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

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

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

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

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

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

ECB meeting : risk is Lagarde recognizes stronger U.S data on inflation, as a risk for europe and thus delaying what the market is looking for, namely a June cut guidance/confirmation USDollar takes another leg higher, kind dollar reigns, though precious metals hardly budged yesterday on higher UST yields (all week..) >>> tough job for BoJ, USDJPY at 153+ is highest since mid 1990, #USDCHF approaching our target of 0.9200, pretty key levels 1.07025 area #EURUSD (charts below) + #QQQ and #AAPL FED expectations shifted further after hot inflation data, #highfrolonger markets have 40bps priced in for 2024 now, reminded dot plots and guidance is 75bps (March meeting) and way down from 150bps priced in 4months ago >>>> CPI core services ex-housing (“supercore”) rose by 0.65% month/month in March … faster than prior month and among larger gains seen in post-pandemic period, must admit though, now 2y UST near 5% is VALUE! UST's had a miserable week, again, 'failed' auctions and of the largest move in 5s for over 10years (ugly 10's yesterday, 3bps tail - whatever the reasons) FOMC Minutes : “almost all saw it appropriate to cut this year”, and how the “Fed favours reducing monthly asset runoff pace by roughly half”, as expected broadly speaking Larry Summers : You have to take seriously the possibility that the next rate move will be upwards rather than downwards Swiss banking plan leaves 'relieved' UBS out of immediate firing line. UBS could face higher capital rules under Swiss reforms A lot of unhappy foreign investors in Russia from ‘unfriendly’ countries yesterday after Putin signed a confiscation decree... in response to Western expropriations from 2022 to today.. “There will be no more Britons, Americans, and Dutch who own strategic industries in Russia. After freezing our assets.” Joe Biden warns of imminent 'significant attack' by Iran on Israel, as he vows US support is 'ironclad' ECB to Hold With First Cut Locked In for June: Decision Guide | Financial Post Atlanta Fed on X: "The Atlanta Fed's sticky-price consumer price index (CPI)—a weighted basket of items that change price relatively slowly—increased 5.0% (on an annualized basis) in March, following a 4.0% increase in February. On a year-over-year basis, the series is up 4.5%. https://t.co/YeT8ffe4D5 " / X ( twitter.com ) forget about the 2% goal, we are going to live in a world of 3% inflation and rates 4-5% #highfrolonger (which by the way, is a good world for solid quality businesses, but it will break a few weaker ones) Joe Biden warns of imminent 'significant attack' by Iran on Israel, as he vows US... - LBC Watch Copper to Rise 30% in Next 12 Months, BofA's Blanch Says - Bloomberg Bank of America says the copper supply crisis is here ( msn.com ) Ole S Hansen on X: "What is #gold's resilience telling us? In the last month, bullion trades up 7% while the dollar has gained 1.8%, 10-yr yields 45 bps and three rate cuts by Dec 2025 has been removed. Conclusion: buyers don't care about funding cost, but worry about geopolitics, an out of… https://t.co/j6M6wgWe2K " / X ( twitter.com ) Russia Seizes Over 650,000 Acres Of Farmland And Other Assets From Company With Ties To 'Unfriendly' Country ( yahoo.com ) Jamie Dimon Calls for Toughness Against China ( finews.asia ) UBS could face higher capital rules under Swiss reforms ( investmentnews.com ) Swiss banking plan leaves 'relieved' UBS out of immediate firing line | Reuters Lloyds to cut jobs in risk management as it was ‘blocker’ on transformation progress ( msn.com ) >>>> is this wise..!? UBS systems fail – Inside Paradeplatz Meta unveils new AI chip a day after Google and Intel ( qz.com ) Craig Shapiro on X: "Reminder. During the worse parts of Covid in 2020, the Fed increased the size of its Balance Sheet by about $3trn in the second quarter of 2020. Then it steadily increased its balance sheet further by an additional $2trn for the next 7 quarters. So when the Fed needs to add… https://t.co/DIl8l3BVy7 " / X ( twitter.com ) Hot Inflation Print Blows Up Bond Trader’s Record Futures Wager - Bloomberg Could commodities be set for a long-awaited rebound? | The Market Online Researchers are quietly trying to cool down our planet - FOCUS online ‘A new abyss’: Gaza and the hundred years’ war on Palestine | Israel-Gaza war | The Guardian Opinion | Israel: Cease-Fire, Get Hostages, Leave Gaza, Rethink Everything - The New York Times ( nytimes.com ) interesting read Why UK services exports have continued to grow post-Brexit ( cityam.com ) QQQ bulls don't want index to trade below 17750 ! or else #AAPL those who shorted it in Jan when we talked together about it, might want to TP now, those with more patience, may well want to ...be patient #EURUSD - same message as above! together with our #USDCHF target of 0.9200 - here we are

