April 28/2023 · by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: UP $1.45 TO $1990.35

SILVER PRICE CLOSED: UP 1 CENT AT $24.95

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE $1989.25

Silver ACCESS CLOSE: 25.05

Bitcoin morning price:, $29,293 down 355 Dollars

Bitcoin: afternoon price: $29,386 DOWN 262 dollars

Platinum price closing $1078.80 DOWN $3.80

Palladium price; $1505.70 UP $1.95

“Our government… teaches the whole people by its example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy.” … Louis D Brandeis (former Supreme Court Justice)

GO GATA!

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: $2695.15 DOWN 6.95 CDN dollars per oz (ALL TIME HIGH 2732.50)

BRITISH GOLD: 1583,17 DOWN 6.71 pounds per oz//(ALL TIME HIGH//1629.84)

EURO GOLD: 1805.60 UP 3.50 euros per oz //(ALL TIME HIGH//1860.82)

DONATE

FOR APRIL

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT: 106 NOTICES FOR 10600 OZ or 0.3297 TONNES

total notices at conclusion of April: 24,330 contracts for 2,433,000 oz (75.676 tonnes)

and that completes April as final standing 75.676 tonnes of gold

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FOR MAY:

GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 1057 NOTICES FOR 105,700 OZ or 3.2877 TONNES

total notices so far: 1057 contracts for 105,700 oz (3.2877 tonnes)

FOR MAY:

SILVER NOTICES: 1015 NOTICE(S) FILED FOR 5,075,000 OZ/

total number of notices filed so far this month : 1015 for 5,075,000 oz

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FOR THE MAY GOLD CONTRACT:

EXCHANGE: COMEX

CONTRACT: MAY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,989.900000000 USD
INTENT DATE: 04/27/2023 DELIVERY DATE: 05/01/2023
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 400
323 C HSBC 111

DLV615-T CME CLEARING
BUSINESS DATE: 04/27/2023 DAILY DELIVERY NOTICES RUN DATE: 04/27/2023
PRODUCT GROUP: METALS RUN TIME: 20:27:39
363 H WELLS FARGO SEC 254
435 H SCOTIA CAPITAL 419
523 C INTERACTIVE BRO 13
657 C MORGAN STANLEY 14
657 H MORGAN STANLEY 226
661 C JP MORGAN 297 240
686 C STONEX FINANCIA 4
690 C ABN AMRO 11
726 C CUNNINGHAM COM 17
732 C RBC CAP MARKETS 27
737 C ADVANTAGE 3 35
800 C MAREX SPEC 33
905 C ADM 6 4

TOTAL: 1,057 1,057
MONTH TO DATE: 1,057

JPMorgan stopped 240/1057 contracts

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END

GLD

WITH GOLD UP $1.45

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

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD://////A MASSIVE WITHDRAWAL OF 3.76 TONNES OF GOLD FROM THE GLD.

INVENTORY RESTS AT 926.28 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP 1 CENT AT THE SLV//

NO CHANGES IN SILVER INVENTORY AT 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 3169 CONTRACTS TO 140,794 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.16 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.16). AND WERE SUCCESSFUL IN KNOCKING A FEW SPEC LONGS AS WE HAD A HUGE LOSS ON OUR TWO EXCHANGES OF 2,157 CONTRACTS WITH MOST OF THAT LOSS DUE TO FINALIZATION 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 0 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( 1012 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.105 MILLION OZ(FIRST DAY NOTICE)+ 0 MILLION OZ OF EXCHANGE FOR RISK// //// V) GIGANTIC SIZED COMEX OI LOSS/ HUGE SIZED EFP ISSUANCE/.VI) FINALIZATION OF SPREADER LIQUIDATION

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –81 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 19 days, total 23,600 contracts: OR 118.035 MILLION OZ . (1242 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 118.035 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 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3169 CONTRACTS DESPITE OUR $0.16 GAIN IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A GIGANTIC SIZED EFP ISSUANCE CONTRACTS: 1012 CONTRACTS ISSUED FOR JULY 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 13.105 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) //TOTAL STANDING 13.105 MILLION OZ// .. WE HAVE A GIGANTIC SIZED LOSS OF 2076 OI CONTRACTS ON THE TWO EXCHANGES ALTHOUGH MOST OF THE LOSS WAS DUE TO FINALIZATION OF SPREADER LIQUIDATION

WE HAD 1057 NOTICE(S) FILED TODAY FOR 5,075,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 3,519 CONTRACTS TO 475,737 AND FURTHER FROM 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 337 CONTRACTS

this is the third straight day of additions to comex volume//total insanity. We have had 8 additions out of the last 10 trading days.

WE HAD A GOOD SIZED DECREASE IN COMEX OI ( 3519 CONTRACTS) DESPITE OUR $4.00 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY. AT 3.5085 TONNES ON FIRST DAY NOTICE // PLUS A 0 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 $4.00 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A SMALL SIZED LOSS OF 22 OI CONTRACTS (0.6843 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3497 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 475,400

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 22 CONTRACTS WITH 3519 CONTRACTS DECREASED AT THE COMEX AND 3487 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 22 CONTRACTS OR 0.6843 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3497 CONTRACTS) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI (3519 //TOTAL LOSS IN THE TWO EXCHANGES 22 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 MAY AT 3.5085 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 0 OZ / // ///3) FEW LONG LIQUIDATION//4) GOOD SIZED COMEX OPEN INTEREST LOSS/ 5) GOOD 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: 63,473 CONTRACTS OR 6,347,300 OZ OR 197,42 TONNES IN 19 TRADING DAY(S) AND THUS AVERAGING: 3340 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 TRADING DAY(S) IN TONNES 197.42 TONNES

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

THUS EFP TRANSFERS REPRESENTS 197.42/3550 x 100% TONNES 5.57% 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: 197.42 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 3169 CONTRACTS OI TO 140,797 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 1012 CONTRACTS

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

JULY 1012 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1012 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 3169 CONTRACTS AND ADD TO THE 1012 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2157 CONTRACTS WITH MOST OF THE LOSS DUE TO CONTINUATION OF SPREADER LIQUIDATION

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 10.785 MILLION OZ

OCCURRED WITH OUR $0.16 GAIN 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//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED UP 27,21 PTS OR 1.14% //Hang Seng CLOSED UP 54,29 POINTS OR 0.27% /The Nikkei closed UP 398.76 PTS OR 1.40% //Australia’s all ordinaries CLOSED UP 0.25 % /Chinese yuan (ONSHORE) closed UP TO 6.9190/OFFSHORE CHINESE YUAN UP TO 6.9316 /Oil DOWN TO 75.04 dollars per barrel for WTI and BRENT AT 78.65 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

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 FELL BY A GOOD SIZED 3519 CONTRACTS DOWN TO 475,737 DESPITE OUR GAIN IN PRICE OF $4.00 ON THURSDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 3497 EFP CONTRACTS WERE ISSUED: : JUNE 3497 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3497 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 22 CONTRACTS IN THAT 3497 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED LOSS OF 3519 COMEX CONTRACTS..AND THIS SMALL SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $4.00. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (3.5075) ( NON 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: 75.676 tonnes

MAY: 3.5085 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $4.00) //// BUT WERE SUCCESSFUL IN KNOCKING A FEW SPECULATOR LONGS AS WE HAD OUR SMALL SIZED LOSS OF 22 CONTRACTS ON OUR TWO EXCHANGES

WE HAVE LOST A TOTAL OI OF 1.116 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAY. (3.5085 TONNES) ALL OF THIS WAS ACCOMPLISHED WITH OUR RISE IN PRICE TO THE TUNE OF $4.00

WE HAD +ADDED 337 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 22 CONTRACTS OR 2200 OZ OR 0.6843 TONNES.

Estimated gold comex today 175,769 poor//

final gold volumes/yesterday 216,756 fair

//APRIL 28/ MAY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	578,718 oz HSBC JPMorgan 18 kilobars for both .
Deposit to the Dealer* Inventory in oz*	21,798.378 OZ Brinks 678 kilobars
Deposits to the Customer* Inventory, in oz*	160,755.000 Oz JPM 5,000 kilobars
No of oz served (contracts) today	1057 notice(s) 105,700 OZ 3.2877 TONNES
No of oz to be served (notices)	71 contracts 7100 oz 0.2208 TONNES
Total monthly oz gold served (contracts) so far this month	1057 notices 105,700 OZ 3.2877 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: 1

i) Into Brinks: 21,798.378 oz

total dealer deposit: 21,798.378 oz

No dealer withdrawals

Customer deposits: 0

total deposits: nil oz

customer withdrawals: 2

i) Our of JPMorgan: 96,453 oz (2 kilobars)

ii) Out of HSBC: 482.265 oz (15 kilobars)

total withdrawals: 578.718 oz

Adjustments;

i) dealer to customer Brinks: 4244.226oz

ii) customer to dealer: 39,352.82 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an oi of 1128 contracts having LOST 66 contracts.

Thus by definition, the initial amount of gold standing in this non active month of May is as follows:

1128 contracts x 100 oz per contract = 112800 oz or 3.5085 tonnes

June LOST 5067 contracts DOWN to 378,406 contracts.

AUGUST GAINED 1764 contracts up to 52,952 contracts

We had 1015 contracts filed for today representing 101,500 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 297 notices were issued from their client or customer account. The total of all issuance by all participants equate to 1057 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 240 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 MAY /2023. contract month,

we take the total number of notices filed so far for the month (1,057 x 100 oz ), to which we add the difference between the open interest for the front month of MAY 1128 CONTRACTS) minus the number of notices served upon today 1057 x 100 oz per contract equals 112,800 OZ OR 3.5085 TONNES the number of TONNES standing in this NON- active month of May.

thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (1057 x 100 oz)+1128 OI for the front month minus the number of notices served upon today (1057)x 100 oz} which equals 112,800 oz standing OR 3.5085 TONNES

TOTAL COMEX GOLD STANDING: 3.5085 TONNES WHICH IS HUGE FOR A NON 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: 22,362,216.911 OZ

TOTAL REGISTERED GOLD: 12,356,047.766 (384.32 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,006,169.145 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,642,698 OZ (REG GOLD- PLEDGED GOLD) 331,932 tonnes//

END

SILVER/COMEX

APRIL 28//2023// THE MAY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1,025,644.204 oz JPMorgan Brinks CNT HSBC .
Deposits to the Dealer* Inventory*	4760.200 oz Brinks
Deposits to the Customer Inventory	681,152.176 oz CNT
No of oz served today (contracts)	1015 CONTRACT(S) (5,075,000 OZ)
No of oz to be served (notices)	1605 contracts (8,025,000 oz)
Total monthly oz silver served (contracts)	1015 Contracts (5,075,000 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: 1

i) Into Brinks 4760.200 oz

total: 4760.200 oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 1 deposits into the customer account

i)Into CNT: 681.152,176 oz

Total deposits: 681,152.176 oz

JPMorgan has a total silver weight: 139,600 million oz/270.974 million =51.53% of comex .//dropping fast

Comex withdrawals: 4

i) Out of JPMorgan; 591,769.520. oz

ii) Out of Brinks 104,418.700 oz

iii) Out of HSBC: 258,707.488 oz

iv) Out of CNT 70,748.516 oz

Total withdrawals; 1,025,644.204 oz

adjustments: 2

i) customer to dealer Manfra: 905,173.200 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 33.204 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 270.974 million oz

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY /2023 OI: 2621 CONTRACTS HAVING LOST 5099 CONTRACT(S).

THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING IN THIS VERY ACTIVE DELIVERY MONTH OF MAY IS AS FOLLOWS:

2621 CONTRACTS X 5000 OZ PER CONTRACT = 13,105,000 OZ

.JUNE HAD A 205 CONTRACTS GAIN TO 819

JULY HAD A 1067 CONTRACT GAIN TO 118,475 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1015 for 5,075,000 oz

Comex volumes// est. volume today 44,871 fair

Comex volume: confirmed yesterday: 83,324 good

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at 1015 x 5,000 oz = 15,075,000 oz

to which we add the difference between the open interest for the front month of MAY(2621) and the number of notices served upon today 1015 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAY/2023 contract month: 1015 (notices served so far) x 5000 oz + OI for the front month of APRIL (2621) – number of notices served upon today (1015 )x 500 oz of silver standing for the MAY contract month equates to 13.105 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 28/WITH GOLD UP $1.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.76 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 926.28 TONNES

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

GLD INVENTORY: 926.28 TONNES

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

APRIL 28/WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 469.482 MILLION OZ//

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//

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//

John Rubino….

Rubino: You Can’t Taper A Ponzi Scheme

FRIDAY, APR 28, 2023 – 01:27 PM

Authored by John Rubino via substack,

Why a shrinking money supply risks a massive, uncontrolled crash…

You probably hear the term “Ponzi scheme” tossed around frequently out there, but you may not know what it is and why it matters. So here’s a little background from Wikipedia:

A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[1] Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are coming from legitimate business activity (e.g., product sales or successful investments), and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

In the 1920s, Charles Ponzi carried out this scheme and became well known throughout the United States because of the huge amount of money that he took in.[4] His original scheme was based on the legitimate arbitrage of international reply coupons for postage stamps, but he soon began diverting new investors’ money to make payments to earlier investors and to himself.[5] Unlike earlier similar schemes, Ponzi’s gained considerable press coverage both within the United States and internationally both while it was being perpetrated and after it collapsed – this notoriety eventually led to the type of scheme being named after him.[6]

The key takeaway is that a Ponzi scheme dies when the inflow of new money is insufficient to pay off existing ~~investors~~ victims. To understand why this matters today, let’s do a thought experiment. Say that in the coming year, the US has to pay out 5% more for Medicare and Social Security, and 7% more for its global military empire. Meanwhile, businesses with debts coming due have to roll them over at higher interest rates, while homeowners with adjustable-rate mortgages see their monthly payments rise.

In the aggregate, that’s a lot of new dollars — let’s say half a trillion — that didn’t exist a year ago but are needed now. And they have to come from somewhere. In a normal fiat currency system, the central bank simply creates the needed currency out of thin air, everyone gets paid, and the resulting decline in the value of the currency is small enough that few are bothered.

But that’s not what’s happening today. As the above obligations come due, the amount of available money is … shrinking. The following chart of the M2 money supply growth rate shows a massive spike from all the covid lockdown stimmy checks (which partially accounts for last year’s surge in consumer prices) and a correspondingly dramatic plunge this year. Note that during the entire fiat currency era, M2 has never before gone down.

This means some debts won’t be paid. Creditors thus stiffed will fail to pay their debts and so on until sectors start blowing up. Think back to last month’s local and regional bank near-death experience for a relatively benign example of what this unraveling will look like.

To sum up, the current global financial system is a Ponzi scheme and the new money spigot has been turned off. Excitement is about to ensue.

Here’s where it gets even more interesting

During the pandemic, central banks discovered how easy it is to flood an economy with newly-conjured cash. The US, for instance, simply mailed checks to citizens and gifted “loans” to small businesses while tossing trillions in loan guarantees and direct aid at favored large corporations. Easy peasy.

When today’s Ponzi scheme starts to unravel, those same governments will be faced with a choice between letting virtually everything grind to a halt as trouble at the collapsing periphery starts heading for the core (that is, as small players die in ways that threaten JP Morgan Chase), or restarting the stimmy check machine, but on a much bigger scale and with a major twist:

Instead of sending out paper or electronic checks to individual bank accounts, the Fed will roll out its much-discussed central bank digital currency and fund “free” account balances for everyone who it deems worthy of such a gift. The vast majority, traumatized by the disappearance of their jobs and stock portfolios, will willingly accept the free money. And just like that, the next financial system is born.

Which, as always, takes us back to gold and silver. History says the first phase of this process will feature an equities bear market that takes precious metals down for the ride. But in the second phase (i.e., the CBDC introduction), people who prefer not to own “programable” currency that’s monitored 24/7 by the NSA will convert their Fed bucks to real assets. Shortages of gold and silver will ensue and prices will respond accordingly.

end

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

We reported on this during the week: Argentina is to settle Chinese imports in yuan bypassing the dollar

(Wong/SCMP)

Argentina to settle Chinese imports in yuan as China marches into South America to dethrone dollar

Submitted by admin on Fri, 2023-04-28 02:28Section: Daily Dispatches

By Kandy Wong
South China Morning Post, Hong Kong
Thursday, April 27, 2023

China’s push for greater use of its currency in bilateral trade settlements has made further inroads in South America, with Argentina set to follow Brazil and start to pay for Chinese imports in yuan rather than U.S. dollars.

Economy Minister Sergio Massa confirmed on Wednesday that Argentina, following a meeting with Chinese ambassador Zou Xiaoli and companies from various sectors, had “activated the swap with China.

Argentina will, Massa added, pay for US$1.04 billion of Chinese imports in April in yuan instead of US dollars and then US$790 million per month from May.

The second-largest country in South America is attempting to maintain its reserves of US dollars after a historic drought reduced exports by US$15 billion, including from its key agricultural sector. …

… For the remainder of the report:

https://www.scmp.com/economy/global-economy/article/3218577/argentina-settle-chinese-imports-yuan-china-marches-south-america-dethrone-us-dollar

end

We have a huge 25 million share reduction in the short position on SLV. The vehicle itself is a fraud

Ted Butler…

Ted Butler: The SEC and Black Rock blink on SLV

Submitted by admin on Fri, 2023-04-28 03:14Section: Daily Dispatches

By Ted Butler
SilverSeek.com
Thursday, April 27, 2023

The big news is last night’s release of the new short report on stocks, which indicated a massive 25 million share reduction in the short position on SLV, the big silver ETF, as of the close of business April 14. The short position on SLV fell from 41.5 million shares to 16.3 million shares, the largest by-monthly drop (60%) in history, to the lowest short position on SLV in more than two years — back to the time in Feb 2021 when BlackRock (the trust’s sponsor) amended the trust’s prospectus to include new risk factors warning short sellers to beware of shorting shares due to serious concerns of the availability of physical silver bullion.

https://www.wsj.com/market-data/quotes/etf/SLV

https://fintel.io/ss/us/slv

So, the immediate issue is what was behind the sudden large reduction in the short position on SLV (after all, 20 to 25 million ounces of silver is a big deal) and why would I conclude it involved any “blinking” by the Securities & Exchange Commission (the nation’s securities regulator) and BlackRock (the largest asset manager in the world)? …

… For the remainder of the analysis:

https://silverseek.com/article/sec-and-blackrock-blink-slv

end

A good interview to see

(Eric Sprott/GATA)

Eric Sprott details his investment outlook in interview with Craig Hemke

Submitted by admin on Fri, 2023-04-28 03:46Section: Daily Dispatches

2:45p ICT Friday, April 28, 2023

Dear Friend of GATA and Gold (and Silver):

Craig Hemke’s monthly wrapup on the monetary metals markets for Sprott Money is an interview with mining entrepreneur Eric Sprott, who says he is investing on the assumption of an economic recession, stock market decline, continued crisis in banking worsened by the collapse of commercial real estate, and strength in the monetary metals.

Silver has been manipulated so long, Sprott says, that one day it could explode seemingly out of the blue.

Sprott mentions a few mining companies whose prospects strike him as especially good.

The interview is 35 minutes long and can be viewed at YouTube here:

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

end

Your weekend reading material

Alasdair Macleod….

Alasdair Macleod: The consequences of statist intervention

Submitted by admin on Fri, 2023-04-28 01:07Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 27, 2023

This article looks at our current economic condition from the viewpoint of classical economics. It is now 87 years since classical economics were dismissed by John Maynard Keynes in his “General Theory of Employment, Interest, and Money.”

Central to Keynes’ opus was a desire to create a role for the state, intervening in economic affairs. In searching for this objective, he had to traduce the law of the markets — Say’s Law. We show why this was mistaken. The error has been at the root of the accumulated errors of monetary policies ever since.

It has led to the destruction of the dollar’s purchasing power, reflected in a gold price that has risen from $35 to $2,000 — a depreciation of the dollar’s value as a medium of exchange relative to legal, sound money of over 98%. Furthermore, it has weakened America and her allies relative to the rising hegemons who may or may not have a cohesive understanding of economics but at least are not in thrall to the failed statist policies of the West. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/statist-intervention-the-consequences?gmrefcode=gata

end

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

Agnico eagle is probably the best of the majors: They reported strong first quarter results.

