April 27/2023 · by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: UP $4.00 TO $1989.90

SILVER PRICE CLOSED: UP 16 CENTS   AT $24.94

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE $1988.05

Silver ACCESS CLOSE: 24.92

Bitcoin morning price:, $29,023  UP 1134  Dollars

Bitcoin: afternoon price: $29,648 UP 1759 dollars

Platinum price closing  $1082.60 DOWN $10.00

Palladium price;     $1503.75 DOWN $21.85

We have now entered options expiry week, with the Comex options expired April 25/2023 and LBMA/OTC expiring on Friday April 28.2023. The crooks can only whack once London is put to bed as they fear that many are demanding physical delivery against their short sales. Their attention span is less than one day. They will worry about physical deliveries tomorrow

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

CANADIAN GOLD: $2702.30 DOWN 10.50 CDN dollars per oz (ALL TIME HIGH 2732.50)

BRITISH GOLD: 1590.73 DOWN 5.60 pounds per oz//(ALL TIME HIGH//1629.84)

EURO GOLD: 1802,68 UP 1.50 euros per oz //(ALL TIME HIGH//1860.82)

DONATE

EXCHANGE: COMEX
CONTRACT: APRIL 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,985.700000000 USD
INTENT DATE: 04/26/2023 DELIVERY DATE: 04/28/2023
FIRM ORG FIRM NAME ISSUED STOPPED

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363 H WELLS FARGO SEC 3
435 H SCOTIA CAPITAL 213
661 C JP MORGAN 42 38
685 C RJ OBRIEN 30
880 H CITIGROUP 227
905 C ADM 45

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TOTAL: 299 299
MONTH TO DATE: 24,224

JPMorgan stopped 0/299 contracts

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT:  299 NOTICES FOR 29,900 OZ  or  0.9300 TONNES

total notices so far: 24,224 contracts for 2,422,400 oz (75.5023 tonnes)

 

SILVER NOTICES: 0 NOTICE(S) FILED FOR nil OZ/

total number of notices filed so far this month :  388 for 1,940,000 oz 

 

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END

GLD

WITH GOLD UP $4.00

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD

/NO CHANGES IN GOLD INVENTORY AT THE GLD://////

INVENTORY RESTS AT 930.04 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER UP 16 CENTS AT THE SLV//

 HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.103 MILLION OZ OF SILVER FROM THE SLV.//: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 469.182 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUMONGOUS SIZED 5729 CONTRACTS  TO 143,043 AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR  $0.10 LOSS  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.10). AND WERE  SUCCESSFUL IN KNOCKING A FEW SPEC LONGS AS WE HAD A HUGE LOSS ON OUR TWO EXCHANGES OF  3,164 CONTRACTS WITH MOST OF THAT LOSS DUE TO CONTINUATION OF SPREADER LIQUIDATION IN THE SILVER ARENA..  WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF  EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// (  THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 35.83 MILLION OZ.)  WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE IN JANUARY .  WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.

WE  MUST HAVE HAD: 
A HUGE  ISSUANCE OF EXCHANGE FOR PHYSICALS( 2415 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT  1.055 MILLION OZ(FIRST DAY NOTICE)+ THE 35.83 MILLION OZ OF EXCHANGE FOR RISK/+ 1.940 MILLION OZ NORMAL SILVER STANDING FOR APRIL///THUS TOTAL NEW STANDING 37.770 MILLION OZ/ ////  V)   GIGANTIC SIZED COMEX OI LOSS/ HUGE SIZED EFP ISSUANCE/.VI) CONTINUATION  OF SPREADER LIQUIDATION

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –150  CONTRACTS

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

TOTAL CONTRACTS for 17 days, total 22,595 contracts:   OR 112.975 MILLION OZ . (1329 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  112.975 MILLION OZ 

LAST 23 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 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

JAN 2023///   53.070 MILLION OZ //FINAL

FEB: 2023:       100.105/ MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023:  112.58 MILLION OZ//FINAL//STRONG ISSUANCE 

APRIL  112.975 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5729  CONTRACTS WITH OUR  $0.10 LOSS IN SILVER PRICING AT THE COMEX//WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A GIGANTIC  SIZED EFP ISSUANCE  CONTRACTS: 2415 CONTRACTS ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR APRIL OF  1.055 MILLION  OZ//FIRST DAY NOTICE//  0 OZ E.F.P. JUMP TO LONDON  (WHICH DECREASES THE AMOUNT OF SILVER STANDING) AND ZERO QUEUE JUMP + 0 MILLION NEW EXCHANGE FOR RISK  TODAY (INCREASES THE AMOUNT OF SILVER STANDING) //NEW EXCHANGE FOR RISK STANDING 35.83 MILLION OZ, THUS TOTAL SILVER OZ STANDING FOR DELIVERY IN APRIL TOTALS 37.770 MILLION  .. WE HAVE A GIGANTIC SIZED LOSS OF 3314 OI CONTRACTS ON THE TWO EXCHANGES ALTHOUGH MOST OF THE LOSS WAS DUE TO CONTINUATION OF SPREADER LIQUIDATION  

 WE HAD 0  NOTICE(S) FILED TODAY FOR  nil  OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A GOOD SIZED 6,047  CONTRACTS  TO 478,569 AND CLOSER TO  THE 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: added 687  CONTRACTS

WE HAD A GOOD SIZED INCREASE  IN COMEX OI ( 6047 CONTRACTS) DESPITE OUR  $8.45 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR APR. AT 66.892 TONNES ON FIRST DAY NOTICE // PLUS A 36,200 OZ QUEUE. JUMP :(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S, ATTACHED TO COMEX CONTRACTS ) (EFP is the transfer of   COMEX contracts immediately to London for potential gold deliveries originating from London)////YET ALL OF..THIS HAPPENED WITH OUR $8.45 LOSS IN PRICE  WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 12,227  OI CONTRACTS (38.03 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 6180 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 479,256

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,227 CONTRACTS  WITH 6047 CONTRACTS INCREASED AT THE COMEX AND 6180 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 12,227 CONTRACTS OR 38.03 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6180 CONTRACTS) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (6047 //TOTAL GAIN IN THE TWO EXCHANGES 12,277 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG  ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR APRIL. AT 66.892 TONNES FOLLOWED BY TODAY’S QUEUE JUMP  OF 36,200 OZ (1.125 TONNES)/   // ///3) ZERO LONG LIQUIDATION//4)  GOOD SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

APRIL

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

TOTAL EFP CONTRACTS ISSUED:  59,976 CONTRACTS OR 5,997,600 OZ OR 186.55 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 3528 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES  186.55 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  186.55/3550 x 100% TONNES  5.26% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023 

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: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL 

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 186.55 TONNES ( MUCH SMALLER THAN LAST MONTH)

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 APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD 

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 MAR HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF APRIL., FOR BOTH GOLD:

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 (NOV), 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 GIGANTIC SIZED 5729  CONTRACTS OI TO  143,963 AND  FURTHER FROM OUR COMEX HIGH 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.  HOWEVER WE HAVE SET A NEW RECORD LOW OF 117,395 CONTRACTS MARCH 27/2022 

EFP ISSUANCE 2415  CONTRACTS 

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

MAY 2415  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2415  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 5729 CONTRACTS AND ADD TO THE 2415 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3314 CONTRACTS WITH MOST OF THE LOSS DUE TO CONTINUATION OF SPREADER LIQUIDATION

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES  TOTAL 10.307 MILLION OZ 

OCCURRED WITH OUR $0.10 LOSS IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 21.78 PTS OR 0.67%  //Hang Seng CLOSED UP 83.01 POINTS OR  0.42%      /The Nikkei closed UP 83.01 PTS OR 0.42%  //Australia’s all ordinaries CLOSED DOWN 0.28 %   /Chinese yuan (ONSHORE) closed DOWN TO 6.923/OFFSHORE CHINESE YUAN DOWN  TO 6.9348 /Oil DOWN TO 74.29 dollars per barrel for WTI and BRENT AT 77.94 / Stocks in Europe OPENED ALL MIXED// 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  CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 6047 CONTRACTS UP TO 479,254 DESPITE OUR LOSS IN PRICE OF $8.45 ON WEDNESDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL…  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 6180  EFP CONTRACTS WERE ISSUED: :  JUNE 6180 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6180 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 12,227  CONTRACTS IN THAT 6180 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 6047 COMEX  CONTRACTS..AND  THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $8.45. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG. 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:    APRIL  (75.675) ( ACTIVE MONTH)

TONNES),

 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  YEAR  2021 (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 FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL 

Dec. 64.541 tonnes (TOTAL  YEAR 656.076 TONNES)

2003:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.675  tonnes

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $8.45) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD OUR STRONG  SIZED GAIN OF 12,227 CONTRACTS ON OUR TWO EXCHANGES  

 WE HAVE GAINED A TOTAL OI OF 23.122 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR APRIL. (66.892 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 36,200 OZ… ALL OF THIS WAS ACCOMPLISHED WITH  OUR FALL IN PRICE  TO THE TUNE OF $8.45

WE HAD +ADDED  687 CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 12,227  CONTRACTS OR 1,222,700  OZ OR 38.03 TONNES.

Estimated gold comex today 203,931 fair//

final gold volumes/yesterday  256,815  fair 

//APRIL 27/ APRIL  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	201.751  oz HSBC         .
Deposit to the Dealer Inventory in oz	nil OZ
Deposits to the Customer Inventory, in oz	160,755.000 Oz JPM 5,000 kilobars
No of oz served (contracts) today	299  notice(s) 29,900 OZ 0.9300 TONNES
No of oz to be served (notices)	106  contracts    10,600 oz 0.3297 TONNES
Total monthly oz gold served (contracts) so far this month	24,224 notices 2,422,400  OZ 75.5023 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	x

i)Dealer deposits: 0

total dealer deposit: nil  oz

No dealer withdrawals

Customer deposits:  1

i) Into JPMorgan:  160,755.000 oz  (5000 kilobars)

total deposits: 160,755.000 oz

 customer withdrawals: 1

i) out of HSBC:  201.751 oz

total withdrawals: 201.751   oz 

Adjustments;  4  all dealer to customer

i) HSBC  5887.487 oz

ii) Int Delaware  482.265 oz

iii)  JPMorgan: 5632.723 oz

iv)  Manfra: 3795.636 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.

For the front month of APRIL we have an oi of 405  contracts having GAINED 208 contracts.   We had 154 contracts served ON WEDNESDAY so we GAINED 362 contracts or AN ADDITIONAL  36,200 oz will stand at the comex.

May LOST 380  contracts DOWN to 1194.

June GAINED 732 contracts UP to 383,473 contracts.

We had 299 contracts filed for today representing  29,900 oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  42  notices were issued from their client or customer account. The total of all issuance by all participants equate to 299   contract(s) of which 0   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 APRIL /2023. contract month, 

we take the total number of notices filed so far for the month (24,224 x 100 oz ), to which we add the difference between the open interest for the front month of  (APRIL. 405  CONTRACTS)  minus the number of notices served upon today 199 x 100 oz per contract equals 2,433,000 OZ  OR 75.675 TONNES the number of TONNES standing in this   active month of APRIL. 

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (24,224 x 100 oz)+405 OI for the front month minus the number of notices served upon today (299)x 100 oz} which equals 2,433,000 oz standing OR 75.675 TONNES 

TOTAL COMEX GOLD STANDING: 75.675 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.  

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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:  1,713,349.037  OZ   53.29 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,340,997.251 OZ  

TOTAL REGISTERED GOLD:  12,299,140.79   (382.55  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,041,856.461  O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,585,791 OZ (REG GOLD- PLEDGED GOLD) 329.262 tonnes//

END

SILVER/COMEX

APRIL 27//2023// THE APRIL 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	582,752.200 oz JPMorgan .
Deposits to the Dealer Inventory	nil
Deposits to the Customer Inventory	80,376.471  oz Delaware
No of oz served today (contracts)	0  CONTRACT(S)    (nil  OZ)
No of oz to be served (notices)	0 contracts  (NIL oz)
Total monthly oz silver served (contracts)	388 Contracts  (1,940,000 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

i)  0 dealer deposit

total dealer deposits:  nil   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have 1 deposits into the customer account

i)Into Delaware:  80,376.471 oz

Total deposits: 80,376.471  oz 

JPMorgan has a total silver weight: 140,198  million oz/271,314 million =51.60% of comex .//dropping fast

  Comex withdrawals: 1

i) Out of JPMorgan;  582,752.200 oz

Total withdrawals; 582,752.200    oz

adjustments: 2

i) Dealer to customer: CNT:  80,826.04 oz

ii) customer to dealer jPMorgan: 1,831,048.780 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 32,294 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 271.314 million oz

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2023 OI: 0  CONTRACTS HAVING LOST 2  CONTRACT(S). WE HAD 2  NOTICES FILED ON WEDNESDAY SO WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL  STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF APRIL 

MAY SAW A LOSS  OF 13,199 CONTRACTS  DOWN  TO 7702 CONTRACTS.  WE HAVE ONE MORE READING DAYS BEFORE FIRST DAY NOTICE. 

JUNE HAD A 41 CONTRACTS GAIN TO 614

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL  oz

Comex volumes// est. volume today  78,644  very strong //raid 

Comex volume: confirmed yesterday: 122,510 huge//raid

To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at 388 x  5,000 oz = 1,940,000 oz 

to which we add the difference between the open interest for the front month of APRIL(0) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the APRIL/2023 contract month:  388 (notices served so far) x 5000 oz + OI for the front month of APRIL (0) – number of notices served upon today (0 )x 500 oz of silver standing for the APRIL. contract month equates to 1.940 million oz  +/ NEW EXCHANGE FOR RISK TODAY: 0 MILLION OZ //NEW TOTALS EXCHANGE FOR RISK FOR MONTH OF APRIL:  35.83 MILLION OZ// THUS TOTAL SILVER OZ STANDING: 37.770 MILLION 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

APRIL 27/WITH GOLD UP $4.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04 TONNES/

APRIL 26/WITH GOLD DOWN $8.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.61 TONNES FROM THE GLD.//INVENTORY RESTS AT 930.04 TONNES

APRIL 25/WITH GOLD UP $4.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .86 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 927.43 TONNES

APRIL 24/WITH GOLD UP $9.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 926.57 TONNES

APRIL 21/WITH GOLD DOWN $27.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 926.57 TONNES

APRIL 20/WITH GOLD UP $12.70: HUGE CHANGES TODAY IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 926.57 TONNES

APRIL 19//WITH GOLD DOWN $12.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 925.70 TONNES

APRIL 18/WITH GOLD UP $12.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 925.70 TONNES/

APRIL 17/WITH GOLD DOWN $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 927.72 TONNES

APRIL 14/WITH GOLD DOWN $38.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.47 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 930.61 TONNES

APRIL 13/WITH GOLD UP$31.70 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.17 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.08 TONNES

APRIL 11/WITH GOLD UP $14.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 903.91 TONNES

APRIL 10/WITH GOLD DOWN $21.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91 TONNES

APRIL 6//WITH GOLD DOWN $9.15  TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91

APRIL 5//WITH GOLD UP 0 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04

APRIL 4/WITH GOLD UP $36.30 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 930.04 TONNES

APRIL 3/WITH GOLD UP $14.20 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.02 TONNES

MARCH 31/WITH GOLD DOWN $10.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FROM THE GLD////INVENTORY RESTS AT 928.02 TONNES

MARCH 30//WITH GOLD UP XX TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.24 TONNES FROM THE GLD/INVENTORY RESTS AT 929.47 TONNES

MARCH 29/WITH GOLD DOWN $4.85 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4,16 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 927,23

MARCH 28/WITH GOLD UP $19.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .86 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 923.07 TONNES

MARCH 27/WITH GOLD DOWN $28.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD./INVENTORY RESTS AT 923.97 TONNES

MARCH 23/WITH GOLD UP $47.70 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT 87 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 925.42 TONNES

MARCH 21/WITH GOLD DOWN $38.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: ANOTHER HUGE DEPOSIT OF 3.4 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 924.55 TONNES

MARCH 20//WITH GOLD UP $9.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.36 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 921.08 TONNES

MARCH 17/WITH GOLD UP $50.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.72TONNES

MARCH 16/WITH GOLD DOWN $6.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 914.72 TONNES

MARCH 15/THE IDES OF MARCH:  WITH GOLD UP $18.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 913.27 TONNES

MARCH 14/WITH GOLD DOWN $4.75 TODAY: HUGE CHANGES: A MONSTER DEPOSIT OF 11.85 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 913.27 TONNES

MARCH 13/WITH GOLD UP $48.85 TODAY: VERY STRANGE HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY REST AT 901.42 TONNES

MARCH 10//WITH GOLD UP $31.60 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 3.47 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 903.15 TONNES

MARCH 9/WITH GOLD UP $16.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 906.62 TONNES

MARCH 8/WITH GOLD DOWN $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.5 TONNES FROM THE GLD////INVENTORY RESTS AT 906.62 TONNES

MARCH 7/WITH GOLD DOWN $33.20 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.12 TONNES

MARCH 6/WITH GOLD UP $0.55 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .57 TONNES FROM THE GLD///INVENTORY RESTS AT 912.12 TONNES

MARCH 3/WITH GOLD UP $14,10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.69 TONNES

MARCH 2/WITH GOLD DOWN $4.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 912.69 TONNES

MARCH 1/WITH GOLD UP $18.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 915.30 TONNES

GLD INVENTORY: 930.04 TONNES

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

APRIL 27/WITH SILVER UP 16 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.103 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 469.182 MILLION OZ//

APRIL 26/WITH SILVER UP 10 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.102 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 470.285 MILLION OZ

APRIL 25/WITH SILVER DOWN 34 CENTS TODAY: THIS IS UNBELIEVABLE!!! HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 7.304 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 471.387  MILLION OZ.

APRIL 24/WITH SILVER UP 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 464.083 MILLION OZ/

APRIL 21/WITH SILVER DOWN 29 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 919,000 OZ FROM THE GLD////INVENTORY RESTS AT 464.083 MILLION OZ//

APRIL 20/WITH SILVER UP 2 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.021 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 465.002 MILLION OZ/

APRIL 19/WITH SILVER UP 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.023 MILLION OZ//

APRIL 18/WITH SILVER UP 18 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.757 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 467.023 MILLION OZ

APRIL 17/WITH SILVER DOWN 33 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 469.780 MILLION OZ//

APRIL 14/WITH SILVER DOWN 48 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.974 MILLION OZ/

APRIL 13/WITH SILVER UP HUGELY BY 48 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.389 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 470.974 MILLION OZ

APRIL 11/WITH SILVER UP 27 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

APRIL 10/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

APRIL 6/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 4.643 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 468.585 MILLION OZ//

APRIL 5/WITH SILVER DOWN 4 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 463.942  MILLION OZ

APRIL 4/WITH GOLD UP $1.11 TODAY CRIMINAL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.47 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 463,942 MILLION  OZ

APRIL 1/WITH SILVER DOWN 14 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.412

MARCH 31/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE GLD/: A MASSIVE 4.779 MILLION OZ DEPOSITED INTO THE SLV///INVENTORY RESTS AT465.412 MILLION OZ

MARCH 30/WITH SILVER UP XX CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV.: A DEPOSIT OF 550,000 OZ INTO THE SLV/.INVENTORY RESTS AT 460.633 MILLION OZ

MARCH 29/WITH SILVER UP 11 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 460.082

MARCH 28/WITH SILVER UP 28 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 368,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.887 MILLION OZ//

MARCH 27/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 230,000 OZ FROM THE SLV///INVENTORY RESTS AT 459.255 MILLION OZ

MARCH 23  WITH SILVER UP 62 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF 919,000 0z INTO THE SLV/INVENTORY RESTS AT 459.485 MILLION OZ//

MARCH 21/WITH SILVER DOWN 24 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 781,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.566 MILLION OZ/

MARCH 20./WITH SILVER UP 15 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER MASSIVE WITHDRAWAL OF 3.401 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 459.347 MILLION OZ//

MARCH 17/WITH SILVER UP 79 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE WITHDRAWAL OF 10.478 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 462.748 MILLION OZ//

MARCH 16/WITH SILVER DOWN 25 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 5.009 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 473.226 MILLION OZ//

MARCH 15/WITH SILVER DOWN 7 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 643,000 OZ INTO THE SLV//INVENTORY RESTS AT 478.235 MILLION OZ/

MARCH 14/WITH SILVER UP 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.287 MILLION OZ FROM THE SLV////INVENTORY REST AT 477.592 MILLION OZ//

MARCH 13/WITH SILVER UP $1.35 : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.879 MILLION OZ//

MARCH 10.WITH SILVER UP 36 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.879 MILLION OZ…

MARCH 9/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 478.979 MILLION OZ

MARCH 8/WITH SILVER DOWN 6 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 459,000 OZ FROM THE SLV///INVENTORY RESTS AT 477.684 MILLION OZ

MARCH 7/WITH SILVER DOWN 88 CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920,000 OZ FROM THE SLV/////INVENTORY RESTS AT 478.143 MILLION OZ

MARCH 6/WITH SILVER DOWN 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 479.063 MILLION OZ//

MARCH 3/WITH SILVER UP 67 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.369 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 479.063 MILLION OZ//

MARCH 2/WITH SILVER DOWN $.16 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920,00 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 477.694 MILLION OZ

MARCH 1/WITH SILVER UP 4 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.574 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 478.614 MILLION OZ.

