Shanghai Gold Benchmark Price

USD oz

AM2014.57

PM1985.03

Historical SGE Fix

NEW YORK PRICE AT THE SAME TIME: $1874.00

premium $111,00

xxxxxxxxxxxxxxxxxx

Bitcoin morning price:, $26,467 UP 112 Dollars

Bitcoin: afternoon price: $26,977 UP 630 dollars

Platinum price closing $909.20 DOWN $21.95

Palladium price; $1271.65 UP $16.15

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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: $2,519.40 DOWN 15,50 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1530.65 DOWN 16,57 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1767.56 DOWN 19.76 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

DONATE

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

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,871.600000000 USD
INTENT DATE: 09/27/2023 DELIVERY DATE: 09/29/2023
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 7
435 H SCOTIA CAPITAL 18
661 C JP MORGAN 10
686 C STONEX FINANCIA 1

TOTAL: 18 18

MONTH TO DATE: 4,913

JPMorgan stopped 7/30 contracts.

FOR SEPT.:

GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 18 NOTICES FOR 1800 OZ or 0.05598 TONNES

total notices so far: 4913 contracts for 491,300 oz (15.281 tonnes)

FOR SEPT:

SILVER NOTICES: 13 NOTICE(S) FILED FOR 65,000 OZ/

total number of notices filed so far this month : 2707 for 13,535,000 oz

XXXXXXXXXXXXXXXXXXXXXXXX

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

END

GLD

WITH GOLD DOWN $13.45

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ HUGE CHANGES IN GOLD INVENTORY AT THE GLD: / HUGE CHANGES/A WITHDRAWAL OF 4.88 TONNES OF GOLD OUT OF THE GLD/

INVENTORY RESTS AT 873.64 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 8 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: : A WITHDRAWAL OF 6.326 MILLION OZ OF SILVER INTO THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 442.066 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY HUGE SIZED 769 CONTRACTS TO 126,975 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GIGANTIC $0.44 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. TAS ISSUANCE WAS A STRONG SIZED 847 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT: 847 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.44). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A GIGANTIC SIZED GAIN OF 1675 OI CONTRACTS ON OUR TWO EXCHANGES.

WE MUST HAVE HAD:

A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 906 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 14.420 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE. JUMP OF 70,000 OZ//NEW TOTAL 13.470 MILLION OZ + OUR CRIMINAL ISSUANCE OF 0 EXCHANGE FOR RISK CONTRACTS//NEW TOTALS EXCHANGE FOR RISK: 3.0 MILLION OZ: NEW TOTALS SILVER STANDING: 16.540 MILLION OZ// /// / //HUGE SIZED COMEX OI GAIN/ GIGANTIC SIZED EFP ISSUANCE/VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 502 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -96 CONTRACTS

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

TOTAL CONTRACTS for 17 days, total 13,516 contracts: OR 67.590 MILLION OZ (795 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 67.590 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

YEAR 2022:

JAN 2022-DEC 2022

JAN 2022// 90.460 MILLION OZ

FEB 2022: 72.39 MILLION OZ//

MARCH 2022: 207.140 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

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

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)

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)

AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD

SEPT: 67.590 MILLION OZ (SMALLER THIS MONTH)

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 769 CONTRACTS DESPITE OUR GIGANTIC LOSS IN PRICE OF $0.44 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 906 ISSUED FOR SEPT 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 SEPT OF 14.2 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUEUE JUMP .+ 0 MILLION OZ EXCHANGE FOR RISK//PRIOR TOTAL FOR EXCHANGE FOR RISK = 3.0 MILLION OZ/TOTAL EXCH. FOR RISK /NEW TOTALS STANDING 16.540 MILLION OZ// /// WE HAVE A HUGE SIZED GAIN OF 1771 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 847 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION. THE NEW TAS ISSUANCE WEDNESDAY NIGHT (847) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 13 NOTICE(S) FILED TODAY FOR 65,000 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 FAIR SIZED 5306 CONTRACTS TO 430,314 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: – REMOVED: –1625 CONTRACTS

WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 3681 CONTRACTS) WITH OUR $40.40 LOSS IN PRICE//WEDNESDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 12.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 3100 OZ E.F.P. JUMP TO LONDON//NEW TOTAL STANDING 15.281 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 1372 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $40.40 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 6158 OI CONTRACTS (19.153 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A VERY STRONG SIZED 11,464 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 431,939

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6158 CONTRACTS WITH 5306 CONTRACTS DECREASED AT THE COMEX// AND A VERY STRONG SIZED 11,464 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6158 CONTRACTS OR 19.153 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1372 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (11,464 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (5306) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6158 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 12.656 TONNES FOLLOWED BY TODAY’S E.F.P. JUMP OF 3100 OZ/// 3) ZERO LONG LIQUIDATION BUT CONSIDERABLE TAS LIQUIDATION DURING THE COMEX SESSION //4) STRONG SIZED COMEX OPEN INTEREST LOSS/ 5) VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1372 CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

SEPT

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

TOTAL EFP CONTRACTS ISSUED: 69,459 CONTRACTS OR 6,945,900 OZ OR 216.049 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 4085 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 17 TRADING DAY(S) IN TONNES 216.049 TONNES

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

THUS EFP TRANSFERS REPRESENTS 216.049/3550 x 100% TONNES 6.09% 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//

TOTALS: 2,578.08 TONNES/2021

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH/2022: 409.30 TONNES //FINAL( 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

TOTAL: 2,847,25 TONNES/2022

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

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)

AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL

SEPT: 216.049 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG 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 SEPT. 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 MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., 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 (SEPT), 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.

The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.

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

1.Today, we had the open interest at the comex, in SILVER ROSE BY A STRONG SIZED 769 CONTRACTS OI TO 126,975 AND CLOSER TO 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 NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A HUGE 906 CONTRACTS

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

DEC 700 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 906 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 769 CONTRACTS AND ADD TO THE 906 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1675 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 8.375 MILLION OZ

OCCURRED DESPITE OUR HUGE $0.44 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

THURSDAY MORNING//WEDNESDAY NIGHT

SHANGHAI CLOSED UP 3.16 PTS OR 0.10% //Hang Seng CLOSED DOWN 238.84 PTS OR 1.36%/ /The Nikkei CLOSED DOWN 499.38 PTS OR 1.54% //Australia’s all ordinaries CLOSED DOWN 0.10 % /Chinese yuan (ONSHORE) closed UP AT 7.3036 /OFFSHORE CHINESE YUAN UP TO 7.3058 /Oil UP TO 93.24 dollars per barrel for WTI and BRENT UP AT 96.06 / Stocks in Europe OPENED MOSTLY GREEN// 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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 5306 CONTRACTS TO 430,314 DESPITE OUR HUMONGOUS LOSS IN PRICE OF $40.40 ON WEDNESDAY.

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 11,464 EFP CONTRACTS WERE ISSUED: : DEC 11,464 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 11,464 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 6158 CONTRACTS IN THAT 11,464 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 5306 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUMONGOUS LOSS IN PRICE OF $40.40//WEDNESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR 1372 CONTRACTS. THROUGHOUT THE PAST WEEKS, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR SPREAD WHICH WILL BE LIQUIDATED TWO MONTHS HENCE)//

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: SEPT (15.281) ( NON ACTIVE MONTH)

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. 64.000 tonnes

(TOTAL YEAR 656.076 TONNES)

2023:

JAN/2023: 20.559 tonnes

FEB 2023: 47.744 tonnes

MAR: 19.0637 TONNES

APRIL: 75.676 tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $40.40) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS STRANGELY WE HAD A STRONG GAIN OF 7783 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING. THE T.A.S. ISSUED ON WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 24.208 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPT. (12.656 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S E.F.P JUMP TO LONDON OF 3100 OZ//NEW STANDING 15.281 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $40.40.

WE HAD – REMOVED 1625 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 6158 CONTRACTS OR 615,800 OZ OR 19.53 TONNES.

Estimated gold volume today:// 220,510 poor/raid

final gold volumes/yesterday 262,376 fair/raid

//speculators have left the gold arena

//SEPT 28/ /// THE SEPT. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	xxx
Withdrawals from Customer* Inventory in oz*	225.057 OZ Brinks 7 kilobars .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	18 notice(s) 1800 OZ 0.05598 TONNES
No of oz to be served (notices)	0 contracts 000 oz 0.00 TONNES
Total monthly oz gold served (contracts) so far this month	4913 notices 491300 OZ 15.281 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

0 dealer deposit:

total dealer deposits: 0 oz

customer deposits: 0

total customer deposits: 0 oz

we had 1 customer withdrawal

i0 Brinks 25.057 oz (7 kilobars)

total withdrawals 25.057 oz

Adjustments; i) ASAHI: 120,419.291 oz (customer to dealer)

ii) Dealer to customer:; 67,771.889 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.

For the front month of SEPTEMBER we have an oi of 18 contracts having LOST 61 contracts. We had

30 contracts were served on WEDNESDAY, so we LOST an additional 31 CONTRACTS or AN ADDITIONAL 3100 oz will NOT stand for delivery in this non active delivery month of Sept as they were EFP’d to London

Oct LOST 5501 contracts to 8124 contracts.

NOV GAINED 135 CONTRACTS to stand at 761

December LOST 3216 contracts down to 372,961 contracts.

We had 18 contracts filed for today representing 1800 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 13 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 10 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 SEPT /2023. contract month,

we take the total number of notices filed so far for the month (4913 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (18 CONTRACTS) minus the number of notices served upon today 13 x 100 oz per contract equals 491,300 OZ OR 15.281 TONNES the number of TONNES standing in this non active month of SEPT.

thus the INITIAL standings for gold for the SEPT contract month: No of notices filed so far (4913) x 100 oz + (18) {OI for the front month} minus the number of notices served upon today (18) x 100 oz) which equals 491,300 oz standing OR 15.281 TONNES

TOTAL COMEX GOLD STANDING: 15.281 TONNES WHICH IS HUGE FOR AN INACTIVE DELIVERY MONTH.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 oz

total pledged gold: 2,002,003.480 OZ 62.270 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 20,956,430.355 OZ

TOTAL REGISTERED GOLD 10,764,955,253 (334.83 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,191,435,102 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,762,952 OZ (REG GOLD- PLEDGED GOLD) 272.56 tonnes//dropping like a stone

END

SILVER/COMEX

SEPT 28

//2023// THE SEPT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	619,946.050 oz Brinks Malca .
Deposits to the Dealer* Inventory*	xx
Deposits to the Customer Inventory	8078.060 0z Delaware
No of oz served today (contracts)	13 CONTRACT(S) (65,000 OZ)
No of oz to be served (notices)	1 contracts (5,000 oz)
Total monthly oz silver served (contracts)	2707 Contracts (13,535,000 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 deposit: 0

i) We had 0 dealer withdrawal

total dealer withdrawals: 0 oz

We had 0 deposit customer account:

total customer deposit 0 oz

JPMorgan has a total silver weight: 136.312 million oz/270.646 million or 50.37%

Comex withdrawals 2

i) Out of Brinks: 377,448.150 oz

ii) Out of Malca: 244,497.900 oz

total: 619,946.050 oz

adjustments: 1/dealer to customer//Brinks

i) Brinks 97,207.80 oz

TOTAL REGISTERED SILVER: 39.481 MILLION OZ//.TOTAL REG + ELIGIBLE. 270.682 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF SEPT /2023 OI: 14 CONTRACTS HAVING GAINED 13 CONTRACT(S). WE HAD 1

CONTRACTS SERVED ON WEDNESDAY. SO WE GAINED 14 CONTRACT OR 70,000 ADDITIONAL OZ WILL STAND FOR SILVER AT THE COMEX..

OCT LOST 158 CONTRACTS TO STAND AT 414.

NOVEMBER LOST 158 CONTRACTS TO STAND AT 321

DEC. GAINED 526 CONTRACTS TO STAND AT 113,046 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 13 for 65,000 oz

Comex volumes// est. volume today 67,018 fair

Comex volume: confirmed yesterday 69,916 fair

To calculate the number of silver ounces that will stand for delivery in SEPT. we take the total number of notices filed for the month so far at 2707 x 5,000 oz = 13,535,000 oz

to which we add the difference between the open interest for the front month of SEPT (14) and the number of notices served upon today 13 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the SEPT/2023 contract month: 2707 (notices served so far) x 5000 oz + OI for the front month of SEPT (14) – number of notices served upon today (13 )x 500 oz of silver standing for the SEPT contract month equates to 13.540 million oz. + 0 MILLION EXCHANGE FOR RISK..NEW TOTALS EXCHANGE FOR RISK: 3.0 MILLION OZ//NEW TOTAL STANDING FOR SILVER: 16.540 MILLION OZ//

There are 42.062 million oz of registered silver.

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

SEPT 28/WITH GOLD DOWN $13.45 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE WITHDRAWAL OF 4.88 TONNES OF GOLD OUT OF THE GLD/ : // //INVENTORY RESTS AT 873,64 TONNES

SEPT 26/WITH GOLD DOWN $XXX TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT 05 THE GLD/ : // //INVENTORY RESTS AT 878.52 TONNES

SEPT 26/WITH GOLD DOWN $13.40 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT 05 THE GLD/ : // //INVENTORY RESTS AT 878.52 TONNES

SEPT 22/WITH GOLD UP $5.70 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD/ : // //INVENTORY RESTS AT 878.83 TONNES

SEPT 21/WITH GOLD DOWN $25.60 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.58 TONNES OF GOLD FROM THE GLD/ : // //INVENTORY RESTS AT 878.25 TONNES

SEPT 19/WITH GOLD UP $0.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD : // //INVENTORY RESTS AT 880.217 TONNES

SEPT 18/WITH GOLD UP $8.40 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD : A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 880.217 TONNES

SEPT 15/WITH GOLD UP $13.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 1.055 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 879.70 TONNES

SEPT 14/WITH GOLD UP $1.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 4.63 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 882.01 TONNES

SEPT 13/WITH GOLD DOWN $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 12/WITH GOLD DOWN $11.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 11/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 8/WITH GOLD UP $0.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 7/WITH GOLD DOWN $0.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 3.22 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.69 TONNES

SEPT 6/WITH GOLD DOWN $8.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.16 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.81 TONNES

SEPT 5/WITH GOLD DOWN $13.50 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.97 TONNES

SEPT 1/WITH GOLD UP $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES

AUGUST 31/WITH GOLD DOWN $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES

AUGUST 30/WITH GOLD UP $8.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.59 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.23 TONNES

AUGUST 29/WITH GOLD UP 17.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.6 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.64 TONNES

AUGUST 28/WITH GOLD UP $6.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: / //INVENTORY RESTS AT 884.04 TONNES

AUGUST 25/WITH GOLD DOWN $6.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 884.04 TONNES

AUGUST 24/WITH GOLD UP $0.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD //INVENTORY RESTS AT 884.91 TONNES

AUGUST 23/WITH GOLD UP $21.35 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 4.32 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 884.91 TONNES

AUGUST 22/WITH GOLD UP $2.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.87 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 889.23 TONNES

AUGUST 21/WITH GOLD UP $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.60 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 890.10 TONNES

AUGUST 18/WITH GOLD UP $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 6.92 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 887.50 TONNES

AUGUST 17/WITH GOLD DOWN $12.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: //: /// //INVENTORY RESTS AT 894.42 TONNES

GLD INVENTORY: 873.64 TONNES

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

SEPT 28/WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF 4.88 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 442.066 MILLION OZ

SEPT 27/WITH SILVER DOWN 20 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF .641 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 448.392 MILLION OZ

SEPT 26/WITH SILVER DOWN 20 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV:. A WITHDRAWAL OF .641 MILLION OZ FROM THE SLV: // /.////INVENTORY RESTS AT 448.392 MILLION OZ

SEPT 22/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 449.492 MILLION OZ

SEPT 21/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:. : // /.////INVENTORY RESTS AT 449,033 MILLION OZ

SEPT 19/WITH SILVER UP 0 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.1 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 449.033 MILLION OZ

SEPT 18/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 1.651 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 441.332 MILLION OZ

SEPT 15/WITH SILVER UP 37 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 2.31 MILLION OZ FROM THE SLV. : // /.////INVENTORY RESTS AT 439.681 MILLION OZ

SEPT 14/WITH SILVER DOWN 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: : // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 13/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1,009 MILLION OZ INTO THE SLV//: // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 12/WITH SILVER UP 1 CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ

SEPT 11/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ

SEPT 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ

SEPT 7/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ

SEPT 6/WITH SILVER DOWN 36 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.373 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 436.518 MILLION OZ

SEPT 5/WITH SILVER DOWN 69 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 734,000 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 437.891 MILLION OZ

SEPT 1/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 440.00 MILLION OZ

AUGUST 31/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 438.625 MILLION OZ

AUGUST 30/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.834 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 443.210 MILLION OZ

AUGUST 29/WITH SILVER UP 49 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 183,000 OF SILVER INTO THE THE SLV// /.////INVENTORY RESTS AT 445.044 MILLION OZ

AUGUST 28/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.281 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 444.861 MILLION OZ

AUGUST 25/WITH SILVER UP ONE CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.751 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 446.145 MILLION OZ

AUGUST 24/WITH SILVER DOWN 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.651 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 448.896 MILLION OZ

AUGUST 23/WITH SILVER UP 94 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 826,000 OZ FROM THE SLV// /.////INVENTORY RESTS AT 450.547 MILLION OZ

AUGUST 22/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: /.////INVENTORY RESTS AT 451.373 MILLION OZ

AUGUST 21/WITH SILVER UP 59 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 917,0000 OZ FROM THE SLV//.////INVENTORY RESTS AT 451.373 MILLION OZ

AUGUST 18/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ

AUGUST 17/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ

CLOSING INVENTORY 442.066 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Americans Aren’t Buying The “Great Economy” Narrative

THURSDAY, SEP 28, 2023 – 07:20 AM

Authored by Michael Maharrey via SchiffGold.com,

The Fed people insist the economy is strong. They upped their GDP growth projections at their last meeting. Joe Biden thinks the economy is strong. He keeps bragging about the marvelous achievements of “Bidenomics.” Mainstream economists keep telling us the economy is strong.

But the average American isn’t buying any of it. (Perhaps price inflation makes it too expensive?)

After tanking in August, consumer confidence dipped again in September, falling to the lowest level in four months.

The Conference Board’s Consumer Confidence Index fell to 103.0 this month from an upwardly revised 108.7 in August. That was worse than the consensus projection of 105.5.

People’s expectations for the future continue to tank. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—declined to 73.7 in September. That follows a plunge to 83.3 in August.

An Expectations Index below 80 generally signals an impending recession.

Americans also continue to fret about rising prices, despite assurances from Paul Krugman who recently insisted the inflation war is over.

