The Fed’s 2% inflation target is a source of growing liberal discontent. Jay Powell is staying hyper-focused on a numeric goal that originated 36 years ago in New Zealand — despite pushback from Democrats. U.S CPI day, big focus on rents as usual, which will split views! Budget : The White House expects the US economy to cool markedly in 2024 and inflation to remain stubbornly, if modestly, above the Federal Reserve’s target, debt to get up to $45 trn within 10years.. BoJ next week going to be a close call ! Russia sacks naval commander after humiliating Black Sea losse s. Putin fired Nikolai Evmenov and replaces him with commander of Northern Fleet following setbacks UBS forecasts headline Japanese wage adjustment of +4.3% in the upcoming Shunto , the annual spring wage negotiations.  Though this is not enough to sustain 2% inflation, UBS thinks that the BOJ is likely to end negative interest rates if Shunto wage growth just accelerates from last year GOLDMAN: “.. goods imports from China .. accounted for 11% of total US imports in 2023. The collapse in China’s producer prices has already driven the cost of these imports down by 3%, potentially contributing to disinflation in the US.” XPT : Automotive demand for platinum expected to hit seven-year high this year VIX on 16% = +/- 1pct move in SPX Markets : JPY and NIKKEI reacted a little, all about JGB's going to what looks like a pretty split BoJ next week. Eq markets, lots going on within Mag 7, laggers came back a bit last few days, Trump on #Meta had an impact on the day, U.S CPI up next, ''faites vos jeux, rien de va plus'' Biden’s Budget Sees More Modest Economic Growth, Inflation Above Target - Bloomberg Biden's 2025 budget calls for taxing the rich and corporations ( cnbc.com ) BOJ chief Ueda slightly tones down optimism on economy ( msn.com ) UK Gilts: market seems happy with Budget as demand picks up at bond auctions – The Armchair Trader Inflation expected to remain elevated amid higher gas prices, sticky core services ( yahoo.com ) The Fed’s 2% inflation target is a source of growing liberal discontent ( yahoo.com ) Yahoo Finance on X: "Everybody thinks the Fed should cut, but we don't, BMO Capital Markets investment strategist @briangbelski tells Yahoo Finance: https://t.co/P18J9uaf04 " / X ( twitter.com ) as discussed with some of you during last few weeks, this is the risk for 2024, that rate cuts get pushed out towards 2025, and 3-4cuts already priced in anyway Russia sacks naval commander after humiliating Black Sea losses Ukraine Destroys Russia's New High-Tech Radar Jammer With US-Made HIMARS ( newsweek.com ) Automotive demand for platinum expected to hit seven-year high this year ( miningweekly.com ) Nvidia sell off not indicative of an AI bubble, Dan Ives says ( msn.com ) U.S. curbs on China to rise, with 'decoupling' in full force, expert warns ( cnbc.com ) Otavio (Tavi) Costa on X: "The recent surge in gold prices, despite a lack of corresponding growth in assets managed by related ETFs, suggests that central banks' purchases have likely been the primary catalyst for the rally.   Keep in mind: Although there's been a record pace of metal accumulation,… https://t.co/nSUiyPdOUH " / X ( twitter.com ) ‘Absolute bloodbath’ at RNC as new leadership loyal to Trump purges staff | Donald Trump | The Guardian Swiss minister: India free trade deal offers competitive edge 'for many years' - SWI swissinfo.ch Chinese equities - Pictet Asset Management ( am.pictet ) Yups! XAGUSD - one of the most amazing perhaps boring chart, beware of boring, one day it wakes up - inflation week can create vol - if GOLD continue you'd think Silver could have a decent catch up at some point - $25.50 or so + on a decent weekly/monthly close is what the bulls are looking for DAX - even the bulls would/should welcome a correction, stretched momentum levels etc