CLOSING INVENTORY 469.182 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

end

2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//

Mathew Piepenburg….

So Many Open Signs Of Financial Disaster Ahead And Gold Working

THURSDAY, APR 27, 2023 – 07:20 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

From oil markets to treasury stacking, backdoor QE, investor fantasy and hedge fund prepping, it’s becoming more and more clear that the big boys are bracing for disaster as gold stretches its legs for a rapid run north.

Recently, I dove into the cracks in the petrodollar as yet another symptom of a world turning its back on USTs and USDs.

Gold, of course, has a role in these headlines if one looks deep enough.

So, let’s look deeper.

Diving Deeper into the Oil Story

The headlines of late, for example, are all about “surprise” OPEC production cuts.

Why is this happening and what does it say about gold down the road?

First, let’s face the politics.

As noted many times, it seems US policy, on everything from short-sighted (suicidal?) sanctions to the “green initiative” makes just about zero sense in the real world, which is miles apart from the “keep-me-elected” fantasy-world of DC.

After all, energy, matters, which means oil matters.

But the current regime in DC has been losing friends in Saudi Arabia and cutting its prior and once admirable shale production outputs (think 2016-2020) in the US despite a world that still runs on black gold fighting against green politics.

The DC attack on shale may make the Greta Thunbergs happy, but let’s be blunt: It defies economic common sense.

Saudi, by cutting production, is now showing a still very much oil-dependent world it is not afraid of losing market share to the USA in the face of rising oil for the simple reason that the USA just aint got enough oil to fill the gap or flex its energy muscles.

In the meantime, Chinese demand for crude is peaking while Russian oil flows to the east (including to Japan) are hitting new highs at prices above the US-led price cap of $60/barrel.

If DC has any blunt realists (wrongly castigated as tree-killers) left, it will have to re-think its anti-oil policies and get back toward that recent era when US shale was responsible for 90% of total global oil supply growth.

If not, oil prices can and will spike, making Powell’s war on inflation even more of an open charade.

Speaking of inflation…

Ghana Oil-for-Gold Beats Inflation

When it comes to oil and the decades-long bully-effect of a usurious USD (See: Confessions of an Economic Hitman), we have argued countless times that a strong USD and an imposed petrodollar was gutting developing economies around the world.

We also warned that developing economies (spurned by global distrust of the Greenback in a post-Putin-sanction era of a weaponized reserve currency) would respond by turning their backs on US policies and its dollar.

In the old days, the US could export its inflation abroad. But those days, as we warned as early as March 2022, would be slowly but steadily coming to a hegemonic end.

Again, this does not mean (nod to the Brent Johnson) the end of the USD as a reserve currency, just the slow end of the USD as a trusted, used or effective currency.

Toward that slow but steady end, it’s perhaps worth noting that Ghana’s inflation rate has fallen from 156% to just over 60% since it began trading oil for gold rather than weaponized USDs.

Hmmm.

Gold Works Better than Inflated Greenbacks

The most obvious conclusion we can draw from such a predictable correlation is that gold seems to be working better than fiat dollars to fight/manage inflation, a fact we’ve been arguing for well…decades.

From India to China, Ghana, Malaysia, China and 37 other countries engaged in non-USD bilateral trade agreements, the inflation-infected USD is losing its place in more than just the critical oil trade.

Nations trapped in USD-denominated debt-traps (thanks to a rate-hiked and hence stronger and more expensive USD) are now finding ways to tie their exports (i.e., oil) to a more stable monetary asset (i.e., GOLD).

This, of course, makes me that much more confident that as the world moves closer to its global (and USD-driven) “Uh-Oh” moment, that the already-telegraphed Bretton Woods 2.0 will have to involve a new global order tied to something golden rather than just something fiat.

This, again, explains why so many of the world’s central banks are loading up on gold rather than Uncle Sam’s IOUs.

Gosh. Just see for yourself:

Ouch.

Uh-oh?

US Investors: Still High on Past Fantasy Rather than Current Reality

Sadly, however, the US in general, and US investors in particular, remain trapped in a spiral of cognitive dissonance and still believe today and tomorrow’s America is the America of magical leaders, deficits without tears and the balanced-budget honesty of the Eisenhower era.

That’s why the vast majority (and their consensus-think, safety-in-numbers advisors) are still huddling in correlated 60/40 stock bond allocations rather than physical gold according to a recent BofA survey of wealth “advisors.”

This always reminds me of a phrase circling around Tokyo just before the grotesquely inflated Nikkei bubble lost greater than 80% of its hot air in the crash of 1989, namely: “How can we get hurt if we’re all crossing the road at the same time?”

Well, a large swath of US investors (and their “advisors”) is about to find out how.

Doubling Down on Return Free Risk

This may explain why US households (a statistical term of art which includes hedge funds) have upped their allocations to USTs by 165% ($1.6T) since Q4 of 2022 at the same time that the rest of the world (see above) has been dumping them.

But in all fairness, this does make some sense, as higher rates in the US give investors in USTs (especially in short-duration/money market securities) a greater return than their checking or savings accounts.

Unfortunately, where the masses go is also where bubbles go; but as I like to remind: All bubbles pop.

Of course, when adjusted for inflation, these poor US investors are still getting a negative return on USTs.

Foreigners, of course, have stopped falling for this, but when Americans themselves get suckered en masse into this same bond-trap, they’re basically just paying an invisible tax while chipping away at GDP growth and unknowingly helping Uncle Sam finance his debt for free (namely: at a loss to themselves).

Crazy?

Yep.

Negative Returning IOUs—The Lesser of Evils

But why are hedge funds (i.e., the “smart money”) falling for this? Why are they loading up on USTs?

Because they see trouble ahead, and even a negative returning UST is safer (less evil) than a tanking S&P–and that’s exactly what the pros are bracing for/anticipating.

Waiting for a Market Bottom

In short: The big-boys are safe-havening today in negative-USTs so that they’ll have dry powder at hand to buy a pending and massive market bottom tomorrow.

Once they can buy a bottom, they too will dump Uncle Sam’s IOUs as the QE (along with inflation) kicks back to new highs thereafter.

And speaking of QE…

Backdoor QE: Coordinated and Synthetic Liquidity by Another Name

I have always endeavored to simplify the complex with big-picture common sense.

Toward this end, let’s keep it simple.

 And the simple truth is this: With US debt at unprecedented and unsustainable levels, it is a matter of national survival to prevent bond yields—and hence bond-driven rather than Fed- “set” interest rates–from spiking.

Such a natural, and bond-driven spike, after all, would make Uncle Sam’s embarrassing debt too expensive to function.

Survival vs. Debate

Thus, and to repeat: Keeping bond yields controlled is not a matter of pundit debate but national survival.

Since bond yields spike when bond prices fall, it is thus a matter of sovereign survival to keep national bond prices at reasonably high levels.

This, however, is naturally impossible when bond demand (and hence price) is naturally sinking.

This natural reality opens the door to the un-natural “solution” wherein central banks un-naturally print trillions (“synthetic demand”) to buy their own bonds/debt.

Of course, this game is otherwise known as QE, or “Quantitative Easing”–that ironic euphemism for un-natural, anti-capitalist, anti-free market and anti-free-price-discovery Wall Street socialism whose inflationary consequences cause Main Street feudalism.

In short: QE has backstopped a modern system of central-bank-created lords and serfs.

Which one are you?

See why Thomas Jefferson and Andrew Jackson feared a Federal Reserve, which is neither “federal,” nor a solvent “reserve.”

The ironies, they do abound…

How Can there be QE if the Headlines Say QT?

But the official narrative and headlines are still telling us only stories of QT (Quantitative Tightening) rather than QE, so what’s the problem?

Well, as with just about everything from CPI data and transitory inflation memes to recession re-defining, the official narrative is not always the truthful narrative…

In fact, back-door or “hidden QE” is all around us, from the Fed bailing out/funding repo markets and dead regional banks to central banks making secret deals behind the scenes.

Although it’s not officially QE when the central bank of one country is buying the IOUs (bonds) of another country, it is more than likely that leading central banks are acting in a coordinated way to “QE each other’s debt,” a system which former Fed official, Kathleen Tyson, describes as a “Daisy Chain.”

And if we look at the IMF’s own data, we can connect the dots of this Daisy Chain with relative (rather than tin-foil-hatted) clarity.

Since Q4 of 2022, for example, overall FX reserves are now up by over $340B, the equivalent of over $100B per month of central bank QE by another name.

Toward that end, the math is simple, with: 1) GBP reserves up 10% (no surprise given the gilt implosion of Oct. 2022), JPY reserves up nearly 8%, EUR reserves up 7% and USD reserves only up only 0.5%.

Not only does this look like backdoor QE masquerading as “building excess reserves,” it looks to me, at least, like a coordinated attempt by DXY central banks to collectively weaken the 2022 USD which Powell’s rate hikes had made painfully too high for the rest of the world, a fact/pivot of which we warned throughout 2022.

Since the above G7 policies kicked in, the USD has fallen 11% into 2023 as the other DXY currencies (JPY, EUR and GBP) gave themselves a little backdoor/QE boost.

It seems, in short, that the need for artificial liquidity in a world thirsty for USDs found a clever way to weaken the relative strength (and cost) of that USD (and confront/tame skyrocketing volatility in USTs) without overtly requiring Powell to mouse-click dollars from his own laptop.

Why Markets Rise into a Recession

This unofficial but likely coordinated play to constructively weaken the USD among the big boys helps explain why the S&P has been rising into 2023 despite open indicators that the country is itself marching toward a recession.

US Manufacturing data (ISM) is now at levels consistent with a recession…

Again: The ironies (and un-natural manipulations) abound.

Meanwhile, the Atlanta Fed’s GDPNow is down 1.5% from March’s 3.2% figure.

But hey, who needs growth, productivity, tax receipts or even a modicum of national economic health to keep a liquidity-supported stock market from defying reality—at least for now…

Waiting to Pay the Debt Piper…

Ultimately, of course, debt will get the last, cruel laugh, and with the US heading toward a deficit that is greater than 50% of GLOBAL GDP (!), I personally believe the Fed will need to return to its own money printer in a big way once this market charade ends in an historical “uh-oh” moment.

This seemingly inevitable return to mouse-click trillions (inflationary) will likely come after a deflationary implosion in equity assets currently supported by the foregoing tricks and fantasy rather than earnings and growth.

In the interim, and like those hedge fund jocks discussed above, we can only wait for things to get S&P ugly as gold, often sympathetic in the first hours of a market crash, rips toward all-time highs thereafter.

end

Banks that Put Up $30 Billion to “Rescue” First Republic May Have Been Trying to Rescue their Own Exposure to $247 Trillion in Derivatives

By Pam Martens and Russ Martens: April 27, 2023

Ever since 11 banks on March 16 donned the garb of heroic fire fighters, rushing to extinguish an inferno at a competitor bank before it spread further, we have been asking ourselves the question – why just this group of 11 banks.

We’re talking about the action on March 16 when 11 banks chipped in a total of $30 billion and bizarrely placed those funds as uninsured deposits into First Republic Bank – which was in full scale unraveling mode because of bond losses and – wait for it – too many uninsured deposits. Four banks contributed two- thirds of the total deposits with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo ponying up $5 billion each. Morgan Stanley and Goldman Sachs deposited $2.5 billion each; while BNY Mellon, State Street, PNC Bank, Truist and U.S. Bank each deposited $1 billion, together making up the other one-third of the $30 billion.

According to the Federal Deposit Insurance Corporation, as of December 31, 2022 there were 4,706 federally-insured commercial banks and savings associations in the U.S. The 11 banks rushing to “rescue” First Republic Bank represent less than a fraction of one percent of the total banks.

Banking in the U.S. is not particularly regarded as an altruistic industry. In fact, it frequently resembles a blood sport. So why this uncanny display of generosity to a competitor and why were just these 11 banks involved?

Yesterday, we had an epiphany. We pulled up the most recent table from the Office of the Comptroller of the Currency showing the 25 bank holding companies that have the largest exposure to derivatives. Sure enough, each of those 11 banks is on the list. (See page 19 at this link.) The data is as of December 31, 2022.

Equally noteworthy, the four banks that chipped in the giant sums of $5 billion each, control 58 percent of the total $247 trillion notional (face amount) in derivatives controlled by all 25 banks.

And if that wasn’t already plenty to raise one’s blood pressure, for many of these banks the dollar amount of derivatives is exponentially more than the total assets of the bank holding company. For example, SMBC Americas Holdings, Inc. has $34.6 billion in assets and $10.3 trillion in derivatives. (You can’t make this stuff up.)

It also caught our eye that three of the 25 banks on this list had their credit ratings impacted by the big action taken by Moody’s on April 21 when it downgraded the credit ratings of 11 banks on that date and put five more on negative watch. (See chart below.)

So let’s look back a little further at what was going on in terms of credit ratings during the two days just preceding that $30 billion display of goodwill toward First Republic Bank.

On Monday, March 13, Moody’s downgraded the entire U.S. banking system outlook to negative from stable. On that same date, a bank with ties to crypto customers, Metropolitan Commercial Bank, lost 44 percent of its market value and a California regional bank, Western Alliance Bancorp, lost 47 percent of its market value. By Wednesday morning, March 15, Dow futures were down more than 600 points just after 8:00 a.m. in New York; major banks in Europe had been temporarily halted from trading after steep selloffs; and Credit Suisse, with deep interconnections to the mega banks on Wall Street, had plunged to less than 2 bucks.

Also, on March 15, the Wall Street Journal ran this subhead: “JPMorgan, Bank of America, Citigroup and Wells Fargo have lost about $91 billion in market value over the past week,” indicating that the contagion had spread to the biggest banks.

To put it succinctly, the actions of those big derivative banks on March 16 might have had a lot more to do with white knuckles over the potential for this contagion to focus on the big derivative counterparty banks than a warm and fuzzy feeling toward First Republic Bank.

-END-

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

Craig Hemke…

Craig Hemke’s options price balancing successfully predicts Comex gold price

Submitted by admin on Thu, 2023-04-27 05:45Section: Daily Dispatches

4:43p ICT Thursday, April 27, 2023

Dear Friend of GATA and Gold:

Comex gold futures options levels seem to have predicted the closing price of the June Comex gold contract just as the TF Metals Report’s Craig Hemke said it would, “near or just below $1,990,” more evidence of market manipulation by the bullion banks that buy and sell the options.

But Hemke counsels against despair for gold investors, writing: 

“Even though there have now been criminal convictions for precious metals price manipulation, the bullion bank trading desks continue to attempt to manage price on a daily basis. Knowing this will allow you to better time your purchases of physical metal going forward.

“Additionally, you must understand that, even though the manipulation continues, prices can and will go higher regardless. Recall that Comex gold was $300 in 2003 and $1,100 in 2015. It’s now near $2,000 and the average annual gain in dollar terms this century is 9.3%.”

Hemke’s analysis is headlined “Comex Gold Options Update” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/COMEX-gold-options-update-april-26-2023

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

end

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

END

5.IMPORTANT COMMENTARIES ON COMMODITIES: EGGS

Eggflation Ends With Cal-Maine Shares Down The Most Since 2008

THURSDAY, APR 27, 2023 – 06:55 AM

On Tuesday, financial services firm Stephens Inc. lowered their rating of Cal-Maine Foods from overweight to equal weight, pointing to concerns about plunging wholesale egg prices as the reason. 

Stephens research analyst covering the consumer staples, food and agribusiness, and grocery/c-store sectors Ben Bienvenu said in a recent conference call with Urner Barry, a market research firm that tracks wholesale food prices, that wholesale egg price trends were “understandably more downbeat.”  

“When considering what’s currently playing out for eggs, we think it is best for us move to the sidelines on Cal-Maine as we think risk/reward is now more balanced,” the analyst said. 

Bienvenu is one of a handful of Wall Street analysts covering Cal-Maine. He said collapsing egg prices threaten to depress the earnings of the egg producer, which recorded revenue last quarter that was more than double the same period last year. Net income for the company jumped more than 700% to $323 million. 

Cal-Maine shares are down 19%, the most significant monthly plunge since September 2008. The analyst lowered his price target to $60 from $67. Shares currently trade around the $49 handle. 

On Feb. 6, we were the first to point out: We’ve Got Great News: Wholesale Egg Prices “Collapse.”At the time, the index of wholesale egg prices plunged from around $4.65 to $2.01. Now the index stands at .887 cents. 

Bienvenu said that a crucial factor for Cal-Maine investors to keep an eye on is the potential re-emergence of bird flu: 

“While there certainly could still be cases that arise, and that would negatively impact production and consequently result in higher prices, we think at this point it is prudent to no longer recommend putting new money to work in the space.”

Retail egg prices at supermarkets have already begun to slide after the worst avian flu outbreak ever devastated domestic egg-laying bird populations last year. 

Now comes egg deflation unless bird flu reemerges.  

end

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

 1.YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//,THURSDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED DOWN TO 6.9232

OFFSHORE YUAN: 6.9348

SHANGHAI CLOSED UP 21.78 POINTS OR 0.67%

HANG SENG CLOSED UP 83.01  PTS OR  0.42%

2. Nikkei closed UP 41.21  PTS OR 0.14% 

3. Europe stocks   SO FAR: ALL MIXED

USA dollar INDEX DOWN  TO  101.155 EURO FALLS TO 1.1036 DOWN 9 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.456Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 133.48 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK 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 INFINITE  TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion usa

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. 

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.4095***/Italian 10 Yr bond yield RISES to 4.296*** /SPAIN 10 YR BOND YIELD RISES TO 3.457…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.192

3j Gold at $1997.25 silver at: 25.00 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND  14 /100        roubles/dollar; ROUBLE AT 81.48//

3m oil into the 74 dollar handle for WTI and  77  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 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 133.48  10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .456% STILL ON CENTRAL BANK (JAPAN) INTERVENTION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8932 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9858 well 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: 3.458 UP 3 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.727 UP 4  BASIS PTS/

USA 2 YR BOND YIELD:  3.955  UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.43…

GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 3.7585

end

2.  Overnight:  Newsquawk and Zero hedge:

 2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

S&P Futures Rise Above 4,100 Propelled By Tech Earnings, Rate Hike Doubts

THURSDAY, APR 27, 2023 – 08:13 AM

US index futures gained on Thursday halting a two-day drop, led by the tech stocks, after Meta’s better-than-expected results helped mitigate investor concerns about the F(ailing)irst Republic Bank, economic outlook, inflation and monetary policy. S&P 500 futures traded just above 4,100, rising 0.7% as of 8:00 a.m. ET, while Nasdaq 100 futures rose 0.9%, extending Wednesday’s gains as the tech-heavy benchmark continues its outperformance of the broader market this year. According to JPM, “this week’s Equity performance highlights the divergence due to low market breadth” something we discussed yesterday. European stocks gained and were set to snap a three-day losing streak as Barclays, AstraZeneca and Unilever all rise after their respective updates. Asian markets were also green after a rebound in Chinese stocks. USD is weaker, longer-dated yields are higher, and commodities are mixed before US GDP and jobless claims to gauge the strength of the US economy. Yields on five-year notes dropped the most in a month on Tuesday, spurred by a wave of quant investors. The Federal Reserve’s preferred inflation gauge, the core PCE deflator, is due Friday.

