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The Bank of Japan faces a difficult monetary policy decision at its two-day meeting beginning Today, as the yen could further weaken if a policy tweak is not delivered as is expected by some in the financial markets. Fed long been expected to do nothing at this meeting, all about presser, high for longer and so on, GDP was still strong (even if fuelled by debt..), employment still strong (let's see Friday NFP again) and infl expectations still around 4% 1y out Wednesday when trading the refunding announcement is going to trump trading the Fed decision, all that matters at this moment is supply Hartnett: "The Greatest credit event of all is disorderly rise in bond yields leading to Dollar debasement" Goldman: "The Fed is done. Fed officials appear to have signaled that they will not be hiking at their November... and we interpret their recent comments to imply that most would prefer not to hike again". The Fed's first cut will be determined by when NFPs turn negative Goldman Prime shocked by 12 Weeks of hedge fund shorting ss 'Mag 7' Trade Implodes: "The longest streak on our record" U.S consumer expectations : US consumer expectations for 1y inflation spiked to 4.2% U.S GDP for Q3, high number, but many looking underneath and growth is subsidised by massive debt IMF : Emerging market and developing economies will need about $2 trillion annually by 2030 to achieve net-zero emissions, but the policies of major banks aren’t always aligned with that target Toyota's chairman, Akio Toyoda, has long denied that electric vehicles are the only way forward for the automotive industry, and now that the segment's growth is slowing ECB's Kazimir: Additional tightening could come if incoming data forces us to Markets : Big picture, the markets are realizing that the last 10-12years of free money are over, initially many hoped rate would be cuts back quickly, but consider that they maybe not, we certainly remain in the 'high for longer camp', which will clearly influence downward pressure on buybacks with a higher cost of capital and always a risk of recession ahead Crude markets do not seem to be too concerned with ME tensions Equity markets closing in on a pretty weak month, room for SPX500 to rally back towards 200dma from here in a corrective phase, but overall remain cautious into year-end, Powell and FOMC could actually be relatively hawkish still this week. Bank stocks to lowest point in 3years, even below the SVB lows in March and the Russell 2000 has hit the lowest levels since November 2020 (bit oversold short-term, let's see FED and Treasury refunding) GOLD tops 2K again amidst risk weakness and ME tensions, back into big resistance though now $2030/2050 area All eyes on Treasury Funding announcement this week and eventual ME tensions (crude no higher in fact CHF a little softer too, not by much but welcome), JPY on BoJ tomorrow Bank of Japan facing currency conundrum heading into 2-day policy meeting - The Mainichi Treasury Refunding Looms Larger Than Fed for Nervous Bond Investors - Bloomberg US Treasury seen boosting auction sizes as budget deficit worsens (msn.com) Fed likely won’t raise rates this week, and will hope that they’re done (msn.com) Emerging Economies Need Much More Private Financing for Climate Transition (imf.org) U.S. GDP Hides Weakness Behind Massive Debt | dlacalle.com Why king’s speech could be pivotal policy moment for Sunak’s survival | Rishi Sunak | The Guardian Hertz bought a bunch of Teslas, and the economics seem to be kind of terrible for them. The value of the cars has fallen more than they'd expected, and also repair costs for them are higher than for normal ICE cars Hertz Misses Quarterly Profit Estimates as Its Fleet Costs Rise - Bloomberg Toyota Chairman Says “People Are Finally Seeing Reality” Of EVs | Carscoops BankofVol LatestHype¹⁰⁰⁰🤖🤖¹⁰⁰⁰⁰⁰⁰ on X: "Has the time of reckoning finally come? #Druckenmiller https://t.co/KIrfdg5Ups" / X (twitter.com) Mohamed A. El-Erian on X: "From the @FT interview with Christian Lagarde, President of the @ECB (link below). President @Lagarde is one of only two heads of systemically important #CentralBanks who have had the honesty, courage, and wisdom to publicly discuss the lessons learned from the mishandling of the… https://t.co/AqDfxCgheO" / X (twitter.com) Siemens Energy shares recover further as guarantee talks continue | Reuters NASDAQ100 - holding where it should SPX500 - in down trend still EURCHF - tested the 0.9450 area lows of Sep last year - would need to trader 0.97600/0.9700+ for the bears to be changing their views/positioning

ECB holds interest rates for first time in over a year, Lagarde sounded fairly dovish, on hold, data dependent, not ruling out anything and rate cuts weren't discussed, would be totally premature. Markets see the first ECB cut at Apr 2024 meeting. AMZN a very decent beat, cost cutting measures working, shares up 5% or so after hours, AAPL next week ME tensions still dominate, though not escalating at mom, plenty of rumours about Hamas potentially leaving Gaza and moving to Lebanon, a lot of secret meetings taking place no doubt, whether this is actually feasible or not... Kremlin also adressed rumours that Putin had a heart attack, Israel slamed Russia for hosting Hamas delegation US GDP grew 4.9% in Q3 QoQ annualized, way faster than +4.3% expected, growth mainly driven by private consumption and inventories. (so it 'may' not last). U.S. jobless claims rose slightly, remain in ultra-low territory though Rishi Sunak vows to tackle 'dangers' around AI as landmark paper published 55 Things you need to know about Mike Johnson Toymakers Hasbro and Mattel lowered their sales outlooks for the fourth quarter, amid a tough retail environment, almost all parts of the markets hit (expectations and valuations are so wrong!..) Bailing out central banks. The QE programme hangover/FT BofA's derivatives team refers to Hartnett: "...if SPX 4'200 can't hold with this level of bearishness then there may be imminent risks of credit event/hard landing". They like the SPX DEC 4025 put as a tail hedge. U.S equity markets : amount of stocks below 200dma : SPX500 about 70%, Nasdaq comp 75%, Russel nearly 80% >>> is this enough bearishness to buy a bit in this dip ? or markets now sees some sort of blowout in junk spreads ? GM EV losses, in fact Hertz car rental miss earnings and the CEO singles out one specific car brand as the cause, TSLA Tokyo's core inflation unexpectedly higher again, BoJ in spotlight next Tuesday again! Tokyo CPI, which excludes volatile fresh food but includes fuel costs, rose 2.7% in Oct, exceeding market forecasts for a 2.5% gain China and the US appear to restart military talks despite disputes over