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2% inflation target was always arbitrary, why 2% ? why not 3% ? ..New Zealand started wiht the 2% target in the early 90's, other CB's followed, we are in 2025 (FED admitted 2% target achievable only by 2028, that would make it 7y outside the target..) , things have changed, to the point the FED cut this week was more of a statement, not about monetary policy but more about a fiscal need, the next FED's additional mandate is to easy govt debt burden.. #shadowfed , thus over time the USDollar is on a weaker path, and technically DXY is on some 15year support, arguably '''breaking down''', weekly/monthly/quarterly confirmation required for 'next' secular move lower... next few months will be very interesting with Miran and Trump's next choice in Jan & eventually Powell in May 2026 Markets : Russia is starting to face major fuel shortages, BoE & BoJ unch, Norges cut, NVDA invest $5bn in Intel (good trade for Trump ! shrewd political move ), 30's and 10's UST up 12bps or so after FED cut.. (it will be hard to go and stay below 4%.....), German 30y yields highes since 2011, JGB's etc.. 39% of Fund Managers still have ZERO Gold (BoAML-chart available) >>> >>> a weaker USD big picture is positive emerging markets Eq (+global companies), miners, metals, commods etc, which is what has began to happen lately, the US end game will be MMT, QE, softer USD and YCC etc.. #shadowfed Trade : China and the United States are reportedly in the “final stage” of negotiations for a state visit to Beijing by US President Donald Trump, Denmark eyes Boeing P-8 aircraft for Arctic surveillance, Geopolitics : Donald Trump says Afghanistan’s Bagram air base should be returned to US control’ (FT), Tony Blair’s US-backed proposal for ending the Gaza war and replacing Hamas, Poland’s border closure risks choking EU-China trade, China says “Latin America is no one's backyard” and has “the right to independently choose development path and cooperation partners.” '$150bn of U.S. tech investments into the U.K. are floated and ‘UK set to announce closer co-operation with US on cryptocurrencies’ (FT), where “Chancellor Rachel Reeves hopes greater regulatory alignment will allow better access to America’s deep capital markets” China's $19 trillion stock market, once called uninvestable... (remember...) lures foreigners again US military have deployed a large force to the Caribbean in order to combat drug smuggling including 6 strike drones Germany has shifted its stance and now supports expanding the use of frozen russian assets to finance Ukraine, Germany's Merz faces trouble over 'autumn of reform' SCMP : Huawei bypasses Nvidia AI chips in computing breakthrough for China China's $19 trillion stock market, once called uninvestable, lures foreigners again | Reuters Commodities could be on the verge of a new super cycle | Reuters Bank of Japan keeps benchmark interest rate steady as it treads cautiously Norges Bank to ease faster than it projects after hawkish cut | articles | ING Think ‘Hedge America’ Trade Fuels Global Rush Into Short-Dollar Wagers Germany to back use of frozen Russian assets for Ukraine – Bloomberg Germany's Merz faces trouble over 'autumn of reform' – DW – 08/30/2025 Denmark eyes Boeing P-8 aircraft for Arctic surveillance The complex politics of EU military procurement....Didn't wan tUS kits, but suddenly realize that the alternatives are often worse...perhap smore expensive even... Denmark’s defence minister: “I would prefer that we collaborate with other NATO countries to get the most value for our money and to have a greater degree of flexibility – but if that proves impossible, I am also willing to accept that we will have to acquire this P-8 aircraft capacity ourselves.” Meta Ray-Ban Display glasses glitch twice during live demo NvidiaIntel deal What it means for the AI ecosystem | Saxo Global Markets Investor on X: "‼️The US is going through a COST OF LIVING CRISIS: US consumers' expectations for real income growth over the next 1-2 years dropped to the lowest level in HISTORY in September. Not even during the high-inflation period of the 1970s–1980s was the outlook this pessimistic. https://t.co/e2kXB4kZUc " / X Gold Near $3,700. Have You Missed the Boat? | GoldSeek Revealed: Tony Blair’s US-backed proposal for ending the Gaza war and replacing Hamas Poland’s border closure risks choking EU-China trade – POLITICO

FOMC : f airly clear move putting 'jobs' over inflation " , a little bit of QT continues, not worry (Powell), growth and inflation forecasts slightly higher, employment forecasts softer, divided opinions on FED path that's for sure, both sides of the mandate challenged, big divergence of views into 2026, “It’s not obvious what we need to do…” , Powell rallies Fed colleagues as economic, political risks grow >>> once the 'Miran-Trump' #shadowFED regime is in place at the'new' FED, it's ALL change, full MMT, QE, YCC, U.S banks embracing crypto, lower usdollar, but perhaps not just yet, hard to tell, watch price action, depends how quickly Mr Market wants to look fwd to what will happen... Markets : US to invest £150bn in UK, promising thousands of jobs, THE big risk, in 1998 the FED cut 75bps which lead to the DOT.com bubble, this time the FED looks to be cutting up to 75bps, which will very most likely lead to the AI bubble, U.S. banks are carrying nearly $400B in unrealized losses (Thread-one day it may matter..), China confirms TikTok's US app will continue using chinese algorithm and bans chinese top tech firms from buying Nvifdia's Ai chips. Geopolitics : Russia on Track to Become the Next Cuba/Thread, Fuel shortages growing across Russia, Saudi Arabia signs mutual defence pact with nuclear-armed Pakistan (this sounds like a big thing..) Trade : EU unveils push for closer India defense, trade ties, and The EU also plans to propose sanctions on more Chinese companies linked to the Kremlin’s war effort this week , EU commission proposes suspension of trade concessions with Israel and sanctions on extremist ministers of the Israeli government and violent settlers, Big Pharma flinches first over Trump tariffs as Eli Lilly and GSK promise U.S. investment, U.S. Senator Graham told Hungary & Slovakia to stop buying Russian oil China and the Global South believe that gold should underpin global finance in the future. The US believes it should be crypto, take you pick Bessent made same mortgage pledges like FED Governor Lisa Cook NVDA losing the China market, might not be just about NVDA.. >>> every country is wary of US sanctions, many will look at China as an alternative (and much cheaper) supplies of smis, once hey see Chinese firms do just as well without US chips EU explores using €170bn of Russia’s frozen assets to fund Ukraine’ (FT) Federal Reserve lowers interest rates by 0.25 percentage points in first cut since December - CBS News StockWatch - Powell rallies Fed colleagues as economic, political risks grow DoubleLine Capital CEO Gundlach says Fed's 25 bps rate cut is 'the right move' UK could raise nearly £2bn by taxing SUVs in line with European countries, study shows | Car tax | The Guardian US to invest £150bn in UK, promising thousands of jobs Scott Bessent Made Contradictory Mortgage Pledges Like Fed Governor Lisa Cook: Report Big Pharma