U.S CPI up next, expected around 3.4%, markets don't need a new inflation lift-off, markets have about 60bps of FED Fund cuts priced in for 2024 , earnings probably well received, Powell in mood of promising cuts in election year.. FOMC minutes later on + ECB tomorrow, where Christine will probably find a few excuses to be dovish too #GOLD is so back in vogue! UST Bond : 3y UST auction (weak) showed that increasing coupon issuance size to pandemic levels ($58b) might further exacerbate fiscal woes German Defense Minister Boris Pistorius threw his weight behind calls for reform of rules that restrict new borrowing by the federal government to help fund a radical overhaul of the nation’s armed forces , he aid the Bundeswehr’s financial needs can’t be met solely by reallocating money from elsewhere in the budget once a special fund worth €100 billion ($109 billion) is exhausted in 2027.... more spending A group of older Swiss women have won the first ever climate case victory in the European Court of Human Rights. The women, mostly in their 70s, said that their age and gender made them particularly vulnerable to the effects of heatwaves linked to climate change BoJ to consider raising inflation forecasts after results of recent wage negotiations More than a dozen retired four-star generals, admirals and other former military leaders filed an amicus brief with in the Supreme Court on Monday, arguing against former President Trump’s claims of immunity in his criminal cases New data on Moderna's cancer vaccine sends stock rising . The pharma company announced results of an early stage trail on Monday that suggests that its experimental treatment could be used for a variety of cancers Small business optimism hit an 11-year low as inflation fears persist, #highforlonger hurts weakest balance-sheets (something the Mag10 say don't have to worry too much about) Jan '24 contrarian trade update : Hang Seng China Index now up 20% from 2024 lows. Hang Seng China, HSI and MSCI China now at highest levels YTD, you are in a good position now! Billionaire Patrick Drahi’s Altice is asking creditors to agree to losses as the company’s embattled French telecommunications arm pushes to slash a debt burden of almost €25 billion ($27 billion) >> MS raised their Brent target price to $94 (from 90) EIA has global oil demand at 102.34mbpd, global oil supply at 102.10mbpd in March Currently, we're sitting at a record19.8% vacant at the national level," Moody's head of commercial real estate economics France : The Macron camp under high tension with a deficit still above 5% in 2024 Althea Spinozzi on X: "🇺🇸Horrible 3y UST auct shows that increasing coupon issuance size to pandemic levels ($58b) might further exacerbate fiscal woes -A 2bps tail, highest since Feb‘23, tells investors may be worried about sticky CPI -Btc 2.5 is well below‘23 avg of 2.7 -Indirects 60.3% below‘23 avg" / X ( twitter.com ) Le camp Macron sous haute tension avec un déficit encore supérieur à 5 % en 2024 | Les Echos Small business optimism hits 11-year low as inflation fears persist ( qz.com ) Yahoo Finance on X: ""Currently, we're sitting at 19.8% vacant at the national level," Moody's head of commercial real estate economics Thomas LaSalvia says on office vacancies. "This is a national high. The previous record was set in the late 80s, early 90s." https://t.co/DP4e7KNVBV " / X ( twitter.com ) Hong Kong seizes over $10 million worth of gold disguised as machine parts in record smuggling bust ( msn.com ) Gold is so back Costco selling up to $200 million in gold bars a month, Wells Fargo estimates ( cnbc.com ) China unveils measures to promote industrial equipment upgrades-Xinhua ( news.cn ) The Uranium Bull Market Is Just Getting Started | InvestorPlace Why Have Rate Hikes Not Done Anything? ( theovershoot.co ) Higher consumer spending has been financed primarily by more people working (at better jobs), for longer hours, at higher pay. German Defense Chief Pistorius Calls for Loosening of Debt Restrictions - Bloomberg X's AI chatbot Grok made up a fake trending headline about Iran attacking Israel | Mashable Madness, stop this guy...or else Elon Musk's ‘self-inflicted wounds’ and more from a new deposition ( qz.com ) Elon Musk promises ‘full data dump’ on Brazilian judge in X feud ( qz.com ) Moderna cancer vaccine results send stock up ( qz.com ) How Altice Can Push Its Creditors to Cut Billions of Debt: Q&A ( yahoo.com ) Bond hair cut coming Explainer: Why did Ecuador raid Mexico's Quito embassy? | Reuters European court rules human rights violated by climate inaction ( bbc.com ) Former top military officers push back on Trump immunity claim | The Hill #GDX gold miners - have hardly moved long-term

