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EXCHANGE: COMEX EXCHANGE:EXCHANGE:

EXCHANGE: COMEX
CONTRACT: JUNE 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,817.500000000 USD
INTENT DATE: 06/28/2022 DELIVERY DATE: 06/30/2022
FIRM ORG FIRM NAME ISSUED STOPPED

435 H SCOTIA CAPITAL 1
657 C MORGAN STANLEY 4
661 C JP MORGAN 41 100
690 C ABN AMRO 78 32
737 C ADVANTAGE 10
905 C ADM 2
991 H CME 4

TOTAL: 136 136
MONTH TO DATE: 24,091

no. of contracts issued by JPMorgan: 100/136

_____________________________________________________________________________________

NUMBER OF NOTICES FILED TODAY FOR JUNE CONTRACT 136 NOTICE(S) FOR 13,600 Oz//0.4230 TONNES)

total notices so far: 24,091 contracts for 2,409,100 oz (74.923 tonnes)

SILVER NOTICES:

30 NOTICE(S) FILED 150,000 OZ/

total number of notices filed so far this month 1881 : for 9,405,000 oz

END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

GLD

WITH GOLD DOWN $3.05

WITH RESPECT TO GLD WITHDRAWALS: (OVER THE PAST FEW MONTHS):

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL (phys) INSTEAD OF THE FRAUDULENT GLD//

BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.27 TONNES FROM THE GLD//

INVENTORY RESTS AT 1054.37 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 26 CENTS

AT THE SLV// ://NO CHANGES IN SILVER INVENTORY AT THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 542.000 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE SIZED 1896 CONTRACTS TO 135,775 AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG GAIN IN OI WAS ACCOMPLISHED WITH OUR $0.26 LOSS IN SILVER PRICING AT THE COMEX ON TUESDAY. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.26) BUT WERE UNSUCCESSFUL IN KNOCKING OFF SOME SILVER LONGS//BUT MAINLY WE HAD ADDITIONAL SPECULATOR ADDITIONS. ALL OF THE COMEX LOSSES DUE TO CONTINUATION OF SPREADER LIQUIDATION

WE MUST HAVE HAD:
I) HUGE SPECULATOR SHORT ADDITIONS /. II)WE ALSO HAD SOME REDDIT RAPTOR BUYING//. iii) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 7.635 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 6 CONTRACTS OR 30,000 OZ//NEW STANDING: 9,405,000 / // V) STRONG SIZED COMEX OI LOSS/SPREADER LIQUIDATION

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS : –198

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE:

TOTAL CONTACTS for 20 days, total 16,469, contracts: 82.345 million oz OR 4.1175MILLION OZ PER DAY. (823 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 82.345 MILLION OZ

LAST 11 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT: 94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

JAN 2022// 90.460 MILLION OZ

FEB 2022: 72.39 MILLION OZ//

MARCH: 207.430 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE AND WE ARE STILL GOING STRONG THIS MONTH.

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 82.345 MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1896 WITH OUR $0.26 LOSS IN SILVER PRICING AT THE COMEX// TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE CONTRACTS: 695 CONTRACTS ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A HUGE INITIAL SILVER OZ STANDING FOR JUNE. OF 7.635 MILLION OZ FOLLOWED BY TODAY’S 30,000 QUEUE JUMP //NEW STANDING: 9,405,000 OZ // .. WE HAD A VERY STRONG SIZED LOSS OF 1201 OI CONTRACTS ON THE TWO EXCHANGES FOR 6.005 MILLION OZ WITH THE LOSS IN PRICE. ALL OF THE COMEX LOSS WAS DUE TO SPREADER LIQUIDATION.

WE HAD 30 NOTICES FILED TODAY FOR 150,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1026 CONTRACTS TO 497,005 AND FURTHER FROM RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: — CONTRACTS.

THE SMALL DECREASE IN COMEX OI CAME WITH OUR FALL IN PRICE OF $3.05//COMEX GOLD TRADING/TUESDAY / WE MUST HAVE HAD SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION //AND SOME SPECULATOR SHORT COVERING

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.26 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY’S 4400 OZ QUEUE JUMP //NEW STANDING: 74.933TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $3.05 WITH RESPECT TO MONDAY’S TRADING

WE HAD A FAIR SIZED GAIN OF 3270 OI CONTRACTS 10.171 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4296 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 497,005

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4958, WITH 1073 CONTRACTS INCREASED AT THE COMEX AND 3885 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2812 CONTRACTS OR 8.746TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4296) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (1026,): TOTAL GAIN IN THE TWO EXCHANGES 3270 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING AND SOME ADDITION TO SPECULATOR SHORTS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE. AT 69.26 TONNES FOLLOWED BY TODAY’S E.F.P JUMP OF 2500 OZ//NEW STANDING: 74.715 TONNES / 3) ZERO LONG LIQUIDATION//SOME SPECULATOR SHORT COVERING//SOME SPECULATOR SHORT ADDITIONS //.,4) SMALL SIZED COMEX OI LOSS 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JUNE

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE :

72,823 CONTRACTS OR 7,282,300 OZ OR 226.51 TONNES 20 TRADING DAY(S) AND THUS AVERAGING: 3641 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 20 TRADING DAY(S) IN TONNES: 226.51 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 226.51/3550 x 100% TONNES 6.00% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC. 175.62 TONNES//FINAL ISSUANCE//

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)

MAY: 247,44 TONNES FINAL//

JUNE: 226.51 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF SILVER

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JUNE HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JULY, FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JULY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY A HUGE SIZED 1896 CONTRACT OI TO 137,671 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO.

EFP ISSUANCE 695 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY 695 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1896 CONTRACTS AND ADD TO THE 695 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED LOSS OF 1201 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 6.005 MILLION OZ

OCCURRED WITH OUR FALL IN PRICE OF $0.26 .

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

end

5. Other gold commentaries

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING// TUESDAY NIGHT

SHANGHAI CLOSED DOWN 47.69 PTS OR 1.40% //Hang Sang CLOSED DOWN 422.08 PTS OR 1.88% /The Nikkei closed DOWN 244.87 OR 0.91% //Australia’s all ordinaires CLOSED DOWN 1.09 /Chinese yuan (ONSHORE) closed DOWN 6.6952 /Oil UP TO 112.93 dollars per barrel for WTI and UP TO 119.20 for Brent. Stocks in Europe OPENED ALL RED // ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6952 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6990: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 1026 CONTRACTS TO 497,005 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541 OI(SET JAN 16/2020)} AND PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS COMEX DECREASE OCCURRED WITH OUR LOSS OF $3.05 IN GOLD PRICING TUESDAY’S COMEX TRADING. WE ALSO HAD A GOOD SIZED EFP (4052 CONTRACTS). . THEY WERE PAID HANDSOMELY NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO SHORT BIG TIME AND THEY ADDED TO THEIR SHORT POSITIONS

WE NORMALLY HAVE WITNESSED EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING PAST THE ACTIVE DELIVERY MONTH OF JUNE.. THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4296 EFP CONTRACTS WERE ISSUED: ;: , . 0 AUG :4296 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4296 CONTRACTS

WHEN WE HAVE BACKWARDATION, EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3270 CONTRACTS IN THAT 4296 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED COMEX OI LOSS OF 1026 CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR FALL IN PRICE OF GOLD $3.05.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING JUNE (74.933),

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

DEC 2021: 112.217 TONNES

NOV. 8.074 TONNES

OCT. 57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE: 72.289 TONNES

MAY 5.77 TONNES

APRIL 95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022 17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT FELL $3.05) BUT WERE UNSUCCESSFUL IN KNOCKING OFF SPECULATOR LONGS/COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS//// WE HAVE REGISTERED A FAIR SIZED GAIN OF 10.171 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (74.933 TONNES)…

WE HAD -35 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3270 CONTRACTS OR 327,000 OZ OR 10.171 TONNES

Estimated gold volume 157,277/// poor/

final gold volumes/yesterday 122,214 /poor

INITIAL STANDINGS FOR JUNE ’22 COMEX GOLD //JUNE 29

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	NOT AVAILABLE oz
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	nil
No of oz served (contracts) today	136 notice(s)13,600 OZ0.4230 TONNES
No of oz to be served (notices)	0 contracts0.000 TONNES
Total monthly oz gold served (contracts) so far this month	24,091 notices2,409,100 OZ74.933 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	xxx oz

INVENTORY MOVEMENTS NOT AVAILABLE TODAY

total dealer deposit 0

No dealer withdrawals

XX customer deposit

total deposits: XX oz

XX customer withdrawals:

total withdrawal: XXX oz

ADJUSTMENTS:

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an oi of 136 contracts having GAINED 74 contracts

We had 30 notices filed on TUESDAY so we GAINED 104 contracts or an additional 10,400 oz will stand for gold in this very active month of June

July has a LOSS OF 256 OI to stand at 1011

August has a LOSS of 2558 contracts DOWN to 402,916 contracts

We had 136 notice(s) filed today for 13,600 oz FOR THE JUNE 2022 CONTRACT MONTH.

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 41 notices were issued from their client or customer account. The total of all issuance by all participants equate to 136 contract(s) of which 100 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2021. contract month,

we take the total number of notices filed so far for the month (24,091) x 100 oz , to which we add the difference between the open interest for the front month of (JUNE 136 CONTRACTS ) minus the number of notices served upon today 136 x 100 oz per contract equals 2,409,100 OZ OR 74.933 TONNES the number of TONNES standing in this active month of JUNE.

thus the INITIAL standings for gold for the JUNE contract month:

No of notices filed so far (24,091) x 100 oz+ (136) OI for the front month minus the number of notices served upon today (136} x 100 oz} which equals 2,398,700 oz standing OR 74.933 TONNES in this active delivery month of JUNE.

TOTAL COMEX GOLD STANDING: 74.933 TONNES (A STRONG STANDING FOR A JUNE ( ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 o

total pledged gold: 2,419,784.828 oz 75.26 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 33,183,194,729 OZ

TOTAL ELIGIBLE GOLD: 16,003,775.914 OZ

TOTAL OF ALL REGISTERED GOLD: 17,179,418.815 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 14,792,235.0 OZ (REG GOLD- PLEDGED GOLD)

END

SILVER/COMEX/JUNE 29

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	NOT AVAILABLE oz
Deposits to the Dealer* Inventory*	nilOZ
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	30CONTRACT(S)150,000 OZ)
No of oz to be served (notices)	0 contracts
Total monthly oz silver served (contracts)	24091 contracts 9,405,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

And now for the wild silver comex results

INVENTORY MOVEMENTS NOT AVAILABLE TODAY

i) 0 dealer deposit

total dealer deposits: XX oz

i) We had XX dealer withdrawal

total dealer withdrawals: XX oz

We have X deposit into the customer account

total deposit: XX oz

JPMorgan has a total silver weight: 169.097 million oz/333.529 million =50.67% of comex

Comex withdrawals: X

total withdrawal XXX oz

adjustments: XX

the silver comex is in stress!

TOTAL REGISTERED SILVER: 69.749 MILLION OZ

TOTAL REG + ELIG. 333.529 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 30 HAVING LOST 15 CONTRACTS.

WE HAD 21 NOTICES FILED ON TUESDAY SO WE GAINED 16 CONTRACTS OR AN ADDITIONAL 30,000 OZ WILL STAND IN THIS NON ACTIVE

DELIVERY MONTH OF JUNE

JULY HAD A LOSS OF 7887 CONTRACTS DOWN TO 6323 CONTRACTS.

AUGUST GAINED 90 CONTRACTS TO STAND AT 1376

SEPTEMBER HAD A GAIN OF 5716 CONTRACTS UP TO 109,396 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 30 for 150,000 oz

Comex volumes:55,731// est. volume today// FAIR

Comex volume: confirmed yesterday: 85,158 contracts ( strong )

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 1881 x 5,000 oz = 9,455,000 oz

to which we add the difference between the open interest for the front month of JUNE(30) and the number of notices served upon today 30 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JUNE./2022 contract month: 1881 (notices served so far) x 5000 oz + OI for front month of JUNE (30) – number of notices served upon today (30) x 5000 oz of silver standing for the JUNE contract month equates 9,405,000 oz. .

