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

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

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

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

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

China ''considers'' issuing at least 1 tn yuan of additional sovereign debt for infrastructure spending to boost economic growth, which would raise budget deficit well above 3% cap, pretty big if/when confirmed FED'S Logan : higher yields may mean less need to raise rates, that's a turn in wording at least... meaning, risk premium or 'term premia' is doing the job for them..similar to Golsbee, Bostic, Daly last week, so the message seems quite clear (supply issues always remain in the background though) >>> Two Federal Reserve officials have suggested that the central bank may leave interest rates unchanged at its next meeting in three weeks From a US government spending perspective, it is astonishing to think that the huge government spending currently, is with a defense expenditure that has remained near historical lows! (chart available) Bank of America's blunder on interest rates left it with a lopsided portfolio of long-dated bonds and almost $110 billion in paper losses >>> and that's ok ? Metro Bank rescue deal - imposes 40% haircut on their Thier2 bonds due 2028 China’s rich entrust total strangers to sneak cash out of the Country . Professional wealth advisers connect clients to remittance firms that rely on customer trust—and sometimes criminal cash-BBG The average U.S interest rate on US credit card balances has moved up to 21.2% . With data going back to 1994, that's the highest rate ever. 30y U.S. Mortgage Rates jump to 8.09% , the highest level in more than 23 years IMF lowers global growth for 2024 to 2.9% (from 3%) and raises global CPI to 5.8% (from 5.2% in July), warns of inflation's tenacity Rishi Sunak, who last week committed to building dozens of new transport projects across the country, now tells the BBC that they were merely a "range of illustrative projects that could be funded..." Markets : WTI chart below - large spec liquidation last week, and back on trend higher SPX500 4200 200dma remain the key for Q4 , U.S CPI up next, earnings season soon and geopolitics into the mix. Equity markets will like a softer usdollar and enough CTA short positioning out there to squeeze higher from here, big picture Dutch TTF gas ending the day up 15% at €44/MWh as competition for supply heats up again UST's reacting to FED talks, possible switch, 10's UST yields down about 20bps since Friday post NFP levels... huge supply this week though coming USDollar has been overbought >> watch out FED switch and China stimulus >>> could force decent unwinding of long $$$'s out there, watch price action!! IF U.S CPI come in as expected or mild(er) we could well be onto some sort of a mini turn 2 Federal Reserve officials say spike in bond yields may allow central bank to leave rates alone (qz.com) Fed's Philip Jefferson, Lorie Logan Are Wary of Surge in Bond Yields - Bloomberg China Mulls New Stimulus, Higher Deficit to Meet Growth Goal - Bloomberg Israel-Gaza Conflict What it means for financial markets | Saxo Group (home.saxo) 8mins from Steen & Co Israel-Hamas War Latest: Over 1,100 Dead, Oil Price Soars - Bloomberg Nick Timiraos on X: "Logan’s speech is worth reading: the “why” of this recent bond selloff matters importantly for the Fed. If this is about the market expecting a higher policy path, that wouldn’t necessarily change the path. But higher term premiums “have a different implication altogether.” https://t.co/CBIJj3Ag6O" / X (twitter.com) Financial conditions and the monetary policy outlook - Dallasfed.org (1) Bloomberg Markets on X: "Bank of America's blunder on interest rates left it with a lopsided portfolio of long-dated bonds and almost $110 billion in paper losses https://t.co/YNbPOxATk8" / X (twitter.com) Reality vs the ''don't worry things are fine and rates are going lower again'' Metro Bank agrees rescue deal with investors | Metro Bank | The Guardian Was läuft bei Lindt&Sprüngli? - Inside Paradeplatz Joe Weisenthal on X: "This is a great read on how wealthy Chinese people smuggle their cash out of the country. Among other great details in here, some private bankers in Europe, as a free service, will introduce clients to underground remittance operators. https://t.co/v3dniWgPbp https://t.co/K0h4lhuvdM" / X (twitter.com) FTX Founder's Trial: The Insiders Are Talking (finews.asia) EURUSD - been on trend lower since mid July - 1.0625+ and few things could change. AUUSD been trying to form a base too latel 0.6300-.64 area, China news may well help a squeeze higher too SPX500 WTI crude