Commodities, copper, crude, gold, platinum etc firmer still Fed Funds futures now pointing to just -2- cuts in 2024 , with chance of a July cut fading, a strong CPI will push rate cut expectations to Sep immediately tomorrow >> the argument for cuts is dissipating - no landing looking at NFP's ! au contraire, we continue to look for a #highforlonger scenario, markets will test BoJ with USDJPY 152+ Vitol, the world's largest independent oil trading company, has made more money in the last 3 years than during the past 30 years combined ($13bn revenues in 2023 alone..) The S&P 500 hasn't had a -2% day since February 21, 2023 . "This is the 12th longest such streak since 1928:" Citi's Stuart Kaiser DB: "How can credit sell-off in a world where growth is strong & the Fed is dovish? The largest risk is the market doubting the Fed's ability to cut in 2025 & 2026....Even after last Friday's jobs report, we are still pricing more 2025 & 2026 cuts than at the start of this year" US will not accept Chinese imports decimating new industries, Yellen says (EV..) The US Federal debt is set to DOUBLE in just 8 years, rising from $20 trillion in 2017 to $40 trillion in 2025. Currently, US Federal debt is rising by a whopping $1 trillion every 100 days Jamie Dimon warns inflation, interest rates may remain elevated, 'soft landing odds are 'lower' than markets believe' ...indeed last NFP another +"300K...last 3 NFP were much higher in fact GOLDMAN: ".. Investors are concerned that recent management commentary from consumer facing companies suggests some signs of weakness . $COST  missed consensus US sales estimates for the month of February. $LULU , $NKE , and $ULTA  all recently issued disappointing forward guidance. Last month, $MCD  CFO called out a 'challenging consumer environment' while this week $DRI  missed on revs." [Kostin] Insider selling in the first quarter reached its highest level in over 3 years , with total insider sales nearing $25 billion, according to Smart Insider. India just reported record monthly imports of #silver A lot going in the world of #Gold #Gold miners and in Silver, just the beginning of higher vol in weeks and months to come China Gold-Buying Frenzy Sparks Chaos In ETFs | ZeroHedge IGWT Gold Compass | ingoldwetrust.report USD/JPY approaches the key 152.00 level with BoJ intervention looming ( fxstreet.com ) Hamas studies truce proposal six months into Gaza war ( msn.com ) Ukraine war live updates: Latest news on Russia and the war in Ukraine ( cnbc.com ) Persistent inflation may lead to interest rates of 8% or more, Jamie Dimon warns - MarketWatch Let's hope he is wrong, this would be some kind of Armageddon for many many buisinesses Jamie Dimon warns inflation, interest rates may remain elevated | Fox Business The Kobeissi Letter on X: "This is incredible: The US Federal debt is set to DOUBLE in just 8 years, rising from $20 trillion in 2017 to $40 trillion in 2025. Currently, US Federal debt is rising by a whopping $1 trillion every 100 days. To put this in perspective, if US debt hits $40 trillion in 2025… https://t.co/NKvt4m0O7Y " / X ( twitter.com ) Janet Yellen says tariffs are on the table to stop a 'China Shock' ( qz.com ) Trading house Vitol reports another bumper year of profit on higher gas trading volumes ( msn.com ) Tesla Goes to Trial Over Autopilot Crash That Killed Apple Engineer ( businessinsider.com ) No, Elon Musk is not our Henry Ford - by Ed Conway ( substack.com ) Billion-dollar money laundering case: Man who jumped off balcony gets 14 months' jail - CNA ( channelnewsasia.com ) BP expects rise in first-quarter upstream energy output | Reuters Inflation..., pushing folks to turn to stealing Cargo theft up 57% in 2023 vs. 2022, new CargoNet data shows ( cnbc.com ) In Photos: Total Solar Eclipse Dazzles Skywatchers Across North America ( forbes.com ) #XAGUSD could go a long way BRENT - looks like we are heading for 100bucks NASDAQ - all about US CPI and rates expectations for 2024 - down to 2now, do we go down to 1 cut ?