flinches on Trump tariffsL Eli Lilly, GSK promise investment EU unveils push for closer India defense, trade ties Bit wierd to go for peace in Ukraine while supporting India, which imports 40% of its oil frm Russia... China is banning its tech firms from buying Nvidia's chips Why Trump Let Netanyahu Strike Hamas in Doha | Hudson Institute Saudi Arabia signs mutual defence pact with nuclear-armed Pakistan | News | Al Jazeera Fuel shortage is marching through the regions of the Russian Federation, approaching Moscow NEXTA on X: "Russia on Track to Become the Next Cuba The Kremlin is tightening the screws again: starting November 1, the recycling fee on cars will skyrocket. For many, foreign cars will become an unattainable luxury, leaving the outdated Russian auto industry as the only alternative. https://t.co/IlBDjvNiWL " / X StockMarket.News on X: "🚨 U.S. banks are carrying nearly $400B in unrealized losses. These losses stay hidden from earnings but weaken banks underneath. If trust breaks, paper losses can flip real in an instant. (a thread) https://t.co/FFlmusCdAv " / X Britain's pension promise could turn into a tax trap – The Armchair Trader

As the US retreats, can Xi Jinping’s new initiative shape the future world order? Markets : Spreads on investment-grade bonds are at the lowest levels since 1998, UK and U,S agree $42bn tech pact to mark Trump's visit (MSFT 30bn) >> in these markets, hardly anyone dares taking a short position n SPX/QQQ, lost count of how many 'overvalued markets', concentration of risk, massive short VIX (long risk)... that all said FOMC's can be the trigger for a change of momentum in short-term , so watch out, plenty of opportunties in relative value, precious metals ( Mining was 11% of global equities in the 1960s, today it’s 1%), HSI up above March highs, USD seems to be entering a new round of weakness too, let's see over next couple of days post FED meeting, Atlanta Fed is now projecting that Q3 GDP will be +3.4%… a massive expansion, US sales were stronger yesterday (BUT flat for 5years, when adjusted for inflation) , we are all ears Mr Powell, 25bps cut most likely and 'data dependent' going forward, 50bps would be seen as politically driven, whatch if he takes back some of the cuts priced in all teh way to end of 2026 Trade : China’s attempt to pivot away from the U.S. starts with this trading hub, Singapore’s exports plunge 11.3%, US warns Canada of potential negative consequences if it dumps F-35 fighter jets, Trump’s China trip many hinge on Boeing and soybean deals, sources say, US in talks to fund multibillion-dollar mining initiative for critical minerals’ (FT), EU executive will adopt new sanctions against Israel on Wed Geopolitics : Israel presented Syria with proposal for new security agreement, it's tempting to put itin this section : The top 10% of income earners in the US now account for nearly half of all consumer spending, a record high,The EU is discussing a complete ban on entry for Russian tourists, Kellogg: Ukrainians are not the obstacle to peace — Putin is. We are in the last 10 yards of the fight. This war could end tomorrow if he agreed to come to the table and negotiate (Thread) 'Impeachable': Explosive report on Trump's massive crypto 'scandal' stuns observers AI : the 109 AI stocks in goldman sachs’ tmt ai basket are now valued at $29.2 trillion — nearly equal to the annual u.s. economic output Bank of America sees nearly $1 trillion market cap potential for gold miners The world needs to spend $540 billion a year looking for oil and gas to maintain current output by 2050, according to the International Energy Agency Arkansas farmer: We've got a real disaster with this tariff deal/Thread Is UBS Too Big for Switzerland After Government’s Capital Demand? - the Swiss government wants the bank to take on more capital to deal with future crises, and unveiled the outlines of a draft law on June 6 that could ultimately force UBS to add as much as $26 billion to its capital cushion. UBS says such a requirement will make it uncompetitive and is limbering up for as many as three years of lobbying and public positioning while a bill moves through the Swiss parliament/BBG Nestlé chair Bulcke to step down early after CEO’s ouster CNBC's The China Connection newsletter: China's trade shifts away from U.S., even in Yiwu As the US retreats, can Xi Jinping’s new initiative shape the future world order? | South China Morning Post Fed rate cut playbook Where markets could shine | Saxo Bank Switzerland Bank of America sees nearly $1 trillion market cap potential for gold miners | Kitco News EU countries eye curbs on Russian tourist visas and diplomats | Euractiv UK and US agree $42 billion tech pact to mark Trump's visit | Reuters Google’s huge new Essex datacentre to emit 570,000 tonnes of CO2 a year | Google | The Guardian Tymofiy Mylovanov on X: "Kellogg: Ukrainians are not the obstacle to peace — Putin is. We are in the last 10 yards of the fight. This war could end tomorrow if he agreed to come to the table and negotiate. 1/ https://t.co/8OffsZFMcd " / X Singapore's exports plunge 11.3% in August, much weaker than forecast Student loan delinquencies hit record high, FICO report says 'Impeachable': Explosive report on Trump's massive crypto 'scandal' stuns observers - Raw Story Nissan to shut design studios in US and Brazil and downsize London, Japan operations | Reuters UBS Faces $26 Billion Swiss Capital Demand: What’s at Stake Nestlé chair Bulcke to step down early after CEO’s ouster - Moneyweb Donald Trump orders another strike on Venezuela drug traffickers Frontline report: Russia’s Pokrovsk offensive collapses into chaos — Ukrainian forces seize the moment and liberate Udachne - Euromaidan Press How long can the UK afford the pension triple lock? FactPost on X: "Arkansas farmer: We've got a real disaster with this tariff deal. We produce 40% more agricultural products in this country than we can consume domestically. 1 in every 4 rows of soybeans has to go abroad. China is the largest importer of soybeans in the world. For the first time https://t.co/kMLCNKIUWP " / X Jim Paulsen on X: "A better retail sales report this morning. But adjusted for inflation, retail sales have been nearly unchanged for the last 5 years. Hard to call this robust. Fed easing is coming, and maybe this will allow real retail sales to break north again? https://t.co/cmZvbGr0eN https://t.co/6AjJ6L0bGg " / X

