Central banks direction ?.. Markets been pricing in for a while, an almost certain 25bps for both Fed and ECB this week, it'll be ALL about the language going forward.. Goldman Sachs are still expecting the Bank of Japan will tweak YCC policy this week, just when inflation in Japan and the U.S is 'converging' French July manufactuting PMI weaker at 44.5 (exp 46), and German PMI even worse at 38.8! (expected 41) >>> The ECB is pretty stubborn in inflation , the same ECB that didn't see inflation coming while back... but you have to really wonder about these PMI numbers whether they terrible enough for Lagarde to blink. .. and whether raising rates further from here is a big mistake... (reminder though that rates peaking does not mean lower rates...imho) >>> 25bps SNB total sight deposits w.e. 21 July CHF 489.3 bn vs CHF 494.7 bn prior Spain elections : no clear winner , though general election results in Spain leave future of next government up in the air Looks like China is decoupling from US consulting firms. The problem is, without due diligence, companies can’t fulfil their legal requirements which will prevent them from further investments in/Thread Ukraine has recaptured 50% of the territory that Russia seized, Blinken says (really?) Congress is investigating Ford's new EV battery deal with China. US lawmakers are concerned the deal exploits a loophole in new federal EV tax credits Amsterdam is cracking down on cruise ships . The Dutch city is trying to limit tourism and pollution US Economic Soft Landing Hinges On Fed’s Tolerance Of Inflation - BBG, Federal Reserve To Signal It Is Not Done Yet As It Raises Interest Rates Again - FT U.S. 30y mortgage rates dropped for the first time in 4 weeks Russia has attacked Ukrainian grain terminals in the Danube (including in Reni, which lies 200 meters across Romania on the other bank of the river). Moscow is trying to cripple all the Black Sea options for Kyiv, leaving it completely depended on Eastern European overland routes/BBG China's Politburo: Domestic demand is insufficient, economic recovery will be 'tortuous' Markets : USD mixed, CROSSJPY's could well have peaked, #EURUSD peaked the other week on Knot's comments, CHF remains supreme, #JPY will move sharply either way going into/post BoJ, would almost favour a lower #EURJPY (ECB priced in, language softer, and eventually BoJ 'tweaks' YCC Equity markets : risk of peaking , AI FOMO rally showing signs of peaking, nothing dramatic, but based on valuations, weak China macro, recent FOMO AI rally, NQ rebalancing... it should be no surprise if markets sell-off 10pct form here, bulls should welcome this Crude trades on firm(er) side still Germany July Manufacturing PMI sets up dovish ECB | Saxo Market Call (podbean.com) Today we wrap up last week's action and note that the market could be in for some consolidation after the recent blistering run higher, with key themes in focus, especially AI after NVDA posted an ugly week and Microsoft backed out all of its share gains from the Copilot AI story last week. It reports tomorrow, as does the luxury giant LVMH after luxury stocks posted an ugly week. Elsewhere, Germany's horrific initial July Manufacturing PMI print of 38.8 begs the question on why the ECB is even hiking this week. We can likely expect even more dovish shift from Lagarde and company as growth woes dominate the focus. A EURUSD reversal risk in in play this week if 1.1000 fails. and a classic one.. just as mr market turned bearish usd.... US Dollar Bearish Bets Hit Record High on Managers' Fed, Inflation Speculation - Bloomberg China’s Politburo Signals Property Easing, Debt Risk Plan - Bloomberg US 30-Year Mortgage Rates Dropped For The First Time in Four Weeks | FastReveal Asda and Morrisons paid zero corporation tax last year after buyouts (thetimes.co.uk) Private equity (not all) tends to load up on debt, pay high dividend and pay no taxes... and then you get water companies situation where they UNDER invested for decades.. General election results in Spain leave future of next government up in the air | Euronews Macron to give TV interview on subject of French riots and political priorities - The Local Ukraine has recaptured 50% of the territory that Russia seized, Blinken says | Reuters Congress is investigating Ford's new EV battery deal with China (qz.com) Theresa Fallon on Twitter: "Looks like China is decoupling from US consulting firms. The problem is, w/out due diligence, companies can’t fulfill their legal requirements which will prevent them from further investments in🇨🇳. “Clients are saying we can no longer work with American consulting firms,” said… https://t.co/ShVbZsYV6D" / Twitter Robin Brooks on Twitter: "Meltdown in US commercial and industrial (C&I) loan growth is staggering. Cumulative C&I lending is -1.0% since the start of 2023 (red). Median growth by this point in the year is +4.5% (black), while 2022 was up +9.3% by this point (blue). Big US investment slump is underway... https://t.co/dHVQnnqxS8" / Twitter Opinion | Brexit, the Disaster No One Wants to Talk About - The New York Times (nytimes.com) it's actually quite strange that no party is even willing to talk about it ahead of elections next year, yet anyway.. Flagship Brexit trade deal with Pacific has ‘no major economic gains for UK’ | The Independent Amsterdam wants to ban cruise ships from docking in the city (qz.com) Bob Elliott on Twitter: "US risk free bonds will rally in the next downturn. The US is no ‘EM,’ even with a widening deficit. I’m always up for a good thought exercise, but it’s important to start with the mechanics before drawing conclusions about conditions. Thread. @hkuppy https://t.co/awulZYxql5" / Twitter Italy needs migration, admits Giorgia Meloni as she softens her stance (telegraph.co.uk) Not just Italy.. Greece fires: Corfu launches evacuations as Rhodes rescue flights begin - BBC News what a terrible situation EURJPY - below 155 area kex for the bears, similarly 138USDJPY

Olive oil prices hit all time highs, rice prices move on India and wheat on UKR/RU non deal, none of it is welcome.. Chinese professor says youth jobless rate might have hit 46.5% . Zhang Dandan adds 16m nonstudents 'lying flat' or relying on parents to tally "The latest batch of Chinese activity data and policy news suggest to us that this year’s "around 5%" growth target is very important to the authorities, and we are clearly in a policy easing cycle even though massive stimulus seems unlikely in the near term." - Goldman >> and strangely enough this morning : China's State Planner has released policies to boost consumption of electronics products Europe is hoarding $8 billion worth of Chinese solar pane ls.. Europe bought a record amount last year, 90% of which came from China How Dubai became ‘the new Geneva’ for Russian oil trade India (the world’s top rice exporter) just banned shipments of non-basmati ric e. This is aimed to help curb domestic rice prices, which have increased nearly 10% in 2023, but threatens to boost prices for the rest of the world Ukraine warns that ships heading to Russian ports may be military targets, in a tit-for-tat response to a similar warning from Moscow Earlier this morning, Reuters ''sources'' report the BoJ is "leaning towards" keeping YCC unchanged next week , and that there is no consensus within the BoJ around how to phase out stimulus US Existing Home Sales fell 19% over the last year, the 22nd consecutive YoY decline. That's the longest down streak since 2007-2009 (few signs of picking up a little last few weeks, early days though) German house prices : sharpest decline since 2004 , and number of new buildings starts is the lowest