Our friends in America will be all watching later on! Week ahead : (NFP Friday still pretty strong all round), earnings season picking up in the U.S (banks mainly), ''signs'' of middle east tension easing, Yellen-China news to follow, U.S CPI and FOMC minutes pretty key on Wednesday, UST's had one of their worst weeks in 6months, all yields across board on highs YTD, GOLD, Silver making renewed pushed higher as we started the week China was a buyer of Gold for the 17th consecutive month even as prices soared to all-time highs >>> the rally in #XAUUSD is no a retail thing, retail implied allocations via ETF's remains very low, near bottom of range of last 10+ years, as price of gold breaks to new highs..big convergence that will sooner or later be looked at by mr market ME crisis, signs of progress ion truce talks , watch Brent for signs of tension cooling Yellen : “I have just concluded an extensive and productive two days of meetings in Guangzhou with Vice Premier He Lifeng of the People’s Republic of China . After significant discussion with my counterpart, I am pleased that we have agreed to launch two significant new initiatives that will advance the interests of American workers and firms and help protect U.S. national security Powell still expects Fed to lower rates this year as inflation follows a 'bumpy' path down to 2% - let's hear it int he minutes #USDJPY the BoJ is going to be tested by markets 152+ , do they walk the walk, or just keep on talking, a little hard to stop USDJPY from going up on talk talk, while UST yields go up EV price war intensifies as China car makers battle for market share, this will take EU inflation down further than in the U.S (diff trade policies), EV car deflation coming German industrial production increased for a second month, underpinning hopes the economy is turning around China PBOC Buys Gold for 17th Month as Prices Hit Record ( yahoo.com ) EV price war intensifies as China car makers battle for market share ( thedriven.io ) Ford delays next-gen EV offerings as it pushes further into hybrids ( yahoo.com ) Statement from Secretary of the Treasury Janet L. Yellen on Announcement of New U.S.-China Initiatives Following Meeting with Vice Premier He Lifeng of the People’s Republic of China | U.S. Department of the Treasury China says innovations, not subsidies, are powering EV edge as Yellen raises ‘overcapacity’ concerns ( msn.com ) Powell still expects Fed to lower rates this year as inflation follows a 'bumpy' path down to 2% ( yahoo.com ) Ukraine war: UN body urges restraint after Zaporizhzhia nuclear plant hit ( bbc.com ) UPDATE 1-Iran's Foreign Minister Continues Regional Tour With Syria ( msn.com ) Opinion | If A.I. Takes All Our Jobs, Will It Also Take Our Purpose? - The New York Times ( nytimes.com ) Don't buy eclipse glasses on Amazon, Temu, or eBay, experts say ( qz.com ) Is the Swiss-Tunisian migration partnership truly a ‘win-win' relationship?  - SWI swissinfo.ch Quite well The EU plot to ensnare Switzerland - spiked ( spiked-online.com ) Not again! Southwest Airlines Boeing 737 lost engine cover during takeoff, FAA investigating ( cnbc.com ) Japan's real wages fall for 23rd month in a row ( cnbc.com ) Swiss population grows at fastest rate since 1960s, spurred by Ukrainians - SWI swissinfo.ch #GOLD miners about to blow up (plenty of other ETF's - just an example) GBPCHF - setting up a decent move up!? Copper breaking up