September’s disappointing headline number reflected another decline in the Expectations Index, as the Present Situation Index was little changed. Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular. Consumers also expressed concerns about the political situation and higher interest rates. The decline in consumer confidence was evident across all age groups, and notably among consumers with household incomes of $50,000 or more.”

According to the Conference Board, “When asked about current family financial conditions (a measure not included in calculating the Present Situation Index), the share of respondents citing a ‘good’ situation fell again, and those citing ‘bad’ conditions rose, signaling rising concerns about current family finances.”

Consumer confidence still hasn’t recovered to pre-pandemic levels. In the three to four years prior to the pandemic, the consumer confidence index generally ranged above 120.

Disconnect

There seems to be a disconnect between the average American’s perception of the economy and the views held by economists, pundits and government officials.

A recent CNN report touted “Biden’s strong economy” and asked why it “feels so bad” to most Americans.

By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Still, a majority — 58% — say Biden’s policies have made economic conditions worse.”

In other words, why can’t these dumb rubes understand how good they have it?

University of Michigan economist Justin Wolfers insists there is “literally no question” that the economy has improved under Biden.

The problem is politicians and their courtesans in academia and the media don’t live in the real world.

They live in a world of data and spin that they can manipulate to formulate a narrative. But narratives don’t matter to a couple in the checkout lane at the grocery store trying to figure out how they’re going to pay for food this week.

These two headlines tell you just about everything you need to know about the political and pundit class and their disconnect from normal life.

Consider this spin from the CNN article. Americans are obviously doing fine because they are spending money, and that’s keeping the US economy “humming.”

“Put another way: People are spending like they’re in a good mood, even if they say they’re not,” our intrepid CNN reporter exclaims.

Perhaps American consumers are not in a “good mood” because they’ve blown through their savings and they’re now keeping up this “spending spree” with credit cards.

You see, in the real world, people don’t just spend money when they want to. Most of us have to fill up our vehicles with gas, buy groceries, and pay our rent or mortgage, whether we want to or not. And if we don’t have the cash on hand, they have to charge it.

No wonder people are grumpy.

Or consider this: economists and Fed officials insist that price inflation is cooling. But they remove food and energy prices from the discussion and fixate on “core inflation” to make their case. That sounds good in a news report or an op-ed, but it falls a little flat for the average person who can’t just X food and energy costs out of their budgets.

But what about jobs? There are plenty of jobs! People should be happy.

Of course, when you dig into the data and shovel passed the spin, you discover that more and more people are working two or more jobs just trying to make ends meet. That accounts for a lot of the “job creation.” Not to mention the fact that after trumpeting big job numbers one month, government people go back and quietly revise the numbers down the following month. You never hear about that in the headlines.

So, yeah, you can take the data and spin this into the greatest economy in history. But real life doesn’t care about politics and spin. People understand their own economic reality. And they’re not happy about it.

end

end

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

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

Maybe Costco should stock gold futures contracts as well

Submitted by admin on Wed, 2023-09-27 15:28Section: Daily Dispatches

Costco Is Selling Out of Small Gold Bars ‘Within a Few Hours’

By Bill Peters
MarketWatch, New York
Wednesday, September 27, 2023

Costco Wholesale Corp. sells lots of things you wouldn’t expect from a big-box retailer: caskets, caviar, six-pound tubs of Nutella. Add to that list 1-ounce bars of gold, which the company said today were selling out within a matter of hours.

“I’ve gotten a couple of calls that people have seen online that we’ve been selling 1-ounce gold bars,” Chief Financial Officer Richard Galanti said on Costco’s quarterly earnings call on Tuesday. “Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member.”

Costco did not immediately respond to a request for more information about the types of gold bars it sells, how much they cost, or the factors behind the demand. Today the site showed a price of $1979.99 per ounce for the bars. Shares of Costco were up 1.3% on Wednesday. …

… For the remainder of the report:

https://www.marketwatch.com/story/costco-is-selling-out-of-small-gold-bars-within-a-few-hours-cfo-says-90532183

end

China’s gold prices surge, hitting a record against the world

Submitted by admin on Wed, 2023-09-27 00:39Section: Daily Dispatches

By Sybilla Gross
Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, September 26, 2023

China is suddenly full of gold bugs.

It’s a flight to safety familiar to students of economic stress.

“With the yuan falling, the property market slumping and capital controls keeping money from leaving the country, investors are buying gold,” Bloomberg economists David Qu and Chang Shu wrote in a report.

It also marks a sharp reversal from earlier in the year, when China’s slowdown curbed interest in the metal as consumers responded to uncertain economic conditions by conserving cash.

The so-called Shanghai premium started rising in June, a response in part to import curbs imposed by the People’s Bank of China, which may have been trying to shore up the value of the yuan by shrinking the need for dollars to buy gold. But now the currency’s plunge is having the opposite effect, as investors chase dollar-denominated assets to preserve value.

Although import restrictions have been loosened, bullion should remain supported by firm demand, Standard Chartered analyst Suki Cooper said in a note last week.

Factor in China’s protracted property crisis, loose monetary policy, and tumbling bond yields, and it’s no mystery why demand for a haven like gold would soar.

Withdrawals from the Shanghai Gold Exchange in August jumped 40% from the previous month, while imports climbed 15%. Meanwhile, inflows into Chinese exchange-traded funds rose to their highest since July 2022. Gold is also finding support from China’s central bank, which has boosted purchases for 10 straight months as it diversifies its reserves.

… For the remainder of the report:

https://www.yahoo.com/finance/news/chinese-gold-bugs-lift-price-010537829.html

END

Bank of America’s unrealized debt losses are 34% of all such losses and much higher than its peers

(Pam and Russ Martens)

Pam and Russ Martens: Bank of America’s unrealized debt losses are 34% of all such losses among U.S. banks

Submitted by admin on Tue, 2023-09-26 11:41Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Tuesday, September 26, 2023

According to Bank of America’s federal regulatory filing known as the Call Report, for the quarter ending June 30, 2023, it had $105.79 billion in unrealized losses on its held-to-maturity securities.

That figure is not only far beyond the realm of what its peer banks reported, but it represents a stunning 34% of all unrealized losses on held-to-maturity securities reported by 4,645 FDIC-insured commercial banks and savings institutions as of June 30, according to the FDIC’s Quarterly Banking Profile.

For the quarter ending June 30, the FDIC reported that all 4,645 FDIC-insured financial institutions had $309.6 billion in unrealized losses on held-to-maturity securities. …

… For the remainder of the analysis:

Bank of America’s Unrealized Losses on HTM Debt Securities Total $106 Billion; 34 Percent of All Such Unrealized Losses Reported by 4,645 Banks

END

Why a weak yuan is spurring a retail gold rush in China

Submitted by admin on Mon, 2023-09-25 22:33Section: Daily Dispatches

The spread between the domestic and international price for the precious metal is at a decade high; Chinese consumers are racing for safety as they see their assets dwindle

By He Huifeng
South China Morning Post, Hong Kong
Tuesday, September 26, 2023

With the yuan weak, housing in the doldrums and stocks as insecure as ever, China’s working and middle class are turning to one investment option that is regaining some shine: gold.

For Chinese consumers with limited access to overseas investment products, the precious metal is one of the few ways they can try to counter the shrinking value of their other assets.

The yuan is only expected to weaken, but most Chinese individuals cannot buy U.S. dollars or U.S. dollar-denominated products to hedge against the Chinese currency’s fall.

Against that backdrop, the easiest option for the public is to buy gold bars or gold jewellery at retail outlets, even if it means paying extra in processing fees.

The interest has sent spot gold prices in China to 13-year highs and widened the spread with the international price to the most in a decade.

As of Monday, the spot price of gold was over 473 yuan (US$64.71) per gram, resulting in a gap of about 4.7% between the domestic and international gold price in China.

In mid-September the retail price for gold from main brands, such as Chow Tai Fook, Chow Sang Sang, and China Gold, had risen to 600 yuan per gram, but buyers were still not deterred.

On Chinese microblogging site Weibo, one post on the rising price of gold jewellery was read more than 48 million times within a day of publication.

Fred Qiu, a business-development manager for a jewellery brand in eastern China, said there were more customers for the precious metal at his company’s stores, but different products appealed to different generations.

“Little one-gram beans of gold are particularly attractive to Gen Z customers, while young couples and middle-class women prefer gold bars — the 10-gram and 50-gram bars are especially popular,” Qiu said. …

… For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3235751/why-weak-yuan-spurring-retail-gold-rush-china

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//ANDREW MAGUIRE/LIVE FROM THE VAULT 141

-END-

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:ORANGE JUICE

END

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

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

ONSHORE YUAN: CLOSED UP TO 7.3036

OFFSHORE YUAN: UP TO 7.3058

SHANGHAI CLOSED UP 3.16 PTS OR 0.10%

HANG SENG CLOSED DOWN 238.84 PTS OR 1.36%

2. Nikkei closed DOWN 499.38 PTS OR 1.54 %

3. Europe stocks SO FAR: MOSTLY GREEN

USA dollar INDEX DOWN TO 106.05 EURO RISES TO 1.0539 UP 34 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.752 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.27/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP// OFFSHORE: UP

3f Japan is to buy INFINITE TRILLION YEN 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 UP TO +2.9205***/Italian 10 Yr bond yield UP to 4.896*** /SPAIN 10 YR BOND YIELD UP TO 4.022…**

3i Greek 10 year bond yield RISES TO 4.418

3j Gold at $1876.74 silver at: 22.60 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 3 /100 roubles/dollar; ROUBLE AT 96.94//

3m oil into the 93 dollar handle for WTI and 96 handle for Brent/

3n Higher foreign deposits moving out of China// 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 149.27// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.752% 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 0.9182 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9677well 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: 4.629 UP 1 BASIS PTS…

USA 30 YR BOND YIELD: 4.744 UP 1 BASIS PTS/

USA 2 YR BOND YIELD: 5.125 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.43…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 18 BASIS PTS AT 4.5460

end

2.a Overnight: Newsquawk and Zero hedge:

USA EARLY MORNING REPORT

Futures Flat As Yields Extend Gains After Brent Crude Hits $97 Overnight

THURSDAY, SEP 28, 2023 – 08:20 AM

US equity futures reversed initial gains following Wednesday’s surprise reversal that helped US stocks close green, and were trading marginally lower as global bonds resumed their selloff, sending 10Y yields to a new 16-year peak as soaring Brent oil prices hit $97 overnight before reversing as the US Dollar dipped. At 7:45am ET, S&P futures traded down 0.1% and Nasdaq 100 futures were down -0.3%. As 10-year yields rose 4bps to 4.65% the yield curve flattened and the 2s10s was inverted by less than 50bp for first time since May. 1Y breakeven had its largest move since late July as oil surged on constrained supply. Commodities are mixed with metals and natgas leading with USD lower pre-mkt. Today’s macro focus is on GDP, Consumption, Jobless Claims, Pending Home Sales, Kansas Fed, and updates on economic revisions. We also get four Fed speakers, including Powell at 4pm. Financial conditions have tightened since the Fed meeting and mortgage rates are at multi-decade highs. Keep an eye on the 4200 level as we reach expiration on Friday and the JPM collar is rolled.

In premarket trading, Peloton rose 13% after the maker of the trademark exercise bikes agreed to a deal with Lululemon to tap its online workouts and team up on apparel. Micron Technology Inc. tumbled 5% as its mixed outlook for the November quarter weighed on investor sentiment. Analysts see near-term challenges but recovery in the longer term. Here are some other notable premarket movers:

Gritstone gained 39% after the biotechnology company said it will receive as much as $433 million from the US government to conduct a trial of its next-generation Covid-19 vaccine.
Workday shares fall 9.9% after the software company forecast annual subscription revenue growth of 17% to 19% over the next three years, which analysts say missed expectations.

Hawkish commentary from central banks has dashed hopes for a pivot toward lower rates any time soon, making September the worst month for global stocks in a year and the weakest for global bonds since February. Fund managers at T. Rowe Price are shorting 10- and 30-year Treasuries on a bet yields will keep rising as they catch up with the Federal Reserve’s rapid interest-rate hikes. And indeed, traders are pushing yields higher on speculation that US policymakers will keep policy tight as oil prices approach $100 and spark a new round of inflation. The benchmark 10-year yield rose four basis points to 4.647%.

“Markets are waking up to central banks are going to have to stay higher for longer in this world shaped by supply,” Wei Li, global chief investment strategist at BlackRock Investment Institute, said in an interview with Bloomberg TV. It’s not just supply however: with oil soaring, the commodity inflation that many had left for dead, is back with a bang and overnight WTI briefly surpassed $95 for the first time in more than a year after the “tank bottoms” in Cushing stockpiles underscored a widening global deficit.

European stocks are on course for a sixth day of declines with the Stoxx 600 down 0.3% as gains in energy shares boosted by surging oil prices are countered by weakness in rate-sensitive sectors such as technology and real estate. AMS-Osram slumps after the Swiss chipmaker announced a rights issue and 888, the owner of the William Hill gambling chain, falls after cutting its earnings outlook on a spate of bettor-friendly sports results. Here are the biggest European movers:

Colruyt shares surge as much as 13% to the highest level in nearly two years on Thursday after the Belgian supermarket operator predicted a sharp increase in profitability. Degroof Petercam hailed the firm’s “major guidance uplift”.
Babcock shares rise as much as 11%, the most since July, after the defense outsourcing co. released a trading update that Jefferies sees as “helpful” and de-risking the FY23 outlook.
Deliveroo shares climb as much as 10%, the most in 11 months, after the food delivery company said it plans to return up to £250 million to shareholders via a tender offer between 115p-135p per share.
Allegro shares gain as much as 9.1% after the company’s CFO warned that robust 3Q guidance from Poland’s biggest e-commerce platform could be a one-off.
Europe’s Stoxx 600 energy index is the best-performing subsector in the benchmark on Thursday, as oil was propelled closer to the $100-a-barrel mark after stockpiles at a major US storage hub dropped to critical levels.
Bpost shares rise as much as 7.2% after KBC Securities upgrades the Belgian postal company, giving the stock its first buy rating in more than four months, saying visibility is now much improved.
Billerud shares gain as much as 4.7% to a more than four-month high after SEB upgrades the Swedish paper and packaging firm to buy on improved risk/reward following significant share price underperformance.
AMS-Osram shares tumble as much as 23%, falling to the lowest since 2011, after the Swiss chipmaker announced what Vontobel described as a “significantly larger than feared” rights offering.
888 shares slump as much as 18% after the online betting firm trimmed its full-year Ebitda outlook in an update which Goodbody describes as “disappointing.”

Earlier in the session, Asian stocks fell as continued concerns over China’s property market coupled with fear of inflation stoked by oil’s rally toward $100 inhibited risk taking. The MSCI Asia Pacific Index declined 0.8%, with Toyota and Tencent among the biggest drags. Hong Kong stocks fell after Evergrande’s shares were suspended from trading, further weakening sentiment on China’s real estate sector ahead of upcoming holidays. “Suspension of trading in China Evergrande’s shares and its chairman placed under police surveillance further reinforces the odds of liquidation, while a bailout from authorities remains unlikely,” Yeap Jun Rong, market strategist at IG Asia, wrote in a note. Yeap sees low appetite for risk-taking in Asia in light of the latest developments in China’s property market.

Hang Seng and Shanghai Comp diverged amid headwinds in the property sector after the suspension of shares in Evergrande and some of its units, while the mainland was kept afloat after the PBoC’s liquidity injections ahead of the holiday closures and following China’s latest support pledges.
Japan’s Nikkei 225 underperformed after it slipped beneath the 32,000 level and amid mass ex-dividend day in Japan concerning over 1,400 companies. The Topix dropped amid rising interest rates and as more than 1,000 stocks traded without rights to the next dividend. Markets were closed for holidays in South Korea, Indonesia and Malaysia.
Australia’s ASX 200 pared initial gains as strength in the commodity-related sectors was offset by the upside in yields and weakness in consumer stocks after retail sales missed forecasts.

In FX, the Bloomberg Dollar Spot Index is down 0.3%,ending its longest run of gains in a year. The yen rose for the first day in five as repeated verbal warnings by Japanese authorities over the currency’s weakness spurred intervention speculation. USD/JPY fell 0.3% to 149.28, retreating from Wednesday’s 11-month high of 149.71. EUR/USD up 0.3% to 1.0537; German CPI data in focus later Thursday. GBP/USD snapped six-day decline, climbed 0.5% to 1.22 amid higher gilt yields

In rates, treasuries are once again cheaper by up to 4bp across long-end of the curve as Wednesday’s bear-steepening move is extended into early US session. US 5-, 10- and 30-year yields reached new multiyear highs; 10-year TSY yields are more than 3bp cheaper on the day near 4.65%. The 2s10s curve inverted by less than 50bp for first time since May. European government bonds are on the back foot as investors fret over the prospect of higher-for-longer interest rates. Gilts are faring worse than their German counterparts, with bunds falling less amid German state inflation numbers that point to a slowdown in the national reading later on Thursday. UK 10-year yields are up 11bps while the German equivalent adds 7bps.

The treasury auction cycle concludes with $37b 7-year note; Wednesday’ 5-year note auction stopped 1.2bp through, indicating strong demand. WI 7-year yield at ~4.70% is almost 50bp cheaper than August’s, which stopped 2.1bp through, and higher than all previous 7Y stops since sales of the tenor began in 2009. Dollar IG issuance slate includes a couple of deals with more expected; four companies priced deals on Wednesday, bringing weekly volume to $18.4b vs $15b-$20b projection. US session includes jobless claims, GDP and 7-year note auction. Fed Chair Powell is scheduled to host a town hall event with educators speak at 4pm New York time.

In commodities, WTI crude futures are down slightly after touching a YTD high of $95/bbl during Asian trading hours, the highest level in over a year.

Looking to the day ahead, it’s fairly busy on the data side, with the US September Kansas City Fed manufacturing activity, August pending home sales and initial jobless claims. In Europe, we have the Eurozone September services, industrial and economic confidence, the German September CPI, the Italian September manufacturing confidence, economic sentiment and consumer confidence, and the August PPI. We will also be hearing from the Fed’s Powell, Cook and Goolsbee, as well as the ECB’s Holzmann. Lastly, we will have company earnings from Nike, Accenture, and Blackberry.