Taiwan and South China Sea Markets : 200dma update, now broken/on weekly basis, while we remain below these levels, the market is likely to keep a cautious / sell rallies / hedge, reduce exposure on rallies. Nasdaq composite 200dma was around 12'775, SPX500 4230 area, NASDAQ100 needs to retake 14500-700 for bulls >>> see '50 cents's recap below too ARKK chart below USD firm, but no firmer this week, early focus next week with USDJPY/BoJ Tuesday -UST's 10's - 5.0/5.25% will attract new buy and hold interest, though supply, new refunding data next week will clearly weigh on prices Crude slightly higher ahead of weekend risk Overall remain cautious, though markets now slowly coming to our valuation levels and opportunities coming our way for clients ECB holds interest rates for first time in over a year (yahoo.com) Bailing out central banks (ft.com) Bond markets are doing the Fed’s work (ft.com) Core inflation in Japan's capital unexpectedly accelerates, BOJ in spotlight (msn.com) Yellen says yield surge is due to strong economy, not deficits | The Spokesman-Review IMHO...not entirely or partly true?.....a strong economy for sure, thanks to onshoring & higher government spending, on the back of much higher debt levels..not really sustainable... China and the US appear to restart military talks despite disputes over Taiwan and South China Sea | International | EL PAÍS English (elpais.com) Ukraine-Russia war - live: Kremlin addresses Putin heart attack rumours as Sevastopol targeted (yahoo.com) US launches strikes on Iranian-linked targets in Syria | The Independent (the-independent.com) 55 Things to Know About Mike Johnson, the New House Speaker - POLITICO crickey! n.45 Comcast sinks despite profit beat, as broadband subscribers slip and ad revenue slumps (msn.com) For those who follow '50 cent', here it is Wall Street Vol Legend "50 Cent" Unveils His Top 2024 Trade With "Extraordinary Upside" | ZeroHedge Lisa Abramowicz on X: ""Key measures of inflation have reaccelerated in recent months...The implication for investors is that the Fed will keep rates high until nonfarm payrolls go negative, because that is what is needed to get inflation under control:" Apollo's Slok https://t.co/2F25vPYfFk" / X (twitter.com) U.S. jobless claims rise slightly, remain in ultra-low territory (msn.com) Amazon's profit margin nears record high after CEO Jassy's cost cuts (cnbc.com) Rishi Sunak vows to tackle 'dangers' around AI as landmark paper published | Science & Tech News | Sky News >>> The government's first paper on AI's capabilities and risks comes ahead of a global safety summit at Bletchley Park, home of Britain's Second World War codebreakers, which will see other world leaders and tech bosses unite to discuss how the technology should be regulated Ed Conway on X: "My favourite thing abt my job is every so often I get a bit of time to go away and make a short film about complex, knotty, INTERESTING stories which can’t be told in 3 mins. Here’s the latest of them… What went wrong with our water system. Do watch: https://t.co/8LrXt5W2Rg" / X (twitter.com) Maine mass shooting: 18 dead and 13 injured in US city of Lewiston - BBC News another senseless and tragic mass shooting Hasbro, Mattel shares plunge as toymakers forecast a lackluster holiday season (msn.com) Basel EuroAirport undergoes fourth bomb alert evacuation in one week - SWI swissinfo.ch A Swiss populist party rebounds and the Greens sink in the election. That's a big change from 2019 | AP News Putin ‘forming axis of terror’ as he welcomes Hamas and Iran to Moscow (telegraph.co.uk) Why so many Hamas hostages are from Thailand (qz.com) Investor Byron Wien of Blackstone dies at 90 (cnbc.com) Legend Hertz misses profit estimate as Tesla price cuts hit fleet value (yahoo.com) GM Scales Back EV Plans as Buyers Hesitate (msn.com) >>> Tesla lowered the price of EVs by so much GM & Ford have been forced to delay $10s of billions of investments Siemens Energy shares slide 35% after company seeks support from German government (msn.com) tough market conditions! Electricity prices ‘must rise by 70pc to pay for more wind farms’ (telegraph.co.uk) the trouble is the message from politicians to voters is that with green energy bills will be lower.. this was always sold as a lie.. badly managed, now folks are ''forced'' to think differently because of the cost of living.. ARKK - that low range holding - investors in those type of names, better hope duration doesn't selloff further (or many of these companies with no E and relying on debt will not survive, consolidations or more stock debt issuance etc)

META : big numbers, mostly expected/priced in..(valuations..), slight negative '“the revenue outlook (particularly ads..) is uncertain” said the Chief Financial Officer Susan Li''' , and trading 3% lower after hours, dragging NASDAQ100 further down (watch out 14K-chart) and SPX00 trades well below 200dma now, bond disease spreading to large caps (lots of sectors underneath already weakened on higher for longer and bond moves..) Israel ‘preparing ground invasion’ of Gaza, says Netanyahu Mike Johnson was elected US House speaker after more than three weeks of Republican infighting - few bits below Europe’s Money Markets are on alert for stricter ECB Bank reserve rules, the so-called Minimum Reserve Requirements. European Central Bank meets as bond markets wobble and economy turns south US new-home sales for Sep 0.759M vs 0.680M est, much stronger Glencore : We’re one of the world’s largest recyclers of end of- life electronics and a major recycler of complex secondary copper, nickel, cobalt, gold, silver, platinum and palladium bearing feeds Bank of Canada decision: Rates held unchanged at 5.00%, as expected Porsche confirms outlook but warns luxury not immune to economic woes UAW, GM : ''record profits mean record contracts'' >>>which is fair enough, however shareholders less happy (chart below) Apple raises prices for Arcade gaming subscription service, AppleTV+ streaming Rabobank: "there is really so much that can go wrong when several powerful states are playing chess against each other on three different chess boards around the globe" Japan PM Kishida: FX intervention not a contradiction of policy >>> markets testing them! Markets : Bond weakness comes back very easily - 10's UST back to 5, duration, term and quite possibly credit now.. >>> bond weakness forcing unwinding in eq 'safe haven', big Techs, magnificent 7's etc..dragging indices down/through support USDollar remain firm(er), CABLE trending lower still (chart) - only one example SPX500 well through 200dma now, NASDAQ100 through 14K and it's alarm bells, charts below Next up AMZN tonight and bit earlier 7y UST auction, very important in current context, 5y last