GOLD CLOSED UP $22.30 TO $3,375.30

SILVER CLOSED DOWN $0.01 TO $34.50

 GOLD ACCESS CLOSED $3372.75

Silver ACCESS CLOSED: $34.45

Bitcoin morning price:$105,340 DOWN 990 DOLLARS.

Bitcoin: afternoon price: $104,949 DOWN 1381 DOLLARS

Platinum price closing UP $18.40 TO $1096.50

Palladium price; DOWN $9.20 TO $1003.60

END

*CANADIAN GOLD: $4,612.30 UP 11.80 CDN dollars per oz( * NEW ALL TIME HIGH $4735.70 CDN DOLLARS PER OZ//APRIL 21 2025)

*BRITISH GOLD: 2488.93 UP 8.30 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,566.50 BRITISH POUNDS/OZ) MAY 6/2025

*EURO GOLD: 2954.55 UP 5.55 Euros per oz //* (ALL TIME CLOSING HIGH: 3018.80 EUROS PER OZ/ APRIL 21 //2025)

DONATE

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,350.200000000 USD
INTENT DATE: 06/03/2025 DELIVERY DATE: 06/05/2025
FIRM ORG FIRM NAME ISSUED STOPPED

---

072 C GOLDMAN 1
099 H DEUTSCHE BANK AG 235
118 C MACQUARIE FUTURES US 666
118 H MACQUARIE FUTURES US 61
132 C SG AMERICAS 5
190 H BMO CAPITAL MARKETS 32
323 C HSBC 73
323 H HSBC 15
332 H STANDARD CHARTERED B 74
363 H WELLS FARGO SECURITI 71
435 H SCOTIA CAPITAL (USA) 14
555 C BNP PARIBAS SEC CORP 13
661 C JP MORGAN SECURITIES 230 446
690 C ABN AMRO CLR USA LLC 5 4
905 C ADM 9

---

TOTAL: 977 977
MONTH TO DATE: 19,161

JPMORGAN STOPPED 496/977

JUNE

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024: 977 CONTRACTs NOTICES FOR 97,700 OZ  or 3.638 TONNES

total notices so far: 19,161 contracts for 1,916,100 OR 59.598 tonnes)

FOR JUNE

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SILVER NOTICES: 3 NOTICE(S) FILED FOR 15,000 OZ/

total number of notices filed so far this month : 2295 CONTRACTS (NOTICES) for 11.475 million oz

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

END

GLD/

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD UP $22.30 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD

INVENTORY RESTS AT 935.65 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $0.01 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: //A DEPOSIT OF 2.084 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 463.505 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUMONGOUS SIZED 4034 CONTRACTS TO 163,347 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS  HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.02 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING.  WE HAD A MEGA HUGE SIZED GAIN OF 4,854 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS THE CME NOTIFIED US OF A 820 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD LITTLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WITH RESPECT TO TUESDAY’S TRADING AS THEY DESPERATELY AGAIN TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST SEVERAL WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY FAILED ON MONDAY WITH SILVER’S SLIGHT LOSS IN PRICE AS THE PRICE IS NOW SLIGHTLY ABOVE THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. . BUT THIS WAS COUPLED WITH ANOTHER HUGE T.A.S. ISSUANCE OF 832 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.40 DOLLAR MARK. THUS OUR RAIDS ON OUR PRECIOUS SILVER METAL WILL CONTINUE UNTIL SILVER BREAKS WELL ABOVE THE $34.40 MARK. WE HAD A HUGE  820 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUGE 832 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUGE SIZED 4854 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.02. 

THE CME NOTIFIED US THAT FOR THE FIRST TWO DAYS OF THE MONTH OF MAY, WE HAD TWO CONSECUTIVE ISSUANCE OF EXCHANGE FOR RISK CONTRACTS OF 12.93 MILLION OZ. THESE EXCHANGE FOR RISKS WERE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THE RECIPIENT OF THIS LARGESS IS WITHOUT A DOUBT THE CENTRAL BANK OF INDIA. LOGICALLY ONLY A CENTRAL BANK WOULD ACCEPT THIS CRAZY CONTRACT WHEREBY THE CENTRAL BANK OF INDIA TAKES THE RISK OF DELIVERY FROM A BULLION BANK WHO CANNOT GUARANTEE DELIVERY OF PHYSICAL SILVER TO THEM.

PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM. THE HIGHER ISSUANCE OF T.A.S ESPECIALLY SILVER IS NOW USED TO TEMPER OUR SILVER PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.40 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.

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 TUESDAY NIGHT/WEDNESDAY MORNING: A HUGE 832 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 NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES

WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY  $0.02) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH

WE HAD A 820 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 9.90 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP//NEW TOTAL STANDING 12.235 MILLION OZ!!

THUS:

INITIAL STANDING FOR JUNE: 9.90 MILLION OZ PLUS TODAY’S 10,000 OZ QUEUE JUMP = 12.235 MILLION OZ.

WE HAD:

/ HUGE COMEX OI GAIN+// A 820 SIZED  EFP ISSUANCE (/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 832 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A SMALL 524 CONTRACTS.

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

TOTAL CONTRACTS for 3 DAY(S), total 2820 contracts:   OR 14.100 MILLION OZ  (940 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  14.100 MILLION OZ

LAST 24 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  111.035 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: 72.705 MILLION OZ (SMALLER THIS MONTH)

OCT: 97.455 MILLION OZ

NOV.  50.050 MILLION OZ 

DEC. 66.140 MILLION OZ//

TOTAL 2023: 1,104.10 MILLION OZ/

JAN ’24 : 78.655 MILLION OZ//

FEB /2024 : 66.135 MILLION OZ./FINAL

MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.

APRIL: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)

MAY: 135.995 MILLION OZ  //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)

JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)

AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.

SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )

NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)

DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ

YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ

JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)

FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL

MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.

APRIL: 100.895 MILLION OZ///AVERAGE SIZE ISSUANCE

MAY: 28.975 MILLION OZ (ISSUANCE WILL BE QUITE SMALL THIS MONTH)

JUNE: 14.100 MILLION OZ (NOTICE EFP ISSUANCE GETTING SMALLER AND SMALLER AS CENTRAL BANKS EXERCISE THESE AND TAKE DELIVERY)

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RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4034 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.02 IN SILVER PRICING AT THE COMEX// TUESDAY.,.  . THE CME NOTIFIED US THAT WE HAD A 820 CONTRACT EFP ISSUANCE  CONTRACTS: 820 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX TO LONDON  AS FORWARDS. 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

WE FINISHED APRIL WITH A STRONG SILVER OZ STANDING OF  15.965 MILLION  OZ NORMAL DELIVERY , PLUS OUR 4.00 MILLION EX FOR RISK

FINAL STANDING APRIL: 19.965 MILLION OZ

AND MAY:

NEW STANDING FOR MAY REDUCES TO: 75.615 MILLION OZ. (INCLUDES 5,000 OZ EFP TRANSFER TO LONDON + 12.93 MILLION OZ EXCHANGE FOR RISK ISSUANCE/PRIOR.//NEW TOTAL STANDING 88.540 MILLION OZ

AND NOW JUNE: INITIAL 9.90 MILLION OZ PLUS 10,000 OZ QUEUE JUMPING = 12.235 MILLION OZ

THE NEW TAS ISSUANCE TUESDAY NIGHT   (832 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND FOR SURE TODAY’S TRADING (MONDAY TRADING) AND BEYOND.

WE HAD 3 NOTICE(S) FILED TODAY FOR 15,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL. IT IS NOW TIME FOR THE FBI TO ENTER THE COMEX AND ARREST THESE CROOKS EVEN THOUGH THE MAJORITY OF THE TRADING IS GOVERNMENT. THE BANKERS ARE COMPLICIT

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 276 OI CONTRACTS  TO 415,914 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE AN EXTREMELY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  REMOVED A MONSTER 2394 CONTRACTS //.

WE HAD A SMALL SIZED DECREASE  IN COMEX OI (276 CONTRACTS) . THIS OCCURRED DESPITE OUR HUGE LOSS OF $19.85 IN PRICE// TUESDAY///.

MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:

FINAL STANDING FOR MAY: 70.174 TONNES OF GOLD TO WHICH WE ADD 1. MONDAY’S (MAY 19) 6.221 TONNES EXCHANGE FOR RISK , 2. THEN WE ADD: 1.35 TONNES TO LAST WEEK”S. THEN WE ADD 3. 1.55 TONNES TO EQUAL 9.591 TONNES// NEW EXCHANGE FOR RISK = 9.591 TONNES WHICH MUST BE ADDED TO OUR NORMAL DELIVERY SCHEDULE OF 80.644 TONNES. THUS STANDING FOR MAY INCREASES TO 90.235 TONNES OF GOLD

JUNE CONTRACT MONTH

/ WE HAD A  $19.85 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 8331 OI CONTRACTS (25.91 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE DURING THE FIRST THREE WEEKS OF MAY, AND THROUGHOUT EACH AND EVERY DAY MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A SMALLER THAN EXPECTED INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE JUNE CONTRACT MONTH….. A SMALLISH 62.534 TONNES TO WHICH WE ADD TODAY’S MONSTER QUEUE JUMP OF 5.987 TONNES//NEW STANDING 72.839 TONNES!!. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUGE SIZED 6213 CONTRACT:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 415,941/NOW AT THE LOW END OF THE SCALE DESPITE THE HIGH PRICE OF GOLD!!

SILVER ALSO HAS A LOW COMEX OI OF 163,347 CONTRACTS BUT GAINING RAPIDLY!!

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5937 CONTRACTS  WITH 276 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 6213 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5937 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED AND CRIMINAL 1331 CONTRACTS

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS 6213 CONTRACT) ACCOMPANYING THE SMALL SIZED DECREASE IN COMEX OI OF 276 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5937 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT  ,2.) WEAK INITIAL STANDING FOR GOLD FOR JUNE AT 62.524TONNES FOLLOWED BY TODAY’S MONSTER 5.987 TONNES QUEUE JUMPING//NEW STANDING ADVANCES TO 72.839 TONNES./

NEW STANDING FOR GOLD, JUNE CONTRACT AT 72.839 TONNES OF GOLD.

.

 / 3) HUGE T.A.S. LIQUIDATION , AS WE HAD 1)A  $19.85 COMEX PRICE LOSS.. WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED DESPITE THAT HUGE LOSS IN PRICE AS WE HAD A STRONG GAIN OF 5937 CONTRACTS ON OUR TWO EXCHANGES // /./ ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD FOR MAY BUT SMALLER FOR JUNE!

  4) FAIR SIZED COMEX OI GAIN// 5)  HUGE SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (6213 CONTRACTS)/// FAIR T.A.S.  ISSUANCE: 1331 T.A.S.CONTRACTS//

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 INCLUDING TODAY

JUNE INITIAL

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

TOTAL EFP CONTRACTS ISSUED: 7463 CONTRACTS OR 746,300 OZ OR 23,21 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 2487 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES  23,21 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  23.21 TONNES DIVIDED BY 3550 x 100% TONNES = 0.203% 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/SECOND HIGHEST ON RECORD

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: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)

OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.

NOV.   239.16 TONNES//WILL BE STRONG THIS MONTH,

DEC. 213.704 TONNES. A STRONG MONTH//

TOTAL FOR YEAR 2023: 2,569.57 TONNES VS  2578 TONNES LAST YEAR

2024 AND 2025:

JAN ’24:     291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)

FEB’24: 201.947 TONNES

MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.

APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)

MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS

JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III) 

AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.

SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.

OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)

NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED

DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE

TOTAL 2024 YEAR. 3,597.846 TONNES

JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)

FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)

MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.

APRIL; 208.57 TONNES. STILL A SMALL TO FAIR ISSUANCE FOR THE MONTH.

MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH

JUNE: 23.21 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL

SPREADING OPERATIONS

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

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

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

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), 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 HUGE SIZED 4034 CONTRACTS OI  TO 163,347 AND CLOSER TO THE 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  7 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 820 CONTRACTS

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

JULY 820 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 820 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 4034 CONTRACTS AND ADD TO THE 820 E.FP. ISSUED

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 4854  CONTRACTS DESPITE THE LOSS IN PRICE OF $0.02 THE RATS ARE FLEEING THE ARENA.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 26.885 MILLION PAPER OZ

 OCCURRED WITH OUR  $0.02 LOSS  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

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

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED UP 14.23 PTS OR 0.42%

//Hang Seng CLOSED UP 114.25 PTS OR 0.49%

// Nikkei CLOSED UP 300.64 PTS OR 0.80% //Australia’s all ordinaries CLOSED UP 0.91%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1908 OFFSHORE CLOSED UP AT 7.1921/ Oil UP TO 63.50 dollars per barrel for WTI and BRENT UP TO 65,72 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1808 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1921 AGAINST US DOLLAR/ AND THUS STRONGER

END

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 276 CONTRACTS TO A STILL LOW NUMBER OF 415,941 OI DESPITE OUR STRONG LOSS IN PRICE OF $19.85 WITH RESPECT TO TUESDAY’S // TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE LOSS FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED 6213 ). WE HAD CONSIDERABLE T.A.S. LIQUIDATION WHICH ACCOUNTS FOR THE PRICE LOSS.

THE CME ANNOUNCED TUESDAY NIGHT,  A ZERO EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 0 OZ OR NIL TONNES. TOTAL ISSUANCE FOR MAY WAS RECORDED AT 9.591 TONNES OF GOLD AND THIS TOTAL WAS ADDED TO OUR NORMAL DELIVERIES. THE BANK OF ENGLAND MUST BE GETTING QUITE ANTSY OF GETTING ITS GOLD BACK.

IN THE MONTH OF APRIL WE HAD RECORDED A NEW RECORD 7 ISSUANCES OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL STOOD AT 8.3571 TONNES OF GOLD WHICH WERE ADDED TO OUR NORMAL APRIL GOLD DELVERIES.

HISTORY: LAST FIVE MONTH’S EXCHANGE FOR RISK

IN MARCH:

THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.

IN FEBRUARY:

WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.

THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:

1. THE BANK OF ENGLAND
2. THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)

THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.(DEC THROUGH APRIL)

IN APRIL:

WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.

MAY: 3 EX. FOR RISK ISSUED SO FAR FOR 3025 CONTRACTS OR 302,500 OZ OR 9.4054 TONNES. THIS WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US TOTAL STANDING FOR MAY!THIS IS THE 6TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK//NEW TOTAL EX FOR RISK IS 9.591 TONNES FOR THE 3 ISSUANCE!

JUNE: ZERO ISSUED SO FAR!!

DETAILS ON JUNE COMEX MONTH//INITIAL

IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 5937 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT LAST MONTH OF MAY, CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS FAIR AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A FAIR 1331 T.A.S.

THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS(ALONG WITH MONTH END SPREADERS) IS WHY WE ARE HAVING DISTORTED COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS WITH GOLD TONNES STANDING FOR APRIL AT 209 + TONNES INCLUDING MANY MASSIVE QUEUE JUMPS AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES. HOWEVER JUNE WHICH IS NORMALLY A HUGE DELIVERY MONTH , INITIAL STANDING IS RECORDED AT 62.534 TONNES PLUS TODAY’S 5.987 TONNES QUEUE JUMPING = 72.839 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL QUEUE JUMPING FOR THE MONTH: 10.305 TONNES.

NEW TOTAL TONNES STANDING JUNE: 72.839 TONNES

THE FED IS THE OTHER MAJOR SHORT OF AROUND 5+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 225 EPISODE. AS HE TACKLES THIS IMPORTANT TOPIC. THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.

OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.

EUROPE IS NOW BASEL III COMPLIANT. THE WEST (FED AND COMEX) MUST BE COMPLIANT BY JULY 1//2025.

THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING. 

EXCHANGE FOR PHYSICAL ISSUANCE

 THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A HUGE SIZED 6213 EFP CONTRACT WAS ISSUED: :  /AUGUST  6213 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6213 CONTRACT. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

WE HAD :

1. CONSIDERABLE LIQUIDATION OF OUR T.A.S. SPREADERS
2. ZERO NET SPEC LIQUIDATION DESPITE OUR HUGE LOSS IN PRICE

T.A.S.SPREADER ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY MORNING//TUESDAY NIGHT WAS A FAIR SIZED, 1331 CONTRACTS.  

THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE TODAY, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:

1. STALLS THE ADVANCE IN PRICE
2. LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH, APRIL MAY AND JUNE

THROUGHOUT THE FEW YEARS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE.THIS WAS SURELY IN EVIDENCE IN TRADING TUESDAY WITH THE LOSS IN OI

STANDING LAST 6 MONTHS OF 2025: STANDING FOR GOLD

YEAR 2025:

JAN 2025:

113.30 TONNES (WHICH INCLUDES 43.408 TONNES EX FOR RISK)

FEB: 2025:

256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)

MARCH:

STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES  WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.

APRIL:

FINAL STANDING FOR GOLD: 201.573 TONNES + 8.3571 TONNES EX FOR RISK = 209.953 TONNES

MAY: FINAL STANDING 90.235 TONNES WHICH INCLUDES QUEUE JUMPING AND 9.591 TONNES EX FOR RISK.

JUNE: INITITAL STANDING 62.534 TONNES PLUS 5.987 TONNES QUEUE JUMPING/TODAY = 72.839 TONNES (0 EX FOR RISK) TOTAL QUEUE JUMPS FOR THE MONTH OF JUNE EQUALS 10.305 TONNES. THIS IS CENTRAL BANKS STANDING FOR PHYSICAL GOLD!!

TOTAL SO FAR THIS YEAR: 803.554 TONNES

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HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 52 MONTHS OF 2021-2025:

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: STANDING FOR GOLD/COMEX

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:STANDING FOR GOLD/COMEX

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 FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024/STANDING FOR GOLD/COMEX

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325

JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES

NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES

DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES  EQUALS 95.1066 TONNES

total year 2024: 540.30 tonnes

COMEX GOLD TRADING/JUNE CONTRACT MONTH

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $19.85/ /) BUT THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A HUGE SIZED GAIN IN OI FROM TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD CONSIDERFABLE T.A.S. SPREADER LIQUIDATION  /TUESDAY///WEDNESDAY AS THEY ARE STILL TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE THE MAGIC $3,400 BARRIER AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM EXPLODING

WEDNESDAY MORNING/TUESDAY NIGHT

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JUNE TRADING

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY://FINISHES AT 4 ISSUANCES

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN ,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WAS ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND WAS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.

MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK: TOTAL FOR THE MONTH FINISHED AT 3

TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.

APRIL, ISSUED ITS 7TH EXCHANGE FOR RISK: 187 CONTRACTS OR 18,700 OZ OR 0.5816 TONNES

SUMMARY EXCHANGE FOR RISK FOR THE MONTH OFAPRIL//TOTAL ISSUANCES 7 FOR 8.3571 TONNES OF GOLD!:

ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE//APRILL MONTH// WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES THEN APRIL 9 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES AND FINALLY MONDAY MORNING APRIL 14 AT 200 CONTRACTS FOR 20,000 OZ OR .5816 TONNES AND NOW APRIL 24: 600 CONTRACTS FOR 60,000 OZ OR 1.866 TONNES AND NOW APRIL 25 187 CONTRACTS FOR 18700 OZ OR .5816 TONNES//NEW FINAL TOTAL ISSUANCE FOR APRIL: 8.3571 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WERE ADDED TO OUR NORMAL DELIVERY CYCLE.

MAY ISSUANCE OF EXCHANGE FOR RISK NOW TOTALS 3 ISSUANCES FOR 308,350 OZ. THIS TOTALS 9.591 TONNES OF GOLD WHICH WILL BE ADDED TO OUR REGULAR DELIVERY SCHEDULE. THE RECPIENT OF THIS LARGESS IS THE BANK OF ENGLAND.

JUNE ISSUANCE: SO FAR ZERO

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ANALYSIS JUNE DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JUNE COMEX CONTRACT

WE HAVE GAINED A STRONG SIZED TOTAL OF 18.47 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR JUNE FIRST RECORDED AT 62.534 TONNES ON FIRST DAY NOTICE/MAY 30. TO THIS WE ADD TUESDAY NIGHT’S HUGE QUEUE JUMP OF 192,500 OZ OR 5.897 TONNES OF GOLD//NEW STANDING FOR JUNE GOLD ADVANCES TO 72.839.

ALL OF THIS QUITE SMALL STANDING FOR JUNE WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $19.85

WE HAD A MONSTER 2394 CONTRACTS REMOVED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 5934 CONTRACTS OR 593400 0Z (28.47 TONNES)

confirmed volume TUESDAY 183,575. contracts: small volume////

//speculators have left the gold arena

END

JUNE 4

INITIAL

JUNE CONTRACT MONTH

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	1 entry a) Out of Manfra: 580.232 oz total removal total removal: 580.232 oz           .
Deposit to the Dealer Inventory in oz	0 ENTRIES
Deposits to the Customer Inventory, in oz	we have 2 customer entries i) Into HSBC 21,607.490 oz ii) Into Stonex: 4018.875 oz (125 kilobars) total weight: 25,605.635 oz xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	977 notice(s) 97,700 OZ 3.638 TONNES
No of oz to be served (notices)	4257 contracts   425700 OZ 13,24 TONNES
Total monthly oz gold served (contracts) so far this month	19,161 notices 1,916,100 oz 59.598 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

dealer deposits: 0 entry

xxxxxxxxxxxxxxxxxxxxx

DEPOSITS/CUSTOMER

we have 2 customer entries

i) Into HSBC 21,607.490 oz

ii) Into Stonex: 4018.875 oz (125 kilobars)

total weight: 25,605.635 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 1 entry

1 entry

a) Out of Manfra: 580.232 oz total removal

total removal: 580.232 oz

adjustments: 2// all dealer to customer

a) Brinks 10,051.901 oz

ii) Out of Malca 96,935.365 oz (3015 kilobars)

AMOUNT OF GOLD STANDING FOR JUNE

THE FRONT MONTH OF JUNE STANDS AT 5234 CONTRACTS FOR A GAIN OF 718 CONTRACTS. WE HAD 1207 CONTRACTS SERVED ON TUESDAY SO QUEUE JUMPING CONTINUES IN EARNEST AT 1925 CONTRACTS FOR 192500 OZ OR 5.987 TONNES OF GOLD, CLOSE TO THE HIGHEST EVER RECORDED LAST MONTH. THIS TOTAL WILL BE ADDED TO OUR INITIAL AMOUNT OF GOLD STANDING AT 62.534 TONNES//NEW STANDING 72.839 TONNES

JULY LOST 48 CONTRACTS TO STAND AT 6812

AUGUST LOST 2402 CONTRACTS DOWN TO 320,742

We had 977 contracts filed for today representing 97,700 oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer and 230 notices issued from their client or customer account. The total of all issuance by all participants equate to 977 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 446 notice(s) was (were) stopped  (received) by J.P.Morgan//customer account 

To calculate the INITIAL total number of gold ounces standing for JUNE /2025. contract month, we take the total number of notices filed so far for the month (19,161 X 100 oz ) to which we add the difference between the open interest for the front month of  JUNE (5234 CONTRACTS)  minus the number of notices served upon today  (977 x 100 oz per contract) equals  2,341,800 OZ  OR 72.839 TONNES to which we add 0 tonnes of gold issued under exchange for risk// total standing 72.839 tonnes

thus the INITIAL standings for gold for the JUNE contract month:  No of notices filed so far (19,161 x 100 oz +we add the difference for front month of JUNE (5234 OI} minus the number of notices served upon today (1977 x 100 oz) which equals  2,341,800 OZ OR 72.839 TONNES + 0 tonnes EX FOR RISK = 72.839 tonnes

TOTAL COMEX GOLD STANDING FOR JUNE.: 72.839 TONNES WHICH IS SMALL FOR THIS NORMALLY ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL WAS SECOND..JUNE DID NOT FOLLOW FEB AND APRIL’S LEAD!!

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ 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: 2,193,240.283 oz 68.218 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 38,353,043.551 oz  

TOTAL REGISTERED GOLD 20,609,299.051: or 643.65 tonnes

TOTAL OF ALL ELIGIBLE GOLD 17,659,744.500 OZ  

END

REGISTERED GOLD THAT CAN BE SERVED UPON 18,416,059 oz (REG GOLD- PLEDGED GOLD)= 572,82 tonnes //

SILVER/COMEX

THE JUNE 2025  SILVER CONTRACT//INITIAL

JUNE 4

INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	3 withdrawal entries 3 withdrawal entries i) Out of Delaware 950.509 oz ii) Out of HSBC 306,026.300 oz iii) Out of Stonex 5007.500 oz total withdrawal 312,984.369 oz
Deposits to the Dealer Inventory	1 entry 1 entry i) Into Stonex: 601,380.500 oz total deposit 601,380.500 oz
Deposits to the Customer Inventory	1 DEPOSIT ENTRY i) Into Loomis 600,003.870 oz total deposit 600,003.870 oz
No of oz served today (contracts)	3 CONTRACT(S)    (15,000 OZ
No of oz to be served (notices)	152 contract  (0.760 MILLION oz)
Total monthly oz silver served (contracts)	2295 Contracts  (11.465 million 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

1 deposits into dealer accounts

1 entry

i) Into Stonex: 601,380.500 oz


total deposit 601,380.500 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

1 DEPOSIT ENTRY


i) Into Loomis 600,003.870 oz

total deposit 600,003.870 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)

withdrawals: customer side/eligible

3 withdrawal entries

i) Out of Delaware 950.509 oz
ii) Out of HSBC 306,026.300 oz
iii) Out of Stonex 5007.500 oz


total withdrawal 312,984.369 oz

ADJUSTMENTs 1

CUSTOMER TO DEALER BRINKS:

293,349.12 oz

JPMorgan has a total silver weight: 214.825million oz/495.972 oz million  or 43.43%

TOTAL REGISTERED SILVER: 158.995 MILLION OZ//.TOTAL REG + ELIGIBLE. 495.973 Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE /2025 OI: 155 OPEN INTEREST CONTRACTS FOR A LOSS OF 117 CONTRACTS. WE HAD 119 CONTRACTS SERVED ON TUESDAY SO WE GAINED 2 CONTRACTS OR 10,000 OZ UNDERWENT A SMALL QUEUE JUMP IN ORDER TO TAKE DELIVERY OF PHYSICAL SILVER OVER ON THIS SIDE OF THE POND.

JULY GAINED 412 CONTRACTS UP TO 118,227

AUGUST GAINED 37 CONTRACTS TO 445

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3 or 15,000 oz

CONFIRMED volume; ON TUESDAY 87,415 extremely good//

AND NOW MAY DELIVERIES:

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 2295 X5,000 oz = 11.465 MILLION oz 

to which we add the difference between the open interest for the front month of JUNE (155) AND the number of notices served upon today (3 )x (5000 oz)

Thus the  standings for silver for the JUNE 2025 contract month:  (2295) Notices served so far) x 5000 oz + OI for the front month of JUNE(155) minus number of notices served upon today (3)x 5000 oz equals silver standing for the JUNE contract month equating to 12.235 MILLION OZ .

 New total standing:  12.235 million oz which is huge for this NON active delivery month of JUNE.

We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.

There are 158.995million 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.

Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon

the next big line in the sand for silver is $34.76. After that the moon

END

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

GLD AND SLV INVENTORY LEVELS

JUNE 4  WITH GOLD UP $22.30 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.58 TONNES OF GOLD INTO THE GLD. /// ///INVENTORY RESTS AT 935.65 TONNES

JUNE 3  WITH GOLD DOWN $19.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.87 TONNES OF GOLD INTO THE GLD. /// ///INVENTORY RESTS AT 933.07 TONNES

JUNE 2  WITH GOLD UP $80.90 TODAY// NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 930.20 TONNES

MAY 30  WITH GOLD DOWN $27.10 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.59 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 930.20 TONNES

MAY 29  WITH GOLD UP $22.35 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 3.15 TONNES OF GOLD INTO THE GLD/// ///INVENTORY RESTS AT 925.71 TONNES

MAY 28  WITH GOLD DOWN $5.30 TODAY// NO CHANGES IN GOLD AT THE GLD:/ ///INVENTORY RESTS AT 925.61 TONNES

MAY 27  WITH GOLD DOWN $63.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 922.46 TONNES

MAY 23  WITH GOLD UP $69.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 4.01 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 923.89TONNES

MAY 22  WITH GOLD DOWN $15.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 919.88 TONNES

MAY 21   WITH GOLD UP $28.75 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 921.60 TONNES

MAY 20   WITH GOLD UP $51.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.30 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 921.03 TONNES

MAY 19   WITH GOLD UP $46.65 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.89 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 918.73 TONNES

MAY 16   WITH GOLD DOWN $38.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.30 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 927.62 TONNES

MAY 15   WITH GOLD UP $38.80 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.53 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 931.92 TONNES

MAY 14   WITH GOLD DOWN $40.35 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.43 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 936.51 TONNES

MAY 13   WITH GOLD UP $19.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 937.94 TONNES

MAY 12   WITH GOLD DOWN $115.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.71 TONNES OF GOLD OUT OF THE GLD/ ///INVENTORY RESTS AT 937.94 TONNES

MAY 9   WITH GOLD UP $37.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD/ ///INVENTORY RESTS AT 939.68 TONNES

MAY 8   WITH GOLD DOWN $82.60 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.23 TONNES OF GOLD WITHDRAWN FROM THE GLD/ ///INVENTORY RESTS AT 937.67 TONNES

MAY 7   WITH GOLD DOWN $30.30 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 937.96 TONNES

MAY 6   WITH GOLD UP $101.55 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 6.32 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 937.96 TONNES

MAY 5   WITH GOLD UP $77.95 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.13 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 944.28 TONNES

MAY 2   WITH GOLD UP $ 18.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 945.41 TONNES

MAY 1   WITH GOLD DOWN $ 92,45 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.87 TONNES OF GOLD OUT OF THE GLD ///INVENTORY RESTS AT 944.26 TONNES

APRIL30   WITH GOLD DOWN $14.05 TODAY// NO CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD ///INVENTORY RESTS AT 947.13 TONNES

GLD INVENTORY: 935.65 TONNES, TONIGHTS TOTAL

SILVER

JUNE 4 WITH SILVER DOWN $0.01/HUGE CHANGES AT THE SLV:A DEPOSIT OF 2.084 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 463.505 MILLION OZ.

JUNE 3 WITH SILVER DOWN $0.02/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.545 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 461.421 MILLION OZ.

JUNE 2 WITH SILVER UP $1.58/NO CHANGES AT THE SLV: ././///INVENTORY RESTS AT 459.876 MILLION OZ.

MAY 30 WITH SILVER DOWN $0.36/HUGE CHANGES AT THE SLV: A DEPOSIT OF 2.773 MILLION OZ INTO THE SLV././///INVENTORY RESTS AT 459.876 MILLION OZ.

MAY 29 WITH SILVER UP $0.29/NO CHANGES AT THE SLV////INVENTORY RESTS AT 457.103 MILLION OZ.

MAY 28 WITH SILVER DOWN $0.18/NO CHANGES AT THE SLV////INVENTORY RESTS AT 457.103 MILLION OZ.

MAY 27 WITH SILVER DOWN $0.34/HUGE CHANGES AT THE SLV//A DEPOSIT OF 2.728 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 457.103 MILLION OZ.

MAY 23 WITH SILVER UP $0.38/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.5 MILLION OZ OF SILVER INTO THE SLV/: //INVENTORY AT SLV RESTS AT 454.375 MILLION OZ

MAY 22 WITH SILVER DOWN $0.27/NO CHANGES IN SILVER INVENTORY AT THE SLV:////: //INVENTORY AT SLV RESTS AT 451.875 MILLION OZ

MAY 21 WITH SILVER UP $0.35/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.091 MILLION OZ INTO THE SLV// ////: //INVENTORY AT SLV RESTS AT 451.875 MILLION OZ

MAY 20 WITH SILVER UP $0.65/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.41 MILLION OZ INTO THE SLV// ////: //INVENTORY AT SLV RESTS AT 449.784 MILLION OZ

MAY 19 WITH SILVER UP $0.17/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.819 MILLION OZ OUT OF THE SLV// ////: //INVENTORY AT SLV RESTS AT 447.193 MILLION OZ

MAY 16 WITH SILVER DOWN $0.24/NO CHANGES IN SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 449.193 MILLION OZ

MAY 15 WITH SILVER UP 0.04/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.909 MILLION OZ OUT OF SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 449.193 MILLION OZ

MAY 14 WITH SILVER DOWN $0.39/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.682 MILLION OZ OUT OF SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 450.102 MILLION OZ

MAY 13 WITH SILVER UP $0.44/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.001 MILLION OZ INTO SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 450.7845 MILLION OZ

MAY 12 WITH SILVER DOWN $0.30/HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 2.001 MILLION OZ INTO SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 450.7845 MILLION OZ

MAY 9 WITH SILVER UP $0.31/NO CHANGES IN SILVER INVENTORY AT THE SLV:NO CHANGE IN SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 8 WITH SILVER DOWN $0.16/NO CHANGES IN SILVER INVENTORY AT THE SLV:NO CHANGE IN SILVER INVENTORY AT THE SLV ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 7 WITH SILVER DOWN $0.54/NO CHANGES IN SILVER INVENTORY AT THE SLV: ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 6 WITH SILVER UP $0.92 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A HUG WITHDRAWAL OF 2.818 MILLION OZ OUT OF THE SLV ////: //INVENTORY AT SLV RESTS AT 448.783 MILLION OZ

MAY 5 WITH SILVER UP $0.08 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A SMALL DEPOSIT OF 0.117 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 450.602 MILLION OZ

MAY 2 WITH SILVER DOWN $0.19 /MASSIVE CHANGES IN SILVER INVENTORY AT THE SLV:A HUGE WITHDRAWAL OF 4.545 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 450.424 MILLION OZ

MAY 1 WITH SILVER DOWN $0.43 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 0.683 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 454.972 MILLION OZ

APRIL30 WITH SILVER DOWN $0.65 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 2.364 MILLION OZ INTO THE SLV ////: //INVENTORY AT SLV RESTS AT 454.289 MILLION OZ

CLOSING INVENTORY 463.505 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

MATHEW PIEPENBERG

2.ALASDAIR MACLEOD

3. CHRIS POWELL AND GATA DISPATCHES

end

4/On LFTV, Andrew Maguire LIVE FROM THE VAULT 225

5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:ALUMINIUM AND STEEL

6 CRYPTOCURRENCY NEWS

ASIAN MARKETS THIS MORNING:

SHANGHAI CLOSED UP 14.23 PTS OR 0.42%

//Hang Seng CLOSED UP 114.25 PTS OR 0.49%

// Nikkei CLOSED UP 300.64 PTS OR 0.80% //Australia’s all ordinaries CLOSED UP 0.91%

//Chinese yuan (ONSHORE) CLOSED UP AT 7.1908 OFFSHORE CLOSED UP AT 7.1921/ Oil UP TO 63.50 dollars per barrel for WTI and BRENT UP TO 65,72 Stocks in Europe OPENED ALL GREEN

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1808 AND STRONGER//OFF SHORE YUAN TRADING UP TO 7.1921 AGAINST US DOLLAR/ AND THUS STRONGER

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

ONSHORE YUAN:   CLOSED UP TO 7.1808 (CHINESE COMMUNIST PARTY MANIPULATED)

OFFSHORE YUAN: DOWN TO 7.1921 (CCP MANIPULATED)

SHANGHAI CLOSED UP 14.23 PTS OR 0.42%

HANG SENG CLOSED UP 114.25 PTS OR 0.49%

2. Nikkei closed UP 300.64 PTS OR 0.800%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX UP TO  98,12// EURO RISES TO 1.1387 UP 3 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +1.511//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144,08…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN CHINESE 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 UP FOR BRENT this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5290/Italian 10 Yr bond yield UP to 3.517 SPAIN 10 YR BOND YIELD UP TO 3.118%

3i Greek 10 year bond yield UP TO 3.296

3j Gold at $3255.50 Silver at: 34,45  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 66 /100  roubles/dollar; ROUBLE AT 78.31

3m oil into the 63 dollar handle for WTI and  65 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 144,08// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.511% STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8234 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9375 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.465 UP 0 BASIS PTS…

USA 30 YR BOND YIELD: 4.985 UP 1 BASIS PTS/

USA 2 YR BOND YIELD:  3.920 DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 39.14

10 YR UK BOND YIELD: 4.6720 DOWN 1 PTS

10 YR CANADA BOND YIELD: 3.274 UP 5 BASIS PTS

5 YR CANADA BOND YIELD: 2.880 UP 5 PTS

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2a New York OPENING REPORT

US Futures Flat As Global Stocks Hit New All Tim

Wednesday, Jun 04, 2025 – 08:24 AM

US equity futures are higher, following European and Asian markets, while the MSCI All-country world index surpassed the February record high: as if April never happened. As of 8:00am, S&P futures are up 0.2%, trading just shy of 6,000 and on the verge of a 20% bull market rebound from the April low even with some negative trade developments overnight: Trump said that China’s Xi is very tough to make a deal with, and signed an order to raise steel and aluminum tariffs to 50% from 25%. Nasdaq 100 futures are up roughly the same, with Mag 7 names mostly higher premarket led by NVDA (+0.9%) and TSLA (+0.8%). Bond yields and USD are flat; Commodities are mostly unchanged as well, although Ags are higher and gold dips. Trump says Xi is “extremely hard” to make a deal with (here); the White House said that they are expecting a Trump-Xi call this week. The 50% steel tariffs will take effect today; key macro data to watch are May ADP employment change (8:15am), S&P Global US services PMI (9:45am) and ISM services index (10am).

In premarket trading, Magnificent Seven stocks are mostly higher (Nvidia +0.7%, Tesla +0.6%, Meta +0.5%, Amazon (+0.5%, Alphabet +0.4%, Microsoft 0%, Apple -0.5%).Here are some other notable premarket movers:

• CrowdStrike shares (CRWD) fall 6.8% in premarket trading after the cybersecurity company posted disappointing first-quarter subscription revenue due to an impact from programs related to its post-outage Customer Commitment Package (CCP). Its second-quarter sales forecast also underwhelmed, while an unchanged view on full-year revenue was seen as negative by some analysts. Evecore ISI and Canaccord downgraded the stock.
• Dollar General shares (DG) rise 0.6% in premarket trading on Wednesday as Oppenheimer & Co raised to outperform from market perform citing a “brighter intermediate-term outlook” for the discount store chain’s stock.
• Guidewire (GWRE) advances 14% in US premarket trading after the software company boosted its revenue guidance for the full year, exceeding analyst estimates.
• Lumentum shares (LITE) are up 6.9% in premarket trading, after the maker of optical and photonic products raised its fourth-quarter forecast. Analysts are positive on the update, and singled out margins as an area of strength.
• Snowflake (SNOW) rises 2.4% in premarket trading on Wednesday UBS raised to buy from neutral saying the company is early in a multi-year data investment cycle. .

Overnight, Trump’s comments on social media about Xi in which he said “he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” cast doubt over their fragile economic truce, while China is also said to be considering placing a major order with Airbus, a blow for America’s biggest exporter, Boeing. There’s also wrangling over Trump’s massive tax bill. Elon Musk slammed the bill as a budget-busting “abomination,” while Senate Majority Leader Thune said the House SALT deal will have to change.

“It’s really getting complicated for investors to position themselves given the lack of visibility, the uncertainty and with markets fully valued,” said Roland Kaloyan, head of equity strategy at Societe Generale SA.

While some economists fear a notable weakening in US employment in the coming months under the weight of tariffs, that hasn’t shown up in the data yet. The muted impact has lifted optimism and helped offset concerns over President Donald Trump’s trade policies, which economists have warned could lead to an economic slowdown. Investors will follow services data and ADP’s report on private-sector employment later Wednesday for updated information on the strength of the US economy, ahead of Friday’s nonfarm payrolls report.

Options traders are betting the S&P 500 will post its smallest swing in months following Friday’s employment report, highlighting how the recent data has calmed investor worries over the economic impact of Trump’s tariffs. The S&P is projected to move 0.9% in either direction on Friday, according to data compiled by Piper Sandler. That figure, based on the prices of S&P 500 options straddles as of Tuesday’s close, is the smallest implied swing ahead of a jobs print since February.

“The fact is that everybody was waiting for the US economy to break, but the jobs data from yesterday demonstrates that it’s not,” said Benjamin Melman, chief investment officer at Edmond de Rothschild Asset Management. “As far as institutional investors are concerned, this is the most hated rally in a while.”

Meanwhile, with US futures little changed but on the cusp of a bull market, the MSCI All-Country World Index hit an all-time peak for the first time since February.

Global investors have dry powder to buy dips and this will help the “unloved rally” continue in the absence of strong negative news, according to strategists at Barclays. But no-one seems enthusiastic. “As far as institutional investors are concerned, this is the most hated rally in a while,” said Benjamin Melman, chief investment officer at Edmond de Rothschild Asset Management.

Still, technicals might suggest US equities are poised for a breakout. And with Nvidia reclaiming the title of the world’s largest company, the Mag 7 stock bounce has been greater than the corresponding P/E multiple expansion.

In Europe, the Stoxx 600 is up 0.7%, having extended gains after EU Trade Commissioner Sefcovic said trade talks with the US are “advancing in the right direction at pace” in a post on X. The DAX outperforms its regional peers, rising 1% after the German cabinet approved a package of tax breaks for companies worth an estimated €46 billion. Miners and technology shares lead gains, with chipmakers rallying after US peer ON Semiconductor reported a recovery in demand. Personal-care stocks and autos lag. Among individual movers, Airbus advances following a report that China is considering placing an order for hundreds of aircraft as soon as next month. Here are the biggest European movers:

• European chipmakers rally after US peer ON Semiconductor said it started to see signs of a broad-based recovery in demand. Infineon, STMicro, AMS-Osram, and Nordic Semi are among gainers.
• Airbus shares rise as much as 4.1% after Bloomberg reported that China is considering placing an order for hundreds of the planemaker’s jets as soon as next month.
• Elisa shares gain as much as 3.5% after Morgan Stanley raised its price target on the Finnish telecommunications firm, saying the firm is well-insulated from uncertain macro and geopolitical conditions.
• Camurus shares soar as much as 26%, the most since April 2020, after the Swedish biopharmaceutical company signed a licensing agreement with Eli Lilly allowing the US weight-loss drugmaker to develop and commercialize therapies using Camurus’ FluidCrystal technology.
• B&M shares slide as much as 2.9% after the company issued in-line guidance for the new financial year, causing it to give back some of the gains booked since its last update in March.
• Remy Cointreau shares climb as much as 2.3%, rebounding from an initial slump, after the cognac-maker scrapped its 2029-30 guidance due to the impact of US-China tariffs. Some brokers noted that the withdrawal was expected in the market.
• Paragon Banking Group gains as much as 7.5%, climbing to its highest since April 2007, after the UK lender increased its full-year net interest margin guidance and delivered what analysts view as solid first-half results.
• Thyssenkrupp Nucera rises as much as 12%, the most since April, after the firm was commissioned to carry out a study for a water electrolysis plant in Europe.
• DiscoverIE shares jump as much as 12%, hitting their highest level since January, after the electronics company delivered annual results ahead of expectations and lifted its medium-term margin target.
• S4 Capital shares rise as much as 6.2% as analysts said the media company’s slightly weaker revenue growth guidance is unsurprising and its earnings target is still intact.
• Redcare shares drop as much as 14% after Kepler Cheuvreux cut its rating on the stock to hold from buy, saying the online pharmacy will struggle to sustain momentum for e-scripts when the voluntary digital identification system known as GesundheitsID kicks in.
• Carmila shares fall as much as 8.7% after supermarket operator Carrefour sold a 7% stake in the French real estate group.

“Europe is still cheap but that steep discount is no longer there,” An Do, portfolio manager at Julius Baer, told Bloomberg TV. “There is still room for US assets that are truly unique. The Magnificent 7, or large cap tech, is still growing earnings at high 30% year-on-year.”

Earlier in the session, Asian stocks gained, led by South Korea as investors cheered the presidential election victory of Lee Jae-myung, which is seen potentially driving another leg up for the market. The MSCI Asia Pacific Index rose as much as 0.9%, with TSMC and SK Hynix among the biggest boosts to the benchmark. Korea’s Kospi jumped 2.7% to enter a technical bull market. The outcome of Korea’s election ended a months-long political leadership vacuum, and is fueling bets on further progress in the nation’s corporate reform drive. Hong Kong shares trimmed gains after President Donald Trump called Xi Jinping very tough to make a deal with, underscoring mounting uncertainty over the progress of US-China trade talks. Investors are also digesting the impact of higher US tariffs on steel and aluminum, after Trump officially signed a directive doubling the levy to 50%.

In FX, The Bloomberg Dollar Spot Index falls 0.1%. The Norwegian krone is leading gains versus the greenback, rising 0.5%. The euro adds 0.2% after euro-area composite PMI was revised higher to show a modest expansion rather than a contraction in May. 

In rates, treasury long-end yields are about 1bp richer on the day while front-end is about 1bp cheaper, flattening the yield curve slightly. US 10-year yields are 1bp higher at 4.46% with bunds and gilts in the sector trading slightly cheaper; long end’s slight outperformance flattens 5s30s curve by about 2bp. Price action in European core rates is similarly muted, and US stock and oil futures trade near Tuesday’s highs. Gilts lead a selloff in European government bonds with UK 10-year yields rising 3 bps to 4.67%. Focal points of US session include ADP employment and ISM services gauge and Bank of Canada rate decision. Dollar swap spreads remain near Tuesday’s highs, following a late jolt higher after report that Wells Fargo & Co. has been released from a Federal Reserve asset cap that restricted its size for more than seven years

In commodities, oil prices edge lower after a two-day gain as rains slowed the growth of some blazes that had disrupted Canadian crude production. WTI falls 0.3% to $63.20. Spot gold climbs $10 to around $3,363/oz. 

Looking at today;s US economic data includes May ADP employment change (8:15am), S&P Global US services PMI (9:45am) and ISM services index (10am). Fed releases latest Beige book at 2pm. Bank of Canada rate decision expected at 9:45am. Fed speaker slate includes Bostic and Cook at 8:30am

Market snapshot

• S&P 500 mini +0.2%
• Nasdaq 100 mini +0.1%
• Russell 2000 mini +0.4%
• Stoxx Europe 600 +0.6%
• DAX +1%, CAC 40 +0.8%
• 10-year Treasury yield +1 basis point at 4.46%
• VIX -0.2 points at 17.49
• Bloomberg Dollar Index -0.1% at 1212.2
• euro +0.2% at $1.1392
• WTI crude -0.3% at $63.25/barrel

Top Overnight News

• President Trump said Wednesday that it was “extremely hard” to make a deal with his Chinese counterpart Xi Jinping, at a time when the White House has been suggesting the two leaders could talk this week amid rising trade tensions. CNBC
• US President Trump invited the Senate Financial Committee to the White House with the meeting reportedly to be held at 16:00EDT on Wednesday.
• OMB Director Vought said the rescission package sent on Tuesday is just the start and they chose the easiest DOGE cuts to start rescissions, while he added there are consequences for Congress failing to rescind. Vought said the rescission package will be on the floor next week and they will send many more rescissions once this passes, as well as noted that they have tools to make cuts permanent by the end of the FY.
• BLS said some April jobs data will be corrected on Friday and major measures such as the unemployment rate are unaffected, while it added that many numbers are to be corrected but the impact is ‘negligible’.
• China is considering placing an order for hundreds of Airbus jets as soon as next month, people familiar said, adding to tensions as Beijing keeps Boeing on the sidelines. BBG
• Bank of Japan Governor Kazuo Ueda said the country’s economy can withstand the hit from U.S. tariffs and sustain a cycle of rising inflation accompanied by wage growth, signaling the bank’s readiness to raise interest rates further. CNBC
• Trump’s doubling of steel and aluminum tariffs to 50% took effect with the UK exempt from the increase. Mexico will also seek a reprieve later this week. BBG
• Germany’s new government will seek to pass a 46bn package of corporate tax breaks over the summer in an effort to jolt the Eurozone’s largest economy of stagnation. FT
• Eurozone countries are preparing for a series of difficult negotiations w/Trump over trade, NATO, and Ukraine. FT
• Eurozone’s final services PMI for May came in at 49.7, up from the flash reading of 48.9. BBG
• Wells Fargo stock rose premarket (+2.97%) after the Fed lifted an asset cap that has restricted its size for more than seven years. BBG
• Traders are ramping up hedges against dramatic shifts in the Fed’s rate path. While the swaps market still sees two cuts this year, uncertainty has pushed traders to buy protection for a wider range of outcomes, including no cuts at all. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly higher following the gains on Wall St where sentiment was lifted by better-than-expected JOLTS data and with some slight optimism with US President Trump and Chinese President Xi reportedly set to speak this Friday. ASX 200 was led higher by outperformance in the energy sector and with participants unfazed by recent data releases including the miss on Q1 GDP. Nikkei 225 advanced at the open following recent currency weakness but with further upside capped by a lack of drivers. KOSPI outperformed and is on course for a bull market following the Presidential Election which was won by the DP’s Lee Jae-Myung who was later sworn in. Hang Seng and Shanghai Comp conformed to the positive mood but with gains capped as China remained quiet regarding a potential Trump-Xi call.

Top Asian News

• NIO’s Hong Kong-listed shares advance as much as 4.4% after the Chinese electric-vehicle maker said it aimed to reduce research and development spending to reach its fourth-quarter break-even target. Meanwhile, the company reported first-quarter revenue that missed consensus estimates.
• CGN Mining shares gain as much as 23% in Hong Kong, the most since Oct. 22, as Morgan Stanley analysts note the nuclear energy company’s better-than-expected new pricing formula would improve earnings.
• Innovent Biologics shares surge as much as 18% to the highest since Nov. 2021, after the company presented the latest clinical data of IBI363 in advanced non-small cell lung cancer.

European bourses (STOXX 600 +0.6%) opened modestly firmer across the board and have traded with an upward bias throughout the morning – currently at session highs. Aided by PMIs and potentially the readout from Sefcovic on his call with Greer. European sectors hold a strong positive bias and aside from the top performer, the breadth of the market is fairly narrow.  The European auto sector has been in focus today, with European auto supplier association, Clepa, suggesting production lines and plants have already been shut and the impact will likely grow in the next 3-4 weeks. This sparked some modest pressure in the sector.

Top European News

• European auto supplier association Clepa says production lines and a couple of plants are already shut due to China rare earth export curbs; impact likely to grow in the next 3-4 weeks, and only 1/4 of licence requests have been granted since early April.
• Germany is said to be seeking to pass a package of EUR 46bln in corporate tax breaks, according to FT.
• Germany’s VDMA says April orders -6% Y/Y (domestic -4%, foreign -7%).
• “[UK Chancellor] Rachel Reeves rules out increasing income tax, NI and VAT for ‘working people’ in the autumn Budget, saying she will stick to her manifesto pledges despite tight public finances”, via Jason Groves on X. Will be making changes to the winter fuel payments, so they can be paid this winter (As expected).
• UK Chancellor Reeves says, “I have no intention of raising taxes again on the scale of 2024 budget”.

FX

• DXY is fractionally lower following Tuesday’s session of gains which were in part a bounce back from Monday’s losses and supported by JOLTS data. On the trade front, markets await the call between Trump and Xi on Friday. Ahead of which, Trump has posted that his Chinese counterpart is “very tough, and extremely hard to make a deal with”. Ahead, attention will be on the data slate with ADP due on deck ahead of Friday’s all-important NFP print. Elsewhere, ISM services and the Fed’s Beige Book are also set to be released. DXY currently trading around 99.03.
• EUR is a touch firmer vs. the USD but stuck on a 1.14 handle following a soft EZ inflation release in the run-up to Thursday’s ECB policy announcement (25bps cut is pretty much nailed on). Elsewhere, on the data front; an upward revision to the EZ composite PMI into positive territory has little follow-through into EUR with EUR/USD currently topped out at 1.1396.
• JPY is flat vs. the USD but holding onto most of the prior day’s spoils after returning to the 144.00 territory amid a firmer buck and the positive risk tone. Incremental newsflow out of Japan has been on the light side aside from Japanese Chief Cabinet Secretary Hayashi said they have not received any letter from the US asking to make the best offers on trade talks. USD/JPY had ventured as high as 144.38 overnight before drifting back towards the top end of Tuesday’s 142.37-144.11 range. GBP firmer vs. the USD and flat vs. the EUR with pertinent UK-specific newsflow lacking aside from the White House announcing that US tariffs on UK steel and aluminium will remain at 25% for now, with the UK failing to get the 0% tariffs promised in the US ‘deal’ implemented in time, according to Bloomberg. Elsewhere, an upward revision to UK services PMI had little impact on the GBP.
• Antipodeans are both a touch firmer vs. the slightly softer USD with AUD able to overlook disappointing Australian GDP data which has heightened calls for a looser approach by the RBA. Both currencies will be eyeing the outcome of the Trump-Xi call on Friday given that China is both of their largest trading partners.
• CAD is flat vs. the USD ahead of today’s BoC policy announcement. The BoC is expected to keep rates on hold at 2.75%, although some (6/26 surveyed by Reuters) expect a 25bps rate cut; markets price such an outcome at 30%. USD/CAD is currently tucked within Tuesday’s 1.3701-43 range.
• PBoC set USD/CNY mid-point at 7.1886 vs exp. 7.1977 (Prev. 7.1869).

Fixed Income

• USTs started the day contained. Focus overnight was on the largely as expected implementation of Trump’s 50% steel and aluminium tariff rate for all ex-UK, which is subject to a lower 25% rate, for now. Now focus remains firmly on US-China relations and specifically on Friday’s call which features the Presidents of the two countries. USTs currently hold at the low end of a 110-12+ to 110-18+ band, ahead of ISM Services and ADP National Employment.
• Bunds held a slight bearish bias overnight but not particularly pronounced. This bias accelerated throughout the European morning in the wake of Final PMIs. No overly significant reaction to any one figure, but Bunds fell from 131.30 to an initial 131.04 low across the PMI window. The EZ-wide figure was revised a little higher with the accompanying commentary suggesting that ECB cuts/German fiscal spending should be enough to offset the impact of higher tariffs/uncertainty.
• Most recently, EU Trade Commissioner Sefcovic said he had constructive talks with USTR Greer; are advancing in the correct direction at “pace”; a comment which may have helped push the benchmark to a 130.94 base, alongside European equity bourses picked up slightly at the time.
• Gilts are under pressure throughout the morning in catch-up to the general overnight tone, the above factors (particularly PMIs) and ahead of supply. Additionally, yields pushed higher by the inflationary implications of the UK finding itself subject to 25% tariffs on metals; while better than global peers, the levy is a disappointment for those who hoped the UK-US deal would result in a full exemption.
• UK Chancellor Reeves has been on the wires today, where she ruled out increasing tax for “working people” in the Autumn Budget. UK assets were little moved.
• UK Sells GBP 4.75bln 4.375% 2028 Gilt: b/c 3.08x (prev. 3.48x), average yield 4.062% (prev. 3.834%) & tail 0.3bps (prev. 0.2bps).
• Orders for the new Italian 5yr BTP in excess of EUR 95bln, Green BTP orders in excess of EUR 85bln, via Reuters citing leads.

