platinum ..OFF THE CHART//
gold: 1%
silver lease rate today//6.0%
t me know, and I can search for more current information!
363 H WELLS FARGO SECURITI 5
624 H BOFA SECURITIES 2
661 C JP MORGAN SECURITIES 3
686 C STONEX FINANCIAL INC 10
GOLD: NUMBER OF NOTICES FILED FOR JULY/2024: 10 CONTRACTs NOTICES FOR 1000 OZ or 0.0311 TONNES
total notices so far: 10,261 contracts for 1,026,100 OR 31.916 tonnes)
SILVER NOTICES: 32 NOTICE(S) FILED FOR 0.160 million OZ/
total number of notices filed so far this month : 9230 CONTRACTS (NOTICES) for 46.150 million oz
EXCHANGE FOR RISK ISSUANCE FOR SILVER/MAY
JULY: 36.995 MILLION OZ
AND JULY: 46.295 MILLION OZ//
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: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 95.265 TONNES
SPREADING OPERATIONS
NOW SWITCHING TO GOLD FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF 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 SMALL SIZED 267 CONTRACTS OI TO 173,679 AND CLOSER TO 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 350 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 350 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 350 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 1514 CONTRACTS AND ADD TO THE 350 E.FP. ISSUED
WE OBTAIN A STRONG SIZED GAIN OF 617 OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.20 THE RATS ARE FLEEING THE ARENA.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 3.085 MILLION PAPER OZ
OCCURRED WITH OUR $0.20 GAIN IN PRICE.
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
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 TUESDAY MORNING:
SHANGHAI CLOSED UP 0.44 PTS OR 0.01%
//Hang Seng CLOSED UP 358.71 PTS OR 1.43%
// Nikkei CLOSED UP 1396.40 PTS OR 3.51% //Australia’s all ordinaries CLOSED UP 0.67%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1614 OFFSHORE CLOSED UP AT 7.1599/ Oil DOWN TO 65.43 dollars per barrel for WTI and BRENT DOWN TO 68.43 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1614 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1599 AGAINST US DOLLAR/ AND THUS STRONGER
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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 ROSE BY A MEGA MEGA HUMONGOUS SIZED 18,102 CONTRACTS TO 489,423 OI WITH OUR GAIN IN PRICE OF $36.60 WITH RESPECT TO TUESDAY’S // TRADING. THIS IS THE HIGHEST GAIN IN COMEX DURING THESE PAST TWO DAYS IN QUITE SOME TIME. WE LOST ZERO NUMBER OF NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5048 ). WE HAD ZERO T.A.S. LIQUIDATION //TUESSDAY TRADING AS WE HAD A TOTAL GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 25,327 CONTRACTS.
THEN, MUCH TO MY SHOCK, AFTER A TWO MONTH HIATUS,THE CME ANNOUNCED TUESDAY NIGHT, A 500 EXCHANGE FOR RISK CONTRACT ISSUANCE FOR 50,000 OZ OR 1.555 TONNES.
HISTORY: LAST SIX MONTH’S EXCHANGE FOR RISK
IN FEBRUARY:
WE HAD A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
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 APRIL:
WE CONCLUDED APRIL WITH 7 ISSUANCE OF EXCHANGE FOR RISK FOR A TOTAL TONNAGE OF 8.3571 TONNES.
IN MAY:
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!
IN JUNE
JUNE: ZERO ISSUED
jULY 500 CONTRACTS FOR 50,000 OZ OR 1.555 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:
- THE BANK OF ENGLAND
- 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)
DETAILS ON JULY COMEX MONTH//INITIAL
IN TOTAL WE HAD A MEGA MEGA HUMONGOUS SIZED GAIN ON OUR TWO EXCHANGES OF 25,327 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN LAST FRIDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSION AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE IN JANUARY 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 INCREASED TO 3.5 TO 5% AS 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 JUNE AND NOW JULY 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 FINALLY ENDS OUR MEGA MEGA HUGE T.A.S ISSUANCE. AS THE CME NOTIFIES US THAT THEY HAVE ISSUED A MUCH MUCH LOWER 794 T.A.S CONTRACTS THAN LAST MONDAY’S JULY 14, ISSUANCE OF 22,678. THESE T.A.S ISSUANCES ARE USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS.
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 , FINAL STANDING WAS RECORDED AT 93.085 TONNES. (IS THE COMEX RUNNING OUT OF GOLD?)//TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES. HOWEVER JULY IS HUGE FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS TODAY’S QUEUE JUMP OF 0.0342 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK = 33.813 TONNES OF GOLD
NEW TOTAL TONNES STANDING JULY: 33.813 TONNES
THE FED IS THE OTHER MAJOR SHORT OF AROUND 10+ 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 231 TO 232 EPISODES AS HE TACKLES THIS IMPORTANT TOPIC. THE MAJOR FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE SHORT 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) IS NOW COMPLIANT EFFECTIVE 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 5048 EFP CONTRACT WAS ISSUED: : /AUGUST 5048 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5048 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. THE REGULATORY BODY THAT IS SUPPOSE TO CONTROL THESE EFP’S IS THE OCC HEADQUARTERED IN BOTH LONDON AND WASHINGTON.
WE HAD :
- ZERO LIQUIDATION OF OUR T.A.S. SPREADERS//TUESDAY
- ZERO NET SPEC LIQUIDATION WITH OUR STRONG GAIN 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 TUESDAY MORNING/MONDAY NIGHT WAS A SMALL SIZED 794 CONTRACTS
THE RAIDS WHETHER ON OPTIONS EXPIRY MONTH OR OTHERWISE LIKE LAST FRIDAY, ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS TRADING;
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.. THAT SET UP YESTERDAY’S (TUESDAY) HUMONGOUS GAIN IN PRICE IN GOLD AND SILVER AND A CORRESPONDING MASSIVE BUILDUP OF COMEX OI. THE COMEX IS IN TOTAL TURMOIL!
STANDING FOR GOLD LAST 7 MONTHS OF 2025:
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: FINAL STANDING 62.534 TONNES PLUS 0.1493TONNES OF QUEUE JUMP EQUALS 93.085 TONNES
JULY: 17.947 TONNES INITIAL STANDING FIRST DAY NOTICE PLUS TODAY’S 0.0342 TONNES QUEUE JUMP + 1.555 TONNES EX FOR RISK = = 33.813 TONNES
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HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 54 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
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COMEX GOLD TRADING/JULY CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $36.60/ /) AND THEY WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SPECULATOR LONGS AS WE DID HAVE A MASSIVE HUMONGOUS SIZED GAIN IN OI FROM TWO EXCHANGES. AS EXPLAINED ABOVE WE HAD ZERO T.A.S. SPREADER LIQUIDATION ////TUESDAY. THE BANKERS ARE QUITE NERVOUS ABOUT BASEL III WITH ITS IMPLEMENTATION COMMENCING JULY 1. THEY ARE VERY CONCERNED WITH THEIR HIGH AMOUNT OF DERIVATIVES LOSSES ON THEIR BOOKS. THUS THE REASON THEY NEEDED THESE MEGA MEGA T.A.S. ISSUANCES, LAST WEEK , IN ORDER TO FORMALIZE RAIDS ON OUR PRECIOUS METALS WHICH OF COURSE HAS ENDED IN TOTAL FAILURE!
TUES MORNING//MONDAY 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 WEEKS TO DELIVER
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH /JULY 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 TTO 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 OF APRIL//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: ZERO
JULY ISSUANCE; AFTER A TWO MONTH HIATUS AN ISSUANCE OF 500 CONTRACTS FOR 50,000 OZ OR 1.555 TONNES OF GOLD WHICH WILL BE ADDED TO OUR OFFICIAL STANDING. THS 32.096 TONNES + 1.55 TONNES EX FOR RISK = 33,651 TONNES OF GOLD
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ANALYSIS JULY DELIVERY MONTH GOING FROM FIRST DAY NOTICE// JULY COMEX CONTRACT
WE HAVE GAINED A MEGA HUMONGOUS SIZED TOTAL OF 78.777 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JULY FIRST RECORDED AT 17.947 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 1100 OZ OR 0.0342 TONNES OF GOLD TO WHICH WE ADD THE CRAZY 1.555 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 32.258 TONNES + 1.555 TONNES EX FOR RISK = 33.813 TONNES
ALL OF THIS QUITE GOOD STANDING FOR JULY WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $36.30
WE HAD A MAMMOTH 2177 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 23,150 CONTRACTS OR 2,315,000 0Z (72.000 TONNES)
confirmed volume TUESDAY 304,180 contracts// strong
speculators have left the gold arena
END
INITIAL GOLD COMEX
JULY CONTRACT MONTH
JULY 23/2025
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0 entries . |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | 0 ENTRIES xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 10 notice(s) 1000 OZ 0.0311 TONNES |
| No of oz to be served (notices) | 110 contracts 11,000 OZ 0.3421 TONNES |
| Total monthly oz gold served (contracts) so far this month | 10,261 notices 1,026,100 oz 31.916 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
total deposit: zero oz
xxxxxxxxxxxxxxxxxxxxx
DEPOSITS/CUSTOMER
0 ENTRY
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
customer withdrawal
0 entry
adjustments: 1 Malca: customer account to dealer
a) Malca customer to dealer 103,590.522 oz (3222 kilobars)
AMOUNT OF GOLD STANDING FOR JULY
THE FRONT MONTH OF JULY STANDS AT 120 CONTRACTS FOR A LOSS OF 335 CONTRACTS. ON TUESDAY WE HAD 346 NOTICES FILED, SO WE GAINED A SMALL SIZED 11 CONTRACTS OR 1100 OZ (0.0342 TONNES) ENTERTAINED WITH A QUEUE JUMP WHERE THESE BOYS DEMANDED PHYSICAL DELIVERY OVER ON THIS SIDE OF POND UPON EXERCISING AN EFP THROUGH LONDON. THIS IS CENTRAL BANKERS DEMANDING PHYSICAL GOLD
AUGUST LOST ONLY 7802 CONTRACTS DOWN TO 207,936 AS AUGUST BECOMES THE FRONT MONTH AND IT’S OI IS VERY HIGH AND NOT CONTRACTING ENOUGH. WE WILL PROBABLY HAVE A HUGE NUMBER OF TONNES STANDING. WE HAVE ONLY 6 MORE TRADING DAYS BEFORE FIRST DAY NOTICE JULY 31.
SEPT GAINED 389 CONTRACTS TO 2144
We had 10 contracts filed for today representing 1000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 10 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JULY /2025. contract month, we take the total number of notices filed so far for the month (10,261 X 100 oz ) to which we add the difference between the open interest for the front month of JULY (120 CONTRACTS) minus the number of notices served upon today (10 x 100 oz per contract) equals 1,037,100 OZ OR 32.258 TONNES to which we add 1.555 tonnes of gold issued under exchange for risk// total standing 33.813 tonnes
thus the INITIAL standings for gold for the JULY contract month: No of notices filed so far (10,251 x 100 oz +we add the difference for front month of JULY (120 OI} minus the number of notices served upon today (10 x 100 oz) which equals 1,037,100 OZ OR 32.258 TONNES + 1.555 tonnes EX FOR RISK = 33.813 tonnes
TOTAL COMEX GOLD STANDING FOR JULY.: 33.813 TONNES WHICH IS VERY STRONG FOR THIS NORMALLY NON ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR.
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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: 1,964,068.626 oz 61.09 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 37,488.074.622 oz
TOTAL REGISTERED GOLD 20,366,044.917 or 633.469 tonnes
TOTAL OF ALL ELIGIBLE GOLD 17,122,029.705 OZ
END
REGISTERED GOLD THAT CAN BE SERVED UPON 18,401,976 oz ((REG GOLD- PLEDGED GOLD)= 572.38 tonnes //
total inventories in gold declining rapidly
SILVER/COMEX
SILVER/COMEX
THE JULY 2025 SILVER CONTRACT//INITIAL
JULY 23
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 2 ENTRIES i) out of Delaware 5925.309 oz ii) Out of Loomis 601,667.560 oz total withdrawal: 607,592.869 oz |
| Deposits to the Dealer Inventory | 0 ENTRY |
| Deposits to the Customer Inventory | 2 DEPOSIT ENTRY/CUSTOMER ACCOUNT 2 DEPOSIT ENTRY/CUSTOMER ACCOUNT i) Into Brinks 243,181.600 oz ii) Int Loomis 586,750.72 oz total deposit 829.932.320 oz |
| No of oz served today (contracts) | 32 CONTRACT(S) (0.160 MILLION OZ |
| No of oz to be served (notices) | 29 contracts (0.145 MILLION oz) |
| Total monthly oz silver served (contracts) | 9230 Contracts (46.150 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 |
0 deposits into dealer accounts
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
2 DEPOSIT ENTRY/CUSTOMER ACCOUNT
2 DEPOSIT ENTRY/CUSTOMER ACCOUNT
i) Into Brinks 243,181.600 oz
ii) Int Loomis 586,750.72 oz
total deposit 829.932.320 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx)
withdrawals: customer side/eligible
2 ENTRIES
i) out of Delaware 5925.309 oz
ii) Out of Loomis 601,667.560 oz
total withdrawal: 607,592.869 oz
ADJUSTMENTs 0
TOTAL REGISTERED SILVER: 195.863 MILLION OZ//.TOTAL REG + ELIGIBLE. 498.207 Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF JULY /2025 OI: 61 OPEN INTEREST CONTRACTS FOR A LOSS OF 31 CONTRACTS. WE HAD 59 CONTRACTS SERVED ON TUESDAY SO WE GAINED 28 CONTRACTS OR 140,000 OZ ENTERTAINED A QUEUE JUMP WHERE THESE BOYS DECIDED TO TAKE DELIVERY OVER ON THIS SIDE OF THE POND.
AUGUST LOST 307 CONTRACTS TO 1,884 AS THIS MONTH BECOMES THE FRONT MONTH FOR SILVER
SEPTEMBER LOST 169 CONTRACTS UP TO 129,548 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY:32 or 0.160 MILLION oz
CONFIRMED volume; ON TUESDAY 63,893 FAIR//
AND NOW JULY DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 9230 X5,000 oz = 46.150 MILLION oz
to which we add the difference between the open interest for the front month of JULY (61) AND the number of notices served upon today (32 )x (5000 oz)
Thus the standings for silver for the JULY 2025 contract month: (9230) Notices served so far) x 5000 oz + OI for the front month of JULY(61) minus number of notices served upon today (32)x 5000 oz equals silver standing for the JULY contract month equating to 46.295 MILLION OZ .
New total standing: 46.295 million oz which is huge for this active delivery month of JULY. THE SILVER COMEX IS NOW UNDER SIEGE!!
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 195.863 million oz of registered silver
JPMorgan as a percentage of total silver: 210.283/498.207 million. 42.36%
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
JULY 23 WITH GOLD DOWN $40.00 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT DEPOSIT OF 7.74 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 954.80 TONNES/
JULY 22 WITH GOLD UP $36.60 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT DEPOSIT OF 3.43 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 947.06 TONNES/
JULY 21 WITH GOLD UP $40.30 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A FRAUDULENT WITHDRAWAL OF 4.87 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 943.63 TONNES/
JULY 18 WITH GOLD UP $11.10 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 2.29 TONNES OF GOLD OUT OF THE GLD// ///INVENTORY RESTS AT 948.50 TONNES/
JULY 17 WITH GOLD DOWN $11.10 TODAY//HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.14 TONNES OF GOLD INTO THE GLD// ///INVENTORY RESTS AT 950.79 TONNES/
JULY 16 WITH GOLD UP $22.70 TODAY//NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 947.64 TONNES/
JULY 15 WITH GOLD DOWN $20.80 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.17 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 947.64 TONNES/
JULY 14 WITH GOLD UP $0.90 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.44 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 948.81 TONNES/
JULY 11 WITH GOLD UP $32.35 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.44 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 948.81 TONNES/
JULY 10 WITH GOLD UP $4.75 TODAY//HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 0.860 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 947.37 TONNES/
JULY 9 WITH GOLD UP $4.05 TODAY//HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.15 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 946.51 TONNES/
JULY 8 WITH GOLD $24.65 TODAY// NO CHANGES IN GOLD AT THE GLD //: /// ///INVENTORY RESTS AT 947.66 TONNES/
JULY 7 WITH GOLD UP $0.50 TODAY// NO CHANGES IN GOLD AT THE GLD //: /// ///INVENTORY RESTS AT 947.66 TONNES/
JULY 3 WITH GOLD DOWN $15.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.57 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 947.66 TONNES/
JULY 2 WITH GOLD UP $8.95 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 4.30 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 948.23 TONNES/
JULY 1 WITH GOLD UP $43.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.29 TONNES OF GOLD OUT OF THE GLD //: /// ///INVENTORY RESTS AT 952.53 TONNES/
JUNE 30 WITH GOLD UP $20.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43 TONNES OF GOLD INOT THE GLD //: /// ///INVENTORY RESTS AT 954.82 TONNES/
JUNE 27 WITH GOLD DOWN $58.50 TODAY// NO CHANGES IN GOLD AT THE GLD //: /// ///INVENTORY RESTS AT 953.39 TONNES/
JUNE 26 WITH GOLD UP $4.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.29 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 953.39 TONNES/
JUNE 25 WITH GOLD UP $8.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 955.68 TONNES/
JUNE 24 WITH GOLD DOWN $58.05 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 7.16 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 957.40 TONNES/SINCE JUNE 13 ADDED 24.49 TONNES
JUNE 23 WITH GOLD UP $9.25 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.599 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 950.241 TONNES
JUNE 20 WITH GOLD DOWN $19.80 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 947.37 TONNES
JUNE 18 WITH GOLD UP $1.30 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 4.03 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 945.94 TONNES
JUNE 17 WITH GOLD DOWN $9.60 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 941.93 TONNES
JUNE 16 WITH GOLD DOWN $33.85 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.758 TONNES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 940.49 TONNES
JUNE 13 WITH GOLD UP $53.40 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.38 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 932.91 TONNES
JUNE 12 WITH GOLD UP $55.75 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.72 TONNES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 934.19 TONNES
JUNE 11 WITH GOLD UP $1.10 TODAY// SMALL CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.31 TONNEES OF GOLD OUT OF THE GLD//: /// ///INVENTORY RESTS AT 935.91 TONNES
JUNE 10 WITH GOLD DOWN $11.80 TODAY// HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.02 TONNEES OF GOLD INTO THE GLD//: /// ///INVENTORY RESTS AT 936.22 TONNES
JUNE 9 WITH GOLD UP $10.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.45 TONNEES OF GOLD FROM THE GLD//: /// ///INVENTORY RESTS AT 934.20 TONNES
JUNE 6 WITH GOLD DOWN $28.00 TODAY// NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 935.65 TONNES
JUNE 5 WITH GOLD DOWN $23.10 TODAY// NO CHANGES IN GOLD AT THE GLD: /// ///INVENTORY RESTS AT 935.65 TONNES
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
GLD INVENTORY: 943.63 TONNES, TONIGHTS TOTAL
SILVER
JULY 23 WITH SILVER DOWN $0.04/ HUGE CHANGES AT THE SLV// A FRAUDLENT DEPOSIT OF 4.906 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 487.353 MILLION OZ.//
JULY 22 WITH SILVER UP $0.20/ HUGE CHANGES AT THE SLV// A FRAUDLENT DEPOSIT OF 11.175 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 482.447 MILLION OZ.//
JULY 21 WITH SILVER UP $0.78/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 471.272 MILLION OZ.//
JULY 18 WITH SILVER UP $0.13/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 3.998 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 472.453 MILLION OZ.//
JULY 17 WITH SILVER UP $0.22/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 1.181 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 476.451 MILLION OZ.//
JULY 16 WITH SILVER UP $0.09/ HUGE CHANGES AT THE SLV// A FRAUDLENT WITHDRAWAL OF 3.543 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 477.632 MILLION OZ.//
JULY 15 WITH SILVER DOWN $0.65/ HUGE CHANGES AT THE SLV// A DEPOSIT OF 2.453 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 481.175 MILLION OZ.//
JULY 14 WITH SILVER UP $0.14/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 2.453 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 478.722 MILLION OZ.//
JULY 11 WITH SILVER UP $1.42/ HUGE CHANGES AT THE SLV// A WITHDRAWAL OF 2.453 MILLION OZ OUT OF THE SLV//:.////INVENTORY RESTS AT 478.722 MILLION OZ.//
JULY 10 WITH SILVER UP $0.47/ NO CHANGES AT THE SLV// A DEPOST OF 0.999 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 481.175 MILLION OZ.//
JULY 9 WITH SILVER DOWN $0.18/ NO CHANGES AT THE SLV// A DEPOST OF 2.136 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 480.176 MILLION OZ.//
JULY 8 WITH SILVER DOWN $0.16/ NO CHANGES AT THE SLV A DEPOST OF 0.000 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 478.040 MILLION OZ.//
JULY 7 WITH SILVER DOWN $0.14/ HUGE CHANGES AT THE SLV A DEPOST OF 0.727 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 478.040 MILLION OZ.//
JULY 3 WITH SILVER UP $0.34/ HUGE CHANGES AT THE SLV A WITHDRAWAL OF 0.917 MILLION OZ IOUT OF THE SLV//:.////INVENTORY RESTS AT 477.313 MILLION OZ.//
JULY 2 WITH SILVER UP $0.36/ HUGE CHANGES AT THE SLV A DEPOSIT OF 1.363 MILLION OZ INTO THE SLV//:.////INVENTORY RESTS AT 478.049 MILLION OZ.//
JULY 1 WITH SILVER UP $0.21/ HUGE CHANGES AT THE SLVA WITHDRAWAL OF 1.272 MILLION OZ FROM THE SLV//:.////INVENTORY RESTS AT 476,686 MILLION OZ.//
JUNE 30 WITH SILVER DOWN $0.20/ NO CHANGES AT THE SLV:.////INVENTORY RESTS AT 477.958 MILLION OZ.//
JUNE 27 WITH SILVER DOWN $0.53/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.636 MILLION OZ IOUT OF THE SLV..////INVENTORY RESTS AT 477.958 MILLION OZ.//
JUNE 26 WITH SILVER UP $0.48/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.091 MILLION OZ IOUT OF THE SLV..////INVENTORY RESTS AT 479.594 MILLION OZ.//
JUNE 25 WITH SILVER UP $0.35/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 2.363 MILLION OZ IOUT OF THE SLV..////INVENTORY RESTS AT 480.685 MILLION OZ.//
JUNE 24 WITH SILVER DOWN $0.37/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 3.453 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 480.685 MILLION OZ.//FROM JUNE 2 A HUGE 19.264 MILLION OZ ADDED
JUNE 23 WITH SILVER UP $0.18/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 2.591 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 477.232 MILLION OZ.
JUNE 20 WITH SILVER DOWN $0.83/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 2.818 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 474.641 MILLION OZ.
JUNE 18 WITH SILVER DOWN $0.20/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.273 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 471.823 MILLION OZ.
JUNE 17 WITH SILVER UP $0.67/ HUGE CHANGES AT THE SLV:. A DEPOSIT OF 1.273 MILLION OZ INTO THE SLV..////INVENTORY RESTS AT 473.096 MILLION OZ.
JUNE 16 WITH SILVER UP $0.18/ HUGE CHANGES AT THE SLV:. A WITHDRAWAL OF 1.727 MILLION OZ FROM THE SLV..////INVENTORY RESTS AT 471.823 MILLION OZ.
JUNE 13 WITH SILVER UP $0.11/NO CHANGES AT THE SLV:.////INVENTORY RESTS AT 473.550 MILLION OZ.
JUNE 12 WITH SILVER UP $0.11/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.276 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 473550 MILLION OZ.
JUNE 11 WITH SILVER DOWN $0.45/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.046 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 472.274 MILLION OZ.
JUNE 10 WITH SILVER DOWN $0.16/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.182 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 471.232 MILLION OZ.
JUNE 9 WITH SILVER UP $0.69/HUGE CHANGES AT THE SLV:A DEPOSIT OF 1.182 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 472.914 MILLION OZ.
JUNE 6 WITH SILVER UP $0.63/HUGE CHANGES AT THE SLV:A DEPOSIT OF 3.863 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 471.732 MILLION OZ. (A TOTAL DEPOSIT OF 11.856 MILLION PHANTOM OZ IN THE LAST 4 DAYS)
JUNE 5 WITH SILVER UP $1.14/HUGE CHANGES AT THE SLV:A DEPOSIT OF 4.364 MILLION OZ INTO THE SLV/ ././///INVENTORY RESTS AT 467.869 MILLION OZ.
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.
CLOSING INVENTORY 487.353 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
PETER SCHIFF
2. MATHEW PIEPENBERG
ALASDAIR MACLEOD
3. CHRIS POWELL AND GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT KINESIS 232
5. COMMODITY REPORT…PLATINUM AND SILVER
Jensen’s Economic, Precious Metals, & Markets Newsletter
Raiding ETFs For Platinum And London ‘Free Float’ Of Silver For Delivery
With the lease rate for platinum in London reportedly spiking over 40% for the 1-month tenor, we have evidence of a developing liquidity squeeze for the delivery of physical metal in the world’s largest platinum trading market.
The global shortage of platinum bars for delivery has intensified to the point that those attempting to secure delivery of this strategic metal have started to raid Exchange Traded Funds (ETFs).
Precious metals refiner Heraeus illustrates in their July 21, 2025 market update Precious Appraisal No. 26 just how tight global platinum supply has become.
In Figure 1 below it can be seen that even as the price for platinum and palladium have increased markedly over the past few months attracting investment demand, platinum and palladium ETF holdings have been diametrically opposed over the past 6 weeks.
Even as the price of platinum has continued to surge, global ETF holdings of these bars have declined by approximately 350,000 oz. during this period.
It appears that globally, platinum ETFs are being raided for bar delivery as a secondary source to the illiquid London platinum cash market.
For while the London market has ample liquidity of paper notes for bar delivery, the spiking lease rate tells us that there is a severe shortage of platinum bars to actually fulfill the promissory notes issued there.
Figure 1 – Global Platinum and Palladium ETF Metal Holdings; source: Heraeus Precious Metals
Silver Free Float And Metal Shortage In London
TD Securities has recently issued a note that estimates there is a 155 million (M) oz. ‘free float’ of silver available for purchase and delivery in the London market.
With the silver lease rate’s recent rise to 7% in London, a market signal of intensifying shortage gives a counter-point of severe and growing physical metal shortage.
London Bullion Market Association (LBMA) data state that in Q1 2025, average daily trading volume in the London market was 580M oz. of silver.
Trading of gold and silver in London is primarily of cash claims for immediate ownership and delivery of physical metal and, while the LBMA will not disclose the total claims for silver in London, it appears that there are well over a billion oz., likely billions of oz., of cash claims for silver in this market.
There are 7,613 tonnes (245M oz.) of silver in London vaults that isn’t owned by ETFs. Much of this remainder is privately owned and not available to market.
Given the current silver lease rate spike that is occurring in London despite these holdings, it is likely that far less than 155M oz. of physical silver bars can be freely obtained from London against the sea of paper cash claims there.
Figure 2 – London Silver Vault Holdings at June 30, 2025; source: GoldChartsRUs.com/LBMA
There is a tremendous imbalance of promissory note claims to vault metal holdings for delivery in the Bank of England’s creation – the London promissory note cash silver market.
The elevated silver lease rate in London is signaling that any attempt now to draw a material amount of physical metal (i.e. much less than 155M oz.) from London vaults is going to generate a market event.
