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Crucial meeting at the white House today Markets : The biggest event risk now lies in today’s  U.S.–Ukrainian summit in Washington , but mor eimportantly  Jackson Hole conference  taking place Thursday through Saturday (last chance really for Powell to signal something for Fed decision in Sep and beyond - recall a cut is almost priced in.. and 4-5more into 2026..)... Container shipping traffic from China to the US is falling again/Thread >>> plenty of 'market topping out stories, extremes valuations, Hartnett now too, should not be any surprise if a decent correction comes along into September... risk is Powell cuts down expectations thereafter....Jackson Hole super important, see below The record-breaking rally in US stocks has left them prime for profit taking in the event of dovish signals from the Federal Reserve at the Jackson Hole economic symposium, according to Bank of America Corp. strategists, Winners could include gold, commodities, cryptocurrencies, EMs ./Thread Zelensky Heads Back to Washington Under Pressure From Putin - European leaders to join Ukrainian president in visit to Oval Office seeking a path to end war with Russia - WSJ - Trump’s Peace-Deal Demands Leave Zelenskiy With Only Bad Options  - Volodymyr Zelenskiy is in an impossible bind, having to risk Donald Trump's wrath or accept a deal to end Russia's war in Ukraine by ceding territory for vague security guarantees. The US president has appeared to align with Putin by dropping demands for an immediate ceasefire and urging Zelenskiy to act fast on a peace plan, which includes a "lands' swap" that Zelenskiy has refused to accept Markets : Sep cut is far from a done deal despite 90% probability currently priced in by Mr Market all down to the BLS decided to show on 5th Sep NFPayrolls ! “We call a tariff a protective measure. It does protect; it protects the consumer very well against one thing. It protects the consumer against low prices.” – Milton Friedman There are now 511,000 new homes for sale in the US, the highest inventory since October 2007, Contract signings to buy a house hits the lowest level in 30 years Federal Reserve Bank of San Francisco President Mary Daly repeats that while an outsize rate cut at the central bank’s September meeting likely isn’t needed, she still thinks two cuts this year will be appropriate.  Not even the 2000 Dot-Com Bubble saw this: The S&P 500 Price-to-Book Value ratio hit a RECORD 5.3x. The ratio has now officially surpassed the 2000 Dot-Com Bubble peak German 30y bond yields climbed to 3.35%, the highest level since 2011 . Investors are demanding higher term premia as the surge in bond supply weighs on the market Bill Clinton proves Marco Rubio is lying, right here, clear as day: WE forced Ukraine to give up their nukes, cruise missiles, and strategic bombers: WE promised to protect Ukraine from Russia; WE made Ukraine vulnerable. So yeah, THIS IS OUR WAR Texas grants grid operators authority to CUT Data Center Power during crises Tucson rejects Amazon-linked data center amid water, energy concerns (even with their own within the company AND the council, META not getting their own ways...) Zelensky Returns to White House With Squad of EU Leaders Fed Chair Jerome Powell may seriously disappoint Wall Street at Jackson Hole Steve Rosenberg on X: "“Trump has adopted Russia’s position,” writes one Russian paper today. “He will present his peace ultimatum to Zelensky. And there’s no doubt it’s an ultimatum.” My review of today’s Russian papers. #ReadingRussia https://t.co/FzMo7y0ToD " / X Rt. Hon Ben Wallace on X: "Things to remember and to watch for in Washington today. 1. It is assessed by many Military leaders in Nato , UK & US that for Putin to take by force the 4 Oblasts will take a further 2 million Russian Casualties & 4.4 years. Without Trump , Putin doesn’t hold all the cards 1/9" / X Beware ! Billions lost on Wall Street penny stocks as ‘pump-and-dump’ scams multiply BofA's Hartnett sees profit-taking in stocks after Jackson Hole - InvestmentNews The True Meaning of Trump’s Tariffs by Carla Norrlöf - Project Syndicate AI in apartment market is taking over work orders, lease renewals and more Fed's Daly: Fed will likely need to lower rates in coming months as job market has slowed Trump moving closer to decision on making weed less criminal in eyes of federal government: sources Meta Plans Fourth Restructuring of AI Efforts in Six Months — The Information The Kobeissi Letter on X: "Container shipping traffic from China to the US is falling again: The number of container ships departing from China to the US over the last 15 days has dropped to its lowest level since May. This is also one of the lowest readings in 2 years. Shipping volumes have declined by https://t.co/yHg2hDG7o3 " / X Texas Grants Grid Operators Authority to Cut Data Center Power During Crises. What It Signals for the AI Buildout - Smartland Energy Tucson rejects Amazon-linked data center amid water, energy concerns

U.S PPI...This is the highest increase in PPI since inflation was deemed “Transitory” IMHO... The Fed should not cut at all in Sep (unless NFP is much below 100K for example).., most if not all the calls for cutting are political and incoherent..('we have the hottest economy and record stock market but rates too high and need to be 1.5 or 2% lower... really' ??). Just past week one single crypto (ETH) added nearly 1% of GDP...do we really need easier money ??   >>> July PPI up 0.9% MoM, far in excess of the +0.2% expected, highest jump since June 22, yoy PPI up 3.3%, highest since Feb (trending higher-clear that US companies are passing along current (and future) costs ) >>> risk is a CPI spike is coming next Markets : all ears and eyes on Alaska, high stakes summit (25% chance meetings doesnt succeed-Trump), Lavrov has arrived for the meeting in a shirt that says СССР (USSR), Berkshire been busy with new buys and still selling AAPL, in Japan, the ruling LDP is undertaking a never-before-used measure to potentially remove PM Ishiba from office over next several weeks (keep an eye on JGB's and JPY..), markets boosted by fiscal, steemie checks, Reverse REPO down to $28bn so thats near enough zero (additional $$$'s now must come from Bank reserves or QE...).. and calls for large FED cuts (Bessent) that are still priced in, the FED only cut once in it's life span when CPI was above 3%...last year ... U.S. deficit grows to $291 