(Agnico eagle)

AGNICO EAGLE REPORTS FIRST QUARTER 2023 RESULTS – STRONG OPERATIONAL RESULTS WITH RECORD SAFETY PERFORMANCE; OPTIMIZATION ACTIVITIES PROGRESSING WELL IN THE ABITIBI GOLD BELT; 2022 SUSTAINABILITY REPORT RELEASED; YAMANA TRANSACTION AND SAN NICOLAS JOINT VENTURE TRANSACTION CLOSED

April 27, 2023

Download this Press ReleasePDF Format (opens in new window)

Stock Symbol: AEM (NYSE and TSX)

(All amounts expressed in U.S. dollars unless otherwise noted)

TORONTO, April 27, 2023 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company”) today reported financial and operating results for the first quarter of 2023.

“The year is off to a good start with strong operational results and the best quarterly safety performance in the Company’s over 65-year history, which positions us well to meet our full year guidance projections. Costs were better than expected, primarily due to the strong operating results, favourable currency movements and a slight easing of inflationary pressures,” said Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer. “With the completion of the acquisition of Yamana’s Canadian assets on March 31^st, our focus in 2023 continues to be on the optimization of our strategic positions in the Abitibi gold belt, with an aim of increasing annual gold production from this region by approximately 500,000 ounces by the end of the decade. Efforts are ongoing to evaluate several opportunities to leverage existing infrastructure which has the potential to significantly increase future gold production at lower capital intensity and with a reduced environmental footprint. If realized, these opportunities have the potential to deliver increased returns to our shareholders with reduced execution and operating risk,” added Mr. Al-Joundi.

First quarter 2023 highlights – Solid operational performance and important strategic consolidations

Strong quarterly production and costs with record safety performance – Payable gold production¹ in the first quarter of 2023 was 812,813 ounces at production costs per ounce of $804, total cash costs per ounce² of $832 and all-in sustaining costs (“AISC”) per ounce3 of $1,125. These results include only the Company’s 50% of the production from the Canadian Malartic mine up to March 30, 2023, and 100% thereafter
Solid quarterly financial results – The Company reported quarterly net income of $3.87 per share in the first quarter of 2023, with adjusted net income⁴ of $0.58 per share. Operating cash flow was $1.30 per share. The quarterly net income of $3.87 per share includes a remeasurement gain of approximately $1.5 billion arising from the acquisition of 50% of the Canadian Malartic complex not previously owned by the Company
Gold production, cost and capital expenditure guidance reiterated for 2023 – Expected payable gold production in 2023 remains unchanged at approximately 3.24 to 3.44 million ounces with total cash costs per ounce expected to be between $840 and $890 and AISC per ounce expected to be between $1,140 and $1,190. Total capital expenditures (excluding capitalized exploration) for 2023 are still estimated to be approximately $1.42 billion. The Company’s 2023 production, costs and capital expenditure guidance assumes 50% ownership of Canadian Malartic for the first three months of 2023 and 100% ownership for the last nine months of the year
Update on key value drivers and pipeline projects

Odyssey project – Good progress was made on underground development and surface construction activities in the first quarter of 2023. Underground development via ramp access has now passed the bottom of the Odyssey South deposit and has reached the level of the first shaft access point. Shaft sinking activities have also commenced. The first production blast occurred at the Odyssey South deposit in late March 2023. Drilling activities were focused on infilling the internal zones at the Odyssey South deposit and mineral resource expansion of the East Gouldie deposit to the east and west
Detour Lake – In the first quarter of 2023, the mill set a record for first quarter throughput and activities continued to focus on mill process optimization and improving availability with the goal of achieving and potentially exceeding throughput of 28.0 million tonnes per annum (“Mtpa”). Step out drilling continued to the west of the resource pit shells and the Company is integrating additional drill data into a revised mineral resource model that will be used to evaluate potential underground mining scenarios
Optimization of assets and capital infrastructure in the Abitibi region – With the Company now owning of 100% of Canadian Malartic complex, the Company expects to have up to 40,000 tonnes per day (“tpd”) of excess mill capacity at Canadian Malartic Complex starting in 2028. By maximizing the mill throughput in the region, the Company believes there is potential to increase future gold production at lower capital costs and with a reduced environmental footprint. Internal evaluations are underway to assess potential production opportunities at the Macassa near surface deposits and the Amalgamated Kirkland (“AK”) deposit, Upper Beaver and the Wasamac project. These evaluations are expected to be completed by year-end 2023
Continued exploration success at Meliadine, Kittila, LaRonde Zone 5 (“LZ5”) and Goldex expected to drive future mineral reserve and mineral resource additions
- Meliadine – Drilling has targeted the vertical extensions of the mineralized zones in the central part of the Tiriganiaq and Wesmeg deposits. At Tiriganiaq, a recent intercept yielded 17.2 grams per tonne (“g/t”) gold over 4.9 metres at 770 metres depth. At Wesmeg, drilling in the eastern part of the deposit continues to return wide, high-grade intersections, with recent results including 8.9 g/t gold over 7.0 metres at 532 metres depth
- Kittila – Drilling has extended the Rimpi Main Zone to the north, outside of the current mineral resources, with highlights of up to 5.0 g/t gold over 9.2 metres at 1,141 metres depth. In addition, drilling has extended the Rimpi Zone mineralization down-plunge from the Roura area within the Parallel / Sisar zones, with intercepts of up to 5.0 g/t gold over 4.9 metres at 1,199 metres depth
- LZ5 – Drilling continues to expand the mineral resource envelope which now extends to a depth of 950 metres, with highlights including 3.0 g/t gold over 30.0 metres at 671 metres depth and 3.7 g/t gold over 10.1 metres at 840 metres depth. Inferred mineral resources are expected to be added at depths between 770 and 950 metres by year-end 2023
- Goldex – Infill drilling in the South Zone Sector 3 has returned high-grade results, including 9.8 g/t gold over 15.5 metres at 1,246 metres depth and 6.0 g/t gold over 12.0 metres at 1,274 metres depth. Initial drilling in the W Zone (approximately 200 metres west of the main Goldex deposit) has returned 1.8 g/t gold over 35.0 metres at 480 metres depth in an area with historical mineralized inventory
Acquisition of Yamana’s Canadian assets and 50/50 San Nicolás copper-zinc joint venture with Teck completed
- Yamana Transaction – The previously announced transaction to acquire the Canadian assets of Yamana Gold Inc. (“Yamana”) closed on March 31, 2023 (the “Yamana Transaction”), and the Company now owns 100% of the Canadian Malartic Complex, the Wasamac project located in the Abitibi region of Quebec and several other exploration properties located in Ontario and Manitoba. The closing of the Yamana Transaction further solidifies the Company’s presence in the Abitibi gold belt, a region of low political risk and high geological potential, where the Company has a strong competitive advantage from having operated in the region for over 50 years
- San Nicolás – The previously announced 50/50 joint venture agreement between Teck Resources Limited (“Teck”) and Agnico Eagle in respect of the San Nicolás copper-zinc development project located in Zacatecas, Mexico was entered into on April 6, 2023. Minera San Nicolás S.A.P.I de C.V., the joint venture company that holds the project, is now working to advance permitting and development of the project and is planning to submit an Environmental Impact Assessment and permit application for San Nicolás in 2023 and is targeting completion of a feasibility study in 2024
2022 sustainability report published, illustrating continued commitment to strong ESG performance and implementation of a climate strategy action plan – In 2022, Agnico Eagle maintained or improved performance across many key ESG indicators, including safety performance, efficient management of water resources and increased Indigenous employment. In addition, efforts were accelerated in 2022 to maintain a climate resilient business by setting an interim reduction target of 30% of absolute Scope 1 and 2 emissions by 2030, and publication of the Company’s first Climate Action Report
A quarterly dividend of $0.40 per share has been declared

ENend

Live from the Vault

Andrew Maguire and Robert Kientz

Blog Company News Cryptocurrency Precious Metals User Guides Live from the Vault

EPISODE 120

The tyrannical side of digital currency: Is our freedom under threat…..

Robert Kientz

5.IMPORTANT COMMENTARIES ON COMMODITIES:

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// FRIDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED UP TO 6.9190

OFFSHORE YUAN: 6.9316

SHANGHAI CLOSED UP 37.29 POINTS OR 1.40%

HANG SENG CLOSED UP 54.29 PTS OR 0.27%

2. Nikkei closed UP 398.76 PTS OR 1.40%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 101.78 EURO FALLS TO 1.0982 DOWN 49 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.390Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 136.07 /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 DOWN /JAPANESE Yen DOWN CHINESE YUAN: UP// OFF- SHORE: UP

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 UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.3598***/Italian 10 Yr bond yield FALLS to 4.261*** /SPAIN 10 YR BOND YIELD FALLS TO 3.415…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.191

3j Gold at $1983.25 silver at: 24.85 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 1 AND 75 /100 roubles/dollar; ROUBLE AT 79,58//

3m oil into the 75 dollar handle for WTI and 78 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 136.07 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .390% 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 0.8961 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9842 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: 3.473 DOWN 5 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.706 DOWN 5 BASIS PTS/

USA 2 YR BOND YIELD: 4.0476 DOWN 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.45…

GREAT BRITAIN/10 YEAR YIELD: DOWN 3 BASIS PTS AT 3.7660

end

2. Overnight: Newsquawk and Zero hedge:

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

Stocks Slide As Tech Rally Goes Into Reverse After Amazon AWS Shocker

FRIDAY, APR 28, 2023 – 08:02 AM

A rally in US tech stocks was set to reverse on Friday as investors punted on a surprisingly downbeat comment by Amazon about the rapid slowdown in AWS sales growth in April, as well as the prospect of more interest-rate hikes, elevated inflation, signs of slowing economic growth and so on. Contracts on the Nasdaq 100 were down 0.3% by 730 a.m. ET after the underlying index soared 2.8% in its best day since Feb. 2 on Thursday following upbeat results this week from a slate of technology heavyweights. S&P 500 futures were also down 0.3% following the benchmark index’s sharpest gain since January. Treasuries bounced, while gold prices edged lower. Oil prices were also set to end the week lower. The dollar, meanwhile, rose while bitcoin was flat.

Amazon.com shares fell in premarket trading after the e-commerce company’s cautious comments on its AWS cloud computing business offset the otherwise strong first-quarter results. Shares had surged as much as 12% in extended trading Thursday, before reversing course as the comments highlighted weakness in Amazon Web Services, its most profitable division, where sales growth had slowed dramatically in April. Cloud stocks dropped in sympathy amid worries that demand for technology is cooling. Microsoft (MSFT US) -0.3%, Snowflake (SNOW US) -3.3%, Datadog (DDOG US) -3%.

In other notable moves in premarket trading, Snap Inc. tumbled after reporting revenue for the first quarter that missed the average analyst estimate. Cloudflare Inc. sank after the cybersecurity-focused software company issued a weaker-than-expected revenue forecast for the current period. Intel Corp. rallied as the chipmaker reported first-quarter results and projected a return to free cash flow in the second half of the year.

Here are the most notable premarket movers:

Amazon.com slipped 1% in premarket trading after the e-commerce company’s cautious comments on its cloud computing business offset the otherwise strong first-quarter results. Shares had surged as much as 12% in extended trading Thursday, before reversing course after the comments highlighting weakness in Amazon Web Services, its most profitable division
Intel shares gained 4% in premarket trading, after the chipmaker reported first-quarter results and projected a return to free cash flow in the second half of the year. Analysts noted that the worst might be over for the struggling chipmaker, with some of them saying that its revenues might have found a bottom.
Snap fell 19% in premarket trading, after reporting revenue for the first quarter that missed the average analyst estimate. Analysts noted that the outlook for the stock has weakened as the social-media company continues to make adjustments to its platform in a tough macro environment.
Cloudflare fell 24% in premarket trading, poised for its biggest drop ever if its losses hold, after the cybersecurity-focused software company issued a weaker-than- expected revenue forecast for the current period and lowered its full-year revenue outlook. Analysts noted that the company was forced to cut guidance as sales cycles materially lengthened in the aftermath of the SVB collapse and the subsequent banking crisis.
Pinterest falls 13% in premarket trading after the social-media company gave a forecast that was seen as weak. While analysts noted that the macro backdrop remains tough, some were optimistic that the firm is on track to expand its margins this year.
Shares of US-listed Hong Kong online brokerage firm Top Financial (TOP US) post a sixfold increase in premarket trading. More than 150,000 shares have been traded as of 4:42 a.m. in New York.
First Solar shares plunge 9% in US premarket trading, set for their worst day since July 2022, after the solar module manufacturer’s first quarter net sales disappointed, with analysts pointing to sluggish momentum in bookings. Still, brokers noted that the company reiterated its guidance for the year, spurring hopes it will be able to meet forecasts.
Amgen declined in postmarket trading, as analysts highlight that first quarter revenues for Enbrel and Otezla missed consensus estimates. The company boosted its adjusted earnings per share forecast for the full year.
Capital One shares dropped in postmarket trading after the company reported adjusted earnings per share for the first quarter that fell short of analyst estimates. The firm reported total deposits for the first quarter that beat the average analyst estimate.
Alteryx declined in extended trading on Thursday, after the software company gave a second-quarter forecast that was weaker than expected.

While the quarterly reporting season has been far better than many – especially Mike Wilson – feared so far, US stocks have struggled to extend a first-quarter rally amid worries of a recession and a staunchly hawkish Federal Reserve.

CMC Markets chief market strategist, Michael Hewson, said that while the unexpected strength in first-quarter earnings from the technology sector was “no doubt a relief for investors,” it also comes against “very low expectations.” “When the penny finally drops with respect to” an expected weakening in consumer demand, “perhaps the gains this week might start to run out of steam,” he said.

Focus today will be on the Fed’s preferred inflation gauge — the core PCE deflator. Bloomberg Economics expects the reading for March to show core services inflation accelerating from the previous month.

Meanwhile, Bank of America Corp. strategist Michael Hartnett said he expects a drop in earnings and a softening labor market to derail the equity rally further. In a note citing data from EPFR Global, the strategist said US stock funds saw outflows for a second straight week at $2.7 billion.

Markets remain on edge, as data showing a surprise increase in US inflation pressures reinforced expectations of a Federal Reserve interest rate hike next week, and possibly in June. A growth rebound in France and a forecast-beating expansion in Spain have fanned hopes Europe can avert a recession, but an uptick in consumer-price gains points to more rate increases by the European

In Europe, traders firmed up bets on the ECB slowing to a 25bps rate hike next week after digesting a raft of growth and inflation figures from the region. The euro-area economy grew slightly less than expected in the first quarter after German economic growth stagnated while regional CPI prints from the bloc’s largest economy suggest the national print will slow later today.

Stocks are also in the red with the Stoxx 600 lower by 0.2% with utilities and travel among the worst performers, but it was banks that were the worst-performing sector in Europe Friday, with the Stoxx 600 Banks Index falling as much as 2.8%, its biggest drop in a month, on worries of resurgent inflation. The subindex was 1.7% lower as vs the Stoxx 600 Index’s 0.2% decline. Spanish and Italian banks were among the worst performers with Sabadell -6.9%, CaixaBank -4.7%, FinecoBank -3.8%, Banco BPM -3.8%. NatWest fell 5.6% after a miss on net interest income and softer guidance on deposit growth offset a profit beat for the UK lender. Here are the most notable European movers:

Electrolux gains as much as 9.8%, the most in three years, after the Swedish white-goods manufacturer reported better-than-feared 1Q results that pave the way for estimate upgrades
Numis shares rise as much as 68% to 343p after Deutsche Bank agreed to buy the boutique investment bank, a City household name, in a £410 million-deal
SCA shares gain as much as 8.5% after the Swedish forestry group’s first-quarter earnings blew past estimates which had been under pressure into the print after weaker results from its peers
Prudential shares rise as much as 4.7% in early trading, as analysts say the insurer’s new business update looks solid and shows encouraging recoveries in Hong Kong and Indonesia
Hikma Pharmaceuticals rises as much as 4.9% after the UK firm raised guidance for its generic drugs in a trading update. Barclays says the upgrade will be “taken well” by the market
Covestro surges by as much as 6.3% after it forecast better-than-expected 2Q Ebitda and resumed buybacks.
Kingspan shares jump as much as 6.2% after the Irish insulation and building-products maker said it sees first-half trading profit of more than €400m and announced plans to delist from the LSE
SBB shares fall as much as 14% after the Swedish landlord posted a pretax loss of SEK4 billion in 1Q and announced plans to raise SEK2.6 billion in new class D shares
Remy Cointreau dropped as much as 9.5%, the most since the Covid market crash of March 2020, after the distiller announced quarterly sales and an outlook that Citi called “very concerning”
NatWest shares fall as much as 7.1% after a net interest income miss and softer guidance on deposit growth offset a profit beat for the UK lender. Analysts also noted the lack of a guidance upgrade
Unicaja dropped as much as 10% after the lender reported net income for the first quarter that missed the average analyst estimate, with Morgan Stanley saying these are “disappointing” results

“What looks like sticky contemporaneous inflation remains an issue, preventing the market from getting too carried away on the rate-cutting phase to come in subsequent quarters,”’ wrote Padhraic Garvey, head of global debt and rates strategy at ING Financial Markets.

Earlier in the session, Asian stocks advanced, helping pare their month-to-date loss, as strong corporate earnings boosted optimism for a global economic recovery. Japanese equities extended gains after the results of the Bank of Japan policy meeting (more below). The MSCI Asia Pacific Index climbed as much as 0.8% before paring more than half of those gains, charged higher by TSMC and Samsung after tech earnings bolstered Wall Street overnight. Markets were mostly higher in the region with benchmarks in Japan, Hong Kong and Taiwan among the biggest winners.

Japanese stocks extended gains as the Bank of Japan maintained policy, including stimulus measures, in its first decision under Governor Kazuo Ueda. The Topix rose 1.2% to close at 2,057.48. The Nikkei advanced 1.4% to 28,856.44, its highest close since Aug. 19. The yen weakened 0.8% to around 135 per dollar. The BOJ scrapped its guidance on future interest-rate levels and called for a long-term review of its policies. The central bank also ditched the reference in its guidance to Covid-19 and its expectation that interest rates will stay at current or lower levels. This decision suggests “maintaining status quo,” said Rina Oshimo, a senior strategist at Okasan Securities adding that “the BOJ’s continued monetary easing stance has probably been factored in to some extent beforehand. Investors’ attention is shifting to corporate earnings, and it is difficult to take aggressive positions ahead of the major holidays and important events such as the FOMC meeting in the U.S.” BYD, ANA and China Life Insurance were among the major Asian companies that climbed after reporting better-than-expected quarterly results during Asia’s busiest earnings weak.

Chinese equities advanced as the nation’s top leaders reiterated support for the economy, while warning that domestic demand is still insufficient. The main Asian stock benchmark is still on course for a monthly loss of about 1% in April. The gauge is down roughly 6% from its late-January high amid a rout in Chinese equity market.

Australian stocks gained, with the S&P/ASX 200 index rising 0.2% to close at 7,309.20, supported by banks and mining shares. The gain comes after technology earnings bolstered Wall Street stocks. Still, the Australian benchmark edged 0.3% lower for the week, posting a second straight weekly loss. For the month, the index advanced the most since January. In New Zealand, the S&P/NZX 50 index rose 0.9% to 12,019.84

Indian stocks posted their biggest monthly gain in five to outperform Asian peers, supported by strong foreign inflows and as corporate earnings continue to meet investors’ expectations. The S&P BSE Sensex rose 0.8% on Friday to 61,112.44 in Mumbai, while the NSE Nifty 50 Index advanced by the same magnitude. For the month, the Nifty 50 and BSE-Sensex climbed 4.1% and 3.6%, respectively with shares of automobile, banks and metal companies leading the winners. The MSCI Asia-Pacific index fell 1.1% this month. “Our bottom up model supported by market internals suggests further legs in the ongoing rally,” ICICI Securities’ Dharmesh Shah said in a note on Friday. Stocks of Adani Group saw a sharp rally ahead of the submission of Indian capital market regulator’s report to the Supreme Court-appointed panel on Wednesday. Flagship Adani Enterprises jumped 3.9% while Adani Ports gained 3.3%. Reliance Industries contributed the most to the Sensex’s gain, increasing 1.8%. Out of 30 shares in the Sensex index, 24 rose and six fell

In FX, the Bloomberg US dollar index advanced 0.5%, rising against all its peers Friday, sending the Bloomberg Dollar Spot Index for its biggest weekly advance since early March and its second consecutive weekly gain for the first time since Feb, as the yen plummets after the Bank of Japan policy decision which scrapped their existing rate guidance. The yen led major currency losses Friday, with USD/JPY up as much as 1.7% to 136.18, after the BOJ stuck with stimulus, disappointing those naive souls who think that Japan will ever be able to normalize (it won’t). European data showed the euro zone dodged a winter recession by growing at the start of 2023, despite inflation remaining a menace. The 20-nation economy expanded by 0.1% in the first quarter, falling short of the 0.2% median estimate in a Bloomberg survey of analysts, even as the German’s GDP Chain Linked GDP contracted. As a result, traders firmed up bets on the ECB slowing to a 25 basis-point rate hike in May.