Best regards,
David Jensen
ASIAN MARKETS THIS WEDNESDAY MORNING:
SHANGHAI CLOSED UP 0.44 PTS OR 0.01%
//Hang Seng CLOSED UP 358.71 PTS OR 1.43%
// Nikkei CLOSED UP 1396.40 PTS OR 3.51% //Australia’s all ordinaries CLOSED UP 0.67%
//Chinese yuan (ONSHORE) CLOSED UP AT 7.1614 OFFSHORE CLOSED UP AT 7.1599/ Oil DOWN TO 65.43 dollars per barrel for WTI and BRENT DOWN TO 68.43 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN TRADING :/ONSHORE YUAN UP TRADING AT 7.1614 AND STRONG//OFF SHORE YUAN TRADING UP TO 7.1599 AGAINST US DOLLAR/ AND THUS STRONGER
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 7.1614 (CHINESE COMMUNIST PARTY MANIPULATED)
OFFSHORE YUAN: UP TO 7.1599 (CCP MANIPULATED)
SHANGHAI CLOSED UP 0.44 PTS OR 0.01%
HANG SENG CLOSED UP 358.71 PTS OR 1.43%
2. Nikkei closed UP 1396.40 PTS OR 3.51%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 97.11/ EURO RISES TO 1.1745 UP 7 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.581//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.66…… 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 UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6220/Italian 10 Yr bond yield UP to 3.484 SPAIN 10 YR BOND YIELD UP TO 3.228%
3i Greek 10 year bond yield UP TO 3.319
3j Gold at $3422.10 Silver at: 39.20 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 7 /100 roubles/dollar; ROUBLE AT 78.36
3m oil (WTI) into the 65 dollar handle for WTI and 68 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 146.66// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.581% 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 0.7917 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9298 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: 4.379 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.953 UP 5 BASIS PTS/
USA 2 YR BOND YIELD: 3.850 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 40.45
10 YR UK BOND YIELD: 4.6140 UP 4 PTS
10 YR CANADA BOND YIELD: 3.503 DOWN 0 BASIS PTS
5 YR CANADA BOND YIELD: 3.046 DOWN 0 PTS
2a New York OPENING REPORT
Global Stocks, US Futures Trade In Record Territory After US-Japan Trade Deal
Wednesday, Jul 23, 2025 – 08:28 AM
US equity futures are higher again and trading in record territory following the US, Japan trade deal, which was largely unexpected (Polymarket odds of a deal before August 1 were just 20%), triggering a global risk-on rally. Japan will pay a 15% tariff (down from 25%) with the auto sector tariffs reduced to 15% (also from 25%). This may reduce pressure on the Aug 1 deadline. US / China mtg next week to work on a trade deal with either a deal or an extension most likely. In any case, the news was good enough to push the S&P up 0.3% to a new record high of 6374 although US futures are lagging global counterparts as Value leads; the Nasdaq trades 0.2% higher, also in record territory. Europe’s Stoxx 600 jumped 1.2%, led by automakers on hopes the EU can secure its own agreement. Japan’s Topix soared as much as 3.6%, with Toyota posting its biggest daily gain since 1987. Pre-market, Mag7 names are all higher ahead of GOOG/TSLA earnings after the close. Cyclicals are unsurprisingly higher. Also, Meme stocks are ripping pre-mkt, adding 15% – 45% depending on the name. Bond yields are rising across the globe as growth expectations reset higher; JGBs are . USD is flat and commodities are mixed with Energy/Ags weaker and Metals rallying. Today’s macro data focus is on housing
In premarket trading, Mag7 are all higher (Nvidia +0.9%, Meta +0.3%, Microsoft +0.2%, Apple +0.1%, Alphabet +0.05%, Tesla +0.1%, Amazon +0.5%).
- Automotive and industrial chipmakers trade lower after an outlook and comments from industry bellwether Texas Instruments tempered investor optimism about a cyclical recovery. Texas Instruments (TXN) -10%, ON Semiconductor (ON) -6%.
- Power producers rally as data indicates that businesses and households served by the largest US power grid will spend a record $16.1 billion to ensure electricity supplies. Vistra (VST) +5%, Constellation Energy (CEG) +4%.
- Meme stocks including GoPro (GPRO) and Krispy Kreme (DNUT) are higher as retail traders look to buy into heavily-shorted companies with low share prices. GoPro +49%, Krispy Kreme +33%.
- AT&T (T) falls 3% after posting second quarter results.
- Capital One (COF) gains 2% after the credit-card company reported adjusted earnings per share for the second quarter that beat the average analyst estimate as the firm completed its long-awaited acquisition of Discover Financial Services.
- Enphase Energy (ENPH) falls 7% after the solar-equipment company forecast revenue for the third quarter that missed the average analyst estimate. It also sees the US residential market shrinking 20% next year as tax credits for homeowners end under President Donald Trump’s sweeping economic legislation.
- Fiserv (FI) slips 8% after the payments technology firm narrowed its adjusted earnings per share forecast for the full year.
- GE Vernova (GEV) climbs 4% after the energy spinoff from GE said it expects revenue to trend towards the higher end of $36 billion to $37 billion.
- Liberty Energy Inc. (LBRT) climbs 4% and Oklo Inc. (OKLO) rises 3% after the pair announced a power deployment partnership.
- Texas Instruments Inc. (TXN) tumbles 10% after stoking fears that a tariff-fueled surge in demand will be short-lived.
- Unity Software (U) falls 2% after BTIG gave the company a rare sell rating, downgrading from neutral following a strong run for the shares.
After months of uncertainty, Trump’s latest tariff deals have given some clarity on the new trade landscape. The agreement with Japan sets tariffs on the nation’s imports at 15%, including for autos — by far the biggest component of the trade deficit between the countries. Japan’s Topix Index closed up 3.2%, while Toyota Motor Corp. shares climbed the most since 1987.
Market sentiment was boosted overnight on hopes that the European Union will ink its own accord with the US. treasuries were poised to end a five-day winning run as demand for havens waned. The trade optimism contrasted with a batch of disappointing results from companies including Texas Instruments Inc., Nokia Oyj and SAP SE. The big tech names — Tesla Inc. and Alphabet Inc. — come after the close.
“The positive is that hopefully we’re coming to the end of all the tariff cloudiness in terms of what the ultimate rates will be so businesses can plan around them,” said Peter Boockvar at the Boock Report.
JPMorgan quantitative strategists warned of “a growing air of complacency” as the stocks rally coincides with an acceleration in earnings downgrades. “Either sell-side analysts are about to start a new round of upward revisions or the market is at risk of suffering a period of increased volatility and draw-downs,” the JPMorgan team led by Khuram Chaudhry said. “Something has to give!”
Turning back to earnings, where we see the first mega tech names report later today with GOOGL and TSLA, the “Magnificent Seven” are expected to post a combined 14% rise in second-quarter profits, while earnings for the rest of the US equity benchmark are predicted to be relatively flat, according to Bloomberg Intelligence data. Analysts will be studying the latest quarterly earnings from big tech for signs of resilience in a sector that has driven the rebound in US equities. Nasdaq 100 futures pointed to small gains at the open.
In Europe, the Stoxx 600 jumped 1.2%, led by automakers on hopes the EU can secure its own agreement. The tariff-sensitive auto sector outperforms, while utilities are the biggest laggards. In individual stocks, SAP falls as the software firm said that sales cycles are getting longer due to uncertainties around tariffs. Here are the most notable European movers:
- UniCredit shares advanced as much as 3.5% after the Italian lender reported upgraded its guidance for the year and dropped its takeover offer Banco BPM.
- Europe’s auto stocks gain after the US reached a trade deal with Japan, fueling a relief rally in one of the region’s worst-performing sectors of 2025.
- Lonza shares rise as much as 7.1%, the most in more than three months, after the company reported sales and core Ebitda for the first half that beat the average analyst estimate.
- EFG International shares gain as much as 5.2%, as the Swiss bank’s first-half results showed an improving cost/income ratio and strong growth in net new assets, according to Vontobel.
- Alstom shares rise as much as 2.7% after the French maker of trains reported sales and revenue and confirmed its FY26 outlook. Analysts saw no major surprises.
- Temenos shares jump 21%, the most in over a year, after it delivered a beat in the second quarter, with the Swiss maker of software for banks and financial services also boosting its guidance for the full year.
- Thales shares rise as much as 4.6% before paring gains after the company raised its annual organic sales growth outlook for the full year.
- SAP shares decline as much as 4.4% after the software maker said on a post-earnings conference call that sales cycles in areas like the US public sector and industrial manufacturing are getting longer due to trade uncertainties.
- ASM International shares fall as much as 9.2% after reporting quarterly bookings well below estimates, citing timing shifts in customer orders.
- Nokia drops as much as 7.7%, to the lowest since Sept. 2024, after the Finnish communication company lowers its full-year guidance, citing impact from FX and tariffs.
- Dassault Aviation shares drop as much as 7%, after its first-half sales and profit missed expectations, with the French airplane maker’s private jet unit affected by supply chain issues and the threat of tariffs.
- Breedon Group shares drop as much as 6%, plunging to their lowest level since May 2024, after the building materials supplier warned full-year results will be at the low-end of expectations this year.
Earlier in the session, a key gauge of Asian stocks rose by the most in a month, as a trade deal between the US and Japan raised optimism for more agreements ahead of Donald Trump’s Aug. 1 tariff deadline. The MSCI AC Asia Pacific Index climbed as much as 2%, reaching a four-year high, with Toyota and Tencent the biggest boosts. Japan led gains in the region, with the Topix gauge closing within a whisker of a record high, with Toyota posting its biggest daily gain since 1987. Stocks also climbed in Taiwan and Hong Kong, where a gauge of Chinese shares closed at its highest level since late 2021. Philippine equities rallied after an agreement was reached with the US that includes a slightly lower tariff of 19%. Thailand’s benchmark jumped as much as 2.6% after the nation’s finance minister said it’s close to a deal to lower a threatened 36% levy. The Hang Seng China Enterprises Index jumped 1.8% on Wednesday, topping a previous year-to-date high hit on March 18, after US Treasury Secretary Scott Bessent said he will meet counterparts from Beijing next week for a third round of talks aimed at extending a tariff truce. Here are the most notable movers:
- DigiPlus Interactive shares jumped 23%, the most since August 2016, as investors were seen positioning for potential inclusion in the benchmark Philippine equity index in the next review.
- Auto stocks surged after a report that the US government will set 15% tariffs on car imports from the country. Toyota Motor Corp. shares jumped 14.3%, while Nissan Motor Co. gained 8.3%.
- Kuaishou Technology’s Hong Kong-listed shares surge as much as 8.4% to the highest level since January 2023, following its announcement that it will exclusively broadcast MrBeast’s China internet debut.
- WuXi Biologics shares rise after the company said five manufacturing facilities passed the pre-license inspection by the US FDA. Chow Tai Fook shares advance after Citi raised its price target for the gold retailer after its 1Q revenue report.
- Lodha Developers shares fell as much as 6.6%, the most since April 7, after about 9.95 million shares change hands on NSE, according to data compiled by Bloomberg.
- WuXi XDC Cayman shares rise as much as 12% in Hong Kong after the Chinese biomedical company said it expects first-half profit to jump over 50% on-year.
- WuXi Biologics shares rise as much as 5% in Hong Kong after the company said five manufacturing facilities passed the pre-license inspection by the US FDA.
- DFI Retail Group shares jump as much as 13% in Singapore, to the highest since November 2021, after the company lifted its full-year profit guidance on expectation of stronger profitability through enhanced operational efficiency and disciplined cost management.
- Minth Group shares gain as much as 7% in Hong Kong, the most since May, after the automobile-parts maker said it has reached an agreement to develop its low-altitude aircraft related business.
- Chow Tai Fook shares advance as much as 2.1% in Hong Kong after Citi raises its price target for the gold retailer, citing better visibility on a same-store sales growth recovery after its 1Q revenue report.
In FX, the yen fluctuated after Japan’s Prime Minister Shigeru Ishiba said there was no truth in media reports that he will resign. The Bloomberg dollar spot index was flat. EUR and DKK were the weakest performers in the G-10 sphere, with NZD and AUD outperforming.
In rates, an auction of 40-year government notes in Japan saw the weakest demand ratio since 2011. The sale was a test of appetite for super-long debt following a historic election defeat for Ishiba when his ruling coalition failed to win a majority in the upper house at a vote on Sunday. The country’s 10-year government bond yield rose to the highest since 2008. The selloff spread to global bonds, with Treasuries, gilts and bunds falling across the curve, the most at the long end. UK 30-year bonds lagged peers, with the yield rising 6bps to 5.46%.
In commodities, Brent traded within Tuesday’s range at $68.40. Spot gold was little changed at $3,432/oz.
Looking at the US economic data calendar, we only have June existing home sales (10am). Fed officials are in external communications blackout ahead of their July 30 rate decision
Market Snapshot
- S&P 500 mini +0.3%
- Nasdaq 100 mini +0.2%
- Russell 2000 mini +1.1%
- Stoxx Europe 600 +1.2%
- DAX +0.8%
- CAC 40 +1.4%
- 10-year Treasury yield +3 basis points at 4.38%
- VIX -0.3 points at 16.18
- Bloomberg Dollar Index little changed at 1195.56
- euro -0.2% at $1.1734
- WTI crude -0.3% at $65.12/barrel
Top Overnight News
- The US and Japan have reached a trade agreement, with Trump confirming he would set his so-called reciprocal tariffs at 15% for the country, down from the 25% threatened in his recent letter. Under the deal Japan will invest $550bn in the US, and critically the deal will set tariffs on autos to 15% from their current 25%. WSJ
- Trump has now set his sights on trade negotiations wit the EU after announcing his framework agreement with Japan. He confirmed the two sides will hold a round of negotiations today. CNBC
- Japanese PM Shigeru Ishiba denied on Wednesday he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat. RTRS
- Japanese yields spike as investors feel the US trade deal eliminates uncertainty and permits the BOJ to resume policy tightening while demand at a 40-year auction was tepid and speculation grows that PM Ishiba could step down (potentially giving way to a more fiscally profligate government). FT
- BOJ Deputy Governor Shinichi Uchida indicated that the US trade deal will nudge the central bank closer to a rate hike. BBG
- China’s coal purchases plunged 26% in June from a year earlier, to 33 million tons, the least since February 2023. The decline was led by a 30% drop from top supplier Indonesia. BBG
- GOOGL eps in focus today – still broadly underweight even as positioning gotten fuller over last 1.5 weeks with stock now up 10 sessions in a row (and +9% over that stretch). Expectations are for a beat vs street in Cloud and Search — with top debates expected around cloud accel, clicks growth, and YouTube kpis. DoJ decision looming in next month and could see positive upside on earnings capped as a result. GS TMT Trading
- The US Nuclear Security Administration was among the institutions breached by the cyberattack on Microsoft, which the company linked to China, a person familiar said. No sensitive or classified information is known to have been compromised. BBG
- TXN -11% pre mkt on weaker than expected 3Q revs and concerns that tariff-fueled surge in demand won’t last. BBG
Trade/Tariffs
- US President Trump announced that they completed a massive deal with Japan, which he said is perhaps the largest deal ever made with Japan to invest USD 550bln into the US and will open their country to trade including cars and trucks, rice and certain other agricultural products, and other things. Trump added that Japan will pay reciprocal tariffs to the US of 15% and is forming a JV with the US in Alaska and they are going to make a deal on LNG.
- Japan’s top trade negotiator Akazawa said they were able to reach an agreement that is beneficial to both countries and struck a deal with the US after a 70-minute meeting with President Trump, while he added that steel and aluminium are not included in the tariff deal.
- Japanese PM Ishiba confirmed they agreed with the US to lower tariffs with auto tariffs lowered to 15% and will continue working closely with the US. Ishiba said the deal does not include lowering tariffs on Japan’s agricultural products, while Japan will raise the portion of rice imports from the US within the minimum access framework.
- BoJ Deputy Governor Uchida says US-Japan trade agreement is a big progress and will reduce uncertainty over Japan’s economic outlook; will reflect trade agreement in economic outlook report; uncertainty remains on tariff impact. There is always upside and downside risks to the outlook. Japan trade deal roughly falls in line with assumptions BoJ made in projections at prior quarterly report on May 1st; at present, must support the economy through accommodative monetary policy.
- US President Trump said Europe is coming to Washington for trade talks on Wednesday.
- US President Trump said we are going to get drug prices down and drug companies will have a lot of problems if they don’t agree, while he added that they will use import restrictions to force foreign suppliers to cut drug prices.
- China’s Commerce Minister held a video call with the EU’s trade chief and had candid and in-depth discussions, while they discussed China and EU trade cooperation and issues, as well as EU sanctions on Chinese firms and China lodged solemn representations over sanctions.
- US President Trump will meet UK PM Starmer during his weekend trip and they will seek to formalise a trade deal.
- Brazilian Finance Ministry official Durigan said they have been working on a plan to protect themselves from potential 50% taxation by the US, and the work has not been completed, while they have tried to do everything possible to reverse the 50% tariff by the US and have been looking at the possible need to help Brazilian companies due to US tariffs which will be done with the least possible fiscal impact.
- Chinese Commerce Ministry confirms Chinese Vice Premier He Lifeng is to hold talks with the US; VP is to visit Sweden between July 27-30th.
- Germany and France are to push the EU prepare trade retaliation against the US, unless it makes compromises. (FT)
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly higher as focus centred on the latest trade developments after US President Trump announced three trade deals in one day with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods. ASX 200 gained with the advances led by strength in materials, miners, energy and resources, while defensives are at the other end of the spectrum. Nikkei 225 surged above 41,000 following the announcement of a US-Japan trade deal involving a 15% tariff on Japanese goods including autos and auto parts which is less than the previous threat of 25% tariffs and in turn, boosted automakers which dominated the list of biggest gainers with several up by double-digit percentages, while there were also tailwinds as the JPY slightly softened in the aftermath of a report that PM Ishiba is to announce his resignation by the end of August. Hang Seng and Shanghai Comp conformed to the mostly positive risk tone with US President Trump noting that there will probably be a meeting with Chinese President Xi in the not-too-distant future, while US Treasury Secretary Bessent said they will likely work out an extension regarding the August 12th deadline with China and he will attend talks next Monday and Tuesday with China in Stockholm.
Top Asian News
- Japanese PM Ishiba is to resign with the PM to announce his resignation by the end of August, according to Mainichi newspaper. It was separately reported that Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri.
- Japanese PM Ishiba says he met with former PM Kishida overnight, shared a strong sense of crisis, resignation was not discussed with them.
- Japanese PM Ishiba says absolutely no truth to reports about his resignation.
- BoJ Deputy Governor Uchida said Japan’s economy has recovered moderately although some weakness has been seen in part and noted that Japan’s economic growth is likely to moderate due to the effects of trade and other policies. Uchida said uncertainty surrounding trade policies remains extremely high and it is important to maintain loose monetary policy to support the economy. Furthermore, he said interest rates are expected to be raised in accordance with economic and price improvements if the scenario is realised and he will judge whether the economy and prices move in line with the forecast without any pre-set idea.
- Thereafter, BoJ Deputy Governor Uchida says at present, BoJ must support the economy through accommodative monetary policy. US-Japan trade deal roughly falls in line with assumptions BoJ made in projections at prior quarterly report on May 1.
European bourses (STOXX 600 +1.2%) opened firmer across the board, and continued to trade higher throughout the morning – currently at session highs. European sectors hold a very strong positive bias, with only a couple of sectors residing in negative territory. Autos tops the pile and is currently the clear outperformer, largely benefiting from trade optimism after Japan finally struck a deal with US – optimism which stems from traders factoring in the potential benefits European automakers now have on pricing over Japanese autos. Consumer Products also benefit from the broader risk tone.
Top European News
- European Commission President von der Leyen says EU/Japan “Competitiveness Alliance” will: Increase trade, strengthen economic security with robust rare earth supply chains and accelerate innovation.
FX
- DXY is flat with the USD showing a mixed performance vs. peers (softer vs. antipodes, firmer vs. havens). Incremental macro drivers for the US remain on the light side with price action for the USD in recent sessions led by the retreat in US yields. Over the past 24 hours, the US has struck trade deals with Japan (see JPY section for details), Indonesia and the Philippines. These agreements have reduced fears surrounding the August 1st deadline. Albeit, deals with its two largest trading partners, the EU and China, are yet to be reached. DXY sits towards the bottom end of yesterday’s 97.30-99 range.
- EUR is a touch weaker vs. the USD with macro drivers lacking. Trade headlines regarding the EU and US remain on the light side following weekend reports that the EU is looking at a wider set of potential countermeasures against the US if a deal is not reached by August 1st. EUR/USD trades towards the top end of yesterday’s 1.1679-1.1760 range.
- JPY is a touch softer vs. the USD alongside an encouraging risk tone, which has been buoyed by news of the US-Japan trade agreement. The deal will see Japanese goods subject to a 15% tariff (including autos, which had been threatened by a 25% rate). Additionally, Japan will invest USD 550bln into the US and is expected to sign an LNG deal with the US. The deal has notably bolstered Japanese equities with Auto names leading the charge. However, the FX reaction is more muted. One driver behind this is the ongoing fallout from Sunday’s Upper House election. Reports in Japanese press suggest that PM Ishiba is set to announce his resignation – something, which he has since refuted. USD/JPY sits towards the middle of its current 146.21-147.21 range.
- GBP is marginally firmer vs. the USD with UK-specific newsflow on the light side. Cable is trading higher for its third session in a row, however, this appears to be more of a USD story, than a GBP one. That could change tomorrow with flash PMI metrics for July due on deck. Expectations for marginal upticks in the services and manufacturing components. Elsewhere, retail sales data is due on Friday. Cable has extended its run on a 1.35 handle and breached its 50DMA at 1.3523. Next upside target comes via the 11th July high at 1.3585.
- Antipodeans are both sit at the top of the G10 leaderboard following the upbeat risk sentiment seen in the wake of the US-Japan trade deal. Newsflow out of Australia and New Zealand remains light. AUD/USD has gained a firmer footing on a 0.65 handle with a current session high at 0.6581.
- PBoC set USD/CNY mid-point at 7.1414 vs exp. 7.1596 (Prev. 7.1460)
Fixed Income
- An eventful session for Japan. Firstly, US President Trump announced that a trade deal has been agreed and will result in a 15% tariff level (full details on the feed). An update that supported the JPY and weighed on JGBs with yields picking up across the Japanese curve with the short-end leading and the 10yr making a marginal new post-2008 peak at 1.601%; surpassing 1.60% from the week before the Upper House election. Amidst this, reports emerged from various outlets that PM Ishiba was, despite his initial post-election commitment, planning to announce his resignation in either July or August and take personal responsibility for the Upper House result. The trade update weighed on JGBs from 138.50 to 138.00 at the resumption of trade before slipping further to a 137.56 low in the hours after as the reports around Ishiba circulated. Thereafter, a slight pickup from lows occurred – but this proved short-lived with session lows hitting after a weak 40yr auction.
- USTs are in the red, holding at a 111-04 low with downside just shy of 10 ticks at most. Newsflow has been focussed almost entirely on trade as Trump announced deals with Japan, Indonesia and the Philippines. Furthermore, China’s Commerce Ministry has confirmed talks with the US next week in Sweden. Pressure seen across the fixed income benchmarks, with JGBs leading as above, amid the positive risk tone and prospect for more trade updates today (see Bunds). The mentioned trough holds just before the 111-00 mark, if breached the 21st July base is next at 110-24 before 110-19 from July 18th and then a double-bottom at 110-08+.
- Bunds are under pressure, to a slightly larger extent than USTs. Downside that is perhaps ahead of EUR 5bln 2035 Bund tap into Thursday’s ECB (no move expected, focus on commentary/guidance) and the language from Trump overnight. China’s Commerce Minister held a video call with the EU’s trade chief and had candid and in-depth discussions, while they discussed China and EU trade cooperation and issues, as well as EU sanctions on Chinese firms and China lodged solemn representations over sanctions. Altogether, Bunds down to a 130.33 low with downside of c. 50 ticks at most but yet to test Tuesday’s 130.24 base or by extension the WTD low at 129.73 from Monday.
- Gilts echo the above with downside of around 50 ticks at most. Specifics for the UK have been light with the benchmark largely just following the risk tone. While in the red, Gilts remains above Tuesday’s 91.46 base and by extension the 91.29 WTD trough from Monday. Bearish action ahead of a GBP 3bln 2040 Gilt auction due. Results of this were strong, with a b/c of 3.69x and a more typical tail, sparking upside in Gilts of around 10 ticks from the 91.58 low.
- UK sells GBP 3bln 4.375% 2040 Gilt: b/c 3.69x (prev. 2.88x), tail 0.1bps (prev. 1.0bps), average yield 5.066% (prev. 4.850%).
- Germany sells EUR 3.832bln vs exp. EUR 5bln 2.60% 2035 Bund: b/c 1.5x (prev. 1.6x), average yield 2.62% (prev. 2.63%), retention 23.36% (prev. 24.05%)
Commodities
- Choppy price action in contained ranges for the crude complex, ultimately holding a mild negative bias whilst newsflow remains rather light. This follows the Tuesday weakness seen in prices as tariff woes linger ahead of the August 1st deadline. Sticking with trade, the EU and US are yet to move forward on a deal, whilst the Chinese Commerce Ministry confirmed that Chinese Vice Premier is to hold talks with the US next week.
- Mixed/flat trade across precious metals amid a lack of fresh catalysts during the European session as traders await potential further trade updates in the run-up to next Friday’s US-set deadline.
- Mixed trade across base metals with the risk tone also somewhat tentative, awaiting the next catalysts. 3M LME copper trades in a narrow USD 9,870.05-9,932.80/t range at the time of writing.
- US Private Inventory Data (bbls): Crude -0.6mln (exp. -1.6mln), Distillates +3.5mln (exp. -1.1mln), Gasoline -1.2mln (exp. -0.9mln), Cushing +0.3mln.
- Brazilian miner Vale reported Q2 iron ore output at 83.6mln tons (prev. 67.7mln tons Q/Q), iron sales 77.3mln tons (prev. 66.1mln tons Q/Q).
- Contamination issue with Azeri BTC oil has reportedly been resolved; Loadings continue from the Turkish port of Ceyhan, according to Reuters sources.
- Azeri central bank sees 2025 average oil price as USD 68.60/bbl and USD 299/100 cubic metres.
Geopolitics
- Israel’s Defence Minister said there is a possibility of a renewed campaign against Iran.
- US Special Envoy Witkoff will travel to Europe this week for meetings on issues including Gaza and will continue pushing for a Gaza ceasefire.
- US is to mediate the Israel-Syria meeting on Thursday to avoid new crises, according to Axios.
- US President Trump’s administration has informed Hamas and Israel that it would like to see an end to the conflict, via Al Arabiya.
- On Israel-Lebanon, US envoy Barrack says “There are problems preventing the full implementation of the ceasefire agreement”, according to Sky News Arabia.
- “Al-Arabiya sources: Hezbollah’s military wing informs [Lebanon’s Speaker of the Parliament] Berri that it will not surrender weapons”, via Al Arabiya.
- US Energy Secretary Wright told Fox News that sanctioning Russian oil is a very real possibility.
US Event Calendar
- 7:00 am: Jul 18 MBA Mortgage Applications, prior -10%
- 10:00 am: Jun Existing Home Sales, est. 4m, prior 4.03m
- 10:00 am: Jun Existing Home Sales MoM, est. -0.74%, prior 0.8%
DB’s Jim Reid concludes the overnight wrap
As we go to press this morning, we’ve had some huge headlines out of Japan. First, they reached a trade deal with the US ahead of the August 1 tariff deadline, which has led to a surge in Japanese equities, with the Nikkei up +3.25%. Second, it’s been reported by the Yomiuri newspaper that Prime Minister Ishiba has decided to step down and might announce his resignation as soon as this month, which follows the upper house election at the weekend. And third, weak demand at a 40yr bond auction has seen a fresh move higher for Japanese government bond yields, with the 10yr yield up +7.3ps to 1.58%, which would almost be its highest closing level since 2008.