Shocking news over the weekend - BBG-For the oil market, it's not October 1973 again -- but oil prices are still likely to rise (they just went down 10%..) particularly if Israel concludes that Hamas acted on instructions of Tehran and attacks Iran, if confirmed it could snowball into a bigger conflict in the ME which will keep oil prices buoyant for a while. Some claims, it is one of the biggest intelligence failure in Israel history.... U.S Equity markets off about 0.5% on the 'weekend futures', local markets in Israel down sharply though, note USDILS been bid (like all usd) for a while mind .. Amazon is hiring 250,000 employees for the holiday s, and making its largest ever annual investment in U.S. hourly wages Levi Strauss cut its full-year sales forecast , citing weak sales of its denim at department stores and big-box retailers, folks struggling to even buy jeans? U.S Credit card debt exploded by $14.68 billion last month >> end of cycles, when savings are drained and folks take out new credit cards.. The autumn bond rout is challenging Wall Street’s longstanding belief that the U.S. government can’t sell too many Treasurys... huge supply this week! The People's Bank of China released its September gold reserve data today. In September, PBOC purchased 840,000 oz of gold, increasing its holdings for the 11th consecutive month, with a current gold reserve of 70.46 million oz The U.S. Dollar was used for 46% of all international payment transactions in July, a RECORD high. But we were told...BRICS? Markets >>> U.S payrolls still very strong (U.S claims the tell..and JOLTS), average earnings up slightly , which markets loved on Friday, next up U.S. CPI and geopolitics in Middle East , depending on how's involved, Crude could rally strongly over few months, just as it came off 10pct last week.. and given SPR empty, that's strategically not particularly clever! TLT closed at its lowest price in more than 16years last week, approaching the lowest price since inception in 2002. The longest duration bond ETF ($ZROZ) is down over 60% from its peak in 2020 and now has a negative return over the last 10 years A few bullets on Friday's sell low, chase high agony: 1. CTA positioning: Currently SHORT -$40B on SPX, the most significant short in the model's history. 2. HFs have increased their short positions. US notional short exposure is around the 80th percentile since early 2018. 3. Rate volatility decreased...chart shows MOVE inv vs SPX. 4. Employment report was not as strong as headlines suggested. Wage growth was softer, and unemployment remained consistent in the household report. (GS) Nick Timiraos on X: "Average hourly earnings in Sept posted its mildest monthly increase since Feb 2022 and its smallest year-over-year gain since June 2021 The index of aggregate weekly payrolls for private-sector workers, which combines hiring, wages, and hours, ticked down in September https://t.co/b5LxxyoLjL" / X (twitter.com) Saudi Arabia, Qatar, Iran say Israel has only itself to blame for Hamas attacks | The Hill Biden, Macron others voice support for Israel after Hamas attack (cnbc.com) Israel-Gaza latest: US Navy ships and planes to move closer to Israel; 'at least 700' Israelis killed; '800 Hamas targets' struck in Gaza | World News | Sky News All had to refresh our memories 1973 oil crisis - Wikipedia no idea whether this is similar or not, everyone will have a view.. Gold Trends on X: "Exactly 60 years ago, the Yom Kippur War of 1973 (October 6 to October 25) started. In the next 7 years Crude went from $5 to 50 Interest Rates from 6.5 to 18 Gold from 42.22 to 875 Stocks lost almost 50% the following 52 weeks but ended about even after 7 years https://t.co/TowQRXC7Q5" / X (twitter.com) Wall Street Isn’t Sure It Can Handle All of Washington’s Bonds - WSJ Amazon is hiring 250,000 seasonal employees for the holidays in the U.S. (aboutamazon.com) Levi Strauss cuts full-year sales forecast again, as inflation takes a toll (msn.com)