since 2007 UK's John Curtice : yesterday's results confirm Tories in “deep electoral trouble” with average drop in Tory support 21%, “In other words, taken as a piece, these three by election are consistent with the depressing message of the opinion polls that Tories a long way behind” U.S debt financing cost/Thread Tesla may cut prices again of its electric vehicles in ‘turbulent times,’ Musk Markets : CORRELATION trading models (which are the very vast majority of all trading these days, probably >80%, in reality underpin/valid further their own correlation, till the day when some sort of big human rationality (or big geo-political event etc) steps in, thus more boom and bust price action ever more likely in markets going forward, for years to come, it's when its obviously bearish or bullish that one should be taking notice - NQ might have overdone it with the 'rebalancing' story , NTFX and TSLA's guidance were not good at all, see what others big 7's do now, looks a bit over-cooked! -USDollars firmed up a bit with yields, ECB's Knot may well have put a top on EURUSD at 1.12+ and stronger US data (claims etc), CROSSJPY's highe rthis morning as it seems BoJ will stay put - beware of ''sources'' though, IF you are looking to play a YCC change, would only look to go via FX options (JPY calls), as mentioned yesterday, cash will remain wild.. -Crude WTI $75+ grinding higher, continue to think we heading 80+ Big market break with big week ahead | Saxo Market Call (podbean.com) Technical analysis Tesla Netflix TSM lower after earnings | Saxo Group (home.saxo) James Lavish on Twitter: "The US Treasury admits that the debt situation is 'unsustainable', even publishing it in a graph. Problem is, their graph (black line) is optimistic. The reality is that the problem likely soon goes parabolic (red line). It's just math. https://t.co/Mja6YFU05N" / Twitter Chinese professor says youth jobless rate might have hit 46.5% - Nikkei Asia The Chinese prof includes in her calc the 16m who are ‘lying flat’ or living w/ and being paid perhaps by parents . 1/2 Chinese professor says youth jobless rate might have hit 46.5% - Nikkei Asia India Bans Non-Basmati Rice Exports to Check Local Prices (yahoo.com) Wheat prices soar as Russia-Ukraine tensions stoke food crisis fears (cnbc.com) What was the Black Sea grain deal and why did it collapse? | Ukraine | The Guardian Russia Naval Blockade Risks Starving 6 Million People: Zelensky Aide (newsweek.com) Liquid Gold: Olive Oil Prices Soar « Euro Weekly News Thai Election Winner Lets Ally Lead Government Formation (yahoo.com) Sam Bankman-Fried is paying defense lawyers with FTX funds: lawsuit (cnbc.com) CNBC International on Twitter: "Spanish general election: There hasn't been a very good campaign, says Tacho Rufino of University of Seville https://t.co/k467o6H9kh" / Twitter Kenyan anti tax hike protests subside as police clamp down | Reuters Why income inequality is growing at fastest rate among Asian Americans (cnbc.com) How Dubai became ‘the new Geneva’ for Russian oil trade - SWI swissinfo.ch Companies registered in the small Gulf state bought at least 39 million tonnes of Russian oil worth more than $17 billion (CHF14.6 billion) between January and April – around a third of the country’s exports declared to customs One East Pratt office tower in downtown Baltimore sells to MCB Real Estate - Baltimore Business Journal (bizjournals.com) office tower...much cheaper.. Iraq expels Swedish ambassador over planned Koran burning | Reuters Future of deep-sea mining hangs in balance as opposition grows | Deep-sea mining | The Guardian EU's latest energy security tactic: hoard Chinese solar panels (qz.com) ‘Catastrophic’ outlook for German construction adds to Olaf Scholz’s woes | Financial Times (ft.com) Glencore: Copper, zinc, lead and nickel output slides but trading profits to top £3bn - CityAM Housing Markets: Popping Real-Estate Bubbles Will Prove Painful - Bloomberg By-election results 2023: Votes and winners revealed in graphs and charts | The Independent Crispin Odey: the fall of a hedge fund maverick | FT Film - YouTube Coutts Farage decision is a blunder but it’s none of Sunak’s business (msn.com) France’s Zeitenwende (economist.com) Amsterdam bans cruise ships to limit visitors and curb pollution - BBC News Buy your pasta now !

Nasdaq losses steam amid mixed earnings results from Netflix and Tesla, TSMC reports first profit drop in 4 years as electronics demand slump continues, ALL about outlook for Q3 and Q4, both TSLA and Netflix disappointed there! >>> Jobless claims, existing home sales and more later on Japan lifts FY 2023 inflation outlook to 2.6%, above BOJ's target >>> setting BoJ up next week ??? When rates rise we have to reduce price of cars (as funding is more costly) - Musk. .. The US government interest payments on the Federal debt are now higher than the annual defense spending The S&P 500 is now 5% higher than where it was when the Fed started hiking rates in March 2022 SNP admits to felling 16 million trees to develop wind farms . Scottish Tory MSP Liam Kerr said figure would astonish the public and communities all over the country had cited concerns about the projects India's Tata chooses UK for $5 bln Jaguar Land Rover gigafactory Convicted Ponzi schemer granted clemency by Trump charged with new Ponzi scheme Markets : Value (quality balance-sheets) over growth again ???.. Equity c onsensus bullish sentiment has climbed to its highest level since Jan 2022 JPY focus going into BoJ meeting >>> buy a few JPY calls seems the trade NQ slightly off, huge run up in some of these names, no need to elaborate much, AI etc and the SPX7, but we'll keep sayin git is ALL about guidance and Q3 and Q4, it is where NFLX and TSLA failed last night.. Crude and commods firm still, usd weakness helping too, Very interesting levels in XAG and Gold too, quietly grinding higher.. Tesla and Netflix chill market sentiment | Saxo Market Call (podbean.com) great podcast as usual Global Market Quick Take: Europe – July 20, 2023 | Saxo Group (home.saxo) Japan lifts FY 2023 inflation outlook to 2.6%, above BOJ's target (kyodonews.net) Australia jobs jump again, heaping pressure on RBA | Reuters Stronger data, RBA can flip-flop again.. China Ramps Up Yuan Support With Fixing, Borrowing Measure Tweak - Bloomberg Nasdaq losses steam as Netflix and Tesla’s earnings results paint a mixed picture | CMC Markets TSMC earnings report Q2 2023 (cnbc.com) Apple’s market cap briefly shot up by $60 billion on AI news (qz.com) Norway is fining Meta $100,000 per day for illegal advertising (qz.com) Farage claims documents show Coutts closed his accounts for political reasons (cityam.com) Liz Webster on Twitter: "Indian newspaper says, “The UK seems a country in accelerated terminal decline. Long been a fading power with outsized place on global stage. But, like a boulder gathering speed as it rolls down a slope, even that trajectory has speeded up after #Brexit.” https://t.co/NHl8VuGRvH" / Twitter US Households Are Running Out Of Savings - Christophe Barraud (christophe-barraud.com) excellent stuff from CB and there is this to come US Student Loan Repayments: Study Finds $500 Hit to Monthly Budgets - Bloomberg Biden widens war on junk fees, says US consumers tired of being treated as 'suckers' | Reuters Indian Gold Miner Soars to 15-Year High After Asset-Buying Spree - Bloomberg India's Tata chooses UK for $5 bln Jaguar Land Rover gigafactory | Reuters Ponzi schemer granted clemency by Trump charged with fraud (cnbc.com) France considers increasing alcohol taxes to combat binge drinking - The Local USDJPY and EURJPY (blue) >> which one would you short ?...