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS:

JUNE 28/WITH GOLD DOWN $3.05//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.64 TONNES FROM THE GLD///INVENTORY RESTS AT 1056.40 TONNES

JUNE 27/WITH GOLD DOWN $4.90 CENTS TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD///INVENTORY RESTS AT 1061.04 TONNES

JUNE 24/WITH GOLD UP 45 CENTS TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.70 TONNES FROM THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 23/WITH GOLD DOWN $8.60:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD//INVENTORY RESTS AT 1071.77 TONNES

JUNE 22/WITH GOLD UP 15 CENTS:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1073.80 TONNES

JUNE 21/WITH GOLD DOWN $2.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1075.54 TONES

JUNE 17/WITH GOLD DOWN $11.25: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.60 TONNES INTO THE GLD.///INVENTORY RESTS AT 1075.54 TONNES

JUNE 16/WITH GOLD UP $28.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.74 TONNES

JUNE 15/WITH GOLD UP $6.50/BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.65 TONNES FROM THE GLD////INVENTORY RESTS AT 1063.74 TONNES

JUNE 14/WITH GOLD DOWN $18.80/NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 13/WITH GOLD DOWN $41.55: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 10/WITH GOLD UP $21.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 9/WITH GOLD DOWN $3.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1065.39 TONNES

JUNE 8/WITH GOLD UP $4.75: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 7/WITH GOLD UP $7.45: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 6/WITH GOLD DOWN $5.85: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 3/WITH GOLD DOWN $19.75//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 2/WITH GOLD UP $22.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.64 TONNES FROM THE GLD//INVENTORY RESTS AT 1067.20 TONNES

JUNE 1/WITH GOLD UP $1$ HUGE CHANGES IN GOLD INVENTORY AT THE GLD: AWITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 1068.36 TONNES

MAY 31/WITH GOLD DOWN $15.10: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 27/WITH GOLD UP $4.95//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

May 26/WITH GOLD UP $2.10/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 25/WITH GOLD UP @$2.70: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.89./INVENTORY RESTS AT 1068.07 TONNES

MAY 20/WITH GOLD UP $7.75: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.97 TONNES INTO THE GLD/INVENTORY RESTS AT 1056.18 TONNES

MAY 19/WITH GOLD UP $24.20; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.21 TONNES//

GLD INVENTORY: 1056.40 TONNES

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

JUNE 28/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.00 MILLION OZ..

JUNE 27/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.000 MILLION OZ

JUNE 24/WITH SILVER UP 10 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.137 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 542.000 MILLION OZ

JUNE 23/WITH SILVER DOWN 41 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SL: A WITHDRAWAL OF 2.029 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 545.137 MILLION OZ//

JUNE 22/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.166 MILLION OZ.

JUNE 21/WITH SILVER UP 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.506 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 547.166 MILLION OZ//

JUNE 17/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 739,000 OZ FROM THE SLV./:INVENTORY RESTS AT 543.660 MILLION OZ/

JUNE 16/WITH SILVER UP 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ

JUNE 15/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ

JUNE 14/WITH SILVER DOWN 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 13/WITH SILVER DOWN 62 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 10.WITH SILVER UP 13 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 830,000 Z FROM THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 9/WITH SILVER DOWN 27 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 923,000 OZ INTO THE SLV////INVENTORY RESTS AT 545.229 MILLION OZ

JUNE 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 544.306 MILLION OZ//

JUNE 7/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.306 MILLION OZ/

JUNE 6/WITH SILVER UP 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.459 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 547.167 MILLION OZ//

JUNE 3/WITH SILVER DOWN $.34: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITTHDRAWAL OF 246,000 OZ FORM THE SLV//INVENTORY RESTS AT 553.626 MILLION OZ..

JUNE 2/WITH SILVER UP 57 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.261 MILLION OZ FORM THE SLV.//INVENTORY RESTS T 553.872 MILLION OZ

JUNE 1/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 556.133 MILLION OZ//

MAY 31/WITH SILVER DOWN $.41 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 558.071 MILLION OZ//

MAY 27/WITH SILVER UP 10 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.071 MILLION OZ///

MAY 26/WITH SILVER UP 8 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.515 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 558.071 MILLION OZ

MAY 25/WITH SILVER UP 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .922 MILLION OZ FROM THE SLV/ //INVENTORY RESTS AT 561.486 MILLION OZ//

MAY 20.WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WIHDRAWAL OF .785 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 19/WITH SILVER UP 34 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 565.085 MILLION OZ//

CLOSING INVENTORY 542.000 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

2. Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg

END

3. Chris Powell of GATA provides to us very important physical commentaries

END

4. OTHER GOLD STORIES

5.OTHER COMMODITIES

END

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY morning 7:30 AM

ONSHORE YUAN: CLOSED DOWN 6.6952

OFFSHORE YUAN: 6.6990

HANG SANG CLOSED DOWN 422.08 PTS OR 1.88%

2. Nikkei closed DOWN 244.87% OR 0.91%

3. Europe stocks ALL CLOSED ALL RED

USA dollar INDEX UP TO 104.32/Euro FALLS TO 1.0516

3b Japan 10 YR bond yield: RISES TO. +.232/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 136.48/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold UP /JAPANESE Yen DOWN CHINESE YUAN: DOWN -// OFF- SHORE DOWN

3f Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. EIGHTY percent of Japanese budget financed with debt.

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +1.587%/Italian 10 Yr bond yield FALLS to 3.58% /SPAIN 10 YR BOND YIELD FALLS TO 2.66%…

3i Greek 10 year bond yield RISES TO 3.63//

3j Gold at $1826.90 silver at: 21.03 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 6/100 roubles/dollar; ROUBLE AT 51.88

3m oil into the 112 dollar handle for WTI and 119 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 136.48DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning 0.9502– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.99914well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.163 DOWN 5 BASIS PTS

USA 30 YR BOND YIELD: 3.286 DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.64

Futures Slide Amid Renewed Recession Fears After China Doubles Down On “Covid Zero”

WEDNESDAY, JUN 29, 2022 – 08:00 AM

One day after futures ramped overnight (if only to crater during the regular session) on hopes China was easing its highly politicized Zero Covid policy after it cut the time of quarantine lockdowns, this morning futures slumped early on after China’s President Xi Jinping made clear that Covid Zero isn’t going anywhere and remains the most “economic and effective” policy for China during a symbolic visit to the virus ground zero in Wuhan, in which he cast the strategy as proof of the superiority of the country’s political system. That coupled with renewed recession worries (market is again pricing in a rate cut in Q1 2023) even as monetary policy tightens in much of the world to fight supply-side inflation, sent US futures and global markets lower. S&P futures dropped 0.2% and Nasdaq 100 futures were down 0.4% after the underlying index slumped on 3.1% on Tuesday. The dollar was steady after rising the most in over a week while WTI crude climbed above $112 a barrel, set for a fourth session of gains. In cryptocurrencies, Bitcoin dipped below the closely watched $20,000 level on news crypto hedge fund 3 Arrows Capital was ordered to liquidate.

The Nasdaq’s Tuesday’s slump added to what was already one of the worst years in terms of big daily selloffs in US stocks. The S&P 500 Index has fallen 2% or more on 14 occasions, putting 2022 in the top 10 list, according to Bloomberg data.

Not helping the tech sector, on Wednesday morning JPMorgan cut its earnings estimates across the sector, especially for companies exposed to online advertising, citing macroeconomic pressures, forex and company-specific dynamics.

One of the chief drivers for overnight weakness, China’s Xi said during a trip Tuesday to Wuhan where the virus first emerged in late 2019 that relaxing Covid controls would risk too many lives in the world’s most populous country. China would rather endure some temporary impact on economic development than let the virus hurt people’s safety and health, he said, in remarks reported Wednesday by state media. As a result, China’s CSI 300 Index extended loss to 1.4% after the headline, while the yuan drops as much as 0.2% to trade 6.7132 against the dollar in the offshore market.

Among key premarket movers, Tesla slipped in US premarket trading. The electric-vehicle maker laid off hundreds of workers on its Autopilot team as it shuttered a California facility, according to people familiar with the matter. Carnival slumped as Morgan Stanley analysts warned that the London and New York-listed cruise vacation company’s shares could lose all their value in the event of another demand shock. Pinterest gained 3.7% as the company’s co- founder and CEO Ben Silbermann quit and handed the reins to Google and PayPal veteran Bill Ready in a sign the social-media company will focus more on e-commerce. Also, despite the pervasive weakness, the Energy Select Sector SPDR Fund ETF (XLE) rebounded off key support (50% Fibonacci) relative to the SPDR S&P 500 ETF (SPY). That said, energy was alone and most other notable movers were down in the premarket:

Carnival (CCL US) shares fall 8% premarket as Morgan Stanley analysts warned that the cruise vacation firm’s shares could lose all their value in the event of another demand shock.
Nio (NIO US) shares drop 8.2% after short-seller Grizzly Research published a report on Tuesday alleging that the electric carmaker used battery sales to a related party to inflate revenue and boost net income margins. The company rejected the claims.
Upstart Holdings (UPST US) shares slump about 9% after Morgan Stanley downgraded the consumer finance company to underweight from equal-weight amid rising cyclical headwinds.
Ormat Technologies (ORA US) rallies as much as 5% after the renewable energy company is set to be included in the S&P Midcap 400 Index.
2U (TWOU US) shares rise 16% premarket. Indian online-education provider Byju’s has offered to buy the company in a cash deal that values the US-listed edtech firm at more than $1 billion, a person familiar with the matter said.
Watch Amazon (AMZN US) shares as Redburn initiated coverage of the stock with a buy recommendation and set a Street-high price target, saying “there is a clear path toward a $3 trillion value for AWS alone.”
Shares in data center REITs could be active later in the trading session after short-seller Jim Chanos said in an FT interview that he’s betting against “legacy” data centers. Watch Digital Realty (DLR US) and Equinix (EQIX US), as well as data center operators Cyxtera Technologies (CYXT US) and Iron Mountain (IRM US)

Investors are growing increasingly skeptical that the Fed can avoid a bruising economic downturn amid sharp interest-rate hikes. Evaporating consumer confidence is feeding into concerns that the US might tip into a recession. Naturally, Fed officials sought to play down recession risk. New York Fed President John Williams and San Francisco’s Mary Daly both acknowledged they had to cool inflation, but insisted that a soft landing was still possible.

“It seems the market is in this tug of war between on the one hand the hope that we are close to the peak in inflation and rates, and on the other hand the challenge of a slowing economy and potential recession,” Emmanuel Cau, head of European equity strategy at Barclays Bank Plc, said in an interview with Bloomberg TV. “Central banks are walking a very tight line and to a certain extent dictate the mood in the markets.”

European equities snapped three days of gains, trading poorly but off worst levels with sentiment also hurt by China remaining committed to its zero-Covid approach. Spanish inflation unexpectedly surged to a record, dashing hopes that inflation in the euro zone’s fourth-biggest economy had peaked, and emboldening European Central Bank policy makers pushing for big increases in interest rates. The ECB should consider raising interest rates by twice the planned amount next month if the inflation outlook deteriorates, according to Governing Council member Gediminas Simkus, as calls not to exclude an outsized initial move grow. German benchmark bonds rose, while 10-year Treasury yields slipped to 3.16%. DAX lags, dropping as much as 1.8%. Real estate, autos and miners are the worst performing sectors.

In notable moves in European stocks, Hennes & Mauritz (H&M) gained after the Swedish low-cost retailer’s earnings beat analyst estimates. Just Eat Takeaway.com NV tumbled to a record low after Berenberg analysts rated the stock sell, saying the food delivery firm’s UK business will remain under pressure. Here are some of the biggest European movers today:

Just Eat Takeaway shares plunge as much as 21% after Berenberg initiated coverage with a sell rating, saying the firm’s UK business will remain under pressure and a sale of its Grubhub unit is unlikely to satisfy the bulls.
Carnival stocks slumped over 12% in London as Morgan Stanley analysts warned that the cruise vacation firm’s shares could lose all their value in the event of another demand shock.
Pearson drops as much as 6.1% after the education company was cut to sell at UBS, which reduced forecasts to reflect a weak outlook for 2022 college enrollments.
Grifols shares plunge as much as 13% on a media report the Spanish plasma firm is weighing a capital raise of as much as EU2b to cut its debt.
Diageo shares fall after downgrades for the spirits group from Deutsche Bank and Kepler Cheuvreux, while Pernod Ricard also dips on a rating cut from the latter.
Diageo declines as much as 4.2%, Pernod Ricard -3.7%
Fluidra shares fall as much as 8.4% after Santander cut its rating on the Spanish swimming pools company. The bank’s analyst Alejandro Conde cut the recommendation to neutral from outperform.
H&M shares rise as much as 6.8% after the Swedish apparel retailer reported 2Q earnings that beat estimates. Jefferies said the margin beat in particular was reassuring, while Morgan Stanley said it was a “positive surprise” overall.
Ipsen shares rise as much as 3.1% after UBS analyst Michael Leuchten said that accepting palovarotene refiling priority review should be a net present value and confidence boost.