Solar industry warns of hurdles to EU’s green tech drive : ‘Europe isn’t profitable’ Europe’s bid to expand its green tech industry faces a host of challenges, including high energy costs and supply chain issues, solar industry representatives gathered in Madrid warned on Thursday IMF chief Georgieva: soft landing possible, but fiscal, debt risks abound U.S yield curve 'un-inverting', textbook recession behaviour ? hence why the FED would appear to have 'leaked' a pause in Nov, due to 'financial conditions tightening'.. quite possible! employment data which remains key for Powell JOLTS were much stronger, ADP a little softer in mid week, now time for NFP : payrolls expected to fall to 150K from 187K, U rate expected to hold at 3.8%. Average hourly earnings forecast to rise 0.3% MoM and 4.1% YoY, from 0.2% and 4.3% respectively EV maker Rivian plans $1.5 bln convertible bond sale Australia concludes China decoupling ‘impossible’ after carrying out series of classified studies Developed nations pledge $9.3 billion to global climate fund at gathering in Germany Alibaba accused of ‘possible espionage’ at European hub The 30-Year Mortgage Rate in the US has moved up to 7.49% , the highest level since December 2000. U.S. Bank losses on held-to-maturity assets have soared to an all-time high of $400 Billion. US small banks’ credit card delinquency rates hit a multi-decade high Markets : GOLD most oversold since 2015 /Thread UST 10's just above 4.7% ahead of NFP, bonds oversold, but.. long-term yields could drop towards 4.4/4.5% and the long-term picture wouldn't change technically, and with supply coming it's hard to think of much more of a correction than this, Yellen going on a UST selling spree in a holiday shortened 3 day window next week.. total of nearly $550bn in gross issuance (bills and bonds) with $85bn of net issuance of which $61bn comes from 3s/10s/30s USDollar similar, overbought slightly, as bonds and equity got a little oversold too, one NFP data is quite irrelevant, but decent swing possible in short-term sentiment SPX500 200dma key for 'medium-term' direction into Q4, so far so good, we held this week! yet underneath it has been pretty terrible for rates sensitive stocks, take #BAC and #Citi stocks hitting 1y lows Crude steadying $82 area after a huge liquidation of leveraged CTA/Spec positions, though long-term no real evidence of weak aggregate demand for crude, so soon a buy again.. bar a nasty recession call of course #HYG also had its largest 10day sell.-off since banking crisis in March 2023, when 10's UST yields reached 4% Solar industry warns of hurdles to EU’s green tech drive: ‘Europe isn’t profitable’ - The Globe and Mail IMF chief Georgieva: soft landing possible, but fiscal, debt risks abound - CNBC Africa JPMorgan’s Cash-Hoarding Bond Manager Sees 6% Yield Within Reach (yahoo.com) Russia, Saudi Arabia Can't Monopolize the Oil Story - Bloomberg jeroen blokland on X: "If you are focused only on the reason why the US #yieldcurve is 'uninverting' (short end vs. long end), you are missing the critical point of what is already a small sample size: The yield curve inverted only in the run-up to a #recession!" / X (twitter.com) >>> Inverted 10-year Treasury yield and Nasdaq 100 formed a significant divergence from April to July 2023 Yield Curve Inversion Gets Dangerous When Dissed: John Authers - Bloomberg fred hickey on X: "Gold is so oversold. Only time have seen RSI this low (21.6) in past 8 yrs. was late-2015(gold's bottom), end of 2016 & Fall of 2018. Major extended rallies grew out of each of those lows. RSI didn't even get that low last Fall -when gold rallied $420 in 7 mos. &miners jumped 60% https://t.co/0qK1wHak1W" / X (twitter.com) Developed nations pledge $9.3 billion to global climate fund at gathering in Germany (qz.com) Alibaba accused of ‘possible espionage’ at European hub | Financial Times (ft.com) Tesla cuts US prices of Model 3, Model Y cars (yahoo.com) Exxon in advanced talks for $60 bln acquisition of Pioneer - sources | Reuters EV maker Rivian plans $1.5 bln convertible bond sale, shares fall | Reuters ‘Seismic night in Scotland’: Labour crushes SNP in Rutherglen and Hamilton West byelection | Byelections | The Guardian Australia concludes China decoupling ‘impossible’ after carrying out series of classified studies (msn.com) Donald Trump Drops Off The Forbes 400 For Second Time In 3 Years >>> As the New York attorney general accuses Donald Trump of fraud, Forbes answers the question at the heart the case: What is he really worth? HYG - high yield credit

The EIA report is making substantial damage for the energy bull case here with the headline that "the implied 4 week average of the gasoline demand is at a 25yr seasonal low", that's the top at $100 in place then.. ADP Private Payrolls 89K, Exp. 150K . "We are seeing a steepening decline in jobs this month... Additionally, we are seeing a steady decline in wages in the past 12 months." , ADP weak, jet JOLTS were much higher, so what will NFP tell us tomorrow.. - Rates are expected to stay higher for longer, an idea Fed officials have tried to get the market to accept and which investors are only now beginning to absorb >>> getting used to a more typical rate structure doesn’t sound like such a terrible