Market Snapshot

S&P 500 futures little changed at 4,312.00
MXAP down 0.9% to 156.51
MXAPJ down 0.6% to 486.36
Nikkei down 1.5% to 31,872.52
Topix down 1.4% to 2,345.51
Hang Seng Index down 1.4% to 17,373.03
Shanghai Composite up 0.1% to 3,110.48
Sensex down 0.8% to 65,580.52
Australia S&P/ASX 200 little changed at 7,024.76
Kospi little changed at 2,465.07
STOXX Europe 600 down 0.4% to 445.12
German 10Y yield little changed at 2.89%
Euro up 0.1% to $1.0518
Brent Futures down 0.1% to $96.43/bbl
Gold spot down 0.0% to $1,874.88
U.S. Dollar Index down 0.11% to 106.55

Top Overnight News

China appointed Lan Fo’an as the Communist Party chief at the Ministry of Finance, a move that will pave the way for him to become finance minister at a time when the government is seeking to bolster the economy. BBG
OpenAI is in advanced talks with former Apple designer Sir Jony Ive and SoftBank’s Masayoshi Son to launch a venture to build the “iPhone of artificial intelligence”, fueled by more than $1bn in funding from the Japanese conglomerate. FT
France is exploring ways to cap national electricity prices without falling foul of EU subsidy rules, including a possible windfall levy to deliver President Emmanuel Macron’s pledge to “take back control” of prices. FT
Spain’s CPI for Sept came in at +3.2% Y/Y on the headline, up from +2.4% in Aug but below the Street’s +3.3% forecast (while core was +5.8%, down from +6.1% in Aug and below the Street’s +6% forecast). BBG
Saudi Arabia and Russia have raked in billions of dollars in extra oil revenues in recent months, despite pumping fewer barrels, after their production cuts sent crude prices soaring. The cutbacks were a risky strategy, both financially and politically. But they appear to be paying off for the two most important members of the Organization of the Petroleum Exporting Countries and its Russia-led allies, or the OPEC+ cartel. WSJ
WTI briefly hit $95, the highest in more than a year, after a drop in Cushing stockpiles to critical levels highlighted a widening global deficit. The jump heightened inflation concerns and raised expectations rates will stay higher for a protracted period. BBG
There are few signs of a late deal to avert US government shutdown — with Kevin McCarthy making big demands of President Biden and bringing little leverage to the clash. McCarthy counts the long-term spending cuts he extracted from Biden last spring as one of his proudest achievements and is now looking for more concessions. BBG
The second GOP presidential debate was full of arguments, one-liners and strained attempts for attention, but none of the candidates articulated a clear case why they should be the front-runner instead of Donald Trump. WSJ
Trading in the shares of China Evergrande Group and two of its publicly listed units was suspended on Thursday, after reports that the beleaguered property developer’s founder and chairman had been placed under police surveillance. WSJ
All eyes on S&P 500 200dma of 4195. If level is tested and doesn’t provide support history suggests S&P 500 forward 1-/3-/6-/12-month returns are significantly below-average following a break in its 200dma.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed following the indecisive performance in the US heading into month and quarter-end amid further upside in global yields and higher oil prices. ASX 200 pared initial gains as strength in the commodity-related sectors was offset by the upside in yields and weakness in consumer stocks after retail sales missed forecasts. Nikkei 225 underperformed after it slipped beneath the 32,000 level and amid mass ex-dividend day in Japan concerning over 1,400 companies. Hang Seng and Shanghai Comp diverged amid headwinds in the property sector after the suspension of shares in Evergrande and some of its units, while the mainland was kept afloat after the PBoC’s liquidity injections ahead of the holiday closures and following China’s latest support pledges.

Top Asian News

PBoC set USD/CNY mid-point at 7.1798 vs exp. 7.3239 (prev. 7.1717)
HKEX announced shares of Evergrande (3333 HK), Evergrande Property Services (6666 HK) and Evergrande New Energy Vehicle (708 HK) have been suspended.
China’s cyberspace regulator has issued draft rules on promoting draft riles on promoting and regulating the cross-border flow of data; companies providing more than 1mln people’s personal information outside the country should safety assessment of data. Where data does not contain personal information or important data, there is no need to declare a security review assessment, according to Reuters.
Chinese FX Regulator expects the current account surplus to remain basically stable in H2 and said the cross-border two-way investment is expected to further stabilise and improve. The scale of FX reserves will remain basically stable. Will actively fend off and resolve external shock risks. Will strive to maintain the stability of FX markets and balance of payments.
Chinese Finance Ministry will exempt urban land use tax on land used for construction of affordable housing projects. Stamp duty for affordable housing management firms and buyers are exempted. Tax exemptions and cuts effective from October 1st, according to Reuters.

European bourses trade softer following a predominantly negative close yesterday as a lack of positive catalysts keeps sentiment suppressed. Sectors in Europe have a mostly negative tilt with Travel & Leisure at the bottom of the pile after feeling the pressure from higher energy prices. On the upside, Energy and Basic Resources outperform. US futures are trading modestly weaker, paring back gains seen in yesterday’s session. The docket for today picks up, with US Core PCE Prices (Final), GDP (Final) and weekly IJC’s all due at the busy 13:30 BST / 08:30 ET slot.

Top European News

France is exploring a windfall levy to take back control of energy prices, according to FT.
European Commission VP says the exact scope of the probe into Chinese EV imports has not been decided yet, when asked if Tesla (TSLA) will be impacted by the probe, via CNBC.

The T-note managed to tread water for the most part within a 107-27/15+ range and perhaps with some leverage from blocked curve flatteners.
Bunds and Gilts have been in freefall alongside Eurozone periphery debt. The 10 year German and UK benchmarks breached deeper chart and psychological supports on the way down to 127.60 and 93.43 respectively.
Angst in BTPs was prompted by Italy’s budget and exacerbated by month-end supply, but the latest collapse elsewhere looks more momentum-based and technically driven given no obvious fresh fundamental catalyst.
Italy sold EUR 8bln vs exp. EUR 7-8bln 4.10% 2029, 4.20% 2034 BTP Auction & EUR 1.5bln vs exp. 1-1.5bln 2026, 2030 CCTeu Auction.

Fixed Income

The T-note managed to tread water for the most part within a 107-27/15+ range and perhaps with some leverage from blocked curve flatteners.
Bunds and Gilts have been in freefall alongside Eurozone periphery debt. The 10 year German and UK benchmarks breached deeper chart and psychological supports on the way down to 127.60 and 93.43 respectively.
Angst in BTPs was prompted by Italy’s budget and exacerbated by month-end supply, but the latest collapse elsewhere looks more momentum-based and technically driven given no obvious fresh fundamental catalyst.
Italy sold EUR 8bln vs exp. EUR 7-8bln 4.10% 2029, 4.20% 2034 BTP Auction & EUR 1.5bln vs exp. 1-1.5bln 2026, 2030 CCTeu Auction.

Commodities

France is exploring a windfall levy to take back control of energy prices, according to FT.
European Commission VP says the exact scope of the probe into Chinese EV imports has not been decided yet, when asked if Tesla (TSLA) will be impacted by the probe, via CNBC.

Geopolitics

PBoC set USD/CNY mid-point at 7.1798 vs exp. 7.3239 (prev. 7.1717)
HKEX announced shares of Evergrande (3333 HK), Evergrande Property Services (6666 HK) and Evergrande New Energy Vehicle (708 HK) have been suspended.
China’s cyberspace regulator has issued draft rules on promoting draft riles on promoting and regulating the cross-border flow of data; companies providing more than 1mln people’s personal information outside the country should safety assessment of data. Where data does not contain personal information or important data, there is no need to declare a security review assessment, according to Reuters.
Chinese FX Regulator expects the current account surplus to remain basically stable in H2 and said the cross-border two-way investment is expected to further stabilise and improve. The scale of FX reserves will remain basically stable. Will actively fend off and resolve external shock risks. Will strive to maintain the stability of FX markets and balance of payments.
Chinese Finance Ministry will exempt urban land use tax on land used for construction of affordable housing projects. Stamp duty for affordable housing management firms and buyers are exempted. Tax exemptions and cuts effective from October 1st, according to Reuters.

US Event Calendar

08:30: Sept. Initial Jobless Claims, est. 215,000, prior 201,000
- Sept. Continuing Claims, est. 1.68m, prior 1.66m
08:30: Revisions: GDP/National Economic Accounts
08:30: 2Q GDP Annualized QoQ, est. 2.2%, prior 2.1%
- 2Q Core PCE Price Index QoQ, est. 3.7%, prior 3.7%
- 2Q GDP Price Index, est. 2.0%, prior 2.0%
- 2Q Personal Consumption, est. 1.7%, prior 1.7%
10:00: Aug. Pending Home Sales (MoM), est. -1.0%, prior 0.9%
Pending Home Sales YoY, est. -13.0%, prior -13.8%
11:00: Sept. Kansas City Fed Manf. Activity, est. -2, prior 0

DB’s Jim Reid concludes the overnight wrap

The storm that’s been sweeping through New York while I’ve been here this week has stayed a bit longer in fixed income markets, with the 10yr Treasury yield (+7.2bps) climbing to a new cycle high of 4.61%. In part, that’s been driven by a fresh spike in oil prices, with Brent Crude currently at $97.41/bbl this morning for the first time since November. And as US rates turned higher, so too did the dollar index, which is also at its highest level since November as we go to press. Yet despite the latest sell-off in bond markets, US equities were relatively calm with the S&P 500 (+0.02%) regaining its composure after a mid-session sell-off, even as yields went from below 4.50% to above 4.60% in a few hours. That said, this respite might prove brief, as US futures are pointing lower again this morning, and there’ve been sharp losses for several Asian indices overnight. Meanwhile, there’s still no sign of the US House and Senate being able to agree on a funding extension ahead of a potential US government shutdown at the end of the week. Today we’ve got important US GDP benchmark revisions as well, which happen every 5 years and have the potential to rewrite history one way or the other, whilst informing economists of any change in recent data momentum. See Brett Ryan’s preview in his week ahead here.

Once again, the big story yesterday was that bond sell-off, which sent Bloomberg’s aggregate global bond index down to its lowest level of 2023 so far. But it wasn’t just the 10yr that lost ground, as 3 0yr Treasury yields also moved up +4.4bps to a new cycle high of their own at 4.72%, which is their highest level since 2011. We can see how that’s increasingly being passed through to the real economy as well, since the MBA’s weekly update of 30yr mortgage rates climbed another 10bps to 7.41%. That’s their highest level since December 2000, and one that’s likely to go higher still given the recent move in rates.

Real yields again drove much of the increase, with the 10yr real yield up +4.1bps to a post-GFC high of 2.26%. But we also saw a f resh rise in inflation breakevens, with the 30yr up +1.4bps to a 6-month high of 2.39%, not least as the upward march in oil prices regained steam. That came as Brent crude broke through the $95/bbl level all the way to $96.55/bbl, its highest level since November, after gaining +2.76% on the day, and this morning it’s since gone above $97/bbl. WTI crude saw an even more dramatic increase, up +3.64% in its largest rise since May, to close at a new one-year high of $93.68/bl, with further gains above $94/bbl this morning. The oil price spike occurred as the latest US weekly crude inventory data showed a -4.1% decline in oil stocks at the key hub in Cushing, Oklahoma to its lowest level since last summer.

This sovereign bond sell-off was evident in Europe too, where the 10yr bund yield (+3.5bps) closed at a new post-2011 high of 2.84%, along with the 10yr French OAT (+3.8bps) at 3.40%. Italian BTPs underperformed once again, however, with the spread of 10yr Italian yields over bunds widening to 195bps, its highest closing level since the banking stress in March. That spread widening came ahead of the Italian government unveiling its 2024 budget yesterday evening, which foresees a 4.3% deficit next year as a share of GDP. That’s largely in line with earlier reports and a touch above the level that our economists see as consistent with EU recommendations – see their note earlier this week.

For equities, there was a brief stabilisation yesterday that’s since turned more negative overnight again. For instance, the S&P 500 traded largely flat (+0.02%) while the NASDAQ saw a slight outperformance (+0.22%). The performance was varied across sectors, with energy stocks (+2.51%) seeing the strongest performance amidst to the surge in oil prices. Otherwise, industrials advanced (+0.76%) following stronger capital goods orders data (more on this below). Meanwhile, several of the more defensive sectors underperformed, including utilities (-1.93%) and consumer staples (-0.77%). Also notable is the near 10% decline of the consumer discretionary sector in the past two weeks (-0.38% yesterday), which comes as the latest weekly BEA card spending data saw the 4-week moving average fall to its lowest since early 2021. So a potential area of concern for the soft landing camp. Looking forward, futures on the S&P 500 have posted a modest -0.04% decline this morning.

Overnight in Asia, the major indices have mostly lost ground this morning, with a sharp decline for the Nikkei (-1.96%) and the Hang Seng (-1.04%) overnight. That currently leaves the Hang Seng on course for its lowest close so far of 2023, which comes as trading in Evergrande has been suspended in Hong Kong . Otherwise, there’ve been smaller declines for stocks in mainland China, with the CSI 300 down -0.28%, whilst the Shanghai Comp (+0.13%) has seen a modest increase.

Back in Europe, several data releases added to the downbeat tone yesterday. Among others, Germany’s Gfk consumer confidence index fell once again, from -25.5 to -26.5 (vs -26.0 expected). Similarly, the French INSEE household confidence survey for September fell from 85 to 83 (vs 84 expected). This was mostly driven by fears of unemployment and was the third month in a row that the indicator weakened. Alongside the other macro headwinds, this proved to be a challenging backdrop for European equity markets, with the STOXX 600 down by -0.18% to its lowest level in nearly six months .

Turning to the remaining data yesterday, US durable goods orders came in above expectations at +0.2% (vs -0.5% expected) and core capital goods orders surprised strongly to the upside at 0.9% (vs +0.1% expected). That suggests some upside for US Q3 GDP trackers, though a modest one when accounting for downward revisions for the previous month (-0.5pp for capital goods orders).

Looking to the day ahead, it’s fairly busy on the data side, with the US September Kansas City Fed manufacturing activity, August pending home sales and initial jobless claims. In Europe, we have the Eurozone September services, industrial and economic confidence, the German September CPI, the Italian September manufacturing confidence, economic sentiment and consumer confidence, and the August PPI. We will also be hearing from the Fed’s Powell, Cook and Goolsbee, as well as the ECB’s Holzmann. Lastly, we will have company earnings from Nike, Accenture, and Blackberry.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)

Equities indecisive, DXY & Fixed weaker; US IJC, GDP (Final) & Nike earnings due – Newsquawk US Market Open

THURSDAY, SEP 28, 2023 – 06:21 AM

European bourses trade softer following a predominantly negative close yesterday as a lack of positive catalysts keeps sentiment suppressed.
DXY settled down under 106.50 after extending gains on Wednesday when various bullish impulses combined to boost the Buck.
Bunds and Gilts have been in freefall alongside Eurozone periphery debt, the T-note managed to tread water for the most part.
US Senate is to vote today at 16:30BST/11:30EDT on a motion to proceed with the “shell” bill to avoid a shutdown, according to Fox News’ Chad Pergram.
Looking ahead, highlights include German CPI, US GDP (Final), US IJC, Banxico Policy Announcement, Fed’s Powell, Goolsbee, Cook & Barkin, Supply US, Earnings from Nike, Carmax & Accenture.

28th September 2023

Click here for the Newsquawk Week Ahead summary.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

EUROPEAN TRADE

EQUITIES

European bourses trade softer following a predominantly negative close yesterday as a lack of positive catalysts keeps sentiment suppressed.
Sectors in Europe have a mostly negative tilt with Travel & Leisure at the bottom of the pile after feeling the pressure from higher energy prices. On the upside, Energy and Basic Resources outperform.
US futures are trading modestly weaker, paring back gains seen in yesterday’s session. The docket for today picks up, with US Core PCE Prices (Final), GDP (Final) and weekly IJC’s all due at the busy 13:30 BST / 08:30 ET slot.
Click here for more details.

FX

DXY settled down under 106.50 after extending gains on Wednesday when various bullish impulses combined to boost the Buck.
Pound benefits from a sharper rebound in UK yields relative to the US and Eurozone as Cable bounced to 1.2206, with GBP 1.5bln in opex rolling off at 1.2200 strike.
EUR manages to hold its head above YTD lows at 1.0482 amid another slide in EGBs alongside mixed MM inflation data from German states.
Yen regains some poise within a 149.63-22 range while Yuan was bolstered by the PBoC overnight as it set an even more skewed midpoint reference rate and injected a bumper amount of pre-holiday liquidity.
Click here for more details.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

The T-note managed to tread water for the most part within a 107-27/15+ range and perhaps with some leverage from blocked curve flatteners.
Bunds and Gilts have been in freefall alongside Eurozone periphery debt. The 10 year German and UK benchmarks breached deeper chart and psychological supports on the way down to 127.60 and 93.43 respectively.
Angst in BTPs was prompted by Italy’s budget and exacerbated by month-end supply, but the latest collapse elsewhere looks more momentum-based and technically driven given no obvious fresh fundamental catalyst.
Italy sold EUR 8bln vs exp. EUR 7-8bln 4.10% 2029, 4.20% 2034 BTP Auction & EUR 1.5bln vs exp. 1-1.5bln 2026, 2030 CCTeu Auction.
Click here for more details.

COMMODITIES

Crude futures have waned off best levels in early European hours following a respectable rally yesterday.
Spot gold remains suppressed by the recent rise in the Greenback, with prices drifting lower yesterday before finding stability around the USD 1,975/oz mark, with the yellow metal moving sideways on either side of the level overnight and in European trade.
Base metals are firmer across the board with some noting of potential demand as China enters its long Mid-Autumn festival holiday break starting from tomorrow.
Russian Energy Minister said the ban on fuel exports will last until the market stabilises and additional measures could be taken on the fuel market, according to Tass.
Saudi Aramco is to enter the global LNG business by acquiring a stake in Midocean Energy for USD 500mln, according to Reuters.
Some Japanese aluminium buyers agreed October-December premium at USD 97/tonne, -28% QQ, according to Reuters.
Click here for more details.

NOTABLE EUROPEAN HEADLINES

France is exploring a windfall levy to take back control of energy prices, according to FT.
European Commission VP says the exact scope of the probe into Chinese EV imports has not been decided yet, when asked if Tesla (TSLA) will be impacted by the probe, via CNBC.