GOOG joins the $3 trillion club Markets : The S&P 500 is now trading at 3.3x sales, its highest valuation in history & The S&P 500's price to peak earnings ratio has moved up to 27.3, its highest level since 2000 and 59% above the historical median, Stephen Miran confirmed as Federal Reserve governor, GOOG joins the $3trn club, Swiss Regs vs UBS, parts of Russia run dry as Ukraine's drone strikes hit oil refineries, BdF trims economic outlooks & warns political risks >>> markets have a lot priced in to end of 2026, ahead of the Fed, let's see if Powell keeps the party going ! precious metals keep on going, #BTC or #XAU ? over the long-term it's hard to think BTC to be used as collateral for REPO and or used by central banks around the world (you never know but not yet), while one can with GOLD immediately.. Trade : US, China Reach TikTok ‘Consensus,’ Setting Up Trump-Xi Call, U.S. warns Canada over F-35 deal France politics and budget : big picture France cannot really be bailed like Greece 15y ago, the debt is similar in terms of debt/GDP , but in absolute terms it's huge, and the current government(s) does NOT want to cut spending in any serious way, Switzerland’s US tech ‘whale’ - Conservative central bank has more than $42bn invested in Apple, Microsoft, Amazon, Nvidia and Meta-FT Trump cannot fire Fed’s Lisa Cook before FOMC meeting, appeals court rules Two years ago, Stephen Miran ’s career in finance seemed to reach a dead end. The investment firm he co-founded was closing, having never really gotten off the ground. Now he is at the forefront of President Trump ’s bid to remake the Federal Reserve / WSJ GS Pasquariello: "While I agree the market is top heavy and concentrated, consider this: the P/E ratio of the top 10 stocks in S&P today is 28x  … at the highs in March of 2000, that measure was 43x.   I’m not saying the starting point today isn’t demanding — objectively, it is — I’m saying that it doesn’t rise to the level of over-valuation that we saw in the tech bubble." FT “Yields on the bonds of groups including L’Oréal, Airbus and Axa have sunk below those on French government debt of similar maturity in recent weeks , according to data compiled by Goldman Sachs, in a sign that investors may see them as a safer bet.” UK : 438 quangos received £376 billion in government funding in 2023-24 , on top of £36 billion in non-governmental income The Fed might cut rates this week, but ... "Too many investors look at the present. The present is already in the price. You have to think out of the box and visualise 18-24 months from now, what the world is going to be and what securities might trade at - if you can see something in two years that’s entirely different from the conventional wisdom, that’s how you make money." -Druck French central bank sees growth outlook clouded by politics The Fed is expected to cut interest rates. Wall Street isn't waiting Exclusive | How Stephen Miran, Trump’s Provocative Economist, Crashed the Federal Reserve - WSJ Trump pick Stephen Miran confirmed as Federal Reserve governor | CNN Business US, China Reach TikTok ‘Consensus,’ Setting Up Trump-Xi Call U.S. warns Canada of potential negative consequences if it dumps F-35 fighter jet Trump cannot fire Fed's Lisa Cook before FOMC meeting, appeals court rules Trump advocates that companies stop reporting earnings on a quarterly basis Parts of Russia run dry as Ukraine’s drone strikes hit oil refineries | The Independent Swiss Regulators Accused of Pushing UBS Out of the Country US president Donald Trump says he will sue New York Times for $15bn Britain’s Quangos Uncovered: quango-state responsible for almost one third of government spending - TaxPayers' Alliance Tax payers' money well spent ? Reform UK's new faces seek to share spotlight with Farage Musk Answers Tesla’s Pay Proposal With $1 Billion Stock Buy Mohamed A. El-Erian on X: "From the Financial Times: “Yields on the bonds of groups including L’Oréal, Airbus and Axa have sunk below those on French government debt of similar maturity in recent weeks, according to data compiled by Goldman Sachs, in a sign that investors may see them as a safer bet.” https://t.co/UPHoBpDemx " / X Google hits $3 trillion after antitrust ruling and cloud boom

FOMC will cut 25bps, citing weakening job market, why not do 50bps since it's priced in anyway, could well be seen as political, so probably not Markets : CME raises COMEX Gold Margins by 6.7%, in August, the US Gvt collected $344 Billion, sounds good, just one big problem, it spent $689 Billion, that is a $345 BILLION deficit in one month alone, DOW THEORY says the transports are always the first stocks that get hit prior to a recession #UPS share price , Fitch downgrades France to A+ from AA-, outlook stable , Sherwin Williams cutting its 401(k) match is a pretty loud signal about where the cracks are showing in the economy DOJ probing Tricolor for pledging the same collateral multiple times, Tricolor’s AAA bonds (rated 2 months ago July ’25) just plunged—par to 75¢, lower tranches to 10¢ Trade : US companies put brakes on hiring after Donald Trump’s tariffs hit - Industries most exposed to rising costs caused by trade wars launch wave of job cuts, US Democrats press Trump for a trade deal that curbs China's production, Trump demands NATO action on Russian oil before any U.S. sanctions , Tariffs face legal threat that puts Trump’s deficit plan at risk, US-China Talks Head Into Second Day Focused on Trade, TikTok, China purchased 54% of US grown soybeans last year for $13.2 billion China has purchased $0 in US soybeans this year, Trump arrives in UK tomorrow for his visit As GOLD heads towards $4'000 and XAUUSD towards $50 , very strong possibility, momentum investors and institutions will be forced to join in, FOMO on a historic precious metals bull market The bottom 50% of US households now hold just 2.5% of total US wealth Nepal’s PM elected through Discord: How Nepal chose its first woman PM 'Nobody is going to stay and work when it's like this,' said an LG Energy Solutions subcontractor who was among the 300 South Koreans who returned to their country after being detained in a US immigration raid Major Central Bank Meetings This Week Federal Reserve (FOMC/USA): September 16–17(monetary policy decision and press conference) Bank of Canada: September 17(policy rate meeting) Banco Central do Brasil: September 17(rate decision) Bank of England (UK): September 18(Monetary Policy Committee meeting) Norges Bank (Norway): September 18(policy decision) South African Reserve Bank: September 18(policy meeting) Bank of Japan: September 19(monetary policy statement) Nepal’s PM elected through Discord: How Nepal chose its first woman PM - TechStory South Korean workers return home to cheers a week after US immigration raid | Reuters Venezuela's Maduro says "no way" U.S. can invade after Washington deploys warships to region - CBS News Qatar PM blasts Israel over attack in Doha as Arab leaders convene for emergency summit Ukraine-Russia war latest: Romania summons Russian envoy after second Nato country reports drone incursion Trump demands NATO action on Russian oil before any U.S. sanctions Sherwin Williams Workers Worldwide are Losing Retirement Benefits | PeakD Tariffs face legal threat that puts Trump’s deficit plan at risk - The Economic Times Chinese EV firms take fight to European automakers on their home turf US-China Talks Head Into Second Day Focused on Trade, TikTok Igor Sushko on X: "💥 Ukraine has now conducted 17 strikes on 12 Russian oil refineries in 45 days. These refineries represent 42% of total oil refining capacity in Russia. August 2 1. Novokuybyshevsk Oil Refinery 2. Ryazan Oil Refinery August 7 3. Afipsky Oil Refinery August 10 4. Saratov Oil https://t.co/wyRgfg3vbi " / X Trump Administration Unlawfully Cut Harvard’s Funding, US Judge Rules US farmers are being squeezed - and it's testing their deep loyalty to Trump We will never surrender our flag, Sir Keir Starmer says Everyone is in it for him or herself, left and right ! nothing illegal here mind.. Lord Kinnock to benefit from trust loophole that reduces inheritance tax D-FW auto lender, dealer files for bankruptcy amid fraud allegations from major bank Rating agencies are partying like it’s 2008, slapping AAA on junk. The music’s stopped, & subprime auto debt tied to fraud is crashing fast. Same playbook, new bubble Swiss Lawmakers Vote to Move Ahead on Bank Capital Revamp - SWI swissinfo.ch Canada launches fast-track reviews for major mines and energy projects - MINING.COM Carbon capture – the get-out-of-jail-free card that does not actually work | Carbon capture and storage (CCS) | The Guardian £20bn of tax payers £££'s wasted, maybe more, Miliband pushed this through couple of years ago The Epstein Scandal Finally Takes Down a Politician - The Atlantic