In rates, treasuries gained following wider gains in core European rates as traders priced out some ECB rate-hike premium after a raft of growth and inflation figures from the region. US session features data including employment cost index and PCE deflator. US yields are richer by nearly 5bp across intermediates with 10-year yields around 3.48%, lagging bunds by around 3bp in the sector; US 2s10s spread is flatter by over 1bp on the day with front-end lagging gains further out the curve. German two-year yields are down 9bps at 2.74% while US two-year yields drop 4bps to 4.03%.

In commodities, crude futures are little changed with WTI trading near $74.80. Spot gold falls 0.2% to around $1,983.

Bitcoin has eased further away from the USD 30k mark after failing to convincingly challenge it overnight or in Thursday’s session.

Looking at today’s calendar, we have crucial PCE data coming up at 8:30 a.m. today, accompanied by personal income figures for March that will indicate the pace of wage growth. At 10 a.m., we’ll get the latest reading on the University of Michigan consumer sentiment gauge. On the corporate earnings front, we have Chevron, Exxon, Colgate-Palmolive, Aon, and PetroChina all reporting.

US Market Snapshot

S&P 500 futures down 0.4% to 4,137.25
STOXX Europe 600 down 0.3% to 462.57
MXAP up 0.2% to 160.26
MXAPJ up 0.3% to 513.43
Nikkei up 1.4% to 28,856.44
Topix up 1.2% to 2,057.48
Hang Seng Index up 0.3% to 19,894.57
Shanghai Composite up 1.1% to 3,323.28
Sensex up 0.3% to 60,841.97
Australia S&P/ASX 200 up 0.2% to 7,309.15
Kospi up 0.2% to 2,501.53
German 10Y yield little changed at 2.36%
Euro down 0.4% to $1.0983
Brent Futures down 0.4% to $78.05/bbl
Gold spot down 0.3% to $1,982.30
U.S. Dollar Index up 0.50% to 102.01

Top Overnight News

The BOJ has scrapped a key part of its forward guidance on interest rates in Kazuo Ueda’s first board meeting as governor, signaling the first step towards unwinding its ultra-loose monetary policy. The yen fell sharply on Friday as the 71-year-old economist played it safe during his debut, announcing a comprehensive review of the BoJ’s policies while holding off from revising its longstanding yield curve control measures. FT
Japan’s Tokyo CPI overshot the Street consensus for April, coming in at +3.5% on the headline (vs. the Street’s +3.3% forecast and up from +3.3% in March) and +3.8% core (vs. the Street +3.5% and up from +3.4% in March). BBG
Chinese leaders kept their economic policy stance largely unchanged, signaling it’s too early to pivot toward tighter monetary and fiscal measures or push contentious economic reforms as growth rebounds. BBG
Russia hurled missiles at cities across Ukraine as people slept early on Friday, killing at least 12 people in the first large-scale air strikes in nearly two months. RTRS
Inflation in the euro-area muddied the rate debate there too. CPI accelerated in France and Spain and traders and policymakers are braced for the German figure later. GDP data showed the bloc expanded by 0.1% in the first quarter, falling short of the 0.2% consensus. France and Italy bounced back from negative readings in the prior quarter, while Spain gathered momentum and Germany stagnated. BBG
Chanel rules out an IPO, insisting it will stay a private company, and expresses optimism about Asia but caution in the US. FT
The repossession industry is seeing an uptick in demand as more Americans struggle to afford their car payments. And companies that specialize in seizing vehicles are having trouble hiring enough agents, after many decamped for other jobs during the pandemic when business largely dried up due to stimulus measures. BBG
Amazon fell premarket after jolting investors with a warning that cloud sales growth is slowing. The stock had jumped earlier on a profit and revenue beat. Snap is set for its biggest intraday share drop in more than six months after reporting a decline in quarterly revenue. BBG
First Republic’s advisers are working on a private-sector solution they hope can overcome skepticism in Washington and keep the embattled California bank from being shut down by the Federal Deposit Insurance Corporation. FT

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were positive after taking impetus from the rally on Wall St where the S&P 500 and DJIA posted their best daily performance since January as sentiment was fuelled by strong earnings results, while the region also digested a slew of earnings, month-end data releases and the BoJ policy decision. ASX 200 was initially led higher by outperformance in financials and tech, but then faded most of the gains. Nikkei 225 was lifted after Industrial Production and Retail Sales topped forecasts, while the BoJ kept also policy settings unchanged, tweaked its forward guidance which remained dovish and announced it is to conduct a policy review. Hang Seng and Shanghai Comp were firmer amid tech strength and an abundance of earnings releases, with sentiment also supported by the PBoC’s liquidity efforts ahead of the 5-day closure in the mainland.

Top Asian News

Chinese Commerce Minister Wang Wengtao met German Vice Chancellor Habeck in Berlin to discuss the implementation of economic and trade consensus between both countries, while they also discussed deepening bilateral practical cooperation, creating a fair and just business environment for Chinese and German companies, as well as green cooperation, according to MOFCOM.
China’s Politburo says China economic expansion is under recovery, but internal momentum is weak; economic transformation faces new constraints. Should prioritise attracting foreign investment and stabilise the basic market for foreign trade/investment.
BoJ kept policy steady with rates at -0.10% and parameters of QQE with YCC maintained, but tweaked its forward guidance whereby it stated that it will take additional easing steps without hesitation as needed while striving for market stability in which the central bank dropped its reference to COVID-19 pandemic and dropped forward guidance that pledged to keep interest rates at current or lower levels. BoJ also announced to conduct a broad-perspective review of monetary policy with a planned time-frame of one to one and a half years and noted that it will patiently continue with monetary easing as uncertainty over Japan’s economy is extremely high.
Governor Ueda: Will make changes to monetary policy as needed during the review period.; decided to maintain policy easing including YCC, will conduct a review of policy of past 25 years; Japanese CPI is likely to slow below 2% in H2 2023. Review is differentiated from examination/assessment as it does not intend near-term policy changes. Won’t hesitate to ease policy further if necessary.

European bourses are in the red with earnings continuing to be in focus alongside numerous macro developments, with initial downside exacerbated on the softer-than-expected German growth data, though this dynamic has lessened slightly after the near in-line EZ figures and as attention turns to the US docket and next week’s EZ data. Specifically, Euro Stoxx 50 -0.8% with the Banking sector pressured by a poorly received NatWest update with a focus on margins alongside the pullback in yields; more broadly, FRC remains in focus as Reuters reports officials are said to be coordinating urgent rescue talks. Autos are pressured as Mercedes-Benz failed to retain opening gains and after Thursday’s relative outperformance for the sector. Stateside, futures have been somewhat rangebound but showing modest downside, ES -0.3; with the after-market reports from AMZN & INTC in focus as the oil majors begin reporting.

Top European News

SEB Rises as Bryan Garnier Flags Expected Margin Improvement
Bunds Lead Treasuries Higher as German Economy Stagnates in 1Q
Russia Stages Deadly Aerial Assault on Ukraine, Strikes Kyiv
The World Backed Two Generals. Then Sudan Went to War
BBC Chairman Sharp Braced for Verdict Over Link to Boris Johnson
Norges Bank to Keep Cutting Foreign Currency Purchases in May

Yen sinks as BoJ sticks to ultra-easy policy and gives dovish-sounding guidance via the statement and post-meeting presser; USD/JPY probes 136.00 from sub-133.50 low, EUR/JPY touches 149.50 from under 147.50.
DXY tops 102.000 compared to 101.420 base amidst broader Dollar recovery gains pre-US PCE and ECI, Euro undermined by largely weaker than forecast EZ data as EUR/USD retreats through 1.1000 and away from mega option expiries at the strike
Aussie losing battle to defend 0.6600 vs its US rival, but may be aided by decent option expiry interest at the round number
PBoC set USD/CNY mid-point at 6.9240 vs exp. 6.9249 (prev. 6.9207)
Norwegian/Norges Bank Currency Purchase (May) NOK 1.4bln vs Exp. NOK 1.0-1.3bln (Prev. NOK 1.5bln).

Fixed Income

Bunds and fellow EGBs bounce strongly in the wake of mostly sub-consensus Eurozone data, aside from hot French inflation.
10 year German benchmark up to 135.26 at best from 133.64, Gilts and T-notes follow suit between 100.53-101.51 and 114-17+/115-08 + bounds pre-US PCE and ECI.

Commodities

WTI and Brent futures have erased the modest gains seen overnight in light of the German GDP metrics, which saw Europe’s largest economy stagnating Q/Q in Q1; though, in-fitting with European sentiment, the benchmarks have picked up from post-data lows ahead of the US docket & oil major updates.
The metals complex sees broader pressure from a firmer Dollar. Spot gold remains under USD 2,000/oz but within yesterday’s range.
Base metals are mostly lower given the downbeat risk tone and the aforementioned firmer Dollar, 3M LME copper eyes USD 8,500/t to the downside.

Geopolitics

Air raid alerts were issued throughout Ukraine and explosions were reported in several Ukrainian cities including its capital Kyiv, according to Interfax and local Telegram channels.
US imposed sanctions against Russia’s FSB and the intelligence unit of Iran’s IRGC.
China’s envoy to Japan Wu said China opposes bullying and meddling with other countries’ internal affairs, as well as opposes pushing one country’s system to others. Wu added the Taiwan issue is China’s internal issue and a red line that should not be crossed, while China hopes for a peaceful resolution to the Taiwan issue but would not promise to abandon the use of force, according to Reuters.
Russian Defence Ministry says they are increasing the combat readiness of bases in Kyrgyzstan and Tajikistan amid US attempts to restore a military presence in central-Asia, via Tass.

US Event Calendar

08:30: 1Q Employment Cost Index, est. 1.1%, prior 1.0%
08:30: March Personal Income, est. 0.2%, prior 0.3%
- 08:30: March Personal Spending, est. -0.1%, prior 0.2%
- 08:30: March Real Personal Spending, est. -0.1%, prior -0.1%
- 08:30: March PCE Deflator MoM, est. 0.1%, prior 0.3%; PCE Deflator YoY, est. 4.1%, prior 5.0%
- 08:30: March PCE Core Deflator MoM, est. 0.3%, prior 0.3%; PCE Core Deflator YoY, est. 4.6%, prior 4.6%
09:45: April MNI Chicago PMI, est. 43.6, prior 43.8
10:00: April U. of Mich. Sentiment, est. 63.5, prior 63.5
- 10:00: April U. of Mich. Current Conditions, est. 68.6, prior 68.6
- 10:00: April U. of Mich. Expectations, est. 60.4, prior 60.3
- 10:00: April U. of Mich. 1 Yr Inflation, prior 4.6%
- 10:00: April U. of Mich. 5-10 Yr Inflation, prior 2.9%
11:00: April Kansas City Fed Services Activ, prior -4

DB’s Jim Reid concludes the overnight wrap

As we go to press this morning, the main news comes from the Bank of Japan overnight, who unanimously decided to leave their main policy settings unchanged. So the policy balance rate remains at -0.1%, and when it comes to yield cure control, the aim is still that 10yr JGB yields will stay “at around zero percent”. However, there was a shift in their forward guidance, since they dropped the previous phrasing that they expect “short- and long-term policy interest rates to remain at their present or lower levels.” Furthermore, they announced a “broad-perspective review of monetary policy” that would take around 1 to 1.5 years.

Despite the shift in forward guidance, the fact that the BoJ left policy unchanged meant that markets interpreted the meeting in a dovish light, since there had been some speculation about whether Governor Ueda would use his first meeting in charge to change the yield curve control policy. As a result, the Japanese Yen has weakened against the other major currencies this morning, and is currently down -0.60% against the US Dollar. Yields on 10yr JGBs have also fallen in response to the decision, and are now down -3.1bps at 0.43%, whilst the Nikkei has moved higher and is currently up +1.03%. The main exception to that pattern were Japanese banks, with the TOPIX Banks index reversing its earlier gains to fall -0.50%. Elsewhere in Asia, the mood is also pretty positive this morning, with gains for the Hang Seng (+0.87%), the CSI 300 (+0.74%), and the Shanghai Comp (+0.67%).

Looking forward now, we’ve got an eventful day ahead that’ll set us up for the Fed and ECB decisions taking place next week. In the US, we’ll get the Employment Cost Index for Q1, which economists and the Fed treat as a better gauge of wage pressures, since it accounts for benefits on top of wages and salaries. Then we’ve got the PCE inflation data for March coming out, which is the measure that the Fed officially targets. Our US economists at DB still see the various measures as running too fast for the Fed to be comfortable, and they forecast that the ECI will tick up to +1.1% from +1.0% in Q4, whilst they expect monthly core PCE will still be running at +0.3% in March. Keep an eye out on Europe too, since we’ll get the April inflation readings from several countries, including Germany, France and Spain, which will set us up for the Euro Area-wide release on Tuesday. With debate still ongoing as to whether the ECB will deliver another 50bp hike or slow down to a 25bp pace, any upside surprise would keep the pressure up to stick with the faster hikes.

Those releases today will follow on the heels of some further negative surprises for the Fed yesterday. In particular, the core PCE inflation print for Q1 showed that inflation was still running at +4.9% in Q1 (vs. +4.7% expected). Bear in mind that’s up from +4.4% in Q4, which puts a dent in the narrative that inflation is heading lower now. On top of that, growth was quite a bit weaker than expected, coming in at just an annualised rate of +1.1% in Q1 (vs. +1.9% expected).

With those releases in hand, investors focused on the strong inflation data and moved to expect a slightly more hawkish path from the Fed over the coming months. For instance, the chances of a 25bp hike next week bounced back up to 90%, having closed at 79% the previous day as concerns about First Republic mounted. And looking further out, the rate priced in for the December meeting rose by +11.7bps to 4.51%. In turn, that led to a strong selloff in Treasuries, with the 2yr yield up +11.7bps to 4.07%, and the 10yr yield up +7.2bps to 3.52%. Another point to note was that the 3m Treasury bill yield hit yet another post-2007 high yesterday of 5.14%, which speaks to the continued concern around the debt ceiling deadline given that the 1m and 6m yields are still both beneath their peak in early March right before SVB’s collapse.

It was also an eventful day for US equities, with the S&P 500 (+1.96%) surging back after two consecutive losses. It was the best day for the index since January 6 and left the S&P up marginally on the week, with every industry group and 88% of index members moving higher on the day. Meta (+13.93%) was the second best performer in the entire index following its earnings release after the previous day’s close, and the broad rally was led by the more cyclical and growth-oriented sectors. There was also a recovery by First Republic (+8.79%), although there weren’t any new developments yesterday with regard to the bank. After the close, we then heard from Amazon (+4.61% yesterday) which initially traded up +12% in after-market trading as overall sales and cloud-unit sales beat estimates. However later on overnight the stock turned lower and turned negative in after-market trading as the company relayed concerns about cloud-growth slowing. This dragged down other cloud service providers overnight, and futures on the S&P 500 have fallen -0.07% this morning.

Back in Europe, sovereign bond yields similarly saw a strong rise across the continent, with those on 10yr bunds (+6.3bps), OATs (+6.5bps) and BTPs (+8.1bps) all rising on the day. The major equity indices also posted gains too, with the STOXX 600 (+0.18%) recovering after a run of three consecutive declines, although they closed before the later gains in the US, and European equity futures are pointing higher this morning

Looking at yesterday’s other data, the US labour market numbers were more resilient than expected, with the weekly initial jobless claims coming in at 230k (vs. 248k expected). Otherwise, pending home sales in March unexpectedly fell by -5.2% (vs. +0.8% expected), ending a run of three consecutive monthly gains.

To the day ahead now, and the main data highlights include French and German CPI for April, Euro Area GDP for Q1, and German unemployment for April. From the US, we’ll also get the Q1 employment cost index, March’s personal income, personal spending, and PCE inflation, and April’s MNI Chicago PMI. From central banks, we’ll hear from ECB President Lagarde. Finally, earnings releases include Exxon Mobil and Chevron.

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

Sentiment hit by mostly sub-consensus EZ data ahead of US PCE/ECI – Newsquawk US Market Open

FRIDAY, APR 28, 2023 – 06:42 AM

European sentiment pressured by Flash-Prelim. growth data while earnings remain in focus
A dynamic that has eased somewhat since the EZ-wide figure, Euro Stoxx 50 -0.7%, with attention on upcoming US data points/earnings
AMZN initially rose but is currently -2% in pre-market with the focus on AWS; in Europe, banking names lag amid NatWest and yield action
DXY eclipsed 102.00 as JPY sinks as BoJ maintains ultra-easy policy and gives dovish sounding guidance
EGBs bid given the mostly sub-consensus EZ data, though off highs, USTs moving in-tandem
Looking ahead, highlights include German HICP Prelim., US PCE Price Index, ECI, Speech from ECB’s Lagarde, Earnings from Colgate, Berkshire Hathaway.

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 in the red with earnings continuing to be in focus alongside numerous macro developments, with initial downside exacerbated on the softer-than-expected German growth data, though this dynamic has lessened slightly after the near in-line EZ figures and as attention turns to the US docket and next week’s EZ data.
Specifically, Euro Stoxx 50 -0.8% with the Banking sector pressured by a poorly received NatWest update with a focus on margins alongside the pullback in yields; more broadly, FRC remains in focus as Reuters reports officials are said to be coordinating urgent rescue talks.
Autos are pressured as Mercedes-Benz failed to retain opening gains and after Thursday’s relative outperformance for the sector.
Stateside, futures have been somewhat rangebound but showing modest downside, ES -0.3; with the after-market reports from AMZN & INTC in focus as the oil majors begin reporting.
Click here and here for the European earnings, highlights include: Mercedes-Benz, Danske Bank, NatWest, Saint-Gobain & more.
Click here for more detail.

US EARNINGS

Amazon (AMZN) – Q1 2023 (USD): EPS 0.31 (exp. 0.21), Revenue 127.4bln (exp. 124.55bln). AWS +16% to USD 21.4bln (exp. 21.03bln); Q2 revenue view 127-133bln (exp. 129.83bln). Q1 OM 3.7% (exp. 2.4%). Amazon’s CFO observed consumer shifts towards lower-priced items, as well as cloud customers continuing to optimise their spending amid economic uncertainty. Despite this, they have noted no changes in the competitive balance among cloud providers and believe that the step down in discretionary spending in cloud services is still ongoing. Advertising continues to experience strong growth, and as inflation decreases internationally, consumer confidence is reportedly on the rise. (Amazon IR/Newswires) Shares initially rose by some 9% before dropping to losses of 2%. In the pre-market, -1.5%.
Amgen Inc (AMGN) Q1 2023 (USD): EPS 3.98 (exp. 3.85), Revenue 6.11bln (exp. 6.17bln) -0.7% in the pre-market
Intel Corp (INTC) Q1 2023 (USD): Adj. EPS -0.04 (exp. -0.15), Revenue 11.70bln (exp. 11.04bln) +4.1% in the pre-market
Aon PLC (AON) Q1 2023 (USD): Adj. EPS 5.17 (exp. 5.32), Revenue 3.9bln (exp. 3.84bln).
Chevron Corp (CVX) Q1 2023 (USD): adj. EPS 3.55 (exp. 3.41), Revenue 48.8bln (exp. 47.89bln)

FX

Yen sinks as BoJ sticks to ultra-easy policy and gives dovish-sounding guidance via the statement and post-meeting presser; USD/JPY probes 136.00 from sub-133.50 low, EUR/JPY touches 149.50 from under 147.50.
DXY tops 102.000 compared to 101.420 base amidst broader Dollar recovery gains pre-US PCE and ECI, Euro undermined by largely weaker than forecast EZ data as EUR/USD retreats through 1.1000 and away from mega option expiries at the strike
Aussie losing battle to defend 0.6600 vs its US rival, but may be aided by decent option expiry interest at the round number
PBoC set USD/CNY mid-point at 6.9240 vs exp. 6.9249 (prev. 6.9207)
Norwegian/Norges Bank Currency Purchase (May) NOK 1.4bln vs Exp. NOK 1.0-1.3bln (Prev. NOK 1.5bln).
Click here for more detail.
Click here for the notable FX expiries for today’s NY cut.