Asian stocks fell, halting a four-day gain, as renewed angst over the outlook for global economic growth and inflation help drive a selloff across most of the region’s equity markets. The MSCI Asia Pacific Index dropped as much as 1.5%, led by consumer discretionary and information sectors. Chinese equities in particular took a hit, as the CSI 300 Index fell 1.5% Wednesday after Xi Jinping reiterated his firm stance on Covid zero. Tech-heavy indexes in markets such as South Korea and Taiwan took the brunt of Wednesday’s drop amid lingering concerns that monetary tightening in much of the world to fight inflation will cause an economic slowdown. While Federal Reserve members have played down the risk of a US recession, gloomy data such as US consumer confidence have damped investor sentiment.

“Volatility is going to be the enduring feature of the market, I suspect, for the next couple of quarters at least until we get a firm sense that peak inflation has passed,” John Woods, Credit Suisse Group AG’s Asia-Pacific chief investment officer, said in an interview with Bloomberg TV. “Markets, I think, have aggressively priced in quite a serious or steep recession.” China’s four-day winning streak came to a halt, putting its advance toward a bull market on hold. “We will continue to see a risk of targeted lockdowns, and that spoils the initial euphoria seen in the markets from the announcement on relaxation of quarantine requirements,” said Charu Chanana, market strategist at Saxo Capital Markets. “Still, economic growth will likely be prioritized as this is a politically important year for China.”

Japanese equities decline as investors digested data that showed a drop in US consumer confidence over inflation worries and increased concerns of an economic downturn. The Topix Index fell 0.7% to 1,893.57 in Tokyo on Wednesday, while the Nikkei declined 0.9% to 26,804.60. Toyota Motor Corp. contributed the most to the Topix’s decline, decreasing 1.8%. Out of 2,170 shares in the index, 1,114 fell, 984 rose and 72 were unchanged. “There are concerns about stagflation,” said Hideyuki Suzuki a general manager at SBI Securities. “The consumer sentiment from the University of Michigan, which provides one of the fastest data points, has already shown poor figures.”

Stocks in India tracked their Asian peers lower as brent rose to the highest level in two weeks, while high inflation and slowing global growth continued to dampen risk-appetite for global equities. The S&P BSE Sensex fell 0.3% to 53,026.97 in Mumbai, while the NSE Nifty 50 Index declined by an equal measure. Both gauges have lost more than 4% in June and are set for their third consecutive month of declines. The main indexes have dropped for all but one month this year. Twelve of the 19 sub-sector gauges compiled by BSE Ltd. eased, led by banking companies while power producers were the top performers. Investors will also be watching the expiry of monthly derivative contracts on Thursday, which may lead to some volatility in the markets. Hindustan Unilever was the biggest contributor to the Sensex’s decline, decreasing 3.5%. Out of 30 shares in the Sensex, 10 rose and 20 fell.

The Bloomberg Dollar Spot Index inched up modestly as the greenback traded mixed against its Group-of-10 peers; the Swiss franc led gains while Antipodean currencies were the worst performers and the euro traded in a narrow range around $1.05. The relative cost to own optionality in the euro heading into the July meetings of the ECB and the Federal Reserve was too low for investors to ignore and has become less and less underpriced. The yen strengthened and US and Japanese bond yields fell.

In rates, fixed income has a choppy start. Bund futures initially surged just shy of 200 ticks on a soft regional German CPI print before fading the entire move over the course of the morning as Spanish data hit the tape, delivering a surprise record 10% reading for June and more hawkish ECB comments crossed the wires. Treasuries and gilts followed with curves eventually fading a bull-steepening move. Long-end gilts underperform, cheapening ~4bps near 2.75%. Peripheral spreads are tighter to core.

Treasuries are slightly higher as US trading day begins, off the session lows reached as bund futures jumped after the first monthly drop since November in a German regional CPI gauge. Yields are lower across the curve, by 1bp-2bp for tenors out to the 10-year with long-end yields little changed; 10-year declined as much as 5.3bp vs as much as 8.2bp for German 10- year, which remains lower by ~3bp. Focal points for the US session include a final revision of 1Q GDP, comments by Fed Chair Powell, and anticipation of quarter-end flows favoring bonds. Quarter-end is anticipated to cause rebalancing flows into bonds; Wells Fargo estimated that $5b will be added to bonds, with most of the flows occurring Wednesday and Thursday.

In commodities, crude futures advance. WTI drifts 0.3% higher to trade near $112.13. Base metals are mixed; LME tin falls 5.6% while LME zinc gains 0.4%. Spot gold falls roughly $5 to trade near $1,815/oz

Looking ahead, the highlight will be the panel at the ECB Forum that includes Fed Chair Powell, ECB President Lagarde and BoE Governor Bailey. We’ll also be hearing from ECB Vice President de Guindos, the ECB’s Schnabel, the Fed’s Mester and Bullard, and the BoE’s Dhingra. On the data side, releases include German CPI for June, Euro Area money supply for May, and the final Euro Area consumer confidence reading for June. From the US, we’ll also get the third reading of Q1 GDP.

Market Snapshot

S&P 500 futures little changed at 3,829.00
STOXX Europe 600 down 0.8% to 412.69
MXAP down 1.3% to 159.96
MXAPJ down 1.6% to 531.04
Nikkei down 0.9% to 26,804.60
Topix down 0.7% to 1,893.57
Hang Seng Index down 1.9% to 21,996.89
Shanghai Composite down 1.4% to 3,361.52
Sensex little changed at 53,204.17
Australia S&P/ASX 200 down 0.9% to 6,700.23
Kospi down 1.8% to 2,377.99
German 10Y yield little changed at 1.59%
Euro little changed at $1.0510
Brent Futures down 0.4% to $117.46/bbl
Gold spot down 0.2% to $1,816.09
U.S. Dollar Index little changed at 104.55

Top Overnight News from Bloomberg

The Fed’s Loretta Mester said she wants to see the benchmark lending rate reach 3% to 3.5% this year and “a little bit above 4% next year” to rein in price pressures even if that tips the economy into a recession
The ECB should consider raising interest rates by twice the planned amount next month if the inflation outlook deteriorates, according to Governing Council member Gediminas Simkus, as calls not to exclude an outsized initial move grow
ECB has “ample room” to hike in 25bps-50bps steps to “whatever rate we think, we consider reasonable,” Governing Council member Robert Holzmann said in interview with CNBC
Swedish consumers are gloomier than they have been since the mid-1990s, as prices surge on everything from fuel to food and furniture
China’s President Xi Jinping declared Covid Zero the most “economic and effective” policy for the nation, during a symbolic visit to Wuhan in which he cast the strategy as proof of the superiority of the country’s political system
NATO moved one step closer to bolstering its eastern front with Russia after Turkey dropped its opposition to Swedish and Finnish bids to join the military alliance

A more detailed look at markets courtesy of Newsquawk

Asia-Pac stocks were pressured amid headwinds from the US where disappointing Consumer Confidence data added to the growth concerns. ASX 200 failed to benefit from better than expected Retail Sales and was dragged lower by weakness in miners and tech. Nikkei 225 fell beneath the 27,000 level as industries remained pressured by the ongoing power crunch. Hang Seng and Shanghai Comp. conformed to the negative picture in the region although losses in the mainland were initially stemmed after China cut its quarantine requirements which the National Health Commission caveated was not a relaxation but an optimization to make it more scientific and precise.

Top Asian News

Chinese President Xi said China’s COVID prevention control and strategy is correct and effective and must stick with it, via state media. Shanghai will gradually reopen museums and scenic sports from July 1st, state media reports.
US Deputy Commerce Secretary Graves said the US will take a balanced approach on Chinese tariffs and that a clear response on China tariffs is coming soon, according to Bloomberg.
China State Council’s Taiwan Affairs Office said it firmly opposes the US signing any agreement that has sovereign connotations with Taiwan, according to Global Times.
BoJ Governor Kuroda said Japanese Core CPI reached 2.1% in April and May which is almost fully due to international energy prices and Japan’s economy has not been affected much by the global inflationary trend so monetary policy will stay accommodative, according to Reuters.
Japanese govt to issue power supply shortage warning for a fourth consecutive day on Thursday, according to a statement.

European bourses are on the backfoot as the region plays catch-up to the losses on Wall Street yesterday. Sectors are mostly lower (ex-Energy) with a defensive tilt as Healthcare, Consumer Products, Food & Beverages, and Utilities are more cushioned than their cyclical peers. Stateside, US equity futures trade on either side of the unchanged mark with no stand-out performers thus far, with the contracts awaiting the next catalyst.

Top European News

UK expects defence spending to reach 2.3% of GDP and said PM Johnson will announce new military commitments to NATO, according to Reuters.
UK Weighs Capping Maximum Stake in Online Casinos at £5
Europe Is the Only Region Where Earnings Estimates Are Rising
European Gas Prices Rise as Supply Risks Add to Storage Concerns
Gold Steady as Traders Weigh Fed Comments on US Recession Risks
Choppy Start for Euro-Area Bonds on Mixed Inflation

Dollar mostly bid otherwise as rebalancing demand underpins – DXY pivots 104.500 within 104.700-350 confines.
Franc outperforms on rate and risk considerations – Usd/Chf breaches 0.9550 and Eur/Chf approaches parity.
Euro erratic in line with conflicting inflation data – Eur/Usd rotates around 1.0500.
Aussie and Kiwi undermined by downturn in sentiment – Aud/Usd loses 0.6900+ status, Nzd/Usd wanes from just over 0.6250.
Yen rangy following firmer than forecast Japanese retail sales and BoJ Governor Kuroda reaffirming intent to remain accommodative – Usd/Jpy straddles 136.00.
Nokkie welcomes oil worker wage agreement with unions to avert strike action, but Sekkie hampered by softer Swedish macro releases pre-Riksbank policy call tomorrow – Eur/Nok probes 10.3000, Eur/Sek hovers around 10.6800.
Rand rattled by decline in Gold and ongoing SA power supply problems, but Rouble rallies irrespective of CBR and Russian Economy Ministry divergence over deflation.

Central Banks

ECB’s Lane said there are two-way inflation risks: “on the one side, there could be forces that keep inflation higher than expected for longer. On the other side, we do have the risk of a slowdown in the economy, which would reduce inflationary pressure”, via ECB.
ECB’s Holzmann said “We will have to make an assessment where the economic development is going and where inflation stands and afterwards there’s ample room to hike in 0.25 and 0.5 levels to whatever rate we think, we consider reasonable” via CNBC.
ECB’s Simkus said if data worsens, then he wants a 50bps July hike as an option, 50bps hike is very likely in September; ECB’s fragmentation tool should serve as a deterrent, via Bloomberg.
ECB’s Herodotou said EZ inflation will peak this year, via CNBC.
ECB’s Wunsch said government aid may spell more rate hikes, via Bloomberg; 150bps of hikes by March 2023 is reasonable
ECB is said to be weighting whether or not they should announce the size and duration of their upcoming bond-buying scheme, according to Reuters sources.
Fed’s Mester (2022, 2024 voter) said on a path towards restrictive interest rates; July debate between 50bps and 75bps hike, via CNBC. Mester said if inflation expectations become unanchored, monetary policy would have to act more forcefully; current inflation situation is a very challenging one, via Reuters.
SARB Governor said a 50bps hike is “not off the table”, Via Bloomberg
CBR Governor said she does not see risks of deflation; sees room to cut rates; sticking to policy of floating RUB exchange rate.
PBoC will step up implementation of prudent monetary policy, will keep liquidity reasonably ample.

Fixed Income

Bunds unwind all and a bit more of their hefty post-NRW CPI gains as other German states show smaller inflation slowdowns and Spanish HICP soars.
Gilts suffer more pronounced fall from grace in relative terms and US Treasuries slip from overnight peaks in sympathy.
UK debt and STIRs also await testimony from MPC member elect to see if newbie leans dovish, hawkish or middle of the road
10 year benchmarks settle off worst levels within 147.37-145.14, 112.66-11.85 and 117-12+/116-27 respective ranges awaiting comments from ECB, Fed and BoE heads at Sintra Forum.

Commodities

WTI and Brent front-month futures traded with no firm direction in early European hours before picking up modestly in recent trade.
US Private Inventory (bbls): Crude -3.8mln (exp. -0.6mln), Cushing -0.7mln, Distillate +2.6mln (exp. -0.2mln) and Gasoline +2.9mln (exp. -0.1mln).
Norway’s Industri Energi and SAFE labour unions agreed a wage deal for oil drilling workers and will not go on strike, according to Reuters.
OPEC to start today at 12:00BST/07:00EDT; JMMC on Thursday at 12:00BST/07:00EDT followed by OPEC+ at 12:30BST/07:30EDT, via EnergyIntel.
Libya’s NOC suspends oil exports from Es Sider port.
Spot gold is under some mild pressure as the Buck and Bond yields picked up, with the yellow metal back to near-two-week lows
Base metals are mixed but off best levels after President Xi reaffirmed China’s COVID stance – LME copper fell back under USD 8,500/t

US Event Calendar

07:00: June MBA Mortgage Applications, prior 4.2%
08:30: 1Q PCE Core QoQ, est. 5.1%, prior 5.1%
08:30: 1Q GDP Price Index, est. 8.1%, prior 8.1%
08:30: 1Q Personal Consumption, est. 3.1%, prior 3.1%
08:30: 1Q GDP Annualized QoQ, est. -1.5%, prior -1.5%

Central Banks

09:00: Powell Takes Part in Panel Discussion at ECB Forum in Sintra
09:00: Lagarde, Powell, Bailey, Carstens Speak in Sintra
11:30: Fed’s Mester Speaks on Panel at ECB Forum in Sintra
13:05: Fed’s Bullard Makes Introductory Remarks

DB’s Jim Reid concludes the overnight wrap

I’m finishing this off in a taxi on the way to the Eurostar this morning and I made the mistake of telling the driver I was slightly pressed for time. He seems to be taking the racing line everywhere and my motion sickness is kicking in.

