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EU health officials seek joint stance on measures towards China, India (and others) make some moves on tests requirements and so are the U.S Germany’s government is confident that a key refinery that provides Berlin and swaths of the eastern part of the country with fuel is well positioned to keep running even as the nation is set to begin its ban on Russian oil in the coming days According to reuters (see below ZH article) citing new automotive pricing data from Edmunds, average prices for used Teslas in November were $55,754, down a whopping 17% from a July high of $67,297 UST yield curve has dis-inverted by 40-50bps since the last Fed meeting in mid-Dec, mainly as the 10Y yield has risen >> recession probabilities changed since? Negative-yielding debt (globally) went from zero (2014) to USD 18 trillion (2021 and finally to zero within about 12months! - chart/thread Energy giant ExxonMobil sues EU to block energy windfall tax Virgin Islands Sues JPMorgan for Facilitating Epstein Abuse Saxo special edition from Steen - podcast below - A look at ahead at 2023 Global Investment Banking Revenues are Beginning to Fall —WSJ Markets : APPL 52w lows - chart SPX500 200dma looks far away now - 4015 (topped out very nicely in mid Dec in that 4050-75 region we were talking about). 56% of SPX companies are currently in their buyback blackout period; 70% will be in blackout by end of the week: GS Earnings recession is/will be the buzz word going into 2023 NatGas prices on lows - thank you mild winter USDollar mixed, same ranges all week , slightly softer USDCHF mind. USDJPY topping around 134-135 which is where it should for the bears Bonds a little higher, yields down 3-4-5bps in long-end, ALL about the 1st NFP next week, will set the tone for bonds as we start 2023 BTC stuck in range, risk reward says upside Very limited, so we heading lower GOLD holding up well in all this, central banks been big buyers last 6months/RBI, clearly a few gold bugs could come out fighting in 2023! Special Edition: A look ahead at 2023 Steen Jakobsen | Saxo Market Call (podbean.com) cup of tea, feet up, 30mins - well worth a listen Half of passengers on China flight to Italy have COVID - as US becomes fifth country to tighten restrictions on Chinese travellers | World News | Sky News lots of new restrictions, not everywhere mind, let's hope for the best hey! India will require test from most other countries around them, as of 1st Jan, etc Covid in China: US imposes Covid testing for visitors from China - BBC News RBI Emerges As The Largest Gold Buyer Among The Central Banks Across The Globe (adda247.com) Plunging NatGas Prices Incentivizes Power Plants To Ditch Coal | ZeroHedge Germany Is Confident a Key Refinery Will Be Fine Without Russian Oil (yahoo.com) The worst earnings recession since 2008 could hit stocks next year, Morgan Stanley chief equity strategist Mike Wilson says | Business Insider India UK says no plans for Covid tests for China arrivals (cnbc.com) US Virgin Islands Sues JPMorgan for Facilitating Jeffrey Epstein Abuse - Bloomberg (archive.vn) that's some headline to finish 2022 ! Surprise ISIS attack halts life in group’s former de facto capital in Syria (kurdistan24.net) no-one writes or talks much about Syria anymore, it's still a mess Used Tesla Prices Plunge As Demand Evaporates | ZeroHedge jeroen blokland on Twitter: "Negative-yielding #debt went from zero to USD 18 trillion to zero. Have we seen the last of negative-yielding debt? And if so, what alternatives are policymakers looking for? #CBDC ht @riteshmjn https://t.co/rxWlqWKB7Q" / Twitter Energy giant ExxonMobil sues EU to block energy windfall tax - BBC News We’re headed for a recession that’s ‘double the normal length,’ according to the chief investment officer of Bridgewater Associates | Fortune No need to agree or disagree, iot's worth reading the thinking of the largest fund in the world - food for thought, in our humble opinion, as you know, we think rates are higher for longer, and it means what it means to various parts/sectors of equity markets... Goldman Sachs boss unveils plan to cut jobs amid global economy fears | Goldman Sachs | The Guardian Genevieve Roch-Decter, CFA on Twitter: "Many public stocks are not 'investments'. They are schemes for insiders and bankers to cash out at your expense. The sooner you realize this is the game Wall Street plays, the better. https://t.co/h5px2nDZkJ" / Twitter add SPAC's and a lot of the things that happened last 2years, and it's hard to argue against this.. that all said there was far too many of them 'companies' set-up on the back of a fag-packet.. (easy with rates at zero etc.. all sort of excess were created, as we been trying to pint out all year..), of course there are some very good sustainable ones, but not all of them will make it, bit like after 2001 one would imagine.. Elon Musk tells Tesla staff to ignore ‘stock market craziness’ after shares plummet | Evening Standard it's over.. APPL share price - no matter what anyone thinks, it is 6% of SPX500 - it will matter either way have a lovely day Steph

EZ NatGas prices back where they traded in June before the HUGE price rally! Italy's BTP's... 10y yields around 4.65%...on course to 5%. With Italian public debts near €2.75tn, this will be very expensive for Rome in the long term... Bund 10y yields highest in 12years around 2.5% TSLA down 10% again, sounds like capitulation (ARKK new lows etc..) - the share price was never about how good the cars were, it was a cult, and now the congregation has lost belief, if TSLA does ''an ARKK'', and why not, it's heading back to $40/50 overtime Z's latest : "...think about inflation with geopolitics, resource nationalism ... in mind as the next set of non-linear shocks that will keep inflation above target, forcing CBs to hike interest rates above 5% and keep them high" / Thread below WSJ / What is a bomb cyclone ? HK scraps COVID test for arrivals, vaccine pass, COVID patients no longer have to quarantine in Hong Kong as restrictions are lifted >> HSI 20K....China reopening borders leads other countries to restrict entry BOJ debated rising wages, fading deflation risks at Dec meeting Switzerland urges détente between Serbia and Kosovo Apple’s shipment of iPhone to drop significantly Markets : UST spread 3mo10s is now some 50bps steeper since the lows we saw in mid December >>> MOVE index is on the move again, you know what this means if it continues.. >>> it's almost as if now the 10y UST yield have to notice the move in 10y German yields.. MOVE vs VIX, remember the ''yields vs SPX500'' charts.. it will matter if this continues, ,let alone intensify SPX500 pretty 'steady' in low volumes, more focus on QQQ/TSLA/ARKK etc lagging as per usual, as they should with yields higher USD stable overall, though USDJPY (and CROSSJPY's) reacting to higher yields/steeper curve Apple’s shipment of iPhone to drop significantly: TrendForce - TelecomLead NatGas prices in EU have collapsed - chart - Hot winter! EU