Fri 14th Jun
OVERNIGHT (ASIA + US)
Asia stock markets: BOJ rate decision, JGB purchases
https://www.cnbc.com/2024/06/14/asia-markets.html
US stocks finished mixed as soft data took centre stage
Stocks see two-way action after cool PPI as Dollar edges higher to detriment of peers
MAIN MACRO DUE
Central bank speakers on the wires today
https://www.forexlive.com/news/central-bank-speakers-on-the-wires-today-20240613/
MAIN BONDS DUE
None
UKRAINE/RUSSIA
Russia’s Devastating Attacks on Ukraine’s Grid Spark Fears of Brutal Winter
G7 Leaders To Use Frozen Russian Assets To Back Next Tranche Of Ukraine Aid
"All G7 Countries Are Contributing To $50BLN Loan To Ukraine”
https://marketnews.com/vdl-all-g7-countries-are-contributing-to-50bln-loan-to-ukraine
G7 Deal on Russia Assets and Ukraine Funding Highlights Allies Differences
Biden, Zelensky To Sign 10-Year 'Arm & Train' Defense Deal at G7
https://www.zerohedge.com/geopolitical/biden-zelensky-sign-10-year-arm-train-military-deal-g7
Biden, Zelensky sign security deal as Ukraine leader questions how long unity will last
Joe Biden vows US will support Ukraine ‘until they prevail in this war’
https://www.ft.com/content/ae207712-961e-48d7-8998-8129d82ca1ca
NATO Tells Ukraine It Must Win The War To Become Full Alliance Member
China skipping Ukraine summit ‘not unreasonable’ but could harm its image
S. Korea & US hold emergency call over possible Putin visit to North Korea
Armenia Says It's Leaving the CSTO, Russia's NATO, in Another Blow to Putin
US considers new actions against China-based firms supplying Russia’s defence sector
Yellen says larger Chinese banks wary of violating US sanctions on Russia
Yellen Sees More Concern on Smaller China Banks on Sanctions
Russia halts foreign exchange trading as US sanctions sow confusion
https://www.ft.com/content/50d6bcd1-f1f6-41a1-bb26-a5482654883f
Explainer: What next after new US sanctions on Russia's financial system?
Russia To Export Coal To India Via Iran. It's A 4-Alarm-Bells Fire...
https://www.zerohedge.com/geopolitical/russia-export-coal-india-iran-its-4-alarm-bells-fire
Evan Gershkovich to be tried on espionage charges in Russia
https://www.ft.com/content/82ba975e-43be-455b-8386-49c0d363fc91
ISRAEL/MIDDLE EAST
Biden "Hasn't Lost Hope" For Gaza Ceasefire
https://marketnews.com/biden-hasn-t-lost-hope-for-gaza-ceasefire
Blinken Says Haggling Must Stop After Hamas Requests Changes To Gaza Ceasefire Framework
Emboldened Gazans Express Anger at Hamas, Israel Over Cease-Fire Talks Impasse
WORLD GEOPOLITICS
Mainland China’s security focus may indicate plans for Taiwan attack, analysts say
China-Linked Cyber Campaign Infiltrated Dozens Of Western Governments: Dutch Intelligence
China Blasts US For Using Ukraine Crisis As Pretext For Sanctions
https://www.zerohedge.com/geopolitical/china-blasts-us-using-ukraine-crisis-pretext-sanctions
Yellen: China Industrial Policy May Damage US-China Econ Relationship
https://marketnews.com/yellen-china-industrial-policy-may-damage-us-china-econ-relationship
China hopes EU will reconsider EV tariffs, state media reports
‘Beijing knows where it hurts most’: China considers its response after EU tariff hike
Xi Has Few Options to Punish Europe for EV Tariffs Without Sparking Trade War
Japan's Suzuki saying will monitor impact of China's excess production
US State department concerned about Iran's expansion of nuclear program
Donald Trump Returns to Capitol Hill for First Time Since Jan. 6 Riot
Donald Trump promises to cut taxes and regulations in pitch to top US CEOs
https://www.ft.com/content/0a661ffb-1b0c-4195-b7cb-98e1f768e0aa
Trump Would Cut Corporate Tax Rate to 20%, He Tells Business Roundtable
Trump floats eliminating U.S. income tax and replacing it with tariffs on imports
https://www.cnbc.com/2024/06/13/trump-all-tariff-policy-to-replace-income-tax.html
Trump floats replacing income taxes with tariffs, gets criticized by economist
GLOBAL/GENERAL
Treasury Secretary Yellen: Strong US growth is lifting global growth
EUROPE
Macron may have bitten off more than he can chew
https://www.ft.com/content/1f29bb9a-bdf9-4b12-84c2-e8bc22384238