ALL time highs....for Stocks, home prices, BTC, Gold, money supply, U.S national debt , CPI inflation 4% per year since early 2020 (twice FED target) and FED is cutting next week (it's all priced mind, 4 cuts priced in, so they could deliver 2 meetings worth with 50bps, and say they are done, so do watch out with mr market limit short VIX) Markets : after weak U.S jobless claims at +263K... inflation flared back up in August while layoffs surged to a 4-year high...rates futures pricing have 4 straight 25bps Fed rate cuts through Jan 2026, DB raises S&P 500 target back to 7,000 as markets recover from tariff shock, FTC launches inquiry into AI chatbots of Alphabet, Meta and others, ECB unch and done now, pretty much all other major Central Bank meetings coming next week, Japan cuts price cap on Russian oil to $47.60 in additional sanction, ''what if the $3 trillion AI investment boom goes wrong? - Economist >>> markets at or near all time highs, no care about valuations and/or geopolitics, as bonds rallied on weaker #macro U.S , precious metals, PALL continue, XAGUSD could get into a whole new bullish phase too.., mining companies repriced, we have the h ighest short $VIX  position since 2022 though so watch out >>> USD, RMD, GOLD... the foundation of a real multi-polar system , countries recycling into RMB and gold instead of Treasuries Geopolitics : Foreign Minister of Poland Radosław Sikorski: I think it's high time that President Trump should see that Putin is mocking him, Poland has closed its entire eastern airspace for commercial use until December, establishing a no-fly zone, Zelensky met with Keith Kellogg to discuss increasing pressure on Russia and coordinating with partners for a faster end to the war, Brazil's former president Bolsonaro found guilty of coup plot, France's 'Block Everything' protests converge around ousting Macron, Lebanon stated it expects to disarm Hezbollah in 3 months, The U.S. lets Belavia back into the skies as Lukashenka releases 52 political prisoners Trade : Lutnick Signals optimism on trade with Taiwan, Switzerland , US to urge G7 to impose high tariffs on China and India over Russian oil purchases’ (FT) but the EU refused this week, Bessent will meet China trade negotiator VP He in Madrid to discuss trade, economic, & national security issues, with talks also covering TikTok and efforts to combat money laundering, Mexico to raise tariffs on cars from China to 50% in major overhaul XAGUSD : BoA ''shifting just 1% of global reserve assets into silver would be equivalent to 5years' worth of silver supply'' .. Tesla admits that its cars may never fully drive themselves.. This week energy giant Ineos said it was pulling out of the UK and investing £3bn in the US instead. Tonight pharma giant Merck scrapped its £1bn facility in London - which it was already building - saying the UK "is not competitive.", energy prices.. South Korea’s president says Georgia ICE raid could have ‘considerable impact’ on direct US investment from his country ECB Holds Interest Rates as US Tariff Deadline Looms Eric Yeung 👍🚀🌕 on X: "Here is how it works: 1) Global south or BRICS+ countries trade with Chinese manufacturers. 2) If they sell lots of raw materials to China and accumulate lots of RMB Yuan they might park it at Chinese government RMB Yuan Bills, Notes or Bonds. 3) These BRICS+ countries may" / X France's 'Block Everything' protests converge around ousting Macron France to deploy jets in Poland after drone incursion blamed on Russia South Korea’s president says Georgia ICE raid could have ‘considerable impact’ on direct US investment from his country | Regional/National Headlines | local3news.com 110. Trump’s Big Secret: Inside Epstein’s Birthday Book • The Rest Is Politics: US worth a listen when you have a moment >>>This week, Anthony Scaramucci is joined by renowned journalist Stephen Sackur to answer all these questions and more. Brazil's former president Bolsonaro found guilty of coup plot Sidelining Reeves now is a big gamble Excellent analysis there Tesla Admits That Its Cars May Never Fully Drive Themselves What if the $3trn AI investment boom goes wrong? ‘What if the $3trn AI investment boom goes wrong?’ (Economist). Elon Musk already just stated it means the government goes bankrupt; but more generally if AI works, even white collar analysts lose their jobs —so chaos— and if it doesn’t, $3trn goes  and debt problems are unresolvable - so chaos. NEXTA on X: "⚡️ BREAKING: The U.S. lets Belavia back into the skies as Lukashenka releases 52 political prisoners Several major developments at once: 🔵 The U.S. is lifting sanctions on Belavia, imposed in 2021 after the forced landing of a Ryanair plane. Belarus’s national carrier is https://t.co/WbcvkelAa7 " / X Lebanon to disarm Hezbollah near Israel border within three months: Minister - The Hindu Ukraine-Russia war latest: Poland rejects Trump’s claim that Putin’s drone incursion ‘could’ve been a mistake’ Nepal Protest News Today Live Updates: Nepal Kathmandu Gen Z Protest Reason, New PM name, Curfew in Nepal Latest News today | Stranded Indian in Nepal Latest Updates Venezuelan leader declares early Christmas as standoff with U.S. escalates Christian May on X: "This week energy giant Ineos said it was pulling out of the UK and investing £3bn in the US instead. Tonight pharma giant Merck scrapped its £1bn facility in London - which it was already building - saying the UK "is not competitive."" / X Chatbot Investigation: FTC Probes OpenAI, Meta, xAI Over AI Chatbot Safety For Kids AI chatbots and risks for kids draw FTC scrutiny