Natural Gas - 2022 Data - 2010-2021 Historical - 2023 Forecast - Price - Quote (tradingeconomics.com) Michael Goodwell on Twitter: "🚨 Latest Zoltan 💰 War and Commodity Encumbrance 🔹 "...think about inflation with geopolitics, resource nationalism ... in mind as the next set of non-linear shocks that will keep inflation above target, forcing CBs to hike interest rates above 5% and keep them high" 1/2 https://t.co/Ytwxp4XhOg" / Twitter "Epic Thread": Elon Musk Reacts To Bizarre Tweets By Russian Official's 2023 Predictions (ndtv.com) - pretty sure this didn't help the share price last few days either.. BOJ debated chance of higher wages, inflation - Dec meeting summary (msn.com) This little-known firm with a weird website was central to the misappropriation of FTX customers' money, regulators say (nbcnews.com) Spain Unveils €10 Billion Package of Anti-Inflation Measures (yahoo.com) What Is a Bomb Cyclone? A Winter Storm Explained - WSJ Winter storm Elliott update: Blizzard death toll climbs in Buffalo as Americans grapple with travel chaos | The Independent extraordinary scenes out there, good lord Automakers Could Be Forced To Cut Prices — And Profits — In 2023 | The Daily Caller Charlie Munger: Stop complaining about wealth inequality, life quality (cnbc.com) Munger, the long-time investment partner and friend of fellow billionaire Warren Buffett, says he doesn’t understand why people today aren’t more content with what they have, especially compared to harder times throughout history. Former US president Donald Trump’s tax returns will finally be released on Friday | Evening Standard U.S. weighs new measures for travelers from China (cnbc.com) Not all that straight forward! China Reopening Borders Leads Other Countries to Restrict Entry - Bloomberg What China's Accelerated Reopening Means For The Economy And Markets | ZeroHedge Stock Market Will Get Worse In 2023 Before It Gets Better, JPMorgan Says (forbes.com) a classic economist view...good and bad, bottom line, here at PVM we continue what we have been doing all along, invest for our clients, selecting and investing in solid names that are going to be able to live with 'higher for longer'...all of them with a very solid yield and better metrics than your standard equity Index.. Switzerland urges détente between Serbia and Kosovo - SWI swissinfo.ch 73-year-old pays $370 a month to live in a 1,066-square-foot plane (cnbc.com) why not ! Evening Standard on Twitter: "2022 was a wild year in politics. Here's a look back at the ups and downs of the Conservative Party https://t.co/94wzmnJDg9" / Twitter what a year it was..good grief have a great day Team PVM

US economy grew 3.2% in Q3, an upgrade from earlier estimate, yields up a bit, equity were lower (QQQ lead lower-TSLA got chopped again, not convinced by Elon's words..since the peak of the 'ultra long duration bubble' , Tesla has held up better than many or most other peers, big risk is #TSLA will be the final bastion to fall), USD slightly higher, usual function reaction on the day Elon Musk said Thursday he does not plan to sell any more shares of Tesla for at least the next two years..why should shareholders trust him? he's broken promises many time before Benjamin Netanyahu has officially informed Israeli President Isaac Herzog that he has successfully formed a government, his Likud party said Wednesday Nigeria’s central bank has substantially increased limits it had set for weekly cash withdrawals, loosening restrictions it had put in place to curb the use of cash. Individuals will now be allowed to withdraw up to 500,000 Nigerian naira ($1,122) a week, up from a 100,000 ($225) limit set on Dec 6 Japan's core consumer price inflation edged up to 3.7% in November, the highest it has been since 1981 - it's also happening in JPN..when, not if, do we go to 75bps The founder of collapsed cryptocurrency business #FTX has been bailed for $250m (£208m) after appearing in court charged with one of the biggest frauds in US history - who funded the bail? Russia Says It May Cut Daily Oil Output By 700,000 Barrels Markets : -Same old range on SPX500, duration, #TSLA, ARKK and the likes hit again, no respite there -USD not really managing any meaningful rally on stronger data days, #EURCHF see chart below, could be interesting into 2023 with 'BUBA' in charge of ECB now -Liquidities coming at a premium, as per usual, at this time of the year, whishing you and yours a Merry Christmas Special Edition: Investors’ Wish List for 2023 | Saxo Market Call (podbean.com) 30 minutes podcast - cup of tea - feet up and listen Deffner & Zschäpitz: Wirtschaftspodcast von WELT: Das Bullen-Fiasko – die große Börsenwetten-Bilanz 2022 auf Apple Podcasts another podcast on German economics US economy grew 3.2% in Q3, an upgrade from earlier estimate | The Independent Mikael Sarwe on Twitter: "🌎 I have in my 30 years as an economist, strategist and portfolio manager NEVER seen any monetary tightening like this. Welcome to 2023... https://t.co/hbv5kwkFt8" / Twitter yeps, same here and for many of you! EU moves to confiscate Russian oligarchs’ assets – POLITICO The U.S Senate also authorized confiscation of Russian assets Alameda’s Caroline Ellison and FTX’s Gary Wang pleaded guilty of fraud (qz.com) Sam Bankman-Fried's close associates are cooperating with US authorities after reaching plea agreements, why let them out on bail?.. and who paid for the 250mio usd bail ?... Musk Promises Not To Sell More Tesla Stock—But He’s Broken Vow Before (forbes.com) Musk only cares about Elon.. Israel's Benjamin Netanyahu informs Israeli president he has formed government | CNN Nigerian central bank raises $225 cash withdrawal limits | Business and Economy News | Al Jazeera state control! ‘Global Britain’ must accept that the world’s trading system has changed | Business | The Times Brexiteers used to claim that the biggest Brexit opportunity was a free trade deal with America. Instead Brexiteer ministers are reduced to impotently raging at American protectionism/FT Londoners warned to travel only if necessary as strikes and Christmas shut transport network down (cityam.com) all is well China Covid News: Soaring Cases Push Economic Activity Off A Cliff - Bloomberg herd immunity is what is required/hoped for ! Investing in an era of higher interest rates and scarcer capital | The Economist >>> that's what we been doing successfully for a while for our clients China Covid Cases Surge Infecting 37 Million People a Day, According to Estimate - Bloomberg EURCHF - '''could'' get interesting above 0.9925/50+ into year-end and 2023.. particularly with 'BUBA' in charge of ECB now..the hawks are in charge - end of All best from Team PVM Steph