billion in July despite tariff revenue surge A lot of similar warnings signs lately, so far no impact (fiscal boost, IRS confirms treasury checks, liquidity plenty etc), but beware and play accoridngly , The US stock market is EXTREMELY overvalued: The Shiller P/E ratio on the S&P 500 hit 38.7x, the highest since the 2000 Dot-Com BUBBLE burst Tariff-driven price hikes may be hidden by products stuck in ‘the middle mile’ #BTC US Treasury Secretary Bessent on Crypto reserve: We are not going to be buying it, will use confiscated assets The Trump administration is in early stage talks with Intel over a possible US government stake in the beleaguered chipmaker, sources said. The proposal emerged after President Trump met Intel’s CEO earlier this week and discussed a plan to revive the troubled US chipmaker. Intel shares rose +7% during the day and a further +4.6% post-market (BBG, FT, WSJ) - nice classic insider again ?...probably.. China's factory output, retail sales growth slump in blow to economy -  China's factory output growth hits eight-month low. Retail sales also slump, highlighting demand woes at home. China's 2025 GDP growth is forecast to cool to 4.6% Scott Bessent tells Europe to ‘put up or shut up’ over Russia sanctions, threatens India with more tariffs U.K. government's plan for the NHS to pivot to offering fat-fighting drugs to save money longer term just got much more expensive (Eli Lilly raised prices by 170%..) Anton Gerashchenko on X: "Lavrov has arrived for the meeting in a shirt that says СССР (USSR). https://t.co/h5HYuvTrob " / X Steve Rosenberg on X: "“Putin wants a good relationship with Trump. He also wants the capitulation of Ukraine.” Ahead of the Alaska summit Vladimir Putin hails America’s “energetic efforts” for peace in Ukraine. But is he ready to end Russia’s war? Our report from Anchorage. Producer @BBCBenTavener https://t.co/hAzl7kLxYL " / X Scott Bessent tells Europe to ‘put up or shut up’ over Russia sanctions, threatens India with more tariffs U.S. deficit grows to $291 billion in July despite tariff revenue surge Weston Nakamura on X: "🇯🇵ruling LDP is undertaking a never-before-used measure to potentially remove PM Ishiba from office over next several weeks Bond markets beware as 🌎 most dangerous market heads into… who knows Scenario guide to navigate markets amidst 🇯🇵 political leadership turmoil coming https://t.co/u9yRw6rMLr " / X Are we getting a stimulus check in August 2025? IRS Where's my refund Benzinga on X: "Millions of Americans could soon receive a $1,390 stimulus check, according to reports citing the U.S. Treasury Department and the IRS. The payment is aimed at providing relief to low and middle-income households and is expected to roll out in late summer. Officials have denied https://t.co/iSrd4K5sxH " / X Michael Pettis on X: "1/16 This article notes that Xi Gao's recent attack on the claims by Ray Dalio that excess debt accumulation inevitably results in financial crises "is part of the ongoing debate between deficit hawks and doves in China over debt-fuelled fiscal spending." https://t.co/1II1w6bivE " / X BERKSHIRE HATHAWAY INC Top 13F Holdings - WhaleWisdom.com Warren Buffett's Berkshire Hathaway reveals new stake UnitedHealth Meta under fire after report finds it allowed AI to engage in romantic roleplay with children HKMA Calls Commercial Property Risks «Manageable» Tariff-driven price hikes may be hidden by products stuck in 'the middle mile' Mounjaro manufacturer to hike UK price of weight loss drug by up to 170% RWA News: BioSig and Streamex to Raise $1.1B for Gold Tokenization Initiative on Solana Who needs stable coins/UST's, when you can have this....that represent ownerhsip of 'real gold' Bridgewater Associates sells stake in big Chinese companies

All happening in Alaska tomorrow Bessent suggested the U.S. could use the Nvidia “fee” model with other industries... Markets : Trumo to Putin : peace or sanctions, your call (how..will be a trillion usd question..but lasting ceasefire would be a start!), markets continue to enjoy the Miran plan )unlocking refi wave, huge home equity, and inflation to inflate US debt away and thus continue to favor asset holders at the expensive of MAGA followers who voted him in (mostly), it will go on till something cracks.. >>>> Outside MAG7,plenty of action across the oceans in Europe, Japan, China, and emerging markets (Chile, Brazil breakouts.. ?). The global liquidity cycle is rising, and equities like more liquidity.. Bessent said the Bank of Japan is falling behind the curve in addressing inflation, in a rare comment admonishing policy decisions by a foreign central bank, he also wants to run BoJ and other CB's ?... #USDJPY #UST #stablecoin we said it a while back, now Bessent said it, he has only ONE main target, sell UST's to the world via stablecoins / Thread Trump warns of ‘severe consequences’ if Russia doesn’t stop Ukraine war after Putin meeting, they had a very good chat yeterday together with EU leaders, let's see now Porsche, Deutsche Telekom in Talks to Anchor €500 Million Defense Fund  - the new fund will be run by DTCP, a Hamburg-based investment firm, and is seeking to raise €500 million. Porsche SE is setting up a fund to make defense-industry investments, and has dropped a previous requirement that it could only invest in companies that developed dual-use technology with both civilian and military applications White House to conduct review of Smithsonian museum exhibitions to ensure they fit with Trump's view of American history.. US appeals court lets Trump cut billions in foreign aid India, China in talks to resume border trade amid U.S. trade pressures Arab nations fume after Netanyahu says he feels connection to vision of ‘Greater Israel’’ European powers threaten ‘snapback sanctions’ if Iran doesn’t return to nuclear talks Trump warns of ‘severe consequences’ if Russia doesn’t stop Ukraine war after Putin meeting Bessent says unusual Nvidia, AMD revenue-sharing deal could be a ‘model’ for other industries Bessent Says BOJ Is Falling Behind the Curve, Expects Hike Treasury Secretary Scott Bessent on X: "President Trump’s One Big Beautiful Bill delivers for the bottom 50% of wage earners with incentives like no tax on tips, overtime, or Social Security, plus tax-deductible auto loans and 100% expensing to support U.S. manufacturing growth. https://t.co/sYgQakywHn " / X more government spending, more debt... WOLF on X: "Scott Bessent had one job. To sell