EUROPEAN DATA RECAP

German state CPIs YY were in line with expectations for the national metrics, which forecasts a marked cooling; MM state CPI metrics were mixed against the expectations for the nationwide figure.
Spanish CPI YY Flash NSA (Sep) 3.5% vs. Exp. 3.5% (Prev. 2.6%); Core CPI YY (Sep) 5.8% (Prev. 6.1%)
Spanish CPI MM Flash NSA (Sep) 0.20% vs. Exp. 0.30% (Prev. 0.50%)
Spanish HICP Flash YY (Sep 2023) 3.2% vs. Exp. 3.3% (Prev. 2.4%)
Spanish HICP Flash MM (Sep) 0.6% vs. Exp. 0.6% (Prev. 0.5%)
EU Business Climate (Sep 2023) -0.36 (Prev. -0.33)
EU Consumer Confid. Final (Sep 2023) -17.8 vs. Exp. -17.8 (Prev. -17.8)
EU Services Sentiment (Sep 2023) 4.0 vs. Exp. 3.5 (Prev. 3.9)
EU Industrial Sentiment (Sep 2023) -9.0 vs. Exp. -10.5 (Prev. -10.3)
EU Economic Sentiment (Sep 2023) 93.3 vs. Exp. 92.5 (Prev. 93.3)
EU Selling Price Expec (Sep 2023) 3.6 (Prev. 3.6)
EU Cons Infl Expec (Sep 2023) 12.0 (Prev. 9.0)

NOTABLE US HEADLINES

White House Economic Adviser Bernstein said the US economy faces headwinds from a possible shutdown, student debt restart, higher interest rates and the UAW strikes. Bernstein also commented that the US economy is expected to keep going in a pretty good way barring a policy mistake or exogenous shock, according to Reuters.
US Senate is to vote today at 16:30BST/11:30EDT on a motion to proceed with the “shell” bill to avoid a shutdown, according to Fox News’ Chad Pergram.
Click here for the US Early Morning Note.

GEOPOLITICS

North Korea convened the Supreme People’s Assembly and discussed an amendment to the constitution to stipulate the position of nuclear force in national defence, while it stated that it is important to accelerate the modernisation of nuclear weapons for strategic deterrence against the US. Furthermore, North Korean leader Kim called for reinforcing relations with countries that oppose US hegemony and said increasing production of nuclear weapons is an urgent task, according to KCNA.
US and Japan warned of China-tied hackers hiding in router software, according to Bloomberg. In relevant news, a US Senate staffer said 60,000 emails were stolen from the US State Department in the 2023 hack of Microsoft’s (MSFT) platform and Chinese hackers allegedly broke into ten US State Department accounts earlier this year.
Chinese Foreign Ministry said the third financial dialogue with Germany slated for Oct 1st, according to Reuters.
China’s Defence Ministry said Beijing is to hold regional security dialogue Xiangshan forum on Oct 29-31, according to Reuters.
China Defence Ministry on joint drill in Yellow Sea by the US and its allies said they conducted proactive military activities on China’s doorstep and China will not sit idly aside, according to Reuters.

CRYPTO

Bitcoin trades flat intraday around the USD 26,300 mark following yesterday’s choppy price action.

APAC TRADE

APAC stocks traded mixed following the indecisive performance in the US heading into month and quarter-end amid further upside in global yields and higher oil prices.
ASX 200 pared initial gains as strength in the commodity-related sectors was offset by the upside in yields and weakness in consumer stocks after retail sales missed forecasts.
Nikkei 225 underperformed after it slipped beneath the 32,000 level and amid mass ex-dividend day in Japan concerning over 1,400 companies.
Hang Seng and Shanghai Comp diverged amid headwinds in the property sector after the suspension of shares in Evergrande and some of its units, while the mainland was kept afloat after the PBoC’s liquidity injections ahead of the holiday closures and following China’s latest support pledges.

NOTABLE ASIA-PAC HEADLINES

PBoC set USD/CNY mid-point at 7.1798 vs exp. 7.3239 (prev. 7.1717)
HKEX announced shares of Evergrande (3333 HK), Evergrande Property Services (6666 HK) and Evergrande New Energy Vehicle (708 HK) have been suspended.
China’s cyberspace regulator has issued draft rules on promoting draft riles on promoting and regulating the cross-border flow of data; companies providing more than 1mln people’s personal information outside the country should safety assessment of data. Where data does not contain personal information or important data, there is no need to declare a security review assessment, according to Reuters.
Chinese FX Regulator expects the current account surplus to remain basically stable in H2 and said the cross-border two-way investment is expected to further stabilise and improve. The scale of FX reserves will remain basically stable. Will actively fend off and resolve external shock risks. Will strive to maintain the stability of FX markets and balance of payments.
Chinese Finance Ministry will exempt urban land use tax on land used for construction of affordable housing projects. Stamp duty for affordable housing management firms and buyers are exempted. Tax exemptions and cuts effective from October 1st, according to Reuters.

DATA RECAP

Australian Retail Sales MM (Aug F) 0.2% vs. Exp. 0.3% (Prev. 0.5%)
New Zealand ANZ Business Confidence (Sep) 1.5 (Prev. -3.7)
New Zealand ANZ Activity Outlook (Sep) 10.9 (Prev. 11.2)

2 c. ASIAN AFFAIRS

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/CHINA/RUSSIA

END

2e) JAPAN

JAPAN/CHINA

Japan’s Mitsubishi Motors is pulling out of China’s auto market because of poor sales

(zerohedge)

Mitsubishi Is Pulling Out Of China’s Auto Market

WEDNESDAY, SEP 27, 2023 – 08:00 PM

We have been writing over the last few months about increased competition in China’s EV market and (most recently) about intense EU scrutiny over Chinese subsidies, which the EU claims is mucking up its electric vehicle market by driving prices lower.

Now, one Japanese automaker is backing out of China altogether. Mitsubishi “has started final withdrawal talks with China’s Guangzhou Automobile Group”, its joint venture partner in China, according to Nikkei. The company has been suffering from “sluggish sales”, the report says, noting that other Japanese automakers are also reassessing their viability in the Asian country.

GAC Mitsubishi Motors has shuttered its manufacturing operations in Hunan province indefinitely, marking the end of Mitsubishi’s sole factory in China. GAC, which holds a 50% share in the joint venture, plans to repurpose the Hunan facility for electric vehicle (EV) production while aiming to retain some level of its workforce, the report says.

Mitsubishi Motors and Mitsubishi Corp., owning 30% and 20% stakes respectively, will pull their investments, although GAC Mitsubishi will continue to exist as a business entity.

Nikkei notes that in 2022, Mitsubishi’s car sales in China plummeted by 60% to 38,550 vehicles. An attempt to revive sales with the launch of the hybrid Outlander SUV last autumn failed to meet expectations. Mitsubishi now plans to reallocate resources to Southeast Asia and Oceania, areas responsible for about one-third of the company’s consolidated sales.

Meanwhile, the electric vehicle market in China is booming, with a report from the China Association of Automobile Manufacturers indicating an 80% surge in EV sales in 2022 to 5.36 million units. Mitsubishi has lagged in this segment, relying on GAC for EV supplies in China.

Competition from Chinese auto manufacturers is also intensifying. Data from research firm MarkLines shows that Chinese brands captured 50.7% of the passenger car market in 2022, an increase of 5.2 percentage points from the previous year. Japanese companies accounted for 18.3% of the market, a decline of 2.8 percentage points.

Nissan Motor’s president and CEO, Makoto Uchida, recently expressed concern over the challenging market conditions, citing unsustainable discounting practices and hinting at a potential reevaluation of Nissan’s joint ventures in China, according to the report.

Mitsubishi has had a long history in China, dating back to the 1970s when it began exporting commercial vehicles. It formed a joint venture with Soueast Motor that lasted from 2006 until 2021. GAC Mitsubishi Motors was established in 2012 and reached its zenith in 2018 with 140,000 vehicles sold.

It isn’t just Japanese automakers that the heat is getting turned up on in China. Recall yesterday we wrote that Tesla was part and parcel with the ongoing EU investigation into Chinese subsidies.

EU executive vice-president Valdis Dombrovskis said this week that there was “sufficient prima facie evidence” to support the probe, FT reported on Tuesday morning. We had previously written about the EU’s investigation and Beijing’s response via The Global Times.

In an interview this week, responding specifically to whether or not Tesla would be included in the investigation, Dombrovskis said: “Strictly speaking, it’s not limited only to Chinese brand electrical vehicles, it can be also other producers’ vehicles if they are receiving production-side subsidies.”

He said he was “constantly pressed by his Chinese counterparts about the probe” after a five day trip to China, FT wrote.

“The EU is now probably the largest market which is open for Chinese producers,” he commented, defending the investigation. He said that the EU was “open to competition” but that it “needs to be fair”.

end

3 CHINA /

CHINA/

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

Kremlin reacts to USA Mi Abrams tanks entering Ukraine: they will burn!

(zerohedge)

Kremlin Reacts To US M1 Abrams Tanks Entering Ukraine: “They Too Will Burn”

THURSDAY, SEP 28, 2023 – 02:45 AM

The Kremlin has responded to widespread reports from Ukraine that Kiev has received its first deliveries of American M1 Abrams battle tanks. Ukrainian officials have hailed that the tanks will help their forces punch through stalemated front lines.

Putin’s spokesman Dmitry Peskov said “they too will burn” – in reference to prior instances of Western tanks being taken out, such as German Leopards and UK Challenger 2 tanks.

“All this can in no way affect the essence of the special military operation, its outcome,” Peskov explained. “There is no panacea, no single weapon that can change the balance of power on the battlefield.”Image: US Army

Beginning this year, Washington had pledged 31 Abrams tanks to the Ukrainians. It’s believed the first ten were transferred to Ukrainian forces as of Saturday. More are expected this fall.

According to more from Peskov, via Reuters:

“Abrams tanks are serious weapons, but remember what the president said about other tanks made in another country,” Peskov said, referring to other Western tanks supplied to Kyiv, which include German-made Leopards and British Challengers.

The White House has also this month for the first time announced it will supply a “limited” amount of long-range ATACMS missile systems, with a range of up to 190 miles.

In early September, The Guardian wrote, “A battlefield video circulating on social media overnight appears to show the destruction of a British Challenger 2 in Ukraine, which would be the first time one of the tanks has been destroyed in combat,.”

UK media subsequently made it clear that up to that point no Challenger 2 tank had ever been lost in battle due to enemy forces since it entered production and was first deployed in 1994 (the exception was a friendly fire incident in Iraq in 2003).

Very controversially, the UK has been sending depleted uranium armor-piercing rounds to Kiev, in order to fire them from the Challenger II tanks. The UK Defense Ministry last spring admitted that it “does not monitor the locations from where DU rounds are fired by the AFU in Ukraine.”

end

UKRAINE/WAGNER/RUSSIA

Wagner fighters have returned to the Ukraine battlefield

(zerohedge)

Wagner Fighters Have Returned To Ukraine Battlefield: CNN

THURSDAY, SEP 28, 2023 – 12:05 PM

CNN has cited Ukrainian military sources to say that Wagner fighters have been redeployed to the battlefield in Ukraine, but this time under the Russian defense ministry.

Hundreds of Wagner fighters have reportedly appeared in the east, according to the Ukrainian sources. The last time the Ukrainians had seen them in significant numbers was after Wagner units had handed control of Bakhmut in the east over to the Russian regular armed forces.

But the following month, in June, Wagner staged a mutiny and short-lived armed “march on Moscow” – which resulted in several deaths among Russian soldiers. After the rebellion fizzled out and the group’s head Yevgeny Prigozhin agreed to peace, much of Wagner was exiled to Belarus.

Below is what a Ukrainian commander had to say on their reemergence:

On Wednesday, the Deputy Commander of Communications for Ukrainian troops in the East, Serhii Cherevatyi, said that the former Wagner fighters who had returned to Ukraine were now working for the Russian Ministry of Defense or its affiliated structures and had joined as individuals not as a unit.

“As of now, there are several hundred of them in our direction, on the Eastern Front, in different areas,” Cherevatyi told CNN.

But he sought to downplay the significance of their return, saying Russian forces in Ukraine “are short of everyone there now, so any man is good for them.”

Thus it appears that any returning Wagner fighters are now serving as regular troops, which President Putin had previously stipulated. In the summer he had offered that they either sign individual contracts with the defense ministry, or be exiled to Belarus.

According to a separate CNN source:

“Wagner is here too,” a drone operator with call-sign “Groove” told CNN’s Fred Pleitgen on the ground in eastern Ukraine on Tuesday. “They came back, they swiftly changed their commanders and returned here.”

However, Ukrainian sources have been seeking to emphasize Wagner is no longer a significant “threat” as it once was…

The process to disband and normalize Wagner was likely sped up in the wake of the August 23 death of Prigozhin and his entire senior leadership after their private plane went down outside Moscow while en route to St. Petersburg. It is believed that either a bomb was detonated, or it was shot down by an anti-aircraft missile.

Wagner’s fate as a large entity with financial interests across the globe is as yet uncertain. There’s speculation it may be absorbed into the Russian state, but at the same time it is clearly still very active in its Africa operations.

UKRAINE/RUSSIA

END

6.GLOBAL ISSUES AND VACCINE/COVID ISSUES

GLOBAL VACCINE/COVID ISSUES

Musk had vaccine injuries and will refuse another shot

(Ozimek/EpochTimes)

Musk Says COVID Shot “Almost Sent Me To Hospital”, Says He’d Go To Prison Before Firing Workers For Refusing Jab

WEDNESDAY, SEP 27, 2023 – 08:20 PM

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Elon Musk on Tuesday revealed that he took multiple COVID-19 vaccines so that he could travel during the period of intense pandemic restrictions and that after taking his third shot, he nearly ended up hospitalized.Elon Musk, founder and chief engineer of SpaceX, speaks at the 2020 Satellite Conference and Exhibition in Washington on March 9, 2020. (Win McNamee/Getty Images)

Mr. Musk made the remarks in a post on X that was part of a thread he started as a response to a warning by European Union (EU) officials that X has fallen squarely into the bloc’s censorship crosshairs for being found to be the top purveyor of so-called misinformation and disinformation.

“Have you heard dis information?” Mr. Musk captioned his original post, in a play on words that accompanied a video compilation of COVID-19 vaccine news headlines that began with bold initial claims early in the pandemic that the vaccines are “100 percent effective” before steadily dropping lower and lower.

“The mRNA COVID-19 vaccine was only 47% effective after 5 months?” reads one of the later headlines, followed by even more negative headlines like “Sweden, Denmark Halt Moderna’s Covid Shot for Younger People” and, finally, ones highlighting vaccine-maker profitability amid calls for seemingly endless boosters.

‘Messed Up’

Mr. Musk’s meme on waning vaccine efficacy drew a number of comments, including one by political journalist Ed Krassenstein, who raised objections.

“I think efficacy changes are a result of new strains and the vaccine immunity wearing off. It’s stupid anyone ever claimed it was 100% effective. No vaccine is 100% full-proof,” he wrote.

Mr. Musk replied by saying that he’s not against vaccines in principle, but that he opposes mandates forcing people to get the shot.

“My concern was more the outrageous demand that people *must* take the vaccine and multiple boosters to do anything at all. That was messed up,” Mr. Musk wrote.

He added that, until the U.S. Supreme Court invalidated President Joe Biden’s executive order imposing a vaccine-or-test mandate for large companies, his company SpaceX “and many other other companies would have been forced to fire anyone who refused to get vaccinated!”

“We would not have done so. I would rather go to prison than fire good people who didn’t want to be jabbed,” Mr. Musk continued.

Mr. Musk also revealed that he got COVID-19 and experienced “mild cold symptoms” but took vaccines repeatedly for travel.

“The third shot almost sent me to hospital,” Mr. Musk said.

“How many other people out there have symptoms that are actually from the vaccine or Covid treatment, rather than Covid itself?” he asked.

There’s a growing body of data suggesting that COVID-19 vaccine side effects are more serious than previously claimed.

Mr. Musk qualified his remarks by saying he’s not against vaccines as a matter of principle.

“It’s not like I don’t believe in vaccines—I do. However, the cure cannot be potentially worse than the disease,” he said.

“Public debate over efficacy should not be shut down,” Mr. Musk continued.

Mr. Musk added that he believes “there is also great potential for curing many diseases using synthetic mRNA, so let’s not throw the baby out with the bath water.”

The X chief’s post garnered a series of reactions, including a humorous one by the Joe Biden Press Release (Parody) account, which features a photo of a smiling President Joe Biden saying: “I promise you’ll be safe after the 42nd booster.”

“Just be sure to triple mask, Elon,” the account added.

Meanwhile, in Brussels, EU officials took Mr. Musk and X into their censorship crosshairs.

‘We Will Be Watching’

A senior European Union official on Sept. 26 accused X of being the top purveyor of disinformation and issued a veiled threat, prompting Mr. Musk to push back by posting the meme highlighting waning vaccine effectiveness and sparking online debate.

At a press conference on Tuesday, the EU’s top commissar on disinformation—European Commission (EC) Vice President Vera Jourova—singled out X as being “the platform with the largest ratio of mis- or disinformation posts.”

Unlike competitors like Facebook and Google, Mr. Musk’s X has refused to participate in the European Union’s (EU) voluntary anti-disinformation effort called the 2022 Code of Practice on Disinformation.

While the code is supposedly nonbinding, companies that take part can ease some of their compliance requirements under the EU’s Digital Services Act, which kicked in at the end of August and is mandatory for the biggest tech platforms with over 45 million users in the EU—including X.

After earlier reprimanding Mr. Musk and X for lacking the appetite to self-censor and not taking the EU’s fight against “disinformation” seriously, the EU ramped up its rhetoric on Sept. 26, the day that social media companies like Facebook and Google—but not X—published reports on compliance with the bloc’s new “disinformation” code.

“Mr. Musk knows that he is not off the hook by leaving the code of practice because now we have the Digital Services Act fully enforced,” Ms. Jourova said. “So my message for Twitter is you have to comply with the hard law and we will be watching what you are doing.”

While X quite the voluntary code in May, it counts as a “very large online platform” under the mandatory Digital Services Act (DSA) and so is subject to stricter content rules.

Ms. Jourova reminded Mr. Musk of the fact that the EU has enforcement tools to pressure the platform into compliance with its content laws.

She made the remarks while providing an update on the 27-nation EU’s 2022 Code of Practice on Disinformation, which companies like Google, TikTok, and Facebook parent Meta signed up for—but which Mr. Musk’s X has snubbed.

Some examples from the reports include Google indicating that it prevented around $33 million in advertising dollars from going to “disinformation actors” and Meta slapped over 40 million pieces of content with factchecking labels.

The new Digital Services Act rules apply to 19 “very large” digital platforms (such as social media networks, websites, and online retailers) with at least 45 million active users in the EU.

The 19 platforms that fall under the umbrella of the new rules are: Alibaba AliExpress, Amazon Store, Apple AppStore, Bing, Booking.com, Facebook, Instagram, Google Maps, Google Play, Google Search, Google Shopping, LinkedIn, Pinterest, Snapchat, TikTok, X, Wikipedia, YouTube, and Zalando.

end

GLOBAL ISSUES//

end

DR PAUL ALEXANDER.

Do you want to know what FAUCI the lilliputian did? You sure right we want to know, sure damn right! Berenson’s substack has some nuggets that are troubling! ‘Why and how did Tony Fauci secretly try

to steer the CIA investigation on the origins of Sars-Cov-2? Inquiring minds want to know. I want to know. More importantly, Congress’s Select Subcommittee on the Coronavirus Pandemic wants to know

DR. PAUL ALEXANDERSEP 28

READ IN APP

Unreported Truths

Why and how did Tony Fauci secretly try to steer the CIA investigation on the origins of Sars-Cov-2?