-The Chicago PMI fell to 37.2 in November, these are levels consistent with almost 100% probability of a recession. US housing market. Existing home sales now just a fraction above pandemic lows and the worst since 201, Nov. makes it 10th straight months of U.S. home sales declines, which is unprecedented -European NatGas prices on lowest level since June, mild temperature + record LNG imports + inventories pretty full, easing supply concerns -China to cut quarantine for overseas Travelers from January -Market cap of Big Tech is down about $4.5 trillion!, 40% from peak -The biggest money printers now are the Bank of Japan. With their YCC tweak, total assets should no longer increase as much/Thread, eventually BoJ will have to go to 75bps, probably sometime in March 2023, unless pressure heats up earlier Markets : -SPX500 picked up momentum above 3835, as expected..Nike results helped sentiment too -UST curve steepened 5bps or so, mixed data + a strong 20y auction, seasonally weak liquidity, volumes super low in both bonds and equity markets -GOLD chart below - bulls need 1850$+ -USD remains on defensive, but no lower, though AUD popping it's head higher on further China reopening news PowerPoint Presentation (podbean.com) this yearly stuff makes you think, well worth a read Which one of these top 10 'outrageous prediction' do you fanzy ? ForexLive on Twitter: "Total freeze in the US housing market. Existing home sales now just a fraction above pandemic lows and the worst since 2011. No buyers. Sellers holding out. No one wants to move. https://t.co/A0yzsUrXso" / Twitter Richard Bernstein Advisors on Twitter: "ARKK vs #NASDAQ: With all apologies to Gertrude Stein, a bubble is a #bubble is a bubble. (Chart: The Daily Shot @soberlook) *RBA does not hold ARKK in any of its portfolios. https://t.co/6tQH6hpCo3" / Twitter rate going to stay elevated in 2023... Nike surges after results top expectations and retailer shows inventory progress (msn.com) Micron announces 10% staff reduction, suspends bonuses (cnbc.com) Opinion-in-brief: The government can't get a grip on migration (cityam.com) Palantir lands 75 million pound deal with British military (cnbc.com) Tesla (TSLA) to implement hiring freeze and new round of layoffs | Electrek Holger Zschaepitz on Twitter: "The biggest money printers now are the Bank of Japan. With their YCC tweak, total assets should no longer increase as much. https://t.co/x3Hk6ScKeP" / Twitter (((The Daily Shot))) on Twitter: "The IPO bubble has popped. https://t.co/aoYznxlysW" / Twitter Interview with Le Monde (europa.eu) Interview with Luis de Guindos, Vice-President of the ECB, conducted by Éric Albert on 15 December and published on 22 December GOLD $1850 is the 61.8% - break of which required to get bulled up for 2023

WASHINGTON (Reuters) -Conservative Republicans in the U.S. Senate on Tuesday expressed outrage at a $1.66 trillion government funding bill, but signaled that they did not intend to significantly delay the measure, which could lead to a weekend partial government shutdown ECB - clearly the BUBA and Co (Schnabel) are back in charge, this is the clear message after the Dec ECB meeting BoJ finally moved! as expected they widened YCC to 50bp, market goes from 25bps to 49bps immediately, till such time (maybe April when Kuroda is gone) they move to 75bp etc etc The British public is beginning to regret Brexit. This shift will allow a future government to bring the UK closer to the EU again U.S Housing 'no sign of stabilization' - PICT thread FT-UK military morale hit as ministers increasingly turn to army to fill civilian roles - what a political shittshow (excuse my french..) Elon Musk has said he will quit as chief executive of Twitter as soon as he has found “someone foolish enough” to take over, but will remain in charge of the software and server teams Markets : SPX500 - still in that trend - chart update - in very short-term '3835' much talked about - see below thread Gold, XPT and particularly Silver had a good move last few days, BIG focus on Gold, which could very well be heading higher in 2023 USD struggling a little, though the JPY reset as usual came through both USDJPY and CROSSJPY's - is there more to come ? take some profit from here and look again, over the long-term USDJPY 110-120 area is where both sides tended to be OK with.. Tesla wipeout as 2022 draws to a close | Saxo Market Call (podbean.com) PowerPoint Presentation (podbean.com) Today we look at markets posting an indifferent day yesterday after an initially negative reaction to the bump in global yields on the Bank of Japan's policy tweak. We also discuss precious metals jump yesterday, the lay of the land in natural gas markets in Europe and crude oil markets globally, the escalating risks for Tesla as it posted an especially ugly day yesterday despite Musk possibly moving away from Twitter distractions, earnings from Nike and FedEx and more. Today is the final regular daily Saxo Market Call podcast for 2022. Stay tuned in coming days for a string or recently recorded Special Edition podcasts that will keep listeners with their daily fix through to December 30. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX Ed Bradford on Twitter: "It's remarkable how the 2023 rate cuts persist despite constant Fed pushback. Using SOFR H3-Z3 spread as a proxy, cuts have been priced since late Spring of this year. https://t.co/AAOCOfMc7m" / Twitter Patrick Zweifel on Twitter: "1/3 No sign yet of stabilization of the #US housing market √ Activity has fallen to its lowest level in over 10 years √ The speed of contraction (-23% y/y) is the fastest in the >40-year history of our index https://t.co/uDmsKUbXpT" / Twitter Thomas Thornton on Twitter: "S&P 3835 is the strike of the JPM call position. JPM has a huge options trade on called a collar, that is part of its hedged equity fund. This large position has a big impact on options dealer hedging activity around the strike, which is around current levels. CONTINUED" / Twitter U.S. Senate Republicans signal they will not block $1.66 trillion spending bill (msn.com) Bundesbankpräsident Joachim Nagel rechnet mit kräftigen Lohnzuwächsen | STERN.de Financial Times on Twitter: "Opinion: The British public is beginning to regret Brexit. This shift will allow a future government to bring the UK closer to the EU again https://t.co/okCJs7Qt2t https://t.co/EP73yx7ksq" / Twitter Bitcoin miner Core Scientific filing for bankruptcy, will keep mining (cnbc.com) Elon Musk will quit as Twitter CEO once he finds replacement ‘foolish enough’ to take over (telegraph.co.uk) Canada's Real Estate Bubble Is Now The Largest Ever, Correction Needed: RBC - Better Dwelling SPX500 - bulls need 3835+ and previous lows 3920+ to really get a Xmas rally >>> overall we remain defensive, looking for more opportunities in 'quality' balance-sheet names for our clients in 2023 and beyond

