Wednesday 19th Jun
OVERNIGHT (ASIA + US)
Asian stocks rise on tech rally, Fed rate cut wagers
Asia stock markets: S&P 500 record, Japan trade, Tankan
https://www.cnbc.com/2024/06/19/asia-pacific-markets.html
US stocks edged higher in rangebound trade heading into the Juneteenth holiday amid softer yields and Retail Sales miss
Dollar clambers off Retail Sales induced troughs amid a deluge of Fed Speak ahead of Juneteenth
MAIN MACRO DUE
Reminder - US markets are closed on Wednesday, June 19th - market hours impact
UKRAINE/RUSSIA
Putin visits North Korea's Kim Jong Un for the first time in 24 years
Putin and Kim embrace in North Korea, vow ‘building of a new multi-polar world’
Russia scours China for second-hand machine tools
https://www.ft.com/content/944dfd76-eb9d-4746-9695-fe5b15230bd8
ISRAEL/MIDDLE EAST
Israeli military approves plan for ‘offensive’ in Lebanon
https://www.ft.com/content/5cc7acfe-4eba-4a49-bf98-d36955e34e7f
Biden Administration Delays Moving Forward With F-15 Sale to Israel
Israel Says US Must Keep Supplying Weapons for War Against Hamas
Netanyahu Rips Biden: 'Inconceivable' That US Weapons Were Ever Halted
https://www.zerohedge.com/geopolitical/inconceivable-us-weapons-were-ever-halted-netanyahu-says
WORLD GEOPOLITICS
U.S. approves $360 million arms sale to Taiwan for missiles, drones
https://www.cnbc.com/2024/06/19/us-approves-360-million-arms-sale-to-taiwan-for-missiles-drones.html
Chinese official slams EU probe into EV subsidies as ‘selective'
https://www.cnbc.com/2024/06/18/chinese-official-slams-eu-probe-into-ev-subsidies-as-selective.html
Detroit automakers need to exit China, BofA analyst says
https://www.cnbc.com/2024/06/18/detroit-automakers-need-to-exit-china-bofa-analyst-says-.html
Europe Aims To Reduce Reliance On China For Critical Minerals
https://www.zerohedge.com/geopolitical/europe-aims-reduce-reliance-china-critical-minerals
EU to challenge U.S., China strategically on trade, Vestager says
https://www.cnbc.com/2024/06/18/eu-vestager-vows-strategic-response-to-us-china-trade-spat.html
Trump Extends Advantage In The Economist's Presidential Election Forecast
https://marketnews.com/trump-extends-advantage-in-the-economist-s-presidential-election-forecast
Biden Approval Rating Underwater In 45 States
https://marketnews.com/biden-approval-rating-underwater-in-45-states
EUROPE
Macron Says Snap Election Was Needed to Avoid Chaos, AFP Reports
French Political Ructions Don't Signal Euro Crisis Redux
French Election: With Le Pen and Melenchon, France Faces a Bleak Choice
Marine Le Pen victory will raise French debt to post-war high, warns Goldman Sachs
French stocks face worse to come from political risk, Goldman says
Brussels to chide France over deficit as spending clash looms
https://www.ft.com/content/1c977b1f-d002-4bde-9949-820f933410e3
France, Italy Among EU Nations to Be Reprimanded Over Deficits
ECBs Villeroy: We owe our citizens respect. That means not running big deficit
STOXX 600 Earnings Outlook 24Q1
https://lipperalpha.refinitiv.com/2024/06/stoxx-600-earnings-outlook-24q1-jun-18-2024/
UK
UK Inflation Looks Set to Hit the 2% Target
https://www.bloomberg.com/news/newsletters/2024-06-18/uk-inflation-looks-set-to-hit-the-2-target
Britain’s jobs market could be ‘canary in the coalmine,’ top economist says (Dario Perkins)
http://climateerinvest.blogspot.com/2024/06/britains-jobs-market-could-be-canary-in.html
Tory leadership hopefuls jostle to replace Rishi Sunak
https://www.ft.com/content/d48a441b-5873-4c56-9516-d1e1d4fda870
Tories deploy Boris Johnson to try to rejuvenate election campaig
https://www.ft.com/content/50d7f9d1-eebe-462c-a0ea-833628d20b36
Reeves would inherit a gaping hole where the UK's post-Brexit economic model should be
https://www.telegraph.co.uk/business/2024/06/17/rachel-reeves-chancellor-steady-as-she-goes/
Labour claims it will cut energy bills by £300 'false', insist Tories
https://www.telegraph.co.uk/business/2024/06/18/labour-lower-energy-bills-claim-coutinho/
Britain’s broken public services
https://www.ft.com/content/885c78df-591f-4f6d-bfa7-9373e54b42b2
Millionaires are abandoning the UK in droves, new research shows
US
Fed's Barkin: We are clearly on the back side of inflation
Fed's Logan: Will need to see 'several more months' of better CPI numbers
Fed's Goolsbee: Latest inflation number was 'excellent' hopefully more to come
Fed's Collins - gonna take a while for inflation to come down
NY Fed Pres. Williams: Rate cut path depends on data
https://www.forexlive.com/centralbank/ny-fed-pres-williams-rate-cut-path-depends-on-data-20240618/
Fed's Kugler: Policy has more work to do, judgement will be guided by data
Fed's Kugler: We have two-sided risks, we continue to pay attention to data
Fed officials steer cautiously toward potential rate cuts
Top Fed official says slowing US retail sales bolster rate cut chances
https://www.ft.com/content/93caec3b-052a-4358-8b7b-9ab24e28ceae
Fed's Musalem signals wary approach to cutting rates in debut speech
Fed's Musalem: Confidence to cut rates could take months and likely quarters to play out
Credit Agricole: Adjusting our Fed, call pushing first rate cut to September
Economist Sahm, who devised recession rule, says the Fed is 'playing with fire'
CBO Figures Out How To "Math", Raises 2024 US Budget Deficit By $400BN To $1.9 Trillion
US May industrial production +0.9% vs +0.3% expected
https://www.forexlive.com/news/us-may-industrial-production-09-vs-03-expected-20240618/
US Industrial Production Surges In May, Biggest MoM Jump Since Jan 2023 As ISM Tumbles
US May advance retail sales +0.1% vs +0.3% expected
https://www.forexlive.com/news/us-may-advance-retail-sales-01-vs-03-expected-20240618/
Retail Sales Disappoint In May, April Revised Even Lower…
https://www.zerohedge.com/personal-finance/retail-sales-disappoint-may-april-revised-even-lower
Consumer Survey Shows Rising Bullishness
https://www.zerohedge.com/markets/consumer-survey-shows-rising-bullishness
Why Consumer Sentiment Fell To A Seven-Month Low
https://www.zerohedge.com/personal-finance/why-consumer-sentiment-fell-seven-month-low
Consumers Consuming, Producers Producing & Treasury Borrowing
https://www.yardeniquicktakes.com/consumers-consuming-producers-producing/
Record Demand For Stellar 20Y Auction
https://www.zerohedge.com/markets/record-demand-stellar-20y-auction
INDIA
Narendra Modi’s government will ‘struggle’ to survive, says Indian opposition leader Rahul Gandhi
Will Modi 3.0 be good for business?