EURO trade weighted-index on all time highs (which could begin to be an issue, perhaps not a surprise Knot talked 'dovish' yesterday) BOJ's Ueda : Still some distance to sustainably hit 2% inflation target, JPY weakened Trump notified he is target in DOJ’s Jan. 6 investigation UK's Brexit ..all gone so smoothly last few years...and now :.. "We have a shortage of workers . We need to ease visa rules for overseas builders, carpenters and people working in the fishing industry." >>> UK CPI slowed more than expected , which is great news for UK builders, real-estate etc, plenty of upside in this sector ! Switzerland wants to bring the talks with the European Union to a successful conclusio n, Foreign Minister Ignazio Cassis said on Tuesday at a meeting in Brussels with Maros Sefcovic, the European Commissioner in charge of Swiss-EU relations S&P 500 to 5,400 by end of 2024? Ed Yardeni thinks so! This year the French tax offic e has announced that property-owners have to complete an extra tax declaration. From registering on the website to the rules for second-home owners BlackRock made a climate pledge. Then it appointed a Saudi oil executive to its board "Slowing goods inflation is freeing up cash for consumers, and helping overall spending remain steady." - Wells Fargo Janet Yellen Consumed Psychedelic Mushrooms In China: Report Markets : The SDEX , which is a measure of long put SPY demand, is at an all time low. DowJones up 1% for 7th straight day, which is longest winning streak in nearly 2years, strong big banks earnings report and Ch.Schwab/KRE, regionals continue to rally.. >>> Netflix, IBM and TSLA fans will be up till after the close today for earnings SPX500 - all the way back (chart below) The trade-weighted Euro is hitting new all-time-highs (EER-41 BBG) >>> which may well become and issue sooner or later - again. USDTRY all time highs again 27 lev, overall in FXLAND yesterday crossjpy's bounced higher as Ueda appears to be in no hurry German yields were a little softer on Knot yesterday (inflation plateauing), Ueda in Japan also came in with dovish comments (JPY weakened), US sales didn't really move much UST's, although yields a little softer on overall signs of 'lower inflation, imported Chinese deflation' etc and finally this morning, 2y UK yields down about 25bps after inflation data, back below 5% - good news! Crude WTI $75, seems well on its way to 80+ European natural gas prices fall as traders weigh rising storage levels and increased flows from top producer Norway S&P 500 forecast: Ed Yardeni sees another 20% upside (invezz.com) NZ Inflation Slows Less Than Expected on Sticky Domestic Prices (yahoo.com) Surging Lira (TRY/USD) Liquidity Overwhelms Turkey Central Bank Tightening - Bloomberg BOJ's Ueda: Still some distance to sustainably hit 2% inflation target (msn.com) US Treasury Secretary Janet Yellen may have eaten 'hallucinogenic' mushrooms on China visit | ITV News Russia says decision not to extend Black Sea grain deal is final | Russia | The Guardian BlackRock made a climate pledge. Then it appointed a Saudi oil executive to its board (msn.com) >>> milk the ESG wave of flows, plenty of underperformance and juicy commissions...and back to normal again..classic, follow the money ! Visa rules eased for building and fishing industry - BBC News Brexiters, 2016: "We must stop foreigners stealing all our jobs." Brexiters, 2023: "We have a shortage of workers. We need to ease visa rules for overseas builders, carpenters and people working in the fishing industry." Conclusion: Brexit has failed. Trump notified he is target in DOJ’s Jan. 6 investigation | The Hill Holger Zschaepitz on Twitter: "Diversified funds can’t buy more tech giants – many of largest mutual fund firms running into limits in how much more big tech stocks they can purchase w/o running afoul of “diversification” rules. Combined mkt cap of 6 Big Tech comps has jumped to 57% of total Nasdaq 100 mkt… https://t.co/tNtLflkT2F" / Twitter French town to register dog DNA to cut mess left on streets - The Local >>> Pet owners in southern France will have to start cleaning up after their dogs, if they want to avoid being singled out and fined via one city's experimental new dog DNA database Britons would vote to rejoin the EU | YouGov Shameless lies back in 2016 did the damage though Jaguar Land Rover-owner to spend £4bn on UK battery factory - BBC News some good news though there ! and this is also very good Goods now crossing Channel at pre-Brexit speed, says tunnel chief (thetimes.co.uk) London New Home Sales at Lowest Since 2012 as Mortgage Loan Rates Weigh - Bloomberg Hardly a surprise with rates up here ! Foreign minister confirms Swiss willingness to reach EU deal - SWI swissinfo.ch Krise im Immo-Markt Schweiz: Gehypter Vermittler Konkurs - Inside Paradeplatz leverage, debt, later comers to the high end game... AT&T stock sinks to 30-year-low after WSJ toxic lead cable story (qz.com) not everything goes up French property tax declaration - your questions answered - The Local This year the French tax office has announced that property-owners have to complete an extra tax declaration. From registering on the website to the rules for second-home owners, we answer your questions on this. Gender discrimination: the first Swiss woman in cantonal parliament - SWI swissinfo.ch 1960! Homebuilders confidence is up again as demand for new construction continues (yahoo.com) SPX500 - all the way back!