In premarket trading, Meta jumped as much as 11%, helping fuel gains in Snap and Amazon, both of which report after the close. First Republic Bank rose 2.8% after tumbling 64% in the previous two sessions. Cryptocurrency-exposed stocks also rose in premarket as Bitcoin gained for a third consecutive day, inching toward the closely watched $30,000 mark. Here are all the notable pre-market movers:

• EBay rose as much as 3.1% after the e-commerce company forecast better-than-expected net revenue for the second quarter. Analysts noted that the company’s focus categories, which include refurbished products and collectibles, outperformed the rest of the marketplace.
• Eli Lilly & Co. shares are up 4% after the pharmaceutical company reported first-quarter revenue that beat expectations, with sales for its Mounjaro antidiabetic medication notably above the consensus estimate. It also raised its forecast.
• Electronic Arts shares dip 0.5% after BMO Capital Markets downgrades the video- game company to market perform from outperform. Analysts led by Gerrick Johnson say the UK Competition and Markets Authority’s decision to block Microsoft’s acquisition of Activision could have wider implications for consolidation in the video-game industry, a key component to their buy-rated thesis for Electronic Arts.
• Enovix falls 5.3% as analysts say the silicon-battery company is signaling a slower-than-expected ramp at its Fab-2 manufacturing facility.
• Impinj shares are down ~25% in premarket trading on Thursday, after the maker of radio- frequency identification chips gave a second-quarter forecast that is weaker than expected.
• Jefferies gains 9% after SMBC Group announced plans to raise its economic ownership in the US firm to up to 15% on an as converted and fully diluted basis.
• Meta Platforms rose as much as ~12% on Thursday, after the Facebook parent forecast second-quarter revenue that beat expectations.
• Mobileye fell as much as 18% on Thursday — poised for its worst session ever since its debut last year if those declines hold — after the software and hardware maker for cars cut its revenue guidance for the full year.
• Seres Therapeutics shares surge, set for their biggest gain in six months, after the developer of biological drugs received FDA approval for its therapeutics Vowst to prevent the recurrence of C. difficile Infection (CDI) in adults.
• Southwest Air shares are down ~4% after the company’s first-quarter results missed analysts’ estimates.
• Vornado Realty shares dropped as much as 13% after the owner of offices delayed its dividend and authorized up to $200 million in buybacks, a move which surprised analysts and prompted a downgrade from Piper Sandler.
• Wolfspeed shares drop as much as ~15% after the maker of semiconductors gave a revenue forecast for the fourth quarter that fell short of estimates. Analysts cut price targets amid the company’s challenges in ramping its Mohawk Valley manufacturing facility
• Cryptocurrency-exposed stocks rise as Bitcoin climbs for a third consecutive session, again inching toward the closely watched $30,000 mark. Hut 8 Mining +7.4%, Marathon Digital +5.7%

Coming on the heels of strong earnings from Microsoft, Meta’s results buoyed sentiment as investors weigh risks from banking-sector turmoil and the likelihood of a US recession. GDP and jobless claims data later on Thursday, as well as the core PCE deflator due on Friday, could provide further clues about the Federal Reserve’s likely interest-rate path. “Tech seems to be acting as somewhat of a haven trade,” said Michael Hewson, chief analyst at CMC Markets in London.

The potential for a tightening of credit conditions linked to the banking turmoil may prompt the Fed to adjust the pace of its interest-rate increases, Evercore ISI’s head of central bank strategy Krishna Guha wrote in a note, citing issues at First Republic Bank. The US regional lender faces potential curbs on borrowing from the Fed.

“We cannot rule out the possibility developments around First Republic could unfold in a manner that would lead the FOMC to skip May, while signaling a hike in June,” Guha said.

Europe’s Stoxx 600 is up 0.2% and looking to snap a three-day losing streak as Barclays, AstraZeneca and Unilever all rise after their respective updates. Sanofi’s profit topped stimates as the French drugmaker’s blockbuster therapy Dupixent gained market share. AstraZeneca’s profit also rose in the first quarter, helped by sales of its blockbuster oncology treatments. Deutsche Bank AG dropped after trading revenue disappointed.  Here are the biggest movers Thursday:

• SimCorp shares jump 39% to match the DKK735 price offered by Deutsche Börse to acquire the Danish financial software maker.
• Nel shares rally as much as 18%, most since July after posting 1Q results that Citi says are broadly supportive, noting that the Norwegian hydrogen equipment maker’s revenue beat consensus
• GN Store Nord jumps as much as 11% after the Danish hearing-aid and audio-equipment maker reported a strong set of earnings, with Handelsbanken highlighting a strong product launch in 4Q
• Unilever shares jump as much as 2% after the consumer-goods company reported underlying sales that beat estimates. Analysts said the results were good, highlighting better-than-expected volumes
• HelloFresh rises as much as 9.1% as the meal-kit company’s profitability beats estimates. Analysts say the firm is relying on a recovery in 2H as the toughest comparison of the year has now passed
• Barclays shares rise as much as 5.1% in early trading after the UK lender’s investment banking arm drove a first-quarter profit beat, which however was partially offset by a miss for costs
• Schneider Electric rises as much as 1.7% after the French maker of electrical products posted strong 1Q sales, as well as FY targets that RBC says imply higher consensus estimates
• STMicro shares fall by as much as 8.2% following second-quarter earnings. The strong results didn’t surprise after peer Infineon confirmed still-resilient demand for semiconductors earlier
• Tenaris shares fall as much as 6% in Milan after it flagged a sequential decline in sales and profit margins throughout 2023 which eclipsed positives from record 1Q sales and an earnings beat
• BASF shares slide as much as 4.6% after warning of a subdued demand outlook for its chemicals, though the firm reaffirmed its adjusted Ebit forecast for the year
• Universal Music Group drops as much as 6.9% with analysts saying a first-quarter beat was driven by less- predictable physical music sales, rather than the more recurring streaming line
• Deutsche Boerse shares fall as much as 7.5% as the German exchange operator announced the acquisition of Danish financial software firm SimCorp and reported an unimpressive 1Q beat

Pharmaceuticals are well-positioned to weather recession, according to Janet Mui, the head of market analysis at RBC Brewin Dolphin, who recommends shifting to defensives. “There has been some weakening in credit data which suggests it’s getting more difficult to get a loan,” Mui told Bloomberg TV. “This raises a chance of recession by the end of the year.”

Earlier in the session, Asian stocks rebounded as China markets extended gains, with investors digesting a slew of corporate earnings for clues on the recovery’s strength. The MSCI Asia Pacific Index erased losses to advance as much as 0.2%, set to snap a four-day losing streak. Ping An Insurance was among the biggest boosts after reporting a surge in its first-quarter profit as China’s rebound helped demand and investment returns. Financials hauled up mainland China and Hong Kong indexes in afternoon trading.   Markets in the region were mixed, with stocks also advancing in South Korea, Japan and Taiwan while indexes in Thailand and Singapore posted declines. Investors were focused on results including those from tech heavyweight Samsung Electronics, which reported worse-than-expected earnings but gave an upbeat outlook.

Investors also parsed earnings from Chinese lenders following the recent pullback in mainland equities that at one point wiped out $446 billion in market value in April. China Merchants Bank fell in Hong Kong after reporting a softer set of first-quarter results than analysts had expected. The recent rout may offer “a good opportunity for long-term investors” in reopening bets, according to Pruksa Iamthongthong, senior investment director of Asian equities at abrdn. “The market itself had moved very much ahead in terms of expectations so the pullback that we have seen in first quarter results is actually a good thing.

Japanese stocks closed slightly higher as investors continue to digest earnings from key corporates amid resurfaced concerns over US regional banks. The Topix rose 0.4% to close at 2,032.51, while the Nikkei advanced 0.1% to 28,457.68. Sony contributed the most to the Topix gain, rising 3.5% after UK regulators decided to block Microsoft’s purchase of Activision Blizzard. Out of 2,158 stocks in the Topix, 1,149 rose and 905 fell, while 104 were unchanged. “While Japanese stocks started the day lower on the back of weaker US market, earnings results from major tech companies were good,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities. The market is in a “wait-and-see mood” ahead of the BOJ meeting tomorrow, where the focus will be on inflation outlook, he said.

Australian stocks declined for a 5th straigh session, with the S&P/ASX 200 index falling 0.3% to close at 7,292.70. Banks and health shares contributed most to the benchmark’s decline. The drop comes after US shares fell for a second day as concern over American regional banks outweighed better-than-expected technology earnings. In New Zealand, the S&P/NZX 50 index fell 0.1% to 11,918.22

Stocks in India surged for sixth consecutive session as investors remain optimistic of earnings recovery after initial disappointment from top technology names. The S&P BSE Sensex Index rose 0.6% to 60,649.38 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. The gauges have risen more than 1% this week as earnings season rolls out. Software makers Wipro and Tech Mahindra will be reporting earnings for the March quarter later on Thursday. Hindustan Unilever disappointed with lower than expected profit on account of weaker margins as the FMCG major struggles to increase sales volumes. Infosys contributed the most to the Sensex’s gain, increasing 1.5%. Out of 30 stocks in the index, 23 rose and seven fell.

In FX, the Bloomberg Dollar Spot Index slipped 0.1% while the Treasury two-year yield fell one basis point to 3.94% ahead of key US jobless claims and GDP data. Risk-sensitive currencies including the New Zealand dollar and Scandinavian currencies outperformed other Group-of-10 peers amid improving risk appetite. “With the Federal Reserve nearing the end of its rate-hiking cycle, we continue to expect the global macro outlook to translate into an unwinding of previous USD overvaluation over the medium term,” Bank of American strategists wrote in a note

• The Yen was little changed at 133.69 per dollar after former Bank of Japan Governor Masazumi Wakatabe said there is a possibility that the central bank will change the wording of its forward guidance without adjusting its easing bias at the end of its policy meeting Friday. “There’s thin trading ahead of the BOJ decision tomorrow, and likely some technical pullbacks on the dollar which allows currencies like the kiwi to gain,” said Mingze Wu, an FX trader at StoneX Group
• EUR/USD little changed around 1.1047 after rising to 1.1095, highest for more than a year, on Wednesday. Recent rally was “testament to how markets seem to favour the euro among other currencies in instances when the dollar falls on the back of Fed dovish repricing and US banking concerns,” according to ING Bank strategist Francesco Pesole. A break above $1.1100 could trigger another substantial rally in the pair, he added
• GBP/USD fell 0.2% to 1.2442 in quiet trade, holding close to its highest level in nearly two weeks. The pound could see a slow move higher given that a less downbeat view of the UK economy has boosted speculative flows into the currency, according to HSBC. “Encouraging activity data, higher rates from the BoE, and a market which is not stretched in terms of positioning should offer further upside,” its strategists wrote in a note
• USD/CHF rose 0.3%
• NZD/USD climbed 0.4% to 0.6142; AUD/USD rose 0.1% to 0.6608

In rates, Treasuries were mixed, slightly cheaper at long-end of the curve where 20- and 30-year yields are up ~1bp vs Wednesday’s close following similar shift in German curve. US 10-year yields around 3.45%, little changed on the day, outperforming bunds slightly in the sector. German 10-year yields are up 3bps. The Treasury auction cycle concludes with $35b 7-year note sale; 2- and 5-year auctions produced good demand metrics. WI 7-year yield at 3.475% is ~15bp richer than last month’s, which tailed by 1.1bp.

In commodities, Crude futures advance with WTI up 0.3% to trade near $74.50 after a Wednesday fall. Gold traded near the highest level in a week and Bitcoin resumed an advance. Hong Kong Securities and Futures Commission chief said will issue crypto exchange guidelines in May.

Focal points of US session include weekly jobless claims and 1Q GDP estimate, followed by 7-year note auction at 1pm New York time. Economic data includes initial jobless claims and 1Q GDP estimate (8:30am), March pending home sales (10am) and April Kansas City Fed manufacturing activity (11am). Fed slate remains blank with members in communication blackout period ahead of May 3 policy announcement. On the earnings side, today’s releases include Amazon, Mastercard, Eli Lilly, and Intel.

Market Snapshot

• S&P 500 futures up 0.5% to 4,096.00
• MXAP up 0.2% to 160.08
• MXAPJ up 0.2% to 511.87
• Nikkei up 0.1% to 28,457.68
• Topix up 0.4% to 2,032.51
• Hang Seng Index up 0.4% to 19,840.28
• Shanghai Composite up 0.7% to 3,285.89
• Sensex up 0.4% to 60,556.84
• Australia S&P/ASX 200 down 0.3% to 7,292.75
• Kospi up 0.4% to 2,495.81
• STOXX Europe 600 up 0.2% to 463.95
• German 10Y yield little changed at 2.43%
• Euro up 0.1% to $1.1057
• Brent Futures up 0.6% to $78.12/bbl
• Gold spot up 0.5% to $1,999.36
• U.S. Dollar Index down 0.11% to 101.36

Top Overnight News

• China’s industrial firms’ profits shrank at a slightly slower pace in January-March but the decline remained in the double-digits as the economy struggled to fully recover despite the country’s exit from its zero-COVID policy. In March alone, profits for the sector fell 19.2%, according to the data by the NBS which only occasionally discloses monthly figures. RTRS
• Former BOJ Deputy Governor Masazumi Wakatabe said there is a possibility that the central bank will change the wording of its forward guidance without adjusting its easing bias at the end of its policy meeting Friday. BBG
• Deutsche Bank and Barclays buoyed the market with solid results. The German firm posted its strongest top line since 2016, as a 35% jump in revenue at the corporate bank more than offset a 17% slide in fixed income trading. It laid out plans to cut about 800 senior back-office staff. DWS signaled recovery, with net inflows of €5.7 billion. Barclays beat as its trading helped offset a drop in dealmaking. Fixed income sales unexpectedly rose 9%, outweighing a slump in equities. BBG
• Russian Deputy Prime Alexander Novak said on Thursday the OPEC+ group of leading oil producers saw no need for further output cuts despite lower-than-expected Chinese demand, but that the organization can always adjust policy if necessary. RTRS
• Germany is in talks to limit the export of chemicals to China that are used to manufacture semiconductors, people familiar said. Such a step would limit German companies like Merck and BASF from selling some of their semiconductor chemicals to China. Merck’s products or services are found in almost every single chip in the world, while BASF is a market leader in Europe and Asia. BBG
• UniCredit will exercise the option to redeem an AT1 bond early in the first major test for such calls since the wipeout of $17.3 billion of Credit Suisse notes. It’ll repay the €1.25 billion note at face value June 3. Its price jumped 1.8 cents to around 100.2 cents on the euro, based on data compiled by Bloomberg. There’s been doubt over whether banks would follow convention and exercise AT1 calls as the cost of issuing replacement bonds jumped after the writedown. BBG
• Opec accused the International Energy Agency on Thursday of stoking “volatility” in energy markets, in an intensifying war-of-words between oil producers and consumers. FT
• Florida Gov. Ron DeSantis is poised to jump into the presidential fray as soon as mid-May, four GOP operatives familiar with the conversations told NBC News. NBC News
• SMBC plans to triple its stake in Jefferies to as much as 15%. SMBC’s $2.25 billion financing in 2021 and investments will, at current market prices, result in a financial commitment to Jefferies of about $3.4 billion. SMBC will be responsible for credit products and debt capital markets, while Jefferies will be responsible for M&A and equity capital markets in the expanded alliance. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed with most of the major indices subdued amid the banking sector headwinds in the US and as participants digested a deluge of earnings releases and quarterly performance updates. ASX 200 declined with the index pressured in early trade by weakness in the mining-related industries after a recent decline in underlying commodity prices and with gold miners hit after lower output and sales by Newcrest Mining and Northern Star Resources. Nikkei 225 was cautious as headlines were dominated by earnings and as the BoJ began its 2-day meeting. KOSPI was indecisive after earnings from index heavyweight Samsung Electronics which topped the preliminary release but confirmed an over-95% drop in its operating profit. Hang Seng and Shanghai Comp were somewhat mixed during the session with the biggest movers in Hong Kong driven by earnings releases, while the mainland was mildly underpinned by support measures after China’s State Council unveiled a plan to stabilise employment and will support financial institutions to offer loans to businesses for expanding and stabilising jobs.

Top Asian News

• Chinese Vice Human Resources Minister said China’s employment situation is under pressure and employment pressure of college graduates remains very large, while they will strive to achieve the job creation target this year, according to Reuters.
• China’s borrowing costs are seen to remain low in Q2 and banks are expected to lower interest rates for loans and deposits, according to China Securities Journal.
• US President Biden said his desire to increase manufacturing jobs in America is not about China and his policy is designed to preserve US access to semiconductors, not to hurt China.

European bourses are relatively contained but with an underlying positive skew, Euro Stoxx 50 +0.3%, with broader macro developments light and focus largely on earnings. On this, sectors are somewhat mixed with Autos/Parts outperforming after Michelin, Continental and Hella updates; Personal Care, Drug & Grocery is firmer following Unilever while Media names lag given poorly received UMG and WPP metrics. Stateside, futures are in the green with the NQ +0.9% once again leading after Meta’s Q1 report with numerous heavyweights due on today’s docket including AMZN. Meta (META) – Q1 2023 (USD): EPS 2.20 (exp. 2.03), Revenue 28.65bln (exp. 27.65bln). AI recommendations have increased time spent on Instagram by 24%, and added they are no longer behind in AI infrastructure. +11% in pre-market trade.

Top European News

• Deutsche Boerse to Buy SimCorp in $4.3 Billion Software Push
• Advent Seeks New Investor for £4 Billion Repair Firm Rubix
• The Hard Part for Xi Starts Now After Finally Calling Zelenskiy
• SES Imagotag Shares Surge on New Contract With Walmart
• Glencore Bolsters Aluminum Position in $1.1 Billion Deal

FX

• Greenback grinds higher ahead of US GDP and IJC, DXY on a firmer footing between 101.280-510 parameters after the 101.00 test yesterday.
• Kiwi and Aussie outperform as NZD/USD probes 0.6150 and AUD/USD defends 0.6600 again.
• Euro pivots 1.1050 amidst more decent option expiry interest, but capped ahead of the new 2023 high just shy of 1.1100.
• Yen and Franc undermined by higher UST yields as USD/JPY eyes 134.00 beyond 50 DMA and USD/CHF hovers above 0.8900.
• PBoC set USD/CNY mid-point at 6.9207 vs exp. 6.9197 (prev. 6.9237).

Fixed Income

• EGBs bounce off deeper lows as BTPs breathe a sigh of relief after Italian auctions and Bunds take on board mostly weaker EZ sentiment indicators.
• 10 year benchmarks just shy of 114.00 and above 134.50 respectively vs 134.19 and 113.57 at worst.
• Gilts pare losses within 101.05-44 range amidst lengthy month-end duration.
• T-note nearer 115-06+ overnight low vs 115-17+ high ahead of US GDP, IJC and 7 year supply.

Commodities

• WTI and Brent June futures consolidate following yesterday’s losses, with WTI on either side of USD 74.50/bbl and Brent oscillating around USD 78/bbl.
• Spot gold sees modest gains and largely mirrors Dollar action, but the yellow metal remains underpinned by banking woes.
• Base metals are mixed amid the overall cautious tone and a lack of catalysts in the European morning.
• Russian Deputy PM Novak says OPEC+ sees no need for further output reductions despite lower than expected Chinese demand.
• OPEC Secretary General says OPEC and OPEC+ are not targeting oil prices; IEA should be very careful about “further undermining” oil industry investments.
• China is to increase energy and agriculture imports, according to China’s MOFCOM.