Commodities

• Crude has been tilting upwards in early European hours after taking a breather in APAC trade after advancing on Tuesday amid the positive risk appetite and ongoing geopolitical tensions, with demand contained overnight following mixed private sector inventory data. Tight parameters are seen across crude futures – WTI Jul resides in a USD 63.07-63.52/bbl range while Brent Aug sits in a USD 65.31-65.77/bbl band.
• Mixed trade across precious metals as traders await the next macro catalyst, with spot gold and silver caged to narrow ranges. XAU/USD currently trades in a USD 3,346.53-3,372.71/oz range and well within Tuesday’s USD 3,333.17-3,392.30/oz.
• Spot palladium narrowly underperforms, potentially with headwinds from the European auto supplier association Clepa who said production lines and a couple of plants are already shut due to China rare earth export curbs.
• Base metals are tilting firmer in tandem with upticks seen across equities, and in broader sentiment, albeit gains are capped ahead of risk events including a slew of Fed speakers, the US Jobs report on Friday, but arguably more importantly for the complex, traders await news on a potential call between US President Trump and Chinese President Xi.
• US Private Inventory Data (bbls): Crude -3.3mln (exp. -1mln), Distillates +0.8 (exp. +1mln), Gasoline +4.7mln (exp. +0.6mln), Cushing +1.0mln.

Geopolitics: Middle East

• Israeli military warned residents of Gaza against moving into areas leading to US-backed aid group distribution centres on Wednesday, deeming them ‘combat zones’.
• Gaza Humanitarian Foundation said it will not distribute any aid on Wednesday and is in talks with the Israeli military to enhance security measures beyond the immediate perimeter of GHF sites.
• Ten elected UN Security Council members asked for a Wednesday vote on a draft resolution on Gaza that demands an immediate, unconditional and permanent ceasefire in Gaza and the release of all hostages held by Hamas, while it also demands immediate lifting of all restrictions on aid into Gaza and safe, unhindered distribution at scale throughout Gaza, according to Reuters citing sources.
• Sirens sounded in Tel Aviv after a rocket fired from Yemen towards Israel and Houthis announced the targeting of Israel’s Ben Gurion Airport with a hypersonic missile, according to Cairo News and Sky News Arabia.
• Syrian Foreign Ministry said reports of launches towards Israel have not been verified yet and it affirmed that Syria will not pose a threat to any party in the region following projectile launches towards Israel. Furthermore, the Syrian Foreign Ministry said Israel’s strike on Daraa caused significant human and material losses, while Syrian security sources also stated that Israel launched a series of strikes on targets in southern Syria.
• US proposed an interim step in Iran nuclear talks allowing some enrichment, according to the NY Times. It was separately reported that White House Press Secretary Leavitt said Witkoff sent a detailed proposal to Iran and hopes Iran will accept the proposal, otherwise, there will be consequences, while the US State Department said the maximum pressure campaign on Iran remains in ‘full force’.
• Iran is open to basing a nuclear deal with the US around the idea of a regional uranium enrichment consortium, as long as it is located within Iran, according to Axios citing an Iranian official.
• Iranian Supreme Leader Khamenei says Iran will increase Iran’s power in all fields. The US nuclear proposal is 100% against “the principle of our power”.

Geopolitics: Ukraine

• Ukraine’s Foreign Minister said Russia made no response to Kyiv’s peace proposals at Istanbul talks and presented ‘old ultimatums’, while the official stated more tangible results were needed. It was separately reported that Russia’s Deputy Foreign Minister said Istanbul will remain the venue for Russia-Ukraine talks, and no other venues are on the table, according to TASS.
• White House Press Secretary Leavitt said President Trump is keeping sanctions on Russia as a tool in the toolbox and Trump remains optimistic about progress in Russia-Ukraine discussions.
• US Secretary of State Rubio spoke with Turkish Foreign Minister Fidan to discuss supporting direct negotiations between Russia and Ukraine.
• US Special Envoy Kellogg believes the Russia Sanctions Act is “ready to drop and said he spoke to Senator Graham about Russia sanctions.
• Russia’s top security official Shoigu is to discuss Ukraine with North Korean leader Kim, according to Russian agencies.
• Russia’s Deputy Foreign Minister said NATO’s planned Baltic drills are part of the alliance’s preparations for a potential military clash with Russia, according to TASS.

Geopolitics: Other

• South Korean President Lee said peace achieved at a high cost is better than war and he will seek dialogue with North Korea to secure peace in the Korean peninsula.
• US Secretary of State Rubio commemorated the bravery of the Chinese people killed in the Tiananmen crackdown in 1989.
• Taiwan’s President Lai posted on Facebook regarding the Tiananmen crackdown anniversary in which he stated that authoritarian governments often choose to silence and forget history, while he added that they cannot ignore the infringement on global democracy and the rule of law caused by the expansion of authoritarianism.

US event Calendar

• 7:00 am: May 30 MBA Mortgage Applications -3.9%, prior -1.2%
• 8:15 am: May ADP Employment Change 37k, est. 113.5k, prior 62k
• 9:45 am: May F S&P Global U.S. Services PMI, est. 52.3, prior 52.3
• 9:45 am: May F S&P Global U.S. Composite PMI, est. 52.05, prior 52.1
• 10:00 am: May ISM Services Index, est. 52, prior 51.6

DB’s Jim Reid concludes the overnight wrap

Sentiment and data haven’t been great so far this week, but ever since the weak US ISM manufacturing data on Monday, markets have steadily climbed with the S&P 500 up +1.86% since the lows after it was released, including another +0.58% gain yesterday as the headline JOLTS data was broadly positive (more below). So the index is now up +19.82% since the closing low after Liberation Day, leaving it just shy of the 20% threshold that would technically mark the start of a bull market. We have the ISM services today so we’ll see if that provides the same market response.

The mood was boosted yesterday by tech and semiconductors stocks, as Meta’s deal to enter a 20yr agreement with the largest US nuclear operator seemed to energise the sector. The deal was said to be cheaper than a similar one powered by Microsoft last year as it used existing facilities. It shows just how much energy demand there will be going forward from AI and the lengths these firms will go to maintain their green credentials as fossil fuels would be cheaper. I ran a “Deep Research” search last week where I uploaded a number of my previous reports and asked it to do a summary of the new World Outlook document in my style. Unfortunately it took 18 hours of processing. When I asked for updates it kept on saying “just give me 45 more minutes, I’m nearly there”. In the end I gave up but I hate to think how much splitting of how many atoms was needed for it to take that long. Maybe my writing style is so chaotic it blew up their servers. I should say Deep Research is incredible but it’s trial and error as to what it does well and what it does less well.
The Philadelphia Semiconductor Index (+2.48%) took the news well, with Nvidia (+2.95%) seeing its market cap narrowly overtake Microsoft to reclaim the position of the world’s most valuable company for the first time since January. That also helped the NASDAQ outperform (+0.85%), though the Mag-7 saw only a modest gain (+0.23%) as Alphabet slid by -1.69% and Meta itself fell by -0.60%. So signs of an ongoing debate over which tech companies will gain from AI. The gains in the US also occurred in Europe, where the STOXX 600 (+0.09%), the FTSE 100 (+0.38%), DAX (+0.67%) and CAC 40 (+0.34%) all rose. On the tech theme, my colleague Marion Laboure published her tech performance review for May, which is highly relevant given the sector’s surprising uplift in recent days. 

One of the most important catalysts for the recovery was that JOLTS report, which showed the US labour market in a more robust position than previously thought. Specifically, job openings unexpectedly rose to 7.391m in April (vs. 7.1m expected), so that push back against fears that companies would dial back hiring after Liberation Day. The quits rate of those voluntarily leaving their jobs did edge down a tenth to 2.0%, but that was also within its range over the last 12 months, so not a cause for alarm. The report coincided with the start of the risk-on move, with bond yields also moving higher after the release. By the close, that meant the 10yr yield (+1.4bps) was up to 4.46%, and the 30yr yield (+1.6bps) rose to 4.98%, edging closer to 5% again. The moves also got momentum from the latest rise in oil prices, with Brent crude (+1.55%) up to $65.63, its highest level in nearly three weeks.

We also had some fresh trade headlines yesterday, as Reuters reported that the Trump administration wanted countries to provide their best offer by today on the trade negotiations. As a reminder, there’s just over a month until the 90-day extension for the reciprocal tariffs runs out on July 9, so the US are trying to negotiate lots of deals before that, and Press Secretary Karoline Leavitt said that “I can confirm the merits in the content of the letter”. Leavitt also suggested that there would be a call between Trump and China’s President Xi “very soon”. Otherwise, Trump also signed the executive order yesterday that imposed the higher 50% tariffs on steel and aluminium announced on Friday, and these took effect overnight. The UK is exempt from the increase until July 9 to allow the two countries to work out new levies or quotas under the framework deal they agreed last month.

Earlier in the day, the initial market plunge seemed to coincide with the collapse of the Dutch government after the far-right Freedom Party (PVV), the largest in the Netherlands’ parliament, withdrew from the ruling coalition. The move came as other parties in the four-party coalition refused to back the PVV’s proposed migration curbs. This marks the second time in two years that a Dutch government has collapsed due to differences over migration policy. Incumbent Prime Minister Dick Schoof will continue in a caretaker role until snap elections are held. There wasn’t too much of an impact on markets however, as even though the country’s main equity index, the AEX, slid -0.75%, it had recovered by the afternoon to close up +0.21%. European bond yields also saw little movement, with 10yr bunds (unch), OATs (+0.2bps) and BTPs (-0.5bps) fairly steady, although gilts (-2.9bps) outperformed.

Elsewhere in Europe, the Euro Area flash CPI print fell to just +1.9% in May (vs. +2.0% expected), marking the first sub-2% headline print in four years (excluding the 1.7% surprise in September 2024). Moreover, core CPI was down to just +2.3%, the lowest since January 2022. The print cemented market expectations that the ECB would deliver another rate cut tomorrow, and showed that the April spike in services inflation was mostly noise associated to strong Easter effects. Underlying services inflation momentum has eased significantly and our European economists believe there’s still scope for further services disinflation.

Overnight in Asia, markets have put in a very strong performance that built on the overnight gains from Wall Street. In particular, South Korea’s KOSPI (+2.45%) has surged after the election of Lee Jae-myung as President, with the index trading at a 10-month high this morning. So if it closes at that level, it would be up more than +20% from its closing low after Liberation Day, marking the technical definition of a bull market. In addition, the country’s headline CPI print also fell to +1.9% in May (vs. +2.1% expected). But there’ve been gains across the board, with the Nikkei (+0.88%), the Hang Seng (+0.72%), the CSI 300 (+0.52%) and the Shanghai Comp (+0.43%) all advancing. Australia’s S&P/ASX 200 (+0.79%) has also risen this morning, despite underwhelming Q1 GDP figures that showed the economy only grew by +0.2% (vs. +0.4% expected). Looking forward however, US equity futures are pointing a bit lower this morning, with those on the S&P 500 down -0.04%.

To the day ahead now, data releases include the US ADP report for May and ISM services, the final services and composite PMIs from the US and Europe, and Canada’s Q1 labor productivity. Central bank speakers include the Fed’s Bostic and Cook, and we’ll also get the BoC’s decision.

2b European opening report

Equities boosted by EZ PMIs & EU-US trade updates, USD flat into key US data – Newsquawk US Market Open

Wednesday, Jun 04, 2025 – 06:07 AM

• EU Trade Commissioner Sefcovic says he had constructive talks with USTR Greer; are advancing in the correct direction at “pace”.
• US President Trump’s order to increase steel and aluminium tariffs to 50% has taken effect, aside from the UK. The UK is still subject to 25% tariffs on steel, with the UK failing to get the 0% tariffs promised in the US ‘deal’ implemented in time.
• European bourses climb higher and currently at session highs; US futures are modestly higher with some outperformance in the RTY.
• USD is incrementally lower/flat, whilst Antipodeans lead the G10 list.
• Bonds are weighed on by upward revisions to PMIs, Gilts lag after US metal measures.
• Crude tilts higher with US-Iran negotiations seemingly at a stalemate.
• Looking ahead, US Composite/Services PMI Final, US ADP National Employment, US ISM Services, BoC & NBP Policy Announcements, Fed Beige Book, Speakers including Fed’s Bostic, Cook & US Treasury Secretary Bessent. Earnings from PVH & Dollar Tree.

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TARIFFS/TRADE

• US President Trump signed a Proclamation to double steel and aluminium tariffs to 50% under section 232 authority which took effect at midnight EDT, while it was reported that the White House said US tariffs on UK steel and aluminium will remain at 25% for now, with the UK failing to get the 0% tariffs promised in the US ‘deal’ implemented in time, and all other countries will be hit by 50% tariffs, according to Bloomberg’s Wickham.
• US President Trump posts “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”, via Truth Social.
• Canadian PM’s office said additional US tariffs on Canadian steel and aluminium are ‘unlawful and unjustified’, while it added that the Canadian government is engaged in intensive and ‘live negotiations’ to have US tariffs removed.
• Mexico’s Economy Minister said Mexico will ask on Friday to be excluded from the US’s 50% steel tariff like the UK was, while he added the US increase of steel tariffs to 50% is unfair, unsustainable and inconvenient.
• China’s Commerce Minister Wang met with EU Trade Commissioner Sefcovic in France on Tuesday and said at the WTO that the WTO should strengthen supervision over unilateral tariffs, as well as put forward objective and neutral policy proposals.
• Japanese Chief Cabinet Secretary Hayashi said they have not received any letter from the US asking to make the best offers on trade talks. It was also reported that Japan is to form a think tank with an eye on Trump tariffs and Taiwan, according to Nikkei.
• EU Chamber of Commerce in China held several meetings with China’s Commerce Ministry, reportedly “senses Beijing is overwhelmed with applications to export the minerals vital for many hi-tech goods”, via SCMP citing the Chamber’s secretary general Dunnett. “Emergency meetings” were held in recent days, after expressions of anxiety across European industry.
• EU Trade Commissioner Sefcovic says he had constructive talks with USTR Greer; are advancing in the correct direction at “pace”.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 +0.6%) opened modestly firmer across the board and have traded with an upward bias throughout the morning – currently at session highs. Aided by PMIs and potentially the readout from Sefcovic on his call with Greer.
• European sectors hold a strong positive bias and aside from the top performer, the breadth of the market is fairly narrow. The European auto sector has been in focus today, with European auto supplier association, Clepa, suggesting production lines and plants have already been shut and the impact will likely grow in the next 3-4 weeks. This sparked some modest pressure in the sector.
• US equity futures (ES +0.2%, NQ +0.1%, RTY +0.4%) are broadly in positive territory, with some modest outperformance in the RTY, continuing the upside seen in the prior session. Focus now turns to US ISM Services, ADP National Employment and a few Fed speakers.
• Barclays lifts its S&P 500 end-2025 price target to 6050 (prev. 5900).
• China is said to be mulling ordering hundreds of Airbus (AIR FP) jets in a major deal, according to Bloomberg sources; potentially as many as 500 craft.
• China Auto Industry Body CPCA says Tesla (TSLA) sold 61,662 China-made vehicles in May, -15% Y/Y (prev. 58,459 in April; 72,600 Y/Y).
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is fractionally lower following Tuesday’s session of gains which were in part a bounce back from Monday’s losses and supported by JOLTS data. On the trade front, markets await the call between Trump and Xi on Friday. Ahead of which, Trump has posted that his Chinese counterpart is “very tough, and extremely hard to make a deal with”. Ahead, attention will be on the data slate with ADP due on deck ahead of Friday’s all-important NFP print. Elsewhere, ISM services and the Fed’s Beige Book are also set to be released. DXY currently trading around 99.03.
• EUR is a touch firmer vs. the USD but stuck on a 1.14 handle following a soft EZ inflation release in the run-up to Thursday’s ECB policy announcement (25bps cut is pretty much nailed on). Elsewhere, on the data front; an upward revision to the EZ composite PMI into positive territory has little follow-through into EUR with EUR/USD currently topped out at 1.1396.
• JPY is flat vs. the USD but holding onto most of the prior day’s spoils after returning to the 144.00 territory amid a firmer buck and the positive risk tone. Incremental newsflow out of Japan has been on the light side aside from Japanese Chief Cabinet Secretary Hayashi said they have not received any letter from the US asking to make the best offers on trade talks. USD/JPY had ventured as high as 144.38 overnight before drifting back towards the top end of Tuesday’s 142.37-144.11 range. GBP firmer vs. the USD and flat vs. the EUR with pertinent UK-specific newsflow lacking aside from the White House announcing that US tariffs on UK steel and aluminium will remain at 25% for now, with the UK failing to get the 0% tariffs promised in the US ‘deal’ implemented in time, according to Bloomberg. Elsewhere, an upward revision to UK services PMI had little impact on the GBP.
• Antipodeans are both a touch firmer vs. the slightly softer USD with AUD able to overlook disappointing Australian GDP data which has heightened calls for a looser approach by the RBA. Both currencies will be eyeing the outcome of the Trump-Xi call on Friday given that China is both of their largest trading partners.
• CAD is flat vs. the USD ahead of today’s BoC policy announcement. The BoC is expected to keep rates on hold at 2.75%, although some (6/26 surveyed by Reuters) expect a 25bps rate cut; markets price such an outcome at 30%. USD/CAD is currently tucked within Tuesday’s 1.3701-43 range.
• PBoC set USD/CNY mid-point at 7.1886 vs exp. 7.1977 (Prev. 7.1869).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs started the day contained. Focus overnight was on the largely as expected implementation of Trump’s 50% steel and aluminium tariff rate for all ex-UK, which is subject to a lower 25% rate, for now. Now focus remains firmly on US-China relations and specifically on Friday’s call which features the Presidents of the two countries. USTs currently hold at the low end of a 110-12+ to 110-18+ band, ahead of ISM Services and ADP National Employment.
• Bunds held a slight bearish bias overnight but not particularly pronounced. This bias accelerated throughout the European morning in the wake of Final PMIs. No overly significant reaction to any one figure, but Bunds fell from 131.30 to an initial 131.04 low across the PMI window. The EZ-wide figure was revised a little higher with the accompanying commentary suggesting that ECB cuts/German fiscal spending should be enough to offset the impact of higher tariffs/uncertainty.
• Most recently, EU Trade Commissioner Sefcovic said he had constructive talks with USTR Greer; are advancing in the correct direction at “pace”; a comment which may have helped push the benchmark to a 130.94 base, alongside European equity bourses picked up slightly at the time.
• Gilts are under pressure throughout the morning in catch-up to the general overnight tone, the above factors (particularly PMIs) and ahead of supply. Additionally, yields pushed higher by the inflationary implications of the UK finding itself subject to 25% tariffs on metals; while better than global peers, the levy is a disappointment for those who hoped the UK-US deal would result in a full exemption.
• UK Chancellor Reeves has been on the wires today, where she ruled out increasing tax for “working people” in the Autumn Budget. UK assets were little moved.
• UK Sells GBP 4.75bln 4.375% 2028 Gilt: b/c 3.08x (prev. 3.48x), average yield 4.062% (prev. 3.834%) & tail 0.3bps (prev. 0.2bps).
• Orders for the new Italian 5yr BTP in excess of EUR 95bln, Green BTP orders in excess of EUR 85bln, via Reuters citing leads.
• Click for a detailed summary

COMMODITIES

• Crude has been tilting upwards in early European hours after taking a breather in APAC trade after advancing on Tuesday amid the positive risk appetite and ongoing geopolitical tensions, with demand contained overnight following mixed private sector inventory data. Tight parameters are seen across crude futures – WTI Jul resides in a USD 63.07-63.52/bbl range while Brent Aug sits in a USD 65.31-65.77/bbl band.
• Mixed trade across precious metals as traders await the next macro catalyst, with spot gold and silver caged to narrow ranges. XAU/USD currently trades in a USD 3,346.53-3,372.71/oz range and well within Tuesday’s USD 3,333.17-3,392.30/oz.
• Spot palladium narrowly underperforms, potentially with headwinds from the European auto supplier association Clepa who said production lines and a couple of plants are already shut due to China rare earth export curbs.
• Base metals are tilting firmer in tandem with upticks seen across equities, and in broader sentiment, albeit gains are capped ahead of risk events including a slew of Fed speakers, the US Jobs report on Friday, but arguably more importantly for the complex, traders await news on a potential call between US President Trump and Chinese President Xi.
• US Private Inventory Data (bbls): Crude -3.3mln (exp. -1mln), Distillates +0.8 (exp. +1mln), Gasoline +4.7mln (exp. +0.6mln), Cushing +1.0mln.
• Click for a detailed summary

NOTABLE DATA RECAP

• EU HCOB – Composite Final PMI (May) 50.2 vs. Exp. 49.5 (Prev. 49.5); Services Final PMI (May) 49.7 vs. Exp. 48.9 (Prev. 48.9)
• German HCOB Services PMI (May) 47.1 vs. Exp. 47.2 (Prev. 47.2); Composite Final PMI (May) 48.5 vs. Exp. 48.6 (Prev. 48.6)
• French HCOB Composite PMI (May) 49.3 vs. Exp. 48.0 (Prev. 48.0); Services PMI (May) 48.9 vs. Exp. 47.4 (Prev. 47.4)
• Italian HCOB Services PMI (May) 53.2 vs. Exp. 52.0 (Prev. 52.9); Composite PMI (May) 52.5 (Prev. 52.1)
• UK S&P Global Composite PMI (May) 50.3 vs. Exp. 49.4 (Prev. 49.4); S&P Global Services PMI (May) 50.9 vs. Exp. 50.2 (Prev. 50.2)
• Swedish PMI Services (May) 50.8 (Prev. 48.4)
• Spanish Services PMI (May) 51.3 vs. Exp. 52.8 (Prev. 53.4)

NOTABLE EUROPEAN HEADLINES

• European auto supplier association Clepa says production lines and a couple of plants are already shut due to China rare earth export curbs; impact likely to grow in the next 3-4 weeks, and only 1/4 of licence requests have been granted since early April.
• Germany is said to be seeking to pass a package of EUR 46bln in corporate tax breaks, according to FT.
• Germany’s VDMA says April orders -6% Y/Y (domestic -4%, foreign -7%).
• “[UK Chancellor] Rachel Reeves rules out increasing income tax, NI and VAT for ‘working people’ in the autumn Budget, saying she will stick to her manifesto pledges despite tight public finances”, via Jason Groves on X. Will be making changes to the winter fuel payments, so they can be paid this winter (As expected).
• UK Chancellor Reeves says, “I have no intention of raising taxes again on the scale of 2024 budget”.

NOTABLE US HEADLINES

• US President Trump invited the Senate Financial Committee to the White House with the meeting reportedly to be held at 16:00EDT on Wednesday.
• OMB Director Vought said the rescission package sent on Tuesday is just the start and they chose the easiest DOGE cuts to start rescissions, while he added there are consequences for Congress failing to rescind. Vought said the rescission package will be on the floor next week and they will send many more rescissions once this passes, as well as noted that they have tools to make cuts permanent by the end of the FY.
• BLS said some April jobs data will be corrected on Friday and major measures such as the unemployment rate are unaffected, while it added that many numbers are to be corrected but the impact is ‘negligible’.

GEOPOLITICS

MIDDLE EAST

• Israeli military warned residents of Gaza against moving into areas leading to US-backed aid group distribution centres on Wednesday, deeming them ‘combat zones’.
• Gaza Humanitarian Foundation said it will not distribute any aid on Wednesday and is in talks with the Israeli military to enhance security measures beyond the immediate perimeter of GHF sites.
• Ten elected UN Security Council members asked for a Wednesday vote on a draft resolution on Gaza that demands an immediate, unconditional and permanent ceasefire in Gaza and the release of all hostages held by Hamas, while it also demands immediate lifting of all restrictions on aid into Gaza and safe, unhindered distribution at scale throughout Gaza, according to Reuters citing sources.
• Sirens sounded in Tel Aviv after a rocket fired from Yemen towards Israel and Houthis announced the targeting of Israel’s Ben Gurion Airport with a hypersonic missile, according to Cairo News and Sky News Arabia.
• Syrian Foreign Ministry said reports of launches towards Israel have not been verified yet and it affirmed that Syria will not pose a threat to any party in the region following projectile launches towards Israel. Furthermore, the Syrian Foreign Ministry said Israel’s strike on Daraa caused significant human and material losses, while Syrian security sources also stated that Israel launched a series of strikes on targets in southern Syria.
• US proposed an interim step in Iran nuclear talks allowing some enrichment, according to the NY Times. It was separately reported that White House Press Secretary Leavitt said Witkoff sent a detailed proposal to Iran and hopes Iran will accept the proposal, otherwise, there will be consequences, while the US State Department said the maximum pressure campaign on Iran remains in ‘full force’.
• Iran is open to basing a nuclear deal with the US around the idea of a regional uranium enrichment consortium, as long as it is located within Iran, according to Axios citing an Iranian official.
• Iranian Supreme Leader Khamenei says Iran will increase Iran’s power in all fields. The US nuclear proposal is 100% against “the principle of our power”.

RUSSIA-UKRAINE

• Ukraine’s Foreign Minister said Russia made no response to Kyiv’s peace proposals at Istanbul talks and presented ‘old ultimatums’, while the official stated more tangible results were needed. It was separately reported that Russia’s Deputy Foreign Minister said Istanbul will remain the venue for Russia-Ukraine talks, and no other venues are on the table, according to TASS.
• White House Press Secretary Leavitt said President Trump is keeping sanctions on Russia as a tool in the toolbox and Trump remains optimistic about progress in Russia-Ukraine discussions.
• US Secretary of State Rubio spoke with Turkish Foreign Minister Fidan to discuss supporting direct negotiations between Russia and Ukraine.
• US Special Envoy Kellogg believes the Russia Sanctions Act is “ready to drop and said he spoke to Senator Graham about Russia sanctions.
• Russia’s top security official Shoigu is to discuss Ukraine with North Korean leader Kim, according to Russian agencies.
• Russia’s Deputy Foreign Minister said NATO’s planned Baltic drills are part of the alliance’s preparations for a potential military clash with Russia, according to TASS.

OTHER

• South Korean President Lee said peace achieved at a high cost is better than war and he will seek dialogue with North Korea to secure peace in the Korean peninsula.
• US Secretary of State Rubio commemorated the bravery of the Chinese people killed in the Tiananmen crackdown in 1989.
• Taiwan’s President Lai posted on Facebook regarding the Tiananmen crackdown anniversary in which he stated that authoritarian governments often choose to silence and forget history, while he added that they cannot ignore the infringement on global democracy and the rule of law caused by the expansion of authoritarianism.

CRYPTO

• Lacklustre trade in the crypto complex thus far; Bitcoin is essentially flat and trading around USD 105.5k.

APAC TRADE

• APAC stocks traded mostly higher following the gains on Wall St where sentiment was lifted by better-than-expected JOLTS data and with some slight optimism with US President Trump and Chinese President Xi reportedly set to speak this Friday.
• ASX 200 was led higher by outperformance in the energy sector and with participants unfazed by recent data releases including the miss on Q1 GDP.
• Nikkei 225 advanced at the open following recent currency weakness but with further upside capped by a lack of drivers.
• KOSPI outperformed and is on course for a bull market following the Presidential Election which was won by the DP’s Lee Jae-Myung who was later sworn in.
• Hang Seng and Shanghai Comp conformed to the positive mood but with gains capped as China remained quiet regarding a potential Trump-Xi call.