ECB - pretty much as hawkish as one could be, pretty grim new forecasts and rates guidance, might not be a shock for markets to price more hikes in Q2 2023..ECB says expects to raise rates "significantly further" because inflation far too high. ECB: Inflation seen at 6.3% in 2023, 3.4% in 2024, 2.3% in 2025...very hawkish revisions, this could be pretty ugly period for EZ bonds, BTP's etc..They failed all year to react early!!! and now they are stepping up (when the economy is clearly slowing), it's easy for them at the ECB, they have ZERO #accountability - the whole lot of them are going to damage life for folks Additionally, The ECB to continue to be flexible in its PEPP reinvestment (as needed) and added that QT will begin in March at a "measured, predictable pace", with the average monthly decline in bonds will amount to 15 billion euros until the end of the second quarter, more than one-third of ECB officials wanted to hike by 75 bps FRANKFURT, Dec 16 (Reuters) - Inflation in Germany, the euro zone’s biggest economy, is likely to be higher than earlier thought while economic growth will be weaker with a recession next year now certain, the Bundesbank said on Friday in a biannual update of its economic forecasts >>> HUGE message, the north is back in charge of monetary policy, rates are heading up, peripheral markets beware Rep. Adam Kinzinger (R-Ill.) said Wednesday that former President Trump is “absolutely guilty” of a crime surrounding the Jan. 6, 2021, riot at the U.S. Capitol. "The growth slowdown is not yet priced, and that's what's going to determine the winners," Morgan Stanley's Mike Wilson says on inflation and his outlook for 2023 SEC charges 8 influencers in $100 million 'pump-and-dump' scheme -New York will ban the sale of dogs, cats and rabbits in pet stores starting in 2024 - WSJ EU leaders grant Bosnia EU candidate status TSLA : when the CEO sells a chunk of shares on 2y lows, market cap has halved last 12months >>> "There's a New Sheriff in town": Twitter nukes dozens of Liberals from platform As Kuroda bows out, Bank of Japan's rising hawks eye end to unloved yield cap -Phili Fed: ”In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 (!!) estimated”.. wow Pacifist Japan unveils unprecedented $320 bln military build-up UK vs French private debt to GDP - who would have thought France was 284% vs UK 187% - charts below German 10y real yields (10y yields - 10y inflation expectations) have turned positive again after y'days hawkish ECB pivot Markets : DJ had its worst day in 3 months, fell more than 700 points as recession fears growing following weak data in the US and China + more importantly a ''shockingly hawkish ECB clearly did not help'', this after a hawkish Fed/higher terminal rate etc OPEX day, some $4trn maturing today, should be fairly quiet till the final hour! EURO rallies on super hawkish Lagarde, EURJPY, EURGBP, EURUSD and EURCHF fairly steady to slightly higher only. USDollar higher vs risk currencies on risk-off move in equity markets. GBP weaker, BoE was not hawkish at all with inflation above 10%.. SPX500 breaking down through 3920 area of support, which has help for over1month, QQQ, #APPL and DAX similar negative picture/momentum, bunker down, let's hope I'm wrong but this looks a little eminiscent of December 2018!!...the BIG difference is that there is 2trn of cash sitting around in RRP.. Investors are 24.3% Bullish to 44.6% Bearish, per the AAII Sentiment Surve Crude a little softer together with rest of markets Watch CNBC's full interview with Morgan Stanley CIO Mike Wilson BOJ to keep ultra-low rates, hold fire until global outlook clearer - CNA (channelnewsasia.com) Bundesbank sees recession, higher inflation in Germany | Reuters Bank of England imposes ninth consecutive interest rate rise to tackle inflation | Business News | Sky News United Kingdom Private Debt to GDP - 2022 Data - 2023 Forecast - 1995-2021 Historical (tradingeconomics.com) vs France Private Debt to GDP - 2022 Data - 2023 Forecast - 1995-2021 Historical - Chart (tradingeconomics.com) - Kinzinger says Trump ‘absolutely guilty’ of crimes ahead of Jan. 6 | The Hill TikTok algorithm drives teens to dangerous content says new study (cityam.com) Commodity Insights Gas on Twitter: "Germany misses gas savings target again as consumption dips only 5% in Week 49 | https://t.co/YcLHdL1uhx *#Germany advocating for 20% gas use reduction *Target clearly missed even adjusted for temperature *European #gas prices remain historically high #ONGT https://t.co/YASZcGBvOz" / Twitter SEC Charges FinTwit Bros in $100 Million Pump and Dump Scheme - TheStreet Only 8 ? what about Elon pumping Dogecoin and al ?.. Elon Musk sold shares worth $3.6 billion of Tesla. Shares of his electric-vehicle company, the world’s most valuable carmaker, has halved this year, underperforming both automakers and the broader tech-heavy Nasdaq Thomas Thornton on Twitter: "Both of these charts should work lower https://t.co/l0szSeI5Uf" / Twitter Twitter bans some journalists who cover Elon Musk - BBC News >>>> Muks in only in it for Musk..doesn't care about anyone else.. November sales down as online retail flops despite Black Friday (cityam.com) Apple looks beyond China for production as dalliance turns sour (msn.com) Everyone asking about APPL, our thoughts are here : Apple vs. Microsoft? Outperforming fund manager says there's a clear winner (cnbc.com) #APPL increased debt along the way for their sharebuybacks... the key is net equity! Ten_Bagger on Twitter: "Phili Fed: ”In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 (!!) estimated”.. wow. https://t.co/OfBmRg7UUv" / Twitter quite how they all guess this data has always been the question.. pure guessing it is! Pacifist Japan unveils unprecedented $320 bln military build-up | Reuters

The Federal Reserve will hike interest rates to as high as 5.1% in 2023 before the central bank ends its fight against runaway inflation, according to its median forecast released Wednesday. The expected “terminal rate” of 5.1% is equivalent to a target range of 5%-5.25%. The forecast is higher than the 4.6% projected by the Fed in September, in other words higher for longer.. Powell: "Historical experience cautions strongly against prematurely loosening policy. I wouldn’t see us considering rate cuts until the committee is confident that inflation is moving down to 2% in a sustained way... we’re not in a sufficiently restrictive policy stance yet" SNB hikes 50bps as expected, note the small uptick revision to inflation expectations (>1.8% in 2024 and 2.1% in 2025) means one more 50bps hike in 2023 will be needed, probably in march2023. SNB: "we have sold foreign currency in recent months to ensure appropriate monetary conditions." Norges Bank Hikes Deposit Rate By 25Bps To 2.75% From 2.50%; As Expected Peru declares state of emergency, seeks 18-months jail for Castillo China won’t report asymptomatic COVID cases in further shift Elon Musk sells (another) chunk of Tesla shares worth $3.6bio Nuclear Fusion 'Breakthrough' Touted By White House, Drawing Praise And Some Skepticism Tokyo makes solar panels mandatory for new homes built after 2025 Markets : SPX500 - no drama - yet anyway, but we traded through the trendline on the U.S CPI, failed to really retest yesterday post FOMC and now trading a little softer, keep an eye on same old levels of 3'920 area support vs 4'050 and 4150 bigger resistance - chart update below USD a little stronger together with the slightly higher terminal rate post FOMC >>> USDJPY - above 137.50JPY and the