Geopolitics

• Ukrainian President Zelensky said after the call with Chinese President Xi that there will be no peace at the expense of territorial compromises.
• US President Biden said the US and South Korea are standing against economic leverage being used in coercive ways and said that North Korean actions are a blatant violation of sanctions, while they will continue to seek diplomacy with North Korea to bolster stability in the region and warned that a North Korean nuclear attack would result in the end of whatever regime took such an action. Furthermore, South Korean President Yoon said the US and South Korea have agreed on an unprecedented expansion and strengthening of deterrence policy on North Korea.
• China’s Defence Minister General Li Shangfu has landed in Delhi to attend the Shanghai Cooperation Organisation Defence Ministers’ Meeting; a bilateral meeting is scheduled for today later in the evening, according to Print India.
• Military object found in Poland was likely not fired from another nation, and probably belongs to the Polish army, via RMF citing “unofficial information”.
• Russian Kremlin says it would welcome a call between Chinese President Xi and Ukraine President Zelenskiy if it brought the end of conflict closer; still needs to achieve its aims in Ukraine. President Putin will hold a call with Turkish President Erdogan later today.

US Event Calendar

• 08:30: 1Q GDP Annualized QoQ, est. 1.9%, prior 2.6%
• 08:30: 1Q Personal Consumption, est. 4.0%, prior 1.0%
• 08:30: 1Q GDP Price Index, est. 3.7%, prior 3.9%
• 08:30: 1Q PCE Core QoQ, est. 4.7%, prior 4.4%
• 08:30: April Initial Jobless Claims, est. 248,000, prior 245,000
• 08:30: April Continuing Claims, est. 1.87m, prior 1.87m
• 10:00: March Pending Home Sales YoY, est. -20.7%, prior -21.1%
• 10:00: March Pending Home Sales (MoM), est. 0.8%, prior 0.8%
• 11:00: April Kansas City Fed Manf. Activity, est. -2, prior 0

DB’s Jim Reid concludes the overnight wrap

There’s been a bit of a tug-of-war in markets over the last 36 hours between the dominance of US tech pulling aggressively on one side against the still shaky foundations of US regional banks on the other. The tech side dominated for most of yesterday but risk dipped through the latter part of the US session with the S&P 500 closing down -0.42%, whilst yields on 10yr Treasuries were up +4.9bps to 3.449%. Meta’s positive after the bell earnings have helped again overnight but the battle is set to continue. Amazon, Intel and Mastercard headline earnings today. Q1 US GDP and initial claims are the data highlights with the latter still low historically but edging up slowly since February and now flirting with 18-month highs. So certainly one to watch over the next few weeks. With Q1 US GDP, DB’s preview link here suggests +1.9% real growth (down 0.3pp from our last estimate) but with most of the gains down to the consumer but likely slowing as the quarter progressed.

Back to markets and First Republic (-29.88%) remained in the spotlight for a second-day running, and at one point intraday was even down as much as -41%. The latest moves took the share price down to an all-time low of $5.69, and at one point the bank’s market capitalisation fell beneath $1bn, down from an all-time high of $39.73bn. In terms of the latest developments, CNBC reported that advisers to First Republic were trying to persuade the big US banks to purchase bonds at above-market rates, similar to how the group of 11 larger firms agreed to deposit $30bn at First Republic at the height of the turmoil last month. According to the article, the rationale for those banks would be that the loss of a few billion would be less than the $30bn in FDIC fees if First Republic failed. The report also said that if they manage to persuade the larger banks of this plan, then they were confident others would help recapitalise the bank, with potential purchasers of new stock already lined up. Later in the session, there were additional reports that indicated that the FDIC was considering downgrading their rating of First Republic if they are not able to reach a private deal. The downgrade would limit the bank’s ability to fully utilise the Fed’s discount window and the emergency facility that the Fed started last month. This caused tremors throughout the market, causing a dip in risk sentiment more broadly as well.

When it comes to the question of any government intervention, CNBC reported that the US weren’t willing to intervene at this stage. However, there’s still concern among market participants that the turmoil we saw last month could flare back up again. At the lows yesterday, there were growing questions being asked about whether the Fed would even be able to pursue another hike if the turmoil flared up again, and futures lowered the chances of a May hike beneath 75%. By the close that was back up to just under 80%, but the moves speak to the fact that any financial turmoil could stop the Fed in its tracks.

With First Republic reverting to close nearer its lows for the day, the KBW Bank index (-1.03%) registered its 5th consecutive decline. That came alongside a broader drop among US equities, with the S&P 500 dropping -0.38%. 20 of the 24 GICS 2 industry groups were lower on the day with the exceptions being led by software (+4.17%) following the results from Microsoft (+7.24%). After the close, we then heard from Meta (+11.6% in after-market trading) who beat on revenues and profits while also seeing greater engagement and forecasting higher-than-expected profits this year. The day’s tech gains caused the NASDAQ (+0.47%) and the FANG+ (+1.97 %) to outperform. Back in Europe, there were bigger losses and the STOXX 600 fell -0.83%, but that reflected a catchup with the US selloff from the previous day.

With investors reacting to better-than-expected earnings from big tech on the one hand, alongside the ongoing banking issues on the other, sovereign bonds oscillated throughout the session. Eventually there was a steeping in yield curves as yields on 10yr Treasuries were up +4.9bps to 3.449%, while 2yr yield saw a -0.3bps decrease to 3.951%. Over in Europe, those on 10yr bunds (+1.3bps) and OATs (+1.5bps) saw a modest increase too.

When it comes to sovereign bond yields, investors are continuing to keep a close eye on debt ceiling developments as we move closer to the summer x-date. Notably, yesterday saw the 3m Treasury bill yield hit a post-2007 high of 5.108%. By contrast, the fact that 1m and 6m bill yields are still some way beneath their recent peaks speaks to the concern at the 3m horizon coinciding with the x-date and doubts around how and when investors will be paid. House Speaker McCarthy had made some small changes to his proposal in order to bring it to a vote overnight which passed with a 217-215 margin in the House but has no chance of getting through the Senate. President Biden told reporters ahead of that vote, that he was open to sitting down with McCarthy but “not on whether or not the debt limit gets extended.”

Overnight in Asia, stocks are mixed but with US equity futures being buoyed by Meta’s earnings. However Samsung’s disappointing results this morning are weighing on tech sectors of key bourses in the region, with the Nikkei (-0.27%) among the key laggards. The Hang Seng TECH index is down -0.84% so far. Elsewhere, the picture is more mixed amid a rally in the Shanghai composite (+0.20%) and an almost flat Hang Seng (+0.08%) and Kospi (+0.00%). By contrast, the S&P 500 (+0.22%) and Nasdaq 100 (+0.50%) futures are higher again.

On the data side yesterday, there weren’t a massive number of releases, although the preliminary reading of US durable goods orders for March surprised on the upside. That showed an increase of +3.2% (vs. +0.7% expected), and the ex-transportation reading was also up +0.3% (vs. -0.2% expected). That said, the reading for core capital goods orders surprised on the downside with a -0.4% decline (vs. -0.1% expected), and the previous month’s number was revised down six-tenths to show a larger -0.7% contraction.

To the day ahead now, and data releases from the US include the Q1 GDP number, the weekly initial jobless claims, and pending home sales for March. From central banks, we’ll hear from the ECB’s Panetta. And on the earnings side, today’s releases include Amazon, Mastercard, Eli Lilly, and Intel.

2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT

Earnings deluge dominates with NQ leading post-META, +11% pre-market – Newsquawk US Market Open

THURSDAY, APR 27, 2023 – 06:16 AM

• European bourses are relatively contained but with an underlying positive skew after a deluge of earnings.
• NQ outperforms post-META (+11% pre-market) with AMZN, among others, ahead.
• DXY edges above 101.50 with antipodeans outperforming while JPY and CHF are undermined by yields.
• EGBs remain subdued but have bounced off initial lows post-supply, USTs in-fitting pre-7yr/GDP
• Crude consolidates with metals mixed overall given the contained European tone and USD upside.
• Looking ahead, highlights include US GDP & PCE Prices Advance, CBRT Policy Announcement, Speech from ECB’s Panetta, Supply from the US. Earnings from Amazon, AbbVie Exxon, Mastercard, Linde, Lilly, T-Mobile, and Altria.

View the full premarket movers and news report. 

Or why not try Newsquawk’s squawk box free for 7 days?

EUROPEAN TRADE

EQUITIES

• European bourses are relatively contained but with an underlying positive skew, Euro Stoxx 50 +0.3%, with broader macro developments light and focus largely on earnings.
• On this, sectors are somewhat mixed with Autos/Parts outperforming after Michelin, Continental and Hella updates; Personal Care, Drug & Grocery is firmer following Unilever while Media names lag given poorly received UMG and WPP metrics.
• Stateside, futures are in the green with the NQ +0.9% once again leading after Meta’s Q1 report with numerous heavyweights due on today’s docket including AMZN.
• Meta (META) – Q1 2023 (USD): EPS 2.20 (exp. 2.03), Revenue 28.65bln (exp. 27.65bln). AI recommendations have increased time spent on Instagram by 24%, and added they are no longer behind in AI infrastructure. +11% in pre-market trade
• Click here and here for the European earnings, highlights include: AstraZeneca, Barclays, Unilever, TotalEnergies, Deutsche Bank, BASF, STMicroelectronics, Evolution, UMG and many more.
• Click here for more detail.

FX

• Greenback grinds higher ahead of US GDP and IJC, DXY on a firmer footing between 101.280-510 parameters after the 101.00 test yesterday.
• Kiwi and Aussie outperform as NZD/USD probes 0.6150 and AUD/USD defends 0.6600 again.
• Euro pivots 1.1050 amidst more decent option expiry interest, but capped ahead of the new 2023 high just shy of 1.1100.
• Yen and Franc undermined by higher UST yields as USD/JPY eyes 134.00 beyond 50 DMA and USD/CHF hovers above 0.8900.
• PBoC set USD/CNY mid-point at 6.9207 vs exp. 6.9197 (prev. 6.9237).
• Click here for more detail.
• Click here for the notable FX expiries for today’s NY cut.

FIXED INCOME

• EGBs bounce off deeper lows as BTPs breathe a sigh of relief after Italian auctions and Bunds take on board mostly weaker EZ sentiment indicators.
• 10 year benchmarks just shy of 114.00 and above 134.50 respectively vs 134.19 and 113.57 at worst.
• Gilts pare losses within 101.05-44 range amidst lengthy month-end duration.
• T-note nearer 115-06+ overnight low vs 115-17+ high ahead of US GDP, IJC and 7 year supply.
• Click here for more detail.

COMMODITIES

• WTI and Brent June futures consolidate following yesterday’s losses, with WTI on either side of USD 74.50/bbl and Brent oscillating around USD 78/bbl.
• Spot gold sees modest gains and largely mirrors Dollar action, but the yellow metal remains underpinned by banking woes.
• Base metals are mixed amid the overall cautious tone and a lack of catalysts in the European morning.
• Russian Deputy PM Novak says OPEC+ sees no need for further output reductions despite lower than expected Chinese demand.
• OPEC Secretary General says OPEC and OPEC+ are not targeting oil prices; IEA should be very careful about “further undermining” oil industry investments.
• China is to increase energy and agriculture imports, according to China’s MOFCOM.
• Click here for more detail.

DATA RECAP

• EU Consumer Confidence. Final (Apr) -17.5 vs. Exp. -17.5 (Prev. -17.5, Rev. -19.1)
• EU Consumer Inflation Expectations (Apr) 15.1 (Prev. 18.9, Rev. 18.8); Selling Price Expectations (Apr) 12.0 (Prev. 18.7, Rev. 18.1)

NOTABLE US HEADLINES

• White House said US President Biden has made it clear that the Republican bill has no chance of becoming law and he will never force middle-class and working families to bear the burden of tax cuts for the wealthiest. It was also earlier reported that President Biden said he is happy to meet with US House Speaker McCarthy but not on whether the debt limit gets extended which he said is not negotiable.
• US House voted 217 vs 215 to narrowly pass the Republican debt ceiling bill, which aims to spark negotiations with US President Biden on avoiding a default, according to Reuters.
• Click here for the US Early Morning Note.

GEOPOLITICS

• Ukrainian President Zelensky said after the call with Chinese President Xi that there will be no peace at the expense of territorial compromises.
• US President Biden said the US and South Korea are standing against economic leverage being used in coercive ways and said that North Korean actions are a blatant violation of sanctions, while they will continue to seek diplomacy with North Korea to bolster stability in the region and warned that a North Korean nuclear attack would result in the end of whatever regime took such an action. Furthermore, South Korean President Yoon said the US and South Korea have agreed on an unprecedented expansion and strengthening of deterrence policy on North Korea.
• China’s Defence Minister General Li Shangfu has landed in Delhi to attend the Shanghai Cooperation Organisation Defence Ministers’ Meeting; a bilateral meeting is scheduled for today later in the evening, according to Print India.
• Military object found in Poland was likely not fired from another nation, and probably belongs to the Polish army, via RMF citing “unofficial information”.
• Russian Kremlin says it would welcome a call between Chinese President Xi and Ukraine President Zelenskiy if it brought the end of conflict closer; still needs to achieve its aims in Ukraine. President Putin will hold a call with Turkish President Erdogan later today.

CRYPTO

• Hong Kong Securities and Futures Commission chief said will issue crypto exchange guidelines in May.

APAC TRADE

• APAC stocks traded mixed with most of the major indices subdued amid the banking sector headwinds in the US and as participants digested a deluge of earnings releases and quarterly performance updates.
• ASX 200 declined with the index pressured in early trade by weakness in the mining-related industries after a recent decline in underlying commodity prices and with gold miners hit after lower output and sales by Newcrest Mining and Northern Star Resources.
• Nikkei 225 was cautious as headlines were dominated by earnings and as the BoJ began its 2-day meeting.
• KOSPI was indecisive after earnings from index heavyweight Samsung Electronics which topped the preliminary release but confirmed an over-95% drop in its operating profit.
• Hang Seng and Shanghai Comp were somewhat mixed during the session with the biggest movers in Hong Kong driven by earnings releases, while the mainland was mildly underpinned by support measures after China’s State Council unveiled a plan to stabilise employment and will support financial institutions to offer loans to businesses for expanding and stabilising jobs.

NOTABLE ASIA-PAC HEADLINES

• Chinese Vice Human Resources Minister said China’s employment situation is under pressure and employment pressure of college graduates remains very large, while they will strive to achieve the job creation target this year, according to Reuters.
• China’s borrowing costs are seen to remain low in Q2 and banks are expected to lower interest rates for loans and deposits, according to China Securities Journal.
• US President Biden said his desire to increase manufacturing jobs in America is not about China and his policy is designed to preserve US access to semiconductors, not to hurt China.

DATA RECAP

• Chinese Industrial profit YTD (Mar) -21.4% (Prev. -22.9%); YY (Mar) -19.2%
• New Zealand ANZ Business Outlook (Apr) -43.8% (Prev. -43.4%); Own Activity (Apr) -7.6% (Prev. -8.5%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

THURSDAY MORNING/WEDNESDAY NIGHT

SHANGHAI CLOSED UP 21.78 PTS OR 0.67%  //Hang Seng CLOSED UP 83.01 POINTS OR  0.42%      /The Nikkei closed UP 83.01 PTS OR 0.42%  //Australia’s all ordinaries CLOSED DOWN 0.28 %   /Chinese yuan (ONSHORE) closed DOWN TO 6.923/OFFSHORE CHINESE YUAN DOWN  TO 6.9348 /Oil DOWN TO 74.29 dollars per barrel for WTI and BRENT AT 77.94 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN/

END

3 CHINA /

CHINA/TAIWAN

“The Smell Of Intimidation”: Taiwanese Writer Reported Missing In China Has Been Detained In National Security Crime Investigation

WEDNESDAY, APR 26, 2023 – 10:20 PM

Less than a month after a WSJ reporter was detained in Russia due to alleged spying, on Wednesday Chinese authorities whipped out an identical playbook and said that a Taiwanese publisher reported missing while visiting Shanghai was under investigation for suspected national security crimes, AFP reported.

Li Yanhe, the editor-in-chief of Gusa Publishing, is “under investigation by national security organs on suspicion of engaging in activities endangering national security,” Zhu Fenglian, spokeswoman for Beijing’s Taiwan Affairs Office, told a press conference. “The relevant parties will protect (Li’s) legitimate rights and interests in accordance with the law,” she said.

Activists and Taiwan-based journalists had raised the alarm on Li’s disappearance, with dissident Chinese poet Bei Ling writing in a Facebook post last week that Li was believed to have been “secretly detained” in Shanghai while on a visit to see family last month.

Li’s Gusa Books has published books on history and politics critical of China’s ruling Communist Party, including a history of alleged Chinese oppression in the western region of Xinjiang and a title on Beijing’s global propaganda efforts.

China’s broadly-worded national security law forbids any engagement in “separatist activities” and “subversion”, among other actions deemed threatening to the state.

Chinese authorities had previously jailed Taiwanese democracy activist Lee Ming-che for five years on a national security conviction before his release last year.

In 2015, five Hong Kong booksellers offering gossip-filled tomes about China’s leaders vanished — including one from Thailand — before resurfacing in mainland custody making “confessions”.

Beijing has ramped up pressure on Taiwan since the 2016 election of President Tsai Ing-wen — who regards the island as an independent nation and not part of “one China” — including by arresting several Taiwanese nationals.

Beijing’s confirmation of Li’s detention comes a day after Chinese authorities formally pressed secession charges against Taiwanese activist Yang Chih-yuan, leader of a minor political party advocating for the island’s formal independence.

Chiu Tai-san, head of the Mainland Affairs Council, Taiwan’s top policy-making body on China, warned on Wednesday of “long-arm jurisdiction” by Beijing.

“There is the smell of intimidation in this and it’s a show of suppression by them,” Chiu said at a parliament session, adding that Taiwanese authorities were “offering necessary assistance” to Li and Yang’s families. Local media also quoted Chiu as saying that Li’s mother, sister and wife have been “warned” by Chinese authorities, without elaborating.

China claims self-ruled Taiwan as its territory and has vowed to seize it one day, by force if necessary.

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

GERMANY/CHINA

Germany mulls chip- chemical export controls to China as the tech war heats up

(zerohedge)

Germany Mulls Chip Chemical Export Controls To China As Tech War Heats Up

THURSDAY, APR 27, 2023 – 07:45 AM

Whether the conversations have been about Chinese spy balloons or AI breakthroughs, Western nations and China are increasingly ramping up a “tech war.” The latest development emerges from Germany, as Berlin contemplates restricting exports of chemicals to Chinese firms, which are essential for producing advanced semiconductors. 

Bloomberg reports that Chancellor Olaf Scholz’s government is considering new measures that would restrict German companies like Merck KGaA and BASF SE from exporting some of their chemicals to China for advanced semiconductor production. 

Scholz and Economy Minister Robert Habeck are falling in line with other European countries, such as the Netherlands, to ensure Beijing’s development of advanced chip technology is halted. 

In March, the Netherlands became embroiled in political tensions between the US and China by announcing plans to move ahead with export controls on “advanced” semiconductor manufacturing equipment. The tiny European nation is home to ASML, one of the world’s top manufacturers of semiconductors machines.

Bloomberg said talks concerning German export controls are still in the early stages, and lawmakers understand any final decision could severely damage relations with Beijing. 

“Habeck, who is also the vice-chancellor, has advised officials in his department to work on a toolbox of measures to strengthen Germany’s economic resilience in certain areas and reduce one-sided dependencies on China. The idea of imposing export controls on chip chemicals is part of these deliberations,” sources said. 

“The quickest and most practical way to implement such export controls would be to put the respective goods and services on Germany’s national dual-use list,” the sources continued, adding that other approaches via international lists and treaties would probably take too long.

Export restrictions could be imposed on goods that have the potential to be used for both civilian and military purposes. The purpose of these dual-use lists is to prevent China from making advanced weaponry with Western materials or chip technology. 

Bloomberg pointed out that export controls on supplies from Merck and BASF could disrupt Chinese supply chains for developing advanced chip technologies. 

It appears now the Biden administration is pressing numerous European countries to help stop China from further developing its chip industry. In October, the US unveiled export curbs, blocking multiple chip technologies from being acquired by Chinese companies. 

Washington prohibited US companies Applied Materials Inc., Lam Research Corp., and KLA Corp from exporting some chips to China. Japan’s Tokyo Electron Ltd. and ASML would be critical in the West’s move to restrict chip products to China.

The technology war between the US and China is heating up as numerous European countries are aligning with Washington to ensure the West maintains its supremacy in global technological developments. 