DATA RECAP

• Australian Real GDP QQ SA (Q1) 0.2% vs. Exp. 0.4% (Prev. 0.6%); YY SA (Q1) 1.3% vs. Exp. 1.5% (Prev. 1.3%)

2c Asian opening report

Stocks gain and DXY firmer after US data, Trump-Xi call expected Friday. – Newsquawk US Market Open

Wednesday, Jun 04, 2025 – 01:19 AM

• US President Trump is reportedly set to speak with Chinese President Xi on Friday, according to sources. It was also reported that White House Press Secretary said the Trump-Xi call will be held very soon.
• White House said the Wednesday trade offer deadline letter was authentic and they are on track for good deals.
• APAC stocks traded mostly higher following the gains on Wall St where sentiment was lifted by better-than-expected JOLTS data and with some slight optimism with US President Trump and Chinese President Xi reportedly set to speak this Friday.
• KOSPI outperformed and is on course for a bull market following the Presidential Election which was won by the DP’s Lee Jae-Myung who was later sworn in.
• European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market finished with gains of 0.4% on Tuesday.
• Looking ahead, highlights include EZ, UK, US Composite/Services PMI Final, US ADP National Employment, US ISM Services, BoC & NBP Policy Announcements, Fed Beige Book, Speakers include Fed’s Bostic, Cook & US Treasury Secretary Bessent, Supply from UK, Earnings from PVH & Dollar Tree.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks reversed the recent weakness that was triggered by trade worries and with further upside seen in the wake of the rise in April JOLTS ahead of the May NFP due on Friday, which also saw bonds pare earlier gains.
• Sectors were predominantly firmer with outperformance in Technology, Energy and Materials, while Communication Services, Real Estate and Consumer Staples lagged with the comms. sector weighed on by losses in Alphabet (GOOGL) following more reports that Apple (AAPL) is considering Perplexity as an iPhone search alternative from Google Search.
• SPX +0.59% at 5,970, NDX +0.80% at 21,662, DJI +0.51% at 42,519, RUT +1.58% at 2,102.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump signed a Proclamation to double steel and aluminium tariffs to 50% under section 232 authority which took effect at midnight EDT, while it was reported that the White House said US tariffs on UK steel and aluminium will remain at 25% for now, with the UK failing to get the 0% tariffs promised in the US ‘deal’ implemented in time, and all other countries will be hit by 50% tariffs, according to Bloomberg’s Wickham.
• US President Trump is reportedly set to speak with Chinese President Xi on Friday, according to sources. It was also reported that White House Press Secretary said the Trump-Xi call will be held very soon, while she noted USTR Greer is in Paris to meet with trading partners and a deal will be made soon. She also stated regarding China’s critical mineral curbs that the White House is actively monitoring compliance with the Geneva trade agreement.
• White House said the Wednesday trade offer deadline letter was authentic and they are on track for good deals.
• Canadian PM’s office said additional US tariffs on Canadian steel and aluminium are ‘unlawful and unjustified’, while it added that the Canadian government is engaged in intensive and ‘live negotiations’ to have US tariffs removed.
• Mexico’s Economy Minister said Mexico will ask on Friday to be excluded from the US’s 50% steel tariff like the UK was, while he added the US increase of steel tariffs to 50% is unfair, unsustainable and inconvenient.
• EU’s trade chief and Chinese counterpart are to hold a fourth round of trade talks in June ahead of the July EU-China summit.
• China’s Commerce Minister Wang met with EU Trade Commissioner Sefcovic in France on Tuesday and said at the WTO that the WTO should strengthen supervision over unilateral tariffs, as well as put forward objective and neutral policy proposals.
• Japanese Chief Cabinet Secretary Hayashi said they have not received any letter from the US asking to make the best offers on trade talks. It was also reported that Japan is to form a think tank with an eye on Trump tariffs and Taiwan, according to Nikkei.

NOTABLE HEADLINES

• Fed Governor Cook said Fed policy is well positioned for a range of scenarios and she is committed to keeping longer-term inflation expectations in check, while she said the Fed has to be open to all possibilities and can’t prejudge what the FOMC will do now with rates.
• Fed’s Goolsbee (2025 voter) said the Fed has to wait and see if tariffs have a big or small inflation impact, while he reiterated they could see a direct tariff effect on prices within a month.
• Fed’s Logan (2026 voter) said monetary policy framework should be robust to a range of scenarios and the Fed should focus on achieving 2% inflation, while she added they should not try to make up for past inflation shortfalls and should pay attention to overshooting full employment and not just employment shortfalls. Furthermore, she stated that the Fed should consider how to better convey key risks, uncertainties, and policy responses.
• FOMC Discount Rate Minutes stated that directors voted to establish the primary credit rate at the existing level of 4.5%, while no sentiment was expressed by the Board at the meeting for changing the primary credit rate at this time.
• US President Trump is expected to waive statutory requirements under the Defence Production Act to help boost domestic production of critical minerals and weapons, with Trump expected to waive the requirement for congressional approval for projects above the USD 50mln threshold, according to Reuters citing a document.
• US President Trump invited the Senate Financial Committee to the White House with the meeting reportedly to be held at 16:00EDT on Wednesday.
• OMB Director Vought said the rescission package sent on Tuesday is just the start and they chose the easiest DOGE cuts to start rescissions, while he added there are consequences for Congress failing to rescind. Vought said the rescission package will be on the floor next week and they will send many more rescissions once this passes, as well as noted that they have tools to make cuts permanent by the end of the FY.
• Elon Musk posted on X that the “massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.” It was later reported that House Speaker Johnson said Musk’s comments on the bill are ‘very disappointing’ and that he is “terribly wrong” about the tax bill.
• BLS said some April jobs data will be corrected on Friday and major measures such as the unemployment rate are unaffected, while it added that many numbers are to be corrected but the impact is ‘negligible’.

APAC TRADE

EQUITIES

• APAC stocks traded mostly higher following the gains on Wall St where sentiment was lifted by better-than-expected JOLTS data and with some slight optimism with US President Trump and Chinese President Xi reportedly set to speak this Friday.
• ASX 200 was led higher by outperformance in the energy sector and with participants unfazed by recent data releases including the miss on Q1 GDP.
• Nikkei 225 advanced at the open following recent currency weakness but with further upside capped by a lack of drivers.
• KOSPI outperformed and is on course for a bull market following the Presidential Election which was won by the DP’s Lee Jae-Myung who was later sworn in.
• Hang Seng and Shanghai Comp conformed to the positive mood but with gains capped as China remained quiet regarding a potential Trump-Xi call.
• US equity futures plateaued after yesterday’s ascent and as US tariffs on steel and aluminium took effect.
• European equity futures indicate a mildly positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market finished with gains of 0.4% on Tuesday.

FX

• DXY extended on gains after clawing back the data-induced losses from the beginning of the week with some brief support seen following the latest JOLTS data which exceeded expectations as the vacancy rate rose and the quits rate fell, while US factory orders showed a larger-than-expected contraction but did little to derail the dollar’s recovery. Nonetheless, price action has since quietened down overnight and the latest Fed rhetoric had little impact on markets including from Fed’s Cook who stated Fed policy is well positioned for a range of scenarios and that she can’t prejudge what the FOMC will do with rates.
• EUR/USD saw some slight reprieve after having steadily retreated beneath the 1.1400 handle owing to the dollar rebound and after softer EU HICP data.
• GBP/USD remained afloat in rangebound trade after yesterday’s choppy performance amid the recent slew of BoE comments, while it was also reported that US tariffs on UK steel and aluminium will remain at 25% for now, with the UK failing to get the 0% tariffs promised in the US ‘deal’ implemented in time, while such tariffs for all other countries doubled to 50%.
• USD/JPY traded rangebound but held on to most of the prior day’s spoils after returning to the 144.00 territory amid a firmer buck and the positive risk tone.
• Antipodeans lacked conviction as tailwinds from the positive risk appetite were offset by disappointing Australian GDP data.
• PBoC set USD/CNY mid-point at 7.1886 vs exp. 7.1977 (Prev. 7.1869).
• SNB’s Tschudin said they look at price stability in the mid-term, not next month and that Swiss inflation fell to -0.1% in May, but that is just one data point and noted the outlook for the Swiss economy has become clearly more uncertain.

FIXED INCOME

• 10yr UST futures regained some composure after slipping yesterday in the wake of the rise in JOLTS data, but with the overnight rebound contained amid a lack of haven demand and after the latest slew of Fed comments had little sway on prices.
• Bund futures were uneventful amid a lack of pertinent catalysts heading closer towards Thursday’s ECB meeting.
• 10yr JGB futures retreated amid the positive risk appetite and in a gradual pullback from the post-10yr-JGB-auction highs.

COMMODITIES

• Crude futures took a breather after advancing yesterday amid the positive risk appetite and ongoing geopolitical tensions, with demand contained overnight following mixed private sector inventory data.
• US Private Inventory Data (bbls): Crude -3.3mln (exp. -1mln), Distillates +0.8 (exp. +1mln), Gasoline +4.7mln (exp. +0.6mln), Cushing +1.0mln.
• Peru’s Mining Minister said there is a rise in informal and illegal mining activity in two major copper production regions.
• Spot gold was choppy after retreating yesterday from a three-week peak and recent dollar swings.
• Copper futures extended on its gains after benefitting from the positive risk tone post-JOLTS data.

CRYPTO

• Bitcoin lacked firm conviction with price action choppy above the USD 105k level.

NOTABLE ASIA-PAC HEADLINES

• South Korean conservative presidential candidate Kim Moon-soo conceded defeat and liberal candidate Lee Jae-myung was confirmed the winner of South Korea’s presidential election. Furthermore, South Korea’s new President Lee vowed economic growth and said it’s time to restore democracy after the martial law crisis, while he said he will respond to public calls for building a completely new country.

DATA RECAP

• Australian Real GDP QQ SA (Q1) 0.2% vs. Exp. 0.4% (Prev. 0.6%)
• Australian Real GDP YY SA (Q1) 1.3% vs. Exp. 1.5% (Prev. 1.3%)

GEOPOLITICS

MIDDLE EAST

• Israeli military warned residents of Gaza against moving into areas leading to US-backed aid group distribution centres on Wednesday, deeming them ‘combat zones’.
• Gaza Humanitarian Foundation said it will not distribute any aid on Wednesday and is in talks with the Israeli military to enhance security measures beyond the immediate perimeter of GHF sites.
• Ten elected UN Security Council members asked for a Wednesday vote on a draft resolution on Gaza that demands an immediate, unconditional and permanent ceasefire in Gaza and the release of all hostages held by Hamas, while it also demands immediate lifting of all restrictions on aid into Gaza and safe, unhindered distribution at scale throughout Gaza, according to Reuters citing sources.
• Sirens sounded in Tel Aviv after a rocket fired from Yemen towards Israel and Houthis announced the targeting of Israel’s Ben Gurion Airport with a hypersonic missile, according to Cairo News and Sky News Arabia.
• Syrian Foreign Ministry said reports of launches towards Israel have not been verified yet and it affirmed that Syria will not pose a threat to any party in the region following projectile launches towards Israel. Furthermore, the Syrian Foreign Ministry said Israel’s strike on Daraa caused significant human and material losses, while Syrian security sources also stated that Israel launched a series of strikes on targets in southern Syria.
• US proposed an interim step in Iran nuclear talks allowing some enrichment, according to the NY Times. It was separately reported that White House Press Secretary Leavitt said Witkoff sent a detailed proposal to Iran and hopes Iran will accept the proposal, otherwise, there will be consequences, while the US State Department said the maximum pressure campaign on Iran remains in ‘full force’.
• Iranian President Pezeshkian said Tehran will not bow to US pressure to dismantle its nuclear programme.
• Iran is open to basing a nuclear deal with the US around the idea of a regional uranium enrichment consortium, as long as it is located within Iran, according to Axios citing an Iranian official.

RUSSIA-UKRAINE

• Ukraine’s Foreign Minister said Russia made no response to Kyiv’s peace proposals at Istanbul talks and presented ‘old ultimatums’, while the official stated more tangible results were needed. It was separately reported that Russia’s Deputy Foreign Minister said Istanbul will remain the venue for Russia-Ukraine talks, and no other venues are on the table, according to TASS.
• White House Press Secretary Leavitt said President Trump is keeping sanctions on Russia as a tool in the toolbox and Trump remains optimistic about progress in Russia-Ukraine discussions.
• US Secretary of State Rubio spoke with Turkish Foreign Minister Fidan to discuss supporting direct negotiations between Russia and Ukraine.
• US Special Envoy Kellogg believes the Russia Sanctions Act is “ready to drop and said he spoke to Senator Graham about Russia sanctions.
• Russia’s top security official Shoigu is to discuss Ukraine with North Korean leader Kim, according to Russian agencies.
• Russia’s Deputy Foreign Minister said NATO’s planned Baltic drills are part of the alliance’s preparations for a potential military clash with Russia, according to TASS.

OTHER

• South Korean President Lee said peace achieved at a high cost is better than war and he will seek dialogue with North Korea to secure peace in the Korean peninsula.
• US Secretary of State Rubio commemorated the bravery of the Chinese people killed in the Tiananmen crackdown in 1989.
• Taiwan’s President Lai posted on Facebook regarding the Tiananmen crackdown anniversary in which he stated that authoritarian governments often choose to silence and forget history, while he added that they cannot ignore the infringement on global democracy and the rule of law caused by the expansion of authoritarianism.

EU/UK

NOTABLE HEADLINES

• Germany is said to be seeking to pass a package of EUR 46bln in corporate tax breaks, according to FT

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA/USA

this is a deadly fungus: The USA must now deport all of these nationals back to China

(zerohedge)

Chinese Nationals Caught Smuggling “Agroterrorism” Fungus Into America’s Breadbasket

Wednesday, Jun 04, 2025 – 09:05 AM

In a plot that reads like a Tom Clancy novel crossed with a dystopian agribusiness nightmare, two Chinese nationals, Yunqing Jian, 33, and Zunyong Liu, 34, have been slapped with federal charges for allegedly smuggling a biological ticking time bomb into the U.S. 

The weapon? Fusarium graminearum, a fungus dubbed a “potential agroterrorism weapon” by scientific literature, capable of wreaking havoc on America’s wheat, barley, maize, and rice crops while poisoning humans and livestock with its toxic byproducts. 

The stage? Detroit Metropolitan Airport, where Liu’s clumsy attempt to sneak the pathogen past Customs and Border Protection (CBP) officers unraveled faster than a cheap yuan store sweater.

The Department of Justice dropped the hammer on Tuesday, June 3, 2025, charging Jian and Liu with conspiracy, smuggling, false statements, and visa fraud.

New… I can confirm that the FBI arrested a Chinese national within the United States who allegedly smuggled a dangerous biological pathogen into the country.

The individual, Yunqing Jian, is alleged to have smuggled a dangerous fungus called "Fusarium graminearum," which is an…

— FBI Director Kash Patel (@FBIDirectorKash) June 3, 2025

Jian, a postdoctoral researcher at the University of Michigan’s Molecular Plant-Microbe Interaction Laboratory, and her boyfriend Liu, a researcher at Zhejiang University in China, allegedly conspired to bring this crop-killing fungus to a U.S. lab for “research.” 

But let’s cut through the academic veneer: Fusarium graminearum isn’t your garden-variety mold. It causes “head blight,” a disease that can devastate staple crops, costing global agriculture billions annually. 

Worse, its toxins induce vomiting, liver damage, and reproductive issues in humans and animals. In the wrong hands, it’s a bioweapon straight out of a Pentagon threat assessment.

The story begins in July 2024, when Liu landed in Detroit on a tourist visa, claiming he was visiting his girlfriend. CBP officers, not buying the innocent tourist act, searched his luggage and found four plastic baggies stuffed with reddish plant material, later confirmed to be laced with Fusarium graminearum. Liu initially played dumb, insisting someone must have planted the stuff in his bag—a story that collapsed faster than China’s commercial real estate bubble. 

After squirming under questioning, he admitted to hiding the samples in a wad of tissues to dodge CBP scrutiny, intending to deliver them to Jian’s lab at the University of Michigan for “research.”

But the plot thickens. Electronic communications between Jian and Liu, uncovered by the FBI, suggest this wasn’t a one-off. Messages from 2022 show Jian discussing how to smuggle biological materials past CBP, even boasting about hiding samples in her shoes during a previous trip. In early 2024, she reportedly arranged for an associate in China to mail a book with a plastic bag of material hidden inside. And then there’s the kicker: Jian’s phone contained a signed pledge of loyalty to the Chinese Communist Party (CCP), alongside evidence of funding from a Chinese government-backed foundation for her research on—surprise, surprise—Fusarium graminearum. Liu’s phone wasn’t clean either, harboring an article titled “2018 Plant-Pathogen Warfare Under Changing Climate Conditions,” which explicitly flags the fungus as a crop-destroying threat.

The FBI’s counterintelligence division, not known for chasing shadows, labeled this a “grave national security concern.” U.S. Attorney Jerome Gorgon didn’t mince words, calling the smuggling attempt a deliberate move to introduce a pathogen that could paralyze America’s agricultural crop belts. 

Cheyvoryea Gibson, Special Agent in Charge of the FBI’s Detroit Field Office, echoed the sentiment, framing the charges as a “crucial advancement” in safeguarding national security. Even CBP’s Marty Raybon chimed in, emphasizing the agency’s role in stopping biological threats that could “devastate our agricultural economy.“

Jian, now in custody and deemed a flight risk, appeared in a Detroit federal court on Tuesday, where a judge ordered her held without bond pending a hearing. Liu, meanwhile, was sent back to China after his airport interception; his current whereabouts are unknown. Both have a history with the fungus, having co-authored multiple papers on Fusarium graminearum since 2014, which raises questions about how long this scheme was in development. Denials of involvement appear to have crumbled under the weight of text messages suggesting Jian was already cultivating the pathogen in the Michigan lab before Liu’s arrival.

Now, let’s connect the dots the mainstream won’t touch. The CCP’s fingerprints are all over this. Jian’s funding ties to a Chinese government-backed foundation and her pledged allegiance to the Party aren’t exactly subtle. Liu’s role at Zhejiang University, a known hub for CCP-aligned research, only adds fuel to the fire. 

Posts on X are buzzing, with users like @TrashDiscourse connecting the dots on potentially broader PLA strategies.

Two Chinese Nationals arrested for attempting to smuggle in a deadly fungus. Linked to Agroterrorism. pic.twitter.com/MO0AZq3MzS

— TrashDiscourse (@TrashDiscourse) June 3, 2025

x.com/commandeleven/status/1929999999020257641?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E

Skeptics might argue that this is just a case of overzealous researchers cutting corners for the sake of science. However, when factoring in the CCP connections and the pathogen’s classification as a potential bioweapon, the “innocent scientist” narrative starts to look like a fairy tale for gullible NPR listeners.

The bigger picture is grim. America’s food supply is a soft target, and a well-placed pathogen could collapse the Midwest’s grain belt, spike food prices, and sow chaos in an already fragile economy. 

With global tensions simmering and China flexing its biotech muscle, this incident raises red flags about what else might be slipping through the cracks. The University of Michigan, caught flat-footed, now faces scrutiny over its lax oversight of foreign researchers. And while Jian sits in a Detroit cell, the question lingers: how many other “researchers” are out there, quietly probing America’s vulnerabilities?

This isn’t just a smuggling bust—it’s a wake-up call. America’s already fragile food supply chain may be the next target in a broader campaign of irregular warfare by a foreign adversary.

From exporting fentanyl precursor chemicals to Mexican cartels—subsidized by Beijing and now causing over 100,000 U.S. deaths annually among working-age adults—to undermining national readiness by taking out military-aged men and women, China appears to be playing the long game: destabilizing America from within.

This is yet another reminder of why Americans must secure local food supply chains—whether that means strengthening ties with nearby farmers and ranchers or simply starting a backyard garden or chicken coop.

4..EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EU/USA/RUSSIA/OIL

US Sanctions Threaten Europe’s Russian Gas LINES

Wednesday, Jun 04, 2025 – 05:00 AM

Authored by Cyril Widdershoven via OilPrice.com,

• Despite public rhetoric, Europe’s reliance on Russian energy remains substantial.
• A proposed bipartisan U.S. Senate bill could reshape global energy trade, imposing massive 500% tariffs on countries importing Russian fossil fuels.
• European leaders face mounting pressure to act decisively, as ongoing energy imports continue to fund Russia’s war in Ukraine.

Despite European politicians’ efforts to reduce Russia’s natural gas dominance in national markets, the reality is quite the opposite. The media often highlights the obstructive policies of Eastern European and Balkan countries like Slovakia and Hungary. However, the bigger picture reveals that Brussels and its bureaucrats face a significant challenge. According to Reuters, Gazprom’s natural gas pipeline supplies via Turkstream to Europe surged 10.3% in May 2025. This increase underscores the growing dependence on Turkstream as the sole option for Russia to transport natural gas to Europe via Turkey, following Ukraine’s decision not to extend the transit deal on January 1.

According to Reuters, based on data from Europe’s gas transmission group ENTSOG, Russian exports via Turkstream increased by 4.3 million cubic meters per day, hitting 46 mcm per day in May, compared to 41.7 mcm in April. Y-o-Y, however, the volumes were 1.2 mcm down.

Russia’s total supply is far from historic records. During 2018-2019, annual flows to Europe were between 175 and 180 BCM; in 2024, they were just around 32 BCM.

European trade with Russia is still massive, as it entails natural gas or LNG, coal, oil, and uranium. In February 2025, as media articles (Bild) indicated, the European Union purchased more than $2 billion energy-related products from Russia. Experts agree that Russia’s war machine is supported by Moscow’s export revenues, especially as long as China, India, Turkey, and major Arab countries are still very interested in taking Russian volumes. In 2024, Russian LNG exports increased by 4%, hitting around 47.2 BCM. One of the results is that Russia is the EU’s 2nd largest LNG supplier, with an estimated value of €7.3 billion ( $7.96 billion) from these exports. EU Commissioner Dan Jorgensen stated in February 2025 that USLNG and others should substitute Russian supplies.  Since the Russian invasion of Ukraine, the EU member countries have imported €209bn of Russian fuels, which is realistically financing the ongoing military onslaught by Putin.

For anti-Russian parties in Europe, and Ukraine’s president Zelensky, help could be coming from an unexpected corner, US President Trump’s MAGA Republicans. In a move to confront Putin’s refusal to end the war with Ukraine, a new bill is being discussed targeting a 500% tariff on countries buying Russian fossil fuels. The latter Senate bill, a bipartisan proposal, including that of leading US Democrats, could support Brussels’ move to remove Russian gas from the European markets in an interesting way.  For European members, especially the ones still hooked on Russian gas supplies, such as Slovakia and Hungary, the Lindsay Graham (R) and Richard Blumenthal (D) bill will also potentially hit European members. The bills seem to have already secured 81 signatures in the 100-seat Senate.  In addition to hitting Moscow’s revenue base, the main underlying threat is secondary tariffs on countries doing business with Moscow. The bill entails a tariff of “not less” than 500% on any country that “knowingly sells, supplies, transfers, or purchases oil, uranium, natural gas, petroleum products, or petrochemical products that originated in the Russian Federation.”  The tariffs will also be hitting countries that are the main inroads for Russian LNG to European markets, especially the Netherlands, France, Belgium, Spain, and Portugal. Southern European countries, such as Bulgaria, Greece, Italy, Hungary, and others, are on the target lists, as they import Russian gas via Turkstream and crude oil via the Druzhba pipeline. This highlights the urgency for these countries to find alternative energy sources in light of the potential impact of the US tariffs. 

European leaders now need to get their act together. The war in Ukraine is a potential game-changer for the security of the European continent and the economic growth potential. Taking out Russian hydrocarbons is a necessity, not only to quell the still-existing reliance on Moscow, but also to push a stronger military position of Ukraine. After this weekend’s surprise drone attack on Russia’s air force and naval assets, Moscow’s answer could be tough, possibly even targeting energy infrastructure linked to Europe. Talking about confronting Russia has been very dysfunctional until now; now, Brussels and European leaders should be blocking Moscow’s revenue base. It will be a significant hit again for natural gas prices in Europe, but it also will force Brussels to set up and implement, for once, additional long-term gas contracts with non-Russian aligned partners.

end

UK

UK migrants receiving one billion pounds per month or 12 billion pounds per year in welfare benefits. Such a wonderful decision in allowing these guys to enter the UK

Watson

Migrants In The UK Are Receiving £1 Billion Per Month In Welfare Benefits: Report

Wednesday, Jun 04, 2025 – 03:30 AM

Authored by Steve Watson via Modernity.news,

Migrant households are siphoning almost £1 billion in welfare benefits every month in Britain, a report has claimed.

The Telegraph highlights government figures from the Department of Work and Pensions (DWP) which reveal that registered households with at least one foreign national in March received £941 million in universal credit.

The welfare scheme allows low-income or unemployed people in Britain to claim government subsidies.

£1Billion a month funded by the taxpayer. pic.twitter.com/pKk4Oijn0O

— Pugh Himple (@GBullstein) May 31, 2025

The figure just three years ago was £461 million, meaning it’s on course to double in just half a decade.

It’s hardly surprising given the massive increase in mass migration to the country under the so called Conservative government.

2023 saw migration climb to a record of 906,000. The latest data shows that 948,000 people came to Britain in 2024.

Migrants are eligible to apply for universal credit as soon as they acquire residential or refugee status in the Britain. 

The report notes, however, that the total cost to the taxpayer of foreigners is way higher, when healthcare, education, and housing are factored in.

A recent study conducted by the Institute for Public Policy Research (IPPR) discovered that housing asylum seekers, a great deal of whom are in the country illegally, has increased to approximately £4.7 billion a year.

Reform UK leader Nigel Farage commented that leftist Prime Minister Kier “Starmer is choosing migrant benefits over winter fuel for pensioners.”

On the day that we learn migrant benefits cost us £1bn a month, many hundreds are currently crossing the English Channel.

Labour are ruining our country.

— Nigel Farage MP (@Nigel_Farage) May 31, 2025

“On the day that we learn migrant benefits cost us £1bn a month, many hundreds are currently crossing the English Channel. Labour are ruining our country,” Farage urged.

£1 billion a month to bankroll illegals while Brits queue at food banks, sleep in cars and get told there’s “no budget” for cancer care.

This isn’t just unsustainable. It’s national betrayal.

And the boats? They’re not a crisis. They’re a conveyor belt.
Every dinghy that lands…

— Red Lip Riots (@RedLipRiots) May 31, 2025

The migrant problem in Britain has gotten so advanced that even Starmer himself has had to pivot, admitting this month that mass migration has failed and undermined social cohesion to such an extent that Britain risks becoming an “island of strangers”.

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

end

HOLLAND/NATO

Dutch says no to new NATO spending

(zerohedge)

Dutch Parliament Says ‘Nyet’ To NATO Defense Spending Plan Amid Chaos Of Geert Wilders Pullout

Wednesday, Jun 04, 2025 – 02:45 AM

NATO aims for its members to spend at least 3.5% of their GDP on defense, but those dreams of NATO expansion – at a moment the proxy war in Ukraine is becoming dangerously close to entering hot war between the West and nuclear-armed Russia – are dying.

Dutch parliament on Tuesday slapped down a proposal to increase defense spending to 3.5% of gross domestic product (GDP), key to NATO’s capability targets, in a non-binding motion.

While it doesn’t have legal force at this point, this makes clear parliament’s opinion, unleashing deeper tensions among NATO allies, and as the Trump White House exerts pressure to rapidly raise collective defense.

This comes at an ultra-sensitive political moment, given that as we reported earlier Dutch far-right leader Geert Wilders pulled his Party for Freedom (PVV) out of the coalition that governs the Netherlands.

This sets up the likelihood of new elections after the man dubbed the “Dutch Donald Trump”, withdrew the PVV, related to immigration policy failure. 

According to the latest developments, Prime Minister Dick Schoof has just announced that he would offer his resignation from the Netherlands’ ruling coalition while continuing in a caretaker government, setting the stage for a likely snap election:

“Wilders has plunged the Netherlands into another round of political chaos,” said Mujtaba Rahman, managing director for Europe at the Eurasia Group.

“The Dutch parliament can try to find a new majority or else there will be early elections. But the immediate outlook is one of chaos and uncertainty.”