FIXED INCOME

Bunds and fellow EGBs bounce strongly in the wake of mostly sub-consensus Eurozone data, aside from hot French inflation.
10 year German benchmark up to 135.26 at best from 133.64, Gilts and T-notes follow suit between 100.53-101.51 and 114-17+/115-08 + bounds pre-US PCE and ECI.
Click here for more detail.

COMMODITIES

WTI and Brent futures have erased the modest gains seen overnight in light of the German GDP metrics, which saw Europe’s largest economy stagnating Q/Q in Q1; though, in-fitting with European sentiment, the benchmarks have picked up from post-data lows ahead of the US docket & oil major updates.
The metals complex sees broader pressure from a firmer Dollar. Spot gold remains under USD 2,000/oz but within yesterday’s range.
Base metals are mostly lower given the downbeat risk tone and the aforementioned firmer Dollar, 3M LME copper eyes USD 8,500/t to the downside.
Click here for more detail.

NOTABLE HEADLINES

US officials reportedly coordinate urgent rescue discussions for First Republic (FRC), via Reuters citing sources; FDIC, Fed and Treasury are among the bodies which in recent days have been putting together meetings with financial Cos regarding a lifeline. Gov’t involvement is reportedly in bringing more parties to the discussions. Piece adds that it is unclear if the gov’t is considering partaking in a private-sector rescue of FRC.

DATA RECAP

German North Rhine-Westphalia State CPI YY (Apr) 6.8% (Prev. 6.9%); MM (Apr) 0.5% (Prev. 0.6%)
French CPI Prelim YY NSA (Apr) 5.9% vs. Exp. 5.7% (Prev. 5.7%); NSA (Apr) 0.6% vs. Exp. 0.4% (Prev. 0.9%)
French CPI (EU Norm) Prelim YY (Apr) 6.9% vs. Exp. 6.6% (Prev. 6.7%)
Spanish CPI YY Flash NSA (Apr): 4.1% vs Exp. 4.4% (prev. 3.3%); Core 6.6% (prev. 7.5%)
Spanish HICP Flash YY (Apr) 3.8% vs. Exp. 4.1% (Prev. 3.1%)
EU GDP Flash Prelim QQ (Q1) 0.1% vs. Exp. 0.2%; YY (Q1) 1.3% vs. Exp. 1.4% (Prev. 1.8%)
German GDP Flash QQ SA (Q1) 0.0% vs. Exp. 0.2% (Prev. -0.4%, Rev. -0.5%); YY SA (Q1) -0.1% vs. Exp. 0.3% (Prev. 0.9%)
French GDP Preliminary QQ (Q1) 0.2% vs. Exp. 0.2% (Prev. 0.1%)
Swiss KOF Indicator (Apr) 96.4 vs. Exp. 98.1 (Prev. 98.2, Rev. 99.2)
UK Lloyds Business Barometer (Apr) 33 (Prev. 32)

NOTABLE US HEADLINES

Fed Discount Window borrowing USD 73.9bln on April 26th (prev. 69.9bln W/W), BTFP lending USD 81.3bln (prev. 74.0bln W/W), Other Credit USD 170.3bln (prev. 172.6bln W/W), Balance Sheet USD 8.613tln (prev. 8.643tln W/W).
Recently, it was reported that US officials are coordinating urgent rescue discussions for First Republic (FRC), via Reuters citing sources; FDIC, Fed and Treasury are among the bodies which in recent days have been putting together meetings with financial companies regarding a lifeline.
US House Speaker McCarthy accused President Biden and Democrats of ignoring the debt-limit issue and said that the debt limit can’t pass without dealing with the budget.
Click here for the US Early Morning Note.

GEOPOLITICS

Air raid alerts were issued throughout Ukraine and explosions were reported in several Ukrainian cities including its capital Kyiv, according to Interfax and local Telegram channels.
US imposed sanctions against Russia’s FSB and the intelligence unit of Iran’s IRGC.
China’s envoy to Japan Wu said China opposes bullying and meddling with other countries’ internal affairs, as well as opposes pushing one country’s system to others. Wu added the Taiwan issue is China’s internal issue and a red line that should not be crossed, while China hopes for a peaceful resolution to the Taiwan issue but would not promise to abandon the use of force, according to Reuters.
Russian Defence Ministry says they are increasing the combat readiness of bases in Kyrgyzstan and Tajikistan amid US attempts to restore a military presence in central-Asia, via Tass.

CRYPTO

Bitcoin has eased further away from the USD 30k mark after failing to convincingly challenge it overnight or in Thursday’s session.

APAC TRADE

APAC stocks were positive after taking impetus from the rally on Wall St where the S&P 500 and DJIA posted their best daily performance since January as sentiment was fuelled by strong earnings results, while the region also digested a slew of earnings, month-end data releases and the BoJ policy decision.
ASX 200 was initially led higher by outperformance in financials and tech, but then faded most of the gains.
Nikkei 225 was lifted after Industrial Production and Retail Sales topped forecasts, while the BoJ kept also policy settings unchanged, tweaked its forward guidance which remained dovish and announced it is to conduct a policy review.
Hang Seng and Shanghai Comp were firmer amid tech strength and an abundance of earnings releases, with sentiment also supported by the PBoC’s liquidity efforts ahead of the 5-day closure in the mainland.

NOTABLE ASIA-PAC HEADLINES

Chinese Commerce Minister Wang Wengtao met German Vice Chancellor Habeck in Berlin to discuss the implementation of economic and trade consensus between both countries, while they also discussed deepening bilateral practical cooperation, creating a fair and just business environment for Chinese and German companies, as well as green cooperation, according to MOFCOM.
China’s Politburo says China economic expansion is under recovery, but internal momentum is weak; economic transformation faces new constraints. Should prioritise attracting foreign investment and stabilise the basic market for foreign trade/investment.
BoJ kept policy steady with rates at -0.10% and parameters of QQE with YCC maintained, but tweaked its forward guidance whereby it stated that it will take additional easing steps without hesitation as needed while striving for market stability in which the central bank dropped its reference to COVID-19 pandemic and dropped forward guidance that pledged to keep interest rates at current or lower levels. BoJ also announced to conduct a broad-perspective review of monetary policy with a planned time-frame of one to one and a half years and noted that it will patiently continue with monetary easing as uncertainty over Japan’s economy is extremely high.
Governor Ueda: Will make changes to monetary policy as needed during the review period.; decided to maintain policy easing including YCC, will conduct a review of policy of past 25 years; Japanese CPI is likely to slow below 2% in H2 2023. Review is differentiated from examination/assessment as it does not intend near-term policy changes. Won’t hesitate to ease policy further if necessary.

DATA RECAP

Japanese Industrial Production MM (Mar) 0.8% vs. Exp. 0.5% (Prev. 4.6%); Retail Sales YY (Mar) 7.2% vs. Exp. 5.8% (Prev. 6.6%, Rev. 7.3%)
Japanese Unemployment Rate (Mar) 2.8% vs. Exp. 2.5% (Prev. 2.6%)
Tokyo CPI YY (Apr) 3.5% vs. Exp. 3.3% (Prev. 3.3%)
Tokyo CPI Ex. Fresh Food YY (Apr) 3.5% vs. Exp. 3.2% (Prev. 3.2%); Ex. Fresh Food & Energy YY (Apr) 3.8% vs. Exp. 3.5% (Prev. 3.4%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

Yen plummets after the Bank of Japan crushes the hawks.

(zerohedge)

Yen Plummets After BOJ Crushes Hawks: Will Take Up To 1.5 Years To Review Current Policy

FRIDAY, APR 28, 2023 – 10:20 AM

In a slap to the face of all those who naively expected that the BOJ would finally unveil some hawkish pivot (ignoring the fact that it owns more than 100% of Japan GDP in JGBs, has a DV01 in the tens of billions, and any market recoil to a hawkish BOJ pivot would instantly implode the world’s 2nd biggest bond market) overnight the BOJ scrapped a key part of its forward guidance on interest rates in Kazuo Ueda’s first board meeting as governor, signaling the first step towards unwinding its ultra-loose monetary policy… an unwind which won’t come for over a year however, if ever, and by then Japan will be back in deflation with deeply negative rates anyway so nobody will remember any of this and the BOJ will be back on its merry debt monetization course.

Which is not to say the BOJ did nothing: with Japan’s inflation scorching and sticky above 3%…

… Kuroda’s successor Ueda had to do something, which is why the BOJ head announced a plan to review its past monetary policy moves, laying the groundwork to gradually phase out his predecessor’s massive stimulus programme. But not yet: for now the BOJ kept its ultra-low interest rates on Friday, and maintained a commitment to “patiently” keep policy accommodative while saying it would spend one to one-and-half years on the review, which will look into various unconventional monetary steps taken over the past 25 years during Japan’s battle with deflation and low inflation, Ueda said.

The idea was to use lessons learnt from the review in guiding policy during his five-year term, Ueda said, though he added that the BOJ could always change policy before concluding the review. At the same time, the central bank removed a pledge from its guidance for interest rates to stay at “current or lower levels” in a move that yen bulls see giving the BOJ more leeway for a future policy tweak.

Ueda’s debut policy meeting marked a cautious start for the 71-year-old governor who took office this month, leaving room for him to make future changes but sending a clear signal to markets that he would be in no rush to do so.

In a news conference, the new chief said the broad-based review won’t be tied to near-term policy shifts and stressed the need to wait for more evidence to conclude inflation would sustainably achieve the BOJ’s 2% target.

“While trend inflation is gradually heightening, it will take some time to achieve our inflation target,” Ueda said after the BOJ’s widely-expected decision to make no changes to its yield curve control (YCC) policy. Unlike in the US where a wage-price spiral terrifies the central bank, in Japan the BOJ would give a kidney if it could get a burst of sustained wage inflation.

“The risk of missing our price target with premature monetary tightening is bigger than the risk of experiencing inflation exceeding 2% due to a delayed tightening. The cost of waiting for trend inflation to heighten is low,” he said, in a 180 reversal from what western central bankers have been saying.

The yen tumbled, and Japanese bonds and stocks rallied after Ueda crushed hopes for an early hawkish pivot and would take his time to withdraw the stimulus of his dovish predecessor, Haruhiko Kuroda, who retired this month after a decade at the helm.

“The fact that the BOJ left a reference to further easing as needed confirmed its stance to continue monetary easing,” said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities.

Some analysts saw the BOJ getting some breathing space with the 10-year yield having fallen below its 0.5% cap, thanks in part to a decline in U.S. Treasury yields on expectations the Federal Reserve will soon pause its interest rate hike cycle.

“The Fed and the U.S. economy are bailing them out from doing something right away, buying them some time. It doesn’t mean we get no change to YCC for the next one to 1-1/2 years,” said Jim Leaviss, CIO of public fixed income at M&G in Tokyo.

There is uncertainty on how soon the BOJ may end ultra-easy policy, as it weighs emerging signs of wage growth against lingering headwinds from slowing global growth. In fresh quarterly projections released in a report issued on Friday, the board revised up its core consumer inflation to 1.8% in the current year ending in March 2024, and 2.0% in the following year. Under previous projections made in January, the BOJ expected inflation to hit 1.6% this year and 1.8% in fiscal 2024.

But the BOJ projected inflation to slow to 1.6% in fiscal 2025 and said risks to that price outlook were skewed to the downside, highlighting a lack of conviction among central bank policymakers on the durability of price growth.

“Our forecasts show that we’re getting quite close to achieving (our price target). But we’re not quite confident about our longer-term inflation forecast,” Ueda said.

The growing side-effects of YCC, such as market distortions caused by the BOJ’s huge bond buying and the strain on bank profits from ultra-low interest rates, also complicate the timing of an exit, analysts say.

Ueda said the BOJ must be vigilant to such side-effects, even as it keeps monetary policy ultra-loose.

“It’s true we’re seeing side-effects here and there. We need to closely scrutinise these developments,” he said. “We must avoid getting the balance of benefits and costs wrong, so will be vigilant and disclose information as much as possible.”

JAPAN/

This is happening right now. Japan’s inflation rate is now 3.2%/ For thirty years, Japan tried desperate to create inflation.

Now it is above its 2% mandate. With higher inflation, the yen will fall like today/ (136.07 yen to the dollar down 2.25 yen)

(zerohedge)

Stealth Easing In Japan Makes Inflation A Key Global Macro Risk

FRIDAY, APR 28, 2023 – 08:17 AM

Authored by Simon White, Bloomberg macro strategist,

The Bank of Japan is using the banking sector to buy JGBs in a tacit admission of concerns around financial stability.

This raises the likelihood inflation, already near a 40-year high, could keep rising, posing a risk to global asset markets.

Kazuo Ueda chaired his first BOJ meeting overnight, maintaining the +/-50 bps around 0% range target for 10-year JGB yields, and keep the short-term rate at -0.1% (but most notably scrapping its guidance on future interest rate levels, as Ueda is clearly preparing the ground for taking a more flexible stance on policy).

But, with inflation at a level not seen since the early 1980s, and signs that it is becoming entrenched, history may not be kind to the central bank’s insistence on sticking with such easy policy.

The BOJ has had to buy a monumental amount of JGBs to maintain its yield cap in the face of pressure from rising yields around the world. But this brings its own new set of problems.

The BOJ now owns more than half of JGBs outstanding, which poses risks for financial stability. In a tacit acknowledgement of this, the central bank is now extending loans to banks, effectively so they can buy JGBs on its behalf. The chart below shows the shift clearly.

Japan’s inflation may look untroublesome at a low-sounding 3.2%, but it has risen sharply.

Core’s rapid rise, along with an increase in more structural measures of inflation to multi-decade highs, give a strong indication price rises in Japan are becoming embedded.

In Japan this is even more worrisome given the sheer amount of currently-dormant liquidity created over the last 20 years, with the BOJ’s balance sheet now the largest in the world in GDP terms. This liquidity is inflammable kindling that could lead to much higher inflation.

There is a belief that when the BOJ ends its YCC policy this will prompt a flood of capital to come back to Japan to take advantage of higher yields. But if inflation is a problem, that may not necessarily be the case, as real returns could still be poor.

Domestic equities would likely benefit as investors seek a better inflation hedge than bonds. They would also make a phenomenal inflation hedge for overseas investors (currency hedged). The yen would markedly weaken as inflation rose, and global capital flows would likely be large and volatile as some capital came back home, and some left, while the BOJ (or banking sector) ended up owning an increasing proportion of JGBs, adding to global financial-stability risks.

END

3 CHINA /

CHINA/TAIWAN

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

GERMANY/

Stagflation risks soar in Germany after newest release

(zerohedge)

“Stuck In Mud”: Stagflation Risks Soar In Germany After Fresh Data

FRIDAY, APR 28, 2023 – 08:55 AM

Germany could be on the brink of a recession as data released on Friday showed the economy stagnated in the first quarter. The energy crisis has significantly hindered economic growth in Europe’s largest economy. Also inflation data eased in April but remains elevated, with rising concerns about stagflation.

According to preliminary data from the federal statistics agency Destatis, gross domestic product flatlined from January to March versus the previous quarter, after contracting by .5% in the final quarter of 2022, narrowly averting a “technical recession.”

However, a flat reading might be readjusted to a contraction when final figures are released at the end of next month (May 25).

The preliminary reading fell short of the .2% on-quarter growth expected by economists surveyed by The Wall Street Journal.

Destatis said household and government expenditures slumped in the first three months of the year.

“The German economy remained stuck in the mud at the start of 2023, only barely avoiding recession,” Pantheon Macroeconomics’ chief eurozone economist Claus Vistesen said.

German 10-year yields fell as much as 13bps to 2.352% on the news.

After preliminary data on GDP was released, consumer price data for April showed inflation was easing. Consumer prices rose 7.6% from a year ago — down from March’s 7.8% print.

Elevated inflation and faltering economic growth are signs of stagflation.

Meanwhile, “Traders have subsequently firmed up bets on a 25bps rate hike from the ECB next week, with market pricing implying a near 90% probability versus 80% earlier this morning,” according to Bloomberg.

Next Thursday’s rate hike expectations have been sliding all week.

ING’s global head of macro, Carsten Brzeski, warned recession risk has yet to pass:

“The recent renaissance in industrial production could very well carry the economy through the second quarter.

“However, we are afraid that looking into the second half of the year, the German economy will continue its flirtation with recession.”

The biggest takeaway from the deteriorating GDP and persistently high inflation is that Europe’s largest economy is stumbling into stagflation

end

GERMANY

idiots!!

German Climate Idiots Use New Type Of Glue Requiring Jackhammer To Break Free

FRIDAY, APR 28, 2023 – 04:15 AM

Climate activists in Berlin have taken their idiocy to a new level – deploying a new type of glue which, when applied to a human hand and a roadway, requires a jackhammer to remove.Climate activist inspiring drivers to give up their petrol cars in stunning & brave demonstration.

Members of the group Last Generation descended upon Berlin earlier this week, gluing themselves to streets all over the German capital, where they blocked roads in an effort to pressure the government to take more drastic action against climate change. (So they want the nuclear plants back online?)

“We will no longer accept that the government has no plan to stop the destruction of our livelihoods,” said Last Generation in a statement, adding “We are resisting now.“

More than 30 roads were blocked according to German news agency DPA.

According to the Berlin police, up to 500 officers were on the streets in the city all day to prevent the blockades or end them quickly, dpa reported. A police helicopter was hovering over the city to alert colleagues on the ground about the blockades as well.

The group said last week that its members would step up their actions in the coming days and try to “peacefully bring the city to a standstill.” –AP

According to the report, “In some cases, it took more time than in the past to detach protesters from the streets because some of them used a different kind of glue this time. Instead of using oil to detach the protesters’ hands from the streets, officers had to use tools and damage the asphalt to remove the protesters.”

Last Generation is demanding that German cease the use of all fossil fuels in the next 6.5 years, and want short-term measures in the meantime, including a 62-mph (100 km/hr) speed limit on highways in order to curb transport emissions.

Government spokesman Steffen Hebestreit said on Monday that the current administration has done a lot to curb emissions.

“We are a parliamentary democracy. There are possibilities to express criticism. I have my doubts that such massive disruptions of public order and the like serve the intended purpose,” he said. “Naturally we don’t support such forms of protest.”

Asked whether Chancellor Olaf Scholz plans to meet with the activists, like other politicians have and are planning to, Hebestreit said he wasn’t aware of any appointments.

“Such talks make particular sense if one wants to exchange views and not if the aim is to force through maximum demands,” he added.

Transport Minister Volker Wissing, who has rejected the demand for a speed limit, plans to meet activists on May 2. He has sharply criticized the group for its road blockades in the past. -AP

Really makes you think…

END

EU/emissions

More taxes on our helpless Europeans on climate change which is nothing but a hoax

(zerohedge)

The EU Just Made Emissions Even More Expensive

FRIDAY, APR 28, 2023 – 03:30 AM

Authored by Irina Slav via OilPrice.com,

The EU approved a carbon tax reform to reduce emissions by 62% from 2005 levels by 2030.
The reform makes emissions more expensive for various industries through carbon permits and the introduction of a tax on emission-intensive imports.
The EU plans to soften the blow of the carbon tax reform by setting up an 86.7-billion-euro fund.

The European Union finalized the approval of a carbon tax reform that will see polluting industries face higher costs for continuing to generate emissions and incentivize the switch to wind and solar.

Approved by the European Parliament last week, the reform will see the EU’s carbon permit regime extended to more industries, including air and maritime transport, and reduce the availability of these permits with a view to phasing them out entirely by 2034.

In four years, the carbon permit regime will extend further to cover emissions from cars and buildings. To soften the blow, the EU plans to set up an 86.7-billion-euro fund. The money will be raised from the sales of carbon permits.

The price of these permits has soared in the past couple of years, largely in anticipation of the reform. In fact, since the start of 2020, the price per ton of carbon dioxide has tripled to 88 euros, Reuters noted in a report.

Even with this increase in the cost of generating carbon emissions, last year those fell just 1.2% to 1.6%, according to preliminary data released earlier this month. The data covered the industries that are currently within the scope of the emission-trading regime: power generation and heavy industry.

The goal is to reduce the bloc’s emissions by 62% from 2005 levels by 2030, to which end the EU also agrees to introduce a tax on emission-intensive imports from 2026 onward. The import goods that will be subject to the new tax include steel, cement, aluminum, fertilizers, electricity, and hydrogen.