Macron’s Gamble on Stopping Le Pen Now Risks Ushering Her to Power
Macron's Snap Election Gamble Sees French President Out of Favour at G7 Summit
Macron’s Approval Falls to the Lowest Level Since Late 2018
France’s Left Unites to Challenge Macron, Le Pen for Power
Macron's Election Call: France Is Weakening, and Markets Know It
France Elections: Surge in Bond Positions Shows Mounting Angst About Le Pen
Why Bond Markets Are So Spooked by the French Election
https://www.wsj.com/economy/global/why-bond-markets-are-so-spooked-by-the-french-election-7c4dd9ec
EU bonds fall after MSCI declines to include them in sovereign debt indices
https://www.ft.com/content/a86a51e6-cf64-4b7c-80b4-d63dc4ce09de
SNB Cut Or Hold Decision "50:50" - Wyplosz
https://marketnews.com/mni-interview-snb-cut-or-hold-decision-50-50-wyplosz
UK
Farage’s Reform Overtakes Sunak’s Tories in ‘Crossover’ UK Poll
Despondence grows as election campaign reaches halfway point
https://www.ft.com/content/5ef53f49-b9d3-43b1-aef9-d38f92a3ce4e
Have the Tories squandered their years in power?
https://www.ft.com/content/6e670e62-57a0-404b-a0a1-66cc5b98ee57
Rishi Sunak seeks to channel high spirits at G7 summit as UK election campaign founders
https://www.ft.com/content/f71f6d18-ae99-4ea4-bc2c-de1f616768bb
Rishi Sunak Denies Snub By G7 Summit Leaders After Early D-Day Exit
Keir Starmer sets out plans to raise £8.6bn in tax at Labour manifesto launch
https://www.ft.com/content/128e0e0a-5a88-4945-b685-8d61aaf64600
Labour manifesto targets wealthy even as Keir Starmer woos business
https://www.ft.com/content/764d0ca1-f801-4473-83aa-59e5d755b1b2
Labour manifesto combines lofty ambition with modest resources
https://www.ft.com/content/3d1fc696-7155-47f2-861c-c1d0b9df9aaa
UK election latest: Labour manifestos compared, 2024 vs 2019
https://www.ft.com/content/012a4629-d29d-4c53-ac74-3a49e73be1d7
How Labour is planning to push Britain's tax burden to a record high
Has Labour boxed itself in with promise of no tax rises for ‘working people’?
Labour would never seek to take UK back into the EU, says Rayner
https://www.ft.com/content/d6a7172d-7ed7-4f14-a258-1ca3461f7365
How Labour's election pledges stack up for UK markets
https://www.reuters.com/world/uk/how-labours-election-pledges-stack-up-uk-markets-2024-06-13/
Party manifestos and the British economic reality
https://www.ft.com/content/befef9c5-a631-437e-909d-6fb3e35ca3c0
Starmer rejects Sadiq Khan's plan to extend his grip beyond London
Almost one million people claim mental health benefits since lockdown
https://www.telegraph.co.uk/business/2024/06/13/mental-health-benefits-claimants-jump-100000/
A House Price Boon for the Next UK Government
https://www.bloomberg.com/news/newsletters/2024-06-13/a-house-price-boon-for-the-next-uk-government
US
What are analyst saying after the Fed decision?
https://www.forexlive.com/news/what-are-analyst-saying-after-the-fed-decision-20240613/
ING expect first Fed rate cut in Sep after this week's data
https://www.forexlive.com/news/ing-expect-first-fed-rate-cut-in-sep-after-this-weeks-data-20240614/
How the Fed Can Cut Rates This Summer Without Cutting Rates
Why Americans Aren't Buying Biden's "Strong Economy" Propaganda
https://www.zerohedge.com/markets/why-americans-arent-buying-bidens-strong-economy-propaganda
Weekly Initial Unemployment Claims Increase to 242,000
https://www.calculatedriskblog.com/2024/06/weekly-initial-unemployment-claims_13.html
Unemployment Claims Up 13K to Highest Level Since August
Initial Claims Surge To 10-Month Highs As California Joblessness Soars
https://www.zerohedge.com/markets/initial-jobless-claims-surge-10-month-highs
PPI report: Wholesale prices unexpectedly fell 0.2% in May
Producer Price Inflation Cooler Than Expected (But Hovers Near 1 Year Highs)
https://www.zerohedge.com/markets/producer-price-inflation-cooler-expected-hovers-near-1-year-highs
Stellar 30Y Auction Sends 10Y Bond Yield To Three Month Low
https://www.zerohedge.com/markets/stellar-30y-auction-sends-10y-bond-yield-three-month-low
Is LTCM Replaying Itself In US T-Bills?