The country has been in turmoil since Rutte resigned in 2023 after his coalition failed to pass comprehensive immigration legislation.

Critically, the air war over Ukraine and Russia is heating up, also in the wake of Ukraine’s ‘Operation Spider’s Web’. Funding for air defenses, particularly among ‘eastern flank’ NATO members is seen as paramount, from Brussels’ perspective.

“NATO is asking European member states to expand ground-based air-defense capabilities fivefold as the alliance races to fill a key gap in response to the threat of Russian aggression, people familiar with the matter said,” Bloomberg reports separately on Teusday.

“The ramp-up will be discussed at a gathering of North Atlantic Treaty Organization defense ministers in Brussels on Thursday, the people said on condition of anonymity as deliberations take place,” the report underscores.

And who will magically step forward to fill this massive funding gap?

Dutch Lawmakers Oppose 3.5% NATO Spending Target (Dutch need to spend up to €19 Billion more to meet NATO target)

And just like that Europe's defense budget dreams go up in flames.

— zerohedge (@zerohedge) June 3, 2025

Certainly, the United Sates under the Trump administration, which has called for the bar to be raised to a whopping 5% of GDP, won’t.

In the background is the fact that Western populations are ‘war weary’ and don’t want to see escalation of NATO force strength in Ukraine. Trump himself is facing a revolt among conservative pundits on the American domestic front, as some European leaders, particularly Hungary’s Orban, are warning of a protracted conflict in Eastern Europe if the West and warring parties don’t climb down the escalation ladder soon.

end

SWEDEN

they do not assimilate!this will be a disaster!!

(zerohedge)

‘Forced Mixing’ Housing Plan To Integrate Migrants Pushed By Sweden’s Social Democrats

Wednesday, Jun 04, 2025 – 02:00 AM

Authored by Thomas Brooke via Remix News,

The Swedish Social Democratic Party has approved a new integration strategy that aims to forcibly diversify the country’s residential areas, pushing for what party officials call a “socio-economic mix” of Swedes and migrants in housing developments.

The policy, adopted at the party congress ahead of the 2026 general election, includes proposals to limit immigration to vulnerable areas and to use housing construction to engineer a more integrated society.

“We are serious about the fact that we intend to break segregation and use housing policy as an engine in that work,” said Lawen Redar, the party official responsible for designing the new platform, as cited by Aftonbladet.

Redar described the shift as a “U-turn” in the party’s approach, acknowledging that past strategies had failed.

The new policy includes scrapping the right of asylum seekers to choose their own accommodation and banning municipalities from placing new arrivals in already struggling districts. Instead, migrants will be relocated to wealthier areas in an effort to engineer demographic diversity and “repay the integration debt,” as the party put it.

Jonas Attenius, a senior party official newly elected to the executive committee and chairman of the municipal board in Gothenburg, emphasized the long-term nature of the project. “Yes, we need to mix the population in the long run. I usually say ‘in a generation’. This is long-term,” he said. He argued that integrating migrant families into more prosperous neighborhoods would be key to breaking entrenched segregation.

But critics have described the plan as ideological social engineering. Richard Jomshof, a member of parliament for the right-wing Sweden Democrats, responded sharply:

“No, we don’t need your forced mixing. What we need are closed borders and a return migration (policy) worth the name. But sure, you socialists can mix as much as you want, just pack your bags.”

On the contrary, the Sweden Democrats announced last month they will campaign in the 2026 general election on a pledge to stop migration to the country.

The plan comes amid growing concern over crime and integration failures in Sweden’s suburbs, many of which are dominated by immigrant populations. In recent years, the country has faced a wave of gang-related violence, including record numbers of explosions and shootings, often tied to second-generation migrant youth. Some suburbs now rank among the most dangerous areas in Europe.

Despite the backlash, Social Democrat officials are confident the new approach will not alienate the party’s newer, affluent urban supporters — voters it began attracting after the 2022 election, in part due to the collapse of the traditional center-right Moderates.

“I’m convinced of that,” said Attenius. “But again, this requires a strict migration policy.”

Attenius also issued an apology to migrants who had been concentrated in struggling districts. “I’m sorry,” he said. “Sorry for doing that. Now it is time for the whole of society to take over.”

Read more here…

end

EU// CHINA

seems that everybody is going after China for their faulty practices

(zerohedge)

Beijing Furious After Europe Uses “International Procurement Instrument” For First Time In Escalating Trade War With China

Tuesday, Jun 03, 2025 – 11:25 PM

When it comes to its trade war with the US, Brussels is quick to parade just how anti-Trump it is, how unfair US trade practices are (just ignore the fact that Europe was far more protectionist for decades) and how much it loves free trade, honest. But in Europe’s growing trade war with China (you don’t really hear much about it because the media would rather public attention be soaked up by the far less important transatlantic feud, and away from the far more important Chinese trade war) thing are rapidly disintegrating. 

As Rabobank’s Michael Every points out, the “We Love Free Trade” EU just used its International Procurement Instrument for the first time to freeze Chinese medical devices out of its public procurement markets for five years unless China opens its market to EU equivalents. As Every notes, “that’s economic statecraft with muscle, underlining that there are lots of tools in the mercantilist toolkit besides tariffs.”

In response, Beijing took some time away from its constant criticism of US trade policy to also criticize as protectionist the European Union’s plan to curb Chinese medical device manufacturers’ access to public procurement contracts, and vowed to take action to protect the country’s interests, Bloomberg reports.

China urged the EU to handle any differences through dialog and cooperation to safeguard trade relations, the Commerce Ministry said in a statement on Tuesday. “China will closely monitor the EU’s follow-up actions” and will take measures to protect the rights and interests of Chinese enterprises, the ministry said.

Beijing’s comments come after EU member states overwhelmingly agreed to the curb, which would represent the first use of its International Procurement Instrument, a 2022 law that’s meant to promote reciprocity in access to public procurement markets, and represents a unique slant on how creative mercantilists can and will get when their markets are threatened. It allows the EU’s executive arm to impose various restrictions on firms seeking to participate in procurements, ranging from score adjustments in tenders to an outright ban from public contracts above €5 million ($5.7 million).

The dispute adds another irritant to relations and comes just as Beijing seeks to shore up ties with the EU, positioning itself as a more reliable partner as Donald Trump alienates the bloc over issues from tariffs to defense. In reality, when it comes to capturing market share, the only thing mercantilists are “reliable” in doing is slashing prices to boost exports. 

Chinese Commerce Minister Wang Wentao is due to meet with EU trade officials early this month in Paris, where he may address the bloc’s trade grievances including a lack of fair access to China’s own procurement market. European leaders will travel to Beijing for a summit next month with their Chinese counterparts. 

“At first glance recent EU moves relating to China seem a bit contradictory, reviving senior level interaction while taking measures against unfair imports,” said Wendy Cutler, a former senior US trade negotiator now at the Asia Society Policy Institute.

“But, in light of different types of pressures from member states, Brussels needs to navigate carefully when it comes to China,” she said. “It has no choice but to look for avenues of cooperation while sending a clear signal that the EU will stand up for European companies that are facing unfair competition.”

Only problem is that from China’s point of view, the competition is completely fair, and it will retaliate accordingly.

Indeed, a Chinese business lobby group warned earlier that EU’s plans would hurt trade ties and the China Chamber of Commerce to the EU expressed “profound disappointment” over the move, according to a statement on Monday.

“Its targeted application against Chinese enterprises sends a troubling signal—not only adding new complexity to China-EU economic and trade relations, but also contradicting the EU’s stated principles of openness, fairness, and non-discrimination in market access,” said the organization, whose members include the Bank of China, Cosco Shipping Holdings Co. and BYD Co.

“Beijing appears to be sending a warning to all advanced economies that actions against China will have consequences,” said Gerard DiPippo, associate director of the RAND China Research Center. “The odds of an EU-China rapprochement are lower than some speculated after the trade war with the US started.”

Which, of course, will be music to Trump’s ears, even if it will be difficult for the mainstream media to explain to its naive audience how the global trade war which it had repeatedly portrayed as “Trump against everyone”, was really “everyone against everyone.”

In response to a question on the EU’s move, Chinese Foreign Ministry spokesman Lin Jian on Tuesday called on the bloc to stand by its commitment to market rules. 

The EU launched an investigation into China’s procurement of medical devices last April, with the probe finding in January that Beijing discriminated against foreign firms. Consultations failed to find alternative solutions, Bloomberg previously reported.

The Chinese commerce chamber argued that market reciprocity must be based on “an accurate understanding of historical and practical realities.”

“For years, European medical device companies have enjoyed significant access to the Chinese market, playing a key role in supporting the modernization of China’s healthcare system and achieving substantial growth,” it said. “The EU’s current decision fails to acknowledge this context and undermines the spirit of balanced engagement and mutual benefit.” 

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/GAZA NORTH//HAMAS

WATCH: Nahal Brigade soldiers strike terrorists carrying explosives in Beit Lahiya, Gaza

The military said that the Nahal Brigade, under the command of the IDF’s 162nd Division, had struck several pieces of terror infrastructure in northern Gaza. 

By JERUSALEM POST STAFFJUNE 4, 2025 17:16

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-856546&contentHash=44b8c5cc5eaaec715b34397500de425cccc7ad3c127774f759326b36c1d491e0&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20250602_a90f39a5d276b1095b05b18cc353025d33a04e15&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The IDF struck several Hamas terror targets in Beit Lahiya in the Gaza Strip in recent weeks, the military announced on Wednesday. 

The military said that the Nahal Brigade, under the command of the IDF’s 162nd Division, had struck several pieces of terror infrastructure in northern Gaza. 

“In recent weeks, numerous terror targets have been attacked from the air and ground, including terrorists, weapons depots, booby-trapped structures, launchers, and tunnel shafts,” the release noted. 

The IDF said that the brigade destroyed a booby-trapped building that was identified using a drone. The military revealed that the building contained a bag of explosives intended to harm IDF soldiers. 

IDF widens operations in Gaza Strip 

The strikes come in the midst of Operation Gideon’s Chariots, which began in mid-May.

To date, the IDF has seized nearly 50% of the territory in Gaza, according to past reporting from The Jerusalem Post. 

END

ISRAEL/HOUTHIS/HAMAS/HEZBOLLAH

Rafael: Iron beam, other lasers could end most runs to bomb shelters

According to Rafael, a major advantage of its lasers is that they can shoot down enemy rockets and drones much earlier in the threat process.

By YONAH JEREMY BOBJUNE 4, 2025 18:58

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Fdefense-news%2Farticle-856554&contentHash=812b58f61225c75b378b111447ac5b8626e00cf485c9e464370a6ad420dfec87&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250602_a90f39a5d276b1095b05b18cc353025d33a04e15&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Rafael’s new family of lasers, which started to be rolled out last week and will continue to be presented to the public by the end of 2025, could eliminate the need for Israelis to run to bomb shelters versus most aerial threats, the defense company revealed on Wednesday.

According to Rafael, a major advantage of its lasers, Iron Beam, Iron Beam M, and Lite Beam, is that they can shoot down enemy rockets and drones much earlier in the threat process, such that most of the time, no siren warnings or bomb shelters would be necessary.

This is because the light energy of the laser travels much faster than any interceptor in Israel’s arsenal and would already potentially destroy the enemy aerial threat shortly after it launches, and invariably while still in enemy territory.

Only in those rare cases where the laser system missed its target, and likely missed it multiple times since there should be time for multiple shoot-down attempts, would a siren warning and running to bomb shelters be necessary.

Rafael’s presentation of the three different laser systems comes as it expects to display the laser’s capabilities in a defense technology conference in Paris in 10 days, and is the first time that it has formally mentioned the Iron Beam M – a mobile version of the Iron Beam.

Specific details of various laser models

In addition, Rafael also discussed a variety of specific details regarding these various laser models.

The Lite Beam is the smallest and most local short-range system, which can be placed on individual ground forces vehicles and fires a 10-kilowatt beam.

Iron Beam M fires a 250 millimeter 50 kilowatt beam and can be mounted on large trucks for mobility, but cannot be placed as a minor additional system on individual vehicles..

Finally, the full-size Iron Beam fires a 450 millimeter 100 kilowatt beam and is designed to remain stationary for periods of time, though it can, with advance planning, be moved around just as Iron Dome batteries, over time, can be moved around.

Although Raytheon in the US, as well as England, Russia, China, Germany, and Japan, are all at various stages of developing laser defense systems, Rafael said that it is the only company that has moved beyond test firings to actual use in the field.

Last week, the Defense Ministry revealed that a version of Lite Beam had been used close to 40 times to shoot down Hezbollah drones during the course of the war, and especially in the fall of 2024.

Questioned about potential future applications, Rafael sources said that it would take a significant amount of time to adapt lasers for use by Israeli aircraft.

There are many challenges with using lasers relating to turbulence, dust, clouds, and smoke, which are a partial issue even when the end target is up in the sky, but are a larger issue when the starting point is up in the sky.

Also, if laser systems firing at enemy aerial threats must consider additional objects that could get hit by the laser after it continues through the object it hits, those considerations are much more complex for any aircraft firing on ground targets.

Due to that and other considerations, the impression was that the IDF has not even made it a priority to achieve such laser aircraft capabilities for the foreseeable future, though all of that could change once the IDF sees more laser defense systems in action at the end of 2025.

It was unclear how quickly Rafael could roll out a larger volume of lasers, something which took years with Iron Dome, even after the initial defense batteries were produced and deployed.

While laser systems are a big improvement over Iron Dome for reducing the cost of each shoot-down attempt – Iron Dome costs around $40,000 per interceptor, and each laser shot should cost around $3 – building each laser defense battery is still very expensive.    

Another major advantage of laser systems over Iron Dome, according to Rafael, is that there are many fewer logistics.

Iron Dome interceptors are not just a cost, and they are a huge separate logistical operation to move around and store.

In contrast, laser defense systems do not need additional physical storage space for their “interceptor” because it is just made up of light energy created when the system fires.

Rafael Chairman, Dr. Yuval Steinitz, said, “Israel is the first country in the world to transform high-power laser technology into a fully operational system – and to execute actual combat interceptions. We are extremely proud of Rafael’s achievement in leading this operational and technological breakthrough. Based on its unique development of adaptive optics, Rafael’s Iron Beam system will undoubtedly be a game-changer with an unprecedented impact on the modern battlefield.”

In addition, Rafael sources said that the laser breakthrough was larger than the Iron Dome breakthrough because it is a multi-disciplinary scientific human breakthrough with wide applications in many fields.

In other words, lasers have been used for some decades for very short-range functions, like eye surgery at a range of a matter of centimeters.

But now that Israel has shown lasers can be used at a much farther distance, there will be many other military and non-military applications.

Rafael CEO, Yoav Tourgeman, stated, “Rafael is leading the energy weapon revolution, with operational laser systems among the most advanced of their kind worldwide. The ingenuity and boldness of Rafael’s top scientists and the company’s massive investment in R&D have resulted in a monumental operational and technological accomplishment. 

“Later this year, we will deliver the first Iron Beam system from Rafael’s production lines to the IMOD. This system will fundamentally change the defense equation by enabling fast, precise, cost-effective interceptions, unmatched by any existing system,” continued Tourgeman.

ISRAEL HAMAS

Washington Post retracts Gaza aid site story after failing to meet ‘fairness standards’

The Washington Post admitted it didn’t give proper weight to Israel’s denial of involvement in the shooting, which the Gaza Humanitarian Foundation has also denied.

By JERUSALEM POST STAFFJUNE 4, 2025 01:39

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The Washington Post on Tuesday filed a correction to a recent article claiming the IDF killed over 30 people near an aid site in Gaza, naming the source as “health officials.”

The article, published Sunday and viewed over two million times before the correction, was changed because the Washington Post claimed it “didn’t meet Post fairness standards.” 

According to a social media post on X/Twitter, the article “failed to make clear if attributing the deaths to Israel was the position of the Gaza health ministry or a fact verified by The Post.”

Although the original article included statements from Israel, including an initial inquiry indicating IDF soldiers did not fire at civilians at the aid centers, the newspaper admitted it didn’t “give proper weight to Israel’s denial and gave improper certitude about what was known about any Israeli role in the shootings.”

Correction: We’ve deleted the post below because it and early versions of the article didn’t meet Post fairness standards.

The background: Early versions of the article on Sunday stated that Israeli troops had killed more than 30 people near a U.S. aid site in Gaza, with the… pic.twitter.com/KseRXgJn6A

— The Washington Post (@washingtonpost) June 3, 2025

The GHF has proved the IDF did not fire at civilians at aid centers

The Gaza Humanitarian Foundation distribution center in Rafah denied on Sunday claims that the IDF attacked a food distribution point near Rafah, contradicting widely circulated Hamas reports.

Security camera footage from Sunday’s aid distribution site shows calm civilian activity, with no incidents reported. Aid was delivered without disruption, and the available evidence does not support claims of injuries or fatalities. While some media outlets have reported these allegations, others have contacted the organization to verify the facts, the GHF stated.

Following the incident, the GHF denied claims of casualties and injuries at the aid distribution sites. “All aid was distributed today without incident. No injuries or fatalities. We have heard that these fake reports have been actively fomented by Hamas. They are untrue and fabricated,” GHF noted.

Reuters contributed to this report.

ISRAEL IRAN/USA

Israel will have no choice but to attack their nuclear sites: there is no such thing as mutual self destruction with suicidal and their Iranian death culture

(JerusalemPost)

Iran supreme leader rejects US nuclear proposal, vows to keep enriching uranium

The issue of uranium enrichment has been a sticking point in negotiations between the US and Iran.

By REUTERSJUNE 4, 2025 09:45Updated: JUNE 4, 2025 16:2

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Iran’s Supreme Leader Ayatollah Ali Khamenei said on Wednesday Tehran will not abandon its uranium enrichment, rejecting a key US demand aimed at resolving a decades-long nuclear dispute, that he said was against the Islamic Republic’s interests.

The US proposal for a new nuclear deal was presented to Iran on Saturday by Oman, which has mediated talks between Iranian Foreign Minister Abbas Araqchi and President Donald Trump’s Middle East envoy, Steve Witkoff.

After five round of talks, several hard-to-bridge issues remain, including Iran’s insistence on maintaining uranium enrichment on its soil and Tehran’s refusal to ship abroad its entire existing stockpile of highly enriched uranium – possible raw material for nuclear bombs.

“Uranium enrichment is the key to our nuclear programme and the enemies have focused on the enrichment,” Khamenei said in a televised speech. The US proposal “contradicts our nation’s belief in self-reliance and the principle of ‘We Can’,” he said.

“The rude and arrogant leaders of America repeatedly demand that we should not have a nuclear programme. Who are you to decide whether Iran should have an enrichment?,” he added.

Iran’s supreme leader Ayatollah Ali Khamenei (credit: AFP PHOTO / HO / KHAMENEI.IR)

“No enrichment, no deal. No nuclear weapons, we have a deal.” Iranian Foreign Minister Abbas Araghchi said in a post on Twitter/X on Wednesday afternoon.

“Iran has paid dearly for these capabilities, and there is no scenario in which we will give up on the patriots who make our dream come true.”

There is a reason why only a few nations master the ability to fuel nuclear reactors. Apart from significant financial resources and political vision, it requires a solid industrial base and a technological-academic complex that can produce necessary human resources and know-how.…

— Seyed Abbas Araghchi (@araghchi) June 4, 2025

Iran claims it wants nuclear technology for peaceful purposes

Tehran says it wants to master nuclear technology for peaceful purposes and has long denied accusations by Western powers that it is seeking to develop nuclear weapons.

On Monday, Reuters reported Tehran was poised to reject the US proposal on the grounds that it was a “non-starter” that failed to soften Washington’s stance on uranium enrichment or to address Tehran’s interests.

Trump has revived his “maximum pressure” campaign against Tehran since his return to the White House in January, which included tightening sanctions and threatening to bomb Iran if the negotiations yield no deal.

During his first term in 2018, Trump ditched Tehran’s 2015 nuclear pact with six powers and reimposed sanctions that have crippled Iran’s economy. Iran responded by escalating enrichment far beyond the pact’s limits.

Iran’s arch-foe Israel, which sees Iran’s nuclear programme as an existential threat, has repeatedly threatened to bomb the Islamic Republic’s nuclear facilities to prevent Tehran from acquiring nuclear weapons.

END

IRAN

Ayatollah Rejects US Nuclear Proposal, Vows Iran To Keep Enriching Uraniu

Wednesday, Jun 04, 2025 – 02:40 PM

Iran has finally reacted to the US proposal for a fresh nuclear deal which was submitted Saturday via Omani mediators, and as expected it has dismissed Washington demands to take uranium enrichment down to zero.

Iran’s Supreme Leader Ayatollah Ali Khamenei has made clear in fresh statements Wednesday that abandoning uranium enrichment was “100%” against the Islamic Republic’s interests. This comes on the heels of a Truth Social post issued by President Trump which said in all caps: WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM.

Khamenei as the Ayatollah, or top Shia religious cleric, has final say over all matters of state policy, but notably he didn’t call for halting the talks altogether, after it’s gone through five rounds, including at Rome.

He said the US proposal “contradicts our nation’s belief in self-reliance and the principle of ‘We Can'”. This is consistent with Iranian officials’ prior position defending enrichment as a matter of national sovereignty that cannot fully be abandoned.

The question that remains is whether the US would allow for limited, lor low-levels of enrichment, instead of the ‘down to zero’ position which is being hotly debated about. “Uranium enrichment is the key to our nuclear program and the enemies have focused on the enrichment,” Khamenei said during a televised speech.

He addressed the nation on the anniversary of the death of the Islamic Republic’s founder, Ayatollah Ruhollah Khomeini. He made it very clear where Tehran stands on the proposal currently offered by the Trump White House:

“The proposal that the Americans have presented is 100% against our interests … The rude and arrogant leaders of America repeatedly demand that we should not have a nuclear programme. Who are you to decide whether Iran should have enrichment?,” he added.

There has been somewhat contradictory messaging coming out of Washington, with the Wall Street Journal having reported Sunday that the White House issued a directive last week telling federal agencies to halt the imposition of any new sanctions on Iran. Does this mark a step back from ‘maximum pressure’ in order to give talks a better chance?

“The new policy went out to top officials at the National Security Council and Treasury Department, and then to the State Department,” WSJ said.

“Relevant officials working on the Middle East were looped in, but the directive had to spread much further. Iran sanctions intersect with U.S. policy toward China, where buyers take in more than 90% of Iran’s oil exports, as well as Japan, Europe, India and Southeast Asia.”

Khamenei REJECTS US demands to stop uranium enrichment

'Who are you to interfere whether Iran has enrichment or not?

You have nuclear facilities, atomic bombs, the power to cause massive destruction in the world

So why is it your concern?' pic.twitter.com/m92O1tJh6f

— RT (@RT_com) June 4, 2025

Over the weekend White House Press Secretary Karoline Leavitt warned in a statement. “Special Envoy Witkoff has sent a detailed and acceptable proposal to the Iranian regime, and it’s in their best interest to accept it.”

However, Iran responded by demanding transparent and firm guarantees regarding the “real end of the sanctions” which would also feature details on “how and through what mechanism” they would be dismantled.

SYRIA

Rockets Fired On Israel From Syria For First Time In A Year, IDF Hits Back

Tuesday, Jun 03, 2025 – 06:00 PM

Rockets were fired from Syria at Israel on Tuesday, for the first time in a year, according to the Israeli military (IDF) and media statements. 

“A group that calls itself the Martyr Mohammed Deif Brigades says it fired two Soviet-made ‘Grad’ rockets at Syria’s occupied Golan Heights,” Al Jazeera reports of the obscure or unknown militant group.

The rockets landed in open fields of the occupied Golan Heights and no damage or casualties were reported, but Israel was quick to say it will respond militarily to the attempted attack.

Defense Minister Israel Katz said that Israel views Syrian leader Ahmad al-Sharaa as “directly responsible for every threat and [rocket] fire toward the State of Israel” and that “The full response will come soon.”

The group’s name and logo is in reference to slain Hamas commander Mohammed Deif, which is why Katz statement said he won’t allow for a “return to October 7.”

“We are a generation born under the bombs and raised on the sound of rifles that will not accept living in humiliation,” Katz’s statement said.

The Israeli military indicated it “recently attacked” southern Syria with artillery fire in the wake of the rocket launches from Syria, as part of the initial response. But a representative from the Syrian militant group declared that “Our operations will not stop until the bombing of the oppressed people in Gaza stops.” 

Israel has already bombed Syria hundreds of times in the wake of Assad’s December 8 ouster, ostensibly to ensure there’s no advanced hardware left over from the Syrian Arab Army.

As for Syria’s Sharaa (Jolani), he interestingly just days ago signaled he’s ready to make peace with Israel: “We have common enemies, cooperation is possible,” he said of the matter.

“I want to be clear,” al-Sharaa had said in reference to Israel. “The era of endless mutual bombings must come to an end. No country can thrive when its skies are filled with fear. The reality is that we have common enemies, and we can play a major role in regional security.”

Video purporting to show the rocket fire from Syria on Tuesday:

Several rockets launched from Syria reached Israeli-controlled Golan Heights

Right now, Israel is launching artillery and air strikes on Syrian territory in response to these missiles. The sender of the missiles is still unknown. pic.twitter.com/L7KA4OlfVX

— War Designer (@WarDesigner0) June 3, 2025

Syria for decades had the most feared Russian-supplied anti-air defense systems in the whole region, but Syria’s current status is that its skies are completely undefended and at the mercy of Israel, the Pentagon, and Turkey.

SYRIA/ISRAEL

Syria accuses Israel of escalation following Daraa strike

The strike came after a barrage of rockets fired from southern Syria on Tuesday evening, which Defense Minister Katz said he held Syrian President Sharaa “directly responsible” for.

By JERUSALEM POST STAFFJUNE 4, 2025 01:27

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Syria’s foreign ministry condemned an Israeli strike on the Syrian province of Daraa, saying that it caused “significant human and material losses,” state news agency SANA reported early on Wednesday.

The strike came after a barrage of rockets fired from southern Syria on Tuesday evening, which Defense Minister Israel Katz said he held Syrian President Ahmed al-Sharaa “directly responsible” for.

The Syrian foreign ministry stated it had not verified the accuracy of the IDF’s claims of rockets.

“We believe that there are many parties that may seek to destabilize the region to achieve their own interests,” the Syrian foreign ministry said in a statement.

“We affirm that Syria has not and will not pose a threat to any party in the region, and that the top priority in southern Syria lies in extending the authority of the state and ending the presence of weapons outside the framework of official institutions, in a way that ensures the achievement of security and stability for all citizens,” the statement read.

The ministry stated that Israel’s response constituted a “blatant violation of Syrian sovereignty and increases tension in the region at a time when we are most in need of calm and peaceful solutions.”

It is unclear if missiles from Syria, Yemen were coordinated

The IDF confirmed that initial rocket fire from Syria fell in an open area, causing no harm or damage. Minutes later, a second barrage of rockets was fired into northern Israel. It was unclear whether the second barrage towards northern Israel was fired from Syria. 

Defense sources told The Jerusalem Post that as of now, it is unclear whether the missile launch from Yemen and the rocket launch from Syria were coordinated, and sources noted that the military is investigating. 

Additionally, the sources said that the rockets were fired from deep in Syria, beyond the buffer zone with Israel, indicating that the entity that launched the rockets used a medium-range rocket. Sources also told the Post that it is still unclear which group was behind the attack.

Later, a Palestinian terror organization calling itself the Martyr Muhammad al-Deif Brigades claimed the rocket barrage. 

The IDF reported that it later struck in separate parts in southern Syria. 

END

BBC/ISRAEL HAMAS

White House slams BBC for taking Hamas’s word as ‘total truth,’ BBC denies claim

“The claim the BBC took down a story after reviewing footage is completely wrong,” the British state broadcaster said in response to Leavitt.