Week ahead : Tuesday : Japan PPI, UK Labour Market report, US NFIB Small Business Optimism Index, US CPI. Wednesday : UK GDP, UK Industrial Production, Eurozone Industrial Production. Thursday : US PPI, US Retail Sales, US Jobless Claims, New Zealand Manufacturing PMI. Friday : US Industrial Production, US University of Michigan Consumer Sentiment Survey, PBoC MLF. Saudi Aramco sees global oil demand up 1.5m b/d in 202 4 (largely around consensus, but higher than the IEA own forecast of 1.2m b/d). Aramco CEO calls consumption growth "robust" and describes the oil market as "heathy" EURJPY - been in a great trend up since Q2 2022 - room for a decent correction on ECB cutting earlier (April?, probably too early but June) and BoJ moving in March RFK Jr.: How I See The State Of Our Union - 9mins video - worth listening Nvidia is sued by authors over AI use of copyrighted works ISM manufacturing weaker numbers mask an upbeat trend Meta’s ‘consent or pay’ data grab in Europe faces new complaints >>> "If Meta’s latest consent coercion fails, it could — finally — be forced to reform its surveillance  business model Data centre developers are seeking connections to the gas grid which could use three times as much power as all existing facilities in Ireland, in a bid to get around the existing moratorium on electricity grid connections in Dublin! Not a layoff! THIS tech giant is asking employees to resign voluntarily ; calls it 'Resource Action' Portugal votes as far right seeks kingmaker role Markets : NVDA story, what happened last week/Thread, during Asian session, the 3rd largest company just went from being down 6% to up 3% and now back down 2% in 5 hou rs, this is not 'normal' USD on back foot still, yields down, ahead of inflation data this week, USDJPY to stay offered ahead of BoJ meeting next week . We take note of NVDA price action, 'a' confirmation that market valuations are stretched no matter how you slice it, QQQ 18K+ and SPX500 5100-3200 should be pretty touch to sustain, DAX 18K+ all big markers, USDollar all about Reals, U.S CPI key. War in Ukraine: The $1 Trillion Race to Rebuild Is Getting Going - Bloomberg M&S Chair Archie Norman Slams Bank of England’s Rate Hikes to Curb UK Inflation - Bloomberg Morning Bid: Accentuating the positive at the BOJ ( msn.com ) Better Artificial Intelligence (AI) Stock: Nvidia vs. Microsoft ( yahoo.com ) Nvidia is sued by authors over AI use of copyrighted works ( msn.com ) Pfizer is betting big on cancer drugs after Covid decline ( cnbc.com ) Can Bayer recover from its chronic pain? ( economist.com ) Jim Bianco on X: "1/9 This week's story might be Nvidia ($NVDA) and what happens after Friday's massive reversal.  See the big red candle on Friday. 🧵 https://t.co/5aVqKl5agl " / X ( twitter.com ) Meta’s ‘consent or pay’ data grab in Europe faces new complaints | TechCrunch The AI arms race between the US and China is heating up ( yahoo.com ) Not a layoff! THIS tech giant is asking employees to resign voluntarily; calls it 'Resource Action' ( msn.com ) The Banks: “Unrealized Losses” in Q4, Securities Held by Banks, Bank Failures, and the Dropping Bank Count | Wolf Street SuperMacro on X: "ISM manufacturing weaker numbers mask an upbeat trend Last Friday’s ISM manufacturing report was a huge disappointment, with the index sliding 1.3 points to 47.8 as four of its five component indices declined – the New Orders index fell 3.3 points to 49.2, Production fell 2 to… https://t.co/Mzo6vf6oaA " / X ( twitter.com ) Philipp Heimberger on X: "A journey through the Panama canal https://t.co/6ZgfsHNRUQ " / X ( twitter.com ) Very cool video Pivotal events in Middle East and U.S. could propel gold prices even higher - WGC | Kitco News Gold prices hit a record high as investors fear inflation, interest rates ( qz.com ) Switzerland's parliament urges debate on confiscating Russian state assets - SWI swissinfo.ch India signs a trade accord with 4 European nations for $100 billion investment over 15 years ( qz.com ) Ireland : Cabinet row sparked by surge in data centre gas requests | Business Post Paris has hiked parking charges on SUVs. Now cities like London are taking note ( cnbc.com ) Labour hires Mark Carney to help unlock billions for