Dr. Anthony Fauci made at least one secret visit to the Central Intelligence Agency’s headquarters in McLean, Virginia to “influence” the agency as it tried to figure out if Sars-Cov-2 had leaked from a Chinese lab. That bombshell allegation came yesterday from the Congressional subcommittee examining the origins of and response to the coronavirus pandem…

10 hours ago · 126 likes · 22 comments · Alex Berenson

‘Dr. Anthony Fauci made at least one secret visit to the Central Intelligence Agency’s headquarters in McLean, Virginia to “influence” the agency as it tried to figure out if Sars-Cov-2 had leaked from a Chinese lab.

That bombshell allegation came yesterday from the Congressional subcommittee examining the origins of and response to the coronavirus pandemic.

end

BREAKING: we told them this & we were censored & smeared- e.g. Drs. N Wolf, P McCullough, J Thorp, P Alexander et al. now the research is clear: ‘COVID vaccines linked to unexpected vaginal bleeding’

risk of unexpected vaginal bleeding (i.e., postmenopausal bleeding) in the 4 weeks after COVID-19 vaccination was increased two- to threefold, compared to a prevaccination period.

DR. PAUL ALEXANDERSEP 28

READ IN APP

SLAY NEWS

The latest reports from Slay News

Biden FDA Vaccine Adviser Refuses Latest Shot, Raises Alarm over Heart Failure Spike A top vaccine adviser in Democrat President Joe Biden’s administration has refused to take the latest Covid shot and raised the alarm about the long-term effects of the mRNA injections.READ MORE

Ohio Authorities Issue Alert over ‘Extraordinary Surge’ in Missing Children as 1000 Kids Disappear in 1 Year Authorities in Ohio have issued an alert to the public after receiving an “extraordinary surge” in reports of missing children in the state.READ MORE

95-Year-Old Korean War Veteran Kicked to Curb to Make Way for Biden’s Illegal Border Crossers in NYC Democrat President Joe Biden’s border crisis is now costing a 95-year-old Korean War veteran a place to live.READ MORE

Gavin Newsom Doubles Gun Taxes in California, Imposes Second Amendment Restrictions California’s Democrat Governor Gavin Newsom has just doubled taxes on gun sales and imposed new limits on Americans’ Second Amendment rights in the state.READ MORE

Hillary Clinton’s New State Department Portrait Triggers Backlash: ‘You Should Be in Jail’The State Department’s unveiling of a new official portrait of Hillary Clinton has triggered a backlash from angry social media users.READ MORE

Criminals Loot Philadelphia Stores after Police Officer’s Murder Charges Dropped Gangs of brazen criminals looted and ransacked several stores in Philadelphia after murder charges against a police officer were dropped in a case related to a fatal shooting.READ MORE

Elon Musk to Visit Eagle Pass to Assess ‘Severe’ Border Crisis Tech entrepreneur Elon Musk has revealed that he plans to visit Eagle Pass, Texas to assess the “severe” crisis of illegal crossings at the Southern Border.READ MORE

Trump Vows to Investigate ‘Corrupt’ NBC News for ‘Country-Threatening Treason’President Donald Trump has vowed to investigate NBC News over its “dishonest and corrupt” news coverage and analysis once he’s re-elected for a second term.READ MORE

Biden Slips While Exiting Air Force One, Nearly Tumbles Down Steps Democrat President Joe Biden almost created another humiliating viral video as he struggled to exit Air Force One in Michigan Tuesday.READ MORE

Sen Menendez Doomed as over a Dozen Senate Democrats Demand Resignation amid Corruption Charges Sen. Bob Menendez’s (D-NJ) career in the Senate may finally be over after over a dozen of his fellow Democrat senators have now demanded his resignation.READ MORE

Bill Maher Says ‘Ruth Bader Biden’ Will Lose to Trump: ‘He Cannot Run for President’Democrat strategist James Carville blasted the left wing of the Democratic Party while appearing on Bill Maher’s “Club Random” podcast Sunday.READ MORE

Transgender Daycare Worker Jailed for Abusing ‘Toddler and Preschool-Aged Children’A San Francisco transgender daycare worker has been sentenced to 25 years in prison after she was caught abusing “toddler and preschool-aged children.”NEWS ADDICTS:

LATEST REPORTS FOR NEWS JUNKIES

Bill Gates Abandons ‘Climate Crisis’ Agenda, Admits Narrative Is a Hoax Microsoft co-founder Bill Gates has made a surprising U-turn regarding the globalist green agenda by suddenly admitting that the “climate crisis” narrative is a hoax.READ THE FULL REPORT

WEF Drug Causing Covid to ‘Mutate & Spread,’ Scientists Warn A popular antiviral drug developed by a major World Economic Forum-linked pharmaceutical company to treat Covid has been found to mutate the virus and cause it to spread rapidly, a new study has revealed.READ THE FULL REPORT

‘Bombshell’: Bank Records Show Chinese Payments Were Sent to Joe Biden’s Address President Joe Biden’s home was used as the beneficiary address for the receipt of illicit payments from Chinese businessmen, a blockbuster new report finds. Hunter Biden received wire transfers totaling more than $250,000 from Chinese business partners in the summer of 2019, with the beneficiary address listed as the Delaware residence of Joe Biden, according to information obtained by a …READ THE FULL REPORT

Hunter Biden Received $250K from Chinese Business Partners in 2019, Home of Joe Biden listed as Beneficiary Address The House Oversight Committee shared with Fox News Digital that Hunter Biden received $250,000 in wire transfers from the CEO of BHR Partners CEO Johnathan Li.READ THE FULL REPORT

Sen. Majority Leader Schumer Announces Bi-Partisan ‘Stopgap Bill’ with Ukraine Funding Senate Majority Leader Chuck Schumer (D-NY) announced that Senate Democrats and Republicans collaborated throughout the weekend to craft a stopgap bill. On Tuesday, they reached an agreement, which Schumer hailed as a “commendable, pragmatic, and bipartisan measure.” In a speech delivered on the Senate floor on Tuesday afternoon, Schumer emphasized that this bipartisan Continuing Resolution (CR) is a temporary fix, …READ THE FULL REPORT

EVOL NEWS

Zero bail set to take effect Sunday in LA County, but concerns lingerREAD MORE… LATEST NEWS:WEF Drug Causing Covid to ‘Mutate & Spread,’ Scientists WarnRead more…Senate moves shutdown-prevention plan that’s ‘not gonna happen’ in HouseRead more…Sen Menendez Doomed as over a Dozen Senate Democrats Demand Resignation amid Corruption ChargesRead more…White-Owned Businesses File Civil Rights Lawsuit Against Houston Over Racial DiscriminationRead more…Former NASCAR Driver Launches Bid For Congressional SeatRead more…Senate Advances Funding Stopgap to Avoid Government ShutdownRead more…Hunter Biden Received $250K from Chinese Business Partners in 2019, Home of Joe Biden listed as Beneficiary AddressRead more…‘Bombshell’: Bank Records Show Chinese Payments Were Sent to Joe Biden’s AddressRead more…

END

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

CANADA/

END

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

EURO VS USA DOLLAR: 1.0539 UP 0.0034

USA/ YEN 149.27 DOWN .216 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2207 UP 0.0072

USA/CAN DOLLAR: 1.3479 DOWN .0021 (CDN DOLLAR DOWN 21 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 3.16 PTS OR 0.10%

Hang Seng CLOSED DOWN 238.84 PTS OR 1.36%

AUSTRALIA CLOSED DOWN 0.10% // EUROPEAN BOURSE: MOSTLY GREEN EXCEPT LONDON

Trading from Europe and ASIA

I) EUROPEAN BOURSES: MOSTLY GREEN EXCEPT LONDON

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 238.84 PTS OR 1.36%

/SHANGHAI CLOSED UP 3.16 PTS OR 0.10%

AUSTRALIA BOURSE CLOSED DOWN 0.10%

(Nikkei (Japan) CLOSED DOWN 499.38 PTS OR 1.54%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1877.00

silver:$22.59

USA dollar index early THURSDAY morning: 106.05 DOWN 31 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.726% UP 14 in basis point(s) yield

JAPANESE BOND YIELD: +0.754% UP 3 AND 2//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 4.071 UP 17 in basis points yield

ITALIAN 10 YR BOND YIELD 4.928 UP 17 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.9725 UP 17 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.0562 UP 0.0057 or 57 basis points

USA/Japan: 149.27 DOWN .223 OR YEN UP 22 basis points/

Great Britain/USA 1.2200 UP 0.0065 OR 65 BASIS POINTS //

Canadian dollar UP .0011 OR 11 BASIS pts to 1.3491

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.3015

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2988)

TURKISH LIRA: 27.42 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.754…VERY DANGEROUS

Your closing 10 yr US bond yield UP 2 in basis points from WEDNESDAY at 4.654% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.768 UP 4 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 5.108 DOWN 3 BASIS PTS.

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

London: CLOSED UP 8.63 POINTS or 0.11%

German Dax : CLOSED UP 106.05 PTS OR 0.70%

Paris CAC CLOSED UP 44.45 PTS OR 0.63%

Spain IBEX UP 94.90 PTS OR 1.12%

Italian MIB: CLOSED UP 150.73 PTS OR 0.54%

WTI Oil price 92,97 12: EST

Brent Oil: 95,93 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 96.97; ROUBLE DOWN 0 AND 7//100

GERMAN 10 YR BOND YIELD; +2.9725 UP 14 BASIS PTS

UK 10 YR YIELD: 4.5895 UP 23 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0556 UP 0.0051 OR 51 BASIS POINTS

British Pound: 1.2195 UP .0060 or 60 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.5310% UP 16 BASIS PTS//

JAPAN 10 YR YIELD: .749%

USA dollar vs Japanese Yen: 149.31 DOWN .190 //YEN UP 19 BASIS PTS//

USA dollar vs Canadian dollar: 1.3500 DOWN .0000 CDN dollar UP 0 basis pts)

West Texas intermediate oil: 91.71

Brent OIL: 95.16

USA 10 yr bond yield DOWN 4 BASIS pts to 4.592%

USA 30 yr bond yield DOWN 2 BASIS PTS to 4.712%

USA 2 YR BOND: DOWN 7 PTS AT 5.069 %

USA dollar index: 105.93 DOWN 44 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 27.41 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 96.80 DOWN 0 AND 11/100 roubles

GOLD 1865.90

SILVER: 22.60

DOW JONES INDUSTRIAL AVERAGE: UP 116,07 PTS OR 0.35%

NASDAQ DOWN 122.61 PTS OR 0.84%

VOLATILITY INDEX: 7.42 DOWN 0.80 PTS (4.39)%

GLD: $173.23 DOWN 0.87 OR 0.50%

SLV/ $20.74 UP 0.04 OR 0.19%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

Massive Short-Squeeze Lifts Stocks; Bitcoin Jumps As Bullion & Black Gold Dumped

THURSDAY, SEP 28, 2023 – 04:00 PM

Inflation tumbling in Europe (German CPI), the American consumer hitting a wall (PCE), and the US housing market collapsing (pending home sales) were enough to actually – for once – drag Treasury yields lower on the day… and as yields decline so a bearish-sentiment-soaked equity market melted up to start the day.

‘Hard’ data keeps sliding (lowest since May) but ‘hope’ remains alive thanks to ‘soft’ survey data…

Source: Bloomberg

An initial spike in yields on the headline GDP revision data quickly reversed (led by the short-end) as ‘humans’ read the report. By the close, 2Y yields were down 7bps and the long-bond down 1bp…

Source: Bloomberg

Which steepened the yield curve (2s30s) to its least inverted since May (steepening for the 5th day in the last 6)…

Source: Bloomberg

Of course, lower yields supported stocks (especially with such a dramatically bearish sentiment embedded) and ‘most shorted’ stocks were immediately aggressively squeezed and ripped almost 4% higher (remember negative gamma swings both ways)

Source: Bloomberg

And that lifted all the majors higher, led by Small Caps and Nasdaq. The Dow lagged on the day (lowest duration) but ended green on the day…

VIX slipped back further near 17.00…

As yields declined, so the dollar slipped lower…

Source: Bloomberg

And as the dollar dropped, bitcoin popped, ramping back above $27,000…

Source: Bloomberg

But Gold legged lower again, back near the pre-SVB spike lows in March…

Source: Bloomberg

And so did crude oil, with WTI back below $92 (after tagging $95 overnight)…

Finally, despite the recent decline4 in stocks, there remains a long-way-down to reconnect equity markets to the significant tightening in financial conditions…

Source: Bloomberg

So how will that reconnect? Equity market re-rating lower or a recession-signal rushing through the long-end of the curve, dragging yields lower (but, wait, that’s not good for stocks either?)

TUCKER CARLSON..

“The American People Know The Fix Is In” – O’Reilly Warns Carlson “We Are In The Age Of Disorder Now”

THURSDAY, SEP 28, 2023 – 10:55 AM

“We’re in the age of disorder.”

Outspoken conservative media personality Bill O’Reilly joined Tucker Carlson (the man who replaced him in his primetime Fox News slot) for a wide-ranging discussion of the dismal state of the world, and why progressive politicians are to blame.

“America has entered the age of disorder, and it’s because of the progressive movement,” O’Reilly lamented.

The former Fox News anchor lays out how this has occurred:

“President Biden, in my opinion, is diminished mentally, doesn’t know what he’s really doing from day-to-day. You can see that in his public statements,” O’Reilly remarked, adding that “the progressives like that, because the people who control him inside the White House can tell him anything, and he’ll do it.”

O’Reilly said that Ron Klain and Susan Rice were the original string-pullers, but since their departure from The White House, their assistants took their place “basically telling Joe what to do and say.”

He argued that Biden has harkened in an “age of disorder” which has resulted in the emergence of Black Lives Matter, higher taxes, lax crime laws, and progressive indoctrination of children at young ages.

“The more money you take from people, the less power they have, and the progressives want to run everything, including telling your children what to think when they’re five years old,” O’Reilly said.

“And most Americans don’t get it, because the press is working with the progressive movement and suppresses all this.”

However, O’Reilly notes that, given the constant overwhelming bias evident in the Biden admin’s judicial actions, it is becoming too hard for media to suppress the reality of political persecution:

“The American people understand what this is… they understand that the documents in Mar A Lago basement parallel the documents in Joe Biden’s garage. Yes it’s the same thing, but one guy gets raided and charged and the other guy,” remains under an opaque investigation.

“Does it really take nine months to figure out why Joe Biden illegally – because he was vice president had no right to take anything – had documents in his garage? Does it take nine months to do that? No. Has Joe Biden been interviewed? No.”

“So,” O’Reilly concludes, “the American people know the fix is in now.”

And “Trump can stop the age of disorder.”

Of course, the conversation between the two could not avoid the topic of ‘being fired from Fox News’ with O’Reilly reflecting on his 2017 removal (amid sexual harassments claims): “I understood what most television news people don’t – that you are expendable.” The two candidly remarked on the fact that regardless of one’s reputation or history, all television figures are ultimately replaceable.

Watch the full interview below:

https://www.zerohedge.com/markets/american-people-know-fix-oreilly-warns-carlson-we-are-age-disorder-now

end

II USA DATA

Do not put any faith in this data as it is probably corrupt

(zerohedge)

Initial Jobless Claims Drops To 12-Month Lows

THURSDAY, SEP 28, 2023 – 08:42 AM

Initial jobless claims hovered just above 200k (204k to be exact) for the second week in a row (well below the 215k exp) but the non-seasonally-adjusted claims data printed at 175 – its lowest since Sept 2022…

Source: Bloomberg

The distortions in initial claims – from Ohio fraud to Minnesota extensions – appear to have largely been ‘fixed’…

Source: Bloomberg

Though we note that Ohio saw claims jump significantly, only outdone by California…

Continuing claims remain well below 1.7mm…

Source: Bloomberg

Finally, we wonder just what is going on with the claims data when The Conference Board survey is signaling the labor market is worsening significantly and financial conditions are tightening aggressively…

Source: Bloomberg

When will this data be ‘free’ to reflect reality?

end

this is huge: a muss 9 sigma miss on personal consumption from revisions in GDP numbers. Remember that consumption is 70% of GDP.

The USA economy is in a big mess!

(zerohedge)

“9-Sigma Miss”: Personal Consumption “Unexpectedly” Collapses In Latest GDP Revision

THURSDAY, SEP 28, 2023 – 09:13 AM

Traditionally, the second revision to GDP data (which comes three months after the end of a given quarter) is a boring, subdued affair… except for once every five years when alongside the latest data revisions, the BEA (the B usually stands for Bureau but in this case it may as well stand for Biden’s) also publishes a wholesale revision of all GDP going back some two decades. Today was one of those time, and boy was it a doozy.

As we warned one week ago in “Ignore The Hawkish Fed: Not Only Is GDP About To Tumble, Next Week It Will Be Revised Sharply Lower“, moments ago the Bureau of Economic Analysis published Q2 GDP data which – at least at the headline level – was largely in line with previous numbers and expectations, printing at 2.1%, the same as the previous revised estimate published in August and just below the consensus estimate of 2.2% (range 2% to 2.5% from 54 economists).

So were we wrong? Not really, because while the headline GDP number was as expected, the most important component to US GDP, personal consumption was nowhere near as expected. In fact, printing at 0.8%, down 80% from 3.8% in Q1, it was a downright disaster.

As shown in the chart below, Personal Consumption was expected to print unchanged from the 1st revision to Q2 GDP at 1.7%. Instead, it came in less than half at 0.8%, a 9-sigma miss to expectations!

Furthermore, at a sharply downward revised print, the Q2 GDP consumption was not only the first sub-1% print since September 2020, it was the lowest consumption going back to the covid quarter, Q2 2020.

Confirming this, the BEA coyly put it as follows:

The update from the “second” estimate primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to business investment, exports, and inventory investment. Imports were revised down.

Of course, when it comes to the US economy which is 70% spending-driven, all that matters is consumer spending, and the sudden collapse there confirms what we have been saying: the US is about to careen into economic contraction once the various factors that will slam Q4 GDP come into play including:

the resumption of student loan payments, which will subtract (at least) 0.5% (and likely much more) from quarterly annualized GDP growth
the federal government shutdown, which will reduce quarterly annualized growth by around 0.2% for each week it lasts
reduced auto production from the ongoing UAW strike which will reduce quarterly annualized growth by 0.05-0.10% for each week it lasts.

