Tuesday 25th Jun
OVERNIGHT (ASIA + US)
Asia stock markets: Nasdaq worst day, Nvidia sell-off
https://www.cnbc.com/2024/06/25/asia-markets.html
US stocks finished mixed with underperformance in tech as Nvidia continues its reversal from last week's peak
Dollar sold amid month end as NVDA weighs on Tech
"Sell Big-Tech & Bitcoin, Buy Everything Else..."
https://www.zerohedge.com/markets/sell-big-tech-bitcoin-buy-everything-else
MAIN MACRO DUE
Tuesday: Case-Shiller House Prices
https://www.calculatedriskblog.com/2024/06/tuesday-case-shiller-house-prices.html
Newsquawk Week Ahead: Highlights include: US PCE, BoJ SOO, Biden/Trump debate
Key Events and Releases to Watch This Week in Trading
https://www.forexlive.com/news/key-events-and-releases-to-watch-next-week-in-trading-20240621/
MAIN BONDS DUE
10:00: Netherlands to Sell Bonds
10:00: Malta to Sell Bills
11:00: U.K. to Sell GBP1.5 Billion of 0.75% 2033 Linkers
11:00: Italy to Sell Up to EU1 Billion of 0.4% 2030 Linkers
11:00: Italy to Sell Up to EU2.5 Billion of 3.2% 2026 Bonds
11:00: Italy to Sell Up to EU1.25 Billion of 2.4% 2039 Linkers
11:00: Switzerland to Sell 364-day Bills
11:00: Austria to Sell EU1 Billion of 126-day Bills
11:00: Austria to Sell EU1 Billion of 217-day Bills
11:30: Germany Calls for Bids on Auction of EU4.5B 2.9% 2026 Bonds
UKRAINE/RUSSIA
Putin says Russia is ramping up its nuclear arsenal
More Air Defenses & Cross-Border Strikes Won't Change The Ukrainian Conflict's Dynamics
Ukraine Replaces Head of Troops in East Amid Russia’s Advances
EU devises legal loophole to bypass Hungary veto on support for Ukraine
https://www.ft.com/content/88dd9521-30c0-475f-b635-3d04190b82e4
EU Sanctions 27 Ships It Says Are Helping Russian War Machine
ISRAEL/MIDDLE EAST
Netanyahu Ready To Wind Down Gaza Operations To Battle Hezbollah In North
Benjamin Netanyahu lays out plans for a summer of conflict
https://www.ft.com/content/9381ffc4-6b48-4793-a97e-c48ca1f9f42a
Israel’s War on Hamas in Gaza Moves Close to Its Next Phase, but No Nearer to an End
Blinken Meets With Israel’s Gallant Amid Netanyahu Complaints
WORLD GEOPOLITICS
Why Has China Purchased Farmland Near 19 Different Military Bases Inside The US?
China threatens death penalty for Taiwan ‘separatists’
https://www.ft.com/content/eac10230-8436-4e7e-9999-816797afbd58
China employing 'gray zone tactics' at contested Second Thomas Shoal
https://www.cnbc.com/2024/06/24/china-employing-gray-zone-tactics-at-the-contested-shoal-expert.html
Xi Urges China to Combat Rivals’ Tech Dominance Amid Chip Battle
Biden admin to investigate China Telecom, China Mobile and Chin Unicom
China wants EU to scrap higher tariffs and 'abide by WTO rules’
https://www.cnbc.com/2024/06/24/china-wants-eu-to-scrap-higher-tariffs-and-abide-by-wto-rules.html
China, European Union Agree to Hold Talks on EV Tariffs
China Floats Perks for German Carmakers to Prevent EV Levies
Germany’s Habeck Lands in China for Talks as EV Tariffs Loom
Canada to Curb China EV Imports as Justin Trudeau Responds to Biden Move
Canada announces 30-day consultation on China EV tariffs
https://www.forexlive.com/news/canada-announces-30-day-consultation-on-china-ev-tariffs-20240624/
North Korea Sends More Trash Balloons Over Border as South Warns of Parasites
EUROPE
France could trigger the next euro crisis
https://www.ft.com/content/7c57e7ea-1bab-41af-abd8-0d2e0c6a9c0c
Macron's poll numbers continue to sink
https://www.forexlive.com/news/macrons-poll-numbers-continue-to-sink-20240624/
UK
Conservatives shed 32% of voters since January, FT polls finds
https://www.ft.com/content/77dfbecf-2035-4f81-a91a-f8a01e31f948
How the Conservatives lost touch with England’s prosperous south
https://www.ft.com/content/4c7594b9-22f3-4a31-8168-4b2622e2d685
Rishi Sunak ‘unaware’ of other Tory candidates caught up in betting scandal
https://www.ft.com/content/fb45c282-3b9b-4b15-b198-773f6fa38ba3
UK finances are a mess and Tories and Labour keeping public in the dark, says IFS
UK parties’ plans to improve public services ‘essentially unfunded’, says IFS
https://www.ft.com/content/e529148e-01b4-4fe9-af43-c8c54807c58b
Labour would raise taxes rather than cut spending if growth is weak, says IFSb
The 'conspiracy of silence' behind Labour's secret plan for a wealth tax raid
Labour facing £7bn bill to fund public sector pay deals if it wins election
https://www.ft.com/content/bee669ca-5e7f-40a3-b593-93ed22ba8a2c
Labour’s growth agenda demands an end to whipping-boy bank policies
https://www.ft.com/content/e5d9bf8f-7684-4211-a25c-16d299a948a7
Labour does not want to nationalise Thames Water, says shadow minister