And by the way, China is beginning to hit back. 

end 

FRANCE

Free speech is eroding in France

(zerohedge)

Macron Gives ‘Le Doigt’ To Free Speech: Protesters To Be Prosecuted For Flipping-Off French President

THURSDAY, APR 27, 2023 – 05:00 AM

Authored by Jonathan Turley,

Five years ago, I wrote a column criticizing Democratic and Republican members of Congress who joined the media in gushing over an address from French President Emmanuel Macron as he called for European style censorship. Free speech has been in a virtual free fall in France for decades and Macron is a major voice in that movement.

This week, the French added another outrage to Macron’s legacy by promising to prosecute three citizens who protested the President by flipping him off at an event. The use of “Le Doigt” could now land them in “La Prison.”

The three will be prosecuted under France’s abusive criminal code that allows for the arrest of those who engage in speech that “affect the personal dignity or the respect owed to a public official.” It is a breathtaking denial of political speech and invites selective prosecution.

If convicted, they could face a fine of 15,000 euros and potentially up to one year in prison, according to La Chaîne Info. 

Macron has hit a record low in polling, but his government will now enforce respect for him through threats of incarceration.

France has been a leader in the rollback on free speech in the West with ever widening laws curtailing free speech. These laws criminalize speech under vague standards referring to “inciting” or “intimidating” others based on race or religion. For example, fashion designer John Galliano has been found guilty in a French court on charges of making anti-Semitic comments against at least three people in a Paris bar. At his sentencing, Judge Anne Marie Sauteraud read out a list of the bad words used by Galliano to Geraldine Bloch and Philippe Virgitti, including using ‘dirty whore” in criticism.

In another case, the father of French conservative presidential candidate Marine Le Pen was fined because he had called people from the Roma minority “smelly.” A French mother was prosecuted because her son went to school with a shirt reading “I am a bomb.”

A French teenager was charged for criticizing Islam as a “religion of hate.”

Yet, our leaders (and many in the media) were ecstatic when Macron came to the Congress and called for a joint war against “fake news,” declaring, “Democracy is about true choices and rational decisions. The corruption of information is an attempt to corrode the very spirit of our democracies.”

Nothing says Democracy like jailing those who do not show you respect.

The anti-free speech wave has now reached our own shores and many like Hillary Clinton have even called on Europeans to censor Americans on social media if Twitter or other companies fail to do so.

Many have argued (falsely) that hate speech is not protected under our Constitution, including members of Congress. In France, the middle finger is not free speech when directed at a public official. Likewise, speech considered harmful or disrespectful to particular groups is barred.

It is all about instilling good virtue but punishing the wicked. After all, as Maximilien Robespierre taught the French, “Terror is only justice: prompt, severe and inflexible; it is then an emanation of virtue.”

END

ITALY//CHINA

After being first to join the G 7 belt initiative, Italy is mulling a pullout

(zerohedge)

After Being First G-7 Belt & Road Signatory, Italy Under Meloni Mulls Pullout

THURSDAY, APR 27, 2023 – 02:45 AM

Italy’s firebrand conservative prime minister Giorgia Meloni is not playing ball with China, throwing a wrench into President Xi Jinping’s efforts to peel a handful of European Union countries away from US policy. 

Bloomberg days ago reported that “Meloni, the right-wing leader who came to power less than a year ago, is leaning toward pulling out of an agreement to join China’s controversial Belt and Road Initiative, which has funded US$900 billion in infrastructure projects globally, according to people familiar with the government’s thinking.”

“Italian officials raised the prospect of withdrawal in talks with Taiwan this week, Bloomberg reported.” Meloni has previously been on record (in 2019) as calling the BRI “a big mistake”. 

This could be a huge blow to Beijing, given Italy had been the very first G-7 country became part of the controversial Chinese initiative, crucial to Xi’s vision for Chinese global expansion.

Italy had formally signed on under then Italian Premier Giuseppe Conte. It’s widely perceived that this triggered greater Washington engagement with Rome, in order to steer the country away from Chinese influence. 

According to analysis cited in the initial Bloomberg report:

“Italy is stuck between a rock and a hard place, and what to do with the cooperation pact is a real diplomatic conundrum for Meloni,” Francesca Ghiretti, an analyst at the Mercator Institute for China Studies research company, said in an interview. “Renewing it would send a very difficult message to Washington, but not renewing it would put a strain in relations with China.”

It remains that Italy’s governing coalition appears split, with Meloni’s Brothers of Italy said to be more in favor of canceling the pact. The PM could have an official statement ready to roll out by the time of May’s G7 summit in Hiroshima, but this remains uncertain. 

Italy isn’t well-connected to China by shipping routes, either, which is probably why Xi in prior years cited improving connectivity and building ports as a key objective of BRI in Italy.

According to priors years’ domestic polling in Italy, most Italians have seen the deal as an opportunity, while a few still see it as a risk.

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/SYRIA/TURKEY/MIDDLE EAST/USA

Robert H to us:

Hal Turner Radio Show – Europe Reveals Map BREAKING-UP RUSSIA into 41 new countries

This is beyond stupid!
This a public declaration of war against Russia. You wonder why Putin was rushed into the Kremlin?
To even dream about this is crazy but to draw up such a map makes it clear that there are no relationships with the West for Russians and Russia. And a public declaration is a declaration of war to break up a nation.
Expect matters to harden in Ukraine and elsewhere as we are headed for nuclear exchange sooner than what one imagines. Neocons want war and war is what they will get. Only we can be sure they will be confronted and exterminated. And those poor folk’s already in positions and those headed there short are expendable cannon fodder.
The only question is which Western countries stay out of the chaos that is coming.

https://halturnerradioshow.com/index.php/en/news-page/world/europe-reveals-map-breaking-up-russia-into-41-new-countries

end

AFGHANISTAN/KABUL/TALIBAN/ISIS//USA

Taliban kill the mastermind behind the Kabul airport bombing that killed 183 including 13 USA servicemen

(zerohedge)

Taliban Kill Mastermind Of Kabul Airport Bombing That Killed 183, Including 13 US Military

THURSDAY, APR 27, 2023 – 04:15 AM

A ground attack carried out by the Taliban has killed the Islamic State militant believed to have masterminded the Kabul airport suicide bombing that killed 183 people, including 13 U.S. service members, US officials announced Tuesday. 

The Taliban assault happened earlier this month, and it was only over recent days that US intelligence analysts concluded “with high confidence” that he’d been killed.  

The name of that senior operative of the Islamic State Khorasan Province (ISIS-K) is still classified, and no additional details have been provided about the circumstances of his death.  

The Department of Defense said the United States didn’t coordinate with the Taliban or otherwise aid the assault that killed the senior Islamic State terrorist. ISIS-K is the chief enemy of the Taliban, and has perpetrated an ongoing string of terror attacks. AP reports the group is believed to be 4,000-strong in Afghanistan. 

Earlier this month, the White House released a National Security Council report that blamed the Trump administration for the disastrous exit. In addition to the horrific airport bombing, that exit included Afghanis falling to their deaths from departing Air Force cargo planes — and American taxpayers abandoning 22,000 Hummers, close to a thousand armored vehicles, 64,000 machine guns, 358,000 rifles and almost 200 artillery pieces.   

After the report was released, White House spokesman John Kirby said Biden is “very proud” of how the withdrawal was carried out, and mind-bogglingly denied that the withdrawal was chaotic:

The August 2021 bombing occurred as thousands of Afghans mobbed Hamid Karzai International Airport, desperate to leave before the Taliban re-established full control over the country. 

Last weekend, the Pentagon started notifying family members of the slain US service members. “Whatever happens, it’s not going to bring Taylor back and I understand that,” Darin Hoover, father of Marine Staff Sergeant Darin Taylor Hoover, told the Associated Press. 

“About the only thing his mom and I can do now is be an advocate for him. All we want is the truth. And we’re not getting it. That’s the frustrating part,” added Hoover, who said that — ever since the explosion — he’s been praying for the Biden administration to be held accountable for mismanaging the withdrawal from Afghanistan. 

That withdrawal capped a pointless 20-year war that killed 2,400 US service members and wounded more than 20,000. Along the way, they fought enemies created by their own government, were ordered to ignore pedophilia perpetrated by Afghan officers, breathed carcinogenic fumes from waste burn pits, and endured long-lasting psychological harm — all while their military and civilian masters lied about the war’s progress.  

No wonder the military is falling far short of its recruiting targets. 

END

IRAN/USA

This is interesting:  Iran seizes a Houston bound oil tanker in the Gulf.  Iran says that the oil tanker collided with an Iranian boat,

(zerohedge0

Iran Seizes Houston-Bound Oil Tanker In Gulf, US Navy Says

THURSDAY, APR 27, 2023 – 01:00 PM

The US Navy announced Thursday that Iranian commandos have seized a Marshall Islands-flagged oil tanker in the Gulf of Oman off Iran’s coast. The statement emphasized that the seizure happened in international waters.

The US statement identified the ship as the Advantage Sweet Suezmax crude tanker chartered by Chevron to move product from Kuwait to Houston. The US administration is calling on Iran’s government to immediately release the oil tanker, according to Bloomberg.

“Iran’s continued harassment of vessels and interference with navigational rights in regional waters are a threat to maritime security and the global economy,” the US Navy said. The statement further reviewed that in two years, the Islamic Republic has unlawfully seized at least five commercial vessels in the region.

Iran’s state television IRIB News confirmed Iranian possession of the tanker. Iran’s military is claiming the vessel collided with an Iranian boat and then tried to flee. “A Marshall Islands-flagged oil tanker was seized by the Iranian army’s naval force in the Persian Gulf after it collided with an Iranian boat in the Gulf of Oman and tried to flee,” the Iranian military said. “Two members of the boat’s crew are missing and several were injured due to the collision of the ship with the boat,” it claimed.

The vessel’s Turkey-based management company said as quoted in Reuters, “The safety and welfare of our valued crew members is our No. 1 priority,” adding that: “Similar experiences show that crew members of vessels taken under such circumstances are in no danger.”

Iran especially since 2019, a year after the Trump administration pulled out of the JCPOA nuclear deal brokered under Obama, increased its threats to close the Strait of Hormuz narrow waterway by force – vital to global trade and oil transit – if it’s prevented from using it.

The past few years have witnessed the US ramp up its naval presence in the Gulf region, based out of Bahrain where the 5th Fleet is headquartered, and this has served to increase tense encounters between IRGC operatives and US forces.

For example the past half-year has seen the Iranians briefly capture and detain high-tech US navy sea drones. But these all have been released by the Iranians after the US Navy mobilizes assets in threat of IRGC vessels. 

The past year has seen the near total collapse of negotiations toward restoring the nuclear deal. Many analysts feared that a stalled deal would only cause the Iranians to resort to military tactics in order to build leverage toward forcing a US response, and that may be precisely what we are seeing now with this latest tanker seizure. 

end

6.Global Issues//COVID ISSUES/VACCINE  ISSUES/

Another Lockdown Authoritarian Tries To Weasel Out Of Responsibility For Role During Pandemic

THURSDAY, APR 27, 2023 – 03:45 PM

Another lockdown fanatic is attempting to rewrite history.

Randi Weingarten, president of the American Federation of Teachers (which coordinated with the DOJ to label concerned parents domestic terrorists), claimed this week in front of the House Select Subcommittee on the Coronavirus Pandemic, that her organization “spent every day from February on trying to get schools open,” adding “We knew that remote education was not a substitute for opening schools.”

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1651307624418164736&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fanother-lockdown-authoritarian-tries-weasel-out-responsibility-role-during-pandemic&sessionId=68213d104bc2b2172c1842847ec4c3447b532cb5&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Except, as Twitter users quickly noted, Weingarten is misrepresenting her prior positions – having called attempts to reopen schools in the fall of 2020 “reckless, callous and cruel.”

What’s more, her union pushed aggressively for closures at the local level, while areas with high union influence remained closed much longer.

As the Epoch Times notes;

Throughout questioning, Weingarten appeared to ramble and change the topic frequently, twice pleading her age and failing memory as a reason for lacking clarity.

“Look, I’m 65 years old. I don’t remember anything anymore. I’m sorry,” she said. When admonished for not responding directly to a question, she said, “Sorry, I’m just slow.”…

Weingarten insisted that she and the AFT placed a high value on in-person education, understood the harmful effects of prolonged school closure on students, and felt “terrified” as they fended for themselves to define safety and operational policies in the absence of guidance from the Trump administration.

“What we were simply looking for was clear, scientific guidance. And when we couldn’t get it, we did it ourselves,” she said.

So, Randi is full of shit, once again.

Other lockdown all-stars, Anthony Fauci and Canadian PM Justin Trudeau, have also claimed they didn’t force anyone to do anything.

We also learned from the more recent Twitter files, Fauci lied under oath about his role during the pandemic – claiming he had ‘nothing to do with Twitter’ and other social media platforms, while he had actually taken over the White House’s Twitter account for covid response.

Meanwhile, as True North news noted during the height of the pandemic, Canada was ranked the 10th most restrictive country in the world in terms of government Covid-19 measures, according to the University of Oxford’s Covid-19 Government Response Stringency Index.

Perhaps best summed up by Jesse Kelly… “Wildest thing is that once we’re all dead and gone, this dishonesty you’re seeing now from all the COVID lockdown communists will be remembered as fact.“

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfdGltZWxpbmVfbGlzdCI6eyJidWNrZXQiOltdLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2ZvbGxvd2VyX2NvdW50X3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9iYWNrZW5kIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19yZWZzcmNfc2Vzc2lvbiI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfbWl4ZWRfbWVkaWFfMTU4OTciOnsiYnVja2V0IjoidHJlYXRtZW50IiwidmVyc2lvbiI6bnVsbH0sInRmd19leHBlcmltZW50c19jb29raWVfZXhwaXJhdGlvbiI6eyJidWNrZXQiOjEyMDk2MDAsInZlcnNpb24iOm51bGx9LCJ0ZndfZHVwbGljYXRlX3NjcmliZXNfdG9fc2V0dGluZ3MiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3ZpZGVvX2hsc19keW5hbWljX21hbmlmZXN0c18xNTA4MiI6eyJidWNrZXQiOiJ0cnVlX2JpdHJhdGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2xlZ2FjeV90aW1lbGluZV9zdW5zZXQiOnsiYnVja2V0Ijp0cnVlLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VkaXRfZnJvbnRlbmQiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1651412965264969730&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fanother-lockdown-authoritarian-tries-weasel-out-responsibility-role-during-pandemic&sessionId=68213d104bc2b2172c1842847ec4c3447b532cb5&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

END

DR. PAUL ALEXANDER

WALTER M CHESNUT (WMC Research); Dual Function Research: The Spike Protein, Universal ACE2 Expression & the Quest to Create a Universal “Therapy” to Induce Cancer, Neurodegeneration & Fibrosis; ACE2

Gains a New Function when Interacting with Spike Protein, Becomes a LETHAL TRANSMITTER! Spike Protein is a protein developed for universal invasion & fatal pathological effects, dismissed as ‘natural’

DR. PAUL ALEXANDERAPR 26

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‘This is my most important work to date. I believe it is now possible to prove that the Spike Protein is a protein developed to have universal invasion and fatal pathological effects – ones that can easily be dismissed as “natural.” The only evidence we would see would be a dramatic rise in excess deaths due to cancer or fibrotic disease processes.’

‘I nearly collapsed on my walk today when the implications of what you are about to read hit me. This is my most important work to date. I believe it is now possible to prove that the Spike Protein is a protein developed to have universal invasion and fatal pathological effects – ones that can easily be dismissed as “natural.” The only evidence we would see would be a dramatic rise in excess deaths due to cancer or fibrotic disease processes. And yes, we have that. 

One of the major issues with gain-of-function research is that there are two sides to every coin. If you can develop a cure or treatment for a condition, the opposite effect can be discovered by studying the very same research. I believe this may be at the core of the Spike Protein of SARS-CoV-2. 

What needs to be understood is that ACE2 is NOT, I repeat is NOT a transmembrane protein that is meant to signal within the cell. ACE2 is meant to cleave ANG II (overexpression of this is dangerous in and of itself) into ANG (1-7). However, something very interesting happens when the Spike Protein interacts with ACE2. ACE2 becomes a transmitter of CELL SIGNALING. In other words, it GIVES INSTRUCTIONS TO THE CELL. And, these instructions are BAD. VERY BAD. They tell the cell to upregulate cancer causing genes, downregulate cancer prevention genes and induce neurodegeneration and fibrosis.  

Now, this is horrific enough, indeed. But what turns it into a nightmare beyond comprehension is that ACE2 is EVERYWHERE! It is in EVERY MAJOR ORGAN and the REPRODUCTIVE SYSTEM! 

So, if you were to create a protein that could cause cancer and fibrotic disease, you would want it to be able to attach to something that was everywhere to cause maximum damage. This is war. Plain and simple. You wouldn’t want a protein that would just attach to certain cells, like liver cells or kidney cells, or CD4 T-Cells (as in the case of HIV). No. This protein attaches to cells in EVERY MAJOR ORGAN and the REPRODUCTIVE SYSTEM. And then it signals death.

Body Localization of ACE-2: On the Trail of the Keyhole of SARS-CoV-2 
https://www.frontiersin.org/articles/10.3389/fmed.2020.594495/full 

We now have ample evidence that the Spike Protein is indeed highly capable of and causing cancer and fibrotic disease:

The COVID-19 Cell Signalling Problem: Spike, RAGE, PKC, p38, NFκB & IL-6 Hyper-Expression and the Human Ezrin Peptide, VIP, PKA-CREB Solution 
https://www.mdpi.com/2673-5601/2/2/17 

S2 subunit of SARS-nCoV-2 interacts with tumor suppressor protein p53 and BRCA: an in silico study 
https://www.sciencedirect.com/science/article/pii/S1936523320303065 

Mitogen Activated Protein Kinase (MAPK) Activation, p53, and Autophagy Inhibition Characterize the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) Spike Protein Induced Neurotoxicity 
https://www.cureus.com/articles/126288-mitogen-activated-protein-kinase-mapk-activation-p53-and-autophagy-inhibition-characterize-the-severe-acute-respiratory-syndrome-coronavirus-2-sars-cov-2-spike-protein-induced-neurotoxicity#!/ 

The intersection of COVID-19 and cancer: signaling pathways and treatment implications 
https://molecular-cancer.biomedcentral.com/articles/10.1186/s12943-021-01363-1 

This possibility has actually been warned of before, but the authors of the study didn’t quite understand the big picture. Now we do. 

SARS-CoV-2 Spike Protein Elicits Cell Signaling in Human Host Cells: Implications for Possible Consequences of COVID-19 Vaccines 
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7827936/ 

I cannot emphasize this enough: SPIKE is the issue. REGARDLESS OF SOURCE. Reexposures or reinfections, it matters not. The effects appear to be cumulative. All I can say is direct production within the body should be more of a concern than the virus knocking at the door of our respiratory and digestive systems.

I would not be able to continue to work without your support. I will keep searching for ways to mitigate this devastating pathogen – which didn’t have to be here. Think about that. Given the recent findings by the Senate, NONE of this had to happen. NONE OF IT!

WMC Research

Dual Function Research: The Spike Protein, Universal ACE2 Expression and the Quest to Create a Universal “Therapy” to Induce Cancer, Neurodegeneration and Fibrosis

I nearly collapsed on my walk today when the implications of what you are about to read hit me. This is my most important work to date. I believe it is now possible to prove that the Spike Protein is a protein developed to have universal invasion and fatal pathological effects – ones that can easily be dismissed as “natural.” The only evidence we would …

Read more

end

SHARYL ATTKISSON highlights that illegal border crossings are surging ‘while we sleep’, up 200,000 in March; Obama flooded us with jihadists, Biden doing it with illegals (& jihadists & Chinese too)

We have deadly islamists coming in via Southern border now, dressed like Latin men, they are NOT & end up in classrooms with your 12 year old daughters; we have Chinese flooding too? Trojan Horse?

DR. PAUL ALEXANDERAPR 27

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Is China sending inside the US military and spies and subversive people? As illegal? What is Biden doing to America?