the U.S. debt to the world. He’s going to do it with Stablecoins (his words, not mine) Here’s exactly what he’s got planned: https://t.co/pCQqmcyjhD " / X Arab nations fume after Netanyahu says he feels connection to vision of ‘Greater Israel’ Iran faces renewed sanctions if nuclear talks don’t resume ASAP – POLITICO India, China in talks to resume border trade amid U.S. trade pressures Climate: Temperature records in Europe amid extreme heat and wildfires Forest and land management !! Court Lets Trump Block Billions of Dollars in Foreign Aid White House reviewing all Smithsonian museum, exhibit content before America 250 celebration in 2026 Google announces new $9 billion investment in Oklahoma Is the UK now a natural hunting ground for investors? – The Armchair Trader You bet The Kobeissi Letter on X: "BREAKING: The US Treasury posted a $291 billion budget deficit in July, the 2nd-largest deficit for any July on record. The gap marks a sharp reversal from June’s $27 billion budget surplus. This comes as government spending surged +9.7% YoY to $630 billion, the 2nd-highest https://t.co/TL87SH1s2U " / X

Markets : U.S CPI 'goldilocks' scenario ( cool enough to avoid tightening but not recessionary - lets the FED and other central banks stay accommodative) , as U. S Rent index is down hard, falling 9.3% over the last year , global equities hitting new record highs, FED cutting in Sep is a dead cert ! (as per market pricing), fiscal excess...USD softer again, risk rallies, metals rally, everything rallies..pretty much, few negative spot on specific stories clearly, but all pretty happy times right now for Mr Market. Musk takes on APPL, Trump wants to sue FED's Powell and tells GS to sack their economist over tariffs predictions... ALL time highs on stocks, home prices, BTC, GOLD, money supply, National debt, CPI Inflation is about 4% per year since 2020 (double FED target)...and Trump/market wants 2 cuts this year and another 2 or 3 in 2026.... The U.S CPI was taken as dovish: Underlying inflation in the US increased in July, with the core CPI rising to 3.1% compared to the expected 3%. This increase was driven by higher service prices such as airfares, medical care, and recreation. Costs for tariff-exposed goods rose less than anticipated, Sep FED cut fully priced In July, the US Government collected $338 bn. Just one big problemos… spending was $ 630 bn (supporting equity markets though..) After US CPI, small caps for the win, for a day at least. | Saxo Market Call Ukraine war latest: Zelenskyy and European leaders to speak with Trump on emergency call today ahead of Putin summit | World News | Sky News Trump threatens to sue Federal Reserve Chair Powell Trump tells Goldman Sachs CEO to replace economist over tariff predictions Trump’s pick for BLS commissioner floated suspending the monthly jobs report before apparently backing off July US CPI Report Shows Inflation at a 2.7% Annual Rate, Slightly Below Expected | Morningstar Jeff Weniger on X: "The Cleveland Fed's New Tenant Rent index is down hard, falling 9.3% over the last year. I do not know how many people have self-deported, but that phenomenon is the best explanation I have for this index buckling like this. Prognostications of stagflation are misguided. https://t.co/FwVj5LrozO " / X Elon Musk threatens Apple with antitrust suit over App Store Perplexity Makes Audacious $34.5 Billion Bid for Google Chrome Amid Antitrust Showdown - WinBuzzer China warns companies against using Nvidia and AMD chips, report says Judge Orders Restoration Of Some UCLA Grants Blocked By Trump Climate: Temperature records in Europe amid extreme heat and wildfires

Trump now says he’s considering using the same federal takeover he just imposed on Washington, D.C., to seize control of New York, Chicago, and “other cities.” Markets : NIKKEI all-time-highs, as expected RBA cut 25bps to 3.6%, as Trump extend China truce for 90 days (more TACO, what else), and The Donald flipp-flopped on Intel CEO too (as exp..), Trump to join European leaders on emergency call before Putin talks, Why does Trump want to talk to Putin alone .. (coins, rare earth, real-estate, acess to financial markets?).. U.S CPI up next, and market will then focus on Friday's meeting President Donald Trump extended a pause of tariffs on Chinese goods for another 90 days into early November , stabilizing trade ties between the world’s two largest economies.The extension will ease worries of a renewed tariff war and gives the countries more time to discuss other unresolved issues such as duties tied to fentanyl trafficking and US business operations in China Brazil-US meeting canceled amid tariff dispute, says finance minister Michael Hartnett, Bank of America Chief Investment Strategist (August 2025): “Central banks will be forced to revalue gold reserves to reduce domestic debt burden very positive gold.” Moody’s Analytics chief economist Mark Zandi -- who is pretty darn mainstream -- says "More than half of industries are already shedding workers, a telling sign that’s accompanied past recessions" A record 91% of fund managers surveyed by Bank of America now believe US stocks are overvalued -chart available on request, and average cash position is 3.9%, which is Trump opens door to sales of version of Nvidia's next-gen AI chips in China U.S Employment components for both ISM Manufacturing (blue) and Services (orange) are in contraction and trending lower GOOGLE AND IBM BELIEVE FIRST WORKABLE QUANTUM COMPUTER IS IN SIGHT St.Louis FED : After paying for essentials, the lowest-earning 40% of households had very little money left over. Some actually spent more on essential items than they earned in 2023 >>> they clearly saying that 'disposable income is suffering' National Guard to deploy in DC: What to know Positioning for a Ukraine ceasefire? Market implications from Trump-Putin talks in Alaska | Saxo RBA cuts interest rates to more than 2-year lows That Extra Money: A Primer on Discretionary Income | St. Louis Fed Trump to join European leaders on emergency call before Putin talks  – POLITICO Aaron Rupar on X: "Trump: "There will be some changes in land ... Russia has taken some very prime territory. They've taken largely ocean -- in real estate we call it oceanfront property. That's always the most valuable property." https://t.co/DeyJnC7oDF " / X All he wants is access to rare earth and russian financial markets, when they reopen, and he will get russia to buy his 'coins' too..backhanders galore... China urges firms not to use Nvidia's H20 chips, Bloomberg reports Trump extends China tariff deadline by 90 days Michael Pettis on X: "1/8 SCMP: "Beijing now employs a wider arsenal of tools to manage volatility, with the key challenge being whether the yuan can open the door wider to market pricing and secure a larger international role – without destabilising swings." https://t.co/yFCTtPVaqi " / X Trump calls Intel CEO 'success' days after demanding resignation More than half of industries are already shedding workers, a 'telling' sign that's accompanied past recessions, top economist says | Fortune Stocks and data to watch the week of August 11 through 15 How pharma became Switzerland’s Achilles heel in US trade talks - SWI swissinfo.ch Bär schockt Extern-Workers: Tagesansatz brutal gekürzt – Inside Paradeplatz Brazil-US Meeting Canceled Amid Tariff Dispute, Says Finance Minister