By MATHILDA HELLERJUNE 4, 2025 12:05Updated: JUNE 4, 2025 17:27

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White House Press Secretary Karoline Leavitt slammed the BBC for not doing its due diligence in its coverage of Hamas.

When asked during a press briefing to the media on Tuesday about reports that Israeli forces were firing on Palestinians trying to get aid from the Gaza Humanitarian Foundation, Leavitt said, “The Trump administration is aware of those reports and we are currently looking into the veracity of them.”

“Because,” she added, “unlike some in the media, we don’t take the word of Hamas with total truth. We like to look into it when they speak.”

https://twitter.com/i/status/1929974365862367324

According to Leavitt, this is in juxtaposition to the BBC, who ran headlines such as: “Israeli tank kills 26,” “Israeli tank kills 21,” “Israeli gunfire kills 31,” “Red Cross says 21 people were killed in an aid incident” – before presumably confirming the facts, since it later had to correct a story or take it down entirely, saying, “We reviewed the footage and couldn’t find any evidence of anything.”

Leavitt then said her administration was “going to look into reports before we confirm them from this podium or before we take action.”

She suggested that journalists “who actually care about truth do the same in order to reduce the amount of misinformation that’s going around the globe.”

In response to Leavitt’s accusations, the British national broadcaster released a statement saying, “The claim the BBC took down a story after reviewing footage is completely wrong. We did not remove any story, and we stand by our journalism.”

“Our news stories and headlines about Sunday’s aid distribution center incident were updated throughout the day with the latest fatality figures as they came in from various sources.

“These were always clearly attributed, from the first figure of 15 from medics, through the 31 killed from the Hamas-run Health Ministry, to the final Red Cross statement of ‘at least 21’ at its field hospital. This is totally standard practice on any fast-moving news story,” it said.

The BBC added that, separately, its Verify branch reported on Monday that a viral video posted on social media was not linked to the aid distribution center as it claimed to be.

“This video did not run on BBC news channels and had not informed our reporting,” it continued. “Conflating these two stories is simply misleading.”

The broadcasting agency also requested that the White House assist international journalists in their appeal to enter Gaza, which they are currently unable to do.

Criticism of the BBC since start of war

The BBC has faced extensive criticism for its coverage of the ongoing Israel-Hamas War.

One of the prominent ones has been its decision to brand Hamas as “militants” and not “terrorists,” and its avoidance of referring to Hamas as a terror organization.

Significant public attention was given to the issue when British lawyer Trevor Asserson released a scathing report in September 2024 showing that the BBC breached its editorial guidelines for news coverage more than 1,500 times since the beginning of the Israel-Hamas War.

The research found that there was a “deeply worrying pattern of bias against Israel” and that Israel was associated with genocide 14 times more than the Hamas terror group was throughout the analyzed BBC coverage.

The Committee for Accuracy in Middle East Reporting and Analysis (CAMERA) found that of 145 online news articles between January 1 and April 30 this year that mentioned Hamas, only 8% explicitly described it as a terrorist organization in the UK.

Thirty articles (20.6%) referred to Hamas as either an “armed group” or a “militant group.”

Last month, the BBC’s Today program parroted a statement by UN aid chief Tom Fletcher that 14,000 babies would die in Gaza in 48 hours without aid.

It later had to retract the claim and issue a correction when it became clear that the 14,000 estimate was based on an Integrated Food Security Phase Classification report of the number of children who might suffer from “severe malnutrition” over the next year.

In another example of refusal to brand Hamas a terrorist group, Yariv Mozer, the director of We Will Dance Again, a documentary film about the Nova music festival, said that he had to agree to the BBC’s terms not to describe Hamas as a terrorist organization if he wanted it to air.

“It was a price I was willing to pay so that the British public would be able to see these atrocities and decide if this is a terrorist organization or not,” Mozer said.

In February this year, the BBC was made to apologize after its news anchor Nicky Schiller referred to the three Israeli hostages who were released that day as “prisoners.”

END

RUSSIA VS UKRAINE

Trump Breaks Silence On Brazen Ukraine Drone Op In Lengthy Putin Call

Wednesday, Jun 04, 2025 – 03:57 PM

After two days of deafening silence from the White House on Ukraine’s Sunday massive drone assault, dubbed ‘Operation Spider’s Web’ – which took out many key Russian aircraft, including long-range strategic bombers and likely even Russia’s extremely rare A-50 Radar Plane – President Trump has finally reacted publicly.

The president revealed he has held a phone call with President Vladimir Putin on Wednesday, which significantly lasted about an hour and fifteen minutes. Trump warned that peace is not very close on the horizon and that the two leaders covered several pressing issues in their conversation.

“We discussed the attack on Russia’s docked airplanes, by Ukraine, and also various other attacks that have been taking place by both sides.” Trump went on to call it a good conversation, however “not a conversation that will lead to immediate Peace.”

That’s when Trump clarified that “President Putin did say, and very strongly, that he will have to respond to the recent attack on the airfields.”

The Russian leader’s words are consistent with Dmitry Medvedev’s ominous words issued the day prior, wherein the deputy chairman of Russia’s Security Council, said “retribution is inevitable”. Medvedev had warned of what’s coming:

“Our Army is pushing forward and will continue to advance. Everything that needs to be blown up will be blown up, and those who must be eliminated will be.”

Below: Ukraine on Wednesday released additional footage of strikes on four Russian air fields, including what could be two A-50 aircraft in Ivanovo…

СБУ показала унікальні кадри спецоперації «Павутина», у результаті якої уражено 41 військовий літак стратегічної авіації рф

➡️ https://t.co/OSxqEsI9CD pic.twitter.com/aGSZNEsoX3

— СБ України (@ServiceSsu) June 4, 2025

Trump didn’t reveal much further in the way of details, after the White House in a Tuesday briefing again affirmed that President Trump did not have foreknowledge of the Ukrainian cross-border operation. (But did US intelligence? very likely so.)

The fresh Truth Social statement was further taken up with Iran. “I stated to President Putin that Iran cannot have a nuclear weapon and, on this, I believe that we were in agreement. President Putin suggested that he will participate in the discussions with Iran and that he could, perhaps, be helpful in getting this brought to a rapid conclusion,” he wrote.

The US President concluded, “It is my opinion that Iran has been slowwalking their decision on this very important matter, and we will need a definitive answer in a very short period of time!”

The full statement: 

This comes after the Ayatollah dismissed the latest US proposal which was submitted over the weekend. The central issue is the US demand that uranium enrichment be taken down to zero.

Whether Iran, Ukraine-Russia, or Gaza – conservative voices have been urging Trump to stand by his campaign promises to end conflicts in hotspots around the world. But the fact remains that the US is still funding and weaponizing one side of these various wars, especially in the case of Ukraine.

BANNON: Something is very, very wrong here.

If the White House was unaware of this Ukrainian drone attack, they should condemn it, pull all support, and get Lindsey Graham on a plane back to the US.

We cannot allow this to further escalate. pic.twitter.com/6ERysrRYR9

— Bannon’s WarRoom (@Bannons_WarRoom) June 2, 2025

Of note in Trump’s phone call with Putin is that nothing was stated from Trump in the way of a US demand that Putin not retaliate against Ukraine (or at least which was not disclosed in his Truth Social post).

The absence of a preemptive condemnation for any major retaliation is interesting also combined with the White House Press Secretary saying yesterday to reporters that the war is very far away, which suggests it’s no longer a top administration priority.

END

US Embassy Tells Americans Be Prepared To ‘Take Cover’ As Kiev Braces For ‘Shock & Awe’ Attack

Wednesday, Jun 04, 2025 – 03:20 PM

The US Embassy in Kyiv has issued a new Wednesday heightened security alert due to “continued risk of significant air attacks” by Russia on Ukraine.

The Kremlin, including President Vladimir Putin himself, has said that major retaliation is coming, after the Sunday massive cross-border Ukrainian operation which destroyed many of Russia’s premier military aircraft, including long-range strategic bombers.

President Trump has said of an over one-hour phone call he held with Putin Wednesday, that “We discussed the attack on Russia’s docked airplanes, by Ukraine, and also various other attacks that have been taking place by both sides.” Trump went on to call it a good conversation, however “not a conversation that will lead to immediate Peace.”

The below official embassy alert, marked June 4, relays the following information for American citizens remaining in the Ukrainian capital [emphasis ZH]:

Event:  Russia has increased the intensity of its missile and drone attacks against Ukraine in recent weeks, and there is currently a continued risk of significant air attacks. The U.S. Embassy in Kyiv urges U.S. citizens to exercise appropriate caution.  As always, we recommend you be prepared to shelter immediately in the event an air alert is announced. 

Actions to Take: 

• Identify shelter locations in advance of any air alert.
• Download a reliable air alert app to your mobile phone, such as Air Raid Siren or Alarm Map.
• Immediately take shelter away from windows in the most hardened location you can move to if an air alert is announced.
• Monitor local media for updates.
• Keep reserves of water, food, and medication.
• Follow the directions of Ukrainian officials and first responders in the event of an emergency.
• Review what the Department of State Can and Cannot Do in a Crisis. 

Of note in Trump’s phone call with Putin is that nothing was stated from Trump in the way of a US demand that Putin not retaliate against Ukraine (or at least which was not disclosed in his Truth Social post).

The absence of a preemptive condemnation for any major retaliation suggests that major aerial retaliation is indeed imminent, and that Washington ‘understands’ the tit-for-tat nature of what is likely about to happen.

Geopolitical observer and podcaster Alex Christoforou has written the following in reaction to the big Wednesday phone call, after the White House has remained relatively silent on the latest developments, which included a Ukrainian attack on the Kerch Strait bridge as well as three bridges in southern Russia, which left at least seven dead:

Trump speaks with Putin. Another long call. Who initiated the call, Trump or Putin?

Much different tone than “playing with fire” Truth post. Two leaders discussed Ukraine drone strikes and “various other attacks…by both sides.” Trump accepted that Putin will retaliate, and it will be big. Trump admits “immediate peace” not coming.

Maxar has meanwhile confirmed that several high value strategic bombers were destroyed in Sunday’s Ukrainian attack deep inside Russian territory:

But Russia has appeared patient in calculating the response, which could mean ‘shock and awe’ on Kiev at any moment, hence the US Embassy’s strong new warning.

Medvedev had also warned of what’s coming in a Tuesday statement: “Our Army is pushing forward and will continue to advance. Everything that needs to be blown up will be blown up, and those who must be eliminated will be.”

Some ominous threats and signs…

'How can we negotiate with those resorting to terrorism?' — Putin asks bluntly

As Kiev pleads for ceasefires to rearm and regroup, it keeps attacking civilians

He says that the Kiev regime is turning into a TERRORIST ORGANIZATION as battlefield defeats mount https://t.co/IMZQzTdjLd pic.twitter.com/1qupBvV1Hq

— RT (@RT_com) June 4, 2025

And we don’t know what’s going with this unusual post from RT, but it can’t be good… Doomsday Radio?

Russian ‘Doomsday Radio’ comes ALIVE

Cold War-era UVB-76 station broadcasts codewords ‘azotobak and ‘osholin’ after Trump and Putin supposedly discussed Russian RETALIATION against Ukraine

Purpose of the station remains a mystery pic.twitter.com/KqaMoTVEwC

— RT (@RT_com) June 4, 2025

END

6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES

MARK CRISPIN MILLER

DR PAUL ALEXANDER

Is this of value for oral cancers? Other cancers? We need larger long-term comparative effectiveness research gold-standard trustworthy; but preliminary findings suggest that injection, called

pembrolizumab, helps the immune system spot hidden cancer cells in the body’; the brand name Keytruda, a groundbreaking trial found the drug kept head and neck cancers at bay for five years compared

Dr. Paul AlexanderJun 3

READ IN APP

to 30 months with standard treatments, including surgery, chemotherapy and radiotherapy. It also slashed the risk of the disease returning elsewhere in the body.’

‘In recent years, research has suggested that human papillomavirus (HPV) may be responsible for up to 70 per cent of head and neck cancers.

Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Upgrade to paid

HPV is a common virus spread through close contact, including sex, and is usually harmless. However, in some cases—for reasons not fully understood—it can trigger cancerous changes in healthy tissue.

The virus is already known to cause cervical, anal and penile cancers.

A rise in head and neck cancers, particularly among younger and middle-aged patients, has been linked to oral sex.

In the global trial, carried out across 24 countries involving more than 700 head and neck cancer patients, 363 received pembrolizumab followed by standard treatment.

The remainder had standard treatment only.

Pembrolizumab is a checkpoint inhibitor—it works by helping the immune system recognise and fight cancer.

Scientists found the cancer returned in half the patients given pembrolizumab after five years, compared with two-and-a-half years in those receiving standard care.’

This data shows that in the UK cases of throat cancer have been trending upward, just like in the US (source: Cancer Research UK)

After three years, the risk of cancer returning somewhere else in the body was also 10 per cent lower among those on pembrolizumab.

Kevin Harrington, a professor of biological cancer therapies at the Institute of Cancer Research, London, and consultant oncologist at the Royal Marsden NHS Foundation Trust, said: ‘For patients with newly-diagnosed, locally-advanced head and neck cancer, treatments haven’t changed in over two decades.

‘Immunotherapy has been amazingly beneficial for patients with cancer that has come back or spread around the body but, until now, it hasn’t been as successful for those presenting for the first time with disease which has spread to nearby areas.

‘This research shows that immunotherapy could change the world for these patients—it significantly decreases the chance of cancer spreading around the body, at which point it’s incredibly difficult to treat.’

Professor Harrington added that the drug ‘dramatically increases the duration of disease remission—for years longer than the current standard treatments’.

‘It works particularly well for those with high levels of immune markers, but it’s really exciting to see that the treatment improves outcomes for all head and neck cancer patients, regardless of these levels,’ he said.

Laura Marston, 45, from Derbyshire was diagnosed with stage four tongue cancer in 2019 after an ulcer on her tongue didn’t heal. She was later referred to The Royal Marsden where she joined the trial.

‘I was so excited to be on a clinical trial and knowing I was in the best hands was really reassuring,’ she said.’

Major breakthrough in cancer caused by oral sex – as cases continue to climb in under 50s | Daily Mail Online

___

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LATEST NEWSTrump Fuels Shocking Biden Death TheoryIn a huge shock to the political world, President Donald Trump shared a link to a post on Truth Social that claimed former President Joe Biden died in 2020 and had a clone replace him during his first White House tenure.The post, which was reshared on Sunday by Trump, claimed Democrats didn’t know the difference between Biden’s so-called clone and …READ MORERand Paul’s Warning for Republicans Could Make or Break MidtermsSen. Rand Paul (R-KY) delivered sharp criticism of both major political parties in recent statements. He characterized Democrats as politically directionless–“adrift”–while cautioning Republicans against abandoning core conservative principles ahead of crucial midterm elections. The longtime conservative leader from Kentucky expressed his belief that Democrats currently lack focus and coherent messaging, particularly regarding immigration enforcement policies that proved decisive in recent …READ MOREClever FBI Move Triggers ‘Unease’ as Years-Old Kash Idea Finally Gains TeethFBI Director Kash Patel has begun implementing sweeping changes at the bureau, fulfilling campaign promises to eliminate what he described as a compromised law enforcement agency. He is even using polygraph tests to find leakers now, which has left agents “uneased” and many liberal-leaning outlets like the New Times Times on edge. Patel has orchestrated significant personnel changes and operational …READ MOREWaters Gets Horrible News as Swalwell Viciously Mocked for Bizarre StuntReps. Maxine Waters (D-CA) and Eric Swalwell (D-CA) have found themselves in hot water yet again. The Federal Election Commission has imposed a $68,000 penalty on Waters’ 2020 campaign committee following an investigation that uncovered multiple campaign finance violations. Documents released by the FEC last Friday state Citizens for Waters, the longtime California congresswoman’s campaign organization, violated several federal election …READ MOREMan leaps Mar-a-Lago wall to spread gospel, marry Trump’s granddaughterA Texas man was arrested early Tuesday morning after allegedly trespassing at President Donald Trump’s Mar-a-Lago estate in Palm Beach, Florida. According to authorities, the man claimed he was on a mission to “spread the Gospel” to Trump and marry his granddaughter, Kai Trump. Palm Beach police identified the suspect as 23-year-old Anthony Thomas Reyes. Officers say Reyes admitted to …READ MORE

LATEST REPORTS FOR NEWS JUNKIESUSAID Paperwork Found in the Vehicle of Biden Illegal Alien Responsible for Boulder Terror AttackA discovery by law enforcement officials regarding the Islamist terrorist responsible for burning several peaceful Jews alive Sunday in Boulder, Colorado, will certainly invite some interesting questions from Americans. Deranged man screaming anti-Jewish epithets attacked Jewish families, including children, in Boulder, Colorado, on Sunday.The attacker was identified as Mohamad Soliman. Several children were injured in the planned attack.Soliman came in …READ THE FULL REPORT334-Pound Man Sues Disney Over Injuries Sustained on Waterslide That Didn’t Support His WeightA man allegedly injured after an ill-fated trip down a waterslide at Walt Disney World is suing the theme park giant for $50,000 in damages — even though he was more than 30 pounds over the ride’s weight limit at the time.In the lawsuit filed last Thursday, Eugene Strickland claims he is still struggling with the aftermath of “catastrophic injuries” …READ THE FULL REPORTMaxine Waters Ordered to Pay Massive Fine for Violating Campaign Finance LawsThe campaign of progressive California Rep. Maxine Waters has agreed to pay a $68,000 fine after an investigation revealed that it broke many election regulations.The Federal Election Commission (FEC) stated in a batch of documents that the longtime House lawmaker’s 2020 campaign group, Citizens for Waters, violated many campaign finance regulations.The FEC accused Citizens for Waters of “failing to accurately …READ THE FULL REPORTSupreme Court Leaves in Place Bans on High-Capacity Magazines, Some AR-15sThe US Supreme Court on Monday morning declined to hear a Second Amendment case involving challenges to bans on high-capacity magazines and some semi-automatic weapons.One case involved Maryland’s 2012 ban on some semi-automatic weapons like AR-15 rifles.The high court also declined to hear arguments challenging Rhode Island’s ban on high-capacity magazines.The Supreme Court did not explain its decision not to …READ THE FULL REPORTTop CNN Reporter Out After Outlet Pays Navy Vet Millions of Dollars in Defamation SettlementA top CNN reporter announced he is leaving the network after the outlet was forced to pay a Navy vet millions of dollars in a defamation settlement.“Some personal news: I’m leaving CNN after 8 terrific years. Tough to say goodbye but it’s been an honor to work among the very best in the business. Profound thank you to my comrades …READ THE FULL REPORT

EVOL NEWS

LATEST NEWS:

Record low turnout in Mexican judicial vote but president hails ‘complete success’ – EVOL

Read more…

334-Pound Man Sues Disney Over Injuries Sustained on Waterslide That Didn’t Support His Weight – EVOL

Read more…

Russian memorandum on settlement of Ukraine conflict (FULL TEXT) — RT Russia & Former Soviet Union – EVOL

Read more…

Supreme Court Leaves in Place Bans on High-Capacity Magazines, Some AR-15s – EVOL

Read more…

Homa lugs own bag for 36 at U.S. Open qualifier – EVOL

Read more…

Trump’s Official Presidential Portrait Is Revealed – EVOL

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channelnews : Temu’s US Daily Users Plummet 58% Following End of Tariff-Free Shipping Loophole – EVOL

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Young rallies to clinch U.S. Open spot in playoff – EVOL

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

7.OIL AND NATURAL GAS//GLOBAL/ENERGY/

WTI Extends Gains As Crude Stocks See Biggest Draw Since December

Wednesday, Jun 04, 2025 – 10:35 AM

Crude prices are higher this morning on signs of progress in trade talks between the US and EU and the API report of a major drawdown in American crude inventories (despite product builds).

Geopolitical tensions continue to drive prices more aggressively as the possibility of a Putin-Zelensky meeting came and went and Iranian peace deal talks stumble.

The big question for traders is – will the official data confirm API’s drawdown?

API

• Crude -3.28mm
• Cushing +952k
• Gasoline +4.73mm
• Distillates +761k

DOE

• Crude -4.30mm
• Cushing +576k
• Gasoline +5.22mm
• Distillates +4.23mm

The official data confirmed API’s report with a large crude draw offset by big draws in products…

Source: Bloomberg

Even including the 509k barrel addition to the SPR, total crude stocks fell by the most since December…

Source: Bloomberg

The rig count continues to slide (now at its lowest since Dec 2021), and despite Trump’s ‘Drill, Baby, Drill’ push, US crude production remains well of its highs…

Source: Bloomberg

WTI extended gains after the official data confirmed API’s…

Source: Bloomberg

Oil rose at the start of the week after a decision by OPEC+ to increase production in July was in line with expectations, easing concerns over a bigger hike.

However, prices are still down about 11% this year on fears around a looming supply glut, while traders continue to monitor US trade tariffs as President Donald Trump said his Chinese counterpart is “extremely hard” to make a deal with.

Saudi Arabia led increases in OPEC oil production last month as the group began its series of accelerated supply additions, according to a Bloomberg survey.

Nevertheless, the hike fell short of the full amount the kingdom could have added under the agreements.

END

THEN….

Oil Prices Tumble On Report That Saudis Want To ‘Super-Size’ OPEC Production Hikes

Wednesday, Jun 04, 2025 – 11:25 AM

Update (1130ET): Having surged overnight and extended gains on a big crude draw (and trade-talk progress with the Europeans), oil prices are tanking now as Bloomberg reports that, according to people familiar with the matter, Saudi Arabia wants OPEC+ to continue with accelerated oil supply hikes in the coming months as it puts greater importance on regaining lost market share.

The kingdom, which holds an increasingly dominant position within OPEC+, wants the group to add at least 411,000 barrels a day in August and potentially September, the people said, asking not to be named because the information was private.

Riyadh is keen to unwind its cuts as quickly as possible to take advantage of peak demand during the northern hemisphere summer, one person said.

…

…the kingdom sees no reason to slow down — as Russia, Algeria and Oman suggested at the last OPEC+ meeting — because seasonal demand will peak in the coming months, the people said.

Before the group’s most recent meeting, there had been some discussion of an even larger increase, according to people familiar with the matter.

The reaction was instant, slamming WTI down 2%…

We would imagine Russia will not be pleased at this outburst (or the US shale producers or the Kazakhs), but Trump might be happy with what his old friends in The Kingdom are saying (and doing).

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE

CANADA

Bank of Canada Keeps Rates At 2.75% As Expected, As It Waits To See Impact Of Trump Tariffs

Wednesday, Jun 04, 2025 – 10:04 AM

The Bank of Canada held interest rates steady at 2.75% for a second straight meeting – matching economist and market estimates – but warned there may be a need to cut borrowing costs if the economy weakens more and inflation remains contained as US tariffs strike.  The central bank provided slight forward guidance by saying it will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.

Also, the central bank said it is “proceeding carefully, with particular attention to the risks and uncertainties facing the Canadian economy. These include: the extent to which higher US tariffs reduce demand for Canadian exports; how much this spills over into business investment, employment and household spending; how much and how quickly cost increases are passed on to consumer prices; and how inflation expectations evolve“.

BOC officials said they held borrowing costs steady as they gain more information on Trump’s trade conflict, which they called “the biggest headwind facing the Canadian economy” as it slams exports and adds to uncertainties for consumers and businesses. At the same time, policymakers said the economy held up stronger than expected in the first quarter, and flagged a recent surge in core inflation measures.

“With uncertainty about US tariffs still high, the Canadian economy softer but not sharply weaker, and some unexpected firmness in recent inflation data, governing council decided to hold the policy rate as we gain more information on US trade policy and its impacts,” policymakers said in a statement.

And while they said there was “clear consensus” amofng governing council to pause and wait for more information on how the trade dispute plays out, the bank introduced some limited guidance on where borrowing costs are likely headed.

“On balance, members thought there could be a need for a reduction in the policy rate if the economy weakens in the face of continued US tariffs and uncertainty, and cost pressures on inflation are contained,” Macklem said in his opening remarks, adding that policymakers had a “diversity” of views on the future rate path.

Some more highlights from today’s decision, starting with…

Tariffs:

• Recent surveys indicate that households continue to expect that tariffs will raise prices and many businesses say they intend to pass on the costs of higher tariffs. The Bank will be watching all these indicators closely to gauge how inflationary pressures are evolving.
• The outcomes of these negotiations are highly uncertain, tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high.

Economy

• The Bank’s preferred measures of core inflation, as well as other measures of underlying inflation, moved up.
• The economy is expected to be considerably weaker in the second quarter, with the strength in exports and inventories reversing and final domestic demand remaining subdued.

Policy

• “We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval.”
• ‘We will support economic growth while ensuring inflation remains well controlled.”
• We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.”

As Bloomberg notes, the statement shows the central bank is comfortable waiting for clearer signals on how the trade dispute will evolve. At the same time, policymakers are actively discussing resuming monetary easing should the economy deteriorate and inflation remain under control. A weakening economy for the rest of the year is the base case in Bloomberg survey of economists, with gross domestic product forecast to contract in the middle two quarters of this year. Inflation is seen averaging around the bank’s 2% target throughout 2025.

When the bank paused in April for the first time this easing cycle, it abandoned point estimates for gross domestic product and inflation for the first time since the Covid-19 crisis. Instead, central bankers offered two potential scenarios for the economy. It mentioned neither of these scenarios in the communications on Wednesday.

Trump has applied tariffs on a variety of Canadian goods, including steel, aluminum, autos and products that don’t comply with the North American trade pact. Uncertainty remains elevated as the administration appeals a court ruling that overturned many of his tariffs. That ruling did not apply to his sectoral levies, and Trump signed an order Tuesday doubling the metals tariffs to 50%.

In the statement, the bank said it would continue to monitor how tariffs reduce demand for Canadian exports and how it affects business investment, employment and household spending. Officials are also watching inflation expectations and how higher tariff costs are passed through.

Macklem said it was “still too soon to see the direct effects of retaliatory tariffs in consumer price data,” referring to the levies Prime Minister Mark Carney has levied on imports of some US goods, and which are currently tallying well below the total C$20 billion the federal government is expecting.

Core inflation measures surged to 3.2% in April, the highest in more than a year. While Macklem repeated that the bank is seeing “some unusual volatility” in core gauges, he also said that the measures “suggest underlying inflation could be firmer than we thought.” Higher food prices, brought on by trade disruption, may be partially responsible, the bank said.
At 2.75%, the benchmark overnight rate is at the midpoint of officials’ estimate for the neutral range, where policymakers believe borrowing costs are neither stimulative nor restrictive.

Macklem and Senior Deputy Governor Carolyn Rogers are scheduled to speak to reporters at 10:30am Ottawa time.

In kneejerk response, there has been limited follow-through seen in CAD following the BoC’s decision despite some outside bets for the Bank to pull the trigger on another 25bps rate cut on account of soft growth metrics and ongoing uncertainty presented by the trade war. Instead, the recent uptick in inflation appears to have supported the decision to leave rates unchanged. On which, Governor Macklem says there was a “clear consensus” with the board wishing to hold policy until it gains more information. Going forward, policy decisions will likely weigh the downward pressure on inflation from a weaker economy and upward pressures on inflation from higher costs. USD/CAD was little changed with the pair pivoting around the 1.37 mark. Year-end pricing for further easing by the BoC moved from around 42bps pre-release to 37bps.