For global markets, the trade deal news has been the most significant, as it’s raised hopes that the US might be about to reach deals with other countries that avoid the higher tariffs on August 1. That deal with Japan includes a 15% tariff, beneath the 25% tariff that Trump threatened in his recent letter, and Bloomberg have also reported that Japan’s automobiles and parts would face the 15% tariff, and not the higher sectoral tariff for automobiles. In a post, Trump also said that “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.” However, the details of how that will work are not immediately clear.
The news of the deal has led to a big jump for Japanese equities, with the Nikkei (+3.25%) on course for its best daily performance since the 90-day tariff extension was announced in early April. And notably, it’s been auto companies that have led the way, with Toyota’s share price up +14.18% this morning as investors reacted to the news on the auto tariffs. Moreover, that optimism has carried over into other Asian markets outside Japan, with advances for the Hang Seng (+1.13%), the CSI 300 (+0.74%), the Shanghai Comp (+0.75%) and the KOSPI (+0.18%). And over in the United States, futures on the S&P 500 are up +0.19%, building on their record high in yesterday’s session.
Notably, one of the other strong performers this morning are European equity futures, with those on the German DAX up +0.93%. That’s because the Japan deal has significantly raised hopes that the EU might also be able to reach a trade deal, as they’ve been threatened with 30% tariffs on August 1. Indeed, Trump also announced a deal with the Philippines yesterday that would see them face a 19% tariff. And there were some positive remarks on trade from US Treasury Secretary Bessent as well yesterday, stating that he would meet his Chinese counterparts in Stockholm for further talks. As a reminder, the US and China agreed to dial back their tariffs for 90 days in May, with the US rate coming down from 145% to 30%, so that’s about to run out in mid-August. But Bessent struck a positive note, saying that “we’ll be working out what is likely an extension then.”
Collectively, this more positive trade news has really helped to ease investor fears that tariffs are about to snap back higher on August 1. But of course, the threat of much higher tariffs still remains for several large economies, including the 30% on the EU, 35% on Canada and 50% on Brazil. And there’s also the pledge of higher sectoral tariffs, including 50% on copper, so this is far from the end just yet, and those tariffs would each have a significant impact if they did come in. We also know from experience that we might not know the outcome until hours before the deadline, which happened in early February where the 25% tariffs on Canada and Mexico were postponed for 30-days on the day before they were due to be implemented.
Whilst Japanese equities have rallied overnight, it’s been a different story for the country’s bond markets, with the 10yr yield currently just shy of its highest closing level since 2008. That follows a 40yr bond auction, where the bonds yielded the highest on record at 3.375%, whilst the demand ratio was the weakest since 2011. So that’s seen the 10yr JGB yield rise +7.3bps to 1.58%, whilst the 40yr yield is up +9.0bps this morning to 3.45%. And that’s cascaded across global markets too, with the 10yr US Treasury yield also up +2.0bps overnight to 4.36%.
Those headlines overnight followed a comparatively quiet day for markets yesterday, where the S&P 500 (+0.06%) just about eked out another record high. Paradoxically given the overnight developments, there had been growing concerns about tariffs earlier in the session, with Bessent saying in an interview that “What I think will happen is that the tariff level will boomerang back to the reciprocal level on April 2nd.” So that had raised fears about a much higher tariff rate, before the news of the Japan deal saw that ease again. Indeed, the risk-off move yesterday saw gold prices (+1.01%) almost close at a record high, at $3,431/oz.
One factor ultimately supporting markets yesterday was the continued decline in Treasury yields, with the 10yr (-3.3bps) and the 30yr (-2.7bps) yields falling for a 5th consecutive day, down to 4.35% and 4.92% respectively. That came in part because of a belief that Fed Chair Powell’s position was relatively more secure, particularly after Bessent said there was “nothing that tells me that he should step down right now”. And while President Trump made some fresh criticisms of Powell, claiming that rates should be at 1%, there was no fresh urgency in his remarks, instead saying “he’s going to be out pretty soon anyway. In eight months, he’ll be out”. So from a market perspective, that continued to ease the fears from last week that Powell might be fired. That said, lower yields did continue to weigh on the dollar index, which fell -0.47% to mark its worst 3-day run (-1.36%) in two months.
Those tariff fears were evident earlier in the day, where European equities lost ground. The STOXX 600 was down -0.41%, and some of the more trade-exposed stocks did particularly badly, with the STOXX Automobiles and Parts Index down -1.26%. Those losses were echoed across most of Europe, with the CAC 40 (-0.69%) and the DAX (-1.09%) seeing decent falls. However, US stocks shrugged off those concerns, and the S&P 500 (+0.06%) pared back its earlier losses to ultimately close at a new high, whilst the equal-weighted index was up +1.29% as interest-rate sensitive sectors led the gains. By contrast, tech stocks lost ground before the start of the Mag-7 earnings today that sees Alphabet and Tesla reporting after the US close. The NASDAQ and Mag-7 fell by -0.39% and -0.48% respectively.
Meanwhile, European bonds experienced a further rally yesterday, with further gains after the very strong moves on Monday. That saw yields on 10yr bunds (-2.3bps), OATs (-3.0bps) and BTPs (-1.6bps) all move lower. And gilts (-3.3bps) saw a similar move, despite data showing that the UK government borrowed more than expected in June, at £20.7bn (vs. £17.5bn expected). The moves were also supported by lower inflation expectations in the near-term, particularly as Brent crude oil prices fell -0.90% to $68.59/bbl.
Elsewhere, there was very little data to speak of yesterday, although the Richmond Fed’s manufacturing index fell to an 11-month low of -20 (vs. -2 expected).
To the day ahead now, and data releases include US existing home sales for June, and the Euro Area’s preliminary consumer confidence reading for July. Otherwise, earnings releases include Alphabet and Tesla.
2b European Opening report
Sentiment boosted on US/Japan deal; autos outperform awaiting EU deal – Newsquawk US Market Open
Wednesday, Jul 23, 2025 – 05:28 AM
- US President Trump announced trade deals with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods.
- Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri – reports which he later pushed back on.
- European bourses benefit from the US-Japan trade deal; RTY continues to outperform.
- USD is flat, Antipodeans are the G10 outperformers whilst the EUR lags a touch; JPY choppy on US-Japan trade deal and reports surrounding PM Ishiba.
- JGBs slump on trade updates, peers elsewhere lower given the risk tone and into supply.
- Crude complex choppy awaiting fresh catalysts, XAU takes a breather following recent upside.
- Looking ahead, US Existing Home Sales, Supply from the US. Earnings from Tesla, Alphabet, ServiceNow, IBM, Chipotle, GE Vernova, Freeport, AT&T, Thermo Fisher Scientific, Lamb Weston, Infosys, Moody’s, CME & Hilton.
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TARIFFS/TRADE
JAPAN
- US President Trump announced that they completed a massive deal with Japan, which he said is perhaps the largest deal ever made with Japan to invest USD 550bln into the US and will open their country to trade including cars and trucks, rice and certain other agricultural products, and other things. Trump added that Japan will pay reciprocal tariffs to the US of 15% and is forming a JV with the US in Alaska and they are going to make a deal on LNG.
- Japan’s top trade negotiator Akazawa said they were able to reach an agreement that is beneficial to both countries and struck a deal with the US after a 70-minute meeting with President Trump, while he added that steel and aluminium are not included in the tariff deal.
- Japanese PM Ishiba confirmed they agreed with the US to lower tariffs with auto tariffs lowered to 15% and will continue working closely with the US. Ishiba said the deal does not include lowering tariffs on Japan’s agricultural products, while Japan will raise the portion of rice imports from the US within the minimum access framework.
- BoJ Deputy Governor Uchida says US-Japan trade agreement is a big progress and will reduce uncertainty over Japan’s economic outlook; will reflect trade agreement in economic outlook report; uncertainty remains on tariff impact. There is always upside and downside risks to the outlook. Japan trade deal roughly falls in line with assumptions BoJ made in projections at prior quarterly report on May 1st; at present, must support the economy through accommodative monetary policy.
OTHER
- US President Trump said Europe is coming to Washington for trade talks on Wednesday.
- US President Trump said we are going to get drug prices down and drug companies will have a lot of problems if they don’t agree, while he added that they will use import restrictions to force foreign suppliers to cut drug prices.
- China’s Commerce Minister held a video call with the EU’s trade chief and had candid and in-depth discussions, while they discussed China and EU trade cooperation and issues, as well as EU sanctions on Chinese firms and China lodged solemn representations over sanctions.
- US President Trump will meet UK PM Starmer during his weekend trip and they will seek to formalise a trade deal.
- Brazilian Finance Ministry official Durigan said they have been working on a plan to protect themselves from potential 50% taxation by the US, and the work has not been completed, while they have tried to do everything possible to reverse the 50% tariff by the US and have been looking at the possible need to help Brazilian companies due to US tariffs which will be done with the least possible fiscal impact.
- Chinese Commerce Ministry confirms Chinese Vice Premier He Lifeng is to hold talks with the US; VP is to visit Sweden between July 27-30th.
- Germany and France are to push the EU prepare trade retaliation against the US, unless it makes compromises. (FT)
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +1.2%) opened firmer across the board, and continued to trade higher throughout the morning – currently at session highs.
- European sectors hold a very strong positive bias, with only a couple of sectors residing in negative territory. Autos tops the pile and is currently the clear outperformer, largely benefiting from trade optimism after Japan finally struck a deal with US – optimism which stems from traders factoring in the potential benefits European automakers now have on pricing over Japanese autos. Consumer Products also benefit from the broader risk tone.
- US equity futures (ES +0.4% NQ +0.2% RTY +1%) are modestly firmer across the board with some outperformance in the RTY, which builds on the strength seen in the prior session. The price action on Tuesday was characterised by outflows from favoured sectors (such as Tech), into recent underperformers (such as Value stocks).
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is flat with the USD showing a mixed performance vs. peers (softer vs. antipodes, firmer vs. havens). Incremental macro drivers for the US remain on the light side with price action for the USD in recent sessions led by the retreat in US yields. Over the past 24 hours, the US has struck trade deals with Japan (see JPY section for details), Indonesia and the Philippines. These agreements have reduced fears surrounding the August 1st deadline. Albeit, deals with its two largest trading partners, the EU and China, are yet to be reached. DXY sits towards the bottom end of yesterday’s 97.30-99 range.
- EUR is a touch weaker vs. the USD with macro drivers lacking. Trade headlines regarding the EU and US remain on the light side following weekend reports that the EU is looking at a wider set of potential countermeasures against the US if a deal is not reached by August 1st. EUR/USD trades towards the top end of yesterday’s 1.1679-1.1760 range.
- JPY is a touch softer vs. the USD alongside an encouraging risk tone, which has been buoyed by news of the US-Japan trade agreement. The deal will see Japanese goods subject to a 15% tariff (including autos, which had been threatened by a 25% rate). Additionally, Japan will invest USD 550bln into the US and is expected to sign an LNG deal with the US. The deal has notably bolstered Japanese equities with Auto names leading the charge. However, the FX reaction is more muted. One driver behind this is the ongoing fallout from Sunday’s Upper House election. Reports in Japanese press suggest that PM Ishiba is set to announce his resignation – something, which he has since refuted. USD/JPY sits towards the middle of its current 146.21-147.21 range.
- GBP is marginally firmer vs. the USD with UK-specific newsflow on the light side. Cable is trading higher for its third session in a row, however, this appears to be more of a USD story, than a GBP one. That could change tomorrow with flash PMI metrics for July due on deck. Expectations for marginal upticks in the services and manufacturing components. Elsewhere, retail sales data is due on Friday. Cable has extended its run on a 1.35 handle and breached its 50DMA at 1.3523. Next upside target comes via the 11th July high at 1.3585.
- Antipodeans are both sit at the top of the G10 leaderboard following the upbeat risk sentiment seen in the wake of the US-Japan trade deal. Newsflow out of Australia and New Zealand remains light. AUD/USD has gained a firmer footing on a 0.65 handle with a current session high at 0.6581.
- PBoC set USD/CNY mid-point at 7.1414 vs exp. 7.1596 (Prev. 7.1460)
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- An eventful session for Japan. Firstly, US President Trump announced that a trade deal has been agreed and will result in a 15% tariff level (full details on the feed). An update that supported the JPY and weighed on JGBs with yields picking up across the Japanese curve with the short-end leading and the 10yr making a marginal new post-2008 peak at 1.601%; surpassing 1.60% from the week before the Upper House election. Amidst this, reports emerged from various outlets that PM Ishiba was, despite his initial post-election commitment, planning to announce his resignation in either July or August and take personal responsibility for the Upper House result. The trade update weighed on JGBs from 138.50 to 138.00 at the resumption of trade before slipping further to a 137.56 low in the hours after as the reports around Ishiba circulated. Thereafter, a slight pickup from lows occurred – but this proved short-lived with session lows hitting after a weak 40yr auction.
- USTs are in the red, holding at a 111-04 low with downside just shy of 10 ticks at most. Newsflow has been focussed almost entirely on trade as Trump announced deals with Japan, Indonesia and the Philippines. Furthermore, China’s Commerce Ministry has confirmed talks with the US next week in Sweden. Pressure seen across the fixed income benchmarks, with JGBs leading as above, amid the positive risk tone and prospect for more trade updates today (see Bunds). The mentioned trough holds just before the 111-00 mark, if breached the 21st July base is next at 110-24 before 110-19 from July 18th and then a double-bottom at 110-08+.
- Bunds are under pressure, to a slightly larger extent than USTs. Downside that is perhaps ahead of EUR 5bln 2035 Bund tap into Thursday’s ECB (no move expected, focus on commentary/guidance) and the language from Trump overnight. China’s Commerce Minister held a video call with the EU’s trade chief and had candid and in-depth discussions, while they discussed China and EU trade cooperation and issues, as well as EU sanctions on Chinese firms and China lodged solemn representations over sanctions. Altogether, Bunds down to a 130.33 low with downside of c. 50 ticks at most but yet to test Tuesday’s 130.24 base or by extension the WTD low at 129.73 from Monday.
- Gilts echo the above with downside of around 50 ticks at most. Specifics for the UK have been light with the benchmark largely just following the risk tone. While in the red, Gilts remains above Tuesday’s 91.46 base and by extension the 91.29 WTD trough from Monday. Bearish action ahead of a GBP 3bln 2040 Gilt auction due. Results of this were strong, with a b/c of 3.69x and a more typical tail, sparking upside in Gilts of around 10 ticks from the 91.58 low.
- UK sells GBP 3bln 4.375% 2040 Gilt: b/c 3.69x (prev. 2.88x), tail 0.1bps (prev. 1.0bps), average yield 5.066% (prev. 4.850%).
- Germany sells EUR 3.832bln vs exp. EUR 5bln 2.60% 2035 Bund: b/c 1.5x (prev. 1.6x), average yield 2.62% (prev. 2.63%), retention 23.36% (prev. 24.05%)
- Click for a detailed summary
COMMODITIES
- Choppy price action in contained ranges for the crude complex, ultimately holding a mild negative bias whilst newsflow remains rather light. This follows the Tuesday weakness seen in prices as tariff woes linger ahead of the August 1st deadline. Sticking with trade, the EU and US are yet to move forward on a deal, whilst the Chinese Commerce Ministry confirmed that Chinese Vice Premier is to hold talks with the US next week.
- Mixed/flat trade across precious metals amid a lack of fresh catalysts during the European session as traders await potential further trade updates in the run-up to next Friday’s US-set deadline.
- Mixed trade across base metals with the risk tone also somewhat tentative, awaiting the next catalysts. 3M LME copper trades in a narrow USD 9,870.05-9,932.80/t range at the time of writing.
- US Private Inventory Data (bbls): Crude -0.6mln (exp. -1.6mln), Distillates +3.5mln (exp. -1.1mln), Gasoline -1.2mln (exp. -0.9mln), Cushing +0.3mln.
- Brazilian miner Vale reported Q2 iron ore output at 83.6mln tons (prev. 67.7mln tons Q/Q), iron sales 77.3mln tons (prev. 66.1mln tons Q/Q).
- Contamination issue with Azeri BTC oil has reportedly been resolved; Loadings continue from the Turkish port of Ceyhan, according to Reuters sources.
- Azeri central bank sees 2025 average oil price as USD 68.60/bbl and USD 299/100 cubic metres.
- Click for a detailed summary
NOTABLE EUROPEAN HEADLINES
- European Commission President von der Leyen says EU/Japan “Competitiveness Alliance” will: Increase trade, strengthen economic security with robust rare earth supply chains and accelerate innovation.
GEOPOLITICS
MIDDLE EAST
- Israel’s Defence Minister said there is a possibility of a renewed campaign against Iran.
- US Special Envoy Witkoff will travel to Europe this week for meetings on issues including Gaza and will continue pushing for a Gaza ceasefire.
- US is to mediate the Israel-Syria meeting on Thursday to avoid new crises, according to Axios.
- US President Trump’s administration has informed Hamas and Israel that it would like to see an end to the conflict, via Al Arabiya.
- On Israel-Lebanon, US envoy Barrack says “There are problems preventing the full implementation of the ceasefire agreement”, according to Sky News Arabia.
- “Al-Arabiya sources: Hezbollah’s military wing informs [Lebanon’s Speaker of the Parliament] Berri that it will not surrender weapons”, via Al Arabiya.
RUSSIA-UKRAINE
- US Energy Secretary Wright told Fox News that sanctioning Russian oil is a very real possibility.
CRYPTO
- Bitcoin is a little lower and trades just around USD 118k whilst Ethereum holds around flat at USD 3.6k.
APAC TRADE
- APAC stocks were mostly higher as focus centred on the latest trade developments after US President Trump announced three trade deals in one day with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods.
- ASX 200 gained with the advances led by strength in materials, miners, energy and resources, while defensives are at the other end of the spectrum.
- Nikkei 225 surged above 41,000 following the announcement of a US-Japan trade deal involving a 15% tariff on Japanese goods including autos and auto parts which is less than the previous threat of 25% tariffs and in turn, boosted automakers which dominated the list of biggest gainers with several up by double-digit percentages, while there were also tailwinds as the JPY slightly softened in the aftermath of a report that PM Ishiba is to announce his resignation by the end of August.
- Hang Seng and Shanghai Comp conformed to the mostly positive risk tone with US President Trump noting that there will probably be a meeting with Chinese President Xi in the not-too-distant future, while US Treasury Secretary Bessent said they will likely work out an extension regarding the August 12th deadline with China and he will attend talks next Monday and Tuesday with China in Stockholm.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Ishiba is to resign with the PM to announce his resignation by the end of August, according to Mainichi newspaper. It was separately reported that Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri.
- Japanese PM Ishiba says he met with former PM Kishida overnight, shared a strong sense of crisis, resignation was not discussed with them.
- Japanese PM Ishiba says absolutely no truth to reports about his resignation.
- BoJ Deputy Governor Uchida said Japan’s economy has recovered moderately although some weakness has been seen in part and noted that Japan’s economic growth is likely to moderate due to the effects of trade and other policies. Uchida said uncertainty surrounding trade policies remains extremely high and it is important to maintain loose monetary policy to support the economy. Furthermore, he said interest rates are expected to be raised in accordance with economic and price improvements if the scenario is realised and he will judge whether the economy and prices move in line with the forecast without any pre-set idea.
- Thereafter, BoJ Deputy Governor Uchida says at present, BoJ must support the economy through accommodative monetary policy. US-Japan trade deal roughly falls in line with assumptions BoJ made in projections at prior quarterly report on May 1.
2c Asian opening report
Nikkei 225 +4% after US-Japan trade deal; EU awaits potential updates today – Newsquawk Europe Market Open
Wednesday, Jul 23, 2025 – 01:50 AM
- US President Trump announced trade deals with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods.
- US stocks closed mixed with underperformance in tech, APAC stocks were mostly higher; Nikkei 225 outperformed.
- Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri. Other reports suggest August-end.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 1.2% after the cash market closed with losses of 1.0% on Tuesday.
- DXY is flat, havens (CHF, JPY) lag G10 peers, antipodeans lead, EUR/USD remains on a 1.17 handle.
- Looking ahead, highlights include EU Consumer Confidence, US Existing Home Sales, Supply from UK, Germany & US.
- Earnings from VAT, Lonza, Equinor, Thales, Tesla, Alphabet, ServiceNow, IBM, Chipotle, GE Vernova, Freeport, AT&T, Thermo Fisher Scientific, Lamb Weston, Infosys, Moody’s, CME & Hilton.
SNAPSHOT
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US TRADE
EQUITIES
- US stocks finished the day somewhat mixed as the tech-heavy Nasdaq 100 lagged and was weighed on by weakness in mega-cap names Nvidia, Microsoft, Broadcom, and Netflix, while the Russell 2000 pared Monday’s losses. As there was a lack of tier-1 data and with the Fed in a blackout period ahead of the confab next Wednesday, focus resided around a deluge of US earnings and also remarks from US President Trump and Treasury Secretary Bessent in which Trump announced a trade deal with both the Philippines and Indonesia, which will pay 19%. Furthermore, Trump said they will probably be meeting with Chinese President Xi in the not too distant future and that Xi has invited him to China, while Bessent suggested that August 1st is a pretty hard deadline, despite saying on Monday that the quality of the deal is what matters, not the time keeping, and he will conduct talks with China next Monday and Tuesday in Stockholm.
- SPX +0.03% at 6,308, NDX -0.50% at 23,064, DJI +0.46% at 44,525, RUT +0.81% at 2,249.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump announced that they completed a massive deal with Japan, which he said is perhaps the largest deal ever made with Japan to invest USD 550bln into the US and will open their country to trade including cars and trucks, rice and certain other agricultural products, and other things. Trump added that Japan will pay reciprocal tariffs to the US of 15% and is forming a JV with the US in Alaska and they are going to make a deal on LNG, while he added that Europe is coming in on Wednesday.
- Japan’s top trade negotiator Akazawa said they were able to reach an agreement that is beneficial to both countries and struck a deal with the US after a 70-minute meeting with President Trump, while he added that steel and aluminium are not included in the tariff deal.
- Japanese PM Ishiba confirmed they agreed with the US to lower tariffs with auto tariffs lowered to 15% and will continue working closely with the US. Ishiba said the deal does not include lowering tariffs on Japan’s agricultural products, while Japan will raise the portion of rice imports from the US within the minimum access framework.
- US President Trump announced a trade deal with the Philippines and stated that “The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff”. Trump separately announced a deal with Indonesia with the tariff rate set at 19%, while the US will now sell American made products to Indonesia at a 0% tariff.
- US President Trump said there will probably be a meeting with Chinese President Xi in the not-too-distant future and that Xi has invited him to China, while he added they are getting along with China very well and he does not mind if the Philippines gets along with China.
- US President Trump said we are going to get drug prices down and drug companies will have a lot of problems if they don’t agree, while he added that they will use import restrictions to force foreign suppliers to cut drug prices.
- China’s Commerce Minister held a video call with the EU’s trade chief and had candid and in-depth discussions, while they discussed China and EU trade cooperation and issues, as well as EU sanctions on Chinese firms and China lodged solemn representations over sanctions.
- US President Trump will meet UK PM Starmer during his weekend trip and they will seek to formalise a trade deal.
- Brazilian Finance Ministry official Durigan said they have been working on a plan to protect themselves from potential 50% taxation by the US, and the work has not been completed, while they have tried to do everything possible to reverse the 50% tariff by the US and have been looking at the possible need to help Brazilian companies due to US tariffs which will be done with the least possible fiscal impact.
NOTABLE HEADLINES
- US President Trump said Fed Chair Powell is going to be out soon anyway, while he added the economy is strong and that Powell keeps rates too high. Furthermore, Trump said that Powell’s got to be out in 8 months and Trump suggested that they should be at 1%.
APAC TRADE
EQUITIES
- APAC stocks were mostly higher as focus centred on the latest trade developments after US President Trump announced three trade deals in one day with the Philippines, Indonesia and Japan, with the latter involving a USD 550bln investment in the US and 15% tariffs for Japanese goods.
- ASX 200 gained with the advances led by strength in materials, miners, energy and resources, while defensives are at the other end of the spectrum.
- Nikkei 225 surged above 41,000 following the announcement of a US-Japan trade deal involving a 15% tariff on Japanese goods including autos and auto parts which is less than the previous threat of 25% tariffs and in turn, boosted automakers which dominated the list of biggest gainers with several up by double-digit percentages, while there were also tailwinds as the JPY slightly softened in the aftermath of a report that PM Ishiba is to announce his resignation by the end of August.
- Hang Seng and Shanghai Comp conformed to the mostly positive risk tone with US President Trump noting that there will probably be a meeting with Chinese President Xi in the not-too-distant future, while US Treasury Secretary Bessent said they will likely work out an extension regarding the August 12th deadline with China and he will attend talks next Monday and Tuesday with China in Stockholm.
- US equity futures (ES +0.2%, NQ +0.1%) gradually edged higher in a restrained reaction to the latest trade developments and as participants await a slew of earnings releases.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 future up 1.2% after the cash market closed with losses of 1.0% on Tuesday.
FX
- DXY trades rangebound and was largely unaffected by the announcement of the US-Japan tariff deal, with the DXY languishing firmly beneath the 98.00 level after weakening yesterday which coincided with a softening of yields.
- EUR/USD gave back some of its gains but remained above the 1.1700 level after benefitting from the recent dollar selling, while participants await several upcoming key events, including potential trade developments with the US on Wednesday, followed by the ECB meeting and EU-China summit on Thursday.
- GBP/USD took a breather after reclaiming the 1.3500 territory with upside capped after the recent surprise jump in UK borrowing data and with little reaction seen to the comments from BoE Governor Bailey.
- USD/JPY rebounded from the prior day’s lows with an early choppy reaction seen to the announcement of the US-Japan trade deal, while there was a mild tailwind seen following reports that Japanese PM Ishiba is to resign in which an announcement could be made by the end of August.
- Antipodeans remained afloat amid the mostly positive risk appetite but with trade contained overnight amid a lack of tier-1 data releases to spur price action.
- PBoC set USD/CNY mid-point at 7.1414 vs exp. 7.1596 (Prev. 7.1460)
FIXED INCOME
- 10yr UST futures eased back from yesterday’s peak as risk sentiment was underpinned by the US-Japan trade deal.
- Bund futures faded the prior day’s gains amid a lack of haven demand and with a EUR 5bln Bund issuance scheduled later.
- 10yr JGB futures slumped following the announcement of the US-Japan trade deal and with prices not helped by the latest 40yr JGB auction which resulted in the weakest demand ratio since 2011.
COMMODITIES
- Crude futures were marginally higher amid the mostly positive risk environment but with gains capped amid light energy-specific drivers and following mixed private sector inventory data which showed a narrower-than-expected drawdown in headline crude stockpiles.
- US Private Inventory Data (bbls): Crude -0.6mln (exp. -1.6mln), Distillates +3.5mln (exp. -1.1mln), Gasoline -1.2mln (exp. -0.9mln), Cushing +0.3mln.
- Spot gold mildly pulled back after rallying yesterday alongside a softer dollar and lower yield environment.
- Copper futures held on to the spoils from the prior day’s rally amid trade-related optimism with the US reaching trade deals with three different countries.
- World refined copper market recorded a 97,000 metric tonne surplus in May 2025, according to the ICSG.
- Brazilian miner Vale reported Q2 iron ore output at 83.6mln tons (prev. 67.7mln tons Q/Q), iron sales 77.3mln tons (prev. 66.1mln tons Q/Q).