thing. But after 15 years of living in IZIRP and NIRP and $30trn of funny money created, normal sounds, well, abnormal China's holdings of US Treasuries continue to fall sharply. Since April, China has sold over $40 billion of US Treasuries. Since their peak roughly a decade ago, China has unloaded nearly $500 billon of US Treasuries The total return of 30yr Treasury bonds is now negative since quantitative easing was launched , read this again, and while everyone is focused UST yields up, the Junk Bond yield has shot up to 9.25% (highest since last November). Corporate debt service is exploding, as revenue withers. McCarthy ouster raises chances of government shutdown , Goldman says Emerging market bond yields are sending a worrying signal "The only way the Fed could help longer yields is by hiking so aggressively that markets are convinced a recession is imminent and rush to buy longer rates." -- Barclays Janet Yellen said a surprisingly resilient US economy has prompted investors to question what it will take to bring inflation down, but she cast doubt on whether that would force interest rates to stay elevated for a long period Matt Gaetz has thrown the House into chaos. What comes next is anyone’s guess...“You know what I think marches this institution towards chaos? Marching us towards the US Dollar not being the global reserve currency anymore.” Hong Kong banks struggle to sell foreclosed homes even at 20% discount JPMorgan steps up securitisation effort ahead of new US capital rules FT- A sell-off in global bond markets has pushed borrowing costs to their highest levels in a decade or more. That means potentially heavy losses for banks, insurers, pension funds and asset managers that own trillions of dollars of sovereign and corporate debt after loading up in recent years The US National Debt has now increased by over $2 trillion since the debt ceiling was suspended just 4mos ago, now about $33.5trn The U.S. is now importing more goods from Mexico than from China for the first time in 20 year Markets : For the first time since early October last year, no sector ETF is trading above its 50-day moving average (apart from the magnificent 7 index - is that's an official one) Equity markets held up, SPX500 held the 200dma , pretty much to the point, defense stocks fell as paralyzed U.S House with no speaker puts UK/UKR aid at risk, small caps and financials in real danger of breaking long-term supports ( #XLF and #IWM ) #SPX500 has made 33 lower lows in the last 50 trading days which equals the most in its history, oversold ! maybe but doesn't necessarily mean much, if we were to break 200dma Crude got smocked ! (...just when many invest banks got all bulled up for 120-150usd oil shock..classic)... 10$ down sharpish, still on trend higher, OPEC+ should know better that a $100+ price would risk a global slowdown (already fragile with rates..) Duration risk : everyone wants toa void 'IT? become a credit risk...cost of capital, value of UST collateral matters, credit 'crunch' risk rising... US Treasury Yields yesterday before ADP - which pushed them down about 6bps across curve : -3-Month: 5.62% (highest since Jan '01) -1-Year: 5.49% (highest since Dec '00) -2-Year: 5.15% (highest since Jul '06) -5-Year: 4.80% (highest since Jul '07) -10-Year: 4.81% (highest since Aug '07) -30-Year: 4.95% (highest since Sep '07) Who feels the pain from the bond sell-off? | Financial Times (ft.com) A sell-off in global bond markets has pushed borrowing costs to their highest levels in a decade or more. That means potentially heavy losses for banks, insurers, pension funds and asset managers that own trillions of dollars of sovereign and corporate debt after loading up in recent years. Ousting of House Speaker Kevin McCarthy raises chances of government shutdown, Goldman says (yahoo.com) Yellen Says Higher-for-Longer Scenario Is ‘By No Means a Given’ (msn.com) She's worried clearly Something is breaking in financial markets: What's behind the sell-off (cnbc.com) How America’s broken information environment birthed the chaos wrought by Matt Gaetz (msn.com) a lot spoken about 'chaos', good grief, U.S politics to get even worse from here Voices: Matt Gaetz has thrown the House into chaos. What comes next is anyone’s guess... (msn.com) Emerging Market Bond Yields Are Sending a Worrying Signal (yahoo.com) These UST need to stop going down, but the U.S government is addicted to spending.. Apple CEO Tim Cook Offloads $88 Million Of Shares—His Biggest Selloff In Years (msn.com) Hong Kong banks struggle to sell foreclosed homes even at 20% discount | The Straits Times UK prime minister wants to raise the legal age to buy