As of June, foreign exporters absorbed 14% of US tariffs, US companies ate 64%, and US consumers ate 22% according to GS. Tariffs contributed 0.2% to PCE, but the impact could be 0.66% by year end Markets : Trump Uturns Swiss Gold tariffs (as expected..), FED pricing update : we now have 2 rtate cuts priced in by year-end adn another 3 for 2026 (>> woul dbe 3% Fed Fund by hen), rice prices plunges to its lowest price in 8y, #UPS is the largest courier in the world, stock has given up all the gains from covid lows, U.S CPI next focus tomorrow (U.S PPI Thursday and US claims, US sales Friday, and U.S-Russia and UKR talks? in Alaska Ahead of this Friday’s U.S.-Russia summit, ‘Vance: ‘We’re done with the funding of the Ukraine war business’ (The Hill) - so Europe will be paying for whatever is agreed in terms of security guarantees(?); as ‘Europe urges Trump to use sanctions pressure ahead of Putin summit’ (FT) How Trump-Modi phone call sparked US-India trade fallout. In the 35-minute phone call, Modi clarified that the ceasefire was discussed directly between India and Pakistan ‘Trump may impose more tariffs on China as punishment for Beijing buying Russian oil’ (SCMP) #GOLD market : it may not be a revaluation the U.S want, but nore like a #confiscation and put the gold inthe Treasury's hands.. (they are determined to merge FED and US Treasury...and they will get there, one way or another ) US Fed's Bowman: Latest jobs data stiffens support for three rate cuts in 2025 NVDA and AMD Nvidia agreed to pay 15% of their revenues from chip sales to China to the US govt as part of a deal with the Trump admin to secure export licenses...the new way..is that even constitutional ? Largest 10% of U.S stocks now make ut 76% of total market cap - highest concentration in history , Nvidia now makes up over 8% of the S&P 500, the highest weighting for any single stock in the index on record, The S&P 500 is now trading at 3.15x sales, its highest valuation in history Opening up 401 (k) retirement plans worth $9 trillion IS a dream coming true for private equity >>> folks putting their pensions in there now, will NOT be happy in a few years time... The irony is that Steve Miran has leaned hawkish in the past few years/thread Swiss Politicians Push to Cancel F-35 Fighter-Jet Deal After US Tariffs UK : A second referendum on EU membership would be audacious, risky, and guaranteed to dominate the campaign. It would also give Labour something it desperately lacks: a defining, future-shaping offer #GBP US SERIOUS delinquencies are at CRISIS levels: The share of credit card debt delinquent 90+ days hit 12.3% in Q2 2025, the highest in 14 YEARS EU leaders push for Kyiv to be part of Trump-Putin talks to end Ukraine war Vance and Lammy host Ukraine talks ahead of US-Russia summit - BBC News How Trump-Modi phone call sparked US-India trade fallout Nvidia and AMD to pay 15% of China chip sale revenues to US government Elon Musk: Tesla launches bid to supply electricity to UK households 1 humanoid robot at $5/hour can do the work of 2 humans at $25/hour: MS By Investing.com Special Situations 🌐 Research Newsletter (Jay) on X: "As of June, foreign exporters absorbed 14% of US tariffs, US companies ate 64%, and US consumers ate 22% according to GS. Tariffs contributed 0.2% to PCE, but the impact could be 0.66% by year end... https://t.co/ObnnTZ26f1 https://t.co/eWJ6P0cZvp " / X Global Markets Investor on X: "🚨US layoffs are running at RECESSION levels: There have been 806,383 job cut announcements year-to-date, the 2nd-highest total since the FINANCIAL CRISIS! July saw 62,075 job cuts, nearly TRIPLE the 23,584 average in the 2021-2024 period.👇 https://t.co/hwEZwXkV6W " / X Swiss Politicians Push to Cancel F-35 Fighter-Jet Deal After US Tariffs - SWI swissinfo.ch Stephen Miran on X: "Major econ arguments I have made this year: Neutral is higher than the Fed thinks The Fed is not as tight as the Fed thinks Treasury issuance policy is counteracting what Fed restriction there is The reduced hiring rate is not indicative of problems with aggregate demand" / X Otavio (Tavi) Costa on X: "It's interesting to see some people claim inflation is slowing. The equal-weighted commodities index is up 12% in the past year. That’s real-world inflation. Meanwhile, US money supply just hit a new high, and the dollar is weakening sharply against other currencies, including https://t.co/xYS56p7DeX " / X What Happens When Private Equity Meets 401(k)s? - Finance Centers at the Wharton School % The dark secrets of Switzerland’s largest gold refinery - SWI swissinfo.ch From meme to movement: France’s online anti-tax revolt rattles Macron’s Elysée – POLITICO GOP-led states lead push for SNAP soda and candy bans Orsted shares plunge as it plans $9.4 billion rights issue