short USdollars will be tested and wrong.... watch out - chart below (>> you can reverse upside down the chart and have EURUSD..!, below 1.0525-50 area and the EURUSD bulls will struggle !! Crude steady/off lows, will react to further China reopening news eventually Bonds, all about the language and the 2023-24 curve, terminal rates etc, overall message is and most likely will be for most ''higher for longer'' Gold, metals back down too, XAGUSD through $22.50 and bulls won't like it Saxo’s Jakobsen: Never Seen a Recession From Full Employment - YouTube Agreed - Higher for longer.. well worth listening to Steen for 5minutes Financial Markets Today: Quick Take – December 15, 2022 | Saxo Group (home.saxo) German economic institute IFW: -2023 inflation forecast of 5.4% is reduction from previous forecast of 8.7% - sees 2024 German GDP growth of 1.3%. SNB: Cannot Rule Out Further Rate Hikes To Ensure Price Stability - Prepared To Intervene In FX Markets If Needed - Sees 2022 CPI At 2.9%; 2023 At 2.4%; 2024 At 1.8% - Sees Inflation At 2.1% In Q3 2025 - Inflation Expected To Remain Elevated For Time Being Leitzins steigt um 0,5 Prozentpunkte: Was der Zinsentscheid für Sparerinnen und Eigenheimbesitzer bedeutet | Tages-Anzeiger (tagesanzeiger.ch) Monetary policy assessment of 15 December 2022 (snb.ch) Summary of Economic Projections, December 14, 2022 (federalreserve.gov) The Fed projects raising rates as high as 5.1% before ending inflation battle (cnbc.com) Peru declares state of emergency, seeks 18-months jail for Castillo - SWI swissinfo.ch 40% der Mitarbeiter empfehlen CS nicht als Arbeitgeberin - Inside Paradeplatz China won't report asymptomatic COVID cases in further shift | AP News Elon Musk sells chunk of Tesla shares worth $3.6B (nbcnews.com) Nuclear Fusion 'Breakthrough' Touted By White House, Drawing Praise And Some Skepticism | ZeroHedge Senate votes to ban TikTok use on government devices | The Hill USDJPY - above 137.50JPY and the short USdollars will be tested SPX500 - no drama yet, but we traded through the trendline on the U.S CPI, failed to really retest yesterday post FOMC and now trading a little softer, keep an eye on same old levels of 3'920 area support vs 4'050 and 4150 bigger resistance Have a great end to the week Team PVM

-Definition of a manic market: one that reacted like that to core CPI missing by 0.1% ..on a 7 handle... really? I know it's not the exact random number, it's about the direction but still, major Eq index SPX500 goes up 3% and back down the same amount within 5 hours >>> The terminal rate now at 4.82% down from 5%+, which means 50bps and 25bps still to come, WSJ article from Timiraos sounds a little 'dovish', caviat and IMHO : inflation will not go back down to 2020 levels for....10years? down to 4 or 5% sure...but lower will be extremely difficult... -ALL CB's to do 50bps - let's keep it simple FED, BoE, ECB and SNB -Binance withdrawals jump to $3 billion in 24 hours, research firm says -“A surprisingly large % of US income tax receipts are tied to a rise in US stock prices. When the US stock market just stops rising…not falls, but just stops rising, that will put pressure on the receipt side of the US fiscal picture, which no one is talking about.” -Greenspan -TSLA is down 60% from its peak last Nov, now the largest drawdown ever.. -NATO Chief: Relations With Russia "Destroyed" Even If Fighting Ends -China fuel demand outlook brightens as road, air traffic jump after COVID curbs eas -The worry is that, along the way, we are going to waste huge amounts of money on the wrong use cases for hydrogen and the wrong infrastructure in the wrong places. Worse than wasting money, we will also be wasting time – and that is the one thing we don’t have. Let’s be smart/lengthy, interesting article below -India's Nov WPI inflation at 21-month low as food, commodity prices ease -Trump's conservative base deserting him for DeSantis Markets : -Bond markets placing bets on recession-level Inflation plunge next year -SPX500 'broke' that trendline and traded above 200dma, but for now, failed, though overall no real reasons to sell down, unless Powell is really super hawkish, more hawkish than the 'hawkish 50bps hike that has been expected' for a long while -Crude - well off lows, China re-opening -USDollar took a decent dive again post CPI, no recovery overnight A must watch! yours truly, doing our best for our clients Apple vs. Microsoft? Outperforming fund manager says there's a clear winner (cnbc.com) feedback welcome dear clients, friends, partners, family, ex colleagues and others UK inflation rate drops slightly to 10.7% but cost of living still close to 40-year high (inews.co.uk) finally peaked...!!..like pretty much all other inflation data around the world Carlyle to miss deadline for $22bn fund as investors cool on private equity | Financial Times (ft.com) One Bubble to Rule Them All on Twitter: "1/7. Danielle @DiMartinoBooth was absolutely on fire in this interview with @JackFarley96 (yet again proving he is one of best interviewers out there). Too much to do justice to on a tweet thread, but jump in at 58 mins for discussion of private markets. https://t.co/mN64ecNSVI" / Twitter Nick Timiraos on Twitter: "The November CPI isn't likely to alter the Fed's anticipated 50-basis-point hike Wednesday But two months of moderating price pressures could complicate deliberations over how much more to raise rates early next year and how long to hold them there https://t.co/B5YRsVeIhY" / Twitter Grant Shapps clashes with Labour MP during grilling in parliament (yahoo.com) Sportswashing the World Cup from Geneva - SWI swissinfo.ch Japan pegs USDJPY at 200 - Saxo Outrageous Prediction | Saxo Group (home.saxo) Binance withdrawals jumped to $3 billion in 24 hours, Nansen says | CNN Business Sam Bankman-Fried denied bail in Bahamas on FTX fraud charges (cnbc.com) FTX founder Bankman-Fried’s campaign finance charges ‘just the tip of the iceberg’ | The Hill Mr. Barr: "Why were things as bad as you say they were?" JJR: "There was no board of directors. I put in a new CFO, a CIO, all with background in these sectors. There's a lot of titles in the company but no experience to back it up. There was zero structure." Elon Musk Is Unfazed By Tesla's Decline (msn.com) he doesn't care... Musk only cares about himself..... suspect shareholders do care about share price though... The world’s richest person doesn’t tweet. Bernard Arnault becomes world’s richest on champagne, Louis Vuitton bags. The LVMH boss has a fortune estimated at $170.8bn BofA Finds Investors Are Less Pessimistic on the Economy, More Upbeat on China - Bloomberg >>>> remember what we said 6-8weeks ago, China was uninvestible... (as markets crahed.)...when price action changes, economist and investors become more upbeat.... classic Liebreich: The Unbearable Lightness of Hydrogen | BloombergNEF (bnef.com) It's complicated, lengthy process and expensive, we all would love to be simple.. The worry is that, along the way, we are going to waste huge amounts of money on the wrong use cases for hydrogen and the wrong infrastructure in the wrong places. Worse than wasting money, we will also be wasting time – and that is the one thing we don’t have. Let’s be smart. Trump's conservative base deserting him for DeSantis - poll - BBC News Have a great day Team PVM