spending plans ( telegraph.co.uk ) Portugal votes as far right seeks kingmaker role ( msn.com ) Trump denies Carroll's claims after posting $91.6 million bond ( cnbc.com ) and 'do you have a spare 20bucks ?.. https://twitter.com/RpsAgainstTrump/status/1766581774006579478 RFK Jr.: How I See The State Of Our Union ( youtube.com ) NVDA - heading back to trend ? whatever the reason, definitely a big turnaround, engulfing bearish candle etc ect etc EURJPY - been in a great trend up since Q2 2022 - room for a decent correction on ECB cutting earlier (April?, probably too early but June) and BoJ moving in March

Lagarde seems to say they didn't talk rate cuts, bet you they did ! June cut coming. This morning ECB's Rehn already saying ''risks of premature rate cut have substantially decreased - will review natter of rate cuts in April and June' ! >>> having said this, Mr Market is already there! with 95bps of cuts priced in for 2024 Powell , FED will be patient and cut soon, summer time, data dependent, "not far" from where it needs to be for the central bank to start cutting interest rates A rather surprising fact from the Fed's flow of funds/Thread >>> no term premium to speak of , yet anyway, 2s10s curve -41 is quite the opposite, pushing risk assets higher, as Reals headed lower BIG positive from UK budget, is the focus on GDP per head ! that is the only thing that really matters to anyone - other countries shoudl follow and focus minds! Japan's unions demand biggest pay raises in 31 years. Higher wages could prompt the BOJ to starting hiking interest rates >>> a surprise from BoJ in March should not be a surprise anymore - seems their quiet interventions near 150-151 working well.. 0dte volume was near a record high yesterday , accounting for over 54% of the total transactions for SPX options, seems every at it ! GOLD focus clearly, XAG, XPT will eventually break-up and catchup, Copper, Zinc 5week highs too, techs looking interesting Markets : Global markets love a bit of 'interest rate cuts are not far', but all but priced in already.. Under surface stealth moves: equal weight and small caps have outperformed S&P 500 over past month. Semis, NVDA powering ahead still (momentum trades are fun, but prepare(know your exit strategy, just in case) Powell says Fed is 'not far' from the point of cutting interest rates ( cnbc.com ) Powell: ‘There will be bank failures’ caused by commercial real estate losses | The Hill Big banks are getting what they want from Washington ( yahoo.com ) Christine Lagarde signals June rate cut as ECB lowers inflation forecast ( ft.com ) CNN Poll: More than 6 in 10 SOTU viewers had a positive reaction to Biden’s speech ( msn.com ) Opinion: Biden gave the speech of his life ( yahoo.com ) Japan's unions demand biggest pay raises in 31 years - Nikkei Asia China doubles down on manufacturing, leaving real estate behind ( cnbc.com ) METALS-Copper, zinc hit 5-week highs on China trade data, smelter cut | Nasdaq UK The Debt Management Office Gilts Sales Matter More Than The Spring Budget | Saxo Group ( home.saxo ) Investing with options - Gold optionality | Saxo Group ( home.saxo ) FX Tech update Technical analysis usdjpy eurjpy audjpy gbpjpy chfjpy | Saxo Group ( home.saxo ) Triple Net Investor on X: "Barry Sternlicht just gave his views about where the troubles are in real estate Here's what he had to say: "Americans are not back to work, and that's causing significant stress on the office markets... Offices are full in Europe, and they're full in Asia, and they're… https://t.co/CoDdoLcKtl " / X ( twitter.com ) Gold’s shock rally has analysts grasping for explanations | Kitco News Contrary to previous run-ups last few years on some sort of event-risk, this time Central Banks, China been accumulating XAU for over a year... China's Gold-Buying Spree Continues: 16-Month Streak Challenges US Dollar Dominance ( msn.com ) A lot talked about miners lagging big time vs XAU prices SentimenTrader on X: "Gold mining stocks are showing some signs of life. The % of miners with a rising 