https://www.ft.com/content/fb43156e-a038-4d1a-9a3e-82e1981fab96
Low migration risks an economic doom loop for the UK
https://www.ft.com/content/b445db9a-0583-452b-bb90-3d8ca1ebf3ba
Reform's manifesto pledges 'are poisoning public debate’
The trust deficit in Britain’s damaged politics
https://www.ft.com/content/9b2e8df1-d18d-4b61-a553-045c7f6489c6
Barclays cuts mortgage rates with other UK lenders expected to follow
https://www.ft.com/content/cbd4714a-b25e-4f71-b3b8-5358b1100287
UK listing reform is too important to be stalled by small stakeholders
https://www.ft.com/content/cd9099da-0540-48ad-8ae5-b39ef593bc59
Shein confidentially files for London IPO
https://www.cnbc.com/2024/06/24/shein-files-for-london-ipo.html
US
Fed's Daly: Must be thoughtful about not loosening too early or holding too long
Fed's Daly: Bumpiness of inflation data so far this year has not inspired confidence
Fed’s Daly Says Consumer Spending Is Slowing
https://marketnews.com/mni-brief-feds-daly-says-consumer-spending-is-slowing
Goolsbee says it's worth wondering where we are on our restrictiveness scale
Fed's Mester: Mortgage bond sales should remain option for Fed
Dallas Fed June manufacturing index -15.1 vs -19.4 prior
https://www.forexlive.com/news/dallas-fed-june-manufacturing-index-151-vs-194-prior-20240624/
Dallas Fed Manufacturing: Manufacturing Activity Stabilizes in June
Goldman expects USD upside under a Republican victory
https://www.forexlive.com/news/goldman-expect-usd-upside-under-a-republican-victory-20240625/
CANADA
BOC Sees More Interest-Rate Cuts If Inflation Moves As Expected
https://marketnews.com/mni-brief-boc-sees-more-interest-rate-cuts-if-inflation-moves-as-expected
BOC's Macklem: Increasingly we look to be on our way to hitting inflation target
BOC's Macklem Q&A: You can see some weakening of the labor force under the hood
CHINA
China Premier Li says confident and capable to achieve growth target of around 5%
Premier Li Qiang says China’s business environment is ‘world-class’
China needs major reforms to avoid ‘Japanification’
https://www.straitstimes.com/opinion/china-needs-major-reforms-to-avoid-japanification
PBoC injects 300 billion yuan via 7-day reverse repose
https://www.forexlive.com/news/pboc-injects-300-billion-yuan-via-7-day-reverse-repose-20240625/
JAPAN
Japan Services PPI 2.5 vs 2.8 prior
https://www.forexlive.com/news/japan-services-ppi-25-vs-28-prior-20240624/
Japan to revise GDP (Jan-Mar) due to corrected construction orders data
GLOBAL SECTORS
AIRLINES/TRAVEL
US prosecutors recommend Justice Dept. criminally charge Boeing
BANKS + FINANCIALS
The Federal Reserve floats a weaker version of bank-capital rules
What are the Fed's bank 'stress tests' and what's new this year?
US regulators single out four banks for flawed 'living wills’
Big US banks expected to be cautious on shareholder payouts after stress tests
The Clock Is Ticking on Jane Fraser’s Citigroup Turnaround
https://www.wsj.com/finance/banking/citigroup-jane-fraser-turnaround-bd6b081f
EU Banking: M&A Won’t Help Boost Europe. Deeper Markets Will.
Foreign banks target Switzerland after UBS takeover of Credit Suisse
TMT
Nvidia slides 13% in three days after becoming most valuable company
Nvidia share slide erases more than $550bn in market value
https://www.ft.com/content/7332b1f8-cf7c-4bfa-82f4-88d0deb23f98
Slumping SOX And Nasty NVDA
https://www.zerohedge.com/the-market-ear/slumping-sox-and-nasty-nvda
Technology Now & Then
https://www.yardeniquicktakes.com/technology-now-then/
Amazon Is Working on a ChatGPT Rival, Code-Named 'Metis'
https://www.businessinsider.com/amazon-chatgpt-rival-codenamed-metis-2024-6
Apple Hit With New Warning Over Alleged Breaches Of EU's Digital Markets Act
METALS
Fear Over Government Debt May Sustain Gold Bull
"Lithium’s Ongoing Slump Has Traders Searching for Recovery Signs"
http://climateerinvest.blogspot.com/2024/06/lithiums-ongoing-slump-has-traders.html
CRYPTO
Bitcoin tumbles below $60,000 to start the week
https://www.cnbc.com/2024/06/24/crypto-market-today.html
Bitcoin Crashes Below $61,000 Ahead Of Imminent Mt.Gox Repayments
https://www.zerohedge.com/crypto/bitcoin-crashes-below-61000-ahead-imminent-mtgox-repayments
MicroStrategy’s bitcoin play has pushed its stock up more than 1,000% since 2020
Trump in talks to speak at bitcoin convention
https://www.forexlive.com/Cryptocurrency/trump-in-talks-to-speak-at-bitcoin-convention-20240624/
Where's My (Dispersion) Volatility?
https://www.zerohedge.com/crypto/wheres-my-dispersion-volatility
Coinbase may be facing regulatory action over its accounting for crypto assets