The world needs 2 billion electric vehicles to get to net zero. But is there enough lithium to make all the batteries? Hong Kong is fully reopened to overseas arrivals, 3-day monitoring removed GOLDMAN: “Next year, we expect that zero earnings growth will result in zero appreciation for the S&P 500. .. Based on our conversations with clients in recent weeks, many investors have a more bearish equity market outlook than we do.” [Kostin] >>> all about stock picking over the next few years, quality names! China Plans Over $143Bln Push to Boost Domestic Chips, Compete With US >>> yet.., A sharp increase in China’s Covid infections following an abrupt end to strict pandemic control measures suggests investors may need to pare back on reopening trades, according to Morgan Stanley FTX founder Sam Bankman-Fried nicked in the Bahamas after US files criminal charges. US Justice Department may charge Binance Execs for money laundering, Silvergate in the mix too etc etc ... JPM: "CPI Prints 6.9% or lower. A print here could be the technical end of the bear market, putting this latest rally at a more than 20% move from its lows in October. SPX +8% - 10%." >> let's see about this then later on!, nothing like pumping some ideas, on a random number, nothing like a bit of publicity.. New York Fed survey on inflation: Year ahead inflation falls to 5.2% from 5.9% last month, that's a record month to month drop Looking back at the last 22 years of monetary policy. Central bankers created more than $30trn USD >> great Thread below Putin unexpectedly cancels annual Year-End marathon Press Conference, though, Vladimir Putin and Xi Jinping to hold talks on New Year's Eve - Vedomosti Alabama, Utah become the latest U.S. states to ban TikTok on state devices EU corruption scandal: European Parliament offices searched Markets : Equity markets : do NOT be surprised if we move 3-4% over next 24hours, up and/or down in fact, and do not forget OPEX expiry Friday, which will impact on the edges of recent range USD remains stable/softish but nothing really new this week Bonds reacted a little to slightly higher PPI last Friday, but nothing ramatic - yet anyway ALL about language, 50bps cemented, clearly 25 or 75bps would be a big surprise to markets and will have its implications, U.S CPI first >>> looking at implied vols, VERY high for a couple of days (on random numbers and headlines...) then implied cut in half, so high vol on number then hopefully ''relatively quiet'' going into year-end Crude off lows, China re-opening US Inflation over the last couple of months (CPI YoY) October 2021: +6.2% November: +6.8% December: +7% January 2022: +7.5% February: +7.9% March: +8.5% April: +8.3% May: +8.6% June: +9.1% (was the high) July: +8.5% August: +8.3% September: +8.2% October: +7.7% November: (Expectation +7.3%) Electric vehicle demand – has the world got enough lithium? | World Economic Forum (weforum.org) >>> the world is way way behind the plan, the amount of capital required are probably 100x what's been discussed right now to be effective and there is probably not enough lithium in the world for such big rollout, and not enough iridium either (for sure..!!) UK economic bounce back a false dawn as recession still looms (cityam.com) All change - GS on China covid zero: "we have changed our base case to "effective reopening with control" vs. our long-held view of vaccinating the elderly before reopening after next year's "Two Sessions" Kosovo Urges NATO Intervention As Serbia Border Tensions Explode, Gunfire Exchanged | ZeroHedge - please make this all calm down Best thing about Eva Kaili's arrest is that she got paid bride from Qatar....IN FIAT currencies :-) when her role is .....European Parliament | Chair C4AI | ICT | Foresight Innovation Digital Strategy | CSR | InvestEU | Blockchain Who is Eva Kaili, the MEP at the centre of the corruption scandal shaking up Brussels? | Euronews - you just couldn't make this stuff up.. EU corruption scandal of 'utmost concern' after four charged over alleged bribes from Qatar, von der Leyen says | World News | Sky News EU corruption scandal: European Parliament offices searched - BBC News Binance slams ‘wrong’ report about the DOJ considering money laundering charges against the crypto exchange (msn.com) Putin cancels annual press conference for the first time in 10 years (yahoo.com) CS befördert wie wild, macht "Juniors" zu Directors - Inside Paradeplatz Javier Blas on Twitter: "I have written only one story about fusion energy. For my university's newspaper 25 years ago. Thankfully, it isn't online. Since then, I'm skeptical of surprisingly well-timed announcements by budget-starved laboratories about breakthroughs for technologies decades away |🧵1/10" / Twitter Seven dead as Peru's new leader fails to quell protests | World News - Hindustan Times Explained: What's behind the long-running conflict between Serbia and Kosovo? (firstpost.com) India's defense minister Singh says Indian and Chinese soldiers came to blows last week. India raised the issue with China diplomatically. Soldiers on both sides suffered from injuries.-BBG Jacinda Ardern caught on hot mic calling minor opposition party leader an ‘arrogant prick’ | Jacinda Ardern | The Guardian Have a great day Team PVM

China to use Shanghai exchange for yuan energy/oil payments deals with Gulf nations - Xi and Saudi ForeignMinister ''I don't see any contradiction in working with China & the U.S Covid in China: China downplayed the risks of Covid again as it eases restrictions. Top medical adviser Zhong Nanshan said omicron's fatality rate is in line with the flu, about 0.1% "Oil’s recent decline is due to paper markets selling into low liquidity air pockets rather than indication of a distressed physical market" - RBC... Goldman Sachs estimates that Chinese oil demand may rise by 1mbpd on reopening. All else equal, this may lead to price increases of around $15/bbl. US lawmakers are laying the groundwork for a potential (potential?? oh come on pls) case of fraud against FTX Founder, Examines Cash Flows to Bahamas - Bloomberg Belgian police arrested the vice-president of the European Parliament on suspicion of corruption in the interests of Qatar BlackRock: "We don't think equities are fully priced for recession." "Corporate earnings expectations have yet to fully reflect even a modest recession. This keeps us tactically underweight developed market equities." ECB will have reduced TLTRO by nearly 40%, and its balance sheet by about a tenth, and this before they even begin QT (Thread) The USD liquidity picture is NOT as tight as forecasted by many.. The RRP, TGA and IOER-deficits COUNTER a lot of the intended QT effect.. (Thread) US PPI: November PPI came in stronger than expected, increasing 