Markets : Klarna is a 20y old company and still not profitable, ORCL's past with earnings reports, FX dead still, rates stable after 'much weaker' than expected PPI in the U.S (a little strange, chart available on request questioning the low print), equity markets made new highs, what else.. DAX a little softer, with Poland article 4, France blockages and so on, valuations remains ridiculously high and concentrated with the usual MAG10 say, interesting opportunities elsewhere in relative value though, metals quiet, PALL reacting to possible new Russia sanctions Geopolitics : President Maduro says the US military buildup in the Caribbean is aimed at Venezuela's oil, gas and gold reserves, Putin ready to invade other countries, says Polish president, Assassination of Charlie Kirk adds to America's roll call of public violence, Nepal’s finance minister was attacked by an angry mob Trade : EU's Von der Leyen: Considering social media curbs in EU, Europe seems unlikely to hike secondary sanction tariffs on India and China to 100%, as the U.S. has suggested, US, India eye trade reset as Trump plans talks with Modi, ‘Block everything’: Nationwide protests raise travel tensions across France, Qatar Hamas strike, Poland ‘closer to military conflict than at any time since WW2’ as Nato allies weigh response to Russian drones, Putin tests NATO with drone assault on Poland The FED's balance sheet fell by -$39 bn in Aug, to $6.60 trn, the lowest since April 2020 Lutnick again said the U.S. should take (he said 'take'..) a chunk of universities' patent revenue US federal debt will reach $150 TRILLION by 2055 , according to the CBO's own forecast, if that's so... we going to need o own more #XAUUSD and other metals Scot Bessent’s hedge fund, Key Square Capital, was launched in 2015 with over $4.5 billion in assets, including $2 billion from George Soros. Over time, the fund suffered a series of substantial losses and investor withdrawals, leaving it with less than $1 billion by 2023 – closer to $577 million at year-end Economic problems again feature heavily in yesterday's Russian papers/Thread SNB's Schlegel: The effect of tariffs on Switzerland is difficult to determine #ORCL has had 'accounting issues' between 2016-2019 Mexico Plans 50% Tariff on Chinese Cars Before US, Canada Talks India-US trade deal: India’s chief trade negotiator may travel to America next week; Modi-Trump call likely soon Polish PM: Europe closer to war than any time since WW2 after airspace 'violations' Putin tests NATO with drone assault on Poland – POLITICO What happened in the strike on Hamas leadership in Doha and what it means for the war in Gaza | CNN ‘Block everything’: Nationwide protests raise travel tensions across France 'Socialism': Joe slams Trump official for saying U.S. should take chunk of college's patent revenue Mortgage demand jumps as rates fall to lowest since 2024 Putin ready to invade other countries, says Polish president - Insider Paper Meet Nepal's nepokids - Inside Gen-Z's viral rebellion against PMs and ministers' children with lavish lives - World News | The Financial Express Assassination of Charlie Kirk adds to America's roll call of public violence We keep been told Bessent was a successful Hedge Fund manager, was she ?...and that he is going to do great for the U.S.... Mega Hedge Fund Launches Are Rare — and Don’t Ensure Lasting Success | Institutional Investor Gold is on a tear: What does silver need to catch up? US Producer Prices Unexpectedly Fall Battle Over UBS Capital Rules in Parliament Oracle hit with whistleblower lawsuit over cloud accounting | Reuters In Re Oracle Securities Litigation, 829 F. Supp. 1176 (N.D. Cal. 1993) :: Justia Klarna stock surges 30% on hotly awaited Wall Street debut 20y old company, still not actually making a profit, pretty amazing really, but nothign new in today's world.. Steve Rosenberg on X: "Economic problems again feature heavily in today’s Russian papers: “More & more regions of Russia are facing a shortage of petrol” ▪️ “Devaluation of the rouble is inevitable” ▪️ “Russians have less and less money left over.” #ReadingRussia https://t.co/YXpR9DPCyM " / X ‘The Epstein book is the one thing that has Trump genuinely scared’ | The News Agents MPs want Mandelson back in Britain to face questions over Epstein ties Approving China 'mega' embassy would be unlawful, UK government told BreakThrough News on X: "President Maduro says the US military buildup in the Caribbean is aimed at Venezuela's oil, gas and gold reserves, which are among the biggest in the world. He says the US is creating “Hollywood stories” about narco-trafficking to portray him as the villain and justify https://t.co/GjRagxH3rV " / X If that's so, you ae going to 'own' a lot more gold for longer... The Kobeissi Letter on X: "Shocking stat of the day: US federal debt will reach $150 TRILLION by 2055, according to the CBO's own forecast. This would be ~$1.6 million of debt per American household, up from the current ~$274,000. It would also push the US Debt-to-GDP ratio to a record 169%, up from https://t.co/3RSnaF74Ta " / X Mohamed A. El-Erian on X: "Considering the posts below are from a sitting US Treasury Secretary widely seen as Fed Chair Powell's closest ally in the Administration, they are indicative of a broadening and deepening loss of political support for the Federal Reserve's leadership and the institution itself. https://t.co/xY8j9nhY6s " / X

Markets : Oracle's big beat ? (+30% after hours but again some Q's with front loading all the good news....basically missed but promised 500bn of projected data center backlog..), no neg reaction to BLS revision (all exp), indexes continue to grind higher, new highs after new highs as rates stay soft and market awaits FED cuts, FX super quiet really still, 10's UST yields shouldn't drop below 4% area, metals remain firm, geopolitics not affecting markets per say, other than few specifics Geopolitics :  Poland may invoke NATO Article 4 after Russian drone attack , huge Russian drone attack on UKR again and polish airspace violated 'repeatedly by drone objects'',   Israel hits Hamas leaders in Qatar, Nepal (between China and India..) lost its PM and its parliament was burned down, Macron appointed 39-year old Defense Minister Lecornu as his latest prime minister ( a lot of blocking traffic going on already ..), U.S payrolls revised down 911K... that's half the job previously announced (how can they get so wrong..) Trump posted that he still expects to get a trade deal agreed with India; and yet....he also told the EU to put 100% tariffs on China and India to force Putin to stop attacking Ukraine BoJ may cut 10-25 year JGB purchases in October-December plan - Sources, BoJ is said to see US trade deal removing some risks to growth Merz: Everything indicates that Putin's imperialist plan would not end with the conquest of Ukraine, but would only begin with it The US is ending its cooperation with Europe in countering disinformation from Russia, China, and Iran — the Financial Times Eu Eco / Draghi Plan - Europe slow-walks Draghi plan as global rivals surge - 1y after former Italian PM’s report on competitiveness, EU implements just 11% of his ideas -FT Netanyahu: Israel solely responsible for strike on Hamas in Qatar Questions raised over how Israel could strike high-security neighbourhood in Qatar (1) NEXTA on X: "⚡ Poland may invoke NATO Article 4 after Russian drone attack Polish media report that the country is considering triggering NATO’s Article 4, which allows any member state to call consultations if its territorial integrity, political independence, or security is under threat. https://t.co/FtKeWNcZ6y " / X ‘Block everything’: Nationwide protests set to disrupt travel across France today | Euronews Nick Timiraos on X: "Fed nominee Stephen Miran says employment growth this year reflects policy changes around immigration and the federal workforce. "Tight monetary policy is likely also negatively affecting labor demand particularly among small- and medium-sized businesses." He says some firms" / X Poland shoots down Russian drones after 'unprecedented airspace violation' - live updates - BBC News India eyes first nuclear-powered aircraft carrier to replace aging fleet 'Share the pain together': Trump tells EU to slap 100% tariffs on India, China to choke Russia’s oil lifeline Trump admin turning up the heat on BLS Supreme Court will hear Trump tariffs case on fast track BOJ likely to trim super-long bond buying in Q4 - The Business Times China's consumer prices fall more than expected in August as deflation woes persist Oracle’s stock surges toward its best day since 1999. These huge numbers explain why. SML pumps €1.3 billion into Europe's AI hopeful Mistral 'Share the pain together': Trump tells EU to slap 100% tariffs on India, China to choke Russia’s oil lifeline Ferrari evokes spirit of 1980s with new 849 Testarossa hybrid Ozempic maker Novo Nordisk to cut 9,000 jobs in restructuring | The Straits Times Britain’s US ambassador Mandelson appeared to call Epstein ‘best pal’ – POLITICO Anton Gerashchenko on X: "Chancellor Merz: Everything indicates that Putin's imperialist plan would not end with the conquest of Ukraine, but would only begin with it. The fact that Ukraine is also defending our freedom in Europe, that we are defending it together with Ukraine, is not just political https://t.co/xHeJcDlyeV " / X Tether Considers Gold Supply Chain Investments Backed by $8.7B Reserves