A little like this car journey, it’s been another volatile 24 hours in markets, with a succession of weak data releases raising further questions about how close the US and Europe might be to a recession. That saw equities give up their initial gains to post a decent decline on the day, whilst there was little respite from central bankers either, with sovereign bonds selling off further as multiple speakers doubled down on their hawkish rhetoric. That comes ahead of another eventful day ahead on the calendar, with investors primarily focused on a panel featuring Fed Chair Powell, ECB President Lagarde and BoE Governor Bailey, as well as the flash German CPI print for June, who are the first G7 economy to release their inflation print for the month, which will provide some further clues on how fast central banks will need to move on rate hikes. Just as we go to print the NRW region of Germany has seen CPI print at 7.5% YoY, way below last month’s 8.1%. This region is around a quarter of GDP so it could imply the national numbers will be notably softer when we get them later. The energy tax cuts were always going to come through in June so some respite was always possible but at first glance this seems materially below what might have been expected.

This comes after a significant sovereign bond selloff in Europe once again yesterday as President Lagarde reiterated the central bank’s determination to bring down inflation, and described inflation pressures that were “broadening and intensifying”. And although Lagarde stuck to the existing script about the ECB raising rates by 25bps at the next meeting, we also heard from Latvia’s Kazaks who said that “front-loading the increase would be a reasonable choice” in the event that the situation with inflation or inflation expectations deteriorates. Lagarde did nod to this in part, saying that if the ECB was “to see higher inflation threatening to de-anchor inflation expectations, or signs of a more permanent loss of economic potential that limits resources availability, we would need to withdraw accommodation more promptly to stamp out the risk of a self-fulfilling spiral.” Separately on fragmentation, Lagarde said that they could “use flexibility in reinvesting redemptions” from PEPP starting July 1 in order to deal with the issue.

For now, overnight index swaps are only pricing in a +31.3bps move in July from the ECB, so still closer to 25 than 50 for the time being. Meanwhile the rate priced in by year-end rose also by +7.9bps as investors interpreted the comments in a hawkish light. That supported a further rise in yields, with those on 10yr bunds up another +8.1bps yesterday, following on from their +10.7bps move in the previous session. That’s now almost reversed the -21.9ps move over the previous week, which itself was the third-largest weekly decline in bund yields for a decade, and brought the 10yr yield back up to 1.63%, so not far off its multi-year high of 1.77% seen last week. A similar pattern was seen elsewhere, with 10yr yields on 10yr OATs (+9.6bps), BTPs (+4.2bps) and gilts (+7.2bps) all moving higher too.

Things turned near the European close with some poor US data releases piling on to some lacklustre confidence figures in Europe. Earlier in the day the GfK consumer confidence reading from Germany fell to -27.4 (vs. -27.3 expected), taking it to another record low. Separately in France, consumer confidence fell to 82 on the INSEE’s measure (vs. 84 expected), which we haven’t seen since 2013. Then in the US, the Conference Board’s measure fell to 98.7 (vs. 100.0 expected), which is the lowest since February 2021. The Conference Board’s one-year ahead inflation expectations hit a record high of 8.0%, surpassing the June 2008 record of 7.7%, adding to the pessimism. Along with waning confidence, the Richmond Fed’s Manufacturing Index registered a -19, its lowest since the peak onset of the pandemic, versus expectations of -7 and a prior of -9, showing that production data has weakened as well. This put a serious damper on risk sentiment which drove Treasury yields and equities lower intraday during the New York session.

10yr Treasury yields ended down -2.8bps after trading as much as +5.5bps higher during the European session. They are down another -4bps this morning. Concerningly as well, there was a fresh flattening in the Fed’s preferred yield curve indicator (which is 18m3m – 3m), which came down another -9.1bps to 165bps, which is the flattest its been since early March.

With that succession of bad news helping to dampen risk appetite, US equities gave up their opening gains to leave the S&P 500 down -2.01% on the day. Tech stocks saw the worst losses, with the NASDAQ (-2.98%) and the FANG+ (-3.74%) seeing even larger declines. And whilst there was a stronger performance in Europe, the STOXX 600 ended the day up just +0.27%, having been as high as +0.95% in the couple of hours before the close.

We didn’t hear so much from the Fed ahead of Chair Powell’s appearance today, although New York Fed President Williams said that at the upcoming July meeting “I think 50 to 75 is clearly going to be the debate”. Markets are continuing to price something in between the two, although since the last Fed meeting futures have been consistently closer to 75 than 50, with 69.0 bps right now.

Those sharp losses in US equities are echoing across Asia this morning. The Hang Seng (-1.86%) is leading the losses followed by the Kospi (-1.82%), the Nikkei (-1.07%) and the ASX 200 (-1.06%). Over in mainland China, the Shanghai Composite (-0.77%) and the CSI (-0.80%) are slightly out-performing after yesterday’s surprise move by China to slash the quarantine period for inbound travellers (more on this below). Looking ahead, US stock index futures point to a positive opening with contracts on the S&P 500 (+0.18%) and NASDAQ 100 (+0.19%) mildly higher.

Earlier today, data released showed that Japan’s retail sales advanced for the third consecutive month in May (+3.6% y/y) but lower than the consensus of +4.0%, but with the previous month’s data revised up to +3.1% (vs +2.9% preliminary). Meanwhile, South Korea’s consumer sentiment index (CSI) fell sharply to 96.4 in June (vs 102.6 in May), sliding below the long-term average of 100 for the first time since Feb 2021. Separately, Australia’s retail sales put in another strong performance as it climbed +0.9% m/m in May, surpassing analyst estimates of a +0.4% increase.

Oil has fallen back slightly overnight after three sessions of gains with Brent futures down -0.84% at $116.99 and WTI futures (-0.64%) at $111.04/bbl as I type.

Just after we went to press yesterday, it was also announced that China would be shortening the required quarantine period for inbound travellers to one week from two. So although China is still very-much committed to a Covid-zero strategy for the time being, this step towards loosening rather than tightening restrictions is an interesting development that helped support Chinese equities in yesterday’s session towards the close which filtered through into early northern hemisphere risk performance.

In terms of other data yesterday, there were signs that US house price growth might finally be slowing somewhat, with the S&P CoreLogic Case-Shiller index up by +20.4% in April, which is down slightly from the +20.6% gain in March. So still a long way from an absolute decline, but that marks a reversal in the trend after the previous 4 months of rises in the year-on-year measure.

To the day ahead now, and the highlight will likely be the panel at the ECB Forum that includes Fed Chair Powell, ECB President Lagarde and BoE Governor Bailey. We’ll also be hearing from ECB Vice President de Guindos, the ECB’s Schnabel, the Fed’s Mester and Bullard, and the BoE’s Dhingra. On the data side, releases include German CPI for June, Euro Area money supply for May, and the final Euro Area consumer confidence reading for June. From the US, we’ll also get the third reading of Q1 GDP.

WEDNESDAY /TUESDAY NIGHT

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

end

3c CHINA

CHINA/VACCINE MANDATES.

China is nuts!!. Zero covid policy will not work, only herd immunity //natural immunity will work

(Watson/SummitNews)

China Suggests It Could Maintain ‘Zero COVID’ Policy For 5 Years

TUESDAY, JUN 28, 2022 – 06:05 PM

Authored by Paul Joseph Watson via Summit News,

China has suggested it will maintain its controversial ‘zero COVID’ policy for at least 5 years, eschewing natural immunity and guaranteeing repeated rounds of new lockdowns.

“In the next five years, Beijing will unremittingly grasp the normalization of epidemic prevention and control,” said a story published by Beijing Daily.

The article quoted Cai Qi, the Communist Party of China’s secretary in Beijing and a former mayor of the city, who said that ‘zero COVID’ approach would remain in place for 5 years.

After the story prompted alarm, reference to “five years” was removed from the piece and the hashtag related to it was censored by social media giant Weibo.

“Monday’s announcement and the subsequent amendment sparked anger and confusion among Beijing residents online,” reports the Guardian.
“Most commenters appeared unsurprised at the prospect of the system continuing for another half-decade, but few were supportive of the idea.”

Although western experts severely doubt official numbers coming out of China, Beijing claimed success in limiting COVID deaths by enforcing the policy throughout 2021.

However, this meant that China never achieved anything like herd immunity, and at one stage the Omicron variant caused more more coronavirus cases in Shanghai in four weeks than in the previous two years of the entire pandemic.

Back in May, World Health Organization Director General Tedros Adhanom Ghebreyesus suggested that China would be better off if it abandoned the policy, but Beijing refused to budge.

As we previously highlighted, the only way of enforcing a ‘zero COVID’ policy is via brutal authoritarianism.

In Shanghai, children were separated from their parents in quarantine facilities and others were left without urgent treatment like kidney dialysis.

Panic buying of food also became a common occurrence as the anger threatened to spill over into widespread civil unrest.

Former UK government COVID-19 advisor Neil Ferguson previously admitted that he thought “we couldn’t get away with” imposing Communist Chinese-style lockdowns in Europe because they were too draconian, and yet it happened anyway.

“It’s a communist one party state, we said. We couldn’t get away with it in Europe, we thought,” said Ferguson.

“And then Italy did it. And we realised we could,” he added.

* * *

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4/EUROPEAN AFFAIRS//UK AFFAIRS/

NATO//SWEDEN/FINLAND

NATO Issues Formal Invitation For Finland, Sweden To Join Alliance As Biden “Thanks” Erdogan

WEDNESDAY, JUN 29, 2022 – 12:25 PM

The huge development out of the Madrid NATO summit yesterday was Turkish President Recep Tayyip Erdogan dropping his veto over Finland and Sweden’s application for membership, unveiled in a joint communique issued by the three countries. Still, this major development hasn’t been much of a high priority for mainstream media coverage.

On Wednesday, NATO has issued the formal invitation for Finland and Sweden to join the alliance. An official summit declaration began as follows: “Today, we have decided to invite Finland and Sweden to become members of NATO, and agreed to sign the Accession Protocols.”

It continued: “In any accession to the Alliance, it is of vital importance that the legitimate security concerns of all Allies are properly addressed. We welcome the conclusion of the trilateral memorandum between Turkiye, Finland, and Sweden to that effect.”

At the same time, the declaration stressed that it said that it “warmly” welcomes Ukrainian President Volodymyr Zelensky’s participation in the summit “in full solidarity” with Ukraine.

While not mentioning Russia’s ‘red line’ issue of future potential Ukraine membership in the Western military alliance, the statement still spelled out that NATO “fully supports” Ukraine’s “inherent right to self-defense and to choose its own security arrangements.”

But within the document, there are “partner” countries named which is sure to be seen as immensely provocative in Moscow, particularly the invocation of the names Georgia and Moldova:

“In light of the changed security environment in Europe, we have decided on new measures to step up tailored political and practical support to partners, including Bosnia and Herzegovina, Georgia, and the Republic of Moldova. We will work with them to build their integrity and resilience, develop capabilities, and uphold their political independence,” the NATO statement said.

Also on Wednesday NATO labeled Russia the most “direct threat” facing the alliance today, and vowed to take further steps at modernizing Ukraine’s military. The alliance statement said Russia is the “most significant and direct threat to the allies’ security and stability.”

President Biden at the summit also announced a beefed up and permanent US military presence in Eastern Europe, namely in Poland. Additionally, “New US warships will go to Spain, fighter jet squadrons to Britain, ground troops to Romania, air defense units to Germany and Italy and a wide range of assets to the Baltics,” according to Biden’s announcement featured in Reuters.

“We mean it when we say an attack against one is an attack against all,” he told reporters upon meeting with NATO Secretary General Jens Stoltenberg. He said NATO will “defend every inch” of its territory.