night wasn't pretty Europe’s Money Markets Are on Alert for Stricter ECB Bank Reserve Rules (yahoo.com) European Central Bank meets as bond markets wobble and economy turns south (msn.com) Treasury Traders Face ‘Pretty Big’ Falling Knife in Trying to Stem Selloff - Bloomberg Israel-Hamas live: Israeli tanks enter Gaza as part of ‘targeted’ raid ahead of full-scale ground invasion (yahoo.com) Israel-Hamas ceasefire is 'untenable', says Defence Secretary Grant Shapps | Politics News | Sky News Biden campaign knocks Johnson Speakership as cementing ‘extreme MAGA takeover’ of House GOP | The Hill China is dumping U.S. Treasuries to buy gold - FX Empire's Zernov | Kitco News Glencore on X: "We’re one of the world’s largest recyclers of end of- life electronics and a major recycler of complex secondary copper, nickel, cobalt, gold, silver, platinum and palladium bearing feeds. Find out how we’re supporting the transition to a circular economy here:" / X (twitter.com) Apple raises prices for Arcade gaming subscription service, AppleTV+ streaming (qz.com) Facebook parent Meta posts sharply higher profit in 3Q thanks to increase in ad revenue (qz.com) Porsche warns luxury not immune to economic woes (rte.ie) Porsche has today reported nine-month results in line with its annual forecast but warned the luxury sector was suffering like others from higher costs and dampened consumer confidence as interest rates rise Ford, UAW reach tentative deal to end labor strikes (msn.com) Ford reaches deal with union to end US strike and raise wages (ft.com) EUROstoxx50 - same trend lower Nasdaq100 a break of 14K would really put a lot more pressure on the previously magnificent 7's.. GM GBPUSD

MSFT boosted by AI (shares up 3% - the most likely big Techs to have kept up with earnings, it0's fair to say..), while Google lags (shares down 6%) House GOP gives Mike Johnson Speaker nod after whirlwind Emmer dropout IEA energy outlook, based on current climate and energy policies, IEA is looking for global oil, gas and coal demand to peak by 2030 Xi makes unprecedented Central Bank visit in sign of focus on economy BlackRock's Fink: increase in US deficit is highly inflationary (too much spending..) EURO are PMI's were still on the weak side of things yesterday, pretty ugly actually, cycle lows in EZ composite, not really confirming a consistent wage-price spiral ! German companies mentioned a relatively steep rise in expenses on services side, but a big fall on manufacturing costs, so margin pressure likely in near future Sweden’s Central Bank needs more than $7 Billion to cover losses >> slightly misleading : Well it's one of the very few CB that marks to market it's bond portfolio! just imagine how big the 'losses' would be for ECB, FED, BoJ etc etc (BoA's YTD something like $100+bn)... ECB's BLS : "The net decrease in loan demand was also among the strongest in BLS history for SMEs." Europe’s Energy quandary: navigating between Qatar and climate goals California on Tuesday ordered General Motors' cruise unit to remove its driverless cars from state roads, calling the vehicles a risk to the public and saying the company had "misrepresented" the safety of the technology Kremlin responds to rumors of Putin body double amid heart attack claims Markets : -10's UST 4.9% vs 10's Greece near 4.4%.. >>> US Treasury is widely expected to announce huge coupon incr size across the curve in their refunding announcement -#KRE - Regional Bank stocks have fallen to their lowest prices since late May (chart) -Crude : softer prices, seems 'global slowdown, recession risk' having more impact than geopolitics in ME -USDollar back up firm(er) again, pretty easily really after the Ackmann dip yesterday, hard to see $ weakening materially -Equity markets : 200dma 4235 area in SPX500 the key AND watch sentiment will decide after the big 7's report, Google and TSLA lower, MSFT (the most likely to do well) holding up, next up AMZN and APPLE next week (NVDA is much later, 21st Nov), nothing grandissima to report, they delivering but a few cracks/signs of slowdown appearing Republicans pick Mike Johnson as latest House Speaker nominee - BBC News Sweden’s Central Bank Needs More Than $7 Billion to Cover Losses (yahoo.com) Dozens Of States Sue Meta Over Children’s Mental Health | The Daily Caller Xi Makes Unprecedented Central Bank Visit in Sign of Focus on Economy (yahoo.com) Michael Pettis on X: "1/6 According to Zhou Xin at SCMP, with the creation of the Central Finance Commission, "decision-making power is now concentrated at the CFC, rendering the PBOC and other financial regulators mere enforcement apparatuses and front offices." https://t.co/3aUdqQLZQM via @scmpnews" / X (twitter.com) China needs deep reform, not temporary fixes, to reanimate economy, former official says | South China Morning Post (scmp.com) Jamie Dimon Criticizes Central Banks for ‘Dead Wrong’ Forecasts (yahoo.com) Well.. says the the CEO of hte bank thta paid the most fines during the GCC crisis - $39bn, trouble is, IMHO, the creation of ZIRP, NIRP, 35trn of QE overall, Covid, ESG/wars, energy sources and now QT, 5% UST's have all happened in a VERY fast time, faster ever ever ever, and thus has thrown the 'usual slow economic modes' out of the window.. Central banks and governments, have created this insane bubble (which has started to deflate last 2y, China, real-estates, reits, eq names without much of an E and weak balance-sheets etc) with debt that has doubled last 15years worldwide, governments can't simply print to keep the voters happy, choices will have to be made now, governments will have to reign in on spending.. Microsoft, Google post strong quarterly sales growth as Big Tech continues its comeback (msn.com) European Central Bank on X: "We asked 157 banks about changes in their lending conditions and loan demand and the impact of the ECB’s monetary policy measures during the third quarter of 2023. Find out what they said in our bank lending survey: https://t.co/VvGqxX8PoQ https://t.co/sIkkPrXkgf" / X (twitter.com) Opinion: By blaming China for its trade deficit, EU is barking up the wrong tree | South China Morning Post (scmp.com) - Pettis on it Michael Pettis on X: "1/6 Zhou Xiaoming says that Brussels shouldn't complain about lack of access to the Chinese markets. He says "The fact is, China’s trade surplus is the result of the interplay of market forces, due to the country’s manufacturing prowess." https://t.co/PuARwlSm7x via @scmpnews" / X (twitter.com) Israelis have 'a lot of confidence in military leadership, not so much in the political leadership' - France 24 Biden and Saudi Crown Prince Discuss Escalating Gaza Conflict (msn.com) Bill that would ban boycotting Israel set to be debated in Parliament (cityam.com) Europe’s Energy Quandary: Navigating Between Qatar and Climate Goals (msn.com) Scandale en Valais: Swiss Ski défend les travaux sur la piste de Zermatt | 24 heures Bonkers Kremlin Denies Rumors Of Putin Body Double Amid Heart Attack Claims (forbes.com) World Energy Outlook 2023 (windows.net) #KRE - tough markets to pick winners WTI crude