Taking a closer look at the components of Q2 GDP we get the following picture, courtesy of the highly politicized BEA which waited two months after the end of the quarter to tell us that the state of the US consumer was less than half as strong as expected:

The increase in business investment reflected increases in structures, equipment, and intellectual property products.
The increase in consumer spending reflected increases in both services (led by health care, as well as financial services and insurance) and goods (led by recreational goods and vehicles, as well as gasoline and other energy goods).
The increase in state and local government spending reflected increases in investment in structures and compensation of state and local government employees.
The decrease in exports reflected a decrease in goods (led by industrial supplies and materials; consumer goods, except food and automotive; and foods, feeds, and beverages) that was partly offset by an increase in services (led by travel).

While it is largely irrelevant since all the historical data was also revised, compared to the first quarter, the deceleration in GDP in the second quarter primarily reflected a deceleration in consumer spending, a downturn in exports, and a deceleration in federal government spending. These movements were partly offset by an upturn in inventory investment, an acceleration in business investment, and a smaller decrease in housing investment. Imports turned down.

Quantifying the changes in Q2, we get the following picture:

Personal Consumption contribution to the change in GDP was just 0.55%, down more than half from 1.14% in the last revision, and down massively from 2.54% in Q1
Fixed investment was where the BEA plugged the consumption hole, and despite continued cuts in CapEx, fixed investment magically boosted Q2 GDP by 0.9%, up from 0.66% in the previous revision,
The change in Private Inventories was exactly 0.00%, almost as if it was fat fingered, although considering it was -0.09% in the previous revision, it’s somewhat credible.
Net Exports were also used by the BEA to incredulously boost GDP because somehow, despite the soaring dollar, net exports contributed 0.04% to the bottom line GDP number (exports -1.09% vs imports 1.13%), up from a -0.22% detraction previously. How this is possible, again, with the dollar surging is anyone’s guess.
Finally, government consumption was largely unchanged from the previous estimate, and at 0.57% it contributed just over a quarter to the bottom line GDP print of 2.06%.

Of far lower importance was the latest price data, which showed a headline GDP price index of 1.7%, down from 2.0% in the previous revision. Excluding food and energy, the PCE “core” price index increased 3.7%, unchanged from the last revision and in line with expectations, after increasing 5.0 percent.

Finally, looking at corporate profits, the BEA reported that profits increased 0.2 percent at a quarterly rate in the second quarter after decreasing 2.6% in the first quarter; this was the first positive quarter since Q3.

Profits of domestic financial corporations decreased 10.9 percent after increasing 3.6 percent.
Profits of domestic nonfinancial corporations increased 1.8 percent after decreasing 4.1 percent.
Profits from the rest of the world (net) increased 4.5 percent after decreasing 1.6 percent.

Corporate profits decreased 2.7 percent from the second quarter one year ago

Finally, as a reminder, here is the main reason why today’s GDP report actually matters:

Comprehensive Update of the National Economic Accounts

Today’s release presents results from the comprehensive update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised statistics for GDP, GDP by industry, GDI, and their major components. Current-dollar measures of GDP and related components are revised from the first quarter of 2013 through the first quarter of 2023. GDI and selected income components are revised from the first quarter of 1979 through the first quarter of 2023.

We will now take a closer look at the various GDP revisions and share the data in a subsequent post.

end

Bidenomics understands fully the game of revisions

(zerohedge)

You Will Never Guess What Happened To “The Strong US Consumer” After Today’s Huge GDP Revisions

THURSDAY, SEP 28, 2023 – 12:45 PM

It has become a running joke: the “strong” Bidenomics economy comes with an expiration date, as it is only “strong” for about a month, at which point the initial “strength” is downgraded, and the data is revised sharply lower.

That has certainly been the case with US labor data, where as we first reported last month, every single monthly payrolls print in 2023 has been revised lower (see chart below), a 12-sigma probability and virtually impossible unless there was political pressure to massage the data higher initially and then revise it lower when nobody is looking.

But the BLS is not done: as we reported last week, besides the now traditional one-month lookback revisions the ridiculously high monthly payrolls prints accumulated over the past year will also be slowly but surely revised gradually lower at annual benchmark revisions for years to come. As Morgan Stanley chief US economist Ellen Zentner explained (full note available to pro subscribers)…

Payrolls get revised too, and we expect a downward revision. Payrolls have an annual benchmark revision that is published in February each year. The revision adjusts the level of payrolls through March of the prior year. For example, a new revision will be published in Feb-24, adjusting payroll levels from April-22 to Mar-23. And a preliminary estimation of the upcoming revision points to a decrease in payroll YoY% growth rates of -0.2pp.

But while downward payroll revisions under Bidenomics are as certain as death and taxes, what we wanted to discuss here are the just as striking downward revisions to US consumption which hit this morning alongside the comprehensive once every-five-years historical revisions to GDP. As a reminder:

Today’s release presents results from the comprehensive update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised statistics for GDP, GDP by industry, GDI, and their major components. Current-dollar measures of GDP and related components are revised from the first quarter of 2013 through the first quarter of 2023. GDI and selected income components are revised from the first quarter of 1979 through the first quarter of 2023.

Earlier today we already noted the disaster that was Q2 Personal Consumption: instead of the 1.7% unchanged print from the second estimate of Q2 GDP, the final number was a dire 0.8%, a 9-sigma miss to estimates…

… and the worst quarterly increase since the Covid collapse in Q2 2020.

But what about other historical data? After all today’s revision impacted all data from Q1 2013? Therein, as the bard says, lies the rub.

Let’s start with personal consumption, and compare the latest post-revision current data (link) with the most comprehensive pre-revision data as of last month (link). It should come as no surprise to anyone that with the (slight) exception of just Q4 2022, personal consumption in every single quarter since the start of 2022 – when the Fed aggressively started tightening and hiked rates by the most since Volcker – has been revised lower, and in some cases dramatically so.

Bloomberg also picks up on the GDP revision and looking at revisions to the historical data, writes that “the pandemic contraction is seen as being a bit less severe than previously thought: GDP is now reckoned to have dropped at a 28% annual clip in the second quarter of 2020, instead by 29.9%, as the government shut down swathes of the economy to fight the spread of the virus. But the recovery since then has been somewhat slower, according to the update. Growth last year was revised to 1.9% from 2.1%.” And of all GDP components, consumption was the weakest.

So not only was the Fed hiking at a time when personal consumption would grow much less period to period than previously expected, but the US economy was generally weaker than previously expected (as discussed here).

There’s more.

When looking at the composition of the US household’s income statement – the summary of economic accounts – we find just what we had expected: US savings were in fact far lower than previously expected.

In the latest negative revision, US households saved $1.1 trillion less than previously thought over the past six years…

… and indeed as the BEA chart below shows, Americans stashed away an average 8.3% of their disposable income annually from 2017 through 2022, down from a previously estimated 9.4%.

The reduction stems from an accounting adjustment that lowered personal income from mutual funds and real estate investment trusts. Additionally, as Bloomberg notes, much of the reduction in personal savings seen in the revised data occurred prior to the pandemic, so its implications for how much extra cash Americans may feel they still have now is not clear cut.

Whatever the reason for the statistical adjustment, however, one can say goodbye to even the faintest speculation that US households have any excess savings left… why they don’t, of course, because even when using the previous methodology which artificially inflated total savings, JPM calculated that excess savings had already run out…

… which means that if Q3 GDP was bad and consumption was “revised” sharply lower (odd how economic data is never revised higher under Joe BIden), Q4 – when savings are virtually non-existant – and where we also get the i) return of student loan payments; ii) the UAW strike; iii) the government shutdown and iv) oil at almost $100 and gasoline at one year highs, is about to fall off a cliff.

END

More hard data: pending home sales plummet in August……the lowest on record

(zerohedge)

Pending Home Sales Puked In August To The Lowest On Record

THURSDAY, SEP 28, 2023 – 10:08 AM

With existing home sales at their lowest since 2010 and new home sales finally hitting the wall, pending home sales were expected to decline MoM in August after an uptick in July (amid soaring mortgage rates and plunging affordability) and they did…bigly.

Pending home sales plunged 7.1% MoM in August (dramatically worse than the -1.0% expected) dragging sales down 18.8% YoY…

Source: Bloomberg

That is the biggest MoM decline since Sept 2022 and drops the overall index to exactly equal to its COVID-lockdown lows (the worst on record)

Source: Bloomberg

All regions saw declines in August. Contract signings in the South fell to the lowest level since 2010, while the West posted the weakest reading in data back to 2001.

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

“Some would-be home buyers are taking a pause and readjusting their expectations,” Lawrence Yun, NAR’s chief economist, said in a statement.

“It’s clear that increased housing inventory and better interest rates are essential to revive the housing market.”

And given where mortgage rates have gone since, pending home sales don’t look like bouncing back any time soon…

Source: Bloomberg

How long with Powell and his pals be able to keep this ‘higher for longer’ stress up as Americans’ largest source of wealth evaporates?

end

III) USA ECONOMIC STORIES

UAW

Nowhere near an agreement

(zerohedge)

UAW Boss Set To Announce ‘Expanded Strikes’ At Detroit Automakers If No Progress Made By Friday

THURSDAY, SEP 28, 2023 – 07:45 AM

United Auto Workers President Shawn Fain plans to announce expanded strikes Friday morning if talks with Detroit’s legacy automakers do not make significant progress on a new four-year labor deal, reported Reuters, citing a person familiar with the matter.

The new UAW-imposed deadline follows a week after the union declared its intention to broaden its initial strikes on Sept. 15 at the assembly facilities of General Motors Co., Stellantis NV, and Ford Motor Co. to include 38 more parts and distribution centers for GM and Stellantis. However, UAW has decided not to expand strikes at Ford over positive talks.

On Wednesday, UAW’s Facebook page posted a Facebook Live event slated for Friday at 1000 ET. The union calls it a “stand-up announcement.'”

“If Fain triggers walkouts at more plants starting at noon (1600 GMT) on Friday, the UAW is expected to continue work stoppages currently underway until a new contract is ratified,” the source said.

In a separate report, a source told Bloomberg that union representatives met with GM negotiators on Wednesday evening, though no immediate meetings with Ford or Stellantis were planned.

“The union’s strike strategy is to remain flexible and respond to what is happening at the bargaining table,” the person said. When asked whether Ford would be included in the next round of strikes, the person said: ‘Everything is on the table.’

As of Wednesday, the strike involves 18,300 workers or about 12% of UAW’s 146,000 members whose labor contracts expired two weeks ago (Sept. 14).

UAW boss Fain has yet to budge from 40% pay hike demand over a new four-year contract, while automakers are around 20%. A Deutsche Bank note breaks down just how far apart the union and automakers are from striking an imminent deal.

On Tuesday, President Biden joined Fain on the picket lines in Michigan. When a reporter asked the president: “Mr. President, should the UAW get a 40% [pay] increase?” He responded: “Yes.”

It’s unprecedented for the president to walk the picket line. Presidents historically avoid strikes and usually act as mediators.

On Wednesday night, former President Trump was in Michigan, pitching to autoworkers he would terminate Biden’s EV mandate.

… and why would Trump do that? Well, as explained in a Detroit Free Press opinion piece by Mike Rogers, a Republican candidate for Michigan’s open US Senate seat, Biden’s EV push “will kill Michigan jobs”:

With the UAW strike expanding against the Big 3 automakers, it’s clear we are at a critical point that will determine the future path of our state’s most important economic sector. Not only are the futures of General Motors, Ford and Stellantis at risk, along with countless Michigan-based suppliers that help uphold the industry, our national security is put into question as well.

There is a lot on the line as Biden Administration red tape forces auto companies to transition to electric vehicles. What does this mean for workers? Estimates show that over 175,000 people in Michigan are employed directly for auto companies or parts suppliers, and since building electric vehicles requires at least 30% less labor, that could mean tens of thousands of good paying manufacturing jobs here in Michigan could be eliminated.

The stated goal of the Biden administration is reducing greenhouse gas emissions to fight climate change. The problem is their solution to accomplish this goal is misguided, will eliminate jobs that drive our economy, and the biggest beneficiary won’t be the climate, it will be China.

The next round of strikes could affect the production of large trucks and SUVs. One estimate by Morgan Stanley’s auto strategist, Adam Jonas, shows automakers stand to lose around $250 million in profits per day.

end

UAW Reportedly Lowers Pay Hike Demand To 30% After Biden Joined Picket Line

THURSDAY, SEP 28, 2023 – 11:05 AM

Update (1105ET):

The United Auto Workers’ pay hike demand of 40% over a new four-year contract with Detroit’s three major automakers has ‘bit the dust.’ That’s according to Bloomberg, citing a person familiar with the talks. The figure now stands at 30%, but still far apart from Ford Motor Co., General Motors Co., and Stellantis NV’s proposed offers of around 20%.

“It takes into account a cost-of-living allowance, or COLA, and a general wage increase,” the people said, adding it will generate interest from non-unionized auto workers and help increase the union’s membership base.

Bloomberg noted, “Ford has already offered a 20% pay increase, plus COLA payments on top of it. The UAW also had lowered its demand for pay raises to 36%. If the COLA formula gives workers additional raises, it represents a smaller gap between the two sides on pay.”

President Biden might be the ‘touch of death’ for the union as he joined the picket line on Tuesday, echoing UAW Boss Shawn Fain’s demands of 40%.

Even at 30%, there’s still a big spread between the union’s demands and automakers.

As noted earlier, if Fain doesn’t feel talks with automakers are progressing, he will call for broader strikes on Friday.

end

UAW

UAW Action Expands Beyond Big 3: Volvo-Owned Mack Truck Workers Vote To Strike

THURSDAY, SEP 28, 2023 – 12:20 PM

Update (1220ET):

United Auto Workers at several Volvo-Owned Mack Trucks (unaffiliated with Detroit’s three major automakers) locations have authorized a strike as their contract expires on Sunday.

“The contract covering 3,500 UAW members at Mack in Pennsylvania, Maryland, and Florida expires this Sunday, October 1st. These members voted to authorize a strike by 98%. It’s time to win a fair contract at Mack,” UAW posted on X.

* * *

END

Shutdown imminent.

(zerohedge)

Shutdown Imminent: Senate Stopgap Will Be ‘Dead On Arrival’ In House, McCarthy And Biden Not Speaking

THURSDAY, SEP 28, 2023 – 10:15 AM

It appears that a shutdown is inevitable – and that the House Freedom Caucus will be framed as the villains for insisting on fiscal responsibility, and that any stopgap measure include border security funds, and exclude a “blank check for Ukraine.”

And while the House hasn’t been able to produce a workable Continuing Resolution (CR) – which would allow McCarthy leverage to extract concessions from the Senate and the White House, the Senate’s funding proposal includes roughly $6 billion for Kyiv – a plan that Republicans say is ‘dead on arrival’ back in the House.

What’s more, McCarthy and Biden have had zero conversations about the impending government shutdown – which will put millions of federal employees, including service members, on furlough starting Oct. 1. There are currently no plans for the two men to confer, according to Punchbowl News.

“I have tried to talk to the president. … This is the president who is sitting on the sidelines. I would like to see a president willing to engage. … I would think if you’re president of the United States, you don’t have to have an invitation. Engage. Let’s solve [the border crisis] together,” McCarthy said Wednesday evening.

McCarthy also hasn’t spoken to a single Cabinet secretary about the looming shutdown either. It’s been crickets.

Let’s break this down.

The politics for McCarthy: McCarthy is desperately trying to drag Biden into the government shutdown fray — rhetorically and substantively. Why? Biden is an easy target for the California Republican. The president’s poll numbers are terrible. And the speaker’s most hardline critics have no interest in cutting deals with the White House. Former President Donald Trump — who McCarthy has all but endorsed — is lashing out at Biden as well. So why shouldn’t McCarthy?

McCarthy is also on a different page than his Capitol counterpart, Senate Minority Leader Mitch McConnell, on government funding, Ukraine and other issues. McCarthy is struggling to rally support in his own conference. Hitting Biden, including launching an impeachment inquiry, makes sense internally for McCarthy. It’s a useful distraction.

The White House has no reason to deal with McCarthy, who’s being pulled in several directions at once. Instead, the Biden administration can just wait to see what McCarthy is actually able to pass.

The House is scheduled to vote on four GOP-drafted spending bills today; Defense, Homeland Security, Agriculture and State-Foreign Operations – all of which could be a shitshow, as evidenced by Wednesday night’s maneuvering in the House Rules Committee to slash $300 million in Ukraine funding from the Defense bill.

If McCarthy can’t pass even these bills, the Senate will be in pole position (an argument the Speaker has made to colleagues in the House).

McCarthy’s options are shrinking

“Unless something dramatic happens today or tomorrow, there will likely be a couple-of-day or longer shutdown — very, very unfortunately, because it’s our responsibility to exercise and exhaust all options,” Rep. Dan Meuser (R-PA) told The Hill.

After suffering some embarrassing setbacks last week, GOP leaders met demands from hard-liners to take action on full-year funding bills before working on any stopgap proposal. They agreed to demands to further cut some overall spending levels in the GOP bills as the shutdown ticked nearer.

“I want to see the appropriations bills. I want to use the appropriations process,” said Rep. Matt Rosendale (R-Mont.).

None of those bills alone will avert a shutdown, as they are already opposed by the White House and will be promptly rejected by the Senate. But McCarthy and his allies hope that building goodwill with the conservatives will help rally them around a stopgap bill — which some Republicans resist calling a continuing resolution, since they would aim to change policies and cut some spending for its duration.

According to the House GOP hardliners, the shutdown stopgap is a no-go until other appropriations bills are advanced.

“We’re gonna pass 12 appropriations bills before I will consider a CR,” said Rep. Andy Ogles (R-TN).

In short, it’s chaos and gridlock going into the weekend.

END

VICTOR DAVIS HANSON…

end

USA// COVID//VACCINE/

end

SWAMP STORIES

100s Of Pages Of Newly Released Memos Spark Fresh Corruption Charges Ahead Of 1st Biden Impeachment Inquiry Hearing

WEDNESDAY, SEP 27, 2023 – 09:45 PM

Mountains of evidence released by House Republicans on the Ways and Means Committee today point to a decade and more of influence peddling and financial fraud involving President Joe Biden, his son Hunter, and brother, James, and multiple business associates.

These documents will be reviewed on Thursday in the first special impeachment inquiry hearing of the House Oversight and Accountability Committee.

Newly revealed materials confirm that Hunter Biden was traveling the world to sell influence and access to the Biden “brand,” meaning his father, Joe Biden.

Hunter has even referred to access to his father as “the keys” to “my family’s only asset.”

In just the last day, we have discovered:

A $250K wire for Hunter Biden in 2019 from China with Joe Biden’s address as the beneficiary.

The wires were from Wang Xin and Jonathan Li, the latter of whom ran a Chinese private equity fund (BHR) which Hunter was listed as being on the board of directors. Hunter also arranged for a meeting between Li and Joe Biden while Joe was VP, while Joe allegedly gave Li’s son a letter of recommendation.