cigarettes in England so eventually no one can (qz.com) Alstom cuts free cash flow target as production ramps up, order delays weigh (yahoo.com) Metro Bank looking to raise up to £600m in new financing (msn.com) JPMorgan steps up securitisation effort ahead of new US capital rules | Financial Times (ft.com) Plenty of similar articles about new Funding requirements, not just financials mind Belgian intelligence monitors Alibaba hub over ‘espionage’ concerns | Financial Times (ft.com) Sam Bankman-Fried's Lawyer Says the 'Math Nerd' Wasn't the Problem, Caroline Ellison Was (businessinsider.com) United Auto Workers Strike Cost GM $200 Million in First 2 Weeks - Bloomberg WTI SPX500 - key levels calling for a volatile October/Q4, bearish sentiment vs many calls for 'bullish seasonality', all about 200dma 4200 area

Stormy weather ahead, volatility on the increase In the US, the unprecedented removal of the Speaker of the House, first time in history, has raised fears of paralysis at the highest levels of government Meta , the parent company of Instagram and Facebook, is reportedly planning to charge European users up to $17 (£14) per month for an ad-free subscription tier, #META has rallied huge in 2023...beware possible negative reaction Credit card losses rising at fastest pace since 2008 , according to Goldman Sachs JOLTS : J ob openings in August just unexpectedly jumped from 8.92 million to 9.61 million . This jump of 690,000 job openings is the biggest since July 2021 >>> USD went bid, USDJPY traded towards 150.25, and it seems BoJ stepped in, USDJPY dropped briefly to about 147JPY China has fewer dollars to recycle into Treasuries . In fact, China has been selling $300bn in Treasuries since 2021 Oil stocks will be in focus as OPEC+ meets to discuss output . The group is expected to leave production unchanged amid tight supply RBNZ left rates unchanged and avoided any hawkish surprises on their comments Mester remained on the hawkish side of FOMC participants. Her baseline is one more rate hike this year before holding rates for “some time” as the Fed assesses incoming data Goldman estimates US interest costs as a share of US GDP to reach a new peak by 2025 on the back of higher rates. Goldman projects US net interest expense to rise from 2% of GDP in 2022 to 3% by 2024 and 4% by 2030 >>> The US added $275 billion in debt in, ONE day...total US debt is now $33.4trn, hit $33 trillion just 2 weeks ago, and on pace to rise by $1 trillion this month alone.. Am azing.. Amazon used secret ‘Project Nessie’ Algorithm to raise prices, the strategy, as described in redacted parts of FTC lawsuit , is part of agency’s case that Amazon has outsize influence on consumer prices Ford reveals seventh offer to striking UAW workers; GM announces more layoffs Since its inception 50 years ago, the principles of the Chicago School of Economics shaped global economic policy until the 2008 financial crisis signaled an end to its dominance EU Formally Opens Anti-Subsidies Probe Into EVs Made In China - BBG, EU pretty busy going after many targets, from techs to EV's Markets : Germany's 10-year yield is also surging, now back to its 2011 debt crisis levels, 3% and UK bond market will not take kindly any 'spending spree' for the Tories, 10's UK 4.65% and finally 30y UST reaches 5%, highest since 2007 USD and UST yields are rising, price falling because of the super loose fiscal policy in the U.S, not necessarily because the economy is strong .. #bondvigilantes >>> and (clear risk) is that suddenly duration risk becomes credit risk >>> The UST curves was -110 2months or so ago, now -33, recession watch could turn into recession warnings, particularly if unemployment ticks up, that's the play for markets... (JOLTS was still very strong this week though), NFP next on Friday USD stays firm(er), classic risk-off moves in CAD, MXN, AUD, FXEMG, CROSSJPY's now topping with BoJ threats near 150USDJPY (not confirmed but GS estimates they sold $6bn up there yesterday) SPX500 : all about 200dma around 4200/10, will set the tone for Q4 and become 'THE' level to watch for sentiment (other indices already broke down through that level in recent days-weeks) VIX still below/around 20, barely moved, if this jumps higher, BEWARE of some sort of liquidity gap, mini credit event etc and through 200dma SPX500 could gather some downside momentum Quarterly Outlook Q4 2023 | Executive summary | Saxo Group (home.saxo) The core thesis in this Quarterly Outlook is that real rates are too positive, creating a fallout from sectors and consumers with refinancing needs. As spending is likely to slow and the US fiscal cycle is turning from tailwind to headwind, the