UST 10's 'top' 5% and retrace, will this be ?..far too early to tell, momentarily why not Israel is about to make a terrible mistake article by Thomas Friedman (below), Hamas releases a couple of hostages overnight Only two of the eight candidates for House speaker, Majority Whip Tom Emmer and Rep. Austin Scott, voted to certify President Joe Biden's victory in 2020 presidential election World oil, gas, coal demand to peak by 2030, IEA says Hang Seng mainland property index is down 80% since 2019/2020 period, underpinning the huge issues in the sectors we've all heard in the last 12months and China's Nasdaq-Style Index falls to record low: Star 50 index, which tracks manufacturers, chipmakers & biggest comps on Star Board, falls to lowest since its inception >3yrs ago UK August ILO unemployment rate 4.2% vs 4.3% expected Germany November GfK consumer sentiment -28.1 vs -26.6 expected ‘Magnificent Seven’ tech stocks drive US equity domination to new highs Handful of companies propel all of this year’s gains in the MSCI All-Country World index, earnings coming up, TSLA was 1st one out with earnings last week (softer) Chevron buying Hess for $53 billion in latest major Oil Deal >> no premium 'paid', sector Investors demand highest premium in years to hold risky European debt Spreads on euro-denominated junk bonds rise to widest levels since 2016 Markets : Cocoa prices rose to 45y highs, bad time for choccy lovers like me 10's UST relatively sharp turn off 5.01% top, the Ackmann top they call it USDollar duly follows softer and risk ticked up, Nasdaq100 held those late Sep, early Oct lows again around 14'500 level, SPX500 around 200 dma >>> ALL about what the rest of the big 7's earnings reports and price action thereafter Copper hit a 1y low as well BTC 34K quietly, on ETF optimism! GOLD 'stalling' ahead of $2k resistance again, market no longer short XAU ! BONDS move first, USD and risk (QQQ mainly) followed, pretty classic price action yesterday Bill Ackman covers bet against Treasurys, says 'too much risk in the world' to bet against bonds (msn.com) Cramers Corner Daily Technical Update | Saxo Group (home.saxo) Investors demand highest premium in years to hold risky European debt (ft.com) ‘Magnificent Seven’ tech stocks drive US equity domination to new highs (ft.com) Chevron Buying Hess For $53 Billion In Latest Major Oil Deal (forbes.com) China Sovereign Fund Buys ETFs in New Bid to Boost Stocks - Bloomberg What is the risk of a short squeeze now? "Still present, but potentially delayed...A squeeze might not accelerate unless we get 1) evidence consumer spending isn’t slowing too much 2) relatively good earnings season 3) Fed communicating they’re on hold Given the conditions that might have to be met, a sustained move higher in shorts seems like a greater possibility in Nov than right now" (JPM Position Intelligence) World oil, gas, coal demand to peak by 2030, IEA says | Reuters Controversy Ensues About the Use of Heavy Machinery on Glacier at Zermatt, Switzerland - SnowBrains talked worldwide apparently ! Opinion | Israel Is About to Make a Terrible Mistake - The New York Times (nytimes.com) Good read >>>> But if Israel feels it must reoccupy Gaza to destroy Hamas and restore its deterrence and security — I repeat — it must pair that military operation with a new commitment to pursue a two-state solution with those Palestinians in the West Bank and Gaza ready to make peace with Israel A British court ruling frees Nigeria from paying $11 billion in damages over a failed gas project (qz.com) Nvidia (NVDA) Is Developing PC Chips With Arm Technology to Challenge Intel - Bloomberg Abrdn Divests its Private Equity Business (finews.asia) Eight Republicans are vying to become the next House speaker. These are the candidates (msn.com) USDJPY failed to crack 150+... if ever there was a time to try top short a few USDJPY .. Copper

President Biden entered the White House with the goal of ending the “forever wars” that had consumed America for two decades and instead focusing on domestic priorities and girding the U.S. to compete with China/WSJ. American troops at risk across Middle East amid rising tensions, US warns, war of words and demonstration of strength at seas, lots going behind the scenes between various parties. Busy week ahead : deeper into earnings season, plenty of macro data, Fed speaker last week, more importantly Powell didn't walk back his relatively hawkish stance, high tension in geopolitics, U.S, Chinese warships in the Middle East, worrying build up BoJ may review Yield-Curve Control policy as rates rise: Nikkei S&P returns Greece's credit rating to investment grade, drops negative outlook on UK credit rating Apple supplier Foxconn subjected to tax inspections by Chinese authorities Jim Jordan dropped out of the race for House Speaker The US govt said its deficit rose to $1.78tn, or 6.3% of GDP in the year ended Sept. 30, from $1.4tn, or 5.4% of GDP, a year earlier. Without an accounting change related to the admin’s aborted student-loan-cancellation program, deficit would have been closer to $2tn, a doubling from the prior year China stocks have wiped out all of their gains since reopening from pandemic lockdowns Argentina’s economy minister Sergio Massa scores first-round election win over Javier Milei ESG is beyond redemption: may it RIP. The investing framework is now facing a mountain of troubles, almost all of them of its own making >>> such a big marketing fools tools for big institutions, clients came second Why big oil is beefing up its trading arms Markets : HYG (chart) having a bad month, specifically longer-dated corporate bonds, time premia etc >>> long-term yields, expansion of term premiums, technicals (supply-demand in T market), momentum funds selling and fundamentals (fiscal sustainbility..33trn$+ and going) and slightly stronger U.S growth/data all combining to keep UST's under pressure, duration selling-off, credit remains 'the' key for markets, higher credit leads to higher capital costs for corporations, balance-sheet analysis more than important than in a very long-time.. Crude steady, though...Global crude oil in floating storage declines to near 4-year low UST yields higher, USD steady to slightly higher, risk 'heavy' going into big earning's week BTC 31K ! Gold testing recent highs just shy of $2000, though showing signs of breaking higher vs other major currencies. XAGUSD been consolidating for long while (chart) SPX big earnings week, SPX500 around 200dma, clearly a big test/moment for momentum into year-end Why big oil is beefing up its trading arms (yahoo.com) Earnings Calendar Spotlight: Microsoft, Meta, Amazon Headline Huge Week Of Tech Earnings (msn.com) Apple supplier Foxconn subjected to tax inspections by Chinese authorities (qz.com) A bearish take from Morgan Stanley's industrial team 1. Large capital equipment decisions are being deferred. 