The levy aims to put European producers of such goods on a more equal footing with countries that don’t have as stringent emission-related legislation as the European Union.

A majority of 24 member states voted in favor of the reform, Poland and Hungary voted against it, and Belgium and Bulgaria abstained.

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

Robert H to us:

670 Ukrainian soldiers, foreign mercenaries killed in past hours – Yemen Press Agency

Expect losses to rise for Ukrainians and others.
Through May expect tensions there to rise with more crazy twists by Zelensky as his job is to escalate the conflict and not peace. In the conversation with Xi he did not accept the Minsk Accords were doable as his Neocon handlers will not let him seek any peaceful relationship. Since everyone knows the Ukraine is on borrowed time everyone seeing money is gripping on to what they can steal and seeking alternative residence. Those on the front lines are simple disposable life to buy time to steal.
Within 2-3 years if it takes that long Ukraine will cease to exist as a nation. The rumor is that within the last 3 days calling cards have been given to 2nd generation Kinzhals with a timeline unknown. Every week now more and more people with mid level ranks and above are discussing teh need to become more direct and pointed in response into what is seen as a threat to Russian existence as a nation. In reality within Russia there is a growing sweep of true patriots vs Western traitors and there are steps being taken. While those who understood last year and left realize that they will never be allowed to return and their connections back to Russia are being severed as relationships are being cut off.
Meanwhile Xi has told Putin China sees the Neocons as threat to their own existence as their alternative to Federal Dollar domination is resisted. Their strategy is now now removing 100’s of billions annually in direct trade with such use of currency by using direct swap lines of local currency where actual trade value of wanted goods defines relationships and thus currency value by demand. This fight is well beyond any military one. In fact a stalemated battlefront actually works to the favor of China and Russia in weakening America and NATO as Neocon pawns to exhaust themselves in military supply and finances while trade expands outside of this block to prepare for a day when a broadside is delivered. With 19 nations now openly wanting in on the BRICS the day is fast approaching. As it is what is not noticed is how oil shipments are now being redirected away from the West.

https://en.ypagency.net/292502

end

RUSSIA/USA

My goodness: more sanctions expanded. This time on Russia’s FSB (formerly the KGB) for holding Americans hostage. What is crazy is that they are already under sanctions

(zerohedge)

US Expands Sanctions On Russia’s FSB For “Holding Americans Hostage”

THURSDAY, APR 27, 2023 – 08:00 PM

The Biden administration has taken initial action in response to Russia’s detention of Wall Street Journal reporter Evan Gershkovich, who has been in custody since his arrest March 29 in the city of Yekaterinburg on espionage charges. The end of this week marks one month since he’s been imprisoned.

New sanctions have been imposed on Russian Federal Security Service (FSB) for taking Americans “hostage”, with a senior admin official telling Axios, “We do think it’s significant that the first round of sanctions are being announced specifically for this type of behavior, because we’re really concerned about this type of behavior.”Via Reuters

The sanctions are intended to deter and punish those who hold Americans hostage, officials said. Gershkovich as well as Paul Whelan have been declared “unlawfully detained”.

However, the FSB is already under sanctions, thus these new measures are likely more targeted or an expansion after the initial wave.

Simultaneously on Thursday more sanctions were also unveiled for the intelligence arm of the Iranian Islamic Revolutionary Guard Corps (IRGC), and additionally four IRGC leaders, for their roles in the arrest and imprisonment of Americans.

The US is “showing that one cannot engage in this sort of awful behavior of using human beings as pawns, as bargaining chips, without paying consequences,” according to another a senior US official.

A Moscow court this month denied a request that Gershkovich be placed under pre-trial house arrest…

It appears the US and UK coordinated dual action against Russian officials, with British Foreign Secretary James Cleverly announcing sanctions the same day against five Russian officials, saying they have “utter contempt for basic human rights.”

end

Euro zone economy ekes out 0.1% growth in first quarter, misses expectations as Germany stagnates

FRI, APR 28 20235:07 AM EDT

KEY POINTS

*Euro zone gross domestic product grew by 0.1% in the first quarter, missing a forecast of 0.2% growth.

*Annual growth of 1.3% was below expectations for 1.4%.

*While the bloc has avoided a widely feared recession, growth will continue to be impacted by monetary tightening, with the European Central Bank expected to hike rates by at least 25 basis points next week.

The euro zone economy grew by a marginal 0.1% in the first quarter of the year, preliminary figures showed Friday, even as Germany’s GDP flatlined over the period.

The print came in below analyst expectations, with a Reuters poll of economists previously forecasting quarterly growth of 0.2%. The economy expanded by 1.3% on an annual basis, just missing an outlook of 1.4%.

Earlier this month, statistics agency Eurostat had revised down its fourth-quarter 2022 gross domestic product estimate for the euro zone from 0.1% quarterly growth to zero, following 0.4% expansion in the third quarter.

The slight first-quarter growth signal comes as economic performance contends with persistently high inflation. Energy prices have been a key driver over the past year, as European consumers progressively lost access to Russian supplies in the wake of Moscow’s full-scale invasion of Ukraine. Carsten Brzeski, global head of macro at Dutch bank ING, said that the fall in wholesale energy prices, warmer- than-expected weather and fiscal stimulus had helped the bloc dodge a widely feared recession over the winter.

IMF’s Kammer: Further ECB tightening is required to defeat inflation

But he noted significant disparities between individual countries, and said that future growth would be impacted by an ongoing race between positive momentum in industry and wage growth on the one hand, and European Central Bank monetary tightening and U.S. recession risks on the other.

Divergence

Europe’s leading economies diverged in their first- quarter performance, national figures showed Friday. The German economy stagnated over January-March, compared with the previous three-month period. It was up 0.2% on an annual adjusted basis and 0.1% lower on a nonadjusted basis due to one extra working day in the prior year, German statistics agency Destatis said.

Deutsche Bank economists said Germany had avoided a technical recession by a “hair’s breadth” and reiterated their call of 0% GDP growth this year, with the economy held back by high inflation, rate hikes and an expected second-half U.S. recession.

France’s GDP meanwhile picked up by 0.2% in the first quarter, Insee statistics revealed, despite a spate of widespread strikes that slowed activity sparked in protest of President Emmanuel Macron’s planned pension reforms.

Irish GDP was a notable weak spot, declining by 2.7% on the previous quarter, while Portugal’s economy grew by 1.6%.

Policy stake

The GDP figures will be keenly watched ahead of the May 4 meeting of the ECB, which seeks to tackle headline inflation of 6.9% and core inflation at a record high of 5.7%.

Some ECB policymakers have stressed they believe they have further to go on interest rate rises as they weigh up a 25 basis point or even 50 basis point hike next week. The March collapse of several lenders across the U.S. and Europe and ensuing turmoil in the banking sector had ignited questions about whether central banks would be forced to slow or walk back their interest rate increases.

Risks to European economy remain tilted to the downside, ECB policymaker says

The ECB most recently raised its three key interest rates by 50 basis points in March, taking the main rate to 3%.

Nerves on the European front have largely settled and officials have underlined the strength of the sector, though the shadow of deposit flights and further volatility remains.

END

RUSSIA/UKRAINE/USA/NATO

Russia has not been hurt financially with the war. They can keep funding this war for at least another year despite the sanctions according to a intelligence leak

(zerohedge)

Russia Can Keep Funding Ukraine War At Least Another Year Despite Sanctions: Intel Leaks

FRIDAY, APR 28, 2023 – 02:45 AM

More US intelligence documents from the trove of accused Pentagon leaker Jack Teixeira point to continued failing US policy related to the Ukraine war, particularly in regards to far-reaching US sanctions which Biden policymakers hoped would blunt the Russian war machine.

The classified assessments examined by The Washington Post show that US intelligence believed Russian can continue funding its war efforts for at least another year. While it should be obvious to anyone that Moscow hasn’t been deterred by economic sanctions or isolation from the West, this provides crystal clear confirmation.

“Moscow is relying on increased corporate taxes, its sovereign wealth fund, increased imports and businesses adaptability to help mitigate economic pressures,” one assessment reads. WaPo says that markings on the documents suggest the info was gained via intercepted communications.

The Post comments of the crucial context as follows:

While some of Russia’s economic elites might not agree with the country’s course in Ukraine, and sanctions have hurt their businesses, they are unlikely to withdraw support for Russian President Vladimir Putin, according to an assessment that appears to date from early March.

According to more from the document:

Those elites “are likely to persist in upholding the Kremlin’s objectives in Ukraine” and in “helping Moscow circumvent sanctions,” the leaked assessment finds.

A key purpose of the sanctions from Washington’s point of view was to impose such a cost and negative trickle-down effect on the Russian populace – perhaps leading to riots and destabilization – that it would force Kremlin decision-makers to change course and wind down the invasion. But this hasn’t happened.

Just after the February 2020 invasion of Ukraine President Biden had mockingly said Russia’s currency would be reduced to “rubble.” Of course, the opposite happened within a month after those comments. The ruble had also recovered to its pre-conflict levels against the USD by mid-April of 2022.

Also greatly aiding in Russia’s weathering the sanctions-storm has been soaring oil revenue via new markets opening up and expanding, in Asia particularly.

end

SUDAN

Turkish Evacuation Plane Comes Under Attack In Sudan

FRIDAY, APR 28, 2023 – 10:50 AM

Heavy explosions and gunfire have continued to rock parts of Sudan’s capital Khartoum and its twin city Omdurman despite a ceasefire. At least 500 people have been killed, including reportedly two American citizens, as fighting reaches two weeks amid the power struggle between two rival generals representing Sudanese Armed Forces and the paramilitary group Rapid Support Forces.

“Many areas that saw very active fighting at the beginning have become quieter than before. Yet, I cannot say there is a total ceasefire in those places,” a Khartoum resident told Al Jazeera on Friday. “I don’t think anyone has gone to school in the last 14 days. I don’t think anyone has been to a hospital.”Via AP

A massive foreign evacuation effort involving many countries sending military transport planes has continued for the better part of a week. The United States administration, however, has said that it is not conducting a large-scale evacuation operation for the estimated 16,000 US citizens who live in Sudan, many of them dual nationals who have made the country their home.

But this international rescue effort appears to now be coming under threat, after new reports that a Turkish evacuation plane came under gunfire while landing at Wadi Seyidna airport outside Khartoum. The aircraft, a C-130, had its fuel supply system damaged by the ground gunfire.

The Turkish defense ministry confirmed the damage but without naming a culprit. “Light weapons were fired on our C-130 evacuation plane … Our plane landed safely. Although there are no injuries to our personnel, necessary repairs are being carried out on our aircraft,” it said.

The national army said the Rapid Support Forces of Gen. Mohamed Hamdan Dagalo mounted the attack on the plane as it was landing, but the RSF rejected the accusation as part of the national army “spreading lies”.

“Our forces have remained strictly committed to the humanitarian truce that we agreed upon since midnight, and it is not true that we targeted any aircraft in the sky of Wadi Seyidna in Omdurman,” the RSF said. Fighting has been witnessed elsewhere in the country, which could signal a slide toward full-scale civil war, as the AFP is reporting 74 dead in two days of fighting in the West Darfur capital of El Geneina.

The rival military factions reached an agreement to extend their ceasefire from midnight local time (22:00 GMT on Thursday) for an additional three days, but by many accounts it’s barely holding, if at all.

END

Trapped Americans In Sudan “Shocked & Disgusted” – Left By Biden To Fend For Themselves

FRIDAY, APR 28, 2023 – 01:02 PM

Update(1302ET): Sudan is continuing to stare into the abyss of full-blown civil war as the battle for control of the capital of Khartoum between two rival generals – now reaching the two week mark – results in a mounting death toll. Currently, dozens of countries have for days been racing to get their citizens out via military transport planes, ships, and via cross-border land routes into Ethiopia and neighboring countries, but not the United States.

A surprisingly blunt report voicing intense criticism toward the Biden administration has been issued by CNN Friday, which writes, “As the crisis in Sudan continues to unfold, there is mounting anger among Americans who feel abandoned by the US government and left to navigate the complicated and dangerous situation on their own.”

CNN further points out that robust evacuation efforts are underway by many other countries. As we detailed below, a C-130 evac flight sent by Turkey even took on small arms fire while landing outside the capital. And the Chinese government has said it has successfully evacuated at least 1,300 of its nationals thus far, with state media confirming evacuation operations ongoing by “land and sea”.

“I am incredibly shocked and disgusted by the American lackluster response to the health and safety of their citizens,” Muna Daoud told CNN, whose parents were forced to exit via Port Sudan to Saudi Arabia. And CNN follows with this:

Despite a number of nations evacuating their citizens, the US government has continued to say that the conditions are not conducive to a civilian evacuation. All US government personnel were evacuated in a military operation this weekend. US officials have said they are in “close communication” with US citizens and “actively facilitating” their departure from Sudan.

However, CNN spoke with multiple people whose family members are among the “dozens” of Americans who want to leave Sudan, and they said the State Department has provided “barely any assistance” since the deadly violence between the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF) broke out more than a week ago.

Another American stuck in Sudan called the embassy and State Department “useless”. “To be honest with you, the State Department was useless, utterly useless throughout this entire period,” a man named Imad said in an interview. “We expected the Department to provide some kind of guidance, but the guidance was the template, just shelter in place, no critical information being provided.”

Already two American have lost their lives. CNN further presents that more are coming close to getting shot in near-miss situations due to the lack of formal US effort to get citizens safely out:

“The might of our military and resources does not get used to save our lives in war zones,” she said.

When CNN spoke to Daoud, her 69-year-old father and 66-year-old mother – both of whom are US citizens – were making the “harrowing” nine hour bus journey from Khartoum to Port Sudan.

“They had to find a bus this morning after waiting outside on the side of the road,” she said. Daoud said that the bus had been stopped three times by RSF soldiers “and at one checkpoint they held my father at gunpoint because they believed he was in the Sudanese Army.”

“They told all the men to step off the bus and searched and questioned them,” but they kept her father at gunpoint, she described to CNN.

“My mum believed he was going to be taken or shot. Luckily they decided to let him go,” Daoud said.

Meanwhile, Chinese media pundits are mocking and gloating…

China’s Foreign Ministry has confirmed it is sending the PLA Navy to help evacuate Chinese nationals from Sudan, with defense ministry spokesman Tan Kefei announcing Thursday that that more navy ships are on their way.

Already, Chinese evac ships have been spotted at Sudan ports in the Red Sea:

“Due to the recent continually deteriorating security situation in Sudan, the Chinese army sent naval vessels to Sudan on April 26 to evacuate and transport our citizens to protect the lives and property of Chinese personnel in Sudan,” Tan said, also confirming over 1,300 Chinese citizens have already fled, and that more are exiting through land borders. “So far, more than 1,300 Chinese citizens have been safely transferred, some have left Sudan on Chinese warships and boats, and some are on their way out,” Tan detailed.

Germany and other European nations too…

Jordan has also been among the countries organizing military transport flights to and from the restive capital.

It’s funny how the United States can invade countries at drop of a hat.. but rescue citizens? Apparently not. A prime question which remains concerning many of those among the 16,000 Americans (many of them dual nationals no doubt) is: where’s Joe Biden?

* * *

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

Vaccine Lies and Bribes: Dr. McCullough Uncovers the Smoking Gun

BY THE WELLNESS COMPANY

Vaccine regret is real – and it’s a growing sentiment among many Americans.

Some were forced to get vaccinated, some were lied to and now we know that doctors were getting bribed to convince their patients to get vaccinated.

Dr. Peter McCullough, outspoken critic of COVID-19 mandates and jabs, unearthed a damning document that exposes the latest loss of integrity in the healthcare system through vaccine bribery.

Published by Anthem Blue Cross Blue Shield Medicaid, the “COVID-19 Vaccine Provider Incentive program” declares:

“Getting vaccinated against COVID-19 is one of the best and safest ways people can protect themselves and their families against the virus. As a participating practice in the COVID-19 Provider Vaccine Incentive program, we recognize your hard work by offering incentives for helping patients make the choice to be become vaccinated.”

The document then outlines perverse incentives consisting of up to $125 in cash bonuses per vaccine administered. Unsurprisingly, the bribed doctors probably weren’t motivated to provide enough information on this experimental gene therapy for patients to make an informed choice for their health.

Indeed, most vaccinated people are now seeking effective detox solutions, and rightly so: the vaccine is a catastrophe for public health and the long-term effects may be even worse. From Dr. McCullough:

“Far and away the most common question I get from those who took one of the COVID-19 vaccines is: “how do I get this out of my body.” The mRNA and adenoviral DNA products were rolled out with no idea on how or when the body would ever breakdown the genetic code. The synthetic mRNA carried on lipid nanoparticles appears to be resistant to breakdown by human ribonucleases by design so the product would be long-lasting and produce the protein product of interest for a considerable time period… it is a big problem when the protein is the pathogenic SARS-CoV-2 Spike.”

Fortunately, Dr. McCullough has a solution: the best-known defense against mRNA-carrying spike proteins is a daily dose of over-the-counter nattokinase:

“Nattokinase is an enzyme is produced by fermenting soybeans with bacteria Bacillus subtilis var. natto and has been available as an oral supplement. It degrades fibrinogen, factor VII, cytokines, and factor VIII and has been studied for its cardiovascular benefits. Out of all the available therapies I have used in my practice and among all the proposed detoxification agents, I believe nattokinase and related peptides hold the greatest promise for patients at this time.”

If you or someone you love would like to try nattokinase, The Wellness Company’s “Spike Support Formula” contains nattokinase plus other extracts and is designed by Dr. Peter McCullough and his team.

In The Wellness Company’s Spike Support Formula you will find:

Nattokinase(enzyme shown to dissolve spike protein)
Selenium (aids in helping the body repair itself and recover)
Dandelion root (may prevent spike protein from binding to cells)
Black sativa extract (may facilitate cellular repair)
Green tea extract (provides added defenses at the cellular level through scavenging for free radicals)
Irish sea moss (could help rebuild damaged tissue and muscle)

Here is Dr. Jen VanDeWater talking about all the elements of The Wellness Company’s Spike Support Formula:

People are saying about The Wellness Company’s Spike Support Formula:

“I saw Dr. McCullough talk about the product and decided to give it a try. A month and a half later, I feel sooo much better. I also have recommended the product to family members to help them detox from the painful side effects of the vaccine.”

“I feel like I have had brain fog for the past 18 months and after taking this supplement noticed the fog lifting finally. I plan to buy more for myself and now a friend suffering from heart issues.”

“I am grateful for the Wellness Company and for you coming out with this spike protein vitamins. I am a big believer in natural healing and not pharmaceutical drugs. Thank you for doing what is right and for speaking truth in a world that is so dark.”

According to the Wellness Company, purchasing all the components of the Spike Support Formula would be over $100 – you can save 36% with the unique formulation in The Wellness Company’s Spike Support Formula.

Click here to order the Spike Support Formula today!

END

this is very worrisome: Listeria outbreak has now spread to 15 states. This is what happens when you have a lack of immunity

(zerohedge)

Mysterious Listeria Outbreak Spreads To 15 States

THURSDAY, APR 27, 2023 – 11:20 PM

Federal health officials are investigating a “Listeria outbreak with unknown source” across 15 states.

“A specific food item has not yet been identified as the source of this outbreak. However, CDC is concerned that illnesses continue to be reported. Listeria illness is rare, but it can result in serious illness or death,” a recent notice via the Centers for Disease Control and Prevention (CDC) read.

The overall count of infections might be higher than what is currently being reported. According to CDC data, there have been 18 cases of infection, leading to 17 hospitalizations in 15 different states. So far, no fatalities have been reported.

Michigan and Wisconsin are the only states to have recorded two illnesses. Illinois, Arkansas, California, Colorado, Missouri, New York, North Carolina, Pennsylvania, South Dakota, and Washington have each reported one.

The CDC has constructed an outbreak map.

“Public health officials are interviewing people in this outbreak to find out what foods they ate before getting sick,” the CDC said, adding the infection is “especially harmful if you are pregnant, aged 65 or older, or have a weakened immune system.”

end

DR PANDA

This is also worrisome:

(Dr Panda)

‘Ohio Man’ Infected With COVID-19 For Two + YEARS

An infected person in Ohio has been carrying a ‘cryptic’ strain of COVID for years

DR PANDAAPR 28

Picture Source

Scientists are searching for an Ohio resident who is believed to be the longest-running COVID-19 patient on record. (At least 2 years!)

The individual, who lives in the Columbus area, is carrying a highly mutated strain of the virus that is unlike any variant that has been seen before.