Russia pulls out of Ukraine grain deal , in potential blow to global food supplies Record-breaking 52.2°C temperature hit China on Sunday , stoking fears of drought Credit Suisse inquiry will keep files secret for 50 years...why ? RBA minutes reveal board almost hiked rates, warning issued about economy growth Outgoing RBA governor Phil Lowe has spelled out the potential catastrophe Australians face if the central bank gets its interest rate calls wrong Latest BofA Survey: Stock allocations have hit a 7-month high. 68% expect a soft landing vs 21% expecting a hard landing Russia Steps up economic war with west, seizing assets of big corp, seizures of Danone, Carlsberg’s operations sound a warning shot to Western companies looking to exit Russia ECB’s Knot: Looks like core inflation has plateaued - Optimistic to see inflation Hitting 2% in 2024 - We'll need to hike in July - More hikes shifts balance of risks toward too much - hikes beyond July oossible, not certain (similar to Visco) >>> even the most hawkish members aren't pushing for a Sep hike (for now anyway) After freezing electricity prices in 2023, France is starting to catch up with the rest of the continent, lifting tariffs by ~10% from August >>> French inflation next ? Better news (less bad!) for UK consumers as annual grocery inflation begins to fall ( down by 1.6% to 14.9%) Markets : Wheat prices on radars , after Russia pulled out of UKR grain deal USDollar remains under the cosh, Knot's comments worth keeping in mind though! , with recent EURUSD rally (EURJPY lower worth consideration still) and weaker EU economic surprises, perhaps no wonder the most hawkish ECB member doesn't sound all that hawkish. EURCHF 0.9650 still no love, CHFJPY powering ahead again last few days Equity markets, broadly speaking higher, DAX hasn't really mad any real advance for a while though Crude holding up Grain deal 'has been terminated,' Russia says | CNN Russia targets key Ukraine Black Sea port of Odesa, a day after halting grain export deal | AP News Interest rates, inflation: RBA board considered rate hike in July | Herald Sun Samantha LaDuc on Twitter: "US corporate earnings & stock market returns Tech's the only large cap sector that has outperformed SPY the last 4 years on a price basis (117 vs 51%). Markets have been unwilling to pay as much for cyclical improvements in profitability (Energy, Materials) then they have for… https://t.co/TFN9QvecAg" / Twitter Goldman Sachs cuts odds of a U.S. recession in the next year (cnbc.com) Evergrande: Crisis-hit Chinese property giant reveals $81bn loss - BBC News Credit Suisse inquiry will keep files secret for 50 years | Reuters That is just ridiculous.. Müssen CS-Leute 20 Prozent Lohnkürzung akzeptieren? - Inside Paradeplatz Ford cuts F-150 Lightning prices, taking the cheapest model under $50,000 - The Verge Record-breaking 52.2°C temperature hit China on Sunday, stoking fears of drought | Euronews Extreme heatwave live: Italy facing ‘one of the most intense heatwaves ever’ as temperatures near records (theguardian.com) Waldbrand bei Bitsch (VS) - Der Wind bleibt das Sorgenkind - News - SRF Yes it is the real name of the town ! Les tarifs de l'électricité vont augmenter de 10 % au 1er août | Les Echos Commonwealth Games 2026: is the Australia sporting event going ahead - Victoria cancels plans to host (yahoo.com) prices out of control, sorry we won't do it In defence of landlords, by the Bank of England (cityam.com) How electronic 'noses' help sniff out forest fires in Germany - The Local UK grocery inflation continues downward trajectory -Kantar | Reuters better news! Stagnant Britain Needs Growth If It Wants to Be a Rich Country - Bloomberg yes, the 'empire' is long gone EURCHF - still no love

Heatwaves scorch parts of three continents, threaten to top record temperatures this week A record $270 billion in bank-held commercial mortgages, of which about $80 billion is in office loans, will mature in 2023 : Trepp. CRE loans make up about 25% of total US bank loans outstanding, but account for nearly half of all loans at community banks. The University of Michigan preliminary index rose by 8.2 points to 72.6, the highest since September 2021 Germany just unveiled its first ever China strategy ."De-risking is urgently needed," the document reads. How that will be achieved is less clear Shout it out loud: Soundproof apartments catch on in Japan 'Very well': Doctor's update on Aussie sailor after months stranded at se a - brilliant According to new US government data, annualized interest payments on US debt just crossed $900 BILLION for the first time in history Speaking with UBS analysts on a call last week, Stability AI CEO Emad Mostaque said of AI: “I think this will be the biggest bubble of all time.” Prolonged Hollywood strikes could lead to 'an absolute collapse of an entire industr y,' says IAC Chair Diller Markets : XAGUSD hits a 2month high , USD weakness, solar demand related etc USDollar broke down through key med term supports, momentum guys/funds could very well get involved...FX is alive! Equity markets, entering full earning season, big week next week, S&P superlatives below, pretty astonishing numbers ! UST yields bounced back on Friday after UMich survey sentiment on 2y highs, will remain wild over next couple of meetings, market debating on 1 more hike or not (beyond what is priced..) after each key macro data (sentiment isn't one..) Earnings season hits full stride after financials stumble | Saxo Market Call (podbean.com) It is hard to find bigger superlatives, but here are a few via BofA's great quant team. The top 7 stocks: 1 … drove 73% of S&P 500 gains in 1H, each up 90% on average in 1H 2 … have a market capitalization of roughly equivalent to half of US GDP 3 … trade at a Price to Trailing Earnings (P/E Trail) ratio of ~40x. The S&P 500 Ex-7 trades closer to 15x 4. … is expected to represent all US corporate earnings growth and then some in 2Q – a 21% YoY gain vs. a 10% YoY loss for the rest of the S&P 500 5 ... TMT represents 8% of US GDP, 17% of S&P EPS and 40% of S&P market cap Commercial Real Estate Market Stress Poses a Challenge to Banks (stlouisfed.org) The US dollar's decline is good news for tech stocks (qz.com) Here come the $ bears Dollar’s Busted Bull Run Has Bears Calling End of an Era - Bloomberg Should all continue to drive flows towards EMG ! AI will be the 'biggest bubble of all time': Stability AI CEO (cnbc.com) Silver price hits two month high: is this the start of a bull run? (thearmchairtrader.com) US Consumer Sentiment Jumps to Near Two-Year High on Job Market (yahoo.com) St. Louis Fed President Bullard says he's stepping down in August (cnbc.com) As expected Hollywood strikes could lead to 'an absolute collapse': IAC's Diller (cnbc.com) AI potentially destroying a whole industry China-Australia relations 'stabilised, improved', Chinese top diplomat says | Reuters Allegedly Michael Pettis on Twitter: "1/7 China's GDP growth in the second quarter was a disappointing 6.3% year on year. Because of the terrible performance over the same period last year, different consensus estimates ranged anywhere between 6.7% and 7.3%. https://t.co/mH82UfkBAt" / Twitter Interest rate hikes trigger record £2.1 trillion UK wealth collapse (cityam.com) Since a lot of wealth is in properties that would hardly ever be sold, whether you live in a property worth 50k or 650K doesn't really matter in near-term.. for those leveraged, it does, but don't forget only 30% of houses in UK actually have a mortgage attached to them .. Germany's first China strategy warns on asymmetric dependencies (qz.com) Barking mad: The funniest photos from the Comedy Pet Photography Awards 2023 (telegraph.co.uk) - brilliant pics The stuff of movies ! amazing Tim Shaddock: Key elements that helped Aussie sailor and dog survive months lost at sea (9news.com.au) Stay in Switzerland this summer, says travel industry ombudsman - SWI swissinfo.ch Swatch sues Malaysia for seizure of Pride watches - Nikkei Asia Virgin Orbit a promising company that couldn't make a profit (cnbc.com) Free money, and zero financing ? Heatwaves scorch parts of three continents, threaten to top record temperatures (yahoo.com) stay cool in the shade ! The Liberal Democrats and the long, hard climb back to political relevancy - CityAM XAGUSD - this is it folks...ready to take off ?

