U.S. President Joe Biden on Wednesday directed his administration to deploy “all available federal firefighting assets” that can quickly respond to the wildfires raging across Canada, Hundreds of wildfires burn in country, with 238 ‘out of control’ as of Tuesday afternoon, blanketing cities in smoke, what a terrible situation
Turkey’s Increasing Balance Sheet Risks. Turkey is heading for a classic currency crisis. All of its reserves and then some are borrowed, USDTRY is now 23+, down 25% YTD, market showing no confidence for Erdogan's ''policies''
Saudi Arabia’s takeover of the PGA tour is just one step of its sportswashing plan
UK to host first global summit on AI safety, Rishi Sunak announces
Druckenmiller : “I would actually argue since it’s taken so long and the Fed has ended up with a higher terminal rate… that it increases the probability of a hard landing.” - full article/interview below
With the recent leg up, 2s UST nearing 4.60% -- some 80 basis points above the low levels of March, April, and early May but short of the 5.07% that prevailed just before the banking tremors. This is ahead of -2- significant events next week: the May CPI inflation data and, of course, the FED policy meeting
Barnier, the man who negotiated the terms of Brexit from the EU side, saying here clearly that the UK can rejoin the EU anytime ''the door is always open''
Markets :
Crude, commods holding up/slightly firmer, reaction to China trying to kick start a few things locally (commods oversold - worth having a look again)
USD directionless, but much more down to what policies RoW are following, MXN vs TRY the biggest divergence and its reacting still
Bonds grinding lower, as RBA, BoC giving signs or hint perhaps other CB's will have to have another push higher over next few months (certainly no cuts!..), question the skipping ! Fed July hike almost fully priced in again..
Equity markets got a little nudge lower on BoC, a reminder to those calling for cuts...that rates will be most likely, high(er) for longer
The VIX ended the day at 13.94, its lowest close since February 2020 >>> that's when you should reduce risk and start to buy some hedges
Air quality – live: New York pollution to remain hazardous as no end in sight for Canada wildfire smoke (msn.com) horrendous situation out there
Raging wildfires in Quebec drive intense smoke and hazy skies farther across the eastern US and Canada (msn.com) the pictures are just from another Mad Max world...
Nothing new ?..
If you prepare to really live differently...
worth a look?
have a great day
Team PVM
Commentaires