Markets : French Premier Bayrou resigns, no surprise there, lost confidence vote/see below, complicated negotiations coning!.. . The U.S economy is flashing warning signs from both jobs and inflation, shipments to the U.S plunged, SOFR 4.42% 'tight, sign of repo markets cash is harder to come by than FED suggest', SPX returns 'extremely' concentraded in Sep, some saying short-term risk is 'melt-up mode with cuts into inflation', which never ends well, when/how we shall see, Epstein files in the background too..!, 10's UST 4.05% lowest yields in 5months (slowdown, recession risk) $7.4 Trillion is now sitting in money market funds, an all-time high = money that doesnt NOT want to take on #duration risk, and stays in cash JPMORGAN WARNS OF FED RATE CUT PULLBACK JPMorgan’s trading desk warns the Fed’s expected September 17 rate cut could spark a “Sell the News” drop in US stocks. Despite the S&P 500’s 30% rebound since April, risks from inflation, weak jobs, tariffs, and seasonal September weakness remain. JPMorgan suggests hedging with VIX calls and adding gold, though history shows rate cuts outside recessions can still lift markets." WSJ- Strongly worded critique of Trump's pressure on Fed by Citadel's CEO Ken Griffin #macro U.S economy >>> labour stats in limbo land, economy seems paralysed wiht uncertainy/inaction, folks withdrawing cash frompensions, car market subprime loans on highs, no buying or selling of houses to speak of either... NY Fed consumer survey for August: "The mean perceived probability of finding a job if one’s current job was lost fell markedly by 5.8 pp to 44.9%, the lowest reading since the start of the series in June 2013." Trump targets the EU with tariff threat over tech penalties Fixed minimum prices for solar in Switzerland under threat in EU deal Saudi Aramco ends at its second lowest ever daily closing at 23.25 riyals (market cap of $1.499 trillion). Only during the worst of the pandemic and Saudi-Russia oil price war in Mar 2020, with Brent at ~$20, did Aramco close lower for a single day | UK gilts, the BBC was doing some special disaster scenario chatters on gilts 10days ago..2nd september....not kidding....strangely enough BBC not talking about Gilts rallying hard since...well over 20bps down in yield terms..5.7% to 5.47% now... Just How Bad Would an AI Bubble Be?. The entire U.S. economy is being propped up by the promise of productivity gains that seem very far from materializing/TheAtlantic French Premier Bayrou resigns, no surprise there, lost confidence vote Bayrou lost a confidence motion in parliament, forcing a third change in government in just over a year and reviving uncertainty over how the country can tackle its mounting debt burden. Parties across the political spectrum in France’s lower house joined forces Monday to overwhelmingly issue the rebuke to Bayrou, who called the motion in a failed attempt to rally support for his unpopular budget reforms. Just 194 lawmakers voted in support of the prime minister and 364 voted against. Macron will accept Bayrou’s resignation on Tuesday and name a new premier in the coming days, according to a statement from the president’s office. The new government will still have to find a way to pass a budget, an exercise that has now toppled the last two prime ministers. France is “drowning in a tide of debt,” Bayrou told lawmakers Monday ahead of the vote. “You have the power to bring down the government but you don’t have the power to erase reality. Trump’s Risky Game With the Fed - WSJ Citadel CEO Ken Griffin to Trump: Don't mess with the Fed François Bayrou Ousted As French Prime Minister After Confidence Vote Defeat - i24NEWS Worker confidence in finding a new job hits record low in New York Fed survey Are We in an AI Bubble? - The Atlantic The premise of AI—supposed superiority across the board—is challenged in side‑by‑side people‑versus‑machine tests, and in this case the machine lost. On the other hand, evidence is piling up that AI is failing to deliver in the real world. The tech giants pouring the most money into AI are nowhere close to recouping their investments. Research suggests that the companies trying to incorporate AI have seen virtually no impact on their bottom line. And economists looking for evidence of AI-replaced job displacement have mostly come up empty. Tesla’s board offers Musk $1 trillion to stay focused Fake news spread abroad about Switzerland is a liability - SWI swissinfo.ch Trump lashes out at EU over Google fine and threatens tariff probe Trump's court losses are piling up. Here's why that's not slowing him down | CBC News House Democrats release lewd birthday note Trump allegedly sent to Epstein U.S. economy flashes warning signs on jobs and inflation Shipments to U.S. plunge after Trump ends de minimis tariff exemption Fixed minimum prices for solar in Switzerland under threat in EU deal - SWI swissinfo.ch The Kobeissi Letter on X: "The car market bubble is bursting: Subprime auto loan delinquency rates have now surpassed 5% for the first time in history. The 60-day delinquency rate for subprime auto loans has more than DOUBLED over the last 3 years. Delinquency rates are now ~1.5 percentage points https://t.co/JQgYfMJiXv " / X The British public is being gaslit about Angela Rayner - New Statesman EndGame Macro on X: "SOFR. the rate for borrowing cash overnight against Treasuries has climbed to 4.42%. More importantly, the gap between SOFR and the Fed funds rate has widened, which basically means repo markets are saying cash is a bit harder to come by than the Fed’s official rate suggests." / X Revealed: how Boris Johnson traded PM contacts for global business deals | Boris Johnson | The Guardian 205. Are Reform Looking For An Argentine Tango? - The Rest Is Money | Podcast on Spotify Starmer "Tried to Sack Ed Miliband From Net Zero Brief But He Refused to Go" – The Daily Sceptic The Kobeissi Letter on X: "Shocking stat of the day: US federal debt will reach $150 TRILLION by 2055, according to the CBO's own forecast. This would be ~$1.6 million of debt per American household, up from the current ~$274,000. It would also push the US Debt-to-GDP ratio to a record 169%, up from https://t.co/3RSnaF74Ta " / X Own GOLD..and other metals..