200-day moving average has cycled from fewer than 5% to more than 20%. The other times the stocks cycled like this, miners showed gains over the next 2-3 months every time but once, in 1997, which… https://t.co/UH0V5jRhRH " / X ( twitter.com ) Japanese household spending logs biggest drop in 35 months in January - Nikkei Asia Brad Setser on X: "A rather surprising fact from the Fed's flow of funds: Foreign demand for long-term US Treasuries (just over $450b) exceed the Treasury's net issuance of l-term Treasuries (just over $400b). That hasn't been the case for a long-time. & it wasn't the expectation for 23 1/ https://t.co/9oJhwupeoF " / X ( twitter.com ) UK Spring Budget and investors: what the experts said – The Armchair Trader Glencore on X: "Ahead of #GlobalRecyclingDay, learn more about how we recover copper from end-of-life electronics and batteries as we turn what would otherwise be waste, into a valuable resource. Discover more behind the scenes of our #GlencoreRecyling operations here:" / X ( twitter.com ) Sergio Ermotti - CEO of UBS | In Good Company | Podcast | Norges Bank Investment Management - YouTube Most Valuable Bank Brands: UBS Moves Up in Rankings ( finews.asia ) Novo Nordisk beats Tesla's market cap after new weight loss drug trial ( qz.com ) Google and Meta are making billions on Temu's U.S. push ( qz.com ) Google opens first Asia-Pacific cyberdefense hub in Japan ( qz.com ) COPPER

ECB meeting, will Lagarde prepare markets for a June move ? Bank of Japan (BOJ) board member Junko Nakagawa said the economy was making steady progress towards achieving the central bank's 2% inflation target and signalled conviction that conditions for phasing out its massive stimulus were falling into place Bank of Japan now owns nearly 60% of the entire Japanese government bonds.. Wang Yi says U.S. sanctions on China have reached 'bewildering absurdity'. Foreign minister hails Russia ties in closely watched news conference U.S. Households are now spending a record $573.4 billion on non-mortgage interest payments which for the first time in history is roughly the same as mortgage interest payments Egypt Central Bank raise rates by 6% to near 28%, and let currency 'float', weakened sharpy to 50 pounds to the $ S everal undersea communications cables in the Red Sea have been cut, affecting 25% of data traffic flowing between Asia and Europe Tesla: Morgan Stanley cuts EV-maker price target, warns this could be the year Tesla loses money Gold is flying but miners are left in the dirt (for now?) .Cheap targets abound, with some juniors reaching point where investment needs of projects look overwhelming. Platinum market expected to see a deficit of 418K, after a record deficit of 878 in 2023 - WPIC Bullish Bets on U.S. Tech Stocks are at 3-year highs according to Citi Markets : U.S ADP was 140K and JOLTS ( slightly weaker than exp), Powell data dependent, patience, rate cut coming, sticky inflation (higher base at 3+ ?)..markets not really diverge from expectations of about 3x cuts in 2024. ECB unch clearly, Lagarde could well give a nod that a cut is coming in June. USDJPY - it could get nasty if we get a decent BoJ move, particularly with slightly softer US data right now, NFP tom ! Technical analysis gold pointing to 2400 silver to 26 | Saxo Group ( home.saxo ) Summary:  Gold has resumed uptrend after taking out key resistance levels. The precious metal seems to be pausing gathering strength for next bullish move that is likely to push Gold higher. Indicators are suggesting levels of 2,300-2,400 Despite having established an uptrend Silver is lagging Gold. Strong resistance at 26 likely to be tested, however, but can it also break it? BOJ policymaker signals conviction over price goal as stimulus exit looms | Reuters Japan's major union wins big pay hikes for some members, talks continue ( msn.com ) How Jay Powell Has Survived Washington - POLITICO Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion ( msn.com ) Liz Ann Sonders on X: "Worth keeping an eye on employment components