Middle East crisis not going away, this geopolitics risk is probably way under-priced- big picture and one to think about (supply disruption, crude, energy etc) >>> you may get now regular friday question of 'who wants to hold risk into weekend' BLINKEN: "With regard to our policy in Gaza ... if we don’t see the changes that we need to see, there’ll be changes in our own policy." Fed Latest: Kashkari & Goolsbee floated possibility of no rate cuts in 2024 (2nd tier members for markets), markets were running out of steam, what really mattered after that was ME geopolitics , # Brent oil jumped over $90/bbl for 1st time since October as the conflict in the Middle East showed signs of escalating, #VIX, #ODTE crowd bought a lot of SPX puts, bonds bid, all within 10minutes, gradually, then suddenly, though for now equity have hardly move, noone should be surprised of a 5-10pct correction in some of the way overdone sectors (Techs, Ai, mag7, concentration of risk etc) Interview with Dr Thomas Hoenig was CEO of the Kansas City Fed , a voting member of the FOMC, and a Director of the FDIC - long but the guy was highly regarded -not a pretty picture Fed/U.S Treasury etc - well worth a listen - IMHO The world needs over 2x the current annual supply of several key minerals to meet global climate pledges by 2030:" MS. China dominates production of these minerals, presenting "a challenge to the United States as it seeks to meet its climate goals and de-risk from China Credit Suisse AT1: FINMA asks court not to show files to plaintiffs! Ford to delay all-electric SUV, truck to focus on offering hybrid vehicles across its line up by 2030 >> You can build 25 hybrids with the minerals that it takes to build 1 EV, " says Celebrity Motor Car Company owner Tom Maoli CME raises Gold margins by 6.8% & Silver margins by 11.8% T he Biden administration has faced accusations of double standards online after stating it does not support Taiwan's independence on the same day it announced Ukraine would join NATO SPX - time for a welcome correction - QQQ same and most of major indexes, together with a big rotation our of growthy stocks into enegry, quality, commods etc for Q2 Brent crude oil settles above $90 for first time since October ( gulfbusiness.com ) geopolitics and OPEC+ reaffirms supply cuts Israel to open aid routes to Gaza after Biden demands 'concrete steps' - BBC News Netanyahu threatens Iran, says Israel will defend itself - World - Dunya News Biden and Netanyahu call comes amid extreme mutual tensions and political pressure ( msn.com ) Credit Suisse AT1: FINMA asks court not to show files to plaintiffs - Antigua and Barbuda News ! this is quite a statement ! China’s Economy Is Bottoming. When Do Chinese Stocks and Commodities Become Buys? | InvestorPlace >>> back in January .. Joe Biden's administration just gave China 'the green light' to 'reunify' Taiwan ( msn.com ) https://twitter.com/michaelxpettis/status/1775809960636551651 .end of an era.. and not just talking about Janet :-) but china, trade relations, globalization, less foreign UST buying & the dreaded talks of de-dollarization.....in a word : most of it is inflationary, hence #highforlonger (not higher, just a higher plateau than many have been accustomed to last 15y ) in rates and inflation not heading back to 2% Michael Pettis on X: "1/4 According to French Finance Minister Bruno Le Maire, "Europe needs “re-balancing instruments” to better defend its economic interests and avoid being squeezed between US protectionism and Chinese interventionism." https://t.co/5z0QqgMYvi via @economics" / X ( twitter.com ) Politicians are great at coming with big headlines, sounds good, but how is what that matters, and they often fail to give any real solutions.. Copper Bulls Can See A Record Price Of $12,000/t ( forbes.com ) More on copper : Scott Willis on X: "Is the long awaited #copper shortage finally here? In the short term YES Contango = not enough copper today But what about the medium term? The answer...most definitely! Here are 10 charts to back it up🧵 https://t.co/8T6d3mdv96 " / X ( twitter.com ) Ford to delay all-electric SUV to focus on hybrid vehicles ( cnbc.com ) Adam Taggart on X: "I know I'm biased, but this interview with former Fed exec Thomas Hoenig may be the most important one I've yet done Essential viewing for Thoughtful Money viewers, IMO Hard truths from someone who's been "in the room" at the power center" / X ( twitter.com ) Joe Lewis: British billionaire and Spurs owner spared jail time after pleading guilty in US to insider trading ( msn.com ) Rescue teams in Taiwan searching for family feared trapped in rockslide following earthquake ( msn.com ) SPX - too high too fast - time for a welcome correction Brent crude