USD softer (weaker macro data, core inflation peaked etc, one more hike from FED in Sep most likely and priced - unch pricing, WTI breaking up, USDJPY, USDCHF breaking down and EURUSD, CABLE, AUDUSD even adn GOLD back above $1935, all on cue U.S CPI is heading down towards FED target, little doubt about that, though core inflation remains stubbornly elevated (shelter infl key...) and still way above FED target >>> Lower CPI good news for economy maybe & equity... in as much as it causes the Fed to cut rates faster (in the market's mind..eventually..) but if rates stay higher for longer..., it means more implicit tightening, so not great clearly.. China 's exports fall most in three years as global economy falters, exports fell by 12.4% vs an expectation of -9.5% and imports -6.8% vs -4% expected. Exports fell the most in 3 years, Chinese demographics weak, a lot of attention put to JPN style 1990's situation going forward..full on deflationary scenario (....AND inflationary where ever reshoring is taking place - MEX, US, Vietnam and so on...) >>> Michael Pettis' Thread below is all is there is to know together, WELL worth reading, IMHO he and couple of others have a very good handle on what is going there.. BoC hiked 25bps to 5% , a 25year highs ECB's Visco : we are not very far from the peak in interest rates (that's what the market is pricing in really) Global GDP and consumer credit slowing, US 'traffic hitting the skids and rebook sales now negative / Thread below IEA Trims 2023 Oil Demand Forecast on economic headwinds - Global Oil demand set to rise By 2.2Mln BPD In 2023 tor reach record 102.1Mln BPD DeSantis would never be Trump’s VP India is considering banning exports of most rice varieties, a move that may send already lofty global prices of the food staple higher A scorching heatwave gripping southern Europe is expected to tip temperatures well into the 40C range this week and next The drop in inflation in June paves the way for the US economy to avoid a recession, former PIMCO chief economist says Markets : USDollar softer on CPI, next more lower, $ breaking bid support levels vs CHF, EURO, GBP, XAU, AUD etcc...(...it was not rallying when rates when up last few weeks..), Gold, WTI crude, commods all on cue higher after softer CPI, FED Sep expectation remain the same, more skipping till then >>> BIG moves, $ on the cups of a major break down UST2y yields drops sharply, over 40bps in few days -steeper curve Equity markets love a weaker USDollar, softer rates and vols.. while 4450+, SPX500 could be melting up towards 4600-4700 top of channel/range, earnings season starting shortly, commodity stocks and few other sectors joining in of late (weak $, higher crude etc and some thoughts China will throw the kitchen sink at the economy... well they already have!) Crude ticking up in price terms AND The US Strategic Petroleum Reserve is now at its lowest level since August 1983. Over the past 2 years we've seen a drawdown of 275 million barrels (44% decline) GOLD trading higher again, a reminder that betting against Gold is effectively betting that the debt problem is going to go away miraculously...it won't (whether you want to bet 'on' and how is another question..) Bank of Canada raises policy rate 25 basis points, continues quantitative tightening - Bank of Canada China's exports fall most in three years as global economy falters | Reuters Michael Pettis on Twitter: "1/2 "The move underscores the difficult balancing act facing Chinese authorities as they try to defuse risks in the credit markets without destabilizing the financial system. While offloading weaker bonds may help the state pension protect the value of... https://t.co/r0PjATJPxP" / Twitter Rice: India mulls banning most rice exports as local prices surge - Times of India (indiatimes.com) Live updates: Latest news on Russia and the war in Ukraine (cnbc.com) The Long View ✪ on Twitter: "Is the long awaited recession emerging? A few charts from different parts of the economy that suggest things may be starting to slow down uniformly 1) global GDP now cast is now negative 2) consumer credit is slowing 3) intermodal traffic hit the skids 4) Redbook sales are… https://t.co/F64WV4tPjM" / Twitter interesting few charts in there, fair points too! Student loans: How payments pinch renters, dash dreams of homeownership | The Hill Rewilding of Gloucestershire estate leads to biodiversity 'magic' - BBC News Do social media fuel fake news in Switzerland as much as in the US? - SWI swissinfo.ch Yes Inflation Drop Paves Way for US Economy to Avoid Recession: Economist (businessinsider.com) plenty of stocks trading 'in recession' ... S&P7 doesn't care..its about leverage, balance-sheet, debt ... Heatwave to grip southern Europe until at least end of next week (msn.com) Longevity enthusiasts want to create their own independent state. They're eyeing Rhode Island. | MIT Technology Review Boris Johnson early Covid WhatsApps still not passed to inquiry - BBC News EURUSD - 1.17?