#APPL possibly the highlight of the week ?... so we had one of the richest CEOs on on the planet walking into the White House, on live TV, gifted over to Mr President a customed glass plaque in 24karat gold, that weighted about 10Kg, so worth about 1mio usd, like it’s some sort of renaissance bribe (Cook clearly not the first, nor will be the last..) , and walks out with a tariff exemption worth billions, in fact share price rallied to the tune of about 150bn$...the new normal..!?, I suppose that's a small price to pay...good lord Markets : GOLD basis/spreads come into play now, #SILJ breaking up, #GDX broke through big resistance last 2weeks (>>> the world is finally noticing...longway to go..) , GBP rallies on the 5-4 'split decison' to cut 25bps, initial jobless US claims rose ever so slightly to 226K. Fed influence in focus as Trump nominates Miran , not likely to be next FED chair though, that all said.. you just never know. Putin must meet Zelensky first (WH official), they might all meet in UAE by the looks >>> equitiy markets (MAG7) feel a little toppy, but nothing more, #HSI off highs, few clear weak spots wiht consumers backing off, but no drama, yet anyway. USDollar might get a little more volatile wiht the GOLD news, reval talks, Miran etc.. (NOT a coincidence this is happening together..) NY Fed: Inflation Expectations tick UP ; consumers more optimistic about taxes and their financial situations GOLD isn’t just an asset anymore. It’s becoming the ‘backbone of a new global system’ U.S 'continued claims' : Claims Surge 1,974,000 — the highest since Trump’s tariffs took effect, layoffs rising, growth slowing  and warning signs flashing Israeli PM Netanyahu says he plans to take full military control of Gaza, and later hand it over to civilian governance “that is not Hamas.” Trump Says Intel CEO ‘Must Resign Immediately’ >>> then I wonder how many other CEO's of U.S company shared their technology with China in last few years...and are potentially 'conflicted'... !! White House: Trump signed an executive order to allow 401(k) investors to access alternative assets for better returns and diversification Once again, and eventually this will matter, tariffs are taxes paid by American importers, not foreign countries, government or sorporations, meaning the money “flowing in that Lutinick claims, or Bessent..” is actually coming (or shared by a few in between at best) from US businesses and consumers, not China, India or anyone else Comments from UBS's Donovan on GOLD - worth a listen ! OUCH ! ubs.com/content/dam/assets/wm/global/cio/market-insights/paul-donovan-daily-insights/2025/dailyupdate-20250808.mp3?campID=UC:E:601227:601241:269449152:0:2127107254:2127104526:en:0 Market Quick Take - 8 August 2025 | Saxo And also well worth reading this one, about 'SPREADS', Comex spreads etc Need more gold .. Trump plans massive renovation of White House Apple's Tim Cook gives US-made gift to President Trump - BBC News Inflation Expectations Tick Up; Consumers More Optimistic about Taxes and Their Financial Situations - FEDERAL RESERVE BANK of NEW YORK Ukraine-Russia war latest: Putin proposes new location for Trump talks as Kremlin rejects Zelensky meeting Trump to nominate economic advisor Stephen Miran to be new Fed governor, replacing Kugler Nick Timiraos on X: "Last year, Miran and a co-author decried the "revolving door" between the Fed and the executive branch. "Short-circuiting the revolving door between the Fed and the executive branch is critical to reducing the incentives for officials to act in the short-term political" / X US tariffs of 39% come into force for Switzerland - SWI swissinfo.ch Toyota cuts forecast as Trump tariffs cost $2.9 billion in a single quarter Asian shares mostly climb after a rally for Apple led Wall Street higher Lilly and Novo Nordisk stocks whipsawed by Wall Street Chicago Mayor Brandon Johnson Says Finances at 'Point of No Return' Trump calls for Intel’s CEO to go. Lawmakers have focused on his ties to China. Israel's security cabinet approves plan to take full control of Gaza City - LBC Trump Says Intel CEO 'Must Resign Immediately' Trump, on that basis, can probably fire many of them CEO's...

Trump's new tariffs on India, Chips, pharma, Switzerland, Japan ... out of control again... Markets : APPL saves the day yesterday (+5%..Ti m Cook has bought his way around tariffs. Pay to play..recycled info though, 10th time we hear about it in the last few years, no later than Feb with ''$500bn over 4years..'' ), worth noting that about 80% of S&P 500 companies reporting second-quarter results have beaten forecasts, pretty wild price action yeterday in long-end UST's, market expecting the new FED guv to be announced ''shortly''...Shadow FED in place, markets will move >> regime change etc!! , SPX500 trades on 22x fwd earnings, to push it towards 25x and current forecasts, you need NOT to believe in recession at all, and think AI trade will take it up there ?.. FED GOLD revaluation document .. Healthcare Stocks now underperforming the S&P 500 by the largest margin in almost 25 years, BoE wildly expected to cut 25bps today, they should cut 50bps really, well they could signal it with a few 'ifs' FED regime change is not whether it is this Kevin or the other , it's about how are the reformist going to feel about QE, policy intervention from global central banks, FX manipulation etc... this will have huge implications on growth stocks, backstopped government debt, yields etc China’s Rare Earth Power Play: How “Economic Supremacy” Is Shaking America’s $1.2 Trillion Tech Industry to Its Core India - U.S diplomatic situation / Thread The July ISM Services report crushed what little remained of the “resilient labor market” narrative /Macro Thread from th excellent André ! - The ISM Services PMI index declined -0.7 points last month, to 50.1, the 2nd-lowest reading since June 2024. New orders fell -1 point, to 50.3, also the second-lowest since June 2024 U.S. Housing Market Home Sellers outnumber Buyers by more than 500,000, the largest gap ever recorded, Student Loan Debt entering serious delinquency soars to 12.9%, the highest level ever recorded #PLAT Platinum crunch comes to a head as US and China snap up metal, Platinum lease rates are going vertical. 