Biden on Wednesday met with Turkish President Recep Erdogan, wherein he thanked the Turkish leader for backing Finland and Sweden’s NATO bids, after serious concessions were made regarding the Scandinavian countries willing to brand the Kurdish PKK a “terrorists organization”.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

War is hell

Inbox

The sooner this tragic affair is over the sooner this country can get back to rebuilding… one does wonder what still remains in store for Ukrainians as their banks are systematically being looted by corruption ensuring that Russia will have to consider bailing out the financial system to prevent societal collapse when the fighting is over. One be sure that all the enablers and photo fans will become distant and silent. And Ukrainians will once again learn they are expendable, badly betrayed by Zelensky and his minions.

A very tragic affair that has been played many a time, whether it was Iraq, Afghanistan etc. and each time memory is short. This western disease in long overdue to be vaccinated as it simply does not work. The result is angst not love. It is a time for change where we become a brother’s brother and not a keeper.

6/29/22
By WarNews 24/7
translated from Greek

We have a significant development in Lisichansk as the Russian special forces became involved with mercenary forces. According to Russian military sources, there are 14 mercenaries dead and 12 prisoners.

The mercenaries come from different countries. The Russians report that there will be developments in the coming hours as “their countries of origin are quite interesting” meaning that they are Americans, British, French, etc.

Let’s not forget what exactly the New York Times revealed about the involvement of NATO commandos in Ukraine.

Military engagement of NATO commandos with Russians in Ukraine: Russian bases hit with HIMARS – NATO puts 300,000 troops on alert

Chaotic scenes are recorded in the Lisichansk region . Units of the Ukrainian Army are desperately trying to break the suffocating siege of Russian forces and escape from the city to Seversk.

Ukrainians count more than 1,000 dead in battles inside and outside the city of Lisichansk. The “Right Sector” has heavy losses while many are also prisoners.

Features are the videos you will see. Ukrainian forces try to escape from Lisichansk and shoot videos. Then they fall into an ambush and a battle with Russian paratroopers ensues.

In the fourth and the remaining videos, Russian drones locate Ukrainian military phalanxes trying to leave Lisichansk. An artillery barrage follows.

Watch videos from the moment of the escape

Chaotic scenes – 5-7,000 Ukrainians trying to escape
Lugansk Ambassador to Russia Rodion Miroshnik said Ukrainian soldiers were desperately trying to escape from Lisichansk.

“Groups of soldiers leave Lisichansk and try to cross to Seversk, where they are observed gathering.

Residents of the area say they are seeing the beginning of the withdrawal of Ukrainian armed formations from Lysichansk.

Yesterday they tried to cross from Verkhnekamenka to Seversk, but lost several phalanxes from the blows of the allied artillery and the Russian forces.

Subsequent attempts to break into our defenses were made through Belogorovka.

The reserve units of the Armed Forces of Ukraine are moving away and trying to find ways to escape from Novodruzhevka, Privolye and Shepilovo. They all leave for Seversk.

“According to sources, up to 5-7 thousand Ukrainians can be transferred to Seversk , ” Miroshnik said.

12 mercenaries captured in Lisichansk
More than 10 foreign mercenaries have reportedly been captured near Lisichansk.

Lugansk forces arrested more than 10 foreign mercenaries near Lisichansk trying to escape the besieged city. This was reported by Russian media, citing Lugansk Deputy Assistant Interior Minister Vitaly Kiselev.

“We caught 12 people near Lisichansk of different nationalities, different countries. “In the near future, I will tell you exactly how many of them and from which countries these mercenaries are,” says Kiselev.

The captured mercenaries also reportedly took part in the battles in Rubizhne and Severodonetsk.

Kiselev noted that foreign mercenaries, according to the Geneva Convention, are not entitled to the status of a fighter or a prisoner of war.

The Russian army killed 14 mercenaries
The Russian Defense Ministry said that the Ukrainian administration is trying to stop the chaotic flight of Ukrainian military units in the Lisichansk region.

According to the Russian YPAM:

In order to retain the personnel of the first battalion of the 72nd Mechanized Brigade of the Armed Forces of Ukraine in the area of the settlement Volcheyarovka, a “detachment” of the Nazi formation “Right Sector” was sent to these positions.

This unit was destroyed by Russian artillery.

Control of Ukrainian troops in the direction of Lysychansk is lost.
The commander of the 115th Mechanized Brigade of the Armed Forces of Ukraine lost control of his units, which led to the irreparable loss of 80% of the personnel and about 70% of the equipment of the 138th Battalion of this brigade during the battles.

On June 26, during the fighting, 3 km from the Lisichansk oil refinery, Russian units destroyed two groups of mercenaries carrying out a sabotage and reconnaissance operation with a total of 14 soldiers.

The first group was “international” and consisted of citizens of various European countries. The second – included only mercenaries from Georgia, who were part of the so-called “Georgian Legion”.

In the ranks of this formation fight mainly criminals.

The killed Georgian fighters are involved in the brutal torture and killing of Russian soldiers near Kyiv in March this year.

“The Russian Ministry of Defense has information about every mercenary involved in the abuse and killing of our soldiers. “We found them and punished them,” said Defense Ministry spokesman Lt. Gen. Igor Konashenkov.

Several videos at Source:
https://warnews247.gr/chaotikes-skines-sto-lisichansk-sklires-maches-roson-me-misthoforous-14-nekroi-kai-12-aichmalotoi-pano-apo-1000-nekroi-oukranoi/

Cheers

Robert

end

GLOBAL ISSUES AND COVID COMMENTARIES

Hepatitis should never occur in children. Now more than 900 cases have been reported and no doubt that these children have been vaccinated

a must read.

(Lorenz Duchamps/EpochTimes)

More Than 900 Cases Of Hepatitis Of Unknown Origin Reported In Children, WHO Says

WEDNESDAY, JUN 29, 2022 – 05:00 AM

Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),

Health officials across 33 countries have received reports of 920 probable cases of severe acute hepatitis of unknown origin in young children, according to the World Health Organization (WHO).

In a press release on Friday, the health agency said the latest update on the outbreak is an increase of 270 cases since it published data last month that revealed 650 cases of severe acute hepatitis were diagnosed in children between April 5 and May 26.

The majority of the cases are in Europe, totaling 460, with 267 from the United Kingdom alone. About one-third of the probable cases are reported in the United States.

The outbreak was first reported in Britain in April and has since then hit dozens of other countries.

Of the 422 cases in which gender and age-related information are available, close to half occurred in males, with most of them under 6 years of age, according to the report.

The WHO said 45 children with acute hepatitis have required liver transplants, and there have been 18 deaths, most of them occurring in the Americas region.

Researchers have been scrambling to determine the cause of the mysterious rise in severe cases of hepatitis—or liver inflammation—in young children. They have also theorized about a possible link to COVID-19.

In a June 24 risk assessment, the WHO said acute hepatitis at a global level is “currently assessed as moderate,” citing several factors.

The etiology of this severe acute hepatitis remains unknown and is being investigated;
Limited epidemiological, laboratory, histopathological and clinical information are currently available to WHO;
The actual number of cases and the geographical distribution may be underestimated, in part due to the limited enhanced surveillance schemes in place;
The possible mode of transmission of the etiologic agent(s) has not been determined;
Although there are no available reports of healthcare-associated infections, human-to-human transmission cannot be ruled out as there have been a few reports of epidemiologically-linked cases.

Probable Causes

Health officials in the United States said infection with adenovirus, a common childhood virus called F41, could be the leading hypothesis for most probable cases.

Adenovirus, a viral infection that usually causes the common cold, was detected in 75 percent of confirmed cases tested in the UK in April, according to the UK Health Security Agency (UKHSA).

“The leading hypotheses remain those which involve adenovirus; however, we continue to investigate the potential role of SARS-CoV-2 and work on ruling out any toxicological component,” the UKHSA stated at the time.

The WHO said preliminary reports indicate that adenovirus remains the most frequently detected pathogen among cases with available data.

In the United States, adenovirus infection was detected in 45 percent of cases, while in European regions, it was found in more than half of cases with available results.

Researchers studying a probable link to the CCP virus detected COVID-19 in 15 percent of hepatitis cases of unknown origin in European regions and 10 percent in the United States, according to the WHO report.

Health officials with the CDC and WHO have previously said they do not believe COVID-19 vaccines appear to be linked to the hepatitis cases as many of the children who have developed the condition haven’t received the vaccine. They have also ruled out COVID-19 itself as a cause.

Hepatitis is a term that refers to inflammation of the liver and is generally caused by a viral infection. The viruses hepatitis A, B, and C are commonly associated with the condition, although officials say that liver inflammation can also be caused by long-term or heavy alcohol usage, drug overdoses, prescription drugs, over-the-counter drugs like acetaminophen, and toxins.

Symptoms of hepatitis include jaundice, or the yellowing of the skin or whites of the eyes, as well as nausea, vomiting, diarrhea, dark-colored urine, joint pain, a loss of appetite, fever, and fatigue, according to the Mayo Clinic and other health officials.

end

Fauci suffers much worse Covid symptoms after Paxlovid rebound.

(zerohedge)

Fauci Suffers “Much Worse” COVID Symptoms After ‘Paxlovid Rebound’

WEDNESDAY, JUN 29, 2022 – 03:45 PM

Fully-vaxx’d and double-boosted mask-admirer Anthony Fauci is suffering.

Two weeks ago, we reported that President Biden’s chief medical adviser had COVID.

The 81-year-old reportedly had ‘mild symptoms’ and of course he ‘said the words’…

Of course, Fauci followed the CDC guidelines and ingested the government-blessed treatment – Paxlovid – due to his age and possible risks from the virus.

So, that should have been it right?

But no. During an event at Foreign Policy’s Global Health Forum, Fauci admitted he had not had a good experience:

“After I finished the five days of Paxlovid, I reverted to negative on an antigen test for three days in a row,” Fauci said Tuesday .
“And then on the fourth day, just to be absolutely certain, I tested myself again. I reverted back to positive.”

Interestingly, Fauci admitted:

“…this is becoming more and more typical based on more clinical studies…”

As Bloomberg reports, large numbers of patients have reported the phenomenon, often called Covid rebound or Paxlovid rebound, of returning symptoms after taking a full course of Pfizer’s drug.

While Pfizer Chief Executive Officer Albert Bourlasaid in May that doctors could prescribe a second course of treatment to such patients, US drug regulators have said there’s no evidence that a repeat will help.

However, Fauci said he started taking a second course of Paxlovid after experiencing symptoms “much worse than in the first go around.”

Now near completion of the five-day oral treatment, he said he was still enduring symptoms but felt “reasonably good.”

Finally, as we reported less than two weeks ago, Pfizer stopped enrolling in a clinical trial for Paxlovid for standard-risk COVID-19 patients after the latest results suggested the drug did not reduce symptoms or hospitalizations and deaths to a statistically significant degree.

Watch the full interview below: (forward to around 5:26:00):

Not exactly encouraging news..

Dr Paul Alexander….Monkeypox cases soar by 32%:

(Dr Paul Alexander)

Open in browser UK monkeypox cases soar by 32% to hit 1,000 – as health officials tell infected ‘stay at home; “Currently the majority of cases have been in men who are gay, bisexual or have sex with men…anyonewho has had close contact with an individual with symptoms is also at increased risk.” 99.7% males, median age 36, “If you are attending large events over the summer or having sex with new partners…Dr. Paul AlexanderJun 29 SOURCE“If you are attending large events over the summer or having sex with new partners, be alert to any monkeypox symptoms so you can get tested rapidly and help avoid passing the infection on.”Notice, when you read this in UK, and same in US etc. by CDC and WHO etc., there is no clear direction that sexual contact must stop. They will not tell the Gay and bisexual community what they need to hear and know to help them, no no no…they would prevent you from even burying parents during COVID, you could not go to school and businesses closed, people committed suicide over lockdowns and school closure devastating effects, a situation where you looked well, had no symptoms, were feeling fine, was not even positive for COVID with the fraud PCR test, yet they told you that you were ‘asymptomatic’ so you need to lock down…but the Gay population is hands off…I am saying that CDC and NIH and WHO want this to spread to the low risk general population, to the heterosexual community, it has to be, they cannot be that stupid and inept, so I can only think now it’s malfeasance and they certainly have no care for the Gay community. Like for HIV, the public health at CDC and NIH and NIAID are playing political correctness and games. The Gay population does not matter, politics does.I am telling the Gay community, bisexual men, please, have zero, none, no sexual or intimate skin to skin contact for the next 3 weeks. Zero. If you want to help end this outbreak, you must cut the chain of transmission. It is the only way. Not about protected sex here. Nothing. You are immune compromised due to the COVID injections you were mandated to take. You are at risk. They are not telling you.Like

An extremely important commentary fro Ethan Huff. The CDC deliberately withheld truth from the public on the fatal blood clots.