world may indeed have reached ‘peak rates’, providing a once-in-a-decade opportunity to go long bonds. Ford reveals seventh offer to striking UAW workers; GM announces more layoffs (yahoo.com) Kevin McCarthy: US House Speaker removed from office for first time in history | US News | Sky News Amazon Used Secret ‘Project Nessie’ Algorithm to Raise Prices - WSJ Credit card losses rising at fastest pace since Great Financial Crisis (cnbc.com) RBNZ Official Cash Rate remains at 5.50% - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) Meta plans to charge European users for Meta and Instagram (cityam.com) >>> time to get a little short on the name ??.. #META Nick Timiraos on X: "Job openings jumped to 9.6 million in August from 8.9 million in July The three-month moving average for job openings held steady at 9.2 million There were 1.5 openings for every unemployed worker in Aug, little changed from July https://t.co/OyExnUp1rz https://t.co/3EJCwIC3ki" / X (twitter.com) Lisa Abramowicz on X: ""Maybe China is behind the rise in US long rates...China has fewer dollars to recycle into Treasuries. In fact, China has been selling $300bn in Treasuries since 2021, and the pace of Chinese selling has been faster in recent months," selling $40bn since April: Apollo's Slok https://t.co/2wncyVUtct" / X (twitter.com) Laying Chicago Economics to Rest by Antara Haldar - Project Syndicate (project-syndicate.org) SPX500 - that support line is also the 200dma

On this day 33years ago... Q4 starts where we left off in Q3 (apart from last day fix..), with higher duration yields, 10's UST 4.7% and USDollar has a strong leg higher , AUDUSD breaking down through recent months lows around 0.6350/75 area, USDCAD 1.37+, USDMXN not too far, USDCNH 7.3250 again too >>> Fed's Barr's focus is on how long to hold rates high, Fed's Mester 'one more rate hike may be needed this year', URA : often discussed Uranium with you last 2-3year s, ok so the ETF has rallied form 10 to 30 last 3years, it's still a long way down from the Fukushima levels (chart below), imho, it was always going to be near impossible to do without nuclear TSLA reported 435k deliveries in Q3, 25K below expectations , and the 1st decline in deliveries in 2 years >>> planned factory closures were to blame JPMorgan's Lebovitz : “If rates continue to rise the way they’ve been rising, there will be a financial accident. Something will break and that will get the Fed moving in the other direction." " Rivian vehicles sell for over $80,000 on average. Yet they’re so expensive to build that in the second quarter the company lost $33,000 on every one it sold . That’s roughly the starting price of a base model Ford F-150." - WSJ Cleveland Fed President Loretta Mester: “We are likely near or possibly at the peak of the fed funds tightening cycle . Now our task turns to ensuring that we keep monetary policy restrictive for long enough” to get inflation to 2% in a timely way Crude : that's a different view from most in markets : Citigroup with a renewed bearish call for oil, arguing that Brent would drop to the low ~$70 in 2024 on "more oil coming into the market." , “OPEC+ cuts have driven oil higher in a prolonged bull run, but 4Q ‘23 is set to move lower, with further 2024 downside” Credit default swaps of the biggest US banks are rising - again the surprise is that they haven't really done too much, up until last couple of weeks Swiss inflation : SNB in a good spot , smaller rebound in expected headline CPI in Sep, with core easing to 1.3% YoY Gaetz files motion to remove Speaker McCarthy from leadership position Markets : Equity markets hanging in here, mostly (only) on the magnificent 7's (been all along the new 'defensive play for Mr Market'..)... European markets through looking pretty soft and 6months lows (would respect the lag effect, first pops up in large caps vs small caps, and can reach a broad sell-off if/when jobs are hit, which is what Powell focuses on now for any signs of economic weakness (inflation we know is topping out but will remain sticky, for now anyway) , we remain defensive and watch those 200dma now : A god number of indices have fallen through 200dmas (Dax, MSCI EMG, Shanghai composite, stocxx600 and even the Dow jones, the big SPX500 is trading 2% or so above that threshold (around 4200), QQQ holding up on large cap 7's, while underneath, it looks MUCH worse, China property stocks keep sliding to the lowest since 2008 XLU - SPX500 utilities sector dropped sharply again yesterday, lowest point since June 2020 (interest sensitive sectors hit again, Reits, and energy down on softer Oil) USDollar remains on a firm trend higher, bar any big change from somewhere Bonds : all the moves are about Reals , so in effect tighter conditions, higher & steeper >>> The latest yield surge shows Treasuries are detached from their fundamental drivers: JPMorgan analysts. Ed Yardeni says the selloff shows broad concern about the US's fiscal policy of escalating federal budget deficits >>> BBG - the Bond vigilantes are back and we could get a BoJ pivot sooner or later ...