Wastewater sampling has detected the virus, indicating that the individual is shedding it through their stool. The strain has evolved differently from existing variants such as Omicron and Delta, and its genetic makeup is significantly distinct. The virus is believed to be circulating in only this single individual.

The person who has been infected with COVID-19 for over two years, regularly commutes between Washington Court House and Columbus, Ohio. Researchers suspect that the individual lives in Washington Court House and commutes to Columbus for work or school.

Upgrade to paid

Scientists are worried about the highly mutated strain of COVID-19 because it could pose a significant risk if it were to start circulating in the population. The virus has likely adapted to the individual’s body, allowing it to persist without being detected by the immune system. While it is unlikely, there is a possibility that the virus could acquire additional mutations that would allow it to spread to others.

The reasons for the prolonged infection and whether the patient is contagious are still unknown. It is common for people with prolonged infections to have weakened immune systems, making it difficult for their bodies to clear the virus.

Incredible that this person is shedding an extremely high viral load for years. You’d think if you had chronic diarrhea for 2 years you’d see a doctor – or get looked at! But this is just speculation.

Do you think this person knows they are infected? Or even has any symptoms?

END

DR PAUL ALEXANDER…

Do not forget Dr. Theresa Long, MD, medical officer with the United States military who testified in court that she was ordered by a superior to suppress Covid-19 vaccine injuries following the shot

Ordered by Biden govn administration to ‘Cover Up’ Vaccine Injuries; that is, vaccine injuries that happened to the serving US service men and women & she has indicated that it is massive, extensive

DR. PAUL ALEXANDERAPR 28

US Military Doctor Testifies She Was Ordered by govn administration to 'Cover Up' Vaccine Injuries

https://palexander.substack.com/p/us-military-doctor-testifies-she

END

Asymptomatic transmission’ study in 2020 out of China using a sample of 10 million persons, showed us that asymptomatic transmission for this COVID virus was a LIE! Fauci et al. all knew it! NO cases

Asymptomatic transmission lie was to force you to lock down, get masks, and take the fraud mRNA gene shot; of 300 asymptomatics, NONE produced LIVE infectious virus via over-cycled RT-PCR (>24 cycles)

DR. PAUL ALEXANDERAPR 28

‘300 asymptomatic cases…There were no positive tests amongst 1,174 close contacts of asymptomatic cases.’

Bottom line:

This was one of the early studies, seminal, showing that asymptomatic transmission was really non-existent and rare if at all, for this pathogen. Global health experts e.g. CDC, FDA, NIH, PHAC etc. knew this yet moved to scare the public with transmission lies. This was to force lockdowns and you taking the fraud injection.

END

US military members suffer Myocarditis Following Immunization With mRNA technology COVID-19 Vaccines (Montgomery et al.); in this case series of 23 male patients, including 22 previously healthy

military members, myocarditis was identified within 4 days of receipt of a COVID-19 vaccine; for most patients (n = 20), the diagnosis was made after the second dose of mRNA COVID-19 injection

DR. PAUL ALEXANDERAPR 27

SOURCE:

https://jamanetwork.com/journals/jamacardiology/fullarticle/2781601

END

Bud Light sales plunge, Suffers “Staggering” Sales Decline As Boycott Intensifies; what can I say other than YES!!!! boycott that woke Bud Light, they should rename the beer ‘trannie bud or light’

Trannie bud, yes, thats the new name. “These numbers are staggering … and right now this is an extremely difficult scenario for Anheuser Busch, the Bud Light brand, and for AB distributors,”

DR. PAUL ALEXANDERAPR 27

SOURCE:

https://www.zerohedge.com/markets/bud-light-suffers-staggering-sales-decline-boycott-Intensifies?utm_source=&utm_medium=email&utm_campaign=1446

SLAY NEWS

MICHAEL EVERY/RABOBANK//

I Want To Believe

BY TYLER DURDEN

FRIDAY, APR 28, 2023 – 11:10 AM

By Benjamin Picton of Rabobank

I Want To Believe

As a kid growing up in the 1990s The X-Files was one of the coolest shows on TV. Mum (Mom for our American audience) would never let me watch it, because it would give me nightmares, but on the occasions when Dad was left in charge I could convince him it was ok. For those who have never seen it, the basic premise is that FBI agents Fox Mulder and Dr Dana Scully investigate mysteries with a supernatural or extra-terrestrial bent. Scully is a sceptic; she always has a scientific theory to explain unusual phenomena. Mulder, on the other hand, “wants to believe”.

We want to believe too. Specifically, we want to believe Jerome Powell’s assurances that a soft landing for the US economy is still possible. Inconveniently, like a kill-joy Scully, economic data keeps throwing up evidence to suggest that this theory is far-fetched. Yesterday we got our first look at first quarter GDP figures for the United States. The numbers were unequivocally disappointing. Annualized growth was a measly 1.1% vs a Bloomberg consensus estimate of 1.9%. Even more disappointingly, the core PCE deflator lifted from 4.4% in the final quarter of last year to 4.9%, which was two ticks above what the market was expecting. That looks an awful lot like stagflation, but labor markets are still holding up (for now). US weekly jobless claims fell by 16,000 to 230,000.

Powell himself wants to believe. He has been suckered twice in the last 24 hours. Firstly by Argentina, who have agreed to pay for their imports from China in CNY in order to conserve precious dollars. As my colleague Michael Every put it, Powell must have been singing “don’t CNY for me Argentina”, and regretting that the Fed never extended a dollar swap line to prevent the Argentinians from knocking another leg out from under the dollar system. Already having a bad day, Powell was then embarrassed by the release of a video of two Russian comedians pranking the Fed chief over the phone by apparently convincing him that he was speaking to Ukrainian President Zelensky. Zelensky himself has a past life as a comedian, so I guess it’s an easy mistake to make.

Looking at dataflow over the course of the week, things were very mixed. There was certainly a theme of juxtaposition between banks and the tech stocks as we saw strong results from Microsoft, Google, Meta and Amazon, but banks have been under pressure since the release of First Republic’s results on Monday. Both US Treasuries and German Bunds have bear-flattened over the course of the week, and oil markets have been volatile. Brent crude fell below $80/bbl for the first time since March 31st, despite data last week showing an unexpectedly large decline in inventories, and crack spreads have been tightening as refining utilisation grows and confidence deteriorates. Meanwhile, a Bloomberg survey showed that market participants believe that the banking crisis adds about 50bps worth of endogenous tightening to US credit markets. Nobody knows what the real number is, but that’s twice as much as Jerome Powell had suggested.

The DXY index has weakened a little over the course of the week, while EURUSD has held on to gains and is on track for a weekly close above 1.10. The week ain’t over yet though, and with a BOJ meeting today and European first quarter growth figures due out, there are still plenty of catalysts for volatility ahead. Indeed, Tokyo CPI inflation numbers released this morning show y-o-y price growth of 3.5% in April. That’s two ticks higher than expected, and the core readings look even stronger. Meanwhile, the Japanese jobless rate rose to 2.8% when it was expected to fall one tick to 2.5%. That all looks stagflationary too, but new BOJ Governor Ueda has said that the economy is past the peak for cost-push inflation. We want to believe!

Europe has been a bright spot this week. Wars and fractious political systems aside, the continent has been outperforming everyone’s low expectations from last year. That is why we have been seeing a bid in EURUSD for a few weeks now. Similarly, the Euro Stoxx 50 is up by almost 15% YTD. That really puts the S&P500’s 7.7% YTD gain in the shade, and is only beaten by the 16% lift in the NASDAQ. Several ECB speakers this week have been upbeat on European growth prospects. Philip Lane told Le Monde on Tuesday that the dataflow is strong enough to justify another rate rise next week, Isabel Schnabel suggested that hike might be a half percentage point, while Luis de Guindos said that fears of a recession in the first quarter would not be realised. Rabobank Research concurs, and this week published a note detailing our view that Eurozone 1st quarter GDP figures released today could come in stronger than the expected 0.2% q-o-q as receding supply shocks and China reopening have helped manufacturing output to lift.

It has also been a big week in the Land Down Under. Markets had been eagerly awaiting the release of 1st quarter consumer inflation numbers this week to shore up bets on what the RBA might do when it meets to set monetary policy next Tuesday. The inflation report was mixed at first blush, but ultimately perceived as soft by rates traders. The trimmed-mean measure came in two ticks below expectations at 1.2% q-o-q, while headline inflation was a tick stronger than consensus estimates. Crucially, the report showed that non-tradable inflation at 1.9% was much stronger than the 0.3% for tradables in the quarter. This was a similar result to the New Zealand CPI report last week, and really highlights that inflation is now being domestically generated and can no longer be credibly blamed on broken supply chains and Vladimir Putin.

Australia is doing a little better than New Zealand on the trade front though. Figures this week showed Aussie export prices unexpectedly lifted by 1.2% in the first quarter, while import prices fell by 4.2%. That means that the Aussie terms of trade boom is still rolling on, but over in New Zealand it is a different story. Data this week showed the Kiwi trade deficit widened to $16.4bn over the 12 months to March as demand for dairy, proteins and timber products continues to be lacklustre. Those numbers look diabolical for an economy that is heavily dependent on foreign financing, running a fiscal deficit of ~4.9% and recorded a contraction in GDP of 0.6% in the December quarter. Can New Zealand avoid stagflation? We want to believe

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:1.0982 DOWN 0.0089

USA/ YEN 136.07 UP 2.251 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2463 DOWN 0.0033

USA/CAN DOLLAR: 1.3645 UP .0046 (CDN DOLLAR DOWN 46 PTS)

Last night Shanghai COMPOSITE CLOSED UP 37.21 PTS OR 1.14%

Hang Seng CLOSED UP 54,89 PTS OR 0.27%

AUSTRALIA CLOSED UP .25% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 54.89 PTS OR 0.27 %

/SHANGHAI CLOSED UP 37.21 PTS OR 1.14%

AUSTRALIA BOURSE CLOSED UP 0.25%

(Nikkei (Japan) CLOSED UP 398.76 PTS OR 1.40%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1983.60

silver:$24.83

USA dollar index early FRIDAY morning: 101.98 UP 54 BASIS POINTS FROM THURSDAY’s close.

FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.135% DOWN 13 in basis point(s) yield

JAPANESE BOND YIELD: +0.387 % DOWN 7 AND 0//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.261 DOWN 12 in basis points yield

ITALIAN 10 YR BOND YIELD 4.177 DOWN 17 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.315 DOWN 14 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1043 UP 0.0012 or 12 basis points

USA/Japan: 136.14 UP 2.339 OR YEN DOWN 234 basis points/

Great Britain/USA 1.2576 UP .0028 OR 28 BASIS POINTS //

Canadian dollar UP .0045 OR 45 BASIS pts to 1.3555

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The USA/Yuan, CNY: closed ON SHORE (CLOSED UP.(6.9131)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.9215

TURKISH LIRA: 19.45 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.387…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 8 in basis points from THURSDAY at 3.447% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.677 DOWN 8 IN BASIS POINTS

USA 2 YR BOND YIELD: 4.0493% DOWN 5 in basis points.

USA dollar index, 101.24 DOWN 1 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 FRIDAY: 12:00 PM

London: CLOSED UP 29.52 points or .38%

German Dax : CLOSED UP 97.25 PTS OR .62%

Paris CAC CLOSED DOWN 6.96 PTS OR 0.09%

Spain IBEX DOWN 83.90 PTS OR 0.90%

Italian MIB: CLOSED DOWN 94,12 PTS OR 0.35%

WTI Oil price 76.32 12: EST

Brent Oil: 79.91. 12:00 EST

USA /RUSSIAN /// AT: 80.37/ ROUBLE UP 0 AND 96//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.318 DOWN 14 BASIS PTS

UK 10 YR YIELD: 3.7725 DOWN 8 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1019 DOWN 0.0013 OR 13 BASIS POINTS

British Pound: 1.2564 UP .0067 or 67 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.752% UP 4 BASIS PTS

USA dollar vs Japanese Yen: 136.19 UP 2.393 //YEN DOWN 239 BASIS PTS//

USA dollar vs Canadian dollar: 1.3547 DOWN .0054 CDN dollar, UP 54 basis pts)

West Texas intermediate oil: 76.69

Brent OIL: 80.24

USA 10 yr bond yield DOWN 9 BASIS pts to 3.441%

USA 30 yr bond yield DOWN 9 BASIS PTS to 3.668%

USA 2 YR BOND: DOWN 5 PTS AT 4.0517%

USA dollar index: 101.239 UP 14 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.45

USA DOLLAR VS RUSSIA//// ROUBLE: 80.25 UP 1 AND 08/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 272,00 PTS OR 0.80%

NASDAQ 100 UP 85,96 PTS OR 0.65%

VOLATILITY INDEX: 16.07 DOWN 0.96 PTS (5.64)%

GLD: $184.80 UP 0.05 OR 0.005%

SLV/ $23.00 UP 0.11 OR 0.48%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

Bonds, Stocks, & Bitcoin Surge Amid Week Of Stagflationary & Systemic Threats

FRIDAY, APR 28, 2023 – 04:01 PM

A week of disappointment in macro with stagflation very much back on the table…

Source: Bloomberg

Increasing banking system threats with FRC literally collapsing…

…but the ‘rest’ surviving based on stocks, but credit markets ain’t buying what stocks are selling…

Source: Bloomberg

And looming US debt defaults…

Source: Bloomberg

…was ignored by stocks this week as mega-cap tech gains dragged Nasdaq notably higher (along with the S&P and Dow) while Small Caps lagged…

Of course, the illusion of earnings ‘beats’ has helped… as Goldman notes, the bar was very low coming into this earnings period.

Consensus expectations were for EPS to fall by 7% year/year, the largest decline since 3Q 2020 and a significant deterioration from the -1% year/year growth posted in 4Q 2022. This is not playing out and as a result the market is hanging tough.

Good News: So far earnings have been much better than feared with 54% of companies beating consensus estimates by at least 1SD (vs historical avg of 48%). Only 10% of companies have missed consensus estimates by at least 1SD (vs historical avg of 14%).

Bad News: The companies that are beating consensus ests by >1SD are only outperforming the S&P 500 by 40bps on the trading session directly following earnings. Typically beats outperform the S&P 500 by over 100bps. The few companies that are missing these low bars are being severely punished, underperforming the S&P 500 by -290bps vs historical avg of -211bps.

But the equity market had help from its 0DTE pals the last two days as the call-grab was unleashed. Yesterday and most of today saw 0DTE call-buyers run riot, lifting the S&P easily back into the green for the week. We do note that late on today, there was some serious negative-delta flow (profit-taking) into the weekend…

Source: SpotGamma

Which sparked a remarkable short-squeeze…

Source: Bloomberg

VIX was lower on the week, down considerably from the early week tag of 20. However, 1-Day VIX (tracking 0DTE) ended notably higher with every day looking the same: an opening gap down and persistent vol bid all day…

Source: Bloomberg

On the month, Nasdaq’s last few days got it back to unchanged while The Dow was the month’s biggest gainer and Trannies and Small Caps the biggest losers…

Source: Bloomberg

Year-to-date, the Nasdaq continues to roar while the S&P 500 treads water at levels we’ve seen before…

Source: Bloomberg

While stocks were higher on the week, bond yields ended the week lower with the entire curve down around 11-13bps by the end, as mid-week underperformance of the long-end compressed…

Source: Bloomberg

On the month the picture was even less distributed with yields practically unchanged (belly modestly outperforming as wings underperform)…

Source: Bloomberg

The dollar ended April marginally lower (its 6th month drop of the last seven months)

Source: Bloomberg

Solana, Bitcoin, & Ethereum all had a solid month while Ripple was down notably…

Source: Bloomberg

Amid a very volatile week, Bitcoin was notably higher, pushing back above $29,000…

Source: Bloomberg

Oil managed very modest gains on the month having erased all of the post-OPEC+ production-cut spike that started the month off. NatGas did the opposite, soaring after a kneejerk lower on OPEC. Perhaps most ominously, we note that copper was hammered on the month as growth fears and China reopening hopes fade (that’s the third straight mont of drops for Dr.Copper)…

Source: Bloomberg

Gold ended April higher (though by less than 1%) for its 5th positive month of the last six, having tested near record highs and holding around $2,000…

Source: Bloomberg

WTI managed to close back above pre-OPEC+ level thanks to today’s bounce, but oil overall remains rangebound broadly speaking between 74 and 81…

Finally, we note that the top 10 stocks are responsible for 86% of the overall index return YTD…

“To infinity and beyond” for ‘safe haven’ mega-cap tech appears to be the mantra of the market once again, but be careful what you wish for as this narrow breadth often dangerous (see NDX vs NDXE in Nov’08, Oct’18, Dec’21)…

And talking of the future, congrats to Nico on the internship. Enjoy and soak up everything you hear.

END

.i b Morning trading:

Early morning trading:

II) USA DATA//

Core inflation continues to remain hot

(zerohedge)

Fed’s Favorite Inflation Indicator Slows Marginally, Americans’ Savings Rate Rises To 15-Mo Highs

FRIDAY, APR 28, 2023 – 08:40 AM

After US and German GDP gravely disappointed and inflation measures on both sides of the pond remain far more elevated that hoped for, this morning’s print of The Fed’s favorite inflation indicator will likely drive today’s early action among the algos.

Core PCE was expected to be flat at +4.6% YoY (and it was, but Feb was revised up to +4.7%) but the headline PCE printed hotter than expected at +4.2% YoY (although well down from the +5.1% prior)…

Source: Bloomberg

However, while acyclical core inflation slipped, cyclical core inflation continued to march higher, which is a greater problem for the Fed. Cyclical core PCE inflation, which tracks inflationary pressures that are linked to the current economic cycle, is at the highest on record going back to 1985.

Source: Bloomberg

Americans’ Personal Income rose 0.3% MoM (slightly hotter than the 0.2% exp) and spending was unchanged (better than the 0.1% decline expected)…

Source: Bloomberg

On a YoY basis, Spending growth slowed to +6.0% (in line with income growth), but at its slowest since Feb 2021…

Source: Bloomberg

On an inflation-adjusted basis, (real) spending was flat MoM…

Source: Bloomberg

As a result of all that, the savings rate in March rose to 51.% (from 4.8%) – its highest since Jan 2022…

Simply put, this inflation data is NOT enough to provide any support for The Fed.

end

Consumer spending flattens out in March as the economy softens

April 28, 2023 at 8:48 a.m. ET

MarketWatch

Households spent more on services, less on goods

Consumer spending was unchanged in March, reflecting a slower economy.

The numbers: Consumer spending was flat in March in a sign of a softening economy, but part of the weakness stemmed from households paying less for gas because of cheaper prices.

Analysts polled by the Wall Street Journal had forecast no change.

A surprisingly strong increase in consumer spending in the first quarter, most of it during an unusually warm January, helped keep the economy in expansion mode and stave off a widely predicted recession.

The increase in spending has been supported in part by rising wages. Incomes rose 0.3% in March, the government said Friday.

Key details: Americans spent less last month on fuel and on new cars and trucks. Vehicle sales have been up and down for months, however, and that pattern is likely to continue.

Spending rose on housing, healthcare and utilities — consumer staples whose costs have gone up.

The U.S. savings rate, meanwhile, increased for the sixth month in a row, to 5.1%. Savings had fallen late last year to the lowest level since 2005.

A higher savings rate partly reflects the willingness of banks to pay more for deposits after years of investors hardly earning anything. Yet it could also be a sign that Americans are preparing for a possible recession.

The personal-consumption-expenditures index, the Federal Reserve’s preferred inflation barometer, barely rose in March. But a key measure of inflation remained stuck near 5%.

Big picture: How consumers behave this year is likely to determine whether the U.S. slips into recession. They account for 70% of everything that goes on in the economy.

A strong job market, rising wages and a higher savings rate suggest households have the means to spend enough to prolong a three-year expansion. But higher borrowing costs threaten to dampen consumer and business spending and depress U.S. growth.

Looking ahead: “Consumer spending stalled in March amid still-elevated underlying inflation, higher borrowing costs, and perhaps the first signs of tighter lending conditions,” said senior economist Sal Guatieri at BMO Capital Markets.

Whether the economy slips into recession, he said, will depend on whether households keep spending.

-END-

Chicago business activity index less negative in April

April 28, 2023 at 9:59 a.m. ET

Index rises to 48.6

The Chicago Business Barometer, also known as the Chicago PMI, rose 4.8 index points to 48.6 in April.