Markets :  Equity markets new highs as bonds rallied on US Jobs data coming in weaker than expected, USD should weaken on softer data this afternoon (all about bonds), escalating feud with Venezuela, U.S. debt is spiralling at record speed >> on July 2, 2025, it stood at $36.2 trillion 2month later we are at $37.3 trillion.... totally out of control #UST and #GOLD, 90% of all SPY gains for the last 30 years have happened since the Fed started QE >>> gold new highs, yields rising to 20+ years highs, SPX wants to go to 7'000, as the FED is going to cut in a 3% inflation environment for years to come and deficit spending keeps coming, own assets, take your pick ! or be left behind..if what Mr Market is about... >>>> Mounting evidence labor market softening, ''Too late in danger of being too late'', JOLTS openings and CB's Jobs Plentiful (dual axis warning), BUT...markets maybe seeing this he wrong way round....>>> .. AI + migrant OUTFLOW means that you will need much fewer for a solid economy.. and fewer changes going on, as employers rather keep than have to look outside Trump said he would be imposing tariffs on semiconductor imports “very shortly” but spare goods from companies like Apple Inc. that have pledged to boost their US investments. Initial Jobless Claims 237K vs 230K Est and ADP Nonfarm Payrolls 54K vs 68K Est, Miran: If confirmed, “I will act independently as the Federal Reserve always does.” France - Squeezed French millennials blame boomers in backlash over soaring deficit   >>> France is stuck - A failure to spend less is at the root of the country’s political problems This is absolutely insane: In 5 days, the BLS is set to revise US jobs numbers for the 12 months ending March 2025. According to Goldman Sachs, a DOWNWARD revision of up to -950,000 jobs is coming US and Taiwanese defence officials held secret talks in Alaska JAPAN's financial structure has been built for decades around super LOW yields and a stable JPY, both been going the wrong way lately.... pressure building fast...and overall low yield structure kept yields lower worldwide #carrytrade risk G lobal rise in long-term government bond yields we're seeing now is happening against a backdrop where many countries shifted debt issuance to very short-term issuance (red) in recent years, that kept long-term yields artificially low and may now be coming back to haunt us. charts below / Thread GOLD is the canary, gold moving higher says thre is a problem, the problem is U.S debt, corp and household debt, and all debt rely one thing and one thing only, the UST market, credibility and thus low yields... the bond market screems of fragility...and thats mainly why gold is heading higher (IMHO it's most fiat currencies lower vs Gold higher, fiscal going global etc) >>> Goldman Sachs expects gold to surge to $4,000 an ounce by mid-2026. If the Fed's credibility gets significantly eroded, GS sees gold nearing $5,000. Gold prices have already doubled in the past three years. U.S. will suffer a debt-induced heart attack within a few years warns Ray Dalio Novo Nordisk Woes and Trump’s Tariffs Dent Danish Growth Outlook Goldman Says Gold Near $5,000 Possible If Fed Standing Damaged Trump warns of ‘fairly substantial’ chip tariffs; signals Apple, others safe Stephen Miran Federal Reserve confirmation hearing: Live coverage | American Banker Trump signs order to cut tariffs on Japanese car imports - Nikkei Asia US and Taiwanese defence officials held secret talks in Alaska Squeezed French millennials blame boomers in backlash over soaring deficit Investors are dumping bonds globally while gold is soaring. Here's why The Kobeissi Letter on X: "This is absolutely insane: In 5 days, the BLS is set to revise US jobs numbers for the 12 months ending March 2025. According to Goldman Sachs, a DOWNWARD revision of up to -950,000 jobs is coming. This would be the biggest downward revision since 2010. What is happening https://t.co/rmmFegq3SW " / X Nick Timiraos on X: "Miran: If confirmed, “I will act independently as the Federal Reserve always does.” In his opening statement, Banking Committee Chair Tim Scott doesn’t address Trump’s attempt to remove Lisa Cook from the Fed’s board." / X Trump's Venezuela mission: What to know "We've never seen this before": Trump's drug war looks like a real war Polestar suffers increased Q2 loss amid tariff challenges '''As a reminder, the Shanghai Cooperation Organization (SCO) - which annual summit was the occasion for their gathering - is the world's largest regional organization. Many people don't realize this but the SCO is even (slightly) bigger than BRICS+: the combined GDP PPP of the 27 SCO countries is $82.28 trillion (39.8% of the world's GDP PPP) vs $82.06 trillion (39.7%) for the 10 BRICS+ members''' Arnaud Bertrand on X: "As is all too often the case, we've seen much commentary of the optics of Xi, Modi and Putin get-together in Tianjin, but almost no-one spent the time analyzing the actual output of their discussion. Which is a shame because that's the real consequential stuff. As a reminder, https://t.co/0hfxcbS6Xd " / X Robin Brooks on X: "The global rise in long-term government bond yields we're seeing now is happening against a backdrop where many countries shifted debt issuance to very short-term issuance (red) in recent years. That kept long-term yields artificially low and may now be coming back to haunt us.. https://t.co/t0MdIisDUT " / X Ray Dalio warns US heading to a “debt-induced heart attack” in three years - USD to hurt | investingLive Sanofi phase 3 eczema win falls below analyst expectations Metals One strikes deal to treat uranium from Colorado mine waste – The Armchair Trader