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO/USA: 1.1387 UP 0.0003 PTS OR 3 BASIS POINTS

USA/ YEN 144,08 UP 0.250 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//

GBP/USA 1.3532 UP .0001 OR 1 BASIS PTS

USA/CAN DOLLAR:  1.3719 UP 0.0003 (CDN DOLLAR DOWN 3 BASIS PTS)

 Last night Shanghai COMPOSITE UP 14.23 PTS OR 0.42%

 Hang Seng CLOSED UP 114.25 PTS OR 0.49%

AUSTRALIA CLOSED UP .91%

 // EUROPEAN BOURSE:    ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 114,25 PTS OR 0.49%

/SHANGHAI CLOSED UP 14.23 PTS OR 0.42%

AUSTRALIA BOURSE CLOSED UP 0.91 %

(Nikkei (Japan) CLOSED UP 300.64 PTS OR 0.80%

INDIA’S SENSEX  IN THE GREEB

Gold very early morning trading: 3354.60

silver:$34.47

USA dollar index early WEDNESDAY  morning: 98.12 DOWN .04 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.013% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +1.508% UP 2 FULL POINTS   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.121 UP 3 in basis points yield

ITALIAN 10 YR BOND YIELD 3.517 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5310 UP 3 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY WEDNESDAY

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

Euro/USA 1.1398 UP 0.0014 OR 14 basis points

USA/Japan: 143.75 DOWN 0.066 OR YEN IS UP 7 BASIS PTS//

Great Britain 10 YR RATE 4.6460 UP 4 BASIS POINTS //

Canadian dollar UP .0015 OR 15 BASIS pts  to 1.3700

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan CNY UP AT 7.1853,  CNY ON SHORE ..

THE USA/YUAN OFFSHORE UP TO 7.1835

TURKISH LIRA:  39.13 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.508

Your closing 10 yr US bond yield DOWN 5 in basis points from TUESDAY at  4.414% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.934 DOWN 5 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.922 DOWN 4 BASIS PTS.

GOLD AT 11;00 AM 3353.70

SILVER AT 11;00: 34.42

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 11:00 AM//

London: CLOSED UP 14.27 PTS OR 0.16%

GERMAN DAX: CLOSED UP 184.86 pts or 0.77%

FRANCE: CLOSED UP 40.83 pts or 0.53%

Spain IBEX CLOSED DOWN 27.10 pts or 0.19%

Italian MIB: CLOSED UP 6.41 or 0.02%

WTI Oil price  63.50 11 EST/

Brent Oil:  65.67 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  79.56 ROUBLE DOWN 0 AND  30/ 100      

UK 10 YR YIELD: 4.6460 UP 4 BASIS POINTS

CDN 10 YEAR RATE: 3.261 DOWN 2 BASIS PTS.

CDN 5 YEAR RATE: 2.862 DOWN 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1415 UP 0.0031 OR 31 BASIS POINTS//

British Pound: 1.3551 UP .0021 OR 21 basis pts/

BRITISH 10 YR GILT BOND YIELD:  4.594 DOWN 4 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.514 UP 3 FULL BASIS PTS

USA dollar vs Japanese Yen: 142.87 DOWN 0/933 BASIS PTS

USA dollar vs Canadian dollar: 1.3674 DOWN 0.0042 BASIS PTS CDN DOLLAR UP 42 BASIS PTS

West Texas intermediate oil: 62.86

Brent OIL:  64.88

USA 10 yr bond yield DOWN 10 BASIS pts to 4.360

USA 30 yr bond yield DOWN 10 PTS to 4.888%

USA 2 YR BOND: DOWN 8 PTS AT  3.875%

CDN 10 YR RATE 3.237 DOWN 4 BASIS PTS

CDN 5 YEAR RATE: 2.841 DOWN 4 BASIS PTS

USA dollar index: 98.79 DOWN 37 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 39.17 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  79.30 DOWN 0 AND  23/100 roubles

GOLD  $3373.20 (3:30 PM)

SILVER: 34.47 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 91.84 OR 0.22%

NASDAQ 100 UP 59.34 PTS OR 0.27%

VOLATILITY INDEX: 17.51 DOWN .18 PTS OR 1.02%

GLD: $ 310.90 UP 1.99 PTS OR 0.64%

SLV/ $31.34 DOWN 0.10 PTS OR OR .32%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 99.72 OR 0.38%

end

TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING

Bond Yields & Dollar Plunge As ‘Bad’ Data Sparks Surge In Rate-Cut Hopes

Wednesday, Jun 04, 2025 – 08:00 PM

“I love the smell of stagflation in the morning…”

The ‘strong’ labor market narrative finally took a beating today – though many argue it’s just a fleshwound – as ADP shit the bed with the weakest job addition in two years, slamming ‘labor market’ surprise data index to pre-election levels…

Source: Bloomberg

At the same time, ISM Services puked with Prices Paid soaring to 30 month highs (as New orders plunge)…

Source: Bloomberg

Trump also tweeted aggressively towards Fed Chair Powell, demanding rate-cuts…

“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!.”

…which combined sparked a surge in 2025 rate-cut expectations…

Source: Bloomberg

Treasury yields dropped dramatically (down 9-11bps on the day) on the double-whammy of macro weakness and the Treasury Dept announcing buybacks in the 2036-2045 maturity region also helped. The 30Y is modestly outperforming on the week as today’s yield tumble took the whole curve lower on the week…

Source: Bloomberg

The 30Y yield rejected 5.00% once again…

Source: Bloomberg

…and saw one of its biggest one-day yield plunges in the last 18 months…

Source: Bloomberg

The dollar dumped back yesterday’s gains, closing at fresh cycle lows (since July 2023)…

Source: Bloomberg

As the dollar fell, gold rallied back up to $3380…

Source: Bloomberg

Equity markets were considerably more mixed than we have seen in recent weeks with Nasdaq outperforming and Small Caps and The Dow in the red (ending The Dow’s 4-day win streak). The last 10-15 minutes saw selling pressure accelerate with chatter of large MOC to sell order as CTA selling kicked in too…

The S&P fell short of the 6,000 Maginot Line, closing basically unchanged on the day…

Nasdaq was led by the Mega-Caps (of course) which broke out to a new post-Liberation-Day high. Mega-Cap tech stocks are up over 33% from the Liberation-Day panic lows…

Source: Bloomberg

The late afternoon saw the Mag7 take charge while the rest of the S&P 493 were sold..

Source: Bloomberg

…which reinforces the note from Goldman that this rally is becoming more narrow as we get back towards record highs…

Source: Goldman Sachs

VIX fell back to a 17 handle…

But the vol term structure implies after Friday, summer doldrums return…

Source: Bloomberg

Bitcoin edged lower on the day finding some support around $105k…

Source: Bloomberg

But Ethereum outperformed, up around 1% as the bounce in the ETH/BTC ration off of the 2019 lows continues…

Source: Bloomberg

Oil prices dropped today thanks to the Saudis threatening to crank up production (after tagging $64 overnight on geopolitical malarkey flaring up again and a big crude inventory draw)…

Source: Bloomberg

Finally, the US Macro Surprise Index tumbled back into the red today…

Source: Bloomberg

Is this the start of the unwind of the tariff-front-running surge?

BIG MORNING NEWS OF THE DAY

USA/CHINA ET AL/TARIFFS

Trump Says China’s Xi Is “Very Tough And Hard To Make Deal With”

Wednesday, Jun 04, 2025 – 07:45 AM

President Donald Trump said in an early morning Truth Social post that Chinese leader Xi Jinping was “extremely hard” to make a deal with, just days after the president accused Beijing of violating an agreement to roll back tariffs and trade restrictions. This comes after Treasury Secretary Scott Bessent said that U.S.-China trade talks were “a bit stalled.” However, White House Press Secretary Karoline Leavitt said Tuesday that leader-to-leader talk between Trump and Xi “will happen very soon.”

“I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!,” Trump wrote on Truth Social at around 0217 ET. 

Washington and Beijing have been bickering over whether either side has violated the May 12 trade agreement, reached in Switzerland, to de-escalate the trade war for 90 days. U.S. trade officials are likely concerned about China choking off the supply of key critical minerals, including rare earth magnets, while Chinese officials are worried about the U.S. restrictions on jet engine parts. 

On Tuesday, Leavitt told reporters that U.S. officials were monitoring China’s compliance with the agreement and that leader-to-leader talks would happen very soon: “There will be a leader-to-leader talk very soon.”

Trump signaled last week that he would speak with Xi in the near term: “I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out.” He told reporters that China had violated part of the trade agreement reached in Geneva, which aimed to reduce tensions. 

China has yet to confirm leader-to-leader talks, but Trump and the White House have repeatedly insisted those talks are nearing and “likely” at the end of this week. 

In markets, U.S. equity futures are flat early Wednesday, and Treasury yields are little changed, even as the U.S. doubled tariffs on steel and aluminum to 50%. 

In a post on X late Tuesday, U.S. Ambassador David Perdue emphasized to Chinese Foreign Minister Wang Yi that the U.S.’s top priorities are trade, fentanyl, and illegal immigration.

https://x.com/USAmbChina/status/1929922392089919653?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1929922392089919653%7Ctwgr%5E44e286eaa4288773b683c539f9a54786b27844ac%7Ctwcon%5Es1_&ref_url=https%3A%2F

Trade war headlines change daily and can be hard to track. That’s why UBS analyst Leo He compiled a comprehensive list of the latest developments, sourcing from Bloomberg, Reuters, The Hill, and Business Insider:

New Developments Summary:

• The U.S. administration wants countries to provide their best offer on trade negotiations by June 4.
• CNBC reports U.S. President Trump and China President Xi are likely to speak this week. U.S. extended the exclusion of Section 301 tariffs on some Chinese goods until August 31.
• The U.S. will increase global tariffs on steel and aluminum to 50% from 25%, effective June 4.
• Regarding the Court of International Trade’s ruling on reciprocal tariffs, the Appeals court gave deadlines of June 5 for the plaintiffs to respond and June 9 for the U.S. administration to reply.

Trade Negotiations:

Overall:

• Reuters reports The U.S. administration wants countries to provide their best offer on trade negotiations by June 4 as officials seek to accelerate talks.
• U.S. President Trump said he will set tariffs rates for U.S. trading partners over next few weeks due to a lack of capacity to negotiate deals with all.
• The U.S. administration has laid out a framework to negotiate with 18 countries six every week, over three weeks, in a rotation until the reciprocal tariffs pausing deadline (July 8).
• Finance ministers and central bank governors from the G7 nations pledged to address “excessive imbalances” in the global economy aiming to create a level playing field and increase transparency.

China:

• CNBC reports U.S. President Trump and China President Xi are likely to speak this week, citing a senior White House official. Previously, U.S. Treasury Secretary Bessent said trade talks with China are moving slowly and talks between top leaders are needed to facilitate the negotiations.
• U.S. and China accused each other of violating the recent trade deal. The U.S. accused China of restricting rare-earth exports while China accused the U.S. of technological controls.
• U.S. extended the exclusion of Section 301 tariffs on some Chinese goods until August 31.
• On May 15, U.S. Trade Representative Greer spoke to Chinese Vice Commerce Minister Li during the APEC meeting .
• U.S. Treasury Secretary Bessent met China Vice Premier He during May 10-11 and reached a de-escalation agreement. The U.S. lowered tariffs on China imports to 30% including 10% universal tariffs and 20% Fentanyl tariffs. Other universal tariffs including 25% on steel and aluminum and 25% on autos and auto parts have remained in place. Meanwhile, 24% reciprocal tariffs will be suspended for 90 days to allow for further negotiations with a deadline on August 12. 
• The U.S.’s weighted average tariff on China imports is lowered to 43.5% from 96%, considering Trump’s first term tariffs on China.
• Next meeting between Bessent and He will be in next few weeks.

Vietnam:

• The U.S. has sent Vietnam a list of requests as part of tariff negotiations that could force the Southeast Asian country to reduce the use of Chinese materials and components in its factories.
• Vietnam is expected to sign deals with the United States to buy more than $2 billion worth of agricultural products. Previously, Vietnam trade minister Nguyen Hong Dien urged companies to buy more U.S. energy, mining, telecommunications and aviation.
• Vietnam PM Chinh asked officials to speed up negotiations, aiming to sign a purchase deal of methanol worth $6bn from the U.S. in May.

Japan:

• On June 2, Japan trade Negotiator Akazawa said Japan’s stance of removing all tariffs hasn’t changed. Akazawa will head to the U.S. on June 5 for the 5th round of negotiations, aiming for a trade deal during the G7 meeting during June 13-15.  
• On May 29, Japanese Prime Minister Ishiba held a 25-minute phone call with Trump, and expressed the view that investing in the U.S. is more important than tariffs.
• The U.S. agrees to Nippon Steel’s acquisition plan on the United States Steel Corp, conditional on receiving a “golden share” of the company.
• After meeting with U.S. Treasury Secretary Bessent, Japan Finance Minister Kato said they agreed FX should be determined by market and specific FX levels were not discussed. Previously, Japan Finance Minister Kato said Plaza Accord 2.0 hasn’t come up for discussion.
• On May 9, Japan Finance Minister Kato said Japan is not considering to the U.S. Treasuries holding for negotiation. Previously, Kato said Japan’s U.S. Treasury Holdings is a card in trade negotiations and whether Japan will use that card is a different decision. Japan Democratic Party for the People leader Tamaki said buying super-long UST in return for concessions on tariffs should be a possible bargaining chip. The party is a small but influential opposition party.
• Previously, Japan PM Ishiba said Japan will not accept a trade agreement with the U.S. that excludes an accord on autos. Previously, Nikkei reported the U.S. proposed a framework under which Washington would maintain its 25% tariffs on Japan’s auto industry, as well as steel and aluminum. Japan pushed back, saying the negotiations should be comprehensive, the paper said. Tokyo suggested reviewing its non-tariff barriers and expanding imports of U.S. farm products. On May 5, Kyodo reported the U.S. has rejected Japan’s full exemption from not only the 10% “reciprocal” tariff but also its country-specific tariff in recent negotiations
• Japan government is discussing the possibility of leveraging shipbuilding in tariff negotiations (source)               
• Media reports Japan plans to increase imports of U.S. rice and soybeans as a potential bargaining chip in the trade negotiation. Also, Japan is considering into reviewing its car safety standards (read more).

EU:

• On June 2, the EU has sent a technical team to Washington for trade negotiations. Also EU Trade Commissioner Sefcovic will meet U.S. Trade Representative Greer on June 4.
• EU Trade Commissioner Sefcovic said he has calls with Commerce Secretary Lutnick every other day, and they have discussed aviation and semiconductor cooperations.
• The U.S. and EU have agreed to accelerate trade talks after President Trump’s threat to impose 50% tariffs on the EU.
• Previously, U.S. Treasury Secretary Bessent said the EU is very difficult to deal with and the EU proposals have not been of the same quality that from other trading partners. U.S. Treasury Secretary Bessent said the EU suffers from a “collective action problem” that’s hampering trade negotiations. Also, he said the EU needs to resolve “internal matters” before entering trade negotiations with the U.S., specifically citing a digital service tax imposed by some EU countries.
• Previously, the EU shared a revised paper with the U.S. that includes proposals on international labor rights, environmental standards, economic security and gradually reducing tariffs to zero on both sides for non-sensitive agricultural products as well as industrial goods.
• Previously, EU trade commissioner Maros Sefcovic said the EU is ready to offer EUR50 bn purchases of U.S. gas and agricultural products to address the problem in the trade relationship.
• The U.S. government is pushing back against the EU’s AI code of practice.

UK:

• The UK government said they were engaging with the U.S. on the implications of the latest tariff announcement and working to provide clarity for industry.
• The UK will hold talks with the U.S. next week to speed up implementation of a trade pack between two sides.
• On May 8, the US-UK trade framework was announced. Final details are still under negotiations.

The UK framework includes:

• UK car makers will be allowed to export 100k cars to the U.S. with a 10% tariff, down from 27.5%.
• UK farmers will be given a tariff-free quota for 13,000 metric tons of beef exports.
• Tariffs on UK steel and aluminum are removed.
• 10% tariffs on other UK goods remained.
• The UK will purchase $10 bn of Boeing procurement.
• The UK will remove its tariff on U.S. ethanol to zero.
• The UK will open access to ethanol, beef, machinery, and agricultural markets.
• There will be a “fast-track” entry for U.S. goods and vice versa for UK goods.
• The UK said the digital services tax remains unchanged, which U.S. Senior Trade and Manufacturing Counselor Navarro said it is still under negotiation 
• The U.S. and the UK “intend to promptly negotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients.

India:

• U.S. Commerce Secretary Lutnick said the US-India trade deal is coming soon. Previously, India Commerce Minister Goyal said he had a constructive meeting with U.S. Commerce Minister Lutnick on trade deals.  
• U.S. officials will visit India on June 5-6 to speed up reaching a trade agreement.
• U.S. President Trump threatened to impose 25% tariffs on Apple if iPhones are not made in the U.S. Previously, Apple aimed to import most of the iPhones it sells in the U.S. from India by the end of 2026.
• On April 21, the U.S. and India announced they had agreed to broad terms of negotiation for a potential bilateral trade deal. The U.S. will seek increased market access, lower tariffs and non-tariff barriers, and a robust set of additional commitments
• A US-India trade agreement under discussion covers 19 categories, including market access for farm goods, e-commerce, data storage, and critical minerals.
• Negotiators will discuss contentious issues like agricultural tariffs, e-commerce market access, data storage, and critical minerals, with the goal of boosting bilateral trade to $500 billion by 2030 from $127.6 billion last year.
• U.S. President Trump said India offered to remove tariffs.
• India is reviewing a U.S. request to lift restrictions on ethanol imports
• Modi and Trump aim to conclude the first phase of the deal by the fall of this year.

Mexico:

• Mexican Economy Secretary Marcelo Ebrard expects the United States-Mexico-Canada Agreement (USMCA) review to begin between late September and early October.
• Mexico President Sheinbaum said she will wait to know the full scope of U.S. court ruling on tariffs.
• Sheinbaum said she discussed U.S. steel and aluminum tariffs with Trump.
• Sheinbaum said she welcomed the decision by U.S. lawmakers to reduce a proposed tax on remittances to 3.5% from 5% but will continue fighting for these payments to be tax free.
• U.S. has suspended imports of live cattle, horses and bison from Mexico due to screwworm.
• Mexican President Claudia Sheinbaum said there’s no sign that the USMCA is going to end.
• The U.S. and Mexico reached agreements on resolving conflicts over water delivery and the New World screwworm pest, de-escalating the conflict.
• Mexico’s President Claudia Sheinbaum said she discussed steel, aluminum and cars with U.S. President Donald Trump, but they did not yet reach a deal. Trade talk continues.

Canada:

• Canada Prime Minister Carney said he welcomed the U.S. court ruling on tariffs.
• Canada Finance Minister Champagne and U.S. Secretary Bessent spoke on the sidelines of the G7 finance minister meeting.
• Canada PM Carney met U.S. President Trump on May 6.
• Trump indicated he would strike a friendlier relationship with Canadian Prime Minister Mark Carney, but cast doubt on whether Carney could convince him to lift tariffs on Canada.

Switzerland:

• Switzerland will discuss with the U.S. easing market access for some agricultural products and simplifying approval for medical devices in order to avert damaging tariffs on its exports.
• SNB President Schlegel said he had a constructive conversation with the U.S. on FX, and Switzerland is not an FX manipulator.
• Swiss Confederation President Keller-Sutter said Switzerland might be the next country to sign a U.S. tariff deal, and the letter of intent will be submitted in next 1-2 weeks. And the U.S. would refrain from imposing new tariffs on Switzerland.

South Korea:

• South Korea’s finance ministry said they have an ongoing FX talks with the U.S. counterpart, but no decision has been made. Earlier today, Korea Economic Daily reported that U.S. believes the fundamental cause of the massive U.S. trade deficit is due to strong USD.
• On May 16, South Korea Trade Minister Inkyo said a US-Korea trade deal is impossible before the election. Inkyo said the U.S. wants to keep its 10% baseline tariffs.
• U.S. and Korea agreed to share a mutual understanding of the principles they hold for FX operation and would continue to discuss the FX policy.
• South Korean officials have said cooperation on shipbuilding is a “very important card” the country holds, while participation in an Alaska gas project could be part of a negotiation package, but defense costs were not up for negotiations.

Taiwan:

• Taiwan Deputy Finance Minister Chen said Taiwan will continue its efforts to secure a trade deal with the U.S., despite the court ruling.
• On May 15, Taiwan trade negotiator Yang meet U.S. Trade Representative Greer.
• Taiwan central bank governor Yang said the U.S. did not ask Taiwan to increase the value of TWD during trade talk.
• Offered zero tariffs.

Thailand:

• Thailand has submitted proposals to the U.S. including buying more U.S. goods and encouraging firms to invest in the U.S.
• Thailand is interested in co-developing a massive gas pipeline project in Alaska. Thailand is also open to signing a long-term contract to import 3 to 5 mn tons of LNG from Alaska annually.
• U.S. wants Thailand to take more steps to prevent certificate of origin misuse by other countries. Also, the U.S. wants Thailand to look into its concerns over FX manipulation.

Brazil:

• Brazil President Lula has signed agreements with China on Chinese investment, credit lines and purchasing agricultural products.
• Lula said will defend fair trade based on WTO rules.
• On May 4, Brazil Finance Minister Haddad met with U.S. Treasury Secretary Bessent to discuss tariffs and efforts to attract investments in green energy and critical minerals..
• Saudi Arabia:
  • Saudi and the U.S. agreed $600 bn of AI and defense deal including AI, defense and other sectors.
• Israel: Offered to eliminate its trade deficit with the U.S.
• Argentina: “to readjust the regulations so that we meet the requirements of the reciprocal tariffs proposal developed”.
• Bangladesh: Offered to substantially increase its imports of U.S. goods.
• Cambodia: Offered to cut tariffs on U.S. imports from 35% to 5%.

Tariffs Tracker:

Court of International Trade Ruling:

Ruling:

• 10% universal reciprocal tariffs, 30% border/fentanyl tariffs on China, 25% border/fentanyl tariffs on Mexico and Canada goods, and de minimus tariffs are ruled illegal as the administration exceeded what authority it has under the 1977 International Emergency Economic Powers Act.
• Meanwhile, sector tariffs and tariffs under Trump’s first term remain in place.
• The administration needs to remove these tariffs within 10 days from May 28.
• The ruling avoids about one-third of new tariffs announced this year.

Appeal:

• The administration has filed an appeal for the ruling to the Appeals Court for the Federal Circuit, and may eventually go to the Supreme Court.
• The Appeals court allows tariffs to stay during the process.
• The Appeals court gave deadlines of Thursday, June 5 for the plaintiffs to respond and June 9 for the U.S. administration to reply.

Alternative Ways:

• Section 122: The president can impose universal tariffs up to 15% for a maximum period of 150 days, which requires Congressional action to extend afterwards. The law authorizes the president to address a balance of payment deficit or to prevent a significant depreciation in the USD. No formal investigation is needed.
• Section 232: Sector tariffs which requires administrative procedures that can take time. No limit on tariff levels or duration.
• Section 301: Requires weeks or even months to complete investigations, which is difficult to apply universally. No limit on tariff levels or duration.
• Section 338: Allows to impose tariffs up to 50% from countries that discriminate against the U.S. No formal investigation is needed.

Tariffs in Place:

• 50% global tariffs on steel and aluminum, effective June 4. Previously tariffs were 25% effective March 12.
• 25% global tariffs on automobile, effective April 3.
• 25% global tariffs on automobile parts, effective May 3.
• 3521% tariffs on solar imports from Cambodia, Vietnam, Malaysia and Thailand.
• 211% tariffs on molded fiber imports from Vietnam.
• Tariffs imposed during Trump’s first term.

Tariffs Remain in Place But Pending U.S. Jurisdiction:

• 10% global tariffs, effective April 5.
• De minimus packages shipped to the U.S. from China will no longer be exempted from tariffs starting May 2
• Individual reciprocal tariffs will be postponed by 90 days except for countries retaliated, effective July 8 (the full list here)
• EU:

The 50% U.S. tariffs on EU goods were postponed until July 9

China:

• U.S. extended the exclusion of Section 301 tariffs on some Chinese goods until August 31.
• The U.S. Commerce Department asked chip design software companies to halt deliveries to China.
• The U.S. Commerce Department had suspended some licenses that allowed U.S. jet engine companies to sell products and technology to China.
• The U.S. will start revoking Chinese student visas.
• The U.S. Commerce Department said it would issue guidance to make clear that using Huawei’s Ascend AI chips “anywhere in the world violates US export controls.”
• The U.S. lowered tariffs on China imports to 30% including 10% universal tariffs and 20% Fentanyl tariffs. Other universal tariffs including 25% on steel and aluminum and 25% on autos and auto parts have remained in place. Meanwhile, 24% reciprocal tariffs will be suspended for 90 days to allow for further negotiations, with a deadline on August 12.
• The U.S.’s weighted average tariff on China imports is lowered to 43.5% from 96%, considering Trump’s first term tariffs on China.
• Nvidia H20 chips export ban.
• From mid-October, Chinese ship-owners and operators will be charged $50 per ton of cargo with the fees increasing each year for the next three years.

Canada: 25% duties on all non-USMCA compliant goods except for energy and energy resources, which are subject to 10% ad valorem duties (about 38% of Canada exports are USMCA compliant). In case of the fentanyl tariffs are removed, non-USMCA compliant goods would be subject to a 12% reciprocal tariff.

Mexico: 25% duties on all non-USMCA compliant goods (about 50% of Mexico exports are USMCA compliant. In case of the fentanyl tariffs are removed, non-USMCA compliant goods would be subject to a 12% reciprocal tariff.

Tariffs Possibly Coming:

• Tariffs on electronics including smartphones, computers, laptops, semiconductor devices etc. are temporarily paused. U.S. Commerce Secretary Lutnick said special tariffs on the sector will come soon.
• Tariffs on pharmaceuticals may come soon.
• Tariffs on copper may come soon.
• 100% tariffs on movies produced outside of the U.S. may come soon.
• 25% tariffs on Apple if iPhones are not made in the U.S.
• 25% on countries that purchase oil from Venezuela.

Retaliations:

China:

• China has issued export permits of rare earth to four producers including suppliers to Volkswagen, but the approval process is slow.
• China has suspended a ban on exports of dual-use items to 28 U.S. companies for 90 days as part of the trade detente with the U.S.
• Starting from May 14, China lowers tariffs on U.S. goods to 10% with another 24% reciprocal tariffs suspended for 90 days.
• China has removed the ban on airlines taking delivery of Boeing jets.
• On May 2, Bloomberg reports China has exempted tariffs on a list of U.S. products covering 131 items like pharmaceuticals and industrials chemicals, worthing $40 bn or 24% of Chinese imports from the U.S. in 2024 (source).
• Warmed to take reciprocal countermeasures against other countries negotiating with the U.S. if they make a deal at China’s expense during the trade war.
• Halted on U.S. soybean and corn imports.
• Halted imports of U.S. oil (source). 

EU

• The EU is planning to impose additional tariffs on EUR95 bn of U.S. exports if trade talks with the U.S. fail to generate a satisfactory result. The breakdown if U.S. goods targeted by EU includes 12.9 bn of chemicals and plastics, 12bn of machinery, 10.4 bn of aircraft, 10.3 of auto parts, 7.2 of electric goods, 6.4bn of agricultural goods and foods and 2bn of motor vehicles (source).
• Postponed its retaliation measures until July 14. The group planned to impose tariffs on EUR21 bn goods with most of the targeted goods face 25% tariffs, and a few categories set to face 10% tariffs. Some of the EU tariffs will take effect in mid-April, while another list will be imposed mid-May and a third will start on December 1. 
• Penalized Apple for EUR500 mn and Meta for EUR200 mn due to violating antitrust rules.  
• Considering introducing restrictions on some exports to the U.S. as a possible retaliatory tactic.