CRYPTO
- Bitcoin steadily retreated throughout the session from the USD 120k level to sub-119k territory.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Ishiba is to resign with the PM to announce his resignation by the end of August, according to Mainichi newspaper. It was separately reported that Japanese PM Ishiba is likely to announce resignation as early as this month, according to Yomiuri.
- BoJ Deputy Governor Uchida said Japan’s economy has recovered moderately although some weakness has been seen in part and noted that Japan’s economic growth is likely to moderate due to the effects of trade and other policies. Uchida said uncertainty surrounding trade policies remains extremely high and it is important to maintain loose monetary policy to support the economy. Furthermore, he said interest rates are expected to be raised in accordance with economic and price improvements if the scenario is realised and he will judge whether the economy and prices move in line with the forecast without any pre-set idea.
- Thereafter, BoJ Deputy Governor Uchida said at present, BoJ must support the economy through accommodative monetary policy. US-Japan trade deal roughly falls in line with assumptions BoJ made in projections at prior quarterly report on May 1.
- European Commission President von der Leyen eyes a rare-earth mining agreement with Japan, according to Nikkei.
GEOPOLITICS
MIDDLE EAST
- Israel’s Defence Minister said there is a possibility of a renewed campaign against Iran.
- US State Department said US Special Envoy Witkoff is heading to the Middle East, while an official also commented that Witkoff will travel to Europe this week for meetings on issues including Gaza and will continue pushing for a Gaza ceasefire.
- US is to mediate the Israel-Syria meeting on Thursday to avoid new crises, according to Axios.
RUSSIA-UKRAINE
- US Energy Secretary Wright told Fox News that sanctioning Russian oil is a very real possibility.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN/
Trump Announces “Largest Trade Deal Ever” With Japan, Sets Tariffs Rate At 15%; JGBs Plunge
Tuesday, Jul 22, 2025 – 09:46 PM
President Donald Trump announced on Truth Social that he reached a “massive” trade deal with Japan that will set tariffs on Japanese imports at 15% and see the key American trading counterpart and ally invest $550 billion into the US (with about the same likelihood of doing so as Stargate is to invest $500 billion in US AI technology) .
“I just signed the largest trade deal in history, I think maybe the largest deal in history — with Japan,” Trump said at an event at the White House on Tuesday after announcing the deal on social media. “And that was done with Japan. They had their top people here and we worked on it long and hard and it’s a great deal for everybody.”
On Truth Social, Trump explained that the pact calls for Japan to “open their Country” to US automobile imports, as well as additional agricultural imports including rice – a remarkable achievement with a country which has historically been extremely protectionist of the food staple – without specifying further. Trump has repeatedly zeroed in on auto trade as he criticizes trade imbalances with the country. Around 80% of Japan’s trade surplus with the US is in cars and auto parts.
Additional details of the preliminary agreement with Japan – including, critically, if Japanese automobiles and parts would receive a carve-out from separate 25% tariffs – were not immediately available. Trump originally threatened to place a 24% tariff on Japanese imports earlier this year, a proposal viewed as “extremely disappointing” by Ishiba. He later amended that threat to 25% in a letter earlier this month.
The issue of automobiles has been a particular sticking point in trade negotiations between the two countries. US trade negotiators have pushed Japan and other countries to accept cars built to US federal motor vehicle safety standards, rather than subjecting them to differing requirements. Meanwhile, negotiators from Japan and other countries have pushed for exemptions to Trump’s existing 25% levies on autos and auto parts.
It was not immediately clear Tuesday if any such carveout would be established for Japan, like a planned tariff-rate quota for steel imported from the UK. Japanese public broadcaster NHK said Washington would set the rate on the auto sector at 15%, citing an unidentified government official. Shares in Japanese carmakers jumped in Tokyo trading with Toyota rising more than 10%.
Japanese-based car companies have made significant plans to invest in the US, including Isuzu Motors Ltd.’s $280 million investment in a new facility in South Carolina, and Toyota Motor Corp.’s $88 million commitment to boost production of hybrid vehicles. The US has also offered tariff relief for auto companies that assemble cars in American facilities, part of a broader effort to bring offshore manufacturing to the US.
“Japan and the US have been conducting close negotiations with our national interests on the line,” Japanese Prime Minister (and lame duck) Shigeru Ishiba said in Tokyo, just two days after suffering a huge loss for his LDP party. “The two nations will continue to work together to create jobs and good products.”
According to local media reports, the Japanese premier was linking his shaky political future to developments in the talks following the huge election setback this weekend, although when asked about the trade deal he just signed, it’s almost as if he knew nothing about it, instead telling reporters he needs to look closely at the details of agreements with the US, and that he’ll be getting further updates from his chief trade negotiator, Ryosei Akazawa
This was reminiscent of the US president’s approach: Trump has previously announced trade frameworks without many specifics only for the White House to provide details days and weeks later, as terms are hammered out.
Trump indicated at the event with Republican lawmakers at the White House that he also expects to sign a deal on a joint venture with Japan to export LNG from Alaska.
The deal with Japan came just hours after Trump announced he had reached an agreement with the Philippines, setting a 19% tariff on the country’s exports (down a whopping percent from the previous 20%). The flurry of activity comes days before the Aug. 1 deadline for imposing so-called “reciprocal” tariffs that will hit dozens of trading partners.
Trump first announced the plan for sweeping tariffs on nearly every US trading partner in April, only to quickly put them on hold for 90 days amid market backlash in order to work out agreements. But that stretch saw the US finalize only a handful of deals and Trump instead moved to unilaterally impose rates on countries and blocs before the looming deadline.
While talks continue with major economies including the European Union and India, Trump said some 150 smaller countries will be hit with a blanket rate of between 10 and 15%.
The yen fluctuated in early Tokyo trading, before strengthening again after the NHK report on the auto tariffs. Japanese stocks on the Topix benchmark index rose as much as 2.5% and US equity futures edged higher.
The talks came after eight rounds of negotiations, and a week after Bessent visited Japan to lead the US delegation to the World Expo in Osaka. Japan had its upper house elections on Sunday, and while losses there significantly weakened Ishiba’s domestic position, the prime minister has cited the trade talks as one of the reasons why he needs to stay on.
In kneejerk response, this is how most asset classes reacted to the news:
- JPY initially firmed 30bp but then unwound all of the knee-jerk reaction; it then strengthening again after the NHK report on the auto tariffs, before also reversing that gain.
- Japanese stocks on the Topix benchmark index rose as much as 2.5% and US equity futures edged higher.
- US Treasury futures are offered at 111-09
- S&P futures popped 20bp and have largely held onto gains
- The biggest mover where Japanese govt bonds: JGB yields spiked as futures dropped sharply lower 95 ticks at 137.65, breaching last week’s low with support near 137.59. Running volumes are up 18% from last week. The next major support is at March lows, 137.30 (a 15-year low).
UBS said that its desk flows have a strong sell bias (1:10), impacted by the US-Japan trade deal. Wednesday’s focus is the 40y bond auction – the first since PM Ishiba’s election loss. The current selloff looks a bit overdone, and maybe a decent auction could calm some nerves. Auction results are out at 12:35 Tokyo, as futures resume trading post the lunch break.
END
Japanese Auto Stocks Soar On Trump Trade Deal
Wednesday, Jul 23, 2025 – 06:55 AM
President Donald Trump announced overnight on Truth Social that he had secured a “massive” trade agreement with Japan. The deal will lower tariffs on Japanese imports to just 15% and includes a pledge from Tokyo to invest $550 billion in the U.S.
The new trade deal is a major positive for Japan’s auto industry and will likely alleviate the impact of tariffs.
According to Goldman analysts Kota Yuzawa and Ken Kawamoto, the reduction in auto tariffs could lower the combined gross tariff impact on the top seven automakers from -¥3.47 trillion to -¥1.89 trillion. This would reduce the projected operating profit hit for FY3/25 from -47% to -25%.
The analysts said if the seven automakers (Toyota, Honda, Nissan, Subaru, Mitsubishi, Suzuki, and Mazda) offset 30% of the tariff burden through price hikes and cost savings, the net impact could fall to ¥1.32 trillion, or an 18% profit hit. If 60% of the impact were offset with price hikes, they said the negative profit impact could be reduced to just 10%.
“We believe that the negative impact of tariffs can be mitigated to some extent by raising US vehicle sales prices,” Yuzawa noted.
Stocks of the seven automakers have been battered since March 26, around the time President Trump intensified the trade war. For example, Toyota shares had fallen 14% in recent months, while Nissan dropped 27%, Subaru 15%, and Mazda 22%. However, much of those losses were reversed in Tokyo trading, with Toyota surging 14%, Nissan rising 8%, Subaru climbing 16%, and similar gains among peers.
Exhibit 1: Tariff negative impact likely to be alleviated
Exhibit 2: Expectations for mitigation measures
In addition to Japanese auto stocks, European autos lead. Here’s more from UBS:
Markets are led by Autos (SXAP up 4.1%) after the US and Japan agreed a trade deal with positioning also playing a role as consensus shorts outperform longs by about 1%.
Tailwinds from trade news are emerging as the meme stock craze erupts in the U.S. (we’ve got the names to focus on here)
end
JAPAN USA
Takeaways And Market Implications From US-Japan Trade Deal
Wednesday, Jul 23, 2025 – 10:00 AM
A Japan-US Trade Deal was announced late on Tuesday, with reciprocal tariffs lowered from 25% to 15%.
Japanese stocks got an additional boost from news that auto tariffs will also be 15%, down from 27.5%, sending Toyota on its best day since 1987. Equities rose over 3.5% with the TOPIX closing just shy of all-time highs. In rates, re-pricing for BoJ hikes sent JPY yields higher; 10y JGB reaching 1.6%. USDJPY initially moved lower but has creeped higher on news of PM Ishiba considering to step down from office. However, PM Ishiba has since denied these reports (unclear just how he plans on staying in power after this weekend’s catastrophic loss in the Upper House elections), which in turn hammered the USDJPY again.
Goldman Delta-One head Rich Privorotsky writes that Japanese autos surged double digits after the 15% tariff deal caught the market of, noting that guard (Polymarket had odds of a Japan deal by Aug 1 at ~20% ). In the context of 25% tariffs on Canada and Mexico, Rich thinks the market was “surprised Japan auto’s securing a more favorable status, even compared to what some U.S. automakers pay to import their own supply chains.” He adds that 15% Japan tariffs would have been unthinkable just months ago, but “now, Japan’s stock market is near all-time highs…art of the deal.“
“By accepting a diluted 15% tariff and pledging symbolic investment flows, Japan has offered a blueprint: concede just enough to defuse escalation without triggering deep structural reform,” said Charu Chanana, chief investment strategist at Saxo Markets.
Here are the main Takeaways:
- US Tariffs to Japan reduced from 25% to 15%. Japan is the 5th country the US has reached bilateral agreements with following UK (10%) , Vietnam (20%), Philippine (19%), and Indonesia (19%).
- Auto tariffs are included, reduced from 27.5% to 15%. Shares of auto companies soar higher having priced in much higher tariffs.
- White House say tariffs on drugs and chips to be negotiated separately, will not be worse than other trading partners
- Pricing for BoJ hikes returns – With the clearing of trade uncertainty and reduced tariff impact, markets are pricing for an earlier BoJ hike. Banks stocks move higher
- JPY Rates Front End – Yields surge on increased BoJ hike prospects. Further moves from here, however, would require higher terminal yields.
- JPY Rates Back End – Fiscal Concerns continue with reports of PM Ishiba stepping down. Weak demand for 40y JGB auction as expected as yields climb higher
- USDJPY – Rangebound with rates price action in driver seat. Two opposing factors looking to take control with Stronger JPY on trade agreement vs Weaker JPY on PM Ishiba stepping down seen intraday.
- JP Equities Themes: Exporters vs Domestic Demand, Defense Sector, Banks, and more…
Below we excerpt from a note published by Goldman’s trading desk focusing on the market reactions across different asset classes.
Japan Headlines: Tariffs Agreement, PM Ishiba stepping down (or not?)
Earlier today, it was announced that US Tariffs to Japan will be reduced from 25% to 15%. Japan is the 5th country the US has reached bilateral agreements with following UK (10%) , Vietnam (20%), Philippine (19%), and Indonesia (19%). Notably, this deal includes auto tariffs which go “from from 27.5% (existing tariff of 2.5% + additional tariff 25%) to 15% (existing tariff of 2.5% + additional tariff 12.5%)” and Japan will “invest ¥80 tn in the US, create hundreds of thousands of jobs in the US, and open up the country to trade in automobiles, trucks, and other US agricultural products.”
This agreement comes shortly after Japan’s Upper House Election over the weekend in which the ruling coalition (LDP + Komeito) lost its majority. Following the defeat, PM Ishiba had indicated his willingness to continue as prime minister, citing the importance of political stability whilst trade negotiations with the US were ongoing.
Source: Goldman
Following the trade agreement, multiple news outlets reported midday that PM Ishiba has decided to step down by the end of August. However, PM Ishiba later denied these reports stating there is no truth to the reports he will be stepping down, even though it is unclear how he can credibly remain in charge after the huge drubbing in the elections.
BoJ Hikes : Pricing Returns to Front-End Yields
With more clarity around US Tariffs on Japan and announced reduced tariff impact, markets are repricing for an earlier BoJ hike.
According to Goldman STIR trader, Hosik Moon, “[The] Tariff deal has come much earlier than market expected and 15% should be considered satisfying result comparing with other countries. This will potentially pull the timing of BOJ’s next hike earlier as the Trump Tariff has been the only reason that pushed the October hike consensus to January next year”.
Front-end pricing in JPY Rates has moved higher to reflect this shift in sentiment. 1y1y JPY OIS Swap has risen to 96bp while 2y1y is now at 107bp. Hosik notes that this coincides with levels that “are traded when terminal rate expectations are 1.25%-1.5%”.
Moving higher than these levels would require a repricing of terminal rate expectations.
Source: Goldman
JGB Curve: 40y Auction Low Demand, Curve Bear Flattening
The front-end of the curve led sell-offs on the resurgence of BoJ hiking bets. The belly and back-end of the curve also saw strong selling pressure as 10y JGBs reached 1.6%. The 40y JGB auction also took place today, resulting with the weakest demand since 2011 as supply-demand dynamics have deteriorated in the sector.
Given the Upper House Election results, fiscal expansion concerns will likely continue to drive back-end yields higher. Furthermore, as front-end pricing likely has reached the higher end of its range (that reflects terminal rate of 1.25%-1.5%), the curve can continue to steepen from here.
Goldman Japan rates strategist Sung Mo Koo highlights that “[a]s in Deputy Governor Uchida’s press conference today, the agreement contributes to lower uncertainty in Japanese economy and higher likelihood of achieving the 2% inflation target. Market should find better demand at current level for up to 10y sector, whereas the ongoing fiscal concern due to political uncertainty is likely to drive back-end yields higher. Ultra-long end sector has been supported by foreigners in CY2025 as their net purchase amount skyrocketed by more than sevenfold year-to-date, but such trend is unlikely to continue long term.”
Source: Goldman
USDJPY : Rangebound, Bouncing on headlines
USDJPY initially moved lower on the back of Japan-US Trade deal. However, headlines around PM Ishiba potentially stepping pushed the USDJPY back above 147. As a result, USDJPY has been stuck range bound in the 146-147 area.
Goldman’s FX trader Kentaro Kawahara chimes in and notes that USDJPY remains “in a range with the rates price action in the driver seat”. He sees both USD Rates and JPY Rates contributing to the current USDJPY move. In terms of the next catalyst, he notes PM Ishiba stepping down would contribute to fiscal concerns with the outcome dependent on who becomes the next PM. Given the Upper House Election results, fiscal expansion concerns will likely drive USDJPY higher.
At the moment however, more clarity is needed on the political front and USDJPY will remain range bound led by rate differentials.
Source: Goldman
JP Equity: All-time high and abundant with themes
The Topix is close to an all-time high while the Nikkei index closed 3.51% higher. Needless to say, the trade agreement provides a huge boost to Japanese corporations as trade related sectors receive a massive boost to their outlook.
According to Goldman Sales Trader Sophie Stanton, following the tariff announcements, themes around “Exporters vs Domestic Demand have surged”. Particularly, beneficiaries of this deal are “AUTOs with better than expected tariff rates (15%) & 15% YTD underperformance vs Topix (GSXAJPAM Index) and USD Earners (GSXAJPIN Index).” On the other hand, Inbound Tourism (GSXAJPTR Index) and Domestic Demand (GSXAJDCO Index) saw retracements as rotation into the prior themes took place.”
Source: Goldman
Sophie also highlighted that “Banks are finding bids after being ‘neglected’ as of late given the improved risk sentiment along with Semiconductors with relative underperformance following global peers”.
Source: Goldman
Another interesting theme that has emerged following the Upper House Election results is the decrease in defense spending. Enna Hattori (Equity Derivative Sales) writes that “[i]t’s difficult to ascertain where Nikkei goes in the event Ishiba resigns as the market is likely already pricing in the possibility to some degree. That said, the pocket of the market that is most likely to be impacted is Defense, given Ishiba’s support for defense spending. The sector remains well-loved, but a resignation could trigger an unwind either in the sector specifically or across MOMO more broadly.”
3C CHINA
CHINA/USA
Robert H to us:
What move is China plotting?
China has serious internal issues that it wants to remain hidden from focus. The best way is to deflect by finding an excuse that the world has bought into and using it to advantage. When you have a weakness exploit the weakness of an opponent. Xi Jinping: “If the international community continues to ignore what is happening in Gaza, China will find itself compelled to act in ways the West does not expect”
Chinese Foreign Minister: “The United States has lost its legitimacy to lead the world in the eyes of nations. It is no longer morally qualified to speak of values or peace while supporting genocide in Gaza.”
This is a real punch at US hegemony where opinion is not necessarily with either Israel or America. Today actions by any party looking to hold hegemony is subject to being manipulated for advantage. Even migrant issues in Europe are subject to exploitation for position on the chess board.
And none of this has anything to do with normal trade activities.
end
CHINA/USA
this is not good: the faster the USA finishes trade with China , the better
(zerohedge)
US Government Worker Blocked From Leaving China, State Department Confirms
Wednesday, Jul 23, 2025 – 10:15 AM
Authored by Frank Fang & Eva Fu via The Epoch Times,
China is preventing a U.S. Patent and Trademark Office employee from leaving the country, the U.S. State Department confirmed on July 21.
“We are tracking this case very closely and are engaged with Chinese officials to resolve the situation as quickly as possible,” the State Department told The Epoch Times in a statement. “The Department of State has no higher priority than the safety and security of American citizens.”
The employee, traveling “in a personal capacity,” was “made subject to an exit ban,” the agency said.
The statement confirmed a report by The Washington Post on July 20 that an American citizen working for the U.S. Commerce Department had traveled to China to visit family several months ago, citing unnamed sources familiar with the situation. The individual was barred from leaving China because he had failed to disclose his employment with the U.S. government on his visa application, the report said.
The U.S. Patent and Trademark Office is a federal agency under the Commerce Department.
The State Department currently maintains a “Level 2” travel advisory for China, urging travelers to “exercise increased caution” due to “arbitrary enforcement of local laws, including in relation to exit bans.”
The advisory explains that Chinese authorities may impose exit bans to compel the individual to cooperate with investigations, pressure family members of the targeted individual to return to China from abroad, influence the outcome of civil disputes in favor of Chinese citizens, and “gain bargaining leverage over foreign governments.”
Sen. Jim Risch (R-Idaho), chairman of the Senate Foreign Relations Committee, responded to the incident by reminding Americans that communist China doesn’t observe the rule of law.
“American companies and citizens traveling to China need to be aware of how the Chinese government uses arbitrary exit bans as a form of hostage diplomacy,” Risch wrote on X on July 21.
“For those seeking to do business with China, this is a reminder that rule of law does not exist there—and your safety is at risk.”
Speaking at a press briefing in Beijing on July 22, Chinese foreign ministry spokesperson Guo Jiakun declined to provide details about the U.S. government employee.
Rush Doshi, director of China Strategy Initiative at the Council on Foreign Relations, said the exit ban on the Commerce Department worker “is a deeply disappointing red flag for those traveling to China.”
“It chills vitally important people to-people ties,” Doshi wrote in an X post on July 21. “But the reality is that you too could be trapped—possibly for years—if Beijing decides it needs leverage in talks with the US.”
The Chinese Communist Party has previously been accused of engaging in hostage diplomacy, most notably in the case of two Canadians, Michael Spavor and Michael Kovrig, whom Beijing released in September 2021 after they had been detained for nearly three years.
In a report published in May 2023, Spain-based human rights group Safeguard Defenders estimated that “tens of thousands” of people were subject to exit bans in China. The figure did not include individuals prohibited from leaving the country due to their religion, such as Uyghurs and Tibetans, the rights group said.
On July 21, the Chinese regime announced that it had imposed an exit ban on Mao Chenyue, an Atlanta-based managing director at Wells Fargo, accusing the banker of being “involved in a criminal case.”
In response, Wells Fargo has suspended all travel to China.
Responding to an inquiry from The Epoch Times regarding Mao’s case, the State Department stated, “Due to privacy and other considerations, we have no further comment at this time.”
The timing of the two cases coincides with ongoing trade talks between Washington and Beijing. Last month, both sides reached an additional agreement following negotiations in Geneva and London.
4. EUROPEAN AFFAIRS
GERMANY/UKRAINE
Germany Agrees To Deliver 5 More Patriots To Ukraine, Which Will Take US Years To Replace
Wednesday, Jul 23, 2025 – 05:45 AM
In a major breakthrough and short-term diplomatic ‘win’ for the Zelensky government, Germany and the United States have agreed to supply Ukraine with five more Patriot air defense systems, German Defense Minister Boris Pistorius announced on Monday.
The defense chief revealed the move at the 29th meeting of the Ukraine Defense Contact Group, describing that the deal was finalized during his recent visit to Washington, where he met with US Defense Secretary Pete Hegseth. “We will coordinate closely in the coming days to determine how best to achieve this,” Pistorius confirmed.
He additionally affirmed that Germany will also provide air defense ammunition and fund Ukrainian-made long-range drones.
This is despite German government officials previously expressing alarm that the country’s remaining stocks were too low to support additional transfer; however Pistorious sought to address this elephant in the room by announcing the US has agreed to supply Germany with replacement systems originally ordered by Switzerland. Delivery is likely years away though.
“Delivery of the systems, worth billions of euros, to Switzerland was scheduled to begin in 2027 and be completed in 2028,” EuroNews emphasizes.
The German government has already sent three of its dozen Patriot batteries to Ukraine. Two more are currently stationed in Poland, and others are used for NATO operations and training. Germany currently only has six, Pistorius disclosed.
The announcement comes as Russia intensifies its long-range missile attacks on Ukraine, increasingly using ballistic missiles, which ironically is a threat that only the Patriot system is capable of effectively intercepting.
In the early hours of Monday, Russian strikes hit the Ukrainian capital, killing one person and injuring at least six others, according to local officials.
Other European countries, are also meanwhile digging deep to provide more support for Ukraine – amid reports that Washington has stepped back compared to the opening years of the war.
“As well as the contribution to the Patriots, Brekelmans said the Netherlands would also provide more missiles for Ukraine’s small operational fleet of F-16 fighter jets, more radars and counter-drone technology,” Newsweek details. “The Netherlands was one of four countries that pledged to deliver fourth-generation Western jets to Kyiv.”
END
GERMANY
the city of Bremen:
Most Dangerous City In Germany Is The One With The Most Migrants
Wednesday, Jul 23, 2025 – 03:30 AM
The highest crime rate of any German city is Bremen, and it just so happens that this city state also has the highest share of residents with an immigration background, at least compared to other states.
“Data from the Federal Criminal Police Office (BKA) now show that, relative to population, no major German city has a higher crime rate. 15,424 crimes per 100,000 inhabitants are the highest, ahead of Frankfurt am Main (14,600) and Berlin (14,252),” writes Weser Kurier.
The Free Democrats (FDP) recently labeled the city the “most dangerous city in Germany.”
Bremen clearly ranks first in terms of robberies, with 194 cases per 100,000 inhabitants.
In second place is Frankfurt am Main with 14,600 registered crimes per 100,000 inhabitants. Frankfurt was in first place last year.
In third is Berlin with 14,252 registered crimes per 100,000 inhabitants.
Bremen also tops the charts with theft statistics, with shoplifting and theft from vehicles also extremely high.
However, it should be noted that all of this data is for 2024, and already Bremen is seeing a decrease in some crimes this year, including a 20 percent drop in robbery so far in 2025. Critics also contend that Bremen’s crime rate, while still extremely high, is not actually the highest due to a backlog of cases being included in the 2024 statistics. Even if that backlog is removed, Bremen remains at the top of the list for a broad range of crimes.
No matter which way the data is analyzed, the share of migrants involved in crimes in Bremen still remains incredibly high.
In fact, non-German suspects are responsible for 73 percent of all crime in Bremen in 2024, compared to 57 percent in 2023.
As Buten an Binnen notes:
“Young men from Morocco, Algeria, Tunisia, Libya, and Syria stand out as suspected perpetrators. This group of people continues to be kept in mind, and many of the perpetrators have been imprisoned.”
What all Germany’s cities with the highest crime rates have in common is that they all have the highest shares of migrants in the country.
According to bpb, “the proportion of migrants in Bremen is very high, at 45.1 percent of the population. This makes Bremen the most migrant of all German states.”
Berlin and Bremen are unique in Germany, as they are both states and cities. However, among cities, Bremen still tops the list of one of the cities with the most foreigners as a percentage of the population, in close competition with Frankfurt.
There may be arguments that Bremen, Berlin, and Frankfurt are dangerous merely because they are cities. However, in Germany, there are some useful reference points. For example, Bremen and Dresden have nearly the same population size of around 500,000 people. Meanwhile, Dresden only features residents with a migrant background, numbering only 10 to 12 percent. The crime rate is drastically lower in Dresden, despite Dresden being in the much poorer eastern part of Germany.
END
EU//HUNGARY/UKRAINE
Orbán: 20% Of EU’s New 7-Year Budget Would Go To Ukraine, 10-12% Goes To Debt Repayments
The European Commission’s seven-year budget is already facing backlash, with Ursula von der Leyen’s request for €2 trillion from member states being slapped down by German Chancellor Friedrich Merz and other leaders.
One of the main voices against the budget is Hungarian Prime Minister Viktor Orbán, who says it is designed to bring Ukraine into the EU as a member and hand Kyiv billions of euros.
“If we look only at financial aspects, we should see that in addition to the 20-25 percent of budget resources allocated to Ukraine, 10-12 percent of previously taken out loans go to loan repayments,” said Orbán in an interview with Kossuth Radio’s “Good Morning, Hungary” program.
Adding up money to Ukraine and debt repayments, 30 percent of the budget goes to areas that were not included in the previous seven-year budget, said the Hungarian prime minister.
“That’s why everyone in the European Union is shouting,” he added.
“The budget is a great science to understand, you have to be able to read not only what is written in it, but also what is hidden behind the lines,” Orbán said.
The Hungarian prime minister said the problem with the budget is that it does not have a clear strategic basis.
“If we do not know what it is for, then it cannot be good, because we must first answer what goals we want to achieve with it,” he said.
As far as Orbán is concerned, the main goal of the budget is to admit Ukraine into the EU.
“The EU budget has only one obvious purpose: to bring Ukraine into the EU, and these funds are transferred to Ukraine,” he said.
According to the prime minister, the right move would be not to accept the Ukrainians but to instead develop a kind of cooperative relationship with them.
He also said that not only is there uncertainty about Ukraine, but money is also being lost for agriculture. The prime minister asked the question: “What will happen to farmers if the EU does not support them in the future?”