We need Trump to fix this NOW! No one else is capable.

https://sharylattkisson.com/2023/04/border-crossings-surge-23-in-march-nearing-200000/?utm_source=ActiveCampaign&utm_medium=email&utm_content=Sharyl+Attkisson+Daily+Newsletter&utm_campaign=Daily+Newsletter

end

Tucker Carlson, fired from FOX, schlongs the media & government and you know what? I stand with every word he states here, every one and he should have used the ‘F’ word too, I don’t mind

You? do you mind a little ‘F’ word now & again? hell, we have Lia Thomas a man with a penis defeating women in swin races and we have men with penises entering our kids toilets & we stare silently

DR. PAUL ALEXANDERAPR 27

SHARE

We all have issues and no one is perfect. Tucker is not and we all have failings. Yet across the landscape, he represents what is closer to what we think and feel about the madness around us, so I give him props. I wish his career huge success!

Start here:

‘Carlson went on to criticize cable news for ignoring the “undeniably big topics” which will “define our future,” such as “war, civil liberties, emerging science, demographic change, corporate power” and “natural resources,” and claimed that “debates like that are not permitted in American media.”

“Both political parties and their donors have reached consensus on what benefits them and they actively collude to shut down any conversation about it. Suddenly the United States looks very much like a one party state,” Carlson suggested, before saying that while it was a “depressing realization,” it would not be permanent as the “current orthodoxies” would not last.

“They’re brain dead. Nobody actually believes them. Hardly anyone’s life is improved by them. This moment is too inherently ridiculous to continue and so it won’t. The people in charge know this. That’s why they’re hysterical and aggressive. They’re afraid. They’ve given up persuasion, they’re resorting to force. But it won’t work. When honest people say what’s true, calmly and without embarrassment, they become powerful. At the same time, the liars who have been trying to silence them shrink and they become weaker. That’s the iron law of the universe: true things prevail.”

“Where can you still find Americans saying true things? There aren’t many places left, but there are some and that’s enough,” Carlson concluded. “As long as you can hear the words, there is hope.”’

SOURCE:

Good evening pic.twitter.com/SPrsYKWKCE

— Tucker Carlson (@TuckerCarlson) April 27, 2023

end 

SLAY NEWS

The latest reports from Slay News

WHO: Biolab Containing ‘Extremely Dangerous’ Viruses Seized by MilitantsThe World Health Organization (WHO) has raised the alarm over a “high risk of biological hazard” after a group of militants seized control of a biolab containing “extremely dangerous” viruses.READ MORE

RFK Jr: Tucker Carlson Was Fired for Calling Out ‘Deadly’ VaccinesPresidential candidate Robert F. Kennedy Jr. has claimed that Tucker Carlson was fired by Fox News because he warned the American people about “deadly” vaccines.READ MORE

673 ‘Woke’ Professors Sign Letter Opposing University Courses on U.S Constitution, America’s FoundingA group of 673 “woke” university professors has signed a letter opposing courses on the U.S. Constitution and America’s founding from being taught to college students.READ MORE

Megyn Kelly Crushes Keith Olbermann: ‘You’ve Become a Bitter Man with a Cold, Lonely Life’Former Fox News star Megyn Kelly shredded media leftist Keith Olbermann after he attacked her on Twitter.READ MORE

Chief Justice John Roberts Tells Democrats to Pound Sand, Declines to Testify at Senate’s Supreme Court Ethics HearingU.S. Supreme Court Chief Justice John Roberts has told Democrat senators to pound sand and declined an invitation to testify at a congressional hearing on ethics rules for members of the SCOTUS.READ MORE

Tucker Carlson Gets Job Offer with Higher Salary Than Fox NewsFox News boss Rupert Murdoch may have made a critical mistake firing star host Tucker Carlson.READ MORE

Whistleblower to Testify before Congress That Biden Admin Running Child Trafficking OperationA whistleblower is due to testify before Congress that Democrat President Joe Biden’s administration is running an international child trafficking operation.READ MORE

Teenage Boy Dies after Doctors Botch Transgender SurgeryA teenage boy has died after doctors prescribed him transgender drugs before botching his sex-change surgery.READ MORE

Hunter Biden Files Ethics Complaint Against Marjorie Taylor Greene for ‘Verbal Abuses’Democrat President Joe Biden’s son Hunter has filed an ethics complaint against Republican Rep. Marjorie Taylor Greene for alleged “verbal abuses.”READ MORE

Trump Secures 2024 Endorsement from Key RepublicanPresident Donald Trump has received a key endorsement for his 2024 campaign from a prominent figure in the Republican Party.READ MORE

Elon Musk Calls for Ban of Sex-Change Surgery for ChildrenTwitter boss Elon Musk has called for a ban on child sex-change surgeries and other life-altering transgender treatments.READ MORE

Fauci Denies Role in Lockdowns: ‘Show Me a School That I Shut Down’Dr. Anthony Fauci has attempted to absolve himself of responsibility for the tyrannical measures that were enforced during the pandemic.READ MORE

AOC Celebrates Tucker Carlson’s Ousting: ‘Deplatforming Works’Radical Democrat Rep. Alexandria Ocasio-Cortez (D-NY) has taken to social media to celebrate Tucker Carlson’s ousting at Fox News.READ MORE

MICHAEL EVERY/RABOBANK//

“The Payoffs Here Are Very, Very Asymmetric. Somebody Has To Make A Move”

THURSDAY, APR 27, 2023 – 11:25 AM

By Benjamin Picton, senior strategist at Rabobank

Your Move

Republicans have managed to pass a bill through the House of Representatives which would lift the US debt ceiling by $1.5 trillion. The quid pro quo for agreeing to the lift is swinging cuts to spending on social programs, which the Democrats have repeatedly balked at. Democrat Senate Leader Chuck Schumer has already said that the bill will be “dead on arrival”, but the mere fact that his Republican counterpart in the House, Kevin McCarthy, has been able to stitch together enough support for the bill from his own deeply divided party really puts the heat back on the Democrats. It’s not quite ‘put up or shut up’ time just yet, but with experts warning that a potential default is only weeks away things are starting to look dicey.

Indeed, as this Daily reported only yesterday, Janet Yellen has said that a US default would be an “economic catastrophe”. But despite the rhetoric, markets have been relatively sanguine. The S&P500 sold off by half a percent yesterday as US durable goods orders came in softish (once you strip out aircraft purchases) and Brent crude dropped below $80/bbl for the first time since late March. The NASDAQ was up on the back of strong earnings results from Microsoft and Google the day before, and Meta posted healthy numbers after the close. There is a ‘boy who cried wolf’ element about the debt ceiling situation. Markets have seen this movie so many times before that nobody really believes that the politicians will allow a default to occur. The payoffs here are very, very asymmetric. Somebody has to make a move.

This isn’t to say that markets don’t care for financial stability stories. They clearly do. Just look at the price action in First Republic stock over the last few days after the bank’s admission on Monday that it had lost $100bn in deposits since the banking turmoil began. The stock was down another 30% yesterday as hopes faded that a white knight would arrive to buy up First Republic’s assets at an above market price. Nobody seems to be hot for that deal.

If the only hope is a buyout on non-commercial terms, then that means that the government is the only logical buyer. But the problem with that is that the government doesn’t want to get involved. Paying overs for assets that nobody else will buy at the same time you’re negotiating a lift in the debt ceiling would be a dreadfully bad look. That is a problem that Joe Biden doesn’t need as he launches his campaign for re-election in 2024. Just ask George W Bush about the politics of taxpayer bailouts for distressed bank assets.

The point here is that markets are again looking in the wrong direction. While price action is focused on the tree of idiosyncratic bank risk, it is missing the enormous forest of a potential default on securities that are the world standard for creditworthiness. That would really move markets.

Of course, the banking crisis finds its genesis in higher interest rates (or is that lower rates, followed by higher rates?) and there were further developments on that score yesterday. ECB speakers Herodotou and de Guindos were both in action, and both continued the hawkish tone set by their colleagues in recent days. De Guindos talked up the improving growth prospects for the Eurozone, noting that a first quarter recession “is not going to take place” and also highlighting the strength of the European labour market, which he says will see further acceleration in wages growth. Meanwhile, Herodotou seemed to borrow some of Christine Lagarde’s notes from last week by saying that “trade fragmentation is another area to monitor”. That is central banker speak for “expect more supply side shocks”.

Indeed, in this new era of Great Power competition the distinction between geopolitics and markets is hardly worth making. The two are intrinsically linked by governments seeking to dragoon central banks and corporations into serving the strategic interests of nation states. On this score, Reuters is reporting this morning that Argentina will now pay for Chinese imports in Yuan rather that US Dollars. As my colleague Michael Every – who flagged just this risk in recent days – has been at pains to point out, we are not witnessing the replacement of the dollar system, but a de facto netting of dollar trade whereby goods are still being priced in dollars, but settled in CNY. The aim here is to undermine dollar hegemony, but the Yuan cannot hope to replace the dollar’s global role.

Chinese President Xi Jinping also made headlines overnight by picking up the phone to Volodymyr Zelensky for the first time since the war began. Xi again sought to position China as an honest broker in peace talks, and in the process repair some of the damage done earlier in the week when a Chinese diplomat in Paris seemed to borrow Russian talking points on former Soviet Republics having no legal status. Zelensky held firm on his red line that “there can be no peace at the expense of territorial compromises”, so we’re still at an impasse. What’s the next move?

Joe Biden has certainly been making moves. Yesterday he welcomed South Korean President Yoon Suk-Yeol to Washington to reaffirm the alliance between the two countries. The pair announced that US nuclear submarines would conduct port visits to South Korea and that any attack on the South by the Kim regime would be met with overwhelming force by the United States. Biden was unequivocal:

“A North Korean attack against the US or its partners is unacceptable, and would result in the end of whatever regime took the action.”

“I have absolute authority, and sole authority, to launch a nuclear weapon.”

Biden has been busy shoring up a constellation of US alliances in the Western Pacific to counter Chinese dominance in the region. On that theme, Australia’s recently released Defence Strategic Review was praised by US Defence Secretary Lloyd Austin:

“The DSR demonstrates Australia’s commitment to being at the forefront of incorporating new capabilities for the Australian Defence Force to better enable Australia to meet regional and global challenges, as well as to our unbreakable alliance, which has never been stronger.”

This sounds impressive, but the DSR doesn’t actually include much new money for defence for at least another four years, and the strategy for warship acquisitions has been hived off to yet another review. Doubtless there will be further conversations on this when Prime Minister Albanese welcomes Biden to Sydney for the Quad meeting on May 24th. What moves will come of that?

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

CANADA

“Attack On Canadian Economy:” Vancouver Grain Export Terminal Hit With Strike

WEDNESDAY, APR 26, 2023 – 07:00 PM

A labor action by Canadian public sector workers threatens grain exports at a key terminal in Vancouver. The Wheat Growers Association calls the strike “an attack” on the Canadian economy and calls for “immediate action.” 

According to a news release by Wheat Growers, “striking federal workers had intentionally targeted” the Cascadia Terminal in Vancouver, which indicates grain exports can’t be exported, and farmers don’t get paid if the grain isn’t sold. 

 “A strike is one thing, but to intentionally target a port that is critical to the lives of grain farmers and to the entire Canadian economy is the height of reckless irresponsibility,” Wheat Growers president, Gunter Jochum, said about the labor action.

Jochum continued, “It’s time for the federal government to intervene. The Wheat Growers are calling on the federal government to immediately amend the Canada Grain Act to authorize third-party weighing and inspection of vessels leaving Canadian waters. Let’s get the grain moving and protect our sector.”

The strike could exacerbate the strain on global grain supplies, which the conflict in Ukraine has already impacted. 

Global News said the strike at Cascadia Terminal involved at least 100 workers belonging to the Public Service Alliance of Canada. 

“How long will be (at the terminal)? We’ll be there for as long as we need to be, or we won’t. I think our tactics are going to be changing every day,” said Jamey Mills, PSAC’s regional executive director.  

Last week Agricultural Producers Association of Saskatchewan and Keystone Agricultural Producers of Manitoba warned the labor action might disrupt shipments and sourcing of temporary workers into Canada ahead of the planting season. 

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSINGS 

EURO VS USA DOLLAR:1.1036 DOWN 0.0009

USA/ YEN 133.48  UP 0.021  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2472  UP    0.0001

USA/CAN DOLLAR:  1.3617 DOWN .0014 (CDN DOLLAR UP 14 PTS)

 Last night Shanghai COMPOSITE CLOSED UP 21.78 PTS OR 0.67%

 Hang Seng CLOSED UP 83.01 PTS OR 0.42%

AUSTRALIA CLOSED DOWN .28%  // EUROPEAN BOURSE: ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL MIXED 

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 83.01 PTS OR 0.42   %

/SHANGHAI CLOSED UP 21.78 PTS OR 0.67%

AUSTRALIA BOURSE CLOSED DOWN 0.28% 

(Nikkei (Japan) CLOSED UP 41.21  PTS OR 0.14% 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1998.55

silver:$25.06

USA dollar index early THURSDAY morning: 101.07 DOWN 52 BASIS POINTS FROM WEDNESDAY’s close.

THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.282%  UP 7   in basis point(s) yield

JAPANESE BOND YIELD: +0.456 % DOWN 0 AND 0//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.502 UP 7  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.349 UP 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.452  UP 7  BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.1022 DOWN  0.0022 or 22  basis points 

USA/Japan: 133.97 UP 0.507  OR YEN DOWN 51 basis points/

Great Britain/USA 1.2484 UP .0014 OR 14 BASIS POINTS //

Canadian dollar UP  .0022 OR 22 BASIS pts  to 1.3607

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP.(6.9245)

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.9341

TURKISH LIRA:  19.44 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.456…VERY DANGEROUS

Your closing 10 yr US bond yield UP 8 in basis points from WEDNESDAY at  3.506% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.751 UP 6  IN BASIS POINTS

USA 2 YR BOND YIELD: 3.9245% DOWN 2  in basis points.

 USA dollar index, 101.28 UP 8  in basis points   ON THE DAY/12.00 PM

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

London: CLOSED DOWN 21.70 points or .28%

German Dax :  CLOSED DOWN 0.79 PTS OR .00%

Paris CAC CLOSED UP 18.04 PTS OR 0.24%

Spain IBEX UP 19.70 PTS OR 0.21%

Italian MIB: CLOSED UP 68.71 PTS OR 0.25%

WTI Oil price 74.88     12: EST

Brent Oil:  77.79.      12:00 EST

USA /RUSSIAN ///  REMAINS AT:  81.42/ ROUBLE UP 0 AND   20//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.452  DOWN 0 BASIS PTS

UK 10 YR YIELD: 3.8220 UP 10  BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1024 DOWN 0.0022   OR 22 BASIS POINTS

British Pound: 1.2489 UP  .0019 or  19 basis pts 

BRITISH 10 YR GILT BOND YIELD:  3.8285% UP 5 BASIS PTS

USA dollar vs Japanese Yen: 133.97 UP  0.514 //YEN  UP 52 BASIS PTS//

USA dollar vs Canadian dollar: 1.3595  DOWN  .0036 CDN dollar, UP 36  basis pts)

West Texas intermediate oil: 74,82

Brent OIL:  78.32

USA 10 yr bond yield UP 10 BASIS pts to 3.534% 

USA 30 yr bond yield UP 7  BASIS PTS to 3.761% 

USA 2 YR BOND: UP 18  PTS AT 4.1053%  

USA dollar index: 101.267 UP 6 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.44

USA DOLLAR VS RUSSIA//// ROUBLE:  81.33 UP  0   AND  29/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 524.29 PTS OR 1.57% 

NASDAQ 100 UP 353.54 PTS OR 2.76%

VOLATILITY INDEX: 16.97 DOWN 1.87 PTS (9.93)%

GLD: $184.74 UP 0.01 OR 0.0055%

SLV/ $22.88 UP  0.06 OR 0.26%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

Bonds & VIX Dumped, Bitcoin & Stocks Pumped As Stagflation Signals Soar

THURSDAY, APR 27, 2023 – 04:01 PM

Ugly growth (GDP), uglier inflation (Core PCE), ugliest housing data (pending home sales), and ugliest-er manufacturing sentiment (KC Fed)… but hey, META beat so BTFD in Mega-Cap Tech…

META is up 15% because their earnings dropped 20% but they mentioned AI 57 times.

That helped Nasdaq extend its outperformance (best day since Feb 2nd). The S&P managed a 2% gain before limped lower into the close and Small Caps were the solid runners up in the squeeze race today… The Dow, S&P, and Nasdaq all just took off as soon as cash trading opened…

Today’s rampage saw S&P and Dow get back to even on the week while Small Caps lag as Nasdaq soars. Notably, S&P and Dow stalled perfectly at unch and held it, unable to push higher…

Nasdaq is back at recent highs…

There was a notable divergence between 0DTE VIX and ‘Old’ VIX (the latter offered as the former was bid)…

Source: Bloomberg

Under the hood, this had the smell of 0DTE call-buying and longer-dated put-covering (both implicitly positive delta and supporting the rally). Notably, later in the day, 0DTE saw major put-covering also as call-buying faded…

Source: SpotGamma

This was also notable, given the rise in 0DTE today. Ultra-short-dated options vol has been an early warning system for ‘event risk’ over the last year….

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1651360536632737792&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbonds-vix-dumped-bitcoin-stocks-pumped-stagflation-signals-soar&sessionId=77e2c68feb4d6784d6d38da1daff15a29ec63fc1&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Treasuries were clubbed like a baby seal today with the short-end underperforming. 30Y yield is almost back to unchanged on the week (while the short-end remains notably lower)…

Source: Bloomberg

2Y back above 4.00%…

Source: Bloomberg

And the yield curve (2s10s) flattened significantly…

Source: Bloomberg

The dollar slipped modestly lower today, back to unchanged on the week…

Source: Bloomberg

Bitcoin rebounded from last night’s Mt.Gox fake news FUD crash

Source: Bloomberg

Oil prices managed small gains today but in context to the clubbing of the last few days, meh…

Spot Gold rallied back above $2000 overnight, only to be sold back below it as US GDP hit…

Source: Bloomberg

Finally, as Bloomberg notes, the concurrent breakdown in copper and the Dow Jones Transportation Average is a telling sign that expectations for an economic hard landing have some merit.

Additionally, the copper-to-gold ratio which is nearing its 2022 lows, pointing to a brewing economic storm if the path of least resistance remains down.

Hard-landing and inflation incoming!

END

.i b Morning trading: 

Early morning trading: 

II) USA DATA//

Jobless claims continue near their 17 month highs

(zerohedge)

Jobless Claims Hover Near 17-Month Highs, Flash Recession Signal

THURSDAY, APR 27, 2023 – 08:35 AM

In the new post-revision world of jobless claims, the number of Americans applying for unemployment benefits for the first dropped modestly last week from 246k to 230k (but remains well above the 200k Maginot Line). Continuing claims was practically flat from the prior week at 1.88 million.

Source: Bloomberg

Both measures of the labor market remain near 17-month highs.

Finally, as a reminder, the ongoing deterioration in continuing claims data across US states is consistent with a recession beginning very soon.

The picture is unassailable. The percentage of states with continuing claims rising more 30% on an annual basis has never reached its current level and not gone on to rapidly spike much higher, and this has always happened concurrent with a recession.

One more point of interest, this week’s claims data coincides with the non-farm payrolls survey window.

end

Stagflation: Q1 GDP Much Weaker Than Expected On Inventory Plunge As Inflation Comes In Red Hot

THURSDAY, APR 27, 2023 – 08:56 AM

With the Atlanta Fed showing a clear slowdown in US GDP in recent weeks, with the Fed’s forecast of US growth sliding from over 3% in late March to just over 1%…

… the trend is clear: the US economy is rapidly slowing down, in large part due to the “depressurization event” among small and medium regional banks, that has seen loan issuance grind to a halt. As such,  today’s first estimate of Q1 GDP would be interesting if very much dated.

And so, with most banks expecting a print just around 2.0% – the median forecast was at 1.9% as shown below…

• 2.6% – JP Morgan Chase
• 2.3% – Citigroup
• 2.2% – Societe Generale
• 2.2% – HSBC
• 2.0% – Bank of America
• 1.9% – Credit Suisse
• 1.8% – Morgan Stanley
• 1.5% – Goldman Sachs
• 1.5% – UBS
• 1.0% – Barclays
• 0.8% – Wells Fargo

… there was an almost palpable gasp of surprise at 830am ET when the BEA reported that in Q1, real GDP rose just 1.1% (1.070% to be precise), barely above the lowest estimate, and a big drop from the 2.6% GDP in Q4. It was also the lowest GDP print since Q2 2022 when growth was negative to the tune of -0.6%.