in ISM Manufacturing (blue) and Services (orange) PMIs … both are softening and in contraction as of February https://t.co/fKp1hUhbn6 " / X ( twitter.com ) Barchart on X: "Ratio of gold stocks to gold just fell to 0.1 for only the 3rd time in 50 years 👀 https://t.co/nwBh2qwtSg " / X ( twitter.com ) What the gold rally means for investors ( cnbc.com ) Gold is flying but miners are left in the dirt Platinum market expected to see a deficit of 418K, after a record deficit of 878 in 2023 - WPIC | Kitco News Wang Yi says U.S. sanctions on China have reached 'bewildering absurdity' - Nikkei Asia US Senate bill targeting China's BGI, WuXi AppTec moves forward | Reuters China Export Growth Jumps as Nation Looks to Bolster Demand - Bloomberg CNBC's Fast Money on X: ""Everything about these companies says 'buy, buy, buy...'" @TimSeymour reacts to $JD's big earnings beat and $3B buyback plan $BABA $PDD $KWEB https://t.co/oNRXzc7ypF " / X ( twitter.com ) Stellantis to invest $6 billion in Brazil to make hybrid cars ( qz.com ) Houthi Attack on Ship Off Yemen Kills Three ( msn.com ) Red Sea data cables cut, telecoms firm says ( msn.com ) Hunt redefines ‘levelling up’ with focus on Cambridge, Canary Wharf and Surrey | Budget 2024 (spring) | The Guardian The dream of a prosperous life is crumbling visibly for the Swiss - Blick Switzerland is one of the richest countries in the world, and those who work there are expected to enjoy a prosperous life. At least, in theory. In practice, this myth has been shattered over the years. Today, many are suffering financially. Europe kicked out Vladimir Putin’s spies. Now they’re back ( ft.com ) Africa’s Lost Decade: Economic Pain Underlies sub-Saharan Coups - Bloomberg Morgan Stanley cuts Tesla's price target, warns this could be the year Tesla loses money ( yahoo.com ) Apple gets squeezed by antitrust regulators on both sides of the Atlantic ( yahoo.com ) USDJPY - it could get nasty if we get a decent BoJ move, particularly with slightly softer US data right now, NFP tom ! EU50 stocks - good ride since Jan - slower momentum - never hurts to take some P

On to you Jerome Powell - the world is listening >>> The Fed's Killer B's (Bowman, Bostic, Barkin) are all voters who have basically said they are really in no rush to cut rates. Bostic introduced the idea of "pent up exuberance" upside risk today which suggests he's probably on hold for longer as well. Waller's most recent speech was "What's the Rush?" USDJPY hasn't been able to move 150-151+ over the last month -- Some BoJ attendees likely to say that lifting negative rates would be reasonable in March – Jiji >>> against this, mr markets see a very decent carry, JPY to become a bit more volatile over next few months, less one way traffic Apolllo : The vacancy rate for US office is approaching 20% . And this is in a strong economy with a strong labor market. If the unemployment rate starts rising because of the lagged effects of Fed hikes, the office vacancy rate will increase even more GOLD : when into a new cycle (which it looks to be be now), it will take all other metals with it eventually, XAG, XPT, copper etc etc One question is obsessing Tokyo’s financial markets: When will the BOJ exit negative rates? Japan's biggest bank is positioning itself for a liftoff this month Martin Wolf: “China needs a new macroeconomic strategy . This is not about another ‘stimulus’. It is about changing the distribution of income and spending. The leadership does not want to do this. But events will force its hand in the end.” BTC hit new all time highs, followed by a near 10% drop ''biggest bearish engulfing candle ever seen' one can read in many places PBOC head Pan Gongsheng: China has enough room for monetary policies, especially for RRR cuts UBS chief Sergio Ermotti hits out at Europe’s ‘parochial’ view of bank s. Regulations stopping lenders growing allows US rivals to dominate, says CEO overseeing Credit Suisse takeover Markets : Mag 7 momentum loss (3 of them quite negative stories, AAPL 4mos lows, NVDA still