Economists polled by the Wall Street Journal forecast a decline to a 43.8 reading.

This is the eighth straight reading below the 50 threshold that indicates contraction territory.

The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern. It is the last of the regional manufacturing indices before the national ISM data for April is released on Monday.

So far, the regional data suggest a modest improvement this month in the manufacturing ISM. In March, the ISM factory index fell to 46.3% from 47.7% in the prior month. It was the fourth month in contraction territory.

III) USA ECONOMIC STORIES

Now we witness beautiful cities like Asheville NC trapped in a crime crisis.

(zerohedge)

City Of Asheville Trapped In Crime Crisis, Prepares To Impose 60-Day ‘Safety Initiative’

THURSDAY, APR 27, 2023 – 10:00 PM

The City of Asheville, situated in North Carolina, is facing severe challenges due to soaring crime and a dwindling police force in the aftermath of the 2020 George Floyd murder, which sparked the nationwide ‘defund the police’ movement. In response to the rampant lawlessness, city officials have declared an emergency plan, beginning next week and lasting for two months, to tackle the crime wave.

“There are complex circumstances contributing to the safety issues that Asheville is currently seeing downtown, and it will take a community response to address these complexities,” the city stated in a press release.

Next Monday, city officials are rolling out a 60-day initiative to address safety downtown:

“Our efforts in downtown should in no way suggest that we aren’t focused on safety across the entire community. This intensive effort is driven by data that suggests a disturbing trend of increases in both property and violent crime in our downtown,” said Asheville Police Chief David Zack.

Here are some initiatives the city will implement to combat criminal activity on its streets:

Increased law enforcement presence by utilizing foot, bike, and vehicle patrols as well as enhanced security in downtown parks.
Launch of a Community Responder Pilot Program led by the Asheville Fire Department to support individuals in crisis and provide a more visible City public safety presence downtown. The pilot will be used to inform a longer-term Community Responder initiative past the 60 days.
Focused attention on the removal of litter, needles and biological waste and general Downtown cleanliness; as well as increased maintenance activities in downtown parks.
Partner with any private or non-profit organization to identify key locations in downtown where there are public safety concerns and/or to schedule community clean-up efforts.
Enforcement of illegally parked cars with a specific focus on the areas in and around Pritchard Park.
Enhanced frequency of monitoring City-owned and operated public parking garages, including stairwells in these facilities.
Focused attention on quickly removing graffiti on public property and graffiti code enforcement on private property in the downtown area.
Concentrated effort to identify streetlight outages in the central business district and coordination of necessary streetlight replacements with Duke Energy.

The announcement comes as local newspaper Mountain Xpress recently warned of a severe police shortage due to the polarizing defunding of the police movement during the pandemic.

On an ordinary day in Asheville, 16 to 18 police officers patrol the entire city, an area covering 46 square miles.

That’s down from 30 cops on duty three years ago, when Asheville first started losing officers faster than it could replace them.

The Asheville Police Department has been operating at a reduced capacity, now just 60%, for more than two years — and the Police Chief, David Zack, told Asheville Watchdog that it could be another decade before the force returns to pre-pandemic levels.

Crime in Asheville

Remember, Democrats ensured everyone that defunding the police movement would make communities safer, but in reality, it has unleashed nationwide crime waves. This is evident in Baltimore, Chicago, and numerous West Coast cities.

Looking forward, it’s important to hold Democrats responsible for their role in promoting failed social justice reforms that have led to more dangerous metro areas. The best way is to vote these folks out of office in the next election cycle.

END

EARLY THIS MORNING://FIRST REPUBLIC BANK

Do not read anything into this: Nobody will come to the rescue

(zerohedge)

First Republic Shares Rise On Reports Of ‘Rescue’ Talks

FRIDAY, APR 28, 2023 – 07:54 AM

The First Republic farce rolls on…

After reporting dramatically worse deposit outflows (and aggregate banking system flows suggesting things are getting worse, not better in April), The FT reports that there had been a shift in tone among the First Republic Bank’s advisers compared with Tuesday and Wednesday when First Republic’s shares fell 65 per cent and fears grew that it was close to being taken over by the FDIC.

The conversations about the bank reportedly remain fraught, and the people cautioned that it was not clear that a solution would be found.

The banks are reluctant to put their shareholders at risk of losses without some sort of government participation.

Which is notable since Reuters reports that, according to three sources familiar with the situation, US officials are coordinating urgent talks to rescue the beleaguered regional bank as private-sector efforts led by the bank’s advisers have yet to reach a deal.

The government’s involvement (and presumably some hope of backstopping commitments) is reportedly helping bring more parties, including banks and private equity firms, to the negotiating table, one of the sources added.

Reuters adds though that it is unclear whether the U.S. government is considering participating in a private-sector rescue of First Republic.

However, the government’s engagement, however, has emboldened First Republic executives as they scramble to put together a deal that would avoid a takeover by U.S. regulators.

Specifically, The FT reports that one proposal that may be part of an eventual solution is for some of the banks to buy some of First Republic’s long-dated assets for more than their current market price, allowing the lender to shrink its losses.

But people familiar with the situation say that this would probably not be enough to stabilize First Republic on its own.

FRC Bonds ain’t buying it at all…

First Republic shares were up around 5% in the pre-market, but have already erased the earlier stronger gains…

Just to put that into context, here’s FRC this week…

Finally, First Republic Bank’s membership in the S&P 500 Index could be in jeopardy after the troubled bank’s stock set a new all-time low on Wednesday that briefly pushed its market capitalization below $1 billion.

At roughly $1.2 billion, FRC has by far the smallest market cap in the S&P 500 after wiping out more than $21 billion in market value. As Bloomberg notes, this is a problem because companies must have a market cap of at least $12.7 billion to be considered for inclusion in the S&P 500.

end

LATE THIS MORNING:

First Republic Shares Crash To Record Lows As ‘Deal’ Hope Fades

FRIDAY, APR 28, 2023 – 10:40 AM

Update (1045ET): First Republic Shares are halted for volatility having collapsed 25% back to record lows as hopes of a ‘private’ deal fade…

The question now is simple – will they make it to the close without the FDIC stepping in?

END

FINALLY AFTER THE CLOSE, WE CAN NOW SIT SHOW FOR FIRST REPUBLIC

First Republic Rout Extends On Imminent FDIC Receivership Report

BY TYLER DURDEN

FRIDAY, APR 28, 2023 – 04:46 PM

Update (1640ET): As many expected given the intraday collapse of FRC, Reuters reports after the bell that The FDIC will imminently the bank into receivership.

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=1652050174313656321&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Ffirst-republic-shares-rise-reports-rescue-talks&sessionId=041401f53f9863375e069d4f3a96ebb417cf1bcd&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Shares collapsed to a $1 handle in the after hours trading, down 70% on the day…

FRC was trading at $120 at the start of March… and now it’s trading close to $1.20…

…Aaaaand it’s gone…

* * *

Update (1045ET): First Republic Bank shares are halted for volatility having collapsed 50% back to record lows as hopes of a ‘private’ deal fade…

Former Treasury Secretary Lawrence Summers criticized Washington regulators and US banking giants for not having already figured out a solution for the beleaguered lender First Republic Bank.

“I’m surprised and disappointed that this situation has continued to linger as long as it has, with the bank’s stock down 95%” and credit gauges deteriorating, Summers said on Bloomberg Television’s “Wall Street Week” with David Westin.

“I hope that between the banks, the FDIC, the other public authorities, that the best way forward will be found within the next week or 10 days.”

“These are things like forest fires, it is much easier to prevent them than it is to contain them after they start to spread,” Summers said.

He didn’t offer a preference for either an FDIC takeover or “some private sector oriented” workout.

“But we need to figure out the answer to that question as quickly as possible and move on.”

Imagine the deposit outflows occurring today!

‘The question now is simple – will they make it to the close without the FDIC stepping in?

END

More layoffs strike San Francisco

(Evan Simon)

Newest Mass Layoffs Strike San Francisco: Over 2,000 Jobs Lost At Gap, Dropbox

No end in sight for major job losses for Bay Area companies

By Evan Symon, April 27, 2023

Two major San Francisco-based companies announced mass layoffs on Thursday, with Gap announcing that 1,800 corporate positions will be cut and Dropbox announcing that 16% of all employees, or around 500 people, will be let go.

Beginning in October of last year, the tech sector across the Bay Area announced mass layoffs in the tens of thousands. These have included Twitter, Peloton, Lyft, Opendoor, Chime, Stripe, Intel, Microsoft, and numerous others. In January, Salesforce cut 10% of its staff, or around 7,000 jobs, in only their latest round after several other cuts last year. Seattle-based Amazon slashed 18,000 jobs, with many coming in Silicon Valley city Sunnyvale. and Google cut 12,000 employees. Then in February, thousands more lost their jobs due to layoffs at former Silicon Valley stars PayPal, NetApp, Yahoo, and Twilio. Last month, another round of job cuts at Meta led to another 10,000 people losing their jobs, while earlier this month Salesforce announced that so many people had been let go that they would be leaving an entire office building. Even usually strong tech sector companies such as Apple, Lyft, and Amazon also made small cuts this month.

While Gap, one of the largest clothing retailers in the US covering brands such as Gap, Banana Republic, Old Navy and Athleta, isn’t in the tech sector, their layoffs have a major effect on the city, impacting office vacancies, the city’s tax base, and bringing in workers to spend money in the city’s downtown during the workweek.

A previous round of layoffs affecting 5% of all corporate employees, or around 500 workers, was enacted in September. However, a further 6% quarterly loss in sales combined with losses totaling $263 million compared to only $18 million in losses a year ago led to the huge cuts on Thursday.

According to a regulatory filing on Thursday, 1,800 corporate employees will be laid off between now and the end of July. These cuts will save the company $300 million annually and will streamline many higher level duties.

“We are taking the necessary actions to reshape Gap Inc. for the future – simplifying and optimizing our operating model, elevating creativity, and driving better delivery in every dimension of the customer experience,” explained CEO Bob Martin on Thursday.

An unnamed corporate employee at the company’s headquarters added in a Globe interview that “The layoffs were expected but still shocking. Everyone is stressed out over this. It’s a huge struggle for everyone in the industry right now, but it seems to have hit us harder than most.”

1,800 let go at Gap, 500 at Dropbox

Meanwhile, Dropbox announced in a statement on Thursday that they would be laying off 500 workers. According to CEO Drew Houston, the layoffs are due to both the rise of AI in the industry and a tightening economy affecting spending by customers.

“I’m writing to share that I’ve made the difficult decision to reduce our global workforce by about 16%, or 500 Dropboxers,” said Houston on Thursday. “First, while our business is profitable, our growth has been slowing. Part of this is due to the natural maturation of our existing businesses, but more recently, headwinds from the economic downturn have put pressure on our customers and, in turn, on our business. As a result, some investments that used to deliver positive returns are no longer sustainable.”

“Second, and more consequentially, the AI era of computing has finally arrived. We’ve believed for many years that AI will give us new superpowers and completely transform knowledge work. And we’ve been building towards this future for a long time, as this year’s product pipeline will demonstrate.”

“In an ideal world, we’d simply shift people from one team to another. And we’ve done that wherever possible. However, our next stage of growth requires a different mix of skill sets, particularly in AI and early-stage product development.”

“And we need to acknowledge some other hard truths. In some areas, investments that showed promise before the downturn have more limited potential today. In others, we haven’t been executing consistently or managing performance as tightly as we need to. So we’ve made more significant cuts in these areas in order to free up investment in our future growth.”

Tech experts noted on Thursday that the newest cuts this month have continued to show an industry in continuing distress.

“These companies grew too big in the 2010’s, San Francisco went crazy with prices, an the industry is going through a bigger and bigger shift right now,” Julie Ochs, a San Jose-based headhunter and hiring specialist, told the Globe on Thursday. “In the past few years, virtual reality, virtual worlds, NFTs – they have all really hurt a lot of companies too. AI seems to have stuck, but now companies need to deal with how that changes things. But what is clear that investors aren’t going to be throwing around money like they used to on whatever tech company sounds good or trendy. Venture capitalists are being more selective who they pick.”

“Sadly, for these tech companies, and as the Gap showed, companies in San Francisco itself, are going to continue facing a rough time for awhile as all of these factors continue to play out. It’s not a good time for the city right now.”

More layoffs from tech sector companies are expected soon.

Evan Symon

Evan V. Symon is the Senior Editor for the California Globe. Prior to the Globe, he reported for the Pasadena Independent, the Cleveland Plain Dealer, and was head of the Personal Experiences section at Cracked. He can be reached at evan@californiaglobe.com.

end

Trump Says He’ll “Crush” Biden In 2024 Rematch, Prevent WWIII

FRIDAY, APR 28, 2023 – 11:55 AM

Former President Trump predicts that he’ll “crush” President Biden in the event of a 2024 rematch.

Speaking for more than an hour to roughly 1,500 people at a Manchester, NH meeting hall, Trump compared himself to “Crooked Joe” who has sought, in Trump’s words, “four more disastrous years.”

“He’ll be known from now on as ‘Crooked Joe Biden,'” Trump said, telling the crowd that he’s “retiring” the nickname he gave former rival Hillary Clinton, and adding: “There’s never been anyone in the history of American politics so crooked or dishonest.”

Trump called out the Biden family for raking in millions of dollars in foreign interests, including China.

“You wonder why he does nothing about China,” said Trump, who added that while he was president he provided US lobstermen with “hundreds of millions of dollars in relief straight from the money we were taking in from China,” boosting an important industry.

“Joe Biden cares only about enriching his own family. I care about enriching your family and you,” said the former president, adding that he knows how to stand up against China’s leader, Xi Jinping, while Biden doesn’t.

“I got along with a lot of people. That’s why we had no wars,” said Trump. “A Biden victory will be bad for you, good for China, and truly great for these globalists,” he continued. “Standing before you today I am the only candidate who can make this promise; I will prevent world war three.“

“A Trump victory will be bad for the globalists … the Marxists, but it will be great for the hard-working people.”

Trump also said he handed Biden “the fastest economic recovery ever recorded, all with no inflation,” but that “He took that booming economy and promptly blew it to shreds.”

The former president also said that “I really believe if you took the 10 worst presidents and added them up, they would not have done what this man and what this administration has done.”

The gross domestic product, a key economic indicator, is now anemic at 1.4 percent growth. Energy costs are up, and so is inflation. Real wages are down 24 months in a row—a record, Trump said. “We have to rescue America from the wreckage of the Biden economy,” he said. -Epoch Times

When it comes to crime and punishment, Trump says he would keep American cities safer by beefing up immigration enforcement and ‘re-funding’ police agencies. He would also fight back against “radical” district attorneys who have ‘weaponized’ the US justice system while turning a blind eye to violent criminals.

“If I fly over a state that happens to be Democrat-run, they send me a subpoena to go before a grand jury. These people are sick!” Trump joked. “And by the way, after this speech, they’re gonna be comin’ after me big-time … In the end, they’re not coming after me. They’re coming after you, and I’m just standing in the way.“

After noting his lead in several polls as GOP frontrunner, Trump said he would “crush” Biden if they face each other in a rematch on Nov. 5 rematch, but warned the audience that they would need to cast so many votes that it overwhelms any attempts by Democrats to cheat.

“The choice in this election is now between strength and weakness, between success or failure, between safety or anarchy, between peace or conflict, and prosperity or catastrophe,” he said.

Watch:https://www.zerohedge.com/political/trump-says-hell-crush-biden-2024-rematch-prevent-wwiii

end

Fed Admits Its Own Failures, Management Error Behind SVB Collapse, Not “Russian Conspiracy Theories”

FRIDAY, APR 28, 2023 – 12:30 PM

Shortly after the monumental collapse of Silicon Valley Bank last month, an absurd theory emerged that it was the “first Twitter-fueled bank run,” which, according to CIA-linked organizations such as the Alethea Group, was amplified by websites such as ZeroHedge for allegedly contributing to “increased online panic about SVB.”

Alethea even shopped a ‘dossier’ to various media outlets – including Bloomberg (which excluded ZeroHedge from their report following a brief email exchange). And when one ‘journalist’ did peddle the dossier on Twitter, she was mercilessly mocked as a propagandist.

Then, in late March, Bloomberg reported that “SVB’s demise swirled on private VC founder networks before hitting Twitter.”

“It wasn’t phone calls; it wasn’t social media,” said one Silicon Valley startup founder who wishes to remain anonymous. “It was private chat rooms and message groups.“

Facts: 1, ~~CIA~~ Alethea: 0

Now, the Federal Reserve has admitted in a new report that its own regulatory failures contributed to SVBs collapse.

As the Wall Street Journal reports:

The Federal Reserve’s banking supervisors failed to take forceful action to address growing problems at Silicon Valley Bank before it collapsed last month, the central bank’s top regulator said, signaling a broad push to toughen rules on the industry.

Michael Barr, the Fed’s vice chair for supervision, said supervisors didn’t fully appreciate the extent of the vulnerabilities as SVB grew in size and complexity. When supervisors did find risks, they didn’t take sufficient steps to ensure the firm fixed those problems quickly enough, he said in a report Friday.

Regulators took control of Santa Clara, Calif.-based SVB on March 10. The collapse sparked a panic that led to the failure of New York-based Signature Bank and an intervention by financial regulators to protect uninsured depositors at both banks.

In fact, three of the four top takeaways about the events leading to SVB’s collapse are tied to perceived shortcomings with Fed oversight responsibilities.

Mr. Barr said mistakes by Fed regulators were driven in part by the Trump-era changes that generally eased rules on midsize banks. He also said a shift in the agency’s culture appears to have resulted in a lighter-touch form of supervision.

Those changes “impeded effective supervision by reducing standards, increasing complexity, and promoting a less assertive supervisory approach,” he said.

Meanwhile, the Fed said while supervisors had identified issues regarding interest-rate risk which contributed to SVB’s failure, its own process was “too deliberative” and focused on building too much evidence before taking action. In fact, SVB had 31 open supervisory findings – or warnings – from regulators at the time of its failure, a figure 3x that of peer firms, according to the Fed.

“…the Fed overlooked broader problems in recent years as the bank grew. For example, for a long time, it used metrics for liquidity that suggested SVB had a stable deposit base and rated the bank’s interest-rate risk as satisfactory despite the firm breaching internal risk limits over a number of years.”

In response to the findings, Barr on Friday called for a revamping of rules that apply to banks with more than $100 billion in assets, as well as a re-evaluation of how regulators treat deposits above the $250,000 FDIC limit.

Meanwhile, Fed Chair Jerome Powell said in a coordinated statement that he backed steps outlined by Barr to toughen industry oversight – effectively reversing some moves made earlier during Powell’s tenure to ease rules on midsize banks in order to create “a stronger and more resilient banking system.”

Back to the propagandists…

It’s worth noting that Alethea – run by 32-year-old Deep State figurehead and former staffer for Sen. Angus King – cropped up in 2019, and last November received $10 million from Ballistic Ventures, whose general partner is Ted Schlein. Ted “provides counsel to the U.S. intelligence community, serves on the Board of Trustees at InQTel (CIA), and was recently named as a board member of the CISA Cybersecurity Advisory Committee.“

And what’s this? As we learned from the “Twitter Files,” Last June, the advisory board recommended that CISA [on whose board Schlein sits] should work with and provide support to external partners “who identify emergent informational threats,” and find ways to mitigate “false and misleading narratives.”

In short, government-linked ‘external partners’ were peddling narrative-shaping propaganda using proprietary “Hamilton 68-esque” methods they pulled from various orifices – when in reality, the Fed’s oversight failures and VC chatter in ‘private chat rooms and message groups’ contributed to the collapse of SVB.

USA COVID//

END

SWAMP STORIES

Jim Jordan Slaps Biden Censorship Operatives With Subpoenas Following ‘Twitter Files’ Revelations

FRIDAY, APR 28, 2023 – 03:45 PM

The heads of three federal agencies involved in Big Tech censorship of non-establishment narratives were slapped with subpoenas by Rep. Jim Jordan (R-OH), according to the Washington Examiner‘s Gabe Kaminsky, who has reviewed the subpoenas.

Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, Jen Easterly, who heads the Cybersecurity and Infrastructure Security Agency, and James Rubin, coordinator of the Global Engagement Center, a State Department-housed interagency, were all subpoenaed by Jordan as part of his Weaponization of the Federal Government subcommittee.