Canada

• Canada Prime Minister Carney announced a six-month tariff exemption for products used in Canadian manufacturing, processing and food and beverage packaging, and for items related to health care, public safety and national security.
• Imposed 25% tariffs on CAD30 bn goods from the U.S., effective March 13.
• Imposed 25% tariffs on U.S. cars, which are not compliant with USMCA, effective April 9.
• Exempted tariffs on US-assembled automobiles contingent on those automakers continuing to produce vehicles in Canada and on completing planned investments. Automotive News reports that more than 90 percent of vehicles exported from the States to Canada are USMCA compliant. Those vehicles face a 25% tariff on their contents not produced in Canada and Mexico. Finance Canada calculates that the vehicles in question contain 85 percent U.S. content. That math comes out to a 21.25% import tariff on the majority of cars assembled in the U.S. and sold in Canada.

India

• On May 13, India proposed to impose retaliatory tariffs on U.S. products in response to the steel and aluminum duties from the U.S., despite two countries signaling to reach a deal soon. India aims to cover an $1.9 bn in duties without specifying which U.S. products will be targeted.

Tariffs Exemptions:

• The Trump administration will not enforce the AI diffusion rule when it takes effect on May 15 and instead plans to develop a new rule that would strengthen the control of chips aboard.
• On April 29, President Trump signed an executive order to allow automakers to apply for 15% price offsets in the first year of the tariffs and a 10% offset in the second year in a bid to get companies to increase domestic production of automobiles. Also, imported cars will be given a reprieve from separate tariffs on aluminum and steel (detail).

Reciprocal tariffs exemptions:

• USMCA compliant goods.
• Steel/aluminum articles and autos/auto parts already subject to 25% tariffs.
• Copper, pharmaceuticals, semiconductors, and lumber articles.
• All articles that may become subject to future Section 232 tariffs (national security related)
• Bullion (gold).
• Energy and other certain minerals that are not available in the United States.

BIG AFTERNOON NEWS

They should throw this idiot, Jeffries in jail. What a doorknob!

Hakeem Jeffries Threatens To Doxx ICE Agents, Compares Them To Nazis

Wednesday, Jun 04, 2025 – 03:00 PM

Authored by Matt Margolis via PJMedia.com,

With immigration laws once again being enforced, ICE agents have become prime targets of the left—harassed, doxed, and threatened simply for upholding the law.

At a recent press conference, Acting ICE Director Todd Lyons laid bare the growing danger his agents face—not from violent criminals, but from radical activists hell-bent on exposing and intimidating them into silence.

The tense exchange began when reporters questioned why some agents had been wearing masks during recent operations.

Lyons didn’t mince words.

“A lot of agencies were invited to come out two weeks ago in Los Angeles, where we ran an operation where ICE officers were doxed,” he explained.

“People are out there taking photos of the names, their faces, and posting them online with death threats to their family and themselves.”

Lyons said that in one case, ICE worked with the Secret Service to arrest an individual who had been actively targeting agents and their families. “We arrested someone that was going online, taking their photos, posting their families, their kids’ Instagram, their kids’ Facebooks, and targeting them,” he said.

He dismissed the outrage over agents covering their faces.

“I’m sorry if people are offended by them wearing masks, but I’m not gonna let my officers and agents go out there and put their lives on the line and their family on the line because people don’t like what immigration enforcement is.”

When reporters pressed further, Lyons challenged their priorities. “Is that the issue here—that we’re just upset about the masks? Or is anyone upset with the fact that ICE officers’ families were labeled terrorists?”

🚨 WATCH: Acting ICE Director Todd Lyons returned to the press conference on Operation Patriot when a reporter asked why ICE agents wear masks:

"People are out there taking photos of the names and their faces and posting them online with death threats to their family." pic.twitter.com/V7XqX8IrES

— Rapid Response 47 (@RapidResponse47) June 2, 2025

But this story gets even worse. Not only are ICE agents and their families being targeted by unhinged left-wing activists, but now Democrats in Washington are openly threatening to dox ICE personnel themselves, effectively aiding and abetting those who want to intimidate, endanger, and silence federal law enforcement.

“Every single ICE agent who’s engaged in this aggressive overreach and are trying to hide their identities from the American people will be unsuccessful in doing that,” House Minority Leader Hakeem Jeffries (D-N.Y.) said at a press conference Tuesday.

“This is America. This is not the Soviet Union. We’re not behind the Iron Curtain. This is not the 1930s. And every single one of them, no matter what it takes, no matter how long it takes, will, of course, be identified.”

SICK: @RepJeffries vows to reveal the identities of ICE agents—who are currently facing a massive uptick in death threats, doxing, and assaults—while comparing them to Soviets.

He should be ashamed of himself for putting targets on the backs of these heroes and their families. pic.twitter.com/wy5fMOEsO7

— Rapid Response 47 (@RapidResponse47) June 4, 2025

Hakeem Jeffries’ unhinged rhetoric should outrage every American who believes in law and order. Comparing ICE agents—federal officers lawfully enforcing immigration policy—to Nazis and Soviet secret police isn’t just vile, it’s calculated and dangerous. Jeffries knows exactly what he’s doing by invoking the 1930s and the Iron Curtain: He’s deliberately smearing these agents to justify their public targeting and harassment. It’s not just reckless—it’s an open invitation for extremists to hunt down law enforcement officers and their families. This isn’t leadership; it’s incitement. And it speaks volumes about the radical, unhinged direction of today’s Democrat Party.

USA DATA

5 standard deviation miss on the generally bullish ADP private jobs report

(ADP)

“Too Late!” – Trump Blasts Powell After Weakest ADP Jobs Report In Over 2 Years

Wednesday, Jun 04, 2025 – 08:22 AM

Following April’s weak ADP print (lowest job additions since July 2024), analysts expected a rebound in May from the “unease” before Trump paused the Liberation Day tariffs. Jobless claims, among others, have all supported signals that the labor market refuses to fold to soft data’s squeamishness over Trump’s policies…

Source: Bloomberg

So, against expectations of a +114k print, ADP’s Employment Report came in at just +37k for May – the lowest since March 2023’s decline.

Source: Bloomberg

That was a 5 standard deviation miss from expectations…

Source: Bloomberg

This is the biggest miss since August 2022…

Source: Bloomberg

Small Businesses dominated the weakness in the labor market…

Goods producing firms lost 2k jobs while Services added just 36k…

But the picture was weak across most sectors…

“After a strong start to the year, hiring is losing momentum,” says Nela Richardson Chief Economist.

“ADP Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers.”

Source: Bloomberg

President Trump is pissed…

But bond bulls are happy…

And 2025 rate cut expectations are (dovishly) rising…

So, what’s your guess for Friday’s print now?

END

Baffle ‘Em With Bullshit: Services Surveys Signal Soaring & Plunging Economy

by Tyler Durden

Wednesday, Jun 04, 2025 – 10:08 AM

After the mixed picture from Manufacturing surveys (ISM ugly, PMI solid); both Services surveys – due this morning – were expected to rise in May.

• S&P Global US Services PMI surged to 53.7 in May, from 52.3 flash and up from 50.8 in April (second best print of the year)
• ISM Services tumbled to 49.9 in May, from 51.6 (and well below the expectation of 52.0) – lowest since June 2024

So more baffle ’em with bullshit…

Source: Bloomberg

In May, private sector output growth accelerated sharply from April’s 19-month low.

Higher activity was driven by an upturn in the services economy as manufacturing output fell marginally again.

The S&P Global US Composite PMI® recorded 53.0 in May, up from 50.6 in the previous month – leading all the other major global economies.

Source: Bloomberg

“Service sector growth has improved more than first estimated in May, with confidence about the year ahead also lifting higher, buoyed in part due to pauses on higher rate tariffs. Companies have matched that optimism with increased spending and hiring,” according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.

“That said, the improvements come from a low base, following a very gloomy April, which saw growth nearly stall as confidence sank to a two-and-half year low. Reports from companies underscore how uncertainty about the policy outlook continued to act as a deterrent to expansion plans in May. Output growth and confidence consequently remain subdued by standards seen last year.

“The PMI is so far indicating annualized GDP growth barely above 1% in the second quarter, so avoiding recession but adding to our expectation of only modest GDP growth in 2025 of just 1.3%.”

However, as Williamson concludes, the stench of stagflation remains:

“Alongside sluggish economic growth, the survey is also signaling intensifying inflationary pressures. Rising costs in the service sector were again blamed widely on tariffs, which were in turn passed on to customers to result in the steepest rise in average prices charged since August 2022.

These rising price pressures will only add to policymaker reluctance to reduce interest rates, which we consequently expect to remain on hold until December.”

So, you decide: ISM Manufacturing UGLY, ISM Services UGLY; Manufacturing PMI STRONG, Services PMI STRONG!

USA ECONOMIC NEWS

White House Sends Congress $9.4 Billion In DOGE Cuts After Musk Rages Against ‘Big Beautiful Bi

Tuesday, Jun 03, 2025 – 02:00 PM

Update (1725ET): Well that didn’t take long… hours after Elon Musk raged against the GOP’s ‘Big Beautiful Bill’, the White House sent Congress a request to claw back $9.4 billion in funding for foreign aid and public broadcasting – the first move to codify cuts identified by the Department of Government Efficiency (DOGE). 

According to White House budget director Russ Vought, the White House ‘chose the easiest DOGE cuts to start recissions’ which would cancel the $9.4 billion in previously appropriated funds. 

The recissions include $1.1 billion in cuts for the Corporation for Public Broadcasting, which distribute funding to NPR and PBS, and $8.3 billion in cuts to USAID. 

The recission process allows Congress to cancel previously allocated, yet unspent funds. Only discretionary funds can be rescinded, while mandatory spending such as Social Security and Medicare cannot be. 

Recission bills in the Senate only require a simple majority.

Sen. Rand Paul (R-KY) backs the recission package, calling it “the low-hanging fruit,” but also stated the obvious…

“This is very, very small,” he told “Face the Nation’s” Margaret Brennan this weekend. “It really doesn’t materially change the course of the country.”

*  *  *

Update (1620ET): It took almost no time at all for Democrats to pounce after Elon Musk slammed the GOP tax bill as a ‘massive, outrageous, pork-filled … disgusting abomination‘ that doesn’t even attempt to codify any federal savings found by DOGE, and continues America’s addition to spending.

“I agree with Elon Musk,” said Senate minority leader Chuck Schumer (D-NY), adding “Even Elon Musk, who’s been part of the whole process, and is one of Trump’s buddies, said the bill is bad. We can imagine how bad this bill is.

END

SOUTH FLORIDA/HOUSING

South Florida Emerges As Epicenter Of Housing Weakness

Tuesday, Jun 03, 2025 – 08:30 PM

Rising inventory and softening demand — key indicators of a broader housing slowdown — suggest that South Florida’s pandemic-fueled real estate boom continues to lose steam.

“South Florida is the epicenter of housing market weakness in the United States,” said Redfin analyst Chen Zhao, as quoted by Bloomberg.

Zhao asked, “The question for the rest of the country is, will this spread? Florida is uniquely bad right now.” 

Redfin data shows that April home-purchase contracts in Miami, West Palm Beach, and Fort Lauderdale fell sharply from a year earlier — the steepest declines among the 50 largest U.S. metro areas. Pending sales dropped 23% in Miami, 19% in Fort Lauderdale, and 14% in West Palm Beach. Homes in all three markets also recorded the longest listing times nationwide.

Zhao warned, “I think you’re seeing a really long, slow deflation of that bubble” in the South Florida market, which just a few years ago boomed with low interest rates and inbound migration trends from blue states. 

In March, Florida’s median home sale price decreased 1.7% from the same time last year. For the three metro areas in April, 5% of sales closed below the listing prices as rising inventory pressured prices lower. 

As we’ve previously reported in our coverage of Florida’s housing downturn:

• Florida Housing Downturn “Keeps Getting More Intense By The Day”
• Miami Housing Market Hit By “Breathtaking” Collapse In Demand

Additional color on the downturn from Nick Gerli, CEO and Founder of real estate analytics firm Reventure Consulting: 

https://x.com/nickgerli1/status/1928461166184964306?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1928461166184964306%7Ctwgr%5E2f63b39c7c6ffdd6dfe75a56dd30a6e3aa2f22a4%7Ctwcon%5Es1_&ref_url=https%3

https://x.com/nickgerli1/status/1928469469837382032?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1928469981722746954%7Ctwgr%5E2f63b39c7c6ffdd6dfe75a56dd30a6e3aa2f22a4%7Ctwcon%5Es2_&ref_url=https%3A%2F%2F

What could possibly go wrong?

The question for the Sun Belt states is whether this downturn will spread.

END

VICTOR DAVIS HANSON/

USA NEWS/ANTISEMITISM..

KING NEWS

The King Report June 4, 2025 Issue 7506

Independent View of the News

@elonmusk on Tuesday 13:31 ET: I’m sorry, but I just can’t stand it anymore.  This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.  Shame on those who voted for it: you know you did wrong. You know it.  It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt.     Congress is making America bankrupt.   @ChadPergram: WH’s Leavitt after Musk torches the Big, Beautiful Bill: The president already knows where Elon Musk stood on this bill. It doesn’t change the president’s opinion. This is one Big, Beautiful Bill and he’s sticking to it.   Musk suffered greatly from trying to arrest profligate US spending AND for supporting DJT.  But ‘The King of Debt’ has never been fiscally responsible and has an egocentric notion of loyalty.    Now, Musk is on the loose.  To paraphrase LBJ on keeping Hoover as FBI Director, Elon went being ‘inside the tent pissing out, to being outside the tent and pissing in.’  Musk doesn’t need DJT.  Elon is also crafty and daffy enough to retaliate when DJT is most vulnerable.   @JesseKellyDC: GOP got themselves a billionaire benefactor and soured him on politics in less than a year because they can’t stop being corrupt losers and cowards.   Plunge in Overseas Demand Hits China Manufacturing, Caixin PMI Shows China’s manufacturing shrank in May at the fastest pace since September 2022, with overseas demand falling at a quicker pace… The Caixin China General Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of the country’s manufacturing sector, came in at 48.3, down from 50.4 in April… (50.6 was consensus – despite Trump’s Tariffs.) https://www.caixinglobal.com/2025-06-03/plunge-in-overseas-demand-hits-china-manufacturing-caixin-pmi-shows-102325874.html   WaPo: Anti-immigrant leader quits Dutch cabinet, toppling government Geert Wilders said his Party for Freedom would exit the Dutch governing coalition over disagreements on immigration and asylum, prompting the prime minister to resign.     Dutch nationalist Geert Wilders pulled his anti-immigrant Party for Freedom out of the country’s ruling coalition over a dispute about severely tightening migration and asylum policies, prompting the prime minister to step down and raising the prospect of new elections in the Netherlands… https://www.washingtonpost.com/world/2025/06/03/geert-wilders-pvv-exits-coalition-netherlands/   US Economic Data released on TuesdayApril Factory Orders -3.7% m/m, -3.2% m/m exp., prior 3.4% from 4.3%Ex-Trans -0.5%, +0.2% exp., prior -0.5% from -0.2%April Durable Goods -6.3% m/m as exp & prior, Ex-Trans 0.2% as exp. & priorNondefense Ex-Air Orders 1.5%, -1.3% exp. & priorShipment -0.1% as expected & priorApril JOLTS Job Openings 7.301m, 7.1m exp., prior 7.2m from 7.192mMay Wards Total Vehicle Sales 15.65m, 16.05m expected, prior 17.27m  US job openings rose unexpectedly to 7.4 million in April, another sign the American labor market remains resilient  https://finance.yahoo.com/news/us-job-openings-rose-unexpectedly-140235796.html   @EndWokeness: Median age of 1st time homebuyers: 1980: 28 years old (Teenage mortgage rates) 1990: 30 years old; 2000: 31 years old; 2010: 32 years old; 2024: 38 years old The American Dream is disappearing.   ESMs opened a tad higher on Monday night but immediately commenced an intractable decline that took the June Emini S&P 500 futures to a daily low of 5909.25 at 4:19 ET.  Then, an intractable robust rally commenced that took ESMs to a daily high of 5991.25 at 13:22 ET.    Then Musk happened!  ESMs sank to 5968.25 at 14:10 ET.  But traders, especially the guppies, are conditioned to quickly dismiss negative news, particularly if it does NOT have immediate effects.  So, ESMs bounced to 5985.50 at 15:00 ET.  After a slow rollover, ESMs fell to 5972.50 at 15:50 ET.   The late manipulation pushed ESMs to 5985.50 at 15:57 ET.  ESMs slid to 5976.75 at 16:00 ET.   Google Warns Quantum Computers Could Crack Bitcoin-Like Encryption 20 Times Faster Than Expected   https://finance.yahoo.com/news/google-warns-quantum-computers-could-213112513.html   Positive aspects of previous session The dollar rallied sharply.  USMs were +7/32 at the NYSE close.  Stocks rallied moderately. Nvidia jumped 2.93% and is now the largest US company by market cap ($3.45T, MSFT $3.44T).   Negative aspects of previous session Musk’s emperor has no clothes assertion opens invites others to slam Trump. GOP Reps & Senators that feared criticizing DJT’s fiscal policies should now have the guts to do so.   Ambiguous aspects of previous session Have we seen peak Trump?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5960.24 Previous session S&P 500 Index High/Low: 5981.35; 5929.00   GOP Rep. @realannapaulina: THE RULES COMMITTEE AND HOUSE LEADERSHIP HAS DECIDED TO NOT BRING ANYTHING TO THE FLOOR TO CODIFY TRUMP’s EO’s or DOGE. NO CODIFY VOTES? Guess what: NO VOTES!!!!  Half the reason the GOP even took the MAJORITY IS BC OF TRUMP AND ELON and now you guys are too scared to codify.   Musk 14:32 ET: In November next year, we fire all politicians who betrayed the American people   Ex-media & Dem icon Nate Silver: Why young men don’t like Democrats I think an underrated factor in the “how can Democrats win back young men” debate is the effects of personality, which differ especially among younger voters are quite strongly correlated with voting preferences… Among voters who report poor mental health, liberals outnumber conservatives 45 percent to 19 percent. Among those who report excellent, conservatives outnumber liberals 51-20…  https://x.com/NateSilver538/status/1929614708686143704/photo/1 https://www.facebook.com/JohnNolteNC/photos/from-nate-silver-yep/1261917455291618/?_rdr   More women are ditching the idea of marriage, according to study: ‘You can enjoy life alone’ According to a 2023 Pew Research Center survey, almost half of US women didn’t view marriage as an important element of a fulfilling life… (Due to decades of programming & propaganda) https://nypost.com/2025/04/21/lifestyle/study-shows-women-are-not-getting-married/   @detroitnews: A Chinese scholar at @UMich tried to smuggle a biological pathogen into the U.S. characterized as a potential agricultural terrorism weapon that can be used for targeting food crops, feds say… Yunqing Jian, 33, and her boyfriend, 34-year-old Zunyong Liu (charged)…  On Friday, prosecutors unsealed a criminal case against a former University of Michigan Chinese student who voted illegally in the 2024 election, saying he fled the U.S. to avoid prosecution… https://www.detroitnews.com/story/news/local/michigan/2025/06/03/chinese-scholar-at-um-tried-to-smuggle-biological-pathogen-into-the-u-s-feds-say/84008953007/   Why so many people are having strokes in their 20s, 30s and 40s: ‘We’ve never had patients so young’ – recent CDC report revealing a 14.6% increase among people aged 18–44 from 2020 to 2022. (We all know what happened in 2020!) https://nypost.com/2025/06/03/health/doctor-on-whats-causing-spike-of-stroke-cases-in-young-people/   BBG’s @EricBalchunas: Trump’s company just filed for a Truth Social Bitcoin ETF, which will track spot bitcoin and list on NYSE. (Holy massive conflict of interest, Batman!) https://x.com/EricBalchunas/status/1930015280094429381/photo/1   Today – Stocks are grossly overbought on an intermediate-term basis.  However, the usual suspects keep buying stocks and equity options – despite almost any negative news that appears.  It’s as if the decade-long incessant negative reporting on Trump and his policies has inured the masses to negative news.   Stocks should open mixed because after the close on Tuesday, CrowdStrike reported EPS of .73 vs .79 from 2024 and .67 expected; inline revenue of $1.1B; but adjusted EPS of $3.44 to $3.56 and revenue of $4.74B to $4.81B.  $3.46 to $4.79 EPS and $4.79B revenue is consensus.  The Street expected a big jump in 2026 guidance.  CrowdStrike tumbled as much as 7.2% in after-hour trading.   ESMs are +1.50; NQMs are -4.75; and USMs are +5/32 at 21:05 ET.   Expected Econ Data: May ADP Employment Change 112k; May S&P Global US Services PMI 52.3, Composite PMI 52.1; May ISM Services Index 521, Prices Paid 65; Fed Gov Cook and Atlanta Fed Pres Bostic 8:30 ET   S&P Index 50-day MA: 5617; 100-day MA: 5767; 150-day MA: 5828; 200-day MA: 5790 DJIA 50-day MA: 40,098; 100-day MA: 42,254; 150-day MA: 42,650; 200-day MA: 42,431 (Green is positive slope; Red is negative slope)   S&P 500 Index (5970.37 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender is positive; MACD is negative – a close below 5447.29 triggers a buy signal Weekly: Trender is negative; MACD is positive – a close above 5987.57 triggers a buy signal Daily: Trender is positive; MACD is negative – a close below 5815.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5930.55 triggers a sell signal   Latest FBI Revelations Show the Mueller Special Counsel Was a Cover-Up, and Much More The FBI’s electronic case management system, Sentinel, allows agents to hide the existence of relevant investigative reports from other authorized users of the federal database. And during the Russia collusion hoax, Special Counsel Robert Mueller’s team used that functionality to keep potentially relevant documents hidden from other FBI agents investigating whether a Fusion GPS contractor lied to Congress… Now in question is whether the federal government complies with the constitutional mandate in criminal cases to provide defendants all material exculpatory and impeachment evidence as well as its discovery obligations in civil litigation; whether Special Counsel Durham’s office, the inspector general, and agents investigating the members of the Crossfire Hurricane team had access to all relevant information; whether the DOJ and FBI provided congressional oversight committees with requested (or subpoenaed) documents; and whether FOIA responses included all relevant documents to the press and public…     The EC explained the FBI’s Sentinel case management system allows investigative material to be coded “Prohibited Access,” which renders the files not merely inaccessible to other agents — but invisible to them. And second, Special Counsel Robert Mueller’s team designated the Trump/Russia-collusion investigations “Prohibited Access” in Sentinel, meaning any agents running keyword search in Sentinel would wrongly believe there were no responsive documents… https://thefederalist.com/2025/06/02/latest-fbi-revelations-show-the-mueller-special-counsel-was-a-cover-up-and-much-more/   The corruption and unconstitutionality of many US federal government actions and agencies is absurd!   White House celebrates plummeting murder rates as levels dip below pre-COVID numbers https://trib.al/6UGt7FA   FBI files show targeting of Catholic groups was bigger than Biden-era officials acknowledged The files show that the agency was engaging in a bureau-wide investigation of “Radical Traditionalist Catholics,” though the episode was characterized by Mr. Wray and other top FBI officials as a one-off memo.  Mr. Grassley presented his findings to the new FBI director, Kash Patel, in a letter on Monday…     The existence of this additional report, Mr. Grassley said, shows “once again that Director Wray’s previous testimony to Congress that the Richmond analysts produced a ’single product’ was false.”… https://www.washingtontimes.com/news/2025/jun/3/fbi-files-show-targeting-catholic-groups-bigger-biden-era-officials/   Unless elements of the Deep State are prosecuted for their venality, the corruption, lying, and unconstitutional transgressions will continue!   Romanian national, 26, pleads guilty to ‘swatting’ over 75 public officials, including a former US president https://trib.al/k1clQHv   @ChicagoBreaking: Implement a Chicago grocery tax, Mayor Brandon Johnson tells aldermen Mayor Brandon Johnson is pushing aldermen to add a city grocery tax in Chicago as the long-established state grocery levy expires. Johnson’s top finance leaders urged aldermen to implement the tax soon during a Tuesday meeting of the City Council’s Revenue Subcommittee. Failing to install the tax would blow an additional $80 million hole in Chicago’s 2026 budget as the city already faces a budget gap of around $1 billion, Budget Director Annette Guzman said…     Gov. JB Pritzker argued the 1% grocery sales tax is regressive and hits poor families harder when he announced last year he would end it. But he left the door open for local governments – which receive all of the tax’s revenue – to implement the same tax on their own… https://www.chicagotribune.com/2025/06/03/chicago-grocery-tax-mayor-brandon-johnson/

SWAMP STORIES FOR YOU TONIGHT

GREG HUNTER..INTERVIEWING MARTIN ARMSTRONG

Senators Graham & Blumenthal Commit Treason – Martin Armstrong

By Greg Hunter On June 4, 2025 In Market Analysis, Political Analysis1 Comment

By Greg Hunter’s USAWatchdog.com 

Legendary financial and geopolitical cycle analyst Martin Armstrong is back with another update on his big turn toward war with the fast changing on-again off-again peace negations between Ukraine and Russia.  Armstrong had been predicting for months there would be no peace deal in Ukraine, and the war cycle would turn up in May and again at the beginning of June.  That happened with the massive Ukrainian drone attack on a strategic Russian airbase deep behind its borders.  Reportedly, 41 Russian military aircraft were destroyed.  Armstrong and his “Socrates” computer proved spot on—again.  The White House says President Trump knew nothing about the attack, but others did and did not warn him.  Armstrong says, “I checked with three separate sources, and everybody says, no, Trump did not know about the Ukraine drone attack on Russia. . . . Ukraine President Zelensky says, ‘We did this all by ourselves.’  Wrong.  That’s a lie.  Then he says they informed the United States, and didn’t say anything about Europe.  Europe are the ones behind this.  What I have heard is that Zelensky said this hoping that Putin would believe this BS and retaliate against the United States.  That would drag us into war.  This is what this is all about.”

Armstrong says he’s been talking to high level sources in Washington trying to get the US out of NATO.  He’s making headway and says, “I was on phone calls with people in the House on Sunday.  I was told there is not going to be any money for Ukraine, and the Republican caucus was anti Zelensky.  I was actually told, we agree with you, and we should exit NATO.”

Why is Europe and Germany pushing for war so hard?  Armstrong says, “Why is Germany so gung ho on war?  . . . . Germany is 25% of the EU and, believe it or not, Germany is at risk of default.  There are only two countries shrinking in size of their economies in the world, and they are Japan and Germany. . .. Germany is in serious trouble.”

Just before the attack on Russian air assets, Senators Lindsey Graham and Richard Blumenthal were in Ukraine to meet with President Zelensky.  Armstrong says, “I was told, they told Ukraine don’t pay attention to Trump.  Graham said he has the Republicans in his pocket, and we will fund the war.  That’s what he was saying.  Look, this is treason.  This is treason.  The two of them should be locked up and be put on trial for treason.  They have no power whatsoever to overrule the President of the United States in foreign policy.”

Senators Graham and Blumenthal knew about the attack ahead of time and did not warn the President because, “They want war–and Trump does not,” said Armstrong.  Again, Armstrong says, “They committed treason.”

Armstrong says forget about the talk of a collapse of the US economy or collapse of the US dollar.  War in Europe is driving money into the United States for safe haven.  Armstrong says, “I have clients with trillion-dollar portfolios.  Where the hell are you going to put the money?  They have to come here.  People don’t understand that.  If you have never traded big money, you are oblivious how things really work. . .. Ten years ago, there would be a crisis in some part of the world at a time.  Now, it’s like everyplace.”

In closing, Armstrong says, “There is no possible peace deal.  If I was Putin I would not agree.  Why?  It is Europe that is the adversary.  They are stabbing Trump in the back every chance they get. . .. Trump is going to have to stand against Europe.  That is the only possible way here. . ..  They want war.”

There is much more in the 67-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong as he gives his analysis on war, default, treason and money finding safe haven in America for 6.03.25.

(To Donate to USAWatchdog.com click here)

Senators Graham & Blumenthal Commit Treason – Martin Armstrong

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