0.3% m-o-m (Consensus 0.2%), 7.4& - few various bits lower but still Markets : OPEX expiry at end of the week - some $4trn of derivs expiring - to add some spice into the gamma stuff after FOMC FED, BoE, ECB and even SNB pricing been cemented at 50bps for a while (SNB slightly less), it is ALL about the language USD on weak side going into FOMC week, U.S CPI before meeting Equity markets weakened on Friday into close on the slightly higher PPI, SPX500 3920 vs 4050 (so far...market 'failed' into the large resistance zone we talked about last 2weeks...OPEX related momentum/stops above ?) Gold and XAG (in particular) rallied hard last 2weeks, the poor man's Gold, looks bullish while above $22.50 area on weekly/monthly basis Crude on lows, watch out for China re-opening The market consensus IS for a hawkish Powell, curve IS already very inverted Financial Markets Today: Quick Take – December 12, 2022 | Saxo Group (home.saxo) Isabel Schnabel 🇪🇺🇺🇦 on Twitter: "Together with the early repayments that took place on 23 November 2022, this reduces the total amount of outstanding TLTRO III by € 795.7 billion, or 38%, further contributing to the decline of the Eurosystem's balance sheet. [2/2] https://t.co/YDG9m3Yb7o" / Twitter AndreasStenoLarsen on Twitter: "This is the most important article I have written in a long while.. The USD liquidity picture is NOT as tight as forecasted by many.. The RRP, TGA and IOER-deficits COUNTER a lot of the intended QT effect.. More in my Sunday newsletter -> https://t.co/dLufaAMhSA https://t.co/XYoKpry1eK" / Twitter Nick Timiraos on Twitter: "One-year-ahead inflation expectations in the preliminary Michigan survey of consumers fell to their lowest level in 15 months, from 4.9% to 4.6% in December Five-year-ahead inflation expectations were unchanged from November at 3% https://t.co/vozt57nkTN https://t.co/CoUl832rFh" / Twitter Gold at $3,000 Among Saxo's 2023 Outrageous Predictions | GoldBroker.com Sam Bankman-Fried Was Unhinged When Binance Exited FTX Investment: CZ (businessinsider.com) Belgium makes EU parliament arrests in Qatar corruption investigation (france24.com) Michael Pettis on Twitter: "1/4 China's huge shadow banking system is getting squeezed by the property crisis: "1,483 real estate-related trust products were sold in 2022 through the end of September, down 69.7% from 4,891 during the same period last year." https://t.co/o6oDbtAaWm" / Twitter China's huge shadow banking system is getting squeezed by the property crisis: "1,483 real estate-related trust products were sold in 2022 through the end of September, down 69.7% from 4,891 during the same period last year." The number of flights for Beijing's Capital International Airport and Daxing International Airport roses by 63% on Sunday vs Saturday. CAAC flights at these two airports will reach 70% of the 2019 level in the near future The special relationship with the US is fertile ground for investment into the UK (cityam.com) SPX500 - and the -4- trendlione tops, just about EVERYONE speaks about Have a great start to the week Team PVM

Focus for next week - a lot going on! : FOMC meeting (expected and priced to hike 50bps), U.S CPI on Tuesday AND U.S Congress faces a 16th December deadline to pass legislation to continue funding the government (failure to do so, risks partial shutdown). ECB priced and expected to do 50bps, BoE similar and SNB approx. 40bps priced, CHINA industrial production and retail sales on Thursday too, ALL about the language from CB's In a couple of weeks, things have changed so fast that China has completely shifted to an "all in economy" mode...! Even at the ..ECB staff in pay dispute to hold talks about potential strike . Union will discuss protest action in new year if wage offer remains well below inflation rate Germany - Residential Construction Orders Down almost 30% year-on-year. More than during the Great Financial Crisis U.S Continuing Jobless Claims surge to 10-month highs Italy : With a booming black economy and the highest number of small businesses in Europe, cash is still very much king in Italy and Giorgia Meloni’s new right-wing coalition wants to keep it that way -Blackstone chief defends real estate fund amid rush for withdrawals "Capital Markets activity is not expected to pick up until 2H 2023" - Goldman Fins Conference The 30-year US mortgage rate has moved from 7.10% to 6.35% over the last month, the largest monthly decline (-75 bps) in rates since Dec 2008 TheAPR on the average U.S credit card just hit a record 19.50% Norwegian CPI YoY actual 6.5% (forecast 7%, previous 7.5%) - good news Eye watering price of £500+ per MWH for electricity this morning as UK Wind Power begins to fade, not good, as whole of Europe goes sub-zero!! Markets : Rates lower, GOLD and Silver up, while Crude 10pct down this week - something not quite right, clearly looks like a big liquidation in spec longs in crude (Bridgewater and few HF been mentioned, clearly a big fund) SPX500 keeping to 3925/4050 range, QQQ rallying a little on lower yields and liquidity USDollar a little softer following yield Clearly next week is the last very busy macro week, anything surprising from here could lead to large market swings, liquidities are already pretty light, invest/trade accordingly! Bond market points to Fed standing firm in battle against inflation | Financial Times (ft.com) Why oil has dropped despite new constraints on Russian supply | Financial Times (ft.com) Crude settles at lowest level of 2022 after European embargo and G7 price cap take effect jeroen blokland on Twitter: "#Germany - Residential Construction Orders Down almost 30% year-on-year. More than during the Great Financial Crisis. Forget about house prices; this is about #GDPgrowth and #employment! #recession coming. https://t.co/xUuN8tvNH2" / Twitter Government denies ‘race to bottom’ on regulation as Hunt loosens City rules – business live (theguardian.com) ECB staff in pay dispute to hold talks about potential strike | Financial Times (ft.com) Blackouts will trigger a people’s revolt against the new eco-tyranny (telegraph.co.uk) Blackouts will trigger a people’s revolt against the new eco-tyranny. Green policies are popular in theory, but can only be sustained if they don’t threaten our quality of life Poor performance now ‘the norm’ for some UK water firms, warns Ofwat | Water | The Guardian >>>> totally insane!! The Guardian revealed last week that the nine main water and sewerage companies had paid out £65.9bn in dividends in the last three decades. They have also taken on debts of £54bn. Italy’s right-wing goes to war with the EU to save cash (telegraph.co.uk) Blackstone chief defends real estate fund amid rush for withdrawals (cnbc.com) Investors should “look at Blackstone and say, ‘You guys have done an incredible job at deploying our capital in exactly the right geography, in exactly the right sectors with the right balance sheet,’” he added. “I think they have confidence in us.”.... let's see about that now then Central Banks Continue To Stock Up On Gold | OilPrice.com China Mulls More Property Easing at Economic Meeting Next Week - Bloomberg Swiss foreign policy: the end of privilege - SWI swissinfo.ch For many years Switzerland was able to increase its prosperity discreetly under the cover of neutrality. That’s not so easy in today’s shifting geopolitical landscape. Have a great Friday and we wish you a lovely weekend Team PVM