Emails showing a U.S Attorney would not allow FBI agents to investigate the Bidens for FARA violations.

One document confirmed rumors that at one point the FBI and IRS investigated Hunter Biden for possible violations of the Foreign Agent Registration Act (FARA), a federal law requiring disclosure of any lobbying activities on behalf of foreign powers. “Please focus on FARA evidence only,” Delaware Assistant U.S. Attorney Lesley Wolf emailed agents in August 2020 concerning a possible search warrant application.

Test message showing that James Biden suggested it was normal for Joe Biden to be involved in his son’s business.

In an affidavit to the committee, Ziegler suggested agents believed there was evidence in a series of WhatsApp encrypted text messages that Joe Biden was involved in the CEFC business deal and others before it, but the FBI’s interview with James Biden was constructed to avoid asking those questions.

To back up the claim, Ziegler attached a summary of one text messages between James Biden and Hunter Biden from 2018. “This can work, you need a safe harbor. I can work with you father alone !! We as usual just need several months of his help for this to work. Let’s talk about it. It makes perfect sense to me. This is difficult to fully vet without talking,” the uncle wrote Hunter Biden.

A memo showing that Burisma received Joe Biden’s talking points from lobbyists ahead of his trip to Ukraine.

Ukrainian energy firm Burisma Holdings received Joe Biden’s planned talking points ahead of his December 2015 trip to Ukraine, according to a newly released memo from lobbying firm Blue Star Strategies.

Blue Star Strategies sent the memo to Burisma on Dec. 2, 2015, after an apparent call with “senior administration officials” and detailed then-Vice President Joe Biden’s messaging strategy for his trip to Ukraine, the memo shows.

And finally, and perhaps most damningly, as Kyle Becker highlighted, Hunter Biden signed off on a Burisma memo to the Ukrainian prosecutor who replaced Viktor Shokin that warned not to continue further investigations.

“Moreover it is imperative that allegations of criminal activity made to the media about Burisma and/or Nikolay Zlochevsky come to an end.”

And there is more, much more…

Is that enough “evidence” for the “there is no evidence” misinformation-spreaders to fold?

We highly doubt it… but tomorrow’s hearing will give us a glimpse at the Democrats’ plan…

While the proceedings will initially convene in that committee’s hearing room in the Rayburn House Office Building, the inquiry – authorized Sept. 12 by Speaker of the House Kevin McCarthy (R-Calif.) – is being led by oversight panel chairman Rep. James Comer (R-Ky.), House Judiciary Committee Chairman Jim Jordan (R-Ohio) and House Ways and Means Committee Chairman Jason Smith (R-Mo.).

As Mark Tapscott detailed earlier via The Epoch Times, Republicans have portrayed the initial hearing as merely a summary or review of the evidence obtained to date, but Mr. Comer announced Sept. 26 that his panel received in response to subpoenas two previously unknown wire transfers to Hunter Biden from Chinese businessmen with numerous links to the Chinese Communist Party (CCP).

“On July 26, 2019, Hunter Biden received a $10,000 wire from Wang Xin. On August 2, 2019, Hunter Biden received a $250,000 wire from Jonathan Li and Tan Ling. Both wires originated in Beijing and Joe Biden’s Wilmington, Delaware, home is listed as the beneficiary address for both wires,” Mr. Comer said in a statement. The transfers directly contradict claims by the President and Hunter Biden’s lawyer that no funds were received from China.

In addition, Mr. Comer pointed out that “evidence shows Joe Biden developed a familiar relationship with Jonathan Li during his vice presidency and prior to these payments to Hunter Biden. Devon Archer, a Biden business associate, described [to the oversight committee in closed-door testimony] how Joe Biden met with Jonathan Li in Beijing, China, had a phone call with him, and later wrote college recommendation letters for his children.”

Then on Sept. 27, Mr. Smith’s panel made public 700 pages of additional evidence provided by two IRS whistleblowers who were deeply involved in the government’s long-running investigation of Hunter Biden’s failure to pay taxes on income he received in 2014 and 2015.

The Ways and Means panel made the new evidence public following a closed-door executive session in which all 18 Democrats opposed the release.

The new materials made public by Mr. Smith indicated the Biden family received at least $19 million in income from entities in at least 23 countries around the world which was channeled through 20 shell companies.

The income was ultimately received directly or indirectly by multiple members of the Biden family, including the president while he was vice president.

The materials also included numerous references in emails and telephone messages to the senior Biden playing an active role in what Mr. Smith described to reporters during a Capitol Hill news conference following the executive session as “a complex and lucrative enterprise operated by the Biden family to enrich themselves to the tune of at least $20 million, with much of Hunter Biden’s share going unreported for taxes.”

Mr. Smith further claimed the new evidence makes clear that “then Vice President Joe Biden’s political power and influence was ‘the brand’ that Hunter Biden was selling all over the world. Even more alarming, the Biden family foreign influence peddling operation suggests an effort to sway U.S. policy decisions.”

The tranche of materials includes an August 2020 email from Lesley Wolf, a U.S. Department of Justice (DOJ) attorney helping to oversee the investigation of Mr. Biden, telling investigators to redraft a search warrant to remove mention of “political figure 1.”

That was a reference to then-presidential candidate Joe Biden, according to Rep. Jason Smith (R-Mo.), chairman of the panel.

“It’s about a two-tiered system of justice. If Joe Biden’s name had been Smith or Jones or Johnson, he would not have been excluded from this search warrant. But he was. And we wouldn’t know that if the whistleblowers had not come forward,” Rep. David Kustoff (R-Tenn.), a former U.S. attorney and member of the committee, told reporters.

The backgrounds of the witnesses for the hearing suggest the impeachment inquiry’s summary of evidence will focus on three major areas.

Witness Bruce Dubinski is a Florida-based forensic accountant who specializes in cases involving white-collar crime and financial fraud.

He has testified as an expert witness in multiple federal and state bench and jury trials.

Republican leaders of the impeachment inquiry have repeatedly described their efforts as “following the money,” and they have pointed to more than 170 Suspicious Activity Reports (SARs) from financial institutions to the Department of Treasury concerning the movement of funds among the 20 Biden shell companies as evidence of money laundering in an attempt to conceal the sources of income to the family.

Mr. Dubinski is expected to shed additional light on the significance of the SARs and how the funds flowed from foreign sources to the shell companies and then to members of the Biden family, including several grandchildren.

Former Assistant Attorney General Eileen O’Connor will be the second witness providing testimony to the impeachment inquiry. She oversaw the Tax Division of the Department of Justice during the presidency of George W. Bush from 2001 to 2007.

Ms. O’Connor has since specialized in civil and criminal tax disputes, from the administrative investigative phases through trial litigation and appellate processes. Committee members will likely quiz her closely on issues and evidence related to the government’s investigation of Hunter Biden’s failure to report income and pay taxes on it.

She will also be questioned about the significance of the failed plea deal rejected in July by a federal judge that would have enabled the president’s son to plead guilty to two tax misdemeanors and a felony gun charge, and which would have granted him immunity from all future prosecutions.

Professor Jonathan Turley of the George Washington University Law School will be the third witness. Mr. Turley is a constitutional law authority who frequently testifies before committees of both chambers in Congress, including during the first impeachment hearings of the 117th Congress against President Donald Trump.

A Fox News Contributor, Mr. Turley is a frequent commenter on controversial legal and political developments in the nation’s capital, and he has also served as a legal analyst for CBS News and NBC News on high-profile controversies. Committee members will likely seek his insights on constitutional issues related to impeachable activities and federal ethics laws and regulations.

Democrats condemn the impeachment inquiry as a waste of time, especially coming with only hours until the federal government could be forced to shut down if Congress has not adopted a 2024 budget by midnight Saturday, the end of the current fiscal year.

Rep. Richard Neal (D-Mass.), the Ranking Member of the Ways and Means Committee, issued a statement following the closed executive session in which he labeled the hearing “a distraction from my colleagues’ inability to govern and from their inability to fund the government. Amid their chaos, they’ve failed to convince their own colleagues of the necessity of their political stunt, let alone the American people.”

The Massachusetts Democrat, who preceded Mr. Smith as Chairman, added that “millions of women and children are at risk of losing their food assistance because of my colleagues’ disinterest in governing. How are we supposed to tell our constituents that Fox News hits were more important than their next meal? Or what are we supposed to say to the 2.2 million American workers who may go without a paycheck when Republicans shut down the government? For this Republican majority, regardless of evidence, all roads lead to impeachment. It’s a sad day for the Congress and for the American people.”

Finally, The Daily Caller reports that an email obtained by a CNN producer showed Hunter Biden expected all of the “stuff” regarding his criminal wrongdoings to disappear once his father, then-presidential candidate Joe Biden, became president, according to documents the House Ways and Means Committee released.

Justin T. Cole, the Office of Communications Director for the Internal Revenue Service (IRS), notified the agency’s chief and deputy chief a CNN producer reached out about their investigation into Hunter’s tax and gun crimes, according to an email the Ways and Means committee released. Cole apparently said the CNN producer possessed an email from Hunter saying he believed he would be off the hook once his father became president and that he was unwilling to accept a plea deal.

“Producer has an email from Hunter saying he expected all of this “stuff” to go away when his dad becomes President,” Cole wrote.

END

THE KING REPORT

The King Report September 27, 2023 Issue 7084

Independent View of the News

Japan’s Suzuki (Finance Minister) Says Watching Forex with High Sense of Urgency – BBG 3:53 ET

Fed’s Kashkari sees another rate hike, then a hold https://t.co/R9pVhqX6yk

The July FHFA House Price Index increased 0.8% m/m & 4.6% y/y; 0.7% m/m was consensus. June was revised to 0.4% from 0.3%.

Despite soaring mortgage rates, the S&P CoreLogic National Composite Index of home prices hit an all-time high of 306.72 in July. The S&P CoreLogic 20-city home price index rose 0.87% m/m & 0.13% y/y. 0.7% m/m & -0.10% y/y were expected. The US Composite of 20 City Index also hit an all-time high at 313.66. The Midwest (+3.2% y/y, Chicago +4.4% y/y?!), was the strongest region. Northeast +2.3%, West -3.8%, Southwest -3.6%, National Composite +5.3%

Home prices rise again in July, driving Y/Y gains: S&P CoreLogic Case-Shiller
The HPI composite for 20 cities, seasonally adjusted, climbed 0.9% M/M, surpassing the +0.7% expected and matching 0.9% increase in June. The HPI composite for 20 cities, not seasonally adjusted, rose 0.6% M/M, compared with the -0.3% expected and +0.9% in June.
    July’s gain in home prices erased declines that occurred late last year. On a Y/Y basis, the unadjusted composite for 20 cities increased 0.1% vs. -0.3% expected and -1.2% in June…
https://seekingalpha.com/news/4015343-home-prices-rise-more-than-expected-in-july-sp-corelogic-case-shiller

@charliebilello: US Home Prices hit a new all-time high in July while affordability has plummeted to record lows. (Chart) https://twitter.com/charliebilello/status/1706684424996212824

US consumer confidence is the lowest it’s been in four months
The Conference Board’s Consumer Confidence Index fell for a second consecutive month, dropping to 103 in September from an upwardly revised 108.7 the month before. The index is at its second-lowest level this year, landing just above May’s 102.5 reading, according to Conference Board data.
    “Consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular,” said Dana Peterson, chief economist at the Conference Board, in a statement. “Consumers also expressed concerns about the political situation and higher interest rates. The decline in consumer confidence was evident across all age groups, and notably among consumers with household incomes of $50,000 or more.”…  https://www.cnn.com/2023/09/26/economy/us-consumer-confidence-september/index.html

Americans are feeling worse about the economy as gas, grocery prices rise
In September, the Conference Board’s Consumer Confidence Index declined to 103, down from 108.7 in August, according to data released Tuesday. That marked the largest monthly decline for the index since December 2020, according to Wells Fargo Economics. The Expectations Index sank to a reading of 73.7 in September, down from 83.3 in August and 88 in July.
     Historically, any number below 80 signals a recession within the next year…
https://finance.yahoo.com/news/americans-are-feeling-worse-about-the-economy-as-gas-grocery-prices-rise-161330084.html

US regulators sue Amazon for allegedly inflating prices through monopoly
“Amazon is now exploiting its monopoly power to enrich itself,” FTC Chair Lina Khan said.
https://justthenews.com/government/courts-law/us-regulators-sue-amazon-allegedly-inflating-prices-through-monopoly

Ford ‘pausing’ construction of Marshall EV battery plant
Amid months of battles with local residents, Republicans in Congress over its planned use of Chinese technology and an auto industry strike in its second week…
https://www.detroitnews.com/story/business/autos/ford/2023/09/25/ford-motor-company-electric-vehicle-battery-plant-marshall-pausing/70963467007/

USZs traded modestly higher when the Nikkei opened. They quickly sank to a daily low of 114 16/32 at 21:00 ET. After bottom bumping for over two hours, USZs rallied to 114 28/32 at 1:31 ET. An A-B-C decline took USZs to 114 19/32. USZs then surged to 115 12/32 at 4:16 ET. European traders were playing for a Turnaround Tuesday for bonds.

After a retreat to 115 3/32, USZs rallied robustly, to a daily high of 115 23/32 at 8:17 ET. The buying was a Pump & Dump for the US cash bond market opening at 8 ET. USZs then cratered to 114 17/32 at 11:05 ET. The rally for the European close took USZs to 114 28/32 at 11:33 ET.

USZs then rolled over and bottom bumped into the 13:00 ET US Treasury Auction. The US Treasury auctioned $48B of 2-year notes at 5.085%; which was the WI yield. After the auction, the 2-year yield rose to 5.140%. USZs sank to 114 10/32 at 15:00 ET.

ESZs traded modestly higher when the Nikkei opened. Near 20:00 ET, ESZs broke down and declined from the session high of 4382.00 to 4344.00 at 3:13 ET. Traders bought the dip after the 3 ET European opening. After a jump to4363.25 at 4:26 ET, ESZs traded sideways until a modest rally took ESZs to 4366.75 at 8:07 ET. ESZs then sank due to the bond market tumble.

ESZs hit a daily low of 4321.75 at the 11:30 ET European close. They then plodded to 4335.25 at 13:15 ET. ESZ selling resumed as USZs sank; ESZs slid to new lows, hitting 4310.00. Just before 15:00 ET, the rally in anticipation of the late ESZ manipulation began. ESZs rallied only 5 handles; ESZs fell to new lows after 15:18 ET. At 15:40 ET, the final manipulation began; ESZs rallied 9 handles by the close.

Target says it will close nine stores in (4) major cities, citing violence and theft
The company will close one store in New York City’s Harlem neighborhood, two locations in Seattle, three stores in the San Francisco-Oakland area and three more in Portland, Oregon…
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance,” Target said in a news release… https://www.cnbc.com/2023/09/26/target-says-it-will-close-nine-stores-citing-violence-and-theft-.html

No wonder Trump is surging among minorities. Leftist and their easy on crime policies are destroying the health, wellbeing, and living standards of minorities, mostly blacks.

Positive aspects of previous session.
Conventional Street wisdom increasingly understands why bonds are tanking.

Negative aspects of previous session
Bonds declined modestly while stock declined sharply
Gasoline and oil rallied moderately

Ambiguous aspects of previous session
How large are the unrealized debt instrument losses at major financial institutions?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4284.17
Previous session S&P 500 Index High/Low: 4313.01; 4265.98

Corporate America Hired More People of Color After BLM Protests – The majority of the additions were in less senior roles such as laborer and service worker positions, Bloomberg found- In 2021, 94% of new jobs at 88 S&P 100 companies were filled by people of color, according to… Bloomberg…
https://themessenger.com/business/corporate-america-hired-more-people-of-color-after-blm-protests-analysis

Yesterday’s King Report: Bond traders will play for a Turnaround Tuesday to the upside.
Bond traders played for the turnaround during early European trading. Bonds tanked during US trading. For over a year, bond kings could not understand why bonds had tanked and were still tanking. Now, a critical mass of bond investors and traders realize that the massive increase in US sovereign debt is frightening Mr. Bond – and ‘crowding out’ private borrowers. Yes, Virginia, we’re back to the ‘70s.

Now that the conventional wisdom/Street narrative is catching up with the bond market action, a sustainable bond market rally cannot occur until the fundamentals change. Team Obama-Biden and Dems cannot and will not restrain US budge and debt growth. This means the window for a fundamental change in bond market dynamics, barring the Fed performing more QE, cannot open until after a GOP administration and Congress appears. At the earliest, this would be after January 2025.

We warned several weeks ago, that after the rebound rally that commenced on August 21, it was imperative that the S&P 500 Index NOT breach its August low of 4335.31. The S&P 500 Index low yesterday was 4265.98. In yesterday’s report we warned: A breach of 4300 could unleash momentum selling and a test of the June triple lows near 4261.

Note to financial asset holders: Do you know what is worse than Stagflation? An inflationary recession!

Today – Though bonds and stocks are oversold short-term, and a robust rebound is due, both vehicles are in perilous technical conditions that historically produce sizable declines in short periods of time.   If the S&P 500 Index breaches 4260 (June Low) with gusto, the next significant support is 4200.

ESZs are +6.00 and USZs are +13/32 at 20:30 ET on rebound expectations and possibly on a report that the Senate has a bipartisan temporary (thru Nov. 17) funding bill.