2. Global manufacturing momentum (IP growth) is already recessionary. 3. Leading companies (eg. ASML, Tesla) are highlighting the effects of higher rates on their businesses. 4. Destocking is still at an intermediate phase. 5. Order softness is no longer confined to one region (eg. China) or end-market (eg. construction). 6. Capital Goods companies have been over-earning in areas like Electrification and Distribution – this is where the future margin risks lie. 7. Buffett Indicator suggests ~15% sector downside to post GFC valuation levels, >50% to pre-GFC (1995 – 2010). Morgan Stanley reverses course on the housing market, seeing a lot more pain ahead for homebuyers (yahoo.com) S&P returns Greece's credit rating to investment grade (msn.com) Moody's drops negative outlook on UK credit rating (msn.com) BOJ May Review Yield-Curve Control Policy as Rates Rise: Nikkei - Bloomberg ESG is beyond redemption: may it RIP (ft.com) Holger Zschaepitz on X: "While the U.S. and China continue to let deficits rip, Europe’s are on track to narrow significantly thanks to lessons of the euro crisis. The US govt said its deficit rose to $1.78tn, or 6.3% of GDP in the year ended Sept. 30, from $1.4tn, or 5.4% of GDP, a year earlier. Without… https://t.co/N5BcBYkn59" / X (twitter.com) Michael Pettis on X: "1/5 Yesterday's vote was a big one. Sergio Massa won 36.5% of the vote, against 30.0% for Javier Milei and 23.9% for Patricia Bullrich. In three weeks, in other words, it will be mostly up to Bullrich's supporters to select either Massa or Milei. https://t.co/5OOaPPnvp5 via @ft" / X (twitter.com) Where countries stand on the Israel-Hamas war (msn.com) Biden Wanted to End 'Forever Wars.' Now He Looks Like a Wartime President. (msn.com) Israel-Hamas Latest: US Should Punish Iran for Proxies' Attacks - Bloomberg seems this is what they are planning or preparing for American troops at risk across Middle East amid rising tensions, US warns (ft.com) China Now Has Six Warships in the Middle East: Reports (msn.com) Blinken, Austin say US is ready to respond if US personnel become targets of Israel-Hamas war | The Hill This big build up is a little worrying - dangerous times GM and Ford report Q3 earnings as Wall Street and UAW watch (cnbc.com) EU, US to keep talking about tariffs as war in Israel and Ukraine overshadow talks | Reuters The simple reason that Jim Jordan’s speaker bid was in deep trouble (msn.com) Hong Kong policy address 2023: What to expect from John Lee (cnbc.com) China Stocks Have Wiped Out All of Their Gains Since Reopening (businessinsider.com) Roche to pay $7.1bn for Telavant to boost its pipeline - SWI swissinfo.ch HYG - just to put things in perspective Silver - been consolidating for a long while, 30+ anyone ?

Powell was initially read as dovish by 'the machines', various comments (see below, eventually pushed UST 10's to near 5%, 30's 5.10%, equity markets couldn't hold, particularly with higher crude prices too. SPX500 getting nearer to the 200dma again in low 4200's area, depending on whether you take cash or futures pricing.. Nasdaq's recent lows around 14'500 in sight, DAX has broken down through those lows made at the same time, so has the EUROstoxx50. GOLD and CHF the only winner in FX land still, JPY not doing much at all, only perhaps if/when credit misbehaves Israel plans buffer zone in Gaza after Hamas war. Palestinians in territory ‘will never be able to come close to the Israeli border’, says minister BBG COLUMN: In the world of oil sanctions, Venezuela is no Iran U.S : A new survey from Bankrate.com finds 55% of workers say their incomes have not kept up with rising household expenses amid persistent high inflation, more strikes ? BoJ to hold first long-term monetary policy review workshop on 4 December German PPI -14.7 YoY....the most since start of statistics in 1950 ! MoM -0.2% >>> Yesterday’s Euro CPI shows that 78% of the components are decelerating. That’s totally unprecedented -Shares of Tesla fell Thursday after the electric automaker released third-quarter results that missed on top and bottom lines Coinbase is ‘confident’ a U.S. bitcoin ETF will be approved after SEC’s court defeat Markets : GOLD is making new highs vs most major currencies, USD next ? VIX closed above 20 for the 1st time in over 100 trading sessions Equity markets showing signs of weakness, breaking down, weal momentum, #TSLA the first of the magnificent 7 reported and the stock was down 10% yesterday.. USDJPY doesn't seem to be able to break 150JPY, CHF powering ahead, GBP relatively week, CROSSJPY's still pinned near their highs, watch #HYG weakens sharply or not, if it does, JPY should react too (too many JPY shorts?) Bond markets, long-end struggling, term premia, lots of pretty worrying commentators talking 'Fed loosing control of bond markets', bond vigilante back etc..IMHO 10's towards 5.5% is possible, but we can't really go much higher (OR we go steeper from here again, Fed cuts eventually etc)...otherwise a lot of assets and bizz models will properly break GOLD steadily higher... BTC too So we have Gold, BTC and CHF up... rest struggling Powell: "We've certainly got a resilient economy on our hands." "It may just be that rates have not been high enough for long enough." "It may take more time." ‘’It does not feel like policy is too tight’’ Powell says inflation is still too high and lower economic growth is likely needed to bring it down (cnbc.com) Latest message from Fed Chief Powell to the global investors - Investing Abroad News | The Financial Express Fed's Logan: Fed has "some time" to see data before deciding next rate move (msn.com) Powell sets table for November pause, warns of more rate hikes if economy heats up (yahoo.com) 55% of working Americans say their pay isn't keeping up with inflation (cnbc.com) Israel-Hamas War Latest News on October 19: Sunak's Visit, Biden's Address, More - Bloomberg Israel plans buffer zone in Gaza after Hamas war – The Irish Times CS-Abbau viel dramatischer: Uetlihof verwaist - Inside Paradeplatz Tesla shares plummet 9% after Elon Musk sounds cautionary note, downplays Cybertruck (cnbc.com) John P. Hussman, Ph.D. on X: "Stock market valuations stand at one of the three great bubble extremes in U.S. history. https://t.co/AFtJoWNCl6 I know you don't