Chinese President Xi Jinping pledged to work with counterpart Vladimir Putin to "rejuvenate" their countries as the pair started a day of talks in Beijing, saying China would "always be a good partner" of Russia, according to Chinese state media
U.S CPI ever so slightly softer, yet still sticky inflation (and US services core inflation is still running hot at 6% annualized) retail sales were softer and that pushed UST yields lower, overnight OZ employment data was softer at 4.1% in April (exp 3.9%) and JPN GDP was weaker at -2% annualised for Q1 (exp -1.5%) >> markets pricing in 2 cuts by end of 2024 (up from 30bps at end of April)
The US Inflation has now been above 3% for over 3 consecutive years, longest period of high inflation since the late 1980's AND US Conference Board Leading Economic Index -13.1% off its previous peak, not a great mix
UBS upgrades European equities (excluding UK) in its regional quantitative framework ranking by two notches, placing it above US and Emerging Markets (EM). The pecking order is now Japan, UK, Europe, EM, and US
Israeli Defence Minister Yoav Gallant has voiced open frustration at the government’s failure to address the question of a post-war plan for Gaza
A U.S. judge on Wednesday rejected Tesla's bid to dismiss a lawsuit accusing Elon Musk's electric car company of misleading owners into believing that their vehicles could soon have self-driving capabilities
Chinese property stocks up nearly 10% again, 3rd double-digit daily gains, after the news the other day
"China is not just exporting too much stuff; it’s also exporting its economic problems. Xi intends to maintain Chinese jobs and factories at the expense of other countries’ workers and companies, to avoid ... potentially disruptive reform at home" /Atlantic
GOLD outperformed miners for over 3years, last 3months are different, miners back
US financial conditions are now the easiest since 2021 = risk rally
Secretary Blinken in Kyiv: "We're bringing Ukraine closer to — and then into — NATO. We'll make sure that Ukraine's bridge to NATO is strong and well-lit
Holland has a government - finally
Trump and Biden agree to debate on June 27 - that'll be fun
BMO: “.. it has become clear to us that we underestimated the strength of the market momentum .. As such, we are increasing our 2024 S&P 500 price target to 5,600, which currently represents the highest forecast based on the latest Bloomberg strategist survey. .. the market is behaving in a similar fashion to 2021 and 2023 – years where we did not give enough credit to the strength of market momentum, something we are trying to avoid this time around.” [Belski.]
China Sells Record Sum of US Debt Amid Signs of Diversification - Bloomberg as GOLD share of reserves rise to highest since 2015
#HSI picture perfect - Jan trade
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