Yellen : The US needs to take "significant steps" to reduce budget deficit >> sounds good, how ? with -2- presidential candidates promising spending galore across board..
Markets were closed in China, HKG and Singapore today and many will be closed throughout Europe due to holidays, lively calendar though and FOMC later on, with a risk of a hawkish tilt
US employment cost Index for Q1 came in at 1.2% vs1.0% exp, 4.4% YoY >> The ECI rose on a sequential basis. Private sector comp growth was +1.1% in Q1 vs +0.9% in Q4, running hot, even if uneven between industries >>> somewhere in most bank research groups, 'Fed rate cut forecasts' are being revised again..
Saudi Aramco CEO says 80% of oil demand to come from Global South by 2050
China State Shipbuilding Corp. Ltd. (CSSC) has signed a nearly $6 billion deal with QatarEnergy to build 18 ultra-large liquefied natural gas (LNG) carriers
BoJ intervention early Monday are estimated to have been about $35bn, perhaps slightly above most expectations >>> markets testing BoJ again...
FT - China’s problem is excess savings, not too much capacity. Policymakers on either side of bitter trade dispute seem to confuse two issues
Huawei's quarterly profit surges as it takes China phone market share from Apple
The regular market for US equities runs for 390 minutes on a standard trading day. But at the rate things are going, eventually the last 10 might be the only ones that matter
Tesla's deal with Baidu isn't new, the mapping data Tesla will collect likely can't leave China, and Full Self Driving can't compete with the more advanced Chinese alternatives.
Everyone Wants to Seize Russia’s Money. It’s a Terrible Idea/NYT
Tesla conducting more layoffs, including entire Supercharger team
Laspeyres on X: ""This is your captain speaking: just to let you know, I am quite concered about how this plane is being flown". *YELLEN: CONCERNED ABOUT 'WHERE WE'RE GOING' WITH US DEFICIT" / X (twitter.com)
Craig Shapiro on X: "As we head into part 2 of the Treasury Quarterly Refunding Announcement tomorrow, I thought it may be interesting to look at the level of volatility that existed in the UST market heading into the event over the last 2 years. Below is a table of what the MOVE Index looked like https://t.co/PxCLZNnR6g" / X (twitter.com)
Never too late - it's hardly moved ! and even more potential here #GDX
Many will/can use various reasons for buying #GOLD, all has been heard from fiat curencies debasement, US/Global debt that has gone through the rood last 15years (doubled globally), USD 'weaponization' eventually on some sort of UST failed auction (is a risk - whenever that maybe), West freezing Russian assets might have been a trigger for CB and others to buy physical Gold, eventual BRICS+ as an alternative to USD/SWIFT, inflation, FED eventually cutting >>> take your pick, IMHO, CB buying is/has been huge and won't go away, once there are signs of USD rates coming down, 'retail' world will join in and buy Gold, Silver and/or XPT
Michael Pettis on X: "1/8 Good FT article on China's intractably unbalanced economy: "China’s seeming reluctance to rebalance its economy is one of the great challenges facing global financial systems, threatening to worsen Beijing’s trade and diplomatic relations." https://t.co/LDqUHmUjZb via @ft" / X (twitter.com)
Saudi Aramco CEO says 80% of oil demand to come from Global South by 2050 | S&P Global Commodity Insights (spglobal.com)
Money latest: Turns out Sainsbury's boss was right about self-checkouts - Britons do love them | UK News | Sky News work to do !
Opinion | Everyone Wants to Seize Russia’s Assets. The REPO Act Is a Terrible Idea. - The New York Times (nytimes.com)
NASDAQ here - similar picture in major indices though
USDCHF - trending higher still - big test 0.9250 area coming - monthly break and PAR will become the target
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