rocking though), USDJPY didn't like 150-151+ once again (March is a time for a BoJ tweak, if ever), main Eq indices ever so slightly off, after such a huge rally, it should be no surprise if we got a 5% correction say. Gold 'entering' a new phase, other metals to follow eventually - plenty of calls now in this direction, all about real rates! US services sector slows in February; inflation moderating ( msn.com ) Althea Spinozzi on X: "🇺🇸QT tapering is coming faster than most expect. If the $60b UST QT cap is not reduced, the Fed will runoff $170b bills in the next 12 months, biting on mkt liquidity. Waller may be looking to a reverse “operation twist” which will benefit ST UST More👉 https://t.co/nLZGape2LL " / X ( twitter.com ) What to watch with Fed Chair Powell heading to Capitol Hill Wednesday ( cnbc.com ) Japan’s MUFG (8306 JP) Preps Its Trading Strategy for the End of Negative Rates - Bloomberg Kitco NEWS on X: "Commodities at a Turning Point: Anticipating a Breakout - Tavi Costa https://t.co/A5Ik1cY6n6 https://t.co/147fGKrBRZ " / X ( twitter.com ) these guys are always bullish metals, but still, few good points there !? This probably more important CrossBorder Capital on X: "This is important👇👇👇Break coincides with rising term premia on US Treasuries" / X ( twitter.com ) Yahoo Finance on X: "“We think the Mag Seven is going to become the Lag Seven as they’re going to end up consolidating in here,” Piper Sandler’s Craig Johnson says. “You’re starting to see that happen with Apple consolidating and … we’re going to start to see a broadening out in this market.” https://t.co/j3fAIMjzzS " / X ( twitter.com ) Michael Pettis on X: "Martin Wolf: “China needs a new macroeconomic strategy. This is not about another ‘stimulus’. It is about changing the distribution of income and spending. The leadership does not want to do this. But events will force its hand in the end.” https://t.co/DODnbK8G5z via @ft" / X ( twitter.com ) Craig Shapiro on X: "The Fed's Killer B's (Bowman, Bostic, Barkin) are all voters who have basically said they are really in no rush to cut rates. Bostic introduced the idea of "pent up exuberance" upside risk today which suggests he's probably on hold for longer as well. Waller's most recent…" / X ( twitter.com ) Britain Isn’t Such a Basket Case Anymore, at Least to Investors - BNN Bloomberg A lot of work to be done !! ‘It’s like buying an iPhone and not having a cable’: UK’s bid for net zero in the balance due to grid ‘blind spot’ | Energy industry | The Guardian >>> f rom next year, engineers will need to roll out more than 100km (62 miles) of electric cabling every day until 2040 if the government hopes to power the UK towards its climate goals, according to new data. City braces for Hunt’s budget with 2p national insurance cut expected – business live ( theguardian.com ) Emmanuel Macron on X: "Who initiated the war in Ukraine? Who is threatening with nuclear weapons? Let's be clear about what is happening in Europe. https://t.co/L3tjx6hBXz " / X ( twitter.com ) Biden v Trump round two: How we ended up with the presidential race that no one wants | ITV News The hidden Trump and Biden vulnerabilities in their big Super Tuesday wins - POLITICO UBS chief Sergio Ermotti hits out at Europe’s ‘parochial’ view of banks ( ft.com ) DAX - near 20% rally within 4months may need to take a healthy breather

SPX500 run : ''once in a life time spectacular run last 3 to 4months '', unless we go back pre mid 60's. HSI down 2% in response to China's annual National People's Congress, muted reaction to the 5% GDP target. Powell's testimony key (will probably want more good news on inflation, patience required?) and US job report later on, with UK budget and ECB meeting in between >>> Often talked about Mag 7 has been more like Mag 4 YTD (less TSLA, GOOGLE and APPL ) and a lot of GOLD 'break up' calls now... (XAG and XPT should be in there soon too) "Chinese local governments are pivoting from a reliance on property investment to developing hubs for cutting-edge industries after