USDollar nearing 15months lows , USDJPY doing what not many expected 1 week ago, CROSSJPY's shorts working.. .$ bull struggling, USDCHF really not been 'trading' well, and EURUSD 1.1050+ area super important on weekly charts, USDCNH also backed-off from 7.30 resistance...U.S CPI this afternoon, expected to be a low one, but watch out for core, 2yUST down to 4.86% going into data, after hitting 5+ few days ago Japan's changing views on price hikes open door for BOJ policy tweak .. >>> even in JPN, where we see excess demand creating inflationary pressure and higher rates.. Grocery is a problem at Amazon , claims Terry Smith Blue-Chip Debt Problems Are Just Getting Started: Credit Weekly - US job growth is slowing and consumer spending is looking increasingly sluggish . While blue-chip American corporates remain broadly healthy, some early signs of trouble are emerging, including rising costs and pressure on profit margins/ Citi RBNZ unchanged overnight, as expected ''interest rates are constraining spending and inflation pressure as anticipated and required' Sweden poised to strengthen Nato’s northern defences ''Sweden's Nato membership is the most important change to European security arrangements since the end of the Cold War'' BoE Gov. Bailey: ''it will take time for the full impact of rate hikes, the MPC will remain vigilant as the impact of higher rates feeds through and tighter bank lending standards reflect appropriate risk management'' Markets : Crude now look to have bottomed out sub $70 WTI - USD weakness helping, 'technically' a weekly close above $80 would turn the trend bullish. USDollar has been trading 'badly' even with higher UST yields and USDCNH rally (weak china macro - rebounding slightly again btw), overall 1.11+ on weeklies (see chart below) and we could have a run higher.. USDCHF sub .8800 and USDJPY sub 138 and $ bulls will give the ghost (most likely on BoJ tweak this month >>> if not in July only a matter of time..), CROSSJPY's coming in nicely lower (run-lower stops etc)..all about U.S CPI next Equity markets love a bit of USD weakness and low vols/softer yields, not very much seem to bother them at the moment Bonds, big picture, continue to think that we are not far off high prints in Terminal rates, but higher for longer will continue to be debated for a while.. Nasdaq 100 to undergo rejiggering because few tech stocks now too big (cnbc.com) Analysis: Japan's changing views on price hikes open door for BOJ policy tweak | Reuters What are my options - JP Morgan Earnings | Saxo Group (home.saxo) Option explainer by our Koen: This article presents an educational example of using an Iron Condor strategy to capitalize on potential "volatility crush" during the earnings season, using JP Morgan's forthcoming earnings release as a case study Official Cash Rate remains on hold - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) Live updates: Latest news on Russia and the war in Ukraine (cnbc.com) Sweden poised to strengthen Nato’s northern defences | Financial Times (ft.com) Blue-Chip Debt Problems Are Just Getting Started: Credit Weekly (yahoo.com) Grocery is a problem at Amazon, claims Terry Smith (thetimes.co.uk) Terry Smith has explained his decision to dump his Amazon shareholding, accusing Andy Jassy, chief executive of the huge American retailer and technology group, of contradicting his own strategic principles ‘It’s absurd’: Italy’s judiciary in power struggle with far-right government | Italy | The Guardian Julius Baer Says Doubling AUM «Not Unrealistic» (finews.asia) UK banks can withstand fresh crisis, key test finds - BBC News Let's hope the BoE is better at forecasting this than inflation over the last 18months!! Gove’s department hands back £1.9bn meant to tackle England’s housing crisis | Housing | The Guardian really ? Munich hit by widespread rail disruption after storms - The Local UK Parliament on Twitter: "It's a 334-step climb to meet #BigBen in the Belfry, where the great Bell hangs. ​ Tickets for our popular #BigBen tours go on sale today at 10:00. New tickets are released every month: https://t.co/oYFXL9RsxR https://t.co/JAYsuEPFdu" / Twitter Radioactive Water Worries Japan’s Top Seafood Trade Partners (yahoo.com) I'll get a trout from the local shop.. Trump lawyers ask to delay Mar-a-Lago documents trial | The Hill EURUSD 1.1050-1.11+ close higher on weekly chart and we could run higher next few months

UK wages still strong! Andrew Bailey and Jeremy Hunt join forces to demand UK wage restraint . BoE governor and chancellor signal their determination to curb high inflation in Mansion House speeches Bullard speaks tonight, europe + U.S inflation data tomorrow pretty key Demand for European bond ETFs hits record high in first half. Fixed income bonanza comes as global exchange traded fund assets reach $10.3tn and surpass prior peak Sweden becomes NATO member, ''will join soonest possible'' >> "my message to those countries who are not yet spending 2% of GDP, the threat is real. We can't act when the crisis is here, we have to act before" , Estonia's Prime Minister Kaja Kallas speaking to reporters at the NATO summit. NATO to give Ukraine ‘clear and positive message’ on membership path: Stoltenberg North Korea threatens ‘shocking’ consequences after claims of US spy plane incursion . Kim Yo-jong, the sister of Kim Jong-un, has claimed North Korean planes repelled a US spy plane U.S average interest rate on a 30y mortgage rose to 7.15%, highest since October 2022 (highest level in 2008 was 6.6% - to put things in context, housing affordability hit a new low and average credit card int rates is now 22% in the U.S Fun fact is LNG-related shipping will soon overtake oil supertankers as kings of the ocean Shortages of battery metals and other critical minerals are looking less likely to stymie the transition to a low-carbon economy , the IEA says Markets : SPX500, BIG short been halved lately, we keep 4450 as resistance for now, CPI up nex t, expected to be lower, core will be key though as usual FXland, we stay short CROSSJPY's, lower the stop below entry price and run it ! USDCNH slighly softer/off highs, CABLE higher, YTD highs again, generally soft USD touch ahead of inflation data UST : market pretty (by some measures extremely) short TY, ahead of inflation data Crude grinding higher, seems base in place below $70 WTI, not that it should race much higher for now ''up on supply cuts, demand hopes'' Nasdaq 100 rebalancing and big JPY short squeeze | Saxo Market Call (podbean.com) Today we look at the market sentiment stabilizing overnight as China moved to extend support to the property market. With yields edging lower still yesterday, the JPY rally picked up further momentum - is that move chiefly positioning drive and will the US CPI data tomorrow offer support for USDJPY or accelerate its decline? We also discuss the Nasdaq 100 index rebalancing that is set for next week and whether this will trigger notable volatility in especially the very largest cap US stocks. Elsewhere, we discuss UK yields dropping after mixed labor market and earnings data, gold making a bid at rallying through resistance and crude oil trading into range highs. This and more on today's pod Oil edges up on supply cuts, demand hopes | Reuters Andrew Bailey and Jeremy Hunt join forces to demand UK wage restraint | Financial Times (ft.com) and sticky inflation! Office for National Statistics (ONS) on Twitter: "After taking inflation into account, average pay including bonuses fell by 1.2% in the year to March to May 2023, or 0.8% excluding bonuses. ➡️ https://t.co/P9R52eIlUT https://t.co/LMtifgWojL" / Twitter MPs quiz mortgage providers as two-year fixed rates hit 15-year high – business live (msn.com) Mortgage rates soar to highest level for 15 years - BBC News Demand for European bond ETFs hits record high in first half | Financial Times (ft.com) NATO to give Ukraine 'clear and positive message' on membership path: Stoltenberg - Insider Paper Joe Biden relies on cue card for meeting with Rishi Sunak | Evening Standard North Korea threatens ‘shocking’ consequences after claims of US spy plane incursion | North Korea | The Guardian Hong Kong will ban more products from Japan if treated wastewater is discharged, its leader says | AP News LNG fleets to overtake oil supertankers in global gold rush - CityAM Norway ranked as one of the worst countries for foreigners to live in - The Local Grass is not always greener elsewhere...cost of living through the roof, same in Ozland etc Critical Mineral Shortages to Ease on Investment Surge, IEA Says - Bloomberg The orca uprising: whales are ramming boats – but are they inspired by revenge, grief or memory? | Whales | The Guardian going sailing ? i'm just going to be in my garden :-) Volcano near Iceland’s capital erupts for second time in a year | Evening Standard USD - $ bulls would not welcome a move below 138JPY

Week ahead : U.S inflation data (CPI) expected to in at 3.1% on Wed, slowest since March 2021, U.S banks kick off earning season (big earnings week towards end of the month), China also coming up with inflation and trade data, BoC decision, ZEW and NFP data was 'slower-weaker' than expected on Friday. NATO summit this week UK's Jeremy Hunt unveils plans to boost pension funds’ investment, reforms and even talks of partial rolling back on Mifid ! China’s producer prices sink again in June in latest sign of stalled recovery , Annual producer prices sank 5.4% in June, a ninth-straight decline and the steepest since December 2015, lots of new talks-chatters about China exporting deflation ''The eagle has landed'' : Joe Biden in UK to meet Sunak and King Charles amid Ukraine concerns The great semiconductor glut is still hurting Samsung , but not for much longer. Investors remain optimistic that the company will perform better as the chip industry rebounds Mercedes Benz becomes the latest automaker to adopt Tesla's EV charger Yellen had a ‘constructive visit’ to China with opportunities for ‘more frequent contacts’ in the future, she says Dutch PM hands in resignation to king to set stage for general election World breaks hottest-day record for third time this week, U.S. agency says Lithuania will host a NATO summit on Tuesday and Wednesday that is set to be dominated by the alliance's response to Russia's invasion of Ukraine and Kyiv's membership application. Gold : Countries are so spooked by de-dollarization and the Western sanctions against Russia, they are increasingly moving gold assets back home for safekeeping Why a $1.5 trillion source of corporate financing is choking on higher rates Markets : SPX500 4400-50 area new short-term resistance UST yields 'steeper', 10's still above 4%, 2y UST yields dropped 10bps almost after NFP USDollar (..had not rallied on stronger US data earlier last week...) and weakened on slightly softer NFP Friday, USDCHF worryingly soft >>> a LOT priced in now for the USD and hikes into 2023, remember that 80bps of cuts priced in for 2023 ? good times...now market sees/priced another 1 possible 2 hikes for 2023.. >>> as discussed with you last week, we stay tactically short CROSSJPY from here, and look to sell 'rips' in equity to hedge/reduce exposure Crude steady $70+ Heavy stocks and bonds, heavy JPY crosses, heavy metals | Saxo Market Call (podbean.com) Asia shares turn mixed, China disinflation a drag | Reuters China Slides to Brink of Deflation, Adding Stimulus Urgency (yahoo.com) Why a $1.5 trillion source of corporate financing is choking on higher rates | Reuters Lisa Abramowicz on Twitter: "Since 1980, peaks in U.S. 2-year yields have always been followed by a risk-off event within the next year or so: BofA's Oleg Melentyev. "The full extent of damage is unknown until the peak in policy tightening is behind us. We are clearly not at that point yet:" he wrote. https://t.co/gXc75QNcEh" / Twitter It's not all bad ! What went right this week: the good news you should know about - Positive News De-Dollarization: Countries Move Gold Assets Back Home for Safekeeping (businessinsider.com) Ukraine, Sweden and strategy: What will be discussed at the Vilnius NATO summit? (msn.com) Sweden is in final stretch for NATO membership. Will Turkey derail it? (cnbc.com) On the agenda: What's happening in Italy this week - The Local Bastille Day: What to expect from France's Fête nationale in 2023 - The Local Jeremy Hunt unveils plans to boost pension funds' investment (cityam.com) 'good news' Pressure on starting pay starts to ease (thetimes.co.uk) As Thames Water sinks, Macquarie Group continues its unstoppable rise | Business | The Guardian China's producer prices sink again in more signs of stalled recovery (cnbc.com) Why Mercedes Benz is embracing Tesla's EV charger (qz.com) 2023 Berkshire Hathaway Annual Meeting: Summary Of The 48 Questions And Answers (NYSE:BRK.A) | Seeking Alpha Yellen had a 'constructive visit' to China with opportunities for 'more frequent contacts' in the future, she says (cnbc.com) Dutch PM hands in resignation to king to set stage for general election - The Irish News Twitter Blue accounts fuel Ukraine War misinformation - BBC News That platform going down the tube eventually if Musk continues like this (mind you already has to a certain extent..) World breaks hottest-day record for third time this week, U.S. agency says | Reuters Chris Christie doubles down on Trump attacks and Social Security cuts (cnbc.com) New York streets submerged by flash flooding - BBC News USDCHF needs to retake .9100+ to stop risk of downtrend accelerating through 0.8800 abd below - GBPCHF interesting topside if we can break 1.1550+ though, EURCHF not finding many lovers either, dull near lows 0.9750 still

G7 CB's combined balance-sheet : down again in June - this is definitely worth following, global liquidity pool reduced (and credit..) U.S employment data stronger and ISM services bouncing higher, rates curve pushing further out again >>> USD no higher though, Equity markets have entered the summer (il) liquid time on pretty stretched valuations , and the usual S&P7's also showing toppy signs with AI related stocks, beware out there, the mood can change swiftly, FXland we focus (tactically) on lower CROSSJPY's from here Fed's Logan says more rate hikes needed amid unexpected economic strength ECB’s Nagel says rates to stay restrictive for extended period BoJ Deputy Governor Uchida urged a "balanced decision" on yield curve control and said they will continue it for the time being, while he tempered expectations for a swift adjustment in policy and said there are no plans to change the 2% inflation target, but a tweak in July is possible (following various statements) The copyright battles against OpenAI have begun . Two authors are suing OpenAI, claiming that ChatGPT has unlawfully digested their books as part