U.S. Senate Majority Leader Chuck Schumer jubilantly announced Wednesday that the Georgia runoff election victory will next year end an evenly divided U.S. Senate, giving Democrats more subpoena power in committees and a quicker turnaround in approving federal and judicial appointments Why Europe’s electricity is so expensive. The main culprit is a surge in gas prices, and the market could face ‘further stress tests.’ European day-ahead electricity prices are rising toward the €400 per MWh range (France, UK, Belgium and Switzerland already above). That's crisis level territory, this could very likely become again a real issue, has DAX topped out - chart ? China may make some reasonable reductions in negative list for market access and further optimize business environment in 2023: Shanghai Securities Journal cites experts U.S Debt ceiling bomb nears as government spending balloons. Treasury will soon deploy 'extraordinary measures' to stay below the ceiling - US could see a fight over debt ceiling that rocks markets, Goldman Sachs warns, worth reading thread below though first German industry resilience in Oct Belgian CB losses, see thread below BoC Hikes 50bps to 4.25%, as expected, now they are ''considering need for further hikes to curb inflation'' (so they dropped language that said they ''needed to rise further. No matter how we slice it, it's a pivot China boosts gold reserves for the first time in over 3 years in possible attempt to diversify away from dollar, HK May End Outdoor Mask Rule, Relax Covid Tests, Report Says, Shanghai City Authorities: Will from Friday Stop Requiring Covid Test Checks for Restaurants or Entertainment Venues ECB's Kazimir: -There are numerous reasons to keep the pace tight in December -It is premature to celebrate an inflation peak -QT should be transparent, progressive, and predictablle Activist investor calls for BlackRock CEO Fink to step down over ESG ‘hypocrisy’ Winter of discontent spells electoral disaster for the Tories.Strikes are the grim result of the failure to control inflation Saxo-Steen/Gone are the days where low interest rates could foster dreams of a harmonious world. Get ready for the war economy UK government approves first new coal mine in decades despite concerns among Conservative MPs and experts about climate impact Biden admin tells Supreme Court law protecting social media companies has limits Markets : GOLD - looks like CB's are still buying the yellow metal in Q4 (ZH article below) Crude : US **total** crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001, time for Biden to start buying again.. USD rangy to slightly weaker again (UST yields lower), CNH slightly higher on further re-opening talks in both China and HK Bonds generally higher again, UST 10's 3.42% - long way from the 4.30% blow off top, peak worries, peak inflation etc etc.. Time to park and wait for FOMC now Equity markets testing previously mentioned SPX500 support around 3920, overall, we continue to focus on real economy & strong balance-sheets only, rates will remain higher for longer, even if Powell sounds whatever the market wants him to sound like next week Why Europe’s electricity is so expensive – POLITICO Dollar Vs. Yuan: China Boosts Gold Reserves First Time in Over 3 Years (businessinsider.com) Debt ceiling bomb nears as government spending balloons | Fox Business US could see a fight over debt ceiling that rocks markets, Goldman Sachs warns | CNN Business >>>> Alf on Twitter: "The BIS paper on the ''$80 trillion of hidden US debt'' is making the rounds. It's really important, and it deserves the attention of every macro investor. A thread. 1/" / Twitter definitely worth reading the threa - very well put together by Alf ! excellent stuff, maybe not all that crazy outcome... Oliver Rakau on Twitter: "Impressive resilience of German industry in October. Together with strong Nov car production and slight recovery in production expectations points to lesser GDP contraction in Q4. But downtrend in orders and weak global backdrop still point to eventual industrial recession IMO. https://t.co/uVy5vysrCn" / Twitter >>> Unless the data is revised lower in a big way in Nov/Dec (still possible but looking unlikely), the doom and gloom scenarios of 2023 are going to have to be readjusted very soon Frederik Ducrozet on Twitter: "🇧🇪 Meet the Banque Nationale de Belgique whose shares are down 17% today after they warned against financial losses. The BNB is a special case, being 50% privately owned. But many central bank will make large losses in coming years - a🧵on our latest note. https://t.co/1ZZN4Vl1CJ https://t.co/4Ezg4x9Wc0" / Twitter >>>> They expect to end 2022 with €600-800 million losses, and more importantly around €9 billion losses by 2027. This would exceed their financial buffers of €7.08bn Central Banks Start Q4 Buying More Gold | ZeroHedge Activist investor calls for BlackRock CEO Fink to step down over ESG ‘hypocrisy’ (msn.com) Wells Fargo, BofA CEOs say consumer demand is cooling, recession looms (cnbc.com) nothing new really, but there you go Winter of discontent spells electoral disaster for the Tories (telegraph.co.uk) that's all they deserve really? First UK coal mine in decades approved - BBC News UK strikes 2022: Which services and sectors are striking or threatening to strike? | Evening Standard >>>> going to clearly be a big challenge going into year-end, how to resolve this issue after years of real paycuts.. Strikes will cause 'disruption and delays' over Christmas but govt approach is 'sensible', cabinet minister says | Politics News | Sky News Carvana stock collapses amid bankruptcy fears after creditor pact and another $1 price target (msn.com) this is another story that many lawyers will be busy earnings fee for a long while.. Keep digging Donald ! Trump digs deeper hole with Constitution comments | The Hill 'we' can be critical of Qatar and the world cup, but oooerhum Haute-Savoie : au Grand-Bornand, de la neige acheminée par camion fait polémique (francetvinfo.fr) why !!? The World at War - Saxo Outrageous Prediction 2023 | Saxo Markets SG (home.saxo) UberFacts on Twitter: "Cool facts about cows 🐄 https://t.co/ROZqYNScJO" / Twitter Francis Scarr on Twitter: "Once a fearsome diplomat, Russian Foreign Minister Sergei Lavrov is now complaining about gender-neutral toilets in Sweden https://t.co/Bbd2sUN68J" / Twitter ‘Worth the wait’: U.S. Senate Democrats celebrate a 51-seat majority with Georgia win – New Hampshire Bulletin Warren Buffett 'Loves' China’s BYD Despite Selldown, EV Executive Says | Tech News (hindustantimes.com) >>> CLEARLY a massive competitor to TSLA... DAX (EU50 similar..) Have a great day Team PVM