https://www.zerohedge.com/markets/ltcm-replaying-itself-us-t-bills
Where is the S&P 500 headed?
https://www.forexlive.com/Education/where-is-the-sp-500-headed-20240613/
Low Inflation Readings Stampede the Bulls
https://www.yardeniquicktakes.com/bulls-in-the-china-shop/
Latest Roaring Kitty update shows GameStop stake grown to over 9 million shares
Russell 2000 Earnings Dashboard 24Q1
https://lipperalpha.refinitiv.com/2024/06/russell-2000-earnings-dashboard-24q1-june-13-2024/
CANADA
BOC's Kozicki: We expect to end quantitative tightening at some point in 2025
CHINA
China’s Interest Rate Cut Calls Grow, Testing Resolve to Defend Yuan (CNY USD)
Chinese companies rush to tap US convertible bond market
https://www.ft.com/content/798d511c-e2de-41ea-b4cc-8371d752797f
JAPAN
BoJ maintains overnight rates at 0.1%
https://www.forexlive.com/news/boj-maintains-overnight-rates-at-01-20240614/
BOJ to Cut Bond Buying in Normalization Step as Rate Held Steady
JPY falls after BoJ decides not to reduce bond purchases
https://www.forexlive.com/news/jpy-falls-after-boj-decides-not-to-reduce-bond-purchases-20240614/
Yen Drops, Bond Futures Rise as BOJ Defers Detail on Debt Buying
KOREA
AI Demand Helps Korean Chip Export Prices Jump to Record in Boost to Economy
AUSTRALIA
43 of 43 economists surveyed agree that RBA will leave rates on hold in June
GLOBAL SECTORS
AUTO’S
Tesla shareholders approve Elon Musk’s record pay deal and move to Texas
https://www.ft.com/content/1caa4ad2-2ae5-4edd-9920-45f5e0dc7870
Tesla shareholders OK Elon Musk’s huge pay package, but legal fight ‘far from over’
Tesla expects to raise Model 3 prices in Europe after EU tariffs on China EVs
Elon Musk says Optimus robots could make Tesla $25 trillion company
EU’s tariffs may stall SAIC’s exports of EV but do little to keep BYD at bay, analysts say
Chinese EV makers likely to remain profitable in Europe despite stricter tariffs: Analysts
Mapped: Where Tesla And BYD Make Their Cars
https://www.zerohedge.com/markets/mapped-where-tesla-and-byd-make-their-cars
Stellantis says it will ‘fight’ for electric car sales rather than hide behind tariffs
Stellantis to shift some Chinese EV production to Europe
https://www.ft.com/content/cf9e7399-84cd-4a26-ab58-663f22256ea1
BANKS + FINANCE
US Money-Market Funds Hit All-Time High of $6.12 Trillion
https://www.bloomberg.com/news/articles/2024-06-13/money-market-fund-assets-climb-to-all-time-high
Why Big US Banks Are Resisting Basel III and Bigger ‘Capital Cushions’
NYCB acquired Signature Bank assets with total fair value of $37.8 billion
French banks BNP Paribas and BPCE in payments sector tie-up
TMT
Microsoft feels the heat in Europe
https://www.ft.com/content/d3387751-1efc-4627-83b5-6d8ce8413863
OIL + GAS
OPEC Slams IEA For "Dangerous" Forecast Of Peak Oil Demand By 2030
https://www.zerohedge.com/energy/opec-slams-iea-dangerous-forecast-peak-oil-demand-2030
Oil prices 'to plunge to $60' by end of next year in boost for drivers
CRYPTO
SEC's Gensler Sees Ether ETF Approval By "End Of Summer"
https://www.zerohedge.com/crypto/secs-gensler-sees-ether-etf-approval-end-summer