The deceleration primarily reflected a downturn in inventory investment and a slowdown in business investment (more details below). These movements were partly offset by an acceleration in consumer spending, a smaller decrease in housing investment, and an upturn in exports. Imports also turned up.

Looking at the components we find that while Personal spending came in just a tad weaker than expected at 3.7% annualized vs exp. 4.0% (and up sharply from 1.0%) last quarter, it was the plunge in private inventories that hammered the GDP print – as we warned it would last quarter. Specifically, in Q1, private inventories subtracted a whopping 2.3% from the bottom line GDP print of 1.1% (after contributing 1.5% last quarter).

Here is the full breakdown:

• Personal Consumption added 2.48% to the actual GDP print, up from 0.70% in Q4.
• Fixed Investment subtracted -0.07%, and after a -0.68% drop in Q4, Q1 was the 4th consecutive decline in fixed investment as the US has rolled out a full-blown capex boycott.

• A modest silver lining: residential investment was a drag on GDP for the eighth straight quarter — but less of one. That category trimmed 0.17 percentage point off the annualized growth rate. That’s the least in a year. We’ve seen some signs of a bottoming in the housing market lately, as noted earlier, and this reflects that.
• The big hit, however, was the change in private inventories, which subtracted 2.26% from the GDP print, the biggest hit to the bottom line number since the covid crash.

• Net exports were a modest contributor to GDP, adding 0.11% (exports 0.54%, imports -0.43%), a drop from last quarter’s 0.42%.
• Government consumption added another 0.81% to the bottom line number, effectively contributing more than 70% of the final print.

And visually:

But while growth came in well below expectations, what the market was really freaked out about was the unexpectedly hot PCE and core PCE prints, the former coming in at 4.0% above the 3.7% expected and higher than the 3.9% in Q4, while core PCE came in at 4.9%, well above the 4.4% in Q4 and also hotter than the 4.7% expected. In fact, as shown below, this was the 5th consecutive “beat” of median core PCE expectations. 

Some more details from the report:

Gross domestic purchases prices – the prices of goods and services purchased by U.S. residents – increased 3.8% in the first quarter after increasing 3.6 percent in the fourth quarter. Excluding food and energy, prices increased 4.3 percent after increasing 4.1%.

Personal consumption expenditure (PCE) prices increased 4.2% in the first quarter after increasing 3.7% in the fourth quarter. Excluding food and energy, the PCE “core” price index increased 4.9% after increasing 4.4%.

Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey says the higher-than-expected inflation numbers from the first-quarter GDP report suggest the March PCE Deflator due out tomorrow might top expectations that were in place before today’s report.

“The Treasury market is focused on the inflation data, and the bear steepening of the knee-jerk reaction seems appropriate to us. But tomorrow’s data will likely seal the Fed hiking 25 bps at next week’s meeting and leave another move in June on the table — though with caution given the weaker-than-expected consumption in today’s data release.”

Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, had a far more downbeat view. He said that “this morning’s data was the worst of both worlds, with growth down and inflation up… Given that Core PCE is nowhere near the Fed’s 2% target (e.g. rising to 4.9% from 4.4%), the Fed clearly needs to keep raising rates (because of inflation) and they are going to be raising rates right into a slowdown. We are beginning to worry that stagflation is a real possibility.”

END

Pending home sales plunged in March

(zerohedge)

US Pending Home Sales Plunged In March As Rates Rebounded

THURSDAY, APR 27, 2023 – 10:06 AM

Weakness in existing home sales was swamped by surprising strength in new home sales (largely skewed by dramatic incentives from builders) and today Pending home sales breaks the tie (expected to show a small 0.8% MoM rise in sales). Instead, pending home sales tumbled 5.2% MoM, dragging the YoY sales down 23.26%…

Source: Bloomberg

The pending home sales report is often seen as a leading indicator of existing-home sales, given homes typically go under contract a month or two before they’re sold.

“The lack of housing inventory is a major constraint to rising sales,” said NAR Chief Economist Lawrence Yun.

There are pockets where demand remains strong. Yun said about a third of all listings are receiving multiple offers, and a similar share are selling above list price.

“Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally.”

None of this should come as a surprise since as we perfectly predicted the resurgence of mortgage rates led to a resumption of the slump in sales…

Source: Bloomberg

Which apparently is what Powell wants.

END

Kansas City Mfg report slumps to its lowest level since COVID lockdowns. They report that inflation is killing business in the area.

(zerohedge)

“Inflation Is Killing My Business” – Kansas City Fed Survey Slumps To Lowest Since COVID Lockdowns

THURSDAY, APR 27, 2023 – 11:12 AM

Continuing the trend of dismal regional Fed survey data, Kansas City’s Manufacturing sentiment slumped to -10 in April (from 0.00 with expectations of a small drop to -2).

Source: Bloomberg

The decline was driven more by nondurable goods plants, especially printing, plastics, paper, and food manufacturing.

All month-over-month indexes declined, except for the raw materials prices, finished product prices, average employee workweek, and supplier delivery time indexes.

While the headline data is bad enough, the comments are much scarier:

• “We need an incentive for people to work. We have 10% increases or more in the cost of materials. We have 7% increases in cost of labor when available. We have raised prices 5% – can’t do more. Hard to make money this way.”
• “Inflation still a big problem in our little corner of the world. Some commodities are better and some are still a problem. We likely are looking at another round of significant price increases in the short to medium term.”
• “We are seeing a little slow down of sales on certain types of consumer products, so have become a little conservative in our production plans for 2023 and the first quarter of 2024.”
• “Labor availability is the biggest challenge we are facing.”
• “Inflation is killing my business – everything is up and hard to get my price increases passed along to customers. Employees are very hard to find.”
• “We are seeing some softening in our industry. The size and frequency of new orders from current customers seems lower and new business orders are definitely smaller based on the scale of the new customer’s operations and typical requirements.”

Not a pretty picture but it’s what Powell wants and it fits with continued weakness in growth and no weakness in inflation (stagflation) that this morning’s GDP hinted at.

III) USA ECONOMIC STORIES

Tucker Carlson reappears at 8 pm time slot on Twitter platform

(zerohedge)

Tucker Reappears In 8PM Time Slot, But Not With Fox — Which Just Suffered “Catastrophic” Ratings Crash

WEDNESDAY, APR 26, 2023 – 08:33 PM

After Tucker Carlson’s surprise split from Fox News, the #1 rated cable news host in history re-emerged from his home office on Wednesday to offer a stunning 8PM monologue covering his thoughts on the media landscape, and his future.

According to Carlson, one of the things one notices when one takes a little ‘time off’ is “how unbelievably stupid most of the debates you see on television are. They’re completely irrelevant. They mean nothing.

“In five years we won’t even remember that we had them… and yet, at the same time, the undeniably big topics – the ones that will define our future – get virtually no discussion at all. War, civil liberties, emerging science, demographic change, corporate power, natural resources. When was the last time you heard a legitimate debate about any of those issues?“

“Debates like that are not permitted in American media,” Carlson continued, adding “Both political parties, and their donors, have reached consensus on what benefits them – and they actively collude to shut down any conversation about it.

“Suddenly the United States looks like a one-party state,” Carlson said.

Watch: https://www.zerohedge.com/political/tucker-reappears-8pm-time-slot-not-fox-which-just-suffered-catastrophic-ratings-cras

Carlson doesn’t think this will last, however, noting that while the above is a “depressing realization,” he doesn’t think this is permanent.

“Our current orthodoxies won’t last. They’re brain-dead. Nobody actually believes them. Hardly anyone’s life is improved by them. This moment is too inherently ridiculous to continue, and so it won’t.

The people in charge know this, that’s why they’re hysterical and aggressive. They’re afraid. They’ve given up persuasion – they’re resorting to force. But it won’t work. When honest people say what’s true, calmly and without embarrassment, they become powerful. At the same time, the liars who’ve been trying to silence them shrink – and they become weaker. That’s the iron-law of the universe; true things prevail.“

Tucker rhetorically asked “Where can you still find Americans saying true things? There aren’t many places left, but there are some – and that’s enough. As long as you can hear the words, there is hope. See you soon.“

Fox News, meanwhile, suffered a ‘catastrophic drop in viewers’ following Carlson’s ouster for still-unknown reasons, according to The Federalist‘s Sean Davis.

Fox News suffered a catastrophic drop in viewers after ousting Tucker Carlson. In the 8pm slot alone yesterday, Fox lost nearly 50% of total viewers and nearly 70% of viewers in demo compared to last Tuesday. Demo ratings were down across the board, impacting all shows: The Five (-7%) Special Report (-23%) Watters (-35%) Tucker/8pm (-69%) Hannity (-44%) Laura (-20%)

Quote Tweet

RoadMN 

@RoadMN

·

7h

Cable News Ratings Overload Tue Apr 25 Primetime Average Demo | Total Viewers @FoxNews 159,333 | 1,777,000 @MSNBC 145,000 | 1,322,667 CNN 134,667 | 562,000 @Newsmax 32,667 | 424,667 @NewsNation 18,333 | 130,667

END

The House passes the Debt Limit bill with no hope of passing it in the Senate. This sets the stage for a showdown

(zerohedge)

House Passes Debt Limit Bill, Setting Stage For Showdown

WEDNESDAY, APR 26, 2023 – 07:35 PM

Update (1935ET): In response to today’s passing of the House GOP debt ceiling solution, the White House issued a statement claiming that the bill “cuts veterans’ health care, education, Meals on Wheels, and public safety, takes away health care from millions of Americans, and sends manufacturing jobs overseas while they fight to extend the Trump tax cuts for the wealthiest and profitable corporations.”

More:

President Biden will never force middle class and working families to bear the burden of tax cuts for the wealthiest, as this bill does.  The President has made clear this bill has no chance of becoming law.

In our history, we have never defaulted on our debt or failed to pay our bills.  Congressional Republicans must act immediately and without conditions to avoid default and ensure that the full faith and credit of the United States is not put at risk.  That is their job. Economists have warned that default could spark a dangerous financial crisis, lead to a recession costing millions of Americans their jobs, endanger hard-working Americans’ retirement savings, and increase long-term federal borrowing costs, adding to deficits and debt.  We are not a deadbeat nation. As President Reagan said: “The United States has a special responsibility to itself and the world to meet its obligations.  It means we have a well-earned reputation for reliability and credibility — two things that set us apart in much of the world.” We pay our bills. Congressional Republicans must do that again now and act to avoid default.

How long have they had that statement ready to go?

*  *  *

Update (1850ET): House Republicans on Wednesday narrowly passed their bill to raise the debt ceiling, while cutting spending and dismantling several items in President Biden’s domestic agenda. 

The bill passed by a narrow margin of 217-to-215, with Democrats voting along party lines and four Republicans voting against it (Reps. Matt Gaetz (CA), Andy Biggs (AZ), Ken Buck (CO) and Tim Burchett (TN).

The legislation would raise the debt ceiling by a year in exchange for freezing spending at 2022 levels for a decade, which would mark a 14% cut, and roll back several aspects of Biden’s landmark health, climate and tax law.

That said, the bill is DOA – given that even if it somehow made it through the Democrat-controlled Senate, President Biden has vowed to veto it.

This means we’re headed for a showdown, as without action by Congress to raise the borrowing limit, the US Government faces a potentially catastrophic default within the next few months.

The successful vote came after a late-night negotiation among Republicans, ending in Speaker Kevin McCarthy agreeing to jettison a provision which would roll back tax credits that the Biden administration implemented for ethanol.

*  *  *

Update (1026ET): Following a GOP closed-party meeting, House Speaker Kevin McCarthy (R-CA) says he’s confident that Republicans have enough votes to pass the debt limit bill in a floor vote today.

Senator Chuck Schumer (D-NY), however, dismissed the bill as the “Default On America” (DOA) Act – which of course is true since it will never make it through the Democrat-controlled Senate, much less past President Biden’s desk, in its current form.

*  *  *

As House Republicans’ $4.8 trillion debt-limit package hangs in the balance, Speaker Kevin McCarthy (R-CA) and his top lieutenants made several concessions in order to secure enough votes to pass the Limit, Save, Grow Act.

The changes, aimed at winning over holdout Midwestern Republicans who threatened to sink the bill, were the result of a marathon House Rules Committee meeting that stretched into early Wednesday morning, and include an amendment which softens a provision repealing several biofuel tax credits, according to Punchbowl News.

McCarthy can only lose four Republican votes and pass the measure, which he hopes will kick off negotiations with President Joe Biden and Democratic leaders.

The House GOP leadership, which promised regular order and a floor open to amendments, made just one amendment in order: a tweak to the Limit, Save and Grow Act that, among other things, puts in place new work requirements for 2024 instead of 2025. Party leaders had previously said that change was unworkable.

More importantly, McCarthy’s leadership team eliminated the repeal of three biofuel tax credits. For the remaining two — created by the Democrats’ Inflation Reduction Act — the GOP said they didn’t apply to taxpayers who made investment decisions based on the credits. -Punchbowl News

Meanwhile, McCarthy’s drafted amendment pulls funding from the Inflation Reduction Act for green building construction, DoE loan guarantees, deferred maintenance for national parks, air pollution for states and municipalities, as well as a neighborhood access and equity grant program.

More on the cuts:

We’ll know more after today’s 9am closed-party meeting, however as of late Tuesday night there were several holdouts remaining, including GOP Reps. Tim Burchett (TN) and Matt Gaetz (FL) as staunch No’s, Scott Perry (PA), Andy Biggs (AZ) as ‘non-committal’ and ‘skeptical,’ and Reps. Matt Rosendale (MT), Eli Crane (AZ) and Nancy Mace (SC) – the latter of whom told reporters she’s “still a no.”

Going deeper (via Punchbowl News): 

Gripes from conservatives are nothing new for McCarthy. Remember January? Republican hardliners are known to get everything they want and still bellyache. CBO says this proposal cuts spending by $4.8 trillion over the next decade — which is exactly what conservatives want. But they’re still balking.

The Iowans, generally team players in the House GOP, have been the most difficult pocket to mollify. Party leaders underestimated the mettle of the four-person Iowa delegation and their unwillingness to roll back Democratic-passed tax breaks for the ethanol industry.

The operating theory inside leadership ranks was that Iowa Reps. Ashley Hinson, Zach Nunn, Mariannette Miller-Meeks and Randy Feenstra were team players, so they’d kowtow to McCarthy when he asked. But the Hawkeye State Republicans, led by Hinson, didn’t back down under pressure from the leadership. In fact, the leadership backed down.

Remember: Sen. Chuck Grassley (R-Iowa) is 89 years old. Hinson is 39, Nunn is 43, and Feenstra is 54. All of these House Republicans may be looking at the Senate as a viable next step.

McCarthy and other senior Republicans remain confident that they’ll pass the measure by week’s end. They note today will be the first time in weeks that House GOP lawmakers will all be in the same room.

“I think we’re doing well. I think we’re doing fine,” said House Majority Whip Tom Emmer Tuesday night. “It just depends on when the speaker decides he’s ready to go.”

end

Uh Oh! this is trouble:  Vornado Realty trust delays its dividend and its shares plunge.  CRE is having its problems

(zerohedge) 

‘Big CRE Short’ Gains Momentum As Vornado Delays Dividend, Shares Plunge

THURSDAY, APR 27, 2023 – 12:20 PM

The commercial real estate market faces impending turmoil as office and retail property valuations are anticipated to slide this year due to rising interest rates, which makes it challenging for owners of these properties to refinance the hundreds of billions, if not trillions, in debt coming due over the next several years.    

One tradeable real estate investment trust that has caught our eye is Vornado Realty Trust, an office, retail, and residential building owner, which slid as much as 13% in premarket trading, hitting a 27-year low. 

A rising rate environment typically results in annual declines for Vornado. 

Investors are spooked by the ‘surprise’ announcement that Vornado delayed its dividend and authorized up to $200 million in stock buybacks. Analysts at PiperSandler said the move prompted them to downgrade the owner of offices. 

Here’s more analyst commentary (list courtesy of Bloomberg):

Piper Sandler (downgrades to underweight from neutral, cuts PT to $11 from $16) 

• Analyst Alexander Goldfarb says that, while he understands that many REITs aren’t recognized for outsize dividend yields, a complete suspension this early in the year suggests more going on than the Street appreciates
• If cash preservation is so critical, analyst wonders why the stock buyback program would be a good use of money 

Morgan Stanley (underweight, PT $13) 

• Vornado’s announcement comes as a surprise and follows the firm’s previous dividend cut post-4Q, analyst Ronald Kamdem says 
• While dividend-focused investors near-term could be disappointed, the share repurchases, if fully utilized, may be accretive to earnings

Bloomberg Intelligence 

• Vornado suspending a quarterly dividend could save around $230 million over the next three quarters, which it might use to buy back shares under a new $200 million authorization, analyst Jeffrey Langbaum writes

Efforts to preserve cash are underway as the CRE landlords face higher financing costs. The surge in remote and hybrid work has notably impacted offices with rising vacancies. 

In a recent shareholder letter, Vornado Chairman and Chief Executive Officer Steven Roth warned:

“We are now approaching the eye of the economic storm, and I expect it will get even worse.” 

Earlier this month, Kyle Bass, founder of Dallas-based Hayman Capital Management, explained office buildings in big cities need to be demolished because pre-pandemic demand is never returning. He insisted towers must be converted into apartments. 

“It’s one asset class that just has to get redone, and redone meaning demolished,” said Bass.

Recall the regional bank crisis in March. Days after the collapse of numerous banks, we outlined to readers the next big domino to fall: New “Big Short” Hits Record Low As Focus Turns To $400 Billion CRE Debt Maturity Wall.

We pointed out the next big short: BBB- tranches of CMBX Series 15, due to its outsized exposure to office commercial real estate…

We also cautioned about a considerable maturity wall in the commercial real estate sector, with $400 billion of debt due this year. Morgan Stanley data shows $2.5 trillion in CRE debt comes due over the next five years.

The collapse in the share price of Vornado is a harbinger of what’s to come for the CRE space. 