“Freedom of speech is one of the most important rights we have in this country,” Jordan told the Examiner. “The collusion between our federal government and Big Tech undermines First Amendment principles and should be investigated.“

The Biden administration has continued to come under fire for its efforts to stave off alleged “disinformation,” especially following a series of Washington Examiner reports detailing how the Global Engagement Center funded a group blacklisting conservative media outlets called the Global Disinformation Index. The “Twitter Files,” a series of stories published by Matt Taibbi and other journalists based on internal Twitter documents and communications, have also revealed how the government under President Joe Biden repeatedly emailed with employees at the company, such as ex-general counsel Vijaya Gadde, to suggest suppression of certain information.

For instance, the White House urged a Facebook employee in April 2021 to block posts about then-Fox News host Tucker Carlson alleging there have been efficacy issues with “vaccines,” according to documents obtained by Republican Louisiana Attorney General Jeff Landry as part of his lawsuit alleging that the Biden administration violated the First Amendment by demanding content moderation. Moreover, Facebook was informed by the White House in May 2021 that “slowing down” posts appearing as “anti-vax” would be “reasonable,” documents show. -Washington Examiner

“Numerous documents made publicly available reflect the weaponization of the federal government’s power to censor speech online directly and by proxy,” reads a Friday letter sent by Jordan to Walensky. “It is necessary for Congress to gauge the extent to which the CDC coerced, pressured, worked with, or relied upon social media and other tech companies in order to censor speech.“

In March of this year, Jordan demanded that the CDC turn over records showing “communications between the CDC and private companies, internal CDC communications, and communications between the CDC and other third parties discussing content moderation.”

CISA, meanwhile, is a creepy sub-division of the Department of Homeland Security, which was busted scrubbing embarrasing text from its website by the Foundation for Freedom Online, has been scrambling to change its image following a spate of bad press. As journalist Matt Taibbi and Susan Schmidt wrote last month;

Jen Easterly, head of the DHS’s cyber division — the Cybersecurity and Infrastructure Security Agency, or CISA — this week convened the agency’s influential Cybersecurity Advisory Committee (CSAC), which is made up of senior executives from organizations like Twitter, Amazon, and the Stanford Internet Observatory. The agency announced an expanded roster, adding 13 new members to CSAC, including chief cybersecurity officer for General Motors Kevin Tierney and Cathy Lanier, the chief security officer for the NFL. The full CSAC now contains 34 members.

However, amid the additions, CISA also shuffled responsibilities, making a key change. In particular, its “MDM” advisory subcommittee, for “Misinformation, Disinformation and Malinformation,” was scrapped. -Racket News

As the Examiner notes, CISA “works with partners to defend against today’s threats and collaborate to build a more secure and resilient infrastructure for the future,” and has come under fire for its efforts to combat purported disinformation.

In June 2022, CISA’s advisory committee drafted a report which called on the agency to review “social media platforms of all sizes, mainstream media, cable news, hyper-partisan media, talk radio, and other online resources,” while shaping the “information ecosystem.”

“To this end, we have asked for communications between the Cybersecurity and Infrastructure Security Agency (CISA), private companies, and other third-party groups such as nonprofit organizations, in addition to other information,” Jordan wrote to Easterly on Friday. “Your response without compulsory process has, to date, been inadequate.”

Finally, the Global Engagement Center (GEC) goes, which the Examiner has written on extensively, granted $100,000 to the Global Disinformation Index in 2001, and has reportedly also given funding to the Atlantic Council’s Digital Forensic Research Lab – which flagged more than 40,000 Twitter accounts in June 2021 they claimed were engaging in “inauthentic behavior.”

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=1623838683626364928&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fjim-jordan-slaps-biden-censorship-operatives-subpoenas-following-twitter-files&sessionId=257eb5659db2d491616629ac2a5382ac7b587032&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

GDI through its website maintains a “dynamic exclusion list” of the worst offenders of disinformation online, which it then distributes to ad tech companies – such as Microsoft’s Xandr – in order to try and “defund and downrank these worst offenders,” and deprive said sites of ad revenue.

According to The American Conserviative executive director Emily Doak, “They might consider TAC a ‘high-risk’ publication because we have consistently taken on the bipartisan establishment’s sacred cows, whether it’s the war in Iraq, nation-building in Afghanistan, or the harm done by free trade and open borders — and we’ve been proven right time and time again,” adding “They know they can’t say we’re wrong, only that we’re biased and ‘high-risk,’ so we will wear that designation as a badge of honor.”

In 2018, the GEC began funding Disinfo Cloud, a State Department spokesperson told the Washington Examiner. The GEC awarded roughly $300,000 to an investment group called Park Advisers, which fights “disinformation, terrorism, violent extremism, hate speech” to manage Disinfo Cloud, the spokesperson said.

Park Advisers implemented Disinfo Cloud “to provide the U.S. government and its partners with a database of the tools and technologies available to help push back against foreign propaganda and disinformation,” according to its website, which links to Disinfo Cloud’s former landing page that has since been pulled off the internet. -Washington Examiner

One State Department-funded group which supports GDI is the nonprofit National Endowment for Democracy, which receives nearly 100% of its funding from congressional appropriations ($300 million in 2021), which critics have argued is essentially giving money to a government grantmaking body despite its status as a private entity.

In 2020, $230,000 went from the NED to the AN foundation, a GDI group that also goes by the Disinformation Index Foundation. The grant was to “deepen understanding of the challenges to information integrity in the digital space” in Asia, Africa and other foreign countries, and to “assess disinformation risks of local online media ecosystems.”

Meanwhile in September 2021, the GEC hosted the US-Paris Tech Challenge – an event which sought to “advance the development of promising and innovative technologies against disinformation and propaganda” in Europe and the UK. The event was a “collaboration with U.S. Embassy Paris, the Atlantic Council’s Digital Forensic Research Lab (DFRLab), the Cybersecurity and Infrastructure Security Agency (CISA), the North Atlantic Treaty Organization (NATO)” and several other organizations.

“Accordingly, and due to the GEC ’s inadequate voluntary compliance, please find attached a subpoena,” wrote Jordan in his subpoena to Rubin, former assistant secretary of state for public affairs in the Clinton administration.

Jordan is demanding the agencies produce records showing “persons” they have “cooperated with, consulted with, or relied on, formally or informally, in developing, applying, executing, implementing, or communicating” government policies in connection to “the moderation, deletion, suppression, restriction, or reduced circulation of content” online.

He also seeks “any agreements and communications” made between the agencies and persons when it comes to content moderation and records showing ways it has allegedly identified “‘misinformation,'” “‘disinformation,'” or ‘malinformation.'” -Washington Examiner

In a statement to the Examiner, DHS said that “The Department of Homeland Security does not censor speech and does not request that content be taken down by social media companies,” adding “Instead of working with the Department, as numerous committees have done this Congress, the House Judiciary Committee has unnecessarily escalated to a subpoena.”

“DHS will continue cooperating appropriately with Congressional oversight requests, all while faithfully working to protect our nation from terrorism and targeted violence, secure our borders, respond to natural disasters, defend against cyberattacks, and more.”

THE KING REPORT

The King Report April 28, 2023 Issue 6979

Independent View of the News

US Q1 GDP 1.1%, 1.9% exp, 2.6% prior (Atlanta Fed GDPNow forecasted 1.1% Q1 GDP)
Consumption 3.7%, 4% exp, 2.6% prior
GDP Price Index 4.0%, 3.7% exp, 1.0% prior
Core PCE 4.9%, 4.7% exp, 4.4% prior
Gross Private Investment -12.5%, -2.0% exp, +4.5% prior (Residential -4.2%, -25.1% prior)
Exports 4.8%, 3.7% exp, -3.7% prior
Imports 2.9%, 2.5% exp, -5.5% prior
Government Spending 4.7%, 2.0% exp, 2.6% prior
Government consumption expenditures & gross investment added 0.81 percentage points to GDP
Federal Gov added .49 percentage points to GDP with 21 in defense spending
Intellectual Property contributed 0.20 percentage points (Table 2) to GDP
Real final sales to private domestic purchasers (GDP ex-inventory , net exports, & government spending) grew at a 2.9%   https://www.bea.gov/sites/default/files/2023-04/gdp1q23_adv.pdf

The BEA: Within federal government spending, the increase was led by nondefense spending. The increase in state and local government spending primarily reflected an increase in compensation of state and local government employees. Within nonresidential fixed investment, increases in structures and intellectual property products were partly offset by a decrease in equipment…
https://www.bea.gov/news/2023/gross-domestic-product-first-quarter-2023-advance-estimate

US Economic Growth Slows to 1.1% while Inflation AcceleratesInventories dented GDP, tempering surge in consumer spendingFed’s preferred underlying price gauge rose more than forecastThe 3.7% increase in consumer spending reflected gains in both goods and services, including a surge in purchases of motor vehicles. Business investment in equipment posted the biggest drop since the start of the pandemic and inventories subtracted the most from GDP in two years…
   The personal consumption expenditures price index grew at a 4.2% annualized pace in the January to March period. Excluding food and energy, the index rose 4.9%, faster than forecast and the most in a year… The median projection in a Bloomberg survey of economists called for 1.9% GDP growth and a 4% annualized gain in personal consumption… The economic slowdown is expected to be more evident in the second quarter, with economists forecasting GDP to grow at a stall-speed pace of 0.2%…
   Services spending rose at a 2.3% annualized rate, led by health care and restaurants and hotels. Outlays on goods increased at a 6.5% rate, the most in nearly two years…
   Inventories subtracted 2.26 percentage points from GDP during the period…
https://finance.yahoo.com/news/us-economic-growth-slows-1-130855696.html

US Initial Jobless Claims 230k, 248k exp, 246k prior
Continuing Claims 1.858m, 1.87m exp, 1.861m prior
March Pending Home Sales -5.2% m/m & -23.2% y/y; +0.8% m/m exp and prior, -20.7% exp
Kansas City Fed Manufacturing Activity -10, -2 exp, 0 prior

Inflation Is Sticky, But Economists Can’t Agree on Why (They won’t acknowledge the fiscal orgy)
The tight labor market plays an important role, but may not be the main culprit.
https://www.bloomberg.com/news/articles/2023-04-27/why-is-inflation-high-economists-can-t-agree-on-one-cause

Bonds sank on the greater-than-expected inflation in the US Q1 GDP report. However, stocks rallied on Meta’s results, which induced manic Fang buying, and April performance gaming.

ESMs traded higher but flat, in a tight range, until they moved modestly higher during the final hour of Nikkei trading and again during the last hour of Chinese trading. They again moved modestly higher into the 3 ET European open. After a minor dip on the European opening, a modest A-B-C rally occurred.

ESMs and stocks then flatlined again. After another modest rally into the US repo market opening at 7 ET, ESMs retreated until a rally on the 8 ET US bond market opening appeared. ESMs sank 16 handles on the inflationary US Q1 GDP Report. Within 5 minutes though, the usual suspects poured into ESMs for the expected rally into and beyond the NYSE open as well as April performance gaming.

ESMS rallied 16 handles by 10:15 ET but they formed a double top with a similar peak at 10:40 ET. ESMs slid 11 handles by 11:11 ET. But the rally for the European close appeared; ESMs soared 17 handles by 11:36 ET. After a modest respite, ESMs surged higher, abetted by April performance gaming.

The rally persisted until 15:00 ET. ESMs and stocks then went inert.

$35.0B of US 7-yr notes with a 3.5% coupon drew a 3.563% yield. USMs hit -1 10/32 at 16:00 ET.

Positive aspects of previous session
Fangs soared on Meta’s good results
Stocks rallied sharply on rabid Fang buying and April performance gaming

Negative aspects of previous session
Bonds declined sharply for the 2^nd consecutive session on the inflation in the US GDP report
The US Q1 GDP screams ‘Stagflation’

Ambiguous aspects of previous session
What will be the magnitude and duration of US stagflation?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4116.29
Previous session High/Low: 4138.24; 4075.29

Fed Balance Sheet: -$30.495B; -$20.0B Repos; -$17.266B MBS; Loans +$8.672B

After the close, Amazon soared 11.5% on Q1 EPS of .31, .21 expected; Net Sales of $127.36B, $124.7B consensus. AMZN sees Q2 sales at $127.0B to 133.0B, $130.1B was expected. Amazon then crashed to a 3% loss after the company said cloud growth has slowed.

Today –After a week and a half of being negated by negative fundamentals, traders and money managers went berserk yesterday with the manipulation to game April performance.   Barring profound negative news, the usual suspects will try to force their most important holdings higher. An important equity peak could form on Monday with the rally to start May. All major Fangs, ex-Apple (reports on May 5) have reported results. The equity rally solidifies the case for a 25bp rate hike on Wednesday and an FOMC Communique, as well as Powell presser, that could be more hawkish than expected.

Expected economic data: Q1 Employment Cost Index 1.1%; March Personal Income 0.2%, Mar Spending -0.1%, PCE Deflator 0.1% m/m & 4.1% y/y, Core PCE Deflator 0.3% m/m & 4.6% y/y; April Chicago PMI 43.6; April UM Sentiment 63.5, Current Conditions 68.6, Expectations 60.4

ESMs are -6.50 at 20:10 ET on AMZN. Expected earnings: AON 5.31, XOM 2.63, CL .70, CVX 3.40

S&P 500 Index 50-day MA: 4033; 100-day MA: 4002; 150-day MA: 3937; 200-day MA: 3963
DJIA 50-day MA: 33,065; 100-day MA: 33,351; 150-day MA: 32,793; 200-day MA: 32,644

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 positive – a close below 4091.74 triggers a sell signal

White House and Media Caught Red Handed Colluding on Questions for Biden
Biden had the question in advance and “journalists” are colluding with the White House ahead of time in order to ensure he doesn’t botch his answer…  https://townhall.com/tipsheet/katiepavlich/2023/04/27/white-house-and-media-caught-red-handed-colluding-on-questions-for-biden-n2622493

LA Times denies submitting questions to the White House ahead of press conference
“… that note card included the name and photo of a reporter and also a possible question…”
https://www.foxnews.com/media/la-times-denies-submitting-questions-white-house-ahead-press-conference

So, did the White House submit the question or questions to the LA Times?

Karine Jean-Pierre defends Biden’s reporter cheat sheet at presser: ‘Entirely normal’
https://www.foxnews.com/media/karine-jean-pierre-defends-bidens-reporter-cheat-sheet-presser-entirely-normal

In response to a young child’s question, a very confused Joe Biden struggles to name his grandchildren – despite averring I speak to them every single day. Not a joke.” https://twitter.com/RNCResearch/status/1651631500390027264

‘I Have Six Grandchildren’: Biden Leaves Out Hunter’s Illegitimate Child While Speaking to Kids At White House – “I have six grandchildren, and I’m crazy about them, and I speak to them every single day. Not a joke,” Biden said while speaking to children at a White House “Take Your Child to Work Day” presser…  https://dailycaller.com/2023/04/27/biden-leaves-out-hunters-illegitimate-child-navy-joan-roberts/

@TheInsiderPaper: WATCH: Biden couldn’t remember what was the last country he visited and had to be reminded that it was Ireland — he travelled there two weeks back.
https://twitter.com/TheInsiderPaper/status/1651670967662309380?t=QL_RnnOsHz_OfcX-Nr3zBw&s=09

@nicksortor: BIDEN: “The one thing I thought when I got to be President, I’d get to give orders, but I take more orders than I ever did.” What? From whom? https://twitter.com/nicksortor/status/1651657195983872037

War Threatens Ukraine Auto Empire of Biden Megadonor Urging Greater U.S. Role
John Hynansky, a Ukrainian American and longtime supporter of the president…
https://www.realclearwire.com/articles/2023/04/26/war_threatens_ukraine_auto_empire_of_biden_megadonor_urging_greater_us_role_895319.html

Biden endorsed by nation’s largest teachers’ unions, which backed COVID school closures https://t.co/OrS4khukh1

Biden Nominees Torpedo Own Confirmation to Kill Report On Whether Lax Crime Policies Hurt Minorities – Democrats were so adamant in blocking the study on crime victims — which applies standard Democrat logic about any policy that results in “disproportionalities” being evidence of a policy’s racism — that two Democrats newly nominated to the commission by President Joe Biden refused to rectify the “double-crossing” by their predecessors even though they knew it meant their confirmation as chair and vice chair would be blocked…  https://www.dailywire.com/news/biden-nominees-torpedo-own-confirmation-to-kill-report-showing-whether-soft-on-crime-policies-hurts-minorities

@WSJ: As a high-school student, the airman charged with leaking classified intelligence documents admitted he made violent threats that prevented him from getting a firearms license. Two years later, he secured a top-secret security clearance.   https://www.wsj.com/articles/denied-a-gun-license-over-school-threat-accused-leaker-jack-teixeira-later-got-top-secret-clearance-1b0cd54

DOJ sued for failing to comply with FOIA over anti-Catholic memo
CatholicVote, along with Judicial Watch, filed a lawsuit on Thursday that says the groups exhausted all their options to remedy their FOIA requests with the agencies, and that after initially corresponding with the groups, the DOJ and FBI had stopped communication with the groups since April 6…
https://www.foxnews.com/politics/doj-sued-for-failing-to-comply-w-foia-over-anti-catholic-memo

Hunter Biden’s close relationship with his dad’s new campaign co-chair revealed in laptop emails
‘I am always happy to make time for the Senator,” Hunter Biden said in a 2012 email to Sen Chris Coons’ chief of staff… The White House Correspondent’s Association has not released a statement about the scandal and Subramanian’s Twitter feed doesn’t acknowledge the collusion, but does tout her published story after the question…
https://www.foxnews.com/politics/hunter-bidens-close-relationship-dads-new-campaign-co-chair-revealed-laptop-emails

Gain of Function Has Never Worked
Did Futile Line of Research Devastate the World…For Nothing?
   In other words, if scientists can work with the possible superbugs now they can get a “head start” and be better prepared to fight them in the future if they should appear naturally (zoonotically) and threaten humans. By that definition – a common, descriptive, and precise definition – gain of function has never worked… Second, it can be said to have worked if the actual point of GOF is to sell vaccines, etc. in response to a new bug; in fact, in that (admittedly hyper-cynical but far from impossible) scenario, GOF has worked in spades (the recent Senate report that claims China was working on a COVID vaccine even before the rest of the world had heard of the virus may bolster this awful explanation).
    “Enhanced potential pandemic pathogens (research) has no civilian applications,” said Dr. Richard Ebright, a Board of Governors Professor of Chemistry and Chemical Biology at Rutgers University and Laboratory Director at the Waksman Institute of Microbiology. “In particular, it is not needed for, and has not contributed to, developing any vaccine or drug, preventing any outbreak, or controlling any outbreak.”…  https://californiaglobe.com/articles/gain-of-function-has-never-worked/

GREG HUNTER

What Tucker Could Not Talk About, Bank Runs Coming, Nuke War Coming

What Tucker Could Not Talk About, Bank Runs Coming, Nuke War Coming

By Greg Hunter On April 28, 2023 In Weekly News Wrap-Ups6 Comments

By Greg Hunter’s USAWatchdog.com (WNW 579 4.28.23)

Media icon Tucker Carlson was fired from FOX this week, and it looks like we can all see what FOX has turned into. Tucker didn’t so much get fired for what he said, but for what he might say in the future. Tucker was the number one show on FOX, and he did nothing wrong except tell as much truth as his overlords would allow. The country should be eternally grateful for him having the balls to air the video of the so-called J6 insurrection that proved it was another frame job by the FBI and totally false. It was a protest about a stolen election, and you can’t talk about any of it if you have a job on the Lying Legacy Media (LLM).

It is sure looking like another big bank failure is coming. First Republic Bank is in deep trouble and is trying to stop the hemorrhaging of cash withdrawals. The bank stock plunged more than 60% in a few days and is looking for help, but none is showing up. Is the FDIC going to step in again after the second and third largest bank defaults in America’s history that happened just a few weeks ago? Are more bank runs coming? In short, yes.

Vice President Biden has promised South Korea that if North Korea attacks, Nukes from the U.S. arsenal will be used. The Biden Administration is promising a so-called “nuclear umbrella” to protect the Korean peninsula. Are they going to promise they can stop the nuclear fallout too? This is new and dangerous.

There is much more in the 46-minute newscast.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up for 4.28.23.

(https://usawatchdog.com/what-tucker-could-not-talk-about-bank-runs-coming-nuke-war-coming/)

***Video will play after it finishes processing on Rumble.

After the Wrap-Up:

Renowned biotech analyst Karen Kingston will be back to update us on the big push to put more bioweapons called mRNA in our food. It’s already happening, and she will tell you what to look out for.

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