Deadly Boat Incident (voanews.com) ‘Stand with me’: Yulia Navalnaya vows to continue late husband’s work | Alexei Navalny | The Guardian Zurich High Court overturns verdict against Pierin Vincenz - Blick >>> The Zurich High Court overturns the verdict against ex-Raiffeisen boss Pierin Vincenz. As a spokesman for the higher court explains at the request of Blick, it is not a judgment in terms of content. Rather, the judgment of the District Court of Zurich had been overturned due to "serious procedural errors" Crude WTI

President's day and Week ahead : NDVA reports on Wed (stock up 45% since they reported on 21t Nov - Vol simply a +/- 11% move in the stock), Traders no long expect FED to cut rates in May and switched to June. Approx 90 bps of cuts are now priced in for 2024, down from 137 bps expected before the Jan. 30-31 FOMC meeting >>> Highlights this week include Flash PMI data, the PBoC MLF and LPR rate decisions, alongside minutes from the FOMC (Wed), ECB and RBA >>> bottom line 2024 consensus challenged, blown to pieces really, 3 FED cuts instead of 6 (price at end of dec), will make interesting trading opportunities ! re-accelerating inflation and dissapointing Ai earnings are the 2 big key risks in weeks ahead And most likely by mid March : Morgan Stanley: Biden's red hot Government Spending and Fiscal Stimulus ends when the Reverse Repo runs out Why the Fed now finds itself on a collision course with the 2024 election The GS sentiment indicator that measures positioning across various investors finally crawled back to "stretched" which should indicate lower returns going forward. Not a sell-signal per se, but "in the zone". MS : ''1y ago, discussed the ever-growing divide between the haves and have-nots. This divide was not limited to consumers but included corporates as well. Fast forward to today, and it appears this gap has only gotten wide Thousands rail against Mexico's president and ruling party in 'march for democracy' Call to urgently revive Theresa May’s plan for EU-wide defence treaty The S&P 500's streak of 14/15 green weeks ended last week One under appreciated economic negative from Brexit was its all consuming nature - years of endless political argument and energy annihilating negotiation in which nothing else got done Natural gas prices plunge as US set for warmest winter on record, good news*, the overall cost of energy is on a downward trend, but electricity remains stubbornly sticky French finance minister announces €10 billion in spending cuts for 2024. Bruno Le Maire on Sunday said that the country's 2024 growth forecast has been revised down from 1.4% to 1.0% Estonia’s Foreign Intelligence Service annual report reveals Russia’s confrontational path >> Chinese Foreign Minister Wang Yi said conditions are not right for peace talks to end Russia’s war on Ukraine and also interesting development here : Denmark has decided to transfer all its artillery to Ukraine Agriculture is becoming a key battleground in a global culture war over money, food and climate change China's central bank signs 40 currency swap agreements with foreign counterparts Why the Fed now finds itself on a collision course with the 2024 election (yahoo.com) Michael Pettis on X: "The PBOC has signed bilateral currency swap agreements with more than 40 foreign central banks, according to a recent PBoC report, of which 31 "are in force" (which I assume means involves actual drawdowns) with a total scale of about 4.16 trillion yuan. https://t.co/mKdAnFcqTy" / X (twitter.com) AndreasStenoLarsen on X: "Why should the Fed cut at all given this chart? Full story -> https://t.co/ALDLvAiV8e https://t.co/0vGiYhTDh6" / X (twitter.com) Farmers’ Revolt Threatens Election Year Upsets Around the World - SWI swissinfo.ch French finance minister announces €10 billion in spending cuts for 2024 (lemonde.fr) EU set to fine Apple €500m over music streaming misconduct (msn.com) The Long Investor on X: "Bill Gates has done a lot of selling in Q4 2023 Reduced his portfolio by 65% And only holding deep value stocks now, similar to that of Buffett Time to prepare $SPY $QQQ https://t.co/bfMaDFs0Q1" / X (twitter.com) Yahoo Finance on X: "The overall cost of energy is on a downward trend, but electricity remains stubbornly sticky. Infrastructure costs have kept utilities from cutting prices. The industry is estimated to spend more than $100B annually to maintain aging grids and invest in renewable technologies. https://t.co/IQlvRyf2Ed" / X (twitter.com) Stagnating Britain faces ruin without radical action (telegraph.co.uk) Why it feels so hard to get a job right now (cnbc.com) Israel-Gaza live updates: Nasser Hospital no longer 'functional,' WHO chief says (msn.com) Starmer says 'fighting must stop now' in Gaza conflict ahead of ceasefire vote | Politics News | Sky News Call to urgently revive Theresa May’s plan for EU-wide defence treaty | European Union | The Guardian UBS Brings in Top Takeover Expert for Monster Trial – Inside Paradeplatz Dissatisfied Citi Forces New Telephone Drill on Private Bankers (finews.asia) Liz Cheney turns up the heat on ‘coward’ House Speaker Mike Johnson | The Independent Donald Trump's Debt and Legal Troubles Make Him Unfit for Office: Ex-Ally (newsweek.com) Truckers for Trump are refusing to drive to New York City after $350m fraud ruling (yahoo.com) Donald Trump and Joe Biden Get Confused Again (newsweek.com) Thousands rail against Mexico's president and ruling party in 'march for democracy' (msn.com) Alexei Navalny's wife in Brussels after her husband's death | 24 hours (24heures.ch) Russia threatens to unleash ‘entire arsenal on London if it loses war in Ukraine’ | Evening Standard Putin Plans to Boost Russian Military Presence on NATO’s Border (msn.com) China’s Wang Says Time Isn’t Right to Talk Russia-Ukraine Peace (yahoo.com) Denmark to send its ‘entire artillery’ to Ukraine, country’s prime minister says | South China Morning Post (scmp.com)