14.78 percent for 1 month? That’s not normal Spain cancels its plan to purchase F-35 fighter jets from the US, shifting defense spending to Europe.. Italy has finally approved a €13.5bn (£12bn) plan to build the world’s longest suspension bridge from the mainland to Sicily Megh Updates 🚨™ on X: "Tim Cook gifts Trump an apple custom-made glass with 24k heavy GOLD base along with $600B investment promise. In return, Trump signals that Apple could sidestep the 100% semiconductor tariff and enjoy business https://t.co/mCfpgOTs9i " / X tia... Could the Treasury Revalue Gold for Bitcoin Reserve or Debt Relief? The Fed - Official Reserve Revaluations: The International Experience Trump says JPMorgan Chase, Bank of America rejected him as a customer Donald Trump says 'meetings' could take place involving Russia, Ukraine and the US | World News | Sky News Trump vows 100% tariff on chips, unless companies are building in the U.S. India's nearly $87 billion exports to U.S. under threat due to Trump tariffs Platinum crunch comes to a head as US and China snap up metal - MINING.COM Fed Reserve's Kashkari: Economy may require rate cuts soon German industrial output dips after pre-tariff boost https://macroanchor.substack.com/p/you-still-believe-in-no-recession?r=63s8r1&utm_campaign=post&utm_medium=web&triedRedirect=true The dollar has weakened, and US equities have underperformed RoW in 2025. Is the era of US exceptionalism over? Let us face it. The 'exceptionalism' of the United States was supported by rising government deficits, a very loose monetary policy, and low cost of capital, hence the very significant outperformance of the US stock market relative to that of the rest of the world . But now there is a price for that exceptionalism: very high levels of debt and sticky inflation. Many market participants have pointed out the extreme weakness of the USD in recent months. However, if you look at the last 40 years, the USD is still quite strong and might weaken even more, not because the USA is losing its hegemony in the world, but mainly because policymakers in the USA want a weaker dollar and very low interest rates. This new macro policy setting could result in a renewed outperformance of the US stock market relative to that of the rest of the world (currency hedged).... couldn't agree more! (1) Michael Pettis on X: "1/8 Very interesting SCMP article on the urgent debate within China on how best to bolster domestic consumption: "One point of contention is whether to set measurable consumption targets, in a similar fashion to... https://t.co/5BvWRYxxks " / X https://www.energy-reporters.com/news/chinas-rare-earth-power-play-how-economic-supremacy-is-shaking-americas-1-2-trillion-tech-industry-to-its-core/ https://x.com/d_extrovert/status/1952815479212376266 We should reflect on why we got this so wrong. This has been a diplomatic earthquake. However, Indians and India-focused scholars ignored the signs indicating that we were living in a perilous seismic zone. A thread  on the problems in our study of India-US follows The Kobeissi Letter on X: "Stagflation has arrived in the services sector: The ISM Services PMI index declined -0.7 points last month, to 50.1, the 2nd-lowest reading since June 2024. New orders fell -1 point, to 50.3, also the second-lowest since June 2024. The Employment index decreased -0.8 points, https://t.co/FNoF1HvDzc " / X NXT EU on X: "🇮🇹 Italy has approved plans to build the longest suspension bridge in the world. The Road & Rail bridge will link Sicily to Mainland Europe 🇪🇺 It it set to open in 2032 and showcases Europe can undertake massive projects! Go Italy, go Europe! https://t.co/QVXs8l6aj8 " / X The gambling industry is a licence to print money. Tax it properly – and turbocharge the fight against child poverty | Gordon Brown | The Guardian

Secretary RFK Jr. is now taking action to fully ban FOOD STAMPS from being used for obtaining SODA Markets : India gets hit harder on tariffs again (''they're buying russian oil''), Pharmaceutical tariffs are no joke, MS chimes in, says recent jobs number revisions 4-5x larger than median absolute revision since 1979 (GS had comparison to 1968), Trump says Bessent took his name out of Fed chair race, four others in the running, decicion maybe before the week is over! ''in a week or so'' >>> Equity markets 'off highs' buit no more for now, 'shadow' FED chair could move USD and rates, tariffs 'war' continues, 7th Augus deadline coming up for a few, including Switzerland. "I don't see a trade deal happening with America. We can keep up the pretense of talking. But India cannot surrender to Trump's whims and fancies. We must now figure out how to contain the damage," says former Finance Secretary Subhash Garg U.S ISM >>> one of the lowest ISM employment gauge prints of the cycle Trump: "We'll be putting an initially small tariffs on pharmaceuticals. But in one year, one in a half years maximum, it's gonna go to 150% and then it's gonna go to 250 %, because we want pharmaceuticals made in our country." Reuters: “China's biggest solar firms shed nearly one-third of their workforces last year , company filings show, as one of the industries hand-picked by Beijing to drive economic growth grapples with falling prices and steep losses.” Trump: "I did something with Switzerland the other day. I spoke to their prime minster. The woman was nice but she didn't want to listen The U.S may require foreign nationals from certain countries to pay $15'000 for visas China Tests Renminbi Stablecoins in Hong Kong Amid Capital Outflow Fears US adds OpenAI, Google, and Anthropic to list of approved AI vendors for federal agencies Top economist warns the U.S. is ‘on the precipice of recession’—and it will be hard for the Fed to come to the rescue Trump rules out Bessent as next Fed chair Trump says pharma tariffs could eventually reach up to 250% China Tests Renminbi Stablecoins in Hong Kong Amid Capital Outflow Fears | DeepNewz China Swiss president rushes to US to avert steep tariffs HHS Chief Pushes For Nationwide Ban On Purchasing Soda With SNAP Benefits - TFPP Wire Tesla sales in Britain dive 60% amid Musk backlash and waning EV growth | This is Money Trump rips Jaguar ad after CEO's resignation. Why the ad stirred discourse US agency approves OpenAI, Google, Anthropic for federal AI vendor list China's Car Exports to Mexico, UAE Surge, Those to Russia Plunge in First Half US may demand $15,000 deposit for visas - BBC News Michael Pettis on X: "1/7 NYT: "President Trump’s tariff threats have turned into a play for cold, hard cash as he tries to leverage U.S. economic power to cajole other nations to make multibillion-dollar investments in order to maintain access to America’s market." https://t.co/jF2vFPKHNl " / X Brian Sullivan on X: "Morgan Stanley chimes in, says recent jobs number revisions 4-5x larger than median absolute revision since 1979 (Goldman Sachs had comparison to 1968). The President politicized the issue so it got muddled but what is clear is that either we are sliding quickly into recession https://t.co/UPmwBFtMpH " / X Michael Pettis on X: "1/8 Reuters: “China's biggest solar firms shed nearly one-third of their workforces last year, company filings show, as one of the industries hand-picked by Beijing to drive economic growth grapples with falling prices and steep losses.” https://t.co/RH8pNAM8G4 " / X Navroop Singh on X: "Superb Clarity by Jeffery Sachs ! A trade deal between India & USA is unlikely. Trump doesn’t want Indian manufacturing or China+1 & we should not close doors with Russia, China & Europe https://t.co/48qnW1lZ5l " / X