The budget will not survive
According to Orbán, this budget will not survive, with EU countries lining up to reject it. This may be much more than bravado, as it is widely reported at the moment that a number of key EU leaders are coming out against the budget, most notably German Chancellor Friedrich Merz.
“A comprehensive increase in the EU budget is unacceptable at a time when all member states are making considerable efforts to consolidate their national budgets,” said Stefan Kornelius, spokesperson for Merz’s government. “We will therefore not be able to accept the Commission’s proposal.”
A path forward will not be easy, as Orbán notes that any EU budget agreement requires unanimous approval from all member states.
Given that the Commission is trying to tie rule-of-law sanctions to a variety of expanded areas, which countries like Hungary, Poland, and Slovakia are certain to reject, negotiations are expected to be intense.
During the last seven-year budget, many conservatives and those on the right criticized the previous Orbán government and their then Polish conservative allies for agreeing to the rule-of-law sanctions in exchange for signing off on the budget. The move turned out to be a bad one for Hungary, Poland, and other sovereignist-minded political parties. The EU froze tens of billions for both nations, and for Poland, only unfroze the money once the left-liberal Tusk government came to power. For Hungary, approximately €10 billion still remains frozen.
end
ROMANIA/RUSSIA/ISRAEL
ROMANIA buying $2.3 billion of anit aircraft systems as they seem to be worried about Russia
(zerohedge)
Romania Strong-Armed Into Buying $2.3 Billion Israeli Anti-Aircraft Systems
Wednesday, Jul 23, 2025 – 04:15 AM
Having managed to derail populist, NATO-skeptical presidential candidates through a variety of extraordinary means, Romania — bowing to pressure from NATO and President Trump — announced it will spend $2.3 billion on Israeli anti-aircraft systems to fend off the supposed Russian menace.
The big-ticket, Israel-benefitting purchase comes even as Romania is poised to impose dramatic austerity measures to address its deteriorating financial condition. Romania’s 2025 deficit will be the largest in the country’s history. At roughly 9% of GDP, its deficit is also the EU’s highest by that measure. The alarming numbers have triggered reprimands from the European Commission, which asked Romania to bring its deficit down to 2.8% of GDP by 2030. At last month’s NATO summit, the organization’s members bent to Trump’s long-running demands, agreeing to more than double their targeted military spending — from 2% of GDP to 5% — by 2035.
Working hard to rationalize the outlay, Reuters’ report on the Israeli deal notes that Romania “has had Russian drone fragments fall in its territory repeatedly over the past two years.” The Times of Israel bolstered the narrative with a headline claiming “Romania [is] on edge over Russia.”
Last year, Romania seemed poised to elect the deeply NATO-skeptical populist Calin Georgescu, who won the first round of Romania’s two-round presidential election. Citing supposed Russian interference, the country’s Constitutional Court threw out the election and ordered it to be started anew. In a May triumph for the EU establishment, centrist Bucharest mayor Nicusor Dan prevailed.
Romania’s pending redistribution of $2.3 billion of its wealth to Israel’s booming arms industry comes as the government is poised to unleash drastic austerity measures that are certain to stoke resentments. Potential moves include firing 20% of the country’s civil service workers, increasing value-added taxes, and increasing taxes on profits and dividends from 10% to 16%. “This correction is so extensive, so far-reaching, that pain cannot be avoided,” former finance minister and current head of the Romanian Fiscal Council Daniel Daianu told Politico.
Meanwhile, Romania will shower $2.3 billion on an Israeli arms industry already enjoying record revenues. Hitting a new high for the fourth consecutive year, Israeli weapon sales totaled just under $14.8 billion in 2024. European customers accounted for 54% of exports, the Times of Israel reports.
Under the new arms agreement, Romania will buy short-range and very-short-range anti-aircraft systems from Israel’s Rafael Advanced Defense Systems, with contracts encompassing training, logistical support and ammunition. The first two V/SHORAD systems will be delivered within three years of the contract’s signing, which is expected this fall. The Defense Post reports that Rafael submitted its SPYDER missile systems in the bidding competition. Rafael defeated South Korea’s LIG Nex1, European multinational MBDA and Germany’s Diehl Defence.
Too many conservative Americans clap like seals when Trump demands that European countries spend more money on “defense” — seemingly oblivious to the fact that higher defense spending by European governments is not geared to achieving lower defense spending by the US government. Indeed, in a matter of several weeks during his new term, Trump went from oratorically aspiring to partner with Russia and China to cut the three countries’ military budgets in half, to enthusiastically announcing his approval of a Pentagon request to lift spending to a record $1 trillion.
Fittingly, Trump did so in an Oval Office session with Israeli Prime Minister Benjamin Netanyahu at his side. Turning to the man who would soon drag Trump into a war on Iran launched on false claims about Iran’s nuclear program, Trump said, “You’ll like to hear of this.”
end
UK/SPAIN
Thanks to Robert H for sending this to us;
Serious problems in England …no wonder all hell is breaking out
Capital is running not walking away … Spain is not much better.
https://youtu.be/2tMkNj8EZII?si=fSU5JZzhsMgCg81q
END
FRANCE/.
HUMOUR TO THE HIGHEST DEGREE:
I would love to be a fly on the wall when this case goes to trial:
Macron Sues Candace Owens For Defamation For Claiming His Wife Is A Man
Wednesday, Jul 23, 2025 – 02:25 PM
French President Emmanuel Macron and First Lady Brigitte Macron launched legal proceedings against conservative podcaster Candace Owens in a Delaware court, seeking damages for what they characterize as a sustained defamation campaign targeting the French president’s wife.
The 218-page complaint, filed Wednesday in Delaware’s Superior Court where Owens’ company is incorporated, encompasses 22 counts including defamation, false light invasion of privacy, and defamation by implication.
The lawsuit centers on Owens’ repeated claims across multiple platforms that Brigitte Macron was born male, claims the Macrons’ legal team describes as “outlandish, defamatory, and far-fetched fictions.” The conservative commentator has disseminated these allegations through social media posts and an eight-part YouTube series titled “Becoming Brigitte,” which the plaintiffs allege has generated significant online harassment.
Tom Clare, the Macrons’ high-profile attorney, said the case is a straightforward defamation in a statement accompanying the filing. “Relying on discredited falsehoods originally presented by a self-proclaimed spiritual medium and so-called investigative journalist, Ms. Owens both promoted and expanded on those falsehoods and invented new ones,” Clare said.
The legal filing indicates the Macrons’ representatives made multiple requests for retractions before pursuing litigation. In a joint statement, the presidential couple said they concluded that “referring the matter to a court of law was the only remaining avenue for remedy” after Owens allegedly “systematically reaffirmed these falsehoods.”
Owens has maintained her position despite calls for retractions, declaring in a 2024 social media post that she would “stake my entire professional reputation on the fact that Brigitte Macron is in fact a man.”
The French first couple has consistently disputed these claims, citing official birth records. The lawsuit alleges the false statements have resulted in “relentless bullying on a worldwide scale” and caused “tremendous damage” to their reputations.
BCC Communications, the public relations firm representing Owens, told Mediaite that the podcaster would address the lawsuit during her program Wednesday.
The U.S. lawsuit follows mixed results for the Macrons in French courts addressing similar allegations. On July 11, a Paris appeals court overturned lower court convictions against two French women who had made comparable claims about the first lady’s gender identity.
The appellate ruling reversed a September 2023 decision that had ordered defendants Amandine Roy, a self-proclaimed spiritual medium, and Natacha Rey, a self-described independent journalist, to pay €8,000 in damages to Brigitte Macron and €5,000 to her brother. The women had produced a four-hour YouTube video in December 2021 promoting theories that Brigitte Macron was previously known as Jean-Michel Trogneux.
The appeals court determined the defendants had acted in “good faith” despite making false claims, including allegations of “grooming a minor.” The decision eliminated their financial liability.
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS
SUMMARY OF THE LAST 24 HRS
end
ISRAEL VS IRAN
(JERUSALEM POST)
they are probably correct
Iranian officials claim Israel behind series of mysterious fires, explosions – report
Iranian authorities are hesitant to openly accuse Israel of involvement, fearing it could force them into a position where they would have to retaliate, according to the report.
Smoke rises up in a unit of the Abadan oil refinery in southwestern Iran, July 19, 2025.(photo credit: Farid Hamoudi/Fars News/WANA (West Asia News Agency) via REUTERS)ByJERUSALEM POST STAFFJULY 23, 2025 09:18Updated: JULY 23, 2025 09:53
Iranian officials quietly claim that many of the recent mysterious explosions and fires that have broken out in the last two weeks were acts of sabotage by Israel, The New York Times reported on Wednesday.
The Islamic Revolutionary Guard Corps (IRGC) and the Iranian government officials believe these acts of sabotage come directly from Israel, but, according to the report, are not permitted to discuss it publicly. In public, officials have claimed the events are coincidences or attributed them to old infrastructure.
NYT cited three Iranian officials, including a member of the IRGC, who said they believe that many of the fires were “acts of sabotage.” However, the officials did not provide evidence to back up suspicions, and NYT noted that officials who spoke publicly blamed gas leaks, garbage fires, and old infrastructure for the explosions.
Iranian authorities are hesitant to openly accuse Israel of involvement, fearing it could force them into a position where they would have to retaliate, according to the report.
Mahdi Mohammadi, the senior advisor to Iran’s head of Parliament, said, “If anyone thinks we are dealing with linear events that we can predict, they are naïve, We are not even in a cease-fire now; we are in a fragile suspension, and any minute it can end, and we are back at war.”
The report also cited a European official, who spoke on the condition of anonymity and who deals with Iranian affairs, and he also believed that the attacks were sabotage and suspected Israel was behind the fires.
Mossad says they will continue to operate in Iran
These claims follow the 12-day war between Israel and Iran, including the Mossad’s promise to continue intelligence operations within Iran, leading regime officials to believe Israel is behind the incidents.
Mossad chief David Barnea, in a rare public address following the war with Iran, said, “We will be there, just as we have been up to now.”
A Persian-language X/Twitter account that styles itself as Israel’s Mossad, but has never been publicly acknowledged by the agency, addressed the explosions in a post.
“Explosion after explosion. Someone needs to check what’s going on there. Too many random incidents are happening.”
end
(SAME STORY AS ABOVE; ZEROHEDGE)
Iranian Officials Fear Israeli Sabotage with Spate Of Mystery Fires, Explosions
Wednesday, Jul 23, 2025 – 03:45 PM
A month after the Trump-declared ceasefire between Iran and Israel which ended the 12-day war, officials in Iran are increasingly concerned that Israeli intelligence may be engaged in covert sabotage operations on Iranian soil.
Iran has for over two weeks been experiencing a wave of unexplained fires and explosions, occurring almost daily, and sometimes multiple times a day. While Iranian authorities have officially publicly blamed these incidents on outdated gas infrastructure, industrial accidents involving improper handling of gas containers, or faulty water heaters and electrical wiring, many within Iran’s leadership privately suspect Israeli involvement, according to The New York Times.
“For more than two weeks, mysterious explosions and fires have erupted across Iran, setting ablaze apartment complexes and oil refineries, a road outside a major airport and even a shoe factory,” the Times report begins.
The issue of ageing infrastructure, also after years of US-led sanctions, has been widely blamed – but “in private, three Iranian officials, including a member of the country’s powerful Islamic Revolutionary Guards Corps, said they believed that many of them were acts of sabotage.”
For another example offered in the Times:
Publicly, Iran has sought to explain away the fires. In some cases, such as the blaze in northeast Iran near Mashhad International Airport, Iranian officials said they were conducting “controlled burning of weeds,” and they attributed a fire in Tehran to a garbage fire.
Yet another strange occurrence involved explosion in an empty residential building in Tehran which injured seven people; however, follow-up official reports from state media and the Tehran Fire Department kept hidden the identities of the injured. This raised questions: was it a covert targeted attack on government or military officials?
Other recent fires in Tehran have just been written off in state sources as typical gas explosions or gas-related accidents. The city’s fire department has referenced “worn-out equipment, the use of substandard gas appliances and disregard for safety principles” – in recent instances.
And for further examples which seem straight out of a Hollywood spy thriller:
In Qom, one apartment building looked as if a bomb had ripped through it. Walls of a first-floor unit were brought down, their windows shattered. A yellow taxi parked on the street was crushed under rubble, according to videos of the blast published on social media and BBC Persian. The force of the blast, which injured seven people, covered the entire surrounding block in debris.
The unit that exploded, two of the Iranian officials told The New York Times, appeared to have been rented by operatives who had left the building after turning on the stove and oven gas, as if to deliberately spark a blaze.
Another potentially similar case was an explosion in a high-rise compound in Tehran, which offers discounted housing to employees of the judiciary. The explosion blew out walls and windows. The three Iranian officials said they believed that saboteurs might have wanted to stoke panic among judges and prosecutors that they could be targeted, similar to the way Israel previously attacked scientists involved in Iran’s nuclear program.
Iranian citizens who live in central Iran in the vicinity of missile bases and nuclear facilities are feeling “scared and paranoid” as a result of both the recent war and the spate of mystery explosions.
Some believe these are Israeli-sponsored operations aimed at dialing up the pressure on Iranian leadership, even as the ceasefire holds.
It is now well-documented that many of the Iranian scientists and military officials killed last month were assassinated in operations conducted from within Iran. As Israel sent warplanes over the skies, intelligence ground ops were unleashed, involving car bombings, drone attacks, and sabotage bombings.
Wednesday has seen another fire breaking out in central Iran, reportedly at Isfahan University of Technology…
This doesn’t mean these operations were done directly by Israeli officers, instead it’s believed that Mossad has a network of Iranian assets, particularly among the outlawed People’s Mojahedin Organization of Iran (MEK) – which is currently based in Europe and has long sought to topple the Islamic Republic.
The MEK has also long enjoyed the political backing of powerful US officials, and is known have conducted assassinations of Iranian figures in the past. Some MEK members are Iranian citizens, which would allow them ease of getting in and out of the country – something Israelis could not do.
IRAN/ISRAEL
(ZEROHEDGE)
Iran’s President ‘Ready’ For War With Israel, Will Not Halt Nuclear Program
Wednesday, Jul 23, 2025 – 11:45 AM
Iran’s President Masoud Pezeshkian has said his country is remains prepared and vigilant for any war Israel might launch against it, while conveying that he is not optimistic about the ceasefire continuing to hold.
“We are fully prepared for any new Israeli military move, and our armed forces are ready to strike deep inside Israel again,” Pezeshkian told Al Jazeera in a fresh interview. He emphasized that Iran’s nuclear program will continue, but asserted it is only for peaceful nuclear energy purposes.
“We are not very optimistic about it,” Pezeshkian said of the ceasefire which ended the 12-day war in June, which also saw America’s involvement at the tail-end. “That is why we have prepared ourselves for any possible scenario and any potential response. Israel has harmed us, and we have also harmed it. It has dealt us powerful blows, and we have struck it hard in its depths, but it is concealing its losses.”
He described Israel’s strikes as having sought sought to “eliminate” Iran’s hierarchy – including slain nuclear scientists, military leaders, and some top officials – “but it has completely failed to do so”.
The Iranian leader said that continued uranium enrichment would development of its nuclear abilities would be carried out “within the framework of international laws” – despite opposition from most international powers.
“Trump says that Iran should not have a nuclear weapon and we accept this because we reject nuclear weapons and this is our political, religious, humanitarian and strategic position,” Pezeshkian said.
“We believe in diplomacy, so any future negotiations must be according to a win-win logic, and we will not accept threats and dictates.”
And that’s when he issued his most directly challenging words to Trump yet, saying “that our nuclear program is over is just an illusion” while emphasizing “Our nuclear capabilities are in the minds of our scientists and not in the facilities.”
According to President Trump’s latest words on the matter, revealed in a Monday night Truth Social post, he’s ready and willing to order the US military to bomb Iran’s nuclear facilities again “if necessary”.
“Of course they are [destroyed], just like I said, and we will do it again, if necessary! As interviewed by Bret Baier,” Trump said in reference to Iranian Foreign Minister Abbas Araghchi having told Baier earlier that day that the nuclear sites were “very severely” damaged and “destroyed” by the US strikes.
Key clip from the FOX interview of the Iranian top diplomat’s words:
“Fake News CNN should immediately fire their phony ‘reporter’ and apologize to me and the great pilots who ‘OBLITERATED’ Iran’s nuclear sites,” Trump added, referring to a report that said US intelligence assessed the US airstrikes merely set back the program by a few months.
To some degree the Iranians could simply be playing Trump’s game in signaling to the US what he wants to hear. Even if the Islamic Repoublic’s nuclear sites were not fully and truly destroyed, it remains in Tehran’s best interest right now to present it as if it is so, regardless.
END
ISRAEL VS HAMAS
Israel denies Gaza famine claims, says aid is entering Strip but not being distributed
950 aid trucks waiting on Gaza side of border, COGAT says, blaming UN bottleneck; offical says ‘we have not identified starvation,’ Hamas exploiting humanitarian situation to pressure hostage talks
By Emanuel Fabian FollowToday, 10:03
Aid awaits collection on the Palestinian side of the Kerem Shalom Crossing with the Gaza Strip, in a handout photo issued on July 21, 2025. (COGAT)
Amid claims by the Hamas terror group of unprecedented starvation in the Gaza Strip in recent days, a senior Israeli security official said Tuesday that the military had not identified famine, while stressing that actions need to be taken to “stabilize the humanitarian situation.”
The official, speaking with reporters on condition of anonymity, acknowledged that recently there has been a significant drop in the amount of aid reaching Palestinians in the Strip, but blamed United Nations bodies for not collecting and distributing the food and supplies.
The Coordinator of Government Activities in the Territories (COGAT), the Israeli military and Defense Ministry body responsible for coordinating aid deliveries to Gaza, said that some 950 trucks worth of supplies are waiting to be collected by the UN from the Palestinian side of the Kerem Shalom and Zikim crossings.
The official said that, on its own, the aid currently waiting at the crossings for collection was enough to supply the Strip’s food needs for two and a half weeks.
“We have not identified starvation at this current point in time, but we understand that action is required to stabilize the humanitarian situation,” the official said, adding that there may be difficulties with accessibility to food in some areas, which he said was an issue that needs to be solved.
The determination came following a “deep assessment” of the humanitarian situation in Gaza held by COGAT, he said.
According to the official, there were no issues with the aid reaching the crossings and entering Gaza, but the main bottleneck was the distribution itself. During the recent meetings, the official said it was agreed that the UN would distribute 70-80 trucks on Tuesday, but in practice, only 30 were taken in.
The UN has repeatedly claimed that COGAT has refused its requests for collection and distribution authorization, and that dangerous and complex conditions inside Gaza made aid distribution very difficult.
According to the UN, Israel’s restrictions and permit rejections are the reason for the mounting stockpiles of aid at the crossings, as aid organizations are regularly barred from transferring aid to warehouses and distribution sites. Convoys that don’t coordinate their travel with Israeli authorities and do not have hard-to-obtain approvals come under deadly IDF fire.
The official said that the UN has made requests that COGAT cannot agree to concerning the deliveries, such as demanding that Hamas police escort the convoys, or that they be allowed to bring in communication devices that Israel fears could end up in the terror group’s hands.
Palestinians carry sacks of humanitarian aid unloaded from a convoy of trucks that were heading to Gaza City, in the northern Gaza Strip, July 20, 2025. (AP Photo/ Jehad Alshrafi)
Regarding the famine claims, the official said that Hamas was taking advantage of the humanitarian situation in Gaza and carrying out a propaganda campaign as part of a pressure tactic amid the ongoing hostage negotiations. “This is a cynical and timed move aimed at creating international pressure on Israel,” the official said.
Hamas’s health ministry on Tuesday said that hospitals in Gaza had recorded 15 deaths, including four children, “due to famine and malnutrition” in the previous 24 hours, adding that it brought the total number of cases since the beginning of the war to 101, “including 80 children.”
The official said Israel can determine that there is no widespread famine in Gaza based on how much aid was reaching Gazans, saying, “We know the calorie value of each truck that enters, and how many people it is enough for.” The official said COGAT had also spoken with Palestinians involved in distributing the aid, and obtained other intelligence indicating there is no famine.
In the past two months, some 4,500 trucks of aid have entered Gaza, according to COGAT. Half of those trucks have headed to the Gaza Humanitarian Foundation aid distribution sites, and the other half were taken to warehouses belonging to the UN and other approved aid organizations. In the past month, an average of 71 trucks entered Gaza each day, COGAT said.
Still, the official said that nearly all of the aid trucks heading to the aid organization warehouses were looted by Gazan mobs, not Hamas.
Since the resumption of aid deliveries to Gaza on May 19, after a pause that started on March 2, Israel has established a new mechanism to prevent aid trucks from being taken over by Hamas, the official said.
The mechanism only allows for international aid bodies that are registered with Israel’s Diaspora Affairs Ministry to bring aid into Gaza, after rigorous security checks at the border crossings. The mechanism also places sanctions on aid groups and individuals who do not abide by Israel’s requirements.
The official said Hamas was trying to do everything it could to undermine the new aid mechanism, including the GHF distribution sites. International organizations have said that Israel’s refusal to name a viable governing alternative to Hamas has created a chaotic and desperate situation on the ground that has significantly marred aid distribution.
The US- and Israel-backed GHF system, which has been delivering aid in Gaza over the past two months under a mechanism aimed at diverting Hamas theft, has been plagued with problems.
The United Nations said Tuesday that more than 1,000 Palestinians have been killed by Israeli forces while trying to access food in Gaza since the GHF started aid distribution operations, apparently citing Hamas figures.
Israel has admitted to firing shots toward crowds of Palestinians approaching troops, but claims casualty figures are inflated, without presenting alternative tolls.
Palestinians carry humanitarian aid packages near the Gaza Humanitarian Foundation distribution center operated by the US-backed organization in Khan Younis, southern Gaza Strip, Thursday, June 26, 2025. (AP Photo/Abdel Kareem Hana)
In addition to near-daily deadly shootings, it has forced Palestinians to walk long distances while crossing IDF lines to pick up aid. The GHF has also not been vetting the thousands of aid recipients picking up boxes of food, due to the utterly chaotic situation at distribution sites, so there is no way to confirm the humanitarian assistance is reaching its intended recipients. Hamas has come out strongly against the GHF, warning civilians not to cooperate with the organization.
On Monday, over two dozen Western countries called for Israel to immediately end the war in Gaza and criticized what they described as “inhumane killing” of Palestinians, saying it was “horrifying” that civilians were being killed while seeking aid.
ISRAEL VS HAMS
July 23, 10:54 PM
‘Not serious’: Hostage deal mediators refuse to pass Hamas’s response on to Israel
HAMAS TERRORISTS keep guard on the day Hamas handed over deceased hostages, in Khan Yunis, Feb. 20, 2025.(photo credit: REUTERS)
Hostage, ceasefire deal mediators refused to pass on Hamas’s response to Israel’s new proposed deal on Tuesday, saying that it was not a serious answer, two sources familiar with the details told The Jerusalem Post.
Hamas delivered its response to the mediators on Tuesday, but the mediators made it clear they would not pass it on to Israel. Their message to senior Hamas officials during the meeting was: “This is not a serious response. Go back and draft a new one.”
This is a developing story.
end
ISRAEL VS WEST BANK
Israel approves declaration measure for sosvereignty over the West Bank. They will now
rename the areas, Judae and Sumaria, their former biblical names
(JerusalemPost)
Knesset approves declaratory measure to apply Israeli sovereignty to West Bank
According to Israeli law, the current status of the territories it captured from Jordan in the Six-Day War, save for east Jerusalem, is that of a “temporary belligerent occupation.”
Jewish settlers set up tents and Israeli flags outside the village of Bruqin, west of Salfit, in the northern West Bank, May 23, 2025.(photo credit: NASSER ISHTAYEH/FLASH90)ByELIAV BREUERJULY 23, 2025 16:27Updated: JULY 23, 2025 18:52
The Knesset approved a declaratory measure on Wednesday in support of “applying Israeli sovereignty to Judea, Samaria, and the Jordan Valley” following a long debate in the plenum.
The vote passed by a large margin, 71-13.
“The Land of Israel belongs to the people of Israel – yesterday, today, tomorrow, and forever,” chair of the Constitution Law and Justice Committee MK Simcha Rothman (Religious Zionist Party) told the Knesset after the vote was passed.
“For many painful years, both the State of Israel and the international community were misled by ‘The PLO’s Phased Plan’ for the destruction of Israel,” he said, describing efforts to create a Palestinian state in the territory of the West Bank. “From the days of the Oslo Accords, through the Disengagement from Gush Katif and Northern Samaria, and via various diplomatic initiatives, the notion of establishing a terror state in the heart of our land loomed dangerously.”
The vision of a Palestinian state has been removed from the national and international agendas through this Knesset vote.
The vote was categorized as a “debate on a topic that the Knesset decided to place on the agenda,” and did not have any operational or legislative consequences.
The proposal, by Rothman, Dan Illouz (Likud), and Limor Son Harmelech (Otzma Yehudit), did not include an accompanying text, such that the only content was the aforementioned headline.
According to the text of the proposal, “The regions of Judea, Samaria, and the Jordan Valley are an inseparable part of the historical homeland of the Jewish people. In light of the events of October 7 and the broad national consensus opposing the idea of establishing a Palestinian state, there is a growing understanding of the need for a strategic, moral, and security-driven initiative to secure our future in this land.”
“The application of Israeli sovereignty over these areas would symbolize the State of Israel’s commitment to the Zionist vision, to strengthening Jewish presence in the homeland, and to protecting its citizens. Such a move would make clear to the world that Israel will not accept solutions involving dangerous territorial concessions and that it remains committed to its future as a secure Jewish state,” the proposal concluded.
In his speech during the opening of the debate Illouz said in English, “Today for the first time ever the Israeli Knesset is expressing support for sovereignty in Judea and Samaria. Judea and Samaria are not bargaining chips – they are the heart of our ancestral homeland.” According to Illouz, the decision would lead to “victory … and lasting security in the Middle East and across the world.” According to Illouz, “Nations respect those who stand for their values. I call for sovereignty now … without hesitation,” Illouz said.
Opposition Leader MK Yair Lapid said in a statement at the start of the debate, “The coalition’s attempt to inflate a procedural motion—an event with no legal significance—is a pathetic and ridiculous effort to divert attention from the political reality that tonight, Netanyahu will dismiss the chair of the Foreign Affairs and Defense Committee in the midst of a war, simply because he refused to promote draft evasion. It won’t help them. The disgrace is theirs to bear.”
According to Israeli law, the current status of the territories it captured from Jordan in the Six-Day War, save for east Jerusalem, is that of a “temporary belligerent occupation,” and the legal governor of the territories is the IDF’s OC Central Command.
During the Oslo Accords signed between Israel and the Palestinian Authority in the 1990s, the territories were split into three different designations – Area A, chiefly Palestinian towns and cities, which are under full security and civilian control of the PA; Area B, which is under Israeli security control but Palestinian civil control; and Area C, which is under Israeli security and civilian control.
Half a million Israeli settlers live in the West Bank
Israel’s approximately 500,000 settlers reside primarily in Area C. Israel views the majority of its settlements as legal under domestic law, built on state land and according to legally viable government decisions.
A majority of international organs view the settlements as a violation of Article 49 of the Fourth Geneva Convention, which outlaws settling civilians in conquered territory. However, Israel has argued in its defense that Israeli citizens were neither deported nor transferred to the territories, and that the territory is not occupied since there had been no internationally recognized legal sovereign prior. In 2024 the International Court of Justice issued an advisory opinion that Israel’s presence in the West Bank itself was no longer temporary and therefore unlawful.