JPN 30y yields hit an all time highs near 3.30% yesterday and the JPY is near all time lows, clearly not a good cocktail, something is going to give sooner or later Market : Trump unhappy with Xi parading with his new friends, FED's Waller now wants a cut in Sep (it is now pretty much 100pct expected and priced), JOLTS : construction quits & leading indicator at levels not seen GFC (FRED chart available on request), the delinquency rate on US commercial mortgage-backed securities (CMBS) for offices SPIKED to 11.7%, an all time highs, global yields off slightly yesterday (weak US data), fiscal risk going global is 'the' risk from here on and its implication on politics, risk assets, budgets etc Tragedy has struck Lisbon’s funicular railway PARIS — French politics are so paralyzed that the resignation of President Emmanuel Macron — an idea once only whispered in the corridors of power — is now being openly debated Xi Jinping — flanked by Putin and Kim — speaks of choice between war and peace at huge parade. Event marking 80 years since Japan's defeat in WWII meant to project China's military, diplomatic power GOLD : record highs again, but why ? the rise in prices reflects more than just commodity movements—it offers insight into broader shifts in the global financial system. These record highs highlight how foreign central banks and investors are reshaping/have reshaped their risk management strategies, particularly around currencies and government bonds Putin: We have always opposed Ukraine becoming a NATO member, but we have never objected to its membership in the EU #RBA Australia’s central bank chief signals fewer rate cuts if spending persists GS: We see risks arising that can create an environment where commodity prices rise, while equity and bonds sell off, much like in 2022 Houston-based ConocoPhillips says it will reduce workforce by 20-25% Trump: harder to win ai race against China without tariffs Fewest murders in London in summer since 2018 Apple - said to be developing AI-powered web search tool “World Knowledge Answers,” may use Google’s Gemini for Siri AI Goldman Sachs warns AI bubble could burst datacenter boom ‘I haven’t seen this much uncertainty since 1968’: Even a Macron resignation won’t save France – POLITICO Australia’s central bank chief signals fewer rate cuts if spending persists By Investing.com Fed Governor Waller says fed should start cutting rates Ukraine-Russia war latest: Trump issues threat to Putin if US unhappy with his decision on peace Israel-Gaza War: Trump Tells Hamas To Give Back ‘All 20 Hostages’ And ‘It Will End’ Nick Timiraos on X: "Job openings fell in July to the lowest level since September 2024, holding the 3-month average close to 7.4 million openings. The ratio of job vacancies to unemployed workers edged just below 1 for the first time since early 2021. https://t.co/9CghdR9hZ1 " / X Mike Zaccardi, CFA, CMT 🍖 on X: "GS: We see risks arising that can create an environment where commodity prices rise, while equity and bonds sell off, much like in 2022. https://t.co/34qBYhwEu2 " / X ConocoPhillips says it will cut workforce by 20-25%, shares fall How the Google antitrust ruling reshapes search, AI, and more Unemployed workers surpass job openings in labor market warning sign Xi Jinping — flanked by Putin and Kim — speaks of choice between war and peace at huge parade | CBC News (1) CALL TO ACTIVISM on X: "🚨MAJOR BREAKING: Donald Trump has shattered 50 YEARS of U.S. foreign policy - and the world is now more dangerous than ever. It’s official: Trump has pushed Russia, North Korea, and even India - the largest democracy on Earth - into China’s arms. Today, for the world to see, https://t.co/dOZiaf80xa " / X (1) Tymofiy Mylovanov on X: "Putin: We have always opposed Ukraine becoming a NATO member, but we have never objected to its membership in the EU. Every country has the right to choose its own security system, this also applies to Ukraine, but not at the expense of another country’s security. 1/ https://t.co/QmVnKpLouR " / X Fewest London murders in summer since 2018, says mayor's office Tragedy has struck Lisbon’s funicular railway. A transport expert explains how these old-fashioned trains work

Markets : #duration Global long term bond yields are rising it would seem a mistake to ignore what is going on here...Trump apparently is mad at Putin again, he got totally outmaneuver ed, Xi hails 'great regeneration of China' with dramatic show of military might, The French Socialist party — the swing vote the government needs for survival — has refused to back Bayrou’s confidence motion, this month marks 33years of Saxo (Kim's clip below), markets beginning to react, the casual reaction to FED badgering always looked pretty bizzare...bonds, MOVE index, VIX beginning to react, and risk, USD might well see bouts of strength, short covering on more risk off, metals would appear to be the only winners... (fiscal gong global) The US has revoked Taiwan Semiconductor Manufacturing's authorization to ship essential gear to its main Chinese chipmaking base GOLD during ''PIIGS or european soverreign bond crisis... reminder that last time we had a bond crisis in 2009-2011 period, gold almost doubled in priced from 1k to 2K.. Russia and China sign deal to build new Siberia gas pipeline, big news clearly SAP to invest over 20 billion euros in ‘sovereign cloud’ in boost to Europe’s AI ambitions With the RRP cushion gone,  bank reserves have been falling, although at $3.21tn they remain fairly comfortably above the $3tn mark  where we've seen funding issues in the past After Norway, UK in advanced talks to build warships for Denmark and Sweden Xi hails 'great regeneration of China' with dramatic show of military might Why Japan's long-term bond yields have surged to multi-decade highs How France's government reached the brink of collapse - and the staggering numbers behind its debt crisis SAP to invest over 20 billion euros in sovereign cloud in Europe Neil Sethi on X: "With the RRP cushion gone, bank reserves have been falling, although at $3.21tn they remain fairly comfortably above the $3tn mark where we've seen funding issues in the past. Still, that is down from $3.6tn Apr 10th (the highs of the year) and is now the least since May. I https://t.co/QGe7gMUckT " / X Germany's far-right AfD suffers series of candidate deaths ahead of local vote - BBC News Arnaud Bertrand on X: "This is huge: China and Russia apparently just signed a "legally binding" memorandum on the Power of Siberia 2 pipeline, which they'd been discussing for years. This pipeline will bring Russian gaz that's located in the Yamal peninsula in the country's North-West, the same gaz https://t.co/5bHCkzLQQo " / X Saxo on X: "This month marks 33 years of Saxo. Looking back, technology has always been at the core of our journey – from being one of the first banks to move trading online to today, where the pace of innovation is transforming every corner of finance and beyond. In this clip, our CEO, https://t.co/inSZsr53dj " / X India's consumption push could ease the impact of Trump's tariffs