care. "It is difficult to get a man to understand something, when his salary depends on his not understanding it." - Upton Sinclair Bookmark this. https://t.co/NOAF7ez6qm" / X (twitter.com) Coinbase 'confident' a U.S. bitcoin ETF will be approved (cnbc.com) Javier Blas on X: "[ICYMI] COLUMN: In the world of oil sanctions, Venezuela is no Iran. The White House has turned a blind eye on Iran oil sanctions, triggering a ~700,000 b/d output hike. But easing Trump-era sanctions on Venezuela would result on a smaller hike | #OOTT https://t.co/QtUHBJCj1R https://t.co/eek7QoreSe" / X (twitter.com) Lisa Abramowicz on X: "The Fed is losing control over the bond market. This is partly by design, but I wonder how much more discussion there'll be about the Fed's balance sheet over the next 6-12 months as it keeps shrinking and long-term bond yields keep swinging. https://t.co/LP3r4cCFgt https://t.co/fYIraJunIF" / X (twitter.com) Sunak’s Covid startup fund invested nearly £2m in firms linked to his wife | Rishi Sunak | The Guardian Storm Babet in pictures as town evacuated and roads collapse in torrential downpours | The Independent Why more mortgage applications are being rejected based on income (cnbc.com) Moving to Spain 2023 Report: best countries to retire in Europe (cnbc.com) Northern Germany hit by storms and flooding - The Local EUROstoxx50 DAX SPX500 NASDAQ100 GOLD vs USD AUDJPY - very mixed feelings about JPY, staying weak on BoJ stance/YCC etc, positioning is quite short JPY, so any deeper correction in equity might lead to more credit issues and JPY may awaken

Biden’s whirlwind Israel trip fails to calm fears of wider Middle East conflict, and no spending will pass, till this happens... Jim Jordan to keep up flailing bid for US House speaker in third round of voting Fed's Williams: Fed needs restrictive monetary policy for a while to cool inflation Tesla's price cuts eat into Cybertruck maker's profits as net income plunges 44% in the 3rd quarter. Tesla has reported that its net income slumped in the third quarter versus a year earlier >> Elon Musk warns on high rates as well as questioning the factory in Mexico (and he always fails to mention BYD competition- and others..) U.S mortgage demand falls to the lowest level since 1995 as interest rates near 8% >>> interest rates matter, Europe’s leveraged loan sales are headed for the worst year since 2010, as the global rise in interest rates takes a toll Australia's employment data (softer) : full-time jobs decreased 39K while part timejobs increased by 47K Bank Indonesia has raised its interest-rate by 0.25% to 6% Roche earnings down (currency headwinds, similar for Nestle, SMI down 2% YTD (down 15% las year)... if it's not higher interest rates hurting it is the strength of the currency Japan calls on Saudi Arabia, others to boost oil output to stabilise prices >> It isn’t unusual, but it doesn’t happen often either. Japan has **publicly** called on Saudi Arabia and other oil producing nations to lift output to stabilise prices >> more about JPY weakness! which makes OIL in local terms monster expensive.. The 10-Yr Treasury bond is down 5% this year, on pace for its 3rd consecutive annual decline. With data going back 100years, this has basically never happened before (-4.3% in 2021,-17.5% in 2022)... Surveillance: New Markets Math Upends Responses to ‘Fog of War’. Treasuries’ haven status is under pressure as new supply overwhelms investors/BBG ...(term premia..) Markets : TSLA, U.S airlines lower (''UA sour outlook for Q4''), Netflix beats (everyone stays at home/goes on netflix and cuts elsewhere..).., Nestle & Roche (CHF strength), EURO50stoxx at pretty critical tech levels, SPX got room towards 4200, we are entering a pretty critical phase, markets being bullish on hope of Fed pause, recent US data remains pretty strong putting Dec or Jan Fed in play UST10's4.97%, 30's 5.05%...TLT falling apart again and is on track for its lowest close in more than 16 years and is approaching the lowest levels since inception in 2002, that's some destruction of wealth YTD, SUPPLY !! >>> we are slowly getting into the tough period, risk premia : how far?...will bring great opportunities Equity markets : there is no doubt this is very damaging to consumers and specifically rates sensitive sectors (lots priced in already, but), as for the company share price with no E they will continue to struggle (ARKK related and thematic names, sounds like a great prospect, but investors will struggle to hold on to them, you need solid balance-sheet, low debt, decent dividends etc...this is where we invest for our clients Crude still pretty well behaved high 80's UPDATE 1-Fed's Williams: Fed needs restrictive monetary policy for a while to cool inflation | Reuters Jim Jordan to keep up flailing bid for US House speaker in third round of voting | House of Representatives | The Guardian Nothing passes till there is a House speaker Treasury Market's New Math Upends Responses to ‘Fog of War’: Surveillance - Bloomberg Japan calls on Saudi Arabia, others to boost oil output to stabilise prices - CNA (channelnewsasia.com) BYD’s BEV sales in Q3 have reached 99% of Tesla’s (carnewschina.com) Israel-Hamas War: Biden’s Israel Trip Fails to Calm Fears of Wider Conflict - Bloomberg Netflix returns to growth mode (cnbc.com) Labour Force, Australia, September 2023 | Australian Bureau of Statistics (abs.gov.au) Roche's Q3 sales down 3% on currency headwinds, drop in COVID sales (msn.com) Nestle Q3 results: Net profit rises 36% to Rs 908 crore, shares rise (msn.com) Nestle's India business beats view on price hikes, strong domestic demand | Reuters United Airlines to board passengers with window seats in economy first (msn.com) Nokia to axe up to 14,000 jobs to cut costs (msn.com) Rishi Sunak lands in Israel as world leaders seek de-escalation - BBC News UN official warns Mideast ‘at the brink of a deep and dangerous abyss’ | The Hill EUROstocxx50