Expected econ data: Aug Durable Goods Orders -0.5% m/m, Ex-Trans 0.2%, Nondef Ex-Air Orders 0.1%, Shipments 0.0%

S&P 500 Index 50-day MA: 4469; 100-day MA: 4381; 150-day MA: 4267; 200-day MA: 4195
DJIA 50-day MA: 34,821; 100-day MA: 35,273; 150-day MA: 33,873; 200-day MA: 33,810
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3814.46 triggers a sell signal
Weekly: Trender and MACD are negative – a close above 4586.76 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4400.08 triggers a buy signal
Hourly: Trender and MACD negative – a close above 4317.57 triggers a buy signal

@RepJamesComer: I just subpoenaed & obtained two bank wires revealing Hunter Biden received payments originating from Beijing in 2019 when Joe Biden was running for President.   Joe Biden’s Delaware home is listed as the beneficiary address for both money wires from China.
https://twitter.com/RepJamesComer/status/1706777879290290624

@ABC: The federal probe into Pres. Biden’s handling of classified documents prior to becoming president has grown into a sprawling investigation, sources say. Several sources estimated that as many as 100 witnesses have already been interviewed, with interviews conducted as recently as last week.
https://abcnews.go.com/US/secretaries-secretary-state-biden-documents-probe-casts-wide/story

Axios: Scoop: Biden team’s don’t-let-him-trip mission
    With a physical therapist, Biden has been doing exercises to improve his balance as far back as November 2021. Since his stumble in June, he has been wearing tennis shoes more often to avoid slipping — and using the short stairs on Air Force One, entering the plane on a lower deck than before…
https://www.axios.com/2023/09/26/biden-trip-2024-campaign-sneakers

We used to be led by warriors and statesmen. Now Axios says a “critical project” of the White House is to keep the president from tripping.   https://notthebee.com/article/we-used-to-be-led-by-warriors-and-statesmen-now-we-have-a-president-who-wears-tennis-shoes-so-gravity-doesnt-kill-him

Biden nearly stumbles exiting Air Force One, hours after exposed efforts by team to prevent more falls – Prior to his slip, Biden’s campaign team said it is putting the president in tennis shoes and limiting his stair climbs
https://www.foxnews.com/politics/biden-nearly-stumbles-exiting-air-force-one-hours-exposed-efforts-team-prevent-falls

Biden plays blue-collar Joe on (UAW) picket line before Silicon Valley fundraiser https://trib.al/wshhRoz

Commander Biden bites another Secret Service agent, the 11th known incident (Bad owner alert)
https://www.cnn.com/2023/09/26/politics/commander-biden-biting-incident/index.html

Photos show Ambassador Yovanovitch met twice with Burisma official after being told firm was corrupt – Yovanovitch previously called Burisma and Hunter Biden not “a front burner issue” during her time as ambassador.  Photos deleted from the now-defunct Burisma Holdings website show former U.S. Ambassador Marie Yovanovitch met with Vadim Pozharskyi—the Burisma official who worked closely with Hunter Biden—at two separate events after she had been told the Ukrainian energy company was considered corrupt by the State Department…
     The photos are likely to raise fresh questions about parts of Yovanovitch’s testimony to Congress during former President Donald Trump’s first impeachment. It also raises the question of why the U.S. embassy in Ukraine engaged with company representatives in a public relations campaign with the U.S. government at the same time that internal embassy communications focused on the company’s corruption.
https://justthenews.com/accountability/russia-and-ukraine-scandals/ambassador-yovanovitch-met-repeatedly-burisma

@paulsperry_: At least two Biden admin officials have close ties to the Iranian regime & were targeted in an Iranian influence ops–dubbed the Iran Experts Initiative (IEI)–to promote the Iranian nuke deal. One’s had his security clearance suspended.   Inside Iran’s Influence Operation
https://www.realclearworld.com/2023/09/26/inside_irans_influence_operation_982047.html

Select Subcommittee on the Coronavirus Pandemic @COVIDSelect: New allegation: @CIA secretly escorted Dr. Anthony Fauci into Agency Headquarters to “influence” its COVID-19 origins investigation.  https://twitter.com/COVIDSelect/status/1706812585050276152
    Dr. Fauci’s suspicious moments are especially concerning in light of recent whistleblower testimony alleging @CIA rewarded six analysts with significant financial incentives to change their COVID-19 origins conclusion from a lab-leak to zoonosis.

Senator Wants to Know What EPA Needs with ‘Mobile Command Post’  https://t.co/59wXo1PpoF
Sen. Chuck Grassley, R-Iowa: “The Biden EPA already has a reputation for overstepping its bounds, and that makes the agency’s militarization all the more frightening. We need to know what exactly EPA is doing with this equipment, and whether it serves the interests of the American people.”…

@VDHanson: All of sudden pundits are shrieking as they imagine the impending “end of democracy”. That is, that a potential president Trump might follow their lead and could do to them what they did to him: weaponizing the DOJ, FBI, and CIA against political enemies, siccing the administrative state against loud critics, using presidential fiats to override Congress, trying to force, hire, or partner with “independent” media to toe party lines, floating phony conspiracy theories to smear enemies, changing voting laws to alter balloting and on and on…  now they seem terrified, believing they might be empowering the only Republican candidate who would stoop to use their own tactics against themselves—and given the recent polls could become in a position to do so.

Chicago residents erupt at community safety meeting after uptick in violent robberies
Now, newly released video is only adding fuel to the fire. The attack shown in the video happened Monday afternoon in Bucktown in an alley in the 2000 block of North Damen. At about 2:55 p.m., a 33-year-old man was approached by two unknown offenders who battered him and took his personal belongings… https://www.fox32chicago.com/news/chicago-residents-erupt-at-community-safety-meeting-after-uptick-in-violent-robberies

@John_Kass: Chicago voted for this barbaric violence by electing Soros approved Democrats. Shocking daylight robbery caught on video in Bucktown.
https://cwbchicago.com/2023/09/chicago-bucktown-robbery-video-dickens-damen-september-2023.html
    Typical response of Chicago Soros Dems: STFU. I’m reminded the pro-Soros newsroom union @CTGuild tried to silence me at @chicagotribune. I refused to kneel and they failed. They’ll fail again. What happened to an America where you could speak your mind?

Republicans in US House hold hearing on Chicago violence
Republicans and those who testified attacked the prosecutorial policies of Cook County State’s Attorney Kim Foxx, who is not seeking reelection, Illinois’ enactment of cashless bail earlier this month under what’s known as the SAFE-T Act and Chicagoans for electing progressives to office or not voting at all…
https://news.yahoo.com/republicans-us-house-hold-hearing-232800937.html

Washington Commanders sued by Native American organization trying to restore old team name
The Native American Guardians Association (NAGA) has filed a lawsuit against the Washington Commanders after the team allegedly made defamatory comments attacking the association’s integrity.
    By changing their name, LaVeglia said, the Commanders dishonored many years of Native American tradition and heritage. “The logo on the Redskin’s helmet is an actual person, it’s Chief White Calf. Every time they go out on that field, they were honoring Chief White Calf and they were battling on the football field with the same honor and integrity and courage,” LaVeglia said. “They should continue to honor that.”…
https://nbcmontana.com/amp/news/nation-world/exclusive-washington-commanders-sued-by-native-american-organization-trying-to-restore-old-team-name-redskins-native-american-guardians-association-naga-cleveland-kansas-city-chiefs-american-indians-ncai

The King Report September 28, 2023 Issue 7085Independent View of the NewsChina Puts Evergrande’s Billionaire Founder Under Police ControlHui Ka Yan is being monitored at a designated location: peopleAdds to questions over company’s fate as restructuring falters  https://t.co/rOPSBqdvg3
US Durable Goods Orders for August increased more than expected due to a downward revision for July and inflation. July Durable Goods Orders were revised to -5.6% m/m from -5.2% m/m.

Reuters: Part of the surprise increase in durable goods orders reported by the Commerce Department on Wednesday, however, likely reflected higher prices as inflation picked up last month…
https://www.reuters.com/markets/us/us-durable-goods-orders-unexpectedly-rise-august-2023-09-27/

ESZs progressively rallied from the Nikkei opening until they hit a peak of 4336.50 at 4:05 ET. ESZs rolled over and then traded within a 10-handle range until they broke lower at a few minutes after the NYSE opening. ESZs sank until 13:41 ET (4277.00 low). ESZs zoomed 38 handles higher from 14:12 ET to 14:45 ET.  Because Q3 ends on Friday, it was necessary to start manipulating ESZs higher!

After a 15-minute respite, ESZs zoomed higher again. Behold the glory of the manipulation for Q3!
ESZs jumped 20 handles from 15:00 ET until 15:13 ET. ESZs then sank 27 handles by 15:43 ET. ESZs then jumped 16 handles on the late manipulation.

USZs, like ESZs, rallied from the Nikkei opening until they hit a peak of 115 15/32 at 8:56 ET. USZs tumbled to 113 11/32, -1 1/32, at 13:27 ET. But USZs did not zoom higher when ESZs were manipulated higher after 14:11 ET. USZs rallied to 113 24/32 at 15:11 ET and then rolled over to 113 16/32.

WTI Oil soared as much as 4.0%; gasoline rallied as much as 2.1%. The dollar rallied sharply; precious metals sank. USZs led ESZs lower on Wednesday – until the afternoon manipulation.

Positive aspects of previous session.
An afternoon manipulation forced ESZs 50 handles higher from the daily low

Negative aspects of previous session
Bonds sank and stock declined sharply until an afternoon ESZ manipulation occurred
Gasoline and oil rallied sharply

Ambiguous aspects of previous session
How large are the unrealized debt instrument losses at major financial institutions?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4268.40
Previous session S&P 500 Index High/Low: 4292.07; 4238.63

House advances four spending bills in win for McCarthy
The move comes as the Senate passed a continuing resolution to fund the government until Nov. 17.
    Collectively, the four bills would fund the Departments of State, Homeland Security, Defense, and Agriculture… The move comes as the Senate passed a short-term spending package to fund the government until Nov. 17, which includes billions in funding for Ukraine…
    Additional funds for Kyiv’s war against Russia have been a sticking point among House conservatives, who have vowed to oppose additional spending on the matter…
https://justthenews.com/politics-policy/house-advances-four-spending-bills-win-mccarthy

GOP Sen. @BasedMikeLee: When it comes to spending bills, Republican leadership in the Senate has proven really effective at three things: 1. Uniting Democrats. 2. Dividing Republicans. 3. Keeping lobbyists happy. This must come to an end. https://t.co/vS8Z8MTzqF

GOP Rep. @RepMattGaetz: If @SpeakerMcCarthy needs Democrat votes to underwrite Joe Biden’s debt, advance Joe Biden’s spending, and maintain control of the gavel for himself, then that’s who he really works for. And if he works for them, I will show up every day on the House floor and I will lead the true conservative, Republican resistance to the Biden-McCarthy-Jeffries uniparty that really runs this country.

Retail Crime Accounted for Over $112 Billion in Industry Losses in 2022, According to NRF Report  https://nrf.com/media-center/press-releases/retail-crime-accounted-over-112-billion-industry-losses-2022-according

CVS says it will close NINE HUNDRED stores by the end of 2024 – 10% of all its shops – as it moves to online strategy amid rampant increase in shoplifting
https://www.dailymail.co.uk/news/article-12561125/cvs-pharmacy-shutting-stores-2024.html

Shocking moment brazen masked kids LOOT Footlocker, Lululemon and Apple stores as Philadelphia descends into anarchy – with footage showing cops brawling with thieves and punching one in the face https://t.co/lgwVmTmPy3

@TheCharlesDowns: Everything in Center City Phil is free with promo code: “the Big Guy 2024.”

95-year-old veteran kicked out of nursing home to make way for migrant housing, lawmakers say
https://www.foxnews.com/politics/veteran-kicked-out-nursing-home-make-way-migrant-housing

@nicksortor: IMMIGRATION CRISIS — Costa Rica is declaring a state of emergency due to TENS OF THOUSANDS of migrants passing through the country monthly to get to the United States — a SHARP increase. Most of those migrants are coming from countries like Venezuela.

Costco is selling gold bars and they are selling out within a few hours
Costco is selling 1 ounce gold PAMP Suisse Lady Fortuna Veriscan bars…
https://www.cnbc.com/2023/09/27/costco-is-selling-gold-bars-and-they-are-selling-out-within-a-few-hours.html

Today – To reiterate: Though bonds and stocks are oversold short-term, and a robust rebound is due, both vehicles are in perilous technical conditions that historically produce sizable declines in short periods of time.   The S&P 500 Index breached its June low (4260), the next significant support is 4200.

Tomorrow is the end of Q3. The penultimate day of a marking period usually contains the peak intensity of the manipulation to game performance. The manipulation began yesterday afternoon. However, beaucoup traders and money managers have very poor September and Q3 performance; so much more manipulation is needed to embellish ‘the marks.’ Caveat: How much did yesterday’s ESZ manipulation appropriate from today’s expected manipulation to game Q3 performance?

ESZs are +9.50 and USZs are +6/32 at 20:30 ET on Q3 performance gaming.

Expected econ data: GDP Revisions, Q2 GDP 2.2%, Consumption 1.7%, GDP Price Index 2.0%, Core PCE Price Index 3.7%; Initial Jobless Claims 215k, Continuing Claims 1.678m; Aug Pending Home Sales -1.0% m/m; Sept KC Fed Mfg Activity -2; Chicago Fed Pres Goolsbee 9 ET, Fed Gov. Cook 13:00 ET

S&P 500 Index 50-day MA: 4463; 100-day MA: 4383; 150-day MA: 4268; 200-day MA: 4196
DJIA 50-day MA: 34,793; 100-day MA: 34,277; 150-day MA: 33,877; 200-day MA: 33,809
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3814.46 triggers a sell signal
Weekly: Trender and MACD are negative – a close above 4586.76 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4374.75 triggers a buy signal
Hourly: Trender is negative; MACD is positive – a close above 4298.17 triggers a buy signal

Dozen key revelations from newly released memos in the Hunter Biden criminal probe
The Committee on Wednesday voted to release 700 pages of materials related to potential influence peddling that the panel received from IRS whistleblowers Gary Shapley and Joseph Ziegler. Many of the documents appear to support critics who assert that the Biden DOJ covered for him, and his son.
    Hunter believed his Chinese energy partner was tied directly to the Communist nation’s president…
   James Biden suggested in text messages it was normal for Joe Biden to be involved in his son’s business
   Hunter Biden believed he could make $30 million over three years from one China deal alone
   Agents believed Hunter Biden claimed payments were “loans” in a tax evasion scheme
   Law enforcement explored FARA violations
   U.S. Attorney David Weiss’ team lauded the now-whistleblowing IRS agents
   Assistant U.S. Attorney Lesley Wolf ordered a reference to Joe Biden dropped from a warrant
   IRS agents disagreed with Wolf over handling of search warrants
  Wolf dismissed prospect of foreign accounts
Wolf insisted on DOJ approving key interviews
   Burisma executives saw ‘political weight’ in employing Hunter
   Blue Star Strategies advised on Zlochevsky investigation
https://justthenews.com/accountability/political-ethics/new-docs-show-evidence-biden-family-influence-scheme-and-doj

James Biden confirmed to FBI family tried to help Chinese firm buy US energy assets
President’s brother told agents Hunter Biden believe CEFC company was tied to China’s president…
according to explosive new documents made public Wednesday by the House Ways and Means Committee… https://justthenews.com/accountability/political-ethics/james-biden-confirmed-fbi-family-tried-help-chinese-firm-buy-us

Hunter Biden apparently called Joe ‘family’s only asset’: whistleblower documents https://trib.al/gtkvSnZ

@themarketswork: A CNN Producer said he had an email from Hunter stating that Hunter “expected all of this “stuff” to go away when his dad becomes president.” Strange that I don’t recall @CNN ever reporting this.  https://twitter.com/KevinRobertsTX/status/1707113867099222314

DOJ delayed Hunter Biden charges ahead of midterms to not ‘shoot themselves in the foot’: whistleblower docs https://trib.al/VeuRb1q

@HansMahn>https://twitter.com/HansMahncke/status/1707131196566581344

Oversight Committee @GOPoversight: Newly released emails and documents show that Delaware Assistant US Attorney Lesley Wolf DID NOT ALLOW AGENTS TO INVESTIGATE JOE BIDEN as part of a FARA probe.  https://twitter.com/GOPoversight/status/1707109892828348797

FBI refuses to release documents in probe into possible nationwide voter registration fraud
The FBI’s response partially reads: “The material you requested is located in an investigative file which is exempt from disclosure.”…
https://justthenews.com/politics-policy/elections/fbi-denies-foia-request-docs-investigation-possible-nationwide-voter

Donald Trump’s stunning Mar-a-Lago estate is worth $282M MORE than the $18M valuation given by Manhattan judge who held ex president liable for fraudDemocrat Justice Arthur Engoron valued the sprawling 20-acre Florida property at a mere $18million in a bombshell rulingThis does not take into consideration the fair market value – nor does it explain how Trump’s estate has only increased by $8M since he bought it 38 years ago  https://t.co/WTYUmIInAV
@KanekoaTheGreat: A New York judge ruled that Trump inflated his property values, including Mar-a-Lago, which the judge determined was worth $18-$27 million from 2011 to 2021. To put this into perspective, neighboring homes on 0.28-0.89 acres are listed for $18-40 million. Mar-a-Lago, the 20-acre property in the middle, is worth less despite being 20 to 70 times larger.

The US justice system has fallen due to egregiously corrupted (by politics) judges, leftist prosecutors, and leftist juries that refuse to convict ideological brethren of crimes, including murder and other violence.

15 daytime armed robberies reported in about 4 hours Tuesday (Chicago, of course)
https://cwbchicago.com/2023/09/15-armed-robberies-tuesday-afternoon-chicago-near-west-side.html

Video shows moment Jack-in-the-Box employee opened fire on drive-thru customer and family
Argument between customer, employee escalated over curly fries missing from order https://t.co/YgH8ApUYJ9

@RNCResearch: CNN’s John Miller: “You’re seeing this kind of shoplifting and organized retail theft happen in places like New York, Los Angeles, Philadelphia” because “these are places where bail reform laws, criminal justice reforms, have taken the inside of a jail cell out of the equation.”
https://twitter.com/RNCResearch/status/1707101202201071880

Biden Democrat Dumpster Fire Out of Control – John Kass
All Democrat plans are blowing back on them, from the open border, to sanctuary cities and soft-on-crime local prosecutors, to inflation. It leads to Biden dropping in national polls and threatening to take other Democrats down with him.
    Democrat/left wing media panic is so deep, that some are yearning to be saved by Michelle Obama…
    Policies on immigration, lowering inflation, crafty partisan strategies involving using the Department of Justice to indict Biden’s opponents and get rid of former President Donald Trump aren’t working. They’re all in flames and blowing back, even with the media protecting Biden Inc. for years…
    Black Democrats in particular feel betrayed and are on the verge of bolting from the Democrat Party…
    Only 23 percent of Americans think Biden is doing a decent job on border policy… Who are these morons who kow-tow to the Mexican drug cartels? Are they brain dead Democrat Party functionaries?…
    One other subject should worry Biden and the Democrats: Urban crime. Crime has exploded in the large Democrat run cities, especially those like Chicago that elected George Soros backed prosecutors like Cook County State’s Attorney Kim Foxx, who campaigned on not putting violent criminals in jail…
    You take all of that—the failed border policy, crime, failed Bidenomics, inflation and Kamala’s weepy feelings–and toss in some oily Hunter and more of his greasy friends from Ukraine and business interests from Chinese Communist Party… You get the fixings for a fire, the mother of all dumpster fires.
https://johnkassnews.com/biden-democrat-dumpster-fire-out-of-control/

@LeaderMcConnell: “Providing assistance for the Ukrainians to defeat the Russians—that’s the No. 1 priority of the United States right now, according to most Republicans.”  https://twitter.com/KevinRobertsTX/status/1707113867099222314

GREG HUNTER

see you on THURSDAY