#GOLD put simply, imho, central banks are/have been increasing their allocation to physical #XAU and reducing their allocation to #UST (allocation that may increase still but wont be reduced/changed for many years to come) >>> nobody can freeze the physical gold you have at home (sanctions won't work..), short-term overbought now but who will dare shorting it ? Powell is desperately trying to justify a cut, putting aside any other macro reasoning, there is no specific economic reason for his views (can't hike as there is FAR too much debt..hiking would send markets into turmoil, and he is afraid the markets are beginning to notice !)... >>> The market is interpreting that the Fed is willing to accommodate higher inflation as it cuts rates, the markets wants to hear dovish speeches, ignore the rest #EURCHF #CHF weaker overall to continue - Swiss inflation much lower again, to 1.0% in March. The consensus was expecting a rebound to 1.3% driven by electricity and rents Fed governor Adriana Kugler's dovish comments that the #Fed  is still on track to cut rates this year, despite clear evidence that #inflation  is accelerating, (Powell thinking..) Lower interest rates don’t necessarily improve housing affordability , Dallas FED thinks differently.. The U.S Department of Energy has canceled its latest tender for crude oil for the replenishment of the strategic petroleum reserve after oil prices moved higher than the DoE is comfortable with >>> what were they thinking when crude was $70 for months...! Japan is ready to intervene in the currency market at any time should the yen weaken beyond its current range, given the extent of heightened warnings from key officials, according to the nation’s former currency chief >>> how ready?.. McKinsey will pay some of its employees to not work for nine months and look for another job - read that again Australia watchdog is pushing to flush out funds’ greenwashing, Vanguard misled green bond fund investors..was all clear to see years ago, just a marketing craze it was ‘Lavender’: The AI machine directing Israel’s bombing spree in Gaza JPMorgan cuts its price target on Tesla stock, now sees 32% downside , after delivery miss highlights growth concerns. Amazon cuts hundreds of jobs in cloud computing unit. APPL explores Robots as next big thing, after car project got nowhere.. Billionaire Steve Cohen said he expects that more businesses will move to a four-day work week , one of the reasons he’s made investments in golf GS is very bullish copper. They see it at $12k/t by 2025, a +50% upside from current levels. "Decarbonisation, EV & solar demand, AI driven electrification and power demand surge are driving more demand for copper in a tight supply backdrop" The Stock Market is in a bubble and the AI craze is getting out of hand warns SocGen Lower interest rates don’t necessarily improve housing affordability - Dallasfed.org >>> interesting timing to come out with this article ? Powell's speech Speech by Chair Powell on the economic outlook - Federal Reserve Board Fed’s Kugler expects inflation to slow further, result in rate cuts ‘this year’ - MarketWatch Central banks bolster gold reserves further in February, albeit at a slower pace | Post by Krishan Gopaul | Gold Focus blog | World Gold Council Bitcoin ETFs are not driving gold ETF outflows, says JPMorgan ( ft.com )  As for central banks, in some cases at least, demand for physical gold is driven by a hunger for assets that are not at risk of Western sanctions or the mercy of custodial arrangements that Western governments can control. Daily Chartbook on X: ""No more deep value equity investors left." - BofA Savita https://t.co/w8OqlyNOvr " / X ( twitter.com ) >>>> CONTRARIAN time coming !!! you know what to do Ex-finance official who warned of Japan's 2022 yen intervention sounds alarm - The Japan Times >>> got to walk the walk, if you really mean it, otherwise Mr Market won't care a bit, worse will challenge you BoJ US Cancels Latest Oil Reserve Refill Plan Amid High Prices ( yahoo.com ) Biden not such a good crude trader anymore! Michael Maloney on X: "The SILVER BREAKOUT with @TaviCosta, going live in a few mins here: https://t.co/HfeLt5iCZe " / X ( twitter.com ) if youwant tobe really bullish #XAG #XAGUSD Tesla bear says Elon Musk's EV maker will 'go bust,' stock worth $14 ( cnbc.com ) Oh dear, sounds a bit harsh ! and anyway.. Ouch JPMorgan cuts its price target on Tesla stock, now sees 32% downside, after delivery miss highlights growth concerns ( msn.com ) ‘Lavender’: The AI machine directing Israel’s bombing spree in Gaza ( 972mag.com ) Javier Milei pledges roadmap for UK to hand over Falklands ( msn.com ) Exclusive: Trump Media saved in 2022 by Russian-American under criminal investigation | Donald Trump | The Guardian Business Bankruptcies Jump as Slow Wave of Failure Speeds Up - Bloomberg McKinsey pays its employees to look for other jobs ( qz.com ) Amazon Web Services lays off several hundred tech, sales staff ( yahoo.com ) Intel and many others too lately Taiwan earthquake stopped TSMC chipmaking ( qz.com ) The weight loss drug Zepbound is officially in a shortage ( qz.com ) Australia Court Rules Vanguard Misled Bond Fund Investors With Greenwashing - Bloomberg Apple Exploring 'Mobile Robot' That 'Follows Users Around Their Homes' - MacRumors Generational Luck in the Housing Market - A Wealth of Common Sense Boomers had 70s inflation/20% mortgage rates Gen X had dot-com/GFC lost decade Millennials had the terrible post-GFC labor market Gen Z has expensive housing & expensive financing Every generation goes thru something Copper up and away EURCHF - up and away - GBPCHF, USDCHF etc