more than half of the Chinese mainland’s provincial-level regions missed their GDP targets for 2023." >>> local rates/yields 10y lows (3pct deficit target same as 2023, over 7% on defense, planning to export more stuff, which the RoW might not want or need..) TCJA“.. the evidence is in, and the Tax Cut and job acts looks set to be remembered as an outstanding fiscal disaster. By 2027, it will have cost almost $2 trillion, while failing to deliver the promised benefits.” France pushes EU for financing plan to drive Defense Spending >>>> EU defense, war bonds are coming very soon, only a question of time and size EQT said on Monday it would curtail nearly 1 billion cubic feet (bcf) per day of natural gas production starting late February due to the current low price environment A Greenland start-up is being accused of doing titanic damage to the environment by shipping ice from glaciers over 100,000 years old to be used in cocktails served at high-priced bars in Dubai Harvard endowment's liquidities/Ackman's thread BlackRock spot Bitcoin ETF reaches over $10 billion in AUM Everyone seems to be running out of reasons to be negative — even well-known worrier Nouriel Roubini Ships entering Yemeni waters must obtain permit, Houthi minister says U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion. “Little wonder ‘debt debasement’ trades closing in on all-time highs'' France Pushes EU for Financing Plan to Drive Defense Spending - Bloomberg China sets GDP target of 'around 5%' for 2024 ( cnbc.com ) US construction spending unexpectedly falls in January | Reuters Michael Pettis on X: "1/7 By posing local-government investment in manufacturing as the alternative to property investment, this article suggests the problem: neither form of investment is about economic sustainability, and both forms are about achieving politically determined GDP growth targets." / X ( twitter.com ) America's Big Tax Cut Wasted Almost $2 Trillion - Bloomberg The U.S. national debt is rising by $1 trillion about every 100 days ( cnbc.com ) Apple just announced the M3 MacBook Air — how to preorder now ( yahoo.com ) shareholders not impressed --- Apple China iPhone sales plunge 24% as Huawei's popularity surges ( msn.com ) Amazon, Nvidia and Stock Market Records: Where Next for the S&P 500? - Bloomberg It usually takes a while between increase of insider selling and 'peak markets' - but insider selling sure is quite prominent these days, Bezos $8.5bn, Waltons $11bn+, Zuckerger, Dimon, and many others Bill Ackman on X: "The substantial majority of the @Harvard endowment is invested in illiquid assets, principally private equity, real estate, and venture capital. Not reflected on the balance sheet are commitments to new funds of the same type. Like most endowments, @Harvard models expectations…" / X ( twitter.com ) Even the Uber-Bear Nouriel Roubini Is Upbeat (But He's Still Worried) - Bloomberg BlackRock spot Bitcoin ETF reaches over $10 billion in AUM - Crypto Briefing Ships entering Yemeni waters must obtain permit, Houthi minister says | Reuters Germany accuses Russia of waging an ‘information war’ after alleged military leak | Germany | The Guardian Startup shipping Arctic ice to Dubai bars from Greenland ( nypost.com ) Is this really necessary... Alef Aeronautics, SpaceX-backed flying car startup, touts pre-orders ( qz.com ) Star dune: Scientists solve mystery behind Earth's largest desert sands - BBC News Ex-Trump Org CFO Allen Weisselberg to plead guilty to perjury ( cnbc.com ) A majority for the 13th AHV pension: The SVP betrayed by its own electorate ( blick.ch ) Zurich voters approve extension of runways at airport - SWI swissinfo.ch PLAT-XPT - cost of production around $800-900..

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

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

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

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

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

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