SYRIA
RUSSIA VS UKRAINE
SPECIAL THANKS TO ROBERT H FOR SENDING THIS TO US:
TOTAL NUCLEAR WAR: 5,580 Nukes on Standby — Russia Declares National Threat After Trump’s Latest Move Opens the Door for NATO to Flood Ukraine With U.S. Weapons – OpposeZones
Do you know that the US transferred nuclear bombs to England within the last week from the US? Something not done in decades.
Everything today is watched and fed into computers for input.
The public is blind to the rising threats. And one wrong move can cause tremendous harm.
6. GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUES
Florida Surgeon General Highlights Vaccine Injuries, Calls On NIH To Act
Tuesday, Jul 22, 2025 – 03:40 PM
Authored by James Lyons-Weiler via The Brownstone Institute,
At a press conference at Florida State University in Tampa, Florida, Florida Surgeon General Dr Joseph Ladapo made an urgent call for the NIH program funding to help Americans injured by Covid-19 vaccines and expressed support for the May federal changes in the HHS’s restrictive Covid-19 vaccine recommendations.
Florida Surgeon General Joseph Ladapo, M.D. Ph.D., Dr. Pierre Kory, M.D., (right) and Dr. Joel Wallskog, M.D. (left). Photo credit: Michael Pierce, D.O.
On the Ground in Tampa: What Ladapo Really Said
I was invited to Florida Surgeon General Dr. Joseph Ladapo’s press conference in Tampa on July 17, 2025. In contrast to how some mainstream outlets later portrayed it, the event centered on a call to recognize and research Covid-19 vaccine injuries, rather than a mere anti-vaccine screed. Dr. Ladapo – a physician and Florida’s top health official since 2021 – emphasized the urgent need to support those suffering adverse effects from mRNA Covid-19 shots. He praised recent federal moves to scale back mRNA vaccine recommendations for certain groups, but went further by asserting that these products “should not be used in any human beings,” given their safety profile. From my front-row perspective, Dr. Ladapo’s tone was measured yet resolute. He recounted how unusual it is, in his experience, to encounter so many post-vaccination issues. “When was the last time that you had a vaccine that literally almost every single person knows someone who had a bad reaction from it?” Ladapo asked pointedly.
Before the Covid era, he noted, he never personally knew a patient who was clearly vaccine-injured. “Now,” he continued, “there are very few people that I run into who either themselves have not had a bad reaction from these mRNA Covid-19 vaccines, or who don’t know someone who’s had a bad reaction.”
This was a striking report that hung in the air – one supported anecdotally by nods from some attendees sharing their own stories. Dr. Ladapo stressed that adverse reactions have become distressingly commonplace, and he even bluntly called the Covid shots “terrible vaccines” as a result.
Dr. Ladapo’s Call to Action: Fund Research and Care for the Vaccine-Injured
Rather than simply condemning the vaccines, Dr. Ladapo dedicated much of his speech to advocating for the victims of vaccine injury. He applauded Health Secretary Robert F. Kennedy Jr.’s May announcement removing mRNA Covid-19 shots from recommended use in healthy kids and pregnant women – a policy Florida itself adopted earlier.
But crucially, Dr. Ladapo said this must be followed by concrete support for those already harmed. He called on federal agencies, especially the National Institutes of Health (NIH), to expand their research into vaccine injuries and long-term post-vaccine complications. “Today, I want to call on the federal government, [on] NIH, to expand the work that they are doing in long Covid to genuinely and wholly include vaccine-injured people – specifically, people who have been injured by mRNA Covid-19 vaccines,” Dr. Ladapo urged. In his view, resources devoted to “long Covid” should equally address post-vaccine syndromes, which many believe share overlapping symptoms and mechanisms. He outlined areas where federal leadership is needed: funding clinical care for vaccine injury patients and scientific studies to understand and mitigate these conditions.
“We need to study this better,” he insisted, “We need to fund physicians who are caring for these patients clinically and who are doing scientific work in this area.”
The Surgeon General’s message was clear: people suffering adverse effects – whether myocarditis, neurological issues, autoimmune reactions, or other chronic post-vaccine syndromes – deserve acknowledgment and a commitment of research dollars toward treatment and recovery. Florida’s stance, as presented by Dr. Ladapo, is that public health authorities have a responsibility to those individuals, just as much as to those affected by Covid-19 itself. It’s worth noting that Dr. Ladapo’s own background as a physician informed his plea. He remarked that since receiving his M.D. in 2008 and treating countless patients, he had never encountered the volume of serious vaccine-related injuries that he sees now.
Real-world observation aligns with reports from other doctors now specializing in Covid vaccine injury. This formed the basis of his argument that federal health agencies must take action: the scale of the issue appears unprecedented and thus demands urgent attention. Key points from Dr. Ladapo’s address:
mRNA Vaccine Guidance: He praised the revised federal guidance (announced by RFK, Jr. at HHS) that no longer recommends mRNA Covid-19 vaccines for healthy children and pregnant women, noting Florida led on this policy years prior.
Dr. Ladapo expressed hope that this would lead to even broader caution. “These products…should not be going into human beings,” he said bluntly.
Widespread Adverse Reactions: Dr. Ladapo reported that adverse reactions from the Covid shots are far more common than any previous vaccine, to the point that “almost everyone” knows someone who suffered a bad reaction.
He cited his own clinical experience to illustrate an alarming frequency of vaccine injuries ranging from cardiac events to autoimmune conditions.
NIH’s Role: A major call to action was directed at the NIH and federal research programs. Dr. Ladapo urged that ongoing Long Covid studies be expanded to fully include Covid vaccine injury cases – integrating those patients into research cohorts and data collection.
This would help determine mechanisms and potential remedies for post-vaccination syndromes.
Support for Patients and Doctors: Dr. Ladapo emphasized the need to fund physicians and clinics caring for vaccine-injured patients, as well as basic research. In practice, this could mean grant programs for studying treatments (for example, therapies to mitigate spike protein-related pathology) and establishing specialized centers of excellence for post-vaccine injury care.
Such support is currently lacking at the federal level.
Media Spin vs. What Was Actually Said
Despite the substance of Dr. Ladapo’s remarks focusing on research and patient welfare, coverage in many mainstream media outlets largely framed the press conference as Florida doubling down on an “anti-vaccine” stance. Initial headlines highlighted Dr. Ladapo “reiterating” his opposition to Covid vaccination and praising RFK, Jr., which is true, but they often omitted the nuanced context and his appeals on behalf of injured patients. For instance, local news reports noted Dr. Ladapo’s quote that “[t]hese products should not be used in any human beings” and that he claimed mRNA shots have caused “bad reactions and adverse health conditions for many people.”
However, some outlets swiftly countered his statements with commentary from other experts and cast them as dubious. In an NPR-affiliated report, a representative of the American Academy of Pediatrics condemned Ladapo’s message, saying “we are not going to just throw out decades of science and research…just because of one person or a group of people…spreading conspiracy theories about the danger [of vaccines].”
This kind of response, featured prominently in mainstream coverage, suggests that Dr. Ladapo’s concerns were portrayed as fringe or unfounded, rather than as legitimate calls for investigation. Such pieces tended to focus on the controversy of a Surgeon General questioning vaccine safety, while downplaying the specifics of his NIH research request. The press conference’s primary purpose – urging federal support for the vaccine-injured – was often lost in translation in MSM coverage.
It is important to clarify that Dr. Ladapo did not merely tell Floridians “don’t get vaccinated” and walk off. In fact, much of his briefing was forward-looking: he wants the federal government to acknowledge injuries and help devise solutions. By glossing over that aspect, some media coverage misrepresented the thrust of Dr. Ladapo’s message. Instead of grappling with his assertion that large numbers of people are suffering real medical issues post-vaccination – an assertion that could be either validated or refuted with data – headlines largely reinforced a pre-existing narrative of Dr. Ladapo as a vaccine skeptic. To be sure, his claims are denied in the broader medical community.
Many experts try to dispute Dr. Ladapo’s implications that the vaccinated are at higher risk of illness; he cited data showing that the most heavily boosted individuals may be at highest risk for Covid complications.
The debate over vaccine risk/benefit thus looms in the background. But regardless of where one stands on that issue, the Surgeon General’s appeal for research funding to study those who have been injured is a concrete policy ask – one that, notably, does not undermine vaccination campaigns, but rather seeks to help a minority of patients in need. This distinction was largely muddied by the way mainstream reports filtered his remarks.
Echoes from Dr. Pierre Kory and Frontline Physicians
Dr. Ladapo is not alone in raising these concerns. Other physicians known for treating Covid vaccine injuries have been making similar appeals for recognition and resources. One prominent voice is Dr. Pierre Kory, a critical care specialist. Dr. Kory was at the Tampa press conference, and his work directly intersects with Dr. Ladapo’s points. After early advocacy for Covid treatments, Dr. Kory in recent years has focused on patients suffering lingering complications after vaccination. He co-founded a practice in early 2022 dedicated to evaluating and treating vaccine injury syndrome and long Covid.
The volume of patients they’ve seen underscores the prevalence Ladapo alluded to. “Scott [Marsland] and I have now seen well over 900 patients who are chronically ill after receiving the Covid-19 mRNA injections or suffering with Long Haul Covid,” Dr. Kory reported in late 2023, noting roughly 70% of their cases are post-vaccine injury (“Long Vax”) versus 30% Long Covid.
This ratio, he says, has grown in favor of vaccine-injury cases over time as more people seek help. Such figures suggest that thousands of Americans may be experiencing serious post-vaccination health issues, even if exact incidence rates are still unknown. Dr. Kory has publicly echoed Dr. Ladapo’s sentiment that these patients are being overlooked. He has been outspoken about the lack of support from mainstream medical institutions. In one commentary, Dr. Kory shared a chilling report: a neurologist at a respected hospital privately admitted to a vaccine-injured patient that “our whole practice is full of vaccine injuries but we are not allowed to talk about it.”
This underscores a climate in which many doctors observe the phenomenon yet feel constrained from speaking out or coding these cases as vaccine-related. Dr. Kory and others in the medical community who do not deny vaccine injury argue that this culture of silence further harms patients, who are often dismissed or misdiagnosed (frequently written off with “functional” disorders) rather than given proper care. Indeed, Dr. Kory describes many of his patients being gaslighted by physicians before finding his clinic.
In the wake of HHS Secretary RFK, Jr.’s policy changes and Dr. Ladapo’s statements, Dr. Kory has applauded efforts to bring vaccine injuries to light. On social media, he recently praised Robert F. Kennedy, Jr. for “killing Big Pharma’s grift” piece by piece – implying that exposing vaccine safety problems and adjusting policy accordingly is a blow to pharmaceutical interests.
While a strongly worded take, it aligns with Dr. Ladapo’s implication that there has been a systematic downplaying of vaccine harms. Both Dr. Ladapo and Dr. Kory assert that acknowledging injuries is not only a matter of scientific honesty but also a step toward remedies. Dr. Kory has called the suffering of vaccine-injured patients “one of the most dispiriting aspects” of the pandemic era for clinicians, noting that many were previously healthy, high-functioning individuals now left disabled.
The resonance between their messages is significant. One, a state public health official, and the other, a private physician and Covid treatment pioneer, are both shining a light on the human toll of adverse vaccine reactions. They converge on a key point: officialdom must not ignore these medical conditions. Whether one views their stance as controversial or prescient, their calls raise questions about how health authorities like the NIH allocate attention and funds. Notably, in the same press conference, Ladapo mentioned, “long Covid” research has received substantial federal funding, and he argues vaccine injuries should be studied under a similar framework.
Dr. Kory and colleagues, for their part, have been compiling case series and publishing treatment guidance for post-vaccine syndrome, but much of this work is happening outside of mainstream research channels.
Greater NIH involvement could lend resources and credibility to understanding these phenomena.
The NIH’s Responsibility and Path Forward
A summary-level takeaway from the Tampa event is a pointed question: What is the responsibility of agencies like the NIH when it comes to vaccine injuries? Dr. Ladapo explicitly placed the onus on the federal health establishment to “genuinely and wholly include” the vaccine-injured in its research programs.
This is a call for inclusion – treating those patients as worthy of study, care, and compassion. For the NIH, this could mean funding dedicated studies on post-vaccination myocarditis, neurological complications, autoimmune reactions, and recovery strategies. It could mean creating registries for those with suspected vaccine injury and following their outcomes, just as long Covid cohorts are tracked. Essentially, Dr. Ladapo is urging the NIH not to leave this subset of patients behind, especially as the federal government has invested billions in vaccine deployment; a fraction of that investment, he argues, should now go toward mitigation and treatment of any unintended effects. From a medical ethics standpoint, many would agree that if even a small minority of people are hurt by a public health intervention, there is an ethical duty to understand and address that.
Vaccine injuries may be statistically rare (exact rates are debated), but they are no less real for those afflicted. Dr. Ladapo’s appeal, backed by voices like Dr. Kory’s, is that public health authorities must actively care for those individuals, not marginalize them. This doesn’t require abandoning vaccination programs for the majority; it requires a parallel effort to make whole those who drew the short straw on the risk curve. In practical terms, that could involve specialized treatment clinics, research into therapies (from immunosuppressants to novel drugs that might neutralize lingering spike protein, for example), and proper acknowledgement of vaccine injury syndromes in medical literature and education.
As of this writing, it remains to be seen how the NIH and federal government will respond. Will they expand long-Covid studies to explicitly incorporate vaccine-adverse events, as Florida’s Surgeon General demands? Early signs are mixed. The Health and Human Services leadership under RFK, Jr. has already signaled a more skeptical stance on mRNA vaccines for low-risk groups, suggesting some openness to evaluating safety signals anew.
However, institutional inertia and fear of fueling vaccine hesitancy have made agencies cautious about prominently investigating harms.
In Tampa, Dr. Joseph Ladapo delivered a message that the mainstream narratives largely sidelined: that caring for the vaccine-injured is now an urgent public health priority. Those of us who were present heard not just criticism of vaccines, but a compassionate plea to help people who “did the right thing” per societal guidance, yet ended up with lasting health issues. “We need to fund physicians…and do scientific work in this area,” he reported, effectively asking the country’s medical establishment to step up. Time will tell if that call is heeded. For now, Ladapo’s stance – controversial as it may be – shines a spotlight on patients who often suffer in the shadows. And as Dr. Pierre Kory and others affirm, shining that spotlight is the first step toward bringing those patients the understanding, treatments, and hopefully recovery that they desperately need.
Republished from the author’s Substack
end
SPECIAL THANKS to Robert H for sending this important article to us”
VAIDS FALLOUT: Study of 9 Million Reveals Crisis of Brain Damage Among Covid-Vaccinated
https://www.2ndsmartestguyintheworld.com/p/vaids-fallout-study-of-9-million?utm_medium=email
end
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, July 14-21, 2025
memory of those who “died suddenly” in the United States and worldwide, July 14-21, 2025
Comic Ray DeJon; US Sen. Bruce Anderson (R-MN); singer Robbie Pardlo, 46; rocker Bill Chamberlain (The Pist); footballers Bryan Braman (38, C), Willie Anderson; baseballer Jeff Bittiger; & more
| Mark Crispin MillerJul 23 |
Further indications of the global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers.
To help support our work, consider subscribing or making a donation.
UNITED STATES (152)
Stand-Up star Ray DeJon unexpectedly passes away at 63 ahead of his birthday roast show
July 15, 2025
US comedian Ray DeJon unexpectedly died on Monday, merely days ahead of his comedy roast to commemorate his 64th birthday. The comedian took to his Instagram last week to announce the forthcoming event, noting that it takes place in the 275 BK comedy club in Brooklyn, New York City. As of this writing, the cause of death remains unknown. Ray was most known for his interviews with celebrities like Stevie Wonder and Alicia Keys. He is also credited with launching Brooklyn’s first black-owned comedy venue, known as the Laffaholics Comedy Club, the Daily Mail has reported. Tributes have been pouring in online in the wake of Ray DeJon’s sudden death.
Minnesota GOP Sen. Bruce Anderson, 75, dies ‘unexpectedly’
July 21, 2025
ST. PAUL, Minn. – Minnesota Republicans have confirmed the unexpected death of Sen. Bruce Anderson. “I’m saddened to learn Senator Bruce Anderson passed unexpectedly today. Bruce was a dedicated public servant, loving family man, and dear friend to many at the Capitol and in Buffalo. We offer our condolences and prayers for comfort for the entire Anderson family,” said Senate Republican Leader Mark Johnson in a statement.
No cause of death reported.
Robbie Pardlo ‘City High’ Singer Dead At 46
July 18, 2025
Robbie Pardlo, lead singer of the Grammy-nominated R&B group City High, has tragically died at the age of 46, a rep for the singer confirms to TMZ. Robbie passed away yesterday, July 17, surrounded by his family and close friends in Willingboro, NJ, leaving behind a lengthy musical legacy. No cause of death has been determined yet.
Bill Chamberlain of the Pist and Dissidents has passed away
July 18, 2025
Quite sadly, Bill Chamberlain of The Pist, The Dissidents, Mankind, and many other bands. His family stated that he passed away after a brief illness. For a number of years, Bill also ran Wild Mutation Records in Philadelphia. He was a really nice guy.
No age or cause of death reported.
Billy Jones, Impresario of New York’s Indie Music Scene, Dies at 45
July 15, 2025
In Williamsburg, Billy Jones began working as a barista, with dreams of indie-rock stardom. And instead of achieving his own dreams, Mr. Jones wound up doing something else: He made it possible for other people to keep dreaming. In 2013, he and a friend, Zachary Mexico, opened Baby’s All Right, a club at 146 Broadway in Williamsburg. It became, as The New York Times wrote in 2015, the “nightlife preserver” of the neighborhood. Mr. Jones went on to help found three more New York nightclubs and a restaurant. They all sought to reimagine some aspect of local nightlife. Mr. Jones died on June 7 in a Manhattan hospital. He was 45. His sister Nicole Holland said the cause was the aggressive form of brain cancer, glioblastoma. He was diagnosed with it after an episode in July 2024 in which he began stuttering violently and fainted in a store he had recently opened in Williamsburg, Billy’s Record Salon. He kept the illness private and managed to oversee the opening of a new nightclub and a new restaurant in the months before his death.
Reported on July 6:
Mark Lipsitz, Bar/None Records Label Manager, Dies at 61
July 6, 2025
A passionate figure who largely worked behind the scenes, Lipsitz championed bands like Ivy, Emperor X, and the Paranoid Style Mark Lipsitz, the longtime label manager of Bar/None Records, died yesterday (July 5), according to the label. As the years passed, Lipsitz took on all manner of roles at the label, from suggesting bands worth signing to helping artists navigate the daunting music landscape, as the roster grew to include Big Star’s Alex Chilton, the Feelies, Ezra Furman, Tindersticks, the Front Bottoms, Diners, Pardoner, and dozens more.
No cause of death reported.
Former Clemson standout, Sumter County product Willie Anderson has passed away at the age of 72
July 18, 2025
SUMTER, S.C. — Willie Anderson, the only person in Clemson football history to both earn first-team All-ACC honors as a player and serve as a full-time assistant coach on a Clemson national championship team, passed away in Sumte on Wednesday. He was 72.
No cause of death reported.
Former Texans, Eagles LB Bryan Braman dies at age 38
July 17, 2025
Former Houston Texans and Philadelphia Eagles linebacker Bryan Braman died Thursday after seeking treatment this year for a rare, aggressive form of cancer, according to his agent. He was 38. Braman had undergone multiple surgeries during treatment in Seattle, according to a GoFundMe page set up to help him with expenses. Braman had been diagnosed with cancer in February. Agent Sean Stellato confirmed Braman’s death Thursday, noting that Braman had two daughters, ages 11 and 8.
Update to our report last month:
SDSU running back Nate White found to have died of natural causes
July 15, 2025
South Dakota State running back Nate White died in his sleep and no foul play was involved, Brookings police have concluded following an investigation into the 20-year-old’s June 25 death. White, who transferred to SDSU from Wisconsin over the winter, was found deceased in his residence at 6:44 a.m. in Brookings. According to a press release from the Brookings Police Department, White died suddenly of a medical event that disrupted his breathing and heart functions and is being ruled a natural, sudden death.
As we reported last week: UW’s flu vaccination recommendations: Flu shots: The CDC recommends that everyone over the age of six months receive the flu vaccine [sic] each year. This three-dose vaccine [sic] is recommended for female identifying individuals [sic], ages 11–26 and male identifying individuals [sic], ages 11–21: Link
No cause of death reported.
Roddy Hogan Passes Away
July 21, 2025
The wrestling community is mourning the loss of Eric Servis, beloved by many as “Roddy Hogan.” Known for his unmistakable presence at countless wrestling shows since the 1980s, Eric was a true superfan, recognized for his dedication to dressing up like Hulk Hogan and igniting energy wherever he appeared. In recent years, Eric’s health had declined, leading to frequent hospitalizations. Sadly, Eric passed away last night after being in and out of the hospital for over a month. He was in his 70s, as revealed by Eric’s close friend Matthew Balk.
No cause of death reported.
Jeff Bittiger, former MLB pitcher and A’s scout, dies at 63
July 19, 2025
Jeff Bittiger, a pitcher who played four seasons in the major leagues and spent the last 22 years as a scout in the Athletics organization, died Saturday morning, the A’s announced. He was 63. The team did not disclose a cause of death.
Researcher’s Note – Jeffrey Scott Bittiger, of Saylorsburg, PA, passed away in his home on July 19, 2025, surrounded by his family. Even after his cancer diagnosis, he continued to serve as a Pro Scout for the Oakland Athletics and Director of Player Personnel for the Fargo-Moorhead RedHawks, roles that he had passionately performed for many years: Link
MLB To Require COVID Vaccinations [sic] For Non-Player Team Personnel To Gain Access To Field In Postseason: Link
Toronto Blue Jays great Jim Clancy cause of death revealed
July 15, 2025
Jim Clancy, a veteran of 15 major league seasons who made the American League All-Star team in 1982, has died, the Toronto Blue Jays announced Monday on Twitter/X. He was 69. A Blue Jays teammate of Jim Clancy told me today he died of prostate cancer. Very sad. He had been in hospice care for about two weeks before he passed away.
Pioneering double bassist Gary Karr has died
July 17, 2025
Renowned US double bass virtuoso Gary Karr died on 16 July at the age of 83 after suffering a brain aneurysm. He had recently been diagnosed with aggressive and inoperable cancer. Karr’s immense virtuosity and unique musicianship made him one of the world’s most influential bassists. His daring solo performances and unparalleled lyricism enabled bassists the world over to discover what until then seemed impossible on the instrument. In a time when audiences were largely unfamiliar with the bass as a solo instrument, much of Karr’s repertoire consisted of his own transcriptions and arrangements.
DR PAUL ALEXANDER
NEWS ADDICTS
| LATEST NEWS |
| Sanctuary City Reverses Course After DOJ ThreatLouisville, Kentucky, is walking back a key immigration policy after the Department of Justice (DOJ) issued a stark legal threat, warning that the city’s practices placed it in direct conflict with federal law and could expose it to serious consequences.Mayor Craig Greenberg, a Democrat, confirmed the dramatic shift in a letter to the DOJ on Monday, revealing that the city …READ MORE |
| Top Republicans Take Bold Step to Uncover Epstein SecretsRepublican lawmakers in the House have voted to subpoena Ghislaine Maxwell, the convicted accomplice of Jeffrey Epstein, aiming to force her testimony and expose details about Epstein’s criminal enterprise.The move, led by Rep. Tim Burchett (R-TN), intensifies pressure on the Department of Justice (DOJ) and signals a possible turning point in congressional efforts to uncover the truth. Burchett has repeatedly pushed …READ MORE |
| Trump Hits Obama With Explosive Accusation Amid New RevelationsPresident Donald Trump issued a forceful call on Tuesday for the Department of Justice (DOJ) to investigate former President Barack Obama. Trump accused Obama of orchestrating a comprehensive scheme to manipulate intelligence concerning Russian interference in the 2016 election, which he described as a “treasonous conspiracy” aimed at undermining his presidency before it began.While meeting in the Oval Office with Philippine …READ MORE |
| Trump Hits Obama With Explosive Accusation Amid New RevelationsPresident Donald Trump issued a forceful call on Tuesday for the Department of Justice (DOJ) to investigate former President Barack Obama. Trump accused Obama of orchestrating a comprehensive scheme to manipulate intelligence concerning Russian interference in the 2016 election, which he described as a “treasonous conspiracy” aimed at undermining his presidency before it began.While meeting in the Oval Office with Philippine …READ MORE |
| Top Trump Official Explodes After Top Dem’s Scathing LectureWhite House Deputy Chief of Staff for Policy Stephen Miller delivered a fiery rebuke Monday after House Minority Leader Hakeem Jeffries criticized the Trump administration’s immigration enforcement tactics. Jeffries, speaking earlier that day, accused the administration of targeting nonviolent illegal immigrants at community locations and urged officials to focus on removing violent criminals instead.Miller, appearing on “The Ingraham Angle” on Fox …READ MORE |
NEWSWIZE
EVOL NEWS
MICHAEL EVERY/OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Guiding Powell To The Exit
Wednesday, Jul 23, 2025 – 12:05 PM
By Philip Marey, Senior US Strategist at Rabobank
Treasury Secretary Scott Bessent was busy giving Powell forward guidance about his retirement yesterday. On Fox Business, he said that he thinks that it should be up to Jerome Powell whether he serves his term as Fed Chair through May 2026. He said: “There’s nothing that tells me that he should step down right now … His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.” However, on Bloomberg Television, Bessent added that he thinks that Powell should not stay on the Board after his Chair term ends in May 2026. He said: “Traditionally, the Fed chair also steps down as a governor … There’s been a lot of talk of a shadow Fed chair causing confusion in advance of his or her nomination. And I can tell you, I think it’d be very confusing for the market for a former Fed chair to stay on also.” Note that Powell’s term on the Board lasts until the end of January 2028 and so far he has avoided giving an answer to the question whether he intends to remain on the Board after his term as Chair ends. Ironically, Bessent actually started this talk about a shadow chair in October last year, as an alternative plan to firing Powell. So now he uses it to argue for Powell’s resignation from the Board once his term as Chair expires.
With Adriana Kugler’s term as a Governor expiring at the end of January 2026, that would leave two slots on the Board to be filled by President Trump. As we argued in As the Fed turns, that could give Trump-loyalists a majority in the Board of Governors, after Waller and Bowman have turned recently. This is why we now expect the FOMC to step up the pace of rate cuts in 2026, after almost coming to a standstill this year: we expect only one rate cut this year, most likely in September. Regarding Powell’s successor, Bessent said that “There’s a formal process that’s already starting” and “There are a lot of good candidates inside and outside the Federal Reserve.” Asked whether Trump has asked Bessent himself to serve as Fed chair, he said, “I am part of the decision-making process.”
Meanwhile, at an event with the president of the Philippines, after reaching a trade deal that includes a 19% US tariff on imports from the South East Asian country, President Trump accused Powell of being “political” for not cutting rates this year and ignoring his demands to reduce the policy rate by around three percentage points. He said: “Our economy is so strong now, we’re blowing through everything, we’re setting records … People aren’t able to buy a house because this guy is a numbskull, he keeps the rates too high, and probably is doing it for political reasons.” Trump claimed that Mr. Powell had cut rates “just before the election to try to help Kamala, or whoever he was trying to help, he probably didn’t know.” Asked on Tuesday if the Fed chair should resign, Trump said he thought Powell had done a “bad job, but he’s going to be out pretty soon anyway.”