USA COVID//

END

SWAMP STORIES

THE KING REPORT

The King Report April 26, 2023 Issue 6077

Independent View of the News

After falling 42% by 13:12 ET yesterday, trading was halted in First Republic Bank.  FRC closed at 8.0999, -49.38% for the day.  FRC reported a 41% tumble in deposits. Obviously, regional banking woes have not been rectified.   @shehzadhqazi: “MSCI China Index lost as much as 2.6% Tuesday, set for a sixth day of declines in its longest-losing run since October. Foreign investors were net sellers of onshore China shares for a third straight session, while bond yields have dropped.”  https://t.co/wg7flQ6H8m   US April Conference Board Consumer Confidence 101.3, 104.0 exp and prior Present situation rose to 151.1 from revised to 148.9 from 151.1 in March Expectations fell to 68.1 from revised to 74 from 73 in March   Feb FHFA House Price Index +0.5% m/m; -0.05% expected Feb S&P Global/CoreLogic 20-city house prices +.36% m/m & +9.6% Y/Y, -0.35% & -1.3% y/y exp March New Home Sales 683k, 632k expected; Feb revised to 623k from 640k   Philadelphia Fed Non-Manufacturing Index -22.8, -12.8 prior   ESMs traded modestly lower when the Nikkei opened.  They flatlined until they broke lower near 21:45 ET.  The decline ended near 15 minutes before the 2 ET Chinese close.  The rally for the European open was modest and ended at the European open.   ESMs and stocks sank until 4:19 ET.  ESMs then moved modestly higher.  Alas, the rally lasted only 18 minutes; ESMs and stocks traded sideways, with a modest upward bias until they broke down at 9:45 ET. ESMs and stocks sank until 10:34 ET.  Traders could produce only a 13-handle ESM rally during the 2nd hour of NYSE trading.  Eleven minutes before the 11:30 ET European close, ESMs and stocks commenced a decline that accelerated after 13:00 ET.    A bottom formed 3 minutes after the 14:15 VIX Fix.  Alas, the rally was modest and short-lived; ESMs and stocks then traded sideways until they broke lower at 15:45 ET.  New lows appeared at the close   Positive aspects of previous session Oil declined sharply   Negative aspects of previous session Stocks and commodities sank while bonds surged on renewed US banking and economy concerns Bloomberg’s Trender has triggered a daily sell signal on the S&P for the first time since mid-February   Ambiguous aspects of previous session How bad and vast are the US regional banking problems?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4089.84 Previous session High/Low: 4126.43; 40.71.38   ‘SPEAK’ING OUT: @SpeakerMcCarthy torches Biden for promoting his re-election campaign rather than discussing the nation’s debt. https://t.co/ypcc2ipQSB   After the NYSE close, MSFT reported EPS of 2.45, 2.23 exp; and Sales of $52.9B, $51.03B expected; MSFT soared as much as 9% in after-hour trading.   Alphabet (Google) reported Q1 EPS of 1.17, 1.07 exp; Rev Ex-TAC of $58.97B, $56.98B was consensus.  GOOGL announced a share buyback of Class A & C for $70B.  GOOGL soared as much as 6.11%.   Today – For the first time since mid-February, Bloomberg’s Trender has triggered a daily sell signal for the S&P 500 Index.  Renewed concerns about US regional banks and the global economy have nullified trading schemes and patterns for the past several sessions.  Bulls should be, at the least, very worried.  There are only 3 more sessions until “sell in May and go away” begins.  And we all know that wise guys will front run the seasonal pattern, especially a grand pattern.   There could be April performance gaming schemes during the next three sessions.  But these will be opportunities to feed the patsies and position an equity portfolio for significant downside risks.   Expected economic data: March Wholesale Inventories 0.1% m/m, Retail Inventories 0.2% m/m; March Durable Goods 0.7% m/m, ex-Trans -0.2%, Nondef Ex-Air -0.1%, Shipments 0.1%   ESMs are +20.00 at 20:55 ET on MSFT and GOOGL’s good results.  Besides the plight of FRC, a key for today could be what institutions do in MSFT and GOOGL.  The 2nd Hour Indicator should be very useful.  A breach of the first hour high or low could instigate a strong move in that direction.   Expected earnings: HUM 9.22, ADP 2.45, GD 2.59, MSC 3.15, OTIS .75, HLT 1.24, BA -.97, AFL 1.40, META 2.01, MAA 2.25, CHRW .99, ORLY 7.97   S&P 500 Index 50-day MA: 4035; 100-day MA: 4001 150-day MA: 3932; 200-day MA: 3959 DJIA 50-day MA: 33,096; 100-day MA: 33,373; 150-day MA: 32,735; 200-day MA: 32,608   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3908.70 triggers a sell signal Daily: Trender and MACD are negative – a close above 4177.53 triggers a buy signal Hourly: Trender and MACD are negative – a close above 4110.84 triggers a buy signal   New survey shows Americans have grim outlook on future of US Americans held the pessimistic views, with 66% believing the economy will slip; 71% believing the U.S. will be less important; 77% predicting more political division, and 81% predicting a larger wealth gap, according to the poll… https://t.co/8r1l296DDC   @townhallcom: Joe Biden lies about being born in the same hospital that his grandfather died in just two weeks prior. Biden was born in Pennsylvania. His grandfather died in Maryland almost an entire year earlier. https://t.co/6uU3Yp8Abc   2024 GOP hopefuls respond after Biden throws hat in ring for another term: ‘Attacking our patriotism’ – ‘Finish what job, destroying America?’ Senator Ron Johnson tweeted     “[Former White House press secretary Jen Psaki] said it herself; Joe Biden does nothing before 9 AM,” Florida Republican Rep. Byron Donalds wrote. “So, the man asking Americans to re-elect him for four more horrible and tumultuous years isn’t even awake for his big announcement,” Donalds continued. “Joe, when you wake up, your days in the White House are numbered.”…    “After seeing the damage Joe Biden has done to America in the last two years, I am terrified to learn what ‘finishing the job’ looks like,” journalist Jason Robinson wrote… https://www.foxnews.com/politics/2024-gop-hopefuls-respond-after-biden-throws-hat-ring-another-term-attacking-our-patriotism   For the first time that we can recall, a president announced his re-election campaign by video – and bragged that his platform for 2024 will be even more unmitigated leftism.  Even the NY Times realizes that The Big Guy has diminished faculties.   @nytimes: If President Biden is re-elected in 2024, he will be 82 when he takes office and 86 when his term ends. Here’s a snapshot of the body and mind of an octogenarian and the potential problems doctors look out for. https://trib.al/BH1q5QI   Fox’s @JacquiHeinrich: First press briefing since Biden announced 2024 re-election bid: Q: “Does the President plan to serve all 8 years?”  KJP: “I’m not going to get ahead of the President.”   Democrats ‘reluctantly’ supporting Biden because there’s ‘no other choice’: Report https://t.co/eIax6oYZMG   GOP Presidential Candidate @VivekGRamaswamy: It’s a myth that Joe Biden is actually running for President. He’s not. It’s just the managerial class using Joe Biden as a front to advance its own agenda. To them Biden’s cognitive impairment isn’t a bug. It’s a feature. The Administrative state more effectively controls its puppets when they are hollowed-out husks of themselves. The fact that it’s elder abuse is just a cost of doing business for Biden’s handlers.   Democratic operative Tanden, whose ‘toxic’ tweets cost her OMB post, to replace Rice at WH, reports – Sen. Bernie Sanders, a Vermont independent, accused Tanden said during her confirmation hearings of “vicious attacks” against progressives.  West Virginia Democrat Sen. Joe Manchin said at the time that Tanden’s “overtly partisan statements will have a toxic and detrimental impact on the important working relationship” between Congress and the White House budget office…   https://t.co/Enx2JTFUzH   Babylon Bee: Ron DeSantis Dyes Hair, Gets Spray Tan in Preparation For 2024 Presidential Run https://t.co/nyQjkLJaKG   Chicago family rips Kim Foxx after teens accused of deadly car crash get misdemeanors: ‘Blood on her hands’ https://t.co/eOPAaSxQ5y   Kim Foxx announced that she will NOT seek re-election for Cook County DA.   Tucker Carlson’s Prayer Talk May Have Led to Fox News Ouster: “That Stuff Freaks Rupert Out” According to the source, Fox Corp. chair Rupert Murdoch removed Carlson over remarks Carlson made during a speech at the Heritage Foundation’s 50th Anniversary gala on Friday night… Carlson told the Heritage audience that national politics has become a manichean battle between “good” and “evil.” Carlson said that people advocating for transgender rights and DEI programs want to destroy America and they could not be persuaded with facts. “We should say that and stop engaging in these totally fraudulent debates…I’ve tried. That doesn’t work,” he said. The answer, Carlson suggested, was prayer. “I have concluded it might be worth taking just 10 minutes out of your busy schedule to say a prayer for the future, and I hope you will,” he said. “That stuff freaks Rupert out. He doesn’t like all the spiritual talk,” the source said… (If advocating ’10 minutes of prayer’ freaks old that old fort…)     Murdoch and [Leslie] Smith called off their two-week engagement because Smith had told people Carlson was “a messenger from God.” Murdoch had seen Carlson and Smith discuss religion firsthand. In late March, Carlson had dinner at Murdoch’s Bel Air vineyard with Murdoch and Smith, according to the source. During dinner, Smith pulled out a bible and started reading passages from the Book of Exodus, the source said. “Rupert just sat there and stared,” the source said. A few days after the dinner, Murdoch and Smith called off the wedding. By taking Carlson off the air, Murdoch was also taking away his ex’s favorite show… The 92-year-old mogul’s broken engagement is part of a string of erratic decisions he has made of late… “It’s like the King is senile but no one wants to say anything,”…https://www.vanityfair.com/news/2023/04/tucker-carlson-fox-news-rupert-murdoch   Once upon a time, it was illegal in the USA for a foreign entity to own an American media property.  Perhaps, it is time to reinstitute that law to prevent foreigners from influencing US elections or attitudes.   And once upon a time, it was illegal for foreigners to own a television and radio station or a TV station and newspaper in the same local market.   “When you want to help people, you tell them the truth. When you want to help yourself, you tell them what they want to hear.” — Thomas Sowell end The King Report April 27, 2023 Issue 6978Independent View of the News First Republic Bank closed -29.88% on Wednesday; it tanked as much as 41.23%.   First Republic Said to Face Potential Curb on Borrowing from Fed – BBG Senior officials are mulling whether to downgrade their scoring of the firm’s condition, including its so-called Camels rating, the report said citing people, adding that would likely limit the bank’s use of the Fed’s discount window and an emergency facility launched last month.  The banking sector has come under renewed pressure after First Republic on Monday reported outflows of more than $100 billion in deposits in the first quarter… https://finance.yahoo.com/news/1-first-republic-faces-potential-185721758.html   The Financial Times reports US government officials are stalling an FDIC takeover of FRC to euchre private investors into buying the beleaguered bank.  Big banks are reluctant to invest more money after the bad money they have already thrown into FRC.   Furthermore, any sale would have to be at a huge discount to book value, which would worsen FRC’s losses.  “A proposal has been floated to have big US banks buy assets from First Republic at above market rates. While the banks would take small losses, they would avoid the much larger FDIC fees that would ultimately be imposed on them if FRC fails and has to be rescued… https://www.ft.com/content/877288e0-8f4e-4284-a04b-bfe36ee1de7b   Ex-BlackRock PM @DowdEdward: If you aren’t aware, we are in crisis mode. The propagandists won’t ever say it, but we are and have been for quite some time.   Amazon Starts Round of Layoffs in AWS Cloud Division Overall, Amazon is axing 27,000 mostly corporate positions after a hiring spree during the pandemic left the company with too many people… Amazon employed 1.54 million people worldwide at the end of December. The vast majority of those workers are hourly employees who pack and ship products in warehouses. Before the first round of layoffs began in November, the company said it had roughly 350,000 corporate employees… https://finance.yahoo.com/news/amazon-starts-round-layoffs-aws-151744662.html   ESMs rallied sharply when Asian opened on Microsoft and Google’s good results.  After the opening surge, ESMs and stocks traded sideways until they broke down when Europe opened.  A bottom formed at 4:09 ET; ESMs and stocks then rallied moderately until 6 ET.  ESMs and stocks then sank until 7:14 ET.  The rally for the NYSE open took ESMs from 4089.25 to 4107.99 at 9:17 ET.  ESMs and stocks then rolled over gently until they broke lower at 10:09 ET.   The usual suspects then eagerly and aggressively bought the first-hour dip, driving ESMs from 4081.25 at 10:27 ET to 4109.25 at noon ET.  Alas, the reality of FRC and the probability of more US bank woes overwhelmed the euphoria over two Fangmans.  ESMs and stocks tumbled, with ESMs hitting a daily low of 4068.75 at 15:49 ET.  The usual suspects then manipulated ESMs to 4080.75 at 15:56 ET.   Positive aspects of previous session Fang and big-tech rally on Microsoft and Google’s good results Industrial commodities declined sharply The NFL Draft begins on Thursday night   Negative aspects of previous session FRC appears to have achieved terminal velocity.  The US banking crisis lives! Bonds declined sharply (US debt limit concerns) despite the FRC-induced carnage in stocks The DJTA sank 3.56%; Old Dominion Freight tumbled 9.97% due to its 1st sales drop since 2020   Ambiguous aspects of previous session How bad and vast are the US regional banking problems?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4065.00 Previous session High/Low: 4089.67; 4049.35   San Francisco Target puts entire inventory on lockdown amid shoplifting crisis https://trib.al/PjY1EVb   @AaronSiriSG: World-renowned scientists ask FDA to amend C19-V labels to state they don’t prevent infection/transmission. FDA response: “FDA’s authorization and licensure standards for vaccines do not require demonstration of the prevention of infection or transmission.” https://regulations.gov/docket/FDA-2023-P-0360   @michaelpsenger: Johns Hopkins has erased the Event 201 simulation of a coronavirus pandemic which took place in October 2019 from their website. Before: https://web.archive.org/web/20230425061907/ https://www.centerforhealthsecurity.org/our-work/exercises/event201/ After: https://centerforhealthsecurity.org/our-work/exerc   Randi Weingarten, teacher union had greater hand in CDC’s 2021 school reopening plan than previously known, records reveal – Powerful AFT boss Randi Weingarten spoke twice by phone with CDC Director Rochelle Walensky in the week leading up to the Feb. 12, 2021, announcement that halted full re-opening of in-person classes — including the day before the guidance was released, according to records obtained by the conservative watchdog Americans for Public Trust.  AFT and its fellow union, the National Education Association, also asked the White House and CDC for help shaping its press strategy to show the rank-and-file they and the Biden administration were on the same page, emails reveal… https://t.co/7ftHfGx3kH   @RNCResearch: Biden Energy Secretary Jennifer Granholm says she supports requiring the U.S. military to adopt an ALL-electric vehicle fleet by 2030.  https://twitter.com/RNCResearch/status/1651244202536103936   The logistics and physics of recharging tanks and armored vehicles in a battlefield or away from bases renders the all-electric vehicle fleet an insanely idiotic delusion.   The Tesla Supercharger is the fastest charging option when you’re away from home, allowing you to charge your car up to 200 miles in 15 minutes… https://www.tesla.com/support/charging   Meta surged 11% in after-hour trading on EPS of 2.20 (2.01 exp) and Sales of $27.44B ($27.67B exp)   House PASSES bill to raise $31 trillion debt limit (by $1.5T) in exchange for government spending cuts https://trib.al/hmisewa   @AndrewDesiderio: McCarthy to Biden after House passage: “The Republicans have raised the debt limit. You have not. Neither has Schumer.”   “I cannot agree to vote for a full increase in the debt without any assurances that steps will be taken early next year to reduce the alarming increase in the deficits and the debt.” —Senator Joe Biden, 1984 https://t.co/5JhLgJXKpH   @HouseGOP: “We know there has to be compromise to get things done. You can’t just draw a line in the sand and say my way or no way. It will lead to fiscal Armageddon.” – @SenSchumer on debt ceiling negotiations in 2011.  https://twitter.com/HouseGOP/status/1651350951616208897   Today – With only two April sessions remaining, traders and money managers desperately want to markup their holdings to game performance.  The plight of FRC has trumped the usual upward bias that appears near month end and during the first half to two-thirds of earnings reporting season.   Barring more negative news, the usual suspects will try to force their most important holdings higher.  If stocks are soft in the morning on bad news, be alert for a late determined attempt to boost equities.   Expected economic data: Q1 GDP 2.0%, Consumption 4.3%, GDP Price Index 3.7%, Core PCE 4.7%; Initial Jobless Claims 248k, Continuing Claims 1.872m; March Pending Home Sales 0.7% m/m; KC Fed Mfg. Activity -2   ESMs are +7.00 at 20:55 ET on Meta’s good results.   Expected earnings: CAT 3.82, ROK 2.55, BMY 1.97, MRK 1.33, LLY 1.72, AAL .02, HSY 2.67, TXT .99, NOC 5.12, MO 1.18, CMCSA .83, BAX .49, IP 7.21, MA 2.72, LUV -.22, MDLZ .80, COF 3.90, INTC -.16, AMZN .21, AMGN 3.84   S&P 500 Index 50-day MA: 4033; 100-day MA: 4002; 150-day MA: 3934; 200-day MA: 3961 DJIA 50-day MA: 33,070; 100-day MA: 33,357; 150-day MA: 32,769; 200-day MA: 32,630   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3908.70 triggers a sell signal Daily: Trender and MACD are negative – a close above 4157.29 triggers a buy signal Hourly: Trender and MACD are negative – a close above 4091.16 triggers a buy signal   Biden cheat sheet shows he had advance knowledge of journalist’s question (US journalism is dead!) Another cheat sheet showed the names of other Biden administration officials to relay the order remarks would be delivered at the press conference… The cheat sheets have also fueled Republicans’ speculation about Biden’s mental acuity. The president’s physician reported Biden was in good health in February but refused to field questions from reporters about his cognitive strength. https://trib.al/VzBfnzr   @RNCResearch: Biden used a cheat sheet at today’s press conference — with a reporter’s question written on it. (Pics of reporters to prevent confusion!) https://twitter.com/RNCResearch/status/1651331183551160321   Though the risible Biden cheat sheet is embarrassing for The Big Guy, it’s a humiliation for the MSM.   CNN: ‘He’s lost that old twinkle’: When a young Joe Biden criticized his opponent’s age In 1972, Biden, then 29 years old and a local Delaware councilman, was running against incumbent Republican Sen. Cale Boggs who was 63 years old, a former two term governor and the state’s senior senator.  “Cale doesn’t want to run, he’s lost that old twinkle in his eye he used to have,” Biden said of Boggs, who had originally wanted to retire but was persuaded to run for reelection.  Biden used his opponent’s age against him in a way that was so explicit, one local reporter dubbed his approach, “Dear old dad.”… https://www.cnn.com/2023/04/24/politics/joe-biden-age-criticism-kfile/index.html?s=02   Hunter Biden ordered to appear in court for paternity case over illegitimate daughter  https://t.co/SdRaPh3yVU   ‘Good riddance’: Pentagon officials cheer Tucker Carlson’s ouster The former Fox host ridiculed top DoD leaders over Biden-era policies. “We’re a better country without him bagging on our military every night in front of hundreds of thousands of people,” said one senior DoD official, who like others interviewed for this story was granted anonymity to discuss a politically sensitive topic.  “Good riddance,” said a second DoD official. Asked to respond to the news that DoD officials are pleased by his departure from Fox, Carlson responded by text message: “Ha! I’m sure.” He declined to comment further… After President Joe Biden announced new efforts to recruit and keep women in the service — including designing new body armor, updating requirements for hairstyles and the nominations of two female generals to become combatant commanders — at a White House ceremony, Carlson accused the commander in chief of making a “mockery” of the troops… https://www.politico.com/news/2023/04/25/pentagon-officials-cheer-tucker-carlson-ouster-00093819   Why some Republicans see Carlson’s departure as a good thing “It’s a bad day for Vladimir Putin,” a Senate Republican aide said. “This takes one of the biggest critics of Ukraine war in Republican and conservative circles off the table.”    The aide noted that some GOP senators were also uncomfortable with what they viewed as Carlson’s over-the-top rhetoric opposing vaccine mandates, which divided conservatives during the pandemic… https://thehill.com/homenews/senate/3971575-why-some-republicans-see-carlsons-departure-as-a-good-thing/   Confirmed: ex-Tucker Carlson producer suing Tucker Carlson has never met Tucker Carlson Grossberg says she was subjected to bullying, antisemitic comments and sexism by staff while working out of Fox’s Manhattan office… https://thespectator.com/topic/abby-grossberg-never-met-tucker-carlson-fox-lawsuit/   Tucker Carlson released this short video last night: “The undeniably big topics – the ones that will define our future – get virtually no discussion at all. War, civil liberties, emerging science, demographic change, corporate power, natural resources. When was the last time you heard a legitimate debate about any of those issues?  Both political parties, and their donors, have reached consensus on what benefits them – and they actively collude to shut down any conversation about it. Suddenly the United States looks like a one-party state…” https://twitter.com/TuckerCarlson/status/1651376097349578753   In extraordinary move, Trump lawyers ask Congress to intervene in classified documents controversy – Legal team says DOJ has misled courts and public about reasons classified documents ended up at Mar-a-Lago, and legislation needed to fix lax security system… The lawyers argued Trump had no intention of taking the boxes to his Florida home, but employees from the General Services Administration packed them up without determining whether classified materials were included… https://justthenews.com/politics-policy/all-things-trump/trump-lawyers-tell-congress-doj-misled-country-courts-classified   Whistleblower tells Congress that govt is delivering migrant children to human traffickers Tara Lee Rodas warned the US is the ‘middleman’ in a trafficking operation https://www.foxnews.com/politics/whistleblower-tells-congress-that-govt-delivering-migrant-children-human-traffickers   New Report Exposes Growing, Billion Dollar Budget Fiasco in Illinois’ Free Medicaid Program for Undocumented Immigrants (Dems buying voters, again!) https://wirepoints.org/new-report-exposes-growing-billion-dollar-budget-fiasco-in-illinois-free-medicaid-program-for-undocumented-immigrants-wirepoints/

GREG HUNTER 

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