Happy May Day
FED expected/priced to hike 25bps this week (what comes next is open to discussion), ECB and BoE also 25bps expected, NFP Friday and big earnings week still with last big megacap on Thursday-AAPL
FRB taken over by regulators (auction was a fail..), then sold it to JPM..>>> JPMorgan to acquire First Republic’s deposits as FDIC steps in. Regulators announces deal and closure of embattled Californian bank after working through night, cost FDIC $13bn, FRB was once worth $40bn (shareholder cost), which bank is next?
Researchers are scrambling to assess health and environmental impacts of SpaceX’s Starship Super Heavy test flight last week, which spread particulate matter far beyond the expected debris field
Boris Johnson given £1m DONATION by former Brexit party backer - AFTER he left No. 10
Rating agency Fitch underestimates the impact of newly-approved structural reforms, including the pensions bill, said Economy Minister Bruno Le Maire after the credit rating agency announced it would downgrade France’s credit rating
Brexit is killing the hospitality industry, with the number of venue closures rising sixfold in just a year, stark new data obtained exclusively by The Independent shows
BRICS, as it stands, is already more relevant to the global economy than the G7. The latest IMF figures reveal that the existing five BRICS nations will contribute 32.1 percent to global growth, compared to the G7’s 29.9 percent
MUNGER: “Every bank in the country is way tighter on real estate loans today than they were six months ago .. We have a lot of troubled office buildings, a lot of troubled shopping centres .. There’s a lot of agony out there.”
Federal Reserve regulatory chief Michael Barr on Friday acknowledged that the central bank failed to properly oversee Silicon Valley Bank before its spectacular collapse — but placed some of the blame on his Trump-appointed predecessor
Lawmakers introduce bill to block AI from launching nuclear weapons, push for more human control
Markets :
FAANGs came to the rescue of the indexes, not a great picture underneath it though, same for small vs big banks and so on
SPX500 back into the 4150-4200 resistance zone (pretty easily really), NQ and megacaps doing a lot of the heavy lifting after their earnings reports last week
Build up of USD shorts has been pretty decent last few weeks, so watch out with the 'CB week' coming up - IMM dollar selling drives gross short to 11-week high (let's be clear, always has been, but it's very tricky to find a clean net 'positioning' in currencies. JPY broken down through key supports, as BoJ seems is no hurry to do anything... (will taken them 18mos to study decision was the killer for markets..)
Busy macro week with CB meetings with 25bps to be delivered by Fed, ECB and BoE, all but priced in, what comes after is what matters
It's a long process, very long, but short-term market loves to talk about this
Retirement confidence in the US tanks by largest margin since the Great Recession (yahoo.com) not too surprising! '''inflation changes every/many things ''
So very ESG like !?
Lawmakers introduce bill to block AI from launching nuclear weapons, push for more human control (msn.com) ... regulate it all before it's too late!..
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