Ironically, in an interview on CNBC, Governor Bowman was paying lip service to Fed independence. She said that “It’s very important that we maintain our independence with respect to monetary policy, I think that’s very clear. But with that independence comes an obligation for transparency and accountability.” Perhaps she could give us some transparency and accountability about her remarkable conversion from überhawk in September last year, when she voted against a 50 bps rate cut because of inflation concerns, to ultra-dove now, pursuing an early rate cut in July. Does last month’s promotion to Vice Chair for Supervision by President Trump have anything to do with it?
Meanwhile in Europe, the ECB’s Bank Lending Survey indicated that the passthrough of monetary easing continues, albeit at different rates to firms’ and households’ behaviours. Our ECB watcher Bas van Geffen noted that firms’ loan demand improved somewhat, but remains weak. Uncertainty about the economic (trade) outlook remains the main cause cited. By contrast, demand for housing loans continued to increase strongly. Households’ loan demand is partially boosted by consumer confidence, but mostly by the decline in borrowing costs. The muted demand from firm’s is not entirely a story of weakness. Yes, the actual loan demand from companies was a bit lower in the previous quarter than banks had expected, but this partly seems to be driven by an increase in alternative financing – including more debt issuance. With that in mind, it’s not surprising that loan demand from larger companies lagged borrowing by smaller & medium-sized firms. That said, the Bank Lending Survey does support the conclusions from Monday’s Survey on Access to Finance of Enterprises: both indicate that fixed investment has been muted in the recent months, but companies remain optimistic about future investment. Turning to banks’ willingness to lend, Bas noted that there was a marginal tightening of credit standards for firms – despite monetary easing. This largely has to do with the uncertain economic outlook; funding costs and (fewer) balance sheet constraints helped to ease standards. This was also reflected in the actual terms and conditions for corporate loans: these eased further. Overall, non-interest charges and margins on loans declined substantially, but the margins on riskier loans did increase somewhat.
In trade negotiations, the US and Japan reached a deal that would include a 15% reciprocal tariff rate imposed by the US on Japanese imports, which is lower than the 25% in Trump’s recent letter to Japan. Japan will also invest $550 billion in the US. Japan will also open to trade, including cars and trucks, rice and other agricultural products. Our energy strategist Florence Schmit notes that one of the beneficiaries of the US-Japan trade deal could be the $44bn Alaska LNG project which has been proposed in various forms for decades but made a comeback this year as the US tries to unleash even tighter energy dominance. Japan is the world’s second largest LNG buyer and has taken a hit from some Russian LNG sanctions already. Next week’s China-US negotiations might also discuss China’s demand for Iranian and Russian oil according to Bloomberg. Overall a muted reaction on energy so far today, crude still pretty rangebound in the high 60s and TTF is back above €33/MWh after the short drop to 32 yesterday.
7. OIL /ENERGY ISSUES/WORLD WIDE
AI takes a lot of energy
(zerohedge0
Brace For Soaring Electricity Bills: Biggest US Power Grid Sets Power Costs At Record High To Feed AI
Tuesday, Jul 22, 2025 – 09:20 PM
Very soon if you want AI (and even if you don’t), you won’t be able to afford AC.
Just this morning we warned readers that America’s largest power grid, PJM Interconnect, which serves 65 million people across 13 states and Washington, DC, and more importantly feeds Deep State Central’s Loudoun County, Virginia, also known as ‘Data Center Alley‘ and which is recognized as one of the world’s largest hubs for data centers…
… had recently issued multiple ‘Maximum Generation‘ and ‘Load Management‘ alerts this summer, as the heat pushes power demand to the brink with air conditioners running at full blast across the eastern half of the U.S.
But as anyone who has not lived under a rock knows, the deeper issue is that there’s simply not enough baseload juice to feed the relentless, ravenous growth of power-hungry AI server racks at new data centers.
“There is simply no new capacity to meet new loads,” said Joe Bowring to Bloomberg, president of Monitoring Analytics, which is the independent watchdog for PJM Interconnection. “The solution is to make sure that people who want to build data centers are serious enough about it to bring their own generation.”
Well, there is another solution: crank up prices to the stratosphere.
And that’s precisely what happened. As Bloomberg reports, business and households supplied by the largest US grid will pay $16.1 billion to ensure there is enough electricity supply to meet soaring power demand, especially that from a massive buildout in AI data centers.
The payouts to generators for the year starting June 2026 topped last year’s record $14.7 billion, according to PJM Interconnection LLC, which operates the grid stretching from the Midwest to the mid-Atlantic. That puts the capacity price per megawatt each day at a record $329.17 from $269.92.
In response to the blowout payout, shares of Constellation Energy and Talen Energy surged in late trading in New York on Tuesday.
As millions of Americans will very soon learn the hard way, AI data centers are driving the biggest surge in US electric demand in decades, leading to higher residential utility bills. That’s a key reason why PJM’s auction, once only tracked by power traders and plant owners but now increasingly a topic for general consumption as electricity bills are about to hit an all time high, has also become closely watched by politicians and consumer advocates.
As Bloomberg notes, this is the first auction that included both a price floor and cap, setting the range at $177.24 to $329.17, which of course was the clearing price level reached in this auction. Why even bother pretending there is an auction: just set the price at the max and be done with it. Last year’s 600% jump in capacity prices set off a political firestorm, resulting in PJM reaching a settlement with Pennsylvania Governor Josh Shapiro to essentially cap gains for two years and make auction prices more predictable after wild swings in recent years.
Despite the increase in costs across the grid, the price cap trimmed costs for consumers who saw the biggest hikes in the last auction. Exelon’s Baltimore area utility reached a $466 last time, while Dominion Energy’s Virginia territory came in at about $444.
Payouts to generators stayed at high levels due to surging demand from big data centers coming online swiftly, said Jon Gordon, policy director of non-profit clean energy advocacy Advanced Energy United. New facilities are consuming as much power as towns or small cities, coinciding with a wave of older power plants shutting down and lagging investment in new supplies and grid upgrades, he said.
The per-megawatt price exceeding the 2024 auction, and well closing at an all time high, is bullish for independent power producers including NRG, Talen, Constellation and Vistra, Barclays analyst Nick Campenella had forecast. These generators have spent more than $34 billion so far this year on deals to mainly buy up power plants fueled by natural gas to feed the AI boom especially in PJM.
end
Nil, Baby, Nil; WTI Extends Losses Despite Big Crude Production Drop, Inventory Draw
by Tyler Durden
Wednesday, Jul 23, 2025 – 10:41 AM
Oil prices are down for a fourth session in a row this morning even as API reported a drop in US oil inventories and Trump reached a trade deal with Japan that imposes a 15% tariff on imports from Tokyo.
US Treasury Secretary Scott Bessent said he’ll discuss a potential extension of the trade truce with China during talks in Stockholm next week.
The discussions can now take on a broader array of topics, potentially including Beijing’s continued purchases of “sanctioned” oil from Russia and Iran, he said.
“We are racing towards the Aug. 1 deadline for reciprocal US tariffs,” said Harry Tchilinguirian, group head of research at Onyx Capital Group.
“Japan deal done, now it is a question of if they pull a rapid deal out of the bag for the EU.”
Will the official data line up with API’s reported drawdown?
API
- Crude -577k
- Cushing +314k
- Gasoline -1.2mm
- Distillates +3.5mm
DOE
- Crude -3.169mm
- Cushing +455k
- Gasoline -1.738mm
- Distillates +2.931mm
The official data showed a much larger crude draw than API, but the rest of the data lined up…
Source: Bloomberg
The total commercial crude inventory drawdown was made worse by the second week in a row of SPR drawdowns…
Source: Bloomberg
US Crude production tumbled by over 100k b/d last week to its lowest level since January as the rig count continues to plunge…
Source: Bloomberg
WTI extended losses after the data
Source: Bloomberg
So much for drill, baby, drill!
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUE
CANADA
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: 1.1745 UP 0.0007 PTS OR 7 BASIS POINTS
USA/ YEN 146.66 DOWN 0.089 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 1.3546 UP .0026 OR 26 BASIS PTS
USA/CAN DOLLAR: 1.3585 DOWN 0.0019 (CDN DOLLAR UP 19 BASIS PTS)
Last night Shanghai COMPOSITE UP 0.44 PTS OR 0.01%
Hang Seng CLOSED UP 358.71 PTS OR 1.43%
AUSTRALIA CLOSED UP 0.67%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 358.71 PTS OR 1.43%
/SHANGHAI CLOSED UP 0.44 PTS OR 0.01%
AUSTRALIA BOURSE CLOSED UP 0.69 %
(Nikkei (Japan) CLOSED UP 1396.40 PTS OR 3.51%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3422.10
silver:$39.20
USA dollar index early TUESDAY morning: 97.11 UP 1 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.045% DOWN 1 in basis point(s) yield
JAPANESE BOND YIELD: +1.595% UP 8 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.209 DOWN 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.473 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6110 UP 2 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 1.1716 DOWN 0.0021 OR 21 basis points
USA/Japan: 146.69 DOWN 0.063 OR YEN IS UP 6 BASIS PTS//
Great Britain 10 YR RATE 4.6110 UP 2 BASIS POINTS //
Canadian dollar DOWN .0004 OR 4 BASIS pts to 1.3609
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP AT 7.1602 CNY ON SHORE ..
THE USA/YUAN OFFSHORE UP TO 7.1609
TURKISH LIRA: 40.46 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.595
Your closing 10 yr US bond yield UP 4 in basis points from TUESDAY at 4.379% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.946 UP 3 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.853 UP 2 BASIS PTS.
GOLD AT 11;00 AM 3406.60
SILVER AT 11;00: 39.24
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 37.68 PTS OR 0.42%
GERMAN DAX: UP 198.92 pts or 0.83%
FRANCE: CLOSED UP 106.02 pts or 1.37%
Spain IBEX CLOSED UP 26.40 pts or 0.19%
Italian MIB: CLOSED UP 532.34 or 1.33%
WTI Oil price 65.05 11.00 EST/
Brent Oil: 68.24 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 78.20 ROUBLE UP 0 AND 29/ 100
CDN 10 YEAR RATE: 3.524 UP 2 BASIS PTS.
CDN 5 YEAR RATE: 3.057 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1769 UP 0.0032 OR 32 BASIS POINTS//
British Pound: 1.3576 UP .0055 OR 55 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.6420 UP 6 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.589 UP 8 FULL BASIS PT
USA dollar vs Japanese Yen: 146.56 DOWN 0.190 BASIS PTS
USA dollar vs Canadian dollar: 1.3603 DOWN 0.0002 BASIS PTS// CDN DOLLAR UP 02 BASIS PTS
West Texas intermediate oil: 65.40
Brent OIL: 68.66
USA 10 yr bond yield UP 6 BASIS pts to 4.392
USA 30 yr bond yield UP 5 PTS to 4.948%
USA 2 YR BOND: UP 6 PTS AT 3.880%
CDN 10 YR RATE 3.562 UP 6 BASIS PTS
CDN 5 YEAR RATE: 3.104 UP 6 BASIS PTS
USA dollar index: 96.97 DOWN 15 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 40.45 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 78.44 UP 0 AND 6/100 roubles
GOLD $3389.75 (3:30 PM)
SILVER: 39.28 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: UP 507.85 OR 1.14%
NASDAQ 100 UP 98.83 PTS OR 0.43%
VOLATILITY INDEX: 15.51 DOWN 0.99 PTS OR 6.00%
GLD: $ 312.18 DOWN 3.92 PTS OR 1.24%
SLV/ $35.69 DOWN 0.03 PTS OR OR 0.084%
TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 74.47 PTS OR .27%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
‘Deals’ & Dismal Data Send Bonds, Bullion, & Bitcoin Lower; Quant Chaos Continues
Wednesday, Jul 23, 2025 – 08:00 PM
Deals, deals, deals (allegedly Japan and now EU imminently, reportedly) and global trade policy uncertainty is reverting back to low norms once again ahead of the Aug 1st deadline…
Source: Bloomberg
Also on the macro front today, US existing home sales came in below expectations…
Source: Bloomberg
Squeezy price action in focus given some violent moves – over the last 5 sessions our most short basked has been 9 times more volatile than SPX.
Source: Bloomberg
Today’s quant chaos was centered around the following names: HIMS +13%, GPRO + 20% (40% yst), DNUT +7% (27% yst)
Shorts were squeezed at the Asian open and European open overnight (Small Caps) but the US cash open was a wave of selling pressure.That was met with some dip-buying and stocks extended gains late morning as this headline hit: “*US AND EU CLOSE IN ON 15% TARIFF DEAL: FT”. Small Caps (dominated by ‘most shorted’ stocks) outperformed on the day as Nasdaq lagged again
The EU Deal headline also reversed the chaos in quant land with ‘most shorted’ stocks reversing lower before bid back to the highs…
Source: Bloomberg
…and meme stocks also reversing early gains…
Source: Bloomberg
No bounce in momo names at all today…
Source: Bloomberg
NDX notched its 62nd consecutive day above the 20-dma (AI Enthusiasm taking over)… the last time this happened was January 1999 (just for good measure, 1-year later, the index was up 77%).
Treasury yields were up around 4bps across the curve today, erasing yesterday’s declines, with short-end yields now higher on the week…
Source: Bloomberg
The dollar continued to push lower (EUR strength after the US-=EU trade headlines), back near cycle lows from the start of July…
Source: Bloomberg
Despite the lower dollar, gold plunged today after the EU-US trade deal headlines, back below $3400…
Source: Bloomberg
Bitcoin was lower on the day, finding support at $118k…
Source: Bloomberg
Oil prices ended unchanged, rebounding from overnight weakness as official data showed a drop in production and big crude draw…
Source: Bloomberg
Finally, what inning of short covering are we in?
For reference, this chart from Goldman shows how the recent move compares to other historical periods…
Source: Goldman Sachs
The next SI data update will be released by exchanges overnight.
USA DATA RELEASES
US Existing Home Sales Dip Back Near 15 Year Low In June As Prices Hit Record High
Wednesday, Jul 23, 2025 – 10:05 AM
After a small bounce in May (off 15 year lows), expectations are for existing home sales to fall once again in June as mortgage rates ticked up.
The analysts were right as sales dropped 2.7% MoM (vs -0.7% MoM expected), leaving existing home sales unchanged year-over-year…
Source: Bloomberg
Source: Bloomberg
The median sales price increased 2% in June from a year ago to a record high of $435,300…
Home prices continue to rise even after a recent pickup in inventory.
“Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth,” Lawrence Yun, NAR chief economist, said in a statement.
“High mortgage rates are causing home sales to remain stuck at cyclical lows.”
Yun said on a call with reporters that it’s typical to see high home prices this time of year because families want to move before the school year begins.
Economists at Goldman Sachs said in a recent note that 87% of mortgage holders have rates below current rates, and two-thirds have borrowing costs 2 percentage points below current rates, “strongly disincentivizing them from moving.”
Source: Bloomberg
Yun said an NAR analysis showed that a 6% mortgage rate would lead to about a half million more homes sold and an additional 160,000 renters becoming first-time homeowners.
“Housing in our Country is lagging because Jerome ‘Too Late’ Powell refuses to lower Interest Rates,” Trump said in a social media post Wednesday, referring to the Fed chair.
“Families are being hurt because Interest Rates are too high.”
In a sign that buyers are balking at high asking prices, 21% of the homes sold were above list price, down from 28% in May.
end
noon time news that caused euro to rise and gold to fall;
Stocks And Euro Surge, Gold Tumbles On Report US, EU Close In On 15% Tariff Deal
by Tyler Durden
Wednesday, Jul 23, 2025 – 12:16 PM
Just a few minutes before 12pm ET, stocks shot up as if stung, with the Euro joining along for the move higher while gold and silver tumbled, on an FT report that fresh off signing a landmark trade deal with Japan, Trump was also closing in on a trade deal with the EU that would impose 15% tariffs on European imports, similar to the agreement Trump struck with Japan.
According to the report, Brussels “could agree” to reciprocal levies to avoid the US president’s threat to raise them to 30% from August 1, with both sides agreeing to waive tariffs on some products, including aircraft, spirits and medical devices.
The bloc’s exporters have been paying an additional 10 per cent tariff on goods sent to the US since April while talks between Washington and Brussels continued. That was on top of pre-existing duties averaging 4.8%.
The FT sources said that the 15% minimum tariff would include those existing duties, so Brussels views the deal as cementing the status quo. Tariffs on cars, which are currently 27.5%, would therefore fall to 15%, identical to the deal with Japan, and leaving domestic producers unhappy.
Meanwhile, the EU will still continue to prepare a possible €93bn package of retaliatory tariffs, set at up to 30%, in case they cannot agree a deal by August 1.
In kneejerk reaction, stocks surged to new (record) highs…
… the euro spiked…
… while gold tumbled from what was effectively an all time high.
USA ECONOMIC NEWS
Trump Orders US Exit From UNESCO, Reversing Biden-Era Reentry
Tuesday, Jul 22, 2025 – 08:05 PM
Authored by Tom Ozimek via The Epoch Times,
The United States will withdraw from the U.N. Educational, Scientific, and Cultural Organization (UNESCO) by the end of 2026, the State Department confirmed on July 22, citing ideological differences and what it described as an anti-Israel bias and “globalist” agenda out of step with U.S. foreign policy.
“Continued involvement in UNESCO is not in the national interest of the United States,” State Department spokesperson Tammy Bruce said in a statement.
She said the agency advances “divisive social and cultural causes” and prioritizes the United Nations’ Sustainable Development Goals—an agenda she called “globalist” and at odds with the Trump administration’s America First foreign policy.
The United States delivered a formal notice of its withdrawal to UNESCO Director-General Audrey Azoulay on July 22, according to Bruce.
The move, carried out under Article II(6) of the organization’s constitution, is set to take effect on Dec. 31, 2026. Until that date, the United States will continue to participate as a full member.
This marks the third time the United States has withdrawn from the Paris-based agency, and the second time under President Donald Trump. The United States last withdrew from UNESCO in 2017 during Trump’s first term, citing anti-Israel bias. It rejoined in 2023 under President Joe Biden, who argued the move was necessary to counter China’s growing influence in the organization.
However, a 2023 report from Washington-based Uyghur Human Rights Project found that UNESCO was “complicit” in the Chinese regime’s atrocities against Uyghurs and their culture by remaining silent and even providing cover for the Chinese Communist Party (CCP).
White House deputy spokesperson Anna Kelly said that the decision to withdraw from UNESCO reflects Trump’s broader commitment to reevaluating international memberships through the lens of U.S. national interests.
“President Trump has decided to withdraw the United States from UNESCO – which supports woke, divisive cultural and social causes,” Kelly stated in a post on X on July 22.
“The President will always put America First. Our membership in all international organizations must align with our national interests.”
In her statement, Bruce reiterated U.S. opposition to UNESCO’s 2011 decision to admit “Palestine” as a member state, calling it “highly problematic” and a contributor to “the proliferation of anti-Israel rhetoric within the organization.”
The Reagan administration first pulled the United States out of UNESCO in 1984 over concerns about mismanagement and pro-Soviet bias. The United States rejoined in 2003 under the Bush administration, only to suspend funding in 2011 following the “Palestine” vote.
The Biden administration had requested $150 million in the 2024 federal budget to resume dues and begin repaying more than $600 million in arrears. U.S. contributions once accounted for 22 percent of UNESCO’s operating budget.
Alex Newman, investigative journalist and Epoch Times contributor, reported in 2020 that multiple senior U.S. officials and analysts have expressed grave concerns about what they described as a CCP “takeover” of the United Nations and its agencies, including UNESCO.
“I don’t think UNESCO is fixable,” former U.S. Assistant Secretary of State for International Organization Affairs Kevin Moley told The Epoch Times at the time.
Moley said that the agency’s policymaking had “largely been taken over by the CCP and its allies,” while describing the CCP takeover of the U.N. as “the greatest existential threat to our republic since its founding.”
END
The walls are closing in on Obama;
(Margolis)
Tulsi Is About To Drop More Evidence Against Barack Obama
Wednesday, Jul 23, 2025 – 09:25 AM
Authored by Matt Margolis via PJMedia.ocm,
Barack Obama’s team is in full damage control mode after Director of National Intelligence Tulsi Gabbard declassified and released evidence that Obama and his top officials in his administration knowingly fabricated intelligence to push the false narrative that Trump was compromised by Russia—an operation designed to delegitimize his election and kneecap his ability to govern.
On Tuesday, Barack Obama released a statement through a spokesman in response to the recent release of Russiagate documents implicating the former president in the effort to delegitimize Trump’s presidency.
“Out of respect for the office of the presidency, our office does not normally dignify the constant nonsense and misinformation flowing out of this White House with a response,” the statement read.
“But these claims are outrageous enough to merit one. These bizarre allegations are ridiculous and a weak attempt at distraction.”
But, Gabbard isn’t backing down.
In an appearance on “Rob Schmitt Tonight” on Newsmax Tuesday, she announced that her team will be releasing documents that directly contradict Barack Obama’s latest attempt to rewrite the history of the Russia collusion hoax.
“We will be releasing further documents tomorrow that will refute that statement,” Gabbard said, dismissing the statement outright as part of pattern of misinformation pushed by top Democrats and their allies in the media ever since the release of what she called the “manufactured intelligence document” in January 2017.
She didn’t stop there. “We will be pulling a whole host of statements that were made by the Obama administration, by Hillary Clinton, by senior Democrat officials, by their friends in the media,” she said. “They state over and over again after this January 2017 manufactured intelligence document was created that repeat the narrative.”
Gabbard laid out a damning list of examples.
“The New York Times says, ‘Russian hackers acted to aid Trump in the election,’” she quoted.
“Obama’s CIA Director John Brennan says, ‘There is strong consensus among us… to support the CIA claim Russian hackers aided Donald Trump’s election.’”
And of course, Hillary Clinton’s infamous refrain: “I would be president if not for the Russian hackers supporting Donald Trump.”
“There is a vast body of evidence and intelligence that debunks and refutes this statement you’ve just read and others coming from some of the Democrat leaders in Congress today,” Gabbard concluded.
With more documents expected to drop soon, Gabbard is making it clear she intends to expose the Obama-era narrative for what it was—an orchestrated political operation designed to undercut the legitimacy of a duly elected president.
Now that the truth is starting to trickle out, the Obama crowd is sweating—and for good reason. Tulsi Gabbard’s document drops are pulling back the curtain on what looks like a coordinated effort by Obama and his top brass to sabotage a duly elected president using fake intelligence and a complicit media echo chamber. The phony Russia narrative was a deliberate attempt to delegitimize Trump before he even took the oath. And now, the evidence is catching up.
No matter how hard Obama’s lackeys try to spin it, accountability is coming. And they know it.
The walls are closing in on Obama’s deep state operatives—finally!
VICTOR DAVIS HANSON
VDH: The War Between Trump’s Chemotherapy & The Biden Cancer
Tuesday, Jul 22, 2025 – 07:15 PM
Authored by Victor Davis Hanson,
Chemotherapy can be a life-saving though sometimes toxic effort to eliminate lethal cancer cells before they kill the patient.
As such, it can serve as a bitter metaphor for the often-controversial efforts of the Trump administration to undo the metastasizing damage caused by the Biden administration.
The left and the media, however, wish to convince America that the remedy for four years of either catastrophe is worse than the catastrophe itself.
Take the border. It was literally destroyed over the last four years. After welcoming in some three million illegal aliens per year—none with legal permission, health audits, or criminal background checks—there was no sign that the then-current or a second Biden administration was ever going to stop radically altering the demography of the U.S.
It was apparently not enough for Biden and his puppeteers that there were a record 50-million-plus foreign-born U.S. residents, comprising nearly 16 percent of the population, among them likely more than 30 million illegal aliens. What number would have been sufficient for a putative eight-year Biden administration—40, 50, or 70 million illegal aliens?
How could any subsequent lawful administration ever undo such nihilism? Would anyone try to round up 500,000 likely criminal aliens, house by house?
Ferret out violent illegal aliens from sanctuary cities, our modern version of nullificationist Confederate states defying federal law?
How does one even find 12 million people illegally admitted under Biden?
Did the left assume that the optics of just letting in millions of impoverished illegal aliens were at least better than any later effort to round them up?
After all, fueling the lawlessness only required passivity, but restoring lawfulness mandated arrest and occasionally force.
The media did not cover the rapes, murders, and assaults of illegal aliens. Nor did it care about poor American citizens vying for swamped social services amid the illegal flood of illegal aliens. It fixated only on the unpopular chemotherapeutic task of belatedly enforcing the law, securing the border, and deporting the illegal entrants.
It was likewise easy to allow the cancer of appeasement and laxity to spread abroad. That was an effortless matter of dropping sanctions to beg theocratic and terrorist Iran to reenter the “Iran Deal.” Or asleep-at-the-wheel appeasement meant a quick skedaddle from Afghanistan, without worry about the mayhem, chaos, and billions of dollars of weapons abandoned to the Taliban—or the signals it sent to Vladimir Putin or communist China.
Joe Biden nonchalantly claimed the decision to resist a Putin invasion of Ukraine hinged only on whether it was a mere “minor” attack. And it was far easier to mouth a bombastic and empty “Don’t” to Putin’s planned aggressions than to craft a real strategy to deter him.
In contrast, the chemotherapy needed to kill the cancer of lost deterrence proved hard, painful, and dangerous. Sticking by democratic Israel as the world piled on against it was not easy. Bombing the Iranian nuclear infrastructure would incur domestic hysteria. Trying to engage, cajole, and threaten Putin to stop the killing in Ukraine might threaten a wider war amid nuclear threats.
DEI easily materialized throughout the U.S. After all, we were told the good racism of today was needed to fight the bad racism of yesteryear, with civil rights legislation, public opinion, and the Supreme Court be damned.
But what about the chemotherapy antidote needed for the cancer of a rapidly growing and institutionalized bias and prejudice cloaked with euphemisms and disguised as social justice?
To stop the new DEI racialism, we had to warn our elite universities, the multibillionaire corporate boardrooms, the woke-entrenched media, and the weaponized government commissariat that they, not their targets, were the real racists. It meant explaining that the DEI crowd, not their opponents, had violated the Constitution and a Supreme Court ruling, and that they were destroying a once meritocratic America. Four out of five Americans polled expressed their opposition to DEI. Yet the 20 percent who did not usually hold the greater institutional power, and so it was no easy task to stop them.
It was easy and popular to hire more employees and expand USAID, the State Department, or HHS—patronage without worry over the cost of bureaucratic bloat and stasis. But to economize, save the taxpayer money, streamline the government, and lay off workers? That was a controversial chemotherapy, damned as cruel, needless, and dangerous.
Likewise, it sounded virtuous, clean, and utopian to fast-track the Green New Deal. It sounded so virtuous in the abstract to save the planet, keep us healthy, and power us with renewable energy. As part of that lie, the media never covered the spiraling cost of electricity and gasoline and the catastrophic effect on the poor. They rarely reported that one in four Californians could not pay their electricity bills, fill up their tanks at $5.50 a gallon, and heat their homes as the price of propane and natural gas soared.
Few talked about how to power the essential power-guzzling AI industries on the horizon or the economic surcharge that came with unreliable and expensive green power.
Instead, the chemotherapy of providing affordable and plentiful energy—more nuclear, natural gas, petroleum, and clean coal power and fuel—was the only feasible way to transition to new energies without destroying the economy. Yet such traditional sources of power were cheaply damned as destroying the planet, shortening lives, and enriching the greedy.
Note: in all these cases, our progressive doctors never apprised us, the patients, that their policies were not only killing us but that they either did not care or had alternate solutions.
Again, at what number would Joe Biden and Alejandro Mayorkas have stopped illegal alien entries? Until bankruptcy? Until the American poor could not find an appointment in any ER in their neighborhood?
When would the Biden administration have stopped its appeasement? Was $50 billion in US arms not enough for the Taliban? Did Iran’s henchmen in Syria and Iraq have to attack 200, 300, or 400 U.S. installations before it warranted retaliation?