https://www.ft.com/content/ebcb0440-1049-4cbd-82a4-7e172750a6ef
India regulator plans tweaks to address derivative trading risks
CHINA
PBOC Governor says monetary policy will provide support for China's economic recovery
PBOC WATCH: China LPR To Hold On PBOC's Cautious Stance
https://marketnews.com/mni-pboc-watch-china-lpr-to-hold-on-pboc-s-cautious-stance
China's FX regulator says Will prevent yuan exchange rate from overshooting
China's property measures give sales a boost, but only in big cities
China’s trade-in for homes scheme misses mark as middle class prefers to save, not spend
China Studying Implementation of PBOC Bond Trading, Central Bank Chief Says
China plans reforms to boost appeal of Shanghai’s Nasdaq-style Star Market: CSRC
JAPAN
BOJ’s Minutes Show Debate on Rate Hikes With Close Eyes on Yen (JPY USD)
BOJ April Minutes show some concern about the weak yen on inflation & wages
Japan's Ministry of Finance proposes selling shorter term debt as the BOJ eyes rate hike
Reuters Tankan report for June 2024: Manufacturing index +6 vs. prior +9
Japanese Chief Cabinet Secretary Hayashi giving assurances over troubled Norinchukin Bank
AUSTRALIA
Australia's Hawkish Central Bank Stands Apart With Possible Interest Rate Hike
GLOBAL SECTORS
AIRLINES/TRAVEL
Boeing bosses accused of ‘strip mining’ company for profit in Senate hearing
https://www.theguardian.com/business/article/2024/jun/18/boeing-ceo-dave-calhoun-senate-hearing
AUTO’S
BYD: China’s electric vehicle powerhouse charges into Europe
German EV Sales Plummet 30.6% In May Compared To Year Earlier
https://www.zerohedge.com/energy/german-ev-sales-plummet-306-may-compared-year-earlier
BANKS + FINANCIALS
Inside Citigroup’s Services Group, the Bank’s Most Mysterious Business
https://www.wsj.com/finance/investing/citi-services-investors-day-ad5604f9
French Banks Flash Contagion Risks as Key Global Lenders
UBS CEO pushes back against Swiss critics of bank's size
UBS Among Swiss Banks Seeking Delay of Capital Rules on Trading
Spain could set more conditions in BBVA bid for Sabadell, CNMC head says
ENERGY
Warren Buffett buys Occidental shares for 9 straight days, pushes his stake to nearly 29%
TMT
'Magnificent 7' Stocks Fade As NVDA Becomes World's Largest Company... Eve
https://www.zerohedge.com/markets/magnificent-7-stocks-fade-nvda-becomes-worlds-largest-company-ever
Nvidia’s (NVDA) Rally to Most Valuable Stock: How It Happened
Apple issues 'very serious' under landmark EU rules: Vestager
https://www.cnbc.com/2024/06/18/apple-issues-very-serious-under-landmark-eu-rules-vestager.html
Apple Reportedly Halts Work On Vision Pro 2, Focuses On Cheaper Version As Demand Falters
METALS
Rich countries plan to buy more gold despite record price
https://www.ft.com/content/578237db-be6e-4df7-a1bc-0e72e8837636
Gold climbs $11 as central banks highlight plans to increase reserves
Chinese copper glut grows in sign of sluggish economy
https://www.ft.com/content/a5fc14c0-3100-48da-8fb4-3e3a1d2ea098
CRYPTO
Bitcoin back below $65,000 for the first time in more than a month
https://www.cnbc.com/2024/06/18/crypto-market-today.html
Advisors ‘wary’ of bitcoin ETFs are on slow adoption journey, says BlackRock exec
Biden Officials To Attend Bitcoin Roundtable In DC: Leaked Report
https://www.zerohedge.com/crypto/biden-officials-attend-bitcoin-roundtable-dc-leaked-report
Why Trump Is The Best Choice For Bitcoin
https://www.zerohedge.com/crypto/why-trump-best-choice-bitcoin
Major altcoins sink amid broader crypto pullback
https://www.cnbc.com/video/2024/06/18/major-altcoins-sink-broader-crypto-pullback-crypto-world.html