US President Joe Biden is expected to arrive in Israel shortly, as both Israelis and Palestinians deny responsibility for a hospital explosion in Gaza last night Morgan Stanley's Wilson (insisting..) says the average stock is breaking down, S&P 500 to fall to 3,900 by year-end JPM raised U.S Q3 real GDP growth forecast to 4.3% from 3.5%, recession? not yet that's for sure US tightens rules on AI chip sales to China in blow to Nvidia. Biden administration’s move aims to limit country’s access to advanced processors Richmond Fed's Barkin: The Fed has 'time to see' if further rate hikes needed >>> plenty of Fed speakers all week China data cam in better than expected, Q3 GDP 4.9% YoY (4.3% exp). Xi announces major steps to support high-quality Belt and Road cooperation MAS to inspect Credit Suisse for money laundering case China tells Gas suppliers to fill storage tanks ahead of winter. Regulator’s instruction underscores nerves over global supply/BBG UK inflation rate remains at 6.7% for September, sticky!.. UK inflation fails to slow as forecasted by BoE's Bailey. UK employers see pay growth slowing to 5% in 2024 Nvidia warns of product snags from tightening US Chip rules Country Garden: China property giant default fears grow BoA reported a pre-tax income of some $48bn for 1st half of 2023, with a total of $96bn in negative MtM in their UST bonds holdings 'held to maturity', no wonder markets are sceptical.. (and it got worse in Q3..) Markets : U.S 2y yields hit highest levels since 2006 >>> markets now pricing in a 60% chance of a hike in Dec or Jan, Dec meeting is definitely 'alive' -Bond vols, MOVE index, vols staying at elevated levels for weeks, like pre 2009 period USDollar mixed, CROSSJPY's refusing to move lower, simply a yield play, JPY not doing it's usual 'safe haven' as it did years ago, only GOLD and CHF doing what they usually do Equitiy markets, imho, SPX500 is 4200-4400 range, awaiting developments o geopolitical side of things in ME and earnings, technically anyone can argue their side, will remain 'cautious' and ready to look for opportunities and add for clients on better valuations Crude WTI still below $90, pretty quiet when you consider we were mid 90's 1month ago GOLD the shining start in this environment Joe Biden to arrive in Israel today amid Middle East turmoil after Gaza hospital explosion (thejournal.ie) US stocks trade mixed as bond yields spike after hot retail sales data (yahoo.com) Richmond Fed's Barkin: The Fed has 'time to see' if further rate hikes needed (msn.com) Q3 2023 Goldman Sachs Group Inc Earnings Call (yahoo.com) US tightens rules on AI chip sales to China in blow to Nvidia (ft.com) Pentagon puts troops on notice to prepare to deploy to support Israel: reports | The Hill US Emergency Oil Reserve At 40-Year Low | MENAFN.COM Bad strategic timing Country Garden draws closer to debt deadline, as default risk looms (msn.com) >>> once upon a time a $30bn market cap, now desperately trying to avoid default on a 15mio usd coupon on outstanding loan risk there are others : Gemdale Plunges on Chairman’s Resignation and Debt Concerns (caixinglobal.com) Moderna reaffirms annual COVID vaccine sales forecast (msn.com) stock is down 80% since Dec 2020 when FDA issued the emergency use authorization for its vaccine, amazing Higher debt interest payments means government will have ‘no room’ for tax cuts, IFS says (msn.com) Chinese invested Cambodian airport opens commercial operation - Chinadaily.com.cn (BRF2023) Xi announces major steps to support high-quality Belt and Road cooperation-Xinhua (news.cn) China Arrests Two Financial Heavyweights in a Week (finews.asia) Michael Pettis on X: "1/9 The recovery from the dismal first half of 2023 continues. What matters is not just that Q3 growth came in higher than expected (4.9% versus expectations of around 4.6%) but, more importantly, that the quality of growth may have improved. https://t.co/I4UvuHjzbm" / X (twitter.com) MAS to Inspect Credit Suisse for Money Laundering Case (finews.asia) UK lawyers raise ‘significant concern’ over Israel’s conduct in Gaza (ft.com) UK inflation in shock pause at 6.7% (msn.com) still very sticky Nvidia Warns of Product Snags From Tightening US Chip Rules (msn.com) Foxconn and Nvidia are building 'AI factories' to accelerate self-driving cars (yahoo.com) Gold prices - drifting higher

"Anxiety and Paralysis dominate conversations": GS's Prime's weekly highlights nn trader flows and positioning, U.S pushing to contain ME war, U.S, Israel, Egypt agree to 5hour ceasefire to begin at 6am GMT, coinciding with re-opening of the Rafah border crossing ECB Lagarde - underlying inflation is still strong, wage growth is “historically high” New Zealand elects conservative Christopher Luxon as premier after 6 years of liberal rule 75% of S&P 500 debt is fixed rate--in 2007, it was just 44% --BofA >>> few of the largest U.S. corporations aren't that sensitive to interest rates rise (chart available) China’s central bank is making the biggest medium-term liquidity injection since 2020 [a net 289 billion yuan via a one-year policy loan] stepping up efforts to support the nation’s economic recovery and debt sale Brexit: 'Call us' on trade, says German finance minister Christian Lindner Aliyev raises Azerbaijan's flag in former breakaway region of Karabakh Australia's Albanese takes share of blame for Indigenous referendum failure Markets : CHF hit near all time highs vs EURO and few other pairs, EURJPY, see below, topping out for last few months, but no clear 'sell' yet anyway. Equity markets : geopolitics, crude and energy in focus. JPM, Wells Fargo, Citibank whilst Blackrock underperform missing revenue. For the quarter, Blackrock clients pulled US13bln from long term funds. For the week ahead: GS and BofAML earnings upcoming on Tuesday, MS,TSLA, NVDA (Wed) in focus Bonds driving sentiment again/still last week, first movers, then the rest reacts Crude key to follow for ME risk sentiment Tesla, Netflix, banks highlight earnings rush: What to know this week (yahoo.com) Global Markets Stable as US Pushes to Contain Middle East War (yahoo.com) China central bank offers most cash support since 2020 as debt sales surge | The Straits Times China stock market: state buying of shares has become more frequent and will support rebound towards year-end, Goldman Sachs report says | South China Morning Post (scmp.com) Ex-Bank of China boss arrested on bribery charges (msn.com) President Joe Biden: The 2023 60 Minutes interview transcript - CBS News Israel-Hamas war unleashes wave of antisemitism in Europe | Financial Times (ft.com) New Zealand elects conservative Christopher Luxon as premier after 6 years of liberal rule (msn.com) Australia's Albanese takes share of blame for Indigenous referendum failure (msn.com) Germany’s Year of Frailty Is Seen Ending in Double-Dip Recession - BNN Bloomberg Aliyev raises Azerbaijan's flag in former breakaway region of Karabakh - SWI swissinfo.ch Otavio (Tavi) Costa on X: "Peru's silver production is currently at the same levels as it was two decades ago, excluding the pandemic lockdowns period. That is the third largest producer of the metal in the world. Keep in mind: Mexico, by far the largest silver producer globally, is experiencing a… https://t.co/IeBxDer6hO" / X (twitter.com) #XAG La chronique économique: Les premiers coûts réels du réchauffement climatique | Tribune de Genève (tdg.ch) JPMorgan Chase CEO Jamie Dimon warns this is 'the most dangerous time' for the world in decades (cnbc.com) Honeywell CEO is reorganizing the company around 3 global megatrends (yahoo.com) The overall US inflation rate moved up to 3.7% in September, the third increase in as many months. How long will the inflation rate remain elevated, above the Fed’s 2% long-term target? That’s the big question among market participant The Week in Charts (10/15/23) - Charlie Bilello's Blog Prosecutors’ challenge in FTX trial: a scant paper trail left by SBF (yahoo.com) BlackRock clients pull $13 billion from long term investment funds (business-standard.com) How the U.S. fell way behind in lithium, 'white gold' for EVs (cnbc.com) SPX500 - below 200dma in low 4200 and mr market will get worried/get caught short vol etc, 4400 resistance area. WTI EURJPY (other JPY crosses similar) - been forming a top since end of June - could argue both ways in short-term, BoJ 'should' move on YCC comes Q1 2024, but that's a relatively long way away, that said if markets go into harsher risk-off mood, JPY crosses should/will come under pressure