(JPN yield curve is steepest in history..), Japan's 10-year government bond yield hasn't been this high since the 2013 "taper tantrum" in the US Copper hitting March lows, Crude 3week lows too - good news Metals got hit as well , GOLD fell hard through 200dma in late Sep (1935$) and in fact Silver got butchered since Friday, liquidity tightening-event ? Few signs of capitulation in few places other than the Mag 7 ! Speech by Governor Bowman on the economy and bank regulation - Federal Reserve Board >>>A Timely Journey Back to Price Stability: Are We There Yet? No. Will We Get There? Yes. A Timely Journey Back to Price Stability: Are We There Yet? No. Will We Get There? Yes. (clevelandfed.org) Fed's Barr says his focus is on how long to hold rates high | Reuters How the Fed Made a Worrisome Economic Signal Go Away (msn.com) Quote from article to explain the magic of the Fed's accounting: "The Fed’s losses don’t represent a direct hit to the economy, since the way Fed accounting works the central bank just carries losses on its books, to be washed away when it starts making profits again. When the Fed turns a profit, on the other hand, it makes payments to the Treasury Department, which can help offset budget deficits. However, the Fed’s recent accumulated losses do mean that, even if it returns to profitability, it won’t be contributing to the Federal budget right away, as it first has to dig itself out of a hole." Lisa Abramowicz on X: "The latest yield surge shows Treasuries are detached from their fundamental drivers: JPMorgan analysts. Ed Yardeni says the selloff shows broad concern about the US's fiscal policy of escalating federal budget deficits. https://t.co/1WkusgVrf5" / X (twitter.com) Robin Brooks on X: "Markets are very negative on China. That's odd because China's manufacturing PMI is better than the US or Euro zone (lhs) and its services PMI is also just slightly better (rhs). Markets instead should focus on the Euro zone, where manufacturing and services look very weak... https://t.co/JzhJfVR3fB" / X (twitter.com) there is always a point where markets get über bullish or too bearish - are we there ? Will Berlin's monument to German Unity ever be completed? (msn.com) Michael Pettis on X: "1/8 I don't have enough experience in manufacturing to know how available tooling engineers are in either the US or China, but I am old enough to remember that we were saying exactly the same things about Japan in the 1980s and Germany more recently." / X (twitter.com) Japan to stress-test banks for risk of Silicon Valley Bank-style crisis - Nikkei Asia Gaetz files motion to remove Speaker McCarthy from leadership position (yahoo.com) Trump rails against fraud trial as it appears legal team did not submit request for jury – live (msn.com) whoops! Tesla 3Q sales rise 27% but fall short of expectations due softening demand and factory downtime (qz.com) NextEra Energy plunges despite Buy rating reiterated at Goldman, as drop overdone (msn.com) >>> lag of financial headwinds with higher rates and the cost of capital on renewables etc Kochie’s big rates call: ‘As bad as it will be’ (yahoo.com) RBA - bar any surprised, looks like we are done, as always the question is whether/when rates will come down in this environment of stick inflation (high for longer) A Timely Journey Back to Price Stability: Are We There Yet? No. Will We Get There? Yes. (clevelandfed.org) Rishi Sunak’s Commons majority in peril as 60 Tories join Liz Truss group | Conservatives | The Guardian Ammmazing Sam Bankman-Fried must now convince a jury that the former crypto king was not a crook (qz.com) Mali in meltdown as militants advance and U.N. withdraws | Reuters terrible state of affairs URA ETF in perspective