Markets : Trump vows substantial hike of India tariffs over Russian oil, Swiss in a bind over tariffs too! , Friday’s weak payrolls triggered a sharp drop in Treasury yields, with the 2-year falling 25 bps, the largest move in a year, as markets priced in two rate cuts by year-end, markets rebounded half of Friday losses, mining stocks on fuego, DATA centers will eventually go through the usual cycle (...huge CAPEX spending as per recently, it will get commoditized (CHINA and others to overbuild etc) and eventually returns will get smashed (eventually-play accordingly) >>> What the ISM is describing is a business cycle that is dead and doesn't really exist anymore/THREAD, well worth a read US tech stocks have reached a 100-year high relative to the S&P 500 in 2025, with the Mag 7 now accounting for 35% of total US market capitalization. - BofA The Fed’s Mary Daly said the time for rate cuts is nearing, telling Reuters more than two reductions might be needed if labor market weakness persists UK (AND elsewhere..) State pension age to hit 80 without reforms, expert warns >>> this POINT will com eback over and over and over, hence whichever government in charge is unpopular.. (France, europe, US, CH, UK all same demographics..) India said the US threat of increasing tariffs on its goods for buying Russian oil is ‘unjustified and unreasonable.’ Japan’s trade chief is set to leave for the US to urge Washington to proceed with a promised cut to car tariffs SAUDI ARAMCO takes on more debt to cover its dividend as free cash flow was insufficient (again) in 2Q despite realized oil prices of ~$67 a barrel (and very strong total production) Swiss president under fire after Trump call leads to US tariffs shock. Karin Keller-Sutter accused of mishandling talks as shares dive after Switzerland hit with 39% tariff World central banks bought another 166.5 tonnes of gold in Q2 2025. This is ~41% above the average quarterly purchase between 2010 and 2021#GOLD July jobs report shows brutal stretch. Trump fires BLS head Decent amopint of data this week Economic Calendar (1) Count Draghula on X: "5/ What the ISM is describing is a business cycle that is dead and doesn't really exist anymore. If you've read any of what I've written its purely due to debt expansion (mostly at the govt level). This is supported by the ISM itself." / X its purely due to debt expansion (mostly at the govt level) Swiss president under fire after Trump call leads to US tariffs shock | Trump tariffs | The Guardian Exclusive-Fed's Daly says time is nearing for rate cuts, may need more than two Trump tariffs: India may extend support to vulnerable sectors worst affected - The Hindu BusinessLine More than 3,000 Boeing defense workers go on strike Tesla gives CEO Elon Musk a $29 billion stock award Saudi Aramco second-quarter net profit drops 22% on lower revenue | Reuters Schweizer Elite auf Direkt-Kurs Richtung Brüssel – Inside Paradeplatz State pension age to hit 80 without reforms, expert warns ICE offers $50,000 bonus and student loan payoff for new hires (1) Global Markets Investor on X: "‼️Market complacency is at historic levels: The global corporate investment-grade bond spreads dropped to 0.79 percentage points, the lowest since July 2007, just before the Great Financial Crisis. History says there is not much upside from here for the markets. https://t.co/n3OaGFgK4a " / X This may have something to do with the 39% ... Sanctioned Russians in Geneva: Who Gets In and Why - SWI swissinfo.ch Airplane passengers rescued alive after emergency landing in Lake Lucerne - SWI swissinfo.ch August 1: how Switzerland celebrates its birthday - SWI swissinfo.ch

Happy Swiss National day... 39%, thanks Donald ! Markets : tariffs kicking in again, letters sent to most with a bill attached, Trump imposes sweeping new tariffs on trading partners:  announced fresh tariffs of up to 41% on imports from dozens of countries, including Canada (35%), India (25%), Taiwan (20%) and Switzerland (39%) , prompting concern over rising global trade tensions drugamakers got their letters too, Big Techs reported, bit of a headfake in MSFT and META, AMZN disapointed on guidance last night, APPL knocked it out of the park, but and NVDA got hit on China news, AND MAG7's declining cashflows on HUGE CAPEX spending lately - followed by big layoffs.. .Copper gave up all its gains, as Trump went ahead with his 50% tariffs on copper importas, BUT exempted refined metals (which is main part of it all) >>> ALL in ALL combo of tariff man back, higher PCE inflation (quelle surprise), MAG7 overdone, margin debt, copper, high uncertainty around Trump's erratic decisions, a market 'fully' invested and chasing large caps (mainly-concentraded risk..!!) could NOW matter hugely in August, low liquidities etc, a correction was well overdue, looks like it's kicked in! Donald Trump set a 10% minimum global tariff, while imports from countries with trade surpluses with the US will face duties of 15% or higher. Levies on Canadian imports will be increased to 35%, but USMCA goods remain exempt. Switzerland got a 39% rate, India 25%, Taiwan 20%, Mexico has a 90 day pause. China tariffs are being negotiated in a separate track, currently postponed until Aug 12 (BBG, FT, WSJ) Drugmakers including Eli Lilly and Novo were sent letters from Trump, who demanded they cut US prices to match foreign rates, giving them 60 days to comply or face consequences American businesses have been absorbing Trump’s tariffs so far, but eventually the burden will be shifted on to American consumer — Fed Chair Powell Berkshire Hathaway’s cash position is now 30% of their total assets - Quite right! Further Modifying the Reciprocal Tariff Rates – The White House Trump rejigs tariffs ahead of deadline, targets transshipment with 40% duty Trump reacts to Canada’s move to recognize Palestine Trump's tariffs are back - here's who is in his sights this time Trump Tariff Surprise Triggers Implosion of Massive Copper Trade June PCE Report: PCE Inflation Index Up 2.6%, Stronger Than Expected | Morningstar New questions raised about Epstein jail cell death after fresh review of full video reveals mystery ‘orange shape’ Russia Ukraine latest news: Trump slams Putin’s ‘disgusting’ war as Zelensky calls for regime change after