The whole situation in the Middle East is tragic and remans highly uncertain, whether or how far it escalates, and how other countries will react..US Secretary of State Antony Blinken will return to Israel Monday for "further consultations" after visiting Saudi Arabia. Eq markets set to reopen near/slightly below Friday's close, CHF still strong, and CROSSJPY's near same closing levels too The right-wing populist Law and Justice party is on course to win most seats in Poland's general election, an exit poll suggests, but may struggle to secure a third term in office Bonds weakened on U.S CPI, and Friday saw a Very decent bid in bonds again even with a weak 30y auction In FX, CHF, gold reacted to bonds/geopolitics, as you would expect, even JPY showed a few signs of strengthening / short-covering, JPY crosses have been 'topping out' for weeks, looking for a trigger to move down, maybe we have it now.. SPX500 hit the 200dma around 4200 10days ago, rallied to the 100dma just short of 4400 and sold off again (Buyback authorizations are high but down 18% year/year-GS), equity market is very short VOL via ETF's.. #VIX etc... WTI crude back to $88 from $82 lows last week, still very short of the $95 in late Sep, definitely a MUST keep an eye on in terms of who gets involved in this precarious geopolitical situation Israel-Hamas war live: Gaza witnessing ‘unprecedented human catastrophe’ amid water shortage (msn.com) US sending second carrier strike group, fighter jets to region as Israel prepares to expand Gaza operations (msn.com) Hamas Attack on Israel: For Oil, It’s Not 1973, But It Could Still Turn Ugly - Bloomberg Poland's ruling party leads in election - exit poll - BBC News Azerbaijan and Armenia: a conflict resolved? – Palatinate BlackRock clients pull $13 billion from long term investment funds (business-standard.com) Bankruptcies are surging - and Fed rate hikes are to blame, economist says (msn.com) Hardly surprising! Brexit: 'Call us' on trade, says German finance minister Christian Lindner - BBC News well well well Paulo Macro on X: "Thread on UST funding and RRP. Backdrop: US treasury debt outstanding has gone from $22.7T to $33.2T over the past four years (9/30/19 to 9/30/23), and 30.9T a year ago. So +$2.3T 1y and +$10T 4y. The -12m deficit is $1.7T per below, as of 9/30 (Treasury is on a Sept FY) 1/18 https://t.co/RRzl9qZNnB" / X (twitter.com) Have a great start to the week Team PVM GOLD

TTF - EU NatGas prices jumped to a 6month high, up 30% on the week, still way lower than this time last year, a a good reminder that the EU energy crisis can pop back all too quickly >>> Finland on alert as gas pipe sabotage suspected Fed speakers been sending a less hawkish message of late - done for now, maybe for good in this cycle, watch employment now, that's the key sign if/when market shift its intention to some sort of recession coming >>> Neel Kashkari isn't convinced that a surge in long-term Treasury yields lowers the need for added rate hikes. Raphael Bostic earlier reiterated that he sees no reason for more increases as policy is "sufficiently restrictive" to lower inflation to the 2% target. Christopher Waller said policymakers will "stay on the job" to make sure that happens ECB's Knot: Policy is in a good place now, stand ready to adjust rates further IF disinflation stalled - Good Prospect To Get Inflation Back To 2% In Medium Term BBG, Good news in agricultural markets, with rice prices already 10% down from their Aug peak. Panic by governments prompted the rally, but it looks like cooler heads are prevailing. Add to it much lower wheat prices (3-year low), and the fear of food crisis appears unfounded "You get in this vicious circle, where higher interest rates cause higher funding costs, cause higher debt issuance, which cause further bond liquidation, which cause higher rates, which put us in an untenable fiscal position." -Paul Tudor Jones Markets : Equity markets going up by default, as Fed speakers go on hold and bonds rally, as always one can see stocks go up for the wrong reasons >>> SPX500 goes from the 200dma 4200 to the 100dma nearer to 4290 area within days.. USDollar attempted sell-off back to trendline (USD support) EUROUSD resistance near 1.0620 area, AUDUSD similar, most of it is same picture as usual, CABLE res near 1.2350 area BONDS were most oversold last week... not anymore, that correction came thick and fast, now U.S CPI up next, for sentiment short-term, all expectations are for 3.6% YoY EU Nat Gas is definitely something to watch, as for developments in the Middle-east, FED all but done bar any new news, message from Fed speakers been clear last few days ECB Says Consumer Inflation Expectations Rose Slightly (yahoo.com) Finland on Alert as Gas Pipe Sabotage Suspected (yahoo.com) Bloomberg TV on X: ""If it is proven to be a deliberate attack on NATO critical infrastructure... it will be met with a united and determined response" Secretary General Jens Stoltenberg says NATO is examining whether a gas pipeline from Finland to Estonia was sabotaged https://t.co/DHq7erSyoD https://t.co/QCqdhUTPFb" / X (twitter.com) Asian Shares Climb On Dovish Fed Remarks, China Stimulus Hopes | Markets Insider (businessinsider.com) US talking to Israel, Egypt about safe passage for Gaza civilians -White House | Reuters Fed's Bostic sees no more U.S. rate hikes, no recession | Reuters Billionaire investor Paul Tudor Jones warns on stocks as Israel-Hamas war raises geopolitical risks (yahoo.com) Lisa O'Carroll on X: "BREAKING: EU has just sent formal letter to X owner Elon Musk over "indications" that his "platform is being used to disseminate illegal content and disinformation in the EU" in the wake of Hamas's attack on Israel. https://t.co/OF3Wusaf3F" / X (twitter.com) EU NatGas prices