OpenAI is reportedly making its own search app to compete with Google/Thread CRE crisis - Deutsche Pfandbriefbank AG said it's bracing for an ongoing decline in commercial real estate Why does rising inflation (i.e., CPI) mean little for US stocks? ..The Fed is actively allowing QE to happen right now, by allowing the USD's they printed into the RRP account 2020-22 to drain, which is being used to buy UST's / Thread Weak UK GDP, technical recession, and today ''Strong January retail sales raise hopes UK already ‘moving out of recession’'' >>> volatile consumers, up & down data JPMorgan Chase, the largest bank in the world (and State Street), has announced that they are abandoning the UN-backed climate group Climate Action 100+ JPM “.. Our central case remains that equity upside is limited from here, constrained by the fact that investors equity allocation globally is approaching the post-Lehman high seen in early 2015.” A tempestuous day in multiple courts deepens Trump’s legal imbroglio ECB's Schnabel: We must be cautious not to adjust policy stance prematurely Russia has obtained a ‘troubling’ emerging anti-satellite weapon, White House says Von der Leyen says European Commission will seek to boost defence production, Zelensky visiting Berlin today Japanese Finance Minister Shunichi Suzuki said on Friday that a weak yen has its merits and demerits although he was concerned about the negative aspects of a weak currency, he even added 'difficult to identify the cause of a weak JPY'... Markets, big caps 'slightly down' yesterday ( #AAPL $180 support area pretty big technically-chart below) and QQQ up, risk continues to rotate around, as U.S retail sales were softer than exp (UK sales stronger in contrast), U.S markets, DAX, Nikkei all time highs (recession calls ? no-one seems to care). FXland, JPY should stay weak(er) much depends on BoJ circus, BTC, crude, Gold, Silver up yesterday soonest yields don't go up, fairly typical reaction. Crude WTI approaching $80 again on nevus geo politics, last thing Mr Market needs a higher inflation risk on energy/crude prices... US retail sales declined in January by much more than expected (msn.com) A German bank says it's preparing for the worst property crisis since '08 as commercial real estate distress spreads (msn.com) The involvement of German banks in the US real estate market | Börsen-Zeitung (boersen-zeitung.de) A lot of very questionable things been going on under the bonnet ! Egypt setting up area at Gaza border which could be used to shelter Palestinians, sources say | Reuters Live updates | Biden warns Israel not to attack Rafah without plan to protect civilians (msn.com) Ukraine Russia war: US warns Avdiivka could fall - BBC News Trump faces a $370m fine. How would he pay it? (msn.com) Trump ‘Hush Money’ Case: What To Know About Ex-President’s First Criminal Trial Next Month As Judge Sets Schedule (msn.com) A tempestuous day in multiple courts deepens Trump’s legal imbroglio (msn.com) Gordon Johnson on X: "1/2 Why does rising inflation (i.e., CPI) mean little for US stocks? Simple. The Fed is actively allowing QE to happen right now, by allowing the $ they printed into the RRP account 2020-22 to drain, which is being used to buy @SecYellen's bonds. https://t.co/7IfCgyxxJu" / X (twitter.com) Nicely put together is plain english Squawk on the Street on X: "Satori Fund's @DanielTNiles breaks down the #Mag7 stocks: the fantastic four on the long side and the rest on the short side with @SaraEisen, @CarlQuintanilla & @DavidFaber. https://t.co/GhOrAVhfFZ" / X (twitter.com) Von der Leyen says European Commission will seek to boost defence production - FT (msn.com) Russia has obtained a ‘troubling’ emerging anti-satellite weapon, White House says (msn.com) Putin says ‘more predictable’ Biden a better choice for US than Trump | The Hill Strong retail sales raise hopes UK 'moving out of recession' (cityam.com) NatWest profits boom sets up government stake share sale | Evening Standard finally some good news for government's coffers By-elections LIVE: Sunak suffers Wellingborough-Kingswood double blow as Starmer admits ‘bumpy’ Rochdale campaign | The Independent JPMorgan, State Street leave major investor climate group (msn.com) Warren Buffett's Berkshire Hathaway sells Apple stock, buys Chevron (qz.com) Short-Seller Hindenburg Attacks Temenos (finews.asia) Elon Musk's Tesla stake surges closer to demand to build AI, robots (qz.com) Rowan Cheung on X: "Historic day in AI. First, OpenAI changed the AI video world and Google made enormous progress in LLM capabilities. Then we saw huge developments from Meta, Slack, CodeSignal, X/Grok, Microsoft, University of Michigan, LangChain, and Magic. Here's EVERYTHING you need to know:" / X (twitter.com) OpenAI is building its own search engine to compete with Google (qz.com) Coinbase rides bitcoin ETF frenzy to first quarterly profit in two years (msn.com) The Pain in Silver & Gold Is Almost Over | Sprott Money Canada Patience they say! Urs Rohner's mysterious gold dealer breaks down tents in Zurich – Inside Paradeplatz Life along the closed land border between Finland and Russia | Euronews Macau’s Magic is Back (finews.asia) Swiss train hostage gives account of fatal drama  - SWI swissinfo.ch Very close to 'home' - good grief AAPL - $180 area key - one of the 'shorts' within the Mag 7