TSLA is expected to announce its Q3 deliveries today, expected top be a miss on estimates due to planned factory shutdowns and soft demand, which resulted in the EV maker discounting prices. Miners will be in focus too, after GS reported that China's demand for Copper rose 8% YoY and Iron Ore 7%, higher than recent expectations (Chinese iron ore inventories at the ports are now close to seven year lows…) >>> Going to be 'choppy' into earnings reports, also note FED's Powell last week outlined again some of the risks ahead for Wall Street, namely strikes, government shutdown (avoided for now, pushed back 45days..), resumption of student loan payments, 'high for longer' funding for mortgages and credit cards and potentially an oil price shock (which no.one really wants, so the Saudis/OPEC+ will probably want to avoid it !).. The US government has avoided a federal shutdown after both House and Senate agreed on a short-term funding deal. A bill ensuring funding until 17 November received overwhelming support, and was signed into law by President Joe Biden minutes before a deadline. No limit, no brake on spending >> was it not Hartnett who said ?“markets stop panicking when politicians start panicking.” Absolutely nobody in Washington is panicking about deficits. The Panama Canal is reducing the maximum number of ships allowed to travel the waterway to 31 per day due to a drought that has cut the supply of fresh water needed to operate the locks “The damage in bonds has been more severe and more sustained than for equities and you can’t help wondering where the real damage is . You can’t have this much value destruction in bonds without there being some stress somewhere:” DB’s Jim Reid, BoA and many other research groups made similar comments last 20days.. New $4B Panasonic electric vehicle (EV) battery factory in Kansas requires so much power that the facility will need its own COAL plant to run - not even kidding.. Plus ca change.. The Bank of Japan said on Monday it would conduct additional bond buying operations, seeking to slow a rise in yields after the benchmark reached its highest in a decade >>> do they want USDJPY to the moon ? Markets : CBOE Volatility index VIX, has closed uner 19 for nearly 90 consecutive trading days SILVER rallied a few pct on Friday initially....and got chopped nearly 10pct on Friday late , amazing 'price action'^, metals softer together with USD and US yields higher USD picks up day 1 of Q4, with some strength , after 'quarter-end' light weakness, should higher, be supported together with duration, 'high(er) for longer UST yields Equity markets held into quarter-end similar price action to UST 10's, a little of buying for the rebalancing, but note 10's UST back already to 4.62% UST's : higher and steeper looks to remain the name of the game Overall, would remain tactically light in risk , be ready for new investment opportunities in Q4 2023, we have our strategy ready to get into quality risk at better levels for our clients, the higher for longer is beginning to byte, should hardly be a surprise, but markets will be eager to check consumer strength during earnings reports and any indication from corporate that USD strength and financing costs hard to deal with US Congress avoids government shutdown in last-minute deal - BBC News  (spglobal.com) ASEAN Manufacturing #PMI slipped into contraction territory for the first time in over two years at 49.6 (Aug: 51.0). Employment levels likewise fell S&P Global PMI™ on X: "#Eurozone manufacturers continued to report a sharp contraction in September, the @HCOB_economics #PMI signalled (43.4), as new orders shrank at one of the fastest rates since the survey began in 1997. Read more: https://t.co/JZvQoE3Kgb https://t.co/e3Mj1DJuGV" / X (twitter.com) not particularly goo din Europe either! Panama Canal reduces the maximum number of ships travelling the waterway to 31 per day (qz.com) Paris-Berlin relations slump is holding up key EU decisions, says German MEP | European Union | The Guardian Barchart on X: "CBOE Volatility Index $VIX has closed under 19 for 87 consecutive trading days, the longest streak since a 93 day stretch ended in early 2020. https://t.co/egEH9i2qBr" / X (twitter.com) “Higher wages don’t combat skilled workers shortage”, say Swiss employers - SWI swissinfo.ch How a prolonged, higher interest rate shapes asset allocation - FTAdviser.com Rishi Sunak needs to rally his flagging Conservatives. He hopes a dash of populism will do the trick (qz.com) Singapore Banks Tighten Scrutiny (finews.asia) ...after a huge expansion last couple of years... New Brexit checks to cost UK business £330m a year | The Independent Another winner! The U.S. Lost 4.1 Million Days of Work Last Month to Strikes - WSJ out few weeks back, no matter how you slice it, it's a of of working days New $4B Panasonic electric vehicle (EV) battery factory in Kansas requires so much power that the facility will need its own COAL plant to run – NaturalNews.com Nuclear renaissance in Europe? | FT Energy Source | Financial Times no wonder really John Lennon’s stolen watch found in Geneva - SWI swissinfo.ch NASDAQ held Aug lows - just about - stay defensive