deadly Kyiv attack | The Independent Trump extends Mexico's 25% tariffs for 90 days as talks continue Nvidia in the Crosshairs: China Just Escalated the AI Chip War Trump demands largest pharma companies slash US drug prices (1) Really American 🇺🇸 on X: "Dear Mr. Pharma: In a bizarre moment, Karoline Leavitt reads a letter written by Trump to the pharmaceutical companies, holding it up like a kid's fingerpainting headed for the fridge. "Please lower drug prices," or something like that. Beyond parody. https://t.co/eeihQAkuxk " / X Exxon, Chevron profits to drop to lowest point since pandemic, analysts say | Reuters Listen to the Amazon (AMZN) Q2 2025 earnings call here | Shacknews Apple Beats Q3 Estimates With Strongest Revenue Growth Since December 2021 | FXEmpire Declining Tech Cash Flows: Can't You Hear Me Knocking? Microsoft Just Misses $4 Trillion Market Cap After Earnings. The Stock Is on Fire. Asia stocks mixed ahead of US tariff deadline; S.Korea drops on govt tax hike plan By Investing.com (1) StockMarket.News on X: "🚨 The U.S. Treasury just changed the game. Trillions in short-term debt. Long-end buybacks. Crypto soaking up supply. This is the quietest move toward Yield Curve Control we’ve ever seen. (Save this thread) https://t.co/QegKVrTGUI " / X Las Vegas tourism takes another plunge in June, even as gaming win ticks up If even Vegas is quiet.. (1) Larry the Cat on X: "The Coldstream Guards Band performed Black Sabbath's masterpiece Paranoid outside of Buckingham Palace as a tribute to Ozzy Osbourne on the day of his funeral. Don't let anybody tell you this isn't a great country. https://t.co/bDPUnVkAKu https://t.co/OUGp6GOvHt " / X :-) Brilliant

Powerful 8.8 ! margnitude earthquake FOMC : FED expecting t hold steady today, every word coming out of Jerome's speech will be über analized though, QRA, TBills - see below Markets : Treasuries surge most since June ahead of Government Debt Plans , LOADS of EU macro data next 3days (Q2 GDP, spanish inflation today, July Inflation and labour data in Germany tom and Friday with EU HICP data), Novo Nordisk 'olde' craze momentum trade fell again (new profit warning, competitive markets etc, been a terrible few years for healthcare #UNH, #UPS #HSBC #UBS ), China - US trade talks conclude without deal to prevent higher tariffs #HSI down a little, overnight momentum broken, #META and #MSFT report after the bell tonight + FOMC which should be a non event (although you never know, market mood can switch very quickly) >>> OVERALL, markets overdone, valuations, RSI all calling for a 'correcton', today's earnings, QRA, FOMC could be the trigger, slight momentum change yesterday too Again, about that wonderful EU/US deal : the $600bn EU investment pledge is an "intention". The EU did not commit to US defence purchases. The EU did not commit to address non-tariff barriers in agriculture or digital taxes. Apart from that, a historic deal QRA : The Treasury released their borrowing estimates :   $1.6T in net new debt issuance over the next two quarters. About $500B of it is the TGA refill. Donald Trump’s administration has denied permission for Taiwan’s President Lai Ching-te to stop in New York en route to Central America, after China raised objections with Washington about the visit >> Donald clearly 'wants' a deal, he wants a big headline, CHINA knows this obviously, Yuan seems at play in talks too US consumers are piling into credit card debt like never before/THREAD, and Margin debt just hit $1.008 trillion, the highest level in history. That’s more leverage than at the peak of the dot-com bubble or the 2008 crash Keir Starmer has told his Cabinet that the UK will recognise Palestine as a state in September (France and few other EU contries too) Treasuries Surge Most Since June Ahead of Government Debt Plans   >>>> VERY important, if markets gets a clear hint of a pivot to TBills, some anticipated, as per this rally, over time ''could be'' a MAJOR pivot, so very nuanced language will influence swiftly, and the risk goes to back-end #duration as was in NOV 2023 ! Yields fell across all tenors after investors snapped up $44 billion of seven-year notes in a Tuesday afternoon sale. Treasury officials may provide signals about the extent to which they are prepared to rely on sales of short-maturity bills rather than increasing sales of longer-maturity notes and bonds. Ian Lyngen, head of US rates strategy at BMO Capital Markets, said Tuesday’s rally was “a last-minute setup for the risk that something dramatic comes from the refunding”. Saxo Morning Brew July 30 2025 | Saxo Bank Switzerland data, earnings, FOMC Earnins this week Earnings Calendar & Reports of US Companies — TradingView Stronger Chinese yuan a sign of goodwill ahead of US-China talks: Strategist | Watch China-US trade talks conclude without deal to prevent tariffs from surging again A record-setting earthquake is sending tsunami waves toward several US states. Here’s what we know Eight opposition parties agree to push for extra gasoline tax to be scrapped - The Japan Times Australia's second-quarter inflation drops to lowest since March 2021, supporting case for rate cut Trump says he may skip G20 summit in South Africa, cites policy disapproval | Reuters The Kobeissi Letter on X: "US consumers are piling into credit card debt like never before: Total US credit card debt hit $1.1 trillion in the week ending July 16th, matching a record high set in May. Year-to-date, credit card debt has risen by +$17 billion. Since April 2021, it has surged by a whopping https://t.co/EMjzqLma02 " / X For second day, Russia's Aeroflot cancels flights after reported cyberattack UK to recognise Palestinian state unless Israel meets conditions - BBC News Apple's third quarter earnings could show tariff impact #GDX Otavio (Tavi) Costa on X: "Gold producers’ margins updated. We’re living through what could be described as the “Golden Age of Mining”, in my view.   Yet, it’s striking to see that many mining stocks still trade as if gold were below $2,000/oz.   A significant re-rating is still on the horizon, in my https://t.co/nocBrSOW6t " / X Starbucks (SBUX) Q3 2025 earnings UBS Q2 earnings 2025 Goldman Talks Art During Hong Kong Wealth Summit HSBC announces $3 billion share buyback after second-quarter profit plunges 29% Novo Nordisk picks Doustdar as new CEO, shares plunge Porsche Slashes Guidance Again After Tariff Hit UPS Falls as Courier Withholds Outlook on Trade, Economic Woes