How far did the Biden administration have to go to beg Iran to reenter the disastrous Iran deal? Another $400 million in cash bribes sent to Tehran on another nocturnal pallet.
By 2025, was the Biden administration planning to grant the terrorist Houthis the entire Red Sea? What would China have to do to warrant the Biden administration’s attention? Send over five more spy balloons, add another $100 billion to its trade surplus, or dress down American diplomats at two or three more Alaska mini-summits?
Perhaps send over 200,000 more students to appropriate more U.S. technology? Buy up land across from the White House?
What was the logical end of DEI in a multiracial democracy? DNA badges to verify special racial privileges? A separate dorm and graduation for each of 20 or more tribes? Another one million DEI commissars to monitor our minds? Still more Professors Kendis to lecture us on the good racism? Indoctrination camps for those unqualified for DEI status? Surgery teams chosen by demographic percentages?
Had the Green New Deal kept going, what was the eventual endgame? Two-hour power outages a day? $9 a gallon gas? Offshoring AI industries? Winter thermostats rigged to stop at 55 degrees? Not a natural gas stove in the U.S.?
Oncologists who must administer toxic chemotherapy are often seen as scary people.
But they are never as dangerous or deadly as the metastasis itself.
USA NEWS/ANTISEMITISM..
KING NEWS
| The King Report July 23, 2025 Issue 7539 | Independent View of the News |
| @SquawkCNBC: “It’s time for us to take a look backwards to understand what’s been working and what isn’t working,” says @federalreserve Vice Chair for Supervision Michelle Bowman on banking reform.Treasury Secretary Scott Bessent Remarks at the Federal Reserve Capital ConferenceI have made clear that we need a fundamental reset of financial regulation… we have seen regulation by reflex. Rather than preempting crises, regulators all too often react to them after the fact. They play the role of a hazmat cleanup team instead of preventing dangerous spillovers in the first place. This is especially true in the case of supervisory failures, where regulators often overcompensate by piling rule on top of rule, based on an incomplete understanding of the larger costs and benefits to society… Treasury will encourage bank regulators to consider how proposed rules will impact growth.We will center financial regulation on Main Street, not Wall Street. We will protect the viability of our community banks. We will be vigilant against debanking of customers based on religious or political views on either side of the aisle. We will reject international standard setting that does not advance America’s interests…https://home.treasury.gov/news/press-releases/sb0202@zerohedge: Judy Shelton on CNBC: “If American people knew that the Fed was paying billions in ‘interest’ to foreign banks they would be outraged.”Bessent Sees No Reason for Powell to Step Down from Fed Now – BBG 9:26 ET“There’s nothing that tells me that he should step down right now… His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should.”…https://finance.yahoo.com/news/bessent-calls-for-internal-review-of-fed-but-doesnt-think-powell-needs-to-step-down-110437454.htmlOn Tuesday, the DJTA rallied sharply; Fangs declined sharply; gold rallied smartly; bonds rallied moderately; the dollar declined moderately; and gasoline declined sharply. The key dynamic was the reappearance of what appears to be a value rotation into transportation stocks and out of Fangs.ESUs traded moderately higher but sideways, with a modest upward bias, from the Nikkei opening until they hit a peak of 6352.00 at 22:01 ET. ESUs then declined to 6339.25 at 1:32 ET. The rally for the European opening pushed ESUs to 6346.50 at 3:27 ET. After a retreat to 6335.25 at 4:47 ET.A stair-step rally for the NYSE opening took ESUs to 6349.50 at 9:03 ET. An early dump pushed ESUs down to 6339.00 at 9:31 ET. The usual suspects eagerly bought the NYSE opening; ESUs jumped to 6349.25 at 9:38 ET. Then, ESUs tumbled to a daily low of 6318.75 at 9:52 ET.Professional buying for the expected 10:00 ET retail buying appeared; ESUs rallied to 6337.75 at 10:34 ET. ESUs then vacillated wildly in a 9-handle range until they broke lower at 12:22 ET. After falling to 6327.25 at 12:26 ET, aggressive buying took ESUs to 6349.75 at 13:25 ET.ESUs then tumbled on a social media post that claimed Fed Chair Powell resigned. The post displayed a resignation letter to the WH. https://x.com/CollinsforTX/status/1947721917005258921/photo/1The report was quickly dismissed as a fake. ESUs rebounded from 6332.50 at 14:18 ET to 6352.75 at 14:55 ET. ESUs did a slow rollover until the late manipulation pushed ESUs to 6353.50 at 15:39 ET. ESUs retreated to 6347.25 at 15:55 ET. A final manipulation pushed ESUs to a daily high of 6353.75 at 15:57 ET. ESUs then sank to 6343.50 at 16:00 ET because too many traders were long.@RealEJAntoni: Another month, another record high for M2 – now over $22 trillion for first time – and it’s growing faster than the pre-pandemic average; the Fed has completely botched the job, and this does not bode well for inflation in the months/years ahead…https://x.com/RealEJAntoni/status/1947714423474508108@MauiBoyMacro: Alan Greenspan became Fed Chair in 1987. A glance at the charts below will show a distinct shift around 1990. The financial system is doing exactly what it was designed to do by “The Maestro”. (Corporate profits and Rental Income soared; Small Biz and Employee Income sank)https://x.com/MauiBoyMacro/status/1947740720250687756Positive aspects of previous sessionThe DJTA rallied sharply; the DJIA rallied moderately; the S&P 500 closed at a minor new record high.USUs rallied moderately. Gasoline declined sharply.Negative aspects of previous sessionGold rallied sharply while the dollar declined smartly.Fangs declined sharply when they should be rallying for earnings season.Ambiguous aspects of previous sessionIs the weak last-hour trading of the past few sessions an important warning sign?First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: DownPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 6302.48Previous session S&P 500 Index High/Low: 6316.00; 6281.71Trump on Monday night: Obama himself manufactured the Russia, Russia, Russia HOAX. Crooked Hillary, Sleepy Joe, and numerous others participated in this, THE CRIME OF THE CENTURY!. Irrefutable EVIDENCE. A major threat to our Country!!!Trump on Tuesday: “Tulsi Gabbard caught Obama RED HANDED!” “After what they did to me, it’s time to go after people. Obama has been caught DIRECTLY. His orders were on paper.” “What they did in 2016 and 2020 is CRIMINAL at the highest level!”https://x.com/nicksortor/status/1947687266471518465@RapidResponse47: @POTUS: “The witch hunt that you should be talking about is they caught President Obama absolutely cold … They tried to rig the election and they got caught — and there should be very severe consequences for that.”https://x.com/RapidResponse47/status/1947686691080442112Trump: “We caught Hillary Clinton. We got Barack Hussein Obama. They’re the ones.”DJT: “The leader of the gang was President Obama… Barack Hussein Obama… He was shielded by the press his entire life… He’s guilty… This was treason… They tried to steal the election… We have never seen anything like it… Obama, it was his concept, his idea, but he also got it from crooked Hillary Clinton…” https://x.com/Osint613/status/1947690278363795501Trump: “Barack Hussein Obama is the ringleader. Hillary Clinton was right there with him and so was Sleepy Joe Biden, and so were the rest of them — Comey, Clapper, the whole group. They tired to rig an election and then they got caught. Then they did rig the election in 2020…”https://x.com/RealAmVoice/status/1947690252375580983DJT: “This is the biggest scandal in the history of our country… and goes on to the autopen… we didn’t have a president… Biden knew nothing about it… they were signing documents without him knowing it… he gave them (Jan 6 Com) pardons… Schiff… mortgage loan fraud…”https://x.com/KarluskaP/status/1947691089751666910Speaker Johnson has ‘no concern’ about questioning Obama over Russia election interference hoax“If it’s uncomfortable for him, he shouldn’t have been involved in overseeing this, which is what it appears to us has happened,” House Speaker Mike Johnson said…https://justthenews.com/government/congress/speaker-johnson-has-no-concern-about-questioning-obama-over-russia-election@MZHemingway: The reason why they’re trying to bury this explosive story is obvious: our corporate media were active and willing agents in the seditious conspiracy. They certainly can’t report on the fact that they were involved in these crimes against the country.Every time the Washington Post, CNN, the New York Times, Margaret Brennan, The Atlantic, etc., lie and say this story is not a big deal, they are perpetuating their seditious conspiracy. Creative minds should think about what legal exposure they have for their role in this. Clapper, Comey, Brennan, Obama, Biden are all out of office. But they could not have run their seditious conspiracy without their co-conspirators in the media. And every single one of the worst actors in the media are all STILL THERE. Margaret Brennan, Jake Tapper, etc.PS – Reportedly, Jeff Bezos, WaPo owner, recently had a long meeting with DJT at the WH.Trump on Tuesday night: We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits. This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it. Perhaps most importantly, , and other things. Japan will open their Country to Trade including Cars and Trucks, Rice, and certain other Agricultural Products. Japan will pay Reciprocal Tariffs to the United States of 15%...https://truthsocial.com/@realDonaldTrump/posts/114899417740854572Today – The widely anticipated Turnaround Tuesday and TACO Tuesday rallies occurred. However, Fangs were sold as an apparent valuation rotation into transportation stocks. With the crux of Fang/Mag 7 reporting season commencing today with Tesla and Google, the usual suspects will try to rebound Fangs/Mag 7 stocks today.PS – Late ESUs selloffs suggest there it too much irrational exuberance among retail traders.Expected Impact Earnings: T .52, HLT 2.04, ORLY .78, TSLA .42, CSX .42, GOOGL 2.18, IBM 2.62ESUs hit +15.25 and NQUs jumped to +30.25 on the US-Japan trade deal. But NQUs (Fangs/Mag 7) have rescinded all the rally. What is going on with Fangs/Mag 7?ESUs are +6.00; NQUs are -5.25; USUs are -12/32; and gold is +2.10 at 20:15 ET.S&P Index 50-day MA: 6055; 100-day MA: 5805; 150-day MA: 5872; 200-day MA: 5877DJIA 50-day MA: 43,079; 100-day MA: 42,090; 150-day MA: 42,616; 200-day MA: 42,793(Green is positive slope; Red is negative slope) S&P 500 Index (6309.62 close) – BBG trading model Trender and MACD for key time framesMonthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signalWeekly: Trender and MACD are positive – a close below 5668.57 triggers a sell signalDaily: Trender is positive; MACD is negative – a close below 6231.32 triggers a sell signalHourly: Trender andMACD are negative – a close above 6335.75 triggers a buy signalDeputy AG says will meet with Epstein accomplice Ghislaine Maxwell ‘in the coming days’“This Department of Justice does not shy away from uncomfortable truths, nor from the responsibility to pursue justice wherever the facts may lead,” Deputy Attorney General Todd Blanche saidhttps://justthenews.com/government/federal-agencies/deputy-ag-says-will-meet-epstein-accomplice-ghislaine-maxwell-comingHouse GOP will subpoena Ghislaine Maxwell to testify before Congress – AxiosTop Intelligence Officials Contradicted Brennan: ‘No Intelligence’ to Support Key Russia Hoax Claim – Brennan ignored objections: ‘The assessment will stay the same.’ The senior intelligence officials pointed out the lack of evidence to substantiate the claim. “We have no intelligence to directly support this ‘aspiration’ point,” said one member of the small group of individuals working with Brennan, FBI Director James Comey, and Director of National Intelligence James Clapper on the assessment of Russian activity in the lead-up to the 2016 election. The official worried that the inclusion of the claim would “open the IC to a line of very politicized inquiry that is sure to come up when this paper is shared with the Hill.”…https://thefederalist.com/2025/07/22/top-intelligence-officials-contradicted-brennan-no-intelligence-to-support-key-russia-hoax-claim/VOA hired and sponsored visas for foreign journalists tied to Chinese state media, memos showVOA and the USAGM hired at least three Chinese nationals who worked for Chinese Communist Party-controlled state-owned media outlets before or after their work with the United States media agency, public social media profiles show… There have been nearly 50 more Chinese nationals hired by VOA in the years that the records cover…https://justthenews.com/governmnt/federal-agencies/voa-hired-foreign-journalists-tied-chinese-state-media-sponsored-visas@EndWokeness: Rep. Yvette Clarke (D-NY): “I need more migrants in my district, for redistricting purposes.” This is how you hijack democracy.https://x.com/EndWokeness/status/1947661094023217613 | |
SWAMP STORIES FOR YOU TONIGHT
BREAKING: DNI Tulsi Gabbard Confirms Former President Obama Authorized Assassination Attempt on Trump
By Jonathan Gregory Washington, D.C. — July 21, 2025
In what may become the most explosive revelation in U.S. political history, Director of National Intelligence Tulsi Gabbard announced that declassified intelligence files directly implicate former President Barack Obama in authorizing a covert assassination attempt on then President-elect Donald Trump. The files, set to be publicly released, detail a sprawling, top-secret program initiated in the final 30 days of Obama’s presidency, with the explicit goal of preventing Trump from ever taking office. “Operation Silence was not just surveillance. It was an organized, multi-agency plot to eliminate the President-elect,” Gabbard said during an emergency intelligence briefing. “The documents outline everything, from recruitment of black ops teams, to manipulation of communications, to the final phase; physical removal.” According to sources close to the investigation, a failed attempt on Trump’s ’s life was thwarted only days before the inauguration, thanks to an anonymous whistleblower inside the National Security Command Center.
Redacted transcripts reveal that Obama, under the pretense of national security, convened an off the books task force of senior intelligence officials and military advisors at Camp David in late December. One document, marked Eyes Only 44, reads: “The threat Trump poses to institutional stability cannot be overstated. Removal, if necessary, is justified.” While Obama has not commented publicly, legal teams are reportedly mobilizing behind the scenes. As the files prepare to go public, the country teeters on the edge of political reckoning, and the question now isn’t whether there was a plot, but how far it went, and who else was involved.
end
the fun continues: Trump fires Habba’s replacement in a total rebuke of activist judges
zerohedge
Trump DOJ Fires Habba’s Replacement In Rebuke Of Activist Judges
Wednesday, Jul 23, 2025 – 08:40 AM
Authored by Katabella Roberts via The Epoch Times,
The Department of Justice removed the newly appointed U.S. attorney for New Jersey on July 22, accusing a panel of federal judges in the state of refusing, for political motives, to permanently appoint President Donald Trump’s former lawyer, Alina Habba, as the top federal prosecutor.
Judges on the U.S. District Court in New Jersey named Desiree Leigh Grace, the second-highest-ranking official in the U.S. attorney’s office, to replace Habba on July 22 after her 120-day interim term ended.
Just hours later, in a statement on X, Attorney General Pam Bondi announced Grace had been removed from the position.
Bondi said Habba “has been doing a great job” at making New Jersey “safe again.”
“Nonetheless, politically minded judges refused to allow her to continue in her position, replacing Alina with the First Assistant,” Bondi said.
“Accordingly, the First Assistant United States Attorney in New Jersey has just been removed.”
Under federal law, district courts may intervene if an interim U.S. attorney has not received Senate confirmation within 120 days.
The Senate has not yet acted on Habba’s formal nomination to the role.
It remains unclear who will now lead the state’s top federal prosecutor’s office or whether district court judges will challenge Grace’s removal.
The Epoch Times has contacted the Department of Justice for further comment.
Trump nominated Habba to be the permanent U.S. attorney for New Jersey on July 1.
According to an order signed by the chief judge for the District of New Jersey, Renee Marie Bumb, on July 22, her appointment was limited by law to 120 days in office unless the court agreed to keep her in the role.
Democratic lawmakers, including New Jersey Sens. Cory Booker and Andy Kim, opposed Habba’s confirmation.
In a joint statement following Bondi’s announcement, they accused Trump’s Department of Justice of “once again criticizing a court that acted within its authority, continuing a pattern of publicly undermining judicial decisions and showing disregard for the rule of law and the separation of powers.”
“The firing of a career public servant, lawfully appointed by the court, is another blatant attempt to intimidate anyone that doesn’t agree with them and undermine judicial independence,” the lawmakers said.
“This Administration may not like the law, but they are not above it. The people of New Jersey deserve a U.S. Attorney who will enforce the law and pursue justice for the people of our state without partisanship or politics,” they added.
Habba served as Trump’s defense lawyer during his 2024 defamation case involving author E. Jean Carroll. She also served as his counsel in the New York criminal case involving falsified business records, which was brought against him by the state’s attorney general, Letitia James.
Todd Blanche, the deputy attorney general, said in a statement on X that the judges on the District Court in New Jersey had forced Habba out of her job before her term expired and “installed her deputy.”
“It won’t work. Pursuant to the President’s authority, we have removed that deputy, effective immediately,” he wrote.
“This backroom vote will not override the authority of the Chief Executive.”
The Epoch Times has contacted Habba for comment. Grace could not be immediately reached for comment.
end
California’s Fraudulent “Disaster Recovery” Is A Land Grab
b
Wednesday, Jul 23, 2025 – 12:45 PM
Authored by Edward Ring via American Greatness,
Remember Gavin Newsom’s first visit to the sites of devastating fires last January in Los Angeles, when he vowed to streamline California’s paralytic regulations so people could quickly rebuild their homes?
In that interview, while undulating his shoulders in a weird shimmy that will undoubtedly come back to haunt him as he ramps up his presidential campaigning, Newsom also promised to “prevent opportunistic investors from exploiting vulnerable residents by offering below-market prices.”
It’s hard to say which promise has been more thoroughly violated. As celebrity author Adam Carolla posted on 7/14, there is virtually no work going on along the Pacific Coast Highway in Malibu, where hundreds of homes burned down to the sand.
This is typical.
The Palisades Fire, with a burn area that included Malibu, destroyed over 6,000 homes. So far, 161 permits have been issued by the City of Los Angeles. The community of Altadena, which was consumed by the Eaton Fire, lost over 9,000 homes. So far, 84 rebuilding permits have been issued.
Instead of streamlining the process to get permits to rebuild, if anything, the city has made it harder. In a July 14 interview with the local ABC affiliate, one dispossessed homeowner claimed the city is adding new requirements and deadlines, saying, “They’re now requiring you to submit an itemized list with pricing, which is nearly impossible in a home that’s been owned for over 40, 50 years.”
But whether it’s California Governor Gavin Newsom or Los Angeles Mayor Karen Bass, the playbook is not designed to help people rebuild their homes and move back into the neighborhoods where their families have lived for generations. New regulations did not replace old regulations. They added as much as they removed, with the new ones being unfamiliar even to veteran builders. All of them, of course, came delivered with the rhetoric of streamlining, while in fact only adding complexity.
Newsom, a tool of corporatist special interests, and Bass, a socialist darling of public sector union bosses, were never playing a game intended to help anyone living in a “single-family detached home.” The new regulations, sold as a way to expedite permitting, were in fact a way to make rebuilding impossible for all but the wealthiest homeowners. And Newsom’s executive order that would “prevent opportunistic investors from exploiting vulnerable residents by offering below-market prices” was actually a move calculated to limit the options of homeowners while the special interests—including the government itself—lined up to purchase these properties.
This isn’t speculation. In late June, Los Angeles County’s “Blue Ribbon Commission on Climate Action and Fire-Safe Recovery” issued its “draft action plan” for “The Resilient and Sustainable Rebuilding of Los Angeles County.” This document is a textbook example of what corporate socialist elites have in store for those normal citizens who, to date, still maintain a modicum of financial independence.
In this document, the first thing the commission does is propose a new bureaucracy, the “Resilient Rebuilding Authority,” empowered to levy taxes and fees to purchase properties and consolidate the reconstruction costs, then giving the exiled homeowners the right of first refusal to purchase the homes they build. They want to “work with selected builders” to source and build “homes with resilient standards.” They want the authority to “manage logistics for rebuilding,” including transportation for workers, materials sourcing and delivery, and “sequencing” of the rebuilding process. They want to “promote modular and manufactured building solutions” with an “emphasis on regional manufacturing” (translation: unionized local companies that will have to go through the new bureaucracy).
On page 12 of this “action plan,” they come close to openly acknowledging they want to control who burned-out homeowners can sell their land to, recommending the Rebuilding Authority have the power to “establish easements and/or purchase lots as available when original family owners want to sell to avoid land speculation” through “a more coordinated, centralized approach.”
Their requirements for rebuilding include “landscape plan review for defensible space.” They intend to require anyone moving back to get approval for which types of trees and shrubs they plant, and where they plant them. And instead of just offering guidelines for owners to follow to reduce fire risk, they are going to force property owners to get permission in advance for what they plant around their homes. They want to “support a healthy tree canopy,” which will be hard to define if not in conflict with optimizing defensible space since all trees burn, and the more canopy, the more flammable trees. The intent isn’t unreasonable: for example, we should avoid planting palm trees because they can become torches that throw off huge embers. But this goes much further.
Meanwhile, nowhere in this document is there any recognition that the Santa Monica Mountains Conservancy made a mess of the whole parkland that borders the burned neighborhoods. They threw out the livestock that foraged, and they never stood up to the regional office of the California Air Resources Board to lift unreasonable restrictions on prescribed burns or the environmentalist litigators who attacked property owners who wanted to do mechanical thinning on hillsides. There is not one word in this action plan recommending how surrounding open land will be better managed to reduce fire danger in the future.
Their energy prescriptions exclude any restoration of natural gas hookups. They intend to require all homes to adhere to the latest “electric-ready building standards,” which means installing solar and fitting the home to accommodate home battery storage and an at-home EV charging station. Homes must use heat pumps and all-electric appliances. They reject any waivers of California’s most recent standards for electrification to make rebuilding more affordable for people who want to rebuild and return to their homes. Failure to waive these new electrification requirements will also stress what remains of California’s home insurance industry, which is already deep in the red and will require federal bailouts to cover thousands of outstanding claims.
The rebuilt neighborhoods need to be more fire-resilient. But this plan goes way beyond resilience. It imposes a costly vision of an all-electric utopia on people who for the most part, are in no position to pay for all the extra costs that utopia requires. Then, as these extra requirements deprive a larger percentage of the displaced of the ability to muster their own resources to rebuild, they propose a central bureaucracy to own and control the process.
It’s also unlikely, as mountains of precedent suggest, that this bureaucracy will displace other agencies or in any way operate efficiently and effectively to speed up the rebuilding process. But they will collect taxes and fees to support their own overhead as they award contracts to favored local companies. It is likely they will use this opportunity to further unionize the construction industry and other private contractors that supply materials.
And where the socialists in Los Angeles lead, the corporatists in Sacramento follow. Crony capitalism and populist socialism enjoy a symbiosis that is only beginning to be understood, but it perfectly explains why a state like California can have so many wealthy people while its government is so bloated and dysfunctional. As reported in The Center Square on 7/15, “The California Senate passed a bill to allow Los Angeles County and other municipalities to use property taxes to fund “Resilient Rebuilding Authorities” that would have to use at least 40% of their funding for building low-income housing.” For now, the bill appears to have stalled in the State Assembly, but give it time. For the state legislature to do anything but expropriate relief funds to take control would break the mold.
Dan Dunmoyer, CEO of the California Building Industry Association, when asked for his opinion of the plan, said, “The energy efficiency mandates add costs of $60,000 to $80,000 per home. For some, a few, this would be great. For all others, it will be a land grab and a climate mandate they cannot afford.”
The formidable Jennifer Hernandez, a San Francisco attorney who has spent decades advocating for private property rights, was even more blunt, saying, “This is an indictment of Los Angeles and the existing process. It is also an indictment of elected officials.”
This “action plan” released by a “blue ribbon commission” in Los Angeles epitomizes the corporate socialist vision. Public/private partnerships grab rebuilding funds, purchase homes from people who can’t possibly hope to navigate ridiculous “streamlined” regulations, and consolidate properties into high-density, low-income housing. To be even more specific: heavily subsidized corporations and hedge funds will purchase properties in Altadena and Pacific Palisades to redesign, rebuild, and then own apartment houses where before there were privately held single-family homes. Then they will collect taxpayer-guaranteed and taxpayer-subsidized rents in perpetuity. The properties will be owned and managed by hedge funds and their proxies, while the tenants will be supervised by NGOs and government bureaucrats. This is the dawning face of corporate socialism. It hides behind environmentalism to create shortages and increase prices, allowing financial special interests to partner with government bureaucrats to roll up a manipulated market.
Newsom and Bass are right about one thing. California is indeed a trendsetter. But it is a trend the rest of America needs to recognize sooner rather than later. Because the people who will move into these new properties will not be the financially independent homeowners who were displaced by fire and dispossessed by bureaucracy. Life as livestock will be their fate, and you’re next.
GREG HUNTER INTERVIEWING STEVE QUAYLE
Prepare for Global War – Steve Quayle
By Greg Hunter On July 22, 2025 In Market Analysis, Political Analysis2 Comments
By Greg Hunter’s USAWatchdog.com
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle says his sources are confirming exactly what Martin Armstrong is saying about the coming war with Russia that will, no doubt, go nuclear. Quayle says the US does not have any advantage over Russia in hypersonic missiles, subs or in the air. In short, Russia can see our B2 stealth bomber and everything else stealth. Yet, the US seems to be bumbling towards war with a superior adversary. Quayle explains, “Russia has warned over and over again that there is nothing the West has that can counter their hypersonic missiles. . .. The American defense posture is this: It is simply going to be kiloton tactical nuclear weapons, and there is going to be no intercontinental ballistic missiles. That’s wrong, and that’s a lie. I believe the President is being lied to by the military industrial complex, and I do not believe Trump understands high technology.
This is not a put down, it is an awareness. The Russians could not have been more clear, and they have basically said we have all this advanced technology. Here’s a piece of information I just got, all of the Russian submarines are out to sea. The Russian subs are out to sea, and it appears the United States defense posture is out to lunch. . .. The United States cannot sustain intercontinental ballistic missiles with 25-ton warheads. When this starts, Russia will hit all of the biggest bases. . .. The United States is already defeated because they have not provided the civilian population with a viable civil defense.”
Quayle also points out the terrible money problems Europe and the US have. Quayle says, “In about 10 days, $7 trillion in US debt comes due. Again, $7 trillion. That’s seven thousand billion, and the United States cannot cover $7 trillion. People who are the debt holders don’t want any more T-bills or notes. They don’t want paper. Look, we don’t have the money. The US is not on a wartime economy. We do not have the industrial base or the raw material base.”
Quayle goes on to warn, “There is not time to dilly dally. Forget about being a spectator. First thing you should do is get out of online banking. There is no security, and the cyber hackers and attackers have access. . .. Take your dominion over you own finances, and get canned food. Get rice . . . Now, in Japan, they like rice too, and they are rioting over the rice prices. Rice price not so nice. Take control of your funds. Those of you who have profits in Bitcoin or crypto currencies, take at least half of it and convert it to gold. . .. There are no claims against gold you hold in your hand.”
Quayle also points out, “We are seeing on Earth the stress of nations, and we are seeing earthquakes in diverse places. That’s Jesus speaking in Matthew 24.” Add dozens of volcanos popping off all over the world, and you can see why Steve Quayle says, “Get ready, and get right with Christ Jesus.”
There is more in the 64-minute interview.
There is an 8-minute video to explain how easy it is to ride out any terror attack or extreme storm. You can get more information on Starlink and Sat phones, too, at Sat123.com and BeReady123.com. You can also call 855-980-5830 and talk to a real human. Same goes for EscapeZone.com. where you can get Faraday bags big and small. You can also talk to a real human at EscapeZone.com by calling 702-825-0005.
Join Greg Hunter of USAWatchdog.com as he goes one-on-one with Steve Quayle, warning you to prepare for global war for 7.22.25
After the Interview:
You can get more information at Sat123.com and BeReady123.com. You can also call 855-980-5830
harveyorganblog.com 