of its training data How Germany is turning to heat pumps to combat climate crisis Partners Group Appoints New CFO, Executive Team Member US National Debt has increased $935 billion since the debt ceiling was suspended last month Goldman Sachs downgraded shares of several top Chinese lenders, citing the risk of losses and saying their exposure to local government debt threatens to weaken earnings growth and put capital accumulation and dividends under pressure Twitter is threatening to sue Meta for hiring dozens of former Twitter employees to build a "copycat" Markets : QT (reduction of CB balance-sheet) and and super strong macro data in the U.S still. pushing global yields to 15 year highs, 10y UST +4% and 2y +5%, pushing those 'cuts' further down the curve FXland, as mentioned yesterday both risk and CROSSJPY's took a little tumble, after a very strong rally in Q3, particularly June (into quarter-end), look to establish tactical shorts there NQ : would seriously keep an exe on momentum there, ARKK, weak balance-sheets and so on - higher for longer rates will impact, expect pressure on PE multiples from here HYG and credit are a MUST watch now, after the 'everything rally in Q2', credit is key, see chart below, it's been consolidating and suddenly sharply down last few days (chart) q3-full-report-2023.pdf (home.saxo) BOJ deputy governor Uchida vows to keep yield control for now - Nikkei (msn.com) ECB’s Nagel Says Rates to Stay Restrictive for Extended Period (yahoo.com) Fed's Logan says more rate hikes needed amid unexpected economic strength | Reuters Yellen's visit to Beijing aims to heal rifts over a daunting array of China-US antagonisms | AP News The copyright battles against OpenAI have begun (qz.com) The first one of many to come ? Partners Group im Abwärts-Strudel - Inside Paradeplatz Partners Group Appoints New CFO, Executive Team Member (finews.com) Musk Calls Out Meta’s ‘Algorithm-Only’ Approach And ‘Social Media Monopoly’ After Threads Hits 30 Million Milestone (forbes.com) Finma Boss Rebuffs Criticism Over Credit Suisse (finews.asia) China to ban food imports from Japan; cites concerns on nuclear contaminated water (cnbc.com) strange! Goldman Slashes Stock Ratings of Big Chinese Banks - Caixin Global China Stock Delistings Set to Beat Record as Weak Firms Culled - Caixin Global How Germany is turning to heat pumps to combat climate crisis - The Local Very good point from CB here Christophe Barraud🛢🐳 on Twitter: "🌎 #BOC #BOE #BOJ #ECB #FED | Latest data showed #G7 CBs combined balance sheet (BS), converted in USD, kept falling in June, reaching the lowest level since Sep. 2020. https://t.co/9Rgeou1edc" / Twitter Wolf Richter on Twitter: "ECB Balance Sheet Plunged by €1.6 Trillion (-18%) from Peak. Bond Roll-Off Speeds Up. Spooked by relentlessly raging inflation in services, ECB puts QT into higher gear. https://t.co/Ex2FdiOgZM https://t.co/7qZXU2p3Ts" / Twitter NATO and Japan to cooperate in 16 areas, align defense equipment - Nikkei Asia London house prices fall at fastest rate since 2009 (cityam.com) High yield credit - not good, momentum softer, after 3/5months of consolidation

Boston Metal has been working for a decade to develop, refine and scale technologies for producing metals without less carbon dioxide emissions than the conventional processes. Since 2017, Boston Metal has been specifically focused on manufacturing clean, “green” steel U.S markets a little softer ( combination of FOMC minutes : staying firm-hawkish, China 'metal chip curbs' perhaps and 'stretched valuation' clearly), RTY notably softer and HK markets about 3% lower again >>> it really is worth noting the FOMO like rally we had into half-year-end and consider..(>>reduce few big winners, take some P, few hedges perhaps) ahead of QT and higher for longer in rates beginning to really make an impact (and no student debt cancellation in the U.S, and thus start to repay debt again), in FXland 1st time in a while CROSSJPY's took a near 1pct hit overnight ( momentum there been super strong too, overdone, but clearly tricky timing when shorting these crosses. .) FOMC minutes : A united U.S. Federal Reserve agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed, even as the vast bulk expected they would eventually need to tighten policy further, according to meeting minutes released on Wednesday (...higher for longer) C hinese smartphone accounted for more than 70% of total sold in Russia in H1 2023 Saxo : Why options strategies belong in every trader's toolbox ( new report ) China's rare earths dominance in focus after mineral export curbs Germany did not listen to warnings about Russia , says Annalena Baerbock Foreign minister says Ukraine war has changed country’s mindset about ‘chequebook diplomacy’ Germany’s highest court has blocked government plans to hold a vote in parliament this week on a contentious plan to encourage home owners to replace fossil fuel heating systems with cleaner alternatives Meanwhile in France : L’Assemblée approuve le principe des portables «mouchards» British billionaire Jim Ratcliffe lambasted the UK’s energy policy, saying “daft” decisions in areas including nuclear power are crushing manufacturing Belarus' Lukashenko Offers Ukraine, Russia To Start Peace Talks Without Preconditions - Tass >>> will believe it, when I/we see it Meta has launched its Twitter competitor - Threads Markets : FOMC minutes : higher for longer, the one thing to watch now in H2 is credit, HYG etc, next up ADP, US claims, JOLTS and NFP tomorrow Equity markets : be careful out there, when momentum stops and we hit summer (il) liquidities FX : USD mixed, but all about CROSSJPY's, similar to Eq, had a monster rally last few months (overdone - btw overdone doesn't mean it's a sell, but it's at least time to be cautious on longs..) >>> EURJPY chart below : overdone Commods generally have a feel of global economy slowing (PMI all been weaker lately..) SAXO Q3 outlook : q3-full-report-2023.pdf (home.saxo) Why options strategies belong in every traders toolbox | Saxo Group (home.saxo) "Almost all" Fed officials agreed to skip June hike - minutes (msn.com) U.S. Treasurys: investors look ahead to key economic reports (cnbc.com) Explainer-China's rare earths dominance in focus after mineral export curbs (yahoo.com) Yellen heads to China as US seeks to stabilize ties (yahoo.com) Boston Metal: Green steel company backed by World Bank, AcrcelorMittal (cnbc.com) Germany's top court blocks a parliament vote on a contentious bill to replace heat sources in homes | The Independent Germany did not listen to warnings about Russia, says Annalena Baerbock | Germany | The Guardian France: L’Assemblée approuve le principe des portables «mouchards» - Le Matin And so it starts ! Threads: Ten million join Meta's Twitter rival, Zuckerberg says - BBC News The end of Twitter as we knew it, probably, but not sure this is a good thing that the likes of #META have so much control over everything we do these days! Alps to Atlas: How Swiss-inspired cheese arrived in the Algerian mountains - The Local British Billionaire Ratcliffe Slams UK Energy Policy as - Bloomberg Elon Musk Warns Short Sellers As Tesla Deliveries Soar 83%, Stock Pops (forbes.com) Teasing short sellers! not the first time.. Gold ring found in Fishlake by detectorist is bought by Doncaster council - BBC News Way to go! EURJPY . just to put a picture of the recent rally in 2023..