(Ethan Huff/NaturalNews)

SMOKING GUN: CDC deliberately withheld truth from public about covid vaccines causing fatal blood clots – NaturalNews.com

Inbox

Why are these people not held to account ???

https://www.naturalnews.com/2022-06-27-cdc-deliberately-withheld-truth-covid-vaccines-clots.html

SMOKING GUN: CDC deliberately withheld truth from public about covid vaccines causing fatal blood clots

Ethan Huff

(Natural News) For a full two weeks, the U.S. Centers for Disease Control and Prevention (CDC) knowingly allowed the general public to get injected with Janssen’s (Johnson & Johnson) “vaccine” for the Wuhan coronavirus (Covid-19) without telling them that the experimental jab causes deadly blood clots.

In late 2021, the CDC finally confirmed that a person had died from blood clotting following the injection, determining that the shot does, in fact, coagulate the blood and possibly lead to death. The private corporation posing as a federal agency, however, took its sweet time letting the public know about it.

Dr. Tom Shimabukuro, a CDC official, told both his colleagues and the U.S. Food and Drug Administration (FDA) on Dec. 2, 2021, that “We have confirmed a 9th TTS death following Janssen vaccination.” This email was obtained via a Freedom of Information Act (FOIA) request.

TTS, by the way, refers to thrombosis with thrombocytopenia syndrome, a condition marked by low platelet levels and blood clots.

Earlier that year in April, government officials had recommended hitting the pause button on that particular brand of Fauci Flu shot after six women developed TTS following the injection. Three of these women later died.

The pause was lifted not long after, however, with government officials declaring that despite the deaths, the shot from Janssen is perfectly “safe and effective” and nobody should worry.

The CDC couldn’t care less about your health – only profits

In the months following these women’s deaths, almost nothing was said publicly by the government about it, or about the possible risks involved with the Janssen shot. This is despite the fact that five more people died before the end of summer last year from the very same condition.

In mid-October, Shimabukuro gave a single update about the issue, briefly admitting that five more people had died before moving on to other subject matter.

Then December came, and by that time nine people had died from jab-induced TTS. Shimabukuro quietly notified his colleagues about it, telling them to be careful administering the shot to certain high-risk people.

Two days later, Dr. Isaac See, another official at the CDC, informed the public that nine people had, in fact, died from TTS after getting injected for the Fauci Flu with a Janssen needle.

“It’s unclear when the CDC learned of the sixth, seventh, and eighth deaths,” The Epoch Times reports.

A quick look at the Vaccine Adverse Event Reporting System (VAERS) shows that there have actually been many more cases of post-injection TTS death than the CDC admits. The nine deaths are just those that the CDC has officially “confirmed.”

After notifying his colleagues about all this, Shimabukuro’s message was reportedly forwarded on to Dr. Amanda Cohn, who then passed it on to CDC head Dr. Rochelle Walensky.

“See below, information on a 9th completely tragic death from TTS,” Cohn wrote in her email to Walensky (it sounds a bit sarcastic, does it not?).

“Many thanks for letting us know (about) any tragic case,” Walensky responded (also a bit sarcastic?).

A closed-door meeting was held just days later to give an update to the COVID-19 Vaccine Safety Technical Work Group, which is part of the CDC’s vaccine advisory panel. It then took another 14 days before the public was notified about the deaths.

“That happened during a virtual meeting of the advisory panel that anyone was free to tune into,” the Times explains, pointing out the fact that this pertinent information was not reported on by the media, but rather slipped by in a virtual meeting that almost nobody actually saw.

The latest news about Fauci Flu shots can be found at Vaccines.news

GLOBAL ISSUES/SUPPLY CHAINS

Vaccine Impact

VACCINE INJURY/

MICHAEL EVERY

“It Is Possible – Even Probable – That The World System Will Shatter”

WEDNESDAY, JUN 29, 2022 – 10:45 AM

By Michael Every of Rabobank

“and such small portions”

Another messy market day with bond yields down slightly, stocks by more, and oil up a lot. That was on the back of ugly US data, in particular consumer confidence expectations tumbling to 66.4, the lowest in years, and China reducing quarantine times from two to one week, which despite suggestions that Zero Covid will stay for five years(!), is a possible sign of opening up. The irony is that if China does, or stimulates, growth will pick up, commodity prices will go up, and the Fed will have to act more aggressively. The dollar had an up day, perhaps smelling that too.

The news-flow was of utopian plans that can’t be enacted. Like the Woody Allen joke about the Catskills hotel with terrible food “and such small portions”, is this a good or bad thing?

The ECB said it will roll out its anti-fragmentation toolkit from Friday, the same day it stops doing QE. How will it work? Don’t know. Will it work? Don’t know. What is the true price of assets against a backdrop of the ECB both removing and injecting bond market liquidity? Don’t know.

The G7 was all about Russia. The major policies announced were: a “pursuit” of discussions about ideas about a price cap on Russian oil imports (so no actual action); a short-term push for LNG from anyone but Russia; the formation of ‘climate clubs’; and a pledge of $4.5bn to help fight the global food crisis, taking the headline total for that to $14bn.

The ‘oil cap’ is simple in theory: the G7 will refuse to provide insurance to any vessel that carries Russian oil unless the cargo is sold with an agreed price cap. Yet it won’t work and will just push oil prices higher. Russia will never agree. China and India will never agree either. Russia and China may offer their own underwriting services, which would force the West into physically blocking cargoes and confronting China – as a Russian-oil carrying ship is stopped in the US, says the Wall Street Journal. Plus, the G7 are already not taking Russian oil: they are taking Russian oil from India and China that is being on-sold.

In this economic war, the G7 continue to tell their opponents that they will invade in exactly six months, and where, and with which forces, and in the interim demand they are allowed to use that country’s beaches: Russia just counterattacks unannounced (but not unexpectedly). Russian gas flows to the EU will remain low enough for long enough to teach the West a lesson.

On LNG, the G7 says investment is “appropriate as a temporary response” but warns against locking in fossil-fuel use because that would make climate goals unachievable. In short, we need lots of investment and supply – which will then be abandoned. This stance upsets both the environmental lobby and potential LNG exporters and investors.

The G7 also says DM polluters and EM economies should join ‘climate clubs’ to create global markets for green products through carbon pricing or other climate-mitigation strategies. Just what we need during an economic war – market mechanisms! What this likely means is carbon border adjustment tariffs or quotas on imports from ‘non-green’ countries. These are actually protectionist measures that will separate EM like China from the DM like the US, EU, and Japan, something I have flagged for a long time.

Today sees FT’s Martin Wolf’s promised answer to our global structural dilemmas in his op-ed ‘In an era of disorder, open trade is at risk’. It is, as feared, ‘42’.

He admits we are in an epoch of world disorder, and we can only save the neoliberal trade order with “great difficulty”. Yet his proposed solutions, besides giving small countries a voice on trade –how? By them going on strike?– are:

Sustainability. Which means ‘climate clubs’, which means DM vs. China green tariffs. It also needs huge DM capital flows to EM to finance green transitions during a food and energy crisis, and when the global system breaking down involves EM capital flows to DM via trade surpluses.
Security. Which means diversifying Western supply chains, which China will fight tooth and nail. It also means allowing governments to set up negative national security lists. Isn’t this happening, and part of the problem, not the solution?
Blocs. Don’t allow them. Friend-shoring is not to be embraced. Neither is regionalisation, because it might mean North America and Europe are locked out of Asia. In short, ‘don’t do anything’. Global problem solved!
Standards. We need them. But not on labour, perhaps, just the environment and digital services. Who gets to set them, to what end? Isn’t this part of China’s and Russia’s gripe?
Domestic policy. We need to “[educate] the public on the cost of protection” and help “all those adversely affected by economic changes.” 40+ years into neoliberalism, and 14 years after the Global Financial Crisis, this is the best we can do?! We just saw ‘Build Back Better’ turn into high inflation, food and energy crises, higher rates, and a looming recession. Somehow bleating “Free trade gooood; tariffs baaaad!” and spending public money on those left behind *without producing any inflation* will solve our problems. If it doesn’t, Wolf warns “an ill-informed nationalism is bound to sever the bonds of commerce.”

Indeed, Wolf is honest at the end: “It is possible –perhaps even probable– that the world system will shatter.” Colour me unsurprised. If this wasn’t the pattern of history, many readers would be Romans. However, he still begs for someone, if not the US, to save global free trade. Which country wants to import from everyone else and deindustrialize in the process? This then takes us back to a more realpolitik great power world. (As has been argued here for many years.)

Yet even in that territory, utopian plans are the order of the day. It appears Türkiye will now let Sweden and Finland join NATO. However, NATO has announced its armies will be carbon neutral by 2050. Nice: but how about being capable of winning dirty wars first? As National Defence Magazine was saying a year ago, ‘Electric Vehicles for the Military Still a Pipedream’. You can’t wait 8 hours to recharge a tank in combat in the middle of a muddy field. You can’t power long-range electric fighter jets. And I don’t think bombs are carbon neutral.

UK PM Johnson has had to abandon his ‘CPI +0.5% until 2028’ defense spending pledge after CPI rose to 9.1%. Welcome to the real world of real economic power and realpolitik. (As Scotland announces an unofficial independence referendum for October 19, 2023, promising even greater economic uncertainty.) Meanwhile, China has 2.1% CPI and is growing its military spending very rapidly. “Freedom has to be better armed than tyranny,” said UK Foreign Secretary Truss recently. Well, freedom needs a new economic plan then, pronto.

Indeed, we all do. We rightly focus on the Fed and the ifs and buts and maybes of its pivots and divots, as another 75bps for the next meeting is waved as a prospect. But if it’s “perhaps even probable” that “the world system shatters”, perhaps markets should start thinking about what it implies for rates and FX? That thinking is currently served up in such small portions.

end

7. OIL ISSUES//NATURAL GAS//ELECTRICITY ISSUES/USA//GLOBE

Oil Extends Gains After Indirect US-Iran Nuclear Talks Fail In Qatar

WEDNESDAY, JUN 29, 2022 – 12:45 PM

High hopes had been placed on the indirect talks set to be held in Qatar starting Tuesday between Iran and the United States, which involved the European Union mediating between the two; however after the second day the Iranian side is reporting that talks have already ended without an agreement or any breakthrough.

“Indirect talks between the United States and Iran to revive a 2015 nuclear agreement have ended in Qatar without a result, Iran’s semi-official Tasnim news agency reported on Wednesday,” Reuters reports.

Underscoring the importance of the Qatar-hosted talks as a restored nuclear deal still hangs from a thread, and is looking more unlikely than ever at this point, EU foreign policy chief Josep Borrell traveled to Doha to help mediate, after days prior meeting with Iranian officials in Tehran.

Most crucially from the viewpoint of the West, lack of progress in these last ditch efforts further means there’s no full-scale return of Iranian oil to international markets on the horizon…

Crude prices rose steadily throughout the morning, after edging higher since the start of the week and the G7 summit’s pledge of ‘tougher’ action against Russia and Vladimir Putin, also as they continue mulling plans for imposing a price cap on Russian energy as part of exploring ways to ensure the Kremlin’s war machine doesn’t benefit from soaring energy prices.

The Biden administration has been scrambling to tap heretofore inaccessible supplies of crude, including from Venezuela, also as the Saudis appear cool on Washington efforts to get them to pump more. Al Jazeera reviews of where things stand in the indefinitely stalled efforts at a restored JCPOA, which earlier centered on the Vienna process:

After several rounds of talks interspersed with pauses, negotiators seemed to be on the verge of an agreement in March, but it never came about.
Since then, Iran and the US have been exchanging messages, but have failed to clinch an agreement.
How far the US will go in lifting the sanctions has been the major point of disagreement between the two – the status of Iran’s elite Islamic Revolutionary Guard Corps is a major stumbling block, with the US unwilling to remove the military branch from its foreign terrorist organisation list.

Meanwhile, the Iranians have remained insistent that it is only the US side holding things up, and that essentially the ball is still in Washington’s court, and it is for the Biden administration to act, perhaps also with an understanding that Russia-Ukraine events add pressure to the White House stance vis-a-vis Iran.

Iranian Foreign Minister Hossein Amirabdollahian said Tueday: “I believe that if the American side is in possession of serious resolve and acts realistically, an agreement is within reach at this stage and at this round of the negotiations.” He added: “We are serious and would, under no circumstances, cross our redlines,” which have been drawn in line with the objective of “meeting the country’s national interests to the maximum,” state media quoted him as saying. “The agenda is clear.”

end

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia//// NEW ZEALAND/ SOUTH AFRICA/BRAZIL/ARGENTINA/INDIA/PAKISTAN

SOUTH AFRICA

Six hours of power blackouts hit South Africa

(zerohedge)

“Stage 6” Power Blackouts Hit South Africa Amid Labor Unrest

TUESDAY, JUN 28, 2022 – 09:45 PM

South African state power utility Eskom has been hit with labor unrest contributing to widespread blackouts after ten generation units went offline.

Reuters says Eskom is facing “Stage 6” power cuts that mean most South Africans will experience six hours without power, beginning Tuesday night, one of the worst power crises since 2019.

“Three of the 10 generation units that had tripped during the night have been returned to service. This, however, is still insufficient to stave off the implementation of Stage 6 load-shedding,” Eskom said in a statement.

Blackouts were caused primarily by “unlawful and unprotected labor action, which has caused widespread disruption to Eskom’s power plants,” the utility said.

Since last week, Eskom has enforced “Stage 4” power cuts, shedding 4,000 megawatts (MW) from the national grid. Stage 6 outages mean 6,000 MW will be removed.

“The group’s coal-fired power plants are prone to faults, and labor protests are constraining its ability to return units to service,” Reuters said, adding, “the protests started last week after wage talks between Eskom and trade unions, including the National Union of Metalworkers of South Africa and the National Union of Mineworkers, reached deadlock.”

Eskom Chief Executive Andre de Ruyter said the strikes are unlawful because electricity is considered an essential service. A court blocked the strike, though protests still happened anyway, crippling the economy.

Bloomberg points out that energy-intensive companies, such as Anglo American Plc and Glencore Plc, which account for 40% of the nation’s electricity consumption, face severe outages and pose a safety risk to workers operating in deep-level mines.

Widespread blackouts come as growing concern about South Africa’s faltering economy of lackluster growth, soaring inflation, and high unemployment could unleash a dangerous economic environment known as “stagflation.”

People are getting angry.

end

END

Your early currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY morning 7:30 AM

Euro/USA 1.0516 DOWN 0.0006 /EUROPE BOURSES //ALL RED

USA/ YEN 136.48 UP .455 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2149 DOWN 0.0039

Last night Shanghai COMPOSITE CLOSED DOWN 47.69 POINTS DOWN 1.40%

Hang Sang CLOSED DOWN 422.08 PTS OR 1.88%

AUSTRALIA CLOSED DOWN 1.09% // EUROPEAN BOURSES ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 422.08 PTS OR 1.88%

/SHANGHAI CLOSED DOWN 47.69 PTS DOWN 1.40%

Australia BOURSE CLOSED DOWN 1.09%

(Nikkei (Japan) CLOSED DOWN 244.87 OR 0.91%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1826.00

silver:$20.93

USA dollar index early WEDNESDAY morning: 104.32 UP 6 CENT(S) from TUESDAY’s close.

WEDNESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.56% DOWN 14 in basis point(s) yield

JAPANESE BOND YIELD: +0.236% UP 1 AND 0/10 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.58%// DOWN 11 in basis points yield

ITALIAN 10 YR BOND YIELD 3.50 DOWN 17 points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLS TO +1.512%

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0469 DOWN 0.0052 or 52 basis points

USA/Japan: 136.62 UP 0.578 OR YEN DOWN 58 basis points/

Great Britain/USA 1.2124 DOWN 0.0063 OR 63 BASIS POINTS

Canadian dollar DOWN .0010 OR 10 BASIS pts to 1.2882

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The USA/Yuan, CNY: closed ON SHORE (CLOSED ..UP 6.7009

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)..6.7029

TURKISH LIRA: 16.64 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.236

Your closing 10 yr US bond yield DOWN 11 IN basis points from TUESDAY at 3.098% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.228 DOWN 8 in basis points

Your closing USA dollar index, 104.69 UP 42 CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY: 12:00 PM

London: CLOSED DOWN 9.95 PTS OR 0.14%

German Dax : CLOSED DOWN 221.69 POINTS OR 1.68%

Paris CAC CLOSED DOWN 59.69 PTS OR 0.98%

Spain IBEX CLOSED DOWN 131.30 OR 1.58%

Italian MIB: CLOSED DOWN 272.71PTS OR 1.23%

WTI Oil price 111.81 12: EST

Brent Oil: 117.57 12:00 EST

USA /RUSSIAN /// RUBLE FALLS TO: 52.97 DOWN 1 & 17/100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.512

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0442 DOWN .0079 OR 79 BASIS POINTS

British Pound: 1.21198 DOWN .0068 or 68 basis pts

USA dollar vs Japanese Yen: 136.63 UP 0.583//YEN DOWN 58 BASIS PTS

USA dollar vs Canadian dollar: 1.2895 up 21 (CDN dollar down 21 basis pts)

West Texas intermediate oil: 109.28

Brent OIL: 115.42

USA 10 yr bond yield: 3.095 down 11 points

USA 30 yr bond yield: 3.215 DOWN 10 pts

USA DOLLAR VS TURKISH LIRA: 16.59

USA DOLLAR VS RUSSIA//// ROUBLE: 53.24 down 1 AND 5/10 ROUBLES

DOW JONES INDUSTRIAL AVERAGE: up 82.32 PTS OR 0.27 %

NASDAQ 100 up 20.49 PTS OR 0.18%

VOLATILITY INDEX: 28.09 down 0.27 PTS (0.85)%

GLD: 169.49 DOWN 0.15 PTS OR 0.05%

SLV/ 19.14 DOWN 1 PTS OR 0.26%

end)

USA trading day in Graph Form

Bonds & The Dollar Bid As Recession Risks Rise, Black Gold & Breakevens Battered

WEDNESDAY, JUN 29, 2022 – 04:00 PM

An ugly third look at Q1 GDP – higher inflation, lower growth and consumption – just added to the current malaise in growth fears (and forecasts from sentiment surveys) today and the recession trade was back on with oil and stocks sold and bonds bid (and the dollar rallied perhaps more on safe haven liquidity needs into quarter-end). And all this right before PCE prints tomorrow which is expected to pick up… and initial claims which could be about to explode higher.

The end-result is that rate-hike expectations have stalled (i.e. the market no longer believes The Fed will be hiking as aggressively as it did) as recession fears are brought forward, and more notably subsequent rate-cut expectations have surged (now pricing in more than 3 rate-cuts)….

Source: Bloomberg

And more notably, Rate-cuts are now starting to be priced in for the Dec 2022 to March 2023 time-frame…

Source: Bloomberg

Bonds were bid across the entire curve with the belly outperforming (2& and 30Y -6bps, 5-7Y -8bps). Yields are all lower on the week with the long-end outperforming…

Source: Bloomberg

10Y Yields fell back below 3.10%…

Source: Bloomberg

Notably Market-Implied Inflation Breakevens are tumbling (recession/growth fears dominating inflation narrative)…

Source: Bloomberg

Stocks were mixed with Small Caps getting hammered as the rest of the majors clung to unchanged (balance between recession fears impact on earnings and pre-empting the post-recession QE response surgefest )…

Energy and Consumer Discretionary are signaling ‘recession’ trade…

Source: Bloomberg

Markets are chaotic to say the least…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1542174673622138881&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbonds-dollar-bid-recession-risks-rise-oil-sinks&partner=tweetdeck&sessionId=0b0be99ad08e2332a968eb919216f4ddd0ddf1ed&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

Credit markets were anything but undecided today as HY spreads blew out on recession fears…

Source: Bloomberg

The dollar extended gains back up to last week’s highs….

Source: Bloomberg

Crypto was weaker with Ethereum underperforming Bitcoin, which fell back to $20,000 and oscillated there all day…

Source: Bloomberg

Oil tanked on the day – not helped by signs of gasoline demand destruction, higher US crude production, and rising product inventories – after an overnight gain on the back of reports that Iran nuke deal talks had failed (again)…

US NatGas also tumbled today (continuing to track WTI’s oil-barrel-equivalent price)…

Gold pumped (on recession fears and potentially renewed easing sooner than later), but was slapped back to earth as the US cash equity market opened…

Finally, we note that there are signs of stress in the plumbing of the financial markets as our proxy for global dollar liquidity is starting to accelerate…

Source: Bloomberg

There could be pressure from month- and quarter-end so we will have to see how this rolls, but it is worth keeping an eye on cross-currency basis swap levels.

end

I) / EARLY MORNING TRADING//

END

ii) USA DATA

US Q1 GDP Revisions Scream Stagflation

WEDNESDAY, JUN 29, 2022 – 08:38 AM

The third look at Q1 GDP appears to confirm the worsening picture of the US economy that is now evident in sentiment surveys nationwide.

Growth was revised even lower to -1.6% Annualized QoQ (from -1.5%)…

Personal Consumption growth collapsed from +3.1% to just +1.8% – weakest since the COVID lockdown collapse…

And finally, inflation – GDP Price Index – rose from +8.1% to +8.2% – the highest since June 1981…

So – stagflation it is… not exactly what The Fed wants to see.

END

end

IIB) USA COVID/VACCINE MANDATES

end

iii)a. USA economic stories

Houseboats trapped on Lake Mead as water levels fall. It is closing in on “dead pool” status

(zerohedge)

Houseboats Trapped On Lake Mead As Water Levels Fall Closer To “Dead Pool” Status

TUESDAY, JUN 28, 2022 – 08:25 PM

Lake Mead’s water levels are plunging so fast that houseboats on the nation’s largest reservoir are getting stuck because there’s not enough water in some parts.

One houseboat was stranded for three weeks after the water quickly dropped earlier this month. Thankfully, YouTubers — Sin City Outdoors of Las Vegas and HeavyDSparks of Salt Lake City — came out with a military jet boat and documented when they pulled the beached houseboat back into the water.

Dave Sparks and his team arrived Thursday and secured permission from the National Park Service to conduct the recovery operation of the houseboat.

Persistent drought conditions have pushed Lake Mead to the lowest point since the artificial reservoir was filled nearly a century ago. Water levels have been falling this year, down to 1,043 feet above sea level — and 148 feet from “dead pool,” which is the point water would no longer pass through Hoover Dam to supply California, Arizona, and Mexico.

A graph might not do justice to visualizing just how fast the water level has fallen. So here are three pictures of a sunken speedboat in the lake and the corresponding date. Just in May, the boat was partially submerged. Now there’s no water.

Other YouTubers have headed to Lake Mead as well because they know the apocalyptic scenes of a dried-out lake would generate views.

Here’s more footage of Lake Mead — maybe the body of water (or whatever is left) should be called Desert Mead.

“As the lake continues to fall the Lake Mead Marina finds itself in a very serious situation. Can it be moved farther out? Other Marinas have already been closed and some of the harbors look like the apocalypse,” YouTuber The Other Me said.

Some say it could only be a matter of weeks before boat ramps become inaccessible.

North America’s largest artificial reservoir appears to be in deep trouble.

end

Tesla laying off 200 autopilot workers and they are also shuttering its San Mateo office

(zerohedge)

Tesla Lays Off 200 Autopilot Workers, Shutters Its San Mateo Office

WEDNESDAY, JUN 29, 2022 – 08:25 AM

It looks as though not quite everything may be copacetic in the world of Tesla’s Autopilot feature.

That’s because yesterday, in the midst of a now weeks-long period of silence for Elon Musk on Twitter, it was reported that Tesla was laying off about 200 jobs related to Autopilot and closing its San Mateo office, where Autopilot was the focus.

Two employees told CNBC that they knew the company’s lease was heading toward its end on the office.

The CNBC report said that the jobs were likely “data annotation” jobs, which “involves identifying and describing objects in short clips that were captured by cameras and sensors on Tesla vehicles”, in addition to labeling data.

Data labelers are also responsible for logging overlapping objects and their effectiveness as employees is rated on how many clips they can annotate over short periods of time.

An employee told CNBC they expected to be moved to Palo Alto, but not to lose their job. In a audio recording of a Tesla meeting, a manager tells employees “You knew our lease was ending here in San Mateo,” before telling them the company has put a “restructure in place” and that their “positions were impacted”.

Employees were told that June 28 would be their last day.

Meanwhile, the loss of employees in the Autopilot division comes just days after we reported that Teslas on Autopilot were found to crash more than competitors. The National Highway Traffic Safety Administration has been gathering the data for about a year. It said two weeks ago that it had documented more than 200 crashes involving Teslas on some form of automated driving system.

The data will “single out” Tesla for a “disproportionately high number” of crashes, AP wrote last week.

The data showed that Tesla’s crash rate per 1,000 vehicles was “substantially higher” than other automakers. The data was being collected as part of a NHTSA investigation looking into Tesla vehicles’ mysterious penchants for crashing into stopped vehicles and emergency vehicles on roadways – a disturbing trend we have been documenting for the better part of the last several years.

Remember, we wrote back in February that the NHTSA was looking at over 416,000 Teslas over “phantom braking”.

The agency had opened a formal investigation into 416,000 Model 3 and Model Y vehicles over reports of unexpected brake activation at high speeds when driver-assistance system Autopilot is engaged.

NHTSA said the investigation was being opened after it received 354 complaints about “rapid deceleration can occur without warning, at random, and often repeatedly in a single drive cycle.” No crashes or injuries have stemmed from the braking issue.

end

The USA consumer implodes as Restoration Hardware cuts guidance for 2nd time with month. They state cratering demand

US Consumer Implodes As RH Cuts Guidance For 2nd Time This Month, Warns Of Cratering Demand

WEDNESDAY, JUN 29, 2022 – 04:43 PM

One month ago, Snapchat shares cratered after the company unexpectedly slashed guidance for the second time in under one month (it had guided lower in late April and said that since then “the macroeconomic environment has deteriorated further and faster than anticipated.”)

Well, fast forward to today when moments ago RH – aka Restoration Hardward – just pulled a Snapchat and just three weeks after the company with the outspoken CEO saw its shares tumble after it guided lower for Q2 and the full year despite sold Q1 results, RH just cut guidance again with CEO Gary Friedman saying that “the deteriorating macro-economic environment has resulted in lower than expected demand since our prior forecast, and we are updating our outlook, particularly for the second half of the year.”

Taking into account the macro-economic conditions and our current business trends, RH provided the following outlook for the second quarter and full year, which assumes demand will continue to soften during the remainder of fiscal 2022:

Fiscal 2022 net revenue growth in the range of (2%) to (5%), with adjusted operating margin in the range of 21.0% to 22.0%.
- Previously the company had seen revenue growth of 5% to 7% and operating margin of 23.0% to 23.5%, so a huge hit to both the top-line and profit margins.
For Q2, RH sees net revenue growth in the range of (1%) to (3%), with adjusted operating margin in the range of 23.0% to 23.5%. The second quarter outlook remains unchanged versus our prior forecast due to faster backlog relief offsetting lower than expected demand.

Friedman’s catastrophic forecast continued, “With mortgage rates double last year’s levels, luxury home sales down 18% in the first quarter, and the Federal Reserve’s forecast for another 175 basis point increase to the Fed Funds Rate by year end, our expectation is that demand will continue to slow throughout the year.”

Friedman concluded, “While we anticipate the next several quarters will pose a short-term challenge as we cycle the extraordinary growth from the COVID-driven spending shift, shed less valuable market share as we continue to raise our quality, and choose not to promote our business while we navigate through the multiple macro headwinds, we continue to believe our long-term investments will enable us to drive industry-leading performance over a longer term horizon.”

The Company also noted that it has not repurchased any shares since announcing the expansion of its common stock repurchase authorization on June 2, 2022.

Which reminds us that just two weeks ago we wrote that “the debate is now over on the dismal state of the US consumer“, after Morgan Stanley unloaded on the driving force behind 70% of US GDP. It now appears that this particular realization is starting to finally trickle through to the rest of the economy.

RH stock, of course, tumbled, 5% taking its decline for 2022 to a new low of 55%, and down much more than half from its 2021 all time high of $744

As for the broader implications, in case this needs to be said again – the US consumer is now, and has been for months, in a recession, one which has shocked corporate America with its size and speed, and it’s only a matter of time before we get a deflationary tsunami for most non-food and energy goods and services. And, as we have said previously, we also fully expect that the Fed will recognize said recession just around the time of this year’s Jackson Hole symposium where recession will become the new Fed baseline.

Optimism Among US Business Leaders Drops To New Low Amid Rising Inflation, Supply Issues, Labor Shortages

WEDNESDAY, JUN 29, 2022 – 09:21 AM

Authored by Katabella Roberts via The Epoch Times (emphasis ours)

Optimism among business leaders regarding the outlook of the U.S. economy has drastically declined in the past year, according to JPMorgan’s 2022 Business Leaders Outlook Pulse, released Monday.

More than 1,500 midsize business leaders participated in the survey (pdf), which was conducted between May 25 and June 10 across executives of midsize companies in the United States that have annual revenues from $20 million to $500 million.

It found that just one in five business leaders, or 19 percent, said they were optimistic about the national economy for the year ahead, representing the lowest percentage recorded in the 12 years that the survey has been conducted by JPMorgan. That figure is also down significantly from 75 percent one year ago.

Amid the decline in optimism, the survey showed that pessimism around the national economy jumped to 51 percent from 10 percent a year ago amid soaring inflation and interest rates and ongoing supply chain issues and labor shortages.

Meanwhile, just 9 percent of business leaders expressed optimism over the global economy.

Among those surveyed, 99 percent reported that their costs of doing business have increased in the past year, with 71 percent stating that their top challenge is rising costs, including inflation.

Labor issues, including recruiting, hiring, and retaining employees and labor shortages, came in at 70 percent, while 86 percent of respondents said that they believe inflation is worse than it was six months ago, along with interest rates at 65 percent.

Passing Costs Onto Customers

Inflation is currently sitting at a 40-year high in the United States, which has forced many businesses to pass those higher costs onto customers.

Of those surveyed by JPMorgan, more than three-quarters of businesses (76 percent) said they are raising prices, with 42 percent stating they have passed at least half of their increased costs to consumers via increased prices.

That trend is unlikely to disappear any time soon, according to the survey, which found that 81 percent of respondents are likely to keep raising prices in an effort to offset higher costs.

Despite the gloomy outlook, 73 percent of those surveyed said they expect increased revenue or sales for the year ahead, while 71 percent are optimistic about their company’s performance.

The survey comes shortly after a poll by Morning Consult found that optimism about the future of the United States is waning among adults.

Read the rest here…

INFLATION STORIES/JOG JAMS

West Coast Rail Networks Clogged As Supply Chain Normalization Delayed

TUESDAY, JUN 28, 2022 – 07:05 PM

The key question is when supply chain congestion eases in the US. The question to that answer is not yet, as a new Bloomberg report shows the US’ largest containerized seaport in Los Angeles and Long Beach in Southern California (responsible for 42% of all containerized trade with Asia) has been hit with worsening rail delays.

Dwell times for rail-bound containers have been steadily increasing since February and are back to levels not seen since the major port bottlenecks of summer 2021.

The Port of Los Angeles has recently enlisted help from the White House to clear a backlog of rail-bound containers that’s tripled since February, taking up space on its docks and causing congestion. As of Monday, there were more than 28,000 rail-container units on the ground, about two-thirds of which had been waiting to be picked up for nine days or more. -Bloomberg

Increasing rail congestion comes as thousands of dockworker contracts across the West Coast are about to expire following unsuccessful negotiations between labor unions and major railroads.

If dockworkers or railroad workers strike, normalizing supply chains would be delayed. There’s also the risk of China’s reopening, and the backlog of goods headed in containers for US West Coast ports could further snarl supply chains.

Bloomberg also outlines that trucking woes and lack of warehouse space exacerbate bottlenecks for rail networks.

Trucking
More than half of the truck gates at the Port of Los Angeles are still going unused on average due in part to the inconsistent staffing and operation hours at the terminals and distribution centers outside of the port, on top of the lack of space at warehouses.
Moving about 70% of the US’s freight tonnage, truckers don’t feel encouraged to go in during off-peak hours because parts of the supply chain often don’t operate around the clock, said Matt Schrap, chief executive officer of the Harbor Trucking Association. Before the bottlenecks emerged, truckers could pick up containers in the early morning and then store them at truck yards until space opened up at warehouses. But these sites are now “full of empty containers and chassis, and land has become an extreme premium.”
“More trucks aren’t going to necessarily solve the thing — it’s a productivity issue,” Schrap said in an interview.
Warehousing
The vacancy rate at Southern California facilities is now around 0.3%, with the lack of availability particularly acute in the Inland Empire counties of Riverside and San Bernardino, Port of Los Angeles Executive Director Gene Seroka said at a virtual meeting of harbor commissioners last week. During normal times, the vacancy rate stood as high as 5%, he added.
“We can’t build these facilities fast enough, and even though we boast 2 billion square feet from the shores of the Pacific now out to the desert region of Southern California, we’ve got to turn that cargo out faster and have enough space under roof to manage all of these consumer and manufacturing products,” he said at a separate briefing earlier this month.

The West Coast bottleneck appears to be building inland, in rail, trucking, and warehousing networks — adding to increasing delays as the supply chain congestion shows little signs of abating.

SWAMP STORIES

King Report

Greg Hunter: interviewing Dr David Martin

A must view: Dr Martin’s big case is coming up on July 6. He exposes everything.

This will be a very big case

(Greg Hunter)

Up to 700 Million Worldwide Will Die from CV19 Vax by 2028 – Dr. David Martin

By Greg Hunter On June 28, 2022 In Political Analysis3 Comments

700 Million Worldwide Will Die from CV19 Vax by 2028 – Dr. David Martin

By Greg Hunter’s USAWatchdog.com

Dr. David Martin has a deep medical science and investment resume. Dr Martin also runs a company (M·CAM International) that finances cutting edge innovation worldwide. He is also one of the key people seeking justice in lawsuits suing medical companies and the federal government involved in delivering the so-called vaccines for CV19. In simple terms, according to Dr. Martin, the CV19 vaccines are “bioweapons.” Big Pharma and the government knew it and also knew it would cause massive deaths and permanent injuries. Dr. Martin says, “It’s going to get much worse. . . . It is not a Corona virus vaccine. It is a spike protein instruction to make the human body produce a toxin. . . . The fact of the matter is the injections are an act of bioweapons and bioterrorism. They are not a public health measure. The facts are very simple. This was premeditated. . . . This was a campaign of domestic terror to get the public to accept the universal vaccine platform using a known biological weapon. That is their own words and not my interpretation.”

How many will die from the CV19 bioweapons? Dr. Martin says, “By their own estimate, they are looking for 700 million people globally, and that would put the U.S. participation in that of the injected population as 75 million to 100 million people. . . . There are a lot of reasons why they hope it will be between now and 2028 because there is this tiny little glitch of the illiquidity of the Social Security, Medicare and Medicaid programs. So, the fewer recipients of Social Security, Medicare and Medicaid, the better. Not surprisingly, the recommendation was people over the age of 65 were the first ones to get injected.”

Dr. Martin thinks the catastrophic effects of the CV19 injections will hit the medical industry soon. Dr. Martin explains, “The dirty secret is . . . there are a lot of pilots having micro vascular and clotting problems, and that keeps them out of the cockpit, which is a good place to not have them if they are going to throw a clot for a stroke or a heart attack. The problem is we are going to see that exact same phenomenon in the healthcare industry and at a much larger scale. So, we now have, along with the actual problem . . . of people getting sick and people dying, we actually have that targeting the healthcare industry writ large. Which means we are going to have nurses and doctors who are going to be among the sick and dead. That also means the sick and the dying are also not going to get care.”

Dr. Martin and his group are suing everybody from President Biden along with the FDA, CDC, Pfizer, Moderna and many others over the deaths and injuries from the CV19 bioweapons fraudulently passed off as “vaccines.” The next big court case is July 6, 2022, in federal court in Utah. Dr. Martin contends “this is far worse” than the Nuremberg trials of Nazis after WWII and adds, “This is organized crime. . . . They have hidden behind the immunity shield that absolves them of product liability by naming the delivery of a bioweapon–a vaccination program. . . . This is actually a criminal act. This is an act of domestic terror, and it is an anti-trust violation. This is racketeering. This is old school racketeering, and it is no different than the mob in the 1920’s. This is old school racketeering for personal gain and profit at the expense of human lives. You need to call it what it is, and it’s organized crime. I would say the Nazis were better than the people who are doing this. . . . The real question is why did American citizens develop a weapon to kill Americans and get paid to do it? That is a morally outrageous question, and, unfortunately, almost no one is asking it.”

There is much more in the 1-hour and 3-minute interview.

Join Greg Hunter od USAWatchdog.com as he interviews Dr. David Martin, the top expert in the ongoing and unfolding CV19 vax genocide and litigation for 6.21.22.

(https://usawatchdog.com/up-to-700-million-worldwide-will-die-from-cv19-vax-by-2028-dr-david-martin/)

After the Interview:

You can follow the CV19 vax cases at ProsecuteNow.io

If you would like to make a donation to fund the court cases against Big Pharma and the federal government over CV19 bioweapons, click here.

You can follow Dr. Martin on DavidMartin.world or FullyLiveAcademy.com.

SEE YOU ON THURSDAY

2 comments

Robert J · June 30, 2022 - 1:40 am · Reply→

Harvey: You keep publishing this Greg Hunter horse shit about covid 19 vax killing people. You keep publishing this cow shit from Robert hryniak about how russia’s invasion of ukraine is Ukraines fault. Get real, be a positive force for real news, not disinformation and conspriracy bull shit. Maybe you actually can’t tell fact from fiction, too bad

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CHINA AGAIN GOES FOR MORE LOCKDOWNS – altnews.org · June 30, 2022 - 11:05 am · Reply→

[…] by Harvey Organ, Harvey Organ Blog: […]

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